UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Fund Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2007
Date of reporting period: March 31, 2007
ITEM 1. REPORT TO SHAREHOLDERS
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[LOGO] WELLS ADVANTAGE
FARGO FUNDS
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[GRAPHIC OMITTED]
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Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
o WELLS FARGO ADVANTAGE EMERGING MARKETS FOCUS FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
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Table of Contents
Letter to Shareholders .................................................... 1
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Performance Highlights
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Emerging Markets Focus Fund ............................................ 2
International Core Fund ................................................ 4
International Equity Fund .............................................. 6
Fund Expenses ............................................................. 8
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Portfolio of Investments
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Emerging Markets Focus Fund ............................................ 10
International Core Fund ................................................ 14
International Equity Fund .............................................. 18
Financial Statements
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Statements of Assets and Liabilities ................................... 26
Statements of Operations ............................................... 27
Statements of Changes in Net Assets .................................... 28
Financial Highlights ................................................... 32
Notes to Financial Highlights ............................................. 36
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Notes to Financial Statements ............................................. 37
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Other Information ......................................................... 43
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List of Abbreviations ..................................................... 49
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NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
SHAREHOLDER LETTER WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
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DEAR VALUED SHAREHOLDER,
In this semi-annual report for the WELLS FARGO ADVANTAGE INTERNATIONAL
FUNDS, which covers the six-month period that ended March 31, 2007, you may
notice a few changes compared with the semi-annual report you received last year
at this time. We've abbreviated the content in the semi-annual reports to
include fund and benchmark performance, allocation percentages, and a list of
the ten largest holdings in each Fund, along with the usual information in the
financial section.
We will continue to provide you with a general review of the economy and
summary information on the stock markets in our letter to you. In the next
annual report, which will cover the 12-month period that will end on September
30, 2007, we will also include the portfolio manager's commentary and a chart
showing the growth of a $10,000 investment.
REVIEW OF THE GLOBAL ECONOMY
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Growth in the world economy continued to outpace expectations during the
six-month period despite a sell-off in China's market that ended the day with an
8.8% decline on February 27, 2007. The U.S. stock market dropped 3.3% in
response to China's correction. China's three-fold role as a major trade
partner, significant holder of U.S. government debt, and key supplier of
manufactured goods caused investors in the U.S. market to sell. The sell-off in
China and the United States had a negative effect on some international stocks,
including those from the Asia Pacific region, China, Japan, and Europe. Emerging
markets--where prices of stocks and bonds had risen significantly--suffered the
most from this February 2007 correction. Nevertheless, most international
markets ended the six-month period with overall positive performance.
In China and India, the growth was stronger than expected and the People's
Bank of China tried to curtail the tendency to borrow money to buy stocks by
raising its one-year benchmark lending rate. Its latest increase during the
period was on March 18, 2007, when it rose from 6.12% to 6.28%. The Bank of
England also raised its bank rate by 0.25 percentage points to 5.25% on January
11, 2007, in an effort to control inflation, and the European Central Bank (ECB)
did the same on March 8, 2007, by raising its interest rates by a quarter of a
percentage point to 3.75%. The ECB noted that it anticipates raising rates again
in 2007 in response to high oil prices, demands for wage increases, and volatile
markets. Even with interest rates rising in several countries, liquidity
remained high in global markets and added impetus to robust merger and
acquisition activity.
INTERNATIONAL STOCKS REMAINED POSITIVE DESPITE FEBRUARY CORRECTION
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Despite the February 2007 correction that caused volatility among
international stocks, they continued to have positive performance throughout the
six-month period. For example, the Morgan Stanley Capital International Europe,
Australasia, and Far East Index (MSCI EAFE)(SM) 1 ended the period with a
six-month total return of 14.85%. Furthermore, emerging markets remained among
the top performers during the period with a six-month return of 20.40%, as
measured by the MSCI Emerging Markets Index 2.
LOOKING AHEAD
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Many factors can affect the stability of global economics, including
monetary policies, geopolitical events, and natural disasters. Acknowledging
this inherent unpredictability supports our belief that successful investing
includes a balanced approach of owning a diversified portfolio while keeping a
long-term perspective. While diversification may not prevent losses in a
downturn, it may help reduce them and provide you with one way of managing risk.
Our diverse family of more than 120 mutual funds may also help. Each Fund is
managed according to a disciplined approach to investing that features the
strategic thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking skilled investment
managers--our subadvisers--who share our dedication to pursuing consistent
long-term results, offers you a way to navigate changing market conditions and
move forward with your financial planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Index(SM) is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia, and
the Far East. You cannot invest directly in an Index.
2 The Morgan Stanley Capital International Emerging Markets (MSCI Emerging
Markets) Index is a free float-adjusted market capitalization index designed to
measure the equity market performance in the global emerging markets. The Index
is currently comprised of 25 emerging market country indices. You cannot invest
directly in an Index.
1
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO ADVANTAGE EMERGING MARKETS FOCUS FUND
INVESTMENT OBJECTIVE
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The WELLS FARGO ADVANTAGE EMERGING MARKETS FOCUS FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGERS FUND INCEPTION
Anthony L.T. Cragg 12/31/1997
Alison Shimada
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
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Including Sales Charge Excluding Sales Charge Gross Net
----------------------------------------- ----------------------------------------- Expense Expense
6-Month* 1-Year 5-Year Life of Fund 6-Month* 1-Year 5-Year Life of Fund Ratio Ratio
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Class A 8.26 5.86 19.42 15.33 14.87 12.32 20.84 16.08 2.01% 1.90%
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Class B 9.43 6.46 19.84 15.63 14.43 11.46 20.03 15.63 2.76% 2.65%
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Class C 13.42 10.48 19.89 15.03 14.42 11.48 19.89 15.03 2.76% 2.65%
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Administrator Class 15.05 12.66 21.25 16.46 1.83% 1.60%
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Benchmark
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MSCI Emerging Markets Index(SM) 2 20.40 21.03 24.84 12.13
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY. THESE RISKS ARE GENERALLY
INTENSIFIED IN EMERGING MARKETS. THE USE OF DERIVATIVES MAY REDUCE RETURNS
AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED TURNOVER AND
TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT-TERM CAPITAL GAINS. CERTAIN
INVESTMENT STRATEGIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE
TO THE BROADER MARKET). THIS FUND IS EXPOSED TO SMALL COMPANY INVESTMENT RISK.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
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TEN LARGEST EQUITY HOLDINGS 3, 4 (AS OF MARCH 31, 2007)
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Hon Hai Precision Industry Company Limited 6.49%
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Companhia Vale do Rio Doce Preferreda 6.03%
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Samsung Electronics Company Limited 5.30%
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Tenaga Nasional Berhad 4.18%
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Yuanta Core Pacific Securities Company 4.11%
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Bumiputra-Commerce Holdings Berhad 4.02%
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Tianjin Development Holdings Limited 3.93%
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Industria Penoles SA de CV 3.64%
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Mobile Telesystems ADR 3.41%
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Kookmin Bank 3.23%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Continental Europe (1%)
Latin America (26%)
Mideast/Africa (14%)
Russia (13%)
Eastern Asia (27%)
Southeast Asia (17%)
India (2%)
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1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
2 The Morgan Stanley Capital International Emerging Markets (MSCI Emerging
Markets) Index(SM) is a free float-adjusted market capitalization index designed
to measure the equity market performance in the global emerging markets. The
Index is currently comprised of 25 emerging market country indices. You cannot
invest directly in an Index.
3 Ten largest equity holdings and portfolio composition are subject to change.
Cash and cash equivalents are not reflected in the calculations of ten largest
equity holdings and portfolio composition.
4 The ten largest equity holdings are calculated based on the market value of
the securities divided by total market value of the portfolio.
3
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
INVESTMENT OBJECTIVE
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The WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC New Star Institutional Managers Limited
FUND MANAGERS FUND INCEPTION
Mark Beale 09/28/2001
Brian Coffey
Richard Lewis
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
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Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------------- -------------------------------------- Expense Expense
6-Month* 1-Year 5-Year Life of Fund 6-Month* 1-Year 5-Year Life of Fund Ratio Ratio
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Class A 5.71 8.75 11.31 10.98 12.14 15.40 12.63 12.19 4.04% 1.50%
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Class B 6.70 9.58 12.09 11.75 11.70 14.58 12.34 11.86 4.86% 2.25%
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Class C 10.88 13.76 12.38 11.90 11.88 14.76 12.38 11.90 4.87% 2.25%
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Administrator Class 12.29 15.72 12.71 12.26 4.01% 1.25%
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Benchmark
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MSCI EAFE(R) Index 2 14.85 20.20 15.78 15.75
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE -WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY.THESE RISKS ARE GENERALLY
INTENSIFIED IN EMERGING MARKETS.THE USE OF DERIVATIVES MAY REDUCE RETURNS AND/OR
INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO INCREASE THE TOTAL
RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET).THIS FUND IS EXPOSED TO
SMALL COMPANY INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
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TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
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Vodafone Group plc 2.26%
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Roche Holding AG 1.96%
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Total SA 1.72%
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DaimlerChrysler AG 1.71%
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Sony Corporation 1.71%
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Kao Corporation 1.70%
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Rio Tinto Limited 1.53%
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Nissan Motor Company Limited 1.51%
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Cheung Kong Holdings Limited 1.47%
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East Japan Railway Company 1.44%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (5%)
Continental Europe (47%)
Eastern Asia (1%)
Japan (21%)
Russia (1%)
Southeast Asia (8%)
United Kingdom (17%)
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1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to April 11, 2005 for the Class A, Class B and
Class C shares reflects the performance of the Class A, Class B and Class C
shares, respectively, of the Strong Advisor International Core Fund, the
predecessor fund, adjusted to reflect Class A, Class B and Class C sales
charges, as applicable. Performance shown prior to the inception of the
Administrator Class shares reflects the performance of the Class A shares of the
predecessor fund, and includes expenses that are not applicable to and are
higher than those of the Administrator Class shares, but does not include Class
A sales charges. If it did include Class A sales charges, returns would be
lower.
2 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Index(SM) an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia and
the Far East. You cannot invest directly in an Index.
3 Ten largest equity holdings and portfolio composition are subject to change.
Cash and cash equivalents are not reflected in the calculations of ten largest
equity holdings and portfolio composition.
4 The ten largest equity holdings are calculated based on the market value of
the securities divided by total market value of the portfolio.
5
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS PERFORMANCE HIGHLIGHTS
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WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND
INVESTMENT OBJECTIVE
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The WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Artisan Partners Limited Partnership
FUND MANAGERS LSV Asset Management
Mark Beale New Star Institutional Managers Limited
Brian Coffey FUND INCEPTION
Josef Lakonishok 09/24/1997
Richard Lewis
Puneet Mansharamani, CFA
Menno Vermeulen, CFA
Robert W. Vishny
Mark L. Yockey, CFA
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
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Including Sales Charge Excluding Sales Charge Gross Net
-------------------------------------- -------------------------------------- Expense Expense
6-Month* 1-Year 5-Year Life of Fund 6-Month* 1-Year 5-Year Life of Fund Ratio Ratio
- -----------------------------------------------------------------------------------------------------------------------------
Class A 7.90 11.95 8.82 6.43 14.48 18.81 10.12 7.09 1.67% 1.50%
- ------------------------------------------------------------------------------------------------------------------------------
Class B 9.05 12.95 8.97 6.29 14.05 17.95 9.25 6.29 2.42% 2.25%
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Class C 13.11 16.94 9.25 6.29 14.11 17.94 9.25 6.29 2.42% 2.25%
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Administrator Class 14.65 19.14 10.35 7.30 1.49% 1.25%
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Institutional Class 14.73 19.31 10.01 6.59 1.29% 1.05%
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Benchmark
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MSCI EAFE(R) Index 2 14.85 20.20 15.78 8.00
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* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE -WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY.THESE RISKS ARE GENERALLY
INTENSIFIED IN EMERGING MARKETS.THE USE OF DERIVATIVES MAY REDUCE RETURNS AND/OR
INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO INCREASE THE TOTAL
RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET).THIS FUND IS EXPOSED TO
SMALL COMPANY INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
6
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
UBS AG 1.71%
- --------------------------------------------------------------------------------
Barclays plc 1.37%
- --------------------------------------------------------------------------------
Allianz SE 1.27%
- --------------------------------------------------------------------------------
Bouygues SA 1.22%
- --------------------------------------------------------------------------------
Roche Holding AG 1.20%
- --------------------------------------------------------------------------------
Vodafone Group plc 1.14%
- --------------------------------------------------------------------------------
Total SA 1.11%
- --------------------------------------------------------------------------------
ING Groep NV 1.09%
- --------------------------------------------------------------------------------
Novartis AG 1.08%
- --------------------------------------------------------------------------------
DaimlerChrysler AG 1.07%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Southeast Asia (5%)
Australia (5%)
Continental Europe (47%)
Japan (22%)
United Kingdom (21%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to the inception of the Class C shares reflects
the performance of the Class A shares, adjusted to reflect Class C sales charges
and expenses. Prior to April 11, 2005, the Administrator Class was named the
Institutional Class. Performance shown prior to the inception of the
Administrator Class reflects the performance of the Class A shares, and includes
expenses that are not applicable to and are higher than those of the
Administrator Class shares, but does not include Class A sales charges. If it
did include Class A sales charges, returns would be lower. Performance shown for
the Institutional Class shares reflects the performance of the Administrator
Class shares, and includes expenses that are not applicable to and are higher
than those of the Institutional Class shares. The Administrator Class shares
annual returns are substantially similar to what the Institutional Class shares
annual returns would be because the Administrator Class shares and Institutional
Class shares are invested in the same portfolio and their annual returns differ
only to the extent that they do not have the same expenses.
2 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE")(SM) Index is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia and
the Far East. You cannot invest directly in an Index.
3 Ten largest equity holdings and portfolio composition are subject to change.
Cash and cash equivalents are not reflected in the calculations of ten largest
equity holdings and portfolio composition.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the portfolio.
7
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses
Value Value Paid During Net Annual
10/01/2006 03/31/2007 Period(1) Expense Ratio
Wells Fargo Advantage Emerging Markets Focus Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Emerging Markets Focus Fund - Class A
Actual $ 1,000.00 $ 1,148.70 $ 10.18 1.90%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Emerging Markets Focus Fund - Class B
Actual $ 1,000.00 $ 1,144.30 $ 14.17 2.65%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,011.72 $ 13.29 2.65%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Emerging Markets Focus Fund - Class C
Actual $ 1,000.00 $ 1,144.20 $ 14.17 2.65%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,011.72 $ 13.29 2.65%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Emerging Markets Focus Fund - Administrator Class
Actual $ 1,000.00 $ 1,150.50 $ 8.58 1.60%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,016.95 $ 8.05 1.60%
Wells Fargo Advantage International Core Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Core Fund - Class A
Actual $ 1,000.00 $ 1,121.40 $ 7.93 1.50%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.45 $ 7.54 1.50%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Core Fund - Class B
Actual $ 1,000.00 $ 1,117.00 $ 11.88 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Core Fund - Class C
Actual $ 1,000.00 $ 1,118.80 $ 11.89 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Core Fund - Administrator Class
Actual $ 1,000.00 $ 1,122.90 $ 6.62 1.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
8
FUND EXPENSES WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses
Value Value Paid During Net Annual
10/01/2006 03/31/2007 Period(1) Expense Ratio
Wells Fargo Advantage International Equity Fund
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Equity Fund - Class A
Actual $ 1,000.00 $ 1,144.80 $ 8.02 1.50%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.45 $ 7.54 1.50%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Equity Fund - Class B
Actual $ 1,000.00 $ 1,140.50 $ 12.01 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Equity Fund - Class C
Actual $ 1,000.00 $ 1,141.10 $ 12.01 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Equity Fund - Administrator Class
Actual $ 1,000.00 $ 1,146.50 $ 6.69 1.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage International Equity Fund - Institutional Class
Actual $ 1,000.00 $ 1,147.30 $ 5.62 1.05%
- ------------------------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.70 $ 5.29 1.05%
(1) Expenses are equal to the Fund's annualized expenses ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year divided by the number of days in the fiscal year
(to reflect the one-half year period).
9
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 89.67%
BRAZIL - 8.58%
234,000 ALL AMERICA LATINA LOGISTICA (TRANSPORTATION EQUIPMENT) $ 2,837,121
200,000 ANHANGERA EDUCACIONAL PARTICIPACOES SA (EDUCATIONAL SERVICES)+ 2,164,733
178,000 BANCO PINE (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)+ 1,641,509
101,500 CIA DE CONCESSOES RODOVIARIAS (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 1,353,300
113,500 COMPANHIA ENERGETICA DE MINAS GERAIS ADR (ELECTRIC, GAS & SANITARY SERVICES)<< 5,521,775
595,600 JBS SA (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION)+ 2,194,148
42,700 PETROLEO BRASILEIRO SA ADR (OIL COMPANIES)<< 4,249,077
19,961,663
--------------
CHINA - 8.54%
10,845,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS)+ 6,079,363
10,850,000 SHANGHAI ELECTRIC GROUP COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 5,068,471
11,550,000 TIANJIN DEVELOPMENT HOLDINGS LIMITED (BUSINESS SERVICES) 8,736,226
19,884,060
--------------
HONG KONG - 2.97%
7,800,000 CHINA TRAVEL INTERNATIONAL INVESTMENT (HONG KONG) LIMITED (AMUSEMENT & RECREATION SERVICES) 3,643,694
9,000,000 SAMLING GLOBAL LIMITED (FORESTRY)+ 3,271,261
6,914,955
--------------
INDIA - 1.78%
1,190,000 ITC LIMITED (TOBACCO PRODUCTS) 4,138,238
--------------
MALAYSIA - 7.82%
3,100,000 BUMIPUTRA-COMMERCE HOLDINGS BERHAD (DEPOSITORY INSTITUTIONS) 8,921,186
2,815,000 TENAGA NASIONAL BERHAD (ELECTRIC, GAS & SANITARY SERVICES) 9,281,562
18,202,748
--------------
MEXICO - 9.92%
110,900 AMERICA MOVIL SA DE CV ADR SERIES L (COMMUNICATIONS) 5,299,911
711,500 EMPRESAS ICA SOCIEDAD CONTROLADORA SA DE CV (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS)+ 2,749,120
1,360,000 GRUPO MODELO SA DE CV (FOOD & KINDRED PRODUCTS) 6,967,409
701,656 INDUSTRIA PENOLES SA DE CV (NON-FERROUS METALS) 8,073,502
23,089,942
--------------
PHILIPPINES - 2.06%
13,400,000 UNIVERSAL ROBINA CORPORATION (TEXTILE MILL PRODUCTS) 4,790,674
--------------
POLAND - 1.42%
730,649 MULTIMEDIA POLSKA SA (COMMUNICATIONS)+ 3,306,561
--------------
RUSSIA - 12.44%
67,900 LUKOIL ADR (OIL & GAS EXTRACTION)<< 5,866,560
135,200 MOBILE TELESYSTEMS ADR (COMMUNICATIONS) 7,565,792
536,700 POLYMETAL (PRIMARY METAL INDUSTRIES)+ ++ 3,907,176
1,730 SBERBANK OF RUSSIA (DEPOSITORY INSTITUTIONS) 6,167,450
40,100 UNIFIED ENERGY SYSTEM REGISTERED S GDR (ELECTRIC, GAS & SANITARY SERVICES) 5,433,550
28,940,528
--------------
SAUDI ARABIA - 2.50%
185,000 IMPALA PLATINUM HOLDINGS LIMITED (METAL MINING) 5,814,577
--------------
SOUTH AFRICA - 9.47%
366,700 GOLD FIELDS LIMITED (METAL MINING) 6,798,697
472,000 HIRCO PLC (REAL ESTATE)+ 3,752,444
372,000 REUNERT LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 4,138,176
72,500 SASOL LIMITED (COAL MINING) 2,418,999
334,900 STANDARD BANK GROUP LIMITED (DEPOSITORY INSTITUTIONS) 4,930,362
22,038,678
--------------
10
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SOUTH KOREA - 8.14%
80,000 KOOKMIN BANK (FINANCIAL SERVICES) $ 7,176,871
19,670 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 11,771,057
18,947,928
--------------
TAIWAN - 12.51%
13,825,000 EVA AIRWAYS CORPORATION (TRANSPORTATION BY AIR) 5,598,181
2,147,680 HON HAI PRECISION INDUSTRY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 14,407,864
11,676,000 YUANTA CORE PACIFIC SECURITIES COMPANY (FINANCIAL SERVICES) (a) 9,117,244
29,123,289
--------------
UNITED ARAB EMIRATES - 1.52%
1,175,000 EMAAR PROPERTIES (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES)+ 3,535,928
--------------
TOTAL COMMON STOCKS (COST $177,609,377) 208,689,769
--------------
PREFERRED STOCKS - 5.75%
428,300 COMPANHIA VALE DO RIO DOCE PREFERREDA 13,387,623
TOTAL PREFERRED STOCKS (COST $6,255,573) 13,387,623
--------------
COLLATERAL FOR SECURITIES LENDING - 9.00%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 2.19%
4,674,186 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 4,674,186
417,686 SCUDDER DAILY ASSETS MONEY MARKET FUND 417,686
5,091,872
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 6.81%
$ 46,546 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 46,552
238,291 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 238,401
45,253 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 45,115
129,295 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 129,296
129,295 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 129,302
129,295 BANCO SANTANDER TOTTA LN+/-++SS. 5.32 05/16/2008 129,308
387,885 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 387,917
206,872 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $206,967) 5.49 04/02/2007 206,872
284,449 BUCKINGHAM II CDO LLC 5.32 04/26/2007 283,454
62,062 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 61,529
103,436 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 102,442
103,436 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 102,970
129,295 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 128,336
51,718 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 51,244
134,467 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 132,902
258,590 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 256,105
147,852 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 146,905
12,345 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 12,325
171,497 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 170,274
98,264 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 97,220
70,890 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 70,158
18,758 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 18,562
5,870 CHEYNE FINANCE LLC 5.26 04/18/2007 5,856
11
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 51,718 CHEYNE FINANCE LLC 5.31% 06/19/2007 $ 51,131
23,066 CHEYNE FINANCE LLC 5.32 05/14/2007 22,925
336,167 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 336,070
129,295 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 129,309
51,718 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 51,751
55,261 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 55,313
57,019 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 57,089
1,810,132 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,810,960) 5.49 04/02/2007 1,810,132
25,859 COMERICA BANK+/- 5.32 02/08/2008 25,756
287,599 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 287,262
116,366 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 116,196
155,154 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 154,748
129,295 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 129,255
258,590 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 258,585
416,227 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 415,195
193,943 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 192,729
72,850 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 72,755
77,577 DEER VALLEY FUNDING LLC 5.34 05/07/2007 77,182
1,601,759 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,602,492) 5.49 04/02/2007 1,601,759
258,590 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 258,627
33,731 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 33,265
160,383 FOX TROT CDO LIMITED++ 5.31 04/24/2007 159,868
64,622 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 64,643
103,436 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 103,014
258,590 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 258,552
129,295 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 129,291
10,344 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 10,344
7,023 HUDSON-THAMES LLC++ 5.26 04/04/2007 7,021
38,778 HUDSON-THAMES LLC 5.29 04/30/2007 38,620
181,013 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 181,042
336,167 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 336,167
129,295 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 129,302
31,031 K2 (USA) LLC+/-++ 5.30 07/16/2007 31,034
51,718 K2 (USA) LLC+/-++ 5.33 09/28/2007 51,718
517,181 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 516,426
15,733 KESTREL FUNDING US LLC 5.29 05/21/2007 15,620
167,091 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 166,554
64,648 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 64,650
195,220 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 194,508
18,101 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 18,072
109,125 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 109,179
129,295 MORGAN STANLEY+/- 5.36 07/12/2007 129,295
189,857 MORGAN STANLEY+/- 5.48 07/27/2007 189,923
129,295 MORGAN STANLEY+/- 5.51 08/07/2007 129,295
1,137,797 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $1,138,318) 5.49 04/02/2007 1,137,797
23,920 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 23,921
20,687 NATIONAL CITY BANK+/- 5.46 09/04/2007 20,689
148,250 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 148,327
12
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 96,532 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32% 05/09/2007 $ 96,011
258,590 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 258,614
74,700 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 04/15/2007 74,700
25,859 PICAROS FUNDING PLC++ 5.29 06/22/2007 25,554
147,396 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 147,603
129,295 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 129,295
98,264 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 98,264
20,920 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 20,924
65,015 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 64,608
181,013 SAINT GERMAIN FUNDING 5.31 04/19/2007 180,564
118,952 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 118,952
20,687 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 20,267
103,436 SLM CORPORATION+/-++SS. 5.32 05/12/2008 103,446
10,344 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 10,323
98,057 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 97,729
91,882 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 91,856
29,898 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 29,898
129,295 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 129,306
129,295 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 129,309
15,515 VERSAILLES CDS LLC++ 5.33 04/16/2007 15,484
258,590 VETRA FINANCE CORPORATION 5.31 06/12/2007 255,919
116,950 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 116,592
31,031 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 31,031
90,507 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 90,296
51,718 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 51,588
15,843,084
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $20,934,956) 20,934,956
--------------
SHARES
SHORT-TERM INVESTMENTS - 6.47%
15,063,779 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 15,063,779
TOTAL SHORT-TERM INVESTMENTS (COST $15,063,779) 15,063,779
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $219,863,685)* 110.89% $ 258,076,127
OTHER ASSETS AND LIABILITIES, NET (10.89) (25,353,279)
------ --------------
TOTAL NET ASSETS 100.00% $ 232,722,848
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $15,063,779.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
13
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 93.95%
AUSTRALIA - 4.80%
10,600 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 61,922
4,786 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 98,164
4,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 102,076
2,078 RIO TINTO LIMITED (METAL MINING) 132,504
1,449 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 46,298
440,964
--------------
AUSTRIA - 0.38%
1,400 TELEKOM AUSTRIA AG (COMMUNICATIONS) 34,991
--------------
BELGIUM - 1.98%
1,000 BELGACOM SA (COMMUNICATIONS) 44,417
630 DELHAIZE GROUP (FOOD STORES) 57,909
1,741 FORTIS (DEPOSITORY INSTITUTIONS) 79,516
181,842
--------------
FINLAND - 0.80%
804 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 42,477
1,369 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 31,510
73,987
--------------
FRANCE - 12.12%
600 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 77,866
19 ARKEMA INCORPORATED ADR (CHEMICALS & ALLIED PRODUCTS)+ 1,086
1,893 AXA SA (INSURANCE CARRIERS) 80,263
1,200 BOUYGUES SA (ENGINEERING CONSTRUCTION) 92,734
1,406 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 107,038
1,460 CARREFOUR SA (FOOD STORES) 106,781
879 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 97,072
745 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 82,652
1,602 PUBLICIS GROUPE (COMMUNICATIONS) 77,383
1,055 TECHNIP SA (OIL & GAS EXTRACTION) 77,400
2,120 TOTAL SA (OIL & GAS EXTRACTION) 148,538
794 TOTAL SA ADR (OIL & GAS EXTRACTION) 55,405
2,700 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 109,718
1,113,936
--------------
GERMANY - 8.87%
500 ALLIANZ AG (INSURANCE CARRIERS) 102,666
2,013 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 89,062
1,800 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 147,638
800 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 108,770
625 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 90,938
1,822 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 50,431
1,400 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 51,617
1,700 METRO AG (FOOD STORES) 120,382
500 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 53,447
814,951
--------------
GREECE - 1.03%
2,981 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 94,377
--------------
HONG KONG - 5.16%
10,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 126,576
9,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 81,839
85,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 45,364
14
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG (CONTINUED)
23,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) $ 64,318
7,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 80,988
12,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 75,024
474,109
--------------
ITALY - 1.96%
3,400 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 110,640
7,300 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 69,481
180,121
--------------
JAPAN - 20.13%
2,500 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 49,856
9,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 67,133
4,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 65,614
16 EAST JAPAN RAILWAY COMPANY (RAILROADS) 124,644
1,000 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 93,092
12,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 79,939
1 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 8,656
5,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 146,385
220 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 49,642
3,900 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,077
8 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 90,292
6,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 112,016
3,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 88,086
1,000 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 72,980
3,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 61,864
5,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 40,563
12,200 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 130,759
4,300 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 89,583
2,900 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 78,013
2,900 SONY CORPORATION (ELECTRONIC) 147,412
17,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 87,856
8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 83,435
1,849,897
--------------
NETHERLANDS - 5.50%
1,044 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 79,284
1,706 ARCELOR MITTAL NV (BASIC MATERIALS) 90,634
2,910 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 71,876
2,135 ING GROEP NV (FINANCIAL SERVICES) 90,267
2,500 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 38,940
400 ROYAL DUTCH SHELL PLC ADR CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 26,520
3,600 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 108,011
505,532
--------------
NORWAY - 1.31%
60 ORKLA ASA (FOOD & KINDRED PRODUCTS) 4,230
4,270 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 116,264
120,494
--------------
RUSSIA - 0.75%
800 LUKOIL ADR (OIL & GAS EXTRACTION) 69,120
--------------
15
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE - 1.97%
22,000 CAPITALAND LIMITED (REAL ESTATE) $ 116,007
5,000 GREAT EASTERN HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 64,924
180,931
--------------
SPAIN - 0.71%
821 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 20,158
1,774 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 44,718
64,876
--------------
SWEDEN - 2.27%
2,100 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 46,765
1,726 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 60,435
27,700 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 101,949
209,149
--------------
SWITZERLAND - 6.50%
900 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 90,137
700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 40,151
2,100 NOVARTIS AG ADR (CHEMICALS & ALLIED PRODUCTS) 114,723
956 ROCHE HOLDING AG (MEDICAL PRODUCTS) 169,148
1,580 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 93,875
310 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 89,481
597,515
--------------
TAIWAN - 0.70%
6,000 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 64,500
--------------
TURKEY - 0.71%
4,900 TURKCELL ILETISIM HIZMETLERI AS ADR (COMMUNICATIONS) 64,925
--------------
UNITED KINGDOM - 16.30%
7,220 AVIVA PLC (INSURANCE CARRIERS) 106,346
12,646 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 114,473
7,880 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 111,803
2,835 BHP BILLITON PLC (COAL MINING) 63,208
9,380 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 104,105
4,776 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 71,099
4,249 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 116,808
960 GLAXOSMITHKLINE PLC ADR (CHEMICALS & ALLIED PRODUCTS) 53,050
30,800 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 96,369
7,328 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 115,002
9,208 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 89,558
545,113 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 1,100
2,540 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 84,522
4,200 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 84,964
73,239 VODAFONE GROUP PLC (COMMUNICATIONS) 195,287
1,791 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 41,976
4,100 YELL GROUP PLC (COMMUNICATIONS) 48,248
1,497,918
--------------
TOTAL COMMON STOCKS (COST $7,215,638) 8,634,135
--------------
COLLATERAL FOR SECURITIES LENDING - 2.18%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 2.18%
200,265 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 200,265
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $200,265) 200,265
--------------
16
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 5.85%
537,304 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 537,304
TOTAL SHORT-TERM INVESTMENTS (COST $537,304) 537,304
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $7,953,207)* 101.98% $ 9,371,704
OTHER ASSETS AND LIABILITIES, NET (1.98) (181,780)
------ --------------
TOTAL NET ASSETS 100.00% $ 9,189,924
====== ==============
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $537,304.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
17
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.33%
AUSTRALIA - 3.66%
344,739 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 2,013,867
314,900 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,675,252
264,000 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,760,086
44,000 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 1,789,278
192,000 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 529,735
222,900 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 930,599
109,989 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,255,953
377,130 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 6,056,955
345,600 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 1,468,033
104,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 2,653,981
72,447 RIO TINTO LIMITED (METAL MINING) 4,619,601
158,200 SANTOS LIMITED (OIL & GAS EXTRACTION) 1,299,198
584,000 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 2,201,920
45,401 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 1,450,625
31,705,083
--------------
AUSTRIA - 0.88%
54,200 TELEKOM AUSTRIA AG (COMMUNICATIONS) 1,354,656
47,200 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 3,423,717
39,729 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 2,818,111
7,596,484
--------------
BELGIUM - 1.87%
33,000 BELGACOM SA (COMMUNICATIONS) 1,465,756
24,100 DELHAIZE GROUP (FOOD STORES) 2,215,259
45,116 DEXIA SA (DEPOSITORY INSTITUTIONS) 1,346,387
143,337 FORTIS (DEPOSITORY INSTITUTIONS) 6,546,563
100,178 FORTIS NA (DEPOSITORY INSTITUTIONS) 4,574,045
172 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 30,582
16,178,592
--------------
BRAZIL - 0.09%
230,790 VIVO PARTICIPACOES SA ADR (COMMUNICATIONS) 810,073
--------------
CANADA - 0.31%
113,200 NORTEL NETWORKS CORPORATION ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 2,722,460
--------------
CHINA - 0.48%
2,174,000 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 1,243,717
1,027,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,950,809
4,194,526
--------------
DENMARK - 0.35%
80 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) 834,745
29,700 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 1,381,767
33,700 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 788,463
3,004,975
--------------
FINLAND - 1.66%
22,400 ELCOTEQ NETWORK OYJ (COMMUNICATIONS) 236,092
214,290 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 6,249,016
64,300 KEMIRA OYJ (CHEMICALS & ALLIED PRODUCTS) 1,472,237
32,259 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,704,329
42,908 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 987,596
18
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINLAND (CONTINUED)
55,900 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) $ 2,605,366
66,500 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 1,154,838
14,409,474
--------------
FRANCE - 11.09%
51,082 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 6,629,285
910 ARKEMA (OIL & GAS EXTRACTION)+ 52,174
10,500 ASSURANCES GENERALES DE FRANCE (INSURANCE CARRIERS) 1,758,486
66,955 AXA SA (INSURANCE CARRIERS) 2,838,873
51,000 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 5,326,935
133,201 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 10,293,589
48,978 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,728,685
119,188 CARREFOUR SA (FOOD STORES) 8,717,112
10,000 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 1,164,589
26,600 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 2,599,984
31,349 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 3,462,005
33,900 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,321,873
56,490 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 4,735,987
64,823 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 7,191,587
16,900 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,191,098
53,745 PUBLICIS GROUPE (COMMUNICATIONS) 2,596,106
14,600 RALLYE SA (GENERAL MERCHANDISE STORES) 947,862
14,500 RENAULT SA (TRANSPORTATION EQUIPMENT) 1,695,821
15,000 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,592,273
90,735 TECHNIP SA (OIL & GAS EXTRACTION) 6,656,736
134,000 TOTAL SA (OIL & GAS EXTRACTION) 9,388,717
26,899 VALEO SA (TRANSPORTATION EQUIPMENT) 1,577,813
27,519 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 4,265,024
129,400 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 5,258,349
95,990,963
--------------
GERMANY - 8.25%
52,039 ALLIANZ SE (INSURANCE AGENTS, BROKERS & SERVICE) 10,685,308
16,400 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 1,065,160
47,400 BASF AG (CHEMICALS & ALLIED PRODUCTS) 5,336,529
26,795 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 1,581,019
88,742 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 3,926,228
110,368 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 9,052,479
113,001 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,420,568
39,936 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 5,429,789
36,092 FRAPORT AG (TRANSPORTATION SERVICES) 2,636,304
16,500 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 2,400,753
58,901 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 1,630,303
20,982 IVG IMMOBILIEN AG (REAL ESTATE) 1,004,829
46,700 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 1,721,797
3,881 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 418,123
14,800 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,722,011
43,900 METRO AG (FOOD STORES) 3,108,696
13,300 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 2,249,446
29,515 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 3,122,260
16,500 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 1,763,756
95,800 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 4,740,154
44,900 TUI AG (TRANSPORTATION BY AIR) 1,110,219
25,801 UNITED INTERNET AG (COMMUNICATIONS) 501,482
16,296 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS)+ 2,829,960
71,457,173
--------------
19
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GREECE - 0.39%
100,728 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) $ 3,189,000
5,900 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 144,389
3,333,389
--------------
HONG KONG - 5.78%
75,600 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 439,754
273,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 3,455,519
708,600 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 2,983,674
751,400 CHINA MOBILE LIMITED (COMMUNICATIONS) 6,832,657
860,700 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED (COMMUNICATIONS) 2,247,172
321,400 CHINA RESOURCES ENTERPRISE LIMITED (MISCELLANEOUS RETAIL) 1,073,596
1,207,200 CHINA RESOURCES LAND LIMITED (REAL ESTATE) 1,455,407
3,242,200 CHINA UNICOM LIMITED (BUSINESS SERVICES) 4,672,320
421,000 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 1,557,164
151,100 DENWAY MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 65,944
2,745,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 1,464,984
791,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 2,211,986
351,700 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 3,382,640
493,300 MTR CORPORATION (RAILROAD TRANSPORTATION) 1,234,907
683,832 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 1,837,905
275,220 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 2,557,237
589,800 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 6,823,820
306,158 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 3,436,367
347,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 2,169,444
46,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 150,125
50,052,622
--------------
IRELAND - 0.39%
36,500 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 1,082,435
82,800 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,272,993
3,355,428
--------------
ITALY - 3.22%
297,255 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 2,257,437
61,200 BANCHE POPOLARI UNITE SPA (DEPOSITORY INSTITUTIONS) 1,810,844
97,000 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,570,472
227,030 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 7,387,823
130,800 FIAT SPA (TRANSPORTATION EQUIPMENT)+ 3,297,127
126,127 HERA SPA (ELECTRIC, GAS & SANITARY SERVICES) 530,731
93,547 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 2,083,154
371,696 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 919,074
843,599 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 8,029,286
27,885,948
--------------
JAPAN - 18.76%
9,000 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 382,637
80,400 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 1,603,360
34,300 ALPINE ELECTRONICS INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 617,074
58,600 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 686,253
127,300 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 2,041,726
183,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,332,434
301,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 2,245,239
34,000 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,826,375
161,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,088,909
106,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 2,685,642
20
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
225,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) $ 943,228
168,400 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 5,544,739
123,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 2,017,643
342,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 1,602,037
443 EAST JAPAN RAILWAY COMPANY (RAILROADS) 3,451,069
30,800 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 2,867,244
174,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 903,666
444,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,957,739
51,100 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,021,219
73,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,938,985
5,400 HOKUETSU PAPER MILLS LIMITED (PAPER & ALLIED PRODUCTS) 27,770
61,800 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 2,155,448
63 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 545,316
944 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 4,638,289
4,118 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS)+ 3,459,623
97,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 2,796,232
145,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 4,245,163
13,500 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 3,046,207
132,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,780,109
59,100 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 518,078
102,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 804,990
325,400 MARUBENI CORPORATION (BUSINESS SERVICES) 1,977,142
227,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,932,120
84,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 2,758,656
969,300 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,267,877
246 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 2,776,477
201,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,752,546
184,500 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 5,417,261
191 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 1,230,219
31,400 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 2,291,582
110,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 2,268,330
91,000 NIKKO CORDIAL CORPORATION (FINANCIAL) 1,299,669
492,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 3,991,446
370,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 2,599,796
600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,172,098
567,600 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 6,083,493
283,500 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 5,906,250
89,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 848,914
381 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,936,685
1,800 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 3,329,939
326,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 1,729,039
92,400 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 2,485,642
19,700 ORIX CORPORATION (MISCELLANEOUS RETAIL) 5,132,298
19,400 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 730,957
133,000 RENGO COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 755,066
66,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,487,016
43,200 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,110,794
36,800 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 946,232
7,700 SANYO SHINPAN FINANCE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 195,702
21
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
60,400 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) $ 739,623
84,300 SONY CORPORATION (ELECTRONIC) 4,285,107
154,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,113,442
55,000 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 989,477
546,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 2,821,741
261,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 2,722,072
11,800 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 473,642
155,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 2,108,495
54,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 1,870,681
96,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,002,037
209,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,250,382
91,800 TOYOTA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 5,881,619
162,446,007
--------------
LUXEMBOURG - 0.18%
12,648 RTL GROUP SA (COMMUNICATIONS) 1,520,619
--------------
MEXICO - 0.75%
147,800 GRUPO TELEVISA SA ADR (COMMUNICATIONS) 4,404,440
495,600 WALMART DE MEXICO SA DE CV (GENERAL MERCHANDISE STORES) 2,116,063
6,520,503
--------------
NETHERLANDS - 4.40%
57,751 ABN AMRO HOLDINGS NV (DEPOSITORY INSTITUTIONS) 2,485,656
206,900 AEGON NV (INSURANCE CARRIERS) 4,123,683
58,516 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 4,443,867
59,862 ARCELOR MITTAL NV (BASIC MATERIALS) 3,180,261
333,945 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 8,248,364
11,300 ASML HOLDING NV NEW YORK REGISTERED SHARES (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 279,675
217,793 ING GROEP NV (FINANCIAL SERVICES) 9,208,176
154,200 KONINKLIJKE KPN NV (COMMUNICATIONS) 2,401,812
26,756 UNILEVER NV (FOOD & KINDRED PRODUCTS) 779,173
99,000 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 2,970,304
38,120,971
--------------
NORWAY - 1.07%
67,000 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 2,221,098
3,094 ORKLA ASA (FOOD & KINDRED PRODUCTS) 218,117
42,100 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 952,363
182,300 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)+ 2,999,194
106,973 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 2,912,662
9,303,434
--------------
PORTUGAL - 0.33%
325,200 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 1,177,269
262,200 ELECTRICIDADE DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,408,039
110,550 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 249,575
2,834,883
--------------
RUSSIA - 1.33%
70,537 LUKOIL ADR (OIL & GAS EXTRACTION) 6,094,397
16,358 NOVATEK OAO GDR (OIL & GAS EXTRACTION)+ 948,764
17,408 OAO TMK GDR (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 574,464
28,303 RAO UNIFIED ENERGY SYSTEM GDR (ELECTRIC, GAS & SANITARY SERVICES) 3,856,284
11,473,909
--------------
22
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE - 1.43%
910,000 CAPITALAND LIMITED (REAL ESTATE) $ 4,798,471
433,101 MOBILONE LIMITED (COMMUNICATIONS) 625,180
398,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 849,962
392,300 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 4,292,377
129,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,785,585
12,351,575
--------------
SOUTH AFRICA - 0.19%
118,320 MTN GROUP LIMITED (COMMUNICATIONS) 1,606,523
--------------
SOUTH KOREA - 1.84%
70,599 HANA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 3,654,519
64,676 KOOKMIN BANK (FINANCIAL SERVICES) 5,802,141
18,843 NHN CORPORATION (BUSINESS SERVICES)+ 2,763,960
65,294 SHINHAN FINANCIAL GROUP COMPANY LIMITED (FINANCIAL SERVICES) 3,747,742
15,968,362
--------------
SPAIN - 2.02%
89,286 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,192,223
210,200 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 3,751,415
2,655 BOLSAS Y MERCADOS ESPANOLES SA (BUSINESS SERVICES) 130,127
86,009 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 3,113,646
69,399 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,749,368
49,190 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 3,057,496
104,000 REPSOL YPF SA (OIL & GAS EXTRACTION) 3,506,539
17,500,814
--------------
SWEDEN - 1.65%
40,900 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,036,733
40,900 HUSQVARNA AB B SHARES (COMMUNICATIONS)+ 675,048
263,100 NORDEA AB (DEPOSITORY INSTITUTIONS) 4,201,130
74,800 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 1,665,721
59,007 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 2,066,107
670,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 2,465,916
25,300 VOLVO AB B SHARES (TRANSPORTATION EQUIPMENT) 2,130,435
14,241,090
--------------
SWITZERLAND - 8.43%
50,687 ADECCO SA (BUSINESS SERVICES) 3,218,123
16,900 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 1,113,315
74,700 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 5,360,523
3,100 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 2,244,990
31,700 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 3,174,826
18,001 NESTLE SA (FOOD & KINDRED PRODUCTS) 7,010,635
158,864 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 9,112,307
3,600 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 1,793,853
57,324 ROCHE HOLDING AG (MEDICAL PRODUCTS) 10,142,500
3,875 ROCHE HOLDINGS AG - BEARER SHARES (MEDICAL PRODUCTS) 751,625
62,639 SWISS REINSURANCE (INSURANCE CARRIERS) 5,721,869
5,600 SWISSCOM AG (COMMUNICATIONS) 2,024,277
242,218 UBS AG (DEPOSITORY INSTITUTIONS) 14,391,754
2,900 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 829,321
6,400 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 1,569,518
15,800 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 4,560,630
73,020,066
--------------
23
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TAIWAN - 0.41%
331,555 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) $ 3,564,216
--------------
TURKEY - 0.24%
155,400 TURKCELL ILETISIM HIZMETLERI AS ADR (COMMUNICATIONS) 2,059,050
--------------
UNITED KINGDOM - 15.86%
161,500 ALFRED MCALPINE GROUP PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,407,885
117,400 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 2,619,824
71,300 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 3,836,003
273,634 AVIVA PLC (INSURANCE CARRIERS) 4,030,443
345,000 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 3,122,970
815,350 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 11,568,318
93,600 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 2,035,303
90,741 BHP BILLITON PLC (COAL MINING) 2,023,133
288,400 BP PLC (OIL & GAS EXTRACTION) 3,132,746
193,700 BRADFORD & BINGLEY PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,731,472
298,800 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 1,896,274
377,958 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 4,194,822
569,600 BT GROUP PLC (COMMUNICATIONS) 3,404,687
217,222 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 2,787,034
26,811 CARNIVAL PLC (WATER TRANSPORTATION) 1,292,090
374,500 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 1,648,943
677,500 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 2,266,465
165,500 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 2,463,757
93,000 GEORGE WIMPEY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,163,026
283,000 GKL PLC (TRANSPORTATION EQUIPMENT) 2,124,574
292,600 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 8,043,807
10,000 HANSON PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 160,871
202,200 HBOS PLC (DEPOSITORY INSTITUTIONS) 4,165,995
74,800 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 1,309,298
515,307 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 2,821,578
1,005,000 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 3,144,518
692,844 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 7,635,094
408,896 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 6,417,035
348,700 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 849,157
477,500 OLD MUTUAL PLC (INSURANCE CARRIERS) 1,541,959
438,282 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 4,262,763
25,946,294 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 52,335
921,700 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 2,938,296
31,200 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 1,218,112
132,271 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 4,401,484
138,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 4,592,124
168,400 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 1,993,281
148,000 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,993,958
83,000 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 939,154
174,100 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,677,036
3,613,568 VODAFONE GROUP PLC (COMMUNICATIONS) 9,635,326
778,991 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 4,732,932
58,107 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 1,361,856
141,900 YELL GROUP PLC (COMMUNICATIONS) 1,669,838
137,307,576
--------------
USA - 0.02%
6,400 DRYSHIPS INCORPORATED (WATER TRANSPORTATION) 144,192
--------------
TOTAL COMMON STOCKS (COST $631,519,396) 842,680,980
--------------
24
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COLLATERAL FOR SECURITIES LENDING - 5.54%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.54%
47,999,522 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND $ 47,999,522
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $47,999,522) 47,999,522
--------------
SHORT-TERM INVESTMENTS - 1.64%
14,216,666 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 14,216,666
TOTAL SHORT-TERM INVESTMENTS (COST $14,216,666) 14,216,666
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $693,735,584)* 104.51% $ 904,897,168
OTHER ASSETS AND LIABILITIES, NET (4.51) (39,075,666)
------ --------------
TOTAL NET ASSETS 100.00% $ 865,821,502
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN.
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $14,216,666.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
25
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
STATEMENTS OF ASSETS AND LIABILITIES--
MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING MARKETS INTERNATIONAL INTERNATIONAL
FOCUS FUND CORE FUND EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................................. $ 222,077,392 $ 8,634,135 $ 842,680,980
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .................................. 20,934,956 200,265 47,999,522
INVESTMENTS IN AFFILIATES .................................................. 15,063,779 537,304 14,216,666
-------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ............................ 258,076,127 9,371,704 904,897,168
-------------------------------------------------
CASH ....................................................................... 0 0 50,000
FOREIGN CURRENCY, AT VALUE ................................................. 32,220 0 4,983,224
RECEIVABLE FOR FUND SHARES ISSUED .......................................... 14,401 2,000 530,725
RECEIVABLE FOR INVESTMENTS SOLD ............................................ 1,037,481 62,407 6,134,794
RECEIVABLES FOR DIVIDENDS AND INTEREST ..................................... 390,971 33,431 3,770,929
PREPAID EXPENSES AND OTHER ASSETS .......................................... 0 13,859 0
-------------------------------------------------
TOTAL ASSETS .................................................................. 259,551,200 9,483,401 920,366,840
-------------------------------------------------
LIABILITIES
FOREIGN TAXES PAYABLE ...................................................... 299,640 0 0
PAYABLE FOR FUND SHARES REDEEMED ........................................... 95,044 300 71,949
PAYABLE FOR INVESTMENTS PURCHASED .......................................... 5,070,773 90,695 5,382,365
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...................... 302,131 2,217 727,708
UNREALIZED DEPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS .............. 0 0 2,281
PAYABLE FOR SECURITIES LOANED (NOTE 2) ..................................... 20,934,956 200,265 47,999,522
ACCRUED EXPENSES AND OTHER LIABILITIES ..................................... 125,808 0 361,513
-------------------------------------------------
TOTAL LIABILITIES ............................................................. 26,828,352 293,477 54,545,338
-------------------------------------------------
TOTAL NET ASSETS .............................................................. $ 232,722,848 $ 9,189,924 $ 865,821,502
=================================================
NET ASSETS CONSIST OF:
- ----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................ $ 256,919,971 $ 7,644,201 $ 672,661,989
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................................. (1,697,291) (13,882) 175,525
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ...................... (60,623,659) 140,820 (18,252,891)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN
CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN
FOREIGN CURRENCIES ....................................................... 38,123,827 1,418,785 211,236,879
-------------------------------------------------
TOTAL NET ASSETS .............................................................. $ 232,722,848 $ 9,189,924 $ 865,821,502
-------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ....................................................... $ 174,408,962 $ 4,435,919 $ 58,216,056
SHARES OUTSTANDING - CLASS A ............................................... 4,598,379 287,234 3,226,484
NET ASSET VALUE PER SHARE - CLASS A ........................................ $ 37.93 $ 15.44 $ 18.04
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) .............................. $ 40.24 $ 16.38 $ 19.14
NET ASSETS - CLASS B ....................................................... $ 6,676,208 $ 3,158,115 $ 13,111,950
SHARES OUTSTANDING - CLASS B ............................................... 180,726 207,987 761,686
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ..................... $ 36.94 $ 15.18 $ 17.21
NET ASSETS - CLASS C ....................................................... $ 3,176,066 $ 909,216 $ 1,885,561
SHARES OUTSTANDING - CLASS C ............................................... 86,302 59,536 109,899
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ..................... $ 36.80 $ 15.27 $ 17.16
NET ASSETS - ADMINISTRATOR CLASS ........................................... $ 48,461,612 $ 686,674 $ 728,335,736
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................................... 1,280,023 43,926 40,437,490
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS ......... $ 37.86 $ 15.63 $ 18.01
NET ASSETS - INSTITUTIONAL CLASS ........................................... N/A N/A $ 64,272,199
SHARES OUTSTANDING - INSTITUTIONAL CLASS ................................... N/A N/A 3,568,902
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ......... N/A N/A $ 18.01
-------------------------------------------------
INVESTMENTS AT COST ........................................................... $ 219,863,685 $ 7,953,207 $ 693,735,584
=================================================
FOREIGN CURRENCIES AT COST .................................................... $ 32,499 $ 0 $ 4,944,279
=================================================
SECURITIES ON LOAN, AT MARKET VALUE ........................................... $ 20,068,933 $ 191,950 $ 47,650,786
=================================================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
(2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSETS SALES. ON
INVESTMENT OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
26
STATEMENT OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
EMERGING MARKETS INTERNATIONAL INTERNATIONAL
FOCUS FUND CORE FUND EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ............................................................... $ 952,850 $ 58,672 $ 6,533,135
INTEREST ................................................................... 4,754 0 0
INCOME FROM AFFILIATED SECURITIES .......................................... 421,284 9,532 386,639
SECURITIES LENDING INCOME, NET ............................................. 16,866 515 96,447
-------------------------------------------------
TOTAL INVESTMENT INCOME ....................................................... 1,395,754 68,719 7,016,221
-------------------------------------------------
EXPENSES
ADVISORY FEES .............................................................. 1,427,407 37,414 3,787,766
ADMINISTRATION FEES
FUND LEVEL .............................................................. 64,882 1,969 203,506
CLASS A ................................................................. 245,837 4,156 76,547
CLASS B ................................................................. 9,755 3,284 20,588
CLASS C ................................................................. 4,505 899 2,537
ADMINISTRATOR CLASS ..................................................... 36,872 313 358,676
INSTITUTIONAL CLASS ..................................................... N/A N/A 10,191
CUSTODY FEES ............................................................... 324,411 3,938 407,012
SHAREHOLDER SERVICING FEES ................................................. 324,411 9,845 985,685
ACCOUNTING FEES ............................................................ 30,452 19,201 90,508
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. 26,129 10,708 55,145
CLASS C ................................................................. 12,068 2,930 6,797
PROFESSIONAL FEES .......................................................... 13,816 12,148 19,444
REGISTRATION FEES .......................................................... 24,356 15,106 80,999
SHAREHOLDER REPORTS ........................................................ 75,605 321 256,464
TRUSTEES' FEES ............................................................. 4,232 3,594 4,201
OTHER FEES AND EXPENSES .................................................... 4,330 614 39,737
-------------------------------------------------
TOTAL EXPENSES ................................................................ 2,629,068 126,440 6,405,803
-------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ............................... (235,475) (54,508) (1,192,693)
NET EXPENSES ............................................................... 2,393,593 71,932 5,213,110
-------------------------------------------------
NET INVESTMENT INCOME (LOSS) .................................................. (997,839) (3,213) 1,803,111
-------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ............ 20,359,303 164,081 37,447,007
-------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ..................................... 20,359,303 164,081 37,447,007
-------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ............ 16,793,472 700,676 71,610,345
-------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ........... 16,793,472 700,676 71,610,345
-------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........................ 37,152,775 864,757 109,057,352
-------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............... $ 36,154,936 $ 861,544 $ 110,860,463
=================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................................... $ 565,360 $ 3,799 $ 461,128
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
27
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 248,317,649 $ 237,387,393
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... (997,839) 5,092,213
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 20,359,303 60,672,577
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 16,793,472 (16,194,120)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 36,154,936 49,570,670
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................ (169,255) (2,824,929)
CLASS B ............................................................................ 0 (59,823)
CLASS C ............................................................................ 0 (25,808)
ADMINISTRATOR CLASS ................................................................ (322,155) (1,558,845)
INSTITUTIONAL CLASS ................................................................ N/A N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................ 0 0
CLASS B ............................................................................ 0 0
CLASS C ............................................................................ 0 0
ADMINISTRATOR CLASS ................................................................ 0 0
INSTITUTIONAL CLASS ................................................................ N/A N/A
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (491,410) (4,469,405)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ................................................... 7,818,395 25,574,025
PROCEEDS FROM REDEMPTION FEES - CLASS A ............................................... 485 14,140
REINVESTMENT OF DISTRIBUTIONS - CLASS A ............................................... 159,234 2,462,835
COST OF SHARES REDEEMED - CLASS A ..................................................... (19,670,348) (52,831,004)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ............................................................................... (11,692,234) (24,780,004)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B ................................................... 626,511 2,335,721
PROCEEDS FROM REDEMPTION FEES - CLASS B ............................................... 19 506
REINVESTMENT OF DISTRIBUTIONS - CLASS B ............................................... 0 56,388
COST OF SHARES REDEEMED - CLASS B ..................................................... (1,170,489) (1,174,324)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ............................................................................... (543,959) 1,218,291
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C ................................................... 222,749 1,413,363
PROCEEDS FROM REDEMPTION FEES - CLASS C ............................................... 9 253
REINVESTMENT OF DISTRIBUTIONS - CLASS C ............................................... 0 25,266
COST OF SHARES REDEEMED - CLASS C ..................................................... (590,292) (1,340,203)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ............................................................................... (367,534) 98,679
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ....................................... 4,816,402 56,802,187
PROCEEDS FROM REDEMPTION FEES - ADMINISTRATOR CLASS ................................... 187 7,578
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ................................... 171,545 1,273,288
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ......................................... (43,642,734) (68,791,028)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................... (38,654,600) (10,707,975)
--------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ....................................... N/A N/A
PROCEEDS FROM REDEMPTION FEES - INSTITUTIONAL CLASS ................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ................................... N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ................................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... (51,258,327) (34,171,009)
======================================
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (15,594,801) 10,930,256
======================================
ENDING NET ASSETS ........................................................................ $ 232,722,848 $ 248,317,649
======================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
28
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND INTERNATIONAL EQUITY FUND
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................ $ 6,028,406 $ 3,341,756 $ 768,067,979 $ 668,149,240
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .................... (3,213) 54,241 1,803,111 10,731,728
NET REALIZED GAIN (LOSS) ON INVESTMENTS ......... 164,081 113,344 37,447,007 63,266,979
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................ 700,676 430,664 71,610,345 44,777,301
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ................................. 861,544 598,249 110,860,463 118,776,008
------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ...................................... (26,932) (13,587) (525,276) (632,299)
CLASS B ...................................... (14,074) (21,508) (40,528) (56,895)
CLASS C ...................................... (2,635) (2,869) (7,656) (6,392)
ADMINISTRATOR CLASS .......................... N/A (134) (8,944,660) (8,396,981)
INSTITUTIONAL CLASS .......................... N/A N/A (146) 0
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ...................................... 0 (154,767) 0 0
CLASS B ...................................... (65,183) (200,824) 0 0
CLASS C ...................................... (54,719) (42,955) 0 0
ADMINISTRATOR CLASS .......................... (13,918) (1,628) 0 0
INSTITUTIONAL CLASS .......................... (12,746) N/A 0 0
------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................ (190,207) (438,272) (9,518,266) (9,092,567)
------------------------------------------------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ............. 1,541,425 1,887,184 4,840,676 7,015,669
PROCEEDS FROM REDEMPTION FEES - CLASS A ......... 0 0 184 92
REINVESTMENT OF DISTRIBUTIONS - CLASS A ......... 83,689 161,366 505,288 542,822
COST OF SHARES REDEEMED - CLASS A ............... (244,984) (691,522) (6,274,664) (20,745,884)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS A ....... 1,380,130 1,357,028 (928,516) (13,187,301)
------------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B ............. 616,372 1,189,186 1,264,885 1,402,674
PROCEEDS FROM REDEMPTION FEES - CLASS B ......... 0 0 0 35
REINVESTMENT OF DISTRIBUTIONS - CLASS B ......... 66,635 214,083 37,594 53,648
COST OF SHARES REDEEMED - CLASS B ............... (380,675) (544,287) (5,451,397) (2,942,506)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS B ....... 302,332 858,982 (4,148,918) (1,486,149)
------------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C ............. 269,425 421,634 152,790 375,328
PROCEEDS FROM REDEMPTION FEES - CLASS C ......... 0 0 6 4
REINVESTMENT OF DISTRIBUTIONS - CLASS C ......... 15,771 39,250 6,541 5,895
COST OF SHARES REDEEMED - CLASS C ............... (80,129) (163,644) (154,474) (471,536)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS C ....... 205,067 297,240 4,863 (90,309)
------------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR
CLASS ......................................... 602,000 32,362 32,017,797 102,168,765
PROCEEDS FROM REDEMPTION FEES - ADMINISTRATOR
CLASS ......................................... 0 0 2,389 1,727
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR
CLASS ......................................... 652 1,192 6,439,237 6,361,186
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ... 0 (20,131) (97,965,296) (103,542,621)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ............................. 602,652 13,423 (59,505,873) 4,989,057
------------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL
CLASS ......................................... N/A N/A 61,141,511 10,000
PROCEEDS FROM REDEMPTION FEES - INSTITUTIONAL
CLASS ......................................... N/A N/A 0 0
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL
CLASS ......................................... N/A N/A 146 0
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ... N/A N/A (151,887) 0
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ............................. N/A N/A 60,989,770 10,000
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS ................. 2,490,181 2,526,673 (3,588,674) (9,764,702)
==============================================================================
NET INCREASE (DECREASE) IN NET ASSETS .............. 3,161,518 2,686,650 97,753,523 99,918,739
==============================================================================
ENDING NET ASSETS .................................. $ 9,189,924 $ 6,028,406 $ 865,821,502 $ 768,067,979
==============================================================================
29
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
Shares sold - Class A ................................................................. $ 213,184 793,612
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .............................. 4,242 86,022
SHARES REDEEMED - CLASS A ............................................................. (535,413) (1,656,703)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS A ................................... (317,987) (777,069)
--------------------------------------
SHARES SOLD - CLASS B ................................................................. 17,525 73,964
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .............................. 0 2,005
SHARES REDEEMED - CLASS B ............................................................. (32,215) (37,571)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS B ................................... (14,690) 38,398
--------------------------------------
SHARES SOLD - CLASS C ................................................................. 6,158 43,500
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .............................. 0 901
SHARES REDEEMED - CLASS C ............................................................. (16,900) (45,325)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS C ................................... (10,742) (924)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS ..................................................... 135,203 1,732,499
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS .................. 4,581 44,599
SHARES REDEEMED - ADMINISTRATOR CLASS ................................................. (1,170,674) (2,128,022)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- ADMINISTRATOR CLASS ....................... (1,030,890) (350,924)
--------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS ..................................................... N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .................. N/A N/A
SHARES REDEEMED - INSTITUTIONAL CLASS ................................................. N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- INSTITUTIONAL CLASS ....................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (1,374,309) (1,090,519)
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ (1,697,291) $ (208,042)
======================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
30
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
Shares sold - Class A ................................................................. 103,992 138,895
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .............................. 5,637 12,642
SHARES REDEEMED - CLASS A ............................................................. (16,338) (50,517)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS A ................................... 93,291 101,020
--------------------------------------
SHARES SOLD - CLASS B ................................................................. 41,778 88,763
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .............................. 4,565 16,909
SHARES REDEEMED - CLASS B ............................................................. (26,125) (40,297)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS B ................................... 20,218 65,375
--------------------------------------
SHARES SOLD - CLASS C ................................................................. 18,355 31,197
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .............................. 1,076 3,105
SHARES REDEEMED - CLASS C ............................................................. (5,491) (12,118)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS C ................................... 13,940 22,184
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS ..................................................... 41,775 2,391
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS .................. 44 93
SHARES REDEEMED - ADMINISTRATOR CLASS ................................................. 0 (1,498)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- ADMINISTRATOR CLASS ....................... 41,819 986
--------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS ..................................................... N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .................. N/A N/A
SHARES REDEEMED - INSTITUTIONAL CLASS ................................................. N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- INSTITUTIONAL CLASS ....................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 169,268 189,565
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ (13,883) $ 32,972
======================================
INTERNATIONAL EQUITY FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
Shares sold - Class A ................................................................. 283,525 484,342
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A .............................. 29,497 38,857
SHARES REDEEMED - CLASS A ............................................................. (370,554) (1,438,900)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS A ................................... (57,532) (915,701)
--------------------------------------
SHARES SOLD - CLASS B ................................................................. 76,753 97,940
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B .............................. 2,295 4,015
SHARES REDEEMED - CLASS B ............................................................. (334,362) (209,939)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS B ................................... (255,314) (107,984)
--------------------------------------
SHARES SOLD - CLASS C ................................................................. 9,487 27,382
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C .............................. 401 442
SHARES REDEEMED - CLASS C ............................................................. (9,421) (34,655)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS C ................................... 467 (6,831)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS ..................................................... 1,872,940 7,007,152
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS .................. 376,784 456,653
SHARES REDEEMED - ADMINISTRATOR CLASS ................................................. (5,762,334) (6,954,450)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- ADMINISTRATOR CLASS ....................... (3,512,610) 509,355
--------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS ..................................................... 3,576,881 631
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .................. 9 0
SHARES REDEEMED - INSTITUTIONAL CLASS ................................................. (8,619) 0
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- INSTITUTIONAL CLASS ....................... 3,568,271 631
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (256,718) (520,530)
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 175,525 $ 7,890,680
======================================
31
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- -----------------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 33.06 (0.16) 5.07 (0.04) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 27.59 0.58 5.40 (0.51) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 20.62 0.13(4) 6.84 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 17.76 0.00(4) 2.86 0.00 0.00
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 15.27 0.02(4) 2.47 0.00 0.00
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 14.50 0.00 0.77 0.00 0.00
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 11.37 0.29 2.94 (0.10) 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 32.29 (0.32) 4.97 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 27.02 0.30 5.33 (0.36) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 20.34 (0.03)(4) 6.71 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 17.62 (0.13)(4) 2.85 0.00 0.00
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 15.18 (0.02)(4) 2.46 0.00 0.00
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 14.52 0.10 0.56 0.00 0.00
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 11.37 0.08 3.17 (0.10) 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 32.17 (0.30) 4.93 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 26.87 0.31 5.28 (0.29) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 20.24 (0.05)(4) 6.68 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 17.56 (0.14)(4) 2.82 0.00 0.00
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 15.12 (0.02)(4) 2.46 0.00 0.00
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 14.48 0.02 0.62 0.00 0.00
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 11.37 0.05 3.16 (0.10) 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 33.04 (0.25) 5.21 (0.14) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 27.58 0.69 5.36 (0.59) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 20.55 0.22(4) 6.81 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 17.64 0.06(4) 2.85 0.00 0.00
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 15.16 0.03(4) 2.45 0.00 0.00
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 14.41 0.30 0.54 (0.09) 0.00
JULY 1, 2001 TO JUNE 30, 2002 .................. $ 14.00 0.07 0.44 (0.10) 0.00
INTERNATIONAL CORE FUND
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 14.15 0.00 1.70 (0.12) (0.29)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.98 0.16 1.58 (0.12) (1.45)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.16 0.11 0.74 0.00 (0.03)
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 11.47 0.28(4) 1.93 (0.25) (0.27)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 8.84 0.18(4) 2.59 (0.14) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 10.41 (0.06)(4) (1.51) 0.00 0.00
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.00 (0.03) 0.44 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 13.93 (0.04) 1.65 (0.07) (0.29)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.90 0.08 1.54 (0.14) (1.45)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.13 0.14 0.66 0.00 (0.03)
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 11.45 0.28(4) 1.92 (0.25) (0.27)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 8.82 0.20(4) 2.58 (0.15) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 10.40 (0.08)(4) (1.50) 0.00 0.00
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.00 (0.04) 0.44 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 13.97 (0.04) 1.68 (0.05) (0.29)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.88 0.05 1.58 (0.09) (1.45)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.12 0.11 0.68 0.00 (0.03)
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 11.43 0.28(4) 1.93 (0.25) (0.27)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 8.82 0.21(4) 2.57 (0.17) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 10.40 (0.06)(4) (1.52) 0.00 0.00
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.00 (0.04) 0.44 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 14.19 0.23 1.50 0.00 (0.29)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.99 0.24 1.52 (0.11) (1.45)
APRIL 11, 2005 TO SEPTEMBER 30, 2005(3) ........ $ 13.23 0.08 0.68 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
32
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET -----------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- --------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- --------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 37.93 (0.82)% 2.05% (0.15)% 1.90%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 33.06 1.87% 2.01% (0.11)% 1.90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 27.59 0.54% 2.03% (0.13)% 1.90%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 20.62 0.00% 2.01% (0.11)% 1.90%
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 17.76 0.42% 2.03% (0.15)% 1.88%
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 15.27 (1.65)% 2.18% 0.00% 2.18%
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 14.50 0.43% 5.27% (3.07)% 2.20%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 36.94 (1.57)% 2.80% (0.15)% 2.65%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 32.29 0.89% 2.76% (0.11)% 2.65%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 27.02 (0.12)% 2.77% (0.12)% 2.65%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 20.34 (0.64)% 2.77% (0.12)% 2.65%
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 17.62 (0.45)% 2.79% (0.15)% 2.64%
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 15.18 1.59% 2.78% (0.45)% 2.33%
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 14.52 0.10% 5.38% (3.07)% 2.31%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 36.80 (1.57)% 2.80% (0.15)% 2.65%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 32.17 1.00% 2.76% (0.11)% 2.65%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 26.87 (0.20)% 2.77% (0.12)% 2.65%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 20.24 (0.71)% 2.77% (0.12)% 2.65%
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 17.56 (0.39)% 2.79% (0.15)% 2.64%
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 15.12 (3.00)% 3.53% (0.14)% 3.39%
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... $ 14.48 0.10% 6.51% (3.07)% 3.44%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 37.86 (0.54)% 1.86% (0.26)% 1.60%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 33.04 2.10% 1.83% (0.23)% 1.60%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 27.58 0.92% 1.76% (0.16)% 1.60%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 20.55 0.30% 1.69% (0.09)% 1.60%
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... $ 17.64 0.73% 1.70% (0.15)% 1.55%
JULY 1, 2002 TO JUNE 30, 2003 .................. $ 15.16 2.43% 2.16% (0.64)% 1.52%
JULY 1, 2001 TO JUNE 30, 2002 .................. $ 14.41 0.60% 4.66% (3.07)% 1.59%
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 15.44 0.26% 2.88% (1.38)% 1.50%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 14.15 1.61% 4.04% (2.54)% 1.50%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.98 1.82% 5.94% (4.96)% 0.98%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 13.16 2.33% 4.78% (4.77)% 0.01%
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 11.47 1.78% 7.65% (7.64)% 0.01%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 8.84 (0.58)% 52.39% (50.18)% 2.21%
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.41 (1.12)% 2.23% 0.00% 2.23%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 15.18 (0.53)% 3.62% (1.37)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.93 0.72% 4.86% (2.61)% 2.25%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.90 1.58% 6.88% (5.44)% 1.44%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 13.13 2.32% 5.52% (5.52)% 0.00%(6)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 11.45 2.01% 8.58% (8.58)% 0.00%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 8.82 (0.83)% 52.04% (49.66)% 2.38%
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.40 (1.60)% 2.98% (0.28)% 2.70%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 15.27 (0.51)% 3.62% (1.37)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 13.97 0.77% 4.87% (2.62)% 2.25%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... $ 13.88 1.51% 6.73% (5.34)% 1.40%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 13.12 2.31% 5.51% (5.51)% 0.00%(6)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 11.43 2.15% 8.36% (8.35)% 0.01%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 8.82 (0.68)% 52.54% (50.13)% 2.41%
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... $ 10.40 (1.60)% 2.98% (0.28)% 2.70%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 15.63 0.50% 2.76% (1.51)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 14.19 1.95% 4.01% (2.76)% 1.25%
APRIL 11, 2005 TO SEPTEMBER 30, 2005(3) ........ $ 13.99 1.53% 5.60% (4.18)% 1.41%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- -------------------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND
- -------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.87% 67% $ 174,409
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 21.95% 103% $ 162,525
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 33.80% 184% $ 157,107
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 16.04% 225% $ 139,880
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... 16.37% 49% $ 117,842
JULY 1, 2002 TO JUNE 30, 2003 .................. 5.33% 210% $ 105,512
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... 28.57% 206% $ 23
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.43% 67% $ 6,676
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 21.01% 103% $ 6,310
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 32.84% 184% $ 4,242
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 15.37% 225% $ 2,781
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... 16.06% 49% $ 290
JULY 1, 2002 TO JUNE 30, 2003 .................. 4.64% 210% $ 28
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... 28.65% 206% $ 11
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.42% 67% $ 3,176
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 20.96% 103% $ 3,122
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 32.76% 184% $ 2,632
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 15.26% 225% $ 2,449
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... 16.14% 49% $ 519
JULY 1, 2002 TO JUNE 30, 2003 .................. 4.37% 210% $ 59
OCTOBER 31, 2001(3) TO JUNE 30, 2002 ........... 28.39% 206% $ 13
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 15.05% 67% $ 48,462
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 22.26% 103% $ 76,362
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 34.21% 184% $ 73,406
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 16.43% 225% $ 50,376
JULY 1, 2003 TO SEPTEMBER 30, 2003(5) .......... 16.42% 49% $ 29,273
JULY 1, 2002 TO JUNE 30, 2003 .................. 5.79% 210% $ 25,784
JULY 1, 2001 TO JUNE 30, 2002 .................. 3.80% 206% $ 22,974
INTERNATIONAL CORE FUND
- -------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 12.14% 32% $ 4,436
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 13.75% 36% $ 2,745
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... 6.48% 37% $ 1,299
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 19.38% 28% $ 757
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 31.38% 88% $ 585
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... (15.08)% 47% $ 161
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... 4.10% 4% $ 104
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 11.70% 32% $ 3,158
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 12.93% 36% $ 2,616
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... 6.11% 37% $ 1,702
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 19.32% 28% $ 1,218
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 31.58% 88% $ 727
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... (15.19)% 47% $ 289
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... 4.00% 4% $ 104
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 11.88% 32% $ 909
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 12.99% 36% $ 637
JANUARY 1, 2005 TO SEPTEMBER 30, 2005 .......... 6.04% 37% $ 325
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 19.44% 28% $ 317
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 31.52% 88% $ 183
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... (15.19)% 47% $ 150
SEPTEMBER 28, 2001(3) TO DECEMBER 31, 2001 ..... 4.00% 4% $ 104
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 12.29% 32% $ 687
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 13.95% 36% $ 30
APRIL 11, 2005 TO SEPTEMBER 30, 2005(3) ........ 5.74% 106% $ 16
33
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- -----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $ 15.91 0.02(4) 2.28 (0.17) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $ 13.69 0.17(4) 2.20 (0.15) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 11.09 0.17 2.43 (0.00) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 9.88 0.04(4) 1.23 (0.06) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 8.46 0.04(4) 1.38 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 10.50 (0.01)(4) (2.03) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $ 15.13 (0.05)(4) 2.17 (0.04) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $ 13.03 0.07(4) 2.08 (0.05) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 10.62 0.07 2.34 (0.00) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 9.48 (0.05)(4) 1.19 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 8.19 (0.03)(4) 1.32 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 10.25 (0.09)(4) (1.97) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $ 15.10 (0.04)(4) 2.17 (0.07) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $ 13.00 0.07(4) 2.09 (0.06) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 10.60 0.06 2.34 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 9.47 (0.04)(4) 1.17 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 8.18 (0.02)(4) 1.31 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 10.24 (0.09)(4) (1.97) 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $ 15.90 0.04(4) 2.28 (0.21) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $ 13.69 0.23(4) 2.17 (0.19) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 11.08 0.17 2.48 (0.04) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 9.87 0.07(4) 1.22 (0.08) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 8.46 0.08(4) 1.34 (0.01) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 10.47 0.02(4) (2.03) 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $ 15.91 0.14(4) 2.19 (0.23) 0.00
AUGUST 31, 2006(3) TO SEPTEMBER 30, 2006 .......... $ 15.84 0.02(4) 0.05 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET ------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 18.04 0.23% 1.73% (0.23)% 1.50%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 15.91 1.16% 1.67% (0.17)% 1.50%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 13.69 1.24% 1.66% (0.16)% 1.50%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 11.09 0.36% 1.71% (0.21)% 1.50%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 9.88 0.42% 1.76% (0.26)% 1.50%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 8.46 (0.08)% 1.96% (0.24)% 1.72%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 17.21 (0.63)% 2.48% (0.23)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 15.13 0.49% 2.42% (0.17)% 2.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 13.03 0.49% 2.41% (0.16)% 2.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 10.62 (0.43)% 2.46% (0.21)% 2.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 9.48 (0.31)% 2.82% (0.57)% 2.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 8.19 (0.83)% 3.06% (0.59)% 2.47%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 17.16 (0.54)% 2.48% (0.23)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 15.10 0.49% 2.42% (0.17)% 2.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 13.00 0.42% 2.41% (0.16)% 2.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 10.60 (0.39)% 2.45% (0.20)% 2.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 9.47 (0.27)% 2.70% (0.45)% 2.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 8.18 (0.78)% 2.96% (0.49)% 2.47%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 18.01 0.44% 1.55% (0.30)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 15.90 1.52% 1.49% (0.24)% 1.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 13.69 1.54% 1.41% (0.16)% 1.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 11.08 0.64% 1.38% (0.13)% 1.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 9.87 0.76% 1.34% (0.09)% 1.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 8.46 0.31% 1.46% (0.02)% 1.44%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 18.01 1.63% 1.23% (0.18)% 1.05%
AUGUST 31, 2006(3) TO SEPTEMBER 30, 2006 ....... $ 15.91 1.77% 1.29% (0.40)% 0.89%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- ------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND
- ------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.48% 24% $ 58,216
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 17.50% 44% $ 52,243
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 23.48% 46% $ 57,496
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 12.89% 112% $ 56,108
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 16.78% 73% $ 52,762
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (19.43)% 52% $ 22,806
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.05% 24% $ 13,112
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 16.57% 44% $ 15,385
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 22.69% 46% $ 14,653
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 12.03% 112% $ 14,796
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 15.75% 73% $ 20,149
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (20.10)% 52% $ 29,107
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.11% 24% $ 1,886
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 16.65% 44% $ 1,652
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 22.64% 46% $ 1,512
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 11.93% 112% $ 1,618
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 15.77% 73% $ 2,530
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (20.12)% 52% $ 2,167
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.65% 24% $ 728,336
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 17.74% 44% $ 698,778
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 23.94% 46% $ 594,488
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 13.11% 112% $ 394,649
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 16.83% 73% $ 266,099
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (19.20)% 52% $ 372,380
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 14.73% 24% $ 64,272
AUGUST 31, 2006(3) TO SEPTEMBER 30, 2006 ....... 0.44% 44% $ 10
35
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3) Commencement of operations.
(4) Calculated based upon average shares outstanding.
(5) The Fund changed its year end from June 30 to September 30.
(6) Amount calculated is less than 0.05%.
36
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Emerging
Markets Focus Fund, International Core Fund and International Equity Fund.
Emerging Markets Focus, International Core and International Equity Funds
are each a diversified series of the Trust.
In August and September 2004, the Board of Trustees of the Trust and the
Boards of Directors of the Strong Funds ("Strong Funds") approved an Agreement
and Plan of Reorganization providing for the reorganization of certain Strong
Funds into the Funds.
Effective at the close of business on April 8, 2005, the following
Acquiring Fund ("Acquiring Fund"), by share class, acquired substantially all of
the net assets of the following Target Fund ("Target Fund"), by share class,
through a tax-free exchange under section 368 of the Internal Revenue Code:
Acquiring Fund Target Fund
- -------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND CLASS A STRONG ADVISOR INTERNATIONAL CORE FUND CLASS A
- -------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND CLASS B STRONG ADVISOR INTERNATIONAL CORE FUND CLASS B
- -------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND CLASS C STRONG ADVISOR INTERNATIONAL CORE FUND CLASS C
- -------------------------------------------------------------------------------------------------------
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Certain Funds of the Trust may invest a substantial portion of their
assets in an industry, sector or foreign country as is discussed in the
Performance Highlights for those Funds. Such Funds may be more affected by
changes in that industry, sector or foreign country than they would be absent
the concentration of investments.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S.
dollars using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the
close of the New York Stock Exchange and therefore may not fully reflect trading
or events that occur after the close of the principal exchange in which the
foreign investments are traded but before the close of the New York Stock
Exchange. If such trading or events are expected to materially affect the value
of the investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market value.
37
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Investments which are not valued using (any of) the method(s) discussed
above are valued at their fair value as determined by procedures approved by the
Board of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the
changes in net assets resulting from changes in market prices of securities at
fiscal period-end are not separately presented. Such changes are recorded with
net realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2007.
At September 30, 2006, net capital loss carryforwards, which are available
to offset future net realized capital gains, were:
Capital Loss
Fund Expiration Year Carryforwards
- -------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND 2007 $ 22,895,349
2008 1,693,484
2009 41,422,225
2010 14,971,904
- -------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 2009 8,831,688
2010 17,676,171
2011 11,214,783
2012 17,574,879
At September 30, 2006, current year deferred post-October currency losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Deferred Post-October
Currency Loss
- -------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND $ 764,077
- -------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 10,584
- -------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 211,805
- -------------------------------------------------------------------------------
38
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS
The Fund(s) may enter into forward foreign currency contracts to protect
against a possible loss resulting from an adverse change in the relationship
between foreign currencies and the U.S. dollar, or between foreign currencies. A
forward contract is an agreement between two counterparties for future delivery
or receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
As of March 31, 2007, there were no outstanding forward contracts.
SECURITY LOANS
The Fund(s) 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 or by retaining a portion of interest on the investment
securities or cash received as collateral. A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral. 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. The collateral supporting loans of domestic and foreign equity
securities and corporate bonds are remarked daily while collateral supporting
loans of U.S. Government securities are remarked back to 102% only if the given
collateral falls below 100% of the market value of the securities loans plus any
accrued interest. Gain or loss in the market price of the securities loaned that
may occur during the term of the loan are reflected in the value of the Fund.
The risks from securities lending are that the borrower may not provide
additional collateral when required or return the securities when due or when
called for by the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as
the securities lending agent for the Funds and receives for its services 30% of
the revenues earned on the securities lending activities and incurs all
expenses. The value of the securities on loan and the value of the related
collateral at March 31, 2007, are shown on the Statements of Assets and
Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Fund Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- ------------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS First $500 million 1.100 Wells Capital First $100 million 0.650
FOCUS FUND Next $500 million 1.050 Management Next $100 million 0.550
Next $2 billion 1.000 Incorporated Over $200 million 0.450
Next $2 billion 0.975
Over $5 billion 0.950
- ------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 New Star First $50 million 0.350
CORE FUND Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
- ------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 Artisan Partners LP First $250 million 0.700
EQUITY FUND Next $500 million 0.900 Over $250 million 0.500
Next $2 billion 0.850
Next $2 billion 0.825 LSV Asset First $150 million 0.350
Over $5 billion 0.800 Management Next $350 million 0.400
Next $250 million 0.350
Next $250 million 0.325
Over $1 billion 0.300
New Star First $50 million 0.350
Institutional Next $500 million 0.290
Managers Limited Over $550 million 0.200
39
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Admin Fees for Admin Fees
International Core Fund only for other Funds
Average Daily (% of Average (% of Average
Fund Net Assets Daily Net Assets) Daily Net Assets)
- --------------------------------------------------------------------------------------------
FUND LEVEL First $5 billion 0.05 0.05
Next $5 billion 0.04 0.04
Over $10 billion 0.03 0.03
- --------------------------------------------------------------------------------------------
CLASS A All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------
CLASS B All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------
CLASS C All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS All asset levels 0.10 0.10
- --------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS All asset levels N/A 0.08
The trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Fund Daily Net Assets
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND 0.25
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 0.10
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% of Average
Share Class Daily Net Assets
- --------------------------------------------------------------------------------
CLASS A, CLASS B, CLASS C AND ADMINISTRATOR CLASS 0.25%
- --------------------------------------------------------------------------------
For the period ended March 31, 2007, shareholder servicing fees paid were
as follows:
Administrator
Fund Class A Class B Class C Class
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND $ 219,497 $ 8,710 $ 4,023 $ 92,181
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 4,517 3,569 977 782
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 68,346 18,382 2,266 896,691
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the period ended March 31, 2007, distribution fees incurred are
disclosed on the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset-based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
40
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable. Fund's Management has contractually committed to waive
fees and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Funds. Net operating expense ratios in effect
for the period ended March 31, 2007 were as follows:
Net Operating Expense Ratios
----------------------------
Fund Class A Class B Class C Administrator Institutional
- ------------------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND* 1.90% 2.65% 2.65% 1.60% N/A
- ------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND* 1.50% 2.25% 2.25% 1.25% N/A
- ------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND* 1.50% 2.25% 2.25% 1.25% 1.05%
- ------------------------------------------------------------------------------------------
* The Fund's adviser has contractually committed to waive fees through
January 31, 2008.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the period
ended March 31, 2007, were as follows:
Fund Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
EMERGING MARKETS FOCUS FUND $ 161,843,195 $ 206,346,481
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 4,363,756 2,377,361
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 193,969,282 209,359,057
- --------------------------------------------------------------------------------
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2007, the Emerging Markets Focus Fund,
International Core Fund and International Equity Fund had no borrowings under
the agreement.
6. LEGAL AND REGULATORY MATTERS
- --------------------------------------------------------------------------------
In 2004, the predecessor Strong Funds' prior investment adviser and
affiliates (collectively, "Strong") entered into agreements with certain
regulators, including the Securities and Exchange Commission and the New York
Attorney General ("NYAG"), to settle market-timing investigations. In the
settlements, Strong agreed to pay investor restoration and civil penalties.
Although some portion of these payments is likely to be distributed to
predecessor Strong Fund shareholders, no determination has yet been made as to
the distribution of these amounts, and the successor funds are not expected to
receive any portion of these payments. The NYAG settlement imposed fee
reductions across the predecessor fund complex (excluding money market funds and
very short-term income funds) totaling at least $35 million by May 2009. The
current Funds' advisor has agreed to honor these fee reductions for the benefit
of shareholders across the successor funds. Although civil litigation against
Strong and certain predecessor Strong Funds relating to these matters is
continuing, neither the current adviser nor the successor funds is a party to
any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current
41
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
generally accepted accounting principles from the application of this Statement
relate to the definition of fair value, the methods used to measure fair value,
and the expanded disclosures about fair value measurements. As of March 31,
2007, Funds Management does not believe the adoption of SFAS No. 157 will impact
the financial statement amounts, however, additional disclosures may be required
about the inputs used to develop the measurements and the effect of certain of
the measurements on changes in net assets for the period.
8. MISCELLANEOUS
- --------------------------------------------------------------------------------
FOREIGN TAXES PAYABLE
Under Indian tax law, U.S. mutual funds are subject to taxation on capital
gains realized upon the sale of Indian securities. Mutual fund industry practice
has long been to net long-term capital losses against taxable short-term capital
gains. However, the Indian tax statute was amended in mid-2002 to disallow such
netting, and the Indian tax authorities have subsequently assessed additional
taxes on many U.S. mutual funds based upon a retroactive application of the tax
statute. For the taxable years since its inception date, the Wells Fargo
Advantage Emerging Markets Focus Fund (the "Focus Fund"), as successor to the
Montgomery Emerging Markets Fund, has been assessed approximately $590,000. The
Fund filed an administrative appeal to this assessment in April 2003.
On August 1, 2003, the Focus Fund received a demand on half of the
$590,000 to stay the imposition of additional penalties while the assessment was
under appeal, and an agreement was reached on August 8, 2003 for the Focus Fund
to make such payment. On August 20, 2003, the Focus Fund made the determination
to accrue the entire amount at issue as a tax expense.
On December 12, 2005, the administrative appeal was argued in the Income
Tax Appellate Tribunal ("ITAT"). A favorable decision to the Focus Fund was
subsequently rendered on April 26, 2006. However, the tax authorities could
appeal this favorable decision, and the Fund was notified on August 21, 2006
that an appeal was in fact filed. Based upon discussions with local counsel, the
time frame for the appeals process to be resolved may be as long as several
years. The Focus Fund will continue to closely monitor the appeals process and
will reverse such accrual in the event of a favorable disposition.
Foreign taxes payable also reflects accrued India capital gains tax on
unrealized gains, if any, on Indian securities as required under GAAP.
42
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, Calloway None
64 School of Business and
Accountancy - The Thomas Goho
Chair of Finance since January
2006. Associate Professor of
Finance from 1999-2005.
- --------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co-Founder of None
64 (Chairman since 2005) Crystal Geyser Water Company and
(Lead Trustee since President of Crystal Geyser
2001) Roxane Water Company.
- --------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President None
73 of Richard M. Leach Associates (a
financial consulting firm).
- --------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk None
54 Management, Wharton School,
University of Pennsylvania.
Director of the Boettner Center
on Pensions and Retirement
Research. Research Associate and
Board Member, Penn Aging Research
Center. Research Associate,
National Bureau of Economic
Research.
43
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of Himle-Horner
and Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota
(a public policy organization).
- --------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of None
66 Willeke & Daniels.
- --------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto,
Chairman of Whitepoint Capital,
LLC until 2004.
- --------------------------------------------------------------------------------------------------------------
OFFICERS
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells None
47 Fargo Bank, N.A. and President of
Wells Fargo Funds Management, LLC
since 2003. Senior Vice President
and Chief Administrative Officer
of Wells Fargo Funds Management,
LLC from 2001 to 2003.
- --------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and None
46 Chief Legal Counsel Secretary of Wells Fargo Funds
since 2003 Management, LLC since 2001. Vice
President and Managing Senior
Counsel of Wells Fargo Bank, N.A.
since 1996.
- --------------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo Funds
Management, LLC since 2006. From
2001 to 2006, Vice President of
Wells Fargo Bank, N.A. and Vice
President of Wells Fargo Bank,
N.A. Auto Finance Group. Vice
President of Portfolio Risk
Management for Wells Fargo Bank,
N.A. Auto Finance Group from 2004
to 2006.
44
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
OFFICERS (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of None
45 Officer, since 2004 Wells Fargo Funds Management,
LLC since 2004. Chief Compliance
Officer for Wells Fargo Funds
Management, LLC from 1997 to
2002. In 2002, Ms. Peters left
Wells Fargo Funds Management,
LLC to pursue personal goals.
- --------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
45
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
EMERGING MARKETS FOCUS FUND, INTERNATIONAL CORE FUND AND INTERNATIONAL EQUITY
FUND
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Emerging Markets Focus Fund, International Core Fund and
International Equity Fund (the "Funds"); (ii) an investment sub-advisory
agreement with Wells Capital Management Incorporated ("Wells Capital
Management") for the Emerging Markets Focus Fund; (iii) an investment
sub-advisory agreement with New Star Institutional Managers Limited ("New Star")
for the International Core Fund and International Equity Fund; (iv) an
investment sub-advisory agreement with Artisan Partners Limited Partnership
("Artisan") for the International Equity Fund; and (v) an investment
sub-advisory agreement with LSV Asset Management ("LSV") for the International
Equity Fund. The investment advisory agreements with Funds Management and the
investment sub-advisory agreements with Wells Capital Management, New Star,
Artisan and LSV (the "Sub-Advisers"), are collectively referred to as the
"Advisory Agreements."
More specifically, at a meeting held on March 30, 2007, the Board,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and the Sub-Advisers and the continuation of
the Advisory Agreements. Prior to the March 30, 2007, meeting, the Board,
including the Independent Trustees, met in person and telephonically a number of
times, both with Funds Management and in private sessions, for discussions about
these continuations and approvals. The Independent Trustees were assisted in
their evaluation of the Advisory Agreements by independent legal counsel, from
whom they received separate legal advice and with whom they met separately from
Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Board received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and the Sub-Advisers under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel,
including, among other things, information about the background and experience
of senior management and the expertise of, and amount of attention devoted to
the Funds by, investment personnel of Funds Management and the Sub-Advisers. In
this regard, the Board reviewed the qualifications, backgrounds and
responsibilities of the portfolio managers primarily responsible for day-to-day
portfolio management services for the Funds.
The Board evaluated the ability of Funds Management and the Sub-Advisers,
based on their respective resources, reputations and other attributes, to
attract and retain highly qualified investment professionals, including
research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance
records of Funds Management and the Sub-Advisers. In addition, the Board took
into account the administrative services provided to the Funds by Funds
Management and its affiliates. In considering these matters, the Board
considered not only the specific information presented in connection with the
meeting, but also the knowledge gained over the course of interacting with Funds
Management about various topics, including Funds Management's oversight of
service providers, such as the Sub-Advisers.
Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Board considered the performance results for each of the Funds over
various time periods ended December 31, 2006. The Board also considered these
results in comparison to the median performance results of the group of funds
that was determined by Lipper Inc. ("Lipper") to be the most similar to a given
Fund (the "Peer Group") and to the median performance of a broader universe of
relevant funds as determined by Lipper (the "Universe"), as well as to each
Fund's benchmark index. Lipper is an independent provider of investment company
data. The Board was provided with a description of the methodology used by
Lipper to select the mutual funds in each Fund's Peer Group and Universe.
The Board noted that the performance of each Fund was lower than the
median performance of each Fund's Peer Group for most time periods and required
further review. As part of its further review, the Board noted that the Emerging
Markets Focus Fund had changed portfolio managers in 2006 and received an
analysis of, and discussed factors contributing to, the underperformance of the
Emerging Markets Focus
46
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
Fund. The Board also received an analysis of, and discussed factors contributing
to, the International Core Fund's and International Equity Fund's
underperformance. The Board requested continued reports on the performance of
the Funds.
The Board received and considered information regarding each Fund's net
operating expense ratios and their various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The
Board also considered comparisons of these fees to the expense information for
each Fund's Peer Group, which comparative data was provided by Lipper. The Board
noted that the net operating expense ratios for each Fund were lower than, or
not appreciably higher than, its Peer Group's median net operating expense
ratios.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Board reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Funds' administration fee rates. The Board took into account the
separate administration services covered by the administration fee rates. The
Board also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to the Sub-Advisers for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Board reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in each
Fund's Peer Group. The Board noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, or not appreciably higher than,
the median rates of each Fund's respective Peer Group. In addition, the Board
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Peer Group, and reasonable in
relation to the services provided. The Board also considered and approved Fund
Management's recommendation to increase certain administrative fees for the
International Core Fund in coming to its conclusion.
The Board also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on their consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Board received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and Net Advisory Rates,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Funds. The Board concluded that, in light of the costs
of providing investment management and other services to the Funds, the profits
and other ancillary benefits that Funds Management and its affiliates received
with regard to providing these services to the Funds were not unreasonable.
The Board did not consider a separate profitability analysis of Wells
Capital Management, as its separate profitability from its relationship with the
Emerging Markets Focus Fund was not a material factor in determining whether to
renew the agreement. The Board did not consider a separate profitability
analysis of Artisan, LSV and New Star, which are not affiliated with Funds
Management. The Board considered that the sub-advisory fees paid to Artisan, LSV
and New Star had been negotiated by Funds Management on an arm's length basis
and that Artisan's, LSV's and New Star's separate profitability from their
relationships with the International Core Fund and International Equity Fund was
not a material factor in determining whether to renew the agreements.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Board received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Board also considered information provided by Funds Management in
a special presentation on advisory fee breakpoints at the February 2007 board
meeting. The Board acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Board's understanding
that economies of scale are realized, if at all, by an investment adviser across
a variety of products and services, not just with respect to a single fund. The
Board concluded that any actual or potential economies of scale are, or
47
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
will be, shared reasonably with Fund shareholders, most particularly through
Advisory Agreement Rate breakpoints and waivers/caps and/or expense
reimbursements applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Board also received and considered general information about the
nature and extent of services and fee rates offered by Funds Management to other
similarly situated series of the Trust, and those offered by the Sub-Advisers to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
- --------------------------------------------------------------------------------
The Board received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
and the Sub-Advisers as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase in Funds Management's and the
Sub-Advisers' business as a result of their relationship with the Funds (such as
the ability to market to shareholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Board also considered the effectiveness of the policies of the Funds
in achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker, the extent to which
efforts are made to recapture commission costs, and the controls applicable to
brokerage allocation procedures. The Board also reviewed Funds Management's and
the Sub-Advisers' methods for allocating portfolio investment opportunities
among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Board also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares are offered and
sold. The Board noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution.
As discussed above, the Board reviews detailed materials received from
Funds Management and the Sub-Advisers annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management and the Sub-Advisers
at each of its quarterly meetings, which include, among other things, a
portfolio review and fund performance reports. In addition, the Board confers
with portfolio managers at various times throughout the year.
After considering the above-described factors and based on its
deliberations and its evaluation of the information described above, the Board
concluded that approval of the continuation of the Advisory Agreements for the
Funds was in the best interest of the Funds and their shareholders. Accordingly,
the Board unanimously approved the continuation of the Advisory Agreements for
an additional one-year period.
48
LIST OF ABBREVIATIONS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
49
THIS PAGE IS INTENTIONALLY LEFT BLANK --
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103743 05-07
Funds Management, SINTLD/SAR108 03-07
LLC. All rights
reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
o WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
o WELLS FARGO ADVANTAGE OVERSEAS FUND
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Asia Pacific Fund ...................................................... 2
Overseas Fund .......................................................... 4
Fund Expenses ............................................................. 6
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Asia Pacific Fund ...................................................... 7
Overseas Fund .......................................................... 11
Financial Statements
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities ................................... 15
Statements of Operations ............................................... 16
Statements of Changes in Net Assets .................................... 18
Financial Highlights ................................................... 20
Notes to Financial Highlights .......................................... 22
Notes to Financial Statements ............................................. 23
- --------------------------------------------------------------------------------
Other Information ......................................................... 28
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 34
- --------------------------------------------------------------------------------
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
In this semi-annual report for the WELLS FARGO ADVANTAGE INTERNATIONAL
FUNDS, which covers the six-month period that ended March 31, 2007, you may
notice a few changes compared with the semi-annual report you received last year
at this time. We've abbreviated the content in the semi-annual reports to
include fund and benchmark performance, allocation percentages, and a list of
the ten largest holdings in each Fund, along with the usual information in the
financial section.
We will continue to provide you with a general review of the economy and
summary information on the stock markets in our letter to you. In the next
annual report, which will cover the 12-month period that will end on September
30, 2007, we will also include the portfolio manager's commentary and a chart
showing the growth of a $10,000 investment.
REVIEW OF THE GLOBAL ECONOMY
- --------------------------------------------------------------------------------
Growth in the world economy continued to outpace expectations during the
six-month period despite a sell-off in China's market that ended the day with an
8.8% decline on February 27, 2007. The U.S. stock market dropped 3.3% in
response to China's correction. China's three-fold role as a major trade
partner, significant holder of U.S. government debt, and key supplier of
manufactured goods caused investors in the U.S. market to sell. The sell-off in
China and the United States had a negative effect on some international stocks,
including those from the Asia Pacific region, China, Japan, and Europe. Emerging
markets--where prices of stocks and bonds had risen significantly--suffered the
most from this February 2007 correction. Nevertheless, most international
markets ended the six-month period with overall positive performance.
In China and India, the growth was stronger than expected and the People's
Bank of China tried to curtail the tendency to borrow money to buy stocks by
raising its one-year benchmark lending rate. Its latest increase during the
period was on March 18, 2007, when it rose from 6.12% to 6.28%. The Bank of
England also raised its bank rate by 0.25 percentage points to 5.25% on January
11, 2007, in an effort to control inflation, and the European Central Bank (ECB)
did the same on March 8, 2007, by raising its interest rates by a quarter of a
percentage point to 3.75%. The ECB noted that it anticipates raising rates again
in 2007 in response to high oil prices, demands for wage increases, and volatile
markets. Even with interest rates rising in several countries, liquidity
remained high in global markets and added impetus to robust merger and
acquisition activity.
INTERNATIONAL STOCKS REMAINED POSITIVE DESPITE FEBRUARY CORRECTION
- --------------------------------------------------------------------------------
Despite the February 2007 correction that caused volatility among
international stocks, they continued to have positive performance throughout the
six-month period. For example, the Morgan Stanley Capital International Europe,
Australasia, and Far East Index (MSCI EAFE)(SM) 1 ended the period with a
six-month total return of 14.85%. Furthermore, emerging markets remained among
the top performers during the period with a six-month return of 20.40%, as
measured by the MSCI Emerging Markets Index 2.
LOOKING AHEAD
- --------------------------------------------------------------------------------
Many factors can affect the stability of global economics, including
monetary policies, geopolitical events, and natural disasters. Acknowledging
this inherent unpredictability supports our belief that successful investing
includes a balanced approach of owning a diversified portfolio while keeping a
long-term perspective. While diversification may not prevent losses in a
downturn, it may help reduce them and provide you with one way of managing risk.
Our diverse family of more than 120 mutual funds may also help. Each Fund is
managed according to a disciplined approach to investing that features the
strategic thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking skilled investment
managers--our subadvisers--who share our dedication to pursuing consistent
long-term results, offers you a way to navigate changing market conditions and
move forward with your financial planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Index(SM) is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia, and
the Far East. You cannot invest directly in an Index.
2 The Morgan Stanley Capital International Emerging Markets (MSCI Emerging
Markets) Index is a free float-adjusted market capitalization index designed to
measure the equity market performance in the global emerging markets. The Index
is currently comprised of 25 emerging market country indices. You cannot invest
directly in an Index.
1
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE ASIA PACIFIC FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGER FUND INCEPTION
Anthony L.T. Cragg 12/31/1993
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- -----------------------------------------------------------------------------------------------------
Investor Class 21.50 17.03 21.92 8.12 1.97% 1.65%
- -----------------------------------------------------------------------------------------------------
Benchmark
- -----------------------------------------------------------------------------------------------------
MSCI AC Asia Pacific Index(SM) 2 20.76 28.09 20.93 6.19
- -----------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY. THESE RISKS ARE GENERALLY
INTENSIFIED IN EMERGING MARKETS. THE USE OF DERIVATIVES MAY REDUCE RETURNS
AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED TURNOVER AND
TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT-TERM CAPITAL GAINS. CERTAIN
INVESTMENT STRATEGIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE
TO THE BROADER MARKET). THIS FUND IS EXPOSED TO REGIONAL RISK AND SMALL COMPANY
INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON
THESE AND OTHER RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Rio Tinto Limited 2.67%
- --------------------------------------------------------------------------------
Banyan Tree Holdings Limited 2.48%
- --------------------------------------------------------------------------------
Jardine Strategic Holdings Limited 2.29%
- --------------------------------------------------------------------------------
Fraser & Neave Limited 2.25%
- --------------------------------------------------------------------------------
Mitsubishi Heavy Industries Limited 1.82%
- --------------------------------------------------------------------------------
Nomura Holdings Incorporated 1.81%
- --------------------------------------------------------------------------------
Inpex Holdings Incorporated 1.80%
- --------------------------------------------------------------------------------
Straits Asia Resources Limited 1.78%
- --------------------------------------------------------------------------------
Samsung Electronics Company Limited 1.77%
- --------------------------------------------------------------------------------
Tianjin Development Holdings Limited 1.70%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Vietnam (2%)
Australia (9%)
Cayman Islands (1%)
China (6%)
Hong Kong (10%)
India (3%)
Japan (19%)
Malaysia (6%)
Philippines (3%)
Singapore (24%)
United Kingdom (1%)
South Korea (10%)
Taiwan (6%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses and includes acquired fund expenses that are excluded from the gross
expenses reported in the Financial Highlights.
Performance shown prior to April 11, 2005 for the Investor Class shares
reflects the performance of the Investor Class shares of the Strong Asia Pacific
Fund.
2 The Morgan Stanley Capital International All Country Asia Pacific ("MSCI AC
Asia Pacific") Index is a total return, capitalization-weighted index that
measures the performance of stock markets in 15 Pacific region countries,
including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,
New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka,Taiwan and
Thailand. You cannot invest directly in an Index.
3 Ten largest equity holdings and portfolio composition are subject to change.
Cash and cash equivalents are not reflected in the calculations of ten largest
equity holdings and portfolio composition.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the portfolio.
3
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE OVERSEAS FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE OVERSEAS FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC New Star Institutional Managers Limited
PORTFOLIO MANAGERS FUND INCEPTION
Mark Beale 06/30/1998
Brian Coffey
Richard Lewis
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Life of Expense Expense
6-Month* 1-Year 5-Year Fund Ratio Ratio
- --------------------------------------------------------------------------------------
Institutional Class 12.42 16.28 11.93 7.68 1.34% 0.95%
- --------------------------------------------------------------------------------------
Investor Class 12.21 15.68 11.39 7.38 1.91% 1.46%
- --------------------------------------------------------------------------------------
Benchmark
- --------------------------------------------------------------------------------------
MSCI EAFE(R) Index(SM) 2 14.85 20.20 15.78 7.30
*RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END
SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY. THE USE OF DERIVATIVES
MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES
TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER
MARKET). THIS FUND IS EXPOSED TO SMALL COMPANY INVESTMENT RISK. CONSULT THE
FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Total SA 2.48%
- --------------------------------------------------------------------------------
Vodafone Group plc 2.38%
- --------------------------------------------------------------------------------
Legal & General Group plc 2.15%
- --------------------------------------------------------------------------------
Roche Holding AG 2.02%
- --------------------------------------------------------------------------------
CapitaLand Limited 1.77%
- --------------------------------------------------------------------------------
Rio Tinto Limited 1.63%
- --------------------------------------------------------------------------------
Nissan Motor Company Limited 1.61%
- --------------------------------------------------------------------------------
Sony Corporation 1.51%
- --------------------------------------------------------------------------------
Kao Corporation 1.50%
- --------------------------------------------------------------------------------
Commerzbank AG 1.44%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (5%)
Belgium (2%)
Austria (1%)
Finland (1%)
France (13%)
Germany (9%)
Greece (1%)
Hong Kong (6%)
Italy (2%)
Japan (21%)
Netherlands (5%)
Norway (1%)
Singapore (2%)
Spain (1%)
Sweden (2%)
Switzerland (8%)
Taiwan (1%)
Turkey (1%)
United Kingdom (18%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31,2008, to
waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund.Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to April 11, 2005 for the Institutional Class shares
and Investor Class shares reflects the performance of the Institutional Class
shares and Investor Class shares, respectively, of the Strong Overseas Fund, the
predecessor fund. Performance shown prior to the inception of the Institutional
Class shares reflects the performance of the Investor Class shares of the
predecessor fund, and includes expenses that are not applicable to and are
higher than those of the Institutional Class shares.
2 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Index(SM) is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia and
the Far East.You cannot invest directly in an Index.
3 Ten largest equity holdings and portfolio composition are subject to change.
Cash and cash equivalents are not reflected in the calculations of ten largest
equity holdings and portfolio composition.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the securities divided by total market value of the portfolio.
5
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period(1) Ratio
Wells Fargo Advantage Asia Pacific Fund
- ------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Asia Pacific Fund - Investor Class
Actual $ 1,000.00 $ 1,215.00 $ 9.11 1.65%
- ------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,016.70 $ 8.30 1.65%
Wells Fargo Advantage Overseas Fund
- ------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Overseas Fund - Institutional Class
Actual $ 1,000.00 $ 1,124.20 $ 5.03 0.95%
- ------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
- ------------------------------------------------------------------------------------------------------------------
Wells Fargo Advantage Overseas Fund - Investor Class
Actual $ 1,000.00 $ 1,122.10 $ 7.72 1.46%
- ------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.65 $ 7.34 1.46%
- ------------------------------------------------------------------------------------------------------------------
(1) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year divided by the number of days in the fiscal year
(to reflect the one-half year period).
6
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 90.18%
AUSTRALIA - 8.44%
950,000 AWB LIMITED (AGRICULTURAL SERVICES) $ 2,728,687
189,400 BABCOCK & BROWN LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 4,209,605
2,471,626 EMECO HOLDINGS LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS)+ 3,549,636
488,907 FERMISCAN HOLDINGS LIMITED (TRANSPORTATION EQUIPMENT)+ 846,531
1,467,000 FUTURIS CORPORATION LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,563,815
1,800,000 LIHIR GOLD LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 4,747,805
2,100,000 OXIANA LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 4,774,505
750,000 PETSEC ENERGY LIMITED (OIL & GAS EXTRACTION)+ 1,146,901
160,800 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 2,582,553
500,000 RESMED INCORPORATED (HEALTH SERVICES)+ 2,524,395
186,000 RIO TINTO LIMITED (METAL MINING) 11,860,336
41,534,769
--------------
CAYMAN ISLANDS - 0.92%
13,000,000 POLYTEC ASSET HOLDINGS LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 4,508,863
--------------
CHINA - 5.06%
6,570,000 COSCO HOLDINGS (WATER TRANSPORTATION) 6,449,338
11,550,000 SHANGHAI ELECTRIC GROUP COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 5,395,469
9,970,000 TIANJIN DEVELOPMENT HOLDINGS LIMITED (BUSINESS SERVICES) 7,541,140
9,500,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H (METAL MINING) 5,532,092
24,918,039
--------------
HONG KONG - 9.34%
900,000 CHINA HUIYUAN JUICE GROUP (FOOD & KINDRED PRODUCTS)+++ 1,097,715
14,800,000 CHINA TRAVEL INTERNATIONAL INVESTMENT (HONG KONG) LIMITED (AMUSEMENT & RECREATION SERVICES) 6,913,675
7,100,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,151,789
1,583,100 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED (FOOD STORES) 6,174,090
4,500,000 KECK SENG INVESTMENTS (REAL ESTATE) 2,113,649
13,200,000 NAGACORP LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES)+ 3,159,148
6,519,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,445,309
8,200,000 SA SA INTERNATIONAL HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 2,403,276
6,520,000 SAMLING GLOBAL LIMITED (FORESTRY)+ 2,369,847
1,535,000 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) 5,697,191
5,500 XINHUA FINANCE LIMITED (BUSINESS SERVICES)+ 3,449,168
45,974,857
--------------
INDIA - 2.74%
1,902,000 INDIAN HOTELS COMPANY LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 6,386,677
2,040,000 ITC LIMITED (TOBACCO PRODUCTS) 7,094,122
13,480,799
--------------
JAPAN - 16.76%
1,200 CREED CORPORATION (REAL ESTATE) 3,890,020
960 EAST JAPAN RAILWAY COMPANY (RAILROADS) 7,478,615
1,100,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 4,527,325
925 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 8,006,619
60,000 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 3,319,756
367,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 5,300,696
7
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
358,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) $ 7,215,292
1,251,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 8,089,460
500 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 3,220,468
386,000 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 8,041,667
5,000 PACIFIC GOLF GROUP INTERNATIONAL (AMUSEMENT & RECREATION SERVICES)+ 5,261,371
461,200 PARK24 COMPANY LIMITED (COMMERCIAL SERVICES) 6,203,344
1,353,000 SANYO ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 899,492
3,900 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,479,379
915,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 4,387,093
2,800 YOSHINOYA D&C COMPANY LIMITED (FOOD STORES) 5,179,905
82,500,502
--------------
MALAYSIA - 5.72%
6,166,200 AL-HADHARAH BOUSTEAD REITS (WHOLESALE TRADE NON-DURABLE GOODS)+ 2,140,113
1,530,000 BUMIPUTRA-COMMERCE HOLDINGS BERHAD (DEPOSITORY INSTITUTIONS) 4,403,037
5,491,000 KLCC PROPERTY HOLDINGS BERHAD (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 5,463,208
1,665,000 TELEKOM MALAYSIA BERHAD (COMMUNICATIONS) 4,815,618
1,750,000 TENAGA NASIONAL BERHAD (ELECTRIC, GAS & SANITARY SERVICES) 5,770,065
888,000 TRANSMILE GROUP BERHAD (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 3,364,512
3,312,400 YTL POWER INTERNATIONAL BERHAD (HOLDING & OTHER INVESTMENT OFFICES) 2,222,637
28,179,190
--------------
NEW ZEALAND - 0.38%
537,000 RAKON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 1,891,183
--------------
PHILIPPINES - 3.03%
30,000,000 FILINVEST LAND INCORPORATED (REAL ESTATE)+ 1,044,560
17,500,000 MANILA WATER COMPANY (FOOD & KINDRED PRODUCTS) 3,518,135
2,490,000 METROPOLITAN BANK & TRUST COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 3,225,389
21,337,500 PNOC ENERGY DEVELOPMENT CORPORATION (ELECTRIC, GAS & SANITARY SERVICES)+ 2,697,591
12,350,000 UNIVERSAL ROBINA CORPORATION (TEXTILE MILL PRODUCTS) 4,415,285
14,900,960
--------------
SINGAPORE - 21.51%
7,632,000 BANYAN TREE HOLDINGS LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 11,016,762
221,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 2,126,751
2,280,000 EPURE INTERNATIONAL LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 3,216,030
2,975,000 FRASER & NEAVE LIMITED (MULTI-INDUSTRY COMPANIES) 10,000,659
3,639,000 G.K. GOH HOLDINGS LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 2,518,505
4,500,000 GALLANT VENTURE LIMITED (BUSINESS SERVICES)+ 3,411,001
880,000 HONG LEONG SINGAPORE FINANCE LIMITED (DEPOSITORY INSTITUTIONS) 2,343,341
3,240,000 INDOFOOD AGRI RESOURCES LIMITED (EATING & DRINKING PLACES)+ 2,498,632
795,500 JARDINE STRATEGIC HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 10,182,400
5,000,000 K1 VENTURES LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 1,087,566
6,000,000 KIM ENG HOLDINGS LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 6,327,654
4,780,000 METRO HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 2,709,554
1,700,000 MOBILONE LIMITED (COMMUNICATIONS) 2,453,943
950,000 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 5,635,567
3,524,000 PACIFIC ANDES HOLDINGS LIMITED (FOOD & KINDRED PRODUCTS) 2,578,282
8
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE (CONTINUED)
5,750,000 SILVERLAKE AXIS LIMITED (MISCELLANEOUS RETAIL) $ 2,728,801
585,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 6,400,817
3,250,000 SINGAPORE POST LIMITED (TRANSPORTATION SERVICES) 2,377,814
1,755,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 5,089,807
1,115,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 2,439,970
11,500,000 STRAITS ASIA RESOURCES LIMITED (COAL MINING) 7,883,202
1,900,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 3,443,957
3,525,000 WING TAI HOLDINGS LIMITED (REAL ESTATE) 7,388,525
105,859,540
--------------
SOUTH KOREA - 8.48%
139,000 HYNIX SEMICONDUCTOR INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 4,786,990
54,000 HYUNDAI MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 3,794,005
82,000 KOOKMIN BANK (FINANCIAL SERVICES) 7,356,293
115,500 MIRAE ASSET SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 7,280,134
90,600 S-OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES) 6,240,306
13,100 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 7,839,392
268,000 WOONGJIN THINKBIG COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 4,443,878
41,740,998
--------------
TAIWAN - 5.05%
2,750,000 AU OPTRONICS CORPORATION (ELECTRIC, GAS & SANITARY SERVICES) 3,930,708
15,000,000 EVA AIRWAYS CORPORATION (TRANSPORTATION BY AIR) 6,073,976
3,700,000 EVERGREEN MARINE CORPORATION TAIWAN LIMITED (WATER TRANSPORTATION) 2,359,180
3,200,000 GREATEK ELECTRONIC INCORPORATED (BUSINESS SERVICES) 4,718,965
1,324,000 LES ENPHANTS COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 1,020,247
8,674,000 YUANTA CORE PACIFIC SECURITIES COMPANY (FINANCIAL SERVICES) (a) 6,773,122
24,876,198
--------------
UNITED KINGDOM - 1.09%
2,500,000 ASEANA PROPERTIES LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 2,500,000
360,000 HIRCO PLC (REAL ESTATE)+ 2,862,034
5,362,034
--------------
VIETNAM - 1.66%
400,000 INDOCHINA CAPITAL VIETNAM HOLDINGS LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES)+ 3,808,000
2,915,000 VINALAND LIMITED (REAL ESTATE)+ 4,365,213
8,173,213
--------------
TOTAL COMMON STOCKS (COST $405,745,647) 443,901,145
--------------
WARRANTS - 0.03%
500,000 TELEKOM MALAYSIA BERHAD+ 138,829
TOTAL WARRANTS (COST $216,617) 138,829
--------------
COLLATERAL FOR SECURITIES LENDING - 5.22%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.22%
25,696,006 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 25,696,006
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $25,696,006) 25,696,006
--------------
9
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 3.26%
16,044,093 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 16,044,093
TOTAL SHORT-TERM INVESTMENTS (COST $16,044,093) 16,044,093
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $447,702,363)* 98.69% 485,780,073
OTHER ASSETS AND LIABILITIES, NET 1.31 6,444,637
------ --------------
TOTAL NET ASSETS 100.00% $ 492,224,710
====== ==============
+ NON-INCOME EARNING SECURITIES.
++ 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.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $16,044,093.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
10
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.55%
AUSTRALIA - 4.53%
91,084 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 532,089
28,000 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 574,300
28,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 714,533
19,014 RIO TINTO LIMITED (METAL MINING) 1,212,432
11,906 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 380,413
3,413,767
--------------
AUSTRIA - 0.49%
14,700 TELEKOM AUSTRIA AG (COMMUNICATIONS) 367,407
--------------
BELGIUM - 2.22%
9,000 BELGACOM SA (COMMUNICATIONS) 399,752
6,600 DELHAIZE GROUP (FOOD STORES) 606,669
14,556 FORTIS (DEPOSITORY INSTITUTIONS) 664,809
1,671,230
--------------
FINLAND - 0.96%
8,870 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 468,626
11,204 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 257,878
726,504
--------------
FRANCE - 12.51%
6,400 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 830,598
17,655 AXA SA (INSURANCE CARRIERS) 748,567
10,100 BOUYGUES SA (ENGINEERING CONSTRUCTION) 780,514
11,225 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 854,557
13,300 CARREFOUR SA (FOOD STORES) 972,729
5,903 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 651,894
6,984 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 774,818
62 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,353
14,437 PUBLICIS GROUPE (COMMUNICATIONS) 697,367
9,659 TECHNIP SA (OIL & GAS EXTRACTION) 708,629
26,216 TOTAL SA (OIL & GAS EXTRACTION) 1,836,825
13,800 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 560,782
9,418,633
--------------
GERMANY - 8.67%
4,400 ALLIANZ AG (INSURANCE CARRIERS) 903,464
24,169 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 1,069,313
13,000 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 1,066,271
5,100 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 693,408
4,800 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 698,401
15,451 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 427,664
12,300 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 453,493
10,700 METRO AG (FOOD STORES) 757,700
4,300 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 459,645
6,529,359
--------------
11
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GREECE - 1.16%
27,552 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) $ 872,283
--------------
HONG KONG - 5.98%
76,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 961,976
101,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 918,417
1,264,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 674,586
211,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 590,049
66,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 763,601
95,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 593,940
4,502,569
--------------
IRELAND - 0.00%
254,000 CONNEMARA GREEN MARBLE QUARRIES PLC (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT
FUELS)+(a) 0
--------------
ITALY - 2.39%
32,800 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,067,351
77,300 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 735,733
1,803,084
--------------
JAPAN - 20.87%
21,200 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 422,777
80,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 596,741
32,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 524,915
117 EAST JAPAN RAILWAY COMPANY (RAILROADS) 911,456
8,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 754,048
112,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 746,096
16 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 138,493
38,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,112,525
2,200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 496,419
34,800 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 732,383
64 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 722,335
53,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 989,477
28,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 822,132
8,300 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 605,737
29,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 598,014
44,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 356,959
111,500 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,195,048
36,200 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 754,167
24,200 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 651,001
22,100 SONY CORPORATION (ELECTRONIC) 1,123,379
143,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 739,027
69,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 719,628
15,712,757
--------------
NETHERLANDS - 5.86%
9,993 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 758,896
16,088 ARCELOR MITTAL NV (BASIC MATERIALS) 854,700
28,500 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 703,943
21,000 ING GROEP NV (FINANCIAL SERVICES) 887,869
26,700 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 415,878
26,300 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 789,081
4,410,367
--------------
12
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NORWAY - 1.05%
29,065 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) $ 791,382
--------------
RUSSIA - 0.44%
3,800 LUKOIL ADR (OIL & GAS EXTRACTION) 328,320
--------------
SINGAPORE - 1.74%
249,000 CAPITALAND LIMITED (REAL ESTATE) 1,312,988
--------------
SPAIN - 0.88%
7,630 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 187,338
18,768 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 473,092
660,430
--------------
SWEDEN - 2.21%
20,300 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 452,061
15,522 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 543,497
181,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 666,165
1,661,723
--------------
SWITZERLAND - 7.44%
8,700 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 871,325
17,000 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 975,106
11,220 NOVARTIS AG ADR (CHEMICALS & ALLIED PRODUCTS) 612,949
8,463 ROCHE HOLDING AG (MEDICAL PRODUCTS) 1,497,383
12,700 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 754,590
3,100 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 894,807
5,606,160
--------------
TAIWAN - 0.67%
46,800 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 503,100
--------------
TURKEY - 0.72%
40,700 TURKCELL ILETISIM HIZMETLERI AS ADR (COMMUNICATIONS) 539,275
--------------
UNITED KINGDOM - 17.76%
58,500 AVIVA PLC (INSURANCE CARRIERS) 861,665
86,000 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 778,479
65,000 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 922,231
23,716 BHP BILLITON PLC (COAL MINING) 528,764
71,000 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 788,004
39,166 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 583,054
28,800 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 791,735
19,000 GLAXOSMITHKLINE PLC ADR (CHEMICALS & ALLIED PRODUCTS) 1,049,940
510,400 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 1,596,977
56,338 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 884,144
67,227 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 653,855
3,979,838 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 8,027
22,200 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 738,733
31,140 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 629,945
662,462 VODAFONE GROUP PLC (COMMUNICATIONS) 1,766,409
13
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
15,233 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) $ 357,016
37,200 YELL GROUP PLC (COMMUNICATIONS) 437,759
13,376,737
--------------
TOTAL COMMON STOCKS (COST $60,028,692) $ 74,208,075
--------------
COLLATERAL FOR SECURITIES LENDING - 2.13%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 2.13%
1,600,118 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 1,600,118
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,600,118) 1,600,118
--------------
SHORT-TERM INVESTMENTS - 1.30%
983,814 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 983,814
TOTAL SHORT-TERM INVESTMENTS (COST $983,814) 983,814
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $62,612,624)* 101.98% $ 76,792,007
OTHER ASSETS AND LIABILITIES, NET (1.98) (1,493,474)
------ --------------
TOTAL NET ASSETS 100.00% $ 75,298,533
====== ==============
+ NON-INCOME EARNING SECURITIES.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $983,814.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
14
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND OVERSEAS FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................................................... $ 444,039,974 $ 74,208,075
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ................................................ 25,696,006 1,600,118
INVESTMENTS IN AFFILIATES ................................................................ 16,044,093 983,814
------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......................................... 485,780,073 76,792,007
------------------------------------
FOREIGN CURRENCY, AT VALUE ............................................................... 29,050,616 0
RECEIVABLE FOR FUND SHARES ISSUED ........................................................ 563,415 4,155
RECEIVABLE FOR INVESTMENTS SOLD .......................................................... 4,803,035 626,768
RECEIVABLES FOR DIVIDENDS AND INTEREST ................................................... 2,213,030 307,669
------------------------------------
TOTAL ASSETS ................................................................................ 522,410,169 77,730,599
------------------------------------
LIABILITIES
FOREIGN TAXES PAYABLE .................................................................... 27,815 0
PAYABLE FOR FUND SHARES REDEEMED ......................................................... 79,247 8,124
PAYABLE FOR INVESTMENTS PURCHASED ........................................................ 3,649,599 765,346
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .................................... 591,019 58,037
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................................................... 25,696,006 1,600,118
ACCRUED EXPENSES AND OTHER LIABILITIES ................................................... 141,773 411
------------------------------------
TOTAL LIABILITIES ........................................................................... 30,185,459 2,432,066
------------------------------------
TOTAL NET ASSETS ............................................................................ $ 492,224,710 $ 75,298,533
====================================
NET ASSETS CONSIST OF:
- ------------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .......................................................................... $ 412,373,855 $ 65,984,813
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................... (2,184,336) (69,041)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS .................................... 43,795,932 (4,799,003)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND
TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ............... 38,239,259 14,181,764
------------------------------------
TOTAL NET ASSETS ............................................................................ $ 492,224,710 $ 75,298,533
------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - INSTITUTIONAL CLASS ......................................................... N/A $ 7,240,352
SHARES OUTSTANDING - INSTITUTIONAL CLASS ................................................. N/A 576,733
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ....................... N/A $ 12.55
NET ASSETS - INVESTOR CLASS .............................................................. $ 492,224,710 $ 68,058,181
SHARES OUTSTANDING - INVESTOR CLASS ...................................................... 36,930,899 5,439,156
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ............................ $ 13.33 $ 12.51
------------------------------------
INVESTMENTS AT COST ......................................................................... $ 447,702,363 $ 62,612,624
====================================
FOREIGN CURRENCIES AT COST .................................................................. $ 28,878,800 $ 0
====================================
SECURITIES ON LOAN, AT MARKET VALUE ......................................................... $ 24,179,379 $ 1,533,883
====================================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
15
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND OVERSEAS FUND
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ................................................................................ $ 3,075,918 $ 552,160
INTEREST ................................................................................. 3,267 0
INCOME FROM AFFILIATED SECURITIES ........................................................ 648,484 31,755
SECURITIES LENDING INCOME, NET ........................................................... 120,485 7,344
------------------------------------
TOTAL INVESTMENT INCOME ..................................................................... 3,848,154 591,259
------------------------------------
EXPENSES
ADVISORY FEES ............................................................................ 2,399,741 344,119
ADMINISTRATION FEES
FUND LEVEL ............................................................................ 109,081 18,111
INSTITUTIONAL CLASS ................................................................... N/A 2,578
INVESTOR CLASS ........................................................................ 545,405 132,001
CUSTODY FEES ............................................................................. 545,405 36,223
SHAREHOLDER SERVICING FEES ............................................................... 545,405 82,500
ACCOUNTING FEES .......................................................................... 23,454 15,633
PROFESSIONAL FEES ........................................................................ 51,325 14,453
REGISTRATION FEES ........................................................................ 24,957 12,423
SHAREHOLDER REPORTS ...................................................................... 110,657 7,980
TRUSTEES' FEES ........................................................................... 4,212 4,212
OTHER FEES AND EXPENSES .................................................................. 7,339 8,705
------------------------------------
TOTAL EXPENSES .............................................................................. 4,366,981 678,938
------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ............................................. (764,966) (166,359)
NET EXPENSES ............................................................................. 3,602,015 512,579
------------------------------------
NET INVESTMENT INCOME (LOSS) ................................................................ 246,139 78,680
------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .......................... 43,808,319 3,168,776
------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................................... 43,808,319 3,168,776
------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .......................... 38,866,058 5,085,203
------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ......................... 38,866,058 5,085,203
------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ...................................... 82,674,377 8,253,979
------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............................. $ 82,920,516 $ 8,332,659
====================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................................................. $ 380,045 $ 35,978
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
16
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
BEGINNING NET ASSETS .................................................................. $ 373,743,849 $ 186,088,160
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 246,139 1,976,106
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 43,808,319 49,946,226
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 38,866,058 (18,690,808)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 82,920,516 33,231,524
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
INSTITUTIONAL CLASS ................................................................ N/A N/A
INVESTOR CLASS ..................................................................... (1,195,272) (1,131,717)
NET REALIZED GAIN ON SALES OF INVESTMENTS
INSTITUTIONAL CLASS ................................................................ N/A N/A
INVESTOR CLASS ..................................................................... (52,703,744) (17,258,219)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (53,899,016) (18,389,936)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ....................................... N/A N/A
PROCEEDS FROM REDEMPTION FEES - INSTITUTIONAL CLASS ................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ................................... N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ............................................ 129,832,932 300,793,444
PROCEEDS FROM REDEMPTION FEES - INVESTOR CLASS ........................................ 22,165 133,001
REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS ........................................ 50,541,321 17,173,117
COST OF SHARES REDEEMED - INVESTOR CLASS .............................................. (90,937,057) (145,285,461)
======================================
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INVESTOR CLASS ........................................................................ 89,459,361 172,814,101
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - TOTAL .. 89,459,361 172,814,101
--------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS .................................................. 118,480,861 187,655,689
--------------------------------------
ENDING NET ASSETS ........................................................................ $ 492,224,710 $ 373,743,849
======================================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - INSTITUTIONAL CLASS ..................................................... N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .................. N/A N/A
SHARES REDEEMED - INSTITUTIONAL CLASS ................................................. N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ...................... N/A N/A
--------------------------------------
SHARES SOLD - INVESTOR CLASS .......................................................... 10,068,954 23,687,952
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS ....................... 4,165,059 1,539,896
SHARES REDEEMED - INVESTOR CLASS ...................................................... (7,052,196) (11,615,497)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ........................... 7,181,817 13,612,351
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 7,181,817 13,612,351
--------------------------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ (2,184,336) $ (1,235,203)
======================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
18
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
OVERSEAS FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
--------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
BEGINNING NET ASSETS .................................................................. $ 69,550,836 $ 69,720,781
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 78,680 993,090
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 3,168,776 4,036,931
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 5,085,203 3,714,125
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 8,332,659 8,744,146
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
INSTITUTIONAL CLASS ................................................................ (101,625) (152,751)
INVESTOR CLASS ..................................................................... (777,789) (1,156,671)
NET REALIZED GAIN ON SALES OF INVESTMENTS
INSTITUTIONAL CLASS ................................................................ (203,691) (1,600,016)
INVESTOR CLASS ..................................................................... (2,217,184) (15,963,904)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (3,300,289) (18,873,342)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS ....................................... 1,383,657 1,410,331
PROCEEDS FROM REDEMPTION FEES - INSTITUTIONAL CLASS ................................... 62 195
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS ................................... 304,577 1,752,765
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS ......................................... (1,062,342) (2,040,004)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS ................................................................... 625,954 1,123,287
--------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ............................................ 5,105,825 9,289,594
PROCEEDS FROM REDEMPTION FEES - INVESTOR CLASS ........................................ 603 2,461
REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS ........................................ 2,931,978 16,658,025
COST OF SHARES REDEEMED - INVESTOR CLASS .............................................. (7,949,033) (17,114,116)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INVESTOR CLASS ........................................................................ 89,373 8,835,964
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - TOTAL .. 715,327 9,959,251
--------------------------------------
TOTAL INCREASE (DECREASE) IN NET ASSETS .................................................. 5,747,697 (169,945)
--------------------------------------
ENDING NET ASSETS ........................................................................ $ 75,298,533 $ 69,550,836
======================================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - INSTITUTIONAL CLASS ..................................................... 114,219 121,484
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS .................. 25,159 163,956
SHARES REDEEMED - INSTITUTIONAL CLASS ................................................. (87,200) (178,553)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ...................... 52,178 106,887
--------------------------------------
SHARES SOLD - INVESTOR CLASS .......................................................... 421,340 804,466
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS ....................... 243,259 1,567,315
SHARES REDEEMED - INVESTOR CLASS ...................................................... (655,683) (1,454,522)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ........................... 8,916 917,259
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 61,094 1,024,146
--------------------------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ (69,041) $ 731,693
======================================
19
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ---------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- ---------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 12.56 0.01 2.52 (0.03) (1.73)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 11.53 0.07 2.02 (0.06) (1.00)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... $ 10.22 0.07 1.47 (0.05) (0.18)
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 8.98 0.05 1.75(4) (0.03) (0.53)
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 5.66 0.03 3.38(5) (0.09) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 6.18 0.00 (0.48) (0.04) 0.00
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... $ 7.13 (0.06) (0.83) (0.06) 0.00
OVERSEAS FUND
- ---------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 11.74 0.07 1.36 (0.20) (0.42)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 14.19 0.18 1.35 (0.26) (3.72)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... $ 13.35 0.08 0.76 (0.00) 0.00
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 11.41 0.24 1.96 (0.26) 0.00
JANUARY 1, 2003(6) TO DECEMBER 31, 2003 ........ $ 8.69 0.11(7) 2.74 (0.13) 0.00
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 11.67 0.01 1.39 (0.14) (0.42)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 14.14 0.10 1.35 (0.20) (3.72)
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... $ 13.35 0.29 0.50 (0.00) 0.00
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... $ 11.41 0.14 1.95 (0.15) 0.00
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... $ 8.69 0.07(7) 2.72(4) (0.07) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... $ 10.86 (0.01) (2.16) 0.00 0.00
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... $ 13.66 0.01 (2.63) (0.18) 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
20
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
RETURN NET ASSET --------------------------------------------------------
OF VALUE PER NET INVESTMENT GROSS EXPENSES NET
CAPITAL SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- ----------------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 13.33 0.11% 2.00% (0.35)% 1.65%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 12.56 0.65% 1.96% (0.31)% 1.65%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 0.00 $ 11.53 1.08% 1.92% (0.23)% 1.69%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 0.00 $ 10.22 0.57% 1.80% (0.06)% 1.74%
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 0.00 $ 8.98 0.53% 1.97% (0.28)% 1.69%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... 0.00 $ 5.66 (0.43)% 2.30% (0.33)% 1.97%
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... 0.00 $ 6.18 (0.18)% 2.35% (0.33)% 2.02%
OVERSEAS FUND
- ----------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 12.55 0.72% 1.36% (0.41)% 0.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 11.74 1.88% 1.34% (0.39)% 0.95%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 0.00 $ 14.19 1.05% 1.33% (0.37)% 0.96%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 0.00 $ 13.35 1.87% 0.91% (0.06)% 0.85%
JANUARY 1, 2003(6) TO DECEMBER 31, 2003 ........ 0.00 $ 11.41 1.21% 7.62% (6.71)% 0.91%
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 12.51 0.17% 1.93% (0.47)% 1.46%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 11.67 1.41% 1.91% (0.45)% 1.46%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 0.00 $ 14.14 1.56% 1.89% (0.43)% 1.46%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 0.00 $ 13.35 1.03% 1.88% (0.44)% 1.44%
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 0.00 $ 11.41 0.77% 1.94% (0.47)% 1.47%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... 0.00 $ 8.69 (0.12)% 2.12% (0.33)% 1.79%
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... 0.00 $ 10.86 0.13% 2.47% (0.56)% 1.91%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ----------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- ----------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 21.50% 95% $ 492,225
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 19.38% 167% $ 373,744
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 15.38% 117% $ 186,088
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 20.45% 153% $ 126,395
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 60.25% 286% $ 93,041
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... (7.78)% 159% $ 57,458
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... (12.50)% 166% $ 38,146
OVERSEAS FUND
- ----------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 12.42% 34% $ 7,241
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 14.23% 40% $ 6,157
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 6.30% 111% $ 5,929
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 19.26% 22% $ 180
JANUARY 1, 2003(6) TO DECEMBER 31, 2003 ........ 32.77% 41% $ 157
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 12.21% 34% $ 68,058
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 13.52% 40% $ 63,394
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(8) ....... 5.93% 111% $ 63,792
JANUARY 1, 2004 TO DECEMBER 31, 2004 ........... 18.29% 22% $ 119,585
JANUARY 1, 2003 TO DECEMBER 31, 2003 ........... 32.16% 41% $ 155,972
JANUARY 1, 2002 TO DECEMBER 31, 2002 ........... (19.98)% 46% $ 84,251
JANUARY 1, 2001 TO DECEMBER 31, 2001 ........... (19.15)% 169% $ 25,254
21
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3) Calculated on the basis of the fund as a whole without distinguishing
between the classes of shares issued.
(4) Includes $0.01 in redemption fees.
(5) Includes $0.03 in redemption fees.
(6) Commencement of operations.
(7) Calculated based upon average shares outstanding.
(8) The Fund changed its fiscal year-end from December 31 to September 30.
22
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Asia Pacific
Fund and Overseas Fund. Both Funds are each a diversified series of the Trust.
In August and September 2004, the Board of Trustees of the Trust and the
Boards of Directors of the Strong Funds ("Strong Funds") approved an Agreement
and Plan of Reorganization providing for the reorganization of certain Strong
Funds into the Funds.
Effective at the close of business on April 8, 2005, the following
Acquiring Funds ("Acquiring Funds"), by share class, acquired substantially all
of the net assets of the following Target Funds ("Target Funds"), by share
class, through a tax-free exchange under section 368 of the Internal Revenue
Code:
Acquiring Fund Target Fund
- ------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND INVESTOR CLASS STRONG ASIA PACIFIC FUND INVESTOR CLASS
- ------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE OVERSEAS FUND INSTITUTIONAL CLASS STRONG OVERSEAS FUND INSTITUTIONAL CLASS
- ------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE OVERSEAS FUND INVESTOR CLASS STRONG OVERSEAS FUND INVESTOR CLASS
- ------------------------------------------------------------------------------------------------------
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements listed on the NASDAQ, and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S.
dollars using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the
close of the New York Stock Exchange and therefore may not fully reflect trading
or events that occur after the close of the principal exchange in which the
foreign investments are traded but before the close of the New York Stock
Exchange. If such trading or events are expected to materially affect the value
of the investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market value.
23
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Investments which are not valued using (any of) the method(s) discussed
above are valued at their fair value as determined by procedures established in
good faith and approved by the Board of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the
changes in net assets resulting from changes in market prices of securities at
fiscal period-end are not separately presented. Such changes are recorded with
net realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2007.
At September 30, 2006, net capital loss carryforwards, which are available
to offset future net realized capital gains, were:
Capital Loss
Fund Expiration Year Carryforwards
- --------------------------------------------------------------------------------
OVERSEAS FUND 2007 $ 84,411
2009 5,743,126
2010 1,942,513
- --------------------------------------------------------------------------------
At September 30, 2006, current year deferred post-October currency losses,
which will be treated as realized for tax purposes on the first day of the
succeeding year, were:
Deferred
Post-October
Currency Loss
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $ 2,044,449
- --------------------------------------------------------------------------------
OVERSEAS FUND 145,630
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect
against a possible loss resulting from an adverse change in the relationship
between foreign currencies and the U.S. dollar, or between foreign currencies. A
forward contract is an agreement between two counterparties for future delivery
or receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts, which have been offset but have not reached
their settlement date, are included in unrealized gains and losses. As of Mach
31, 2007, there were no outstanding forward foreign currency contracts.
24
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
SECURITY LOANS
The Fund(s) 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 or by retaining a portion of interest on the investment
securities or cash received as collateral. A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral. 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. The collateral supporting loans of domestic and foreign equity
securities and corporate bonds are remarked daily while collateral supporting
loans of U.S. Government securities are remarked back to 102% only if the given
collateral falls below 100% of the market value of the securities loans plus any
accrued interest. Gain or loss in the market price of the securities loaned that
may occur during the term of the loan are reflected in the value of the Fund.
The risks from securities lending are that the borrower may not provide
additional collateral when required or return the securities when due or when
called for by the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as
the securities lending agent for the Funds and receives for its services 30% of
the revenues earned on the securities lending activities and incurs all
expenses. The value of the securities on loan and the value of the related
collateral at March 31, 2007, are shown on the Statements of Assets and
Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Subadvisory
Advisory Fees Fees (% of
Average Daily (% of Average Average Daily Average Daily
Fund Net Assets Daily Net Assets) Subadviser Net Assets Net Assets)
- ------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND First $500 million 1.100 Wells Capital First $100 million 0.650
Next $500 million 1.050 Management Next $100 million 0.550
Next $2 billion 1.000 Incorporated Over $200 million 0.450
Next $2 billion 0.975
Over $5 billion 0.950
- ------------------------------------------------------------------------------------------------------------------------
OVERSEAS FUND First $500 million 0.950 New Star First $50 million 0.350
Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Administration Fees
(% of Average
Average Daily Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
FUND LEVEL First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
INSTITUTIONAL CLASS All asset levels 0.08
- --------------------------------------------------------------------------------
INVESTOR CLASS* All asset levels 0.25, 0.40
- --------------------------------------------------------------------------------
* For the Asia Pacific Fund and Overseas Fund, respectively.
The trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
25
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Fund Daily Net Assets
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND 0.25
- --------------------------------------------------------------------------------
OVERSEAS FUND 0.10
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% of Average
Share Class Daily Net Assets
- --------------------------------------------------------------------------------
INSTITUTIONAL CLASS None
- --------------------------------------------------------------------------------
INVESTOR CLASS 0.25
For the period ended March 31, 2007, shareholder servicing fees paid were
as follows:
Fund Investor Class
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $ 545,405
- --------------------------------------------------------------------------------
OVERSEAS FUND 82,500
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset-based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable. Funds Management has contractually committed to waive
fees and/or reimburse expenses to the extent necessary to maintain certain net
operating expense ratios for the Funds. Net operating expense ratios in effect
for the period ended March 31, 2007, were as follows:
Net Operating Expense Ratios
-------------------------------------
Fund Institutional Class Investor Class
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND* N/A 1.65%
- --------------------------------------------------------------------------------
OVERSEAS FUND* 0.95 1.46%
* The Fund's adviser has contractually committed to waive fees through
January 31, 2008.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities and
U.S. government obligations (securities with maturities of one year or less at
purchase date) for the period ended March 31, 2007, were as follows:
Fund Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $ 396,734,652 $ 380,359,583
- --------------------------------------------------------------------------------
OVERSEAS FUND 24,342,447 26,254,772
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2007, the Asia Pacific Fund and Overseas
Fund had no borrowings under the agreement.
26
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
6. LEGAL AND REGULATORY MATTERS
- --------------------------------------------------------------------------------
In 2004, the predecessor Strong Funds' prior investment adviser and
affiliates (collectively, "Strong") entered into agreements with certain
regulators, including the Securities and Exchange Commission and the New York
Attorney General ("NYAG"), to settle market-timing investigations. In the
settlements, Strong agreed to pay investor restoration and civil penalties.
Although some portion of these payments is likely to be distributed to
predecessor Strong Fund shareholders, no determination has yet been made as to
the distribution of these amounts, and the successor funds are not expected to
receive any portion of these payments. The NYAG settlement imposed fee
reductions across the predecessor fund complex (excluding money market funds and
very short-term income funds) totaling at least $35 million by May 2009. Funds
Management has agreed to honor these fee reductions for the benefit of
shareholders across the successor funds. Although civil litigation against
Strong and certain predecessor Strong Funds relating to these matters is
continuing, neither the current adviser nor the successor funds is a party to
any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
27
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE ** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, Calloway None
64 School of Business and Accountancy -
The Thomas Goho Chair of Finance
since January 2006. Associate
Professor of Finance from 1999-2005.
- -------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co- Founder of None
64 (Chairman since 2005) Crystal Geyser Water Company and
(Lead Trustee since President of Crystal Geyser Roxane
2001) Water Company.
- -------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President of None
73 Richard M. Leach Associates (a
financial consulting firm).
- -------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk None
54 Management, Wharton School,
University of Pennsylvania. Director
of the Boettner Center on Pensions
and Retirement Research. Research
Associate and Board Member, Penn
Aging Research Center. Research
Associate, National Bureau of
Economic Research.
28
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES (continued)
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of Himle-Horner and
Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota (a
public policy organization).
- -------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke None
66 & Daniels.
- -------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto, Chairman
of Whitepoint Capital, LLC until
2004.
- -------------------------------------------------------------------------------------------------------
OFFICERS
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells None
47 Fargo Bank, N.A. and President of
Wells Fargo Funds Management, LLC
since 2003. Senior Vice President
and Chief Administrative Officer of
Wells Fargo Funds Management, LLC
from 2001 to 2003.
- -------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since Senior Vice President and Secretary None
46 2000; Chief Legal of Wells Fargo Funds Management, LLC
Counsel since 2003 since 2001. Vice President and
Managing Senior Counsel of Wells
Fargo Bank, N.A. since 1996.
- -------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo Funds
Management, LLC since 2006. From
2001 to 2006, Vice President of
Wells Fargo Bank, N.A. and Vice
President of Wells Fargo Bank, N.A.
Auto Finance Group. Vice President
of Portfolio Risk Management for
Wells Fargo Bank, N.A. Auto Finance
Group from 2004 to 2006.
29
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
OFFICERS (continued)
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of Wells None
45 Officer, since 2004 Fargo Funds Management, LLC since
2004. Chief Compliance Officer for
Wells Fargo Funds Management, LLC
from 1997 to 2002. In 2002, Ms.
Peters left Wells Fargo Funds
Management, LLC to pursue personal
goals.
- -------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
30
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
ASIA PACIFIC FUND AND OVERSEAS FUND
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Asia Pacific Fund and Overseas Fund (the "Funds"); (ii) an
investment sub-advisory agreement with Wells Capital Management Incorporated
("Wells Capital Management") for the Asia Pacific Fund; and (iii) an investment
sub-advisory agreement with New Star Institutional Managers Limited ("New Star")
for the Overseas Fund. The investment advisory agreement with Funds Management
and the investment sub-advisory agreements with Wells Capital Management and New
Star (the "Sub-Advisers") are collectively referred to as the "Advisory
Agreements."
More specifically, at a meeting held on March 30, 2007, the Board,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and the Sub-Advisers and the continuation of
the Advisory Agreements. Prior to the March 30, 2007, meeting, the Board,
including the Independent Trustees, met in person and telephonically a number of
times, both with Funds Management and in private sessions, for discussions about
these continuations and approvals. The Independent Trustees were assisted in
their evaluation of the Advisory Agreements by independent legal counsel, from
whom they received separate legal advice and with whom they met separately from
Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Board received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and the Sub-Advisers under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel,
including, among other things, information about the background and experience
of senior management and the expertise of, and amount of attention devoted to
the Funds by, investment personnel of Funds Management and the Sub-Advisers. In
this regard, the Board reviewed the qualifications, backgrounds and
responsibilities of the portfolio managers primarily responsible for day-to-day
portfolio management services for the Funds.
The Board evaluated the ability of Funds Management and the Sub-Advisers,
based on their respective resources, reputations and other attributes, to
attract and retain highly qualified investment professionals, including
research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance
records of Funds Management and the Sub-Advisers. In addition, the Board took
into account the administrative services provided to the Funds by Funds
Management and its affiliates. In considering these matters, the Board
considered not only the specific information presented in connection with the
meeting, but also the knowledge gained over the course of interacting with Funds
Management about various topics, including Funds Management's oversight of
service providers, such as the Sub-Advisers.
Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Board considered the performance results for each of the Funds over
various time periods ended December 31, 2006. The Board also considered these
results in comparison to the median performance results of the group of funds
that was determined by Lipper Inc. ("Lipper") to be the most similar to a given
Fund (the "Peer Group") and to the median performance of a broader universe of
relevant funds as determined by Lipper (the "Universe"), as well as to each
Fund's benchmark index. Lipper is an independent provider of investment company
data. The Board was provided with a description of the methodology used by
Lipper to select the mutual funds in each Fund's Peer Group and Universe.
The Board noted that the performance of the Asia Pacific Fund was better
than, or not appreciably below, the median performance of its Peer Group for all
time periods. The Board then noted that the performance of the Overseas Fund was
lower than the median performance of its Peer Group for all time periods and
required further review. As part of its further review, the Board received an
analysis of, and discussed factors contributing to, the Overseas Fund's
underperformance. The Board requested continued reports on the Overseas Fund.
31
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS OTHER INFORMATION
- --------------------------------------------------------------------------------
The Board received and considered information regarding each Fund's net
operating expense ratio and its various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The
Board also considered comparisons of these fees to the expense information for
each Fund's Peer Group, which comparative data was provided by Lipper. The Board
noted that the net operating expense ratios for each Fund were lower than, or
not appreciably higher than, its Peer Group's median net operating expense
ratios.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Board reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Funds' administration fee rates. The Board took into account the
separate administrative services covered by the administration fee rates. The
Board also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to the Sub-Advisers for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Board reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in each
Fund's Peer Group. The Board noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, or not appreciably higher than,
the median rates of each Fund's respective Peer Group. In addition, the Board
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Peer Group, and reasonable in
relation to the services provided. The Board also considered and approved Fund
Management's recommendation to increase the administration fees for the Asia
Pacific Fund in coming to its conclusion.
The Board also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on its consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Board received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and Net Advisory Rates,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Funds. The Board concluded that, in light of the costs
of providing investment management and other services to the Funds, the profits
and other ancillary benefits that Funds Management and its affiliates received
with regard to providing these services to the Funds were not unreasonable.
The Board did not consider a separate profitability analysis of Wells
Capital Management, as its separate profitability from its relationship with the
Asia Pacific Fund was not a material factor in determining whether to renew the
agreement. The Board did not consider a separate profitability analysis of New
Star, which is not affiliated with Funds Management. The Board considered that
the sub-advisory fees paid to New Star had been negotiated by Funds Management
on an arm's length basis and that New Star's separate profitability from its
relationship with the Overseas Fund was not a material factor in determining
whether to renew the agreement.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Board received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale and
whether there is potential for realization of any further economies of scale for
the Funds. The Board also considered information provided by Funds Management in
a special presentation on advisory fee breakpoints at the February 2007 board
meeting. The Board acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Board's understanding
that economies of scale are realized, if at all, by an investment adviser across
a variety of products and services, not just with respect to a single fund. The
Board concluded that any actual or potential economies of scale are, or will be,
shared reasonably with Fund shareholders, most particularly through Advisory
Agreement Rate breakpoints and waivers/caps and/or expense reimbursements
applicable to the Funds.
32
OTHER INFORMATION WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- --------------------------------------------------------------------------------
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Board also received and considered information about the nature and
extent of services and fee rates offered by Funds Management to other similarly
situated series of the Trust, and those offered by the Sub-Advisers to other
clients. The Board concluded that the Advisory Agreement Rates, the Sub-Advisory
Agreement Rates and the Net Advisory Rates were within a reasonable range of the
fee rates offered to others by Funds Management and the Sub-Advisers, giving
effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
- --------------------------------------------------------------------------------
The Board received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
and the Sub-Advisers as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase in Funds Management's and the
Sub-Advisers' business as a result of their relationship with the Funds (such as
the ability to market to shareholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Board also considered the effectiveness of the policies of the Funds
in achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker, the extent to which
efforts are made to recapture commission costs, and the controls applicable to
brokerage allocation procedures. The Board also reviewed Funds Management's and
the Sub-Advisers' methods for allocating portfolio investment opportunities
among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Board also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares are offered and
sold. The Board noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution.
As discussed above, the Board reviews detailed materials received from
Funds Management and the Sub-Advisers annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management and the Sub-Advisers
at each of its quarterly meetings, which include, among other things, a
portfolio review and fund performance reports. In addition, the Board confers
with portfolio managers at various times throughout the year.
After considering the above-described factors and based on its
deliberations and its evaluation of the information described above, the Board
concluded that approval of the continuation of the Advisory Agreements for the
Funds was in the best interest of the Funds and their shareholders. Accordingly,
the Board unanimously approved the continuation of the Advisory Agreements for
an additional one-year period.
33
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities
which may have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
34
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103745 05-07
Funds Management, SINTNLD/SAR107 03-07
LLC. All rights
reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
o WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
o WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND
o WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
o WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
o WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders ................................................... 1
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Aggressive Allocation Fund ............................................ 2
Asset Allocation Fund ................................................. 4
Conservative Allocation Fund .......................................... 6
Growth Balanced Fund .................................................. 8
Moderate Balanced Fund ................................................ 10
Fund Expenses ............................................................ 12
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Aggressive Allocation Fund ............................................ 14
Asset Allocation Fund ................................................. 15
Conservative Allocation Fund .......................................... 34
Growth Balanced Fund .................................................. 35
Moderate Balanced Fund ................................................ 36
Financial Statements
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities .................................. 38
Statements of Operations .............................................. 40
Statements of Changes in Net Assets ................................... 42
Financial Highlights .................................................. 48
Notes to Financial Highlights ......................................... 52
Notes to Financial Statements ............................................ 53
- --------------------------------------------------------------------------------
Master Portfolios
Portfolio of Investments
- --------------------------------------------------------------------------------
C&B Large Cap Value Portfolio ......................................... 59
Disciplined Growth Portfolio .......................................... 64
Emerging Growth Portfolio ............................................. 69
Equity Income Portfolio ............................................... 75
Equity Value Portfolio ................................................ 81
Index Portfolio ....................................................... 87
International Core Portfolio .......................................... 104
International Growth Portfolio ........................................ 108
International Index Portfolio ......................................... 112
International Value Portfolio ......................................... 140
Large Cap Appreciation Portfolio ...................................... 145
Large Company Growth Portfolio ........................................ 151
Small Cap Index Portfolio ............................................. 156
Small Company Growth Portfolio ........................................ 176
Small Company Value Portfolio ......................................... 183
Strategic Small Cap Value Portfolio ................................... 190
Financial Statements
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities .................................. 202
Statements of Operations .............................................. 206
Statements of Changes in Net Assets ................................... 210
Financial Highlights .................................................. 216
Notes to Financial Highlights ......................................... 218
Notes to Financial Statements ............................................ 219
- --------------------------------------------------------------------------------
Other Information ........................................................ 225
- --------------------------------------------------------------------------------
List of Abbreviations .................................................... 232
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
In this semi-annual report for the WELLS FARGO ADVANTAGE ASSET ALLOCATION
FUNDS, which covers the six-month period that ended March 31, 2007, you may
notice a few changes compared with the semi-annual report you received last year
at this time. We've abbreviated the content in the semi-annual reports to
include fund and benchmark performance, allocation percentages, a list of the
ten largest holdings in each Fund, along with the usual information in the
financial section.
We will continue to provide you with a general review of the economy and
summary information on the stock and bond markets in our letter to you. In the
next annual report, which will cover the 12-month period that will end on
September 30, 2007, we will also include the portfolio manager's commentary and
a chart showing the growth of a $10,000 investment.
REVIEW OF THE ECONOMY
- --------------------------------------------------------------------------------
The economy weathered several stops and starts during the period. On
August 8, 2006, the Fed decided to leave the Federal funds rate unchanged at
5.25%. This decision signaled a stop to 17 consecutive interest rate hikes that
began in June 2004. The Fed's pause in raising interest rates continued
throughout the six-month period and helped to keep mortgage interest rates near
historic lows. During the second half of the reporting period, the economy
continued to slow down, with growth in real GDP holding at around 2% by the end
of the period.
Household spending was sustained by healthy labor markets, solid growth in
household incomes, and gains in net worth stemming from the strength in stock
prices. However, on February 27, 2007, the global equity market experienced a
significant correction triggered by an approximately 9% drop in China's stock
market. The Dow Jones Industrial Average (DJIA) lost 3.3% of its value in a
single day. The U.S. market continued to struggle in early March. Then on March
21, 2007, the Fed announced its intention to keep the federal funds rate at
5.25%. In addition, the Fed excluded its earlier statement that further
tightening might be needed by raising interest rates. Both the equity and bond
markets rallied on the Fed's news.
Business spending moved from being a strength in the economy during the
fourth quarter of 2006 to being a disappointment by the first quarter of 2007.
New orders for capital equipment declined sharply in January and recovered only
partially in February. This has been somewhat perplexing because corporate cash
flow, profits, and balance sheets all suggested a positive outlook for capital
spending.
Information on mortgage applications and housing sales suggested that the
housing slump may have neared its bottom during the fourth quarter of 2006.
Sales of existing homes increased in January and February. New home sales
reported a strong December with declines following in January and February,
which may have been linked to severe winter weather in the northern United
States.
STOCKS EXPERIENCED RECORD HIGHS, PLUS CORRECTION
- --------------------------------------------------------------------------------
Even though the DJIA declined 3.3% on February 27, 2007, to 12,216.96 in
response to a sell-off in China's stock market that ended the day with an
approximately 9% decline, the DJIA still ended the period higher than when it
began in October. In fact, on October 19, 2006, the DJIA broke through the
12,000 barrier to end the day at a then all-time record high of 12,011.73. The
DJIA high for the period was on February 20, 2007, when it reached 12,845.76.
And, while February's sell-off in China and the United States had a negative
effect on some international stocks, particularly in emerging markets, the DJIA
reached 12,354.35 by the end of the six-month period and began reclaiming some
of its loss.
YIELD CURVE STEEPENS AS BOND MARKET AWAITS THE FED'S NEXT MOVE
- --------------------------------------------------------------------------------
With a weak housing market and higher energy costs, interest rates moved
within a narrow range during the fourth quarter of 2006 and edged downward in
the short term during the first quarter of 2007. This was caused, in part,
because the bond market was anticipating that the Fed might lower its Federal
funds rate.
So far, the Fed has left the rate unchanged at 5.25%, despite signs of
slower growth. The Fed's unwillingness to cut the Federal funds rate is probably
in response to core inflation remaining higher than desired.
The steepening of the yield curve during the six-month period had
longer-term yields increasing and shorter-term yields decreasing. For example,
the 30-year treasury bond yield increased from 4.76% to 4.84%, the 10-year
Treasury yield increased slightly from 4.63% to 4.64%, and the 2-year Treasury
yield fell from 4.69% to 4.57% during the period.
The yield spread between corporate bonds and U.S. Treasuries tightened
somewhat during the same six months. Within the taxable bond market, a strong
rally in February produced the best performance during the six-month period and
corporate bonds remained slightly ahead of U.S. Treasuries as the period came to
an end.
PLANNING AHEAD
- --------------------------------------------------------------------------------
The uncertainty of future Fed action combined with other market forces
supports our belief that successful investing includes a balanced approach of
owning a diversified portfolio while keeping a long-term perspective. While
diversification may not prevent losses in a downturn, it may help reduce them
and provide you with one way of managing risk. Our diverse family of more than
120 mutual funds may also help. Each Fund is managed according to a disciplined
approach to investing that features the strategic thinking of portfolio managers
chosen for their in-depth knowledge and methodology. We believe that our
insistence on seeking skilled investment managers--our subadvisers--who share
our dedication to pursuing consistent long-term results, offers you a way to
navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1
WELLS FARGO ADVANTAGE ALLOCATION FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (the Fund) seeks
total return, consisting primarily of capital appreciation.
INVESTMENT ADVISER MASTER PORTFOLIO SUBADVISERS
Wells Fargo Funds Management, LLC Artisan Partners Limited Partnership
Cadence Capital Management, LLC
SUBADVISER Cooke & Bieler, L.P.
Wells Capital Management Incorporated Galliard Capital Management, Inc.
LSV Asset Management
FUND MANAGERS New Star Institutional Managers Limited
Doug Beath Peregrine Capital Management, Inc.
Thomas C. Biwer, CFA Smith Asset Management Group, L.P.
Galen G. Blomster, CFA SSgA Funds Management
Christian L. Chan, CFA Wells Capital Management Incorporated
Jeffrey P. Mellas
Andrew Owen, CFA FUND INCEPTION
12/02/1997
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Months* 1-Year 5-Year Life of Fund Ratio Ratio
- ------------------------------------------------------------------------------------------------------------------
Administrator Class 8.04 9.76 6.15 7.32 1.20% 1.00%
- ------------------------------------------------------------------------------------------------------------------
Benchmarks
- ------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Composite Index 2 7.98 11.33 8.02 8.44
- ------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- ------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Bond Index 4 2.76 6.59 5.35 6.46
- ------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK AND SMALL COMPANY INVESTMENT RISK.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5,6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Microsoft Corporation 1.79%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 1.58%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 1.43%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.23%
- --------------------------------------------------------------------------------
eBay Incorporated 1.12%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.11%
- --------------------------------------------------------------------------------
Bank of America Corporation 1.03%
- --------------------------------------------------------------------------------
Medtronic Incorporated 1.00%
- --------------------------------------------------------------------------------
General Electric Company 0.99%
- --------------------------------------------------------------------------------
Citigroup Incorporated 0.91%
NEUTRAL ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (80%)
Bonds (20%)
EFFECTIVE ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (95%)
Bonds (5%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION
FUND - Administrator Class was named the Wells Fargo Strategic Growth Allocation
Fund -Institutional Class.
2 The Aggressive Allocation Composite Index is weighted 20% in the S&P 500
Index, 20% in the Lehman Brothers U.S. Aggregate Bond Index, 20% in the Russell
1000(R) Value Index, 20% in the Russell 1000(R) Growth Index, 12% in the Morgan
Stanley Capital International Europe, Australasia and Far East ("MSCI EAFE")
Index, and 8% in the Russell 2000(R) Index. THE RUSSELL 1000(R) VALUE INDEX
measures the performance of those Russell 1000 companies with lower
price-to-book ratios and lower forecasted growth values. The RUSSELL 1000(R)
GROWTH INDEX measures the performance of those Russell 1000 companies with
higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE
INDEX is an unmanaged group of securities widely regarded by investors to be
representations of the stock markets of Europe, Australasia and the Far East.
The RUSSELL 2000(R) INDEX measures the performance of the 2,000 smallest
companies in the Russell 3000 Index, which represents approximately 8% of the
total market capitalization of the Russell 3000 Index. You cannot invest
directly in an Index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Credit Index and the Lehman Brothers U.S. Mortgage-Backed
Securities Index and includes Treasury issues, agency issues, corporate bond
issues and mortgage-backed securities. You cannot invest directly in an Index.
5 The Ten Largest Holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the total
market value of the portfolio of investments of the Fund. See Notes to the
Financial Statements for a discussion of the Master Trust.
6 Portfolio holdings and portfolio allocations are subject to change. Cash and
cash equivalents are not reflected in the calculations of portfolio holdings and
portfolio allocations.
3
WELLS FARGO ADVANTAGE ALLOCATION FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND (the Fund) seeks long-term
total return, consisting of capital appreciation and current income.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGERS FUND INCEPTION
Galen G. Blomster, CFA 11/13/1986
Gregory T. Genung, CFA
Jeffrey P. Mellas
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------- --------------------------------- Expense Expense
6-Month* 1-Year 5-Year 10-Year 6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- --------------------------------------------------------------------------------------------------------------------------------
Class A (0.39) 3.41 5.34 7.45 5.70 9.70 6.60 8.09 1.26% 1.15%
- --------------------------------------------------------------------------------------------------------------------------------
Class B 0.38 3.96 5.49 7.30 5.38 8.96 5.81 7.30 2.01% 1.90%
- --------------------------------------------------------------------------------------------------------------------------------
Class C 4.25 7.90 5.79 7.29 5.25 8.90 5.79 7.29 2.01% 1.90%
- --------------------------------------------------------------------------------------------------------------------------------
Administrator Class 5.78 9.92 6.85 8.22 1.08% 0.90%
- --------------------------------------------------------------------------------------------------------------------------------
Benchmarks
- --------------------------------------------------------------------------------------------------------------------------------
Asset Allocation Composite Index 2 4.88 9.82 7.36 8.75
- --------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- --------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers 20+ Treasury Index 4 1.04 6.58 7.92 8.36
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5,6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 6.13%, 11/15/2027 7.82%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 6.25%, 05/15/2030 6.37%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 5.38%, 02/15/2031 5.73%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 6.13%, 08/15/2029 3.96%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 5.50%, 08/15/2028 3.85%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 5.25%, 02/15/2029 3.62%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 5.25%, 11/15/2028 3.53%
- --------------------------------------------------------------------------------
U.S. Treasury Bond, 6.38%, 08/15/2027 3.20%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 2.04%
- --------------------------------------------------------------------------------
General Electric Company 1.73%
SECTOR DISTRIBUTION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (7%)
Consumer Staples (6%)
Energy (6%)
Financials (14%)
Health Care (8%)
Industrials (7%)
Information Technology (9%)
Materials (2%)
Telecommunication Services (2%)
Utilities (2%)
U.S. Treasury Securities (37%)
NEUTRAL ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (60%)
Bonds (40%)
EFFECTIVE ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (85%)
Bonds (15%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to the inception of the Class C shares reflects
the performance of the Class A shares, adjusted to reflect Class C sales charges
and expenses. Prior to April 11, 2005, the Administrator Class was named the
Institutional Class. Performance shown prior to the inception of the
Administrator Class reflects the performance of the Class A shares, and includes
expenses that are not applicable to and are higher than those of the
Administrator Class shares, but does not include Class A sales charges. If it
did include Class A sales charges, returns would be lower.
2 The Asset Allocation Composite Index is weighted 60% in the S&P 500 Index and
40% in the Lehman Brothers 20+ year U.S. Treasury Bond Index. You cannot invest
directly in an Index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 The Lehman Brothers 20+ Treasury Index is an unmanaged index composed of
securities in the U.S. Treasury Index with maturities of 20 years or greater.
You cannot invest directly in an Index.
5 The ten largest holdings are calculated based on the market value of the
securities divided by total market value of the Fund.
6 Sector distribution and portfolio holdings/allocations are subject to change.
Cash and cash equivalents are not reflected in the calculations of portfolio
holdings/allocations.
5
WELLS FARGO ADVANTAGE ALLOCATION FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (the Fund) seeks
total return, consisting primarily of current income.
INVESTMENT ADVISER MASTER PORTFOLIO SUBADVISERS
Wells Fargo Funds Management, LLC Artisan Partners Limited Partnership
Cadence Capital Management, LLC
SUBADVISER Cooke & Bieler, L.P.
Wells Capital Management Incorporated Galliard Capital Management, Inc.
LSV Asset Management
FUND MANAGERS New Star Institutional Managers Limited
Doug Beath Peregrine Capital Management, Inc.
Thomas C. Biwer, CFA Smith Asset Management Group, L.P.
Galen G. Blomster, CFA SSgA Funds Management
Christian L. Chan, CFA Wells Capital Management Incorporated
Jeffrey P. Mellas
Andrew Owen, CFA FUND INCEPTION
04/30/1989
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- --------------------------------------------------------------------------------------------------------------------
Administrator Class 3.91 6.89 4.57 6.61 1.04% 0.85%
- --------------------------------------------------------------------------------------------------------------------
Benchmarks
- --------------------------------------------------------------------------------------------------------------------
Conservative Allocation Composite Index 2 3.96 7.35 5.45 6.54
- --------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Bond Index 3 2.76 6.59 5.35 6.46
- --------------------------------------------------------------------------------------------------------------------
S&P 500 Index 4 7.38 11.82 6.26 8.20
- --------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED TURNOVER
AND TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT TERM CAPITAL GAINS. CONSULT
THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
6
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5,6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
US Treasury Bond, 6.25%, 08/15/2023 1.37%
- --------------------------------------------------------------------------------
FHLMC, 6.50%, 02/25/2042 1.11%
- --------------------------------------------------------------------------------
FNMA, 5.50%, 04/25/2035 0.81%
- --------------------------------------------------------------------------------
GNMA, 7.06%, 08/16/2042 0.80%
- --------------------------------------------------------------------------------
US Treasury Note, 1.63%, 01/15/2015 0.72%
- --------------------------------------------------------------------------------
FNMA #725232, 5.00%, 03/01/2034 0.69%
- --------------------------------------------------------------------------------
FNMA #725773, 5.50%, 09/01/2034 0.65%
- --------------------------------------------------------------------------------
FNMA #789463, 4.38%, 06/01/2034 0.65%
- --------------------------------------------------------------------------------
US Treasury Bond, 2.38%, 01/15/2025 0.64%
- --------------------------------------------------------------------------------
FNMA, 4.50%, 09/25/2018 0.63%
NEUTRAL ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (20%)
Bonds (80%)
EFFECTIVE ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (25%)
Bonds (75%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION
FUND - Administrator Class was named the Wells Fargo Strategic Income Fund -
Institutional Class.
2 The Conservative Allocation Composite Index is weighted 55% in the Lehman
Brothers U.S. Aggregate Bond Index, 25% in the Lehman Brothers 9-12 Month
U.S. Treasury Bond Index, 5% in the Russell 1000(R) Value Index, 5% in the S&P
500 Index, 5% in the Russell 1000(R) Growth Index, 3% in the Morgan Stanley
Capital International Europe, Australasia and Far East ("MSCI EAFE") Index, and
2% in the Russell 2000(R) Index. The LEHMAN BROTHERS 9-12 MONTH U.S. TREASURY
BOND INDEX is an unmanaged index that includes aged U.S. Treasury bills, notes
and bonds with a remaining maturity from 1 up to (but not including) 12 months.
It excludes zero coupon strips. The RUSSELL 1000(R) VALUE INDEX measures the
performance of those Russell 1000 companies with lower price-to-book ratios and
lower forecasted growth values. The RUSSELL 1000(R) GROWTH INDEX measures the
performance of those Russell 1000 companies with higher price-to-book ratios and
higher forecasted growth values. The MSCI EAFE INDEX is an unmanaged group of
securities widely regarded by investors to be representations of the stock
markets of Europe, Australasia and the Far East. The RUSSELL 2000(R) INDEX
measures the performance of the 2,000 smallest companies in the Russell 3000(R)
Index, which represents approximately 8% of the total market capitalization of
the Russell 3000(R) Index. You cannot invest directly in an Index.
3 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Credit Index and the Lehman Brothers U.S. Mortgage-Backed
Securities Index and includes Treasury issues, agency issues, corporate bond
issues and mortgage-backed securities. You cannot invest directly in an Index.
4 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
5 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the total
market value of the portfolio of investments of the Fund. See Notes to the
Financial Statements for a discussion of the Master Trust.
6 Portfolio holdings/allocations are subject to change. Cash and cash
equivalents are not reflected in the calculations of portfolio
holdings/allocations.
7
WELLS FARGO ADVANTAGE ALLOCATION FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (the Fund) seeks total
return, consisting of capital appreciation and current income.
INVESTMENT ADVISER MASTER PORTFOLIO SUBADVISERS
Wells Fargo Funds Management, LLC Artisan Partners Limited Partnership
Cadence Capital Management, LLC
SUBADVISER Cooke & Bieler, L.P.
Wells Capital Management Incorporated Galliard Capital Management, Inc.
LSV Asset Management
FUND MANAGERS New Star Institutional Managers Limited
Doug Beath Peregrine Capital Management, Inc.
Thomas C. Biwer, CFA Smith Asset Management Group, L.P.
Galen G. Blomster, CFA SSgA Funds Management
Christian L. Chan, CFA Systematic Financial Management, L.P.
Jeffrey P. Mellas Wells Capital Management Incorporated
Andrew Owen, CFA
FUND INCEPTION
04/30/1989
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
------------------------------------ ------------------------------------ Expense Expense
6-Month* 1-Year 5-Year 10-Year 6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- -------------------------------------------------------------------------------------------------------------------------
Class A 0.85 2.72 4.44 7.99 7.00 8.98 5.68 8.63 1.30% 1.20%
- -------------------------------------------------------------------------------------------------------------------------
Class B 1.61 3.14 4.56 7.82 6.61 8.14 4.89 7.82 2.05% 1.95%
- -------------------------------------------------------------------------------------------------------------------------
Class C 5.62 7.19 4.89 7.84 6.62 8.19 4.89 7.84 2.05% 1.95%
- -------------------------------------------------------------------------------------------------------------------------
Administrator Class 7.14 9.26 5.95 8.85 1.12% 0.95%
- -------------------------------------------------------------------------------------------------------------------------
Benchmarks
- -------------------------------------------------------------------------------------------------------------------------
Growth Balanced Allocation Composite Index 2 6.99 10.45 7.61 8.20
- -------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- -------------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Bond Index 4 2.76 6.59 5.35 6.46
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED TURNOVER
AND TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT TERM CAPITAL GAINS. CERTAIN
INVESTMENT STRATEGIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE
TO THE BROADER MARKET). THIS FUND IS EXPOSED TO FOREIGN INVESTMENT RISK AND
SMALL COMPANY INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
8
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5,6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Microsoft Corporation 1.45%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 1.28%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 1.17%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.00%
- --------------------------------------------------------------------------------
eBay Incorporated 0.90%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 0.90%
- --------------------------------------------------------------------------------
US Treasury Bond, 6.25%, 08/15/2023 0.87%
- --------------------------------------------------------------------------------
Bank of America Corporation 0.84%
- --------------------------------------------------------------------------------
Medtronic Incorporated 0.81%
- --------------------------------------------------------------------------------
General Electric Company 0.81%
NEUTRAL ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (65%)
Bonds (35%)
EFFECTIVE ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (80%)
Bonds (20%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
2 The Growth Balanced Allocation Composite Index is weighted 35% in the Lehman
Brothers Aggregate Bond Index, 16.25% in the Russell 1000(R) Value Index, 16.25%
in the S&P 500 Index, 16.25% in the Russell 1000(R) Growth Index, 9.75% in the
Morgan Stanley Capital International Europe, Australasia and Far East ("MSCI
EAFE") Index, and 6.50% in the Russell 2000(R) Index. The RUSSELL 1000(R) VALUE
INDEX measures the performance of those Russell 1000 companies with lower
price-to-book ratios and lower forecasted growth values. The RUSSELL 1000(R)
GROWTH INDEX measures the performance of those Russell 1000 companies with
higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE
INDEX is an unmanaged group of securities widely regarded by investors to be
representations of the stock markets of Europe, Australasia and the Far East.
The RUSSELL 2000(R) INDEX measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represents approximately 8% of the
total market capitalization of the Russell 3000(R) Index. You cannot invest
directly in an Index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Credit Index and the Lehman Brothers U.S. Mortgage-Backed
Securities Index and includes Treasury issues, agency issues, corporate bond
issues and mortgage-backed securities. You cannot invest directly in an Index.
5 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the total
market value of the portfolio of investments of the Fund. See Notes to the
Financial Statements for a discussion of the Master Trust.
6 Portfolio holdings/allocations are subject to change. Cash and cash
equivalents are not reflected in the calculations of portfolio
holdings/allocations.
9
WELLS FARGO ADVANTAGE ALLOCATION FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (the Fund) seeks total
return, consisting of current income and capital appreciation.
INVESTMENT ADVISER MASTER PORTFOLIO SUBADVISERS
Wells Fargo Funds Management, LLC Artisan Partners Limited Partnership
Cadence Capital Management, LLC
SUBADVISER Cooke & Bieler, L.P.
Wells Capital Management Incorporated Galliard Capital Management, Inc.
LSV Asset Management
FUND MANAGERS New Star Institutional Managers Limited
Doug Beath Peregrine Capital Management, Inc.
Thomas C. Biwer, CFA Smith Asset Management Group, L.P.
Galen G. Blomster, CFA SSgA Funds Management
Christian L. Chan, CFA Systematic Financial Management, L.P.
Jeffrey P. Mellas Wells Capital Management Incorporated
Andrew Owen, CFA
FUND INCEPTION
04/30/1989
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------- --------------------------------- Expense Expense
6-Month* 1-Year 5-Year 10-Year 6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- ----------------------------------------------------------------------------------------------------------------------------------
Class A (0.79) 1.52 3.80 6.76 5.26 7.71 5.03 7.39 1.27% 1.15%
- ----------------------------------------------------------------------------------------------------------------------------------
Class B (0.10) 1.91 3.91 6.60 4.90 6.91 4.25 6.60 2.02% 1.90%
- ----------------------------------------------------------------------------------------------------------------------------------
Class C 3.90 5.91 4.24 6.60 4.90 6.91 4.24 6.60 2.02% 1.90%
- ----------------------------------------------------------------------------------------------------------------------------------
Administrator Class 5.40 7.99 5.29 7.66 1.09% 0.90%
- ----------------------------------------------------------------------------------------------------------------------------------
Benchmarks
- ----------------------------------------------------------------------------------------------------------------------------------
Moderate Balanced Allocation Composite Index 2 5.30 8.71 6.42 7.31
- ----------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- ----------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Bond Index 4 2.76 6.59 5.35 6.46
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR
ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
10
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5, 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
US Treasury Bond, 6.25%, 08/15/2023 1.12%
- --------------------------------------------------------------------------------
FHLMC, 6.50%, 02/25/2042 0.90%
- --------------------------------------------------------------------------------
Microsoft Corporation 0.89%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 0.79%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 0.72%
- --------------------------------------------------------------------------------
FNMA, 5.50%, 04/25/2035 0.66%
- --------------------------------------------------------------------------------
GNMA, 7.06%, 08/16/2042 0.65%
- --------------------------------------------------------------------------------
American International Group Incorporated 0.62%
- --------------------------------------------------------------------------------
US Treasury Bill, 4.96%, 07/05/2010 0.61%
- --------------------------------------------------------------------------------
US Treasury Note, 1.63%, 01/15/2015 0.59%
NEUTRAL ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (40%)
Bonds (60%)
EFFECTIVE ALLOCATION 6 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks (50%)
Bonds (50%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
2 The Moderate Balanced Allocation Composite Index is weighted 45% in the Lehman
Brothers Aggregate Bond Index, 15% in the Lehman Brothers 9-12 Month
U.S. Treasury Bond Index, 10% in the Russell 1000(R) Value Index, 10% in the S&P
500 Index, 10% in the Russell 1000(R) Growth Index, 6% in the Morgan Stanley
Capital International Europe, Australasia and Far East ("MSCI EAFE") Index, and
4% in the Russell 2000(R) Index. The LEHMAN BROTHERS 9-12 MONTH U.S. TREASURY
BOND INDEX is an unmanaged index that includes aged U.S. Treasury bills, notes
and bonds with a remaining maturity from 1 up to (but not including) 12 months.
It excludes zero coupon strips. The RUSSELL 1000(R) VALUE INDEX measures the
performance of those Russell 1000 companies with lower price-to-book ratios and
lower forecasted growth values. The RUSSELL 1000(R) GROWTH INDEX measures the
performance of those Russell 1000 companies with higher price-to book ratios and
higher forecasted growth values. The MSCI EAFE INDEX is an unmanaged group of
securities widely regarded by investors to be representations of the stock
markets of Europe, Australasia and the Far East. The RUSSELL 2000(R) INDEX
measures the performance of the 2,000 smallest companies in the Russell 3000(R)
Index, which represents approximately 8% of the total market capitalization of
the Russell 3000(R) Index. You cannot invest directly in an Index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Credit Index and the Lehman Brothers U.S. Mortgage-Backed
Securities Index and includes Treasury issues, agency issues, corporate bond
issues and mortgage-backed securities. You cannot invest directly in an Index.
5 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the total
market value of the portfolio of investments of the Fund. See Notes to the
Financial Statements for a discussion of the Master Trust.
6 Portfolio holdings/allocations are subject to change. Cash and cash
equivalents are not reflected in the calculations of portfolio
holdings/allocations.
11
WELLS FARGO ADVANTAGE ALLOCATION FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses
Value Value Paid During Net Annual
10/01/2006 03/31/2007 Period* Expense Ratio
Aggressive Allocation Fund
- -----------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund - Administrator Class
Actual $ 1,000.00 $ 1,080.40 $ 5.19 1.00%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
Asset Allocation Fund
- -----------------------------------------------------------------------------------------------------------------
Asset Allocation Fund - Class A
Actual $ 1,000.00 $ 1,057.00 $ 5.90 1.15%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.20 $ 5.79 1.15%
- -----------------------------------------------------------------------------------------------------------------
Asset Allocation Fund - Class B
Actual $ 1,000.00 $ 1,053.80 $ 9.73 1.90%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
- -----------------------------------------------------------------------------------------------------------------
Asset Allocation Fund - Class C
Actual $ 1,000.00 $ 1,052.50 $ 9.72 1.90%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
- -----------------------------------------------------------------------------------------------------------------
Asset Allocation Fund - Administrator Class
Actual $ 1,000.00 $ 1,057.80 $ 4.62 0.90%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.44 $ 4.53 0.90%
Conservative Allocation Fund
- -----------------------------------------------------------------------------------------------------------------
Conservative Allocation Fund - Administrator Class
Actual $ 1,000.00 $ 1,039.10 $ 4.32 0.85%
- -----------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.69 $ 4.28 0.85%
12
FUND EXPENSES WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses
Value Value Paid During Net Annual
10/01/2006 03/31/2007 Period* Expense Ratio
Growth Balanced Fund
- --------------------------------------------------------------------------------------------------------------
Growth Balanced Fund - Class A
Actual $ 1,000.00 $ 1,070.00 $ 6.19 1.20%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
- --------------------------------------------------------------------------------------------------------------
Growth Balanced Fund - Class B
Actual $ 1,000.00 $ 1,066.10 $ 10.04 1.95%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.21 $ 9.80 1.95%
- --------------------------------------------------------------------------------------------------------------
Growth Balanced Fund - Class C
Actual $ 1,000.00 $ 1,066.20 $ 10.05 1.95%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.21 $ 9.80 1.95%
- --------------------------------------------------------------------------------------------------------------
Growth Balanced Fund - Administrator Class
Actual $ 1,000.00 $ 1,071.40 $ 4.91 0.95%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
Moderate Balanced Fund
- --------------------------------------------------------------------------------------------------------------
Moderate Balanced Fund - Class A
Actual $ 1,000.00 $ 1,052.60 $ 5.89 1.15%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.20 $ 5.79 1.15%
- --------------------------------------------------------------------------------------------------------------
Moderate Balanced Fund - Class B
Actual $ 1,000.00 $ 1,049.00 $ 9.71 1.90%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
- --------------------------------------------------------------------------------------------------------------
Moderate Balanced Fund - Class C
Actual $ 1,000.00 $ 1,049.00 $ 9.71 1.90%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
- --------------------------------------------------------------------------------------------------------------
Moderate Balanced Fund - Administrator Class
Actual $ 1,000.00 $ 1,054.00 $ 4.61 0.90%
- --------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.44 $ 4.53 0.90%
* Expenses are equal to the Portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
13
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.19%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 16,561,553
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 9,976,916
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 669,977
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 16,608,748
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 16,758,055
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 49,752,514
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 4,989,754
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 7,676,322
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 7,739,455
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 7,663,791
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 7,668,496
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 5,007,016
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 34,470,382
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 34,967,795
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 6,691,770
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 6,023,827
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 657,223
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 6,017,003
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 9,991,210
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $217,893,586) 249,891,807
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS - 0.79%
US TREASURY BILLS - 0.79%
$ 60,000 US TREASURY BILL^# 4.94% 05/10/2007 59,684
1,770,000 US TREASURY BILL^# 4.96 05/10/2007 1,760,677
180,000 US TREASURY BILL^# 4.95 08/09/2007 176,858
1,997,219
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,997,227) 1,997,219
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $219,890,813) 99.98% $ 251,889,026
OTHER ASSETS AND LIABILITIES, NET 0.02 60,954
------ --------------
TOTAL NET ASSETS 100.00% $ 251,949,980
====== ==============
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
14
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 58.30%
AMUSEMENT & RECREATION SERVICES - 0.13%
9,349 HARRAH'S ENTERTAINMENT INCORPORATED $ 789,523
16,967 INTERNATIONAL GAME TECHNOLOGY 685,127
1,474,650
--------------
APPAREL & ACCESSORY STORES - 0.28%
4,426 ABERCROMBIE & FITCH COMPANY CLASS A 334,960
26,429 GAP INCORPORATED 454,843
16,403 KOHL'S CORPORATION+ 1,256,634
17,156 LIMITED BRANDS INCORPORATED<< 447,085
11,474 NORDSTROM INCORPORATED 607,434
3,100,956
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.09%
5,441 JONES APPAREL GROUP INCORPORATED 167,202
5,189 LIZ CLAIBORNE INCORPORATED 222,349
3,073 POLO RALPH LAUREN CORPORATION 270,885
4,516 VF CORPORATION<< 373,112
1,033,548
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.04%
7,550 AUTONATION INCORPORATED+<< 160,362
2,491 AUTOZONE INCORPORATED+ 319,197
479,559
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.01%
3,045 RYDER SYSTEM INCORPORATED 150,240
--------------
BIOPHARMACEUTICALS - 0.33%
18,937 CELGENE CORPORATION+<< 993,435
13,214 GENZYME CORPORATION+ 793,104
23,307 GILEAD SCIENCES INCORPORATED+ 1,782,986
3,569,525
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.12%
5,991 CENTEX CORPORATION 250,304
13,694 D.R. HORTON INCORPORATED 301,268
3,855 KB HOME<< 164,493
6,918 LENNAR CORPORATION CLASS A<< 292,009
10,658 PULTE HOMES INCORPORATED<< 282,011
1,290,085
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.60%
102,369 HOME DEPOT INCORPORATED 3,761,037
76,382 LOWE'S COMPANIES INCORPORATED 2,405,269
5,597 SHERWIN-WILLIAMS COMPANY 369,626
6,535,932
--------------
15
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 4.35%
29,516 ADOBE SYSTEMS INCORPORATED+ $ 1,230,817
4,961 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 292,104
11,621 AUTODESK INCORPORATED+ 436,950
27,602 AUTOMATIC DATA PROCESSING INCORPORATED 1,335,937
10,230 BMC SOFTWARE INCORPORATED+ 314,982
20,632 CA INCORPORATED 534,575
302,965 CISCO SYSTEMS INCORPORATED+ 7,734,696
9,058 CITRIX SYSTEMS INCORPORATED+ 290,128
7,157 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 631,748
8,688 COMPUTER SCIENCES CORPORATION+ 452,905
16,263 COMPUWARE CORPORATION+ 154,336
6,854 CONVERGYS CORPORATION+ 174,160
56,993 EBAY INCORPORATED+ 1,889,318
15,551 ELECTRONIC ARTS INCORPORATED+ 783,148
25,803 ELECTRONIC DATA SYSTEMS CORPORATION 714,227
6,262 EQUIFAX INCORPORATED 228,250
8,165 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 371,181
37,769 FIRST DATA CORPORATION 1,015,986
8,556 FISERV INCORPORATED+ 453,981
10,918 GOOGLE INCORPORATED CLASS A+ 5,002,191
9,788 IMS HEALTH INCORPORATED 290,312
23,509 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 289,396
17,183 INTUIT INCORPORATED+<< 470,127
28,552 JUNIPER NETWORKS INCORPORATED+<< 561,903
432,236 MICROSOFT CORPORATION 12,046,417
6,444 MONSTER WORLDWIDE INCORPORATED+ 305,252
8,978 NCR CORPORATION+ 428,879
17,004 NOVELL INCORPORATED+ 122,769
8,381 OMNICOM GROUP INCORPORATED 858,047
200,150 ORACLE CORPORATION+ 3,628,724
8,425 ROBERT HALF INTERNATIONAL INCORPORATED 311,809
180,612 SUN MICROSYSTEMS INCORPORATED+ 1,085,478
46,377 SYMANTEC CORPORATION+<< 802,322
17,317 UNISYS CORPORATION+<< 145,982
12,296 VERISIGN INCORPORATED+ 308,876
61,239 YAHOO! INCORPORATED+<< 1,916,168
47,614,081
--------------
CHEMICALS & ALLIED PRODUCTS - 6.16%
77,399 ABBOTT LABORATORIES 4,318,864
10,856 AIR PRODUCTS & CHEMICALS INCORPORATED 802,150
58,559 AMGEN INCORPORATED+ 3,272,277
4,596 AVERY DENNISON CORPORATION 295,339
22,124 AVON PRODUCTS INCORPORATED 824,340
5,349 BARR PHARMACEUTICALS INCORPORATED+ 247,926
17,176 BIOGEN IDEC INCORPORATED+ 762,271
101,296 BRISTOL-MYERS SQUIBB COMPANY 2,811,977
7,586 CLOROX COMPANY 483,152
16
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
25,752 COLGATE-PALMOLIVE COMPANY $ 1,719,976
48,111 DOW CHEMICAL COMPANY 2,206,370
46,353 E.I. DU PONT DE NEMOURS & COMPANY 2,291,229
4,195 EASTMAN CHEMICAL COMPANY 265,669
8,925 ECOLAB INCORPORATED 383,775
49,487 ELI LILLY & COMPANY 2,657,947
5,832 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 284,893
15,943 FOREST LABORATORIES INCORPORATED+<< 820,108
7,822 HOSPIRA INCORPORATED+ 319,920
3,917 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 184,961
145,165 JOHNSON & JOHNSON 8,747,643
12,198 KING PHARMACEUTICALS INCORPORATED+ 239,935
11,925 MEDIMMUNE INCORPORATED+<< 433,951
108,669 MERCK & COMPANY INCORPORATED 4,799,910
27,262 MONSANTO COMPANY 1,498,320
12,277 MYLAN LABORATORIES INCORPORATED 259,536
355,476 PFIZER INCORPORATED 8,979,324
8,225 PPG INDUSTRIES INCORPORATED 578,300
16,069 PRAXAIR INCORPORATED 1,011,704
158,272 PROCTER & GAMBLE COMPANY 9,996,460
7,139 ROHM & HAAS COMPANY 369,229
74,624 SCHERING-PLOUGH CORPORATION 1,903,658
6,624 SIGMA-ALDRICH CORPORATION 275,029
67,523 WYETH 3,378,176
67,424,319
--------------
COAL MINING - 0.08%
9,155 CONSOL ENERGY INCORPORATED 358,235
13,276 PEABODY ENERGY CORPORATION 534,226
892,461
--------------
COMMUNICATIONS - 2.74%
18,069 ALLTEL CORPORATION 1,120,278
313,203 AT&T INCORPORATED 12,349,594
22,739 AVAYA INCORPORATED+ 268,548
5,586 CENTURYTEL INCORPORATED 252,431
24,888 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 872,076
156,001 COMCAST CORPORATION CLASS A+<< 4,048,213
38,855 DIRECTV GROUP INCORPORATED+<< 896,385
7,550 EMBARQ CORPORATION 425,443
10,892 IAC INTERACTIVECORP+ 410,737
78,677 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+<< 707,306
145,588 SPRINT NEXTEL CORPORATION<< 2,760,348
145,958 VERIZON COMMUNICATIONS INCORPORATED 5,534,727
23,913 WINDSTREAM CORPORATION 351,288
29,997,374
--------------
17
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS - 6.04%
224,329 BANK OF AMERICA CORPORATION $ 11,445,266
37,918 BANK OF NEW YORK COMPANY INCORPORATED 1,537,575
27,185 BB&T CORPORATION 1,115,129
245,907 CITIGROUP INCORPORATED 12,624,865
7,907 COMERICA INCORPORATED 467,462
9,406 COMMERCE BANCORP INCORPORATED 313,972
6,537 COMPASS BANCSHARES INCORPORATED 449,746
27,901 FIFTH THIRD BANCORP 1,079,490
6,286 FIRST HORIZON NATIONAL CORPORATION 261,058
24,824 HUDSON CITY BANCORP INCORPORATED 339,592
11,812 HUNTINGTON BANCSHARES INCORPORATED<< 258,092
174,221 JPMORGAN CHASE & COMPANY 8,428,812
19,857 KEYCORP 744,042
3,853 M&T BANK CORPORATION 446,293
12,826 MARSHALL & ILSLEY CORPORATION 593,972
20,864 MELLON FINANCIAL CORPORATION<< 900,073
29,718 NATIONAL CITY CORPORATION<< 1,106,996
9,459 NORTHERN TRUST CORPORATION 568,864
17,363 PNC FINANCIAL SERVICES GROUP 1,249,615
36,704 REGIONS FINANCIAL CORPORATION 1,298,220
18,113 SOVEREIGN BANCORP INCORPORATED 460,795
16,745 STATE STREET CORPORATION 1,084,239
17,819 SUNTRUST BANKS INCORPORATED 1,479,690
16,382 SYNOVUS FINANCIAL CORPORATION 529,794
88,843 US BANCORP 3,106,840
95,590 WACHOVIA CORPORATION 5,262,230
44,593 WASHINGTON MUTUAL INCORPORATED<< 1,800,665
169,469 WELLS FARGO & COMPANY++ 5,834,818
38,721 WESTERN UNION COMPANY 849,926
5,517 ZIONS BANCORPORATION 466,297
66,104,428
--------------
EATING & DRINKING PLACES - 0.36%
7,282 DARDEN RESTAURANTS INCORPORATED 299,946
60,365 MCDONALD'S CORPORATION 2,719,443
4,350 WENDY'S INTERNATIONAL INCORPORATED 136,155
13,223 YUM! BRANDS INCORPORATED 763,760
3,919,304
--------------
EDUCATIONAL SERVICES - 0.03%
7,019 APOLLO GROUP INCORPORATED CLASS A+ 308,134
--------------
ELECTRIC, GAS & SANITARY SERVICES - 2.55%
33,315 AES CORPORATION+ 716,939
8,248 ALLEGHENY ENERGY INCORPORATED+ 405,307
12,790 ALLIED WASTE INDUSTRIES INCORPORATED+ 161,026
10,362 AMEREN CORPORATION<< 521,209
19,897 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 969,979
18
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
16,055 CENTERPOINT ENERGY INCORPORATED<< $ 288,027
16,991 CITIZENS COMMUNICATIONS COMPANY<< 254,015
11,198 CMS ENERGY CORPORATION<< 199,324
12,923 CONSOLIDATED EDISON INCORPORATED 659,848
9,062 CONSTELLATION ENERGY GROUP INCORPORATED 787,941
17,504 DOMINION RESOURCES INCORPORATED 1,553,830
8,884 DTE ENERGY COMPANY<< 425,544
63,056 DUKE ENERGY CORPORATION 1,279,406
18,988 DYNEGY INCORPORATED CLASS A+<< 175,829
16,342 EDISON INTERNATIONAL 802,882
35,028 EL PASO CORPORATION 506,855
9,947 ENTERGY CORPORATION 1,043,639
33,614 EXELON CORPORATION 2,309,618
16,011 FIRSTENERGY CORPORATION<< 1,060,569
20,344 FPL GROUP INCORPORATED<< 1,244,442
3,769 INTEGRYS ENERGY GROUP INCORPORATED 209,217
8,807 KEYSPAN CORPORATION 362,408
5,384 KINDER MORGAN INCORPORATED 573,127
2,252 NICOR INCORPORATED 109,042
13,736 NISOURCE INCORPORATED 335,708
17,596 PG&E CORPORATION 849,359
5,016 PINNACLE WEST CAPITAL CORPORATION 242,022
19,316 PPL CORPORATION 790,024
12,896 PROGRESS ENERGY INCORPORATED 650,474
12,678 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1,052,781
4,311 QUESTAR CORPORATION 384,584
13,187 SEMPRA ENERGY 804,539
31,493 SPECTRA ENERGY CORPORATION 827,321
10,512 TECO ENERGY INCORPORATED 180,912
37,549 THE SOUTHERN COMPANY<< 1,376,171
23,035 TXU CORPORATION 1,476,544
26,738 WASTE MANAGEMENT INCORPORATED 920,055
29,988 WILLIAMS COMPANIES INCORPORATED 853,458
20,452 XCEL ENERGY INCORPORATED 504,960
27,868,935
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 3.46%
5,882 ADC TELECOMMUNICATIONS INCORPORATED+<< 98,465
27,834 ADVANCED MICRO DEVICES INCORPORATED+<< 363,512
17,883 ALTERA CORPORATION 357,481
16,739 ANALOG DEVICES INCORPORATED<< 577,328
23,652 BROADCOM CORPORATION CLASS A+ 758,520
4,269 CIENA CORPORATION+ 119,319
9,154 COOPER INDUSTRIES LIMITED CLASS A 411,838
40,021 EMERSON ELECTRIC COMPANY 1,724,505
515,797 GENERAL ELECTRIC COMPANY 18,238,582
3,285 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 315,623
19
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
9,263 JABIL CIRCUIT INCORPORATED $ 198,321
10,593 JDS UNIPHASE CORPORATION+<< 161,331
10,018 KLA-TENCOR CORPORATION 534,160
6,245 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 546,250
15,012 LINEAR TECHNOLOGY CORPORATION 474,229
38,632 LSI LOGIC CORPORATION+<< 403,318
16,085 MAXIM INTEGRATED PRODUCTS INCORPORATED 472,899
37,860 MICRON TECHNOLOGY INCORPORATED+ 457,349
7,111 MOLEX INCORPORATED 200,530
119,901 MOTOROLA INCORPORATED<< 2,118,651
14,226 NATIONAL SEMICONDUCTOR CORPORATION 343,416
18,612 NETWORK APPLIANCE INCORPORATED+ 679,710
6,307 NOVELLUS SYSTEMS INCORPORATED+<< 201,950
17,833 NVIDIA CORPORATION+<< 513,234
10,653 PMC-SIERRA INCORPORATED+<< 74,678
7,978 QLOGIC CORPORATION+ 135,626
83,090 QUALCOMM INCORPORATED 3,544,619
8,438 ROCKWELL COLLINS INCORPORATED 564,755
26,587 SANMINA-SCI CORPORATION+ 96,245
21,935 TELLABS INCORPORATED+ 217,157
72,401 TEXAS INSTRUMENTS INCORPORATED 2,179,270
3,948 WHIRLPOOL CORPORATION<< 335,234
16,646 XILINX INCORPORATED<< 428,302
37,846,407
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.16%
4,410 FLUOR CORPORATION 395,665
11,734 MOODY'S CORPORATION 728,212
17,013 PAYCHEX INCORPORATED 644,282
1,768,159
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.19%
5,170 BALL CORPORATION 237,045
7,647 FORTUNE BRANDS INCORPORATED 602,737
20,742 ILLINOIS TOOL WORKS INCORPORATED 1,070,287
2,954 SNAP-ON INCORPORATED 142,087
2,052,156
--------------
FINANCIAL SERVICES - 0.02%
9,516 JANUS CAPITAL GROUP INCORPORATED 198,980
--------------
FOOD & KINDRED PRODUCTS - 1.85%
38,266 ANHEUSER-BUSCH COMPANIES INCORPORATED 1,930,902
32,740 ARCHER DANIELS MIDLAND COMPANY 1,201,558
10,954 CAMPBELL SOUP COMPANY 426,658
13,960 COCA-COLA ENTERPRISES INCORPORATED 282,690
25,338 CONAGRA FOODS INCORPORATED 631,170
10,581 CONSTELLATION BRANDS INCORPORATED CLASS A+ 224,106
20
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (CONTINUED)
17,312 GENERAL MILLS INCORPORATED $ 1,007,905
16,294 H.J. HEINZ COMPANY 767,773
5,839 HERCULES INCORPORATED+ 114,094
12,576 KELLOGG COMPANY<< 646,784
9,410 KRAFT FOODS INCORPORATED CLASS A 297,921
6,530 MCCORMICK & COMPANY INCORPORATED 251,536
2,354 MOLSON COORS BREWING COMPANY 222,735
6,594 PEPSI BOTTLING GROUP INCORPORATED 210,283
82,149 PEPSICO INCORPORATED 5,221,390
36,790 SARA LEE CORPORATION 622,487
101,036 THE COCA-COLA COMPANY 4,849,728
8,681 THE HERSHEY COMPANY 474,503
12,653 TYSON FOODS INCORPORATED CLASS A 245,595
10,942 WM. WRIGLEY JR. COMPANY 557,276
20,187,094
--------------
FOOD STORES - 0.30%
35,511 KROGER COMPANY 1,003,186
22,095 SAFEWAY INCORPORATED 809,561
37,667 STARBUCKS CORPORATION+ 1,181,237
7,051 WHOLE FOODS MARKET INCORPORATED 316,237
3,310,221
--------------
FORESTRY - 0.07%
10,594 WEYERHAEUSER COMPANY<< 791,796
--------------
FURNITURE & FIXTURES - 0.11%
8,897 LEGGETT & PLATT INCORPORATED 201,695
19,642 MASCO CORPORATION 538,191
13,924 NEWELL RUBBERMAID INCORPORATED 432,897
1,172,783
--------------
GENERAL MERCHANDISE STORES - 1.15%
5,492 BIG LOTS INCORPORATED+<< 171,790
15,651 DOLLAR GENERAL CORPORATION 331,019
7,605 FAMILY DOLLAR STORES INCORPORATED 225,260
26,342 FEDERATED DEPARTMENT STORES INCORPORATED 1,186,707
11,284 JC PENNEY COMPANY INCORPORATED<< 927,093
4,168 SEARS HOLDINGS CORPORATION+<< 750,907
43,081 TARGET CORPORATION 2,552,980
22,827 TJX COMPANIES INCORPORATED 615,416
123,349 WAL-MART STORES INCORPORATED 5,791,236
12,552,408
--------------
HEALTH SERVICES - 0.32%
20,078 CARDINAL HEALTH INCORPORATED 1,464,690
6,139 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 445,876
3,655 MANOR CARE INCORPORATED 198,686
21
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES (CONTINUED)
14,448 MEDCO HEALTH SOLUTIONS INCORPORATED+ $ 1,047,913
23,655 TENET HEALTHCARE CORPORATION+ 152,102
5,141 WATSON PHARMACEUTICALS INCORPORATED+ 135,877
3,445,144
--------------
HOLDING & OTHER INVESTMENT OFFICES - 0.75%
4,894 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 282,335
11,054 ARCHSTONE-SMITH TRUST 600,011
3,979 AVALONBAY COMMUNITIES INCORPORATED 517,270
5,966 BOSTON PROPERTIES INCORPORATED 700,408
6,359 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 399,981
14,747 EQUITY RESIDENTIAL 711,248
26,123 HOST HOTELS & RESORTS INCORPORATED 687,296
11,338 KIMCO REALTY CORPORATION 552,614
8,893 PLUM CREEK TIMBER COMPANY 350,562
12,852 PROLOGIS 834,480
6,153 PUBLIC STORAGE INCORPORATED 582,505
11,114 SIMON PROPERTY GROUP INCORPORATED<< 1,236,433
6,539 VORNADO REALTY TRUST<< 780,364
8,235,507
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.15%
14,214 BED BATH & BEYOND INCORPORATED+ 570,976
20,305 BEST BUY COMPANY INCORPORATED<< 989,260
7,139 CIRCUIT CITY STORES INCORPORATED 132,286
1,692,522
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.23%
19,509 HILTON HOTELS CORPORATION<< 701,544
16,540 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 809,798
10,776 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 698,824
9,474 WYNDHAM WORLDWIDE CORPORATION+ 323,544
2,533,710
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.80%
36,811 3M COMPANY 2,813,465
8,763 AMERICAN STANDARD COMPANIES INCORPORATED 464,614
43,231 APPLE INCORPORATED+ 4,016,592
70,066 APPLIED MATERIALS INCORPORATED<< 1,283,609
16,063 BAKER HUGHES INCORPORATED 1,062,246
3,290 BLACK & DECKER CORPORATION 268,530
32,393 CATERPILLAR INCORPORATED 2,171,303
2,613 CUMMINS INCORPORATED 378,153
11,378 DEERE & COMPANY 1,236,106
113,943 DELL INCORPORATED+ 2,644,617
10,267 DOVER CORPORATION 501,132
7,333 EATON CORPORATION 612,745
105,742 EMC CORPORATION+ 1,464,527
22
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
134,249 HEWLETT-PACKARD COMPANY $ 5,388,755
15,439 INGERSOLL-RAND COMPANY LIMITED CLASS A 669,589
289,270 INTEL CORPORATION 5,533,735
75,516 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 7,118,138
4,815 LEXMARK INTERNATIONAL INCORPORATED+<< 281,485
8,818 NATIONAL OILWELL VARCO INCORPORATED+ 685,952
6,169 PALL CORPORATION 234,422
5,807 PARKER HANNIFIN CORPORATION 501,202
11,049 PITNEY BOWES INCORPORATED 501,514
11,404 SANDISK CORPORATION+<< 499,495
10,000 SMITH INTERNATIONAL INCORPORATED<< 480,500
45,346 SOLECTRON CORPORATION+ 142,840
4,153 STANLEY WORKS 229,910
5,146 TEREX CORPORATION+ 369,277
41,554,453
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.21%
14,966 AON CORPORATION 568,109
8,362 HUMANA INCORPORATED+ 485,163
27,726 MARSH & MCLENNAN COMPANIES INCORPORATED 812,095
17,187 UNUMPROVIDENT CORPORATION<< 395,817
2,261,184
--------------
INSURANCE CARRIERS - 3.35%
16,388 ACE LIMITED 935,099
25,902 AETNA INCORPORATED 1,134,249
24,672 AFLAC INCORPORATED 1,161,064
31,035 ALLSTATE CORPORATION 1,863,962
5,134 AMBAC FINANCIAL GROUP INCORPORATED<< 443,526
130,494 AMERICAN INTERNATIONAL GROUP INCORPORATED 8,771,807
20,494 CHUBB CORPORATION 1,058,925
4,889 CIGNA CORPORATION 697,465
8,669 CINCINNATI FINANCIAL CORPORATION 367,570
22,109 GENWORTH FINANCIAL INCORPORATED 772,488
16,061 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 1,535,110
13,883 LINCOLN NATIONAL CORPORATION 941,129
22,625 LOEWS CORPORATION 1,027,854
6,758 MBIA INCORPORATED<< 442,581
37,753 METLIFE INCORPORATED 2,384,102
4,165 MGIC INVESTMENT CORPORATION<< 245,402
13,436 PRINCIPAL FINANCIAL GROUP INCORPORATED 804,413
37,342 PROGRESSIVE CORPORATION 814,802
23,524 PRUDENTIAL FINANCIAL INCORPORATED 2,123,276
5,295 SAFECO CORPORATION 351,747
4,914 TORCHMARK CORPORATION 322,309
33,887 TRAVELERS COMPANIES INCORPORATED 1,754,330
67,932 UNITEDHEALTH GROUP INCORPORATED 3,598,358
23
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS (CONTINUED)
30,719 WELLPOINT INCORPORATED+ $ 2,491,311
9,081 XL CAPITAL LIMITED CLASS A 635,307
36,678,186
--------------
LEATHER & LEATHER PRODUCTS - 0.08%
18,567 COACH INCORPORATED+ 929,278
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.85%
20,247 AGILENT TECHNOLOGIES INCORPORATED+ 682,121
9,206 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 272,221
2,725 BAUSCH & LOMB INCORPORATED 139,411
12,268 BECTON DICKINSON & COMPANY 943,287
59,402 BOSTON SCIENTIFIC CORPORATION+ 863,705
5,179 C.R. BARD INCORPORATED 411,782
11,938 DANAHER CORPORATION 852,970
14,421 EASTMAN KODAK COMPANY<< 325,338
2,705 MILLIPORE CORPORATION+ 196,031
6,110 PERKINELMER INCORPORATED 147,984
7,963 QUEST DIAGNOSTICS INCORPORATED 397,115
22,380 RAYTHEON COMPANY 1,174,055
8,309 ROCKWELL AUTOMATION INCORPORATED 497,460
4,098 TEKTRONIX INCORPORATED 115,400
9,518 TERADYNE INCORPORATED+ 157,428
21,068 THERMO FISHER SCIENTIFIC INCORPORATED+ 984,929
5,092 WATERS CORPORATION+ 295,336
47,600 XEROX CORPORATION+ 803,964
9,260,537
--------------
MEDICAL EQUIPMENT & SUPPLIES - 0.35%
57,761 MEDTRONIC INCORPORATED 2,833,755
17,266 ST. JUDE MEDICAL INCORPORATED+ 649,374
6,442 VARIAN MEDICAL SYSTEMS INCORPORATED+ 307,219
3,790,348
--------------
MEDICAL MANAGEMENT SERVICES - 0.04%
7,999 COVENTRY HEALTH CARE INCORPORATED+ 448,344
--------------
MEDICAL PRODUCTS - 0.47%
7,712 ALLERGAN INCORPORATED 854,644
32,594 BAXTER INTERNATIONAL INCORPORATED 1,716,726
12,285 BIOMET INCORPORATED 521,990
14,956 STRYKER CORPORATION 991,882
11,895 ZIMMER HOLDINGS INCORPORATED+ 1,015,952
5,101,194
--------------
METAL MINING - 0.20%
18,801 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 1,244,438
22,619 NEWMONT MINING CORPORATION 949,772
2,194,210
--------------
24
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.05%
4,765 VULCAN MATERIALS COMPANY $ 555,027
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.39%
8,068 HASBRO INCORPORATED 230,906
19,721 MATTEL INCORPORATED 543,708
6,788 TIFFANY & COMPANY<< 308,718
99,176 TYCO INTERNATIONAL LIMITED 3,129,003
4,212,335
--------------
MISCELLANEOUS RETAIL - 0.84%
15,600 AMAZON.COM INCORPORATED+ 620,724
22,687 COSTCO WHOLESALE CORPORATION 1,221,468
77,257 CVS CORPORATION<< 2,637,554
3,053 DILLARD'S INCORPORATED CLASS A 99,925
6,803 EXPRESS SCRIPTS INCORPORATED+ 549,138
13,868 OFFICE DEPOT INCORPORATED+ 487,322
3,760 OFFICEMAX INCORPORATED 198,302
6,831 RADIOSHACK CORPORATION<< 184,642
35,964 STAPLES INCORPORATED 929,310
50,201 WALGREEN COMPANY 2,303,724
9,232,109
--------------
MOTION PICTURES - 0.92%
117,685 NEWS CORPORATION CLASS A 2,720,877
191,387 TIME WARNER INCORPORATED 3,774,152
102,748 WALT DISNEY COMPANY 3,537,614
10,032,643
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.49%
15,404 FEDEX CORPORATION 1,654,852
53,492 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 3,749,789
5,404,641
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.10%
59,807 AMERICAN EXPRESS COMPANY 3,373,115
20,595 CAPITAL ONE FINANCIAL CORPORATION<< 1,554,099
9,705 CIT GROUP INCORPORATED 513,589
29,585 COUNTRYWIDE FINANCIAL CORPORATION<< 995,239
48,549 FANNIE MAE 2,649,804
34,760 FREDDIE MAC 2,067,872
20,589 SLM CORPORATION 842,090
11,995,808
--------------
OIL & GAS EXTRACTION - 1.64%
23,228 ANADARKO PETROLEUM CORPORATION 998,339
16,600 APACHE CORPORATION 1,173,620
14,708 BJ SERVICES COMPANY 410,353
20,538 CHESAPEAKE ENERGY CORPORATION 634,213
22,293 DEVON ENERGY CORPORATION 1,543,121
25
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
7,568 ENSCO INTERNATIONAL INCORPORATED<< $ 411,699
12,238 EOG RESOURCES INCORPORATED 873,059
50,118 HALLIBURTON COMPANY<< 1,590,745
13,968 NABORS INDUSTRIES LIMITED+<< 414,431
6,746 NOBLE CORPORATION 530,775
42,038 OCCIDENTAL PETROLEUM CORPORATION 2,072,894
5,542 ROWAN COMPANIES INCORPORATED<< 179,949
59,115 SCHLUMBERGER LIMITED 4,084,847
14,695 TRANSOCEAN INCORPORATED+ 1,200,582
16,961 WEATHERFORD INTERNATIONAL LIMITED+<< 764,941
18,457 XTO ENERGY INCORPORATED 1,011,610
17,895,178
-------------
PAPER & ALLIED PRODUCTS - 0.17%
5,246 BEMIS COMPANY INCORPORATED 175,164
22,701 INTERNATIONAL PAPER COMPANY<< 826,316
9,152 MEADWESTVACO CORPORATION 282,248
6,665 PACTIV CORPORATION+ 224,877
5,274 TEMPLE-INLAND INCORPORATED 315,069
1,823,674
-------------
Personal Services - 0.05%
6,809 CINTAS CORPORATION 245,805
16,166 H & R BLOCK INCORPORATED 340,133
585,938
-------------
PETROLEUM REFINING & RELATED INDUSTRIES - 3.72%
2,796 ASHLAND INCORPORATED 183,418
108,233 CHEVRON CORPORATION 8,004,913
82,467 CONOCOPHILLIPS 5,636,619
285,578 EXXON MOBIL CORPORATION 21,546,860
13,552 HESS CORPORATION 751,729
17,348 MARATHON OIL CORPORATION 1,714,503
9,411 MURPHY OIL CORPORATION 502,547
6,086 SUNOCO INCORPORATED 428,698
30,302 VALERO ENERGY CORPORATION 1,954,176
40,723,463
-------------
PRIMARY METAL INDUSTRIES - 0.33%
43,615 ALCOA INCORPORATED 1,478,549
5,115 ALLEGHENY TECHNOLOGIES INCORPORATED<< 545,719
15,104 NUCOR CORPORATION 983,724
5,943 UNITED STATES STEEL CORPORATION<< 589,367
3,597,359
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.51%
37,020 CBS CORPORATION CLASS B<< 1,132,442
3,277 DOW JONES & COMPANY INCORPORATED<< 112,958
26
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (CONTINUED)
4,186 E.W. SCRIPPS COMPANY CLASS A $ 187,030
11,778 GANNETT COMPANY INCORPORATED 662,986
17,803 MCGRAW-HILL COMPANIES INCORPORATED 1,119,453
1,952 MEREDITH CORPORATION 112,025
7,219 NEW YORK TIMES COMPANY CLASS A<< 169,719
10,954 RR DONNELLEY & SONS COMPANY 400,807
8,915 TRIBUNE COMPANY<< 286,261
34,718 VIACOM INCORPORATED CLASS B+<< 1,427,257
5,610,938
-------------
RAILROAD TRANSPORTATION - 0.43%
18,005 BURLINGTON NORTHERN SANTA FE CORPORATION 1,448,142
21,909 CSX CORPORATION 877,455
19,912 NORFOLK SOUTHERN CORPORATION 1,007,547
13,580 UNION PACIFIC CORPORATION 1,379,049
4,712,193
-------------
REAL ESTATE - 0.06%
9,369 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 320,236
10,915 REALOGY CORPORATION+ 323,193
643,429
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.05%
8,092 SEALED AIR CORPORATION<< 255,707
9,041 THE GOODYEAR TIRE & RUBBER COMPANY+ 281,989
537,696
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.85%
11,998 AMERIPRISE FINANCIAL INCORPORATED 685,566
6,007 BEAR STEARNS COMPANIES INCORPORATED 903,152
51,517 CHARLES SCHWAB CORPORATION 942,246
1,748 CHICAGO MERCANTILE EXCHANGE HOLDINGS INCORPORATED 930,740
21,426 E*TRADE FINANCIAL CORPORATION+ 454,660
4,467 FEDERATED INVESTORS INCORPORATED CLASS B 164,028
8,397 FRANKLIN RESOURCES INCORPORATED 1,014,610
20,633 GOLDMAN SACHS GROUP INCORPORATED 4,263,397
6,596 LEGG MASON INCORPORATED 621,409
26,388 LEHMAN BROTHERS HOLDINGS INCORPORATED 1,849,007
44,357 MERRILL LYNCH & COMPANY INCORPORATED 3,622,636
53,398 MORGAN STANLEY 4,205,626
13,307 T. ROWE PRICE GROUP INCORPORATED 627,957
20,285,034
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.16%
78,735 CORNING INCORPORATED+ 1,790,434
-------------
27
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TOBACCO PRODUCTS - 0.94%
105,264 ALTRIA GROUP INCORPORATED $ 9,243,232
8,600 REYNOLDS AMERICAN INCORPORATED<< 536,726
8,056 UST INCORPORATED<< 467,087
10,247,045
-------------
TRANSPORTATION BY AIR - 0.05%
39,547 SOUTHWEST AIRLINES COMPANY 581,341
-------------
TRANSPORTATION EQUIPMENT - 1.78%
39,589 BOEING COMPANY 3,519,858
4,550 BRUNSWICK CORPORATION<< 144,918
94,928 FORD MOTOR COMPANY<< 748,982
20,351 GENERAL DYNAMICS CORPORATION 1,554,816
28,370 GENERAL MOTORS CORPORATION<< 869,257
8,551 GENUINE PARTS COMPANY 418,999
6,288 GOODRICH CORPORATION 323,706
12,918 HARLEY-DAVIDSON INCORPORATED 758,933
40,124 HONEYWELL INTERNATIONAL INCORPORATED 1,848,111
9,118 ITT CORPORATION 549,998
9,856 JOHNSON CONTROLS INCORPORATED 932,575
17,800 LOCKHEED MARTIN CORPORATION 1,726,956
17,568 NORTHROP GRUMMAN CORPORATION 1,303,897
12,452 PACCAR INCORPORATED 913,977
6,284 TEXTRON INCORPORATED 564,303
49,948 UNITED TECHNOLOGIES CORPORATION 3,246,620
19,425,906
-------------
Transportation Services - 0.04%
8,682 CH ROBINSON WORLDWIDE INCORPORATED 414,566
-------------
Travel & Recreation - 0.12%
22,190 CARNIVAL CORPORATION 1,039,823
6,711 SABRE HOLDINGS CORPORATION 219,785
1,259,608
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.40%
9,503 AMERISOURCEBERGEN CORPORATION 501,283
3,952 BROWN-FORMAN CORPORATION CLASS B 259,093
6,468 DEAN FOODS COMPANY+ 302,314
14,816 MCKESSON CORPORATION 867,329
9,480 NIKE INCORPORATED CLASS B<< 1,007,345
10,423 SUPERVALU INCORPORATED 407,227
30,947 SYSCO CORPORATION 1,046,937
4,391,528
-------------
28
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS - 0.19%
22,895 KIMBERLY-CLARK CORPORATION $ 1,568,072
6,978 PATTERSON COMPANIES INCORPORATED+<< 247,649
3,592 W.W. GRAINGER INCORPORATED 277,446
2,093,167
-------------
TOTAL COMMON STOCKS (COST $544,189,006) 637,819,212
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING - 44.26%
COLLATERAL INVESTED IN OTHER ASSETS - 44.26%
$ 1,264,803 AMERICAN EXPRESS BANK FSB SERIES BKNT+/- 5.40% 11/21/2007 1,265,461
3,667,929 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37 03/14/2008 3,668,406
37,944 AMERICAN GENERAL FINANCE CORPORATION+/- 5.41 06/27/2007 37,954
13,913 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 01/18/2008 13,924
104,979 AMERICAN HONDA FINANCE CORPORATION SERIES MTN+/-++ 5.32 07/10/2007 104,981
126,480 AMERICAN HONDA FINANCE CORPORATION SERIES MTN+/-++ 5.45 09/27/2007 126,593
950,879 AMSTEL FUNDING CORPORATION++ 5.28 04/16/2007 948,939
440,404 AMSTEL FUNDING CORPORATION 5.29 04/20/2007 439,251
1,870,012 APRECO LLC++ 5.32 06/15/2007 1,849,872
447,108 APRECO LLC++ 5.35 04/05/2007 446,911
1,580,372 ASIF GLOBAL FINANCING+/-++ 5.40 05/03/2007 1,580,482
189,720 ATLAS CAPITAL FUNDING CORPORATION++ 5.27 05/21/2007 188,368
3,162,008 ATLAS CAPITAL FUNDING CORPORATION+/-++ 5.33 05/10/2007 3,162,008
2,529,606 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 2,529,632
3,162,008 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 3,162,166
4,268,331 ATOMIUM FUNDING LLC++ 5.30 05/11/2007 4,244,087
145,452 BANK OF AMERICA CORPORATION 5.30 04/02/2007 145,452
6,703,457 BEAR STEARNS & COMPANY INCORPORATED+/- 5.51 08/22/2007 6,703,457
651,374 BEAR STEARNS & COMPANY INCORPORATED+/- 5.93 09/27/2007 653,399
41,106,105 BEAR STEARNS & COMPANY INCORPORATED REPURCHASE AGREEMENT
(MATURITY VALUE $41,118,643) 5.49 04/02/2007 41,106,105
5,754,855 BEAR STEARNS & COMPANY INCORPORATED SERIES MTN+/- 5.56 10/03/2007 5,758,020
1,897,205 BETA FINANCE INCORPORATED SERIES MTN+/-++ 5.33 07/17/2007 1,897,470
10,118,426 BNP PARIBAS REPURCHASE AGREEMENT (MATURITY VALUE $10,121,512) 5.49 04/02/2007 10,118,426
1,264,803 CAIRN HIGH GRADE FUNDING I LLC 5.29 05/08/2007 1,258,176
1,644,244 CAIRN HIGH GRADE FUNDING I LLC++ 5.29 04/23/2007 1,639,213
2,276,646 CAIRN HIGH GRADE FUNDING I LLC 5.30 05/10/2007 2,264,056
1,873,174 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/14/2007 1,861,729
2,213,406 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,192,135
1,770,725 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 1,762,739
49,327 CATERPILLAR FINANCIAL SERVICES CORPORATION+/- 5.43 08/20/2007 49,347
3,162,008 CBA (DELAWARE) FINANCE INCORPORATED 5.28 05/31/2007 3,134,846
3,844,875 CEDAR SPRINGS CAPITAL COMPANY 5.28 04/16/2007 3,837,032
5,529,593 CEDAR SPRINGS CAPITAL COMPANY++ 5.28 04/10/2007 5,523,124
372,990 CEDAR SPRINGS CAPITAL COMPANY 5.29 04/18/2007 372,121
3,789,603 CEDAR SPRINGS CAPITAL COMPANY++ 5.29 05/08/2007 3,769,746
2,751,706 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/11/2007 2,723,666
2,466,366 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,440,149
29
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,718,109 CHARIOT FUNDING LLC++ 5.37% 04/12/2007 $ 1,715,600
126,480 CHEYNE FINANCE LLC++ 5.28 04/17/2007 126,203
1,264,803 CHEYNE FINANCE LLC 5.29 05/14/2007 1,257,075
569,161 CHEYNE FINANCE LLC++ 5.29 06/07/2007 563,692
2,529,606 CHEYNE FINANCE LLC 5.29 07/17/2007 2,490,651
2,529,606 CHEYNE FINANCE LLC 5.29 07/18/2007 2,490,296
1,644,244 CHEYNE FINANCE LLC 5.30 05/11/2007 1,634,905
10,118,426 CHEYNE FINANCE LLC 5.30 06/18/2007 10,004,998
1,328,043 CHEYNE FINANCE LLC++ 5.31 04/13/2007 1,325,919
3,162,008 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 3,161,091
1,264,803 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,265,600
135,713 CIT GROUP INCORPORATED+/- 5.58 05/18/2007 135,758
11,943,736 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $11,947,379) 5.49 04/02/2007 11,943,736
55,643,379 COBBLER FUNDING LIMITED 5.27 10/25/2007 53,990,770
505,921 COMERICA BANK+/- 5.34 07/20/2007 506,011
892,319 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.32 05/14/2007 886,867
2,529,606 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 2,525,913
5,059,213 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 5,045,958
569,161 CREDIT SUISSE FIRST BOSTON (USA) INCORPORATED SERIES MTN+/- 5.46 04/05/2007 569,161
289,640 CREDIT SUISSE FIRST BOSTON (USA) INCORPORATED SERIES MTN+/- 5.71 10/29/2007 290,393
31,620 CROWN POINT CAPITAL COMPANY 5.29 04/17/2007 31,551
5,283,968 DEER VALLEY FUNDING LLC++ 5.30 04/04/2007 5,282,436
340,232 DEER VALLEY FUNDING LLC++ 5.30 04/05/2007 340,082
216,914 DEER VALLEY FUNDING LLC++ 5.30 04/13/2007 216,567
1,500,436 DEER VALLEY FUNDING LLC++ 5.30 05/15/2007 1,491,043
601,667 DEER VALLEY FUNDING LLC++ 5.31 04/10/2007 600,963
8,382,989 DEER VALLEY FUNDING LLC 5.32 04/02/2007 8,382,989
2,892,352 DEER VALLEY FUNDING LLC 5.34 05/07/2007 2,877,630
256,502 ERASMUS CAPITAL CORPORATION++ 5.33 06/15/2007 253,740
107,002 FCAR OWNER TRUST SERIES II 5.29 06/22/2007 105,741
2,529,606 FCAR OWNER TRUST SERIES II 5.31 06/11/2007 2,503,830
1,264,803 FCAR OWNER TRUST SERIES II 5.31 06/21/2007 1,250,081
822,122 FCAR OWNER TRUST SERIES II 5.31 07/20/2007 809,100
21,538,356 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $21,544,925) 5.49 04/02/2007 21,538,356
2,529,606 FIVE FINANCE INCORPORATED 5.31 06/22/2007 2,499,782
126,480 FIVE FINANCE INCORPORATED+/-++ 5.31 09/13/2007 126,514
2,276,646 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION 5.29 06/18/2007 2,251,125
316,327 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION 5.30 06/25/2007 312,459
54,640 FOX TROT CDO LIMITED++ 5.27 04/11/2007 54,568
2,023,685 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY+/- 5.40 06/18/2007 2,023,685
2,554,270 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA+/- 5.41 06/22/2007 2,555,011
4,305,390 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 4,306,811
1,665,746 GEORGE STREET FINANCE LLC++ 5.30 04/10/2007 1,663,797
3,825,524 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 3,809,916
3,162,008 GERMAN RESIDENTIAL FUNDING+/-++ 5.34 08/22/2007 3,162,008
3,162,008 GERMAN RESIDENTIAL FUNDING+/-++ 5.37 08/22/2007 3,162,008
94,860 GRAMPIAN FUNDING LIMITED 5.29 05/22/2007 94,170
522,870 HUDSON-THAMES LLC++ 5.28 04/02/2007 522,870
30
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 4,409,357 HUDSON-THAMES LLC 5.28% 04/16/2007 $ 4,400,362
992,997 HUDSON-THAMES LLC 5.29 04/20/2007 990,395
3,897,365 HUDSON-THAMES LLC 5.29 07/16/2007 3,837,930
22,630,555 HUDSON-THAMES LLC 5.32 08/06/2007 22,217,094
88,536 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 88,550
4,426,811 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 4,426,811
31,620 IRISH LIFE & PERMANENT PLC++ 5.28 04/04/2007 31,611
1,059,146 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 1,057,600
1,184,235 KLIO FUNDING CORPORATION++ 5.30 04/12/2007 1,182,506
1,391,284 KLIO FUNDING CORPORATION++ 5.38 04/09/2007 1,389,864
5,178,610 KLIO III FUNDING CORPORATION 5.29 05/08/2007 5,151,474
1,901,379 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,895,275
1,286,431 LA FAYETTE ASSET SECURITIZATION CORPORATION 5.28 04/09/2007 1,285,119
1,227,112 LA FAYETTE ASSET SECURITIZATION CORPORATION++ 5.32 04/16/2007 1,224,609
1,186,006 LA FAYETTE ASSET SECURITIZATION CORPORATION 5.33 04/20/2007 1,182,899
2,891,846 LA FAYETTE ASSET SECURITIZATION CORPORATION++ 5.33 04/23/2007 2,882,997
4,426,811 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.59 05/31/2007 4,427,741
709,555 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTNG+/- 5.48 04/20/2007 709,604
619,754 LIBERTY HARBOUR CDO II LIMITED++ 5.31 04/13/2007 618,762
316,201 LIBERTY LIGHT US CAPITAL+/-++ 5.38 11/21/2007 316,340
505,921 LIBERTY LIGHT US CAPITAL SERIES MTN1+/-++ 5.50 04/16/2007 505,947
6,324,016 LIQUID FUNDING LIMITED+/-++ 5.29 08/15/2007 6,200,255
6,324,016 LIQUID FUNDING LIMITED 5.30 04/23/2007 6,304,665
189,720 LIQUID FUNDING LIMITED++ 5.31 07/16/2007 186,827
126,480 M&I MARSHALL & ILSLEY BANK SERIES BKNT+/- 5.33 02/15/2008 126,444
158,986 MANE FUNDING CORPORATION 5.30 04/12/2007 158,754
94,860 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNB+/- 5.59 01/02/2008 95,041
21,502 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.39 08/24/2007 21,504
379,441 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.47 08/27/2007 379,714
63,240 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.56 04/20/2007 63,245
3,162,008 METLIFE GLOBAL FUNDING I+/-++ 5.31 02/22/2008 3,162,008
271,933 MORGAN STANLEY+/- 5.48 11/09/2007 272,164
1,944,635 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 1,944,752
3,162,008 NATEXIS BANQUES POPULAIRES+/-++ 5.35 11/09/2007 3,162,166
4,989,649 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 4,992,243
316,201 NATIONWIDE BUILDING SOCIETY+/- 5.48 07/20/2007 316,416
371,852 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.28 04/09/2007 371,473
121,801 NORTH SEA FUNDING LLC++SS. 5.29 05/05/2008 121,552
5,938,884 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 5,940,024
4,995,973 SAINT GERMAIN FUNDING 5.32 04/24/2007 4,979,936
455,329 SCALDIS CAPITAL LIMITED++ 5.35 04/16/2007 454,400
3,035,528 SEDNA FINANCE INCORPORATED SERIES MTN+/-++ 5.32 04/11/2007 3,035,528
2,276,646 SEDNA FINANCE INCORPORATED SERIES MTN+/-++ 5.33 10/26/2007 2,276,623
2,529,606 SLM CORPORATION+/-++SS. 5.32 05/12/2008 2,529,859
774,060 SLM CORPORATION SERIES MTN1+/- 5.58 07/25/2007 774,632
223,238 SOCIETE GENERALE NORTH AMERICA 5.31 06/20/2007 220,671
1,517,764 STANFIELD VICTORIA FUNDING LLC++ 5.30 04/25/2007 1,512,679
942,278 STANFIELD VICTORIA FUNDING LLC 5.30 06/21/2007 931,310
31
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$30,669,964 STANFIELD VICTORIA FUNDING LLC 5.32% 07/30/2007 $ 30,139,680
126,480 TANGO FINANCE CORPORATION 5.38 04/05/2007 126,425
442,681 TASMAN FUNDING INCORPORATED++ 5.30 05/16/2007 439,848
713,096 TICONDEROGA FUNDING LLC 5.30 04/04/2007 712,889
12,648,032 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/- 5.64 12/31/2007 12,648,032
2,430,825 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 2,430,777
32,379 TULIP FUNDING CORPORATION 5.29 04/25/2007 32,270
3,686,705 UNICREDITO ITALIANO BANK (IRELAND) 5.32 07/31/2007 3,622,446
3,162,008 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 3,162,356
215,017 UNICREDITO ITALIANO BANK (NEW YORK) SERIES YCD+/- 5.34 12/13/2007 214,900
682,994 UNICREDITO ITALIANO BANK (NEW YORK) SERIES YCD+/- 5.35 12/03/2007 683,212
189,720 VERSAILLES CDS LLC++ 5.28 04/16/2007 189,333
6,324,016 VERSAILLES CDS LLC++ 5.40 04/11/2007 6,315,732
2,150,166 VETRA FINANCE CORPORATION++ 5.28 04/23/2007 2,143,586
18,972 WACHOVIA CORPORATION+/- 5.41 07/20/2007 18,979
3,231,825 WHISTLEJACKET CAPITAL LIMITED 5.31 04/27/2007 3,220,029
2,086,925 WHITE PINE FINANCE LLC+/-++ 5.32 04/20/2007 2,086,946
1,011,843 WHITE PINE FINANCE LLC+/-++ 5.33 06/21/2007 1,011,994
5,896,639 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 5,882,900
1,559,882 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,556,013
63,240 WORLD SAVINGS BANK FSB+/- 5.42 06/01/2007 63,245
12,648 WORLD SAVINGS BANK FSB SERIES BKNT+/- 5.36 10/19/2007 12,651
484,211,491
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $484,211,491) 484,211,491
-------------
US TREASURY SECURITIES - 36.79%
US TREASURY BONDS - 36.79%
28,596,000 US TREASURY BOND<< 6.38 08/15/2027 33,868,388
71,612,000 US TREASURY BOND<< 6.13 11/15/2027 82,678,274
37,870,000 US TREASURY BOND<< 5.50 08/15/2028 40,730,965
35,759,000 US TREASURY BOND<< 5.25 11/15/2028 37,317,878
36,638,000 US TREASURY BOND<< 5.25 02/15/2029 38,249,486
35,997,000 US TREASURY BOND<< 6.13 08/15/2029 41,866,203
56,824,000 US TREASURY BOND<< 6.25 05/15/2030 67,323,143
56,775,000 US TREASURY BOND<< 5.38 02/15/2031 60,527,487
402,561,824
-------------
TOTAL US TREASURY SECURITIES (COST $385,483,376) 402,561,824
-------------
32
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 4.58%
MUTUAL FUNDS - 3.01%
32,948,333 WELLS FARGO ADVANTAGE MONEY MARKET TRUST+++~ $ 32,948,333
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
US TREASURY BILLS - 1.57%
$ 175,000 US TREASURY BILL^# 4.85% 05/10/2007 174,078
215,000 US TREASURY BILL^# 4.94 05/10/2007 213,868
16,870,000 US TREASURY BILL^# 4.96 05/10/2007 16,781,142
17,169,088
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $50,117,992) 50,117,421
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,464,001,865)* 143.93% $1,574,709,948
OTHER ASSETS AND LIABILITIES, NET (43.93) (480,597,222)
------ --------------
TOTAL NET ASSETS 100.00% $1,094,112,726
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $36,966,703.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.50%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 9,447,632
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 5,662,694
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 368,868
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 9,423,459
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 9,452,045
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 28,310,201
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 30,992,107
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 4,257,112
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 4,273,610
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 4,259,734
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 4,258,957
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,832,335
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 19,711,256
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 217,037,778
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 3,797,015
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 3,388,164
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 367,210
N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 141,249,194
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 3,391,129
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 61,998,689
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $540,508,145) 564,479,189
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS - 0.27%
US TREASURY BILLS - 0.27%
$ 5,000 US TREASURY BILL^# 4.85% 05/10/2007 4,974
25,000 US TREASURY BILL^# 4.94 05/10/2007 24,868
1,430,000 US TREASURY BILL^# 4.96 05/10/2007 1,422,467
55,000 US TREASURY BILL^# 4.95 08/09/2007 54,040
1,506,349
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,506,381) 1,506,349
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $542,014,526) 99.77% $ 565,985,538
OTHER ASSETS AND LIABILITIES, NET 0.23 1,328,635
------ ---------------
TOTAL NET ASSETS 100.00% $ 567,314,173
====== ===============
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.13%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 107,679,840
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 65,251,594
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 4,323,547
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 108,828,955
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 109,127,049
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 326,344,921
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 69,543,360
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 49,332,064
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 49,578,110
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 49,313,599
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 49,251,691
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 32,651,483
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 223,993,535
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 487,318,071
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 43,630,749
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 39,020,615
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 4,280,327
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 39,054,791
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 139,237,728
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,723,819,298) 1,997,762,029
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS - 0.90%
US TREASURY BILLS - 0.90%
$ 295,000 US TREASURY BILL^# 4.94% 05/10/2007 293,446
15,090,000 US TREASURY BILL^# 4.96 05/10/2007 15,010,519
2,915,000 US TREASURY BILL^# 4.95 08/09/2007 2,864,110
18,168,075
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $18,167,753) 18,168,075
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,741,987,051) 100.03% $ 2,015,930,104
OTHER ASSETS AND LIABILITIES, NET (0.03) (516,288)
------ ---------------
TOTAL NET ASSETS 100.00% $ 2,015,413,816
====== ===============
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.29%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 17,814,031
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 10,719,594
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 702,791
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 17,972,131
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 18,018,674
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 53,790,940
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 24,035,832
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 8,170,542
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 8,214,088
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 8,163,199
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 8,157,535
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 5,391,061
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 37,164,519
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 168,401,827
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 7,232,427
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 6,452,730
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 711,624
N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 80,333,276
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 6,440,261
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 48,112,037
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $474,959,877) 535,999,119
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS - 0.61%
US TREASURY BILLS - 0.61%
$ 55,000 US TREASURY BILL^# 4.94% 05/10/2007 54,710
3,275,000 US TREASURY BILL^# 4.96 05/10/2007 3,257,751
3,312,461
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,312,567) 3,312,461
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $478,272,444) 99.90% $ 539,311,580
OTHER ASSETS AND LIABILITIES, NET 0.10 521,003
------ ---------------
TOTAL NET ASSETS 100.00% $ 539,832,583
====== ===============
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
36
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
AGGRESSIVE
ALLOCATION FUND
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................................................................... $ 1,997,219
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS .............................................................. 249,891,807
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ................................................................ 0
INVESTMENTS IN AFFILIATES ................................................................................ 0
-----------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......................................................... 251,889,026
-----------------
CASH ..................................................................................................... 25,000
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ......................................................... 98,064
RECEIVABLE FOR FUND SHARES ISSUED ........................................................................ 48,930
RECEIVABLE FOR INVESTMENTS SOLD .......................................................................... 0
RECEIVABLES FOR DIVIDENDS AND INTEREST ................................................................... 0
PREPAID EXPENSES AND OTHER ASSETS ........................................................................ 0
-----------------
TOTAL ASSETS ................................................................................................ 252,061,020
-----------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ......................................................................... 0
PAYABLE FOR INVESTMENTS PURCHASED ........................................................................ 0
DIVIDENDS PAYABLE ........................................................................................ 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .................................................... 41,920
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................................................................... 0
ACCRUED EXPENSES AND OTHER LIABILITIES ................................................................... 69,120
-----------------
TOTAL LIABILITIES ........................................................................................... 111,040
-----------------
TOTAL NET ASSETS ............................................................................................ $ 251,949,980
=================
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .......................................................................................... $ 211,380,320
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................................................... 1,090,785
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS .................................................... 6,323,476
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND TRANSLATION OF ASSETS
AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ...................................................... 31,998,213
NET UNREALIZED APPRECIATION (DEPRECIATION) OF FUTURES .................................................... 1,157,186
-----------------
TOTAL NET ASSETS ............................................................................................ $ 251,949,980
-----------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ..................................................................................... N/A
SHARES OUTSTANDING - CLASS A ............................................................................. N/A
NET ASSET VALUE PER SHARE - CLASS A ...................................................................... N/A
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ............................................................ N/A
NET ASSETS - CLASS B ..................................................................................... N/A
SHARES OUTSTANDING - CLASS B ............................................................................. N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ................................................... N/A
NET ASSETS - CLASS C ..................................................................................... N/A
SHARES OUTSTANDING - CLASS C ............................................................................. N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ................................................... N/A
NET ASSETS - ADMINISTRATOR CLASS ......................................................................... $ 251,949,980
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................................................................. 16,230,920
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS ....................................... $ 15.52
-----------------
INVESTMENTS AT COST ......................................................................................... $ 219,890,813
=================
SECURITIES ON LOAN, AT MARKET VALUE ......................................................................... $ 0
=================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
(2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSET VALUE. ON
INVESTMENT OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
38
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET CONSERVATIVE GROWTH MODERATE
ALLOCATION FUND ALLOCATION FUND BALANCED FUND BALANCED FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................... $ 1,051,715,306 $ 1,506,349 $ 18,168,075 $ 3,312,461
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS .............. 0 564,479,189 1,997,762,029 535,999,119
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ................ 484,211,491 0 0 0
INVESTMENTS IN AFFILIATES ................................ 38,783,151 0 0 0
-------------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......... 1,574,709,948 565,985,538 2,015,930,104 539,311,580
-------------------------------------------------------------------
CASH ..................................................... 100,000 25,000 25,000 25,000
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ......... 659,063 74,388 782,564 139,688
RECEIVABLE FOR FUND SHARES ISSUED ........................ 64,180 1,497,139 282,474 626,392
RECEIVABLE FOR INVESTMENTS SOLD .......................... 13,999 0 0 0
RECEIVABLES FOR DIVIDENDS AND INTEREST ................... 6,058,696 0 0 0
PREPAID EXPENSES AND OTHER ASSETS ........................ 0 0 0 21,502
-------------------------------------------------------------------
TOTAL ASSETS ................................................ 1,581,605,886 567,582,065 2,017,020,142 540,124,162
-------------------------------------------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ......................... 1,251,262 0 363,415 76,062
PAYABLE FOR INVESTMENTS PURCHASED ........................ 827,454 0 0 0
DIVIDENDS PAYABLE ........................................ 0 0 0 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .... 906,768 98,824 477,814 98,670
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................... 484,211,491 0 0 0
ACCRUED EXPENSES AND OTHER LIABILITIES ................... 296,185 169,068 765,097 116,847
-------------------------------------------------------------------
TOTAL LIABILITIES ........................................... 487,493,160 267,892 1,606,326 291,579
-------------------------------------------------------------------
TOTAL NET ASSETS ............................................ $ 1,094,112,726 $ 567,314,173 $2,015,413,816 $ 539,832,583
===================================================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL .......................................... $ 1,017,984,484 $ 533,123,870 $1,670,504,475 $ 462,572,755
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............... 480,046 4,825,514 9,680,633 3,608,356
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS .... (43,527,239) 4,518,658 52,000,284 10,952,790
NET UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS, FOREIGN CURRENCIES AND TRANSLATION OF
ASSETS AND LIABILITIES DENOMINATED IN
FOREIGN CURRENCIES ..................................... 110,708,083 23,971,012 273,943,053 61,039,136
NET UNREALIZED APPRECIATION (DEPRECIATION) OF FUTURES .... 8,467,352 875,119 9,285,371 1,659,546
-------------------------------------------------------------------
TOTAL NET ASSETS ............................................ $ 1,094,112,726 $ 567,314,173 $2,015,413,816 $ 539,832,583
-------------------------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ..................................... $ 877,539,624 N/A $ 74,658,765 $ 8,166,724
SHARES OUTSTANDING - CLASS A ............................. 40,776,501 N/A 2,226,351 379,342
NET ASSET VALUE PER SHARE - CLASS A ...................... $ 21.52 N/A $ 33.53 $ 21.53
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ............ $ 22.83 N/A $ 35.58 $ 22.84
NET ASSETS - CLASS B ..................................... $ 104,734,062 N/A $ 69,193,122 $ 3,244,273
SHARES OUTSTANDING - CLASS B ............................. 7,996,961 N/A 2,289,501 151,705
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ... $ 13.10 N/A $ 30.22 $ 21.39
NET ASSETS - CLASS C ..................................... $ 35,398,005 N/A $ 15,434,980 $ 1,885,058
SHARES OUTSTANDING - CLASS C ............................. 2,702,372 N/A 509,436 88,173
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ... $ 13.10 N/A $ 30.30 $ 21.38
NET ASSETS - ADMINISTRATOR CLASS ......................... $ 76,441,035 $ 567,314,173 $1,856,126,949 $ 526,536,528
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................. 3,547,238 28,983,219 60,292,780 24,346,453
NET ASSET VALUE AND OFFERING PRICE PER SHARE -
ADMINISTRATOR CLASS .................................... $ 21.55 $ 19.57 $ 30.79 $ 21.63
-------------------------------------------------------------------
INVESTMENTS AT COST ......................................... $ 1,464,001,865 $ 542,014,526 $1,741,987,051 $ 478,272,444
===================================================================
SECURITIES ON LOAN, AT MARKET VALUE ......................... $ 476,876,659 $ 0 $ 0 $ 0
===================================================================
39
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
AGGRESSIVE
ALLOCATION FUND
- --------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ............................................................................. $ 0
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS(1) .............................. 1,601,709
INTEREST .............................................................................. 49,907
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ........................... 1,177,168
INCOME FROM AFFILIATED SECURITIES ..................................................... 0
SECURITIES LENDING INCOME, NET ........................................................ 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS .................................. (690,978)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ................................... 73,710
-------------
TOTAL INVESTMENT INCOME .................................................................. 2,211,516
-------------
EXPENSES
ADVISORY FEES ......................................................................... 302,307
ADMINISTRATION FEES
FUND LEVEL ......................................................................... 60,461
CLASS A ............................................................................ N/A
CLASS B ............................................................................ N/A
CLASS C ............................................................................ N/A
ADMINISTRATOR CLASS ................................................................ 120,923
CUSTODY FEES .......................................................................... 0
SHAREHOLDER SERVICING FEES ............................................................ 302,307
ACCOUNTING FEES ....................................................................... 15,655
DISTRIBUTION FEES (NOTE 3)
CLASS B ............................................................................ N/A
CLASS C ............................................................................ N/A
PROFESSIONAL FEES ..................................................................... 6,442
REGISTRATION FEES ..................................................................... 8,668
SHAREHOLDER REPORTS ................................................................... 12,754
TRUSTEES' FEES ........................................................................ 3,599
OTHER FEES AND EXPENSES ............................................................... 2,526
-------------
TOTAL EXPENSES .......................................................................... 835,642
-------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......................................... (243,319)
NET EXPENSES .......................................................................... 592,323
-------------
NET INVESTMENT INCOME (LOSS) ............................................................. 1,619,193
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- --------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 981
AFFILIATED SECURITIES ................................................................. 0
FUTURES TRANSACTIONS .................................................................. 618,962
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 8,002,515
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ................... 2,156
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ................................. (9,305)
OPTIONS, SWAP AGREEMENT AND SHORT SALE TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .. 16
-------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................................ 8,615,325
-------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- --------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 0
FUTURES TRANSACTIONS .................................................................. 1,247,020
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 6,717,366
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER PORTFOLIOS .... (19,079)
-------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ...................... 7,945,307
-------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................................... 16,560,632
-------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ 18,179,825
=============
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................................................. $ 15,709
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
40
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET CONSERVATIVE
ALLOCATION FUND ALLOCATION FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ............................................................................. $ 6,351,062 $ 0
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS(1) .............................. 0 1,176,115
INTEREST .............................................................................. 10,711,955 37,731
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ........................... 0 10,623,193
INCOME FROM AFFILIATED SECURITIES ..................................................... 1,019,810 0
SECURITIES LENDING INCOME, NET ........................................................ 205,573 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS .................................. 0 (1,314,127)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ................................... 0 307,418
--------------------------------
TOTAL INVESTMENT INCOME .................................................................. 18,288,400 10,830,330
--------------------------------
EXPENSES
ADVISORY FEES ......................................................................... 3,459,534 680,137
ADMINISTRATION FEES
FUND LEVEL ......................................................................... 280,506 136,028
CLASS A ............................................................................ 1,244,021 N/A
CLASS B ............................................................................ 164,802 N/A
CLASS C ............................................................................ 50,917 N/A
ADMINISTRATOR CLASS ................................................................ 39,675 272,055
CUSTODY FEES .......................................................................... 112,202 0
SHAREHOLDER SERVICING FEES ............................................................ 1,402,528 680,137
ACCOUNTING FEES ....................................................................... 48,339 22,758
DISTRIBUTION FEES (NOTE 3)
CLASS B ............................................................................ 441,434 N/A
CLASS C ............................................................................ 136,384 N/A
PROFESSIONAL FEES ..................................................................... 20,086 8,297
REGISTRATION FEES ..................................................................... 16,377 7,171
SHAREHOLDER REPORTS ................................................................... 134,684 61,536
TRUSTEES' FEES ........................................................................ 4,343 4,497
OTHER FEES AND EXPENSES ............................................................... 18,108 4,709
--------------------------------
TOTAL EXPENSES ........................................................................... 7,573,940 1,877,325
--------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......................................... (643,682) (570,970)
NET EXPENSES .......................................................................... 6,930,258 1,306,355
--------------------------------
NET INVESTMENT INCOME (LOSS) ............................................................. 11,358,142 9,523,975
--------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 7,545,239 6,904
AFFILIATED SECURITIES ................................................................. 211,661 0
FUTURES TRANSACTIONS .................................................................. 7,204,367 477,717
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 0 5,922,995
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ................... 0 1,382
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ................................. 0 (43,698)
OPTIONS, SWAP AGREEMENT AND SHORT SALE TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .. 0 31,762
--------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................................ 14,961,267 6,397,062
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ---------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 27,528,726 0
FUTURES TRANSACTIONS .................................................................. 8,757,239 945,312
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 0 3,679,472
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER PORTFOLIOS .... 0 290,111
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ...................... 36,285,965 4,914,895
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................................... 51,247,232 11,311,957
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ 62,605,374 $ 20,835,932
================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................................................. $ 0 $ 8,926
GROWTH MODERATE
BALANCED FUND BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ............................................................................. $ 0 $ 0
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS(1) .............................. 11,660,989 2,026,218
INTEREST .............................................................................. 456,782 83,744
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ........................... 18,094,303 8,118,293
INCOME FROM AFFILIATED SECURITIES ..................................................... 353 0
SECURITIES LENDING INCOME, NET ........................................................ 0 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS .................................. (5,835,953) (1,426,038)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ................................... 787,695 266,790
--------------------------------
TOTAL INVESTMENT INCOME .................................................................. 25,164,169 9,069,007
--------------------------------
EXPENSES
ADVISORY FEES ......................................................................... 2,665,714 697,503
ADMINISTRATION FEES
FUND LEVEL ......................................................................... 533,143 139,501
CLASS A ............................................................................ 98,870 9,733
CLASS B ............................................................................ 101,464 4,681
CLASS C ............................................................................ 22,595 2,426
ADMINISTRATOR CLASS ................................................................ 986,668 272,987
CUSTODY FEES .......................................................................... 0 0
SHAREHOLDER SERVICING FEES ............................................................ 2,665,714 697,503
ACCOUNTING FEES ....................................................................... 60,087 32,061
DISTRIBUTION FEES (NOTE 3)
CLASS B ............................................................................ 271,780 12,537
CLASS C ............................................................................ 60,522 6,498
PROFESSIONAL FEES ..................................................................... 4,820 9,702
REGISTRATION FEES ..................................................................... 18,735 16,003
SHAREHOLDER REPORTS ................................................................... 5,556 13,786
TRUSTEES' FEES ........................................................................ 4,483 4,486
OTHER FEES AND EXPENSES ............................................................... 28,423 6,720
--------------------------------
TOTAL EXPENSES ........................................................................... 7,528,574 1,926,127
--------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......................................... (1,912,613) (539,610)
NET EXPENSES .......................................................................... 5,615,961 1,386,517
--------------------------------
NET INVESTMENT INCOME (LOSS) ............................................................. 19,548,208 7,682,490
--------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 17,023 5,760
AFFILIATED SECURITIES ................................................................. 0 0
FUTURES TRANSACTIONS .................................................................. 6,646,772 1,368,145
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 68,243,509 14,437,468
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ................... 10,984 1,723
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ................................. (38,802) (28,725)
OPTIONS, SWAP AGREEMENT AND SHORT SALE TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .. 237 19,468
--------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................................ 74,879,723 15,803,839
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ---------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 0 0
FUTURES TRANSACTIONS .................................................................. 10,115,359 1,818,961
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 42,018,922 4,797,984
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER PORTFOLIOS .... (461,296) (184,495)
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ...................... 51,672,985 6,432,450
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................................... 126,552,708 22,236,289
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ 146,100,916 $ 29,918,779
================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .................................................. $ 109,469 $ 17,644
41
WELLS FARGO ADVANTAGE ALLOCATION FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 223,487,636 $ 196,483,994
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 1,619,193 3,252,541
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 8,615,325 11,438,263
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 7,945,307 3,619,918
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 18,179,825 18,310,722
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................ N/A N/A
CLASS B ............................................................................ N/A N/A
CLASS C ............................................................................ N/A N/A
ADMINISTRATOR CLASS ................................................................ (2,907,837) (2,800,059)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................ N/A N/A
CLASS B ............................................................................ N/A N/A
CLASS C ............................................................................ N/A N/A
ADMINISTRATOR CLASS ................................................................ (12,552,487) (4,735,077)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS (15,460,324) (7,535,136)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 68,056,042 99,054,399
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 15,434,885 7,517,462
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (57,748,084) (90,343,805)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................... 25,742,843 16,228,056
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... 25,742,843 16,228,056
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 28,462,344 27,003,642
======================================
ENDING NET ASSETS ........................................................................ $ 251,949,980 $ 223,487,636
======================================
(1) PROCEEDS FROM SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND
SHARE CLASS CONVERSIONS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
42
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 1,112,227,954 $ 1,159,036,372
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 11,358,142 22,666,373
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 14,961,267 29,844,339
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 36,285,965 34,260,905
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 62,605,374 86,771,617
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................ (9,360,707) (18,664,689)
CLASS B ............................................................................ (734,679) (1,760,040)
CLASS C ............................................................................ (244,951) (508,825)
ADMINISTRATOR CLASS ................................................................ (926,528) (1,437,741)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................ (16,199,697) (9,943,175)
CLASS B ............................................................................ (2,169,682) (1,507,896)
CLASS C ............................................................................ (665,945) (435,861)
ADMINISTRATOR CLASS ................................................................ (1,447,613) (387,595)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (31,749,802) (34,645,822)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... 24,729,009 18,636,399
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... 24,617,469 27,541,531
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... (67,777,754) (150,145,942)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ............................................................................... (18,431,276) (103,968,012)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... 1,490,112 5,062,669
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... 2,695,062 3,059,238
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... (28,687,341) (35,008,057)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ............................................................................... (24,502,167) (26,886,150)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... 991,739 2,034,849
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... 763,602 794,910
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... (3,628,432) (9,084,727)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ............................................................................... (1,873,091) (6,254,968)
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 7,948,281 120,525,084
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 2,349,218 1,801,575
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (14,461,765) (84,151,742)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................... (4,164,266) 38,174,917
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... (48,970,800) (98,934,213)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (18,115,228) (46,808,418)
======================================
ENDING NET ASSETS ........................................................................ $ 1,094,112,726 $ 1,112,227,954
======================================
CONSERVATIVE ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 515,658,362 $ 442,285,061
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 9,523,975 17,232,619
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 6,397,062 5,986,318
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 4,914,895 1,056,687
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 20,835,932 24,275,624
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................ N/A N/A
CLASS B ............................................................................ N/A N/A
CLASS C ............................................................................ N/A N/A
ADMINISTRATOR CLASS ................................................................ (17,563,812) (14,500,101)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................ N/A N/A
CLASS B ............................................................................ N/A N/A
CLASS C ............................................................................ N/A N/A
ADMINISTRATOR CLASS ................................................................ (7,736,762) (8,664,277)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (25,300,574) (23,164,378)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... N/A N/A
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ............................................................................... N/A N/A
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 245,730,162 389,333,188
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 25,254,153 23,081,988
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (214,863,862) (340,153,121)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................... 56,120,453 72,262,055
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... 56,120,453 72,262,055
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 51,655,811 73,373,301
======================================
ENDING NET ASSETS ........................................................................ $ 567,314,173 $ 515,658,362
======================================
GROWTH BALANCED FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 2,073,810,460 $ 2,009,757,928
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 19,548,208 41,718,452
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 74,879,723 105,295,609
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 51,672,985 14,110,037
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 146,100,916 161,124,098
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................ (1,123,070) (822,443)
CLASS B ............................................................................ (685,208) (678,739)
CLASS C ............................................................................ (157,410) (140,461)
ADMINISTRATOR CLASS ................................................................ (39,169,481) (33,351,944)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................ (3,574,063) (2,975,958)
CLASS B ............................................................................ (4,075,275) (4,702,473)
CLASS C ............................................................................ (909,437) (1,011,770)
ADMINISTRATOR CLASS ................................................................ (109,292,276) (101,273,947)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (158,986,220) (144,957,735)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... 29,979,920 27,294,606
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... 4,580,629 3,674,284
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... (24,395,886) (25,390,653)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ............................................................................... 10,164,663 5,578,327
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... 1,246,893 3,267,732
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... 4,642,836 5,218,862
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... (10,251,644) (20,466,183)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ............................................................................... (4,361,915) (11,979,589)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... 387,910 1,318,661
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... 1,016,360 1,098,695
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... (2,308,610) (4,390,202)
-----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ............................................................................... (904,340) (1,972,846)
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 121,042,900 411,833,872
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 147,475,537 133,904,581
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (318,928,185) (489,478,086)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................... (50,409,748) 56,260,367
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... (45,511,340) 47,886,169
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (58,396,644) 64,052,532
======================================
ENDING NET ASSETS ........................................................................ $ 2,015,413,816 $ 2,073,810,460
======================================
43
WELLS FARGO ADVANTAGE ALLOCATION FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. N/A N/A
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. N/A N/A
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................................. N/A N/A
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 4,342,237 6,704,839
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 993,991 512,536
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (3,690,246) (6,122,136)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ...................... 1,645,982 1,095,239
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .......................................................................... 1,645,982 1,095,239
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 1,090,785 $ 2,379,429
======================================
(1) SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND SHARE CLASS
CONVERSIONS. SEE NOTE 1.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
44
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ 1,146,500 928,669
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... 1,135,725 1,361,800
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... (3,136,108) (7,432,887)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. (853,883) (5,142,418)
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ 113,189 411,599
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... 204,364 249,052
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... (2,188,102) (2,861,894)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. (1,870,549) (2,201,243)
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ 75,040 165,069
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... 57,936 64,642
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... (275,450) (739,047)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................................. (142,474) (509,336)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 366,075 6,003,218
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 108,177 88,898
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (668,601) (4,189,819)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ...................... (194,349) 1,902,297
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .......................................................................... (3,061,255) (5,950,700)
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 480,046 $ 388,769
======================================
CONSERVATIVE ALLOCATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. N/A N/A
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. N/A N/A
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... N/A N/A
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................................. N/A N/A
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 12,499,931 20,200,943
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 1,293,476 1,201,459
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (10,935,266) (17,643,014)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ...................... 2,858,141 3,759,388
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .......................................................................... 2,858,141 3,759,388
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 4,825,514 $ 12,865,351
======================================
GROWTH BALANCED FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ 880,195 837,112
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... 136,177 113,711
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... (716,706) (779,527)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. 299,666 171,296
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ 40,941 110,254
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... 153,383 178,236
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... (334,678) (691,541)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. (140,354) (403,051)
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ 12,695 44,535
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... 33,491 37,420
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... (75,129) (148,544)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- CLASS C ................................... (28,943) (66,589)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 3,893,912 13,617,527
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 4,767,969 4,480,866
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (10,331,265) (16,217,677)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING- ADMINISTRATOR CLASS ....................... (1,669,384) 1,880,716
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS .......................................................................... (1,539,015) 1,582,372
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 9,680,633 $ 31,267,594
======================================
45
WELLS FARGO ADVANTAGE ALLOCATION FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................................ $ 569,104,796 $ 566,653,608
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ........................................................ 7,682,490 16,849,953
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................. 15,803,839 21,799,470
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................. 6,432,450 (1,890,661)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........................ 29,918,779 36,758,762
---------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A .......................................................................... (201,725) (116,185)
CLASS B .......................................................................... (72,560) (55,427)
CLASS C .......................................................................... (36,099) (20,532)
ADMINISTRATOR CLASS .............................................................. (16,487,073) (14,551,656)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A .......................................................................... (298,489) (237,619)
CLASS B .......................................................................... (152,456) (161,257)
CLASS C .......................................................................... (73,756) (60,393)
ADMINISTRATOR CLASS .............................................................. (24,058,820) (27,563,965)
---------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................................................... (41,380,978) (42,767,034)
---------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A ................................................. 7,806,250 4,119,465
REINVESTMENT OF DISTRIBUTIONS - CLASS A ............................................. 485,320 346,052
COST OF SHARES REDEEMED - CLASS A ................................................... (5,568,270) (3,563,037)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A .............................................................. 2,723,300 902,480
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B ................................................. 452,728 1,097,318
REINVESTMENT OF DISTRIBUTIONS - CLASS B ............................................. 217,880 193,156
COST OF SHARES REDEEMED - CLASS B ................................................... (645,356) (1,095,195)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B .............................................................. 25,252 195,279
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C ................................................. 342,416 520,340
REINVESTMENT OF DISTRIBUTIONS - CLASS C ............................................. 101,588 78,080
COST OF SHARES REDEEMED - CLASS C ................................................... (131,097) (213,259)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C .............................................................. 312,907 385,161
---------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS ..................................... 58,508,561 99,696,680
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ................................. 40,286,028 41,717,362
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS ....................................... (119,666,062) (134,437,502)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS ................................................................. (20,871,473) 6,976,540
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ........ (17,810,014) 8,459,460
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................. (29,272,213) 2,451,188
=======================================
ENDING NET ASSETS ...................................................................... $ 539,832,583 $ 569,104,796
=======================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
46
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A ............................................................... 350,155 192,171
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A ............................ 22,404 16,160
SHARES REDEEMED - CLASS A ........................................................... (248,875) (166,083)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ................................ 123,684 42,248
---------------------------------------
SHARES SOLD - CLASS B ............................................................... 20,841 51,428
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B ............................ 10,132 9,082
SHARES REDEEMED - CLASS B ........................................................... (30,171) (51,224)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ................................ 802 9,286
---------------------------------------
SHARES SOLD - CLASS C ............................................................... 15,892 24,410
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C ............................ 4,722 3,670
SHARES REDEEMED - CLASS C ........................................................... (6,037) (9,956)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ................................ 14,577 18,124
---------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS ................................................... 2,679,674 4,599,287
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS ................ 1,851,139 1,941,386
SHARES REDEEMED - ADMINISTRATOR CLASS ............................................... (5,487,749) (6,216,990)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS .................... (956,936) 323,683
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .................................................................. (817,873) 393,341
=======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ........................... $ 3,608,356 $ 12,723,323
=======================================
47
WELLS FARGO ADVANTAGE ALLOCATION FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DIVIDENDS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ---------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- ---------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 15.32 0.09 1.13 (0.18) (0.84)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 14.57 0.22 1.08 (0.20) (0.35)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 13.09 0.19 1.45 (0.16) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 11.85 0.14 1.26 (0.16) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 9.91 0.10 2.00 (0.16) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 12.02 0.13 (2.03) (0.11) (0.10)
ASSET ALLOCATION FUND
- ---------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 20.94 0.23 0.98 (0.23) (0.40)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 19.99 0.44 1.16 (0.43) (0.22)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 18.80 0.40 1.64 (0.41) (0.44)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 17.50 0.36(6) 1.57 (0.36) (0.27)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 14.97 0.30 2.53 (0.30) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 18.72 0.32 (2.52) (0.32) (1.23)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 12.73 0.09 0.61 (0.09) (0.24)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 12.15 0.18 0.70 (0.17) (0.13)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 11.42 0.15 1.00 (0.15) (0.27)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 10.63 0.13(6) 0.95 (0.13) (0.16)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 9.09 0.10 1.54 (0.10) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 11.36 0.11 (1.53) (0.11) (0.74)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 12.75 0.09 0.59 (0.09) (0.24)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 12.16 0.17 0.72 (0.17) (0.13)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 11.44 0.17 0.98 (0.16) (0.27)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 10.65 0.13(6) 0.95 (0.13) (0.16)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 9.11 0.11 1.54 (0.11) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 11.39 0.11 (1.53) (0.11) (0.75)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 20.97 0.26 0.97 (0.25) (0.40)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 20.02 0.41 1.24 (0.48) (0.22)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 18.82 0.47 1.63 (0.46) (0.44)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 17.53 0.40(6) 1.57 (0.41) (0.27)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 14.99 0.33 2.56 (0.35) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 18.72 0.32 (2.50) (0.32) (1.23)
CONSERVATIVE ALLOCATION FUND
- ---------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 19.74 0.32 0.44 (0.64) (0.29)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 19.78 0.67 0.30 (0.63) (0.38)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 19.48 0.54 0.40 (0.41) (0.23)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 19.23 0.44 0.46 (0.51) (0.14)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 18.42 0.46 1.00 (0.60) (0.05)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 19.92 0.61 (0.75) (0.78) (0.58)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
48
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET --------------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- -------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- -------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 15.52 1.34% 1.20%(4) (0.20)% 1.00%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 15.32 1.55% 1.20%(4) (0.20)% 1.00%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 14.57 1.42% 1.12%(4) (0.12)% 1.00%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 13.09 1.14% 1.02%(4) (0.02)% 1.00%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 11.85 1.20% 1.13%(4) (0.13)% 1.00%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 9.91 1.20% 1.08%(4) (0.08)% 1.00%(4)
ASSET ALLOCATION FUND
- -------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 21.52 2.11% 1.26% (0.11)% 1.15%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 20.94 2.13% 1.26% (0.11)% 1.15%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 19.99 2.06% 1.23% (0.08)% 1.15%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 18.80 1.90% 1.34% (0.19)% 1.15%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 17.50 1.80% 1.45% (0.30)% 1.15%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 14.97 1.76% 1.34% (0.25)% 1.09%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 13.10 1.35% 2.01% (0.11)% 1.90%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 12.73 1.38% 2.01% (0.11)% 1.90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 12.15 1.33% 1.98% (0.08)% 1.90%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 11.42 1.15% 2.09% (0.19)% 1.90%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 10.63 1.05% 2.27% (0.37)% 1.90%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 9.09 1.00% 2.15% (0.31)% 1.84%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 13.10 1.36% 2.01% (0.11)% 1.90%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 12.75 1.38% 2.01% (0.11)% 1.90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 12.16 1.26% 1.98% (0.08)% 1.90%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 11.44 1.15% 2.09% (0.19)% 1.90%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 10.65 1.05% 2.23% (0.33)% 1.90%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 9.11 1.01% 2.11% (0.27)% 1.84%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 21.55 2.36% 1.08% (0.18)% 0.90%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 20.97 2.39% 1.08% (0.18)% 0.90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 20.02 2.31% 1.00% (0.10)% 0.90%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 18.82 2.16% 1.10% (0.20)% 0.90%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 17.53 2.04% 1.22% (0.31)% 0.91%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 14.99 1.89% 1.15% (0.18)% 0.97%
CONSERVATIVE ALLOCATION FUND
- -------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 19.57 3.50% 1.06%(4) (0.21)% 0.85%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 19.74 3.69% 1.04%(4) (0.19)% 0.85%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 19.78 2.78% 1.01%(4) (0.16)% 0.85%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 19.48 2.32% 0.90%(4) (0.05)% 0.85%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 19.23 2.78% 0.97%(4) (0.15)% 0.82%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 18.42 3.23% 1.00%(4) (0.20)% 0.80%(4)
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- --------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- --------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 8.04% 43%(5) $ 251,950
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 9.14% 61%(5) $ 223,488
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 12.61% 64%(5) $ 196,484
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 11.82% 42%(5) $ 170,383
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 21.36% 43%(5) $ 131,760
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (16.22)% 40%(5) $ 78,673
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 5.70% 8% $ 877,540
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 8.13% 11% $ 871,848
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 11.03% 6% $ 934,783
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 11.12% 4% $ 864,857
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 19.04% 15% $ 838,683
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (13.20)% 23% $ 763,925
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 5.38% 8% $ 104,734
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 7.33% 11% $ 125,661
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 10.19% 6% $ 146,644
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 10.24% 4% $ 208,029
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 18.10% 15% $ 280,220
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (13.83)% 23% $ 325,790
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 5.25% 8% $ 35,398
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 7.42% 11% $ 36,261
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 10.15% 6% $ 40,795
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 10.25% 4% $ 25,268
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 18.14% 15% $ 27,345
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (13.86)% 23% $ 23,466
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 5.78% 8% $ 76,441
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 8.43% 11% $ 78,458
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 11.35% 6% $ 36,815
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 11.33% 4% $ 37,794
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 19.38% 15% $ 18,214
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (13.09)% 23% $ 14,529
CONSERVATIVE ALLOCATION FUND
- --------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 3.91% 82%(5) $ 567,314
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 5.14% 106%(5) $ 515,658
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 4.91% 102%(5) $ 442,285
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 4.74% 72%(5) $ 412,341
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 8.17% 73%(5) $ 381,254
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (0.89)% 71%(5) $ 288,610
49
WELLS FARGO ADVANTAGE ALLOCATION FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DIVIDENDS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ------------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 33.51 0.23 2.10 (0.53) (1.78)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 33.09 0.60 1.98 (0.45) (1.71)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 30.51 0.52 2.68 (0.41) (0.21)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 28.27 0.41(6) 2.41 (0.58) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 24.27 0.34 4.05 (0.39) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 29.18 0.38 (3.88) (0.23) (1.18)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.29 0.12 1.87 (0.28) (1.78)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.12 0.30 1.81 (0.23) (1.71)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 27.83 0.23 2.47 (0.20) (0.21)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 25.89 0.16(6) 2.22 (0.44) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 22.22 0.16 3.68 (0.17) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 26.92 0.19 (3.59) (0.12) (1.18)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.37 0.12 1.88 (0.29) (1.78)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.19 0.32 1.80 (0.23) (1.71)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 27.81 0.21 2.50 (0.12) (0.21)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 25.88 0.16(6) 2.21 (0.44) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 22.22 0.15 3.69 (0.18) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 26.91 0.17 (3.57) (0.11) (1.18)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.98 0.27 1.92 (0.60) (1.78)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.76 0.62 1.85 (0.54) (1.71)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 28.41 0.56 2.50 (0.50) (0.21)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 26.34 0.45(6) 2.25 (0.63) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 22.65 0.35 3.80 (0.46) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 27.33 0.44 (3.65) (0.29) (1.18)
MODERATE BALANCED FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.97 0.23 0.92 (0.61) (0.98)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 22.23 0.60 0.75 (0.51) (1.10)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 21.72 0.43 1.13 (0.40) (0.65)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.79 0.13 (0.20) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.76 0.15 0.90 (0.44) (0.98)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 22.04 0.42 0.76 (0.36) (1.10)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 21.62 0.31 1.08 (0.32) (0.65)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.79 0.06 (0.23) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.77 0.20 0.85 (0.46) (0.98)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 22.05 0.43 0.75 (0.36) (1.10)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 21.62 0.31 1.08 (0.31) (0.65)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.79 0.08 (0.25) 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 22.08 0.29 0.88 (0.64) (0.98)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 22.32 0.64 0.78 (0.56) (1.10)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 21.76 0.52 1.10 (0.41) (0.65)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 21.09 0.42 1.10 (0.64) (0.21)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 19.47 0.44 2.02 (0.64) (0.20)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 22.29 0.56 (1.80) (0.54) (1.04)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET -------------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- ---------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 33.53 1.64% 1.32%(4) (0.12)% 1.20%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 33.51 1.89% 1.30%(4) (0.10)% 1.20%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 33.09 1.59% 1.33%(4) (0.13)% 1.20%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 30.51 1.33% 1.28%(4) (0.08)% 1.20%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 28.27 1.43% 1.48%(4) (0.28)% 1.20%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 24.27 1.60% 1.18%(4) (0.03)% 1.15%(4)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.22 0.88% 2.06%(4) (0.11)% 1.95%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.29 1.12% 2.05%(4) (0.10)% 1.95%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 30.12 0.84% 2.08%(4) (0.13)% 1.95%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 27.83 0.58% 2.02%(4) (0.07)% 1.95%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 25.89 0.69% 2.57%(4) (0.62)% 1.95%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 22.22 0.85% 2.13%(4) (0.23)% 1.90%(4)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.30 0.88% 2.06%(4) (0.11)% 1.95%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.37 1.12% 2.05%(4) (0.10)% 1.95%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 30.19 0.84% 2.08%(4) (0.13)% 1.95%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 27.81 0.58% 2.02%(4) (0.07)% 1.95%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 25.88 0.69% 2.57%(4) (0.62)% 1.95%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 22.22 0.85% 2.17%(4) (0.27)% 1.90%(4)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 30.79 1.88% 1.13%(4) (0.18)% 0.95%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 30.98 2.13% 1.12%(4) (0.17)% 0.95%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 30.76 1.84% 1.07%(4) (0.12)% 0.95%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 28.41 1.59% 0.95%(4) (0.01)% 0.94%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 26.34 1.69% 1.05%(4) (0.11)% 0.94%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 22.65 1.80% 1.05%(4) (0.12)% 0.93%(4)
MODERATE BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.53 2.55% 1.28%(4) (0.13)% 1.15%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 21.97 2.75% 1.27%(4) (0.12)% 1.15%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 22.23 2.11% 1.30%(4) (0.15)% 1.15%(4)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.72 1.14% 1.27%(4) (0.12)% 1.15%(4)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.39 1.76% 2.03%(4) (0.13)% 1.90%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 21.76 1.99% 2.02%(4) (0.12)% 1.90%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 22.04 1.35% 2.05%(4) (0.15)% 1.90%(4)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.62 0.65% 2.02%(4) (0.12)% 1.90%(4)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.38 1.79% 2.03%(4) (0.13)% 1.90%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 21.77 2.00% 2.02%(4) (0.12)% 1.90%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 22.05 1.35% 2.05%(4) (0.15)% 1.90%(4)
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... $ 21.62 0.65% 2.01%(4) (0.11)% 1.90%(4)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. $ 21.63 2.76% 1.09%(4) (0.19)% 0.90%(4)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... $ 22.08 2.98% 1.09%(4) (0.19)% 0.90%(4)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... $ 22.32 2.34% 1.04%(4) (0.14)% 0.90%(4)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... $ 21.76 1.97% 0.92%(4) (0.02)% 0.90%(4)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... $ 21.09 2.25% 1.03%(4) (0.14)% 0.89%(4)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... $ 19.47 2.55% 1.02%(4) (0.14)% 0.88%(4)
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- ---------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- ---------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 7.00% 59%(5) $ 74,659
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 8.13% 80%(5) $ 64,560
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 10.58% 80%(5) $ 58,091
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 10.02% 51%(5) $ 56,566
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 18.25% 53%(5) $ 43,509
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (12.99)% 48%(5) $ 32,370
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 6.61% 59%(5) $ 69,193
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 7.30% 80%(5) $ 73,602
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 9.76% 80%(5) $ 85,327
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 9.17% 51%(5) $ 89,783
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 17.40% 53%(5) $ 81,511
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (13.68)% 48%(5) $ 66,337
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 6.62% 59%(5) $ 15,435
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 7.29% 80%(5) $ 16,351
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 9.79% 80%(5) $ 18,262
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 9.18% 51%(5) $ 20,799
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 17.35% 53%(5) $ 24,958
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (13.67)% 48%(5) $ 18,484
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 7.14% 59%(5) $ 1,856,127
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 8.40% 80%(5) $ 1,919,297
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 10.87% 80%(5) $ 1,848,078
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 10.31% 51%(5) $ 1,738,782
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 18.53% 53%(5) $ 1,415,216
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (12.85)% 48%(5) $ 1,075,256
MODERATE BALANCED FUND
- ---------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 5.26% 71%(5) $ 8,167
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 6.39% 93%(5) $ 5,618
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 7.32% 91%(5) $ 4,745
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... (0.32)% 62%(5) $ 2,576
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 4.90% 71%(5) $ 3,244
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 5.60% 93%(5) $ 3,283
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 6.50% 91%(5) $ 3,121
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... (0.78)% 62%(5) $ 2,304
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 4.90% 71%(5) $ 1,885
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 5.58% 93%(5) $ 1,602
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 6.50% 91%(5) $ 1,223
JANUARY 30, 2004 (3) TO SEPTEMBER 30, 2004 ..... (0.78)% 62%(5) $ 693
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 5.40% 71%(5) $ 526,537
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 6.68% 93%(5) $ 558,601
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 7.57% 91%(5) $ 557,564
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 7.28% 62%(5) $ 544,698
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 12.99% 64%(5) $ 512,460
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... (6.35)% 61%(5) $ 459,248
51
WELLS FARGO ADVANTAGE ALLOCATION FUNDS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3) Commencement of operations.
(4) Includes net expenses allocated from the Portfolio(s) in which the Fund
invests.
(5) Portfolio turnover rate is calculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Portfolio
by the corresponding Portfolio's portfolio turnover rate.
(6) Calculated based upon average shares outstanding.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
52
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Aggressive
Allocation Fund (formerly named Strategic Growth Allocation Fund), Asset
Allocation Fund, Conservative Allocation Fund (formerly named Strategic Income
Fund), Growth Balanced Fund and Moderate Balanced Fund. These Funds are each a
diversified series of the Trust.
Effective at the close of business on April 8, 2005, the following
Acquiring Fund ("Acquiring Fund") acquired substantially all of the net assets
of the following Target Fund ("Target Fund") through a tax-free exchange under
section 368 of the Internal Revenue Code. The following is a summary of shares
outstanding and net assets immediately before and after the reorganization:
Before Reorganization After Reorganization
---------------------------------- --------------------
Target Fund Acquiring Fund
- --------------------------------------------------------------------------------------------------------
Wells Fargo Wells Fargo Wells Fargo
Index Asset Advantage Asset
Fund Allocation Fund Allocation Fund* Allocation Fund
- --------------------------------------------------------------------------------------------------------
Shares:
CLASS A 2,766,213 46,078,546 48,271,080
- --------------------------------------------------------------------------------------------------------
CLASS B 465,070 14,643,440 15,369,750
- --------------------------------------------------------------------------------------------------------
CLASS C 1,141,827 2,005,926 3,785,922
- --------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 1,973,851
- --------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A 1,973,851 N/A
- --------------------------------------------------------------------------------------------------------
Net Asset:
- --------------------------------------------------------------------------------------------------------
CLASS A $ 42,259,453 $ 888,129,332 $ 930,388,785
- --------------------------------------------------------------------------------------------------------
CLASS B 8,506,562 171,504,642 180,011,204
- --------------------------------------------------------------------------------------------------------
CLASS C 20,876,141 23,525,974 44,402,115
- --------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 38,104,327
- --------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A 38,104,327 N/A
- --------------------------------------------------------------------------------------------------------
Unrealized appreciation (depreciation) $ 9,082,590 $ (4,745,349) $ 4,337,241
- --------------------------------------------------------------------------------------------------------
Accumulated net realized losses $ (1,384,879) $ (27,732,287) $ (29,117,166)
* Designates the accounting survivor.
(1) Effective the close of business on April 8, 2005, the Institutional Class
of the Wells Fargo Asset Allocation Fund was renamed to the Administrator
Class of the Wells Fargo Advantage Asset Allocation Fund.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
The Aggressive Allocation Fund, Conservative Allocation Fund, Growth
Balanced Fund, and Moderate Balanced Fund each seeks to achieve its investment
objective by investing substantially all investable assets in one or more
separate diversified portfolios (each, a "Master Portfolio", collectively, the
"Master Portfolios") of Wells Fargo Master Trust, a registered open-end
management investment company. Each Master Portfolio directly acquires portfolio
securities, and a Fund investing in a Master Portfolio acquires an indirect
interest in those securities. Each Fund accounts for its investment in the
Master Portfolios as partnership investments and records daily its share of the
Master Portfolio's income, expenses, and realized and unrealized gains
53
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
and losses. The financial statements of the Master Portfolios are in this report
and should be read in conjunction with each Fund's financial statements. The
ownership percentages of each Master Portfolio by the Aggressive Allocation
Fund, Conservative Allocation Fund, Growth Balanced Fund and Moderate Balanced
Fund are as follows:
Aggressive Conservative Growth Moderate
Allocation Fund Allocation Fund Balanced Fund Balanced Fund
- ----------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO 1% 1% 9% 2%
- ----------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 5% 3% 35% 6%
- ----------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 1% 1% 10% 2%
- ----------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 2% 1% 13% 2%
- ----------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 3% 2% 18% 3%
- ----------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 2% 1% 12% 2%
- ----------------------------------------------------------------------------------------------------------
INFLATION PROTECTED BOND PORTFOLIO 2% 16% 36% 12%
- ----------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO 5% 3% 31% 5%
- ----------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 2% 1% 16% 3%
- ----------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 5% 2% 31% 5%
- ----------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 2% 1% 13% 2%
- ----------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 3% 2% 20% 3%
- ----------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 1% 1% 8% 1%
- ----------------------------------------------------------------------------------------------------------
MANAGED FIXED INCOME PORTFOLIO 4% 23% 51% 17%
- ----------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 2% 1% 10% 2%
- ----------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 1% 0% 4% 1%
- ----------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 0% 0% 1% 0%
- ----------------------------------------------------------------------------------------------------------
STABLE INCOME PORTFOLIO 0% 23% 0% 13%
- ----------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO 2% 1% 10% 2%
- ----------------------------------------------------------------------------------------------------------
TOTAL RETURN BOND PORTFOLIO 1% 3% 8% 3%
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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. are valued at the NASDAQ Official Closing Price
("NOCP"), and if no NOCP is available, then at the last reported sales price
("NASDAQ"). If no sales price is shown on the NASDAQ, the bid price will be
used. In the absence of any sale of such 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. The
service uses market prices as quoted by an independent pricing service or by
dealers in these securities
54
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
when, in the service's judgment, these prices are readily available and are
representative of the securities' market values. For some securities, such
prices are not readily available. These securities will generally be fair valued
using methods which may include consideration of yields or prices of securities
of comparable quality, coupon rate, maturity and type of issue, indications as
to values from dealers in securities, trading characteristics, and general
market conditions.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market value.
Investments in the Master Portfolios are valued daily based upon each
Fund's proportionate share of each Master Portfolio's net assets, which are also
valued daily. Securities held in the Master Portfolios are valued as discussed
in the Notes to Financial Statements of the Master Portfolios, which are
included elsewhere in this report.
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.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FUTURES CONTRACTS
The Fund(s) may purchase futures contracts to gain exposure to market
changes, which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2007, the following Fund(s) held futures contracts:
Net Unrealized
Expiration Notional Appreciation
Fund Contracts Type Date Amount (Depreciation)
- --------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND 105 Long S&P 500 Index June 2007 $ 36,949,392 $ 619,608
339 Short US Treasury Bond June 2007 37,176,171 537,578
- --------------------------------------------------------------------------------------------------------------
ASSET ALLOCATION FUND 795 Long S&P 500 Index June 2007 279,733,000 4,718,000
149 Long US Treasury Bond June 2007 16,750,125 (173,875)
2,447 Short US Treasury Bond June 2007 268,305,523 3,923,227
- --------------------------------------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND 79 Long S&P 500 Index June 2007 27,798,693 467,507
257 Short US Treasury Bond June 2007 28,183,639 407,612
- --------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND 845 Long S&P 500 Index June 2007 297,352,223 4,988,778
2,707 Short US Treasury Bond June 2007 296,857,157 4,296,593
- --------------------------------------------------------------------------------------------------------------
MODERATE BALANCED FUND 150 Long S&P 500 Index June 2007 52,781,785 888,215
483 Short US Treasury Bond June 2007 52,962,419 771,331
- --------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Asset Allocation Fund, for which net
investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
55
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2007.
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 or by retaining a portion of interest on the investment
securities or cash received as collateral. A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral. 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. The collateral supporting loans of domestic and foreign equity
securities and corporate bonds are remarked daily while collateral supporting
loans of U.S. Government securities are remarked back to 102% only if the given
collateral falls below 100% of the market value of the securities loans plus any
accrued interest. Gain or loss in the market price of the securities loaned that
may occur during the term of the loan are reflected in the value of the Fund.
The risks from securities lending are that the borrower may not provide
additional collateral when required or return the securities when due or when
called for by the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as
the securities lending agent for the Funds and receives for its services 30% of
the revenues earned on the securities lending activities and incurs all
expenses. The value of the securities on loan and the value of the related
collateral at March 31, 2007, are shown on the Statements of Assets and
Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fees Subadvisory Fees*
Average Daily (% of Average Average Daily (% of Average
Fund Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- -----------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE All asset levels 0.250 Wells Capital First $250 million 0.100
ALLOCATION FUND Management Over $250 million 0.050
Incorporated
- -----------------------------------------------------------------------------------------------------------------------------
ASSET First $500 million 0.650 Wells Capital First $100 million 0.150
ALLOCATION FUND Next $500 million 0.600 Management Next $100 million 0.125
Next $2 billion 0.550 Incorporated Over $200 million 0.100
Next $2 billion 0.525
Over $5 billion 0.500
- -----------------------------------------------------------------------------------------------------------------------------
CONSERVATIVE All asset levels 0.250 Wells Capital First $250 million 0.100
ALLOCATION FUND Management Over $250 million 0.050
Incorporated
- -----------------------------------------------------------------------------------------------------------------------------
GROWTH All asset levels 0.250 Wells Capital First $250 million 0.100
BALANCED FUND Management Over $250 million 0.050
Incorporated
- -----------------------------------------------------------------------------------------------------------------------------
MODERATE BALANCED FUND All asset levels 0.250 Wells Capital First $250 million 0.100
Management Over $250 million 0.050
Incorporated
- -----------------------------------------------------------------------------------------------------------------------------
For each Fund that is invested in multiple Master Portfolios, Funds
Management is entitled to receive an investment advisory fee of 0.25% of each
Fund's average daily net assets for providing advisory services, including the
determination of the asset allocations of each Fund's investments in the various
Master Portfolios.
56
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Admin Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
FUND LEVEL First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
CLASS A All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS B All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS C All asset levels 0.28
- --------------------------------------------------------------------------------
ADMINISTRATOR CLASS All asset levels 0.10
- --------------------------------------------------------------------------------
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Fund Daily Net Assets
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 0.02
- --------------------------------------------------------------------------------
WFB does not receive a custodial fee for any Fund that invests its assets
solely in one or more Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% Of Average
Share Class Daily Net Assets
- --------------------------------------------------------------------------------
CLASS A, CLASS B AND CLASS C 0.25
- --------------------------------------------------------------------------------
ADMINISTRATOR CLASS 0.25
For the period ended March 31, 2007, shareholder servicing fees paid were as
follows:
Administrator
Fund Class A Class B Class C Class
- ---------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND N/A N/A N/A $ 302,307
- ---------------------------------------------------------------------------------------
ASSET ALLOCATION FUND $ 1,110,733 $ 147,145 $ 45,461 99,189
- ---------------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND N/A N/A N/A 680,137
- ---------------------------------------------------------------------------------------
GROWTH BALANCED FUND 88,276 90,593 20,174 2,466,671
- ---------------------------------------------------------------------------------------
MODERATE BALANCED FUND 8,691 4,179 2,166 682,467
- ---------------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the period ended March 31, 2007, distribution fees incurred are
disclosed on the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
57
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable. Funds Management has committed to waive fees and/or
reimburse expenses to the extent necessary to maintain certain net operating
expense ratios for the Funds. Net operating expense ratios in effect for the
period ended March 31, 2007, were as follows:
Net Operating Expense Ratios
--------------------------------------------
Administrator
Fund* Class A Class B Class C Class
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND N/A N/A N/A 1.00%
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 1.15% 1.90% 1.90% 0.90%
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND N/A N/A N/A 0.85%
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND 1.20% 1.95% 1.95% 0.95%
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND 1.15% 1.90% 1.90% 0.90%
- --------------------------------------------------------------------------------
* The Fund's adviser has committed to waive fees through January 31, 2008.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Fund Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND* $ 85,781,003 $ 96,448,899
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 80,735,433 131,414,125
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND* 309,592,382 294,209,466
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND* 866,421,167 930,871,930
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND* 262,783,641 261,743,189
- --------------------------------------------------------------------------------
* These Funds seek to achieve their investment objective by investing some
or all of their investable assets in one or more Master Portfolios.
Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the period ended March 31, 2007, there
were no borrowings by Allocation Funds under the agreement.
6. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
58
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 92.02%
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 3.20%
548,580 JONES APPAREL GROUP INCORPORATED $ 16,857,863
254,950 VF CORPORATION 21,063,969
37,921,832
--------------
BUSINESS SERVICES - 5.52%
1,010,200 MICROSOFT CORPORATION 28,154,274
363,800 OMNICOM GROUP INCORPORATED 37,245,844
65,400,118
--------------
CHEMICALS & ALLIED PRODUCTS - 7.63%
314,190 AVON PRODUCTS INCORPORATED 11,706,719
418,790 COLGATE-PALMOLIVE COMPANY 27,970,984
56,560 HENKEL KGAA ADR<< 7,566,631
120,500 HENKEL KGAA ADR PREFERRED 17,761,495
421,700 JOHNSON & JOHNSON 25,411,642
90,417,471
--------------
COMMUNICATIONS - 3.19%
1,406,785 VODAFONE GROUP PLC ADR<< 37,786,245
--------------
DEPOSITORY INSTITUTIONS - 7.10%
644,620 BANK OF AMERICA CORPORATION 32,888,512
445,310 JPMORGAN CHASE & COMPANY 21,544,098
460,110 STATE STREET CORPORATION 29,792,123
84,224,733
--------------
EATING & DRINKING PLACES - 3.13%
823,239 MCDONALD'S CORPORATION 37,086,917
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.65%
1,556,850 FLEXTRONICS INTERNATIONAL LIMITED<<+ 17,031,939
800,140 GENERAL ELECTRIC COMPANY 28,292,950
710,632 MOLEX INCORPORATED CLASS A 17,687,630
693,200 NOKIA OYJ ADR<< 15,888,144
78,900,663
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 2.18%
500,130 ILLINOIS TOOL WORKS INCORPORATED 25,806,708
--------------
FOOD & KINDRED PRODUCTS - 3.27%
356,780 ANHEUSER-BUSCH COMPANIES INCORPORATED 18,003,119
256,750 DIAGEO PLC ADR 20,783,913
38,787,032
--------------
GENERAL MERCHANDISE STORES - 2.08%
22,427 BIG LOTS INCORPORATED+ 701,517
509,200 WAL-MART STORES INCORPORATED 23,906,940
24,608,457
--------------
59
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES - 2.52%
8,210 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ $ 29,884,400
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.61%
538,880 WILLIAMS-SONOMA INCORPORATED<< 19,108,685
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 7.92%
699,800 DELL INCORPORATED<<+ 16,242,358
25,200 DIEBOLD INCORPORATED 1,202,292
659,190 DOVER CORPORATION 32,175,064
262,110 EATON CORPORATION 21,901,912
494,500 PITNEY BOWES INCORPORATED 22,445,355
93,966,981
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 2.27%
679,600 WILLIS GROUP HOLDINGS LIMITED 26,898,568
--------------
INSURANCE CARRIERS - 7.01%
454,620 ALLSTATE CORPORATION 27,304,477
424,710 AMERICAN INTERNATIONAL GROUP INCORPORATED 28,549,006
416,500 MBIA INCORPORATED<< 27,276,585
83,130,068
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.56%
165,360 BECTON DICKINSON & COMPANY 12,714,530
1,410,952 BOSTON SCIENTIFIC CORPORATION+ 20,515,242
656,210 QUEST DIAGNOSTICS INCORPORATED 32,725,193
65,954,965
--------------
MEDICAL PRODUCTS - 1.75%
394,400 BAXTER INTERNATIONAL INCORPORATED 20,773,048
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 2.64%
993,870 TYCO INTERNATIONAL LIMITED 31,356,599
--------------
MISCELLANEOUS RETAIL - 1.25%
560,285 ZALE CORPORATION<<+ 14,780,318
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 5.72%
640,260 AMERICAN EXPRESS COMPANY 36,110,664
543,950 COUNTRYWIDE FINANCIAL CORPORATION<< 18,298,478
225,420 FREDDIE MAC 13,410,236
67,819,378
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 2.98%
468,410 EXXON MOBIL CORPORATION 35,341,535
--------------
PRIMARY METAL INDUSTRIES - 1.00%
246,900 HUBBELL INCORPORATED CLASS B 11,910,456
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.50%
316,660 GANNETT COMPANY INCORPORATED 17,824,791
--------------
60
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRAVEL & RECREATION - 1.97%
499,590 CARNIVAL CORPORATION $ 23,410,787
--------------
WHOLESALE TRADE-DURABLE GOODS - 2.37%
410,099 KIMBERLY-CLARK CORPORATION 28,087,680
--------------
TOTAL COMMON STOCKS (COST $1,013,643,161) 1,091,188,435
--------------
COLLATERAL FOR SECURITIES LENDING - 7.88%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.20%
2,398,940 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,398,940
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 7.68%
$ 267,334 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 267,369
1,368,602 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,369,231
259,908 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 259,113
742,594 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 742,602
742,594 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 742,632
742,594 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 742,669
2,227,783 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,227,962
1,188,151 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $1,188,695) 5.49 04/02/2007 1,188,151
1,633,708 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,627,990
356,445 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 353,383
594,076 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 588,367
594,076 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 591,396
742,594 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 737,084
297,038 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 294,314
772,298 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 763,309
1,485,189 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,470,916
849,172 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 843,737
70,903 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 70,789
984,977 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 977,954
564,372 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 558,373
407,150 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 402,944
107,736 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 106,607
33,714 CHEYNE FINANCE LLC 5.26 04/18/2007 33,635
297,038 CHEYNE FINANCE LLC 5.31 06/19/2007 293,666
132,479 CHEYNE FINANCE LLC 5.32 05/14/2007 131,669
1,930,746 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 1,930,186
742,594 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 742,676
297,038 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 297,225
317,385 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 317,686
327,484 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 327,884
10,396,323 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $10,401,079) 5.49 04/02/2007 10,396,323
148,519 COMERICA BANK+/- 5.32 02/08/2008 147,925
1,651,797 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,649,865
668,335 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 667,359
61
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 891,113 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32% 04/20/2007 $ 888,779
742,594 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 742,364
1,485,189 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 1,485,159
2,390,560 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,384,632
1,113,892 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,106,919
418,407 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 417,859
445,557 DEER VALLEY FUNDING LLC 5.34 05/07/2007 443,289
9,199,552 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $9,203,761) 5.49 04/02/2007 9,199,552
1,485,189 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 1,485,397
193,728 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 191,055
921,144 FOX TROT CDO LIMITED++ 5.31 04/24/2007 918,187
371,149 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 371,271
594,076 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 591,652
1,485,189 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,484,966
742,594 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 742,572
59,408 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 59,412
40,338 HUDSON-THAMES LLC++ 5.26 04/04/2007 40,326
222,719 HUDSON-THAMES LLC 5.29 04/30/2007 221,810
1,039,632 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,039,799
1,930,746 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 1,930,746
742,594 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 742,632
178,223 K2 (USA) LLC+++/- 5.30 07/16/2007 178,240
297,038 K2 (USA) LLC+++/- 5.33 09/28/2007 297,038
2,970,378 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 2,966,041
90,359 KESTREL FUNDING US LLC 5.29 05/21/2007 89,715
959,670 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 956,589
371,297 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 371,308
1,121,229 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,117,136
103,963 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 103,797
626,750 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 627,057
742,594 MORGAN STANLEY+/- 5.36 07/12/2007 742,594
1,090,426 MORGAN STANLEY+/- 5.48 07/27/2007 1,090,807
742,594 MORGAN STANLEY+/- 5.51 08/07/2007 742,594
6,534,831 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $6,537,821) 5.49 04/02/2007 6,534,831
137,380 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 137,388
118,815 NATIONAL CITY BANK+/- 5.46 09/04/2007 118,827
851,459 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 851,902
554,421 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 551,433
1,485,189 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 1,485,323
429,032 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 429,032
148,519 PICAROS FUNDING PLC++ 5.29 06/22/2007 146,768
846,558 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 847,743
742,594 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 742,594
564,372 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 564,372
120,152 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 120,175
373,406 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 371,069
1,039,632 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,037,054
62
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 683,187 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39% 04/11/2008 $ 683,187
118,815 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 116,403
594,076 SLM CORPORATION+++/-SS. 5.32 05/12/2008 594,135
59,408 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 59,286
563,184 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 561,297
527,717 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 527,564
171,718 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 171,714
742,594 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 742,654
742,594 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 742,676
89,111 VERSAILLES CDS LLC++ 5.33 04/16/2007 88,930
1,485,189 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,469,847
671,692 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 669,636
178,223 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 178,223
519,816 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 518,605
297,038 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 296,299
90,993,252
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $93,392,192) 93,392,192
--------------
SHARES
SHORT-TERM INVESTMENTS - 9.93%
117,775,852 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 117,775,852
TOTAL SHORT-TERM INVESTMENTS (COST $117,775,852) 117,775,852
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,224,811,205)* 109.83% $1,302,356,479
OTHER ASSETS AND LIABILITIES, NET (9.83) (116,531,318)
------ --------------
TOTAL NET ASSETS 100.00% $1,185,825,161
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $117,775,852.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
63
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.38%
APPAREL & ACCESSORY STORES - 2.53%
60,500 KOHL'S CORPORATION+ $ 4,634,905
-------------
BIOPHARMACEUTICALS - 1.92%
43,000 GENENTECH INCORPORATED+ 3,531,160
-------------
BUSINESS SERVICES - 18.66%
206,100 CADENCE DESIGN SYSTEMS INCORPORATED+<< 4,340,466
192,000 CISCO SYSTEMS INCORPORATED+ 4,901,760
40,200 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 3,548,454
116,600 EBAY INCORPORATED+ 3,865,290
85,800 FISERV INCORPORATED+ 4,552,548
179,800 MICROSOFT CORPORATION 5,011,026
42,700 OMNICOM GROUP INCORPORATED 4,371,626
200,200 ORACLE CORPORATION+ 3,629,626
34,220,796
-------------
CHEMICALS & ALLIED PRODUCTS - 6.15%
54,900 FOREST LABORATORIES INCORPORATED+<< 2,824,056
72,700 PROCTER & GAMBLE COMPANY 4,591,732
151,400 SCHERING-PLOUGH CORPORATION 3,862,214
11,278,002
-------------
DEPOSITORY INSTITUTIONS - 2.09%
63,700 NORTHERN TRUST CORPORATION 3,830,918
-------------
EATING & DRINKING PLACES - 2.01%
89,500 DARDEN RESTAURANTS INCORPORATED 3,686,505
-------------
EDUCATIONAL SERVICES - 2.12%
47,700 ITT EDUCATIONAL SERVICES INCORPORATED+ 3,887,073
-------------
ELECTRIC, GAS & SANITARY SERVICES - 1.84%
118,400 WILLIAMS COMPANIES INCORPORATED 3,369,664
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 4.42%
56,900 ACUITY BRANDS INCORPORATED 3,097,636
77,500 AMPHENOL CORPORATION CLASS A<< 5,004,175
8,101,811
-------------
FOOD & KINDRED PRODUCTS - 2.18%
62,900 PEPSICO INCORPORATED 3,997,924
-------------
FOOD STORES - 2.15%
107,800 SAFEWAY INCORPORATED 3,949,792
-------------
HOLDING & OTHER INVESTMENT OFFICES - 1.94%
32,800 AFFILIATED MANAGERS GROUP INCORPORATED+<< 3,553,880
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 12.34%
56,800 APPLE INCORPORATED+ 5,277,288
111,700 HEWLETT-PACKARD COMPANY 4,483,638
64
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
173,600 INTEL CORPORATION $ 3,320,968
53,100 INTERNATIONAL BUSINESS MACHINES CORPORATION 5,005,206
58,500 NATIONAL OILWELL VARCO INCORPORATED+<< 4,550,715
22,637,815
-------------
INSURANCE CARRIERS - 9.46%
32,400 AMBAC FINANCIAL GROUP INCORPORATED<< 2,799,036
38,300 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 3,660,714
119,500 HCC INSURANCE HOLDINGS INCORPORATED 3,680,600
74,200 W.R. BERKLEY CORPORATION 2,457,504
58,700 WELLPOINT INCORPORATED+ 4,760,570
17,358,424
-------------
LEATHER & LEATHER PRODUCTS - 2.38%
87,400 COACH INCORPORATED+ 4,374,370
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 4.10%
55,900 BECTON DICKINSON & COMPANY 4,298,151
55,500 WATERS CORPORATION+ 3,219,000
7,517,151
-------------
MEDICAL PRODUCTS - 4.40%
83,800 BAXTER INTERNATIONAL INCORPORATED 4,413,746
72,400 KINETIC CONCEPTS INCORPORATED+ 3,666,336
8,080,082
-------------
MISCELLANEOUS RETAIL - 7.22%
99,800 DOLLAR TREE STORES INCORPORATED+ 3,816,352
59,800 EXPRESS SCRIPTS INCORPORATED+<< 4,827,056
177,800 STAPLES INCORPORATED 4,594,352
13,237,760
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.89%
55,100 MCGRAW-HILL COMPANIES INCORPORATED 3,464,688
-------------
TRANSPORTATION EQUIPMENT - 6.77%
51,200 BOEING COMPANY 4,552,192
51,200 NORTHROP GRUMMAN CORPORATION 3,800,064
62,700 UNITED TECHNOLOGIES CORPORATION 4,075,500
12,427,756
-------------
WHOLESALE TRADE-DURABLE GOODS - 1.81%
43,000 W.W. GRAINGER INCORPORATED 3,321,320
-------------
TOTAL COMMON STOCKS (COST $157,812,643) 180,461,796
-------------
COLLATERAL FOR SECURITIES LENDING - 8.57%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.22%
403,780 SCUDDER DAILY ASSETS MONEY MARKET FUND 403,780
-------------
65
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 8.35%
$ 44,997 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 $ 45,002
230,358 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 230,463
43,747 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 43,613
124,991 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 124,992
124,991 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 124,997
124,991 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 125,003
374,972 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 375,002
199,985 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $200,076) 5.49 04/02/2007 199,985
274,979 BUCKINGHAM II CDO LLC 5.32 04/26/2007 274,017
59,995 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 59,480
99,992 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 99,031
99,992 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 99,541
124,991 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 124,063
49,996 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 49,538
129,990 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 128,477
249,981 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 247,579
142,929 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 142,014
11,934 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 11,915
165,787 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 164,605
94,993 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 93,983
68,530 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 67,822
18,134 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 17,944
5,675 CHEYNE FINANCE LLC 5.26 04/18/2007 5,661
49,996 CHEYNE FINANCE LLC 5.31 06/19/2007 49,429
22,298 CHEYNE FINANCE LLC 5.32 05/14/2007 22,162
324,975 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 324,881
124,991 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 125,004
49,996 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 50,028
53,421 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 53,472
55,121 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 55,188
1,749,867 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,750,668) 5.49 04/02/2007 1,749,867
24,998 COMERICA BANK+/- 5.32 02/08/2008 24,898
278,024 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 277,699
112,491 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 112,327
149,989 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 149,596
124,991 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 124,952
249,981 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 249,976
402,369 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 401,372
187,486 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 186,312
70,425 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 70,332
74,994 DEER VALLEY FUNDING LLC 5.34 05/07/2007 74,613
1,548,432 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,549,139) 5.49 04/02/2007 1,548,431
249,981 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 250,016
32,608 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 32,158
155,043 FOX TROT CDO LIMITED++ 5.31 04/24/2007 154,546
62,470 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 62,491
66
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 99,992 GEORGE STREET FINANCE LLC++ 5.33% 04/30/2007 $ 99,584
249,981 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 249,944
124,991 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 124,987
9,999 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 10,000
6,789 HUDSON-THAMES LLC++ 5.26 04/04/2007 6,788
37,487 HUDSON-THAMES LLC 5.29 04/30/2007 37,334
174,987 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 175,015
324,975 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 324,975
124,991 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 124,997
29,998 K2 (USA) LLC+++/- 5.30 07/16/2007 30,001
49,996 K2 (USA) LLC+++/- 5.33 09/28/2007 49,996
499,962 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 499,232
15,209 KESTREL FUNDING US LLC 5.29 05/21/2007 15,100
161,528 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 161,009
62,495 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 62,497
188,721 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 188,032
17,499 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 17,471
105,492 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 105,544
124,991 MORGAN STANLEY+/- 5.36 07/12/2007 124,991
183,536 MORGAN STANLEY+/- 5.48 07/27/2007 183,600
124,991 MORGAN STANLEY+/- 5.51 08/07/2007 124,991
1,099,916 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $1,100,419) 5.49 04/02/2007 1,099,916
23,123 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 23,125
19,998 NATIONAL CITY BANK+/- 5.46 09/04/2007 20,000
143,314 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 143,389
93,318 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 92,815
249,981 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 250,004
72,213 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 72,213
24,998 PICAROS FUNDING PLC++ 5.29 06/22/2007 24,703
142,489 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 142,689
124,991 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 124,991
94,993 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 94,993
20,223 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 20,227
62,850 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 62,457
174,987 SAINT GERMAIN FUNDING 5.31 04/19/2007 174,553
114,991 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 114,991
19,998 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 19,593
99,992 SLM CORPORATION+++/-SS. 5.32 05/12/2008 100,002
9,999 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 9,979
94,793 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 94,475
88,823 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 88,797
28,903 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 28,902
124,991 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 125,001
124,991 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 125,004
14,999 VERSAILLES CDS LLC++ 5.33 04/16/2007 14,968
249,981 VETRA FINANCE CORPORATION 5.31 06/12/2007 247,399
113,056 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 112,710
67
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 29,998 WINDMILL FUNDING CORPORATION 5.38% 04/02/2007 $ 29,998
87,493 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 87,286
49,996 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 49,872
15,315,617
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,719,397) 15,719,397
-------------
SHARES
SHORT-TERM INVESTMENTS - 3.62%
6,637,065 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 6,637,065
TOTAL SHORT-TERM INVESTMENTS (COST $6,637,065) 6,637,065
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $180,169,105)* 110.57% $ 202,818,258
OTHER ASSETS AND LIABILITIES, NET (10.57) (19,388,999)
------ -------------
TOTAL NET ASSETS 100.00% $ 183,429,259
====== =============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $6,637,065.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
68
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.89%
AMUSEMENT & RECREATION SERVICES - 0.50%
10,300 TOWN SPORTS INTERNATIONAL HOLDINGS INCORPORATED+ $ 224,540
--------------
APPAREL & ACCESSORY STORES - 3.20%
12,900 AEROPOSTALE INCORPORATED+ 518,967
13,400 CHARLOTTE RUSSE HOLDING INCORPORATED+ 386,858
9,400 J. CREW GROUP INCORPORATED 377,598
2,900 UNDER ARMOUR INCORPORATED+<< 148,770
1,432,193
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 6.27%
28,400 GUESS? INCORPORATED 1,149,916
7,700 PHILLIPS-VAN HEUSEN CORPORATION 452,760
19,300 SKECHERS U.S.A. INCORPORATED CLASS A+ 647,901
19,400 WARNACO GROUP INCORPORATED 550,960
2,801,537
--------------
BUSINESS SERVICES - 17.98%
4,800 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED+<< 128,688
36,000 APPLIX INCORPORATED 482,760
8,900 CAPELLA EDUCATION COMPANY+ 298,506
22,900 COMSYS IT PARTNERS INCORPORATED 455,710
31,300 CONCUR TECHNOLOGIES INCORPORATED+<< 546,498
25,000 DEALERTRACK HOLDINGS INCORPORATED+ 768,000
5,300 DIGITAL RIVER INCORPORATED+<< 292,825
15,900 DOUBLE-TAKE SOFTWARE INCORPORATED+ 214,809
21,400 FALCONSTOR SOFTWARE INCORPORATED<< 222,988
13,200 HURON CONSULTING GROUP INCORPORATED+ 803,088
29,000 INFOCROSSING INCORPORATED<< 431,230
30,728 OMNICELL INCORPORATED+ 642,830
31,800 ON ASSIGNMENT INCORPORATED+ 394,638
32,500 PHASE FORWARD INCORPORATED+ 426,725
22,700 SALARY.COM INCORPORATED 252,651
22,900 SHANDA INTERACTIVE ENTERTAINMENT LIMITED<< 614,865
35,500 SUMTOTAL SYSTEMS INCORPORATED 283,290
19,600 VIGNETTE CORPORATION+ 363,972
20,500 VOCUS INCORPORATED 412,665
8,036,738
--------------
CHEMICALS & ALLIED PRODUCTS - 7.09%
33,400 AMERICAN ORIENTAL BIOENGINEERING INCORPORATED<< 313,626
28,400 BIOMARIN PHARMACEUTICAL INCORPORATED<< 490,184
10,000 DIGENE CORPORATION+ 424,100
23,700 FUEL TECH INCORPORATED 584,205
19,600 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 858,088
26,300 PHYSICIANS FORMULA HOLDING INCORPORATED 496,544
3,166,747
--------------
69
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMUNICATIONS - 2.66%
19,600 CBEYOND INCORPORATED<< $ 574,868
9,300 LEAP WIRELESS INTERNATIONAL INCORPORATED+ 613,614
1,188,482
--------------
COMMUNICATIONS EQUIPMENT - 3.57%
19,100 COMMSCOPE INCORPORATED<< 819,390
14,500 GENERAL CABLE CORPORATION<< 774,735
1,594,125
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 1.66%
29,500 QUANTA SERVICES INCORPORATED<< 743,990
--------------
EATING & DRINKING PLACES - 2.18%
6,200 CHIPOTLE MEXICAN GRILL INCORPORATED<< 385,020
8,500 JACK IN THE BOX INCORPORATED+ 587,605
972,625
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 8.94%
22,300 ATHEROS COMMUNICATIONS INCORPORATED<< 533,639
8,448 COMTECH GROUP INCORPORATED<< 147,671
11,100 DIODES INCORPORATED+<< 386,835
16,400 HOUSTON WIRE & CABLE COMPANY+<< 459,528
13,200 NICE SYSTEMS LIMITED SPONSORED ADR 449,064
17,100 OPNEXT INCORPORATED+ 252,909
18,200 OPTIUM CORPORATION+ 353,262
23,700 SILICON MOTION TECHNOLOGY CORPORATION 533,724
32,200 ULTRA CLEAN HOLDINGS INCORPORATED+ 557,060
6,000 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 320,280
3,993,972
--------------
FOOD STORES - 0.49%
12,700 SUSSER HOLDINGS CORPORATION<< 220,345
--------------
FOOTWEAR - 4.43%
21,000 CROCS INCORPORATED+<< 992,250
13,900 DECKERS OUTDOOR CORPORATION+ 987,178
1,979,428
--------------
HEALTH SERVICES - 3.12%
15,600 BIO-REFERENCE LABORATORIES INCORPORATED 396,240
13,100 EMERGENCY MEDICAL SERVICES CORPORATION 385,926
18,900 LHC GROUP INCORPORATED<< 612,927
1,395,093
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 11.34%
15,300 ACME PACKET INCORPORATED 226,134
8,200 GAMESTOP CORPORATION CLASS A 267,074
13,000 MICROS SYSTEMS INCORPORATED+<< 701,870
72,700 NUANCE COMMUNICATIONS INCORPORATED+<< 1,113,037
70
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
13,300 THE MIDDLEBY CORPORATION $ 1,753,472
27,400 VERIFONE HOLDINGS INCORPORATED 1,006,402
5,067,989
--------------
INSURANCE CARRIERS - 0.63%
17,250 CASTLEPOINT HOLDINGS LIMITED<< 282,038
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 6.62%
14,250 ACCURAY INCORPORATED<< 316,920
26,100 HOLOGIC INCORPORATED+ 1,504,404
26,700 ICON PLC 1,137,420
2,958,744
--------------
Medical Equipment & Supplies - 2.21%
12,800 CONCEPTUS INCORPORATED+ 256,000
25,300 CYNOSURE INCORPORATED 729,905
985,905
--------------
MISCELLANEOUS RETAIL - 2.70%
8,800 DICK'S SPORTING GOODS INCORPORATED<< 512,688
2,600 NUTRI SYSTEM INCORPORATED+ 136,266
13,900 ZUMIEZ INCORPORATED+<< 557,668
1,206,622
--------------
OIL & GAS EXTRACTION - 5.32%
28,500 ARENA RESOURCES INCORPORATED 1,428,420
25,300 CNX GAS CORPORATION<< 716,749
44,600 KODIAK OIL & GAS CORPORATION 232,812
2,377,981
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 1.52%
14,700 WORLD FUEL SERVICES CORPORATION 680,022
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.03%
6,200 CONSOLIDATED GRAPHICS INCORPORATED+ 459,110
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.84%
8,900 FCSTONE GROUP INCORPORATED+ 332,148
13,500 KNIGHT CAPITAL GROUP INCORPORATED CLASS A 213,840
43,200 MARKETAXESS HOLDINGS INCORPORATED+<< 723,168
1,269,156
--------------
TRANSPORTATION EQUIPMENT - 1.40%
26,400 FORCE PROTECTION INCORPORATED<< 495,264
5,700 SPARTAN MOTORS INCORPORATED 132,297
627,561
--------------
WATER TRANSPORTATION - 0.53%
7,600 AMERICAN COMMERCIAL LINES INCORPORATED<< 239,020
--------------
71
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS - 1.66%
9,300 WIMM-BILL-DANN FOODS OJSC ADR $ 742,696
--------------
TOTAL COMMON STOCKS (COST $42,292,383) 44,646,659
--------------
COLLATERAL FOR SECURITIES LENDING - 34.90%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.90%
400,690 SCUDDER DAILY ASSETS MONEY MARKET FUND 400,690
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 34.00%
$ 44,652 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 44,658
228,595 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 228,700
43,412 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 43,279
124,034 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 124,035
124,034 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 124,040
124,034 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 124,046
372,102 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 372,132
198,455 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $198,545) 5.49 04/02/2007 198,455
272,875 BUCKINGHAM II CDO LLC 5.32 04/26/2007 271,920
59,536 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 59,025
99,227 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 98,274
99,227 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 98,780
124,034 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 123,114
49,614 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 49,159
128,995 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 127,494
248,068 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 245,684
141,835 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 140,928
11,843 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 11,824
164,519 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 163,346
94,266 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 93,264
68,005 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 67,303
17,995 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 17,806
5,631 CHEYNE FINANCE LLC 5.26 04/18/2007 5,618
49,614 CHEYNE FINANCE LLC 5.31 06/19/2007 49,051
22,128 CHEYNE FINANCE LLC 5.32 05/14/2007 21,992
322,489 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 322,395
124,034 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 124,048
49,614 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 49,645
53,012 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 53,063
54,699 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 54,766
1,736,477 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,737,271) 5.49 04/02/2007 1,736,477
24,807 COMERICA BANK+/- 5.32 02/08/2008 24,708
275,896 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 275,574
111,631 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 111,468
148,841 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 148,451
124,034 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 123,996
248,068 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 248,063
72
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 399,291 DEER VALLEY FUNDING LLC++ 5.29% 04/19/2007 $ 398,300
186,051 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 184,886
69,886 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 69,794
74,420 DEER VALLEY FUNDING LLC 5.34 05/07/2007 74,042
1,536,583 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,537,286) 5.49 04/02/2007 1,536,583
248,068 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 248,103
32,358 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 31,911
153,857 FOX TROT CDO LIMITED++ 5.31 04/24/2007 153,363
61,992 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 62,013
99,227 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 98,822
248,068 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 248,031
124,034 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 124,030
9,923 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 9,924
6,738 HUDSON-THAMES LLC++ 5.26 04/04/2007 6,736
37,200 HUDSON-THAMES LLC 5.29 04/30/2007 37,049
173,648 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 173,676
322,489 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 322,489
124,034 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 124,040
29,768 K2 (USA) LLC+++/- 5.30 07/16/2007 29,771
49,614 K2 (USA) LLC+++/- 5.33 09/28/2007 49,614
496,136 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 495,412
15,092 KESTREL FUNDING US LLC 5.29 05/21/2007 14,985
160,292 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 159,777
62,017 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 62,019
187,277 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 186,593
17,365 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 17,337
104,685 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 104,736
124,034 MORGAN STANLEY+/- 5.36 07/12/2007 124,034
182,132 MORGAN STANLEY+/- 5.48 07/27/2007 182,195
124,034 MORGAN STANLEY+/- 5.51 08/07/2007 124,034
1,091,500 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $1,091,999) 5.49 04/02/2007 1,091,500
22,946 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 22,948
19,845 NATIONAL CITY BANK+/- 5.46 09/04/2007 19,847
142,217 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 142,291
92,604 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 92,105
248,068 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 248,091
71,660 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 71,660
24,807 PICAROS FUNDING PLC++ 5.29 06/22/2007 24,514
141,399 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 141,597
124,034 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 124,034
94,266 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 94,266
20,069 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 20,073
62,369 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 61,979
173,648 SAINT GERMAIN FUNDING 5.31 04/19/2007 173,217
114,111 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 114,111
19,845 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 19,443
99,227 SLM CORPORATION+++/-SS. 5.32 05/12/2008 99,237
73
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 9,923 STANFIELD VICTORIA FUNDING LLC++ 5.27% 04/16/2007 $ 9,902
94,067 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 93,752
88,144 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 88,118
28,682 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 28,681
124,034 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 124,044
124,034 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 124,048
14,884 VERSAILLES CDS LLC++ 5.33 04/16/2007 14,854
248,068 VETRA FINANCE CORPORATION 5.31 06/12/2007 245,506
112,191 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 111,848
29,768 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 29,768
86,824 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 86,622
49,614 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 49,487
15,198,423
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,599,113) 15,599,113
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,891,496)* 134.79% $ 60,245,772
OTHER ASSETS AND LIABILITIES, NET (34.79) (15,549,520)
------ --------------
TOTAL NET ASSETS 100.00% $ 44,696,252
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
74
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.40%
BUSINESS SERVICES - 2.04%
233,200 CISCO SYSTEMS INCORPORATED+ $ 5,953,596
380,900 MICROSOFT CORPORATION 10,615,683
16,569,279
--------------
CHEMICALS & ALLIED PRODUCTS - 12.93%
247,375 ABBOTT LABORATORIES 13,803,525
108,372 AIR PRODUCTS & CHEMICALS INCORPORATED 8,007,607
83,400 COLGATE-PALMOLIVE COMPANY 5,570,286
389,834 E.I. DU PONT DE NEMOURS & COMPANY 19,269,495
159,015 JOHNSON & JOHNSON 9,582,244
625,735 PFIZER INCORPORATED 15,806,066
283,260 PROCTER & GAMBLE COMPANY 17,890,702
136,981 ROHM & HAAS COMPANY 7,084,657
161,500 WYETH 8,079,845
105,094,427
--------------
COMMUNICATIONS - 4.98%
83,350 ALLTEL CORPORATION 5,167,700
429,515 AT&T INCORPORATED 16,935,776
443,786 VERIZON COMMUNICATIONS INCORPORATED 16,828,365
103,683 WINDSTREAM CORPORATION 1,523,103
40,454,944
--------------
DEPOSITORY INSTITUTIONS - 14.06%
514,530 BANK OF AMERICA CORPORATION 26,251,321
646,390 CITIGROUP INCORPORATED<< 33,185,663
100,525 FIFTH THIRD BANCORP 3,889,312
424,565 JPMORGAN CHASE & COMPANY 20,540,455
334,031 US BANCORP 11,681,064
339,065 WACHOVIA CORPORATION 18,665,528
114,213,343
--------------
EATING & DRINKING PLACES - 1.25%
224,670 MCDONALD'S CORPORATION 10,121,384
--------------
ELECTRIC, GAS & SANITARY SERVICES - 6.90%
1,850 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 90,188
97,958 DOMINION RESOURCES INCORPORATED<< 8,695,732
2,700 EDISON INTERNATIONAL 132,651
2,300 EXELON CORPORATION 158,033
148,645 FIRSTENERGY CORPORATION<< 9,846,245
225,870 FPL GROUP INCORPORATED<< 13,816,468
47,500 KINDER MORGAN INCORPORATED 5,056,375
332,000 MDU RESOURCES GROUP INCORPORATED 9,541,680
105,315 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 8,745,358
56,082,730
--------------
75
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.46%
277,150 EMERSON ELECTRIC COMPANY $ 11,942,394
698,094 GENERAL ELECTRIC COMPANY 24,684,604
366,260 MOTOROLA INCORPORATED<< 6,471,814
410,770 NOKIA OYJ ADR 9,414,848
52,513,660
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 2.11%
217,660 FORTUNE BRANDS INCORPORATED 17,155,961
--------------
FOOD & KINDRED PRODUCTS - 1.59%
203,495 PEPSICO INCORPORATED 12,934,142
--------------
GENERAL MERCHANDISE STORES - 2.72%
114,804 FEDERATED DEPARTMENT STORES INCORPORATED<< 5,171,920
285,145 TARGET CORPORATION 16,897,693
22,069,613
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.98%
101,791 3M COMPANY 7,779,886
332,795 HEWLETT-PACKARD COMPANY 13,358,391
471,950 INTEL CORPORATION 9,028,404
109,542 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 10,325,429
40,492,110
--------------
INSURANCE CARRIERS - 9.10%
201,095 ALLSTATE CORPORATION 12,077,766
273,893 AMERICAN INTERNATIONAL GROUP INCORPORATED 18,411,087
232,130 METLIFE INCORPORATED 14,659,010
399,550 TRAVELERS COMPANIES INCORPORATED 20,684,704
100,000 WELLPOINT INCORPORATED+ 8,110,000
73,942,567
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.52%
54,459 BECTON DICKINSON & COMPANY 4,187,353
--------------
MOTION PICTURES - 1.65%
388,250 TIME WARNER INCORPORATED 7,656,290
168,090 WALT DISNEY COMPANY 5,787,339
13,443,629
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 3.54%
88,900 AMERICAN CAPITAL STRATEGIES LIMITED 3,939,159
227,860 AMERICAN EXPRESS COMPANY 12,851,304
78,000 CAPITAL ONE FINANCIAL CORPORATION 5,885,880
162,000 CAPITALSOURCE INCORPORATED 4,071,060
59,000 COUNTRYWIDE FINANCIAL CORPORATION 1,984,760
28,732,163
--------------
OIL & GAS EXTRACTION - 1.54%
2,000 ANADARKO PETROLEUM CORPORATION 85,960
76
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
259,200 HALLIBURTON COMPANY<< $ 8,227,008
2,200 SCHLUMBERGER LIMITED 152,020
68,775 TIDEWATER INCORPORATED<< 4,028,840
12,493,828
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 12.19%
114,158 BP PLC ADR 7,391,731
354,270 CHEVRON CORPORATION 26,201,809
326,250 CONOCOPHILLIPS<< 22,299,188
440,386 EXXON MOBIL CORPORATION<< 33,227,124
80,000 MARATHON OIL CORPORATION 7,906,400
31,125 VALERO ENERGY CORPORATION 2,007,251
99,033,503
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 4.40%
54,647 AMERIPRISE FINANCIAL INCORPORATED 3,122,530
25,450 GOLDMAN SACHS GROUP INCORPORATED 5,258,734
48,000 MERRILL LYNCH & COMPANY INCORPORATED 3,920,160
298,175 MORGAN STANLEY 23,484,263
35,785,687
--------------
TOBACCO PRODUCTS - 1.79%
165,800 ALTRIA GROUP INCORPORATED 14,558,898
--------------
TRANSPORTATION EQUIPMENT - 2.86%
288,780 HONEYWELL INTERNATIONAL INCORPORATED 13,301,206
152,600 UNITED TECHNOLOGIES CORPORATION 9,919,000
23,220,206
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.79%
189,900 SYSCO CORPORATION 6,424,312
--------------
TOTAL COMMON STOCKS (COST $575,692,215) 799,523,739
--------------
COLLATERAL FOR SECURITIES LENDING - 12.50%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.32%
2,609,159 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,609,159
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 12.18%
$ 290,761 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 290,798
1,488,532 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,489,217
282,684 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 281,819
807,668 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 807,676
807,668 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 807,708
807,668 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 807,749
2,423,004 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,423,198
1,292,269 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $1,292,860) 5.49 04/02/2007 1,292,269
77
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,776,870 BUCKINGHAM II CDO LLC 5.32% 04/26/2007 $ 1,770,651
387,681 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 384,350
646,134 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 639,925
646,134 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 643,220
807,668 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 801,675
323,067 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 320,105
839,975 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 830,197
1,615,336 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,599,813
923,585 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 917,674
77,116 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 76,993
1,071,291 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,063,653
613,828 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 607,303
442,828 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 438,254
117,176 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 115,948
36,668 CHEYNE FINANCE LLC 5.26 04/18/2007 36,583
323,067 CHEYNE FINANCE LLC 5.31 06/19/2007 319,400
144,088 CHEYNE FINANCE LLC 5.32 05/14/2007 143,208
2,099,937 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 2,099,328
807,668 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 807,757
323,067 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 323,271
345,197 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 345,525
356,182 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 356,616
11,307,353 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $11,312,526) 5.49 04/02/2007 11,307,353
161,534 COMERICA BANK+/- 5.32 02/08/2008 160,887
1,796,545 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,794,443
726,901 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 725,840
969,202 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 966,662
807,668 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 807,418
1,615,336 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 1,615,304
2,600,045 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,593,597
1,211,502 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,203,918
455,073 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 454,476
484,601 DEER VALLEY FUNDING LLC 5.34 05/07/2007 482,134
10,005,710 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $10,010,287) 5.49 04/02/2007 10,005,709
1,615,336 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 1,615,562
210,704 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 207,797
1,001,864 FOX TROT CDO LIMITED++ 5.31 04/24/2007 998,648
403,673 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 403,806
646,134 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 643,498
1,615,336 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,615,094
807,668 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 807,644
64,613 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 64,619
43,873 HUDSON-THAMES LLC++ 5.26 04/04/2007 43,860
242,236 HUDSON-THAMES LLC 5.29 04/30/2007 241,247
1,130,735 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,130,916
2,099,937 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,099,937
78
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 807,668 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32% 04/24/2008 $ 807,708
193,840 K2 (USA) LLC+++/- 5.30 07/16/2007 193,860
323,067 K2 (USA) LLC+++/- 5.33 09/28/2007 323,067
3,230,672 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 3,225,955
98,277 KESTREL FUNDING US LLC 5.29 05/21/2007 97,576
1,043,766 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,040,415
403,834 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 403,846
1,219,482 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,215,031
113,074 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 112,893
681,672 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 682,006
807,668 MORGAN STANLEY+/- 5.36 07/12/2007 807,668
1,185,980 MORGAN STANLEY+/- 5.48 07/27/2007 1,186,395
807,668 MORGAN STANLEY+/- 5.51 08/07/2007 807,668
7,107,479 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $7,110,731) 5.49 04/02/2007 7,107,479
149,419 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 149,428
129,227 NATIONAL CITY BANK+/- 5.46 09/04/2007 129,240
926,072 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 926,554
603,005 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 599,755
1,615,336 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 1,615,482
466,628 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 466,628
161,534 PICAROS FUNDING PLC++ 5.29 06/22/2007 159,629
920,742 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 922,031
807,668 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 807,668
613,828 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 613,828
130,681 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 130,706
406,128 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 403,585
1,130,735 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,127,931
743,055 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 743,055
129,227 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 126,604
646,134 SLM CORPORATION+++/-SS. 5.32 05/12/2008 646,199
64,613 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 64,482
612,535 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 610,483
573,961 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 573,795
186,765 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 186,761
807,668 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 807,733
807,668 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 807,757
96,920 VERSAILLES CDS LLC++ 5.33 04/16/2007 96,722
1,615,336 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,598,650
730,552 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 728,316
193,840 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 193,840
565,368 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 564,050
323,067 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 322,266
98,966,997
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $101,576,156) 101,576,156
--------------
79
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 0.95%
7,754,418 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 7,754,418
TOTAL SHORT-TERM INVESTMENTS (COST $7,754,418) 7,754,418
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $685,022,789)* 111.85% $ 908,854,313
OTHER ASSETS AND LIABILITIES, NET (11.85) (96,284,130)
------ --------------
TOTAL NET ASSETS 100.00% $ 812,570,183
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $7,754,418.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
80
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.10%
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.95%
95,100 PHILLIPS-VAN HEUSEN CORPORATION<< $ 5,591,880
--------------
BIOPHARMACEUTICALS - 0.53%
40,800 GILEAD SCIENCES INCORPORATED+ 3,121,200
--------------
BUSINESS SERVICES - 1.61%
164,300 CADENCE DESIGN SYSTEMS INCORPORATED<<+ 3,460,158
474,900 SUN MICROSYSTEMS INCORPORATED+ 2,854,149
121,200 SYNOPSYS INCORPORATED+ 3,179,076
9,493,383
--------------
CHEMICALS & ALLIED PRODUCTS - 7.88%
266,900 CELANESE CORPORATION CLASS A 8,231,196
83,600 E.I. DU PONT DE NEMOURS & COMPANY 4,132,348
233,000 MERCK & COMPANY INCORPORATED 10,291,610
580,000 PFIZER INCORPORATED 14,650,800
144,900 PROCTER & GAMBLE COMPANY 9,151,884
46,457,838
--------------
COMMUNICATIONS - 7.84%
83,100 AMERICA MOVIL SA DE CV ADR SERIES L 3,971,349
471,000 AT&T INCORPORATED 18,571,530
257,000 GRUPO TELEVISA SA ADR 7,658,600
76,000 IAC INTERACTIVECORP<<+ 2,865,960
212,700 ROGERS COMMUNICATIONS INCORPORATED CLASS A 6,968,052
162,900 VERIZON COMMUNICATIONS INCORPORATED 6,177,168
46,212,659
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.93%
178,200 CHICAGO BRIDGE & IRON COMPANY NV NEW YORK SHARES 5,479,650
--------------
DEPOSITORY INSTITUTIONS - 12.45%
473,000 BANK OF AMERICA CORPORATION 24,132,460
414,300 CITIGROUP INCORPORATED 21,270,162
330,000 JPMORGAN CHASE & COMPANY 15,965,400
186,000 KEYCORP 6,969,420
91,000 WACHOVIA CORPORATION 5,009,550
73,346,992
--------------
EATING & DRINKING PLACES - 1.09%
142,500 MCDONALD'S CORPORATION 6,419,625
--------------
ELECTRIC, GAS & SANITARY SERVICES - 4.97%
235,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 11,456,250
196,000 COVANTA HOLDING CORPORATION+ 4,347,280
162,800 EDISON INTERNATIONAL 7,998,364
192,700 WILLIAMS COMPANIES INCORPORATED 5,484,242
29,286,136
--------------
81
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 3.60%
64,400 COOPER INDUSTRIES LIMITED CLASS A $ 2,897,356
150,000 GENERAL ELECTRIC COMPANY 5,304,000
62,000 HARRIS CORPORATION 3,158,900
108,800 MEMC ELECTRONIC MATERIALS INCORPORATED+ 6,591,104
270,000 MICRON TECHNOLOGY INCORPORATED+ 3,261,600
21,212,960
--------------
FOOD & KINDRED PRODUCTS - 3.62%
159,300 ARCHER DANIELS MIDLAND COMPANY 5,846,310
174,200 H.J. HEINZ COMPANY 8,208,304
77,000 MOLSON COORS BREWING COMPANY 7,285,740
21,340,354
--------------
GENERAL MERCHANDISE STORES - 3.30%
53,700 JC PENNEY COMPANY INCORPORATED<< 4,411,992
36,100 SEARS HOLDINGS CORPORATION<<+ 6,503,776
181,400 WAL-MART STORES INCORPORATED 8,516,730
19,432,498
--------------
HEALTH SERVICES - 0.41%
33,600 MEDCO HEALTH SOLUTIONS INCORPORATED+ 2,437,008
--------------
HOLDING & OTHER INVESTMENT OFFICES - 0.91%
122,000 HEALTH CARE REIT INCORPORATED<< 5,355,800
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.74%
21,000 CUMMINS INCORPORATED 3,039,120
178,700 HEWLETT-PACKARD COMPANY 7,173,018
46,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4,335,960
59,900 SPX CORPORATION 4,204,980
46,100 TEREX CORPORATION<<+ 3,308,136
22,061,214
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.49%
76,400 AON CORPORATION 2,900,144
--------------
INSURANCE CARRIERS - 9.13%
104,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6,990,880
80,600 CIGNA CORPORATION 11,498,396
78,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 7,455,240
83,000 LINCOLN NATIONAL CORPORATION 5,626,570
85,600 PMI GROUP INCORPORATED 3,870,832
114,000 PRUDENTIAL FINANCIAL INCORPORATED 10,289,640
156,400 TRAVELERS COMPANIES INCORPORATED 8,096,828
53,828,386
--------------
82
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.42%
33,900 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ $ 3,036,423
114,200 THERMO FISHER SCIENTIFIC INCORPORATED+ 5,338,850
8,375,273
--------------
METAL MINING - 1.80%
160,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 10,590,400
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.50%
107,200 MATTEL INCORPORATED 2,955,504
--------------
MISCELLANEOUS RETAIL - 2.15%
33,000 EXPRESS SCRIPTS INCORPORATED<<+ 2,663,760
119,200 OFFICEMAX INCORPORATED 6,286,608
137,000 RADIOSHACK CORPORATION<< 3,703,110
12,653,478
--------------
MOTION PICTURES - 1.02%
173,800 WALT DISNEY COMPANY 5,983,934
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.48%
83,300 COUNTRYWIDE FINANCIAL CORPORATION<< 2,802,212
--------------
OIL & GAS EXTRACTION - 3.65%
70,000 ANADARKO PETROLEUM CORPORATION 3,008,600
600,000 CHESAPEAKE ENERGY CORPORATION 18,528,000
21,536,600
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 7.84%
75,300 CHEVRON CORPORATION 5,569,188
338,000 EXXON MOBIL CORPORATION 25,502,100
30,500 MARATHON OIL CORPORATION 3,014,315
187,600 VALERO ENERGY CORPORATION 12,098,324
46,183,927
--------------
PRIMARY METAL INDUSTRIES - 1.06%
144,000 STEEL DYNAMICS INCORPORATED 6,220,800
--------------
REAL ESTATE - 0.61%
34,600 JONES LANG LASALLE INCORPORATED 3,608,088
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 6.21%
89,100 AMERIPRISE FINANCIAL INCORPORATED 5,091,174
73,300 BEAR STEARNS COMPANIES INCORPORATED 11,020,655
75,500 LEHMAN BROTHERS HOLDINGS INCORPORATED 5,290,285
127,000 MERRILL LYNCH & COMPANY INCORPORATED 10,372,090
61,500 MORGAN STANLEY 4,843,740
36,617,944
--------------
TOBACCO PRODUCTS - 2.23%
150,000 ALTRIA GROUP INCORPORATED 13,171,500
--------------
83
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.70%
108,800 UAL CORPORATION+ $ 4,152,896
--------------
TRANSPORTATION EQUIPMENT - 2.05%
63,600 GOODRICH CORPORATION 3,274,128
106,850 TRINITY INDUSTRIES INCORPORATED<< 4,479,152
66,900 UNITED TECHNOLOGIES CORPORATION 4,348,500
12,101,780
--------------
TRAVEL & RECREATION - 0.75%
189,900 EXPEDIA INCORPORATED<<+ 4,401,882
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 2.24%
161,100 AMERISOURCEBERGEN CORPORATION 8,498,025
80,200 MCKESSON CORPORATION 4,694,908
13,192,933
--------------
WHOLESALE TRADE-DURABLE GOODS - 0.94%
80,800 KIMBERLY-CLARK CORPORATION 5,533,992
--------------
TOTAL COMMON STOCKS (COST $511,292,185) 584,060,870
--------------
COLLATERAL FOR SECURITIES LENDING - 5.58%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.15%
844,028 SCUDDER DAILY ASSETS MONEY MARKET FUND 844,028
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 5.43%
$ 94,057 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 94,069
481,521 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 481,742
91,444 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 91,165
261,270 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 261,273
261,270 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 261,283
261,270 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 261,296
783,810 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 783,873
418,032 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $418,223) 5.49 04/02/2007 418,032
574,794 BUCKINGHAM II CDO LLC 5.32 04/26/2007 572,782
125,410 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 124,332
209,016 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 207,007
209,016 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 208,073
261,270 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 259,331
104,508 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 103,550
271,721 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 268,558
522,540 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 517,518
298,767 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 296,855
24,946 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 24,906
346,548 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 344,078
198,565 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 196,454
143,249 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 141,769
37,905 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 37,508
11,862 CHEYNE FINANCE LLC 5.26 04/18/2007 11,834
84
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 104,508 CHEYNE FINANCE LLC 5.31% 06/19/2007 $ 103,322
46,611 CHEYNE FINANCE LLC 5.32 05/14/2007 46,326
679,302 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 679,105
261,270 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 261,299
104,508 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 104,574
111,667 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 111,773
115,220 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 115,361
3,657,779 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $3,659,453) 5.49 04/02/2007 3,657,779
52,254 COMERICA BANK+/- 5.32 02/08/2008 52,045
581,158 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 580,478
235,143 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 234,800
313,524 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 312,703
261,270 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 261,189
522,540 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 522,529
841,080 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 838,994
391,905 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 389,452
147,210 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 147,017
156,762 DEER VALLEY FUNDING LLC 5.34 05/07/2007 155,964
3,236,715 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $3,238,196) 5.49 04/02/2007 3,236,715
522,540 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 522,613
68,160 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 67,219
324,090 FOX TROT CDO LIMITED++ 5.31 04/24/2007 323,049
130,583 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 130,626
209,016 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 208,163
522,540 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 522,462
261,270 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 261,262
20,902 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 20,903
14,192 HUDSON-THAMES LLC++ 5.26 04/04/2007 14,188
78,360 HUDSON-THAMES LLC 5.29 04/30/2007 78,040
365,778 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 365,836
679,302 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 679,302
261,270 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 261,283
62,705 K2 (USA) LLC+++/- 5.30 07/16/2007 62,711
104,508 K2 (USA) LLC+++/- 5.33 09/28/2007 104,508
1,045,080 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 1,043,554
31,791 KESTREL FUNDING US LLC 5.29 05/21/2007 31,565
337,644 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 336,561
130,635 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 130,639
394,486 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 393,046
36,578 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 36,519
220,512 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 220,620
261,270 MORGAN STANLEY+/- 5.36 07/12/2007 261,270
383,649 MORGAN STANLEY+/- 5.48 07/27/2007 383,783
261,270 MORGAN STANLEY+/- 5.51 08/07/2007 261,270
2,299,176 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $2,300,228) 5.49 04/02/2007 2,299,176
48,335 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 48,338
41,803 NATIONAL CITY BANK+/- 5.46 09/04/2007 41,807
299,572 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 299,728
85
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 195,064 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32% 05/09/2007 $ 194,013
522,540 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 522,587
150,948 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 150,948
52,254 PICAROS FUNDING PLC++ 5.29 06/22/2007 51,638
297,848 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 298,265
261,270 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 261,270
198,565 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 198,565
42,273 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 42,282
131,377 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 130,555
365,778 SAINT GERMAIN FUNDING 5.31 04/19/2007 364,871
240,368 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 240,368
41,803 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 40,955
209,016 SLM CORPORATION+++/-SS. 5.32 05/12/2008 209,037
20,902 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 20,859
198,147 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 197,483
185,669 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 185,615
60,416 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 60,415
261,270 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 261,291
261,270 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 261,299
31,352 VERSAILLES CDS LLC++ 5.33 04/16/2007 31,288
522,540 VETRA FINANCE CORPORATION 5.31 06/12/2007 517,142
236,324 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 235,601
62,705 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 62,705
182,889 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 182,463
104,508 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 104,246
32,014,515
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $32,858,543) 32,858,543
--------------
SHARES
SHORT-TERM INVESTMENTS - 1.67%
9,876,985 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 9,876,985
TOTAL SHORT-TERM INVESTMENTS (COST $9,876,985) 9,876,985
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $554,027,713)* 106.35% $ 626,796,398
OTHER ASSETS AND LIABILITIES, NET (6.35) (37,437,345)
------ --------------
TOTAL NET ASSETS 100.00% $ 589,359,053
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $9,876,985.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
86
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.02%
AMUSEMENT & RECREATION SERVICES - 0.23%
39,574 HARRAH'S ENTERTAINMENT INCORPORATED $ 3,342,024
71,818 INTERNATIONAL GAME TECHNOLOGY 2,900,011
6,242,035
------------
APPAREL & ACCESSORY STORES - 0.48%
18,736 ABERCROMBIE & FITCH COMPANY CLASS A 1,417,940
111,867 GAP INCORPORATED 1,925,231
69,429 KOHL'S CORPORATION+ 5,318,956
72,616 LIMITED BRANDS INCORPORATED<< 1,892,373
48,569 NORDSTROM INCORPORATED 2,571,243
13,125,743
------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.16%
23,033 JONES APPAREL GROUP INCORPORATED 707,804
21,963 LIZ CLAIBORNE INCORPORATED 941,115
13,009 POLO RALPH LAUREN CORPORATION 1,146,743
19,117 VF CORPORATION 1,579,447
4,375,109
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.07%
31,959 AUTONATION INCORPORATED+<< 678,809
10,546 AUTOZONE INCORPORATED+ 1,351,364
2,030,173
------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.02%
12,891 RYDER SYSTEM INCORPORATED 636,042
------------
BIOPHARMACEUTICALS - 0.55%
80,158 CELGENE CORPORATION+<< 4,205,089
55,933 GENZYME CORPORATION+ 3,357,099
98,653 GILEAD SCIENCES INCORPORATED+ 7,546,955
15,109,143
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.20%
25,358 CENTEX CORPORATION<< 1,059,457
57,966 D.R. HORTON INCORPORATED 1,275,252
16,318 KB HOME 696,289
29,283 LENNAR CORPORATION CLASS A<< 1,236,035
45,114 PULTE HOMES INCORPORATED<< 1,193,716
5,460,749
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 1.02%
433,298 HOME DEPOT INCORPORATED 15,919,369
323,303 LOWE'S COMPANIES INCORPORATED 10,180,811
23,692 SHERWIN-WILLIAMS COMPANY 1,564,620
27,664,800
------------
87
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 7.39%
124,935 ADOBE SYSTEMS INCORPORATED+ $ 5,209,790
21,000 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 1,236,480
49,192 AUTODESK INCORPORATED+ 1,849,619
116,831 AUTOMATIC DATA PROCESSING INCORPORATED 5,654,620
43,303 BMC SOFTWARE INCORPORATED+ 1,333,299
87,331 CA INCORPORATED 2,262,746
1,282,362 CISCO SYSTEMS INCORPORATED+ 32,738,702
38,340 CITRIX SYSTEMS INCORPORATED+ 1,228,030
30,293 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,673,963
36,775 COMPUTER SCIENCES CORPORATION+ 1,917,081
68,839 COMPUWARE CORPORATION+ 653,282
29,013 CONVERGYS CORPORATION+ 737,220
241,237 EBAY INCORPORATED+ 7,997,007
65,825 ELECTRONIC ARTS INCORPORATED+ 3,314,947
109,220 ELECTRONIC DATA SYSTEMS CORPORATION 3,023,210
26,508 EQUIFAX INCORPORATED 966,217
34,560 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,571,098
159,868 FIRST DATA CORPORATION 4,300,449
36,217 FISERV INCORPORATED+ 1,921,674
46,213 GOOGLE INCORPORATED CLASS A+ 21,172,948
41,431 IMS HEALTH INCORPORATED 1,228,843
99,512 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 1,224,993
72,730 INTUIT INCORPORATED+<< 1,989,893
120,854 JUNIPER NETWORKS INCORPORATED+<< 2,378,407
1,829,529 MICROSOFT CORPORATION 50,988,973
27,278 MONSTER WORLDWIDE INCORPORATED+ 1,292,159
38,003 NCR CORPORATION+ 1,815,403
71,975 NOVELL INCORPORATED+ 519,660
35,477 OMNICOM GROUP INCORPORATED 3,632,135
847,179 ORACLE CORPORATION+<< 15,359,355
1 PARAMETRIC TECHNOLOGY CORPORATION+ 4
35,662 ROBERT HALF INTERNATIONAL INCORPORATED 1,319,851
764,477 SUN MICROSYSTEMS INCORPORATED+ 4,594,507
196,297 SYMANTEC CORPORATION+<< 3,395,938
73,301 UNISYS CORPORATION+<< 617,927
52,045 VERISIGN INCORPORATED+ 1,307,370
259,206 YAHOO! INCORPORATED+<< 8,110,556
201,538,356
------------
CHEMICALS & ALLIED PRODUCTS - 10.47%
327,610 ABBOTT LABORATORIES 18,280,638
45,954 AIR PRODUCTS & CHEMICALS INCORPORATED 3,395,541
247,863 AMGEN INCORPORATED+ 13,850,584
19,454 AVERY DENNISON CORPORATION 1,250,114
93,646 AVON PRODUCTS INCORPORATED 3,489,250
22,642 BARR PHARMACEUTICALS INCORPORATED+ 1,049,457
72,702 BIOGEN IDEC INCORPORATED+ 3,226,515
428,756 BRISTOL-MYERS SQUIBB COMPANY 11,902,267
88
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
32,113 CLOROX COMPANY $ 2,045,277
109,003 COLGATE-PALMOLIVE COMPANY 7,280,310
203,641 DOW CHEMICAL COMPANY 9,338,976
196,201 E.I. DU PONT DE NEMOURS & COMPANY 9,698,215
17,757 EASTMAN CHEMICAL COMPANY 1,124,551
37,780 ECOLAB INCORPORATED 1,624,540
209,467 ELI LILLY & COMPANY 11,250,473
24,686 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,205,911
67,484 FOREST LABORATORIES INCORPORATED+<< 3,471,377
33,110 HOSPIRA INCORPORATED+ 1,354,199
16,581 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 782,955
614,443 JOHNSON & JOHNSON 37,026,335
51,633 KING PHARMACEUTICALS INCORPORATED+<< 1,015,621
50,476 MEDIMMUNE INCORPORATED+<< 1,836,822
459,966 MERCK & COMPANY INCORPORATED 20,316,698
115,392 MONSANTO COMPANY 6,341,944
51,965 MYLAN LABORATORIES INCORPORATED 1,098,540
1,504,626 PFIZER INCORPORATED 38,006,853
34,814 PPG INDUSTRIES INCORPORATED 2,447,772
68,017 PRAXAIR INCORPORATED 4,282,350
669,920 PROCTER & GAMBLE COMPANY 42,312,147
30,218 ROHM & HAAS COMPANY 1,562,875
315,863 SCHERING-PLOUGH CORPORATION 8,057,665
28,038 SIGMA-ALDRICH CORPORATION 1,164,138
285,805 WYETH 14,298,824
285,389,734
------------
COAL MINING - 0.14%
38,751 CONSOL ENERGY INCORPORATED 1,516,327
56,195 PEABODY ENERGY CORPORATION 2,261,287
3,777,614
------------
COMMUNICATIONS - 4.66%
76,482 ALLTEL CORPORATION 4,741,884
1,325,697 AT&T INCORPORATED 52,272,233
96,248 AVAYA INCORPORATED+ 1,136,689
23,645 CENTURYTEL INCORPORATED 1,068,518
105,347 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 3,691,359
660,303 COMCAST CORPORATION CLASS A+<< 17,134,863
164,465 DIRECTV GROUP INCORPORATED+<< 3,794,208
31,959 EMBARQ CORPORATION 1,800,890
46,103 IAC INTERACTIVECORP+ 1,738,544
333,016 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+<< 2,993,814
616,234 SPRINT NEXTEL CORPORATION<< 11,683,797
617,800 VERIZON COMMUNICATIONS INCORPORATED 23,426,976
101,216 WINDSTREAM CORPORATION 1,486,863
126,970,638
------------
89
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS - 10.26%
949,519 BANK OF AMERICA CORPORATION $ 48,444,459
160,498 BANK OF NEW YORK COMPANY INCORPORATED 6,508,194
115,069 BB&T CORPORATION 4,720,130
1,040,852 CITIGROUP INCORPORATED 53,437,342
33,471 COMERICA INCORPORATED 1,978,806
39,816 COMMERCE BANCORP INCORPORATED 1,329,058
27,671 COMPASS BANCSHARES INCORPORATED 1,903,765
118,098 FIFTH THIRD BANCORP 4,569,212
26,608 FIRST HORIZON NATIONAL CORPORATION<< 1,105,030
105,075 HUDSON CITY BANCORP INCORPORATED 1,437,426
50,000 HUNTINGTON BANCSHARES INCORPORATED<< 1,092,500
737,428 JPMORGAN CHASE & COMPANY 35,676,767
84,052 KEYCORP 3,149,428
16,310 M&T BANK CORPORATION<< 1,889,187
54,292 MARSHALL & ILSLEY CORPORATION 2,514,263
88,315 MELLON FINANCIAL CORPORATION<< 3,809,909
125,790 NATIONAL CITY CORPORATION<< 4,685,678
40,037 NORTHERN TRUST CORPORATION 2,407,825
73,494 PNC FINANCIAL SERVICES GROUP 5,289,363
155,357 REGIONS FINANCIAL CORPORATION 5,494,977
76,666 SOVEREIGN BANCORP INCORPORATED 1,950,389
70,878 STATE STREET CORPORATION 4,589,351
75,426 SUNTRUST BANKS INCORPORATED 6,263,375
69,342 SYNOVUS FINANCIAL CORPORATION 2,242,520
376,046 US BANCORP 13,150,329
404,608 WACHOVIA CORPORATION 22,273,670
188,752 WASHINGTON MUTUAL INCORPORATED<< 7,621,806
717,315 WELLS FARGO & COMPANY++ 24,697,155
163,895 WESTERN UNION COMPANY 3,597,495
23,353 ZIONS BANCORPORATION 1,973,796
279,803,205
------------
EATING & DRINKING PLACES - 0.61%
30,825 DARDEN RESTAURANTS INCORPORATED 1,269,682
255,511 MCDONALD'S CORPORATION 11,510,771
18,412 WENDY'S INTERNATIONAL INCORPORATED 576,296
55,970 YUM! BRANDS INCORPORATED 3,232,827
16,589,576
------------
EDUCATIONAL SERVICES - 0.05%
29,711 APOLLO GROUP INCORPORATED CLASS A+ 1,304,313
------------
ELECTRIC, GAS & SANITARY SERVICES - 4.33%
141,014 AES CORPORATION+ 3,034,621
34,913 ALLEGHENY ENERGY INCORPORATED+ 1,715,625
54,138 ALLIED WASTE INDUSTRIES INCORPORATED+ 681,597
43,863 AMEREN CORPORATION<< 2,206,309
84,218 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 4,105,628
67,956 CENTERPOINT ENERGY INCORPORATED<< 1,219,131
90
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
71,919 CITIZENS COMMUNICATIONS COMPANY<< $ 1,075,189
47,399 CMS ENERGY CORPORATION<< 843,702
54,701 CONSOLIDATED EDISON INCORPORATED 2,793,033
38,360 CONSTELLATION ENERGY GROUP INCORPORATED 3,335,402
74,090 DOMINION RESOURCES INCORPORATED<< 6,576,969
37,605 DTE ENERGY COMPANY<< 1,801,280
266,898 DUKE ENERGY CORPORATION 5,415,360
80,371 DYNEGY INCORPORATED CLASS A+<< 744,235
69,173 EDISON INTERNATIONAL 3,398,469
148,263 EL PASO CORPORATION 2,145,366
42,103 ENTERGY CORPORATION 4,417,447
142,281 EXELON CORPORATION 9,776,128
67,770 FIRSTENERGY CORPORATION<< 4,489,085
86,110 FPL GROUP INCORPORATED<< 5,267,349
15,957 INTEGRYS ENERGY GROUP INCORPORATED 885,773
37,279 KEYSPAN CORPORATION 1,534,031
22,791 KINDER MORGAN INCORPORATED 2,426,102
9,535 NICOR INCORPORATED 461,685
58,141 NISOURCE INCORPORATED 1,420,966
74,482 PG&E CORPORATION 3,595,246
21,233 PINNACLE WEST CAPITAL CORPORATION 1,024,492
81,759 PPL CORPORATION 3,343,943
54,586 PROGRESS ENERGY INCORPORATED 2,753,318
53,665 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 4,456,342
18,247 QUESTAR CORPORATION 1,627,815
55,820 SEMPRA ENERGY 3,405,578
133,301 SPECTRA ENERGY CORPORATION 3,501,817
44,497 TECO ENERGY INCORPORATED 765,793
158,934 THE SOUTHERN COMPANY<< 5,824,931
97,501 TXU CORPORATION 6,249,814
113,178 WASTE MANAGEMENT INCORPORATED 3,894,438
126,932 WILLIAMS COMPANIES INCORPORATED 3,612,485
86,569 XCEL ENERGY INCORPORATED 2,137,389
117,963,883
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.88%
24,897 ADC TELECOMMUNICATIONS INCORPORATED+<< 416,776
117,817 ADVANCED MICRO DEVICES INCORPORATED+<< 1,538,690
75,696 ALTERA CORPORATION 1,513,163
70,852 ANALOG DEVICES INCORPORATED<< 2,443,685
100,112 BROADCOM CORPORATION CLASS A+<< 3,210,592
18,071 CIENA CORPORATION+ 505,084
38,744 COOPER INDUSTRIES LIMITED CLASS A 1,743,093
169,400 EMERSON ELECTRIC COMPANY 7,299,446
2,183,215 GENERAL ELECTRIC COMPANY 77,198,482
13,906 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 1,336,088
39,211 JABIL CIRCUIT INCORPORATED 839,508
44,837 JDS UNIPHASE CORPORATION+<< 682,868
91
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
42,403 KLA-TENCOR CORPORATION<< $ 2,260,928
26,436 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,312,357
63,544 LINEAR TECHNOLOGY CORPORATION<< 2,007,355
163,516 LSI LOGIC CORPORATION+<< 1,707,107
68,085 MAXIM INTEGRATED PRODUCTS INCORPORATED 2,001,699
160,251 MICRON TECHNOLOGY INCORPORATED+ 1,935,832
30,100 MOLEX INCORPORATED 848,820
507,508 MOTOROLA INCORPORATED<< 8,967,666
60,215 NATIONAL SEMICONDUCTOR CORPORATION 1,453,590
78,779 NETWORK APPLIANCE INCORPORATED+ 2,877,009
26,698 NOVELLUS SYSTEMS INCORPORATED+<< 854,870
75,485 NVIDIA CORPORATION+<< 2,172,458
45,092 PMC-SIERRA INCORPORATED+<< 316,095
33,769 QLOGIC CORPORATION+ 574,073
351,696 QUALCOMM INCORPORATED 15,003,351
35,717 ROCKWELL COLLINS INCORPORATED 2,390,539
112,536 SANMINA-SCI CORPORATION+ 407,380
92,847 TELLABS INCORPORATED+ 919,185
306,454 TEXAS INSTRUMENTS INCORPORATED 9,224,265
16,708 WHIRLPOOL CORPORATION<< 1,418,676
70,458 XILINX INCORPORATED<< 1,812,884
160,193,614
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.28%
18,669 FLUOR CORPORATION<< 1,674,983
49,667 MOODY'S CORPORATION 3,082,334
72,012 PAYCHEX INCORPORATED 2,727,094
7,484,411
-------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.32%
21,886 BALL CORPORATION 1,003,473
32,368 FORTUNE BRANDS INCORPORATED 2,551,246
87,796 ILLINOIS TOOL WORKS INCORPORATED 4,530,274
12,505 SNAP-ON INCORPORATED 601,491
8,686,484
-------------
FINANCIAL SERVICES - 0.03%
40,282 JANUS CAPITAL GROUP INCORPORATED 842,297
-------------
FOOD & KINDRED PRODUCTS - 3.13%
161,968 ANHEUSER-BUSCH COMPANIES INCORPORATED 8,172,905
138,581 ARCHER DANIELS MIDLAND COMPANY 5,085,923
46,368 CAMPBELL SOUP COMPANY 1,806,034
59,089 COCA-COLA ENTERPRISES INCORPORATED 1,196,552
107,252 CONAGRA FOODS INCORPORATED 2,671,647
44,786 CONSTELLATION BRANDS INCORPORATED CLASS A+ 948,567
73,278 GENERAL MILLS INCORPORATED 4,266,245
68,968 H.J. HEINZ COMPANY 3,249,772
24,716 HERCULES INCORPORATED+ 482,951
92
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (CONTINUED)
53,230 KELLOGG COMPANY<< $ 2,737,619
39,828 KRAFT FOODS INCORPORATED CLASS A 1,260,954
27,640 MCCORMICK & COMPANY INCORPORATED 1,064,693
9,965 MOLSON COORS BREWING COMPANY 942,888
27,911 PEPSI BOTTLING GROUP INCORPORATED 890,082
347,714 PEPSICO INCORPORATED 22,100,702
155,723 SARA LEE CORPORATION 2,634,833
427,657 THE COCA-COLA COMPANY 20,527,536
36,744 THE HERSHEY COMPANY 2,008,427
53,558 TYSON FOODS INCORPORATED CLASS A 1,039,561
46,315 WM. WRIGLEY JR. COMPANY 2,358,823
85,446,714
-------------
FOOD STORES - 0.51%
150,307 KROGER COMPANY 4,246,173
93,522 SAFEWAY INCORPORATED 3,426,646
159,435 STARBUCKS CORPORATION+ 4,999,882
29,846 WHOLE FOODS MARKET INCORPORATED 1,338,593
14,011,294
-------------
FORESTRY - 0.12%
44,841 WEYERHAEUSER COMPANY<< 3,351,416
-------------
FURNITURE & FIXTURES - 0.18%
37,661 LEGGETT & PLATT INCORPORATED 853,775
83,140 MASCO CORPORATION 2,278,036
58,937 NEWELL RUBBERMAID INCORPORATED 1,832,351
4,964,162
-------------
GENERAL MERCHANDISE STORES - 1.95%
23,246 BIG LOTS INCORPORATED+<< 727,135
66,247 DOLLAR GENERAL CORPORATION 1,401,124
32,193 FAMILY DOLLAR STORES INCORPORATED 953,557
111,498 FEDERATED DEPARTMENT STORES INCORPORATED<< 5,022,985
47,765 JC PENNEY COMPANY INCORPORATED<< 3,924,372
17,644 SEARS HOLDINGS CORPORATION+<< 3,178,743
182,350 TARGET CORPORATION 10,806,061
96,622 TJX COMPANIES INCORPORATED 2,604,929
522,099 WAL-MART STORES INCORPORATED 24,512,548
53,131,454
-------------
HEALTH SERVICES - 0.54%
84,986 CARDINAL HEALTH INCORPORATED 6,199,729
25,986 LABORATORY CORPORATION OF AMERICA HOLDINGS+<< 1,887,363
15,472 MANOR CARE INCORPORATED 841,058
61,156 MEDCO HEALTH SOLUTIONS INCORPORATED+ 4,435,645
100,126 TENET HEALTHCARE CORPORATION+ 643,810
21,761 WATSON PHARMACEUTICALS INCORPORATED+ 575,143
14,582,748
-------------
93
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES - 1.28%
20,716 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A $ 1,195,106
46,788 ARCHSTONE-SMITH TRUST 2,539,653
16,845 AVALONBAY COMMUNITIES INCORPORATED 2,189,850
25,253 BOSTON PROPERTIES INCORPORATED 2,964,702
26,916 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 1,693,016
62,422 EQUITY RESIDENTIAL 3,010,613
110,569 HOST HOTELS & RESORTS INCORPORATED 2,909,070
47,992 KIMCO REALTY CORPORATION 2,339,130
37,643 PLUM CREEK TIMBER COMPANY 1,483,887
54,401 PROLOGIS 3,532,257
26,046 PUBLIC STORAGE INCORPORATED 2,465,775
47,045 SIMON PROPERTY GROUP INCORPORATED<< 5,233,756
27,680 VORNADO REALTY TRUST<< 3,303,331
34,860,146
-------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.26%
60,164 BED BATH & BEYOND INCORPORATED+ 2,416,788
85,947 BEST BUY COMPANY INCORPORATED<< 4,187,338
30,219 CIRCUIT CITY STORES INCORPORATED 559,958
7,164,084
-------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.39%
82,578 HILTON HOTELS CORPORATION<< 2,969,505
70,011 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 3,427,739
45,614 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 2,958,068
40,104 WYNDHAM WORLDWIDE CORPORATION+ 1,369,552
10,724,864
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.45%
155,811 3M COMPANY<< 11,908,635
37,091 AMERICAN STANDARD COMPANIES INCORPORATED 1,966,565
182,985 APPLE INCORPORATED+ 17,001,136
296,570 APPLIED MATERIALS INCORPORATED<< 5,433,162
67,990 BAKER HUGHES INCORPORATED 4,496,179
13,927 BLACK & DECKER CORPORATION 1,136,722
137,111 CATERPILLAR INCORPORATED 9,190,550
11,061 CUMMINS INCORPORATED 1,600,748
48,163 DEERE & COMPANY 5,232,428
482,287 DELL INCORPORATED+<< 11,193,881
43,460 DOVER CORPORATION 2,121,283
31,039 EATON CORPORATION 2,593,619
447,576 EMC CORPORATION+ 6,198,928
568,237 HEWLETT-PACKARD COMPANY 22,809,033
65,349 INGERSOLL-RAND COMPANY LIMITED CLASS A 2,834,186
1,224,394 INTEL CORPORATION 23,422,657
319,639 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 30,129,172
20,383 LEXMARK INTERNATIONAL INCORPORATED+<< 1,191,590
37,325 NATIONAL OILWELL VARCO INCORPORATED+<< 2,903,512
94
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
26,114 PALL CORPORATION $ 992,332
24,579 PARKER HANNIFIN CORPORATION 2,121,413
46,771 PITNEY BOWES INCORPORATED 2,122,936
48,271 SANDISK CORPORATION+<< 2,114,270
42,331 SMITH INTERNATIONAL INCORPORATED<< 2,034,005
191,937 SOLECTRON CORPORATION+ 604,602
17,582 STANLEY WORKS 973,340
21,783 TEREX CORPORATION+<< 1,563,148
175,890,032
-------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.35%
63,348 AON CORPORATION<< 2,404,690
35,396 HUMANA INCORPORATED+ 2,053,676
117,360 MARSH & MCLENNAN COMPANIES INCORPORATED 3,437,474
72,749 UNUMPROVIDENT CORPORATION<< 1,675,409
9,571,249
-------------
INSURANCE CARRIERS - 5.70%
69,367 ACE LIMITED 3,958,081
109,637 AETNA INCORPORATED 4,801,004
104,430 AFLAC INCORPORATED 4,914,476
131,364 ALLSTATE CORPORATION 7,889,722
21,731 AMBAC FINANCIAL GROUP INCORPORATED<< 1,877,341
552,343 AMERICAN INTERNATIONAL GROUP INCORPORATED 37,128,496
86,747 CHUBB CORPORATION 4,482,217
20,694 CIGNA CORPORATION 2,952,206
36,694 CINCINNATI FINANCIAL CORPORATION 1,555,826
93,583 GENWORTH FINANCIAL INCORPORATED 3,269,790
67,985 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 6,498,006
58,769 LINCOLN NATIONAL CORPORATION 3,983,951
95,767 LOEWS CORPORATION 4,350,695
28,606 MBIA INCORPORATED<< 1,873,407
159,799 METLIFE INCORPORATED 10,091,307
17,630 MGIC INVESTMENT CORPORATION<< 1,038,760
56,873 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,404,987
158,060 PROGRESSIVE CORPORATION 3,448,869
99,573 PRUDENTIAL FINANCIAL INCORPORATED 8,987,459
22,413 SAFECO CORPORATION 1,488,896
20,803 TORCHMARK CORPORATION 1,364,469
143,436 TRAVELERS COMPANIES INCORPORATED 7,425,682
287,536 UNITEDHEALTH GROUP INCORPORATED 15,230,782
130,024 WELLPOINT INCORPORATED+ 10,544,946
38,439 XL CAPITAL LIMITED CLASS A 2,689,192
155,250,567
-------------
95
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS - 0.14%
78,591 COACH INCORPORATED+ $ 3,933,480
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.44%
85,699 AGILENT TECHNOLOGIES INCORPORATED+ 2,887,199
38,970 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 1,152,343
11,536 BAUSCH & LOMB INCORPORATED 590,182
51,929 BECTON DICKINSON & COMPANY 3,992,821
251,433 BOSTON SCIENTIFIC CORPORATION+ 3,655,840
21,925 C.R. BARD INCORPORATED 1,743,257
50,531 DANAHER CORPORATION 3,610,440
61,042 EASTMAN KODAK COMPANY<< 1,377,108
11,450 MILLIPORE CORPORATION+<< 829,782
25,865 PERKINELMER INCORPORATED 626,450
33,708 QUEST DIAGNOSTICS INCORPORATED 1,681,018
94,731 RAYTHEON COMPANY 4,969,588
35,173 ROCKWELL AUTOMATION INCORPORATED 2,105,808
17,349 TEKTRONIX INCORPORATED 488,548
40,288 TERADYNE INCORPORATED+ 666,364
89,176 THERMO FISHER SCIENTIFIC INCORPORATED+<< 4,168,978
21,556 WATERS CORPORATION+ 1,250,248
201,476 XEROX CORPORATION+ 3,402,930
39,198,904
-------------
MEDICAL EQUIPMENT & SUPPLIES - 0.59%
244,489 MEDTRONIC INCORPORATED 11,994,630
73,085 ST. JUDE MEDICAL INCORPORATED+ 2,748,727
27,270 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,300,506
16,043,863
-------------
MEDICAL MANAGEMENT SERVICES - 0.07%
33,858 COVENTRY HEALTH CARE INCORPORATED+<< 1,897,741
-------------
MEDICAL PRODUCTS - 0.79%
32,643 ALLERGAN INCORPORATED 3,617,497
137,962 BAXTER INTERNATIONAL INCORPORATED 7,266,459
51,998 BIOMET INCORPORATED 2,209,395
63,304 STRYKER CORPORATION<< 4,198,321
50,352 ZIMMER HOLDINGS INCORPORATED+<< 4,300,564
21,592,236
-------------
METAL MINING - 0.34%
79,580 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 5,267,421
95,741 NEWMONT MINING CORPORATION 4,020,165
9,287,586
-------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
20,171 VULCAN MATERIALS COMPANY 2,349,518
-------------
96
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.65%
34,151 HASBRO INCORPORATED $ 977,402
83,474 MATTEL INCORPORATED 2,301,378
28,735 TIFFANY & COMPANY<< 1,306,868
419,786 TYCO INTERNATIONAL LIMITED 13,244,248
17,829,896
-------------
MISCELLANEOUS RETAIL - 1.43%
66,030 AMAZON.COM INCORPORATED+ 2,627,334
96,030 COSTCO WHOLESALE CORPORATION 5,170,255
327,013 CVS CORPORATION<< 11,164,224
12,924 DILLARD'S INCORPORATED CLASS A 423,003
28,796 EXPRESS SCRIPTS INCORPORATED+ 2,324,413
58,701 OFFICE DEPOT INCORPORATED+ 2,062,753
15,919 OFFICEMAX INCORPORATED 839,568
28,916 RADIOSHACK CORPORATION<< 781,599
152,226 STAPLES INCORPORATED 3,933,520
212,486 WALGREEN COMPANY 9,750,983
39,077,652
-------------
MOTION PICTURES - 1.56%
498,127 NEWS CORPORATION CLASS A 11,516,696
810,085 TIME WARNER INCORPORATED 15,974,876
434,902 WALT DISNEY COMPANY 14,973,676
42,465,248
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.84%
65,204 FEDEX CORPORATION 7,004,866
226,419 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 15,871,972
22,876,838
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.86%
253,146 AMERICAN EXPRESS COMPANY 14,277,434
87,173 CAPITAL ONE FINANCIAL CORPORATION<< 6,578,075
41,081 CIT GROUP INCORPORATED 2,174,007
125,225 COUNTRYWIDE FINANCIAL CORPORATION<< 4,212,569
205,496 FANNIE MAE 11,215,972
147,131 FREDDIE MAC<< 8,752,823
87,148 SLM CORPORATION 3,564,353
50,775,233
-------------
OIL & GAS EXTRACTION - 2.78%
98,320 ANADARKO PETROLEUM CORPORATION 4,225,794
70,265 APACHE CORPORATION 4,967,736
62,256 BJ SERVICES COMPANY 1,736,942
86,932 CHESAPEAKE ENERGY CORPORATION 2,684,460
94,363 DEVON ENERGY CORPORATION 6,531,807
32,034 ENSCO INTERNATIONAL INCORPORATED<< 1,742,650
97
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
51,803 EOG RESOURCES INCORPORATED $ 3,695,626
212,134 HALLIBURTON COMPANY<< 6,733,133
59,125 NABORS INDUSTRIES LIMITED+<< 1,754,239
28,556 NOBLE CORPORATION 2,246,786
177,937 OCCIDENTAL PETROLEUM CORPORATION 8,774,073
23,460 ROWAN COMPANIES INCORPORATED<< 761,746
250,217 SCHLUMBERGER LIMITED 17,289,995
62,200 TRANSOCEAN INCORPORATED+ 5,081,740
71,794 WEATHERFORD INTERNATIONAL LIMITED+<< 3,237,909
78,121 XTO ENERGY INCORPORATED 4,281,812
75,746,448
-------------
PAPER & ALLIED PRODUCTS - 0.28%
22,205 BEMIS COMPANY INCORPORATED 741,425
96,089 INTERNATIONAL PAPER COMPANY<< 3,497,640
38,739 MEADWESTVACO CORPORATION 1,194,711
28,212 PACTIV CORPORATION+ 951,873
22,324 TEMPLE-INLAND INCORPORATED 1,333,636
7,719,285
-------------
PERSONAL SERVICES - 0.09%
28,821 CINTAS CORPORATION 1,040,438
68,428 H & R BLOCK INCORPORATED 1,439,725
2,480,163
-------------
PETROLEUM REFINING & RELATED INDUSTRIES - 6.32%
11,835 ASHLAND INCORPORATED 776,376
458,119 CHEVRON CORPORATION 33,882,481
349,059 CONOCOPHILLIPS 23,858,183
1,208,767 EXXON MOBIL CORPORATION<< 91,201,470
57,361 HESS CORPORATION 3,181,815
73,430 MARATHON OIL CORPORATION 7,257,087
39,837 MURPHY OIL CORPORATION 2,127,296
25,761 SUNOCO INCORPORATED 1,814,605
128,259 VALERO ENERGY CORPORATION<< 8,271,423
172,370,736
-------------
PRIMARY METAL INDUSTRIES - 0.56%
184,611 ALCOA INCORPORATED 6,258,313
21,652 ALLEGHENY TECHNOLOGIES INCORPORATED<< 2,310,052
63,933 NUCOR CORPORATION 4,163,956
25,156 UNITED STATES STEEL CORPORATION<< 2,494,721
15,227,042
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.87%
156,694 CBS CORPORATION CLASS B<< 4,793,269
13,871 DOW JONES & COMPANY INCORPORATED<< 478,133
17,721 E.W. SCRIPPS COMPANY CLASS A 791,774
49,855 GANNETT COMPANY INCORPORATED 2,806,338
98
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (CONTINUED)
75,356 MCGRAW-HILL COMPANIES INCORPORATED $ 4,738,385
8,264 MEREDITH CORPORATION 474,271
30,556 NEW YORK TIMES COMPANY CLASS A<< 718,372
46,368 RR DONNELLEY & SONS COMPANY<< 1,696,605
37,737 TRIBUNE COMPANY<< 1,211,735
146,952 VIACOM INCORPORATED CLASS B+<< 6,041,197
23,750,079
-------------
RAILROAD TRANSPORTATION - 0.73%
76,210 BURLINGTON NORTHERN SANTA FE CORPORATION 6,129,570
92,735 CSX CORPORATION<< 3,714,037
84,284 NORFOLK SOUTHERN CORPORATION 4,264,770
57,483 UNION PACIFIC CORPORATION 5,837,399
19,945,776
-------------
REAL ESTATE - 0.10%
39,657 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 1,355,476
46,203 REALOGY CORPORATION+ 1,368,071
2,723,547
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.08%
34,255 SEALED AIR CORPORATION<< 1,082,458
38,270 THE GOODYEAR TIRE & RUBBER COMPANY+ 1,193,641
2,276,099
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.15%
50,785 AMERIPRISE FINANCIAL INCORPORATED 2,901,855
25,428 BEAR STEARNS COMPANIES INCORPORATED 3,823,100
218,057 CHARLES SCHWAB CORPORATION 3,988,263
7,398 CHICAGO MERCANTILE EXCHANGE HOLDINGS INCORPORATED<< 3,939,139
90,691 E*TRADE FINANCIAL CORPORATION+ 1,924,463
18,908 FEDERATED INVESTORS INCORPORATED CLASS B 694,302
35,543 FRANKLIN RESOURCES INCORPORATED 4,294,661
87,336 GOLDMAN SACHS GROUP INCORPORATED 18,046,238
27,920 LEGG MASON INCORPORATED 2,630,343
111,693 LEHMAN BROTHERS HOLDINGS INCORPORATED 7,826,329
187,753 MERRILL LYNCH & COMPANY INCORPORATED 15,333,788
226,018 MORGAN STANLEY 17,801,178
56,327 T. ROWE PRICE GROUP INCORPORATED 2,658,071
85,861,730
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.28%
333,263 CORNING INCORPORATED+ 7,578,401
-------------
TOBACCO PRODUCTS - 1.59%
445,552 ALTRIA GROUP INCORPORATED 39,123,921
36,403 REYNOLDS AMERICAN INCORPORATED<< 2,271,911
34,101 UST INCORPORATED<< 1,977,176
43,373,008
-------------
99
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.09%
167,392 SOUTHWEST AIRLINES COMPANY $ 2,460,662
-------------
TRANSPORTATION EQUIPMENT - 3.02%
167,569 BOEING COMPANY 14,898,560
19,262 BRUNSWICK CORPORATION<< 613,495
401,805 FORD MOTOR COMPANY<< 3,170,241
86,140 GENERAL DYNAMICS CORPORATION 6,581,096
120,085 GENERAL MOTORS CORPORATION<< 3,679,404
36,197 GENUINE PARTS COMPANY 1,773,653
26,618 GOODRICH CORPORATION 1,370,295
54,681 HARLEY-DAVIDSON INCORPORATED 3,212,509
169,833 HONEYWELL INTERNATIONAL INCORPORATED 7,822,508
38,596 ITT CORPORATION 2,328,111
41,717 JOHNSON CONTROLS INCORPORATED<< 3,947,263
75,345 LOCKHEED MARTIN CORPORATION 7,309,972
74,364 NORTHROP GRUMMAN CORPORATION 5,519,296
52,708 PACCAR INCORPORATED 3,868,767
26,598 TEXTRON INCORPORATED 2,388,500
211,415 UNITED TECHNOLOGIES CORPORATION 13,741,975
82,225,645
-------------
TRANSPORTATION SERVICES - 0.06%
36,750 CH ROBINSON WORLDWIDE INCORPORATED 1,754,813
-------------
TRAVEL & RECREATION - 0.20%
93,927 CARNIVAL CORPORATION 4,401,419
28,407 SABRE HOLDINGS CORPORATION 930,329
5,331,748
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.68%
40,225 AMERISOURCEBERGEN CORPORATION 2,121,869
16,731 BROWN-FORMAN CORPORATION CLASS B 1,096,884
27,377 DEAN FOODS COMPANY+ 1,279,601
62,715 MCKESSON CORPORATION 3,671,336
40,126 NIKE INCORPORATED CLASS B<< 4,263,789
44,120 SUPERVALU INCORPORATED 1,723,768
130,992 SYSCO CORPORATION 4,431,459
18,588,706
-------------
WHOLESALE TRADE-DURABLE GOODS - 0.33%
96,909 KIMBERLY-CLARK CORPORATION 6,637,297
29,540 PATTERSON COMPANIES INCORPORATED+<< 1,048,375
15,203 W.W. GRAINGER INCORPORATED 1,174,269
8,859,941
-------------
TOTAL COMMON STOCKS (COST $2,062,457,889) 2,699,738,673
-------------
100
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RIGHTS - 0.00%
32,300 SEAGATE TECHNOLOGY RIGHTS+(a) $ 0
TOTAL RIGHTS (COST $0) 0
--------------
COLLATERAL FOR SECURITIES LENDING - 15.27%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.39%
10,690,480 SCUDDER DAILY ASSETS MONEY MARKET FUND 10,690,480
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 14.88%
$ 1,191,330 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 1,191,485
6,098,947 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 6,101,753
1,158,237 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 1,154,693
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 3,309,283
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 3,309,415
3,309,250 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 3,309,581
9,927,749 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 9,928,544
5,294,800 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $5,297,222) 5.49 04/02/2007 5,294,800
7,280,350 BUCKINGHAM II CDO LLC 5.32 04/26/2007 7,254,868
1,588,440 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 1,574,795
2,647,400 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,621,958
2,647,400 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 2,635,460
3,309,250 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 3,284,695
1,323,700 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 1,311,562
3,441,620 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 3,401,559
6,618,500 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 6,554,896
3,784,193 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 3,759,975
315,967 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 315,462
4,389,389 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 4,358,093
2,515,030 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,488,295
1,814,396 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 1,795,653
480,106 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 475,074
150,240 CHEYNE FINANCE LLC 5.26 04/18/2007 149,890
1,323,700 CHEYNE FINANCE LLC 5.31 06/19/2007 1,308,676
590,370 CHEYNE FINANCE LLC 5.32 05/14/2007 586,763
8,604,050 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 8,601,554
3,309,250 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 3,309,614
1,323,700 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,324,534
1,414,373 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 1,415,717
1,459,379 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 1,461,160
46,329,498 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $46,350,693) 5.49 04/02/2007 46,329,498
661,850 COMERICA BANK+/- 5.32 02/08/2008 659,203
7,360,963 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 7,352,351
2,978,325 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 2,973,976
3,971,100 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 3,960,696
3,309,250 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 3,308,224
6,618,500 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 6,618,367
101
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 10,653,137 DEER VALLEY FUNDING LLC++ 5.29% 04/19/2007 $ 10,626,717
4,963,875 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 4,932,801
1,864,564 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 1,862,121
1,985,550 DEER VALLEY FUNDING LLC 5.34 05/07/2007 1,975,443
40,996,288 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $41,015,044) 5.49 04/02/2007 40,996,288
6,618,500 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 6,619,426
863,317 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 851,403
4,104,926 FOX TROT CDO LIMITED++ 5.31 04/24/2007 4,091,749
1,653,963 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 1,654,509
2,647,400 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 2,636,598
6,618,500 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 6,617,507
3,309,250 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 3,309,151
264,740 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 264,761
179,758 HUDSON-THAMES LLC++ 5.26 04/04/2007 179,706
992,510 HUDSON-THAMES LLC 5.29 04/30/2007 988,461
4,632,950 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 4,633,691
8,604,050 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 8,604,050
3,309,250 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 3,309,415
794,220 K2 (USA) LLC+++/- 5.30 07/16/2007 794,299
1,323,700 K2 (USA) LLC+++/- 5.33 09/28/2007 1,323,700
13,236,999 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 13,217,673
402,670 KESTREL FUNDING US LLC 5.29 05/21/2007 399,798
4,276,610 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 4,262,882
1,654,625 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 1,654,675
4,996,570 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 4,978,333
463,295 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 462,554
2,793,007 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 2,794,375
3,309,250 MORGAN STANLEY+/- 5.36 07/12/2007 3,309,250
4,859,302 MORGAN STANLEY+/- 5.48 07/27/2007 4,861,003
3,309,250 MORGAN STANLEY+/- 5.51 08/07/2007 3,309,250
29,121,399 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $29,134,722) 5.49 04/02/2007 29,121,399
612,211 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 612,248
529,480 NATIONAL CITY BANK+/- 5.46 09/04/2007 529,533
3,794,386 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 3,796,359
2,470,686 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 2,457,369
6,618,500 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 6,619,095
1,911,909 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 1,911,909
661,850 PICAROS FUNDING PLC++ 5.29 06/22/2007 654,047
3,772,545 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 3,777,826
3,309,250 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 3,309,250
2,515,030 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 2,515,030
535,437 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 535,539
1,664,023 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 1,653,606
4,632,950 SAINT GERMAIN FUNDING 5.31 04/19/2007 4,621,460
3,044,510 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 3,044,510
529,480 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 518,732
2,647,400 SLM CORPORATION+++/-SS. 5.32 05/12/2008 2,647,665
264,740 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 264,200
102
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 2,509,735 STANFIELD VICTORIA FUNDING LLC++ 5.31% 04/25/2007 $ 2,501,327
2,351,685 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 2,351,003
765,231 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 765,216
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 3,309,515
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 3,309,614
397,110 VERSAILLES CDS LLC++ 5.33 04/16/2007 396,300
6,618,500 VETRA FINANCE CORPORATION 5.31 06/12/2007 6,550,131
2,993,283 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 2,984,123
794,220 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 794,220
2,316,475 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 2,311,077
1,323,700 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,320,415
405,496,429
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $416,186,909) 416,186,909
--------------
SHARES
SHORT-TERM INVESTMENTS - 0.99%
25,375,468 WELLS FARGO ADVANTAGE MONEY MARKET TRUST+++~ 25,375,468
--------------
PRINCIPAL
US TREASURY BILLS - 0.06%
$ 185,000 US TREASURY BILL^ 4.94 05/10/2007 184,026
530,000 US TREASURY BILL^ 4.96 05/10/2007 527,208
850,000 US TREASURY BILL^ 4.93 08/09/2007 835,161
1,546,395
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $26,921,712) 26,921,863
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,505,566,510)* 115.28% $3,142,847,445
OTHER ASSETS AND LIABILITIES, NET (15.28) (416,542,616)
------ --------------
TOTAL NET ASSETS 100.00% $2,726,304,829
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $41,240,718.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES
ACT OF 1933, AS AMENDED.
+/- VARIABLE RATE INVESTMENTS.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
103
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.25%
AUSTRALIA - 4.67%
203,002 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 1,185,879
61,000 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,251,153
57,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 1,454,586
42,690 RIO TINTO LIMITED (METAL MINING) 2,722,139
26,258 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 838,980
7,452,737
--------------
AUSTRIA - 0.53%
33,800 TELEKOM AUSTRIA AG (COMMUNICATIONS) 844,786
--------------
BELGIUM - 2.45%
21,000 BELGACOM SA (COMMUNICATIONS) 932,754
15,300 DELHAIZE GROUP (FOOD STORES) 1,406,368
34,206 FORTIS (DEPOSITORY INSTITUTIONS) 1,562,275
3,901,397
--------------
FINLAND - 1.01%
20,161 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,065,159
23,729 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 546,161
1,611,320
--------------
FRANCE - 12.01%
11,100 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 1,440,528
39,344 AXA SA (INSURANCE CARRIERS) 1,668,193
20,700 BOUYGUES SA (ENGINEERING CONSTRUCTION) 1,599,667
18,774 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,429,261
15,300 CARREFOUR SA (FOOD STORES) 1,119,004
13,713 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,514,385
16,204 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 1,797,703
32,086 PUBLICIS GROUPE (COMMUNICATIONS) 1,549,887
18,176 TECHNIP SA (OIL & GAS EXTRACTION) 1,333,475
62,600 TOTAL SA (OIL & GAS EXTRACTION) 4,386,072
32,400 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 1,316,619
19,154,794
--------------
GERMANY - 8.48%
8,400 ALLIANZ AG (INSURANCE CARRIERS) 1,724,795
46,721 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 2,067,085
23,400 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 1,919,288
11,900 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 1,617,951
10,300 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 1,498,652
34,252 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 948,051
27,500 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 1,013,906
24,000 METRO AG (FOOD STORES) 1,699,515
9,700 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 1,036,875
13,526,118
--------------
104
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GREECE - 0.93%
46,924 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) $ 1,485,591
--------------
HONG KONG - 6.24%
188,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 2,379,625
197,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 1,791,368
2,479,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 1,323,022
478,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 1,336,699
149,940 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 1,734,764
221,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 1,381,692
9,947,170
--------------
ITALY - 2.40%
76,142 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 2,477,750
142,500 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 1,356,300
3,834,050
--------------
JAPAN - 21.96%
47,300 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 943,271
177,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 1,320,290
76,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 1,246,673
261 EAST JAPAN RAILWAY COMPANY (RAILROADS) 2,033,248
17,800 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,657,043
254,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,692,040
36 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 311,609
83,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,429,990
5,200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,173,354
77,800 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,637,339
141 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,591,395
116,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,165,648
62,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 1,820,434
18,500 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,350,136
65,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,340,377
98,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 795,044
248,500 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,663,404
80,200 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,670,833
53,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,428,437
49,800 SONY CORPORATION (ELECTRONIC) 2,531,415
317,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 1,638,264
151,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 1,574,839
35,015,083
--------------
105
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NETHERLANDS - 5.85%
23,173 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) $ 1,759,822
30,352 ARCELOR MITTAL NV (BASIC MATERIALS) 1,612,497
65,100 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 1,607,955
46,300 ING GROEP NV (FINANCIAL SERVICES) 1,957,540
61,500 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 957,921
47,500 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,425,146
9,320,881
--------------
NORWAY - 1.15%
67,232 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,830,593
--------------
RUSSIA - 0.49%
9,100 LUKOIL ADR (OIL & GAS EXTRACTION) 787,150
--------------
SINGAPORE - 2.46%
530,000 CAPITALAND LIMITED (REAL ESTATE) 2,794,714
82,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,135,023
3,929,737
--------------
SPAIN - 1.11%
17,148 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 421,032
53,179 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,340,504
1,761,536
--------------
SWEDEN - 2.38%
47,100 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 1,048,870
34,350 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 1,202,752
420,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,545,798
3,797,420
--------------
SWITZERLAND - 7.46%
19,900 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,993,030
53,100 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,045,772
18,900 ROCHE HOLDING AG (MEDICAL PRODUCTS) 3,344,032
31,000 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,841,913
5,800 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 1,674,155
11,898,902
--------------
TAIWAN - 0.59%
88,100 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 947,075
--------------
TURKEY - 0.74%
89,200 TURKCELL ILETISIM HIZMETLERI AS ADR (COMMUNICATIONS) 1,181,900
--------------
UNITED KINGDOM - 16.34%
129,000 AVIVA PLC (INSURANCE CARRIERS) 1,900,082
175,570 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 1,589,275
168,000 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 2,383,611
52,331 BHP BILLITON PLC (COAL MINING) 1,166,755
106
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
111,600 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) $ 1,238,609
91,000 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,354,694
66,930 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,839,959
644,760 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 2,017,373
102,839 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,613,910
165,504 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 1,609,704
9,797,836 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 19,763
49,500 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 1,647,175
110,536 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 1,308,369
73,245 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,481,706
1,171,625 VODAFONE GROUP PLC (COMMUNICATIONS) 3,124,056
33,499 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 785,117
83,600 YELL GROUP PLC (COMMUNICATIONS) 983,779
26,063,937
--------------
TOTAL COMMON STOCKS (COST $123,810,660) 158,292,177
--------------
COLLATERAL FOR SECURITIES LENDING - 3.35%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 3.35%
5,336,062 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 5,336,062
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,336,062) 5,336,062
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $129,146,722)* 102.60% $ 163,628,239
OTHER ASSETS AND LIABILITIES, NET (2.60) (4,141,389)
------ --------------
TOTAL NET ASSETS 100.00% $ 159,486,850
====== ==============
+ NON-INCOME EARNING SECURITIES.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
107
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.20%
AUSTRALIA - 2.08%
399,307 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) $ 6,413,132
-------------
AUSTRIA - 0.98%
42,585 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 3,020,697
-------------
BELGIUM - 1.95%
37,660 DEXIA SA (DEPOSITORY INSTITUTIONS) 1,123,879
106,067 FORTIS NA (DEPOSITORY INSTITUTIONS) 4,842,931
187 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 33,249
6,000,059
-------------
BRAZIL - 0.28%
241,881 VIVO PARTICIPACOES SA ADR (COMMUNICATIONS) 849,002
-------------
CANADA - 0.93%
119,800 NORTEL NETWORKS CORPORATION ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 2,881,190
-------------
CHINA - 1.45%
2,333,300 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 1,334,850
1,096,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 3,149,063
4,483,913
-------------
DENMARK - 0.29%
86 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) 897,351
-------------
FINLAND - 2.12%
223,500 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 6,517,593
-------------
FRANCE - 11.06%
29,074 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 3,773,146
96,454 BOUYGUES SA (ENGINEERING CONSTRUCTION) 7,453,832
71,241 CARREFOUR SA (FOOD STORES) 5,210,389
60,266 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 5,052,558
41,428 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 4,596,101
49,260 TECHNIP SA (OIL & GAS EXTRACTION) 3,613,940
28,270 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 4,381,418
34,081,384
-------------
GERMANY - 9.63%
37,248 ALLIANZ AG (INSURANCE CARRIERS) 7,648,232
15,778 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 930,969
37,404 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 3,067,908
119,893 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,629,190
19,336 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 2,628,967
43,109 FRAPORT AG (TRANSPORTATION SERVICES) 3,148,853
22,857 IVG IMMOBILIEN AG (REAL ESTATE) 1,094,622
5,767 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 621,313
31,199 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 3,300,403
108
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (CONTINUED)
27,822 UNITED INTERNET AG (COMMUNICATIONS) $ 540,763
17,671 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS)+ 3,068,743
29,679,963
-------------
HONG KONG - 10.37%
79,600 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 463,022
739,400 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (MOTOR FREIGHT
TRANSPORTATION & WAREHOUSING) 3,113,363
386,900 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 3,518,173
932,000 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED (COMMUNICATIONS) 2,433,327
341,000 CHINA RESOURCES ENTERPRISE LIMITED (MISCELLANEOUS RETAIL) 1,139,067
1,159,000 CHINA RESOURCES LAND LIMITED (REAL ESTATE) 1,397,297
3,582,200 CHINA UNICOM LIMITED (BUSINESS SERVICES) 5,162,292
164,000 DENWAY MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 71,574
372,000 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 3,577,884
526,000 MTR CORPORATION (RAILROAD TRANSPORTATION) 1,316,767
724,129 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 1,946,210
349,900 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 4,048,245
324,294 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 3,639,929
40,800 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 133,154
31,960,304
-------------
ITALY - 3.69%
316,050 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 2,400,171
134,894 HERA SPA (ELECTRIC, GAS & SANITARY SERVICES) 567,622
98,855 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 2,201,356
404,917 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 1,001,217
545,139 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 5,188,575
11,358,941
-------------
JAPAN - 12.69%
111,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 2,814,613
175,000 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 5,762,050
997 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 4,898,702
4,333 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS)+ 3,640,249
4,800 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,083,096
61,300 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 537,363
89,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 2,922,862
1,007,300 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,513,600
80,200 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 2,354,820
199 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 1,281,746
383 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,946,852
20,500 ORIX CORPORATION (MISCELLANEOUS RETAIL) 5,340,716
39,096,669
-------------
LUXEMBOURG - 0.53%
13,605 RTL GROUP SA (COMMUNICATIONS) 1,635,675
-------------
109
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEXICO - 2.25%
155,400 GRUPO TELEVISA SA ADR (COMMUNICATIONS) $ 4,630,920
537,300 WALMART DE MEXICO SA DE CV (GENERAL MERCHANDISE STORES) 2,294,109
6,925,029
-------------
NETHERLANDS - 3.06%
195,420 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 4,826,829
12,000 ASML HOLDING NV NEW YORK REGISTERED SHARES (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 297,000
82,259 ING GROEP NV (FINANCIAL SERVICES) 3,477,868
27,938 UNILEVER NV (FOOD & KINDRED PRODUCTS) 813,594
9,415,291
-------------
NORWAY - 1.34%
44,400 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 1,004,393
189,100 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)+ 3,111,067
4,115,460
-------------
PORTUGAL - 0.09%
119,047 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 268,758
-------------
RUSSIA - 3.60%
59,981 LUKOIL ADR (OIL & GAS EXTRACTION) 5,182,358
16,850 NOVATEK OAO GDR (OIL & GAS EXTRACTION)+ 977,300
31,453 RAO UNIFIED ENERGY SYSTEM GDR (ELECTRIC, GAS & SANITARY SERVICES) 4,285,471
18,796 TMK OAO GDR (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT)+ 631,546
11,076,675
-------------
SINGAPORE - 1.05%
294,500 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 3,222,292
-------------
SOUTH AFRICA - 0.55%
125,590 MTN GROUP LIMITED (COMMUNICATIONS) 1,705,233
-------------
SOUTH KOREA - 5.46%
74,868 HANA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 3,875,501
68,623 KOOKMIN BANK (FINANCIAL SERVICES) 6,156,230
19,210 NHN CORPORATION (BUSINESS SERVICES)+ 2,817,793
69,145 SHINHAN FINANCIAL GROUP COMPANY LIMITED (FINANCIAL SERVICES) 3,968,782
16,818,306
-------------
SPAIN - 2.20%
2,864 BOLSAS Y MERCADOS ESPANOLES SA (BUSINESS SERVICES) 140,371
93,425 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 3,382,115
52,487 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 3,262,427
6,784,913
-------------
110
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND - 11.44%
53,505 ADECCO SA (BUSINESS SERVICES) $ 3,397,038
19,094 NESTLE SA (FOOD & KINDRED PRODUCTS) 7,436,313
59,686 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,423,540
26,206 ROCHE HOLDING AG (MEDICAL PRODUCTS) 4,636,703
4,174 ROCHE HOLDINGS AG - BEARER SHARES (MEDICAL PRODUCTS) 809,622
64,620 SWISS REINSURANCE (INSURANCE CARRIERS) 5,902,827
161,984 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 9,624,528
35,230,571
-------------
TAIWAN - 0.57%
163,322 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,755,712
-------------
UNITED KINGDOM - 7.54%
191,249 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 2,713,472
119,541 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 1,326,743
231,599 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 2,971,496
28,338 CARNIVAL PLC (WATER TRANSPORTATION) 1,365,680
544,028 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 2,978,841
303,903 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 3,348,990
214,118 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 3,360,275
69,661 VODAFONE GROUP PLC (COMMUNICATIONS) 185,746
818,259 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 4,971,512
23,222,755
-------------
TOTAL COMMON STOCKS (COST $233,626,955) 299,416,868
-------------
COLLATERAL FOR SECURITIES LENDING - 5.50%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.50%
16,952,435 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 16,952,435
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $16,952,435) 16,952,435
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $250,579,390)* 102.70% $ 316,369,303
OTHER ASSETS AND LIABILITIES, NET (2.70) (8,323,096)
------ -------------
TOTAL NET ASSETS 100.00% $ 308,046,207
====== =============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
111
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.94%
AUSTRALIA - 5.75%
4,456 ABC LEARNING (SCHOOLS) $ 26,247
4,702 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 61,365
6,165 ALINTA LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 72,430
14,539 ALUMINA LIMITED (METAL MINING) 85,991
10,707 AMCOR LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 65,406
21,915 AMP LIMITED (INSURANCE CARRIERS) 184,230
1,838 ANSELL LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 17,251
2,926 APN NEWS & MEDIA LIMITED (COMMUNICATIONS) 13,920
4,074 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 54,059
21,495 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 516,531
2,098 AUSTRALIAN STOCK EXCHANGE LIMITED (BUSINESS SERVICES) 74,691
10,709 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 62,559
2,867 BABCOCK & BROWN LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 63,722
40,576 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 981,291
1,354 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 18,295
8,859 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 75,262
6,952 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 46,349
13,462 BRAMBLES LIMITED (BUSINESS SERVICES) 148,242
1,446 CALTEX AUSTRALIA LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 27,915
10,070 CENTRO PROPERTIES GROUP (REAL ESTATE) 70,966
1,104 CENTRO RETAIL GROUP (REAL ESTATE)+ 1,496
16,721 CFS GANDEL RETAIL TRUST (REAL ESTATE) 30,034
484 CFS RETAIL PROPERTY TRUST (REAL ESTATE)+ 842
4,085 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (FINANCE & FINANCIAL SERVICES) 15,766
6,470 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 46,067
684 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 35,818
13,304 COLES MYER LIMITED (MISCELLANEOUS RETAIL) 174,920
15,079 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 613,194
19,747 COMMONWEALTH PROPERTY OFFICE FUND (REAL ESTATE) 21,889
5,623 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 49,363
2,135 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 142,288
10,789 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,767
35,698 DB RREEF TRUST (REAL ESTATE) 49,824
2,855 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 15,754
23,690 FOSTER'S GROUP LIMITED (FOOD & KINDRED PRODUCTS) 131,298
7,653 FUTURIS CORPORATION LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,375
22,670 GENERAL PROPERTY TRUST (REAL ESTATE) 90,611
13,810 GOODMAN FIELDER LIMITED (DURABLE GOODS - CONSUMER) 27,264
4,800 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 18,331
3,120 ILUKA RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 14,869
9,070 ING INDUSTRIAL FUND (REAL ESTATE) 17,319
20,609 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 97,714
19,028 INVESTA PROPERTY GROUP (REAL ESTATE) 37,411
6,056 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 40,963
10,852 JOHN FAIRFAX HOLDINGS LIMITED (COMMUNICATIONS) 43,726
112
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
AUSTRALIA (CONTINUED)
1,729 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) $ 46,892
4,210 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 68,092
3,610 LION NATHAN LIMITED (FOOD & KINDRED PRODUCTS) 25,820
21,151 MACQUAIRE OFFICE TRUST (REAL ESTATE) 25,927
9,210 MACQUARIE AIRPORTS (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 29,733
2,932 MACQUARIE BANK LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 196,307
3,606 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 19,081
16,489 MACQUARIE GOODMAN GROUP (PROPERTIES) 93,256
32,465 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 100,867
8,482 MAYNE GROUP LIMITED (HEALTH SERVICES) 24,912
11,093 MIRVAC GROUP (REAL ESTATE) 47,031
6,348 MULTIPLEX GROUP (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,959
19,037 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 622,275
4,127 NEWCREST MINING LIMITED (METAL MINING) 79,439
7,186 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 30,001
3,904 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 80,064
10,204 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 74,387
6,738 PACIFIC BRANDS LIMITED (GENERAL MERCHANDISE STORES) 16,737
5,600 PALADIN RESOURCES LIMITED (DIVERSIFIED MINING)+ 44,086
5,565 PAPERLINX LIMITED (PAPER & ALLIED PRODUCTS) 18,776
501 PERPETUAL TRUSTEES AUSTRALIA LIMITED (BUSINESS SERVICES) 31,456
1,623 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 26,066
11,728 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 49,818
9,886 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 252,281
10,476 RINKER GROUP LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 152,994
3,340 RIO TINTO LIMITED (METAL MINING) 212,976
7,434 SANTOS LIMITED (OIL & GAS EXTRACTION) 61,051
3,487 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 41,615
17,346 STOCKLAND (REAL ESTATE) 114,383
455 STOCKLAND (REAL ESTATE)+ 3,000
7,927 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 133,405
11,253 SYDNEY ROADS GROUP (TRANSPORTATION)+ 12,291
6,136 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 81,867
13,283 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 55,350
33,527 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 126,411
18,267 TELSTRA CORPORATION LIMITED - INSTALLMENT RECEIPTS (COMMUNICATIONS) 47,443
6,610 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 109,644
9,748 TRANSURBAN GROUP (SOCIAL SERVICES) 61,204
4,419 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 134,972
17,604 WESTFIELD GROUP (PROPERTIES) 292,987
439 WESTFIELD GROUP (PROPERTIES)+ 7,214
21,499 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 458,355
5,582 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 178,353
14,067 WOOLWORTHS LIMITED (FOOD STORES) 309,466
1,914 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 43,036
5,898 ZINIFEX LIMITED (METAL MINING) 75,303
9,166,208
-------------
113
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
AUSTRIA - 0.61%
86 ANDRITZ AG (MACHINE-DIVERSIFIED) $ 21,574
510 BOEHLER-UDDEHOLM AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 49,052
266 BWIN INTERACTIVE ENTERTAINMENT AG (GAMING)+ 12,508
2,167 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 168,765
138 FLUGHAFEN WIEN AG (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,514
3,415 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 51,093
5,231 IMMOFINANZ IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 83,854
53 MAYR-MELNHOF KARTON AG (PAPER & ALLIED PRODUCTS) 11,825
2,178 MEINL EUROPEAN LAND LIMITED (REAL ESTATE)+ 60,575
1,929 OMV AG (OIL & GAS EXTRACTION) 121,498
410 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS)+ 57,716
323 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 15,952
4,383 TELEKOM AUSTRIA AG (COMMUNICATIONS) 109,547
970 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS & SANITARY SERVICES) 43,486
1,092 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 79,210
339 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 24,046
866 WIENERBERGER AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 54,082
978,297
-------------
BELGIUM - 1.24%
1,296 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 29,241
150 BARCO NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 13,854
165 BEKAERT SA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 22,432
2,031 BELGACOM SA (COMMUNICATIONS) 90,211
96 COFINIMMO SA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 19,993
194 COLRUYT SA (FOOD STORES) 44,396
205 COMPAGNIE MARITIME BELGE SA (WATER TRANSPORTATION) 13,610
36 D'IETEREN SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 14,908
902 DELHAIZE GROUP (FOOD STORES) 82,911
6,715 DEXIA SA (DEPOSITORY INSTITUTIONS) 200,394
231 EURONAV SA (WATER TRANSPORTATION) 7,773
13,538 FORTIS (DEPOSITORY INSTITUTIONS) 618,315
860 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 100,626
2,144 INBEV NA (FOOD & KINDRED PRODUCTS) 154,802
2,142 KBC BANK VERZEKERINGS HOLDINGS (DEPOSITORY INSTITUTIONS) 266,423
412 MOBISTAR SA (COMMUNICATIONS) 34,838
239 OMEGA PHARMA SA (CHEMICALS & ALLIED PRODUCTS) 18,409
780 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 119,867
1,796 SUEZ LYONNAISE DES EAUX STRIP (ELECTRIC, GAS & SANITARY SERVICES)+ 24
75 SUEZ SA (ENERGY)+ 3,955
1,178 UCB SA (CHEMICALS & ALLIED PRODUCTS) 68,563
303 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 53,874
1,979,419
-------------
CAYMAN ISLANDS - 0.02%
19,000 HUTCHISON TELECOMMUNICATIONS (TELECOMMUNICATIONS)+ 38,518
-------------
114
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DENMARK - 0.84%
13 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) $ 135,646
138 BANG & OLUFSEN A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 17,096
406 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 44,183
200 CODAN (INSURANCE CARRIERS)+ 18,897
347 COLOPLAST A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,457
638 DANISCO A/S (FOOD & KINDRED PRODUCTS) 50,271
5,728 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 266,490
195 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 34,191
209 EAST ASIATIC COMPANY LIMITED A/S (FOOD & KINDRED PRODUCTS) 10,042
523 FLS INDUSTRIES A/S (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 35,443
2,702 GN STORE NORD A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 38,270
614 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 14,365
720 JYSKE BANK (BUSINESS SERVICES)+ 57,959
232 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 18,634
2,826 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 257,888
556 NOVOZYMES A/S (HEALTH SERVICES) 49,741
760 SYDBANK (DEPOSITORY INSTITUTIONS) 40,877
233 TOPDANMARK A/S (INSURANCE CARRIERS)+ 45,115
257 TRYGVESTA AS (WHOLESALE TRADE-DURABLE GOODS) 21,264
2,148 VESTAS WIND SYSTEMS A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL)+ 120,344
320 WILLIAM DEMANT HOLDING A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL)+ 28,399
1,334,572
-------------
FINLAND - 1.50%
803 AMER GROUP (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 17,603
500 CARGOTEC CORPORATION (TRANSPORTATION SERVICES) 30,197
1,857 ELISA CORPORATION (COMMUNICATIONS) 53,806
5,187 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 151,261
732 KCI KONECRANES OYJ (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 24,544
838 KESKO OYJ (FOOD STORES) 44,699
963 KONE OYJ (BUSINESS SERVICES) 55,020
1,557 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,260
1,497 NESTE OIL OYJ LIMITED (OIL & GAS EXTRACTION) 51,585
47,548 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,094,394
1,380 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 37,791
900 OKO BANK (DEPOSITORY INSTITUTIONS) 15,341
1,353 ORIOLA-KD OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 5,892
1,077 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 25,954
1,238 OUTOKUMPU OYJ (METAL MINING) 42,552
1,000 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 46,608
4,961 SAMPO OYJ (NON-DEPOSITORY CREDIT INSTITUTIONS) 150,568
840 SANOMAWSOY OYJ (MULTI MEDIA)+ 24,922
6,760 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 117,394
1,021 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,733
6,166 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 157,076
730 UPONOR OYJ (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 25,803
115
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINLAND (CONTINUED)
789 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 48,758
1,522 YIT OYJ (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 52,455
2,386,216
-------------
FRANCE - 9.37%
2,356 ACCOR SA (METAL MINING) 225,154
1,346 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 61,403
1,412 AIR LIQUIDE (CHEMICALS & ALLIED PRODUCTS) 344,185
26,974 ALCATEL SA (COMMUNICATIONS) 317,451
1,293 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 167,802
790 ATOS ORIGIN (BUSINESS SERVICES)+ 52,903
19,545 AXA SA (INSURANCE CARRIERS) 828,702
9,720 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,015,251
2,387 BOUYGUES SA (ENGINEERING CONSTRUCTION) 184,464
1,063 BUSINESS OBJECTS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 38,695
1,600 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 121,808
7,004 CARREFOUR SA (FOOD STORES) 512,255
535 CASINO GUICHARD-PERRACHON SA (FOOD STORES) 54,015
1,149 CIE GENERALE D'OPTIQUE ESSILOR INTERNATIONAL SA (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 132,000
555 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 64,635
3,689 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 360,577
1,676 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 185,088
7,701 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 300,287
707 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 38,014
1,137 EURONEXT NV (BUSINESS SERVICES) 135,862
19,778 FRANCE TELECOM SA (COMMUNICATIONS) 522,330
2,300 GAZ DE FRANCE (GAS DISTRIBUTION) 106,737
159 GECINA SA (REAL ESTATE) 29,568
2,772 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 452,872
749 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 103,637
357 IMERYS SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 33,144
231 KLEPIERRE (REAL ESTATE) 44,695
3,364 L'OREAL SA (APPAREL & ACCESSORY STORES) 367,277
1,751 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 275,284
1,415 LAGARDERE SCA (COMMUNICATIONS) 108,952
2,863 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 317,627
858 M6 METROPOLE TELEVISION (COMMUNICATIONS) 31,428
393 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 56,174
1,674 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 36,540
1,057 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 214,327
1,783 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 125,664
774 PPR SA (APPAREL & ACCESSORY STORES) 123,773
1,626 PUBLICIS GROUPE (COMMUNICATIONS) 78,543
2,165 RENAULT SA (TRANSPORTATION EQUIPMENT) 253,204
2,049 SAFRAN SA (NATIONAL SECURITY & INTERNATIONAL AFFAIRS) 50,008
116
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FRANCE (CONTINUED)
11,818 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) $ 1,027,735
2,784 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 353,416
163 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 20,032
6 SCOR NON REGROUPE (INSURANCE CARRIERS)+ 17
1,176 SCOR REGROUPE (INSURANCE CARRIERS)+ 31,765
362 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 25,315
225 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (TRANSPORTATION SERVICES) 20,499
4,311 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 745,019
1,474 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) 49,344
1,190 SODEXHO ALLIANCE SA (FOOD & KINDRED PRODUCTS) 87,129
11,753 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 619,843
1,243 TECHNIP SA (OIL & GAS EXTRACTION) 91,192
1,026 THALES SA (TRANSPORTATION BY AIR) 59,565
3,195 THOMSON (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 61,502
25,332 TOTAL SA (OIL & GAS EXTRACTION) 1,774,888
537 UNIBAIL (REAL ESTATE) 162,752
812 VALEO SA (TRANSPORTATION EQUIPMENT) 47,629
488 VALLOUREC (HEALTH SERVICES) 124,890
3,337 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 248,116
2,155 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 333,992
13,332 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 541,764
521 ZODIAC SA (TRANSPORTATION BY AIR) 37,499
14,936,238
-------------
GERMANY - 7.27%
2,373 ADIDAS-SALOMON AG (APPAREL & ACCESSORY STORES) 129,746
5,016 ALLIANZ AG (INSURANCE CARRIERS) 1,029,949
898 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 58,324
5,641 BASF AG (CHEMICALS & ALLIED PRODUCTS) 635,092
8,488 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 542,441
616 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 42,008
442 BILFINGER BERGER AG (BUILDING & CONSTRUCTION) 40,221
1,070 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 67,237
7,298 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 322,887
1,535 CONTINENTAL AG (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 198,408
10,711 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 878,525
6,071 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 817,804
1,192 DEUTSCHE BOERSE AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 273,084
2,891 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 78,513
959 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 83,616
32,723 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 541,165
392 DOUGLAS HOLDING AG (APPAREL & ACCESSORY STORES) 23,014
7,229 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 982,871
736 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 107,088
737 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 33,769
694 HENKEL KGAA (APPAREL & ACCESSORY STORES) 102,600
525 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 53,230
1,567 HYPO REAL ESTATE HOLDING AG (DEPOSITORY INSTITUTIONS) 99,933
117
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (CONTINUED)
8,739 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ $ 136,001
1,085 IVG IMMOBILIEN AG (REAL ESTATE) 51,961
830 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 30,602
1,284 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 138,333
1,483 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 172,550
716 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 92,318
1,894 METRO AG (FOOD STORES) 134,120
745 MLP AG (HOLDING & OTHER INVESTMENT OFFICES) 18,670
2,415 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 408,452
92 PORSCHE AG (TRANSPORTATION EQUIPMENT) 140,562
755 PREMIERE AG (ENTERTAINMENT)+ 16,440
1,093 PROSIEBENSAT.1 MEDIA AG (COMMUNICATIONS) 38,590
150 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 54,845
432 RHEINMETALL BERLIN (MACHINERY)+ 40,050
5,200 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 550,085
489 RWE AG NON-VOTING PREFERRED (ELECTRIC, GAS & SANITARY SERVICES) 48,568
492 SALZGITTER AG (STEEL PRODUCERS, PRODUCTS) 71,849
10,367 SAP AG (BUSINESS SERVICES) 462,131
9,825 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 1,050,236
436 SOLARWORLD AG (ENERGY)+ 33,857
815 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 15,569
4,210 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 208,309
2,537 TUI AG (TRANSPORTATION BY AIR) 62,731
1,993 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 299,513
1,230 VOLKSWAGEN AG PREFERRED (TRANSPORTATION EQUIPMENT) 126,567
422 WINCOR NIXDORF AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 39,326
11,583,760
-------------
GREECE - 0.65%
4,649 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 147,185
1,250 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 52,599
1,250 COSMOTE MOBILE COMMUNICATIONS SA (COMMUNICATIONS) 37,437
2,690 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS) 109,959
200 FOLLIE SA (APPAREL & ACCESSORY STORES) 7,000
1,260 HELLENIC PETROLEUM SA (OIL & GAS EXTRACTION) 17,976
1,700 HELLENIC TECHNODOMIKI TEV SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 24,980
3,720 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 101,772
1,610 INTRACOM SA (COMMUNICATIONS) 8,603
558 MOTOR OIL (HELLAS) CORINTH REFINERIES SA (PETROLEUM REFINING & RELATED INDUSTRIES) 15,519
4,444 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 235,679
2,610 OPAP SA (AMUSEMENT & RECREATION SERVICES) 100,134
2,675 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS) 92,908
1,400 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 34,262
1,510 TECHNICAL OLYMPIC SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 3,167
710 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 38,317
980 VIOHALCO SA (BUSINESS SERVICES) 15,107
1,042,604
-------------
118
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG - 1.66%
2,500 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) $ 14,750
17,219 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 100,160
43,500 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 105,444
13,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 33,076
18,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 227,836
6,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 20,887
21,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 153,331
12,000 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 140,756
25,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 76,310
18,000 GIORDANO INTERNATIONAL LIMITED (APPAREL & ACCESSORY STORES) 8,754
21,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 58,725
8,900 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 126,435
9,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 52,582
42,000 HONG KONG & CHINA GAS COMPANY LIMITED (OIL & GAS EXTRACTION) 93,853
12,000 HONG KONG EXCHANGES & CLEARING LIMITED (BUSINESS SERVICES) 116,951
16,000 HONGKONG ELECTRIC HOLDINGS (ELECTRIC, GAS & SANITARY SERVICES) 82,114
8,000 HOPEWELL HOLDINGS (REAL ESTATE) 31,126
25,000 HUTCHISON WHAMPOA (DIVERSIFIED OPERATIONS) 240,449
8,159 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 22,190
22,500 JOHNSON ELECTRIC HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 14,945
6,244 KERRY PROPERTIES LIMITED (REAL ESTATE) 32,085
6,000 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS & ALLIED PRODUCTS) 25,226
24,200 LI & FUNG LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 76,036
27,000 LINK REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 64,964
10,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED (DIVERSIFIED OPERATIONS) 17,994
17,192 MTR CORPORATION (RAILROAD TRANSPORTATION) 43,038
32,546 NEW WORLD DEVELOPMENT LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 73,810
2,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 20,442
48,000 PCCW LIMITED (COMMUNICATIONS) 28,812
12,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 29,702
12,000 SHUN TAK HOLDINGS LIMITED (REAL ESTATE) 15,942
16,833 SINO LAND COMPANY (REAL ESTATE) 36,236
32,000 SOLOMON SYSTECH LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 5,037
16,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 185,116
11,000 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 123,466
14,000 TECHTRONIC INDUSTRIES COMPANY (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 16,878
4,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 25,008
12,000 TEXWINCA HOLDINGS LIMITED (TEXTILE MILL PRODUCTS) 8,094
15,000 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) 55,673
2,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 24,624
6,500 YUE YUEN INDUSTRIAL HOLDINGS (APPAREL & ACCESSORY STORES) 22,045
2,650,902
-------------
IRELAND - 0.89%
10,287 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 305,069
11,406 BANK OF IRELAND (DEPOSITORY INSTITUTIONS) 246,072
5,901 BLACKROCK INTERNATIONAL LAND (REAL ESTATE)+ 3,153
3,873 C&C GROUP PLC (EATING & DRINKING PLACES) 58,825
119
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
IRELAND (CONTINUED)
6,319 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) $ 270,118
1,054 DCC PLC (BUSINESS SERVICES) 37,114
4,126 DEPFA BANK PLC (DEPOSITORY INSTITUTIONS) 73,691
5,449 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 69,879
5,901 FYFFES PLC (WHOLESALE TRADE NON-DURABLE GOODS) 8,986
2,819 GRAFTON GROUP PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 42,365
1,989 GREENCORE GROUP PLC (FOOD & KINDRED PRODUCTS) 12,222
7,451 INDEPENDENT NEWS & MEDIA PLC (COMMUNICATIONS) 33,841
3,209 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 88,092
1,603 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 44,540
1,565 KINGSPAN GROUP PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,498
1,332 LAWS GROUP PLC (AGRICULTURAL PRODUCTION CROPS) 30,961
591 PADDY POWER PLC (AMUSEMENT & RECREATION SERVICES) 15,640
624 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 27,949
5,901 TOTAL PRODUCE PLC (WHOLESALE TRADE NON-DURABLE GOODS)+ 6,543
1,416,558
-------------
ITALY - 3.70%
5,294 ALLEANZA ASSICURAZIONI SPA (INSURANCE CARRIERS) 67,573
1,559 ARNOLDO MONDADORI EDITORE SPA (COMMUNICATIONS) 16,286
11,199 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 476,330
1,355 AUTOGRILL SPA (EATING & DRINKING PLACES) 25,956
3,345 AUTOSTRADE SPA (SOCIAL SERVICES) 107,242
10,900 BANCA INTESA RNC SPA (DEPOSITORY INSTITUTIONS) 81,540
82,070 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 623,262
12,879 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 80,688
5,099 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 78,945
4,027 BANCHE POPOLARI UNITE SPA (DEPOSITORY INSTITUTIONS) 119,155
4,387 BANCO POPOLARE DI VERONA E NOVARA SCRL (DEPOSITORY INSTITUTIONS) 136,253
793 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 12,839
1,997 BULGARI SPA (APPAREL & ACCESSORY STORES) 28,838
19,720 CAPITALIA SPA (DEPOSITORY INSTITUTIONS) 178,209
50,504 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 540,399
30,219 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 983,362
6,384 FIAT SPA (TRANSPORTATION EQUIPMENT)+ 160,924
3,474 FINMECCANICA SPA (TRANSPORTATION BY AIR) 104,458
2,262 GRUPPO EDITORIALE L'ESPRESSO SPA (COMMUNICATIONS) 12,057
931 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 27,883
759 LOTTOMATICA SPA (AMUSEMENT & RECREATION SERVICES)+ 30,235
1,613 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 51,433
8,975 MEDIASET SPA (COMMUNICATIONS) 97,652
5,713 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 127,220
3,392 MEDIOLANUM SPA (INSURANCE CARRIERS) 27,504
37,499 PIRELLI & COMPANY SPA (TRANSPORTATION EQUIPMENT) 41,427
869 SAI STA ASSICURATRICE INDUSTRI ORD SPA (INSURANCE-MULTI LINE)+ 39,898
54,404 SEAT PAGINE GIALLE SPA (COMMUNICATIONS)+ 33,540
12,305 SNAM RETE GAS SPA (OIL & GAS EXTRACTION) 78,120
70,440 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 174,173
120
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ITALY (CONTINUED)
125,127 TELECOM ITALIA SPA (COMMUNICATIONS) $ 356,865
14,027 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 52,091
3,533 TISCALI SPA (COMMUNICATIONS)+ 13,356
91,319 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 869,165
10,803 UNIPOL-PREFERRED (INSURANCE COMPANIES)+ 39,469
5,894,347
-------------
JAPAN - 22.09%
4,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,103
2 ACCESS COMPANY LIMITED (INTERNET SOFTWARE)+ 8,961
940 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 39,964
400 ADERANS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 9,708
1,900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 84,326
7,400 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 147,573
1,100 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 18,539
900 AIFUL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 27,877
2,400 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 84,114
7,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 80,550
300 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 19,094
8,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 31,432
2,000 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 23,422
4,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 45,723
1,000 AMANO CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,211
700 AOYAMA TRADING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 22,217
700 ARRK CORPORATION (MANUFACTURING) 8,453
4,700 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 75,382
11,000 ASAHI GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 154,863
15,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 109,216
300 ASATSU-DK INCORPORATED (COMMUNICATIONS) 9,470
2,000 ASICS CORPORATION (FOOTWEAR) 22,386
300 AUTOBACS SEVEN COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 10,743
7,000 BANK OF FUKUOKA LIMITED (DEPOSITORY INSTITUTIONS) 56,492
3,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 34,445
14,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 104,430
800 BENESSE CORPORATION (EDUCATIONAL SERVICES) 29,735
7,100 BRIDGESTONE CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 141,892
12,500 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 671,461
1,000 CANON SALES COMPANY INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 20,961
3,000 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,682
2,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 13,527
18 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 204,684
9,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 79,430
2,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 43,873
7,800 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 268,075
3,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 83,452
500 CIRCLE K SUNKUS COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,335
4,400 CITIZEN WATCH COMPANY LIMITED (APPAREL & ACCESSORY STORES) 41,297
121
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
800 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 17,346
1,000 COMSYS HOLDINGS CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,735
1,900 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 62,559
800 CSK HOLDINGS CORPORATION (BUSINESS SERVICES) 33,537
7,000 DAI NIPPON PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 110,132
3,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,494
4,000 DAIDO STEEL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 25,967
1,000 DAIFUKU COMPANY LIMITED (MACHINERY) 14,494
8,200 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 251,205
2,800 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 97,420
3,000 DAIMARU INCORPORATED (APPAREL & ACCESSORY STORES) 38,875
8,000 DAINIPPON INK & CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 31,772
3,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 22,683
1,000 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 47,098
6,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 98,422
16,000 DAIWA SECURITIES GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 193,211
6,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 28,106
5,700 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 211,864
23 DENTSU INCORPORATED (BUSINESS SERVICES) 64,409
3,000 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 30,499
15 E*TRADE SECURITIES COMPANY LIMITED (FINANCE & FINANCIAL SERVICES) 19,094
14 EACCESS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,302
40 EAST JAPAN RAILWAY COMPANY (RAILROADS) 311,609
5,000 EBARA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 23,719
1,000 EDION CORPORATION (ELECTRONIC) 13,960
2,900 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 139,044
1,880 ELECTRIC POWER DEVELOPMENT COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 94,606
1,200 ELPIDA MEMORY INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 46,538
800 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 22,267
2,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 195,494
600 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 46,589
7,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 32,493
5,700 FUJI PHOTO FILM COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 233,147
400 FUJI SOFT ABC INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,914
7 FUJI TELEVISION NETWORK INCORPORATED (COMMUNICATIONS) 16,217
4,000 FUJIKURA LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 28,208
22,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 146,555
8,000 FURUKAWA ELECTRIC COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 48,880
700 GLORY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,633
18 GOODWILL GROUP INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 14,175
4,000 GUNMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 28,344
2,000 GUNZE LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 11,626
320 HAKUHODO DY HOLDINGS INCORPORATED (CONSUMER SERVICES) 22,376
122
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
2,000 HANKYU DEPARTMENT STORES (APPAREL & ACCESSORY STORES) $ 18,568
14,800 HANKYU HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 89,549
9,000 HASEKO CORPORATION (RESIDENTIAL)+ 32,841
300 HIKARI TSUSHIN INCORPORATED (MISCELLANEOUS RETAIL) 13,671
3,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 15,988
400 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 48,099
2,000 HITACHI CABLE LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 11,388
400 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 7,994
1,300 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,558
1,300 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 35,192
39,000 HITACHI LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,495
2,200 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 58,435
15,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 51,680
18,200 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 634,776
1,000 HOUSE FOODS CORPORATION (FOOD & KINDRED PRODUCTS) 17,057
4,800 HOYA CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 159,267
1,600 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 82,960
14 INDEX CORPORATION (COMMUNICATIONS) 7,295
10 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 89,328
2,500 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES) 43,597
15,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 62,373
800 ITO EN LIMITED (EATING & DRINKING PLACES) 26,069
18,000 ITOCHU CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 178,411
400 ITOCHU TECHNO-SCIENCE CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,179
400 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 22,132
11,000 JAPAN AIR LINES CORPORATION (TRANSPORTATION BY AIR) 22,870
6 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,375
5 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 66,191
4 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 39,375
4,000 JAPAN STEEL WORKS (MACHINERY) 48,099
53 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 260,412
6,500 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 384,462
2,000 JGC CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 32,824
8,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 49,966
2,200 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 50,781
13 K.K. DAVINCI ADVISORS (CONSULTING SERVICES)+ 13,900
11,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 56,195
1,000 KAKEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,138
3,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 25,815
4,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 38,153
9,000 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 258,910
2,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 17,091
6,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 175,662
1,600 KATOKICHI COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 10,061
16,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 67,753
123
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) $ 56,925
28 KDDI CORPORATION (COMMUNICATIONS) 223,591
5,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 38,357
7,000 KEIO ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 48,651
4,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 25,832
400 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 90,258
2,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 25,628
2,000 KINDEN CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,940
19,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 59,818
9,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 129,990
33,000 KOBE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 133,019
1,000 KOKUYO COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,230
10,500 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 220,978
1,000 KOMORI CORPORATION (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 23,294
1,100 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,404
6,000 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 78,819
400 KOSE CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 11,813
2,400 KOYO SEIKO COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 42,057
13,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 113,960
4,500 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 48,613
2,200 KURAYA SANSEIDO INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 41,913
1,500 KURITA WATER INDUSTRIES LIMITED (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 36,278
1,900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 179,133
4,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 36,999
4,400 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 125,085
800 LAWSON INCORPORATED (GENERAL MERCHANDISE STORES) 30,754
1,500 LEOPALACE 21 CORPORATION (REAL ESTATE) 49,644
300 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 18,559
1,300 MAKITA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 48,209
19,000 MARUBENI CORPORATION (BUSINESS SERVICES) 115,445
3,800 MARUI COMPANY LIMITED (APPAREL & ACCESSORY STORES) 46,597
1,700 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 14,902
500 MATSUMOTOKIYOSHI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 11,456
23,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 463,552
4,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 45,859
3,000 MEIJI DAIRIES CORPORATION (FOOD & KINDRED PRODUCTS) 23,549
4,000 MEIJI SEIKA KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 18,568
400 MEITEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 12,899
8,400 MILLEA HOLDINGS INCORPORATED (INSURANCE CARRIERS) 310,794
4,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 24,779
13,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 114,906
15,800 MITSUBISHI CORPORATION (BUSINESS SERVICES) 366,709
23,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 236,948
14,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 459,776
5,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 47,946
124
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
37,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 239,257
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 17,015
12,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 56,925
7,000 MITSUBISHI RAYON COMPANY LIMITED (TEXTILE MILL PRODUCTS) 46,631
3,000 MITSUBISHI SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 34,267
100 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,128,649
18,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 336,049
8,000 MITSUI CHEMICALS LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,925
9,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 38,111
10,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 293,618
7,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 38,433
13,000 MITSUI O.S.K. LINES LIMITED (WATER TRANSPORTATION) 144,297
14,000 MITSUI SUMITOMO INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 175,713
8,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 78,887
5,000 MITSUKOSHI LIMITED (APPAREL & ACCESSORY STORES) 22,955
900 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 29,786
110 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 708,503
2,400 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 175,153
2,600 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 40,575
24,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 128,717
500 NEC ELECTRONICS CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 12,093
9 NET ONE SYSTEMS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,692
3,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 61,864
2,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 37,424
2,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 20,078
2,000 NICHIREI CORPORATION (FOOD & KINDRED PRODUCTS) 11,694
1,300 NIDEC CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 83,842
9,500 NIKKO CORDIAL CORPORATION (FINANCIAL) 135,680
3,000 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 63,264
1,200 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 348,778
5 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE INVESTMENT TRUSTS (REITS)) 82,739
3,500 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 61,333
10,000 NIPPON EXPRESS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 62,712
2,000 NIPPON KAYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,514
6,000 NIPPON LIGHT METAL COMPANY LIMITED (METAL MINING) 17,006
2,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 24,457
10,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 90,619
15,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 121,690
11 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 39,112
3,000 NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 27,088
5,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 26,222
2,000 NIPPON SHOKUBAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 21,589
72,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 505,906
61 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 322,497
125
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
12,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) $ 96,232
8,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 35,506
4,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,933
2,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 25,832
26,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 282,953
800 NISSEI SANGYO COMPANY (MACHINERY) 21,860
2,500 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 25,437
11,000 NISSHIN STEEL COMPANY LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 47,420
2,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 25,068
1,100 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 40,326
450 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 22,378
2,000 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 93,856
1,400 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 23,820
20,700 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 431,250
3 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE INVESTMENT TRUSTS (REITS)) 38,442
1,500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 44,170
5,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 47,692
5,000 NTN CORPORATION (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 43,279
15 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 76,247
219 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 405,143
15 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 35,132
8,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 51,595
100 OBIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,781
7,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 51,146
9,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 47,734
7,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,484
2,000 OKUMA CORPORATION (MACHINERY) 23,388
2,000 OKUMURA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,964
3,000 OLYMPUS CORPORATION (GENERAL MERCHANDISE STORES) 102,597
2,800 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 75,322
2,000 ONWARD KASHIYAMA COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 27,817
300 ORACLE CORPORATION JAPAN (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 14,435
600 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 35,692
1,060 ORIX CORPORATION (MISCELLANEOUS RETAIL) 276,154
25,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY
SERVICES) 96,953
1,100 OSG CORPORATION (MACHINE & MACHINE TOOLS) 16,672
200 OTSUKA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,145
1,400 PARK24 COMPANY LIMITED (COMMERCIAL SERVICES) 18,831
1,700 PIONEER CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 22,217
900 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 33,910
1,300 QP CORPORATION (FOOD & KINDRED PRODUCTS) 11,793
85 RAKUTEN INCORPORATED (COMMUNICATIONS) 40,466
53 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 142,575
8,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 180,244
500 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 13,323
1,300 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 117,931
126
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
4 ROUND ONE CORPORATION (AMUSEMENT & RECREATION SERVICES) $ 8,079
300 RYOHIN KEIKAKU COMPANY LIMITED (MISCELLANEOUS RETAIL) 18,966
1,000 SANKEN ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 10,489
600 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 26,375
900 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 23,142
3,000 SANWA SHUTTER CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 18,686
21,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 35,820
4 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 40,054
3,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 21,105
121 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 45,899
2,500 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 116,047
2,300 SEGA SAMMY HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 53,674
1,700 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 50,059
2,000 SEINO TRANSPORTATION COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 18,890
6,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 47,811
5,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 77,817
9,620 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 293,074
70 SFCG COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 12,486
12,000 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 231,161
500 SHIMACHU COMPANY LIMITED (MISCELLANEOUS RETAIL) 14,808
200 SHIMAMURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 21,996
800 SHIMANO INCORPORATED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 24,711
7,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 42,948
4,500 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 274,567
800 SHINKO ELECTRIC INDUSTRIES (ELECT COMPONENTS-SEMICONDUCTORS) 18,058
6,000 SHINKO SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 30,397
18,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 86,303
3,000 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 53,971
4,000 SHISEIDO COMPANY LIMITED (APPAREL & ACCESSORY STORES) 81,297
7,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 74,550
13,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 48,871
2,400 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 29,389
600 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 80,499
8,600 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 221,130
3,700 SOJITZ HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS)+ 15,417
10,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 124,661
11,700 SONY CORPORATION (ELECTRONIC) 594,730
2,000 STANLEY ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,648
1,000 SUMCO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 41,582
2,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,460
18,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 135,947
12,400 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 223,082
8,400 SUMITOMO ELECTRIC INDUSTRIES LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 127,739
7,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 69,739
48,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 248,065
127
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 SUMITOMO METAL MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) $ 115,835
76 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 690,088
5,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 15,020
4,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 151,731
2,000 SUMITOMO RUBBER INDUSTRIES LIMITED (TRANSPORTATION EQUIPMENT) 21,911
200 SUMITOMO TITANIUM (NON-FERROUS METALS) 22,217
15,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 156,441
2,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,069
900 SUZUKEN COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 31,925
2,750 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 189,728
11,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 48,634
12,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 44,501
2,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 36,660
1,000 TAIYO YUDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 20,833
2,000 TAKARA HOLDINGS INCORPORATED (EATING & DRINKING PLACES) 14,121
3,000 TAKASHIMAYA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 36,940
10,400 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 682,213
1,400 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 56,195
3,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 40,810
1,500 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 130,092
10,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 56,432
2,100 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 81,797
1,600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 37,678
600 TIS INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 14,257
10,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 48,031
3,000 TODA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 14,358
1,900 TOHO COMPANY LIMITED TOKYO (MOTION PICTURES) 37,084
300 TOHO TITANIUM COMPANY LIMITED (METAL MINING) 14,689
5,000 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 126,867
600 TOKAI RIKA COMPANY LIMITED (AUTO PARTS - ORIGINAL EQUIPMENT) 14,231
3,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 52,444
500 TOKYO BROADCASTING SYSTEM INCORPORATED (COMMUNICATIONS) 18,500
14,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 485,625
1,900 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 132,858
26,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 144,959
400 TOKYO SEIMITSU COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,578
1,400 TOKYO STEEL MANUFACTURING COMPANY LIMITED (FURNITURE & FIXTURES) 20,625
1,000 TOKYO STYLE COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 10,947
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 30,177
13,000 TOKYU CORPORATION (TRANSPORTATION SERVICES) 101,273
5,000 TOKYU LAND CORPORATION (REAL ESTATE) 56,984
3,000 TONENGENERAL SEKIYU KK (OIL & GAS EXTRACTION) 33,503
7,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 73,065
16,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 115,682
34,000 TOSHIBA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 227,071
128
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) $ 30,906
3,100 TOSTEM INAX HOLDING CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 67,214
3,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 30,066
2,100 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,324
1,000 TOYO SUISAN KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 19,688
8,000 TOYOBO COMPANY LIMITED (TEXTILE MILL PRODUCTS) 23,829
800 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 18,907
2,400 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 113,646
33,500 TOYOTA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 2,146,342
2,400 TOYOTA TSUSHO CORPORATION (BUSINESS SERVICES) 61,303
1,000 TREND MICRO INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 27,325
10,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 31,738
400 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 25,322
1,000 UNIDEN CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 7,756
2,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 27,444
1,500 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 28,959
310 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 20,230
1,000 WACOAL CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 12,670
21 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 96,945
189 YAHOO JAPAN CORPORATION (BUSINESS SERVICES) 65,197
1,300 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 33,206
1,050 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 97,836
2,200 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 49,100
2,200 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 61,609
6,300 YAMANOUCHI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 271,589
4,000 YAMATO TRANSPORT COMPANY LIMITED (TRANSPORTATION SERVICES) 64,494
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 9,123
2,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 23,625
2,700 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 41,380
2,000 ZEON CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,655
35,208,897
-------------
LUXEMBOURG - 0.03%
2,428 STOLT OFFSHORE SA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES)+ 51,829
-------------
NETHERLANDS - 4.75%
21,207 ABN AMRO HOLDINGS NV (DEPOSITORY INSTITUTIONS) 912,779
17,073 AEGON NV (INSURANCE CARRIERS) 340,282
3,178 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 241,346
8,676 ARCELOR MITTAL NV (BASIC MATERIALS) 460,926
5,671 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 140,072
1,350 BUHRMANN NV (WHOLESALE TRADE-DURABLE GOODS) 18,178
512 CORIO NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 46,516
1,770 DSM NV (CHEMICALS & ALLIED PRODUCTS) 79,303
4,007 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (TRANSPORTATION BY AIR) 124,290
697 FUGRO NV (OIL FIELD SERVICES)+ 35,381
129
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NETHERLANDS (CONTINUED)
1,551 GETRONICS NV (BUSINESS SERVICES) $ 14,110
6,876 HAGEMEYER NV (WHOLESALE TRADE NON-DURABLE GOODS)+ 32,700
2,864 HEINEKEN NV (EATING & DRINKING PLACES) 149,821
21,908 ING GROEP NV (FINANCIAL SERVICES) 926,259
22,611 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 352,188
13,651 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 521,356
18,183 KONINKLIJKE AHOLD NV (FOOD STORES)+ 212,535
838 OCE NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 15,359
1,784 QIAGEN NV (HEALTH SERVICES)+ 30,314
569 RANDSTAD HOLDINGS NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 44,131
8,299 REED ELSEVIER NV (COMMUNICATIONS) 146,781
629 RODAMCO EUROPE NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 87,428
43,799 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 1,456,866
2,004 ROYAL NUMICO NV (FOOD & KINDRED PRODUCTS) 103,360
1,757 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES)+ 63,348
5,103 TNT NV (TRANSPORTATION SERVICES) 234,021
20,044 UNILEVER NV (FOOD & KINDRED PRODUCTS) 583,710
2,232 VEDIOR NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 49,554
248 WERELDHAVE NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 38,181
3,428 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 102,851
7,563,946
-------------
NEW ZEALAND - 0.15%
13,079 AUCKLAND INTERNATIONAL AIRPORT LIMITED (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 22,517
3,596 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 23,659
3,308 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 8,672
6,703 FISHER & PAYKEL HEALTHCARE CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 17,382
5,797 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 45,552
4,730 SKY CITY ENTERTAINMENT GROUP LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 15,779
2,448 SKY NETWORK TELEVISION LIMITED (COMMUNICATIONS) 9,513
23,186 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 78,343
705 TENON LIMITED (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE)+ 1,510
2,464 TOWER LIMITED (BUSINESS SERVICES)+ 3,961
3,233 VECTOR LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 6,882
1,403 WAREHOUSE GROUP LIMITED (GENERAL MERCHANDISE STORES) 6,765
240,535
-------------
NORWAY - 0.89%
1,655 AKER KVAERNER ASA (ENGINEERING CONSTRUCTION) 37,302
7,814 DEN NORSKE BANK ASA (DEPOSITORY INSTITUTIONS) 110,301
10,000 DNO ASA (OIL & GAS EXTRACTION) 17,982
654 FRONTLINE LIMITED (WATER TRANSPORTATION) 23,241
8,271 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 274,190
1,800 NORSKE SKOGINDUSTRIER ASA (PAPER & ALLIED PRODUCTS) 30,798
2,343 OCEAN RIG ASA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 15,997
2,192 ORKLA ASA (FOOD & KINDRED PRODUCTS) 154,529
130
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NORWAY (CONTINUED)
32,400 PAN FISH ASA (FISHING, HUNTING & TRAPPING)+ $ 38,059
1,999 PETROLEUM GEO-SERVICES ASA (OIL & GAS EXTRACTION)+ 52,209
2,500 PROSAFE ASA (OIL & GAS EXTRACTION) 38,251
519 SCHIBSTED ASA (COMMUNICATIONS) 22,883
2,388 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)+ 39,287
103 SHIP FINANCE INTERNATIONAL LIMITED (WATER TRANSPORTATION) 2,822
7,612 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 207,260
400 STOLT-NIELSEN ASA (WATER TRANSPORTATION) 11,911
2,564 STOREBRAND ASA (INSURANCE CARRIERS) 41,086
1,616 TANDBERG ASA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 33,765
8,893 TELENOR ASA (COMMUNICATIONS) 158,012
1,200 TGS NOPEC GEOPHYSICAL COMPANY ASA (OIL FIELD SERVICES)+ 27,738
1,783 TOMRA SYSTEMS ASA (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 12,834
2,600 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 71,755
1,422,212
-------------
PORTUGAL - 0.35%
4,059 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 35,244
25,328 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 91,691
2,458 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 46,912
3,849 BRISA-AUTO ESTRADAS DE PORTUGAL SA (CONSTRUCTION) 50,491
3,086 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 25,889
23,508 ELECTRICIDADE DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 126,240
477 JERONIMO MARTINS (WHOLESALE TRADE NON-DURABLE GOODS) 12,425
9,886 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 132,458
990 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA (COMMUNICATIONS) 14,680
10,497 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 23,698
559,728
-------------
SINGAPORE - 0.97%
7,500 ALLGREEN PROPERTIES LIMITED (REAL ESTATE) 8,651
11,000 ASCENDAS REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 17,329
15,000 CAPITALAND LIMITED (REAL ESTATE) 79,096
11,300 CAPITAMALL TRUST (REAL ESTATE INVESTMENT TRUSTS (REITS)) 28,005
13,000 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 12,425
6,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 57,740
23,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 30,168
1,000 CREATIVE TECHNOLOGY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 6,427
13,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 183,370
10,000 FRASER & NEAVE LIMITED (MULTI-INDUSTRY COMPANIES) 33,616
1,000 HAW PAR CORPORATION LIMITED (BUSINESS SERVICES) 4,746
2,052 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 16,095
1,400 K-REIT ASIA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 2,953
6,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 75,141
5,000 KEPPEL LAND LIMITED (REAL ESTATE) 31,309
6,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 12,813
131
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE (CONTINUED)
29,200 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) $ 173,220
8,550 PARKWAY HOLDINGS LIMITED (HEALTH SERVICES) 18,485
9,980 SEMBCORP INDUSTRIES LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 33,548
5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 11,601
7,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 76,591
9,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 38,856
2,000 SINGAPORE LAND LIMITED (REAL ESTATE) 13,974
12,000 SINGAPORE POST LIMITED (TRANSPORTATION SERVICES) 8,780
19,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 55,103
16,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 35,013
84,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 181,604
11,000 SMRT CORPORATION LIMITED (TRANSPORTATION SERVICES) 10,803
18,000 STATS CHIPPAC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 21,593
12,000 SUNTEC REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 15,661
13,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 179,943
7,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 23,531
3,000 VENTURE CORPORATION LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 28,870
6,000 WING TAI HOLDINGS LIMITED (REAL ESTATE) 12,576
1,539,636
-------------
SPAIN - 3.95%
2,670 ABERTIS INFRAESTRUCTURAS SA (SOCIAL SERVICES) 85,779
334 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 72,347
2,296 ACERINOX SA (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 58,428
2,887 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 175,282
6 AGUAS DE BARCELONA - NEW SHARES (WATER SUPPLY)+ 214
2,994 ALTADIS SA (TOBACCO PRODUCTS) 192,257
1,040 ANTENA 3 DE TELEVISION SA (COMMUNICATIONS) 23,262
41,228 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,012,264
9,945 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 205,120
68,965 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 1,230,810
2,483 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA (TRANSPORTATION SERVICES) 46,503
7,159 CORPORATION MAPFRE SA (INSURANCE CARRIERS) 36,723
1,127 EBRO PULEVA SA (AGRICULTURAL PRODUCTION CROPS) 26,602
9,153 ENDESA SA (ELECTRIC, GAS & SANITARY SERVICES) 494,948
570 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 58,592
2,075 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 75,118
2,217 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 104,099
738 GRUPO FERROVIAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 74,678
8,958 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 423,494
6,349 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 33,840
1,502 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 37,861
2,550 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 158,500
863 NH HOTELES SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 19,725
964 PROMOTORA DE INFORMACIONES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 21,505
9,276 REPSOL YPF SA (OIL & GAS EXTRACTION) 312,756
132
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SPAIN (CONTINUED)
1,254 SACYR VALLEHERMOSO SA (REAL ESTATE) $ 70,272
664 SOCIEDAD GENERAL DE AGUAS DE BARCELONA SA (ELECTRIC, GAS & SANITARY SERVICES) 23,632
457 SOGECABLE SA (COMMUNICATIONS)+ 18,962
51,772 TELEFONICA SA (COMMUNICATIONS) 1,141,129
857 UNION FENOSA SA (ELECTRIC, GAS & SANITARY SERVICES) 46,216
2,315 ZELTIA SA (HEALTH SERVICES)+ 21,029
6,301,947
-------------
SWEDEN - 2.61%
1,192 ALFA LAVAL AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 61,795
3,887 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 89,343
3,914 ATLAS COPCO AB A SHARES (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 130,041
2,606 ATLAS COPCO AB B SHARES (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 83,038
408 AXFOOD AB (FOOD & KINDRED PRODUCTS) 16,126
563 BILLERUD AKTIEBOLAG (PAPER & ALLIED PRODUCTS) 8,446
3,500 BOLIDEN AB (METALS-DIVERSIFIED)+ 77,190
2,096 CASTELLUM AB (REAL ESTATE) 30,317
725 D CARNEGIE & COMPANY AB (HOLDING & OTHER INVESTMENT OFFICES) 15,081
3,371 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 85,448
1,078 ELEKTA AB CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 19,413
2,081 ENIRO AB (COMMUNICATIONS) 26,300
1,035 FABEGE AB (REAL ESTATE) 26,013
2,233 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 50,846
5,530 HENNES & MAURITZ AB CLASS B (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 318,362
317 HOGANAS AB (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 8,035
631 HOLMEN AB (PAPER & ALLIED PRODUCTS) 25,980
3,276 HUSQVARNA AB B SHARES (COMMUNICATIONS)+ 54,070
1,743 KUNGSLEDEN (REAL ESTATE) 31,326
2,686 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 31,831
532 METRO INTERNATIONAL SA A SHARES (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 697
1,065 METRO INTERNATIONAL SA B SHARES (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 1,488
669 MODERN TIMES GROUP MTG B SHARES (MEDIA)+ 39,137
600 NOBIA AB (HOME FURNISHINGS) 24,575
24,359 NORDEA AB (DEPOSITORY INSTITUTIONS) 388,960
1,024 OMX AB (BUSINESS SERVICES) 21,300
514 ORIFLAME COSMETICS SA (APPAREL & ACCESSORY STORES) 19,801
11,787 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 209,313
903 SAS AB (TRANSPORTATION BY AIR)+ 16,585
1,198 SCANIA AB (TRANSPORTATION EQUIPMENT) 94,017
3,907 SECURITAS AB (BUSINESS SERVICES) 59,589
4,107 SECURITAS DIRECT AB B SHARES (BUSINESS SERVICES)+ 11,410
4,107 SECURITAS SYSTEMS AB CLASS B (BUSINESS SERVICES) 14,292
5,412 SKANDINAVISKA ENSKILDA BANKEN AB (DEPOSITORY INSTITUTIONS) 173,223
4,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 96,647
4,740 SKF AB (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 98,597
1,954 SSAB SVENSKT STAL AB A SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 60,303
900 SSAB SVENSKT STAL AB B SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 25,842
133
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWEDEN (CONTINUED)
2,159 SVENSKA CELLULOSA AB (PAPER & ALLIED PRODUCTS) $ 115,636
5,914 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 175,740
3,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 64,762
3,989 TELE2 AB (COMMUNICATIONS) 65,409
173,937 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 640,170
23,411 TELIASONERA AB (COMMUNICATIONS) 201,998
992 TRELLEBORG AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 25,784
1,095 VOLVO AB A SHARES (TRANSPORTATION EQUIPMENT) 94,245
2,579 VOLVO AB B SHARES (TRANSPORTATION EQUIPMENT) 217,170
534 WIHLBORGS FASTIGHETER AB (REAL ESTATE) 11,471
4,157,162
-------------
SWITZERLAND - 6.71%
24,230 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES)+ 414,750
1,543 ADECCO SA (BUSINESS SERVICES) 97,965
870 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 57,313
2,828 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 48,524
6,102 COMPAGNIE FINANCIERE RICHEMONT AG (GENERAL MERCHANDISE STORES) 341,218
13,388 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 960,732
50 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 76,945
72 GIVAUDAN (CHEMICALS & ALLIED PRODUCTS) 66,599
2,346 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 234,957
434 KUDELSKI SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,286
695 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES)+ 57,166
25 KUONI REISEN HOLDING (AMUSEMENT & RECREATION SERVICES) 14,998
2,140 LOGITECH INTERNATIONAL SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 59,437
465 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 44,696
502 MICRONAS SEMICONDUCTOR HOLDING AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 10,390
4,652 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,811,759
290 NOBEL BIOCARE HOLDING AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 105,724
27,025 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 1,550,132
597 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 45,691
633 PSP SWISS PROPERTY AG (REAL ESTATE)+ 38,548
54 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 26,908
8,154 ROCHE HOLDING AG (MEDICAL PRODUCTS) 1,442,711
629 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 38,305
54 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (BUSINESS SERVICES) 64,481
82 SIG HOLDING AG (MACHINERY)+ 29,287
7,979 STMICROELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 153,592
98 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,106
46 SULZER AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,619
667 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 35,651
378 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 99,932
3,939 SWISS REINSURANCE (INSURANCE CARRIERS) 359,815
223 SWISSCOM AG (COMMUNICATIONS) 80,610
1,216 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 232,663
134
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND (CONTINUED)
570 SYNTHES INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) $ 70,362
23,213 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,379,236
84 UNAXIS HOLDING AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 51,016
1,691 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 488,103
10,698,227
-------------
UNITED KINGDOM - 21.94%
5,436 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 121,520
9,022 AEGIS GROUP PLC (COMMUNICATIONS) 26,631
3,429 AGGREKO PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,279
4,465 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 46,568
9,212 AMVESCAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 101,516
16,613 ANGLO AMERICAN PLC (COAL MINING) 875,160
16,512 ARM HOLDINGS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 43,541
2,160 ARRIVA PLC (TRANSPORTATION BY AIR) 31,624
17,782 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 956,687
29,951 AVIVA PLC (INSURANCE CARRIERS) 441,158
37,711 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 341,363
5,354 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 50,256
75,549 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,071,901
2,840 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 61,755
5,181 BBA AVIATION PLC (TRANSPORTATION EQUIPMENT) 28,649
1,481 BELLWAY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 46,339
1,195 BERKELEY GROUP HOLDINGS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 37,061
39,360 BG GROUP PLC (OIL & GAS EXTRACTION) 567,741
27,459 BHP BILLITON PLC (COAL MINING) 612,217
4,434 BIFFA PLC (ELECTRIC, GAS & SANITARY SERVICES) 30,015
9,613 BOOTS GROUP PLC (HEALTH SERVICES) 194,184
1,540 BOVIS HOMES GROUP PLC (BUILDING) 34,911
225,766 BP PLC (OIL & GAS EXTRACTION) 2,452,384
4,954 BRAMBLES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 54,300
8,009 BRITANNIC GROUP PLC (INSURANCE CARRIERS) 97,794
7,266 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR)+ 69,490
17,869 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 558,747
6,069 BRITISH LAND COMPANY PLC (REAL ESTATE) 182,487
13,318 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 147,812
3,325 BRIXTON PLC (REAL ESTATE) 33,272
95,819 BT GROUP PLC (COMMUNICATIONS) 572,742
4,331 BUNZL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 61,278
5,341 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 68,632
24,476 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 314,036
7,602 CAPITA GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 102,099
1,999 CARNIVAL PLC (WATER TRANSPORTATION) 96,337
4,775 CARPHONE WAREHOUSE PLC (ELECTRONICS) 26,005
4,043 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 32,580
42,798 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 325,510
2,022 CHARTER PLC (DIVERSIFIED MANUFACTURING)+ 35,313
135
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
1,663 CLOSE BROTHERS GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) $ 33,151
13,869 COBHAM PLC (TRANSPORTATION BY AIR) 57,313
2,550 COLLINS STEWART PLC (DIVERSIFIED MANUFACTURING) 12,771
24,389 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 163,179
1,844 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,554
11,232 CORUS GROUP PLC (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 134,169
1,538 CSR PLC (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 19,703
3,713 DAILY MAIL & GENERAL TRUST (COMMUNICATIONS) 59,330
1,962 DAVIS SERVICE GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,490
1,894 DE LA RUE PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 26,654
9,807 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 295,834
31,403 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 636,192
22,875 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 76,525
5,811 ELECTROCOMPONENTS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 33,105
2,652 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 39,480
9,980 EMI GROUP PLC (AMUSEMENT & RECREATION SERVICES) 44,679
7,323 ENTERPRISE INNS PLC (EATING & DRINKING PLACES) 96,334
11,843 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 136,452
5,841 FIRST CHOICE HOLIDAYS PLC (PERSONAL SERVICES) 33,046
5,086 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 66,506
7,649 FKI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,498
20,802 FRIENDS PROVIDENT PLC (INSURANCE CARRIERS) 78,800
7,677 GALLAHER GROUP PLC (TOBACCO PRODUCTS) 171,164
5,001 GEORGE WIMPEY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 62,541
8,657 GKL PLC (TRANSPORTATION EQUIPMENT) 64,991
66,810 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,836,660
2,241 GREAT PORTLAND ESTATES PLC (REAL ESTATE) 34,221
14,276 GROUP 4 SECURICOR PLC (SOCIAL SERVICES) 56,467
3,333 HAMMERSON PLC (REAL ESTATE) 113,664
8,326 HANSON PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 133,941
18,227 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 56,223
43,964 HBOS PLC (DEPOSITORY INSTITUTIONS) 905,805
5,084 HMV GROUP PLC (APPAREL & ACCESSORY STORES) 11,055
10,680 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 93,314
134,299 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,350,767
5,933 ICAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 61,937
4,229 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 48,268
13,942 IMPERIAL CHEMICAL INDUSTRIES PLC (CHEMICALS & ALLIED PRODUCTS) 137,178
7,920 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 354,566
5,448 INCHCAPE PLC (WHOLESALE TRADE NON-DURABLE GOODS) 61,162
4,152 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 102,623
17,426 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 135,966
2,075 INTERTEK GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 37,015
9,962 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 56,949
4,035 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 52,247
47,775 ITV PLC (COMMUNICATIONS) 102,475
17,028 J SAINSBURY PLC (FOOD & KINDRED PRODUCTS) 184,129
136
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
2,738 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) $ 84,914
4,191 KELDA GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 77,359
6,076 KESA ELECTRICALS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 40,533
27,543 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 150,812
8,004 LADBROKERS PLC (AMUSEMENT & RECREATION SERVICES) 63,396
5,479 LAND SECURITIES GROUP PLC (REAL ESTATE) 230,731
76,317 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 238,786
3,343 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 82,034
65,839 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 725,541
13,620 LOGICACMG PLC (BUSINESS SERVICES) 47,708
1,286 LONDON STOCK EXCHANGE GROUP PLC (FINANCIAL) 31,695
20,994 MAN GROUP PLC (BUSINESS SERVICES) 229,287
19,724 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 262,575
5,437 MEGGITT PLC (TRANSPORTATION BY AIR) 31,937
7,941 MFI FURNITURE PLC (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 24,339
4,046 MICHAEL PAGE INTERNATIONAL PLC (BUSINESS SERVICES) 42,636
6,144 MISYS PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 28,866
1,678 NATIONAL EXPRESS GROUP PLC (TRANSPORTATION SERVICES) 41,672
31,784 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 498,804
2,654 NEXT PLC (APPAREL & ACCESSORY STORES) 117,458
60,945 OLD MUTUAL PLC (INSURANCE CARRIERS) 196,806
9,419 PEARSON PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 161,626
3,458 PERSIMMON PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 95,676
4,849 PREMIER FARNELL PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 19,490
3,063 PROVIDENT FINANCIAL PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 48,461
28,571 PRUDENTIAL PLC (INSURANCE CARRIERS) 403,407
3,237 PUNCH TAVERNS PLC (EATING & DRINKING PLACES) 79,433
4,797 RANK GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 19,282
7,109 RECKITT BENCKISER PLC (CHEMICALS & ALLIED PRODUCTS) 370,160
14,738 REED ELSEVIER PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 176,188
22,824 RENTOKIL INITIAL PLC (COMMUNICATIONS) 73,210
15,102 REUTERS GROUP PLC (COMMUNICATIONS) 138,488
7,159 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 77,483
11,999 RIO TINTO PLC (METAL MINING) 685,225
20,731 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 201,631
1,305,596 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 2,633
36,683 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 1,432,179
4,946 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 164,584
32,028 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 1,065,772
10,525 SABMILLER PLC (EATING & DRINKING PLACES) 230,934
15,901 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 80,808
1,642 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 40,972
9,353 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 110,708
10,057 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 304,973
17,398 SCOTTISH POWER PLC (ELECTRIC INTERGRATED) 273,887
5,966 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 54,005
137
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
2,724 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) $ 76,868
23,111 SIGNET GROUP PLC (APPAREL & ACCESSORY STORES) 57,076
5,875 SLOUGH ESTATES PLC (REAL ESTATE) 90,639
11,007 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 139,924
6,656 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 134,647
2,525 SSL INTERNATIONAL PLC (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 19,888
9,229 STAGECOACH GROUP PLC (TRANSPORTATION SERVICES) 32,690
24,616 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE)+ 153,072
6,097 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 68,988
7,090 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 68,300
93,036 TESCO PLC (FOOD & KINDRED PRODUCTS) 813,335
9,500 TOMKINS PLC (BUSINESS SERVICES) 49,914
1,351 TRAVIS PERKINS PLC (BUSINESS SERVICES) 53,490
3,378 TRINITY MIRROR PLC (COMMUNICATIONS) 35,364
2,550 TULLETT PREBON PLC (INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES) 24,237
14,550 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 438,354
3,314 UNITED BUSINESS MEDIA PLC (COMMUNICATIONS) 51,715
10,249 UNITED UTILITIES PLC (ELECTRIC, GAS & SANITARY SERVICES) 152,373
612,094 VODAFONE GROUP PLC (COMMUNICATIONS) 1,632,105
2,405 WHITBREAD PLC (EATING & DRINKING PLACES) 89,305
4,494 WILLIAM HILL PLC (AMUSEMENT & RECREATION SERVICES) 56,245
7,911 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 185,410
13,747 WPP GROUP PLC (BUSINESS SERVICES) 208,300
7,166 XSTRATA PLC (DIVERSIFIED MINING)+ 368,333
9,083 YELL GROUP PLC (COMMUNICATIONS) 106,887
34,983,550
-------------
TOTAL COMMON STOCKS (COST $102,275,583) 156,135,308
-------------
RIGHTS - 0.01%
960 CENTRO RETAIL GROUP RIGHTS+(a) 0
1,035 FABEGE REDEMPTION RIGHTS+(a) 797
2,718 MEGGITT PLC RIGHTS+ 5,308
107 NH HOTELES RIGHTS+ 2,446
860 SONAE BONUS RIGHTS+(a) 10,604
TOTAL RIGHTS (COST $6,297) 19,155
-------------
138
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WARRANTS - 0.00%
4,000 DOWA MINING WARRANTS+(a) $ 0
TOTAL WARRANTS (COST $0) 0
-------------
COLLATERAL FOR SECURITIES LENDING - 5.00%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.00%
7,971,550 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 7,971,550
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,971,550) 7,971,550
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $110,253,430)* 102.95% $ 164,126,013
OTHER ASSETS AND LIABILITIES, NET (2.95) (4,700,777)
------ -------------
TOTAL NET ASSETS 100.00% $ 159,425,236
====== =============
+ NON-INCOME EARNING SECURITIES.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
139
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 95.86%
AUSTRALIA - 4.05%
448,500 AWB LIMITED (AGRICULTURAL SERVICES) $ 1,288,230
363,600 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,088,986
193,800 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,292,063
66,600 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 2,708,317
228,400 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 630,163
657,900 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 2,794,615
127,900 SANTOS LIMITED (OIL & GAS EXTRACTION) 1,050,363
561,900 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 2,118,594
14,971,331
-------------
AUSTRIA - 1.08%
54,800 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 3,974,993
-------------
BELGIUM - 1.29%
7,700 DEXIA SA (DEPOSITORY INSTITUTIONS) 229,789
99,600 FORTIS (DEPOSITORY INSTITUTIONS) 4,548,984
-------------
4,778,773
-------------
DENMARK - 0.68%
44,400 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 2,065,672
5,500 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 441,755
2,507,427
-------------
FINLAND - 1.86%
8,860 KEMIRA GROWHOW OYJ (CHEMICALS & ALLIED PRODUCTS) 119,421
74,200 KEMIRA OYJ (CHEMICALS & ALLIED PRODUCTS) 1,698,911
51,800 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 2,414,275
151,500 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 2,630,946
6,863,553
-------------
FRANCE - 8.96%
730 ARKEMA (OIL & GAS EXTRACTION)+ 41,854
11,300 ASSURANCES GENERALES DE FRANCE (INSURANCE CARRIERS) 1,892,466
53,100 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 5,546,279
13,200 CASINO GUICHARD-PERRACHON SA (FOOD STORES) 1,332,714
7,600 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 885,088
32,800 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,205,995
17,400 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,921,557
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 2,912,800
21,200 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,494,158
10,500 RALLYE SA (GENERAL MERCHANDISE STORES) 681,682
21,400 RENAULT SA (TRANSPORTATION EQUIPMENT) 2,502,799
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 3,041,601
45,800 TOTAL SA (OIL & GAS EXTRACTION) 3,208,980
28,844 VALEO SA (TRANSPORTATION EQUIPMENT) 1,691,901
68,000 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 2,763,275
33,123,149
-------------
140
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY - 7.71%
19,900 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) $ 1,292,481
55,400 BASF AG (CHEMICALS & ALLIED PRODUCTS) 6,237,209
50,600 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,985,616
32,000 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 2,624,668
71,200 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,933,630
55,000 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 2,520,071
18,800 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,187,419
11,400 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 1,928,097
110,800 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 5,482,349
53,300 TUI AG (TRANSPORTATION BY AIR) 1,317,922
28,509,462
-------------
GREECE - 0.06%
10,300 DRYSHIPS INCORPORATED (WATER TRANSPORTATION) 232,059
-------------
HONG KONG - 1.82%
667,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 1,697,058
284,000 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 1,050,438
508,500 HONGKONG ELECTRIC HOLDINGS (ELECTRIC, GAS & SANITARY SERVICES) 2,609,695
147,000 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 1,365,867
6,723,058
-------------
IRELAND - 1.04%
69,600 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 2,064,040
64,700 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,776,119
3,840,159
-------------
ITALY - 3.69%
175,000 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 1,328,999
70,700 BANCHE POPOLARI UNITE SPA (DEPOSITORY INSTITUTIONS) 2,091,940
64,900 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,050,759
125,500 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 4,083,918
113,800 FIAT SPA (TRANSPORTATION EQUIPMENT)+ 2,868,601
225,700 IFIL INVESTMENTS SPA (MISCELLANEOUS SERVICES) 2,205,474
13,629,691
-------------
JAPAN - 21.45%
24,200 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,028,870
96,400 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,128,921
102,800 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 1,648,778
244,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,776,578
180,000 CALSONIC KANSEI CORPORATION (TRANSPORTATION EQUIPMENT) 866,090
315,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 2,130,474
179,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 750,390
294,900 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 1,381,411
350,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,817,719
61,400 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,227,062
22,100 HITACHI MAXELL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 302,506
141
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
70,100 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) $ 1,861,957
71,400 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 2,490,275
111,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 3,198,982
243,000 MARUBENI CORPORATION (BUSINESS SERVICES) 1,476,477
237,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,017,235
78,200 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,814,978
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,810,930
55,500 NIFCO INCORPORATED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,436,482
46,000 NIKKO CORDIAL CORPORATION (FINANCIAL) 656,976
139,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 1,203,933
376,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 3,050,373
500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 1,777,834
953,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 6,696,232
700 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,700,781
219,900 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,356,871
104,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 2,185,417
48,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 457,841
2,100 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 3,884,929
226,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 1,198,659
110,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 426,595
45,700 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,721,894
82,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,847,505
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,028,513
16,800 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 738,493
27,300 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 701,960
94,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 1,157,192
177,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,279,735
90,000 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,619,145
21,400 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 858,978
122,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,659,589
63,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 2,161,371
101,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,054,226
137,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 819,628
76,100 TOYOTA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 4,875,721
79,286,506
-------------
NETHERLANDS - 4.29%
62,100 ABN AMRO HOLDINGS NV (DEPOSITORY INSTITUTIONS) 2,672,841
207,100 AEGON NV (INSURANCE CARRIERS) 4,127,669
24,900 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 1,890,975
98,000 ING GROEP NV (FINANCIAL SERVICES) 4,143,390
91,700 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 1,428,315
47,800 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 1,589,949
15,853,139
-------------
142
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NORWAY - 1.32%
50,000 DEN NORSKE BANK ASA (DEPOSITORY INSTITUTIONS) $ 705,789
63,600 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 2,108,386
75,200 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 2,075,383
4,889,558
-------------
PORTUGAL - 0.84%
445,000 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 1,610,962
281,600 ELECTRICIDADE DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,512,219
3,123,181
-------------
SINGAPORE - 0.87%
673,878 MOBILONE LIMITED (COMMUNICATIONS) 972,740
358,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 764,539
135,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 1,477,112
3,214,391
-------------
SPAIN - 3.08%
75,800 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,861,104
293,100 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,230,922
126,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 4,275,280
11,367,306
-------------
SWEDEN - 3.07%
71,700 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,817,451
270,600 NORDEA AB (DEPOSITORY INSTITUTIONS) 4,320,888
22,200 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 777,324
52,400 VOLVO AB B SHARES (TRANSPORTATION EQUIPMENT) 4,412,442
11,328,105
-------------
SWITZERLAND - 6.84%
27,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE)+ 2,894,046
10,800 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 711,468
8,600 CONVERIUM HOLDING AG (INSURANCE CARRIERS) 150,747
90,100 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 6,465,638
2,500 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,810,476
2,100 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 1,046,414
9,000 SWISSCOM AG (COMMUNICATIONS) 3,253,302
19,600 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 3,750,154
27,200 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,616,130
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 571,946
5,200 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 1,275,234
6,000 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 1,731,885
25,277,440
-------------
UNITED KINGDOM - 21.86%
106,800 ALFRED MCALPINE GROUP PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 931,035
146,100 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 3,260,274
108,600 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 5,842,776
114,500 AVIVA PLC (INSURANCE CARRIERS) 1,686,507
143
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
437,200 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) $ 6,203,065
48,300 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,050,269
534,500 BP PLC (OIL & GAS EXTRACTION) 5,806,009
223,700 BRADFORD & BINGLEY PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,999,640
332,100 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 2,107,606
925,000 BT GROUP PLC (COMMUNICATIONS) 5,529,029
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 1,717,191
652,500 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 2,182,832
78,300 GEORGE WIMPEY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 979,193
414,000 GKL PLC (TRANSPORTATION EQUIPMENT) 3,108,034
85,100 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 2,339,467
23,900 HANSON PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 384,482
241,000 HBOS PLC (DEPOSITORY INSTITUTIONS) 4,965,404
62,400 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 1,092,248
172,200 JJB SPORTS PLC (APPAREL & ACCESSORY STORES) 851,393
479,900 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 5,288,465
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 577,388
297,600 OLD MUTUAL PLC (INSURANCE CARRIERS) 961,020
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 1,815,249
962,500 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 3,068,362
69,700 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 2,721,231
205,400 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 6,834,946
97,800 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 1,106,618
104,000 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,001,791
2,016,800 VODAFONE GROUP PLC (COMMUNICATIONS) 5,377,652
80,789,176
-------------
TOTAL COMMON STOCKS (COST $267,238,688) 354,282,457
-------------
COLLATERAL FOR SECURITIES LENDING - 4.79%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 4.79%
17,698,422 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 17,698,422
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $17,698,422) 17,698,422
-------------
SHORT-TERM INVESTMENTS - 1.14%
4,203,521 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,203,521
TOTAL SHORT-TERM INVESTMENTS (COST $4,203,521) 4,203,521
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,140,631)* 101.79% $ 376,184,400
OTHER ASSETS AND LIABILITIES, NET (1.79) (6,622,483)
------ -------------
TOTAL NET ASSETS 100.00% $ 369,561,917
====== =============
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,203,521.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
144
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 96.70%
AMUSEMENT & RECREATION SERVICES - 1.05%
43,170 INTERNATIONAL GAME TECHNOLOGY $ 1,743,205
-------------
APPAREL & ACCESSORY STORES - 1.05%
33,010 NORDSTROM INCORPORATED 1,747,549
-------------
BIOPHARMACEUTICALS - 1.09%
22,070 GENENTECH INCORPORATED+ 1,812,388
-------------
BUSINESS SERVICES - 8.71%
65,990 BMC SOFTWARE INCORPORATED+ 2,031,832
125,720 CISCO SYSTEMS INCORPORATED+ 3,209,632
73,480 ELECTRONIC DATA SYSTEMS CORPORATION 2,033,926
107,230 MICROSOFT CORPORATION 2,988,500
19,980 OMNICOM GROUP INCORPORATED 2,045,552
358,170 SUN MICROSYSTEMS INCORPORATED+ 2,152,602
14,462,044
-------------
CHEMICALS & ALLIED PRODUCTS - 7.05%
26,810 AIR PRODUCTS & CHEMICALS INCORPORATED 1,980,991
28,900 AVERY DENNISON CORPORATION 1,857,114
39,200 FOREST LABORATORIES INCORPORATED+ 2,016,448
41,110 MERCK & COMPANY INCORPORATED 1,815,829
36,630 MONSANTO COMPANY 2,013,185
79,320 SCHERING-PLOUGH CORPORATION 2,023,453
11,707,020
-------------
COMMUNICATIONS - 4.84%
50,580 AMERICAN TOWER CORPORATION CLASS A<<+ 1,970,091
54,120 AT&T INCORPORATED 2,133,952
82,770 DIRECTV GROUP INCORPORATED+ 1,909,504
53,620 IAC INTERACTIVECORP+ 2,022,010
8,035,557
-------------
DEPOSITORY INSTITUTIONS - 1.21%
41,430 JPMORGAN CHASE & COMPANY 2,004,383
-------------
EATING & DRINKING PLACES - 1.28%
47,090 MCDONALD'S CORPORATION 2,121,405
-------------
ELECTRIC, GAS & SANITARY SERVICES - 2.68%
32,910 FIRSTENERGY CORPORATION<< 2,179,958
37,060 FPL GROUP INCORPORATED<< 2,266,960
4,446,918
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.76%
48,070 COOPER INDUSTRIES LIMITED CLASS A 2,162,669
48,750 EMERSON ELECTRIC COMPANY 2,100,638
39,120 HARRIS CORPORATION 1,993,164
145
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
27,330 MEMC ELECTRONIC MATERIALS INCORPORATED+ $ 1,655,651
57,440 NVIDIA CORPORATION+ 1,653,123
9,565,245
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 1.28%
45,500 JACOBS ENGINEERING GROUP INCORPORATED+ 2,122,575
-------------
FOOD & KINDRED PRODUCTS - 1.05%
70,100 CONAGRA FOODS INCORPORATED 1,746,191
-------------
FOOD STORES - 1.38%
62,710 SAFEWAY INCORPORATED 2,297,694
-------------
GENERAL MERCHANDISE STORES - 1.17%
23,680 JC PENNEY COMPANY INCORPORATED<< 1,945,549
-------------
HEALTH SERVICES - 1.19%
27,140 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,968,464
-------------
HOLDING & OTHER INVESTMENT OFFICES - 1.19%
30,530 PROLOGIS 1,982,317
-------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 2.31%
39,340 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,926,086
29,460 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 1,910,481
3,836,567
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 11.68%
28,000 APPLE INCORPORATED+ 2,601,480
106,520 APPLIED MATERIALS INCORPORATED 1,951,446
142,540 EMC CORPORATION+ 1,974,179
61,110 HEWLETT-PACKARD COMPANY 2,452,955
22,250 INTERNATIONAL BUSINESS MACHINES CORPORATION 2,097,285
44,550 LAM RESEARCH CORPORATION<<+ 2,108,997
25,870 NATIONAL OILWELL VARCO INCORPORATED<<+ 2,012,427
24,300 PARKER HANNIFIN CORPORATION 2,097,333
29,220 TEREX CORPORATION+ 2,096,827
19,392,929
-------------
INSURANCE CARRIERS - 9.56%
34,350 ACE LIMITED 1,960,011
28,760 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,933,247
38,390 CHUBB CORPORATION 1,983,611
13,950 CIGNA CORPORATION 1,990,107
54,540 GENWORTH FINANCIAL INCORPORATED 1,905,628
32,360 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,937,393
24,320 PRUDENTIAL FINANCIAL INCORPORATED 2,195,123
38,130 TRAVELERS COMPANIES INCORPORATED 1,973,990
15,879,110
-------------
146
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS - 1.35%
44,880 COACH INCORPORATED+ $ 2,246,244
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.39%
29,920 BECTON DICKINSON & COMPANY 2,300,549
-------------
MEDICAL PRODUCTS - 2.56%
42,250 BAXTER INTERNATIONAL INCORPORATED 2,225,308
23,650 ZIMMER HOLDINGS INCORPORATED+ 2,019,947
4,245,255
-------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 1.34%
19,160 VULCAN MATERIALS COMPANY 2,231,757
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.36%
81,660 MATTEL INCORPORATED 2,251,366
-------------
MOTION PICTURES - 1.29%
62,070 WALT DISNEY COMPANY 2,137,070
-------------
OIL & GAS EXTRACTION - 3.81%
37,880 ENSCO INTERNATIONAL INCORPORATED 2,060,672
31,590 SCHLUMBERGER LIMITED 2,182,869
25,470 TRANSOCEAN INCORPORATED+ 2,080,899
6,324,440
-------------
PAPER & ALLIED PRODUCTS - 1.17%
53,210 INTERNATIONAL PAPER COMPANY<< 1,936,844
-------------
PETROLEUM REFINING & RELATED INDUSTRIES - 2.54%
21,910 MARATHON OIL CORPORATION 2,165,365
31,960 VALERO ENERGY CORPORATION 2,061,100
4,226,465
-------------
PRIMARY METAL INDUSTRIES - 2.59%
17,300 PRECISION CASTPARTS CORPORATION 1,800,065
25,190 UNITED STATES STEEL CORPORATION 2,498,092
4,298,157
--------------
RAILROAD TRANSPORTATION - 1.20%
19,580 UNION PACIFIC CORPORATION 1,988,349
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.04%
9,890 GOLDMAN SACHS GROUP INCORPORATED 2,043,571
17,540 MERRILL LYNCH & COMPANY INCORPORATED 1,432,492
20,010 MORGAN STANLEY 1,575,988
5,052,051
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 1.52%
111,350 CORNING INCORPORATED+ 2,532,099
-------------
TOBACCO PRODUCTS - 1.32%
28,970 LOEWS CORPORATION - CAROLINA GROUP 2,190,422
-------------
147
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.90%
49,350 AMR CORPORATION<< $ 1,502,708
--------------
TRANSPORTATION EQUIPMENT - 2.44%
23,350 BOEING COMPANY 2,076,049
20,390 LOCKHEED MARTIN CORPORATION 1,978,238
4,054,287
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.35%
38,440 MCKESSON CORPORATION 2,250,280
--------------
TOTAL COMMON STOCKS (COST $145,485,734) 160,585,453
--------------
COLLATERAL FOR SECURITIES LENDING - 6.66%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.17%
284,258 SCUDDER DAILY ASSETS MONEY MARKET FUND 284,258
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 6.49%
$ 31,677 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 31,681
162,170 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 162,245
30,797 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 30,703
87,992 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 87,993
87,992 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 87,997
87,992 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 88,001
263,977 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 263,998
140,788 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $140,852) 5.49 04/02/2007 140,788
193,583 BUCKINGHAM II CDO LLC 5.32 04/26/2007 192,906
42,236 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 41,874
70,394 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 69,717
70,394 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 70,076
87,992 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 87,340
35,197 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 34,874
91,512 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 90,447
175,985 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 174,294
100,621 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 99,977
8,402 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 8,388
116,713 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 115,881
66,874 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 66,163
48,244 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 47,746
12,766 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 12,632
3,995 CHEYNE FINANCE LLC 5.26 04/18/2007 3,986
35,197 CHEYNE FINANCE LLC 5.31 06/19/2007 34,797
15,698 CHEYNE FINANCE LLC 5.32 05/14/2007 15,602
228,780 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 228,714
87,992 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 88,002
35,197 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 35,219
37,608 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 37,644
148
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 38,805 CIT GROUP INCORPORATED+/- 5.59% 11/23/2007 $ 38,852
1,231,894 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,232,458) 5.49 04/02/2007 1,231,894
17,598 COMERICA BANK+/- 5.32 02/08/2008 17,528
195,727 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 195,498
79,193 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 79,078
105,591 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 105,314
87,992 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 87,965
175,985 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 175,981
283,265 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 282,563
131,989 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 131,162
49,578 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 49,513
52,795 DEER VALLEY FUNDING LLC 5.34 05/07/2007 52,527
1,090,085 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,090,584) 5.49 04/02/2007 1,090,085
175,985 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 176,009
22,955 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 22,639
109,149 FOX TROT CDO LIMITED++ 5.31 04/24/2007 108,799
43,979 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 43,993
70,394 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 70,107
175,985 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 175,958
87,992 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 87,990
7,039 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 7,040
4,780 HUDSON-THAMES LLC++ 5.26 04/04/2007 4,778
26,391 HUDSON-THAMES LLC 5.29 04/30/2007 26,283
123,189 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 123,209
228,780 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 228,780
87,992 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 87,997
21,118 K2 (USA) LLC+/-++ 5.30 07/16/2007 21,120
35,197 K2 (USA) LLC+/-++ 5.33 09/28/2007 35,197
351,970 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 351,456
10,707 KESTREL FUNDING US LLC 5.29 05/21/2007 10,631
113,714 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 113,349
43,996 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 43,998
132,858 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 132,373
12,319 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 12,299
74,266 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 74,302
87,992 MORGAN STANLEY+/- 5.36 07/12/2007 87,992
129,208 MORGAN STANLEY+/- 5.48 07/27/2007 129,253
87,992 MORGAN STANLEY+/- 5.51 08/07/2007 87,992
774,333 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $774,687) 5.49 04/02/2007 774,333
16,279 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 16,280
14,079 NATIONAL CITY BANK+/- 5.46 09/04/2007 14,080
100,892 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 100,945
65,695 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 65,341
175,985 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 176,001
149
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 50,837 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30% 05/15/2007 $ 50,837
17,598 PICAROS FUNDING PLC++ 5.29 06/22/2007 17,391
100,311 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 100,452
87,992 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 87,992
66,874 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 66,874
14,237 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 14,240
44,246 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 43,969
123,189 SAINT GERMAIN FUNDING 5.31 04/19/2007 122,884
80,953 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 80,953
14,079 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 13,793
70,394 SLM CORPORATION+/-++SS. 5.32 05/12/2008 70,401
66,733 STANFIELD VICTORIA FUNDING++ 5.31 04/25/2007 66,510
7,039 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 7,025
62,531 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 62,513
20,347 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 20,347
87,992 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 87,999
87,992 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 88,002
10,559 VERSAILLES CDS LLC++ 5.33 04/16/2007 10,538
175,985 VETRA FINANCE CORPORATION 5.31 06/12/2007 174,167
79,591 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 79,347
21,118 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 21,118
61,595 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 61,451
35,197 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 35,111
10,782,083
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,066,341) 11,066,341
--------------
SHARES
SHORT-TERM INVESTMENTS - 2.92%
4,852,808 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,852,808
TOTAL SHORT-TERM INVESTMENTS (COST $4,852,808) 4,852,808
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $161,404,883)* 106.28% $ 176,504,602
OTHER ASSETS AND LIABILITIES, NET (6.28) (10,428,360)
------ --------------
TOTAL NET ASSETS 100.00% $ 166,076,242
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,852,808.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
150
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.44%
APPAREL & ACCESSORY STORES - 2.38%
841,600 KOHL'S CORPORATION<<+ $ 64,474,976
--------------
BIOPHARMACEUTICALS - 4.66%
1,120,900 GENENTECH INCORPORATED+ 92,048,308
571,640 GENZYME CORPORATION+ 34,309,833
126,358,141
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 5.93%
1,484,800 FASTENAL COMPANY<< 52,042,240
1,078,417 HOME DEPOT INCORPORATED 39,621,041
2,195,000 LOWE'S COMPANIES INCORPORATED<< 69,120,550
160,783,831
--------------
BUSINESS SERVICES - 26.86%
847,400 AUTOMATIC DATA PROCESSING INCORPORATED 41,014,160
5,148,043 CISCO SYSTEMS INCORPORATED+ 131,429,538
5,690,570 EBAY INCORPORATED<<+ 188,642,396
1,282,400 FIRST DATA CORPORATION 34,496,560
228,000 GOOGLE INCORPORATED CLASS A<<+ 104,460,480
7,116,198 MICROSOFT CORPORATION 198,328,438
949,090 YAHOO! INCORPORATED<<+ 29,697,026
728,068,598
--------------
CHEMICALS & ALLIED PRODUCTS - 2.65%
1,287,900 AMGEN INCORPORATED<<+ 71,967,852
--------------
DEPOSITORY INSTITUTIONS - 1.05%
1,298,700 WESTERN UNION COMPANY<< 28,506,465
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 7.38%
1,335,800 LINEAR TECHNOLOGY CORPORATION<< 42,197,922
4,140,800 NOKIA OYJ ADR 94,907,136
2,096,400 TEXAS INSTRUMENTS INCORPORATED<< 63,101,640
200,206,698
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 4.24%
3,035,700 PAYCHEX INCORPORATED<< 114,961,959
--------------
GENERAL MERCHANDISE STORES - 4.98%
1,601,360 TARGET CORPORATION<< 94,896,594
854,600 WAL-MART STORES INCORPORATED<< 40,123,470
135,020,064
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.42%
2,110,900 EMC CORPORATION<<+ 29,235,965
3,317,770 INTEL CORPORATION 63,468,940
92,704,905
--------------
151
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS - 3.89%
1,568,566 AMERICAN INTERNATIONAL GROUP INCORPORATED<< $ 105,439,007
--------------
MEDICAL EQUIPMENT & SUPPLIES - 6.52%
3,602,210 MEDTRONIC INCORPORATED 176,724,423
--------------
PERSONAL SERVICES - 1.82%
1,367,350 CINTAS CORPORATION 49,361,335
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 21.24%
6,486,337 CHARLES SCHWAB CORPORATION 118,635,104
926,800 FRANKLIN RESOURCES INCORPORATED 111,985,244
1,298,140 GOLDMAN SACHS GROUP INCORPORATED 268,234,668
815,800 LEGG MASON INCORPORATED<< 76,856,518
575,711,534
--------------
TRANSPORTATION SERVICES - 1.42%
803,400 CH ROBINSON WORLDWIDE INCORPORATED 38,362,348
--------------
TOTAL COMMON STOCKS (COST $2,048,919,380) 2,668,652,136
--------------
COLLATERAL FOR SECURITIES LENDING - 12.81%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.33%
8,920,262 SCUDDER DAILY ASSETS MONEY MARKET FUND 8,920,262
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 12.48%
$ 994,060 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 994,189
5,089,033 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 5,091,374
966,447 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 963,490
2,761,277 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 2,761,305
2,761,277 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 2,761,415
2,761,277 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 2,761,553
8,283,831 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 8,284,494
4,418,043 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $4,420,064) 5.49 04/02/2007 4,418,043
6,074,809 BUCKINGHAM II CDO LLC 5.32 04/26/2007 6,053,547
1,325,413 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 1,314,028
2,209,022 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,187,793
2,209,022 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 2,199,059
2,761,277 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 2,740,788
1,104,511 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 1,094,382
2,871,728 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 2,838,301
5,522,554 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 5,469,482
3,157,575 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 3,137,367
263,647 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 263,225
3,662,558 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 3,636,444
2,098,570 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,076,263
1,513,953 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 1,498,314
400,606 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 396,408
125,362 CHEYNE FINANCE LLC 5.26 04/18/2007 125,070
152
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS S (CONTINUED)
$ 1,104,511 CHEYNE FINANCE LLC 5.31% 06/19/2007 $ 1,091,975
492,612 CHEYNE FINANCE LLC 5.32 05/14/2007 489,602
7,179,320 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 7,177,238
2,761,277 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 2,761,581
1,104,511 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,105,207
1,180,170 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 1,181,291
1,217,723 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 1,219,209
38,657,877 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $38,675,563) 5.49 04/02/2007 38,657,877
552,255 COMERICA BANK+/- 5.32 02/08/2008 550,046
6,142,074 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 6,134,888
2,485,149 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 2,481,521
3,313,532 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 3,304,851
2,761,277 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 2,760,421
5,522,554 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 5,522,443
8,889,103 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 8,867,058
4,141,915 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 4,115,987
1,555,814 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 1,553,776
1,656,766 DEER VALLEY FUNDING LLC 5.34 05/07/2007 1,648,333
34,207,784 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $34,223,434) 5.49 04/02/2007 34,207,784
5,522,554 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 5,523,327
720,362 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 710,421
3,425,198 FOX TROT CDO LIMITED++ 5.31 04/24/2007 3,414,203
1,380,086 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 1,380,542
2,209,022 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 2,200,009
5,522,554 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 5,521,725
2,761,277 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 2,761,194
220,902 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 220,920
149,993 HUDSON-THAMES LLC++ 5.26 04/04/2007 149,949
828,162 HUDSON-THAMES LLC 5.29 04/30/2007 824,783
3,865,788 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 3,866,406
7,179,320 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 7,179,320
2,761,277 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 2,761,415
662,706 K2 (USA) LLC+/-++ 5.30 07/16/2007 662,773
1,104,511 K2 (USA) LLC+/-++ 5.33 09/28/2007 1,104,511
11,045,108 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 11,028,982
335,992 KESTREL FUNDING US LLC 5.29 05/21/2007 333,597
3,568,453 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 3,556,999
1,380,638 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 1,380,680
4,169,197 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 4,153,979
386,579 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 385,960
2,330,518 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 2,331,660
2,761,277 MORGAN STANLEY+/- 5.36 07/12/2007 2,761,277
4,054,659 MORGAN STANLEY+/- 5.48 07/27/2007 4,056,078
2,761,277 MORGAN STANLEY+/- 5.51 08/07/2007 2,761,277
24,299,237 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $24,310,354) 5.49 04/02/2007 24,299,237
153
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS S (CONTINUED)
$ 510,836 MORGAN STANLEY SERIES EXL+/-SS. 5.38% 05/15/2008 $ 510,867
441,804 NATIONAL CITY BANK+/- 5.46 09/04/2007 441,848
3,166,080 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 3,167,727
2,061,569 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 2,050,458
5,522,554 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 5,523,051
1,595,320 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 04/15/2007 1,595,320
552,255 PICAROS FUNDING PLC++ 5.29 06/22/2007 545,744
3,147,856 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 3,152,263
2,761,277 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 2,761,277
2,098,570 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 2,098,570
446,775 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 446,860
1,388,481 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 1,379,789
3,865,788 SAINT GERMAIN FUNDING 5.31 04/19/2007 3,856,201
2,540,375 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 2,540,375
441,804 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 432,836
2,209,022 SLM CORPORATION+/-++SS. 5.32 05/12/2008 2,209,242
2,094,152 STANFIELD VICTORIA FUNDING++ 5.31 04/25/2007 2,087,137
220,902 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 220,452
1,962,274 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 1,961,705
638,518 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 638,505
2,761,277 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 2,761,498
2,761,277 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 2,761,581
331,353 VERSAILLES CDS LLC++ 5.33 04/16/2007 330,677
5,522,554 VETRA FINANCE CORPORATION 5.31 06/12/2007 5,465,506
2,497,630 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 2,489,987
662,706 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 662,701
1,932,894 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 1,928,390
1,104,511 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,101,772
338,350,985
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $347,271,247) 347,271,247
--------------
154
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 0.76%
$ 20,693,392 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 20,693,392
TOTAL SHORT-TERM INVESTMENTS (COST $20,693,392) 20,693,392
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,416,884,019)* 112.01% $3,036,616,775
OTHER ASSETS AND LIABILITIES, NET (12.01) (325,542,192)
------ --------------
TOTAL NET ASSETS 100.00% $2,711,074,583
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $20,693,392.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
155
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.68%
AGRICULTURAL PRODUCTION CROPS - 0.25%
26,712 DELTA & PINE LAND COMPANY $ 1,100,534
--------------
AMUSEMENT & RECREATION SERVICES - 0.50%
20,193 MULTIMEDIA GAMES INCORPORATED<<+ 240,297
43,644 PINNACLE ENTERTAINMENT INCORPORATED<<+ 1,268,731
17,452 WMS INDUSTRIES INCORPORATED+ 684,816
2,193,844
--------------
APPAREL & ACCESSORY STORES - 1.28%
10,618 ASHWORTH INCORPORATED+ 80,378
17,061 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 951,321
27,226 CHRISTOPHER & BANKS CORPORATION 530,090
33,716 DRESS BARN INCORPORATED<<+ 701,630
30,637 FINISH LINE INCORPORATED CLASS A 386,026
32,321 HOT TOPIC INCORPORATED<<+ 358,763
13,175 JOS. A. BANK CLOTHIERS INCORPORATED<<+ 465,736
31,946 STAGE STORES INCORPORATED 744,661
23,050 THE CATO CORPORATION CLASS A 539,140
23,378 TWEEN BRANDS INCORPORATED<<+ 835,062
5,592,807
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.72%
23,126 GYMBOREE CORPORATION+ 926,659
18,400 KELLWOOD COMPANY 539,672
89,316 QUIKSILVER INCORPORATED<<+ 1,036,066
19,939 SKECHERS U.S.A. INCORPORATED CLASS A+ 669,352
3,171,749
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.21%
13,642 MARINEMAX INCORPORATED<<+ 316,222
21,985 SONIC AUTOMOTIVE INCORPORATED 626,573
942,795
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.10%
12,024 CENTRAL PARKING CORPORATION 266,692
8,632 MIDAS INCORPORATED+ 186,192
452,884
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.82%
8,857 M I HOMES INCORPORATED 235,153
3,529 NVR INCORPORATED<<+ 2,346,785
47,340 STANDARD-PACIFIC CORPORATION<< 987,986
3,569,924
--------------
BUSINESS SERVICES - 8.84%
35,648 AARON RENTS INCORPORATED 942,533
31,859 ABM INDUSTRIES INCORPORATED<< 840,759
17,776 ADMINISTAFF INCORPORATED 625,715
156
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 8.84%
35,652 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED<<+ $ 955,830
17,692 ALTIRIS INCORPORATED+ 582,244
25,356 AMN HEALTHCARE SERVICES INCORPORATED+ 573,553
28,328 ANSYS INCORPORATED+ 1,438,213
21,748 ARBITRON INCORPORATED 1,021,069
8,346 BANKRATE INCORPORATED<<+ 294,113
32,418 BLACKBAUD INCORPORATED 791,648
10,579 BLUE COAT SYSTEMS INCORPORATED<<+ 388,567
39,452 BRADY CORPORATION CLASS A 1,230,902
19,151 BRIGHT HORIZONS FAMILY SOLUTIONS INCORPORATED+ 722,950
22,498 CACI INTERNATIONAL INCORPORATED CLASS A<<+ 1,054,256
19,769 CAPTARIS INCORPORATED+ 114,463
14,810 CARREKER CORPORATION+ 118,776
39,519 CIBER INCORPORATED+ 311,015
32,517 COGNEX CORPORATION 704,643
20,439 CONCUR TECHNOLOGIES INCORPORATED<<+ 356,865
32,015 DENDRITE INTERNATIONAL INCORPORATED+ 501,355
34,501 EFUNDS CORPORATION+ 919,797
42,285 EPICOR SOFTWARE CORPORATION+ 588,184
27,581 FACTSET RESEARCH SYSTEMS INCORPORATED 1,733,466
16,905 GERBER SCIENTIFIC INCORPORATED+ 179,362
18,416 GEVITY HR INCORPORATED<< 363,532
20,199 HEALTHCARE SERVICES GROUP 578,687
12,819 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED+ 621,081
43,133 HYPERION SOLUTIONS CORPORATION+ 2,235,583
23,013 INFOSPACE INCORPORATED+ 590,744
21,447 JDA SOFTWARE GROUP INCORPORATED+ 322,348
32,598 KEANE INCORPORATED+ 442,681
23,156 KRONOS INCORPORATED+ 1,238,846
37,069 LABOR READY INCORPORATED<<+ 703,940
13,744 LOJACK CORPORATION+ 260,861
19,924 MANHATTAN ASSOCIATES INCORPORATED<<+ 546,515
15,786 MAPINFO CORPORATION+ 317,772
20,497 MIVA INCORPORATED+ 78,708
32,908 NAPSTER INCORPORATED+ 136,239
14,619 NEOWARE INCORPORATED<<+ 147,213
18,479 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 179,246
24,110 ON ASSIGNMENT INCORPORATED+ 299,205
16,326 PCTEL INCORPORATED+ 166,035
18,759 PHOENIX TECHNOLOGIES LIMITED+ 117,244
11,694 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED<<+ 522,137
29,828 PROGRESS SOFTWARE CORPORATION+ 930,634
12,428 QUALITY SYSTEMS INCORPORATED<< 497,120
19,007 RADIANT SYSTEMS INCORPORATED+ 247,661
16,052 RADISYS CORPORATION+ 262,290
47,175 SECURE COMPUTING CORPORATION+ 363,248
41,377 SPHERION CORPORATION+ 364,945
14,489 SPSS INCORPORATED+ 523,053
157
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (CONTINUED)
8,275 STARTEK INCORPORATED $ 81,012
21,679 SYKES ENTERPRISES INCORPORATED+ 395,425
53,331 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED<<+ 1,074,086
23,026 TALX CORPORATION 762,851
47,973 THQ INCORPORATED<<+ 1,640,197
18,669 TRADESTATION GROUP INCORPORATED+ 235,043
48,488 UNITED ONLINE INCORPORATED 680,287
7,091 VERTRUE INCORPORATED+ 341,148
15,545 VIAD CORPORATION 600,037
9,443 VOLT INFORMATION SCIENCE INCORPORATED<<+ 247,312
32,184 WEBEX COMMUNICATIONS INCORPORATED+ 1,829,982
32,777 WEBSENSE INCORPORATED<<+ 753,543
38,688,769
--------------
CHEMICALS & ALLIED PRODUCTS - 4.03%
24,625 ALPHARMA INCORPORATED CLASS A 592,970
17,724 ARCH CHEMICALS INCORPORATED 553,343
20,699 ARQULE INCORPORATED+ 154,415
12,013 BRADLEY PHARMACEUTICALS INCORPORATED<<+ 230,529
19,565 CAMBREX CORPORATION 481,299
13,654 CHATTEM INCORPORATED<<+ 804,767
17,558 DIGENE CORPORATION<<+ 744,635
25,025 GEORGIA GULF CORPORATION<< 405,655
44,288 HB FULLER COMPANY 1,207,734
22,771 IDEXX LABORATORIES INCORPORATED+ 1,995,423
50,333 IMMUCOR INCORPORATED<<+ 1,481,300
18,298 MACDERMID INCORPORATED 638,051
11,584 MANNATECH INCORPORATED<< 186,039
58,144 MGI PHARMA INCORPORATED+ 1,306,496
41,291 NBTY INCORPORATED<<+ 2,190,075
18,106 NOVEN PHARMACEUTICALS INCORPORATED+ 420,059
21,756 OM GROUP INCORPORATED+ 972,058
30,721 OMNOVA SOLUTIONS INCORPORATED+ 167,737
19,999 PAREXEL INTERNATIONAL CORPORATION+ 719,364
6,548 PENFORD CORPORATION 131,877
67,892 POLYONE CORPORATION+ 414,141
7,328 QUAKER CHEMICAL CORPORATION 174,480
21,604 SCIELE PHARMA INCORPORATED<<+ 511,583
11,433 SURMODICS INCORPORATED<<+ 411,588
30,163 TRONOX INCORPORATED CLASS B 421,679
6,697 USANA HEALTH SCIENCES INCORPORATED<<+ 313,888
17,631,185
--------------
COAL MINING - 0.55%
59,285 MASSEY ENERGY COMPANY 1,422,247
13,742 PENN VIRGINIA CORPORATION 1,008,663
2,430,910
--------------
158
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMUNICATIONS - 1.31%
23,033 ANIXTER INTERNATIONAL INCORPORATED<<+ $ 1,518,796
13,270 AUDIOVOX CORPORATION CLASS A+ 195,467
37,089 BRIGHTPOINT INCORPORATED+ 424,300
14,755 CT COMMUNICATIONS INCORPORATED 355,596
32,720 GENERAL COMMUNICATION INCORPORATED CLASS A+ 458,080
35,811 J2 GLOBAL COMMUNICATIONS INCORPORATED<<+ 992,681
47,924 LIVE NATION INCORPORATED<<+ 1,057,203
21,916 NOVATEL WIRELESS INCORPORATED+ 351,533
56,305 RADIO ONE INCORPORATED CLASS D+ 363,730
5,717,386
--------------
COMPUTERS-INTERGRATED SYSTEMS - 0.12%
22,554 AGILYSYS INCORPORATED 506,788
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.63%
19,482 CHEMED CORPORATION 953,839
23,284 EMCOR GROUP INCORPORATED+ 1,373,290
19,926 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 414,262
2,741,391
--------------
DEPOSITORY INSTITUTIONS - 7.31%
13,277 ANCHOR BANCORP WISCONSIN INCORPORATED 376,403
44,102 BANK MUTUAL CORPORATION 501,443
33,510 BANKATLANTIC BANCORP INCORPORATED CLASS A 367,270
23,368 BANKUNITED FINANCIAL CORPORATION CLASS A<< 495,635
26,872 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 750,266
45,022 BROOKLINE BANCORP INCORPORATED 570,429
20,692 CASCADE BANCORP<< 536,750
22,473 CENTRAL PACIFIC FINANCIAL CORPORATION 821,838
33,112 CHITTENDEN CORPORATION<< 999,644
21,888 COMMUNITY BANK SYSTEM INCORPORATED 457,897
24,268 CORUS BANKSHARES INCORPORATED<< 414,012
20,072 DIME COMMUNITY BANCSHARES 265,553
14,258 DOWNEY FINANCIAL CORPORATION<< 920,211
44,982 EAST WEST BANCORP INCORPORATED 1,653,988
60,883 FIRST BANCORP PUERTO RICO 807,309
45,960 FIRST COMMONWEALTH FINANCIAL CORPORATION<< 540,030
23,449 FIRST FINANCIAL BANCORP 354,314
9,421 FIRST INDIANA CORPORATION 205,849
36,511 FIRST MIDWEST BANCORP INCORPORATED 1,341,779
22,596 FIRST REPUBLIC BANK 1,213,405
12,118 FIRSTFED FINANCIAL CORPORATION<<+ 688,666
28,383 FLAGSTAR BANCORP INCORPORATED 339,177
17,230 FRANKLIN BANK CORPORATION+ 307,900
38,464 GLACIER BANCORP INCORPORATED 924,675
30,219 HANMI FINANCIAL CORPORATION 575,974
14,886 INDEPENDENT BANK CORPORATION 303,228
13,733 IRWIN FINANCIAL CORPORATION 255,983
17,711 JPMORGAN CHASE & COMPANY 209,875
159
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (CONTINUED)
20,467 MAF BANCORP INCORPORATED $ 846,106
15,328 NARA BANK NATIONAL ASSOCIATION 268,393
13,532 PRIVATEBANCORP INCORPORATED<< 494,730
25,166 PROSPERITY BANCSHARES INCORPORATED<< 874,267
23,556 PROVIDENT BANKSHARES CORPORATION 774,050
54,498 SOUTH FINANCIAL GROUP INCORPORATED 1,347,191
13,684 STERLING BANCORPORATION (NEW YORK) 247,680
52,700 STERLING BANCSHARES INCORPORATED (TEXAS) 589,186
37,312 STERLING FINANCIAL CORPORATION 1,163,761
38,104 SUSQUEHANNA BANCSHARES INCORPORATED 883,632
54,796 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 524,946
72,848 UCBH HOLDINGS INCORPORATED 1,356,430
42,530 UMPQUA HOLDINGS CORPORATION 1,138,528
26,672 UNITED BANKSHARES INCORPORATED 934,320
26,426 UNITED COMMUNITY BANKS INCORPORATED<< 866,509
48,245 WHITNEY HOLDING CORPORATION 1,475,332
11,305 WILSHIRE BANCORP INCORPORATED 185,402
18,289 WINTRUST FINANCIAL CORPORATION 815,872
31,985,838
--------------
DURABLE GOODS - CONSUMER - 0.04%
13,410 STURM, RUGER & COMPANY INCORPORATED 180,365
--------------
EATING & DRINKING PLACES - 2.39%
13,990 CALIFORNIA PIZZA KITCHEN INCORPORATED<<+ 460,131
24,344 CEC ENTERTAINMENT INCORPORATED+ 1,011,250
50,925 CKE RESTAURANTS INCORPORATED 960,446
11,506 IHOP CORPORATION 674,827
24,986 JACK IN THE BOX INCORPORATED+ 1,727,282
12,401 LANDRY'S RESTAURANTS INCORPORATED 367,070
17,073 O'CHARLEYS INCORPORATED+ 329,338
18,645 P.F. CHANG'S CHINA BISTRO INCORPORATED<<+ 780,853
16,411 PAPA JOHNS INTERNATIONAL INCORPORATED+ 482,483
22,283 RARE HOSPITALITY INTERNATIONAL INCORPORATED+ 670,495
12,149 RED ROBIN GOURMET BURGERS INCORPORATED<<+ 471,624
12,737 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 259,325
49,737 SONIC CORPORATION+ 1,108,140
20,628 STEAK N SHAKE COMPANY+ 345,932
47,409 TRIARC COMPANIES INCORPORATED CLASS B 814,961
10,464,157
--------------
EDUCATIONAL SERVICES - 0.09%
16,905 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED<<+ 390,167
--------------
ELECTRIC, GAS & SANITARY SERVICES - 5.39%
22,265 ALLETE INCORPORATED 1,037,994
12,459 AMERICAN STATES WATER COMPANY 459,363
64,776 ATMOS ENERGY CORPORATION 2,026,193
38,521 AVISTA CORPORATION 933,364
160
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
8,415 CASCADE NATURAL GAS CORPORATION $ 221,735
7,405 CENTRAL VERMONT PUBLIC SERVICE 213,412
9,912 CH ENERGY GROUP INCORPORATED 482,615
42,171 CLECO CORPORATION 1,089,277
33,739 EL PASO ELECTRIC COMPANY+ 889,023
52,425 ENERGEN CORPORATION<< 2,667,908
3,871 GREEN MOUNTAIN POWER CORPORATION 134,982
15,771 LACLEDE GROUP INCORPORATED 490,163
20,354 NEW JERSEY RESOURCES 1,018,718
19,932 NORTHWEST NATURAL GAS COMPANY 910,294
54,554 PIEDMONT NATURAL GAS COMPANY<< 1,439,135
21,337 SOUTH JERSEY INDUSTRIES INCORPORATED 811,873
78,830 SOUTHERN UNION COMPANY 2,395,634
30,712 SOUTHWEST GAS CORPORATION 1,193,775
77,548 UGI CORPORATION 2,071,307
18,324 UIL HOLDINGS CORPORATION 635,843
25,782 UNISOURCE ENERGY CORPORATION 968,114
49,998 WASTE CONNECTIONS INCORPORATED+ 1,496,940
23,587,662
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.99%
19,049 ACTEL CORPORATION+ 314,689
31,725 ACUITY BRANDS INCORPORATED 1,727,109
86,544 ADAPTEC INCORPORATED+ 334,925
25,943 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 545,841
53,853 AEROFLEX INCORPORATED+ 708,167
16,620 AO SMITH CORPORATION<< 635,216
8,876 APPLIED SIGNAL TECHNOLOGY INCORPORATED 159,147
25,769 ATMI INCORPORATED+ 787,758
30,107 BALDOR ELECTRIC COMPANY 1,136,238
8,667 BEL FUSE INCORPORATED CLASS B 335,500
52,640 BENCHMARK ELECTRONICS INCORPORATED<<+ 1,087,542
18,755 C&D TECHNOLOGIES INCORPORATED<< 94,338
35,694 C-COR INCORPORATED+ 494,719
7,280 CATAPULT COMMUNICATIONS CORPORATION+ 70,907
19,848 CERADYNE INCORPORATED<<+ 1,086,480
28,712 CHECKPOINT SYSTEMS INCORPORATED+ 679,326
16,931 COMTECH TELECOMMUNICATIONS CORPORATION+ 655,738
26,184 CTS CORPORATION 361,863
11,333 CUBIC CORPORATION 245,246
27,262 CYMER INCORPORATED<<+ 1,132,736
14,660 DIODES INCORPORATED<<+ 510,901
13,965 DIONEX CORPORATION+ 951,156
24,118 DITECH NETWORKS INCORPORATED+ 195,838
21,244 DSP GROUP INCORPORATED+ 403,636
21,322 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 410,235
26,564 EXAR CORPORATION+ 351,707
16,171 GREATBATCH INCORPORATED+ 412,361
161
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
54,614 HARMONIC INCORPORATED+ $ 536,309
19,003 HUTCHINSON TECHNOLOGY INCORPORATED<<+ 443,720
15,634 INTER-TEL INCORPORATED 369,588
16,444 LITTELFUSE INCORPORATED+ 667,626
21,820 MAGNETEK INCORPORATED+ 109,973
16,257 MERCURY COMPUTER SYSTEMS INCORPORATED+ 225,485
26,735 METHODE ELECTRONICS INCORPORATED 394,876
55,142 MICROSEMI CORPORATION<< 1,147,505
31,035 MOOG INCORPORATED CLASS A+ 1,292,587
3,445 NATIONAL PRESTO INDUSTRIES INCORPORATED 212,350
14,767 PARK ELECTROCHEMICAL CORPORATION 400,481
19,205 PERICOM SEMICONDUCTOR+ 187,825
30,563 PHOTRONICS INCORPORATED<<+ 475,255
33,844 PLEXUS CORPORATION 580,425
22,790 REGAL-BELOIT CORPORATION 1,057,000
12,908 ROGERS CORPORATION+ 572,470
119,352 SKYWORKS SOLUTIONS INCORPORATED+ 686,274
16,540 STANDARD MICROSYSTEMS CORPORATION+ 505,132
10,086 SUPERTEX INCORPORATED<<+ 334,956
33,973 SYMMETRICOM INCORPORATED+ 281,976
19,054 SYNAPTICS INCORPORATED+ 487,401
29,801 TECHNITROL INCORPORATED 780,488
9,687 TOLLGRADE COMMUNICATIONS INCORPORATED+ 121,669
40,116 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,141,392
18,010 VIASAT INCORPORATED+ 593,790
14,285 VICOR CORPORATION 143,136
30,579,008
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 1.41%
9,509 CDI CORPORATION 275,000
15,879 MAXMUS INCORPORATED 547,508
13,469 PHARMANET DEVELOPMENT GROUP INCORPORATED+ 350,194
47,995 REGENERON PHARMACEUTICAL INCORPORATED+ 1,037,652
42,388 TETRA TECH INCORPORATED+ 807,915
38,396 URS CORPORATION+ 1,635,286
30,983 WATSON WYATT & COMPANY HOLDINGS 1,507,323
6,160,878
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 1.81%
25,365 APTARGROUP INCORPORATED 1,697,679
19,207 GRIFFON CORPORATION<<+ 475,373
9,291 MATERIAL SCIENCES CORPORATION+ 92,724
26,252 MOBILE MINI INCORPORATED<<+ 703,029
14,746 NCI BUILDING SYSTEMS INCORPORATED<<+ 703,974
59,058 SHAW GROUP INCORPORATED+ 1,846,744
26,900 SIMPSON MANUFACTURING COMPANY INCORPORATED 829,596
12,574 VALMONT INDUSTRIES INCORPORATED 727,154
21,699 WATTS WATER TECHNOLOGIES INCORPORATED<< 825,213
7,901,486
--------------
162
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINANCE COMPANIES - 0.02%
19,442 REWARDS NETWORK INCORPORATED+ $ 103,043
--------------
FOOD & KINDRED PRODUCTS - 1.51%
54,417 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,936,701
37,819 FLOWERS FOODS INCORPORATED<< 1,140,999
10,033 J & J SNACK FOODS CORPORATION 396,203
22,576 LANCE INCORPORATED 456,938
10,120 PEET'S COFFEE & TEA INCORPORATED+ 279,514
19,605 RALCORP HOLDINGS INCORPORATED+ 1,260,602
11,617 SANDERSON FARMS INCORPORATED<< 430,526
22,817 TREEHOUSE FOODS INCORPORATED+ 695,234
6,596,717
--------------
FOOD STORES - 0.42%
14,267 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED<< 473,379
23,247 PANERA BREAD COMPANY<<+ 1,372,968
1,846,347
--------------
FOOTWEAR - 0.39%
24,541 CROCS INCORPORATED<<+ 1,159,562
7,992 DECKERS OUTDOOR CORPORATION<<+ 567,592
1,727,154
--------------
FURNITURE & FIXTURES - 0.47%
8,638 BASSETT FURNITURE INDUSTRIES INCORPORATED 127,151
23,209 ETHAN ALLEN INTERIORS INCORPORATED 820,206
37,568 LA-Z-BOY INCORPORATED<< 465,092
36,544 SELECT COMFORT CORPORATION<<+ 650,483
2,062,932
--------------
GENERAL MERCHANDISE STORES - 0.38%
36,948 CASEY'S GENERAL STORES INCORPORATED 924,069
29,264 FRED'S INCORPORATED 430,181
19,752 STEIN MART INCORPORATED 322,353
1,676,603
--------------
HEALTH SERVICES - 3.12%
18,887 AMEDISYS INCORPORATED<<+ 612,505
21,969 AMSURG CORPORATION+ 538,021
15,914 CROSS COUNTRY HEALTHCARE INCORPORATED+ 290,112
16,446 CRYOLIFE INCORPORATED+ 138,311
22,781 ENZO BIOCHEM INCORPORATED<<+ 343,537
14,462 GENESIS HEALTHCARE CORPORATION+ 912,697
19,959 GENTIVA HEALTH SERVICES INCORPORATED+ 402,573
25,537 HEALTHWAYS INCORPORATED<<+ 1,193,855
49,467 HOOPER HOLMES INCORPORATED 221,117
22,038 INVENTIV HEALTH INCORPORATED+ 843,835
14,546 LCA-VISION INCORPORATED<< 599,129
15,680 MATRIA HEALTHCARE INCORPORATED<<+ 413,325
163
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES (CONTINUED)
23,016 NAUTILUS GROUP INCORPORATED<< $ 355,137
24,638 ODYSSEY HEALTHCARE INCORPORATED+ 323,497
19,348 OPTION CARE INCORPORATED 257,328
35,467 PEDIATRIX MEDICAL GROUP INCORPORATED+ 2,023,747
12,579 REHABCARE GROUP INCORPORATED+ 199,629
40,773 SIERRA HEALTH SERVICES INCORPORATED<<+ 1,678,624
32,758 SUNRISE SENIOR LIVING INCORPORATED+ 1,294,596
32,741 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 1,008,750
13,650,325
--------------
HOLDING & OTHER INVESTMENT OFFICES - 3.35%
9,604 4KIDS ENTERTAINMENT INCORPORATED+ 181,708
23,498 ACADIA REALTY TRUST<< 612,593
33,834 COLONIAL PROPERTIES TRUST<< 1,545,199
17,334 EASTGROUP PROPERTIES INCORPORATED 884,554
19,349 ENTERTAINMENT PROPERTIES TRUST 1,165,777
17,701 ESSEX PROPERTY TRUST INCORPORATED 2,291,925
47,606 INLAND REAL ESTATE CORPORATION 873,094
23,912 KILROY REALTY CORPORATION 1,763,510
15,180 LTC PROPERTIES INCORPORATED 393,314
35,976 MEDICAL PROPERTIES TRUST INCORPORATED 528,487
18,525 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 1,042,217
47,733 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,154,661
10,881 PARKWAY PROPERTIES INCORPORATED 568,532
11,692 PS BUSINESS PARKS INCORPORATED 824,520
14,993 SOVRAN SELF STORAGE INCORPORATED 830,762
14,660,853
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.42%
22,236 BELL MICROPRODUCTS INCORPORATED+ 142,310
16,149 COST PLUS INCORPORATED<<+ 161,490
21,574 GUITAR CENTER INCORPORATED<<+ 973,419
16,591 HAVERTY FURNITURE COMPANIES INCORPORATED 232,274
21,799 TUESDAY MORNING CORPORATION 323,497
1,832,990
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.13%
15,613 MARCUS CORPORATION 363,158
7,666 MONARCH CASINO & RESORT INCORPORATED+ 199,316
562,474
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.06%
15,024 A.S.V. INCORPORATED<<+ 229,266
13,771 ASTEC INDUSTRIES INCORPORATED+ 554,283
74,078 AXCELIS TECHNOLOGIES INCORPORATED+ 565,956
12,693 BLACK BOX CORPORATION 463,802
36,129 BRIGGS & STRATTON CORPORATION<< 1,114,580
55,342 BROOKS AUTOMATION INCORPORATED<<+ 949,115
164
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
7,729 CASCADE CORPORATION $ 462,271
17,715 DRIL-QUIP INCORPORATED+ 766,705
15,600 ENPRO INDUSTRIES INCORPORATED+ 562,380
38,630 GARDNER DENVER INCORPORATED+ 1,346,256
36,798 GLOBAL IMAGING SYSTEMS INCORPORATED+ 717,561
13,302 HYDRIL COMPANY+ 1,280,184
39,361 IDEX CORPORATION 2,002,688
15,467 INTEVAC INCORPORATED+ 407,865
20,586 KAYDON CORPORATION 876,140
22,785 KOMAG INCORPORATED<<+ 745,753
42,054 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 389,000
41,974 LENNOX INTERNATIONAL INCORPORATED 1,498,472
8,504 LINDSAY MANUFACTURING COMPANY<< 270,342
10,927 LUFKIN INDUSTRIES INCORPORATED 613,879
45,442 MANITOWOC COMPANY INCORPORATED 2,886,930
29,700 MICROS SYSTEMS INCORPORATED<<+ 1,603,503
25,101 NETGEAR INCORPORATED+ 716,132
30,350 PAXAR CORPORATION+ 871,045
12,674 PLANAR SYSTEMS INCORPORATED+ 109,884
12,448 ROBBINS & MYERS INCORPORATED 464,186
18,812 SCANSOURCE INCORPORATED+ 504,914
29,472 TORO COMPANY 1,510,145
16,997 ULTRATECH INCORPORATED+ 231,329
17,922 WATSCO INCORPORATED<< 915,277
21,542 WOODWARD GOVERNOR COMPANY 886,884
26,516,727
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.30%
26,449 HILB, ROGAL & HAMILTON COMPANY 1,297,323
--------------
INSURANCE CARRIERS - 3.26%
38,256 AMERIGROUP CORPORATION<<+ 1,162,982
31,716 CENTENE CORPORATION+ 665,719
31,628 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 1,272,394
49,538 FREMONT GENERAL CORPORATION<< 343,298
21,833 HEALTHEXTRAS INCORPORATED+ 628,354
14,255 INFINITY PROPERTY & CASUALTY CORPORATION 667,989
12,800 LANDAMERICA FINANCIAL GROUP INCORPORATED<< 946,048
41,969 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 1,846,216
15,731 PRESIDENTIAL LIFE CORPORATION 310,215
24,338 PROASSURANCE CORPORATION+ 1,244,889
14,618 RLI CORPORATION 802,967
10,478 SAFETY INSURANCE GROUP INCORPORATED 420,377
7,342 SCPIE HOLDINGS INCORPORATED+ 166,663
41,681 SELECTIVE INSURANCE GROUP INCORPORATED 1,061,198
13,332 STEWART INFORMATION SERVICES CORPORATION 557,144
8,928 TRIAD GUARANTY INCORPORATED+ 369,708
165
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS (CONTINUED)
15,368 UNITED FIRE & CASUALTY COMPANY $ 539,878
27,080 ZENITH NATIONAL INSURANCE CORPORATION 1,280,072
14,286,111
--------------
LEATHER & LEATHER PRODUCTS - 0.48%
21,013 BROWN SHOE COMPANY INCORPORATED 882,546
16,438 GENESCO INCORPORATED<<+ 682,670
19,487 K-SWISS INCORPORATED 526,539
2,091,755
--------------
LEGAL SERVICES - 0.07%
6,574 PRE-PAID LEGAL SERVICES INCORPORATED<< 329,423
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.42%
56,014 CHAMPION ENTERPRISES INCORPORATED<<+ 492,923
11,495 COACHMEN INDUSTRIES INCORPORATED 121,042
7,465 DELTIC TIMBER CORPORATION 358,021
4,970 SKYLINE CORPORATION+ 167,688
13,811 UNIVERSAL FOREST PRODUCTS 684,335
1,824,009
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 7.82%
52,588 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED<<+ 1,113,288
10,207 ANALOGIC CORPORATION 641,816
22,097 ARMOR HOLDINGS INCORPORATED+ 1,487,791
20,060 ARTHROCARE CORPORATION<<+ 722,962
17,314 BIOLASE TECHNOLOGY INCORPORATED<< 168,465
11,681 BIOSITE INCORPORATED+ 980,854
22,855 COHERENT INCORPORATED+ 725,418
16,614 COHU INCORPORATED 312,343
20,495 CONMED CORPORATION<<+ 599,069
32,895 COOPER COMPANIES INCORPORATED 1,599,355
16,170 CYBERONICS INCORPORATED<<+ 303,673
9,259 DATASCOPE CORPORATION 335,083
17,141 DJ ORTHOPEDICS INCORPORATED+ 649,644
12,025 EDO CORPORATION<< 315,055
18,700 ESTERLINE TECHNOLOGIES CORPORATION+ 768,009
19,026 FEI COMPANY<<+ 686,078
47,923 FLIR SYSTEMS INCORPORATED<<+ 1,709,413
33,052 FOSSIL INCORPORATED<<+ 874,886
19,319 HAEMONETICS CORPORATION+ 903,163
38,929 HOLOGIC INCORPORATED<<+ 2,243,868
10,704 ICU MEDICAL INCORPORATED+ 419,597
51,413 INPUT OUTPUT INCORPORATED<<+ 708,471
14,419 INTEGRA LIFESCIENCES HOLDINGS<<+ 657,218
23,383 INVACARE CORPORATION 407,800
18,829 ITRON INCORPORATED<<+ 1,224,638
10,293 KEITHLEY INSTRUMENTS INCORPORATED 157,380
166
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (CONTINUED)
8,659 KENSEY NASH CORPORATION+ $ 264,100
49,639 KOPIN CORPORATION+ 167,780
31,064 MENTOR CORPORATION 1,428,944
15,763 MERIDIAN DIAGNOSTICS INCORPORATED 437,581
20,061 MERIT MEDICAL SYSTEMS INCORPORATED+ 251,766
27,136 MKS INSTRUMENTS INCORPORATED+ 692,511
13,361 MTS SYSTEMS CORPORATION<< 518,941
12,679 OSTEOTECH INCORPORATED+ 96,868
13,280 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED<<+ 530,536
12,132 PHOTON DYNAMICS INCORPORATED+ 152,985
16,530 POLYMEDICA CORPORATION 699,715
12,594 POSSIS MEDICAL INCORPORATED+ 163,848
53,502 RESPIRONICS INCORPORATED+ 2,246,549
18,234 RUDOLPH TECHNOLOGIES INCORPORATED+ 318,001
19,019 SONIC SOLUTIONS<<+ 268,168
25,483 TELEDYNE TECHNOLOGIES INCORPORATED+ 954,084
24,309 THERAGENICS CORPORATION+ 152,174
86,380 TRIMBLE NAVIGATION LIMITED+ 2,318,439
22,778 VEECO INSTRUMENTS INCORPORATED<<+ 444,171
24,182 VIASYS HEALTHCARE INCORPORATED+ 821,946
5,703 VITAL SIGNS INCORPORATED 296,442
20,956 X-RITE INCORPORATED 271,380
34,212,266
--------------
METAL MINING - 0.44%
30,122 CLEVELAND CLIFFS INCORPORATED<< 1,928,109
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%
15,974 AMCOL INTERNATIONAL CORPORATION<< 473,629
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.91%
52,224 CENTRAL GARDEN & PET COMPANY CLASS A<<+ 767,693
23,301 DAKTRONICS INCORPORATED<< 639,379
20,308 JAKKS PACIFIC INCORPORATED+ 485,361
36,075 K2 INCORPORATED+ 436,147
11,945 LYDALL INCORPORATED+ 189,806
15,438 RC2 CORPORATION+ 623,541
8,411 RUSS BERRIE & COMPANY INCORPORATED 118,595
25,612 SHUFFLE MASTER INCORPORATED<<+ 467,419
9,099 STANDEX INTERNATIONAL CORPORATION 259,412
3,987,353
--------------
MISCELLANEOUS RETAIL - 1.21%
10,194 BLUE NILE INCORPORATED<<+ 414,488
21,746 CASH AMERICA INTERNATIONAL INCORPORATED 891,586
23,207 HIBBETT SPORTS INCORPORATED+ 663,488
17,854 JO ANN STORES INCORPORATED<<+ 486,522
20,765 LONGS DRUG STORES CORPORATION<< 1,072,305
167
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS RETAIL (CONTINUED)
14,867 NORTH AMERICAN WATCH CORPORATION<< $ 437,833
28,388 SPECTRUM BRANDS INCORPORATED<<+ 179,696
13,990 STAMPS.COM INCORPORATED+ 201,036
35,813 ZALE CORPORATION<<+ 944,747
5,291,701
--------------
MOTION PICTURES - 0.24%
30,098 AVID TECHNOLOGY INCORPORATED<<+ 1,049,818
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 1.04%
18,392 ARKANSAS BEST CORPORATION<< 653,836
22,236 FORWARD AIR CORPORATION 731,120
43,110 HEARTLAND EXPRESS INCORPORATED 684,587
40,991 LANDSTAR SYSTEM INCORPORATED 1,879,027
20,449 OLD DOMINION FREIGHT LINE+ 589,136
4,537,706
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.34%
20,112 FINANCIAL FEDERAL CORPORATION 529,348
20,064 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 447,026
12,870 WORLD ACCEPTANCE CORPORATION+ 514,157
1,490,531
--------------
OIL & GAS EXTRACTION - 3.91%
19,782 ATWOOD OCEANICS INCORPORATED+ 1,161,006
35,344 CABOT OIL & GAS CORPORATION 2,379,324
66,714 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 2,487,765
40,546 OCEANEERING INTERNATIONAL INCORPORATED+ 1,707,798
10,802 PETROLEUM DEVELOPMENT CORPORATION+ 578,663
15,607 SEACOR HOLDINGS INCORPORATED<<+ 1,535,729
45,849 ST. MARY LAND & EXPLORATION COMPANY 1,681,741
20,439 STONE ENERGY CORPORATION+ 606,834
21,795 SWIFT ENERGY COMPANY+ 910,377
52,921 TETRA TECHNOLOGIES INCORPORATED+ 1,307,678
33,852 UNIT CORPORATION+ 1,712,573
22,132 W-H ENERGY SERVICES INCORPORATED+ 1,034,450
17,103,938
--------------
PAPER & ALLIED PRODUCTS - 0.79%
27,653 BUCKEYE TECHNOLOGIES INCORPORATED+ 358,936
21,267 CARAUSTAR INDUSTRIES INCORPORATED+ 133,557
14,549 CHESAPEAKE CORPORATION 219,690
10,811 NEENAH PAPER INCORPORATED 429,629
40,754 PLAYTEX PRODUCTS INCORPORATED+ 553,032
11,943 POPE & TALBOT INCORPORATED<< 80,615
25,127 ROCK-TENN COMPANY CLASS A 834,216
11,419 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 283,762
168
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PAPER & ALLIED PRODUCTS (CONTINUED)
8,999 STANDARD REGISTER COMPANY $ 113,837
32,694 WAUSAU PAPER CORPORATION 469,486
3,476,760
--------------
PERSONAL SERVICES - 0.46%
6,942 ANGELICA CORPORATION 191,183
20,349 COINSTAR INCORPORATED+ 636,924
3,810 CPI CORPORATION 200,063
15,729 G & K SERVICES INCORPORATED CLASS A 570,648
10,418 UNIFIRST CORPORATION 399,739
1,998,557
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 0.46%
30,966 HEADWATERS INCORPORATED<<+ 676,607
12,460 WD-40 COMPANY 395,107
20,848 WORLD FUEL SERVICES CORPORATION 964,428
2,036,142
--------------
PHARMACEUTICALS - 0.34%
8,949 KENDLE INTERNATIONAL, INCORPORATED+ 317,868
33,906 SAVIENT PHARMACEUTICALS INCORPORATED+ 407,550
51,037 VIROPHARMA INCORPORATED<<+ 732,381
1,457,799
--------------
PRIMARY METAL INDUSTRIES - 3.71%
32,622 BELDEN CDT INCORPORATED<< 1,748,213
14,723 BRUSH ENGINEERED MATERIALS INCORPORATED+ 713,624
18,739 CARPENTER TECHNOLOGY CORPORATION 2,262,922
16,886 CENTURY ALUMINUM COMPANY<<+ 791,616
33,924 CHAPARRAL STEEL COMPANY 1,973,359
32,312 CURTISS-WRIGHT CORPORATION 1,245,304
21,822 GIBRALTAR INDUSTRIES INCORPORATED 493,614
22,425 LONE STAR TECHNOLOGIES INCORPORATED+ 1,480,723
27,082 MUELLER INDUSTRIES INCORPORATED 815,168
27,093 QUANEX CORPORATION 1,147,389
16,802 RTI INTERNATIONAL METALS INCORPORATED+ 1,529,150
8,404 STEEL TECHNOLOGIES INCORPORATED 248,590
17,577 TEXAS INDUSTRIES INCORPORATED 1,327,591
20,736 TREDEGAR CORPORATION 472,573
16,249,836
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.44%
21,229 BOWNE & COMPANY INCORPORATED 333,932
8,606 CONSOLIDATED GRAPHICS INCORPORATED+ 637,274
18,855 JOHN H. HARLAND COMPANY 965,942
1,937,148
--------------
169
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RAILROAD TRANSPORTATION - 0.46%
56,104 KANSAS CITY SOUTHERN<<+ $ 1,996,180
--------------
REAL ESTATE - 0.12%
16,065 MERITAGE CORPORATION<<+ 516,008
--------------
REAL ESTATE INVESTMENT TRUST (REIT) - 0.54%
51,360 LEXINGTON CORPORATE PROPERTIES TRUST 1,085,237
54,419 SENIOR HOUSING PROPERTIES TRUST 1,300,614
2,385,851
--------------
RETAIL, TRADE & SERVICES - 0.51%
38,683 MEN'S WEARHOUSE INCORPORATED 1,820,035
26,662 STRIDE RITE CORPORATION 410,328
2,230,363
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.10%
17,735 A. SCHULMAN INCORPORATED 417,837
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.66%
32,314 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 1,266,709
39,024 LABRANCHE & COMPANY INCORPORATED<<+ 318,436
13,511 PIPER JAFFRAY COMPANIES INCORPORATED<<+ 836,871
18,028 SWS GROUP INCORPORATED 447,275
2,869,291
--------------
SOFTWARE - 0.15%
10,550 EPIQ SYSTEMS INCORPORATED<<+ 215,009
13,358 MANTECH INTERNATIONAL CORPORATION CLASS A+ 446,291
661,300
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.42%
20,741 APOGEE ENTERPRISES INCORPORATED 415,650
17,483 CABOT MICROELECTRONICS CORPORATION<<+ 585,855
14,832 CARBO CERAMICS INCORPORATED<< 690,430
10,459 LIBBEY INCORPORATED<< 146,635
1,838,570
--------------
TEXTILE MILL PRODUCTS - 0.71%
21,310 ALBANY INTERNATIONAL CORPORATION CLASS A<< 765,881
38,066 INTERFACE INCORPORATED 608,675
11,181 OXFORD INDUSTRIES INCORPORATED 552,789
40,633 WOLVERINE WORLD WIDE INCORPORATED 1,160,885
3,088,230
--------------
TOBACCO PRODUCTS - 0.13%
64,218 ALLIANCE ONE INTERNATIONAL INCORPORATED 592,732
--------------
TRANSPORTATION BY AIR - 0.72%
17,211 BRISTOW GROUP INCORPORATED<<+ 627,341
23,243 EGL INCORPORATED+ 921,120
26,785 FRONTIER AIRLINES HOLDINGS INCORPORATED<<+ 160,978
170
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR (CONTINUED)
24,236 MESA AIR GROUP INCORPORATED+ $ 182,497
47,056 SKYWEST INCORPORATED 1,262,512
3,154,448
--------------
TRANSPORTATION EQUIPMENT - 1.84%
27,040 AAR CORPORATION+ 745,222
8,727 ARCTIC CAT INCORPORATED 170,089
37,443 CLARCOR INCORPORATED 1,190,687
46,842 FLEETWOOD ENTERPRISES INCORPORATED<<+ 370,520
40,879 GENCORP INCORPORATED<<+ 565,765
17,744 GROUP 1 AUTOMOTIVE INCORPORATED 705,679
16,986 HORNBECK OFFSHORE+ 486,649
19,583 MONACO COACH CORPORATION 311,957
25,976 POLARIS INDUSTRIES INCORPORATED<< 1,246,328
8,691 STANDARD MOTOR PRODUCTS INCORPORATED 148,355
16,735 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 348,590
11,984 TRIUMPH GROUP INCORPORATED<< 663,195
22,327 WABASH NATIONAL CORPORATION 344,282
22,959 WINNEBAGO INDUSTRIES INCORPORATED<< 772,111
8,069,429
--------------
TRANSPORTATION SERVICES - 0.19%
29,130 HUB GROUP INCORPORATED CLASS A+ 844,479
--------------
WATER TRANSPORTATION - 0.31%
38,886 KIRBY CORPORATION+ 1,360,232
--------------
Wholesale Trade Non-Durable Goods - 1.56%
28,844 HAIN CELESTIAL GROUP INCORPORATED+ 867,339
19,743 MYERS INDUSTRIES INCORPORATED 368,799
9,800 NASH FINCH COMPANY<< 337,708
25,592 PERFORMANCE FOOD GROUP COMPANY+ 790,025
13,625 SCHOOL SPECIALTY INCORPORATED<<+ 491,999
15,811 SPARTAN STORES INCORPORATED 423,735
25,346 TRACTOR SUPPLY COMPANY<<+ 1,305,319
31,300 UNITED NATURAL FOODS INCORPORATED<<+ 959,032
21,712 UNITED STATIONERS INCORPORATED+ 1,300,983
6,844,939
--------------
WHOLESALE TRADE-DURABLE GOODS - 2.45%
9,206 AM CASTLE & COMPANY 270,288
27,618 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED<< 677,470
29,244 BARNES GROUP INCORPORATED<< 672,904
21,327 BUILDING MATERIALS HOLDINGS CORPORATION 386,232
18,390 DIGI INTERNATIONAL INCORPORATED+ 233,553
13,662 DREW INDUSTRIES INCORPORATED<<+ 391,826
35,354 INSIGHT ENTERPRISES INCORPORATED+ 635,665
17,665 KAMAN CORPORATION CLASS A 411,771
11,943 KEYSTONE AUTOMOTIVE INDUSTRIES INCORPORATED+ 402,479
171
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS (CONTINUED)
42,218 KNIGHT TRANSPORTATION INCORPORATED<< $ 752,325
3,049 LAWSON PRODUCTS INCORPORATED 115,496
10,329 LENOX GROUP INCORPORATED<<+ 67,965
33,138 LKQ CORPORATION+ 724,397
29,462 OWENS & MINOR INCORPORATED 1,082,139
39,778 PEP BOYS-MANNY, MOE & JACK 759,362
36,765 POOL CORPORATION<< 1,316,169
49,275 PSS WORLD MEDICAL INCORPORATED<<+ 1,041,674
19,200 RYERSON INCORPORATED<< 760,708
10,702,423
--------------
TOTAL COMMON STOCKS (COST $320,251,025) 431,858,918
--------------
COLLATERAL FOR SECURITIES LENDING - 25.23%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.65%
2,835,736 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,835,736
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 24.58%
$ 316,010 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 316,051
1,617,795 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,618,539
307,232 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 306,292
877,805 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 877,814
877,805 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 877,849
877,805 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 877,893
2,633,416 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,633,626
1,404,488 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,405,131) 5.49 04/02/2007 1,404,488
1,931,171 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,924,412
421,346 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 417,727
702,244 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 695,496
702,244 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 699,077
877,805 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 871,292
351,122 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 347,902
912,917 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 902,291
1,755,610 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,738,739
1,003,788 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 997,364
83,813 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 83,679
1,164,321 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,156,019
667,132 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 660,040
481,283 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 476,311
127,352 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 126,017
39,852 CHEYNE FINANCE LLC 5.26 04/18/2007 39,759
351,122 CHEYNE FINANCE LLC 5.31 06/19/2007 347,137
156,600 CHEYNE FINANCE LLC 5.32 05/14/2007 155,644
2,282,293 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 2,281,632
877,805 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 877,902
351,122 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 351,343
172
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 375,174 CIT GROUP INCORPORATED+/- 5.57% 09/20/2007 $ 375,530
387,112 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 387,584
12,289,273 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $12,294,895) 5.49 04/02/2007 12,289,273
175,561 COMERICA BANK+/- 5.32 02/08/2008 174,859
1,952,555 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,950,270
790,025 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 788,871
1,053,366 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 1,050,606
877,805 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 877,533
1,755,610 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 1,755,575
2,825,830 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,818,822
1,316,708 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,308,465
494,591 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 493,943
526,683 DEER VALLEY FUNDING LLC 5.34 05/07/2007 524,002
10,874,596 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $10,879,571) 5.49 04/02/2007 10,874,596
1,755,610 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 1,755,856
229,002 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 225,842
1,088,865 FOX TROT CDO LIMITED++ 5.31 04/24/2007 1,085,369
438,727 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 438,872
702,244 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 699,379
1,755,610 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,755,347
877,805 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 877,779
70,224 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 70,230
47,682 HUDSON-THAMES LLC++ 5.26 04/04/2007 47,669
263,271 HUDSON-THAMES LLC 5.29 04/30/2007 262,197
1,228,927 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,229,124
2,282,293 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,282,293
877,805 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 877,849
210,673 K2 (USA) LLC+/-++ 5.30 07/16/2007 210,694
351,122 K2 (USA) LLC+/-++ 5.33 09/28/2007 351,122
3,511,221 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 3,506,094
106,811 KESTREL FUNDING US LLC 5.29 05/21/2007 106,050
1,134,405 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,130,764
438,903 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 438,916
1,325,381 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,320,543
122,893 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 122,696
740,868 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 741,231
877,805 MORGAN STANLEY+/- 5.36 07/12/2007 877,805
1,288,969 MORGAN STANLEY+/- 5.48 07/27/2007 1,289,420
877,805 MORGAN STANLEY+/- 5.51 08/07/2007 877,805
7,724,686 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $7,728,220) 5.49 04/02/2007 7,724,686
162,394 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 162,404
140,449 NATIONAL CITY BANK+/- 5.46 09/04/2007 140,463
1,006,491 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 1,007,015
655,369 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 651,837
173
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,755,610 NORTHERN ROCK PLC+/-++SS. 5.34% 05/05/2008 $ 1,755,768
507,149 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 04/15/2007 507,149
175,561 PICAROS FUNDING PLC++ 5.29 06/22/2007 173,491
1,000,698 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 1,002,099
877,805 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 877,805
667,132 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 667,132
142,029 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 142,056
441,396 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 438,632
1,228,927 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,225,880
807,581 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 807,581
140,449 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 137,598
702,244 SLM CORPORATION+/-++SS. 5.32 05/12/2008 702,314
70,224 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 70,081
665,727 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 663,497
623,803 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 623,623
202,984 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 202,980
877,805 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 877,875
877,805 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 877,902
105,337 VERSAILLES CDS LLC++ 5.33 04/16/2007 105,122
1,755,610 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,737,475
793,992 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 791,563
210,673 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 210,673
614,464 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 613,032
351,122 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 350,253
107,561,196
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $110,396,932) 110,396,932
--------------
SHARES
SHORT-TERM INVESTMENTS - 1.00%
4,074,814 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,074,814
--------------
174
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY BILLS - 0.07%
$ 155,000 US TREASURY BILL^## 4.90% 05/10/2007 $ 154,184
45,000 US TREASURY BILL^## 4.96 05/10/2007 44,763
100,000 US TREASURY BILL^## 4.95 08/09/2007 98,254
297,201
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,372,002) 4,372,015
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $435,019,959)* 124.91% $ 546,627,865
OTHER ASSETS AND LIABILITIES, NET (24.91) (109,008,819)
------ --------------
TOTAL NET ASSETS 100.00% $ 437,619,046
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,074,814.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
175
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.55%
APPAREL & ACCESSORY STORES - 1.25%
1,748,300 WET SEAL INCORPORATED CLASS A<<+ $ 11,451,365
-------------
BIOPHARMACEUTICALS - 3.69%
961,700 HUMAN GENOME SCIENCES INCORPORATED+ 10,213,254
702,200 PDL BIOPHARMA INCORPORATED<<+ 15,237,740
535,000 ZYMOGENETICS INCORPORATED+ 8,324,600
33,775,594
-------------
BUSINESS SERVICES - 19.29%
402,700 ACCESS INTEGRATED TECHNOLOGIES INCORPORATED+ 2,186,661
353,800 AMN HEALTHCARE SERVICES INCORPORATED<<+ 8,002,956
514,600 AQUANTIVE INCORPORATED+ 14,362,486
2,081,700 ART TECHNOLOGY GROUP INCORPORATED+ 4,829,544
97,000 CAPELLA EDUCATION COMPANY+ 3,253,380
404,400 CONCUR TECHNOLOGIES INCORPORATED<<+ 7,060,824
644,000 EPICOR SOFTWARE CORPORATION+ 8,958,040
392,800 FTD GROUP INCORPORATED 6,492,984
549,900 GERBER SCIENTIFIC INCORPORATED+ 5,834,439
445,500 HUDSON HIGHLAND GROUP INCORPORATED+ 6,945,345
99,700 ICT GROUP INCORPORATED+ 1,744,750
268,500 INNOVATIVE SOLUTIONS & SUPPORT INCORPORATED+ 6,798,420
765,700 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 3,897,413
557,400 MARCHEX INCORPORATED CLASS B 8,539,368
496,200 OMNICELL INCORPORATED+ 10,380,504
2,479,000 OPENTV CORPORATION CLASS A+ 6,073,550
702,300 OPSWARE INCORPORATED+ 5,091,675
619,640 PARAMETRIC TECHNOLOGY CORPORATION+ 11,828,928
276,800 PERFICIENT INCORPORATED+ 5,475,104
573,100 PHASE FORWARD INCORPORATED+ 7,524,803
500,000 QUEST SOFTWARE INCORPORATED+ 8,135,000
1,443,500 S1 CORPORATION+ 8,661,000
445,000 SYKES ENTERPRISES INCORPORATED+ 8,116,800
1,051,700 TIBCO SOFTWARE INCORPORATED+ 8,960,484
288,400 ULTIMATE SOFTWARE GROUP INCORPORATED+ 7,553,196
176,707,654
-------------
CHEMICALS & ALLIED PRODUCTS - 7.32%
348,300 ALKERMES INCORPORATED+ 5,377,752
226,500 ALNYLAM PHARMACEUTICALS INCORPORATED+ 4,077,000
295,200 ANIMAL HEALTH INTERNATIONAL INCORPORATED+ 3,568,968
783,600 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 11,127,120
528,900 ARENA PHARMACEUTICALS INCORPORATED+ 5,743,854
614,100 CALGON CARBON CORPORATION<<+ 5,103,171
535,500 CARDIOME PHARMA CORPORATION<<+ 5,435,325
2,361,200 ENDEAVOR INTERNATIONAL CORPORATION<<+ 4,840,460
1,147,300 INDEVUS PHARMACEUTICALS INCORPORATED+ 8,111,411
513,300 LA JOLLA PHARMACEUTICAL COMPANY+ 3,105,465
176
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
355,065 PENWEST PHARMACEUTICALS COMPANY+ $ 3,579,055
997,600 SANTARUS INCORPORATED+ 7,023,104
67,092,685
-------------
COMMUNICATIONS - 0.95%
270,700 GLOBALSTAR INCORPORATED+ 2,869,420
122,467 SAVVIS INCORPORATED+ 5,863,704
8,733,124
-------------
COMPUTER SOFTWARE & SERVICES - 1.24%
396,700 NESS TECHNOLOGIES INCORPORATED+ 5,069,826
1,571,600 VA SOFTWARE CORPORATION+ 6,333,548
11,403,374
-------------
ELECTRIC, GAS & SANITARY SERVICES - 0.94%
198,400 ITC HOLDINGS CORPORATION 8,588,736
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 13.98%
2,022,500 APPLIED MICRO CIRCUITS CORPORATION+ 7,382,125
191,600 CYMER INCORPORATED<<+ 7,960,980
421,200 DSP GROUP INCORPORATED+ 8,002,800
81,400 FIRST SOLAR INCORPORATED<<+ 4,233,614
561,100 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+ 8,652,162
970,400 MATTSON TECHNOLOGY INCORPORATED+ 8,830,640
282,100 NETLOGIC MICROSYSTEMS INCORPORATED+ 7,509,502
387,500 OPNEXT INCORPORATED+ 5,731,125
156,700 OPTIUM CORPORATION+ 3,041,547
376,300 OSI SYSTEMS INCORPORATED+ 9,949,372
675,800 PLX TECHNOLOGY INCORPORATED+ 6,582,292
1,007,300 PMC-SIERRA INCORPORATED<<+ 7,061,173
302,800 SILICON LABORATORIES INCORPORATED+ 9,059,776
332,800 TESSERA TECHNOLOGIES INCORPORATED+ 13,225,472
404,200 TRIDENT MICROSYSTEMS INCORPORATED<<+ 8,108,252
278,000 ULTRA CLEAN HOLDINGS INCORPORATED<<+ 4,809,400
149,000 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 7,953,620
128,093,852
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 3.92%
122,800 GEN-PROBE INCORPORATED+ 5,781,424
1,020,900 ISIS PHARMACEUTICALS INCORPORATED<<+ 9,463,743
480,100 KERYX BIOPHARMACEUTICALS INCORPORATED+ 5,050,652
250,300 LIFECELL CORPORATION+ 6,249,991
650,900 REGENERATION TECHNOLOGIES INCORPORATED+ 4,719,025
259,600 SYMYX TECHNOLOGIES INCORPORATED+ 4,600,112
35,864,947
-------------
FURNITURE & FIXTURES - 0.78%
426,700 LSI INDUSTRIES INCORPORATED 7,142,958
-------------
177
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES - 1.25%
778,700 99 CENTS ONLY STORES+ $ 11,470,251
-------------
HEALTH SERVICES - 0.73%
341,100 SYMBION INCORPORATED+ 6,688,971
-------------
HOLDING & OTHER INVESTMENT OFFICES - 1.22%
606,400 CAPITAL LEASE FUNDING INCORPORATED 6,494,544
258,300 NIGHTHAWK RADIOLOGY HOLDINGS INCORPORATED<<+ 4,698,477
11,193,021
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.44%
500,000 ALTRA HOLDINGS INCORPORATED+ 6,855,000
937,500 ASYST TECHNOLOGIES INCORPORATED+ 6,590,625
1,397,600 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 13,305,152
619,300 FLOW INTERNATIONAL CORPORATION<<+ 6,651,282
138,500 NDS GROUP PLC ADR+ 6,916,690
338,200 NUANCE COMMUNICATIONS INCORPORATED<<+ 5,177,842
2,552,800 QUANTUM CORPORATION<<+ 6,892,560
391,400 RACKABLE SYSTEMS INCORPORATED<<+ 6,642,058
59,031,209
-------------
INSURANCE CARRIERS - 2.11%
260,200 AXIS CAPITAL HOLDINGS LIMITED 8,810,372
526,300 EMPLOYERS HOLDINGS INCORPORATED+ 10,536,526
19,346,898
-------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 1.21%
929,300 SUNOPTA INCORPORATED+ 11,058,670
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 9.61%
284,900 ANGIODYNAMICS INCORPORATED+ 4,811,961
237,500 COHERENT INCORPORATED+ 7,538,250
387,900 DEXCOM INCORPORATED<<+ 3,048,894
212,300 FORMFACTOR INCORPORATED+ 9,500,425
240,500 INTEGRA LIFESCIENCES HOLDINGS+ 10,961,990
445,200 NATUS MEDICAL INCORPORATED+ 7,911,204
324,400 NXSTAGE MEDICAL INCORPORATED+ 4,321,008
1,183,300 ORTHOVITA INCORPORATED<<+ 3,455,236
244,200 POLYMEDICA CORPORATION 10,336,986
385,700 SONOSITE INCORPORATED+ 10,899,882
730,500 THORATEC LABS CORPORATION+ 15,267,450
88,053,286
-------------
METAL MINING - 0.97%
521,900 NOVAGOLD RESOURCES INCORPORATED<<+ 8,846,205
-------------
MISCELLANEOUS RETAIL - 2.91%
249,000 AC MOORE ARTS & CRAFTS INCORPORATED+ 5,313,660
497,200 COLDWATER CREEK INCORPORATED<<+ 10,083,216
294,700 DOLLAR TREE STORES INCORPORATED+ 11,269,328
26,666,204
-------------
178
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MOTION PICTURES - 0.60%
349,400 GAIAM INCORPORATED+ $ 5,499,556
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.25%
456,311 CAPITALSOURCE INCORPORATED 11,467,095
-------------
OIL & GAS EXTRACTION - 7.78%
286,200 ATWOOD OCEANICS INCORPORATED+ 16,797,078
421,100 GULFPORT ENERGY CORPORATION<<+ 5,625,896
526,000 HORIZON OFFSHORE INCORPORATED+ 7,605,960
892,300 PETROHAWK ENERGY CORPORATION<<+ 11,751,591
204,000 PIONEER NATURAL RESOURCES COMPANY 8,794,440
451,100 TESCO CORPORATION+ 11,976,705
352,500 TETRA TECHNOLOGIES INCORPORATED+ 8,710,275
71,261,945
-------------
PRIMARY METAL INDUSTRIES - 0.90%
112,700 HAYNES INTERNATIONAL INCORPORATED+ 8,219,211
-------------
SOCIAL SERVICES - 0.81%
313,200 PROVIDENCE SERVICE CORPORATION+ 7,429,104
-------------
TEXTILE MILL PRODUCTS - 0.51%
292,900 INTERFACE INCORPORATED 4,683,471
-------------
TRANSPORTATION BY AIR - 2.54%
1,020,000 AIRTRAN HOLDINGS INCORPORATED+ 10,475,400
476,500 SKYWEST INCORPORATED 12,784,495
23,259,895
-------------
TRANSPORTATION EQUIPMENT - 0.73%
242,900 AMERICAN AXLE & MANUFACTURING HOLDINGS 6,643,315
-------------
WATER TRANSPORTATION - 0.69%
374,900 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED<< 6,313,316
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.01%
268,100 NASH FINCH COMPANY 9,238,726
-------------
WHOLESALE TRADE-DURABLE GOODS - 1.92%
284,100 CYTYC CORPORATION<<+ 9,719,061
358,400 LKQ CORPORATION+ 7,834,624
17,553,685
-------------
TOTAL COMMON STOCKS (COST $843,409,840) 902,778,323
-------------
COLLATERAL FOR SECURITIES LENDING - 8.25%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.21%
1,942,382 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,942,382
-------------
179
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 8.04%
$ 216,456 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 216,484
1,108,134 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,108,644
210,443 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 209,799
601,267 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 601,273
601,267 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 601,297
601,267 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 601,327
1,803,800 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 1,803,944
962,026 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $962,466) 5.49 04/02/2007 962,026
1,322,786 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,318,157
288,608 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 286,129
481,013 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 476,391
481,013 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 478,844
601,267 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 596,805
240,507 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 238,301
625,317 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 618,038
1,202,533 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,190,977
687,560 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 683,160
57,409 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 57,317
797,520 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 791,834
456,963 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 452,105
329,662 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 326,257
87,232 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 86,318
27,298 CHEYNE FINANCE LLC 5.26 04/18/2007 27,234
240,507 CHEYNE FINANCE LLC 5.31 06/19/2007 237,777
107,266 CHEYNE FINANCE LLC 5.32 05/14/2007 106,611
1,563,293 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 1,562,840
601,267 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 601,333
240,507 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 240,658
256,981 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 257,225
265,159 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 265,482
8,417,731 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $8,421,582) 5.49 04/02/2007 8,417,731
120,253 COMERICA BANK+/- 5.32 02/08/2008 119,772
1,337,433 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,335,868
541,140 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 540,350
721,520 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 719,629
601,267 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 601,080
1,202,533 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 1,202,509
1,935,597 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 1,930,797
901,900 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 896,254
338,778 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 338,334
360,760 DEER VALLEY FUNDING LLC 5.34 05/07/2007 358,924
7,448,726 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $7,452,134) 5.49 04/02/2007 7,448,726
1,202,533 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 1,202,701
180
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 156,858 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29% 07/06/2007 $ 154,694
745,835 FOX TROT CDO LIMITED++ 5.31 04/24/2007 743,441
300,513 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 300,612
481,013 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 479,051
1,202,533 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,202,353
601,267 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 601,248
48,101 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 48,105
32,661 HUDSON-THAMES LLC++ 5.26 04/04/2007 32,651
180,332 HUDSON-THAMES LLC 5.29 04/30/2007 179,596
841,773 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 841,908
1,563,293 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 1,563,293
601,267 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 601,297
144,304 K2 (USA) LLC+/-++ 5.30 07/16/2007 144,318
240,507 K2 (USA) LLC+/-++ 5.33 09/28/2007 240,507
2,405,066 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 2,401,555
73,162 KESTREL FUNDING US LLC 5.29 05/21/2007 72,640
777,029 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 774,534
300,633 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 300,642
907,840 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 904,527
84,177 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 84,043
507,469 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 507,718
601,267 MORGAN STANLEY+/- 5.36 07/12/2007 601,267
882,900 MORGAN STANLEY+/- 5.48 07/27/2007 883,209
601,267 MORGAN STANLEY+/- 5.51 08/07/2007 601,267
5,291,145 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $5,293,566) 5.49 04/02/2007 5,291,145
111,234 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 111,241
96,203 NATIONAL CITY BANK+/- 5.46 09/04/2007 96,212
689,412 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 689,771
448,906 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 446,486
1,202,533 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 1,202,641
347,380 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 05/15/2007 347,380
120,253 PICAROS FUNDING PLC++ 5.29 06/22/2007 118,836
685,444 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 686,403
601,267 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 601,267
456,963 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 456,963
97,285 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 97,304
302,341 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 300,448
841,773 SAINT GERMAIN FUNDING 5.31 04/19/2007 839,686
553,165 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 553,165
96,203 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 94,250
481,013 SLM CORPORATION+/-++SS. 5.32 05/12/2008 481,061
48,101 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 48,003
456,001 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 454,473
427,284 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 427,160
139,037 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 139,034
181
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 601,267 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33% 06/15/2007 $ 601,315
601,267 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 601,333
72,152 VERSAILLES CDS LLC++ 5.33 04/16/2007 72,005
1,202,533 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,190,111
543,858 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 542,193
144,304 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 144,304
420,887 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 419,906
240,507 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 239,903
73,675,737
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $75,618,119) 75,618,119
-------------
SHARES
WARRANTS - 0.00%
36,152 TIMCO AVIATION SERVICES INCORPORATED+(a) 4
TOTAL WARRANTS (COST $0) 4
-------------
SHORT-TERM INVESTMENTS - 2.00%
18,331,267 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 18,331,267
TOTAL SHORT-TERM INVESTMENTS (COST $18,331,267) 18,331,267
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $937,359,226)* 108.80% $ 996,727,713
OTHER ASSETS AND LIABILITIES, NET (8.80) (80,633,044)
------ -------------
TOTAL NET ASSETS 100.00% $ 916,094,669
====== =============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $18,331,267.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
182
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.95%
APPAREL & ACCESSORY STORES - 3.57%
134,800 AEROPOSTALE INCORPORATED<<+ $ 5,423,004
158,500 CACHE INCORPORATED+ 2,813,375
188,260 CARTER'S INCORPORATED<<+ 4,770,508
132,150 TWEEN BRANDS INCORPORATED+ 4,720,398
17,727,285
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.99%
212,280 MARINEMAX INCORPORATED<<+ 4,920,650
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 1.61%
156,236 DOLLAR THRIFTY AUTOMOTIVE GROUP INCORPORATED+ 7,974,285
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 1.69%
176,400 PERINI CORPORATION+ 6,502,104
44,540 RYLAND GROUP INCORPORATED<< 1,879,143
8,381,247
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.51%
156,290 BUILDERS FIRSTSOURCE INCORPORATED+ 2,511,580
--------------
BUSINESS SERVICES - 3.43%
213,720 AVOCENT CORPORATION+ 5,764,028
116,430 i2 TECHNOLOGIES INCORPORATED<<+ 2,794,320
164,200 RENT-A-CENTER INCORPORATED+ 4,594,316
162,100 TAL INTERNATIONAL GROUP INCORPORATED 3,890,400
17,043,064
--------------
CHEMICALS & ALLIED PRODUCTS - 4.96%
112,170 CF INDUSTRIES HOLDINGS INCORPORATED<< 4,324,154
399,740 CHEMTURA CORPORATION 4,369,158
97,410 CYTEC INDUSTRIES INCORPORATED 5,478,338
225,900 ELIZABETH ARDEN INCORPORATED+ 4,929,138
199,090 ROCKWOOD HOLDINGS INCORPORATED<<+ 5,510,811
24,611,599
--------------
COMMUNICATIONS - 1.80%
1,006,580 CINCINNATI BELL INCORPORATED<<+ 4,730,926
210,990 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 4,219,800
8,950,726
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 1.69%
171,300 CHEMED CORPORATION 8,386,848
--------------
DEPOSITORY INSTITUTIONS - 13.22%
399,340 BANKATLANTIC BANCORP INCORPORATED CLASS A 4,376,766
263,860 BANKUNITED FINANCIAL CORPORATION CLASS A<< 5,596,471
176,990 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 4,941,561
248,550 DIME COMMUNITY BANCSHARES 3,288,317
243,290 FIRSTMERIT CORPORATION 5,135,852
183
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (CONTINUED)
230,340 FRANKLIN BANK CORPORATION+ $ 4,116,176
87,960 IBERIABANK CORPORATION 4,895,854
140,890 PACIFIC CAPITAL BANCORP 4,525,387
123,340 PFF BANCORP INCORPORATED 3,740,902
266,430 PROVIDENT FINANCIAL SERVICES INCORPORATED 4,649,204
208,330 SOUTH FINANCIAL GROUP INCORPORATED 5,149,918
286,240 UCBH HOLDINGS INCORPORATED 5,329,789
174,280 UMPQUA HOLDINGS CORPORATION 4,665,476
167,770 WESTERN ALLIANCE BANCORP<<+ 5,207,581
65,619,254
--------------
EATING & DRINKING PLACES - 2.59%
380,310 CKE RESTAURANTS INCORPORATED 7,172,647
193,000 LANDRY'S RESTAURANTS INCORPORATED<< 5,712,800
12,885,447
--------------
ELECTRIC, GAS & SANITARY SERVICES - 1.19%
157,640 UNISOURCE ENERGY CORPORATION 5,919,382
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 9.61%
383,800 AMIS HOLDINGS INCORPORATED+ 4,202,610
404,900 ANDREW CORPORATION+ 4,287,891
105,800 AO SMITH CORPORATION 4,043,676
169,200 COMTECH TELECOMMUNICATIONS CORPORATION+ 6,553,116
273,450 MERCURY COMPUTER SYSTEMS INCORPORATED<<+ 3,792,752
715,800 ON SEMICONDUCTOR CORPORATION<<+ 6,384,936
303,700 PHOTRONICS INCORPORATED<<+ 4,722,535
680,050 POWERWAVE TECHNOLOGIES<<+ 3,869,485
348,170 TTM TECHNOLOGIES INCORPORATED+ 3,321,542
236,570 WESTAR ENERGY INCORPORATED 6,510,406
47,688,949
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.52%
179,050 LECG CORPORATION+ 2,592,644
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.16%
79,350 DAYTON SUPERIOR CORPORATION+ 820,479
--------------
FOOD & KINDRED PRODUCTS - 1.12%
284,240 HERCULES INCORPORATED+ 5,554,050
--------------
FURNITURE & FIXTURES - 2.18%
342,300 FURNITURE BRANDS INTERNATIONAL INCORPORATED<< 5,401,494
310,000 SEALY CORPORATION<< 5,418,800
10,820,294
--------------
GENERAL MERCHANDISE STORES - 0.75%
253,520 FRED'S INCORPORATED 3,726,744
--------------
184
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES - 2.76%
157,000 AMSURG CORPORATION+ $ 3,844,930
149,250 MAGELLAN HEALTH SERVICES INCORPORATED+ 6,268,500
225,140 REHABCARE GROUP INCORPORATED+ 3,572,972
13,686,402
--------------
HOLDING & OTHER INVESTMENT OFFICES - 8.31%
190,870 AMERICAN CAMPUS COMMUNITIES 5,781,452
205,260 BIOMED REALTY TRUST INCORPORATED 5,398,338
247,420 CEDAR SHOPPING CENTERS INCORPORATED 4,008,204
204,350 EQUITY ONE INCORPORATED<< 5,415,275
208,600 FELCOR LODGING TRUST INCORPORATED 5,417,342
194,350 FIRST POTOMAC REALTY TRUST<< 5,552,580
166,420 SUNSTONE HOTEL INVESTORS INCORPORATED 4,536,609
256,890 U-STORE-IT TRUST 5,168,627
41,278,427
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.90%
98,680 GUITAR CENTER INCORPORATED<<+ 4,452,442
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 1.32%
123,610 GAYLORD ENTERTAINMENT COMPANY<<+ 6,535,261
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.77%
95,400 BLACK BOX CORPORATION 3,485,916
231,220 GOODMAN GLOBAL INCORPORATED+ 4,074,096
123,490 TIMKEN COMPANY<< 3,742,982
104,380 VERIGY LIMITED+ 2,449,799
13,752,793
--------------
INSURANCE CARRIERS - 5.96%
296,950 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 3,898,954
117,860 ARGONAUT GROUP INCORPORATED+ 3,813,950
135,350 ASSURED GUARANTY LIMITED 3,697,762
290,480 HEALTHSPRING INCORPORATED+ 6,840,804
173,460 PLATINUM UNDERWRITERS HOLDINGS LIMITED 5,564,597
163,890 UNITED FIRE & CASUALTY COMPANY 5,757,456
29,573,523
--------------
LEATHER & LEATHER PRODUCTS - 0.95%
113,350 GENESCO INCORPORATED<<+ 4,707,426
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.48%
106,030 ANAREN INCORPORATED+ 1,867,188
126,700 ARMOR HOLDINGS INCORPORATED<<+ 8,530,711
76,740 COOPER COMPANIES INCORPORATED 3,731,099
92,690 DRS TECHNOLOGIES INCORPORATED 4,835,637
187,900 MKS INSTRUMENTS INCORPORATED+ 4,795,208
211,000 SYMMETRY MEDICAL INCORPORATED+ 3,445,630
27,205,473
--------------
185
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MOTION PICTURES - 1.05%
148,830 AVID TECHNOLOGY INCORPORATED<<+ $ 5,191,190
--------------
OIL & GAS - 0.74%
365,300 COMPTON PETROLEUM CORPORATION<<+ 3,678,571
--------------
OIL & GAS EXTRACTION - 4.40%
515,760 BRIGHAM EXPLORATION COMPANY+ 3,208,027
274,810 EDGE PETROLEUM CORPORATION<<+ 3,440,621
128,040 GOODRICH PETROLEUM CORPORATION<<+ 4,305,985
305,370 KEY ENERGY SERVICES INCORPORATED+ 4,992,800
307,290 MARINER ENERGY INCORPORATED+ 5,878,458
21,825,891
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 1.14%
259,400 HEADWATERS INCORPORATED<<+ 5,667,890
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.07%
180,990 GATEHOUSE MEDIA INCORPORATED 3,674,097
125,260 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 1,642,159
5,316,256
--------------
REAL ESTATE - 0.39%
60,420 MERITAGE CORPORATION<<+ 1,940,690
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.93%
137,660 CABOT MICROELECTRONICS CORPORATION<<+ 4,612,987
--------------
TRANSPORTATION BY AIR - 0.95%
460,870 AIRTRAN HOLDINGS INCORPORATED<<+ 4,733,135
--------------
TRANSPORTATION EQUIPMENT - 4.75%
214,620 AFTERMARKET TECHNOLOGY CORPORATION+ 5,210,974
294,190 ARVIN INDUSTRIES INCORPORATED<< 5,368,968
433,830 FLEETWOOD ENTERPRISES INCORPORATED<<+ 3,431,595
227,940 MARTEN TRANSPORT LIMITED+ 3,619,687
234,510 TENNECO AUTOMOTIVE INCORPORATED+ 5,970,625
23,601,849
--------------
TRANSPORTATION SERVICES - 1.12%
116,670 GATX CORPORATION 5,576,826
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.37%
220,010 PERFORMANCE FOOD GROUP COMPANY<<+ 6,791,702
--------------
TOTAL COMMON STOCKS (COST $437,475,277) 486,263,261
--------------
COLLATERAL FOR SECURITIES LENDING - 28.42%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.73%
3,624,123 SCUDDER DAILY ASSETS MONEY MARKET FUND 3,624,123
--------------
186
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 27.69%
$ 403,866 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 403,919
2,067,572 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 2,068,523
392,648 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 391,446
1,121,851 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 1,121,863
1,121,851 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 1,121,907
1,121,851 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 1,121,964
3,365,554 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 3,365,823
1,794,962 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,795,783) 5.49 04/02/2007 1,794,962
2,468,073 BUCKINGHAM II CDO LLC 5.32 04/26/2007 2,459,435
538,489 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 533,863
897,481 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 888,856
897,481 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 893,433
1,121,851 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 1,113,527
448,741 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 444,626
1,166,725 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 1,153,145
2,243,703 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 2,222,141
1,282,859 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 1,274,649
107,114 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 106,943
1,488,024 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,477,414
852,607 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 843,544
615,089 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 608,735
162,758 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 161,052
50,932 CHEYNE FINANCE LLC 5.26 04/18/2007 50,813
448,741 CHEYNE FINANCE LLC 5.31 06/19/2007 443,647
200,138 CHEYNE FINANCE LLC 5.32 05/14/2007 198,915
2,916,813 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 2,915,968
1,121,851 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 1,121,975
448,741 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 449,023
479,479 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 479,935
494,736 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 495,340
15,705,919 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $15,713,104) 5.49 04/02/2007 15,705,919
224,370 COMERICA BANK+/- 5.32 02/08/2008 223,473
2,495,401 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 2,492,482
1,009,666 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 1,008,192
1,346,222 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 1,342,694
1,121,851 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 1,121,504
2,243,703 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 2,243,658
3,611,464 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 3,602,507
1,682,777 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,672,243
632,096 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 631,268
673,111 DEER VALLEY FUNDING LLC 5.34 05/07/2007 669,685
13,897,935 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $13,904,293) 5.49 04/02/2007 13,897,935
2,243,703 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 2,244,017
292,669 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 288,630
187
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,391,589 FOX TROT CDO LIMITED++ 5.31% 04/24/2007 $ 1,387,122
560,701 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 560,886
897,481 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 893,819
2,243,703 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 2,243,366
1,121,851 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 1,121,818
89,748 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 89,755
60,939 HUDSON-THAMES LLC++ 5.26 04/04/2007 60,921
336,466 HUDSON-THAMES LLC 5.29 04/30/2007 335,093
1,570,592 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,570,843
2,916,813 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,916,813
1,121,851 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 1,121,907
269,244 K2 (USA) LLC+/-++ 5.30 07/16/2007 269,271
448,741 K2 (USA) LLC+/-++ 5.33 09/28/2007 448,741
4,487,405 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 4,480,854
136,507 KESTREL FUNDING US LLC 5.29 05/21/2007 135,534
1,449,791 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,445,137
560,926 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 560,942
1,693,861 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,687,678
157,059 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 156,808
946,843 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 947,306
1,121,851 MORGAN STANLEY+/- 5.36 07/12/2007 1,121,851
1,647,326 MORGAN STANLEY+/- 5.48 07/27/2007 1,647,903
1,121,851 MORGAN STANLEY+/- 5.51 08/07/2007 1,121,851
9,872,292 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY 5.49 04/02/2007 9,872,292
VALUE $9,876,809)
207,543 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 207,555
179,496 NATIONAL CITY BANK+/- 5.46 09/04/2007 179,514
1,286,315 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 1,286,984
837,574 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 833,060
2,243,703 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 2,243,905
648,146 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 05/15/2007 648,146
224,370 PICAROS FUNDING PLC++ 5.29 06/22/2007 221,725
1,278,911 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 1,280,701
1,121,851 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 1,121,851
852,607 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 852,607
181,516 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 181,550
564,112 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 560,580
1,570,592 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,566,697
1,032,103 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 1,032,103
179,496 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 175,852
897,481 SLM CORPORATION+/-++SS. 5.32 05/12/2008 897,571
89,748 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 89,565
850,812 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 847,962
797,232 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 797,001
259,417 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 259,412
1,121,851 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 1,121,941
1,121,851 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 1,121,975
188
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 134,622 VERSAILLES CDS LLC++ 5.33% 04/16/2007 $ 134,348
2,243,703 VETRA FINANCE CORPORATION 5.31 06/12/2007 2,220,525
1,014,737 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 1,011,632
269,244 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 269,244
785,296 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 783,468
448,741 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 447,628
137,465,206
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $141,089,329) 141,089,329
--------------
SHARES
SHORT-TERM INVESTMENTS - 2.13%
10,600,495 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 10,600,495
TOTAL SHORT-TERM INVESTMENTS (COST $10,600,495) 10,600,495
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $589,165,101)* 128.50% $ 637,953,085
OTHER ASSETS AND LIABILITIES, NET (28.50) (141,491,805)
------ --------------
TOTAL NET ASSETS 100.00% $ 496,461,280
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $10,600,495.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
189
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 96.70%
ADVERTISING - 0.58%
94,000 CENVEO INCORPORATED+ $ 2,284,200
-------------
AGRICULTURAL PRODUCTION CROPS - 1.15%
110,000 DELTA & PINE LAND COMPANY 4,532,000
-------------
AMUSEMENT & RECREATION SERVICES - 1.44%
103,110 CENTURY CASINOS INCORPORATED+ 850,658
432,000 LAKES ENTERTAINMENT INCORPORATED+ 4,816,800
5,667,458
-------------
APPAREL & ACCESSORY STORES - 1.44%
53,300 CHARLOTTE RUSSE HOLDING INCORPORATED+ 1,538,771
23,800 CHRISTOPHER & BANKS CORPORATION 463,386
7,200 CLAIRE'S STORES INCORPORATED 231,264
42,100 FINISH LINE INCORPORATED CLASS A 530,460
21,000 PAYLESS SHOESOURCE INCORPORATED+ 697,200
43,600 THE CATO CORPORATION CLASS A 1,019,804
45,100 UNITED RETAIL GROUP INCORPORATED+ 542,102
100,000 WET SEAL INCORPORATED CLASS A+ 655,000
5,677,987
-------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.99%
65,000 CUTTER & BUCK INCORPORATED 770,250
14,380 HANESBRANDS INCORPORATED+ 422,628
18,000 KELLWOOD COMPANY 527,940
60,800 MAIDENFORM BRANDS INCORPORATED+ 1,402,656
10,800 MOTHERS WORK INCORPORATED+ 357,912
34,000 QUIKSILVER INCORPORATED+ 394,400
2,600 TEFRON LIMITED 25,428
3,901,214
-------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.43%
48,350 MONRO MUFFLER BRAKE INCORPORATED 1,697,085
-------------
BIOPHARMACEUTICALS - 0.63%
6,600 CEPHALON INCORPORATED+ 469,986
77,130 CV THERAPEUTICS INCORPORATED+ 607,013
64,100 PDL BIOPHARMA INCORPORATED+ 1,390,970
2,467,969
-------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.41%
19,400 LEVITT CORPORATION CLASS A 180,614
38,400 PERINI CORPORATION+ 1,415,424
1,596,038
-------------
BUSINESS SERVICES - 8.60%
468,700 3COM CORPORATION+ 1,832,617
48,090 ABM INDUSTRIES INCORPORATED 1,269,095
5,800 AMERICAN SOFTWARE INCORPORATED CLASS A 46,690
190
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (CONTINUED)
60,500 ANSWERTHINK CONSULTING GROUP INCORPORATED+ $ 197,835
238,300 APAC CUSTOMER SERVICES INCORPORATED+ 1,117,627
419,700 BEA SYSTEMS INCORPORATED+ 4,864,323
69,000 BISYS GROUP INCORPORATED+ 790,740
316,000 BORLAND SOFTWARE CORPORATION+ 1,665,320
22,900 COREL CORPORATION+ 294,265
23,200 ELECTRO RENT CORPORATION+ 334,080
25,455 ELECTRONICS FOR IMAGING INCORPORATED+ 596,920
149,775 EMBARCADERO TECHNOLOGIES INCORPORATED+ 1,034,945
43,000 GERBER SCIENTIFIC INCORPORATED+ 456,230
86,800 GSE SYSTEMS INCORPORATED+ 551,180
96,235 HEALTHCARE SERVICES GROUP 2,757,133
204,410 HILL INTERNATIONAL INCORPORATED+ 1,455,399
14,400 HMS HOLDINGS CORPORATION+ 315,360
64,900 I2 TECHNOLOGIES INCORPORATED+ 1,557,600
87,700 INFO USA INCORPORATED 843,674
99,100 JDA SOFTWARE GROUP INCORPORATED+ 1,489,473
11,000 KRONOS INCORPORATED+ 588,500
172,800 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 879,552
210,600 MIDWAY GAMES INCORPORATED+ 1,316,250
29,105 MPS GROUP INCORPORATED+ 411,836
34,600 MSC SOFTWARE CORPORATION 475,750
43,500 NOVELL INCORPORATED+ 314,070
31,300 PEROT SYSTEMS CORPORATION CLASS A+ 559,331
55,700 PLATO LEARNING INCORPORATED+ 233,940
12,900 SILICON GRAPHICS INCORPORATED+ 388,806
55,500 SPSS INCORPORATED+ 2,003,550
103,900 SUPPORTSOFT INCORPORATED+ 585,996
11,800 SYBASE INCORPORATED+ 298,304
4,700 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 94,658
142,545 TIER TECHNOLOGIES INCORPORATED CLASS B+ 1,254,396
21,000 TRADESTATION GROUP INCORPORATED+ 264,390
38,575 VIGNETTE CORPORATION+ 716,338
33,856,173
-------------
CHEMICALS & ALLIED PRODUCTS - 2.79%
33,730 ALPHARMA INCORPORATED CLASS A 812,218
10,300 CHATTEM INCORPORATED+ 607,082
42,955 COLLAGENEX PHARMACEUTICALS INCORPORATED+ 580,322
52,200 ELIZABETH ARDEN INCORPORATED+ 1,139,004
64,700 ICO INCORPORATED+ 397,258
68,600 LANDEC CORPORATION+ 972,748
120,255 ORASURE TECHNOLOGIES INCORPORATED+ 883,874
10,500 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 263,760
61,910 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 733,634
12,200 ROCKWOOD HOLDINGS INCORPORATED+ 337,696
34,253 SERACARE LIFE SCIENCES INCORPORATED+ 239,771
191
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
107,640 WELLMAN INCORPORATED $ 387,504
1,261,400 XOMA LIMITED+ 3,645,446
11,000,317
-------------
COMMUNICATIONS - 1.76%
43,150 CHINA GRENTECH CORPORATION LIMITED ADR+ 481,986
158,615 CINCINNATI BELL INCORPORATED+ 745,491
35,750 ESCHELON TELECOM INCORPORATED+ 1,033,175
27,200 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 544,000
68,920 LIGHTBRIDGE INCORPORATED+ 1,210,924
110,335 MASTEC INCORPORATED+ 1,214,788
151,200 PREMIERE GLOBAL SERVICES INCORPORATED+ 1,696,464
6,926,828
-------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.37%
57,970 COMFORT SYSTEMS USA INCORPORATED 694,481
37,200 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 773,388
1,467,869
-------------
DEPOSITORY INSTITUTIONS - 1.64%
18,000 ASTORIA FINANCIAL CORPORATION 478,620
9,030 COMMUNITY BANCORP+ 277,673
267,500 FIRST FINANCIAL BANCORP 4,041,925
45,453 FIRST SECURITY GROUP INCORPORATED 517,255
29,240 MIDWEST BANC HOLDINGS INCORPORATED 517,840
27,000 WASHINGTON FEDERAL INCORPORATED 633,420
6,466,733
-------------
EATING & DRINKING PLACES - 0.41%
68,600 BUCA INCORPORATED+ 377,300
9,710 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 319,362
16,500 CEC ENTERTAINMENT INCORPORATED+ 685,410
19,400 RUBIO'S RESTAURANTS INCORPORATED+ 221,548
1,603,620
-------------
EDUCATIONAL SERVICES - 1.38%
359,100 CORINTHIAN COLLEGES INCORPORATED+ 4,937,625
44,000 LEARNING TREE INTERNATIONAL INCORPORATED+ 495,000
5,432,625
-------------
ELECTRIC, GAS & SANITARY SERVICES - 3.14%
331,600 CASELLA WASTE SYSTEMS INCORPORATED CLASS A+ 3,236,416
154,100 CLEAN HARBORS INCORPORATED+ 6,968,402
500 IDACORP INCORPORATED 16,920
49,900 PNM RESOURCES INCORPORATED 1,611,770
14,000 UNISOURCE ENERGY CORPORATION 525,700
12,359,208
-------------
192
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.94%
53,200 ACTEL CORPORATION+ $ 878,864
110,300 ADAPTEC INCORPORATED+ 426,861
218,500 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 1,437,730
79,750 ANDREW CORPORATION+ 844,553
239,500 C-COR INCORPORATED+ 3,319,470
32,100 DIODES INCORPORATED+ 1,118,685
28,100 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 540,644
142,943 EVANS & SUTHERLAND COMPUTER CORPORATION+ 450,270
55,900 EXAR CORPORATION+ 740,116
466,000 FUELCELL ENERGY INCORPORATED+ 3,662,760
67,395 GRAFTECH INTERNATIONAL LIMITED+ 611,947
26,900 HOUSTON WIRE & CABLE COMPANY+ 753,738
12,600 IMATION CORPORATION 508,788
20,580 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 508,943
57,300 INTER-TEL INCORPORATED 1,354,572
243,700 MERCURY COMPUTER SYSTEMS INCORPORATED+ 3,380,119
25,800 METHODE ELECTRONICS INCORPORATED 381,066
427,485 MRV COMMUNICATIONS INCORPORATED+ 1,517,572
22,190 OSI SYSTEMS INCORPORATED+ 586,704
144,610 POWER-ONE INCORPORATED+ 827,169
112,145 RICHARDSON ELECTRONICS LIMITED 1,047,434
83,000 SILICON STORAGE TECHNOLOGY INCORPORATED+ 409,190
100,150 STATS CHIPPAC LIMITED ADR+ 1,203,803
28,900 UNIVERSAL ELECTRONICS INCORPORATED+ 805,154
27,316,152
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.52%
10,210 CDI CORPORATION 295,273
85,800 SYMYX TECHNOLOGIES INCORPORATED+ 1,520,376
11,400 TETRA TECH INCORPORATED+ 217,284
3,100 TRIMERIS INCORPORATED+ 21,328
2,054,261
-------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.48%
9,450 CRANE COMPANY 381,969
19,400 CROWN HOLDINGS INCORPORATED+ 474,524
43,100 MATERIAL SCIENCES CORPORATION+ 430,138
18,300 SUN HYDRAULICS CORPORATION 489,159
2,200 VALMONT INDUSTRIES INCORPORATED 127,226
1,903,016
-------------
FOOD & KINDRED PRODUCTS - 3.51%
518,185 DEL MONTE FOODS COMPANY 5,948,764
22,300 FLOWERS FOODS INCORPORATED 672,791
125,700 HERCULES INCORPORATED+ 2,456,178
157,836 TOOTSIE ROLL INDUSTRIES INCORPORATED 4,730,345
13,808,078
-------------
193
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD STORES - 0.92%
23,200 INGLES MARKETS INCORPORATED CLASS A $ 947,488
146,500 WILD OATS MARKETS INCORPORATED+ 2,666,300
3,613,788
-------------
FURNITURE & FIXTURES - 0.57%
17,900 DOREL INDUSTRIES INCORPORATED 583,540
58,800 LSI INDUSTRIES INCORPORATED 984,312
37,800 SEALY CORPORATION 660,744
2,228,596
-------------
GENERAL MERCHANDISE STORES - 0.43%
57,700 GANDER MOUNTAIN COMPANY+ 643,932
49,000 RETAIL VENTURES INCORPORATED+ 1,031,450
1,675,382
-------------
HEALTH SERVICES - 4.14%
115,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 353,190
33,000 AMERICA SERVICE GROUP INCORPORATED+ 550,110
73,100 CARDIAC SCIENCE CORPORATION+ 668,865
46,075 CROSS COUNTRY HEALTHCARE INCORPORATED+ 839,947
72,500 FIVE STAR QUALITY CARE INCORPORATED+ 745,300
10,455 GENESIS HEALTHCARE CORPORATION+ 659,815
37,770 GENTIVA HEALTH SERVICES INCORPORATED+ 761,821
24,440 HEALTHSOUTH REHABILITATION CORPORATION+ 513,484
1,169,600 HOOPER HOLMES INCORPORATED 5,228,112
12,000 MATRIA HEALTHCARE INCORPORATED+ 316,320
58,000 NAUTILUS GROUP INCORPORATED 894,940
263,900 NEKTAR THERAPEUTICS+ 3,446,534
53,400 OPTION CARE INCORPORATED 710,220
38,400 REHABCARE GROUP INCORPORATED+ 609,408
16,298,066
-------------
HOLDING & OTHER INVESTMENT OFFICES - 3.84%
158,565 AFFORDABLE RESIDENTIAL COMMUNITIES INCORPORATED+ 1,923,393
22,400 AGREE REALTY CORPORATION 764,736
7,700 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 207,823
130,175 ANNALY MORTGAGE MANAGEMENT INCORPORATED 2,015,109
172,800 ANTHRACITE CAPITAL INCORPORATED 2,073,600
174,300 ANWORTH MORTGAGE ASSET CORPORATION 1,702,911
62,900 FELDMAN MALL PROPERTIES INCORPORATED 763,606
34,755 GOVERNMENT PROPERTIES TRUST INCORPORATED 371,879
9,700 HIGHLAND HOSPITALITY CORPORATION 172,660
71,600 JER INVESTORS TRUST INCORPORATED 1,361,832
90,100 LUMINENT MORTGAGE CAPITAL INCORPORATED 805,494
58,700 MEDICAL PROPERTIES TRUST INCORPORATED 862,303
124,585 ORIGEN FINANCIAL INCORPORATED 867,112
194
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (CONTINUED)
43,090 UMH PROPERTIES INCORPORATED $ 654,968
38,300 WINSTON HOTELS INCORPORATED 575,649
15,123,075
-------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.35%
152,400 BELL MICROPRODUCTS INCORPORATED+ 975,360
43,700 PIER 1 IMPORTS INCORPORATED 301,967
79,200 THE BOMBAY COMPANY INCORPORATED+ 96,624
1,373,951
-------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.38%
5,010 BOYD GAMING CORPORATION 238,676
45,955 EMPIRE RESORTS INCORPORATED+ 431,517
17,200 MTR GAMING GROUP INCORPORATED+ 224,976
55,510 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 567,312
1,400 RED LION HOTELS CORPORATION+ 17,416
1,479,897
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 7.66%
26,900 BLOUNT INTERNATIONAL INCORPORATED+ 334,905
9,000 BRIGGS & STRATTON CORPORATION 277,650
42,300 COLUMBUS MCKINNON CORPORATION+ 947,097
109,700 CRAY INCORPORATED+ 1,512,763
79,800 DOT HILL SYSTEMS CORPORATION+ 291,270
216,400 ENTEGRIS INCORPORATED+ 2,315,480
45,000 FLANDER CORPORATION+ 326,250
10,500 GARDNER DENVER INCORPORATED+ 365,925
596,900 INFOCUS CORPORATION+ 1,671,320
297,055 INTERMEC INCORPORATED+ 6,636,209
9,300 KADANT INCORPORATED+ 235,848
12,800 KOMAG INCORPORATED+ 418,944
96,100 NN INCORPORATED 1,200,289
155,700 PALL CORPORATION 5,916,600
200 PLANAR SYSTEMS INCORPORATED+ 1,734
92,590 PROQUEST COMPANY+ 833,310
91,200 QUALSTAR CORPORATION+ 281,808
20,000 RACKABLE SYSTEMS INCORPORATED+ 339,400
22,900 RIMAGE CORPORATION+ 593,339
45,400 ROBBINS & MYERS INCORPORATED 1,692,966
27,200 SIMPLETECH INCORPORATED+ 191,488
400 TENNANT COMPANY 12,596
14,100 TIMKEN COMPANY 427,371
243,000 ULTRATECH INCORPORATED+ 3,307,230
30,131,792
-------------
195
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE AGENTS, BROKERS & SERVICE - 0.61%
325,300 CRAWFORD & COMPANY CLASS A $ 1,805,415
23,500 ONEBEACON INSURANCE GROUP LIMITED 587,500
2,392,915
-------------
INSURANCE CARRIERS - 5.89%
41,300 AFFIRMATIVE INSURANCE HOLDINGS INCORPORATED 714,490
81,500 AMCOMP INCORPORATED+ 787,290
87,500 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 1,148,875
44,000 AMERICAN SAFETY INSURANCE GROUP LIMITED+ 838,640
69,750 AMERISAFE INCORPORATED+ 1,314,788
24,145 ARGONAUT GROUP INCORPORATED+ 781,332
14,950 CASTLEPOINT HOLDINGS LIMITED 244,433
123,500 CONSECO INCORPORATED+ 2,136,550
87,300 CRM HOLDINGS LIMITED+ 759,510
77,500 DONEGAL GROUP INCORPORATED CLASS A 1,315,950
21,900 EMC INSURANCE GROUP INCORPORATED 565,020
199,200 FREMONT GENERAL CORPORATION 1,380,456
14,400 HARLEYSVILLE GROUP INCORPORATED 467,856
200,545 KMG AMERICA CORPORATION+ 928,523
72,600 MEADOWBROOK INSURANCE GROUP INCORPORATED+ 797,874
11,215 MERCURY GENERAL CORPORATION 594,844
74,365 NORTH POINTE HOLDINGS CORPORATION+ 899,073
12,440 NYMAGIC INCORPORATED 508,174
13,000 OHIO CASUALTY CORPORATION 389,350
67,000 PMA CAPITAL CORPORATION CLASS A+ 629,130
11,425 PRA INTERNATIONAL+ 246,323
75,900 PROCENTURY CORPORATION 1,760,880
34,800 SCOTTISH RE GROUP LIMITED+ 139,896
55,965 SEABRIGHT INSURANCE HOLDINGS+ 1,029,756
89,200 SPECIALTY UNDERWRITERS' ALLIANCE INCORPORATED+ 689,516
13,900 STANCORP FINANCIAL GROUP INCORPORATED 683,463
28,600 STATE AUTO FINANCIAL CORPORATION 918,918
12,300 TRIAD GUARANTY INCORPORATED+ 509,343
23,180,253
-------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.39%
33,967 GEO GROUP INCORPORATED+ 1,539,384
-------------
LEATHER & LEATHER PRODUCTS - 0.45%
91,200 BAKERS FOOTWEAR GROUP INCORPORATED+ 828,096
28,500 SHOE CARNIVAL INCORPORATED+ 949,050
1,777,146
-------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.53%
152,510 CHAMPION ENTERPRISES INCORPORATED+ 1,342,088
19,200 LOUISIANA-PACIFIC CORPORATION 385,152
10,935 SKYLINE CORPORATION+ 368,947
2,096,187
-------------
196
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.34%
202,644 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ $ 1,215,864
11,815 ARMOR HOLDINGS INCORPORATED+ 795,504
40,300 CANTEL INDUSTRIES+ 620,217
25,010 COHERENT INCORPORATED+ 793,817
108,180 CREDENCE SYSTEMS CORPORATION+ 358,076
24,500 DEL GLOBAL TECHNOLOGIES CORPORATION+ 50,225
7,200 DRS TECHNOLOGIES INCORPORATED 375,624
64,300 EDAP TMS SA ADR+ 416,021
92,800 HEALTHTRONICS INCORPORATED+ 500,192
43,600 INPUT OUTPUT INCORPORATED+ 600,808
62,600 MILLIPORE CORPORATION+ 4,536,622
253,600 NORTH AMERICAN SCIENTIFIC INCORPORATED+ 248,528
171,000 ORTHOLOGIC CORPORATION+ 266,760
228,000 PERKINELMER INCORPORATED 5,522,160
91,147 VITAL SIGNS INCORPORATED 4,737,821
21,038,239
-------------
METAL MINING - 4.34%
282,215 APEX SILVER MINES LIMITED+ 3,643,396
271,500 GAMMON LAKE RESOURCES INCORPORATED+ 4,797,405
200 GOLD FIELDS LIMITED ADR 3,696
24,985 GOLDCORP INCORPORATED 600,140
122,700 KINROSS GOLD CORPORATION+ 1,692,033
16,700 MERIDIAN GOLD INCORPORATED+ 426,351
213,900 MINEFINDERS CORPORATION LIMITED+ 2,547,549
61,490 NOVAGOLD RESOURCES INCORPORATED+ 1,042,256
97,625 RANDGOLD RESOURCES LIMITED ADR 2,334,214
17,087,040
-------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.22%
283,400 BIRCH MOUNTAIN RESOURCES LIMITED+ 847,366
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.14%
49,275 ACCO BRANDS CORPORATION+ 1,187,035
47,600 K2 INCORPORATED+ 575,484
134,500 LEAPFROG ENTERPRISES INCORPORATED+ 1,439,150
21,200 LYDALL INCORPORATED+ 336,868
10,300 RC2 CORPORATION+ 416,017
37,600 RUSS BERRIE & COMPANY INCORPORATED 530,160
4,484,714
-------------
MISCELLANEOUS RETAIL - 0.69%
54,100 AC MOORE ARTS & CRAFTS INCORPORATED+ 1,154,494
69,400 FINLAY ENTERPRISES INCORPORATED+ 403,214
34,700 PC MALL INCORPORATED+ 345,959
74,530 SHARPER IMAGE CORPORATION+ 823,557
2,727,224
-------------
197
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS SERVICES - 0.07%
17,000 BANKFINANCIAL CORPORATION $ 276,590
-------------
MOTION PICTURES - 0.10%
80,500 WPT ENTERPRISES INCORPORATED+ 413,770
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.04%
8,100 WERNER ENTERPRISES INCORPORATED 147,177
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.85%
17,843 ACCREDITED HOME LENDERS HOLDING COMPANY+ 165,405
21,900 ASTA FUNDING INCORPORATED 945,642
120,200 MCG CAPITAL CORPORATION 2,254,952
3,365,999
-------------
OIL & GAS EXTRACTION - 5.50%
5,400 ATWOOD OCEANICS INCORPORATED+ 316,926
53,600 BRIGHAM EXPLORATION COMPANY+ 333,392
9,400 CARRIZO OIL & GAS INCORPORATED+ 328,624
31,500 COMSTOCK RESOURCES INCORPORATED+ 862,470
28,620 FOREST OIL CORPORATION+ 955,049
242,990 GLOBAL INDUSTRIES LIMITED+ 4,444,287
32,990 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,230,197
43,900 HELMERICH & PAYNE INCORPORATED 1,331,926
69,565 KEY ENERGY SERVICES INCORPORATED+ 1,137,388
64,635 MCMORAN EXPLORATION COMPANY+ 886,146
314,055 NEWPARK RESOURCES INCORPORATED+ 2,214,088
21,770 OCEANEERING INTERNATIONAL INCORPORATED+ 916,952
11,320 PRIDE INTERNATIONAL INCORPORATED+ 340,732
41,285 RANGE RESOURCES CORPORATION 1,378,919
24,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 827,280
264,900 SYNTROLEUM CORPORATION+ 826,488
56,420 TRILOGY ENERGY TRUST 497,004
7,500 UNIT CORPORATION+ 379,425
28,800 WARREN RESOURCES INCORPORATED+ 375,264
91,135 WILLBROS GROUP INCORPORATED+ 2,054,183
21,636,740
-------------
PAPER & ALLIED PRODUCTS - 1.92%
106,500 BUCKEYE TECHNOLOGIES INCORPORATED+ 1,382,370
83,685 CHESAPEAKE CORPORATION 1,263,644
147,800 MEADWESTVACO CORPORATION 4,558,152
25,445 WAUSAU PAPER CORPORATION 365,390
7,569,556
-------------
PERSONAL SERVICES - 0.20%
19,600 REGIS CORPORATION 791,252
-------------
198
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES - 0.40%
20,275 INTEROIL CORPORATION+ $ 539,315
32,100 WD-40 COMPANY 1,017,891
1,557,206
-------------
PIPELINES, EXCEPT NATURAL GAS - 0.14%
10,000 ENBRIDGE ENERGY PARTNERS LP 558,900
-------------
PRIMARY METAL INDUSTRIES - 0.64%
14,700 MUELLER INDUSTRIES INCORPORATED 442,470
39,900 NORTHWEST PIPE COMPANY+ 1,589,217
11,200 NOVAMERICAN STEEL INCORPORATED+ 495,264
2,526,951
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 2.36%
27,400 AMERICAN GREETINGS CORPORATION CLASS A 635,954
41,300 ENNIS INCORPORATED 1,105,188
79,690 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 1,044,736
20,165 MCCLATCHY COMPANY CLASS A 637,416
458,200 PLAYBOY ENTERPRISES INCORPORATED CLASS B+ 4,714,878
52,400 PRESSTEK INCORPORATED+ 317,020
11,560 R.H. DONNELLEY CORPORATION+ 819,488
9,274,680
-------------
REAL ESTATE - 0.13%
33,100 THOMAS PROPERTIES GROUP INCORPORATED 513,712
-------------
REAL ESTATE INVESTMENT TRUST (REIT) - 0.30%
55,300 LEXINGTON CORPORATE PROPERTIES TRUST 1,168,489
-------------
RETAIL, TRADE & SERVICES - 0.37%
61,500 STRIDE RITE CORPORATION 946,485
92,000 TRANSPORT WORLD MUSIC CORPORATION+ 522,560
1,469,045
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.36%
159,760 INTERTAPE POLYMER GROUP INCORPORATED+ 658,211
31,100 TUPPERWARE CORPORATION 775,323
1,433,534
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.27%
62,470 MARKETAXESS HOLDINGS INCORPORATED+ 1,045,748
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.59%
96,520 GENTEX CORPORATION 1,568,450
95,085 US CONCRETE INCORPORATED+ 743,565
2,312,015
-------------
199
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.37%
76,405 AIRTRAN HOLDINGS INCORPORATED+ $ 784,679
50,285 JETBLUE AIRWAYS CORPORATION+ 578,780
3,300 PHI INCORPORATED+ 86,724
1,450,183
-------------
TRANSPORTATION EQUIPMENT - 1.88%
40,600 AFTERMARKET TECHNOLOGY CORPORATION+ 985,768
25,600 ARCTIC CAT INCORPORATED 498,944
221,090 EXIDE TECHNOLOGIES+ 1,923,483
152,785 FLEETWOOD ENTERPRISES INCORPORATED+ 1,208,529
4,500 K & F INDUSTRIES HOLDINGS INCORPORATED+ 121,185
26,500 MONACO COACH CORPORATION 422,145
53,300 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,697,605
15,400 WABTEC CORPORATION 531,146
7,388,805
-------------
TRANSPORTATION SERVICES - 0.42%
45,900 DYNAMEX INCORPORATED+ 1,167,696
10,400 GATX CORPORATION 497,120
1,664,816
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.12%
113,100 BIOSCRIP INCORPORATED+ 354,003
43,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 1,103,810
27,400 SCHOOL SPECIALTY INCORPORATED+ 989,414
186,350 SOURCE INTERLINK COMPANIES INCORPORATED+ 1,250,409
11,700 UNITED STATIONERS INCORPORATED+ 701,064
4,398,700
-------------
WHOLESALE TRADE-DURABLE GOODS - 2.17%
104,331 DELIAS INCORPORATED+ 957,759
67,500 INTERLINE BRANDS INCORPORATED+ 1,479,600
47,200 KAMAN CORPORATION CLASS A 1,100,232
66,600 KEYSTONE AUTOMOTIVE INDUSTRIES INCORPORATED+ 2,244,420
45,900 LENOX GROUP INCORPORATED+ 302,022
21,800 LKQ CORPORATION+ 476,548
91,000 MICROTECK MEDICAL HOLDING INCORPORATED+ 433,160
78,900 NAVARRE CORPORATION+ 295,875
5,600 OWENS & MINOR INCORPORATED 205,688
81,700 POMEROY IT SOLUTIONS INCORPORATED+ 736,934
30,400 WILLIS LEASE FINANCE CORPORATION+ 306,128
8,538,366
-------------
TOTAL COMMON STOCKS (COST $356,471,572) 380,616,080
-------------
200
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RIGHTS - 0.00%
24,500 DEL GLOBAL TECHNOLOGIES CORPORATION+ $ 4,900
TOTAL RIGHTS (COST $27,063) 4,900
-------------
WARRANTS - 0.17%
170,570 HILL INTERNATIONAL INCORPORATED+ 399,134
519,855 OAKMONT ACQUISITION CORPORATION+ 259,928
TOTAL WARRANTS (COST $592,597) 659,062
-------------
PREFERRED STOCKS - 0.06%
8,900 ANWORTH MORTGAGE 232,732
TOTAL PREFERRED STOCKS (COST $223,725) 232,732
-------------
SHORT-TERM INVESTMENTS - 2.22%
8,725,469 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 8,725,469
TOTAL SHORT-TERM INVESTMENTS (COST $8,725,469) 8,725,469
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $366,040,426)* 99.15% $ 390,238,243
OTHER ASSETS AND LIABILITIES, NET 0.85 3,343,380
------ -------------
TOTAL NET ASSETS 100.00% $ 393,581,623
====== =============
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $8,725,469.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
201
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE DISCIPLINED EMERGING EQUITY
CAP VALUE GROWTH GROWTH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................. $ 1,091,188,435 $ 180,461,796 $ 44,646,659 $ 799,523,739
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .................. 93,392,192 15,719,397 15,599,113 101,576,156
INVESTMENTS IN AFFILIATES .................................. 117,775,852 6,637,065 0 7,754,418
-----------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ............ 1,302,356,479 202,818,258 60,245,772 908,854,313
-----------------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ................................. 0 0 0 0
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ........... 0 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ............................ 0 0 983,143 32,389,750
RECEIVABLES FOR DIVIDENDS AND INTEREST ..................... 2,230,125 188,505 7,343 923,666
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY
CONTRACTS ............................................... 0 0 0 0
PREPAID EXPENSES AND OTHER ASSETS .......................... 0 0 0 0
-----------------------------------------------------------------
TOTAL ASSETS .................................................. 1,304,586,604 203,006,763 61,236,258 942,167,729
-----------------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ........................ 0 0 84,739 0
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS .... 0 0 0 0
FOREIGN TAXES PAYABLE ...................................... 390 0 0 0
PAYABLE FOR INVESTMENTS PURCHASED .......................... 24,725,864 3,706,786 812,116 27,596,677
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...... 628,992 124,054 35,739 380,832
PAYABLE FOR SECURITIES LOANED (NOTE 2) ..................... 93,392,192 15,719,397 15,599,113 101,576,156
ACCRUED EXPENSES AND OTHER LIABILITIES ..................... 14,005 27,267 8,299 43,881
-----------------------------------------------------------------
TOTAL LIABILITIES ............................................. 118,761,443 19,577,504 16,540,006 129,597,546
=================================================================
TOTAL NET ASSETS .............................................. $ 1,185,825,161 $ 183,429,259 $ 44,696,252 $ 812,570,183
=================================================================
INVESTMENTS AT COST ........................................... $ 1,224,811,205 $ 180,169,105 $ 57,891,496 $ 685,022,789
=================================================================
FOREIGN CURRENCIES AT COST .................................... $ 0 $ 0 $ 0 $ 0
=================================================================
SECURITIES ON LOAN, AT MARKET VALUE ........................... $ 90,449,954 $ 15,292,416 $ 15,143,175 $ 98,001,119
=================================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
202
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INTERNATIONAL INTERNATIONAL
VALUE INDEX CORE GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................. $ 584,060,870 $ 2,676,587,913 $ 158,292,177 $ 299,416,868
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .................. 32,858,543 416,186,909 5,336,062 16,952,435
INVESTMENTS IN AFFILIATES .................................. 9,876,985 50,072,623 0 0
-----------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ............ 626,796,398 3,142,847,445 163,628,239 316,369,303
-----------------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ................................. 0 0 0 97
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ........... 0 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ............................ 4,687,283 59,285 6,098,387 11,323,111
RECEIVABLES FOR DIVIDENDS AND INTEREST ..................... 690,493 3,348,146 1,092,857 1,068,375
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY
CONTRACTS ............................................... 0 0 0 0
PREPAID EXPENSES AND OTHER ASSETS .......................... 0 0 442 4,851
-----------------------------------------------------------------
TOTAL ASSETS .................................................. 632,174,174 3,146,254,876 170,819,925 328,765,737
-----------------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ........................ 0 0 4,184,367 1,146,304
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS .... 0 5,100 0 0
FOREIGN TAXES PAYABLE ...................................... 0 0 11,974 0
PAYABLE FOR INVESTMENTS PURCHASED .......................... 9,583,111 3,502,642 1,654,020 2,351,173
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...... 339,186 212,869 146,652 268,586
PAYABLE FOR SECURITIES LOANED (NOTE 2) ..................... 32,858,543 416,186,909 5,336,062 16,952,435
ACCRUED EXPENSES AND OTHER LIABILITIES ..................... 34,281 42,527 0 1,032
-----------------------------------------------------------------
TOTAL LIABILITIES ............................................. 42,815,121 419,950,047 11,333,075 20,719,530
=================================================================
TOTAL NET ASSETS .............................................. $ 589,359,053 $ 2,726,304,829 $ 159,486,850 $ 308,046,207
=================================================================
INVESTMENTS AT COST ........................................... $ 554,027,713 $ 2,505,566,510 $ 129,146,722 $ 250,579,390
=================================================================
FOREIGN CURRENCIES AT COST .................................... $ 0 $ 0 $ 0 $ 100
=================================================================
SECURITIES ON LOAN, AT MARKET VALUE ........................... $ 31,878,159 $ 401,928,899 $ 5,120,332 $ 16,125,788
=================================================================
INTERNATIONAL INTERNATIONAL LARGE CAP LARGE COMPANY
INDEX VALUE APPRECIATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................. $ 156,154,463 $ 354,282,457 $ 160,585,453 $ 2,668,652,136
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .................. 7,971,550 17,698,422 11,066,341 347,271,247
INVESTMENTS IN AFFILIATES .................................. 0 4,203,521 4,852,808 20,693,392
-----------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ............ 164,126,013 376,184,400 176,504,602 3,036,616,775
-----------------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ................................. 725,791 9,415,521 0 0
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ........... 386,685 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ............................ 7,185,783 82,042 676,043 22,609,751
RECEIVABLES FOR DIVIDENDS AND INTEREST ..................... 786,815 2,168,606 120,626 1,001,736
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY
CONTRACTS ............................................... 5,230 0 0 0
PREPAID EXPENSES AND OTHER ASSETS .......................... 0 0 0 0
-----------------------------------------------------------------
TOTAL ASSETS .................................................. 173,216,317 387,850,569 177,301,271 3,060,228,262
-----------------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ........................ 5,656,794 0 0 0
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS .... 0 0 0 0
FOREIGN TAXES PAYABLE ...................................... 0 0 423 0
PAYABLE FOR INVESTMENTS PURCHASED .......................... 32,466 229,816 0 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...... 62,614 322,266 97,783 1,582,118
PAYABLE FOR SECURITIES LOANED (NOTE 2) ..................... 7,971,550 17,698,422 11,066,341 347,271,247
ACCRUED EXPENSES AND OTHER LIABILITIES ..................... 67,657 38,148 60,482 300,314
-----------------------------------------------------------------
TOTAL LIABILITIES ............................................. 13,791,081 18,288,652 11,225,029 349,153,679
=================================================================
TOTAL NET ASSETS .............................................. $ 159,425,236 $ 369,561,917 $ 166,076,242 $ 2,711,074,583
=================================================================
INVESTMENTS AT COST ........................................... $ 110,253,430 $ 289,140,631 $ 161,404,883 $ 2,416,884,019
=================================================================
FOREIGN CURRENCIES AT COST .................................... $ 716,028 $ 9,291,904 $ 0 $ 0
=================================================================
SECURITIES ON LOAN, AT MARKET VALUE ........................... $ 7,559,544 $ 16,786,462 $ 10,769,367 $ 336,070,411
=================================================================
203
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC
SMALL CAP SMALL COMPANY SMALL COMPANY SMALL CAP
INDEX GROWTH VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................... $ 432,156,119 $ 902,778,327 $ 486,263,261 $ 381,512,774
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .................... 110,396,932 75,618,119 141,089,329 0
INVESTMENTS IN AFFILIATES .................................... 4,074,814 18,331,267 10,600,495 8,725,469
---------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .............. 546,627,865 996,727,713 637,953,085 390,238,243
---------------------------------------------------------------
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ............. 22,200 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD .............................. 3,143,755 10,099,078 1,736,085 5,396,368
RECEIVABLES FOR DIVIDENDS AND INTEREST ....................... 367,664 326,430 489,332 384,827
---------------------------------------------------------------
TOTAL ASSETS .................................................... 550,161,484 1,007,153,221 640,178,502 396,019,438
---------------------------------------------------------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ............................ 2,062,698 14,702,734 2,216,114 2,115,638
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........ 60,985 704,593 387,515 317,812
PAYABLE FOR SECURITIES LOANED (NOTE 2) ....................... 110,396,932 75,618,119 141,089,329 0
ACCRUED EXPENSES AND OTHER LIABILITIES ....................... 21,823 33,106 24,264 4,365
---------------------------------------------------------------
TOTAL LIABILITIES ............................................... 112,542,438 91,058,552 143,717,222 2,437,815
---------------------------------------------------------------
TOTAL NET ASSETS ................................................ $ 437,619,046 $ 916,094,669 $ 496,461,280 $ 393,581,623
===============================================================
INVESTMENTS AT COST ............................................. $ 435,019,959 $ 937,359,226 $ 589,165,101 $ 366,040,426
===============================================================
SECURITIES ON LOAN, AT MARKET VALUE ............................. $ 106,513,181 $ 71,636,784 $ 136,005,948 $ 0
===============================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
204
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE DISCIPLINED EMERGING EQUITY
CAP VALUE GROWTH GROWTH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO(2) PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ...................................................... $ 8,374,277 $ 811,512 $ 5,141 $ 11,382,219
INTEREST .......................................................... 214 0 0 3,972
INCOME FROM AFFILIATED SECURITIES ................................. 1,695,481 116,022 43,724 178,253
SECURITIES LENDING INCOME, NET .................................... 42,945 4,836 7,210 25,635
-----------------------------------------------------------
TOTAL INVESTMENT INCOME .............................................. 10,112,917 932,370 56,075 11,590,079
-----------------------------------------------------------
EXPENSES
ADVISORY FEES ..................................................... 3,441,520 714,553 67,628 3,402,318
CUSTODY FEES ...................................................... 94,888 19,055 1,503 93,666
ACCOUNTING FEES ................................................... 0 0 0 0
PROFESSIONAL FEES ................................................. 12,579 10,683 4,487 15,856
SHAREHOLDER REPORTS ............................................... 0 0 1,671 0
TRUSTEES' FEES .................................................... 3,137 3,283 1,437 1,904
OTHER FEES AND EXPENSES ........................................... 10,389 2,358 918 13,743
-----------------------------------------------------------
TOTAL EXPENSES ....................................................... 3,562,513 749,932 77,644 3,527,487
-----------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ...................... (340,841) (537) (5,339) (767,684)
NET EXPENSES ...................................................... 3,221,672 749,395 72,305 2,759,803
-----------------------------------------------------------
NET INVESTMENT INCOME (LOSS) ......................................... 6,891,245 182,975 (16,230) 8,830,276
-----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ... 37,193,983 14,969,611 (1,346,048) 103,785,551
FORWARD FOREIGN CURRENCY CONTRACTS ................................ 0 0 0 0
FUTURES TRANSACTIONS .............................................. 0 0 0 0
-----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................ 37,193,983 14,969,611 (1,346,048) 103,785,551
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ... 10,573,007 (2,728,749) 2,354,276 (39,140,605)
FORWARD FOREIGN CURRENCY CONTRACTS ................................ 0 0 0 0
FUTURES TRANSACTIONS .............................................. 0 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .......... 0 0 0 3,048,704
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .. 10,573,007 (2,728,749) 2,354,276 (36,091,901)
-----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............... 47,766,990 12,240,862 1,008,228 67,693,650
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ...... $ 54,658,235 $ 12,423,837 $ 991,998 $ 76,523,926
===========================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ........................... $ 0 $ 0 $ 0 $ 0
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
206
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INTERNATIONAL INTERNATIONAL
VALUE INDEX CORE GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ..................................................... $ 5,273,402 $ 26,681,824 $ 1,246,900 $ 1,763,152
INTEREST ......................................................... 0 31,453 0 0
INCOME FROM AFFILIATED SECURITIES ................................ 264,744 516,222 49,445 178,119
SECURITIES LENDING INCOME, NET ................................... 39,209 162,544 18,666 24,265
-------------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................. 5,577,355 27,392,043 1,315,011 1,965,536
-------------------------------------------------------------
EXPENSES
ADVISORY FEES .................................................... 2,022,926 1,145,503 782,835 1,456,942
CUSTODY FEES ..................................................... 54,239 272,226 82,404 153,362
ACCOUNTING FEES .................................................. 0 0 10,776 3,039
PROFESSIONAL FEES ................................................ 13,425 21,431 7,878 1,979
SHAREHOLDER REPORTS .............................................. 0 0 0 358
TRUSTEES' FEES ................................................... 3,334 3,559 4,553 3,620
OTHER FEES AND EXPENSES .......................................... 5,668 28,281 3,019 707
-------------------------------------------------------------
TOTAL EXPENSES ...................................................... 2,099,592 1,471,000 891,465 1,620,007
-------------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ..................... (253,699) (266,551) (4,702) (60,378)
NET EXPENSES ..................................................... 1,845,893 1,204,449 886,763 1,559,629
-------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) ........................................ 3,731,462 26,187,594 428,248 405,907
-------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .. 29,315,347 49,316,947 13,487,648 23,754,540
FORWARD FOREIGN CURRENCY CONTRACTS ............................... 0 0 0 0
FUTURES TRANSACTIONS ............................................. 0 (110,281) 0 0
------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ........................... 29,315,347 49,206,666 13,487,648 23,754,540
-------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .. 22,981,880 112,618,629 5,610,082 19,945,680
FORWARD FOREIGN CURRENCY CONTRACTS ............................... 0 0 (3,933) (3,277)
FUTURES TRANSACTIONS ............................................. 0 200,575 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ......... 0 0 0 0
-------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ...................................................... 22,981,880 112,819,204 5,606,149 19,942,403
-------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .............. 52,297,227 162,025,870 19,093,797 43,696,943
-------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ..... $ 56,028,689 $ 188,213,464 $ 19,522,045 $ 44,102,850
=============================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .......................... $ 4,248 $ 0 $ 81,626 $ 192,345
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
INTERNATIONAL INTERNATIONAL LARGE CAP LARGE COMPANY
INDEX VALUE APPRECIATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ..................................................... $ 1,505,038 $ 3,557,959 $ 1,039,344 $ 11,924,876
INTEREST ......................................................... 7,222 13,793 0 0
INCOME FROM AFFILIATED SECURITIES ................................ 25,806 284,985 124,529 936,803
SECURITIES LENDING INCOME, NET ................................... 20,589 42,647 5,865 81,480
-------------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................. 1,558,655 3,899,384 1,169,738 12,943,159
-------------------------------------------------------------
EXPENSES
ADVISORY FEES .................................................... 288,803 1,603,158 593,356 10,155,736
CUSTODY FEES ..................................................... 82,515 168,753 16,953 301,225
ACCOUNTING FEES .................................................. 3,593 13,712 0 0
PROFESSIONAL FEES ................................................ 15,862 10,346 9,108 19,389
SHAREHOLDER REPORTS .............................................. 1,167 2,698 0 238,000
TRUSTEES' FEES ................................................... 4,485 4,481 3,197 1,806
OTHER FEES AND EXPENSES .......................................... 4,010 2,783 2,817 35,652
-------------------------------------------------------------
TOTAL EXPENSES ...................................................... 400,435 1,805,931 625,431 10,751,808
-------------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ..................... (5,322) (24,737) (37,500) (627,037)
NET EXPENSES ..................................................... 395,113 1,781,194 587,931 10,124,771
-------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) ........................................ 1,163,542 2,118,190 581,807 2,818,388
-------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .. 8,168,110 8,493,190 6,342,079 133,242,937
FORWARD FOREIGN CURRENCY CONTRACTS ............................... 32,255 0 0 0
FUTURES TRANSACTIONS ............................................. 101,438 0 0 0
-------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ........................... 8,301,803 8,493,190 6,342,079 133,242,937
-------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .. 13,246,191 41,673,380 4,437,705 32,152,936
FORWARD FOREIGN CURRENCY CONTRACTS ............................... 9,219 0 0 0
FUTURES TRANSACTIONS ............................................. 80,867 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ......... 0 0 0 0
-------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
INVESTMENTS ...................................................... 13,336,277 41,673,380 4,437,705 32,152,936
-------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .............. 21,638,080 50,166,570 10,779,784 165,395,873
-------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ..... $ 22,801,622 $ 52,284,760 $ 11,361,591 $ 168,214,261
=============================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF .......................... $ 97,632 $ 174,249 $ 0 $ 0
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
207
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP SMALL COMPANY SMALL COMPANY STRATEGIC
INDEX GROWTH VALUE SMALL CAP
PORTFOLIO PORTFOLIO PORTFOLIO VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) .................................................. $ 1,934,796 $ 1,513,319 $ 2,660,292 $ 1,627,246
INTEREST ...................................................... 6,412 0 0 541
INCOME FROM AFFILIATED SECURITIES ............................. 124,920 581,001 264,718 410,979
SECURITIES LENDING INCOME, NET ................................ 182,617 59,584 162,488 0
---------------------------------------------------------------
TOTAL INVESTMENT INCOME .......................................... 2,248,745 2,153,904 3,087,498 2,038,766
---------------------------------------------------------------
EXPENSES
ADVISORY FEES ................................................. 423,769 4,116,992 2,176,260 1,716,762
CUSTODY FEES .................................................. 42,377 93,937 48,367 38,150
ACCOUNTING FEES ............................................... 0 0 0 1,644
PROFESSIONAL FEES ............................................. 13,777 15,014 11,345 10,252
REGISTRATION FEES ............................................. 0 0 0 27
SHAREHOLDER REPORTS ........................................... 0 0 0 1,402
TRUSTEES' FEES ................................................ 2,936 1,928 2,893 4,370
OTHER FEES AND EXPENSES ....................................... 4,282 11,118 4,467 3,569
---------------------------------------------------------------
TOTAL EXPENSES ................................................... 487,141 4,238,989 2,243,332 1,776,176
---------------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .................. (41,280) (5,764) (22,202) (18,504)
NET EXPENSES .................................................. 445,861 4,233,225 2,221,130 1,757,672
---------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) ..................................... 1,802,884 (2,079,321) 866,368 281,094
---------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY
TRANSLATION ................................................ 22,822,589 61,968,038 26,997,210 14,368,826
FUTURES TRANSACTIONS .......................................... (131,278) 0 0 0
---------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ........................ 22,691,311 61,968,038 26,997,210 14,368,826
---------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY
TRANSLATION ................................................ 19,586,227 19,801,504 18,859,861 25,210,750
FUTURES TRANSACTIONS .......................................... 132,578 0 0 0
---------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ................................................ 19,718,805 19,801,504 18,859,861 25,210,750
---------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ........... 42,410,116 81,769,542 45,857,071 39,579,576
---------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .. $ 44,213,000 $ 79,690,221 $ 46,723,439 $ 39,860,670
===============================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ....................... $ 396 $ 0 $ 0 $ 6,398
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
208
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO DISCIPLINED GROWTH PORTFOLIO
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ........................... $ 841,546,047 $ 774,696,069 $ 187,057,301 $ 184,902,166
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ................... 6,891,245 14,179,146 182,975 216,903
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........ 37,193,983 36,879,416 14,969,611 6,997,204
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................ 10,573,007 67,028,509 (2,728,749) (4,599,455)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ................................ 54,658,235 118,087,071 12,423,837 2,614,652
-----------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS .................................. 355,996,454 56,382,255 2,615,322 10,644,735
WITHDRAWALS .................................... (66,375,575) (107,619,350) (18,667,201) (11,104,252)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ................ 289,620,879 (51,237,095) (16,051,879) (459,517)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ............. 344,279,114 66,849,976 (3,628,042) 2,155,135
=============================================================================
ENDING NET ASSETS ................................. $ 1,185,825,161 $ 841,546,045 $ 183,429,259 $ 187,057,301
=============================================================================
(1) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
210
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING
GROWTH
PORTFOLIO(1) EQUITY INCOME PORTFOLIO
-------------- --------------------------------------
FOR THE FOR THE
PERIOD ENDED SIX MONTHS ENDED FOR THE
MARCH 31, 2007 MARCH 31, 2007 YEAR ENDED
(UNAUDITED) (UNAUDITED) SEPTEMBER 30, 2006
- ---------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ........................... $ 0 $ 1,015,722,285 $ 1,273,196,285
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ................... (16,230) 8,830,276 19,887,451
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........ (1,346,048) 103,785,551 123,786,012
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................ 2,354,276 (36,091,901) (31,413,024)
-------------------------------------------------------
NET INCREASE (DECREASE ) IN NET ASSETS RESULTING
FROM OPERATIONS ................................ 991,998 76,523,926 112,260,439
-------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS .................................. 46,176,674 12,783,773 34,802,222
WITHDRAWALS .................................... (2,472,420) (292,459,801) (404,536,661)
-------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ................ 43,704,254 (279,676,028) (369,734,439)
-------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ............. 44,696,252 (203,152,102) (257,474,000)
=======================================================
ENDING NET ASSETS ................................. $ 44,696,252 $ 812,570,183 $ 1,015,722,285
=======================================================
EQUITY VALUE PORTFOLIO INDEX PORTFOLIO
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ........................... $ 490,515,385 $ 438,219,988 $ 2,548,093,616 $ 2,151,037,408
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ................... 3,731,462 5,440,295 26,187,594 43,311,188
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........ 29,315,347 27,936,911 49,206,666 73,306,134
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................ 22,981,880 14,109,152 112,819,204 122,263,467
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ................................ 56,028,689 47,486,358 188,213,464 238,880,789
-----------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS .................................. 81,402,732 63,991,943 171,426,315 501,457,635
WITHDRAWALS .................................... (38,587,753) (59,182,904) (181,428,566) (343,282,216)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ................ 42,814,979 4,809,039 (10,002,251) 158,175,419
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ............. 98,843,668 52,295,397 178,211,213 397,056,208
=============================================================================
ENDING NET ASSETS ................................. $ 589,359,053 $ 490,515,385 $ 2,726,304,829 $ 2,548,093,616
=============================================================================
211
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- -------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ...................... $ 161,638,942 $ 160,473,368 $ 301,162,819 $ 251,828,302
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .............. 428,248 3,202,167 405,907 2,355,509
NET REALIZED GAIN (LOSS) ON INVESTMENTS ... 13,487,648 12,330,457 23,754,540 27,546,438
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ........... 5,606,149 7,217,415 19,942,403 19,723,089
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 19,522,045 22,750,039 44,102,850 49,625,036
------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ............................. 3,217,118 9,573,177 33,228,492 44,376,075
WITHDRAWALS ............................... (24,891,255) (31,157,642) (70,447,954) (44,666,594)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ........... (21,674,137) (21,584,465) (37,219,462) (290,519)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ........ (2,152,092) 1,165,574 6,883,388 49,334,517
==============================================================================
ENDING NET ASSETS ............................ $ 159,486,850 $ 161,638,942 $ 308,046,207 $ 301,162,819
==============================================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
212
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO INTERNATIONAL VALUE PORTFOLIO
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- -------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ...................... $ 161,960,014 $ 161,372,219 $ 303,207,650 $ 162,175,581
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .............. 1,163,542 4,192,841 2,118,190 4,152,778
NET REALIZED GAIN (LOSS) ON INVESTMENTS ... 8,301,803 9,015,257 8,493,190 20,144,518
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ........... 13,336,277 16,305,976 41,673,380 7,633,526
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 22,801,622 29,514,074 52,284,760 31,930,822
------------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ............................. 2,691,456 7,996,182 45,858,777 146,254,390
WITHDRAWALS ............................... (28,027,856) (36,922,461) (31,789,270) (37,153,143)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ........... (25,336,400) (28,926,279) 14,069,507 109,101,247
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ........ (2,534,778) 587,795 66,354,267 141,032,069
==============================================================================
ENDING NET ASSETS ............................ $ 159,425,236 $ 161,960,014 $ 369,561,917 $ 303,207,650
==============================================================================
LARGE CAP APPRECIATION PORTFOLIO
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ...................... $ 170,740,349 $ 132,789,757
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .............. 581,807 918,625
NET REALIZED GAIN (LOSS) ON INVESTMENTS ... 6,342,079 15,327,327
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ........... 4,437,705 (10,204,382)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................. 11,361,591 6,041,570
--------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ............................. 4,310,498 46,259,962
WITHDRAWALS ............................... (20,336,196) (14,350,940)
--------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS ........... (16,025,698) 31,909,022
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ........ (4,664,107) 37,950,592
======================================
ENDING NET ASSETS ............................ $ 166,076,242 $ 170,740,349
======================================
213
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO SMALL CAP INDEX PORTFOLIO
------------------------------------- -------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 3,092,485,051 $ 3,563,533,543 $ 396,054,239 $ 359,172,109
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 2,818,388 4,683,732 1,802,884 3,641,023
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 133,242,937 69,056,359 22,691,311 28,835,980
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 32,152,936 (13,237,773) 19,718,805 (6,775,651)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 168,214,261 60,502,318 44,213,000 25,701,352
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 36,691,858 146,833,445 43,590,039 56,571,421
WITHDRAWALS ........................................ (586,316,587) (678,384,255) (46,238,232) (45,390,643)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (549,624,729) (531,550,810) (2,648,193) 11,180,778
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (381,410,468) (471,048,492) 41,564,807 36,882,130
===========================================================================
ENDING NET ASSETS ..................................... $ 2,711,074,583 $ 3,092,485,051 $ 437,619,046 $ 396,054,239
===========================================================================
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2006.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
214
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO
------------------------------------- -------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 927,550,765 $ 889,007,735 $ 456,421,037 $ 620,229,304
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... (2,079,321) (3,086,201) 866,368 3,682,087
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 61,968,038 122,082,548 26,997,210 89,362,303
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 19,801,504 (55,941,786) 18,859,861 (44,240,821)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 79,690,221 63,054,561 46,723,439 48,803,569
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 50,889,556 111,424,354 25,354,099 193,013,661
WITHDRAWALS ........................................ (142,035,873) (135,935,885) (32,037,295) (405,625,497)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (91,146,317) (24,511,531) (6,683,196) (212,611,836)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (11,456,096) 38,543,030 40,040,243 (163,808,267)
===========================================================================
ENDING NET ASSETS ..................................... $ 916,094,669 $ 927,550,765 $ 496,461,280 $ 456,421,037
===========================================================================
STRATEGIC SMALL CAP VALUE PORTFOLIO(2)
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 PERIOD ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ......................................... $ 359,375,258 $ 0
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ................................. 281,094 1,364,265
NET REALIZED GAIN (LOSS) ON INVESTMENTS ...................... 14,368,826 3,250,792
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ............................................ 25,210,750 (1,012,915)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ................................................... 39,860,670 3,602,142
---------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ................................................ 40,625,176 380,740,890
WITHDRAWALS .................................................. (46,279,481) (24,967,774)
---------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .............................. (5,654,305) 355,773,116
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ........................... 34,206,365 359,375,258
=======================================
ENDING NET ASSETS ............................................... $ 393,581,623 $ 359,375,258
=======================================
215
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ PORTFOLIO
NET INVESTMENT GROSS EXPENSES NET TOTAL TURNOVER
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) RATE
- -----------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.46% 0.75% (0.07)% 0.68% 6.52% 14%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.77% 0.76% (0.10)% 0.66% 15.30% 29%
DECEMBER 6, 2004(3) TO SEPTEMBER 30, 2005 ........... 0.98% 0.77% (0.06)% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.19% 0.79% 0.00% 0.79% 6.74% 48%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.12% 0.79% (0.01)% 0.78% 1.41% 90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.44% 0.79% (0.01)% 0.78% 11.76% 45%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.28% 0.80% (0.26)% 0.54% 9.88% 87%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.28% 0.88% (0.15)% 0.73% 25.65% 117%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.27% 0.91% (0.18)% 0.73% (12.57)% 156%
EMERGING GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
JANUARY 31, 2007(3) TO MARCH 31, 2007 (UNAUDITED) ... (0.07)% 1.03% (0.07)% 0.96% 2.20% 38%
EQUITY INCOME PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.88% 0.75% (0.16)% 0.59% 7.87% 6%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.84% 0.75% (0.05)% 0.70% 11.21% 7%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 2.04% 0.73% (0.13)% 0.60% 13.30% 20%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.86% 0.77% (0.21)% 0.56% 17.04% 11%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 2.01% 0.78% (0.11)% 0.67% 20.66% 9%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 1.61% 0.78% (0.10)% 0.68% (19.49)% 12%
EQUITY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.38% 0.77% (0.09)% 0.68% 11.10% 60%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.18% 0.78% (0.01)% 0.77% 10.73% 107%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 1.22% 0.78% (0.02)% 0.76% 21.61% 145%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.25% 0.80% (0.18)% 0.62% 17.82% 122%
AUGUST 29, 2003(3) TO SEPTEMBER 30, 2003 ............ 0.64% 0.86% (0.32)% 0.54% (1.80)% 3%
INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.92% 0.11% (0.02)% 0.09% 7.32% 6%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.86% 0.11% 0.00% 0.11% 10.70% 9%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 2.08% 0.12% (0.08)% 0.04% 12.23% 8%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.71% 0.17% (0.14)% 0.03% 13.87% 2%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 1.70% 0.18% (0.05)% 0.13% 24.42% 3%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 1.40% 0.18% (0.05)% 0.13% (20.52)% 4%
INTERNATIONAL CORE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.52% 1.09% (0.01)% 1.08% 12.53% 35%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.99% 1.09% (0.06)% 1.03% 14.58% 39%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 1.51% 1.09% (0.01)% 1.08% 18.69% 108%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.86% 1.11% (0.15)% 0.96% 13.84% 33%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.81% 1.12% (0.03)% 1.09% 18.39% 75%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.54% 1.26% (0.02)% 1.24% (19.04)% 38%
INTERNATIONAL GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.26% 1.06% (0.04)% 1.02% 15.06% 36%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.87% 1.07% (0.09)% 0.98% 19.95% 62%
OCTOBER 6, 2004(3) TO SEPTEMBER 30, 2005 ............ 1.02% 1.08% (0.02)% 1.06% 22.30% 67%
INTERNATIONAL INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.41% 0.49% (0.01)% 0.48% 14.77% 1%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 2.59% 0.49% (0.12)% 0.37% 19.44% 7%
OCTOBER 6, 2004(3) TO SEPTEMBER 30, 2005 ............ 2.41% 0.49% (0.03)% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.26% 1.07% (0.01)% 1.06% 16.86% 7%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 2.34% 1.09% 0.00% 1.09% 19.32% 31%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 2.21% 1.11% (0.01)% 1.10% 25.92% 14%
OCTOBER 31, 2003(3) TO SEPTEMBER 30, 2004 ........... 2.61% 1.02% (0.18)% 0.84% 20.00% 24%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
216
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ PORTFOLIO
NET INVESTMENT GROSS EXPENSES NET TOTAL TURNOVER
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) RATE
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... 0.69% 0.73% (0.04)% 0.69% 6.91% 85%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ 0.65% 0.75% (0.03)% 0.72% 3.34% 155%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ 0.83% 0.74% 0.00% 0.74% 20.02% 133%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ 0.50% 0.76% (0.14)% 0.62% 10.56% 149%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ 0.29% 0.81% (0.09)% 0.72% 18.50% 153%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ 0.37% 0.88% (0.16)% 0.72% (20.04)% 123%
LARGE COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... 0.19% 0.71% (0.04)% 0.67% 5.22% 4%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ 0.14% 0.70% (0.09)% 0.61% 1.41% 6%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ 0.69% 0.69% (0.01)% 0.68% 11.03% 18%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ (0.09)% 0.76% (0.08)% 0.68% 2.96% 14%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ (0.24)% 0.78% (0.02)% 0.76% 27.90% 13%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ (0.34)% 0.78% 0.00% 0.78% (22.32)% 18%
SMALL CAP INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... 0.85% 0.23% (0.02)% 0.21% 11.16% 15%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ 0.95% 0.24% (0.01)% 0.23% 6.89% 20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ 1.00% 0.23% (0.05)% 0.18% 21.03% 14%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ 0.93% 0.28% (0.19)% 0.09% 23.97% 17%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ 0.74% 0.31% (0.02)% 0.29% 27.79% 11%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ 0.57% 0.33% (0.01)% 0.32% (2.60)% 17%
SMALL COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... (0.44)% 0.90% 0.00% 0.90% 8.81% 72%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ (0.33)% 0.91% (0.01)% 0.90% 7.02% 125%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ (0.45)% 0.91% 0.00% 0.91% 16.51% 142%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ (0.63)% 0.93% (0.07)% 0.86% 12.70% 145%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ (0.35)% 0.94% (0.02)% 0.92% 37.90% 163%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ (0.40)% 0.94% 0.00% 0.94% (19.95)% 169%
SMALL COMPANY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... 0.36% 0.93% (0.01)% 0.92% 10.36% 33%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ 0.64% 0.92% (0.13)% 0.79% 6.70% 114%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ 0.61% 0.92% (0.10)% 0.82% 24.77% 70%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ 0.54% 0.93% (0.13)% 0.80% 23.72% 64%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ 0.70% 0.95% (0.16)% 0.79% 38.33% 80%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ 0.68% 0.98% (0.19)% 0.79% (2.16)% 98%
STRATEGIC SMALL CAP VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... 0.15% 0.93% (0.01)% 0.92% 11.23% 31%
JANUARY 31, 2006(3) TO SEPTEMBER 30, 2006 ........ 0.75% 0.94% (0.19)% 0.75% 0.60% 37%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
217
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed,
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3) Commencement of operations.
218
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Master Trust (the "Trust") is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Trust currently has 23 separate investment
portfolios. These financial statements are for 16 of those portfolios as
follows: the C&B Large Cap Value Portfolio, Disciplined Growth Portfolio,
Emerging Growth Portfolio, Equity Income Portfolio, Equity Value Portfolio,
Index Portfolio, International Core Portfolio, International Growth Portfolio,
International Index Portfolio, International Value Portfolio, Large Cap
Appreciation Portfolio, Large Company Growth Portfolio, Small Cap Index
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Strategic Small Cap Value Portfolio (each, a "Fund" and collectively, the
"Funds").
Interests in the Funds are sold without any sales charge in private
placement transactions to qualified investors, including open-end management
investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Certain Funds of the Trust may invest a substantial portion of their
assets in an industry, sector or foreign country. Such Funds may be more
affected by changes in that industry, sector or foreign country than they would
be absent the concentration of investments.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S.
dollars using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the
close of the New York Stock Exchange and therefore may not fully reflect trading
or events that occur after the close of the principal exchange in which the
foreign investments are traded but before the close of the New York Stock
Exchange. If such trading or events are expected to materially affect the value
of the investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market 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.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of
219
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
dividends, interest and foreign withholding taxes recorded and the U.S. dollar
equivalent of the amounts actually paid or received. Net unrealized foreign
exchange gains and losses arise from changes in the fair value of assets and
liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the
changes in net assets resulting from changes in market prices of securities at
fiscal period-end are not separately presented. Such changes are recorded with
net realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for federal income
tax purposes. The Funds of the Trust are not required to pay federal income
taxes on their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends, or gains have been distributed by the Fund.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect
against a possible loss resulting from an adverse change in the relationship
between foreign currencies and the U.S. dollar, or between foreign currencies. A
forward contract is an agreement between two counterparties for future delivery
or receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
As of March 31, 2007, outstanding forward contracts were as follows:
Currency Currency Net Unrealized
Amount to be Amount to be Appreciation
Portfolio Received Type of Currency Settlement Date Delivered (Depreciation)
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 250,000 British Pound 6/29/2007 $ 490,428 $ 1,315
375,000 Euro 6/29/2007 499,163 3,561
59,000,000 Japanese Yen 6/29/2007 504,757 1,881
- ----------------------------------------------------------------------------------------------------------------
FUTURES CONTRACTS
The Funds may purchase futures contracts to gain exposure to market
changes, which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2007, the following Funds held futures contracts:
Notional Net Unrealized
Contract Appreciation
Portfolio Contracts Type Expiration Date Amount (Depreciation)
- ----------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 68 Long S&P 500 June 2007 $ 23,889,125 $ 441,275
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 14 Long DJ Eurostoxx 50 June 2007 722,806 43,883
7 Long FTSE 100 Index June 2007 833,080 35,450
6 Long TOPIX June 2007 846,390 25,852
- ----------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 12 Long Russell 2000 June 2007 4,724,972 123,028
- ----------------------------------------------------------------------------------------------------------------
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 or by retaining a portion of interest on the investment
securities or cash received as collateral. A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral. 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. The collateral supporting loans of domestic and foreign equity
securities and corporate bonds are remarked daily while collateral supporting
loans of U.S. Government securities are remarked back to 102% only if the given
collateral falls below 100% of the market value of the securities loans plus any
accrued interest. Gain or loss in the market price of the securities loaned that
may occur
220
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
during the term of the loan are reflected in the value of the Fund. The risks
from securities lending are that the borrower may not provide additional
collateral when required or return the securities when due or when called for by
the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as the securities
lending agent for the Funds and receives for its services 30% of the revenues
earned on the securities lending activities and incurs all expenses. The value
of the securities on loan and the value of the related collateral at March 31,
2007, are shown on the Statements of Assets and Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Portfolio Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP First $500 million 0.750 Cooke & Bieler LP First $250 million 0.450
VALUE PORTFOLIO Next $500 million 0.700 Next $250 million 0.400
Next $2 billion 0.650 Next $250 million 0.350
Next $2 billion 0.625 Over $750 million 0.300
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------------------------------------
DISCIPLINED First $500 million 0.750 Smith Asset First $200 million 0.300
GROWTH PORTFOLIO Next $500 million 0.700 Management Next $300 million 0.200
Next $2 billion 0.650 Group LP Over $500 million 0.150
Next $2 billion 0.625
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO First 500 million 0.900 Wells Capital Management First 100 million 0.550
Next 500 million 0.850 Incorporated Next 100 million 0.500
Next 2 billion 0.800 Over 200 million 0.400
Next 2 billion 0.775
Next 5 billion 0.750
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME First $500 million 0.750 Wells Capital First $100 million 0.350
PORTFOLIO Next $500 million 0.700 Management Next $100 million 0.300
Next $2 billion 0.650 Incorporated Next $300 million 0.200
Next $2 billion 0.625 Over $500 million 0.150
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE First $500 million 0.750 Systematic Financial First $150 million 0.300
PORTFOLIO Next $500 million 0.700 Management LP Next $200 million 0.200
Next $2 billion 0.650 Next $400 million 0.150
Next $2 billion 0.625 Next $250 million 0.130
Over $5 billion 0.600 Over $1 billion 0.100
- ------------------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO First $500 million 0.100 Wells Capital First $100 million 0.050
Next $500 million 0.100 Management Next $100 million 0.030
Next $2 billion 0.075 Incorporated Over $200 million 0.020
Next $2 billion 0.075
Over $5 billion 0.050
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 New Star First $50 million 0.350
CORE PORTFOLIO Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
- ------------------------------------------------------------------------------------------------------------------------------------
221
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Portfolio Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 Artisan Partners LP First $250 million 0.700
GROWTH PORTFOLIO Next $500 million 0.900 Over $250 million 0.500
Next $2 billion 0.850
Next $2 billion 0.825
Over $5 billion 0.800
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.350 SSgA Funds First $100 million 0.080
INDEX PORTFOLIO Next $500 million 0.350 Management Over $100 million 0.060
Next $2 billion 0.325
Next $2 billion 0.325
Over $5 billion 0.300
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 LSV Asset First $150 million 0.350
VALUE PORTFOLIO Next $500 million 0.900 Management Next $350 million 0.400
Next $2 billion 0.850 Next $250 million 0.350
Next $2 billion 0.825 Next $250 million 0.325
Over $5 billion 0.800 Over $1 billion 0.300
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE CAP First $500 million 0.700 Cadence Capital First $250 million 0.300
APPRECIATION Next $500 million 0.700 Management LLC Next $250 million 0.200
PORTFOLIO Next $2 billion 0.650 Next $500 million 0.150
Next $2 billion 0.625 Over $1 billion 0.100
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY First $500 million 0.750 Peregrine Capital First $25 million 0.560
GROWTH PORTFOLIO Next $500 million 0.700 Management Next $25 million 0.450
Next $2 billion 0.650 Incorporated Next $225 million 0.375
Next $2 billion 0.625 Over $275 million 0.225
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX First $500 million 0.200 Wells Capital First $100 million 0.050
PORTFOLIO Next $500 million 0.200 Management Next $100 million 0.030
Next $2 billion 0.175 Incorporated Over $200 million 0.020
Next $2 billion 0.175
Over $5 billion 0.150
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY First $500 million 0.900 Peregrine Capital First $50 million 0.900
GROWTH PORTFOLIO Next $500 million 0.850 Management Next $130 million 0.750
Next $2 billion 0.800 Incorporated Next $160 million 0.650
Next $2 billion 0.775 Next $345 million 0.500
Over $5 billion 0.750 Next $50 million 0.520
Over $735 million 0.550
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY First $500 million 0.900 Peregrine Capital First $175 million 0.500
VALUE PORTFOLIO Next $500 million 0.850 Management Over $175 million 0.750
Next $2 billion 0.800 Incorporated
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP First $500 million 0.900 Wells Capital First $200 million 0.450
VALUE PORTFOLIO Next $500 million 0.850 Management Over $200 million 0.400
Next $2 billion 0.800 Incorporated
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------------------------------------
222
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to
the Master Trust.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Portfolio Daily Net Assets
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 0.10
- --------------------------------------------------------------------------------
ALL OTHER FUNDS 0.02
- --------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATES
For the period ended March 31, 2007, there were no brokerage commissions
paid to an affiliated broker-dealer.
OTHER FEES
PFPC Inc. ("PFPC") serves as fund accountant for the Trust. PFPC currently
does not receive a fee for its services, but is entitled to be reimbursed for
all out-of-pocket expenses reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements
of Operations, for the period ended March 31, 2007, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has contractually committed to waive fees
and/or reimburse expenses to the extent necessary to maintain certain net
operating expense ratios for the Funds.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Portfolio Purchases at Cost Sales Proceeds
- ----------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO $356,374,568 $124,417,059
- ----------------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 88,724,839 103,533,756
- ----------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 60,309,748 16,671,316
- ----------------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 54,022,281 326,987,098
- ----------------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 374,437,921 318,737,200
- ----------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 152,689,092 148,654,903
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO 54,863,966 72,307,997
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 104,221,430 139,194,846
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 1,103,322 24,008,273
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 40,299,802 21,199,286
- ----------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 137,411,676 150,829,474
- ----------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 116,505,687 676,932,613
- ----------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 62,267,855 63,037,239
- ----------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 658,088,041 729,282,674
- ----------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 155,388,068 163,757,375
- ----------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO 114,273,284 118,683,417
223
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
5. IN-KIND TRANSACTIONS
- --------------------------------------------------------------------------------
Prior to its April 8, 2005 merger into the Wells Fargo Advantage Index
Fund, the Strong Index 500 Fund invested all of its assets in the S&P 500 Index
Master Portfolio (the "Master Portfolio") of Master Investment Portfolio
("MIP"), an open-end 1940 Act management investment company advised by Barclays
Global Fund Advisors pursuant to a "master-feeder" investment partnership
arrangement. To facilitate the merger with the Wells Fargo Index Fund, the
Strong Index 500 Fund received in-kind its pro-rata ownership share of
$156,000,305 in securities held by the Master Portfolio on the merger date.
Simultaneously, the securities received in-kind were recontributed by the
acquiring Wells Fargo Advantage Index Fund in an in-kind subscription into the
Wells Fargo Index Portfolio. Under Section 732(b) of the Tax Code, the Strong
Index 500 Fund partnership cost basis ("outside basis") in the Master Portfolio
as of the in-kind receipt date must be allocated in total to the securities
received from the Master Portfolio. Accordingly, outside basis of $149,347,507
was allocated to securities received by the Strong Index 500 Fund and this value
was recorded as the financial statement cost basis of securities held in the
Wells Fargo Index Portfolio.
6. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
224
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, Calloway None
64 School of Business and
Accountancy - The Thomas Goho
Chair of Finance since January
2006. Associate Professor of
Finance from 1999-2005.
- --------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co-Founder of None
64 (Chairman since 2005) Crystal Geyser Water Company and
(Lead Trustee since President of Crystal Geyser
2001) Roxane Water Company.
- --------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President None
73 of Richard M. Leach Associates (a
financial consulting firm).
- --------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk None
54 Management, Wharton School,
University of Pennsylvania.
Director of the Boettner Center
on Pensions and Retirement
Research. Research Associate and
Board Member, Penn Aging Research
Center. Research Associate,
National Bureau of Economic
Research.
225
WELLS FARGO ADVANTAGE ALLOCATION FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of Himle-Horner
and Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota
(a public policy organization).
- --------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of None
66 Willeke & Daniels.
- --------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto,
Chairman of Whitepoint Capital,
LLC until 2004.
- --------------------------------------------------------------------------------------------------------------
OFFICERS
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells None
47 Fargo Bank, N.A. and President of
Wells Fargo Funds Management, LLC
since 2003. Senior Vice President
and Chief Administrative Officer
of Wells Fargo Funds Management,
LLC from 2001 to 2003.
- --------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and None
46 Chief Legal Counsel Secretary of Wells Fargo Funds
since 2003 Management, LLC since 2001. Vice
President and Managing Senior
Counsel of Wells Fargo Bank, N.A.
since 1996.
- --------------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo Funds
Management, LLC since 2006. From
2001 to 2006, Vice President of
Wells Fargo Bank, N.A. and Vice
President of Wells Fargo Bank,
N.A. Auto Finance Group. Vice
President of Portfolio Risk
Management for Wells Fargo Bank,
N.A. Auto Finance Group from 2004
to 2006.
- --------------------------------------------------------------------------------------------------------------
226
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
OFFICERS (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of Wells None
45 Officer, since 2004 Fargo Funds Management, LLC since
2004. Chief Compliance Officer
for Wells Fargo Funds Management,
LLC from 1997 to 2002. In 2002,
Ms. Peters left Wells Fargo Funds
Management, LLC to pursue
personal goals.
- --------------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
227
WELLS FARGO ADVANTAGE ALLOCATION FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
AGGRESSIVE ALLOCATION FUND, ASSET ALLOCATION FUND, CONSERVATIVE ALLOCATION FUND,
GROWTH BALANCED FUND, MODERATE BALANCED FUND, C&B LARGE CAP VALUE PORTFOLIO,
DISCIPLINED GROWTH PORTFOLIO, EQUITY INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO,
INDEX PORTFOLIO, INTERNATIONAL CORE PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO,
INTERNATIONAL INDEX PORTFOLIO, INTERNATIONAL VALUE PORTFOLIO, LARGE CAP
APPRECIATION PORTFOLIO, LARGE COMPANY GROWTH PORTFOLIO, SMALL CAP INDEX
PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO, SMALL COMPANY VALUE PORTFOLIO AND
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust and Wells Fargo Master Trust (each, a
"Trust" and collectively, the "Trusts"), including a majority of the Trustees
who have no direct or indirect interest in the investment advisory and
sub-advisory agreements and are not "interested persons" of each Trust, as
defined in the 1940 Act (the "Independent Trustees"), will annually review and
consider the continuation of the investment advisory and sub-advisory
agreements. In this regard, the Boards reviewed and re-approved, during the six
months covered by this report: (i) investment advisory agreements with Wells
Fargo Funds Management, LLC ("Funds Management") for the Aggressive Allocation
Fund, Asset Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund,
Moderate Balanced Fund, C&B Large Cap Value Portfolio, Disciplined Growth
Portfolio, Equity Income Portfolio, Equity Value Portfolio, Index Portfolio,
International Core Portfolio, International Growth Portfolio, International
Index Portfolio, International Value Portfolio, Large Cap Appreciation
Portfolio, Large Company Growth Portfolio, Small Cap Index Portfolio, Small
Company Growth Portfolio, Small Company Value Portfolio and Strategic Small Cap
Value Portfolio (the "Funds"); (ii) investment sub-advisory agreements with
Wells Capital Management Incorporated ("Wells Capital Management") for the
Aggressive Allocation Fund, Asset Allocation Fund, Conservative Allocation Fund,
Growth Balanced Fund, Moderate Balanced Fund, Equity Income Portfolio, Index
Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio;
(iii) an investment sub-advisory agreement with Artisan Partners Limited
Partnership ("Artisan") for the International Growth Portfolio; (iv) an
investment sub-advisory agreement with Cadence Capital Management, LLC
("Cadence") for the Large Cap Appreciation Portfolio; (v) an investment
sub-advisory agreement with Cooke & Bieler L.P. ("Cooke & Bieler") for the C&B
Large Cap Value Portfolio; (vi) an investment sub-advisory agreement with
Galliard Capital Management, Inc. ("Galliard") for the Aggressive Allocation
Fund, Conservative Allocation Fund, Growth Balanced Fund and Moderate Balanced
Fund; (vii) an investment sub-advisory agreement with LSV Asset Management
("LSV") for the International Value Portfolio; (viii) an investment sub-advisory
agreement with New Star Institutional Managers Limited ("New Star") for the
International Core Portfolio; (ix) investment sub-advisory agreements with
Peregrine Capital Management, Inc. ("Peregrine") for the Aggressive Allocation
Fund, Conservative Allocation Fund, Growth Balanced Fund, Moderate Balanced
Fund, Large Company Growth Portfolio, Small Company Growth Portfolio and Small
Company Value Portfolio; (x) investment sub-advisory agreements with Smith Asset
Management, L.P. ("Smith") for the Aggressive Allocation Fund, Conservative
Allocation Fund, Growth Balanced Fund, Moderate Balanced Fund and Disciplined
Growth Portfolio; (xi) an investment sub-advisory agreement with SSgA Funds
Management ("SSgA") for the International Index Portfolio; and (xii) an
investment sub-advisory agreement with Systematic Financial Management, L.P.
("Systematic") for the Equity Value Portfolio. The investment advisory
agreements with Funds Management and the investment sub-advisory agreements with
Wells Capital Management, Artisan, Cadence, Cooke & Bieler, LSV, New Star,
Peregrine, Smith, SSgA, and Systematic (the "Sub-Advisers") are collectively
referred to as the "Advisory Agreements."
More specifically, at meetings held on March 30, 2007, the Boards,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and the Sub-Advisers and the continuation of
the Advisory Agreements. Prior to the March 30, 2007, meetings, the Boards,
including the Independent Trustees, met in person and telephonically a number of
times, both with Funds Management and in private sessions, for discussions about
these continuations and approvals. The Independent Trustees were assisted in
their evaluation of the Advisory Agreements by independent legal counsel, from
whom they received separate legal advice and with whom they met separately from
Funds Management.
Because the Aggressive Allocation Fund, Conservative Allocation Fund,
Growth Balanced Fund and Moderate Balanced Fund (the "Allocation Funds") are
gateway blended funds that invest all of their assets in the portfolios
identified above, information provided to the Boards regarding the Allocation
Funds is also applicable to the portfolios identified above.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Boards received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and the Sub-Advisers under the Advisory Agreements. The Boards also
received and considered information provided in response to a detailed set of
228
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
requests submitted by the Independent Trustees' independent legal counsel,
including, among other things, information about the background and experience
of senior management and the expertise of, and amount of attention devoted to
the Funds by, investment personnel of Funds Management and the Sub-Advisers. In
this regard, the Boards reviewed the qualifications, background and
responsibilities of the portfolio managers primarily responsible for day-to-day
portfolio management services for the Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers,
based on their respective resources, reputations and other attributes, to
attract and retain highly qualified investment professionals, including
research, advisory, and supervisory personnel.
The Boards further considered the compliance programs and compliance
records of Funds Management and the Sub-Advisers. In addition, the Boards took
into account the administrative services provided to the Funds by Funds
Management and its affiliates. In considering these matters, the Boards
considered not only the specific information presented in connection with the
meetings, but also the knowledge gained over the course of interacting with
Funds Management about various topics, including Funds Management's oversight of
service providers, such as the Sub-Advisers.
Based on the above factors, together with those referenced below, each of
the Boards concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Boards considered the performance results for each of the Funds over
various time periods ended December 31, 2006. They also considered these results
in comparison to the median performance results of the group of funds that was
determined by Lipper Inc. ("Lipper") to be the most similar to a given Fund (the
"Peer Group") and to the median performance of a broader universe of relevant
funds as determined by Lipper (the "Universe"), as well as to each Fund's
benchmark index. Lipper is an independent provider of investment company data.
The Boards were provided with a description of the methodology used by Lipper to
select the mutual funds in each Fund's Peer Group and Universe.
The Boards noted that the performance of each Fund, except the C&B Large
Cap Value Portfolio, International Core Portfolio and Large Company Growth
Portfolio, was better than, or not appreciably below, the median performance of
each Fund's Peer Group for most time periods. The Board of Wells Fargo Master
Trust noted that the performance of the C&B Large Cap Value Portfolio, in which
the Allocation Funds invest, was lower than the median performance of its Peer
Group for the three-year period and that the Portfolio required further review.
Upon further review, the Board noted that the C&B Large Cap Value Portfolio's
performance had significantly improved in 2006, ranking in the top decile over
the past year. The Board also noted that the performance of the International
Core Portfolio and Large Company Growth Portfolio was below the median
performance of their respective Peer Groups for most or all time periods and
required further review. As part of its further review, the Board received an
analysis of, and discussed factors contributing to, the underperformance of the
International Core Portfolio, in which the Allocation Funds invest. As part of
its further review, the Board received an analysis of, and discussed factors
contributing to, the underperformance of the Large Company Growth Portfolio, in
which the Allocation Funds invest. The Board requested continued reports on the
performance of the C&B Large Cap Value Portfolio, International Core Portfolio
and Large Company Growth Portfolio.
The Boards received and considered information regarding the Funds' net
operating expense ratios and their various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements.
They also considered comparisons of these fees to the expense information for
each Fund's Peer Group, which comparative data was provided by Lipper. The
Boards noted that the net operating expense ratios for each Fund were lower
than, equal to, or not appreciably higher than, each Fund's Peer Group's median
net operating expense ratios.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Boards reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Funds' administration fee rates. The Boards took into account the
separate administrative services covered by the administration fee rates. The
Boards also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to the Sub-Advisers for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Boards reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
229
WELLS FARGO ADVANTAGE ALLOCATION FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
The Boards received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in each
Fund's Peer Group and certain advisory fee reductions proposed by Funds
Management. The Boards noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, or not appreciably higher than,
the median rates of each Fund's respective Peer Group. In addition, the Boards
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Peer Group, and reasonable in
relation to the services provided.
The Boards also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on their consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Boards received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and Net Advisory Rates,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Funds. The Boards concluded that, in light of the
costs of providing investment management and other services to the Funds, the
profits and other ancillary benefits that Funds Management and its affiliates
received with regard to providing these services to the Funds were not
unreasonable.
The Boards did not consider a separate profitability analysis of Wells
Capital Management, Peregrine and Smith, as their separate profitability from
their relationships with the Aggressive Allocation Fund, Asset Allocation Fund,
Conservative Allocation Fund, Growth Balanced Fund, Moderate Balanced Fund,
Disciplined Growth Portfolio, Equity Income Portfolio, Index Portfolio, Large
Company Growth Portfolio, Small Cap Index Portfolio, Small Company Growth
Portfolio, Small Company Value Portfolio and Strategic Small Cap Value
Portfolio, was not a material factor in determining whether to renew the
agreements. The Wells Fargo Master Trust Board did not consider profitability
information with respect to Artisan, Cadence, Cooke & Bieler, LSV, New Star,
SSgA, and Systematic, which are not affiliated with Funds Management. The Board
considered that the sub-advisory fees paid to these sub-advisers had been
negotiated by Funds Management on an arm's length basis and that these
sub-advisers' separate profitability from their relationships with the C&B Large
Cap Value Portfolio, Equity Value Portfolio, International Core Portfolio,
International Growth Portfolio, International Index Portfolio, International
Value Portfolio and Large Cap Appreciation Portfolio, was not a material factor
in determining whether to renew the agreements.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Boards received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in a special presentation on advisory fee breakpoints at the February 2007 board
meetings. The Boards acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Boards' understanding
that economies of scale are realized, if at all, by an investment adviser across
a variety of products and services, not just with respect to a single fund. The
Boards concluded that any actual or potential economies of scale are, or will
be, shared reasonably with Fund shareholders/interestholders, most particularly
through Advisory Agreement Rate breakpoints and waivers/caps and/or expense
reimbursements applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Boards also received and considered information about the nature and
extent of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by the Sub-Advisers to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
- --------------------------------------------------------------------------------
The Boards received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
and the Sub-Advisers as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase
230
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- --------------------------------------------------------------------------------
in Funds Management's and the Sub-Advisers' business as a result of their
relationship with the Funds (such as the ability to market to
shareholders/interestholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Boards also considered the effectiveness of the policies of the Funds
in achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker, the extent to which
efforts are made to recapture commission costs, and the controls applicable to
brokerage allocation procedures. The Boards also reviewed Funds Management's and
the Sub-Advisers' methods for allocating portfolio investment opportunities
among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Boards also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares/interests are
offered and sold. The Boards noted that the Funds are part of one of the few
fund families that have both direct-to-fund and intermediary distribution.
As discussed above, the Boards review detailed materials received from
Funds Management and the Sub-Advisers annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Boards also review and assess
the quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management and the
Sub-Advisers at each of their quarterly meetings, which include, among other
things, a portfolio review and fund performance reports. In addition, the Boards
confer with portfolio managers at various times throughout the year.
After considering the above-described factors and based on their
deliberations and their evaluation of the information described above, the
Boards concluded that approval of the continuation of the Advisory Agreements
for the Funds was in the best interest of the Funds and their
shareholders/interestholders. Accordingly, the Boards unanimously approved the
continuation of the Advisory Agreements for an additional one-year period.
231
WELLS FARGO ADVANTAGE ALLOCATION FUNDS LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities
which may have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
232
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[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103746 05-07
Funds Management, LLC. SAAFLD/SAR110 03-07
All rights reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
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[GRAPHIC OMITTED]
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Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE BALANCED FUND
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Balanced Fund .......................................................... 2
Fund Expenses ............................................................. 4
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Balanced Fund .......................................................... 5
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 16
Statement of Operations ................................................ 17
Statements of Changes in Net Assets .................................... 18
Financial Highlights ................................................... 20
Notes to Financial Statements ............................................. 22
- --------------------------------------------------------------------------------
Other Information ......................................................... 26
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 31
- --------------------------------------------------------------------------------
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NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
SHAREHOLDER LETTER WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
In this semi-annual report for the WELLS FARGO ADVANTAGE BALANCED FUND,
which covers the six-month period that ended March 31, 2007, you may notice a
few changes compared with the semi-annual report you received last year at this
time. We've abbreviated the content in the semi-annual reports to include fund
and benchmark performance, allocation percentages, a list of the ten largest
holdings in each Fund, along with the usual information in the financial
section.
We will continue to provide you with a general review of the economy and
summary information on the stock and bond markets in our letter to you. In the
next annual report, which will cover the 12-month period that will end on
September 30, 2007, we will also include the portfolio manager's commentary and
a chart showing the growth of a $10,000 investment.
REVIEW OF THE ECONOMY
- --------------------------------------------------------------------------------
The economy weathered several stops and starts during the period. On
August 8, 2006, the Fed decided to leave the Federal funds rate unchanged at
5.25%. This decision signaled a stop to 17 consecutive interest rate hikes that
began in June 2004. The Fed's pause in raising interest rates continued
throughout the six-month period and helped to keep mortgage interest rates near
historic lows. During the second half of the reporting period, the economy
continued to slow down, with growth in real GDP holding at around 2% by the end
of the period.
Household spending was sustained by healthy labor markets, solid growth in
household incomes, and gains in net worth stemming from the strength in stock
prices. However, on February 27, 2007, the global equity market experienced a
significant correction triggered by an approximately 9% drop in China's stock
market. The Dow Jones Industrial Average (DJIA) lost 3.3% of its value in a
single day. The U.S. market continued to struggle in early March. Then on March
21, 2007, the Fed announced its intention to keep the federal funds rate at
5.25%. In addition, the Fed excluded its earlier statement that further
tightening might be needed by raising interest rates. Both the equity and bond
markets rallied on the Fed's news.
Business spending moved from being a strength in the economy during the
fourth quarter of 2006 to being a disappointment by the first quarter of 2007.
New orders for capital equipment declined sharply in January and recovered only
partially in February. This has been somewhat perplexing because corporate cash
flow, profits, and balance sheets all suggested a positive outlook for capital
spending.
Information on mortgage applications and housing sales suggested that the
housing slump may have neared its bottom during the fourth quarter of 2006.
Sales of existing homes increased in January and February. New home sales
reported a strong December with declines following in January and February,
which may have been linked to severe winter weather in the northern United
States.
STOCKS EXPERIENCED RECORD HIGHS, PLUS CORRECTION
- --------------------------------------------------------------------------------
Even though the DJIA declined 3.3% on February 27, 2007, to 12,216.96 in
response to a sell-off in China's stock market that ended the day with an
approximately 9% decline, the DJIA still ended the period higher than when it
began in October. In fact, on October 19, 2006, the DJIA broke through the
12,000 barrier to end the day at a then all-time record high of 12,011.73. The
DJIA high for the period was on February 20, 2007, when it reached 12,845.76.
And, while February's sell-off in China and the United States had a negative
effect on some international stocks, particularly in emerging markets, the DJIA
reached 12,354.35 by the end of the six-month period and began reclaiming some
of its loss.
YIELD CURVE STEEPENS AS BOND MARKET AWAITS THE FED'S NEXT MOVE
- --------------------------------------------------------------------------------
With a weak housing market and higher energy costs, interest rates moved
within a narrow range during the fourth quarter of 2006 and edged downward in
the short term during the first quarter of 2007. This was caused, in part,
because the bond market was anticipating that the Fed might lower its Federal
funds rate.
So far, the Fed has left the rate unchanged at 5.25%, despite signs of
slower growth. The Fed's unwillingness to cut the Federal funds rate is probably
in response to core inflation remaining higher than desired.
The steepening of the yield curve during the six-month period had
longer-term yields increasing and shorter-term yields decreasing. For example,
the 30-year treasury bond yield increased from 4.76% to 4.84%, the 10-year
Treasury yield increased slightly from 4.63% to 4.64%, and the 2-year Treasury
yield fell from 4.69% to 4.57% during the period.
The yield spread between corporate bonds and U.S. Treasuries tightened
somewhat during the same six months. Within the taxable bond market, a strong
rally in February produced the best performance during the six-month period and
corporate bonds remained slightly ahead of U.S. Treasuries as the period came to
an end.
PLANNING AHEAD
- --------------------------------------------------------------------------------
The uncertainty of future Fed action combined with other market forces
supports our belief that successful investing includes a balanced approach of
owning a diversified portfolio while keeping a long-term perspective. While
diversification may not prevent losses in a downturn, it may help reduce them
and provide you with one way of managing risk. Our diverse family of more than
120 mutual funds may also help. Each Fund is managed according to a disciplined
approach to investing that features the strategic thinking of portfolio managers
chosen for their in-depth knowledge and methodology. We believe that our
insistence on seeking skilled investment managers--our subadvisers--who share
our dedication to pursuing consistent long-term results, offers you a way to
navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1
WELLS FARGO ADVANTAGE BALANCED FUND PERFORMANCE HIGHLIGHTS
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INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE BALANCED FUND (the Fund) seeks total return,
consisting of capital appreciation and current income.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGERS FUND INCEPTION
Gary J. Dunn, CFA 12/30/1981
W. Frank Koster
Robert M. Thornburg
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- ---------------------------------------------------------------------------------------------------------
Investor Class 4.05 8.25 4.56 5.44 1.52% 1.25%
- ---------------------------------------------------------------------------------------------------------
Benchmarks
- ---------------------------------------------------------------------------------------------------------
Balanced Fund Composite Index 2 5.54 9.75 6.14 7.83
- ---------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- ---------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Bond Index 4 2.76 6.59 5.35 6.46
- ---------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
BALANCED FUNDS MAY INVEST IN STOCKS AND BONDS. STOCK VALUES FLUCTUATE IN
RESPONSE TO THE ACTIVITIES OF INDIVIDUAL COMPANIES AND GENERAL MARKET AND
ECONOMIC CONDITIONS. BOND VALUES FLUCTUATE IN RESPONSE TO THE FINANCIAL
CONDITION OF INDIVIDUAL ISSUERS, GENERAL MARKET AND ECONOMIC CONDITIONS, AND
CHANGES IN INTEREST RATES. IN GENERAL, WHEN INTEREST RATES RISE, BOND VALUES
FALL AND INVESTORS MAY LOSE PRINCIPAL VALUE. THE USE OF DERIVATIVES MAY REDUCE
RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR
ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 5,6 (AS OF MARCH 31, 2007)
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US Treasury Note, 4.88%, 08/15/2016 3.04%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 2.29%
- --------------------------------------------------------------------------------
US Treasury Note, 4.25%, 10/15/2010 2.27%
- --------------------------------------------------------------------------------
US Treasury Note, 4.63%, 12/31/2011 2.08%
- --------------------------------------------------------------------------------
General Electric Company 1.88%
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Citigroup Incorporated 1.80%
- --------------------------------------------------------------------------------
Microsoft Corporation 1.80%
- --------------------------------------------------------------------------------
JPMorgan Chase & Company 1.71%
- --------------------------------------------------------------------------------
US Treasury Bond, 10.38%, 11/15/2012 1.64%
- --------------------------------------------------------------------------------
Bank of America Corporation 1.63%
SECTOR DISTRIBUTION 5 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Telecommunication Services (4%)
Utilities (4%)
Consumer Discretionary (10%)
Consumer Staples (9%)
Energy (10%)
Financials (22%)
Health Care (12%)
Industrials (11%)
Information Technology (15%)
Materials (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
Performance shown prior to April 11, 2005 for the Investor Class shares
reflects the performance of the Investor Class shares of the Strong Balanced
Fund.
2 The Balanced Composite Index is weighted 60% in the S&P 500 Index and 40% in
the Lehman Brothers U.S. Aggregate Bond Index.
3 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 The Lehman Brothers U.S. Aggregate Bond Index is composed of the Lehman
Brothers Government/Credit Index and the Lehman Brothers U.S. Mortgage-Backed
Securities Index and includes Treasury issues, agency issues, corporate bond
issues and mortgage-backed securities. You cannot invest directly in an Index.
5 Portfolio holdings and sector distribution are subject to change. Cash and
cash equivalents are not reflected in the calculations of portfolio holdings and
sector distribution.
6 The ten largest holdings are calculated based on the market value of the
securities divided by total market value of the Fund.
3
WELLS FARGO ADVANTAGE BALANCED FUND FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution [and/or service] (12b-1) fees; and other
Fund expenses. This example is intended to help you understand your ongoing
costs (in dollars) of investing in the Fund and to compare these costs with the
ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 the Period* Ratio
Balanced Fund
- ---------------------------------------------------------------------------------------------
Balanced Fund - Investor Class
Actual $ 1,000.00 $ 1,040.50 $ 6.36 1.25%
- ---------------------------------------------------------------------------------------------
Hypothetical (5% Return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
* Expenses are equal to the Portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
4
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - INTEREST BEARING - 0.26%
$ 330,000 FHLB<< 4.13% 10/19/2007 $ 328,033
TOTAL AGENCY NOTES - INTEREST BEARING (COST $329,972) 328,033
--------------
AGENCY SECURITIES - 5.88%
FEDERAL FARM CREDIT BANK - 0.76%
974,000 FEDERAL FARM CREDIT BANK<< 4.13 07/17/2009 958,674
--------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 1.07%
1,606 FHLMC #170151 10.50 01/01/2016 1,778
595,568 FHLMC #1J1263+/- 5.88 01/01/2036 600,244
6,807 FHLMC #254325 10.25 03/01/2015 7,172
128,513 FHLMC #G11487 8.00 03/01/2016 134,579
616,275 FHLMC #G18005<< 5.00 08/01/2019 608,704
1,352,477
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.05%
495,000 FNMA<< 6.00 05/15/2011 516,135
752,350 FNMA #699932 5.50 04/01/2033 746,185
294,172 FNMA #725638<< 5.00 12/01/2018 290,883
603,624 FNMA #735613 6.00 02/01/2035 611,805
1,138,309 FNMA #863727+/- 5.34 01/01/2036 1,143,313
552,314 FNMA #892283<<+/- 5.88 09/01/2036 557,347
3,865,668
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 1.00%
1,668 GNMA #780434 7.50 12/15/2007 1,667
705,799 GNMA SERIES 2004-53 CLASS KE 5.00 08/20/2032 698,696
580,000 GNMA SERIES 2007-12 CLASS C+/- 5.28 04/16/2041 568,513
1,268,876
--------------
TOTAL AGENCY SECURITIES (COST $7,470,089) 7,445,695
--------------
ASSET BACKED SECURITIES - 3.18%
1,072,000 BANC OF AMERICA SECURITIES AUTO TRUST SERIES 2006-G1 CLASS A2 5.30 03/18/2009 1,072,327
545,000 CHASE ISSUANCE TRUST SERIES 2005-A6 CLASS A6+/- 5.39 07/15/2014 546,009
1,037,956 COMMUNITY PROGRAM LOAN TRUST SERIES 1987-A CLASS A4 4.50 10/01/2018 1,024,104
203,687 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2004-I CLASS A+/- 5.61 02/15/2034 204,086
108,334 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2004-Q CLASS 2A+/- 5.62 12/15/2033 108,507
249,650 FORD CREDIT AUTO OWNER TRUST SERIES 2006-A CLASS A2A 5.04 09/15/2008 249,503
444,000 MBNA CREDIT CARD MASTER NOTE TRUST SERIES 2006-A4 CLASS A4+/- 5.31 09/15/2011 444,258
75,194 TERWIN MORTGAGE TRUST SERIES 2004-21HE CLASS 1A1+/- 5.80 12/25/2034 75,408
300,804 TRIAD AUTO RECEIVABLES OWNERS TRUST SERIES 2006-B CLASS A2 5.36 11/12/2009 300,819
TOTAL ASSET BACKED SECURITIES (COST $4,037,328) 4,025,021
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS - 6.01%
19,722 ASSET SECURITIZATION CORPORATION SERIES 1995-MD4 CLASS A1 7.10 08/13/2029 19,777
389,598 BANC OF AMERICA ALTERNATIVE LOAN TRUST SERIES 2005-10 CLASS 6A1 5.50 11/25/2020 388,441
600,253 CHASE MORTGAGE FINANCE CORPORATION SERIES 2005-A1 CLASS 2A2+/- 5.24 12/25/2035 595,584
72,789 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2004-HYB4
CLASS AA+/- 5.65 12/25/2034 73,015
300,000 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2006-NCB1
CLASS 2A2+/- 5.44 05/15/2036 299,750
611,839 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 3A1 5.00 02/25/2020 606,437
5
WELLS FARGO ADVANTAGE BALANCED FUND
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 470,242 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2006-0C8 CLASS 2A1C+/- 5.38% 11/25/2036 $ 470,092
1,000,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES
2005-C1 CLASS A3 4.81 02/15/2038 985,074
194,957 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-57 CLASS 2A1+/- 5.55 07/25/2043 205,020
232,677 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-59 CLASS 2A1+/- 6.06 10/25/2043 236,063
304,823 FNMA GRANTOR TRUST SERIES 2002-T1 CLASS A4 9.50 11/25/2031 323,779
74,690 FNMA WHOLE LOAN SERIES 2003-W8 CLASS 1A3 4.75 12/25/2042 74,326
508,751 FNMA WHOLE LOAN SERIES 2003-W8 CLASS 4A+/- 6.03 11/25/2042 519,904
488,017 FNMA WHOLE LOAN SERIES 2004-W15 CLASS 3A+/- 6.08 06/25/2044 499,646
582,244 JPMORGAN ALTERNATIVE LOAN TRUST SERIES 2006-A4 CLASS A2+/- 5.95 09/25/2036 585,662
417,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES SERIES 2007-CB18
CLASS A4 5.44 06/12/2047 418,497
277,908 JPMORGAN MORTGAGE TRUST SERIES 2005-A2 CLASS 3A1+/- 4.91 04/25/2035 275,341
265,621 JPMORGAN MORTGAGE TRUST SERIES 2005-A3 CLASS 7CA1+/- 5.11 06/25/2035 264,720
460,126 JPMORGAN MORTGAGE TRUST SERIES 2005-A5 CLASS 3A1+/- 5.37 08/25/2035 457,154
296,984 MSAT SERIES 2005-RR4A CLASS A1++ 4.38 11/28/2035 291,607
19,353 NOMURA ASSET ACCEPTANCE CORPORATION SERIES 2005-AP2 CLASS A1+/- 5.44 05/25/2035 19,354
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,662,754) 7,609,243
--------------
SHARES
COMMON STOCKS - 59.11%
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.56%
19,200 HOME DEPOT INCORPORATED 705,408
--------------
BUSINESS SERVICES - 3.33%
9,400 AUTOMATIC DATA PROCESSING INCORPORATED 454,960
59,600 CISCO SYSTEMS INCORPORATED+ 1,521,588
80,500 MICROSOFT CORPORATION 2,243,535
4,220,083
--------------
CHEMICALS & ALLIED PRODUCTS - 8.50%
19,400 ABBOTT LABORATORIES 1,082,520
10,700 AIR PRODUCTS & CHEMICALS INCORPORATED 790,623
8,800 AMGEN INCORPORATED+ 491,744
11,300 COLGATE-PALMOLIVE COMPANY 754,727
7,000 DOW CHEMICAL COMPANY 321,020
13,500 E.I. DU PONT DE NEMOURS & COMPANY 667,305
12,900 ELI LILLY & COMPANY 692,859
19,300 JOHNSON & JOHNSON 1,163,018
49,500 PFIZER INCORPORATED 1,250,370
30,300 PROCTER & GAMBLE COMPANY 1,913,748
13,200 ROHM & HAAS COMPANY 682,704
19,000 WYETH 950,570
10,761,208
--------------
COMMUNICATIONS - 2.14%
6,300 ALLTEL CORPORATION 390,600
29,000 AT&T INCORPORATED 1,143,470
17,700 SPRINT NEXTEL CORPORATION<< 335,592
18,700 VERIZON COMMUNICATIONS INCORPORATED 709,104
9,098 WINDSTREAM CORPORATION 133,650
2,712,416
--------------
6
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS - 7.13%
40,000 BANK OF AMERICA CORPORATION $ 2,040,800
43,900 CITIGROUP INCORPORATED 2,253,826
18,800 FIFTH THIRD BANCORP 727,372
44,066 JPMORGAN CHASE & COMPANY 2,131,913
28,300 US BANCORP 989,651
16,000 WACHOVIA CORPORATION 880,800
9,024,362
--------------
EATING & DRINKING PLACES - 0.74%
20,900 MCDONALD'S CORPORATION 941,545
--------------
ELECTRIC, GAS & SANITARY SERVICES - 2.32%
9,000 DOMINION RESOURCES INCORPORATED 798,930
16,500 DUKE ENERGY CORPORATION 334,785
17,100 EXELON CORPORATION 1,174,941
6,300 FIRSTENERGY CORPORATION<< 417,312
8,250 SPECTRA ENERGY CORPORATION 216,728
2,942,696
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.54%
23,500 EMERSON ELECTRIC COMPANY 1,012,615
66,300 GENERAL ELECTRIC COMPANY 2,344,368
49,100 MOTOROLA INCORPORATED 867,597
66,000 NOKIA OYJ ADR 1,512,720
12,800 QUALCOMM INCORPORATED 546,048
24,400 TEXAS INSTRUMENTS INCORPORATED 734,440
7,017,788
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 1.01%
16,200 FORTUNE BRANDS INCORPORATED 1,276,884
--------------
FOOD & KINDRED PRODUCTS - 1.56%
21,400 PEPSICO INCORPORATED 1,360,184
12,700 THE COCA-COLA COMPANY 609,600
1,969,784
--------------
GENERAL MERCHANDISE STORES - 1.87%
12,324 FEDERATED DEPARTMENT STORES INCORPORATED 555,196
19,800 TARGET CORPORATION 1,173,348
13,600 WAL-MART STORES INCORPORATED 638,520
2,367,064
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.27%
7,000 BEST BUY COMPANY INCORPORATED 341,040
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.72%
10,000 3M COMPANY 764,300
5,000 CATERPILLAR INCORPORATED 335,150
35,500 HEWLETT-PACKARD COMPANY 1,424,970
53,500 INTEL CORPORATION 1,023,455
12,400 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,168,824
4,716,699
--------------
7
WELLS FARGO ADVANTAGE BALANCED FUND
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS - 4.22%
14,400 ALLSTATE CORPORATION $ 864,864
21,600 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,451,952
17,800 METLIFE INCORPORATED 1,124,070
24,200 TRAVELERS COMPANIES INCORPORATED 1,252,834
12,200 UNITEDHEALTH GROUP INCORPORATED 646,234
5,339,954
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.40%
35,000 BOSTON SCIENTIFIC CORPORATION+ 508,900
--------------
MEDICAL EQUIPMENT & SUPPLIES - 0.41%
10,600 MEDTRONIC INCORPORATED 520,036
--------------
MEDICAL PRODUCTS - 0.64%
15,400 BAXTER INTERNATIONAL INCORPORATED 811,118
--------------
MISCELLANEOUS RETAIL - 0.54%
8,400 EXPRESS SCRIPTS INCORPORATED<<+ 678,048
--------------
MOTION PICTURES - 1.56%
55,500 TIME WARNER INCORPORATED 1,094,460
25,500 WALT DISNEY COMPANY 877,965
1,972,425
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.60%
10,900 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 764,090
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.66%
14,800 AMERICAN EXPRESS COMPANY 834,720
--------------
OIL & GAS EXTRACTION - 1.23%
15,300 ANADARKO PETROLEUM CORPORATION 657,594
28,400 HALLIBURTON COMPANY<< 901,416
1,559,010
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 4.59%
16,000 CHEVRON CORPORATION 1,183,360
25,700 CONOCOPHILLIPS 1,756,595
38,000 EXXON MOBIL CORPORATION 2,867,100
5,807,055
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.52%
4,600 GOLDMAN SACHS GROUP INCORPORATED 950,498
12,300 MORGAN STANLEY 968,748
1,919,246
--------------
TOBACCO PRODUCTS - 0.82%
11,800 ALTRIA GROUP INCORPORATED 1,036,158
--------------
TRANSPORTATION EQUIPMENT - 2.46%
7,400 GENERAL DYNAMICS CORPORATION 565,360
27,800 HONEYWELL INTERNATIONAL INCORPORATED 1,280,468
19,600 UNITED TECHNOLOGIES CORPORATION 1,274,000
3,119,828
--------------
8
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS - 0.77%
4,900 NIKE INCORPORATED CLASS B $ 520,674
13,300 SYSCO CORPORATION 449,939
970,613
--------------
TOTAL COMMON STOCKS (COST $61,166,920) 74,838,178
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
CORPORATE BONDS & NOTES - 12.10%
AGRICULTURAL PRODUCTION CROPS - 0.21%
$ 275,000 BUNGE LIMITED FINANCE CORPORATION 4.38% 12/15/2008 270,598
--------------
COMMUNICATIONS - 1.42%
265,000 BRITISH TELECOMMUNICATIONS PLC 8.63 12/15/2010 295,809
150,000 CITIZENS COMMUNICATIONS COMPANY<< 9.25 05/15/2011 167,250
280,000 COMCAST CORPORATION 4.95 06/15/2016 266,067
230,000 NEXTEL COMMUNICATIONS SERIES F 5.95 03/15/2014 226,276
45,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 43,629
235,000 VERIZON (FLORIDA) INCORPORATED SERIES F 6.13 01/15/2013 241,230
275,000 VERIZON (VIRGINIA) INCORPORATED SERIES A 4.63 03/15/2013 261,453
280,000 VODAFONE GROUP PLC 7.75 02/15/2010 298,868
1,800,582
--------------
DEPOSITORY INSTITUTIONS - 1.29%
300,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 318,030
545,000 JPMORGAN CHASE & COMPANY 5.13 09/15/2014 536,467
250,000 M&T BANK CORPORATION+/-++ 3.85 04/01/2013 246,946
245,000 WACHOVIA BANK NA 5.60 03/15/2016 246,704
290,000 WASHINGTON MUTUAL BANK 5.13 01/15/2015 278,207
1,626,354
--------------
EATING & DRINKING PLACES - 0.16%
180,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 202,104
--------------
ELECTRIC, GAS & SANITARY SERVICES - 0.82%
190,000 CAROLINA POWER & LIGHT COMPANY 6.50 07/15/2012 201,538
220,000 MIDAMERICAN ENERGY HOLDINGS 5.88 10/01/2012 226,496
250,000 PSI ENERGY INCORPORATED 6.05 06/15/2016 256,711
365,000 SOUTHWESTERN ELECTRIC POWER 4.90 07/01/2015 349,447
1,034,192
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 0.31%
390,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES A 5.65 06/09/2014 397,275
--------------
FOOD & KINDRED PRODUCTS - 0.37%
200,000 H.J. HEINZ COMPANY++ 6.43 12/01/2008 203,456
265,000 MILLER BREWING CORPORATION++ 5.50 08/15/2013 264,801
468,257
--------------
FOOD STORES - 0.16%
200,000 SAFEWAY INCORPORATED 4.80 07/16/2007 199,495
--------------
9
WELLS FARGO ADVANTAGE BALANCED FUND
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
GENERAL MERCHANDISE STORES - 0.20%
$ 235,000 WAL-MART STORES 7.25% 06/01/2013 $ 258,912
--------------
HOLDING & OTHER INVESTMENT OFFICES - 0.57%
210,000 ERP OPERATING LP 5.13 03/15/2016 204,804
250,000 MORGAN STANLEY 5.80 04/01/2007 250,000
260,000 SIMON PROPERTY GROUP LP 6.38 11/15/2007 261,431
716,235
--------------
INSURANCE CARRIERS - 0.33%
250,000 ING (USA) GLOBAL FUNDING TRUST 4.50 10/01/2010 245,566
175,000 WILLIS NORTH AMERICA INCORPORATED 6.20 03/28/2017 175,384
420,950
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS - 0.18%
225,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 232,196
--------------
METAL MINING - 0.23%
305,000 CODELCO INCORPORATED++ 4.75 10/15/2014 292,678
--------------
MOTION PICTURES - 0.29%
130,000 TIME WARNER INCORPORATED<< 5.88 11/15/2016 131,082
230,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 234,977
366,059
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.94%
440,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTN 5.85 06/01/2013 453,024
270,000 COUNTRYWIDE HOME LOAN SERIES MTN 4.13 09/15/2009 262,586
250,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.50 12/10/2007 252,086
370,000 GENERAL MOTORS ACCEPTANCE CORPORATION 6.88 09/15/2011 370,359
645,000 HOUSEHOLD FINANCE CORPORATION 8.00 07/15/2010 699,162
240,000 RESIDENTIAL CAPITAL CORPORATION<< 6.13 11/21/2008 239,877
180,000 RESIDENTIAL CAPITAL CORPORATION 6.38 06/30/2010 179,952
2,457,046
--------------
OIL & GAS EXTRACTION - 0.44%
255,000 HALLIBURTON COMPANY 5.50 10/15/2010 257,753
275,000 PEMEX PROJECT FUNDING MASTER TRUST 8.00 11/15/2011 303,875
561,628
--------------
PIPELINES, EXCEPT NATURAL GAS - 0.32%
100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 111,445
150,000 PLAINS ALL AMERICAN PIPELINE LP 5.63 12/15/2013 149,922
135,000 PLAINS ALL AMERICAN PIPELINE LP++ 6.13 01/15/2017 137,693
399,060
--------------
RAILROAD TRANSPORTATION - 0.44%
250,000 NORFOLK SOUTHERN CORPORATION 6.00 04/30/2008 251,582
305,000 UNION PACIFIC CORPORATION 5.75 10/15/2007 305,483
557,065
--------------
10
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.37%
$ 240,000 AVALONBAY COMMUNITIES SERIES MTN 6.63% 09/15/2011 $ 253,224
210,000 ISTAR FINANCIAL INCORPORATED 5.50 06/15/2012 209,041
462,265
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 1.24%
555,000 GOLDMAN SACHS GROUP INCORPORATED<< 5.50 11/15/2014 553,348
735,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN<< 5.25 02/06/2012 734,326
270,000 MERRILL LYNCH & COMPANY INCORPORATED<< 6.05 05/16/2016 276,987
1,564,661
--------------
TRANSPORTATION EQUIPMENT - 0.32%
190,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 7.75 01/18/2011 205,659
200,000 TEXAS EASTERN TRANSMISSION LP 5.25 07/15/2007 199,685
405,344
--------------
TRANSPORTATION SERVICES - 0.31%
245,000 FEDEX CORPORATION 2.65 04/01/2007 245,000
150,000 TRAVELERS PROPERTY CASUALTY CORPORATION 5.00 03/15/2013 147,564
392,564
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.18%
235,000 SAFEWAY INCORPORATED 5.63 08/15/2014 231,615
--------------
TOTAL CORPORATE BONDS & NOTES (COST $15,223,836) 15,317,135
--------------
FOREIGN CORPORATE BONDS@ - 1.44%
240,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.00 06/15/2010 260,164
280,000 DIAGEO CAPITAL PLC 4.38 05/03/2010 274,499
260,000 EMBRAER OVERSEAS LIMITED++ 6.38 01/24/2017 263,900
285,000 ENCANA CORPORATION 4.60 08/15/2009 281,033
200,000 NORMANDY FINANCE LIMITED++ 7.63 07/15/2008 204,597
280,000 TELECOM ITALIA CAPITAL 4.95 09/30/2014 263,758
265,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 271,646
TOTAL FOREIGN CORPORATE BONDS (COST $1,825,589) 1,819,597
--------------
FOREIGN GOVERNMENT BONDS@ - 0.32%
180,000 CANADIAN NATURAL RESOURCES LIMITED 6.00 08/15/2016 183,208
160,000 UNITED MEXICAN STATES 7.50 01/14/2012 175,200
40,000 UNITED MEXICAN STATES 5.63 01/15/2017 40,320
TOTAL FOREIGN GOVERNMENT BONDS (COST $396,496) 398,728
--------------
US TREASURY SECURITIES - 10.41%
US TREASURY BILLS - 0.01%
10,000 US TREASURY BILL^# 5.00 04/26/2007 9,966
--------------
US TREASURY BONDS - 1.77%
1,985,000 US TREASURY BOND<< 10.38 11/15/2012 2,048,349
190,000 US TREASURY BOND<< 5.38 02/15/2031 202,558
2,250,907
--------------
11
WELLS FARGO ADVANTAGE BALANCED FUND
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY NOTES - 8.63%
$ 660,000 US TREASURY NOTE 4.63% 03/31/2008 $ 658,247
2,866,000 US TREASURY NOTE<< 4.25 10/15/2010 2,840,587
2,595,000 US TREASURY NOTE<< 4.63 12/31/2011 2,603,615
3,735,000 US TREASURY NOTE<< 4.88 08/15/2016 3,794,233
1,030,000 US TREASURY NOTE<< 4.63 02/15/2017 1,027,908
10,924,590
--------------
TOTAL US TREASURY SECURITIES (COST $13,430,456) 13,185,463
--------------
COLLATERAL FOR SECURITIES LENDING - 16.00%
COLLATERAL INVESTED IN OTHER ASSETS - 16.00%
68,458 AMERICAN EXPRESS BANK FSB SERIES BKNT+/- 5.40 11/21/2007 68,494
198,528 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37 03/14/2008 198,554
2,054 AMERICAN GENERAL FINANCE CORPORATION+/- 5.41 06/27/2007 2,054
753 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 01/18/2008 754
5,682 AMERICAN HONDA FINANCE CORPORATION SERIES MTN+/-++ 5.32 07/10/2007 5,682
6,846 AMERICAN HONDA FINANCE CORPORATION SERIES MTN+/-++ 5.45 09/27/2007 6,852
51,467 AMSTEL FUNDING CORPORATION++ 5.28 04/16/2007 51,362
23,837 AMSTEL FUNDING CORPORATION 5.29 04/20/2007 23,775
101,215 APRECO LLC++ 5.32 06/15/2007 100,125
24,200 APRECO LLC++ 5.35 04/05/2007 24,189
85,538 ASIF GLOBAL FINANCING+/-++ 5.40 05/03/2007 85,544
10,269 ATLAS CAPITAL FUNDING CORPORATION++ 5.27 05/21/2007 10,195
171,145 ATLAS CAPITAL FUNDING CORPORATION+/-++ 5.33 05/10/2007 171,145
136,916 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 136,917
171,145 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 171,154
231,025 ATOMIUM FUNDING LLC++ 5.30 05/11/2007 229,713
7,873 BANK OF AMERICA CORPORATION 5.30 04/02/2007 7,873
362,827 BEAR STEARNS & COMPANY INCORPORATED+/- 5.51 08/22/2007 362,827
35,256 BEAR STEARNS & COMPANY INCORPORATED+/- 5.93 09/27/2007 35,366
1,814,137 BEAR STEARNS & COMPANY INCORPORATED REPURCHASE AGREEMENT
(MATURITY VALUE $1,814,967) 5.49 04/02/2007 1,814,137
311,484 BEAR STEARNS & COMPANY INCORPORATED SERIES MTN+/- 5.56 10/03/2007 311,655
410,748 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $410,936) 5.49 04/02/2007 410,748
102,687 BETA FINANCE INCORPORATED SERIES MTN+/-++ 5.33 07/17/2007 102,701
547,664 BNP PARIBAS REPURCHASE AGREEMENT (MATURITY VALUE $547,914) 5.49 04/02/2007 547,664
68,458 CAIRN HIGH GRADE FUNDING I LLC 5.29 05/08/2007 68,099
88,995 CAIRN HIGH GRADE FUNDING I LLC++ 5.29 04/23/2007 88,723
123,224 CAIRN HIGH GRADE FUNDING I LLC 5.30 05/10/2007 122,543
101,386 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/14/2007 100,767
119,801 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 118,650
95,841 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 95,409
2,670 CATERPILLAR FINANCIAL SERVICES CORPORATION+/- 5.43 08/20/2007 2,671
171,145 CBA (DELAWARE) FINANCE INCORPORATED 5.28 05/31/2007 169,675
208,105 CEDAR SPRINGS CAPITAL COMPANY 5.28 04/16/2007 207,681
299,292 CEDAR SPRINGS CAPITAL COMPANY++ 5.28 04/10/2007 298,941
12
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 20,188 CEDAR SPRINGS CAPITAL COMPANY 5.29% 04/18/2007 $ 20,141
205,114 CEDAR SPRINGS CAPITAL COMPANY++ 5.29 05/08/2007 204,039
148,937 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/11/2007 147,420
133,493 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 132,074
92,993 CHARIOT FUNDING LLC++ 5.37 04/12/2007 92,858
6,846 CHEYNE FINANCE LLC++ 5.28 04/17/2007 6,831
68,458 CHEYNE FINANCE LLC 5.29 05/14/2007 68,040
30,806 CHEYNE FINANCE LLC++ 5.29 06/07/2007 30,510
136,916 CHEYNE FINANCE LLC 5.29 07/17/2007 134,807
136,916 CHEYNE FINANCE LLC 5.29 07/18/2007 134,788
88,995 CHEYNE FINANCE LLC 5.30 05/11/2007 88,490
547,664 CHEYNE FINANCE LLC 5.30 06/18/2007 541,525
71,881 CHEYNE FINANCE LLC++ 5.31 04/13/2007 71,766
171,145 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 171,095
68,458 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 68,501
7,346 CIT GROUP INCORPORATED+/- 5.58 05/18/2007 7,348
646,460 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $646,755) 5.49 04/02/2007 646,460
27,383 COMERICA BANK+/- 5.34 07/20/2007 27,388
48,297 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.32 05/14/2007 48,002
136,916 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 136,716
273,832 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 273,115
30,806 CREDIT SUISSE FIRST BOSTON (USA) INCORPORATED SERIES MTN+/- 5.46 04/05/2007 30,806
15,677 CREDIT SUISSE FIRST BOSTON (USA) INCORPORATED SERIES MTN+/- 5.71 10/29/2007 15,718
1,711 CROWN POINT CAPITAL COMPANY 5.29 04/17/2007 1,708
285,997 DEER VALLEY FUNDING LLC++ 5.30 04/04/2007 285,914
18,415 DEER VALLEY FUNDING LLC++ 5.30 04/05/2007 18,407
11,741 DEER VALLEY FUNDING LLC++ 5.30 04/13/2007 11,722
81,212 DEER VALLEY FUNDING LLC++ 5.30 05/15/2007 80,703
32,565 DEER VALLEY FUNDING LLC++ 5.31 04/10/2007 32,527
453,733 DEER VALLEY FUNDING LLC 5.32 04/02/2007 453,733
156,550 DEER VALLEY FUNDING LLC 5.34 05/07/2007 155,753
13,883 ERASMUS CAPITAL CORPORATION++ 5.33 06/15/2007 13,734
5,792 FCAR OWNER TRUST SERIES II 5.29 06/22/2007 5,723
136,916 FCAR OWNER TRUST SERIES II 5.31 06/11/2007 135,521
68,458 FCAR OWNER TRUST SERIES II 5.31 06/21/2007 67,661
44,498 FCAR OWNER TRUST SERIES II 5.31 07/20/2007 43,793
1,165,772 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,166,306) 5.49 04/02/2007 1,165,772
136,916 FIVE FINANCE INCORPORATED 5.31 06/22/2007 135,302
6,846 FIVE FINANCE INCORPORATED+/-++ 5.31 09/13/2007 6,848
123,224 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION 5.29 06/18/2007 121,843
17,121 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION 5.30 06/25/2007 16,912
2,957 FOX TROT CDO LIMITED++ 5.27 04/11/2007 2,954
109,533 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY+/- 5.40 06/18/2007 109,533
138,251 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA+/- 5.41 06/22/2007 138,291
233,031 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 233,108
90,159 GEORGE STREET FINANCE LLC++ 5.30 04/10/2007 90,054
13
WELLS FARGO ADVANTAGE BALANCED FUND
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 207,058 GEORGE STREET FINANCE LLC++ 5.33% 04/30/2007 $ 206,213
171,145 GERMAN RESIDENTIAL FUNDING+/-++ 5.34 08/22/2007 171,145
171,145 GERMAN RESIDENTIAL FUNDING+/-++ 5.37 08/22/2007 171,145
5,134 GRAMPIAN FUNDING LIMITED 5.29 05/22/2007 5,097
28,301 HUDSON-THAMES LLC++ 5.28 04/02/2007 28,301
238,658 HUDSON-THAMES LLC 5.28 04/16/2007 238,171
53,746 HUDSON-THAMES LLC 5.29 04/20/2007 53,606
210,946 HUDSON-THAMES LLC 5.29 07/16/2007 207,730
4,792 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 4,793
239,603 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 239,603
1,711 IRISH LIFE & PERMANENT PLC++ 5.28 04/04/2007 1,711
57,327 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 57,243
64,097 KLIO FUNDING CORPORATION++ 5.30 04/12/2007 64,004
75,304 KLIO FUNDING CORPORATION++ 5.38 04/09/2007 75,227
280,294 KLIO III FUNDING CORPORATION 5.29 05/08/2007 278,826
102,913 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 102,583
69,629 LA FAYETTE ASSET SECURITIZATION CORPORATION 5.28 04/09/2007 69,558
66,418 LA FAYETTE ASSET SECURITIZATION CORPORATION++ 5.32 04/16/2007 66,282
64,193 LA FAYETTE ASSET SECURITIZATION CORPORATION 5.33 04/20/2007 64,025
156,522 LA FAYETTE ASSET SECURITIZATION CORPORATION++ 5.33 04/23/2007 156,043
239,603 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.59 05/31/2007 239,653
38,405 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTNG+/- 5.48 04/20/2007 38,408
33,544 LIBERTY HARBOUR CDO II LIMITED++ 5.31 04/13/2007 33,491
17,115 LIBERTY LIGHT US CAPITAL+/-++ 5.38 11/21/2007 17,122
27,383 LIBERTY LIGHT US CAPITAL SERIES MTN1+/-++ 5.50 04/16/2007 27,385
342,290 LIQUID FUNDING LIMITED+/-++ 5.29 08/15/2007 335,591
342,290 LIQUID FUNDING LIMITED 5.30 04/23/2007 341,243
10,269 LIQUID FUNDING LIMITED++ 5.31 07/16/2007 10,112
6,846 M&I MARSHALL & ILSLEY BANK SERIES BKNT+/- 5.33 02/15/2008 6,844
8,605 MANE FUNDING CORPORATION 5.30 04/12/2007 8,593
5,134 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNB+/- 5.59 01/02/2008 5,144
1,164 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.39 08/24/2007 1,164
20,537 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.47 08/27/2007 20,552
3,423 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTNC+/- 5.56 04/20/2007 3,423
171,145 METLIFE GLOBAL FUNDING I+/-++ 5.31 02/22/2008 171,145
14,718 MORGAN STANLEY+/- 5.48 11/09/2007 14,731
105,254 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 105,260
171,145 NATEXIS BANQUES POPULAIRES+/-++ 5.35 11/09/2007 171,154
270,067 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 270,207
17,115 NATIONWIDE BUILDING SOCIETY+/- 5.48 07/20/2007 17,126
20,127 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.28 04/09/2007 20,106
6,593 NORTH SEA FUNDING LLC++ 5.29 04/16/2007 6,579
321,445 RACERS TRUST SERIES 2004-6-MM+/-++SS. 5.34 09/24/2007 321,506
270,409 SAINT GERMAIN FUNDING 5.32 04/24/2007 269,541
24,645 SCALDIS CAPITAL LIMITED++ 5.35 04/16/2007 24,595
164,299 SEDNA FINANCE INCORPORATED SERIES MTN+/-++ 5.32 04/11/2007 164,299
123,224 SEDNA FINANCE INCORPORATED SERIES MTN+/-++ 5.33 10/26/2007 123,223
136,916 SLM CORPORATION+/-++SS. 5.32 05/12/2008 136,930
14
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 41,896 SLM CORPORATION SERIES MTN1+/- 5.58% 07/25/2007 $ 41,927
12,083 SOCIETE GENERALE NORTH AMERICA 5.31 06/20/2007 11,944
82,150 STANFIELD VICTORIA FUNDING LLC ++ 5.30 04/25/2007 81,874
51,001 STANFIELD VICTORIA FUNDING LLC 5.30 06/21/2007 50,408
6,846 TANGO FINANCE CORPORATION 5.38 04/05/2007 6,843
23,960 TASMAN FUNDING INCORPORATED++ 5.30 05/16/2007 23,807
38,597 TICONDEROGA FUNDING LLC 5.30 04/04/2007 38,585
684,580 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/- 5.64 12/31/2007 684,580
131,569 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 131,567
1,753 TULIP FUNDING CORPORATION 5.29 04/25/2007 1,747
171,145 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 171,164
11,638 UNICREDITO ITALIANO BANK (NEW YORK) SERIES YCD+/- 5.34 12/13/2007 11,632
36,967 UNICREDITO ITALIANO BANK (NEW YORK) SERIES YCD+/- 5.35 12/03/2007 36,979
10,269 VERSAILLES CDS LLC++ 5.28 04/16/2007 10,248
342,290 VERSAILLES CDS LLC++ 5.40 04/11/2007 341,842
116,379 VETRA FINANCE CORPORATION++ 5.28 04/23/2007 116,022
1,027 WACHOVIA CORPORATION+/- 5.41 07/20/2007 1,027
174,924 WHISTLEJACKET CAPITAL LIMITED 5.31 04/27/2007 174,285
112,956 WHITE PINE FINANCE LLC+/-++ 5.32 04/20/2007 112,957
54,766 WHITE PINE FINANCE LLC+/-++ 5.33 06/21/2007 54,775
319,158 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 318,414
84,429 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 84,220
3,423 WORLD SAVINGS BANK FSB+/- 5.42 06/01/2007 3,423
685 WORLD SAVINGS BANK FSB SERIES BKNT+/- 5.36 10/19/2007 678
20,255,974
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $20,255,974) 20,255,974
--------------
SHARES
SHORT-TERM INVESTMENTS - 0.86%
1,093,888 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 1,093,888
TOTAL SHORT-TERM INVESTMENTS (COST $1,093,888) 1,093,888
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $132,893,302)* 115.57% $ 146,316,955
OTHER ASSETS AND LIABILITIES, NET (15.57) (19,712,093)
------ --------------
TOTAL NET ASSETS 100.00% $ 126,604,862
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+/- VARIABLE RATE INVESTMENTS.
+ NON-INCOME EARNING SECURITIES.
++ 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.
@ FOREIGN BOND PRINCIPAL IS DENOMINATED IN US DOLLARS EXCEPT AS INDICATED
PARENTHETICALLY.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $1,093,888.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
15
WELLS FARGO ADVANTAGE BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ............................................................................ $ 124,967,093
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ................................................................. 20,255,974
INVESTMENTS IN AFFILIATES ................................................................................. 1,093,888
----------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ........................................................... 146,316,955
----------------
RECEIVABLE FOR FUND SHARES ISSUED ......................................................................... 2,895
RECEIVABLE FOR INVESTMENTS SOLD ........................................................................... 335,172
RECEIVABLES FOR DIVIDENDS AND INTEREST .................................................................... 685,821
----------------
TOTAL ASSETS ................................................................................................. 147,340,843
----------------
LIABILITIES
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS ................................................... 375
PAYABLE FOR FUND SHARES REDEEMED .......................................................................... 36,116
PAYABLE FOR INVESTMENTS PURCHASED ......................................................................... 264,895
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ..................................................... 75,587
PAYABLE FOR SECURITIES LOANED (NOTE 2) .................................................................... 20,255,974
ACCRUED EXPENSES AND OTHER LIABILITIES .................................................................... 103,034
----------------
TOTAL LIABILITIES ............................................................................................ 20,735,981
----------------
TOTAL NET ASSETS ............................................................................................. $ 126,604,862
================
NET ASSETS CONSIST OF:
- ---------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ........................................................................................... $ 118,670,999
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................................................................ 30,209
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ..................................................... (5,521,424)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND TRANSLATION OF
ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ............................................... 13,423,653
NET UNREALIZED APPRECIATION (DEPRECIATION) OF FUTURES ..................................................... 1,425
----------------
TOTAL NET ASSETS ............................................................................................. $ 126,604,862
----------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE (1)
- ---------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - INVESTOR CLASS ............................................................................... $ 126,604,862
SHARES OUTSTANDING - INVESTOR CLASS ....................................................................... 5,960,351
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ............................................. $ 21.24
----------------
INVESTMENTS AT COST .......................................................................................... $ 132,893,302
================
SECURITIES ON LOAN, AT MARKET VALUE .......................................................................... $ 19,972,140
================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
16
STATEMENT OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ................................................................................................. $ 821,094
INTEREST .................................................................................................. 1,346,497
INCOME FROM AFFILIATED SECURITIES ......................................................................... 52,750
SECURITIES LENDING INCOME, NET ............................................................................ 11,759
----------------
TOTAL INVESTMENT INCOME ...................................................................................... 2,232,100
----------------
EXPENSES
ADVISORY FEES ............................................................................................. 424,734
ADMINISTRATION FEES ....................................................................................... 326,718
CUSTODY FEES .............................................................................................. 13,069
SHAREHOLDER SERVICING FEES ................................................................................ 163,359
ACCOUNTING FEES ........................................................................................... 14,262
PROFESSIONAL FEES ......................................................................................... 13,026
REGISTRATION FEES ......................................................................................... 13,634
SHAREHOLDER REPORTS ....................................................................................... 57,986
TRUSTEES' FEES ............................................................................................ 4,266
OTHER FEES AND EXPENSES ................................................................................... 3,850
----------------
TOTAL EXPENSES ............................................................................................... 1,034,904
----------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................................................. (218,090)
NET EXPENSES .............................................................................................. 816,814
----------------
NET INVESTMENT INCOME (LOSS) ................................................................................. 1,415,286
----------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... 1,591,495
FUTURES TRANSACTIONS ...................................................................................... 3,001
----------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS .................................................................... 1,594,496
----------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........................................... 2,297,553
FUTURES TRANSACTIONS ...................................................................................... (3,007)
----------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .......................................... 2,294,546
----------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ....................................................... 3,889,042
----------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .............................................. $ 5,304,328
================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
17
WELLS FARGO ADVANTAGE BALANCED FUND STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
BALANCED FUND
----------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................................................... $ 132,366,630 $ 142,490,661
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................................................... 1,415,286 2,865,938
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................ 1,594,496 1,794,285
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................ 2,294,546 3,951,960
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................... 5,304,328 8,612,183
----------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME .............................................................. (1,428,367) (2,926,318)
----------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................................... (1,428,367) (2,926,318)
----------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ......................................... 2,943,461 6,144,420
REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS ..................................... 1,372,389 2,824,027
COST OF SHARES REDEEMED - INVESTOR CLASS ........................................... (13,953,579) (24,778,343)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INVESTOR CLASS ...................................................... (9,637,729) (15,809,896)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - TOTAL ............................................................... (9,637,729) (15,809,896)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (5,761,768) (10,124,031)
----------------------------------------
ENDING NET ASSETS ..................................................................... $ 126,604,862 $ 132,366,630
========================================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - INVESTOR CLASS ....................................................... 138,575 306,813
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS .................... 64,195 140,955
SHARES REDEEMED - INVESTOR CLASS ................................................... (655,553) (1,237,326)
----------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ........................ (452,783) (789,558)
----------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ....................................................................... (452,783) (789,558)
----------------------------------------
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .......................... $ 30,209 $ 43,290
========================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
18
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE BALANCED FUND FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ---------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- ---------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 20.64 0.24 0.60 (0.24) 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 19.78 0.43 0.87 (0.44) 0.00
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(3) ......... $ 19.63 0.24 0.15 (0.24) 0.00
JANUARY 1, 2004 TO DECEMBER 31, 2004 ............. $ 18.62 0.25 1.02 (0.26) 0.00
JANUARY 1, 2003 TO DECEMBER 31, 2003 ............. $ 16.06 0.19 2.58 (0.21) 0.00
JANUARY 1, 2002 TO DECEMBER 31, 2002 ............. $ 18.84 0.40 (2.77) (0.41) 0.00
JANUARY 1, 2001 TO DECEMBER 31, 2001 ............. $ 21.83 0.58 (2.99) (0.58) 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
PERIODS SHOWN. RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) THE FUND CHANGED ITS FISCAL YEAR-END FROM DECEMBER 31 TO SEPTEMBER 30.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
20
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
NET ASSET ------------------------------------------------
VALUE PER NET INVESTMENT GROSS EXPENSES NET
SHARE INCOME (LOSS) EXPENSES WAIVED EXPENSES
- -----------------------------------------------------------------------------------------------------------------
BALANCED FUND
- -----------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 21.24 1.09% 1.58% (0.33)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 20.64 2.12% 1.52% (0.27)% 1.25%
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(3) ........ $ 19.78 1.58% 1.45% (0.17)% 1.28%
JANUARY 1, 2004 TO DECEMBER 31, 2004 ............ $ 19.63 1.25% 1.31% (0.04)% 1.27%
JANUARY 1, 2003 TO DECEMBER 31, 2003 ............ $ 18.62 1.09% 1.31% (0.05)% 1.26%
JANUARY 1, 2002 TO DECEMBER 31, 2002 ............ $ 16.06 2.31% 1.30% (0.01)% 1.29%
JANUARY 1, 2001 TO DECEMBER 31, 2001 ............ $ 18.84 2.88% 1.19% 0.00% 1.19%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE (000'S OMITTED)
- -------------------------------------------------------------------------------------------
BALANCED FUND
- -------------------------------------------------------------------------------------------
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 4.05% 22% $ 126,605
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 6.64% 61% $ 132,367
JANUARY 1, 2005 TO SEPTEMBER 30, 2005(3) ........ 2.00% 87% $ 142,491
JANUARY 1, 2004 TO DECEMBER 31, 2004 ............ 6.86% 148% $ 154,974
JANUARY 1, 2003 TO DECEMBER 31, 2003 ............ 17.36% 205% $ 208,955
JANUARY 1, 2002 TO DECEMBER 31, 2002 ............ (12.65)% 226% $ 218,015
JANUARY 1, 2001 TO DECEMBER 31, 2001 ............ (11.03)% 234% $ 300,022
21
WELLS FARGO ADVANTAGE BALANCED FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Balanced
Fund. The Fund is a diversified series of the Trust.
In August and September 2004, the Board of Trustees of the Trust and the
Boards of Directors of the Strong Funds ("Strong Funds") approved an Agreement
and Plan of Reorganization providing for the reorganization of certain Strong
Funds into the Funds.
Effective at the close of business on April 8, 2005, the following
Acquiring Fund ("Acquiring Fund"), by share class, acquired substantially all of
the net assets of the following Target Fund ("Target Fund"), by share class,
through a tax-free exchange under section 368 of the Internal Revenue Code:
Acquiring Fund Target Fund
- --------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE BALANCED FUND INVESTOR CLASS STRONG BALANCED FUND INVESTOR CLASS
- --------------------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 such securities, 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. The
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' market values. For
some securities listed on the NASDAQ, such prices are not readily available.
These securities will generally be fair valued using methods which may include
consideration of yields or prices of securities of comparable quality, coupon
rate, maturity and type of issue, indications as to values from dealers in
securities, trading characteristics, and general market conditions.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market 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.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences
22
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
are permanent in nature, such amounts are reclassified within the capital
accounts based on their federal tax-basis treatment. Temporary differences do
not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2007.
At September 30, 2006, net capital loss carryforwards, which are available
to offset future net realized capital gains, were:
Capital Loss
Fund Expiration Year Carryforwards
- ------------------------------------------------------------------------------
BALANCED FUND 2010 $ 6,612,299
- ------------------------------------------------------------------------------
FUTURES CONTRACTS
The Fund may purchase futures contracts to gain exposure to market
changes, which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2007, the Fund held the following future contract:
Net Unrealized
Notional Appreciation
Fund Contracts Type Expiration Date Amount (Depreciation)
- --------------------------------------------------------------------------------------------
BALANCED FUND 3 Long US 10 Year Note June 2007 $322,950 $ 1,425
- --------------------------------------------------------------------------------------------
SECURITY LOANS
The Fund 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 or by retaining a portion of interest on the investment securities
or cash received as collateral. A Fund also continues to receive interest or
dividends on the securities loaned. Security loans are secured at all times by
collateral. 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.
The collateral supporting loans of domestic and foreign equity securities and
corporate bonds are remarked daily while collateral supporting loans of U.S.
Government securities are remarked back to 102% only if the given collateral
falls below 100% of the market value of the securities loans plus any accrued
interest. Gain or loss in the market price of the securities loaned that may
occur during the term of the loan are reflected in the value of the Fund. The
risks from securities lending are that the borrower may not provide additional
collateral when required or return the securities when due or when called for by
the Fund. Wells Fargo Bank, N.A., the Fund's custodian, acts as the securities
lending agent for the Fund and receives for its services 30% of the revenues
earned on the securities lending activities and incurs all expenses. The value
of the securities on loan and the value of the related collateral at March 31,
2007, are shown on the Statement of Assets and Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
23
WELLS FARGO ADVANTAGE BALANCED FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Subadvisory
Advisory Fee Fees (% of
Average Daily (% of Average Average Daily Average Daily
Fund Net Assets Daily Net Assets) Subadviser Net Assets Net Assets)
- ---------------------------------------------------------------------------------------------------------------
BALANCED FUND First $500 million 0.650 Wells Capital First $100 million 0.250
Next $500 million 0.600 Management Next $100 million 0.200
Next $2 billion 0.550 Incorporated Over $200 million 0.150
Next $2 billion 0.525
Over $5 billion 0.500
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Admin Fees
(% of Average
Fund Average Daily Net Assets Daily Net Assets)
- ------------------------------------------------------------------------------
BALANCED FUND First $5 billion 0.50
Next $5 billion 0.49
Over $10 billion 0.48
- ------------------------------------------------------------------------------
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. BFDS is entitled to
receive fees from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Fund Daily Net Assets
- ------------------------------------------------------------------------------
BALANCED FUND 0.02
- ------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% of Average
Share Class Daily Net Assets
- ------------------------------------------------------------------------------
BALANCED FUND 0.25
- ------------------------------------------------------------------------------
For the period ended March 31, 2007, shareholder servicing fees paid were
as follows:
Fund Investor Class
- ------------------------------------------------------------------------------
BALANCED FUND $163,359
- ------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset-based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately, first
from advisory fees, and then any remaining amount consecutively from
administration, custody, and shareholder servicing fees collected, if any. Funds
Management has contractually committed through January 31, 2008, to waive fees
and/or reimburse expenses to the extent necessary to maintain a certain net
operating expense ratio for the Fund. Net operating expense ratio in effect for
the period ended March 31, 2007, were as follows:
Net Operating
Fund Expense Ratio
- ------------------------------------------------------------------------------
BALANCED FUND 1.25%
- ------------------------------------------------------------------------------
24
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities and
U.S. government obligations (securities with maturities of one year or less at
purchase date) for the period ended March 31, 2007, were as follows:
Fund Purchases at Cost Sales Proceeds
- ------------------------------------------------------------------------------
BALANCED FUND $ 27,958,235 $ 31,345,329
- ------------------------------------------------------------------------------
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2007, there were no borrowings by the
Balanced Fund under the agreement.
6. LEGAL AND REGULATORY MATTERS
- --------------------------------------------------------------------------------
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement also imposed fee reductions across the predecessor Strong Fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. Funds Management has agreed to honor these fee
reductions for the benefit of shareholders across the successor funds. Although
civil litigation against Strong and certain predecessor Strong Funds relating to
these matters is continuing, neither the current adviser nor the successor funds
is a party to any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
25
WELLS FARGO ADVANTAGE BALANCED FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, None
64 Calloway School of Business
and Accountancy - The Thomas
Goho Chair of Finance since
January 2006. Associate
Professor of Finance from
1999-2005.
- -------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co- None
64 (Chairman since 2005) Founder of Crystal Geyser
(Lead Trustee since 2001) Water Company and President
of Crystal Geyser Roxane
Water Company.
- -------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, None
73 President of Richard M. Leach
Associates (a financial
consulting firm).
- -------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and None
54 Risk Management, Wharton
School, University of
Pennsylvania. Director of the
Boettner Center on Pensions
and Retirement Research.
Research Associate and Board
Member, Penn Aging Research
Center. Research Associate,
National Bureau of Economic
Research.
- -------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of
Himle-Horner and Senior
Fellow at the Humphrey
Institute, Minneapolis,
Minnesota (a public policy
organization).
- -------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of None
66 Willeke & Daniels.
26
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto,
Chairman of Whitepoint
Capital, LLC until 2004.
- -------------------------------------------------------------------------------------------------------
OFFICERS
- -------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- -------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of None
47 Wells Fargo Bank, N.A. and
President of Wells Fargo Funds
Management, LLC since 2003.
Senior Vice President and
Chief Administrative Officer
of Wells Fargo Funds
Management, LLC from 2001 to
2003.
- -------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and None
46 Chief Legal Counsel Secretary of Wells Fargo Funds
since 2003 Management, LLC since 2001.
Vice President and Managing
Senior Counsel of Wells Fargo
Bank, N.A. since 1996.
- -------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo
Funds Management, LLC since
2006. From 2001 to 2006, Vice
President of Wells Fargo Bank,
N.A. and Vice President of
Wells Fargo Bank, N.A. Auto
Finance Group. Vice President
of Portfolio Risk Management
for Wells Fargo Bank, N.A.
Auto Finance Group from 2004
to 2006.
- -------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of None
45 Officer, since 2004 Wells Fargo Funds Management,
LLC since 2004. Chief
Compliance Officer for Wells
Fargo Funds Management, LLC
from 1997 to 2002. In 2002,
Ms. Peters left Wells Fargo
Funds Management, LLC to
pursue personal goals.
- -------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
www.wellsfargo.com/advantagefunds.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
27
WELLS FARGO ADVANTAGE BALANCED FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
BALANCED FUND
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Balanced Fund (the "Fund"); and (ii) an investment
sub-advisory agreement with Wells Capital Management Incorporated ("Wells
Capital Management") for the Fund. The investment advisory agreement with Funds
Management and the investment sub-advisory agreement with Wells Capital
Management are collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 30, 2007, the Board,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and Wells Capital Management and the
continuation of the Advisory Agreements. Prior to the March 30, 2007, meeting,
the Board, including the Independent Trustees, met in person and telephonically
a number of times, both with Funds Management and in private sessions, for
discussions about these continuations and approvals. The Independent Trustees
were assisted in their evaluation of the Advisory Agreements by independent
legal counsel, from whom they received separate legal advice and with whom they
met separately from Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Board received and considered various data and information regarding
the nature, extent and quality of services provided to the Fund by Funds
Management and Wells Capital Management under the Advisory Agreements. The Board
also received and considered information provided in response to a detailed set
of requests submitted by the Independent Trustees' independent legal counsel,
including, among other things, information about the background and experience
of senior management and the expertise of, and amount of attention devoted to
the Fund by, investment personnel of Funds Management and Wells Capital
Management. In this regard, the Board reviewed the qualifications, backgrounds
and responsibilities of the portfolio managers primarily responsible for
day-to-day portfolio management services for the Fund.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective resources, reputations and other
attributes, to attract and retain highly qualified investment professionals,
including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance
records of Funds Management and Wells Capital Management. In addition, the Board
took into account the administrative services provided to the Fund by Funds
Management and its affiliates. In considering these matters, the Board
considered not only the specific information presented in connection with the
meeting, but also the knowledge gained over the course of interacting with Funds
Management about various topics, including Funds Management's oversight of
service providers, such as Wells Capital Management.
Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Fund by Funds
Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Board considered the performance results for the Fund over various
time periods ended December 31, 2006. The Board also considered these results,
as applicable, in comparison to the median performance results of the group of
funds that was determined by Lipper Inc. ("Lipper") to be the most similar to
the Fund (the "Peer Group") and to the median performance of a broader universe
of relevant funds as determined by Lipper (the "Universe"), as well as to the
Fund's benchmark index. Lipper is an independent provider of investment company
data. The Board was provided with a description of the methodology used by
Lipper to select the mutual funds in the Fund's Peer Group and Universe.
The Board noted that the performance of the Fund was below the median
performance of its Peer Group for all time periods and required further review.
As part of its further review, the Board received an analysis of, and discussed
factors contributing to, the underperformance of the Fund. The Board requested
continued reports on the performance of the Fund.
28
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
The Board received and considered information regarding the Fund's net
operating expense ratio and its various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements. The
Board also considered comparisons of these fees to the expense information for
the Fund's Peer Group, which comparative data was provided by Lipper. The Board
noted that the net operating expense ratio of the Fund was below its Peer
Group's median net operating expense ratio.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Fund.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Board reviewed and considered the contractual investment advisory fee
rates payable by the Fund to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Fund's administration fee rates. The Board took into account the
separate administrative services covered by the administration fee rates. The
Board also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to Wells Capital Management for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Board reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in its Peer
Group. The Board noted that the Advisory Agreement Rates and the Net Advisory
Rates for the Fund were not appreciably higher than the median rates of the
Fund's Peer Group. In addition, the Board concluded that the combined investment
advisory/ administration fee rate for the Fund (before and after waivers/caps
and/or expense reimbursements) was reasonable in relation to the Fund's Peer
Group, and reasonable in relation to the services provided. The Board also
considered and noted Funds Management's recommendation to reduce the
administration fees for the Fund in coming to its conclusion.
The Board also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on its consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Board received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and Net Advisory Rates,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Fund. The Board concluded that, in light of the costs
of providing investment management and other services to the Fund, the profits
and other ancillary benefits that Funds Management and its affiliates received
with regard to providing these services to such series were not unreasonable.
The Board did not consider a separate profitability analysis of Wells Capital
Management, as its separate profitability from its relationship with the Fund
was not a material factor in determining whether to renew the agreement.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Board received and considered general information regarding whether
there have been economies of scale with respect to the management of the Fund,
whether the Fund has appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Fund. The Board also considered information provided by Funds Management in
a special presentation on advisory fee breakpoints at the February 2007 board
meeting. The Board acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Board's understanding
that economies of scale are realized, if at all, by an investment adviser across
a variety of products and services, not just with respect to a single fund. The
Board concluded that any actual or potential economies of scale are, or will be,
shared reasonably with Fund shareholders, most particularly through Advisory
Agreement Rate breakpoints and waivers/caps and/or expense reimbursements
applicable to the Fund.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Board also received and considered information about the nature and
extent of services and fee rates offered by Funds Management to other similarly
situated series of the Trust, and those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
29
WELLS FARGO ADVANTAGE BALANCED FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
- --------------------------------------------------------------------------------
The Board received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
(including Wells Capital Management) as a result of their relationship with the
Fund. Such benefits could include, among others, benefits directly attributable
to the relationship of Funds Management and Wells Capital Management with the
Fund and benefits potentially derived from an increase in Funds Management's and
Wells Capital Management's business as a result of their relationship with the
Fund (such as the ability to market to shareholders other financial products
offered by Funds Management and its affiliates (including Wells Capital
Management)).
The Board also considered the effectiveness of the policies of the Fund in
seeking the best execution of portfolio transactions, whether and to what extent
soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker, the extent to which
efforts are made to recapture commission costs, and the controls applicable to
brokerage allocation procedures. The Board also reviewed Funds Management and
Wells Capital Management's methods for allocating portfolio investment
opportunities among the Fund and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Board also considered the markets for distribution of the Fund,
including the principal channels through which the Fund's shares are offered and
sold. The Board noted that the Fund is part of one of the few fund families that
have both direct-to-fund and intermediary distribution.
As discussed above, the Board reviews detailed materials received from
Funds Management and Wells Capital Management annually as part of the
re-approval process under Section 15(c) of the 1940 Act. The Board also reviews
and assesses the quality of the services that the Fund receives throughout the
year. In this regard, the Board has reviewed reports of Funds Management and
Wells Capital Management at each of its quarterly meetings, which include, among
other things, a portfolio review and fund performance reports. In addition, the
Board confers with portfolio managers at various times throughout the year.
After considering the above-described factors and based on its
deliberations and its evaluation of the information described above, the Board
concluded that approval of the continuation of the Advisory Agreements for the
Fund was in the best interest of the Fund and its shareholders. Accordingly, the
Board unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
30
LIST OF ABBREVIATIONS WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities
which may have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
31
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THIS PAGE IS INTENTIONALLY LEFT BLANK --
THIS PAGE IS INTENTIONALLY LEFT BLANK --
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available
free upon request. To obtain literature, please write, e-mail, visit
the Funds' Web site, or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103748 05-07
Funds Management, LLC. SAAFNLD/SAR109 03-07
All rights reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
o WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
o WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
o WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
o WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
o WELLS FARGO ADVANTAGE EQUITY INCOME FUND
o WELLS FARGO ADVANTAGE EQUITY VALUE FUND
o WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
o WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
o WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
o WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
o WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
o WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
C&B Large Cap Value Fund .............................................. 2
Diversified Equity Fund ............................................... 4
Diversified Small Cap Fund ............................................ 6
Emerging Growth Fund .................................................. 8
Equity Income Fund .................................................... 10
Equity Value Fund ..................................................... 12
Growth Equity Fund .................................................... 14
International Value Fund .............................................. 16
Large Cap Appreciation Fund ........................................... 18
Large Company Growth Fund ............................................. 20
Small Company Growth Fund ............................................. 22
Small Company Value Fund .............................................. 24
Strategic Small Cap Value Fund ........................................ 26
Fund Expenses ............................................................. 28
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
C&B Large Cap Value Fund .............................................. 33
Diversified Equity Fund ............................................... 34
Diversified Small Cap Fund ............................................ 35
Emerging Growth Fund .................................................. 36
Equity Income Fund .................................................... 37
Equity Value Fund ..................................................... 38
Growth Equity Fund .................................................... 39
International Value Fund .............................................. 40
Large Cap Appreciation Fund ........................................... 41
Large Company Growth Fund ............................................. 42
Small Company Growth Fund ............................................. 43
Small Company Value Fund .............................................. 44
Strategic Small Cap Value Fund ........................................ 45
Financial Statements
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities .................................. 46
Statements of Operations .............................................. 50
Statements of Changes in Net Assets ................................... 54
Financial Highlights .................................................. 66
Notes to Financial Highlights ......................................... 78
Notes to Financial Statements ............................................. 79
- --------------------------------------------------------------------------------
Master Portfolios
Portfolio of Investments
- --------------------------------------------------------------------------------
C&B Large Cap Value Portfolio ......................................... 87
Disciplined Growth Portfolio .......................................... 92
Emerging Growth Portfolio ............................................. 97
Equity Income Portfolio ............................................... 103
Equity Value Portfolio ................................................ 109
Index Portfolio ....................................................... 115
International Core Portfolio .......................................... 132
International Growth Portfolio ........................................ 136
International Index Portfolio ......................................... 140
International Value Portfolio ......................................... 168
Large Cap Appreciation Portfolio ...................................... 173
Large Company Growth Portfolio ........................................ 179
Small Cap Index Portfolio ............................................. 184
Small Company Growth Portfolio ........................................ 204
Small Company Value Portfolio ......................................... 211
Strategic Small Cap Value Portfolio ................................... 218
Financial Statements
- --------------------------------------------------------------------------------
Statements of Assets and Liabilities .................................. 230
Statements of Operations .............................................. 234
Statements of Changes in Net Assets ................................... 238
Financial Highlights .................................................. 244
Notes to Financial Highlights ......................................... 246
Notes to Financial Statements ............................................. 247
- --------------------------------------------------------------------------------
Other Information ......................................................... 253
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 260
- --------------------------------------------------------------------------------
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
In this semi-annual report for the WELLS FARGO ADVANTAGE EQUITY GATEWAY
FUNDS, which covers the six-month period that ended March 31, 2007, you may
notice a few changes compared with the semi-annual report you received last year
at this time. We've abbreviated the content in the semi-annual reports to
include Fund and benchmark performance, allocation percentages, a list of the
ten largest holdings in each Fund, along with the usual information in the
financial section.
We will continue to provide you with a general review of the economy and
summary information on the stock and bond markets in our letter to you. In the
next annual report, which will cover the 12-month period that will end on
September 30, 2007, we will also include the portfolio manager's commentary and
a chart showing the growth of a $10,000 investment.
REVIEW OF THE ECONOMY
- --------------------------------------------------------------------------------
The economy weathered several stops and starts during the period. On
August 8, 2006, the Fed decided to leave the Federal funds rate unchanged at
5.25%. This decision signaled a stop to 17 consecutive interest rate hikes that
began in June 2004. The Fed's pause in raising interest rates continued
throughout the six-month period and helped to keep mortgage interest rates near
historic lows. During the second half of the reporting period, the economy
continued to slow down, with growth in real GDP holding at around 2% by the end
of the period.
Household spending was sustained by healthy labor markets, solid growth in
household incomes, and gains in net worth stemming from the strength in stock
prices. However, on February 27, 2007, the global equity market experienced a
significant correction triggered by an approximately 9% drop in China's stock
market. The Dow Jones Industrial Average (DJIA) lost 3.3% of its value in a
single day. The U.S. market continued to struggle in early March. Then on March
21, 2007, the Fed announced its intention to keep the federal funds rate at
5.25%. In addition, the Fed excluded its earlier statement that further
tightening might be needed by raising interest rates. Both the equity and bond
markets rallied on the Fed's news.
Business spending moved from being a strength in the economy during the
fourth quarter of 2006 to being a disappointment by the first quarter of 2007.
New orders for capital equipment declined sharply in January and recovered only
partially in February. This has been somewhat perplexing because corporate cash
flow, profits, and balance sheets all suggested a positive outlook for capital
spending.
Information on mortgage applications and housing sales suggested that the
housing slump may have neared its bottom during the fourth quarter of 2006.
Sales of existing homes increased in January and February. New home sales
reported a strong December with declines following in January and February,
which may have been linked to severe winter weather in the northern United
States.
STOCKS EXPERIENCED RECORD HIGHS, PLUS CORRECTION
- --------------------------------------------------------------------------------
Even though the DJIA declined 3.3% on February 27, 2007, to 12,216.96 in
response to a sell-off in China's stock market that ended the day with an
approximately 9% decline, the DJIA still ended the period higher than when it
began in October. In fact, on October 19, 2006, the DJIA broke through the
12,000 barrier to end the day at a then all-time record high of 12,011.73. The
DJIA high for the period was on February 20, 2007, when it reached 12,845.76.
And, while February's sell-off in China and the United States had a negative
effect on some international stocks, particularly in emerging markets, the DJIA
reached 12,354.35 by the end of the six-month period and began reclaiming some
of its loss.
PLANNING AHEAD
- --------------------------------------------------------------------------------
The uncertainty of future Fed action combined with other market forces
supports our belief that successful investing includes a balanced approach of
owning a diversified portfolio while keeping a long-term perspective. While
diversification may not prevent losses in a downturn, it may help reduce them
and provide you with one way of managing risk. Our diverse family of more than
120 mutual funds may also help. Each Fund is managed according to a disciplined
approach to investing that features the strategic thinking of portfolio managers
chosen for their in-depth knowledge and methodology. We believe that our
insistence on seeking skilled investment managers--our subadvisers--who share
our dedication to pursuing consistent long-term results, offers you a way to
navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (the Fund) seeks
maximum long-term total return (current income and capital appreciation),
consistent with minimizing risk to principal.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Cooke & Bieler, L.P.
FUND MANAGERS FUND INCEPTION
Kermit S. Eck, CFA 05/15/1990
Daren C. Heitman, CFA
Michael M. Meyer, CFA
James R. Norris
Edward W. O'Connor, CFA
R. James O'Neil, CFA
Mehul Trivedi, CFA
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
----------------------------------- ----------------------------------- Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- -------------------------------------------------------------------------------------------------------------------------------
Class A 0.08 7.41 7.24 10.30 6.19 13.97 8.52 10.96 1.40% 1.20%
- -------------------------------------------------------------------------------------------------------------------------------
Class B 0.73 8.05 7.45 10.18 5.73 13.05 7.74 10.18 2.15% 1.95%
- -------------------------------------------------------------------------------------------------------------------------------
Class C 4.74 12.06 7.75 10.18 5.74 13.06 7.75 10.18 2.15% 1.95%
- -------------------------------------------------------------------------------------------------------------------------------
Class D 6.19 13.96 8.52 10.96 1.40% 1.20%
- -------------------------------------------------------------------------------------------------------------------------------
Administrator Class 6.39 14.29 8.67 11.03 1.22% 0.95%
- -------------------------------------------------------------------------------------------------------------------------------
Institutional Class 6.47 14.59 8.85 11.13 0.95% 0.70%
- -------------------------------------------------------------------------------------------------------------------------------
Benchmark
- -------------------------------------------------------------------------------------------------------------------------------
Russell 1000(R) Value Index 2 9.34 16.83 10.25 10.85
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. CLASS D, ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD
WITHOUT SALES CHARGES OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CONSULT THE FUND'S PROSPECTUS FOR
ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Vodafone Group plc ADR 3.54%
- --------------------------------------------------------------------------------
Omnicom Group Incorporated 3.49%
- --------------------------------------------------------------------------------
McDonald's Corporation 3.48%
- --------------------------------------------------------------------------------
American Express Company 3.38%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 3.31%
- --------------------------------------------------------------------------------
Bank of America Corporation 3.08%
- --------------------------------------------------------------------------------
Quest Diagnostics Incorporated 3.07%
- --------------------------------------------------------------------------------
Dover Corporation 3.01%
- --------------------------------------------------------------------------------
Tyco International Limited 2.94%
- --------------------------------------------------------------------------------
Berkshire Hathaway Incorporated Class B 2.80%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Telecommunications Services (4%)
Consumer Discretionary (19%)
Consumer Staples (11%)
Energy (4%)
Financials (26%)
Health Care (11%)
Industrials (17%)
Information Technology (8%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
Effective December 6, 2004, the Fund is a gateway feeder fund that invests
substantially all of its assets in a single master portfolio of the Master Trust
with a substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund are
intended to refer to the investment activities of the master portfolio in which
it invests.
Performance shown prior to the inception of the Class B and Class C shares
reflects the performance of the unnamed share class of the predecessor fund,
adjusted to reflect Class B and Class C sales charges and expenses, as
applicable. Performance shown prior to the inception of the Class A,
Administrator Class and Institutional Class shares reflects the performance of
the unnamed share class of the predecessor fund, and includes expenses that are
not applicable to and are higher than those of the Class A, Administrator Class
and Institutional Class shares. Performance shown prior to July 26, 2004 for the
Class D shares reflects the performance of the unnamed share class of the
predecessor fund. Prior to April 11, 2005, the Administrator Class was named the
Institutional Class and the Institutional Class was named the Select Class.
2 The Russell 1000(R) Value Index measures performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.You
cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
3
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER FUND MANAGERS
Wells Fargo Funds Management, LLC Thomas C. Biwer, CFA
Christian L. Chan, CFA
SUBADVISERS FOR MASTER PORTFOLIOS Andrew Owen, CFA
Artisan Partners, L.P.
Cadence Capital Management, LLC FUND INCEPTION
Cooke & Bieler, L.P. 12/31/1988
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Incorporated
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management, Incorporated
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
---------------------------------- ---------------------------------- Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
Class A 2.06 3.29 4.97 7.31 8.29 9.59 6.22 7.95 1.42% 1.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Class B 2.87 3.77 5.10 7.14 7.87 8.77 5.42 7.14 2.17% 2.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Class C 6.88 7.77 5.41 7.16 7.88 8.77 5.41 7.16 2.17% 2.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Administrator Class 8.40 9.87 6.48 8.11 1.24% 1.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Benchmarks
- ------------------------------------------------------------------------------------------------------------------------------------
Diversified Equity Composite Index 2 9.29 12.50 8.49 8.67
- ------------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
- ------------------------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK AND SMALL COMPANY INVESTMENT RISK.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
4
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 4,5 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Microsoft Corporation 2.27%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 2.01%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 1.82%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.56%
- --------------------------------------------------------------------------------
eBay Incorporated 1.42%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.40%
- --------------------------------------------------------------------------------
Bank of America Corporation 1.31%
- --------------------------------------------------------------------------------
Medtronic Incorporated 1.27%
- --------------------------------------------------------------------------------
General Electric Company 1.26%
- --------------------------------------------------------------------------------
Citigroup Incorporated 1.15%
SECTOR DISTRIBUTION 4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
International (15%)
Consumer Discretionary (10%)
Consumer Staples (6%)
Energy (6%)
Financials (19%)
Health Care (11%)
Industrials (9%)
Information Technology (18%)
Materials (2%)
Telecommunications Services (2%)
Utilities (2%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
2 Diversified Equity Composite Index is weighted 25% in the Russell 1000(R)
Value Index, 25% in the S&P 500 Index, 25% in the Russell 1000(R) Growth Index,
15% in the MSCI EAFE(R) Index, 10% in the Russell 2000(R) Index. The RUSSELL
1000(R) VALUE INDEX measures the performance of those Russell 1000 companies
with lower price-to-book ratios and lower forecasted growth values. The RUSSELL
1000(R) GROWTH INDEX measures the performance of those Russell 1000 companies
with higher price-to-book ratios and higher forecasted growth values. The MSCI
EAFE(R) INDEX, THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE, AUSTRALASIA AND
FAR EAST ("MSCI EAFE") STOCK INDEX is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of Europe,
Australasia and the Far East. The RUSSELL 2000(R) INDEX which measures the
performance of the 2,000 smallest companies in the Russell 3000(R) Index, which
represents approximately 8% of the total market capitalization of the Russell
3000(R) Index. You cannot invest directly in an Index.
3 S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and
industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
4 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
5 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
5
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER FUND MANAGERS
Wells Fargo Funds Management, LLC Thomas C. Biwer, CFA
Christian L. Chan, CFA
SUBADVISER FOR MASTER PORTFOLIOS Andrew Owen, CFA
Peregrine Capital Management, Incorporated
Wells Capital Management, Incorporated FUND INCEPTION
12/31/1997
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Months* 1-Year 5-Year Life of Fund Ratio Ratio
- -----------------------------------------------------------------------------------------------
Administrator Class 10.16 3.13 10.84 8.22 1.31% 1.20%
- -----------------------------------------------------------------------------------------------
Benchmark
- -----------------------------------------------------------------------------------------------
Russell 2000(R) Index 2 11.02 5.91 10.95 8.17
- -----------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. SMALLER COMPANY STOCKS
TEND TO BE MORE VOLATILE AND LESS LIQUID THAN THOSE OF LARGER COMPANIES. THE USE
OF DERIVATIVES MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT
STRATEGIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE
BROADER MARKET). THIS FUND IS EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE
FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
6
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3, 4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
PDL Biopharma Incorporated 0.77%
- --------------------------------------------------------------------------------
Atwood Oceanics Incorporated 0.67%
- --------------------------------------------------------------------------------
Clean Harbors Incorporated 0.54%
- --------------------------------------------------------------------------------
Intermec Incorporated 0.52%
- --------------------------------------------------------------------------------
Skywest Incorporated 0.52%
- --------------------------------------------------------------------------------
Thoratec Corporation 0.51%
- --------------------------------------------------------------------------------
Aquantive Incorporated 0.48%
- --------------------------------------------------------------------------------
Del Monte Foods Company 0.46%
- --------------------------------------------------------------------------------
Pall Corporation 0.46%
- --------------------------------------------------------------------------------
Varian Semiconductor Equipment Associates Incorporated 0.46%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (15%)
Consumer Staples (3%)
Energy (7%)
Financials (15%)
Health Care (16%)
Industrials (13%)
Information Technology (22%)
Materials (5%)
Telecommunications Services (1%)
Utilities (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more Master Portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the Master Portfolios in which it invests.
Prior to April 11, 2005, the Administrator Class was named the
Institutional Class.
2 Russell 2000(R) Index measures the performance of the 2,000 smallest companies
in the Russell 3000(R) Index, which represents approximately 8% of the total
market capitalization of the Russell 3000 Index. You cannot invest directly in
an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
7
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER FUND MANAGERS
Wells Fargo Funds Management, LLC Brandon M. Nelson, CFA
Thomas C. Ognar, CFA
SUBADVISER Bruce C. Olson, CFA
Wells Capital Management, Incorporated
FUND INCEPTION
01/31/2007
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
Life of Fund Ratio Ratio
- -----------------------------------------------------------------------------------------------
Administrator Class 2.30 1.37% 1.20%
- -----------------------------------------------------------------------------------------------
Investor Class 2.30 1.72% 1.49%
- -----------------------------------------------------------------------------------------------
Benchmark
- -----------------------------------------------------------------------------------------------
Russell 2000(R) Growth Index 2 0.99
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END
SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS.SMALLER COMPANY STOCKS TEND
TO BE MORE VOLATILE AND LESS LIQUID THAN THOSE OF LARGER COMPANIES. THE USE OF
DERIVATIVES MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING
RESULTS IN INCREASED TURNOVER AND TRADING EXPENSES, AND MAY GENERATE HIGHER
SHORT-TERM CAPITAL GAINS. CERTAIN INVESTMENT STRATEGIES TEND TO INCREASE THE
TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS FUND IS
EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
8
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Middleby Corporation 3.90%
- --------------------------------------------------------------------------------
Arena Resources Incorporated 3.67%
- --------------------------------------------------------------------------------
Hologic Incorporated 3.35%
- --------------------------------------------------------------------------------
Guess? Incorporated 2.56%
- --------------------------------------------------------------------------------
ICON plc 2.53%
- --------------------------------------------------------------------------------
Nuance Communications Incorporated 2.48%
- --------------------------------------------------------------------------------
Verifone Holdings Incorporated 2.24%
- --------------------------------------------------------------------------------
Crocs Incorporated 2.21%
- --------------------------------------------------------------------------------
Deckers Outdoor Corporation 2.20%
- --------------------------------------------------------------------------------
Inverness Medical Innovations 1.91%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (20%)
Consumer Staples (4%)
Energy (7%)
Financials (3%)
Health Care (19%)
Industrials (16%)
Information Technology (28%)
Telecommunications Services (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. Since this is the first fiscal year for
the Fund, this gross expense ratio as stated in the February 1, 2007, prospectus
is based on estimates for the current fiscal year whereas the gross expense
ratio reported in the Financial Highlights is based on actual expenses for the
Fund.
The Fund is a gateway feeder fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
2 The Russell 2000(R) Growth Index measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted growth
values. You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
9
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EQUITY INCOME FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE EQUITY INCOME FUND (the Fund) seeks long-term
capital appreciation and dividend income.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGERS FUND INCEPTION
Gary J. Dunn, CFA 03/31/1989
Robert M. Thornburg
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
------------------------------------- ------------------------------------- Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- ------------------------------------------------------------------------------------------------------------------------
Class A 1.43 8.59 5.14 7.16 7.62 15.21 6.39 7.80 1.36% 1.10%
- ------------------------------------------------------------------------------------------------------------------------
Class B 2.20 9.33 5.26 6.99 7.20 14.33 5.59 6.99 2.11% 1.85%
- ------------------------------------------------------------------------------------------------------------------------
Class C 6.20 13.33 5.60 6.98 7.20 14.33 5.60 6.98 2.11% 1.85%
- ------------------------------------------------------------------------------------------------------------------------
Administrator Class 7.75 15.47 6.65 8.00 1.18% 0.85%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark
- ------------------------------------------------------------------------------------------------------------------------
Russell 1000(R) Value Index 2 9.34 16.83 10.25 10.85
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CONSULT THE FUND'S PROSPECTUS FOR
ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
10
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 4.16%
- --------------------------------------------------------------------------------
Citigroup Incorporated 4.15%
- --------------------------------------------------------------------------------
Bank of America Corporation 3.28%
- --------------------------------------------------------------------------------
Chevron Corporation 3.28%
- --------------------------------------------------------------------------------
General Electric Company 3.09%
- --------------------------------------------------------------------------------
Morgan Stanley 2.94%
- --------------------------------------------------------------------------------
ConocoPhillips 2.79%
- --------------------------------------------------------------------------------
St. Paul Travelers Companies Incorporated 2.59%
- --------------------------------------------------------------------------------
JPMorgan Chase & Company 2.57%
- --------------------------------------------------------------------------------
E.I. du Pont de Nemours & Company 2.41%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (8%)
Consumer Staples (7%)
Energy (15%)
Financials (31%)
Health Care (7%)
Industrials (9%)
Information Technology (8%)
Materials (4%)
Telecommunication Services (5%)
Utilities (6%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
2 The Russell 1000(R) Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
11
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EQUITY VALUE FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE EQUITY VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Systematic Financial Management, L.P.
FUND MANAGERS FUND INCEPTION
D. Kevin McCreesh, CFA 08/29/2003
Ronald M. Mushock, CFA
AVERAGE ANNUAL TOTAL RETURN1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------- --------------------------------- Expense Expense
6-Months* 1-Year Life of Fund 6-Months* 1-Year Life of Fund Ratio Ratio
- ----------------------------------------------------------------------------------------------------------------
Class A 4.41 8.50 14.02 10.78 15.11 15.92 1.53% 1.25%
- ----------------------------------------------------------------------------------------------------------------
Class B 5.46 9.28 14.48 10.46 14.28 15.07 2.28% 2.00%
- ----------------------------------------------------------------------------------------------------------------
Class C 9.37 13.27 15.07 10.37 14.27 15.07 2.28% 2.00%
- ----------------------------------------------------------------------------------------------------------------
Administrator Class 10.93 15.44 16.23 1.35% 1.00%
- ----------------------------------------------------------------------------------------------------------------
Institutional Class 11.06 15.58 16.27 0.98% 0.75%
- ----------------------------------------------------------------------------------------------------------------
Benchmark
- ----------------------------------------------------------------------------------------------------------------
Russell 1000(R) Value Index 2 9.34 16.83 16.99
- ----------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO. COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED
TURNOVER AND TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT-TERM CAPITAL GAINS.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
12
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 4.37%
- --------------------------------------------------------------------------------
Bank of America Corporation 4.14%
- --------------------------------------------------------------------------------
Citigroup Incorporated 3.65%
- --------------------------------------------------------------------------------
AT & T Incorporated 3.18%
- --------------------------------------------------------------------------------
Chesapeake Energy Corporation 3.18%
- --------------------------------------------------------------------------------
JPMorgan Chase & Company 2.74%
- --------------------------------------------------------------------------------
Pfizer Incorporated 2.51%
- --------------------------------------------------------------------------------
Altria Group Incorporated 2.26%
- --------------------------------------------------------------------------------
Valero Energy Corporaton 2.07%
- --------------------------------------------------------------------------------
Cigna Corporation 1.97%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (10%)
Consumer Staples (10%)
Energy (13%)
Financials (28%)
Health Care (11%)
Industrials (8%)
Information Technology (6%)
Materials (5%)
Telecommunication Services (6%)
Utilities (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE EQUITY VALUE FUND was
named the Wells Fargo Large Cap Value Fund. Performance shown for the
Institutional Class shares reflects the performance of the Administrator Class
shares, and includes expenses that are not applicable to and are higher than
those of the Institutional Class shares. The Administrator Class shares annual
returns are substantially similar to what the Institutional Class shares annual
returns would be because the Administrator Class shares and Institutional Class
shares are invested in the same portfolio and their annual returns differ only
to the extent that they do not have the same expenses. Prior to April 11, 2005,
the Administrator Class was named the Institutional Class.
2 The Russell 1000(R) Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust Portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
13
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER FUND MANAGERS
Wells Fargo Funds Management, LLC Thomas C. Biwer, CFA
Christian L. Chan, CFA
SUBADVISERS OF MASTER PORTFOLIOS Andrew Owen, CFA
Artisan Partners, L.P.
LSV Asset Management FUND INCEPTION
New Star Institutional Managers Limited 04/30/1989
Peregrine Capital Management, Incorporated
Smith Asset Management Group, L.P.
SSgA Funds Management
Wells Capital Management, Incorporated
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
------------------------------------- ------------------------------------- Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- -------------------------------------------------------------------------------------------------------------------------
Class A 3.29 0.39 6.03 7.64 9.59 6.52 7.29 8.28 1.57% 1.50%
- -------------------------------------------------------------------------------------------------------------------------
Class B 4.19 0.70 6.16 7.46 9.19 5.70 6.48 7.46 2.32% 2.25%
- -------------------------------------------------------------------------------------------------------------------------
Class C 8.15 4.70 6.47 7.55 9.15 5.70 6.47 7.55 2.33% 2.25%
- -------------------------------------------------------------------------------------------------------------------------
Administrator Class 9.71 6.79 7.56 8.48 1.40% 1.25%
- -------------------------------------------------------------------------------------------------------------------------
Institutional Class 9.83 6.98 7.64 8.52 1.12% 1.05%
- -------------------------------------------------------------------------------------------------------------------------
Benchmarks
- -------------------------------------------------------------------------------------------------------------------------
Growth Equity Composite Index 2 10.81 10.51 9.85 8.32
- -------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 3 7.38 11.82 6.26 8.20
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK AND SMALL COMPANY INVESTMENT RISK.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
14
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 4,5 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 2.96%
- --------------------------------------------------------------------------------
Microsoft Corporation 2.33%
- --------------------------------------------------------------------------------
eBay Incorporated 2.19%
- --------------------------------------------------------------------------------
Medtronic Incorporated 1.95%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.57%
- --------------------------------------------------------------------------------
Charles Schwab Corporation 1.30%
- --------------------------------------------------------------------------------
Paychex Incorporated 1.27%
- --------------------------------------------------------------------------------
Franklin Resources Incorporated 1.24%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.16%
- --------------------------------------------------------------------------------
Google Incorporated Class A 1.15%
SECTOR DISTRIBUTION 4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (9%)
Consumer Staples (2%)
Energy (2%)
Financials (14%)
Health Care (11%)
Industrials (7%)
Information Technology (22%)
Materials (2%)
Utilities (1%)
International (30%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended to
refer to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C sales charges and expenses, as applicable.
Performance shown prior to the inception of the Institutional Class shares
reflects the performance of the Administrator Class shares, and includes
expenses that are not applicable to and are higher than those of the
Institutional Class shares. Prior to April 11, 2005, the Administrator Class was
named the Institutional Class.
2 Growth Equity Composite Index is weighted 35% in the Russell 1000(R) Growth
Index, 35% in the Russell 2000(R) Index, 30% in the MSCI EAFE(R) Index. The
RUSSELL 1000(R) GROWTH INDEX measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth values.
The MSCI EAFE(R) INDEX, THE MORGAN STANLEY CAPITAL INTERNATIONAL EUROPE,
AUSTRALASIA AND FAR EAST ("MSCI EAFE") STOCK INDEX is an unmanaged group of
securities widely regarded by investors to be representations of the stock
markets of Europe, Australasia and the Far East. The RUSSELL 2000(R) INDEX
measures the performance of the 2,000 smallest companies in the Russell 3000(R)
Index, which represents approximately 8% of the total market capitalization of
the Russell 3000(R) Index. You cannot invest directly in an Index.
3 S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and
industry group representation. It is a market value weighted index with each
stock's weighting the Index proportionate to its market value. You cannot invest
directly in an Index.
4 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
5 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
15
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC LSV Asset Management
FUND MANAGERS FUND INCEPTION
Josef Lakonishok 10/31/2003
Puneet Mansharamani
Menno Vermeulen, CFA
Robert W. Vishny
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------- --------------------------------- Expense Expense
6-Months* 1-Year Life of Fund 6-Months* 1-Year Life of Fund Ratio Ratio
- ----------------------------------------------------------------------------------------------------------------------------
Class A 9.76 15.34 21.26 16.46 22.38 23.38 6.14% 1.50%
- ----------------------------------------------------------------------------------------------------------------------------
Class B 11.01 16.44 21.88 16.01 21.44 22.42 6.84% 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
Class C 15.07 20.43 22.42 16.07 21.43 22.42 6.29% 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
Administrator Class 16.68 22.73 23.51 1.61% 1.25%
- ----------------------------------------------------------------------------------------------------------------------------
Institutional Class 16.73 22.74 23.49 1.24% 1.05%
- ----------------------------------------------------------------------------------------------------------------------------
Benchmark
- ----------------------------------------------------------------------------------------------------------------------------
MSCI EAFE(R) Value Index 2 14.86 22.58 24.52
- ----------------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%.FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF
SHARES REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA
DOES NOT REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE
THE PERFORMANCE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. FOREIGN INVESTMENTS ARE
ESPECIALLY VOLATILE, AND CAN RISE OR FALL DRAMATICALLY DUE TO DIFFERENCES IN THE
POLITICAL AND ECONOMIC CONDITIONS OF THE HOST COUNTRY. THE USE OF DERIVATIVES
MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES
TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER
MARKET). THIS FUND IS EXPOSED TO SMALL COMPANY INVESTMENT RISK. CONSULT THE
FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
16
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Royal Dutch Shell plc Class B 1.93%
- --------------------------------------------------------------------------------
Nippon Steel Corporation 1.89%
- --------------------------------------------------------------------------------
Credit Suisse Group 1.83%
- --------------------------------------------------------------------------------
BASF AG 1.76%
- --------------------------------------------------------------------------------
Barclays plc 1.75%
- --------------------------------------------------------------------------------
Astrazeneca plc 1.65%
- --------------------------------------------------------------------------------
BP plc 1.64%
- --------------------------------------------------------------------------------
BNP Paribas SA 1.57%
- --------------------------------------------------------------------------------
BT Group plc 1.56%
- --------------------------------------------------------------------------------
Thyssenkrupp AG 1.55%
PORTFOLIO COMPOSITION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Asia/Pacific Ex Japan (3%)
Australia (4%)
Continental Europe (47%)
Japan (22%)
United Kingdom (23%)
United States (1%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE INTERNATIONAL VALUE
FUND was named the Wells Fargo Overseas Fund. Performance shown prior to the
inception of the Class B and Class C shares reflects the performance of the
Class A shares, adjusted to reflect Class B and Class C sales charges and
expenses, as applicable. Performance shown prior to the inception of the
Administrator Class shares reflects the performance of the Class A shares, and
includes expenses that are not applicable to and are higher than those of the
Administrator Class shares, but does not include Class A sales charges. If it
did include Class A sales charges, returns would be lower. Performance shown for
the Institutional Class shares reflects the performance of the Class A shares,
and includes sales charges and expenses that are not applicable to and are
higher than those of the Institutional Class shares. The Class A shares annual
returns are substantially similar to what the Institutional Class shares annual
returns would be because the Class A shares and Institutional Class shares are
invested in the same portfolio and their returns differ only to the extent that
they do not have the same sales charges and annual expenses.
2 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Value Index(SM) is an unmanaged market capitalization index
designed to measure the performance of value securities within developed equity
markets, excluding the US & Canada. You cannot invest directly in an Index.
3 Equity holdings and portfolio composition are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and
portfolio composition.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
17
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Cadence Capital Management, LLC
FUND MANAGERS FUND INCEPTION
William B. Bannick, CFA 08/31/2001
Robert L. Fitzpatrick, CFA
Michael J. Skillman
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------------- ---------------------------------------- Expense Expense
6-Months* 1-Year 5-Year Life of Fund 6-Months* 1-Year 5-Year Life of Fund Ratio Ratio
- --------------------------------------------------------------------------------------------------------------------------------
Class A 0.49 (3.68) 3.97 3.59 6.62 2.19 5.21 4.69 1.44% 1.25%
- --------------------------------------------------------------------------------------------------------------------------------
Class B 1.13 (3.60) 4.09 3.75 6.13 1.39 4.43 3.90 2.19% 2.00%
- --------------------------------------------------------------------------------------------------------------------------------
Class C 5.23 0.49 4.45 3.92 6.23 1.49 4.45 3.92 2.19% 2.00%
- --------------------------------------------------------------------------------------------------------------------------------
Administrator Class 6.73 2.43 5.45 4.92 1.26% 1.00%
- --------------------------------------------------------------------------------------------------------------------------------
Institutional Class 6.98 2.66 5.50 4.97 0.93% 0.70%
- --------------------------------------------------------------------------------------------------------------------------------
Benchmark
- --------------------------------------------------------------------------------------------------------------------------------
Russell 1000(R) Growth Index 2 7.19 7.06 3.48 3.38
- --------------------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS.INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO
THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR
ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES
CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING RESULTS IN INCREASED
TURNOVER AND TRADING EXPENSES, AND MAY GENERATE HIGHER SHORT-TERM CAPITAL GAINS.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
18
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 2.00%
- --------------------------------------------------------------------------------
Microsoft Corporation 1.86%
- --------------------------------------------------------------------------------
Apple Incorporated 1.62%
- --------------------------------------------------------------------------------
Corning Incorporated 1.58%
- --------------------------------------------------------------------------------
United States Steel Corporation 1.56%
- --------------------------------------------------------------------------------
Hewlett-Packard Corporation 1.53%
- --------------------------------------------------------------------------------
Becton Dickinson & Company 1.43%
- --------------------------------------------------------------------------------
Safeway Incorporated 1.43%
- --------------------------------------------------------------------------------
FPL Group Incorporated 1.41%
- --------------------------------------------------------------------------------
Mattel Incorporated 1.40%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Utilities (3%)
Consumer Discretionary (15%)
Consumer Staples (4%)
Energy (8%)
Financials (14%)
Health Care (13%)
Industrials (14%)
Information Technology (19%)
Materials (7%)
Telecommunication Services (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Performance shown for the Institutional Class shares reflects the
performance of the Administrator Class shares, and includes expenses that are
not applicable to and are higher than those of the Institutional Class shares.
The Administrator Class shares annual returns are substantially similar to what
the Institutional Class shares annual returns would be because the Administrator
Class shares and Institutional Class shares are invested in the same portfolio
and their annual returns differ only to the extent that they do not have the
same expenses. The Administrator Class incepted on August 31, 2001. Prior to
April 11, 2005, the Administrator Class was named the Institutional Class.
2 The Russell 1000(R) Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth
values. You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
19
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Peregrine Capital Management, Incorporated
FUND MANAGERS FUND INCEPTION
John S. Dale, CFA 12/31/1982
Gary E. Nussbaum, CFA
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
---------------------------------- ----------------------------------- Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- --------------------------------------------------------------------------------------------------------------------------------
Class A (1.08) (5.59) (0.55) 6.61 4.96 0.17 0.63 7.24 1.30% 1.20%
- --------------------------------------------------------------------------------------------------------------------------------
Class B (0.46) (5.60) (0.50) 6.53 4.54 (0.60) (0.09) 6.53 2.05% 1.95%
- --------------------------------------------------------------------------------------------------------------------------------
Class C 3.58 (1.57) (0.07) 6.55 4.58 (0.57) (0.07) 6.55 2.05% 1.95%
- --------------------------------------------------------------------------------------------------------------------------------
Class Z 4.86 0.00 0.45 7.00 1.47% 1.37%
- --------------------------------------------------------------------------------------------------------------------------------
Administrator Class 5.08 0.42 0.87 7.45 1.12% 0.95%
- --------------------------------------------------------------------------------------------------------------------------------
Institutional Class 5.19 0.62 0.99 7.51 0.85% 0.75%
- --------------------------------------------------------------------------------------------------------------------------------
Benchmark
- --------------------------------------------------------------------------------------------------------------------------------
Russell 1000(R) Growth Index 2 7.19 7.06 3.48 5.51
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND CLASS Z SHARES ARE SOLD
WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT STRATEGIES TEND TO
INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS
FUND IS EXPOSED TO FOREIGN INVESTMENT RISK AND SMALL COMPANY INVESTMENT RISK.
CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER
RISKS.
20
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 10.06%
- --------------------------------------------------------------------------------
Microsoft Corporation 7.44%
- --------------------------------------------------------------------------------
eBay Incorporated 7.08%
- --------------------------------------------------------------------------------
Medtronic Incorporated 6.63%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 4.88%
- --------------------------------------------------------------------------------
Charles Schwab Corporation 4.41%
- --------------------------------------------------------------------------------
Paychex Incorporated 4.31%
- --------------------------------------------------------------------------------
Franklin Resources Incorporated 4.20%
- --------------------------------------------------------------------------------
American International Group Incorporated 3.95%
- --------------------------------------------------------------------------------
Google Incorporated Class A 3.92%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (10%)
Consumer Staples (2%)
Financials (25%)
Health Care (14%)
Industrials (5%)
Information Technology (44%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Performance shown prior to the inception of the Class A and Class B shares
reflects the performance of the Administrator Class shares, adjusted to reflect
Class A and Class B sales charges and expenses, as applicable. Performance shown
prior to the inception of the Class C shares reflects the performance of the
Class A shares, adjusted to reflect Class C sales charges and expenses. Prior to
April 11, 2005, the Administrator Class was named the Institutional Class and
the Institutional Class was named the Select Class. Performance shown prior to
the inception of the Institutional Class shares reflects the performance of the
Administrator Class shares, and includes expenses that are not applicable to and
are higher than those of the Institutional Class shares. Performance shown prior
to the inception of the Class Z shares reflects the performance of the
Administrator Class shares, adjusted to reflect Class Z expenses.
2 The Russell 1000(R) Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted growth
values. You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
21
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Peregrine Capital Management,
Incorporated
FUND MANAGERS
Wiliam A. Grierson FUND INCEPTION
Daniel J. Hagen, CFA 12/31/1982
Robert B. Mersky, CFA
James P. Ross, CFA
Paul E. von Kuster, CFA
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
------------------------------------ ------------------------------------ Expense Expense
6-Months* 1-Year 5-Year 10-Year 6-Months* 1-Year 5-Year 10-Year Ratio Ratio
- ---------------------------------------------------------------------------------------------------------------------
Class A 2.26 (7.88) 5.72 6.37 8.50 (2.26) 6.98 7.00 1.52% 1.45%
- ---------------------------------------------------------------------------------------------------------------------
Class B 3.11 (8.02) 5.88 6.21 8.11 (3.02) 6.19 6.21 2.27% 2.20%
- ---------------------------------------------------------------------------------------------------------------------
Class C 7.09 (3.97) 6.33 6.28 8.09 (2.97) 6.33 6.28 2.27% 2.20%
- ---------------------------------------------------------------------------------------------------------------------
Administrator Class 8.62 (2.03) 7.25 7.27 1.33% 1.20%
- ---------------------------------------------------------------------------------------------------------------------
Benchmark
- ---------------------------------------------------------------------------------------------------------------------
Russell 2000(R) Growth Index 2 11.46 1.57 7.88 6.31
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. SMALLER COMPANY STOCKS
TEND TO BE MORE VOLATILE AND LESS LIQUID THAN THOSE OF LARGER COMPANIES. THE USE
OF DERIVATIVES MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. ACTIVE TRADING
RESULTS IN INCREASED TURNOVER AND TRADING EXPENSES, AND MAY GENERATE HIGHER
SHORT-TERM CAPITAL GAINS. CERTAIN INVESTMENT STRATEGIES TEND TO INCREASE THE
TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE BROADER MARKET). THIS FUND IS
EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE FUND'S PROSPECTUS FOR ADDITIONAL
INFORMATION ON THESE AND OTHER RISKS.
22
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Atwood Oceanics Incorported 1.86%
- --------------------------------------------------------------------------------
PDL Biopharma Incorporated 1.69%
- --------------------------------------------------------------------------------
Thoratec Corporation 1.69%
- --------------------------------------------------------------------------------
Aquantive Incorporated 1.59%
- --------------------------------------------------------------------------------
Brocade Communications Systems Incorporated 1.48%
- --------------------------------------------------------------------------------
Tessera Technologies Incorporated 1.47%
- --------------------------------------------------------------------------------
Skywest Incorporated 1.42%
- --------------------------------------------------------------------------------
Tesco Corporation 1.33%
- --------------------------------------------------------------------------------
Parametric Technology Corporation 1.31%
- --------------------------------------------------------------------------------
Petrohawk Energy Corporation 1.30%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Utilities (1%)
Consumer Discretionary (9%)
Consumer Staples (2%)
Energy (9%)
Financials (4%)
Health Care (27%)
Industrials (8%)
Information Technology (37%)
Materials (3%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares, adjusted to
reflect Class A, Class B and Class C shares sales charges and expenses, as
applicable. Prior to April 11, 2005, the Administrator Class was named the
Institutional Class.
2 The Russell 2000(R) Growth Index measures the performance shown of those
Russell 2000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
23
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (the Fund) seeks
long-term capital appreciation. EFFECTIVE NOVEMBER 1, 2005, THIS FUND IS CLOSED
TO NEW INVESTORS.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Peregrine Capital Management,
Incorporated
FUND MANAGERS
Jason R. Ballsrud, CFA FUND INCEPTION
Tasso H. Coin, Jr., CFA 06/01/1997
Douglas G. Pugh, CFA
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
--------------------------------------- --------------------------------------- Expense Expense
6-Months* 1-Year 5-Year Life of Fund 6-Months* 1-Year 5-Year Life of Fund Ratio Ratio
- ------------------------------------------------------------------------------------------------------------------------
Class A 3.70 (1.43) 10.90 12.51 10.03 4.58 12.22 13.19 1.57% 1.45%
- ------------------------------------------------------------------------------------------------------------------------
Class B 4.62 (1.15) 11.10 12.33 9.62 3.85 11.36 12.33 2.32% 2.20%
- ------------------------------------------------------------------------------------------------------------------------
Class C 8.62 2.85 11.36 12.33 9.62 3.85 11.36 12.33 2.32% 2.20%
- ------------------------------------------------------------------------------------------------------------------------
Administrator Class 10.24 4.90 12.46 13.40 1.39% 1.20%
- ------------------------------------------------------------------------------------------------------------------------
Benchmark
- ------------------------------------------------------------------------------------------------------------------------
Russell 2000(R) Value Index 2 10.62 10.38 13.61 12.66
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
B SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. SMALLER COMPANY STOCKS
TEND TO BE MORE VOLATILE AND LESS LIQUID THAN THOSE OF LARGER COMPANIES. THE USE
OF DERIVATIVES MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. CONSULT THE FUND'S
PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
24
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Armor Holdings Incorporated 1.75%
- --------------------------------------------------------------------------------
Chemed Corporation 1.72%
- --------------------------------------------------------------------------------
Dollar Thrifty Automotive Group Incorporated 1.64%
- --------------------------------------------------------------------------------
CKE Restaurants Incorporated 1.47%
- --------------------------------------------------------------------------------
Healthspring Incorporated 1.41%
- --------------------------------------------------------------------------------
Performance Food Group Company 1.39%
- --------------------------------------------------------------------------------
Comtech Telecommunications Corporation 1.35%
- --------------------------------------------------------------------------------
Gaylord Entertainment Company 1.34%
- --------------------------------------------------------------------------------
Perini Corporation 1.34%
- --------------------------------------------------------------------------------
Westar Energy Incorporated 1.34%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Utilities (3%)
Consumer Discretionary (21%)
Consumer Staples (2%)
Energy (5%)
Financials (27%)
Health Care (7%)
Industrials (13%)
Information Technology (14%)
Materials (6%)
Telecommunication Services (2%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year's
expenses and includes the gross expenses of the Master Trust whereas the gross
expense ratio reported in the Financial Highlights includes only the net
expenses of the Master Trust.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the Master Portfolio in which it invests.
Performance shown prior to the inception of the Class A, Class B, Class C
and Administrator Class shares reflects the performance of the Small Company
Value Portfolio, a master portfolio in which the Fund invests substantially all
of its assets, adjusted to reflect Class A, Class B, Class C and Administrator
Class sales charges and expenses, as applicable. The Small Company Value
Portfolio has a substantially similar investment objective and substantially
similar investment strategies as the Fund. For periods prior to April 11, 2005,
the Administrator Class was named the Institutional Class.
2 The Russell 2000(R) Value Index measures the performance of those Russell 2000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
25
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGERS FUND INCEPTION
Dale E. Benson, PH.D., CFA 01/31/2006
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Mark D. Cooper, CFA
Robert J. Costomiris, CFA
Andrew Owen, CFA
Craig R. Pieringer, CFA
I. Charles Rinaldi
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Gross Net
------------------------------- ------------------------------- Expense Expense
6-Months* 1-Year Life of Fund 6-Months* 1-Year Life of Fund Ratio Ratio
- -------------------------------------------------------------------------------------------------------------------
Class A 5.40 1.60 4.75 11.83 7.80 10.23 1.55% 1.45%
- -------------------------------------------------------------------------------------------------------------------
Class C 10.45 6.03 9.44 11.45 7.03 9.44 2.30% 2.20%
- -------------------------------------------------------------------------------------------------------------------
Administrator Class 11.96 8.06 10.50 1.37% 1.20%
- -------------------------------------------------------------------------------------------------------------------
Benchmark
- -------------------------------------------------------------------------------------------------------------------
Russell 2000(R) Value Index 2 10.62 10.38 4.71
- -------------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. PERFORMANCE SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF
SALES CHARGES WERE REFLECTED. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE
FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS
C SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. SMALLER COMPANY STOCKS
TEND TO BE MORE VOLATILE AND LESS LIQUID THAN THOSE OF LARGER COMPANIES. THE USE
OF DERIVATIVES MAY REDUCE RETURNS AND/OR INCREASE VOLATILITY. CERTAIN INVESTMENT
STRATEGIES TEND TO INCREASE THE TOTAL RISK OF AN INVESTMENT (RELATIVE TO THE
BROADER MARKET). THIS FUND IS EXPOSED TO FOREIGN INVESTMENT RISK. CONSULT THE
FUND'S PROSPECTUS FOR ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
26
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3,4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Clean Harbors Incorporated 1.82%
- --------------------------------------------------------------------------------
Intermec Incorporated 1.73%
- --------------------------------------------------------------------------------
Del Monte Foods Company 1.55%
- --------------------------------------------------------------------------------
Pall Corporation 1.54%
- --------------------------------------------------------------------------------
Perkinelmer Incorporated 1.44%
- --------------------------------------------------------------------------------
Hooper Holmes Incorporated 1.36%
- --------------------------------------------------------------------------------
Corinthian Colleges Incorporated 1.29%
- --------------------------------------------------------------------------------
BEA Systems Incorporated 1.27%
- --------------------------------------------------------------------------------
Lakes Entertainment Incorporated 1.26%
- --------------------------------------------------------------------------------
Gammon Lake Resources Incorporated 1.25%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Telecommunications Services (1%)
Utilities (1%)
Consumer Discretionary (17%)
Consumer Staples (6%)
Energy (6%)
Financials (13%)
Health Care (12%)
Industrials (15%)
Information Technology (19%)
Materials (10%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. Since this is the first fiscal year for
the Fund, this gross expense ratio as stated in the February 1, 2007, prospectus
is based on estimates for the current fiscal year whereas the gross expense
ratio reported in the Financial Highlights is based on actual expenses for the
Fund.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Class A, Class C, and Administrator Class shares incepted on October 31,
2006. Performance shown prior to the inception of Class A and Class C reflects
the performance of the Strategic Small Cap Value Portfolio, a master portfolio
in which the Fund invests substantially all of its assets, adjusted to reflect
Class A and Class C sales charges and expenses, as applicable. Performance shown
prior to the inception of the Administrator Class reflects the performance of
the Strategic Small Cap Value Portfolio, a master portfolio in which the Fund
invests substantially all of its assets, adjusted to reflect Administrator Class
expenses. The Strategic Small Cap Value Portfolio has a substantially similar
investment objective and substantially similar investment strategies as the
Fund. The Strategic Small Cap Value Portfolio incepted on January 31, 2006.
2 The Russell 2000(R) Value Index measures the performance of those Russell 2000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
27
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution (12b-1) and/or shareholder service fees;
and other Fund expenses. This example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period(1) Ratio
C&B Large Cap Value Fund
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Class A
Actual $ 1,000.00 $ 1,061.90 $ 6.17 1.20%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Class B
Actual $ 1,000.00 $ 1,057.30 $ 10.00 1.95%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.21 $ 9.80 1.95%
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Class C
Actual $ 1,000.00 $ 1,057.40 $ 10.00 1.95%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.21 $ 9.80 1.95%
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Class D
Actual $ 1,000.00 $ 1,061.90 $ 6.17 1.20%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Administrator Class
Actual $ 1,000.00 $ 1,063.90 $ 4.89 0.95%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
- ---------------------------------------------------------------------------------------------------
C&B Large Cap Value Fund - Institutional Class
Actual $ 1,000.00 $ 1,064.70 $ 3.60 0.70%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.44 $ 3.53 0.70%
Diversified Equity Fund
- ---------------------------------------------------------------------------------------------------
Diversified Equity Fund - Class A
Actual $ 1,000.00 $ 1,082.90 $ 6.49 1.25%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- ---------------------------------------------------------------------------------------------------
Diversified Equity Fund - Class B
Actual $ 1,000.00 $ 1,078.70 $ 10.37 2.00%
- ---------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
28
FUND EXPENSES WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period(1) Ratio
Diversified Equity Fund (CONTINUED)
- -----------------------------------------------------------------------------------------------------
Diversified Equity Fund - Class C
Actual $ 1,000.00 $ 1,078.80 $ 10.37 2.00%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
- -----------------------------------------------------------------------------------------------------
Diversified Equity Fund - Administrator Class
Actual $ 1,000.00 $ 1,084.00 $ 5.20 1.00%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
Diversified Small Cap Fund
- -----------------------------------------------------------------------------------------------------
Diversified Small Cap Fund - Administrator Class
Actual $ 1,000.00 $ 1,101.60 $ 6.29 1.20%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
Emerging Growth Fund
- -----------------------------------------------------------------------------------------------------
Emerging Growth Fund - Administrator Class(2)
Actual $ 1,000.00 $ 1,023.00 $ 6.05 1.20%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
- -----------------------------------------------------------------------------------------------------
Emerging Growth Fund - Investor Class(2)
Actual $ 1,000.00 $ 1,023.00 $ 7.52 1.49%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.50 $ 7.49 1.49%
Equity Income Fund
- -----------------------------------------------------------------------------------------------------
Equity Income Fund - Class A
Actual $ 1,000.00 $ 1,076.20 $ 5.69 1.10%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.45 $ 5.54 1.10%
- -----------------------------------------------------------------------------------------------------
Equity Income Fund - Class B
Actual $ 1,000.00 $ 1,072.00 $ 9.56 1.85%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
- -----------------------------------------------------------------------------------------------------
Equity Income Fund - Class C
Actual $ 1,000.00 $ 1,072.00 $ 9.56 1.85%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
- -----------------------------------------------------------------------------------------------------
Equity Income Fund - Administrator Class
Actual $ 1,000.00 $ 1,077.50 $ 4.40 0.85%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.69 $ 4.28 0.85%
Equity Value Fund
- -----------------------------------------------------------------------------------------------------
Equity Value Fund - Class A
Actual $ 1,000.00 $ 1,107.80 $ 6.57 1.25%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- -----------------------------------------------------------------------------------------------------
Equity Value Fund - Class B
Actual $ 1,000.00 $ 1,104.60 $ 10.49 2.00%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
- -----------------------------------------------------------------------------------------------------
Equity Value Fund - Class C
Actual $ 1,000.00 $ 1,103.70 $ 10.49 2.00%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
- -----------------------------------------------------------------------------------------------------
Equity Value Fund - Administrator Class
Actual $ 1,000.00 $ 1,109.30 $ 5.26 1.00%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
- -----------------------------------------------------------------------------------------------------
Equity Value Fund - Institutional Class
Actual $ 1,000.00 $ 1,110.60 $ 3.95 0.75%
- -----------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.19 $ 3.78 0.75%
29
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period Ratio
Growth Equity Fund
- ------------------------------------------------------------------------------------------------------
Growth Equity Fund - Class A
Actual $ 1,000.00 $ 1,095.90 $ 7.84 1.50%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.45 $ 7.54 1.50%
- ------------------------------------------------------------------------------------------------------
Growth Equity Fund - Class B
Actual $ 1,000.00 $ 1,091.90 $ 11.73 2.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------
Growth Equity Fund - Class C
Actual $ 1,000.00 $ 1,091.50 $ 11.73 2.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------
Growth Equity Fund - Administrator Class
Actual $ 1,000.00 $ 1,097.10 $ 6.54 1.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- ------------------------------------------------------------------------------------------------------
Growth Equity Fund - Institutional Class
Actual $ 1,000.00 $ 1,098.30 $ 5.49 1.05%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.70 $ 5.29 1.05%
International Value Fund
- ------------------------------------------------------------------------------------------------------
International Value Fund - Class A
Actual $ 1,000.00 $ 1,164.60 $ 8.10 1.50%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.45 $ 7.54 1.50%
- ------------------------------------------------------------------------------------------------------
International Value Fund - Class B
Actual $ 1,000.00 $ 1,160.10 $ 12.12 2.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------
International Value Fund - Class C
Actual $ 1,000.00 $ 1,160.70 $ 12.12 2.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.71 $ 11.30 2.25%
- ------------------------------------------------------------------------------------------------------
International Value Fund - Administrator Class
Actual $ 1,000.00 $ 1,166.80 $ 6.75 1.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- ------------------------------------------------------------------------------------------------------
International Value Fund - Institutional Class
Actual $ 1,000.00 $ 1,167.30 $ 5.67 1.05%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.70 $ 5.29 1.05%
Large Cap Appreciation Fund
- ------------------------------------------------------------------------------------------------------
Large Cap Appreciation Fund - Class A
Actual $ 1,000.00 $ 1,066.20 $ 6.44 1.25%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
- ------------------------------------------------------------------------------------------------------
Large Cap Appreciation Fund - Class B
Actual $ 1,000.00 $ 1,061.30 $ 10.28 2.00%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
- ------------------------------------------------------------------------------------------------------
Large Cap Appreciation Fund - Class C
Actual $ 1,000.00 $ 1,062.30 $ 10.28 2.00%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
- ------------------------------------------------------------------------------------------------------
Large Cap Appreciation Fund - Administrator Class
Actual $ 1,000.00 $ 1,067.30 $ 5.15 1.00%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
30
FUND EXPENSES WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period(1) Ratio
Large Cap Appreciation Fund (CONTINUED)
- ------------------------------------------------------------------------------------------------------
Large Cap Appreciation Fund - Institutional Class
Actual $ 1,000.00 $1,069.80 $ 3.61 0.70%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,021.44 $ 3.53 0.70%
Large Company Growth Fund
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Class A
Actual $ 1,000.00 $1,049.60 $ 6.13 1.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,018.95 $ 6.04 1.20%
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Class B
Actual $ 1,000.00 $1,045.40 $ 9.94 1.95%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,015.21 $ 9.80 1.95%
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Class C
Actual $ 1,000.00 $1,045.80 $ 9.95 1.95%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,015.21 $ 9.80 1.95%
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Administrator Class
Actual $ 1,000.00 $1,050.80 $ 4.86 0.95%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,020.19 $ 4.78 0.95%
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Institutional Class
Actual $ 1,000.00 $1,051.90 $ 3.84 0.75%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,021.19 $ 3.78 0.75%
- ------------------------------------------------------------------------------------------------------
Large Company Growth Fund - Class Z
Actual $ 1,000.00 $1,048.60 $ 7.00 1.37%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,018.10 $ 6.89 1.37%
Small Company Growth Fund
- ------------------------------------------------------------------------------------------------------
Small Company Growth Fund - Class A
Actual $ 1,000.00 $1,085.00 $ 7.54 1.45%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,017.70 $ 7.29 1.45%
- ------------------------------------------------------------------------------------------------------
Small Company Growth Fund - Class B
Actual $ 1,000.00 $1,081.10 $ 11.41 2.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,013.96 $ 11.05 2.20%
- ------------------------------------------------------------------------------------------------------
Small Company Growth Fund - Class C
Actual $ 1,000.00 $1,080.90 $ 11.41 2.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,013.96 $ 11.05 2.20%
- ------------------------------------------------------------------------------------------------------
Small Company Growth Fund - Administrator Class
Actual $ 1,000.00 $1,086.20 $ 6.24 1.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,018.95 $ 6.04 1.20%
Small Company Value Fund
- ------------------------------------------------------------------------------------------------------
Small Company Value Fund - Class A
Actual $ 1,000.00 $1,100.30 $ 7.59 1.45%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,017.70 $ 7.29 1.45%
- ------------------------------------------------------------------------------------------------------
Small Company Value Fund - Class B
Actual $ 1,000.00 $1,096.20 $ 11.50 2.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,013.96 $ 11.05 2.20%
- ------------------------------------------------------------------------------------------------------
Small Company Value Fund - Class C
Actual $ 1,000.00 $1,096.20 $ 11.50 2.20%
- ------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $1,013.96 $ 11.05 2.20%
31
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FUND EXPENSES
- --------------------------------------------------------------------------------
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
10/01/2006 03/31/2007 Period(1) Ratio
Small Company Value Fund (CONTINUED)
- ------------------------------------------------------------------------------------------------------------
Small Company Value Fund - Administrator Class
Actual $ 1,000.00 $ 1,102.40 $ 6.29 1.20%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
Strategic Small Cap Value Fund
- ------------------------------------------------------------------------------------------------------------
Strategic Small Cap Value Fund - Class A(3)
Actual $ 1,000.00 $ 1,118.30 $ 7.66 1.45%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
- ------------------------------------------------------------------------------------------------------------
Strategic Small Cap Value Fund - Class C(3)
Actual $ 1,000.00 $ 1,114.50 $ 11.60 2.20%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
- ------------------------------------------------------------------------------------------------------------
Strategic Small Cap Value Fund - Administrator Class(3)
Actual $ 1,000.00 $ 1,119.60 $ 6.34 1.20%
- ------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
(1) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year divided by the number of days in the fiscal year
(to reflect the one-half year period.)
(2) This class commenced operations on January 31, 2007. Actual expenses shown
for this class are equal to the annualized expense ratio multiplied by the
average account value over the period, multiplied by 59/365 (to reflect the
period from January 31, 2007 to March 31, 2007).
(3) This class commenced operations on October 31, 2006. Actual expenses shown
for this class are equal to the annualized expense ratio multiplied by the
average account value over the period, multiplied by 151/365 (to reflect the
period from October 31, 2006 to March 31, 2007).
32
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.92%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 927,369,862
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $875,152,004) 927,369,862
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $875,152,004) 99.92% $ 927,369,862
OTHER ASSETS AND LIABILITIES, NET 0.08 775,775
------ -------------
TOTAL NET ASSETS 100.00% $ 928,145,637
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.00%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 106,951,619
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 64,510,541
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 4,318,585
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 107,580,593
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 107,959,719
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 322,417,287
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 48,778,680
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 49,126,107
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 48,779,285
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 48,790,604
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 32,302,601
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 222,352,022
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 43,159,012
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 38,817,709
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 4,269,708
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 38,846,954
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $935,631,938) 1,288,961,026
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $935,631,938) 100.00% $1,288,961,026
OTHER ASSETS AND LIABILITIES, NET 0.00 7,500
------ --------------
TOTAL NET ASSETS 100.00% $1,288,968,526
====== ==============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.07%
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 26,943,848
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 269,311,677
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 242,104,880
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 26,810,352
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 242,364,459
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $714,628,460) 807,535,216
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $714,628,460) 100.07% $ 807,535,216
OTHER ASSETS AND LIABILITIES, NET (0.07) (564,342)
------ -------------
TOTAL NET ASSETS 100.00% $ 806,970,874
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 96.93%
N/A EMERGING GROWTH PORTFOLIO $ 1,038,234
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $986,206) 1,038,234
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $986,206) 96.93% $ 1,038,234
OTHER ASSETS AND LIABILITIES, NET 3.07 32,849
------ -------------
TOTAL NET ASSETS 100.00% $ 1,071,083
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
36
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
EQUITY INCOME FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.10%
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO $ 552,156,297
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $669,294,745) 552,156,297
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $669,294,745) 100.10% $ 552,156,297
OTHER ASSETS AND LIABILITIES, NET (0.10) (556,100)
------ -------------
TOTAL NET ASSETS 100.00% $ 551,600,197
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
37
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.00%
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO $ 140,056,026
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $127,760,133) 140,056,026
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $127,760,133) 100.00% $ 140,056,026
OTHER ASSETS AND LIABILITIES, NET 0.00 (3,046)
------ -------------
TOTAL NET ASSETS 100.00% $ 140,052,980
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
38
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.07%
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO $ 27,307,922
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 6,330,409
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 41,272,131
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 41,458,138
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 41,245,646
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 41,213,498
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 159,571,666
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 63,797,457
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 57,180,889
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 6,269,060
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 57,325,383
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $374,562,445) 542,972,199
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $374,562,445) 100.07% $ 542,972,199
OTHER ASSETS AND LIABILITIES, NET (0.07) (353,120)
------ -------------
TOTAL NET ASSETS 100.00% $ 542,619,079
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
39
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.50%
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO $ 210,221,135
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $184,877,478) 210,221,135
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $184,877,478) 99.50% $ 210,221,135
OTHER ASSETS AND LIABILITIES, NET 0.50 1,049,939
------ -------------
TOTAL NET ASSETS 100.00% $ 211,271,074
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
40
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.97%
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO $ 87,891,100
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $80,364,317) 87,891,100
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $80,364,317) 99.97% $ 87,891,100
OTHER ASSETS AND LIABILITIES, NET 0.03 23,251
------ -------------
TOTAL NET ASSETS 100.00% $ 87,914,351
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
41
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.00%
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO $ 1,953,186,620
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,575,110,114) 1,953,186,620
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,575,110,114) 100.00% $ 1,953,186,620
OTHER ASSETS AND LIABILITIES, NET 0.00 (1,883)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,953,184,737
====== ===============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
42
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 100.01%
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO $ 523,105,850
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $529,834,097) 523,105,850
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $529,834,097) 100.01% $ 523,105,850
OTHER ASSETS AND LIABILITIES, NET (0.01) (71,586)
------ -------------
TOTAL NET ASSETS 100.00% $ 523,034,264
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
43
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.99%
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO $ 397,957,649
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $362,892,525) 397,957,649
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $362,892,525) 99.99% $ 397,957,649
OTHER ASSETS AND LIABILITIES, NET 0.01 53,433
------ -------------
TOTAL NET ASSETS 100.00% $ 398,011,082
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
44
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 112.83%
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO $ 141,643
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $135,790) 141,643
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $135,790) 112.83% $ 141,643
OTHER ASSETS AND LIABILITIES, NET (12.83) (16,105)
------ -------------
TOTAL NET ASSETS 100.00% $ 125,538
====== =============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
45
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE CAP DIVERSIFIED DIVERSIFIED
VALUE FUND EQUITY FUND SMALL CAP FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ................................ $ 927,369,862 $1,288,961,026 $ 807,535,216
-------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ......................... 927,369,862 1,288,961,026 807,535,216
-------------------------------------------------
CASH ....................................................................... 25,000 25,000 25,000
RECEIVABLE FOR FUND SHARES ISSUED .......................................... 1,123,591 945,069 43,506
RECEIVABLE FROM INVESTMENT ADVISOR AND AFFILIATES .......................... 0 0 0
PREPAID EXPENSES AND OTHER ASSETS .......................................... 0 0 0
-------------------------------------------------
TOTAL ASSETS ............................................................... 928,518,453 1,289,931,095 807,603,722
-------------------------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ........................................... 116,733 345,458 185,575
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...................... 80,401 244,641 171,858
ACCRUED EXPENSES AND OTHER LIABILITIES ..................................... 175,682 372,470 275,415
-------------------------------------------------
TOTAL LIABILITIES .......................................................... 372,816 962,569 632,848
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 928,145,637 $1,288,968,526 $ 806,970,874
=================================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................ $ 853,361,443 $ 867,929,323 $ 687,032,968
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................................. 1,695,648 1,132,907 (1,369,446)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ...................... 20,870,688 66,577,208 28,400,596
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN
CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN
FOREIGN CURRENCIES ...................................................... 52,217,858 353,329,088 92,906,756
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 928,145,637 $1,288,968,526 $ 806,970,874
-------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE (1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ....................................................... $ 70,086,057 $ 125,784,476 N/A
SHARES OUTSTANDING - CLASS A ............................................... 7,201,672 3,170,862 N/A
NET ASSET VALUE PER SHARE - CLASS A ........................................ $ 9.73 $ 39.67 N/A
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) .............................. $ 10.32 $ 42.09 N/A
NET ASSETS - CLASS B ....................................................... $ 27,443,737 $ 46,677,284 N/A
SHARES OUTSTANDING - CLASS B ............................................... 2,840,636 1,236,575 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ..................... $ 9.66 $ 37.75 N/A
NET ASSETS - CLASS C ....................................................... $ 16,988,912 $ 6,546,367 N/A
SHARES OUTSTANDING - CLASS C ............................................... 1,758,726 170,496 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ..................... $ 9.66 $ 38.40 N/A
NET ASSETS - CLASS D ....................................................... $ 184,821,399 N/A N/A
SHARES OUTSTANDING - CLASS D ............................................... 18,994,193 N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS D ..................... $ 9.73 N/A N/A
NET ASSETS - CLASS Z ....................................................... N/A N/A N/A
SHARES OUTSTANDING - CLASS Z ............................................... N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS Z ..................... N/A N/A N/A
NET ASSETS - ADMINISTRATOR CLASS ........................................... $ 537,059,046 $1,109,960,399 $ 806,970,874
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................................... 55,088,046 27,940,855 55,966,016
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS ......... $ 9.75 $ 39.73 $ 14.42
NET ASSETS - INSTITUTIONAL CLASS ........................................... $ 91,746,486 N/A N/A
SHARES OUTSTANDING - INSTITUTIONAL CLASS ................................... 9,375,173 N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ......... $ 9.79 N/A N/A
NET ASSETS - INVESTOR CLASS ................................................ N/A N/A N/A
SHARES OUTSTANDING - INVESTOR CLASS ........................................ N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS .............. N/A N/A N/A
-------------------------------------------------
INVESTMENTS AT COST ........................................................ $ 875,152,004 $ 935,631,938 $ 714,628,460
=================================================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
(2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSET VALUE. ON
INVESTMENTS OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
46
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
EMERGING EQUITY EQUITY
GROWTH FUND INCOME FUND VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ................................ $ 1,038,234 $ 552,156,297 $ 140,056,026
-------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ......................... 1,038,234 552,156,297 140,056,026
-------------------------------------------------
CASH ....................................................................... 0 0 0
RECEIVABLE FOR FUND SHARES ISSUED .......................................... 5,040 14,829 10,320
RECEIVABLE FROM INVESTMENT ADVISOR AND AFFILIATES .......................... 6,480 0 0
PREPAID EXPENSES AND OTHER ASSETS .......................................... 22,968 0 7,509
-------------------------------------------------
TOTAL ASSETS ............................................................... 1,072,722 552,171,126 140,073,855
-------------------------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ........................................... 0 332,635 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...................... 0 60,280 1,973
ACCRUED EXPENSES AND OTHER LIABILITIES ..................................... 1,639 178,014 18,902
-------------------------------------------------
TOTAL LIABILITIES .......................................................... 1,639 570,929 20,875
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 1,071,083 $ 551,600,197 $ 140,052,980
=================================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................ $ 1,063,887 $ 608,624,536 $ 123,363,339
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................................. (1,679) (2,654,293) 298,682
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ...................... (43,153) 62,768,402 4,095,066
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN
CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN
FOREIGN CURRENCIES ...................................................... 52,028 (117,138,448) 12,295,893
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 1,071,083 $ 551,600,197 $ 140,052,980
-------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ....................................................... N/A $ 173,975,291 $ 4,973,136
SHARES OUTSTANDING - CLASS A ............................................... N/A 5,840,995 305,830
NET ASSET VALUE PER SHARE - CLASS A ........................................ N/A $ 29.79 $ 16.26
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) .............................. N/A $ 31.61 $ 17.25
NET ASSETS - CLASS B ....................................................... N/A $ 30,186,621 $ 2,774,038
SHARES OUTSTANDING - CLASS B ............................................... N/A 1,012,710 172,135
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ..................... N/A $ 29.81 $ 16.12
NET ASSETS - CLASS C ....................................................... N/A $ 4,684,268 $ 539,558
SHARES OUTSTANDING - CLASS C ............................................... N/A 149,609 33,533
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ..................... N/A $ 31.31 $ 16.09
NET ASSETS - CLASS D ....................................................... N/A N/A N/A
SHARES OUTSTANDING - CLASS D ............................................... N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS D ..................... N/A N/A N/A
NET ASSETS - CLASS Z ....................................................... N/A N/A N/A
SHARES OUTSTANDING - CLASS Z ............................................... N/A N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS Z ..................... N/A N/A N/A
NET ASSETS - ADMINISTRATOR CLASS ........................................... $ 14,051 $ 342,754,017 $ 81,745,069
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................................... 1,374 11,525,726 4,953,727
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS ......... $ 10.23 $ 29.74 $ 16.50
NET ASSETS - INSTITUTIONAL CLASS ........................................... N/A N/A $ 50,021,179
SHARES OUTSTANDING - INSTITUTIONAL CLASS ................................... N/A N/A 3,030,013
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS ......... N/A N/A $ 16.51
NET ASSETS - INVESTOR CLASS ................................................ $ 1,057,032 N/A N/A
SHARES OUTSTANDING - INVESTOR CLASS ........................................ 103,381 N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS .............. $ 10.22 N/A N/A
-------------------------------------------------
INVESTMENTS AT COST ........................................................ $ 986,206 $ 669,294,745 $ 127,760,133
=================================================
GROWTH INTERNATIONAL
EQUITY FUND VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ................................................. $ 542,972,199 $ 210,221,135
--------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......................................... 542,972,199 210,221,135
--------------------------------
CASH ........................................................................................ 25,000 25,000
RECEIVABLE FOR FUND SHARES ISSUED ........................................................... 16,357 1,208,355
RECEIVABLE FROM INVESTMENT ADVISOR AND AFFILIATES ........................................... 0 8,856
PREPAID EXPENSES AND OTHER ASSETS ........................................................... 0 1,678
--------------------------------
TOTAL ASSETS ................................................................................ 543,013,556 211,465,024
--------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ............................................................ 77,318 150,120
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ....................................... 135,110 0
ACCRUED EXPENSES AND OTHER LIABILITIES ...................................................... 182,049 43,830
--------------------------------
TOTAL LIABILITIES ........................................................................... 394,477 193,950
--------------------------------
TOTAL NET ASSETS ............................................................................ $ 542,619,079 $ 211,271,074
================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................................. $ 340,807,332 $ 182,635,785
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .................................................. (604,711) 1,260,870
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ....................................... 34,006,704 2,030,762
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND
TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES .................. 168,409,754 25,343,657
--------------------------------
TOTAL NET ASSETS ............................................................................ $ 542,619,079 $ 211,271,074
--------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ........................................................................ $ 30,821,782 $ 10,712,739
SHARES OUTSTANDING - CLASS A ................................................................ 1,110,047 551,713
NET ASSET VALUE PER SHARE - CLASS A ......................................................... $ 27.77 $ 19.42
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ............................................... $ 29.46 $ 20.60
NET ASSETS - CLASS B ........................................................................ $ 7,843,880 $ 2,035,167
SHARES OUTSTANDING - CLASS B ................................................................ 321,193 106,480
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ...................................... $ 24.42 $ 19.11
NET ASSETS - CLASS C ........................................................................ $ 1,128,956 $ 783,049
SHARES OUTSTANDING - CLASS C ................................................................ 43,927 40,796
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ...................................... $ 25.70 $ 19.19
NET ASSETS - CLASS D ........................................................................ N/A N/A
SHARES OUTSTANDING - CLASS D ................................................................ N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS D ...................................... N/A N/A
NET ASSETS - CLASS Z ........................................................................ N/A N/A
SHARES OUTSTANDING - CLASS Z ................................................................ N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS Z ...................................... N/A N/A
NET ASSETS - ADMINISTRATOR CLASS ............................................................ $ 352,865,997 $ 197,728,347
SHARES OUTSTANDING - ADMINISTRATOR CLASS .................................................... 12,506,095 10,183,645
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS .......................... $ 28.22 $ 19.42
NET ASSETS - INSTITUTIONAL CLASS ............................................................ $ 149,958,464 $ 11,772
SHARES OUTSTANDING - INSTITUTIONAL CLASS .................................................... 5,314,248 606
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS .......................... $ 28.22 $ 19.44
NET ASSETS - INVESTOR CLASS ................................................................. N/A N/A
SHARES OUTSTANDING - INVESTOR CLASS ......................................................... N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ............................... N/A N/A
--------------------------------
INVESTMENTS AT COST ......................................................................... $ 374,562,445 $ 184,877,478
================================
LARGE CAP
APPRECIATION LARGE COMPANY
FUND GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ................................................. $ 87,891,100 $1,953,186,620
--------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......................................... 87,891,100 1,953,186,620
--------------------------------
CASH ........................................................................................ 25,000 30,000
RECEIVABLE FOR FUND SHARES ISSUED ........................................................... 26,868 1,188,893
RECEIVABLE FROM INVESTMENT ADVISOR AND AFFILIATES ........................................... 0 0
PREPAID EXPENSES AND OTHER ASSETS ........................................................... 9,983 93,020
--------------------------------
TOTAL ASSETS ................................................................................ 87,952,951 1,954,498,533
--------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ............................................................ 12,265 736,163
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ....................................... 7,739 164,209
ACCRUED EXPENSES AND OTHER LIABILITIES ...................................................... 18,596 413,424
--------------------------------
TOTAL LIABILITIES ........................................................................... 38,600 1,313,796
--------------------------------
TOTAL NET ASSETS ............................................................................ $ 87,914,351 $1,953,184,737
================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................................. $ 79,133,992 $1,932,995,838
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .................................................. (3,822) (5,268,418)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ....................................... 1,257,398 (352,619,189)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND
TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES .................. 7,526,783 378,076,506
--------------------------------
TOTAL NET ASSETS ............................................................................ $ 87,914,351 $1,953,184,737
--------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ........................................................................ $ 36,429,120 $ 432,139,602
SHARES OUTSTANDING - CLASS A ................................................................ 3,249,522 8,229,014
NET ASSET VALUE PER SHARE - CLASS A ......................................................... $ 11.21 $ 52.51
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) ............................................... $ 11.89 $ 55.71
NET ASSETS - CLASS B ........................................................................ $ 3,625,716 $ 79,962,743
SHARES OUTSTANDING - CLASS B ................................................................ 337,454 1,711,541
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ...................................... $ 10.74 $ 46.72
NET ASSETS - CLASS C ........................................................................ $ 806,360 $ 12,748,271
SHARES OUTSTANDING - CLASS C ................................................................ 75,034 272,298
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ...................................... $ 10.75 $ 46.82
NET ASSETS - CLASS D ........................................................................ N/A N/A
SHARES OUTSTANDING - CLASS D ................................................................ N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS D ...................................... N/A N/A
NET ASSETS - CLASS Z ........................................................................ N/A $ 96,661,071
SHARES OUTSTANDING - CLASS Z ................................................................ N/A 1,946,781
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS Z ...................................... N/A $ 49.65
NET ASSETS - ADMINISTRATOR CLASS ............................................................ $ 47,042,231 $1,220,926,774
SHARES OUTSTANDING - ADMINISTRATOR CLASS .................................................... 4,157,693 24,372,711
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS .......................... $ 11.31 $ 50.09
NET ASSETS - INSTITUTIONAL CLASS ............................................................ $ 10,924 $ 110,746,276
SHARES OUTSTANDING - INSTITUTIONAL CLASS .................................................... 965 2,204,399
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INSTITUTIONAL CLASS .......................... $ 11.32 $ 50.24
NET ASSETS - INVESTOR CLASS ................................................................. N/A N/A
SHARES OUTSTANDING - INVESTOR CLASS ......................................................... N/A N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ............................... N/A N/A
--------------------------------
INVESTMENTS AT COST ......................................................................... $ 80,364,317 $1,575,110,114
================================
47
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL SMALL STRATEGIC
COMPANY COMPANY SMALL CAP
GROWTH FUND VALUE FUND VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ................................ $ 523,105,850 $ 397,957,649 $ 141,643
-------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ......................... 523,105,850 397,957,649 141,643
-------------------------------------------------
CASH ....................................................................... 25,000 25,000 0
RECEIVABLE FOR FUND SHARES ISSUED .......................................... 27,818 177,584 243
RECEIVABLE FROM INVESTMENT ADVISOR AND AFFILIATES .......................... 0 0 7,942
PREPAID EXPENSES AND OTHER ASSETS .......................................... 9,328 2,024 0
-------------------------------------------------
TOTAL ASSETS ............................................................... 523,167,996 398,162,257 149,828
-------------------------------------------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ........................................... 12,243 39,643 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ...................... 8,164 25,119 33
ACCRUED EXPENSES AND OTHER LIABILITIES ..................................... 113,325 86,413 24,257
-------------------------------------------------
TOTAL LIABILITIES .......................................................... 133,732 151,175 24,290
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 523,034,264 $ 398,011,082 $ 125,538
=================================================
NET ASSETS CONSIST OF:
- -----------------------------------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ............................................................ $ 502,340,652 $ 349,848,512 $ 120,703
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ................................. (2,777,097) 824,179 (163)
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ...................... 30,198,956 12,273,267 (855)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN
CURRENCIES AND TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED
IN FOREIGN CURRENCIES ................................................... (6,728,247) 35,065,124 5,853
-------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 523,034,264 $ 398,011,082 $ 125,538
-------------------------------------------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS - CLASS A ....................................................... $ 3,194,691 $ 80,611,960 $ 59,773
SHARES OUTSTANDING - CLASS A ............................................... 114,130 5,056,445 5,613
NET ASSET VALUE PER SHARE - CLASS A ........................................ $ 27.99 $ 15.94 $ 10.65
MAXIMUM OFFERING PRICE PER SHARE - CLASS A(2) .............................. $ 29.70 $ 16.91 $ 11.30
NET ASSETS - CLASS B ....................................................... $ 864,079 $ 13,168,415 N/A
SHARES OUTSTANDING - CLASS B ............................................... 31,766 865,588 N/A
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS B ..................... $ 27.20 $ 15.21 N/A
NET ASSETS - CLASS C ....................................................... $ 261,543 $ 4,374,328 $ 50,661
SHARES OUTSTANDING - CLASS C ............................................... 9,535 287,592 4,773
NET ASSET VALUE AND OFFERING PRICE PER SHARE - CLASS C ..................... $ 27.43 $ 15.21 $ 10.61
NET ASSETS - ADMINISTRATOR CLASS ........................................... $ 518,713,951 $ 299,856,379 $ 15,104
SHARES OUTSTANDING - ADMINISTRATOR CLASS ................................... 18,347,599 18,607,568 1,417
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS ......... $ 28.27 $ 16.11 $ 10.66
-------------------------------------------------
INVESTMENTS AT COST ........................................................ $ 529,834,097 $ 362,892,525 $ 135,790
=================================================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
(2) MAXIMUM OFFERING PRICE IS COMPUTED AS 100/94.25 OF NET ASSET VALUE. ON
INVESTMENTS OF $50,000 OR MORE, THE OFFERING PRICE IS REDUCED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
48
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DIVERSIFIED
C&B LARGE CAP DIVERSIFIED SMALL
VALUE FUND EQUITY FUND CAP FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ..................... $ 7,274,370 $ 10,908,700 $ 3,253,125
INTEREST .................................................................. 179 0 104
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ............... 0 1,305 3,336
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ...................... (2,553,472) (4,037,543) (2,565,675)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ....................... 243,918 296,317 41,198
-----------------------------------------------
TOTAL INVESTMENT INCOME ................................................... 4,964,995 7,168,779 732,088
-----------------------------------------------
EXPENSES
ADVISORY FEES ............................................................. 0 1,661,568 929,148
ADMINISTRATION FEES
FUND LEVEL .............................................................. 170,579 332,314 185,830
CLASS A ................................................................. 92,876 174,356 N/A
CLASS B ................................................................. 38,763 69,967 N/A
CLASS C ................................................................. 22,954 9,288 N/A
CLASS D ................................................................. 261,078 N/A N/A
CLASS Z ................................................................. N/A N/A N/A
ADMINISTRATOR CLASS ..................................................... 152,792 574,052 371,659
INSTITUTIONAL CLASS ..................................................... 31,930 N/A N/A
INVESTOR CLASS .......................................................... N/A N/A N/A
SHAREHOLDER SERVICING FEES ................................................ 753,115 1,661,568 929,148
ACCOUNTING FEES ........................................................... 40,965 14,954 27,440
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. 103,831 187,411 N/A
CLASS C ................................................................. 61,484 24,881 N/A
PROFESSIONAL FEES ......................................................... 8,756 14,206 9,675
REGISTRATION FEES ......................................................... 39,078 58,778 6,848
SHAREHOLDER REPORTS ....................................................... 54,018 191,753 127,863
TRUSTEES' FEES ............................................................ 4,478 4,478 4,478
OTHER FEES AND EXPENSES ................................................... 8,295 17,634 8,783
-----------------------------------------------
TOTAL EXPENSES ............................................................ 1,844,992 4,997,208 2,600,872
-----------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................. (475,836) (1,651,394) (665,400)
NET EXPENSES .............................................................. 1,369,156 3,345,814 1,935,472
-----------------------------------------------
NET INVESTMENT INCOME (LOSS) .............................................. 3,595,839 3,822,965 (1,203,384)
-----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 65 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 25,351,501 84,243,916 37,108,051
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ....... 0 8,112 0
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ..................... 0 138,803 (129,701)
-----------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................. 25,351,501 84,390,896 36,978,350
-----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 6,875,457 19,997,885 33,754,381
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER
PORTFOLIOS .............................................................. 0 14,688 102,234
-----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ....... 6,875,457 20,012,573 33,856,615
-----------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 32,226,958 104,403,469 70,834,965
-----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 35,822,797 $ 108,226,434 $ 69,631,581
===============================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ...................................... $ 0 $ 105,627 $ 3,963
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
50
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
EMERGING EQUITY EQUITY
GROWTH FUND(2) INCOME FUND VALUE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ..................... $ 365 $ 8,257,746 $ 1,062,983
INTEREST .................................................................. 0 0 4
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ............... 0 0 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ...................... (1,397) (2,509,242) (407,974)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ....................... 81 544,181 49,625
------------------------------------------------
TOTAL INVESTMENT INCOME ................................................... (951) 6,292,685 704,638
------------------------------------------------
EXPENSES
ADVISORY FEES ............................................................. 0 0 0
ADMINISTRATION FEES
FUND LEVEL .............................................................. 69 166,116 26,373
CLASS A ................................................................. N/A 247,094 6,681
CLASS B ................................................................. N/A 49,097 3,847
CLASS C ................................................................. N/A 6,830 687
CLASS D ................................................................. N/A N/A N/A
CLASS Z ................................................................. N/A N/A N/A
ADMINISTRATOR CLASS ..................................................... 8 224,010 38,737
INSTITUTIONAL CLASS ..................................................... N/A N/A 8,003
INVESTOR CLASS .......................................................... 136 N/A N/A
SHAREHOLDER SERVICING FEES ................................................ 344 830,579 106,856
ACCOUNTING FEES ........................................................... 3,294 27,786 21,427
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. N/A 131,511 10,304
CLASS C ................................................................. N/A 18,294 1,842
PROFESSIONAL FEES ......................................................... 1,454 8,556 4,943
REGISTRATION FEES ......................................................... 2,466 24,624 14,294
SHAREHOLDER REPORTS ....................................................... 3,287 133,493 3,542
TRUSTEES' FEES ............................................................ 1,414 4,478 4,478
OTHER FEES AND EXPENSES ................................................... 656 16,868 1,347
------------------------------------------------
TOTAL EXPENSES ............................................................ 13,128 1,889,336 253,361
------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................. (12,400) (601,427) (87,350)
NET EXPENSES .............................................................. 728 1,287,909 166,011
------------------------------------------------
NET INVESTMENT INCOME (LOSS) .............................................. (1,679) 5,004,776 538,627
------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 6,437 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. (43,153) 74,278,974 4,344,705
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ....... 0 0 0
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ..................... 0 0 0
------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................. (43,153) 74,285,411 4,344,705
------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 52,028 (24,626,840) 5,172,260
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER
PORTFOLIOS .............................................................. 0 0 0
------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ....... 52,028 (24,626,840) 5,172,260
------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 8,875 49,658,571 9,516,965
------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 7,196 $ 54,663,347 $ 10,055,592
================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ...................................... $ 0 $ 0 $ 775
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
GROWTH INTERNATIONAL
EQUITY FUND VALUE FUND
- -----------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ..................... $ 3,309,264 $ 2,063,026
INTEREST .................................................................. 8 0
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ............... 0 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ...................... (2,242,368) (923,551)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ....................... 60,989 13,186
--------------------------------
TOTAL INVESTMENT INCOME ................................................... 1,127,893 1,152,661
--------------------------------
EXPENSES
ADVISORY FEES ............................................................. 725,008 0
ADMINISTRATION FEES
FUND LEVEL .............................................................. 145,002 43,324
CLASS A ................................................................. 41,192 6,878
CLASS B ................................................................. 11,281 2,145
CLASS C ................................................................. 1,520 701
CLASS D ................................................................. N/A N/A
CLASS Z ................................................................. N/A N/A
ADMINISTRATOR CLASS ..................................................... 197,161 83,170
INSTITUTIONAL CLASS ..................................................... 58,848 4
INVESTOR CLASS .......................................................... N/A N/A
SHAREHOLDER SERVICING FEES ................................................ 541,109 216,609
ACCOUNTING FEES ........................................................... 23,602 23,021
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. 30,217 5,745
CLASS C ................................................................. 4,071 1,878
PROFESSIONAL FEES ......................................................... 7,490 4,224
REGISTRATION FEES ......................................................... 19,376 16,667
SHAREHOLDER REPORTS ....................................................... 0 0
TRUSTEES' FEES ............................................................ 4,478 4,478
OTHER FEES AND EXPENSES ................................................... 8,320 605
--------------------------------
TOTAL EXPENSES ............................................................ 1,818,675 409,449
--------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................. (438,773) (220,407)
NET EXPENSES .............................................................. 1,379,902 189,042
--------------------------------
NET INVESTMENT INCOME (LOSS) .............................................. (252,009) 963,619
--------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 60 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 44,820,288 2,156,991
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ....... 7,898 0
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ..................... 22,727 0
--------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................. 44,850,973 2,156,991
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 8,722,617 23,062,677
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER
PORTFOLIOS .............................................................. 20,921 0
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ....... 8,743,538 23,062,677
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 53,594,511 25,219,668
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 53,342,502 $ 26,183,287
================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ...................................... $ 92,792 $ 91,665
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
LARGE CAP LARGE
APPRECIATION COMPANY
FUND GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ..................... $ 612,307 $ 9,532,983
INTEREST .................................................................. 0 15,919
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ............... 0 0
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ...................... (328,186) (7,912,781)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ....................... 19,630 464,152
--------------------------------
TOTAL INVESTMENT INCOME ................................................... 303,751 2,100,273
--------------------------------
EXPENSES
ADVISORY FEES ............................................................. 0 0
ADMINISTRATION FEES
FUND LEVEL .............................................................. 22,229 554,130
CLASS A ................................................................. 51,948 679,760
CLASS B ................................................................. 5,266 133,938
CLASS C ................................................................. 1,215 19,905
CLASS D ................................................................. N/A N/A
CLASS Z ................................................................. N/A 235,025
ADMINISTRATOR CLASS ..................................................... 23,586 699,548
INSTITUTIONAL CLASS ..................................................... 4 47,016
INVESTOR CLASS .......................................................... N/A N/A
SHAREHOLDER SERVICING FEES ................................................ 111,131 2,623,727
ACCOUNTING FEES ........................................................... 12,061 68,044
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. 14,104 358,761
CLASS C ................................................................. 3,252 53,316
PROFESSIONAL FEES ......................................................... 4,953 25,896
REGISTRATION FEES ......................................................... 17,651 92,759
SHAREHOLDER REPORTS ....................................................... 3,796 292,004
TRUSTEES' FEES ............................................................ 4,478 4,478
OTHER FEES AND EXPENSES ................................................... 1,500 34,553
--------------------------------
TOTAL EXPENSES ............................................................ 277,174 5,922,860
--------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................. (71,125) (1,581,767)
NET EXPENSES .............................................................. 206,049 4,341,093
--------------------------------
NET INVESTMENT INCOME (LOSS) .............................................. 97,702 (2,240,820)
--------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- -----------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 92,017
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 2,961,867 80,189,099
FORWARD FOREIGN CURRENCY CONTRACTS ALLOCATED FROM MASTER PORTFOLIOS ....... 0 0
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ..................... 0 0
--------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................. 2,961,867 80,281,116
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 0 15,227,368
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 2,715,165 29,534,892
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER
PORTFOLIOS .............................................................. 0 0
--------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ....... 2,715,165 44,762,260
--------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 5,677,032 125,043,376
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 5,774,734 $ 122,802,556
================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ...................................... $ 0 $ 0
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
51
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL SMALL STRATEGIC
COMPANY COMPANY SMALL CAP
GROWTH FUND VALUE FUND VALUE FUND(2)
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ..................... $ 1,218,625 $ 2,493,119 $ 414
INTEREST .................................................................. 1,777 14,578 3
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ...................... (2,397,713) (1,812,171) (344)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ....................... 3,272 17,951 0
------------------------------------------------
TOTAL INVESTMENT INCOME ................................................... (1,174,039) 713,477 73
------------------------------------------------
EXPENSES
ADMINISTRATION FEES
FUND LEVEL .............................................................. 132,548 97,607 17
CLASS A ................................................................. 4,446 115,356 43
CLASS B ................................................................. 1,229 19,046 N/A
CLASS C ................................................................. 334 6,510 37
ADMINISTRATOR CLASS ..................................................... 262,951 144,888 6
SHAREHOLDER SERVICING FEES ................................................ 662,742 488,035 85
ACCOUNTING FEES ........................................................... 31,408 19,147 13,328
DISTRIBUTION FEES (NOTE 3)
CLASS B ................................................................. 3,291 51,016 N/A
CLASS C ................................................................. 895 17,439 99
PROFESSIONAL FEES ......................................................... 7,499 7,083 4,648
REGISTRATION FEES ......................................................... 16,525 17,940 6,246
SHAREHOLDER REPORTS ....................................................... 21,118 41,573 8,328
TRUSTEES' FEES ............................................................ 4,478 4,478 3,581
OTHER FEES AND EXPENSES ................................................... 7,502 5,860 1,665
------------------------------------------------
TOTAL EXPENSES ............................................................ 1,156,966 1,035,978 38,083
------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .............................. (360,617) (293,359) (37,847)
NET EXPENSES .............................................................. 796,349 742,619 236
------------------------------------------------
NET INVESTMENT INCOME (LOSS) .............................................. (1,970,388) (29,142) (163)
------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ---------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ........... 13 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 35,284,695 18,046,085 (855)
------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................. 35,284,708 18,046,085 (855)
------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .................. 10,967,332 19,107,102 5,853
------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ....... 10,967,332 19,107,102 5,853
------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 46,252,040 37,153,187 4,998
------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 44,281,652 $ 37,124,045 $ 4,835
================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ...................................... $ 0 $ 0 $ 1
(2) THIS FUND COMMENCED OPERATIONS ON OCTOBER 31, 2006.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
52
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
-------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .................................................................. $ 573,433,950 $ 517,037,985
OPERATIONS:
NET INVESTMENT INCOME (LOSS) .......................................................... 3,595,839 7,202,466
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................... 25,351,501 24,869,878
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................... 6,875,457 45,241,722
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... 35,822,797 77,314,066
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................. (725,169) (268,713)
CLASS B ............................................................................. (107,832) 0
CLASS C ............................................................................. (64,632) 0
CLASS D ............................................................................. (2,067,996) (824,165)
ADMINISTRATOR CLASS ................................................................. (3,407,267) (1,530,614)
INSTITUTIONAL CLASS ................................................................. (1,149,462) (578,225)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................. (2,857,862) (1,068,091)
CLASS B ............................................................................. (1,211,422) (507,201)
CLASS C ............................................................................. (706,094) (284,881)
CLASS D ............................................................................. (8,253,863) (3,306,953)
ADMINISTRATOR CLASS ................................................................. (11,381,326) (4,260,741)
INSTITUTIONAL CLASS ................................................................. (3,313,919) (1,273,864)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ...................................................... (35,246,844) (13,903,448)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) .......................................... 29,667,770 27,555,960
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ...................................... 3,239,730 1,251,407
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ............................................ (20,109,453) (29,601,068)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ................................................................................ 12,798,047 (793,701)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) .......................................... 3,459,617 5,636,342
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ...................................... 1,277,979 493,230
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ............................................ (3,574,461) (7,199,736)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ................................................................................ 1,163,135 (1,070,164)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) .......................................... 2,367,922 3,962,121
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ...................................... 758,065 279,904
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ............................................ (1,345,473) (3,839,824)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ................................................................................ 1,780,514 402,201
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS D ................................................... 58,898,929 45,031,484
REINVESTMENT OF DISTRIBUTIONS - CLASS D ............................................... 10,033,129 4,057,175
COST OF SHARES REDEEMED - CLASS D ..................................................... (47,523,066) (67,576,852)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS D ................................................................................ 21,408,992 (18,488,193)
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) .............................. 334,277,129 115,744,497
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......................... 13,836,710 5,618,797
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ................................ (52,838,767) (107,286,640)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS .................................................................... 295,275,072 14,076,654
--------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) .............................. 26,787,193 7,031,136
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .......................... 3,951,266 1,709,892
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ................................ (9,028,485) (9,882,478)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS .................................................................... 21,709,974 (1,141,450)
--------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ............................................ N/A N/A
COST OF SHARES REDEEMED - INVESTOR CLASS .............................................. N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INVESTOR CLASS ......................................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS .......... 354,135,734 (7,014,653)
======================================
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 354,711,687 56,395,965
======================================
ENDING NET ASSETS ........................................................................ $ 928,145,637 $ 573,433,950
======================================
(1) PROCEEDS FROM SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND
SHARE CLASS CONVERSIONS. SEE NOTE 1.
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
54
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND
------------------------------------ ------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .............................. $ 1,321,788,326 $ 1,371,303,220 $ 679,773,909 $ 564,317,639
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ...................... 3,822,965 10,105,575 (1,203,384) (860,299)
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... 84,390,896 112,132,013 36,978,350 70,047,157
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................... 20,012,573 (3,051,766) 33,856,615 (30,111,444)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ................................... 108,226,434 119,185,822 69,631,581 39,075,414
---------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................... (671,707) (362,967) N/A N/A
CLASS B ......................................... 0 0 N/A N/A
CLASS C ......................................... 0 0 N/A N/A
CLASS D ......................................... N/A N/A N/A N/A
ADMINISTRATOR CLASS ............................. (9,058,518) (6,395,366) 0 0
INSTITUTIONAL CLASS ............................. N/A N/A N/A N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ......................................... (11,051,609) (13,833,788) N/A N/A
CLASS B ......................................... (4,740,202) (7,495,649) N/A N/A
CLASS C ......................................... (622,110) (855,277) N/A N/A
CLASS D ......................................... N/A N/A N/A N/A
ADMINISTRATOR CLASS ............................. (104,474,681) (136,966,613) (76,923,297) (51,030,568)
INSTITUTIONAL CLASS ............................. N/A N/A N/A N/A
---------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................. (130,618,827) (165,909,660) (76,923,297) (51,030,568)
---------------------------------------------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ...... 11,986,374 20,725,151 N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) .. 11,406,046 13,732,370 N/A N/A
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ........ (14,835,455) (29,452,835) N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS A ......... 8,556,965 5,004,686 N/A N/A
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ...... 1,161,167 3,049,493 N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) .. 4,659,772 7,360,019 N/A N/A
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ........ (9,432,186) (21,606,477) N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS B ......... (3,611,247) (11,196,965) N/A N/A
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ...... 374,990 466,675 N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) .. 607,689 824,249 N/A N/A
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ........ (769,874) (1,702,440) N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS C ......... 212,805 (411,516) N/A N/A
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS D ............... N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS D ........... N/A N/A N/A N/A
COST OF SHARES REDEEMED - CLASS D ................. N/A N/A N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS D ......... N/A N/A N/A N/A
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS
(NOTE 1) ........................................ 55,455,601 1,215,750,963 188,063,605 355,295,331
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR
CLASS (NOTE 1) .................................. 110,810,483 138,664,282 68,985,161 43,789,231
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS
(NOTE 1) ........................................ (181,852,014) (1,350,602,506) (122,560,085) (271,673,138)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR
CLASS ............................................. (15,585,930) 3,812,739 134,488,681 127,411,424
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS
(NOTE 1) ........................................ N/A N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL
CLASS (NOTE 1) .................................. N/A N/A N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS
(NOTE 1) ........................................ N/A N/A N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL
CLASS ............................................. N/A N/A N/A N/A
---------------------------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ........ N/A N/A N/A N/A
COST OF SHARES REDEEMED - INVESTOR CLASS .......... N/A N/A N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - INVESTOR CLASS .. N/A N/A N/A N/A
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS ................... (10,427,407) (2,791,056) 134,488,681 127,411,424
===========================================================================
NET INCREASE (DECREASE) IN NET ASSETS ................ (32,819,800) (49,514,894) 127,196,965 115,456,270
===========================================================================
ENDING NET ASSETS .................................... $ 1,288,968,526 $ 1,321,788,326 $ 806,970,874 $ 679,773,909
===========================================================================
EMERGING
GROWTH FUND EQUITY INCOME FUND
---------------- -------------------------------------
FOR THE FOR THE
PERIOD ENDED SIX MONTHS ENDED FOR THE
MARCH 31, 2007 MARCH 31, 2007 YEAR ENDED
(UNAUDITED)(2) (UNAUDITED) SEPTEMBER 30, 2006
--------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS .............................. $ 0 $ 747,083,229 $ 1,008,301,692
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ...................... (1,679) 5,004,776 12,877,738
NET REALIZED GAIN (LOSS) ON INVESTMENTS ........... (43,153) 74,285,411 86,823,512
NET CHANGE IN UNREALIZED APPRECIATION
(DEPRECIATION) OF INVESTMENTS ................... 52,028 (24,626,840) (17,284,989)
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ................................... 7,196 54,663,347 82,416,261
--------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................... N/A (2,224,456) (2,612,630)
CLASS B ......................................... N/A (275,896) (339,723)
CLASS C ......................................... N/A (38,683) (35,647)
CLASS D ......................................... N/A N/A N/A
ADMINISTRATOR CLASS ............................. N/A (5,464,676) (10,054,604)
INSTITUTIONAL CLASS ............................. N/A N/A N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ......................................... N/A (22,660,163) (34,907,773)
CLASS B ......................................... N/A (4,580,954) (10,697,534)
CLASS C ......................................... N/A (597,097) (1,153,791)
CLASS D ......................................... N/A N/A N/A
ADMINISTRATOR CLASS ............................. N/A (62,644,476) (135,597,732)
INSTITUTIONAL CLASS ............................. N/A N/A N/A
--------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS .................. N/A (98,486,401) (195,399,434)
--------------------------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ...... N/A 10,939,561 19,219,022
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) .. N/A 23,683,335 35,504,138
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ........ N/A (21,155,770) (47,950,741)
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS A ......... N/A 13,467,126 6,772,419
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ...... N/A 884,810 1,466,968
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) .. N/A 4,655,943 10,573,557
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ........ N/A (12,324,930) (25,631,822)
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS B ......... N/A (6,784,177) (13,591,297)
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ...... N/A 137,904 262,830
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) .. N/A 567,224 1,092,721
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ........ N/A (633,390) (2,681,774)
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS C ......... N/A 71,738 (1,326,223)
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS D ............... N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS D ........... N/A N/A N/A
COST OF SHARES REDEEMED - CLASS D ................. N/A N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - CLASS D ......... N/A N/A N/A
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS
(NOTE 1) ........................................ 13,660 33,047,136 240,199,983
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR
CLASS (NOTE 1) .................................. 0 33,554,671 65,780,370
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS
(NOTE 1) ........................................ 0 (225,016,472) (446,070,542)
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - ADMINISTRATOR
CLASS ............................................. 13,660 (158,414,665) (140,090,189)
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS
(NOTE 1) ........................................ N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL
CLASS (NOTE 1) .................................. N/A N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS
(NOTE 1) ........................................ N/A N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - INSTITUTIONAL
CLASS ............................................. N/A N/A N/A
--------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS ........ 1,067,788 N/A N/A
COST OF SHARES REDEEMED - INVESTOR CLASS .......... (17,561) N/A N/A
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS - INVESTOR CLASS .. 1,050,227 N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM CAPITAL SHARE TRANSACTIONS ................... 1,063,887 (151,659,978) (148,235,290)
========================================================
NET INCREASE (DECREASE) IN NET ASSETS ................ 1,071,083 (195,483,032) (261,218,463)
========================================================
ENDING NET ASSETS .................................... $ 1,071,083 $ 551,600,197 $ 747,083,229
========================================================
55
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
-------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ 2,967,661 3,096,420
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... 324,443 143,185
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... (2,013,259) (3,316,584)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. 1,278,845 (76,979)
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ 351,722 638,575
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... 129,273 56,824
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... (363,752) (811,263)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. 117,243 (115,864)
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ 240,811 451,386
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... 76,682 32,247
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... (137,624) (432,785)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................................. 179,869 50,848
--------------------------------------
SHARES SOLD - CLASS D ................................................................. 5,927,700 5,031,511
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS D .............................. 1,005,540 464,209
SHARES REDEEMED - CLASS D ............................................................. (4,834,987) (7,566,922)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS D .................................. 2,098,253 (2,071,202)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 34,109,570 13,024,434
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 1,383,607 642,231
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (5,309,723) (12,055,215)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ...................... 30,183,454 1,611,450
--------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............................................ 2,671,163 768,170
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ......... 393,177 194,825
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ........................................ (889,265) (1,066,003)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ...................... 2,175,075 (103,008)
--------------------------------------
SHARES SOLD - INVESTOR CLASS .......................................................... N/A N/A
SHARES REDEEMED - INVESTOR CLASS ...................................................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ........................... N/A N/A
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. 36,032,739 (704,755)
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ 1,695,648 $ (5,622,167)
======================================
(1) SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND SHARE CLASS
CONVERSIONS (SEE NOTE 1).
(2) THIS FUND COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
56
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND
------------------------------------- -------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ................... 298,208 520,933 N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A (NOTE 1) .............. 288,094 355,665 N/A N/A
SHARES REDEEMED - CLASS A (NOTE 1) ............... (366,717) (744,811) N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A ............................ 219,585 131,787 N/A N/A
-----------------------------------------------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ................... 30,150 80,315 N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS B (NOTE 1) .............. 123,996 199,081 N/A N/A
SHARES REDEEMED - CLASS B (NOTE 1) ............... (245,770) (567,007) N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS B ............................ (91,624) (287,611) N/A N/A
-----------------------------------------------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ................... 9,359 12,047 N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS C (NOTE 1) .............. 15,900 21,951 N/A N/A
SHARES REDEEMED - CLASS C (NOTE 1) ............... (19,625) (44,278) N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS C ............................ 5,634 (10,280) N/A N/A
-----------------------------------------------------------------------------
SHARES SOLD - CLASS D ............................ N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS D ....................... N/A N/A N/A N/A
SHARES REDEEMED - CLASS D ........................ N/A N/A N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS D ............................ N/A N/A N/A N/A
-----------------------------------------------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ....... 1,380,814 31,658,220 13,117,883 23,954,430
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .. 2,790,746 3,583,101 4,864,962 3,096,834
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ... (4,533,310) (35,065,932) (8,372,683) (18,387,794)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS ................ (361,750) 175,389 9,610,162 8,663,470
-----------------------------------------------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ....... N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .. N/A N/A N/A N/A
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ... N/A N/A N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS ................ N/A N/A N/A N/A
-----------------------------------------------------------------------------
SHARES SOLD - INVESTOR CLASS ..................... N/A N/A N/A N/A
SHARES REDEEMED - INVESTOR CLASS ................. N/A N/A N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INVESTOR CLASS ..................... N/A N/A N/A N/A
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS ............................ (228,155) 9,285 9,610,162 8,663,470
=============================================================================
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) ......................... $ 1,132,907 $ 7,040,167 $ (1,369,446) $ (166,062)
=============================================================================
EMERGING
GROWTH FUND EQUITY INCOME FUND
-------------- ---------------------------------------
FOR THE FOR THE
PERIOD ENDED SIX MONTHS ENDED FOR THE
MARCH 31, 2007 MARCH 31, 2007 YEAR ENDED
(UNAUDITED)(2) (UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ..................................... N/A 350,596 614,148
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) .. N/A 786,586 1,180,339
SHARES REDEEMED - CLASS A (NOTE 1) ................................. N/A (680,325) (1,533,683)
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ............... N/A 456,857 260,804
--------------------------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ..................................... N/A 28,160 46,788
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) .. N/A 154,773 352,094
SHARES REDEEMED - CLASS B (NOTE 1) ................................. N/A (395,030) (819,525)
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ............... N/A (212,097) (420,643)
--------------------------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ..................................... N/A 4,157 7,967
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) .. N/A 17,959 34,887
SHARES REDEEMED - CLASS C (NOTE 1) ................................. N/A (19,169) (81,232)
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ............... N/A 2,947 (38,378)
--------------------------------------------------------
SHARES SOLD - CLASS D .............................................. N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS D ........... N/A N/A N/A
SHARES REDEEMED - CLASS D .......................................... N/A N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS D ............... N/A N/A N/A
--------------------------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ......................... 1,374 1,075,623 7,996,617
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS
(NOTE 1) ........................................................ 0 1,115,591 2,189,391
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ..................... 0 (7,264,690) (14,496,682)
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ... 1,374 (5,073,476) (4,310,674)
--------------------------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ......................... N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS
(NOTE 1) ........................................................ N/A N/A N/A
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ..................... N/A N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ... N/A N/A N/A
--------------------------------------------------------
SHARES SOLD - INVESTOR CLASS ....................................... 105,125 N/A N/A
SHARES REDEEMED - INVESTOR CLASS ................................... (1,744) N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ........ 103,381 N/A N/A
--------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS ................................................. 104,755 (4,825,769) (4,508,891)
========================================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .......... $ (1,679) $ (2,654,293) $ 344,642
========================================================
57
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
EQUITY VALUE FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................................. $ 79,447,616 $ 69,665,565
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ......................................................... 538,627 659,596
NET REALIZED GAIN (LOSS) ON INVESTMENTS .............................................. 4,344,705 1,357,108
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .................. 5,172,260 5,286,012
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......................... 10,055,592 7,302,716
---------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ........................................................................... (31,237) (21,560)
CLASS B ........................................................................... 0 0
CLASS C (521) 0
ADMINISTRATOR CLASS ............................................................... (683,069) (200,582)
INSTITUTIONAL CLASS ............................................................... (101) 0
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ........................................................................... (113,073) (8,112)
CLASS B ........................................................................... (64,106) (5,083)
CLASS C ........................................................................... (12,111) (783)
ADMINISTRATOR CLASS ............................................................... (1,826,416) (133,040)
INSTITUTIONAL CLASS ............................................................... (252) 0
---------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ..................................................... (2,730,886) (369,160)
---------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ......................................... 478,963 1,449,848
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................................... 136,995 29,208
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ........................................... (528,593) (1,109,852)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A ............................................................... 87,365 369,204
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ......................................... 365,956 835,074
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................................... 57,717 4,844
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ........................................... (535,293) (616,204)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B ............................................................... (111,620) 223,714
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ......................................... 106,664 74,208
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................................... 12,284 774
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ........................................... (32,334) (119,056)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C ............................................................... 86,614 (44,074)
---------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................. 9,412,035 21,213,549
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......................... 2,265,440 321,545
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................... (7,176,252) (19,245,443)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - ADMINISTRATOR CLASS ................................................... 4,501,223 2,289,651
---------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............................. 48,762,511 10,000
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ......................... 353 0
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ............................... (45,788) 0
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INSTITUTIONAL CLASS ................................................... 48,717,076 10,000
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ......................................................................... 53,280,658 2,848,495
=======================================
NET INCREASE (DECREASE) IN NET ASSETS ................................................... 60,605,364 9,782,051
=======================================
ENDING NET ASSETS ....................................................................... $ 140,052,980 $ 79,447,616
=======================================
(1) SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND SHARE CLASS
CONVERSIONS (SEE NOTE 1).
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
58
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................................................... $ 559,419,027 $ 560,778,729
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................................................... (252,009) 1,605,434
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................ 44,850,973 59,134,309
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................ 8,743,538 (16,269,320)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................... 53,342,502 44,470,423
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................................................... 0 (4,096)
CLASS B ......................................................................... 0 0
CLASS C ......................................................................... 0 0
ADMINISTRATOR CLASS ............................................................. (583,464) (897,737)
INSTITUTIONAL CLASS ............................................................. (515,915) (577,908)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ......................................................................... (3,215,834) (3,374,983)
CLASS B ......................................................................... (994,000) (1,305,682)
CLASS C ......................................................................... (125,440) (141,261)
ADMINISTRATOR CLASS ............................................................. (42,754,971) (57,971,069)
INSTITUTIONAL CLASS ............................................................. (15,932,542) (19,564,840)
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................................... (64,122,166) (83,837,576)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... 4,613,613 7,893,629
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... 3,176,293 3,322,262
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... (2,806,987) (5,889,347)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A .............................................................. 4,982,919 5,326,544
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... 813,482 1,540,213
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... 966,072 1,279,429
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... (1,585,419) (2,931,479)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B .............................................................. 194,135 (111,837)
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... 273,193 529,116
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... 112,755 131,944
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... (212,849) (437,309)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C .............................................................. 173,099 223,751
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 24,155,876 62,320,385
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 42,949,813 58,268,987
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (90,844,708 (106,342,203)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - ADMINISTRATOR CLASS .................................................. (23,739,019) 14,247,169
--------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ........................... 16,334,215 38,418,099
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ....................... 16,448,456 20,142,745
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ............................. (20,414,089) (40,239,020)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INSTITUTIONAL CLASS .................................................. 12,368,582 18,321,824
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ........................................................................ (6,020,284) 38,007,451
======================================
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (16,799,948) (1,359,702)
======================================
ENDING NET ASSETS ..................................................................... $ 542,619,079 $ 559,419,027
======================================
INTERNATIONAL VALUE FUND
-------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................................................... $ 141,601,536 $ 943,105
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................................................... 963,619 315,945
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................ 2,156,991 (61,248)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................ 23,062,677 2,227,543
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................... 26,183,287 2,482,240
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................................................... (15,551) 0
CLASS B ......................................................................... (5,988) 0
CLASS C ......................................................................... 0 0
ADMINISTRATOR CLASS ............................................................. 0 (1,528)
INSTITUTIONAL CLASS ............................................................. 0 0
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ......................................................................... (1,404) (2,123)
CLASS B ......................................................................... (519) (1,183)
CLASS C ......................................................................... (157) (273)
ADMINISTRATOR CLASS ............................................................. (62,315) (639)
INSTITUTIONAL CLASS ............................................................. (4) 0
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................................... (85,938) (5,746)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... 8,763,885 1,504,789
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... 16,482 2,061
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... (654,783) (266,643)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A .............................................................. 8,125,584 1,240,207
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... 850,081 943,314
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... 6,210 1,183
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... (143,732) (117,503)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B .............................................................. 712,559 826,994
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... 482,304 245,190
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... 150 273
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... (79,035) (14,886)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C .............................................................. 403,419 230,577
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 43,879,327 137,225,907
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 62,248 2,168
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (9,610,952) (1,353,916)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - ADMINISTRATOR CLASS .................................................. 34,330,623 135,874,159
--------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ........................... 0 10,000
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ....................... 4 0
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ............................. 0 0
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INSTITUTIONAL CLASS .................................................. 4 10,000
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ........................................................................ 43,572,189 138,181,937
======================================
NET INCREASE (DECREASE) IN NET ASSETS ................................................. 69,669,538 140,658,431
======================================
ENDING NET ASSETS ..................................................................... $ 211,271,074 $ 141,601,536
======================================
LARGE CAP APPRECIATION FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- --------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................................................... $ 91,801,956 $ 53,611,321
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................................................... 97,702 116,186
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............................................ 2,961,867 4,657,033
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................ 2,715,165 (2,391,720)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................... 5,774,734 2,381,499
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ......................................................................... (26,395) 0
CLASS B ......................................................................... 0 0
CLASS C ......................................................................... 0 0
ADMINISTRATOR CLASS ............................................................. (153,390) (40,003)
INSTITUTIONAL CLASS ............................................................. (51) 0
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ......................................................................... (2,652,905) (1,752,260)
CLASS B ......................................................................... (279,542) (175,778)
CLASS C ......................................................................... (64,374) (45,586)
ADMINISTRATOR CLASS ............................................................. (3,244,128) (993,338)
INSTITUTIONAL CLASS ............................................................. (747) 0
--------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ................................................... (6,421,532) (3,006,965)
--------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ....................................... 8,932,650 24,723,809
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ................................... 2,657,120 1,748,119
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ......................................... (11,255,066) (21,386,799)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A .............................................................. 334,704 5,085,129
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ....................................... 141,769 1,716,774
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ................................... 266,565 172,259
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ......................................... (530,976) (728,441)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B .............................................................. (122,642) 1,160,592
--------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ....................................... 104,665 401,475
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ................................... 62,696 43,760
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ......................................... (228,804) (304,811)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C .............................................................. (61,443) 140,424
--------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ........................... 7,499,625 37,223,551
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ....................... 3,256,951 1,000,385
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............................. (14,148,799) (5,803,980)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - ADMINISTRATOR CLASS .................................................. (3,392,223) 32,419,956
--------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ........................... 0 10,000
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ....................... 797 0
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ............................. 0 0
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INSTITUTIONAL CLASS .................................................. 797 10,000
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ........................................................................ (3,240,807) 38,816,101
======================================
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (3,887,605) 38,190,635
======================================
ENDING NET ASSETS ..................................................................... $ 87,914,351 $ 91,801,956
======================================
59
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
EQUITY VALUE FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ......................................................... 30,458 100,884
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ...................... 8,649 2,089
SHARES REDEEMED - CLASS A (NOTE 1) ..................................................... (33,276) (77,667)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ................................... 5,831 25,306
---------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ......................................................... 23,187 58,607
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ...................... 3,688 348
SHARES REDEEMED - CLASS B (NOTE 1) ..................................................... (34,128) (43,578)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ................................... (7,253) 15,377
---------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ......................................................... 6,899 5,092
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ...................... 786 55
SHARES REDEEMED - CLASS C (NOTE 1) ..................................................... (2,052) (8,637)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ................................... 5,633 (3,490)
---------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................. 583,396 1,449,063
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......... 140,934 22,689
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ......................................... (445,904) (1,321,717)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ....................... 278,426 150,035
---------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS(NOTE 1) .............................................. 3,032,124 659
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .......... 22 0
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ......................................... (2,792) 0
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................... 3,029,354 659
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... 3,311,991 187,887
=======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .............................. $ 298,682 $ 474,983
=======================================
(1) SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND SHARE CLASS
CONVERSIONS (SEE NOTE 1).
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
60
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ......................................................... 162,852 277,246
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ...................... 115,965 120,678
SHARES REDEEMED - CLASS A (NOTE 1) ..................................................... (99,416) (206,554)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ................................... 179,401 191,370
---------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ......................................................... 32,473 60,022
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ...................... 40,020 51,590
SHARES REDEEMED - CLASS B (NOTE 1) ..................................................... (63,310) (111,777)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ................................... 9,183 (165)
---------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ......................................................... 10,699 19,357
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ...................... 4,437 5,087
SHARES REDEEMED - CLASS C (NOTE 1) ..................................................... (8,371) (16,072)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ................................... 6,765 8,372
---------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................. 850,340 2,181,020
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......... 1,542,292 2,085,802
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ......................................... (3,189,219) (3,697,191)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ....................... (796,587) 569,631
---------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS(NOTE 1) .............................................. 566,814 1,330,838
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .......... 589,724 720,379
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ......................................... (707,995) (1,400,810)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................... 448,543 650,407
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (152,695) 1,419,615
=======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .............................. $ (604,711) $ 746,677
=======================================
INTERNATIONAL VALUE FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ......................................................... 473,133 95,314
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ...................... 901 143
SHARES REDEEMED - CLASS A (NOTE 1) ..................................................... (35,786) (16,893)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ................................... 438,248 78,564
---------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ......................................................... 46,921 61,213
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ...................... 344 83
SHARES REDEEMED - CLASS B (NOTE 1) ..................................................... (7,870) (7,251)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ................................... 39,395 54,045
---------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ......................................................... 26,185 15,610
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ...................... 9 19
SHARES REDEEMED - CLASS C (NOTE 1) ..................................................... (4,233) (1,001)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ................................... 21,961 14,628
---------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................. 2,403,459 8,371,191
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......... 3,422 151
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ......................................... (526,323) (82,872)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ....................... 1,880,558 8,288,470
---------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS(NOTE 1) .............................................. 1 605
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .......... 0 0
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ......................................... 0 0
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................... 1 605
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... 2,380,163 8,436,312
=======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .............................. $ 1,260,870 $ 318,790
=======================================
LARGE CAP APPRECIATION FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ......................................................... 789,473 2,163,161
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ...................... 238,752 154,838
SHARES REDEEMED - CLASS A (NOTE 1) ..................................................... (996,804) (1,877,352)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A ................................... 31,421 440,647
---------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ......................................................... 13,192 155,333
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ...................... 24,959 15,746
SHARES REDEEMED - CLASS B (NOTE 1) ..................................................... (49,284) (65,880)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B ................................... (11,133) 105,199
---------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ......................................................... 9,698 35,682
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ...................... 5,871 3,996
SHARES REDEEMED - CLASS C (NOTE 1) ..................................................... (21,108) (27,782)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C ................................... (5,539) 11,896
---------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................. 652,877 3,307,821
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......... 289,624 87,780
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ......................................... (1,224,494) (507,313)
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ....................... (281,993) 2,888,288
---------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS(NOTE 1) .............................................. 0 894
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) .......... 71 0
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ......................................... 0 0
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ....................... 71 894
---------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (267,173) 3,446,924
=======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .............................. $ (3,822) $ 78,312
=======================================
61
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................................... $ 2,298,957,455 $ 2,813,219,775
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ........................................................... (2,240,820) (8,188,056)
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................................ 80,281,116 36,100,755
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .................... 44,762,260 8,990,017
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........................... 122,802,556 36,902,716
---------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................. 0 (703,209)
CLASS B ............................................................................. 0 0
CLASS C ............................................................................. 0 0
CLASS Z ............................................................................. 0 (338,346)
ADMINISTRATOR CLASS ................................................................. 0 (3,712,000)
INSTITUTIONAL CLASS ................................................................. 0 (346,417)
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................. 0 0
CLASS B ............................................................................. 0 0
CLASS C ............................................................................. 0 0
CLASS Z ............................................................................. 0 0
ADMINISTRATOR CLASS ................................................................. 0 0
INSTITUTIONAL CLASS ................................................................. 0 0
---------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ....................................................... 0 (5,099,972)
---------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ........................................... 61,785,918 175,855,653
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ....................................... 0 664,814
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ............................................. (140,506,118) (219,080,930)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS A ................................................................................ (78,720,200) (42,560,463)
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ........................................... 1,056,645 4,072,467
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ....................................... 0 0
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ............................................. (30,512,924) (89,278,822)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS B ................................................................................ (29,456,279) (85,206,355)
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ........................................... 185,709 784,321
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ....................................... 0 0
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ............................................. (2,592,519) (7,645,680)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS C ................................................................................ (2,406,810) (6,861,359)
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS Z (NOTE 1) ........................................... 2,994,045 6,616,392
REINVESTMENT OF DISTRIBUTIONS - CLASS Z (NOTE 1) ....................................... 869 335,751
COST OF SHARES REDEEMED - CLASS Z (NOTE 1) ............................................. (16,485,823) (27,435,620)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
CLASS Z ................................................................................ (13,490,909) (20,483,477)
---------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................... 130,267,146 1,589,053,132
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ........................... 0 3,157,826
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ................................. (470,253,610) (1,986,994,851)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS .................................................................... (339,986,464) (394,783,893)
---------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............................... 25,264,080 44,477,516
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ........................... 0 221,464
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ................................. (29,778,692) (40,868,497)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS .................................................................... (4,514,612) 3,830,483
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ........... (468,575,274) (546,065,064)
=======================================
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (345,772,718) (514,262,320)
=======================================
ENDING NET ASSETS ......................................................................... $ 1,953,184,737 $ 2,298,957,455
=======================================
(1) PROCEEDS FROM SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND
SHARE CLASS CONVERSIONS. SEE NOTE 1.
(2) THIS FUND COMMENCED OPERATIONS ON OCTOBER 31, 2006.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
62
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................................... $ 522,825,075 $ 526,138,301
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ........................................................... (1,970,388) (3,223,824)
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................................ 35,284,708 72,581,143
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .................... 10,967,332 (33,975,241)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........................... 44,281,652 35,382,078
---------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ............................................................................. 0 0
CLASS B ............................................................................. 0 0
CLASS C ............................................................................. 0 0
CLASS Z ............................................................................. N/A N/A
ADMINISTRATOR CLASS ................................................................. 0 0
INSTITUTIONAL CLASS ................................................................. N/A N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ............................................................................. (492,194) (188,199)
CLASS B ............................................................................. (138,906) (43,570)
CLASS C ............................................................................. (38,228) (9,399)
CLASS Z ............................................................................. N/A N/A
ADMINISTRATOR CLASS ................................................................. (80,941,828) (39,157,391)
INSTITUTIONAL CLASS ................................................................. N/A N/A
---------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ....................................................... (81,611,156) (39,398,559)
---------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ........................................... 406,192 5,254,180
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ....................................... 482,840 187,482
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ............................................. (674,196) (4,312,644)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS A . 214,836 1,129,018
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ........................................... 44,488 427,498
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ....................................... 128,419 43,432
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ............................................. (138,559) (105,541)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS B . 34,348 365,389
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ........................................... 41,551 183,418
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ....................................... 37,339 9,334
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ............................................. (9,365) (51,506)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS C . 69,525 141,246
---------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS Z (NOTE 1) ........................................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS Z (NOTE 1) ....................................... N/A N/A
COST OF SHARES REDEEMED - CLASS Z (NOTE 1) ............................................. N/A N/A
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS - CLASS Z . N/A N/A
---------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................... 45,023,909 144,719,859
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ........................... 80,145,834 38,367,975
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ................................. (87,949,759) (184,020,232)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS .................................................................... 37,219,984 (932,398)
---------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............................... N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ........................... N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ................................. N/A N/A
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INSTITUTIONAL CLASS .................................................................... N/A N/A
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ........... 37,538,693 703,255
=======================================
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 209,189 (3,313,226)
=======================================
ENDING NET ASSETS ......................................................................... $ 523,034,264 $ 522,825,075
=======================================
STRATEGIC SMALL CAP
SMALL COMPANY VALUE FUND VALUE FUND
----------------------------------- --------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE PERIOD ENDED
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007
(UNAUDITED) SEPTEMBER 30,2006 (UNAUDITED)(2)
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................. $ 372,392,902 $ 233,665,412 $ 0
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ......................................... (29,142) 516,863 (163)
NET REALIZED GAIN (LOSS) ON INVESTMENTS .............................. 18,046,085 22,923,203 (855)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .. 19,107,102 (4,861,544) 5,853
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......... 37,124,045 18,578,522 4,835
---------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
CLASS A ........................................................... 0 (41,980) 0
CLASS B ........................................................... 0 0 N/A
CLASS C ........................................................... 0 0 0
CLASS Z ........................................................... N/A N/A N/A
ADMINISTRATOR CLASS ............................................... (114,943) (404,456) 0
INSTITUTIONAL CLASS ............................................... N/A N/A N/A
NET REALIZED GAIN ON SALES OF INVESTMENTS
CLASS A ........................................................... (5,803,424) (6,595,774) 0
CLASS B ........................................................... (991,292) (1,347,107) N/A
CLASS C ........................................................... (341,400) (438,280) 0
CLASS Z ........................................................... N/A N/A N/A
ADMINISTRATOR CLASS ............................................... (19,838,953) (14,544,288) 0
INSTITUTIONAL CLASS ............................................... N/A N/A N/A
---------------------------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ..................................... (27,090,012) (23,371,885) 0
---------------------------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - CLASS A (NOTE 1) ......................... 20,765,117 76,148,788 63,476
REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... 5,610,773 6,419,529 0
COST OF SHARES REDEEMED - CLASS A (NOTE 1) ........................... (29,352,645) (71,808,515) (6,000)
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS A ............................................... (2,976,755) 10,759,802 57,476
---------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS B (NOTE 1) ......................... 194,492 1,115,626 N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... 954,080 1,296,407 N/A
COST OF SHARES REDEEMED - CLASS B (NOTE 1) ........................... (1,709,610) (4,237,981) N/A
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS B ............................................... (561,038) (1,825,948) N/A
---------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS C (NOTE 1) ......................... 134,363 924,625 73,235
REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... 314,131 396,729 0
COST OF SHARES REDEEMED - CLASS C (NOTE 1) ........................... (879,477) (1,295,461) (24,300)
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS C ............................................... (430,983) 25,893 48,935
---------------------------------------------------------
PROCEEDS FROM SHARES SOLD - CLASS Z (NOTE 1) ......................... N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - CLASS Z (NOTE 1) ..................... N/A N/A N/A
COST OF SHARES REDEEMED - CLASS Z (NOTE 1) ........................... N/A N/A N/A
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - CLASS Z ............................................... N/A N/A N/A
---------------------------------------------------------
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............. 73,867,929 351,986,538 14,292
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 19,457,592 14,408,819 0
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ............... (73,772,598) (231,834,251) 0
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - ADMINISTRATOR CLASS ................................ 19,552,923 134,561,106 14,292
---------------------------------------------------------
PROCEEDS FROM SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............. N/A N/A N/A
REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ......... N/A N/A N/A
COST OF SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ............... N/A N/A N/A
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS - INSTITUTIONAL CLASS ................................... N/A N/A N/A
---------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE
TRANSACTIONS ......................................................... 15,584,147 143,520,853 120,703
=========================================================
NET INCREASE (DECREASE) IN NET ASSETS ................................... 25,618,180 138,727,490 125,538
=========================================================
ENDING NET ASSETS ....................................................... $ 398,011,082 $ 372,392,902 $ 125,538
=========================================================
63
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
--------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ........................................................ 1,164,165 3,472,440
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS A (NOTE 1) ..................... 0 12,644
SHARES REDEEMED - CLASS A (NOTE 1) .................................................... (2,623,433) (4,353,752)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS A .................................. (1,459,268) (868,668)
--------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ........................................................ 22,677 89,457
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS B (NOTE 1) ..................... 0 0
SHARES REDEEMED - CLASS B (NOTE 1) .................................................... (645,495) (1,964,453)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS B .................................. (622,818) (1,874,996)
--------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ........................................................ 3,914 17,203
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS C (NOTE 1) ..................... 0 0
SHARES REDEEMED - CLASS C (NOTE 1) .................................................... (54,385) (168,735)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS C .................................. (50,471) (151,532)
--------------------------------------
SHARES SOLD - CLASS Z (NOTE 1) ........................................................ 59,505 137,622
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - CLASS Z (NOTE 1) ..................... 18 6,737
SHARES REDEEMED - CLASS Z (NOTE 1) .................................................... (326,266) (574,778)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - CLASS Z .................................. (266,743) (430,419)
--------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................ 2,573,663 32,188,304
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ......... 0 63,157
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ........................................ (9,276,814) (40,350,840)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ...................... (6,703,151) (8,099,379)
--------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) ............................................ 503,586 915,489
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INSTITUTIONAL CLASS (NOTE 1) ......... 0 4,428
SHARES REDEEMED - INSTITUTIONAL CLASS (NOTE 1) ........................................ (586,106) (842,849)
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INSTITUTIONAL CLASS ...................... (82,520) 77,068
--------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (9,184,971) (11,347,926)
======================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ............................. $ (5,268,418) $ (3,027,598)
======================================
(1) SHARES SOLD MAY INCLUDE AMOUNTS RELATED TO FUND MERGERS AND SHARE CLASS
CONVERSIONS (SEE NOTE 1).
(2) THIS FUND COMMENCED OPERATIONS ON OCTOBER 31, 2006.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
64
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND SMALL COMPANY VALUE FUND
------------------------------------- --------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ................ 13,920 162,352 1,296,228 4,881,987
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A (NOTE 1) ........... 17,424 6,330 356,226 425,172
SHARES REDEEMED - CLASS A (NOTE 1) ............ (22,397) (138,576) (1,833,055) (4,625,631)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A ......................... 8,947 30,106 (180,601) 681,528
------------------------------------------------------------------------------
SHARES SOLD - CLASS B (NOTE 1) ................ 1,474 13,788 12,858 74,511
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS B (NOTE 1) ........... 4,760 1,487 63,352 88,856
SHARES REDEEMED - CLASS B (NOTE 1) ............ (4,546) (3,366) (111,700) (283,006)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS B ......................... 1,688 11,909 (35,490) (119,639)
------------------------------------------------------------------------------
SHARES SOLD - CLASS C (NOTE 1) ................ 1,393 5,931 8,842 61,611
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS C (NOTE 1) ........... 1,372 318 20,858 27,211
SHARES REDEEMED - CLASS C (NOTE 1) ............ (308) (1,675) (57,484) (86,630)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS C ......................... 2,457 4,574 (27,784) 2,192
------------------------------------------------------------------------------
SHARES SOLD - CLASS Z (NOTE 1) ................ N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS Z (NOTE 1) ........... N/A N/A N/A N/A
SHARES REDEEMED - CLASS Z (NOTE 1) ............ N/A N/A N/A N/A
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS Z ......................... N/A N/A N/A N/A
------------------------------------------------------------------------------
SHARES SOLD - ADMINISTRATOR CLASS
(NOTE 1) ................................... 1,546,250 4,607,111 4,549,081 22,497,141
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR
CLASS (NOTE 1) ............................. 2,866,446 1,288,381 1,222,806 945,869
SHARES REDEEMED - ADMINISTRATOR
CLASS (NOTE 1) ............................. (2,940,160) (5,891,039) (4,547,360) (14,785,998)
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS ............. 1,472,536 4,453 1,224,527 8,657,012
------------------------------------------------------------------------------
SHARES SOLD - INSTITUTIONAL CLASS
(NOTE 1) ................................... N/A N/A N/A N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL
CLASS (NOTE 1) ............................. N/A N/A N/A N/A
SHARES REDEEMED - INSTITUTIONAL
CLASS (NOTE 1) ............................. N/A N/A N/A N/A
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS ............. N/A N/A N/A N/A
------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS .................... 1,485,628 51,042 980,652 9,221,093
==============================================================================
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) ...................... $ (2,777,097) $ (806,709) $ 824,179 $ 968,264
==============================================================================
STRATEGIC SMALL CAP
VALUE FUND
--------------------
FOR THE
PERIOD ENDED
MARCH 31, 2007
(UNAUDITED)(2)
- -------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED:
SHARES SOLD - CLASS A (NOTE 1) ................ 6,172
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS A (NOTE 1) ........... 0
SHARES REDEEMED - CLASS A (NOTE 1) ............ (559)
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS A ......................... 5,613
--------------------
SHARES SOLD - CLASS B (NOTE 1) ................ N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS B (NOTE 1) ........... N/A
SHARES REDEEMED - CLASS B (NOTE 1) ............ N/A
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS B ......................... N/A
--------------------
SHARES SOLD - CLASS C (NOTE 1) ................ 7,172
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS C (NOTE 1) ........... 0
SHARES REDEEMED - CLASS C (NOTE 1) ............ (2,399)
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS C ......................... 4,773
--------------------
SHARES SOLD - CLASS Z (NOTE 1) ................ N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - CLASS Z (NOTE 1) ........... N/A
SHARES REDEEMED - CLASS Z (NOTE 1) ............ N/A
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - CLASS Z ......................... N/A
--------------------
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) .... 1,417
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - ADMINISTRATOR
CLASS (NOTE 1) ............................. 0
SHARES REDEEMED - ADMINISTRATOR
CLASS (NOTE 1) ............................. 0
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - ADMINISTRATOR CLASS ............. 1,417
--------------------
SHARES SOLD - INSTITUTIONAL CLASS (NOTE 1) .... N/A
SHARES ISSUED IN REINVESTMENT OF
DISTRIBUTIONS - INSTITUTIONAL
CLASS (NOTE 1) ............................. N/A
SHARES REDEEMED - INSTITUTIONAL
CLASS (NOTE 1) ............................. N/A
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING - INSTITUTIONAL CLASS ............. N/A
--------------------
NET INCREASE (DECREASE) IN SHARES
OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS .................... 11,803
====================
ENDING BALANCE OF UNDISTRIBUTED NET
INVESTMENT INCOME (LOSS) ...................... $ (163)
====================
65
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.67 0.04 0.57 (0.11) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.27 0.05(7) 0.40 (0.03) (0.07)
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. $ 8.01 0.00 0.26 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.58 0.01 0.55 (0.04) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.58 0.01 0.55 (0.04) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00
CLASS D
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.67 0.03 0.58 (0.11) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.27 0.05(7) 0.40 (0.03) (0.07)
NOVEMBER 1, 2003 TO OCTOBER 31, 2004 ................. $ 7.42 0.03 0.85 (0.03) 0.00
NOVEMBER 1, 2002 TO OCTOBER 31, 2003 ................. $ 6.49 0.05 1.61 (0.05) (0.68)
NOVEMBER 1, 2001 TO OCTOBER 31, 2002 ................. $ 7.13 0.05 (0.38) (0.05) (0.26)
NOVEMBER 1, 2000 TO OCTOBER 31, 2001 ................. $ 8.71 0.07 0.27 (0.11) (1.81)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.69 0.05 0.58 (0.13) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.64 0.13 1.16 (0.06) (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.27 0.07(7) 0.41 (0.04) (0.07)
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. $ 8.01 0.01 0.25 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 9.74 0.06 0.58 (0.15) (0.44)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 8.67 0.16 1.17 (0.08) (0.18)
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ $ 8.28 0.09(7) 0.41 (0.04) (0.07)
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. $ 8.01 0.02 0.25 0.00 0.00
DIVERSIFIED EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 40.36 0.08(7) 3.23 (0.21) (3.79)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 41.90 0.22(7) 3.31 (0.12) (4.96)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ $ 39.91 0.28(7) 5.22 (0.32) (3.19)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ $ 35.61 0.15 4.41 (0.26) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ $ 29.00 0.13 6.59 (0.11) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ $ 36.33 0.09(7) (6.85) (0.15) (0.42)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 38.53 (0.07)(7) 3.08 0.00 (3.79)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 40.38 (0.07)(7) 3.18 0.00 (4.96)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ $ 38.55 (0.01)(7) 5.03 0.00 (3.19)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ $ 34.43 (0.40) 4.52 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ $ 28.15 (0.19) 6.47 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ $ 35.41 (0.20)(7) (6.64) 0.00 (0.42)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 39.13 (0.07)(7) 3.13 0.00 (3.79)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 40.94 (0.07)(7) 3.22 0.00 (4.96)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ $ 39.04 (0.02)(7) 5.11 0.00 (3.19)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ $ 34.90 (0.37) 4.54 (0.03) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ $ 28.56 (0.05) 6.39 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ $ 35.91 (0.20)(7) (6.73) 0.00 (0.42)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ $ 40.46 0.13(7) 3.23 (0.30) (3.79)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ $ 41.98 0.32(7) 3.33 (0.21) (4.96)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ $ 39.96 0.39(7) 5.22 (0.40) (3.19)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ $ 35.64 0.26 4.39 (0.33) 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ $ 29.04 0.24 6.57 (0.21) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ $ 36.38 0.18(7) (6.87) (0.23) (0.42)
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
66
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING
IN EXCESS OF NET ASSET RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
REALIZED VALUE PER -------------------------------------------------------
GAINS SHARE NET INVESTMENT GROSS EXPENSES NET
INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.73 0.91% 1.30% (0.10)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.67 1.25% 1.30% (0.10)% 1.20%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.62 0.63% 1.35% (0.15)% 1.20%
JULY 26, 2004(9) TO OCTOBER 31, 2004 ............ 0.00 $ 8.27 0.18% 1.60% (0.40)% 1.20%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.66 0.16% 2.05% (0.10)% 1.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.58 0.48% 2.05% (0.10)% 1.95%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.56 (0.11)% 2.10% (0.15)% 1.95%
JULY 26, 2004(9) TO OCTOBER 31, 2004 ............ 0.00 $ 8.26 (0.60)% 2.35% (0.40)% 1.95%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.66 0.16% 2.05% (0.10)% 1.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.58 0.49% 2.05% (0.10)% 1.95%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.56 (0.12)% 2.10% (0.15)% 1.95%
JULY 26, 2004(9) TO OCTOBER 31, 2004 ............ 0.00 $ 8.26 (0.58)% 2.35% (0.40)% 1.95%
CLASS D
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.73 0.92% 1.30% (0.10)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.67 1.22% 1.30% (0.10)% 1.20%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.62 0.67% 1.35% (0.15)% 1.20%
NOVEMBER 1, 2003 TO OCTOBER 31, 2004 ............ 0.00 $ 8.27 0.40% 1.30% (0.14)% 1.16%
NOVEMBER 1, 2002 TO OCTOBER 31, 2003 ............ 0.00 $ 7.42 0.76% 1.20% (0.04)% 1.16%
NOVEMBER 1, 2001 TO OCTOBER 31, 2002 ............ 0.00 $ 6.49 0.59% 1.60% (0.46)% 1.14%
NOVEMBER 1, 2000 TO OCTOBER 31, 2001 ............ 0.00 $ 7.13 0.91% 1.00% 0.00% 1.00%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.75 1.21% 1.12% (0.17)% 0.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.69 1.48% 1.12% (0.17)% 0.95%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.64 0.83% 1.13% (0.18)% 0.95%
JULY 26, 2004(9) TO OCTOBER 31, 2004 ............ 0.00 $ 8.27 0.47% 1.39% (0.44)% 0.95%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 9.79 1.44% 0.85% (0.15)% 0.70%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 9.74 1.74% 0.85% (0.15)% 0.70%
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ....... 0.00 $ 8.67 1.14% 0.90% (0.20)% 0.70%
JULY 26, 2004(9) TO OCTOBER 31, 2004 ............ 0.00 $ 8.28 0.91% 1.22% (0.52)% 0.70%
DIVERSIFIED EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 39.67 0.39% 1.44% (0.19)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 40.36 0.57% 1.42% (0.17)% 1.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 41.90 0.69% 1.41% (0.16)% 1.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 39.91 0.37% 1.37% (0.12)% 1.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 35.61 0.42% 1.54% (0.29)% 1.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 29.00 0.22% 1.58% (0.33)% 1.25%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 37.75 (0.36)% 2.19% (0.19)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 38.53 (0.19)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 40.38 (0.03)% 2.16% (0.16)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 38.55 (0.40)% 2.12% (0.12)% 2.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 34.43 (0.33)% 2.31% (0.31)% 2.00%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 28.15 (0.53)% 2.39% (0.39)% 2.00%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 38.40 (0.36)% 2.19% (0.19)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 39.13 (0.19)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 40.94 (0.04)% 2.16% (0.16)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 39.04 (0.38)% 2.12% (0.12)% 2.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 34.90 (0.33)% 2.28% (0.28)% 2.00%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 28.56 (0.52)% 2.13% (0.13)% 2.00%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 39.73 0.64% 1.26% (0.26)% 1.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 40.46 0.82% 1.24% (0.24)% 1.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 41.98 0.96% 1.15% (0.15)% 1.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 39.96 0.61% 1.04% (0.04)% 1.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 35.64 0.67% 1.17% (0.17)% 1.00%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 29.04 0.47% 1.14% (0.14)% 1.00%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- --------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 6.19% 14%(5) $ 70,086
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 15.02% 29%(5) $ 57,288
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 5.45% 25%(5) $ 51,719
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. 3.25% 30% $ 11,408
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 5.73% 14%(5) $ 27,444
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 14.20% 29%(5) $ 26,082
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 4.70% 25%(5) $ 24,296
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. 3.12% 30% $ 5,790
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 5.74% 14%(5) $ 16,989
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 14.20% 29%(5) $ 15,120
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 4.71% 25%(5) $ 13,075
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. 3.12% 30% $ 2,732
CLASS D
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 6.19% 14%(5) $ 184,821
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 15.01% 29%(5) $ 163,397
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 5.44% 25%(5) $ 163,464
NOVEMBER 1, 2003 TO OCTOBER 31, 2004 ................. 11.88% 30% $ 50,790
NOVEMBER 1, 2002 TO OCTOBER 31, 2003 ................. 28.34% 26% $ 20,419
NOVEMBER 1, 2001 TO OCTOBER 31, 2002 ................. (5.14)% 39% $ 14,383
NOVEMBER 1, 2000 TO OCTOBER 31, 2001 ................. 4.50% 41% $ 38,850
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 6.39% 14%(5) $ 537,059
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 15.24% 29%(5) $ 241,435
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 5.74% 25%(5) $ 201,181
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. 3.37% 30% $ 9,627
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 6.47% 14%(5) $ 91,746
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 15.63% 29%(5) $ 70,113
NOVEMBER 1, 2004(8) TO SEPTEMBER 30, 2005 ............ 6.05% 25%(5) $ 63,303
JULY 26, 2004(9) TO OCTOBER 31, 2004 ................. 3.37% 30% $ 15,030
DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 8.29% 20%(6) $ 125,784
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 9.02% 35%(6) $ 119,122
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 14.27% 42%(6) $ 118,140
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 12.82% 32%(6) $ 101,649
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 23.21% 32%(6) $ 76,292
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (19.04)% 30%(6) $ 57,876
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 7.87% 20%(6) $ 46,677
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 8.21% 35%(6) $ 51,171
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 13.44% 42%(6) $ 65,245
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 11.97% 32%(6) $ 81,966
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 22.31% 32%(6) $ 92,300
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (19.64)% 30%(6) $ 85,035
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 7.88% 20%(6) $ 6,546
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 8.20% 35%(6) $ 6,451
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 13.45% 42%(6) $ 7,170
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 11.92% 32%(6) $ 7,798
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 22.23% 32%(6) $ 9,463
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (19.62)% 30%(6) $ 6,730
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 8.40% 20%(6) $ 1,109,960
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 9.30% 35%(6) $ 1,145,044
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 14.57% 42%(6) $ 1,180,748
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 13.08% 32%(6) $ 1,178,146
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 23.55% 32%(6) $ 1,152,692
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (18.86)% 30%(6) $ 1,014,998
67
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 14.66 (0.02) 1.48 0.00 (1.70)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 14.97 (0.02) 1.01 0.00 (1.30)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 13.41 (0.02) 2.63 0.00 (1.05)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 11.32 (0.04) 2.21 0.00 (0.08)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 8.70 (0.01) 2.71 0.00 (0.08)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 9.18 (0.02) (0.34) 0.00 (0.12)
EMERGING GROWTH FUND
- ------------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... $ 10.00 (0.01) 0.24 0.00 0.00
INVESTOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... $ 10.00 (0.02) 0.24 0.00 0.00
EQUITY INCOME FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 32.01 0.21 2.23 (0.38) (4.28)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 36.21 0.44 2.85 (0.46) (7.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 34.49 0.52 3.74 (0.52) (2.02)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 31.32 0.45 4.59 (0.47) (1.40)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 28.74 0.46 5.04 (0.46) (2.46)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 37.23 0.44 (7.51) (0.43) (0.99)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 32.03 0.11 2.21 (0.26) (4.28)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 36.23 0.22 2.82 (0.21) (7.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 34.49 0.25 3.74 (0.23) (2.02)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 31.31 0.21 4.57 (0.20) (1.40)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 28.72 0.25 5.02 (0.22) (2.46)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 37.18 0.16 (7.49) (0.14) (0.99)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 33.43 0.09 2.32 (0.25) (4.28)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 37.49 0.23 2.94 (0.20) (7.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 35.61 0.27 3.86 (0.23) (2.02)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 32.26 0.22 4.70 (0.17) (1.40)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 29.52 0.25 5.19 (0.24) (2.46)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 38.18 0.18 (7.70) (0.15) (0.99)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 31.96 0.26 2.21 (0.41) (4.28)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 36.17 0.53 2.82 (0.53) (7.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 34.45 0.62 3.73 (0.61) (2.02)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 31.28 0.54 4.59 (0.56) (1.40)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 28.72 0.55 5.02 (0.55) (2.46)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 37.21 0.54 (7.51) (0.53) (0.99)
EQUITY VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 15.12 0.06 1.56 (0.10) (0.38)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 13.82 0.09 1.32 (0.08) (0.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 11.48 0.10(7) 2.31 (0.07) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 9.82 0.05 1.62 (0.01) 0.00
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ $ 10.00 0.00 (0.18) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 14.95 0.00 1.55 0.00 (0.38)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 13.69 0.00 1.29 0.00 (0.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 11.40 0.01(7) 2.28 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 9.81 0.00 1.59 0.00 0.00
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ $ 10.00 (0.01) (0.18) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 14.95 0.01 1.53 (0.02) (0.38)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 13.69 (0.01) 1.30 0.00 (0.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 11.40 0.01(7) 2.29 (0.01) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 9.81 0.00 1.59 0.00 0.00
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ $ 10.00 (0.01) (0.18) 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
68
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING
IN EXCESS OF NET ASSET
REALIZED VALUE PER
GAINS SHARE
- ---------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
- ---------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 14.42
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 14.66
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 14.97
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 13.41
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 11.32
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 8.70
EMERGING GROWTH FUND
- ---------------------------------------------------------------------------------
ADMINISTRATOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.23
INVESTOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.22
EQUITY INCOME FUND
- ---------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 29.79
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 32.01
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 36.21
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 34.49
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 31.32
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 28.74
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) 0.00 $ 29.81
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 32.03
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 36.23
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 34.49
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 31.31
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 28.72
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 31.31
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 33.43
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 37.49
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 35.61
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 32.26
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 29.52
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 29.74
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 31.96
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 36.17
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 34.45
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 31.28
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 28.72
EQUITY VALUE FUND
- ---------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 16.26
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 15.12
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 13.82
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 11.48
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ 0.00 $ 9.82
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 16.12
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 14.95
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 13.69
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 11.40
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ 0.00 $ 9.81
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 16.09
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 14.95
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 13.69
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 11.40
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ 0.00 $ 9.81
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
---------------------------------------------------------
NET INVESTMENT GROSS EXPENSES NET
INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- -----------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
- -----------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... (0.32)% 1.38% (0.18)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... (0.14)% 1.31% (0.11)% 1.20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... (0.17)% 1.26% (0.07)% 1.19%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (0.33)% 1.21% (0.01)% 1.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... (0.13)% 1.27% (0.10)% 1.17%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (0.24)% 1.38% (0.18)% 1.20%
EMERGING GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... (0.20)% 31.68% (30.48)% 1.20%
INVESTOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... (0.41)% 10.26% (8.77)% 1.49%
EQUITY INCOME FUND
- -----------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.37% 1.24% (0.14)% 1.10%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.43% 1.31% (0.21)% 1.10%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 1.49% 1.22% (0.12)% 1.10%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.32% 1.18% (0.08)% 1.10%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 1.57% 1.33% (0.23)% 1.10%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 1.19% 1.36% (0.26)% 1.10%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.63% 1.99% (0.14)% 1.85%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.69% 2.06% (0.21)% 1.85%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.76% 1.97% (0.12)% 1.85%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.57% 1.93% (0.08)% 1.85%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.82% 2.13% (0.28)% 1.85%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.43% 2.18% (0.33)% 1.85%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.63% 1.99% (0.14)% 1.85%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.69% 2.06% (0.21)% 1.85%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.77% 1.97% (0.12)% 1.85%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.58% 1.93% (0.08)% 1.85%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.82% 2.07% (0.22)% 1.85%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.46% 2.12% (0.27)% 1.85%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.63% 1.06% (0.21)% 0.85%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.70% 1.13% (0.28)% 0.85%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 1.75% 0.96% (0.11)% 0.85%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.58% 0.85% (0.01)% 0.84%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 1.83% 0.94% (0.09)% 0.85%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 1.44% 0.91% (0.06)% 0.85%
EQUITY VALUE FUND
- -----------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.82% 1.36% (0.11)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.71% 1.52% (0.27)% 1.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.80% 2.48% (1.23)% 1.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.54% 10.90% (9.65)% 1.25%
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (0.26)% 196.38% (195.13)% 1.25%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.07% 2.11% (0.11)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... (0.04)% 2.27% (0.27)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.07% 3.25% (1.25)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (0.19)% 11.20% (9.20)% 2.00%
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (1.08)% 189.72% (187.72)% 2.00%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.08% 2.11% (0.11)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... (0.03)% 2.27% (0.27)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.06% 3.26% (1.26)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (0.19)% 11.11% (9.11)% 2.00%
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (0.64)% 209.42% (207.42)% 2.00%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ----------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND
- ----------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 10.16% 37%(6) $ 806,971
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 6.93% 63%(6) $ 679,774
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 20.09% 75%(6) $ 564,318
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 19.23% 75%(6) $ 441,080
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 31.32% 84%(6) $ 285,650
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (4.17)% 93%(6) $ 192,987
EMERGING GROWTH FUND
- ----------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... 2.30% 38%(5) $ 14
INVESTOR CLASS
JANUARY 31, 2007(9) TO MARCH 31, 2007 (UNAUDITED) ... 2.30% 38%(5) $ 1,057
EQUITY INCOME FUND
- ----------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 7.62% 6%(5) $ 173,975
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 10.73% 7%(5) $ 172,361
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 12.74% 20%(5) $ 185,533
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 16.43% 11%(5) $ 186,501
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 20.12% 9%(5) $ 161,962
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (19.84)% 12%(5) $ 124,015
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 7.20% 6%(5) $ 30,187
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 9.88% 7%(5) $ 39,233
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 11.91% 20%(5) $ 59,606
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 15.56% 11%(5) $ 80,298
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 19.22% 9%(5) $ 98,690
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (20.43)% 12%(5) $ 91,889
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 7.20% 6%(5) $ 4,684
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 9.90% 7%(5) $ 4,903
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 11.90% 20%(5) $ 6,937
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 15.54% 11%(5) $ 9,083
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 19.27% 9%(5) $ 10,689
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (20.41)% 12%(5) $ 7,415
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 7.75% 6%(5) $ 342,754
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 10.98% 7%(5) $ 530,585
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 13.04% 20%(5) $ 756,225
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 16.74% 11%(5) $ 853,843
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 20.42% 9%(5) $ 907,662
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (19.64)% 12%(5) $ 902,521
EQUITY VALUE FUND
- ----------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 10.78% 60%(5) $ 4,973
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 10.23% 107%(5) $ 4,537
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 21.06% 145%(5) $ 3,796
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 16.96% 122%(5) $ 1,645
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (1.80)% 3%(5) $ 76
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 10.46% 60%(5) $ 2,774
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 9.43% 107%(5) $ 2,682
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 20.09% 145%(5) $ 2,245
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 16.21% 122%(5) $ 1,142
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (1.90)% 3%(5) $ 37
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 10.37% 60%(5) $ 540
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 9.43% 107%(5) $ 417
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 20.20% 145%(5) $ 430
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 16.21% 122%(5) $ 295
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (1.90)% 3%(5) $ 12
69
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 15.36 0.08 1.58 (0.14) (0.38)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 13.96 0.14 1.33 (0.04) (0.03)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 11.51 0.08(7) 2.38 (0.01) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 9.82 0.05 1.65 (0.01) 0.00
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ $ 10.00 0.00 (0.18) 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 15.36 0.19 1.49 (0.15) (0.38)
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ $ 15.17 0.01 0.18 0.00 0.00
GROWTH EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 28.42 (0.05)(7) 2.73 0.00 (3.33)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 30.80 0.01(7) 2.24 0.00 (4.63)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 27.70 0.04(7) 4.63 0.00 (1.57)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 24.64 (0.08)(7) 3.14 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 19.50 (0.08)(7) 5.22 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 23.87 (0.10) (3.34) (0.01) (0.92)
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 25.45 (0.14)(7) 2.44 0.00 (3.33)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 28.23 (0.19)(7) 2.04 0.00 (4.63)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 25.69 (0.16)(7) 4.27 0.00 (1.57)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 23.02 (0.28)(7) 2.95 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 18.37 (0.23)(7) 4.88 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 22.69 (0.31) (3.09) 0.00 (0.92)
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 26.63 (0.14)(7) 2.54 0.00 (3.33)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 29.32 (0.19)(7) 2.13 0.00 (4.63)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 26.61 (0.17)(7) 4.45 0.00 (1.57)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 23.87 (0.28)(7) 3.02 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 19.04 (0.25)(7) 5.08 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 23.49 (0.25) (3.28) 0.00 (0.92)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 28.84 (0.02)(7) 2.77 (0.04) (3.33)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 31.17 0.07(7) 2.29 (0.06) (4.63)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 27.97 0.12(7) 4.68 (0.03) (1.57)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... $ 24.82 (0.01)(7) 3.16 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... $ 19.61 (0.03)(7) 5.25 (0.01) 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... $ 24.00 (0.05) (3.35) (0.07) (0.92)
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 28.86 0.01(7) 2.78 (0.10) (3.33)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 31.19 0.13(7) 2.29 (0.12) (4.63)
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. $ 28.50 0.03(7) 2.66 0.00 0.00
INTERNATIONAL VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 16.75 0.15(7) 2.61 (0.08) (0.01)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 14.13 0.35(7) 2.32 0.00 (0.05)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... $ 11.94 0.11 2.68 (0.23) (0.37)
OCTOBER 31, 2003(9) TO SEPTEMBER 30, 2004 ........... $ 10.00 0.21 1.73 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 16.55 0.02(7) 2.63 (0.08) (0.01)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 14.09 0.24(7) 2.27 0.00 0.05)
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 16.54 0.04(7) 2.62 0.00 (0.01)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 14.09 0.21(7) 2.29 0.00 (0.05)
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 16.65 0.10(7) 2.68 0.00 (0.01)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... $ 14.15 0.32(7) 2.34 (0.11) (0.05)
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. $ 13.27 0.18 0.70 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... $ 16.67 0.11(7) 2.66 0.00 (0.01)
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ $ 16.52 0.01(7) 0.14 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
70
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING
IN EXCESS OF NET ASSET
REALIZED VALUE PER
GAINS SHARE
- ---------------------------------------------------------------------------------
EQUITY VALUE FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 16.50
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 15.36
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 13.96
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 11.51
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ 0.00 $ 9.82
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 16.51
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 0.00 $ 15.36
GROWTH EQUITY FUND
- ---------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 27.77
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 28.42
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 30.80
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 27.70
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 24.64
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 19.50
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 24.42
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 25.45
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 28.23
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 25.69
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 23.02
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 18.37
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 25.70
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 26.63
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 29.32
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 26.61
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 23.87
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 0.00 $ 19.04
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 28.22
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 28.84
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 31.17
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.00 $ 27.97
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 0.00 $ 24.82
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... 0.00 $ 19.61
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 28.22
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 28.86
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 0.00 $ 31.19
INTERNATIONAL VALUE FUND
- ---------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 19.42
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 16.75
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.00 $ 14.13
OCTOBER 31, 2003(9) TO SEPTEMBER 30, 2004 ........... 0.00 $ 11.94
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 19.11
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 16.55
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 0.00 $ 14.09
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 19.19
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 16.54
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 0.00 $ 14.09
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 19.42
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.00 $ 16.65
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 0.00 $ 14.15
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.00 $ 19.43
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 0.00 $ 16.67
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
--------------------------------------------------------
NET INVESTMENT GROSS EXPENSES NET
INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- ----------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.06% 1.18% (0.18)% 1.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.96% 1.34% (0.34)% 1.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.67% 2.04% (1.04)% 1.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 0.77% 9.22% (8.22)% 1.00%
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (0.33)% 211.67% (210.67)% 1.00%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.08% 0.89% (0.14)% 0.75%
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 0.82% 0.97% (0.32)% 0.65%
GROWTH EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... (0.35)% 1.61% (0.11)% 1.50%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.02% 1.57% (0.08)% 1.49%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.15% 1.60% (0.10)% 1.50%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (0.28)% 1.60% (0.10)% 1.50%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... (0.38)% 1.82% (0.32)% 1.50%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (0.43)% 1.88% (0.41)% 1.47%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... (1.11)% 2.35% (0.10)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... (0.75)% 2.32% (0.08)% 2.24%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... (0.60)% 2.35% (0.10)% 2.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (1.08)% 2.34% (0.09)% 2.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... (1.13)% 2.59% (0.34)% 2.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (1.18)% 2.63% (0.41)% 2.22%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... (1.10)% 2.36% (0.11)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... (0.71)% 2.33% (0.09)% 2.24%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... (0.62)% 2.35% (0.10)% 2.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (1.05)% 2.34% (0.09)% 2.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... (1.11)% 2.68% (0.43)% 2.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (1.17)% 2.74% (0.52)% 2.22%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... (0.11)% 1.42% (0.17)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.26% 1.40% (0.15)% 1.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 0.42% 1.34% (0.09)% 1.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... (0.04)% 1.27% (0.03)% 1.24%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... (0.12)% 1.45% (0.20)% 1.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (0.19)% 1.41% (0.19)% 1.22%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.09% 1.15% (0.10)% 1.05%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.46% 1.12% (0.08)% 1.04%
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 0.19% 1.12% (0.07)% 1.05%
INTERNATIONAL VALUE FUND
- ----------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.60% 1.69% (0.19)% 1.50%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 2.26% 6.14% (4.73)% 1.41%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 2.21% 33.96% (32.46)% 1.50%
OCTOBER 31, 2003(9) TO SEPTEMBER 30, 2004 ........... 2.46% 282.28% (280.78)% 1.50%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.25% 2.44% (0.19)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.52% 6.84% (4.65)% 2.19%
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 1.66% 20.77% (18.54)% 2.23%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 0.44% 2.44% (0.19)% 2.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.38% 6.29% (4.15)% 2.14%
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 1.84% 20.85% (18.62)% 2.23%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.11% 1.51% (0.26)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 1.94% 1.61% (0.37)% 1.24%
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 3.07% 20.19% (18.94)% 1.25%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 1.22% 1.23% (0.18)% 1.05%
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 1.08% 1.24% (0.30)% 0.94%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 10.93% 60%(5) $ 81,745
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 10.60% 107%(5) $ 71,801
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 21.40% 145%(5) $ 63,194
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 17.30% 122%(5) $ 366
AUGUST 29, 2003(9) TO SEPTEMBER 30, 2003 ............ (1.80)% 3%(5) $ 10
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 11.06% 60%(5) $ 50,021
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 1.25% 107%(5) $ 10
GROWTH EQUITY FUND
- ------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 9.59% 23%(6) $ 30,822
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 7.80% 39%(6) $ 26,448
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 17.27% 50%(6) $ 22,769
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 12.38% 44%(6) $ 18,742
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 26.36% 58%(6) $ 15,576
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (15.46)% 40%(6) $ 11,210
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 9.19% 23%(6) $ 7,844
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 7.01% 39%(6) $ 7,941
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 16.40% 50%(6) $ 8,811
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 11.60% 44%(6) $ 11,700
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 25.31% 58%(6) $ 14,379
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (16.09)% 40%(6) $ 13,670
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 9.15% 23%(6) $ 1,129
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 7.03% 39%(6) $ 989
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 16.47% 50%(6) $ 844
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 11.52% 44%(6) $ 1,097
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 25.37% 58%(6) $ 2,980
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (16.10)% 40%(6) $ 1,721
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 9.71% 23%(6) $ 352,866
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 8.09% 39%(6) $ 383,616
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 17.60% 50%(6) $ 396,865
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 12.69% 44%(6) $ 493,899
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 26.62% 58%(6) $ 450,480
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (15.25)% 40%(6) $ 363,946
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 9.83% 23%(6) $ 149,958
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 8.30% 39%(6) $ 140,423
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 9.44% 50%(6) $ 131,489
INTERNATIONAL VALUE FUND
- ------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 16.46% 7%(5) $ 10,713
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 18.93% 31%(5) $ 1,900
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 24.00% 14%(5) $ 493
OCTOBER 31, 2003(9) TO SEPTEMBER 30, 2004 ........... 19.40% 24%(5) $ 23
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 16.01% 7%(5) $ 2,035
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 17.85% 31%(5) $ 1,110
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 6.18% 14%(5) $ 184
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 16.07% 7%(5) $ 783
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 17.78% 31%(5) $ 312
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 6.18% 14%(5) $ 59
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 16.68% 7%(5) $ 197,728
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 18.98% 31%(5) $ 138,269
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 6.63% 14%(5) $ 207
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 16.73% 7%(5) $ 12
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 0.91% 31%(5) $ 10
71
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- --------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $11.31 0.01(7) 0.73 (0.01) (0.83)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $11.54 0.01(7) 0.38 0.00 (0.62)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 9.80 0.03(7) 1.87 (0.04) (0.12)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 8.92 0.00(7) 0.88 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 7.53 (0.01) 1.40 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 9.53 (0.01) (1.99) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $10.91 (0.03)(7) 0.69 0.00 (0.83)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $11.22 (0.07)(7) 0.38 0.00 (0.62)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 9.57 (0.05)(7) 1.82 0.00 (0.12)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 8.78 (0.21)(7) 1.00 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 7.47 (0.06) 1.37 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 9.52 (0.07) (1.98) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $10.91 (0.03)(7) 0.70 0.00 (0.83)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $11.23 (0.07)(7) 0.37 0.00 (0.62)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 9.58 (0.05)(7) 1.82 0.00 (0.12)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 8.79 (0.15)(7) 0.94 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 7.47 (0.03) 1.35 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 9.53 (0.05) (2.01) 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $11.42 0.02(7) 0.74 (0.04) (0.83)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $11.64 0.05(7) 0.37 (0.02) (0.62)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $ 9.87 0.06(7) 1.87 (0.04) (0.12)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $ 8.96 0.02(7) 0.89 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $ 7.55 0.00 1.41 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $ 9.53 0.00 (1.98) 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $11.43 0.04(7) 0.73 (0.05) (0.83)
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 .......... $11.18 0.01(7) 0.24 0.00 0.00
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $50.04 (0.09)(7) 2.56 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $49.67 (0.22)(7) 0.66 (0.07) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $44.97 0.06(7) 4.64 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $43.96 (0.28)(7) 1.29 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $34.52 (0.46) 9.90 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $44.57 (0.34) (9.71) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $44.69 (0.26)(7) 2.29 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $44.64 (0.54)(7) 0.59 0.00 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $40.72 (0.23)(7) 4.15 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $40.11 (0.58)(7) 1.19 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $31.72 (0.68) 9.07 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $41.18 (0.69) (8.77) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $44.77 (0.26)(7) 2.31 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $44.72 (0.54)(7) 0.59 0.00 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............. $40.80 (0.20)(7) 4.12 0.00 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............. $40.18 (0.58)(7) 1.20 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............. $31.76 (0.62) 9.04 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............. $41.22 (0.89) (8.57) 0.00 0.00
CLASS Z
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ..... $47.35 (0.13)(7) 2.43 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............. $47.14 (0.29)(7) 0.63 (0.13) 0.00
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ........... $42.80 (0.17)(7) 4.51 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
72
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
IN EXCESS OF NET ASSET ------------------------------------------------------
REALIZED VALUE PER NET INVESTMENT GROSS EXPENSES NET
GAINS SHARE INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 11.21 0.13% 1.37% (0.12)% 1.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 11.31 0.12% 1.42% (0.17)% 1.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 11.54 0.27% 1.42% (0.17)% 1.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 9.80 (0.11)% 1.42% (0.17)% 1.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 8.92 (0.19)% 2.45% (1.24)% 1.21%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 7.53 (0.15)% 6.48% (5.28)% 1.20%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.74 (0.61)% 2.12% (0.12)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 10.91 (0.63)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 11.22 (0.51)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 9.57 (0.88)% 2.16% (0.16)% 2.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 8.78 (0.95)% 3.11% (1.16)% 1.95%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 7.47 (0.90)% 8.45% (6.50)% 1.95%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.75 (0.63)% 2.12% (0.12)% 2.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 10.91 (0.63)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 11.23 (0.44)% 2.17% (0.17)% 2.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 9.58 (0.88)% 2.16% (0.16)% 2.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 8.79 (0.94)% 3.96% (2.01)% 1.95%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 7.47 (0.93)% 8.37% (6.42)% 1.95%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 11.31 0.37% 1.19% (0.19)% 1.00%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 11.42 0.45% 1.24% (0.24)% 1.00%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 11.64 0.56% 1.16% (0.16)% 1.00%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 9.87 0.12% 1.08% (0.08)% 1.00%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 8.96 (0.06)% 1.61% (0.66)% 0.95%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 7.55 0.05% 5.81% (4.86)% 0.95%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 11.32 0.67% 0.91% (0.21)% 0.70%
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ........ 0.00 $ 11.43 0.62% 0.91% (0.29)% 0.62%
LARGE COMPANY GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 52.51 (0.34)% 1.30% (0.10)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 50.04 (0.44)% 1.22% (0.02)% 1.20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 49.67 0.12% 1.27% (0.07)% 1.20%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 44.97 (0.61)% 1.28% (0.08)% 1.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 43.96 (0.69)% 1.41% (0.21)% 1.20%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 34.52 (0.76)% 1.45% (0.25)% 1.20%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 46.72 (1.08)% 2.05% (0.10)% 1.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 44.69 (1.20)% 1.97% (0.02)% 1.95%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 44.64 (0.53)% 2.02% (0.07)% 1.95%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 40.72 (1.36)% 2.03% (0.08)% 1.95%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 40.11 (1.35)% 2.33% (0.45)% 1.88%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 31.72 (1.31)% 2.46% (0.71)% 1.75%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 46.82 (1.09)% 2.05% (0.10)% 1.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 44.77 (1.20)% 1.97% (0.02)% 1.95%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $ 44.72 (0.46)% 2.02% (0.07)% 1.95%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $ 40.80 (1.36)% 2.03% (0.08)% 1.95%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $ 40.18 (1.34)% 2.16% (0.30)% 1.86%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $ 31.76 (1.31)% 2.28% (0.53)% 1.75%
CLASS Z
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 49.65 (0.51)% 1.47% (0.10)% 1.37%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $ 47.35 (0.61)% 1.39% (0.02)% 1.37%
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ......... 0.00 $ 47.14 (0.77)% 1.43% (0.06)% 1.37%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- -------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- -------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 6.62% 85%(5) $ 36,429
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 3.43% 155%(5) $ 36,400
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 19.52% 133%(5) $ 32,048
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 9.87% 149%(5) $ 20,393
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 18.46% 153%(5) $ 1,033
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (20.99)% 123%(5) $ 898
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 6.13% 85%(5) $ 3,626
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 2.79% 155%(5) $ 3,802
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 18.60% 133%(5) $ 2,732
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 9.00% 149%(5) $ 1,509
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 17.54% 153%(5) $ 1,449
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (21.53)% 123%(5) $ 1,041
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 6.23% 85%(5) $ 806
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 2.69% 155%(5) $ 879
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 18.58% 133%(5) $ 771
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 8.99% 149%(5) $ 669
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 17.67% 153%(5) $ 499
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (21.62)% 123%(5) $ 200
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 6.73% 85%(5) $ 47,042
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 3.70% 155%(5) $ 50,711
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 19.70% 133%(5) $ 18,060
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 10.16% 149%(5) $ 14,830
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 18.68% 153%(5) $ 16,905
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (20.78)% 123%(5) $ 4,155
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 6.98% 85%(5) $ 11
AUGUST 31, 2006(9) TO SEPTEMBER 30, 2006 ............ 2.24% 155%(5) $ 10
LARGE COMPANY GROWTH FUND
- -------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 4.96% 4%(5) $ 432,140
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.87% 6%(5) $ 484,767
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 10.45% 18%(5) $ 524,323
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 2.28% 14%(5) $ 454,499
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 27.35% 13%(5) $ 364,406
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (22.55)% 18%(5) $ 141,774
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 4.54% 4%(5) $ 79,963
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.11% 6%(5) $ 104,320
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 9.63% 18%(5) $ 187,895
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.52% 14%(5) $ 220,657
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 26.45% 13%(5) $ 246,894
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (22.97)% 18%(5) $ 218,625
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 4.58% 4%(5) $ 12,748
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.11% 6%(5) $ 14,451
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............... 9.61% 18%(5) $ 21,211
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............... 1.54% 14%(5) $ 31,937
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............... 26.51% 13%(5) $ 40,436
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............... (22.95)% 18%(5) $ 27,092
CLASS Z
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ....... 4.86% 4%(5) $ 96,661
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............... 0.71% 6%(5) $ 104,803
APRIL 11, 2005(9) TO SEPTEMBER 30, 2005 ............. 10.14% 18%(5) $ 124,645
73
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 47.67 (0.02)(7) 2.44 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 47.24 (0.09)(7) 0.63 (0.11) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 42.73 0.21(7) 4.37 (0.07) 0.00
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 41.67 (0.16)(7) 1.22 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 32.65 (0.16) 9.18 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ $ 42.06 (0.21) (9.20) 0.00 0.00
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 47.76 0.03(7) 2.45 0.00 0.00
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 47.27 0.00 0.64 (0.15) 0.00
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 42.75 0.24(7) 4.44 (0.16) 0.00
JUNE 30, 2004(9) TO SEPTEMBER 30, 2004 ........... $ 44.93 (0.02)(7) (2.16) 0.00 0.00
SMALL COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 30.50 (0.14)(7) 2.68 0.00 (5.05)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 30.87 (0.28)(7) 2.22 0.00 (2.31)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 26.78 (0.29)(7) 4.55 0.00 (0.17)
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ........ $ 28.42 (0.21)(7) (1.43) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 29.87 (0.25)(7) 2.63 0.00 (5.05)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 30.51 (0.48)(7) 2.15 0.00 (2.31)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 26.66 (0.50)(7) 4.52 0.00 (0.17)
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ........ $ 28.42 (0.34)(7) (1.42) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 30.08 (0.25)(7) 2.65 0.00 (5.05)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 30.69 (0.48)(7) 2.18 0.00 (2.31)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 26.82 (0.50)(7) 4.54 0.00 (0.17)
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ........ $ 28.42 (0.34)(7) (1.26) 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 30.73 (0.11)(7) 2.70 0.00 (5.05)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 31.01 (0.18)(7) 2.21 0.00 (2.31)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 26.83 (0.21)(7) 4.56 0.00 (0.17)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 23.87 (0.26)(7) 3.22 0.00 0.00
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 17.35 (0.13) 6.65 0.00 0.00
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ............ $ 21.73 (0.16) (4.22) 0.00 0.00
SMALL COMPANY VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 15.55 (0.01)(7) 1.56 0.00 (1.16)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 15.95 0.01(7) 0.92 (0.01) (1.32)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 13.66 0.00 3.17 0.00 (0.88)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 11.56 (0.01) 1.63 0.00 0.48
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 8.43 0.00 3.13 0.00 0.00
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ........ $ 10.00 0.00 (1.57) 0.00 0.00
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 14.94 (0.07)(7) 1.50 0.00 (1.16)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 13.38 (0.07) 3.05 0.00 (0.88)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 11.41 (0.08) 1.57 0.00 0.48
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 8.38 (0.06) 3.09 0.00 0.00
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ........ $ 10.00 (0.03) (1.59) 0.00 0.00
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 14.94 (0.07)(7) 1.50 0.00 (1.16)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 13.37 (0.04) 3.03 0.00 (0.88)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 11.41 (0.08) 1.56 0.00 0.48
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 8.38 (0.04) 3.07 0.00 0.00
AUGUST 30, 2002(9) TO SEPTEMBER 30, 2002 ......... $ 9.05 0.00 (0.67) 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .... $ 15.69 0.01(7) 1.58 (0.01) (1.16)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ............ $ 16.08 0.04(7) 0.92 (0.03) (1.32)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ............ $ 13.74 0.02 3.20 0.00 (0.88)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ............ $ 11.60 0.01 1.65 0.00 0.48
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ............ $ 8.44 0.01 3.15 0.00 0.00
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ........ $ 10.00 0.01 (1.57) 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
74
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
IN EXCESS OF NET ASSET ----------------------------------------------------
REALIZED VALUE PER NET INVESTMENT GROSS EXPENSES NET
GAINS SHARE INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- ---------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 50.09 (0.09)% 1.12% (0.17)% 0.95%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 47.67 (0.20)% 1.04% (0.09)% 0.95%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 47.24 0.46% 1.01% (0.06)% 0.95%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 42.73 (0.35)% 0.95% (0.01)% 0.94%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 41.67 (0.44)% 1.05% (0.09)% 0.96%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... 0.00 $ 32.65 (0.56)% 1.03% (0.03)% 1.00%
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 50.24 0.11% 0.85% (0.10)% 0.75%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 47.76 0.01% 0.77% (0.02)% 0.75%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 47.27 0.53% 0.82% (0.07)% 0.75%
JUNE 30, 2004(9) TO SEPTEMBER 30, 2004 ......... 0.00 $ 42.75 (0.04)% 0.85% (0.10)% 0.75%
SMALL COMPANY GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 27.99 (0.99)% 1.52% (0.07)% 1.45%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 30.50 (0.89)% 1.52% (0.07)% 1.45%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 30.87 (1.00)% 1.54% (0.09)% 1.45%
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ...... 0.00 $ 26.78 (0.80)% 1.55% (0.10)% 1.45%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 27.20 (1.74)% 2.27% (0.07)% 2.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 29.87 (1.58)% 2.27% (0.07)% 2.20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 30.51 (1.75)% 2.29% (0.09)% 2.20%
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ...... 0.00 $ 26.66 (1.29)% 2.29% (0.09)% 2.20%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 27.43 (1.73)% 2.27% (0.07)% 2.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 30.08 (1.58)% 2.27% (0.07)% 2.20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 30.69 (1.73)% 2.29% (0.09)% 2.20%
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 ...... 0.00 $ 26.82 (1.29)% 2.27% (0.07)% 2.20%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 28.27 (0.74)% 1.34% (0.14)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 30.73 (0.58)% 1.33% (0.13)% 1.20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 31.01 (0.74)% 1.31% (0.11)% 1.20%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 26.83 (0.97)% 1.25% (0.05)% 1.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 23.87 (0.65)% 1.34% (0.13)% 1.21%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .......... 0.00 $ 17.35 (0.68)% 1.25% (0.03)% 1.22%
SMALL COMPANY VALUE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 15.94 (0.17)% 1.55% (0.10)% 1.45%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 15.55 0.04% 1.44% (0.03)% 1.41%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 15.95 0.10% 1.44% (0.09)% 1.35%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 13.66 (0.06)% 1.58% (0.13)% 1.45%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 11.56 0.06% 1.43% 0.00% 1.43%
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ...... 0.00 $ 8.43 0.00% 2.32% (0.94)% 1.38%
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 15.21 (0.92)% 2.30% (0.10)% 2.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 14.94 (0.71)% 2.18% (0.03)% 2.15%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 15.48 (0.70)% 2.21% (0.09)% 2.12%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 13.38 (0.85)% 2.36% (0.16)% 2.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 11.41 (0.67)% 2.18% 0.00% 2.18%
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ...... 0.00 $ 8.38 (0.74)% 3.46% (1.32)% 2.14%
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 15.21 (0.92)% 2.30% (0.10)% 2.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 14.94 (0.71)% 2.18% (0.03)% 2.15%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 15.48 (0.67)% 2.20% (0.09)% 2.11%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 13.37 (0.84)% 2.35% (0.15)% 2.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 11.41 (0.80)% 2.18% 0.00% 2.18%
AUGUST 30, 2002(9) TO SEPTEMBER 30, 2002 ....... 0.00 $ 8.38 0.68% 7.48% (5.28)% 2.20%
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) .. 0.00 $ 16.11 0.09% 1.37% (0.17)% 1.20%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .......... 0.00 $ 15.69 0.26% 1.27% (0.08)% 1.19%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .......... 0.00 $ 16.08 0.33% 1.22% (0.10)% 1.12%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .......... 0.00 $ 13.74 0.15% 1.38% (0.18)% 1.20%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .......... 0.00 $ 11.60 0.21% 1.21% 0.00% 1.21%
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 ...... 0.00 $ 8.44 0.34% 3.58% (2.35)% 1.23%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- --------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (CONTINUED)
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 5.08% 4%(5) $ 1,220,927
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 1.12% 6%(5) $ 1,481,399
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 10.73% 18%(5) $ 1,850,677
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 2.57% 14%(5) $ 1,975,616
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 27.60% 13%(5) $ 1,761,429
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .............. (22.37)% 18%(5) $ 1,038,491
INSTITUTIONAL CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 5.19% 4%(5) $ 110,746
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 1.34% 6%(5) $ 109,216
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 10.96% 18%(5) $ 104,469
JUNE 30, 2004(9) TO SEPTEMBER 30, 2004 ............. (4.85)% 14%(5) $ 52,884
SMALL COMPANY GROWTH FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 8.50% 72%(5) $ 3,195
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 6.52% 125%(5) $ 3,208
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 15.95% 142%(5) $ 2,317
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 .......... (5.77)% 145%(5) $ 832
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 8.11% 72%(5) $ 864
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 5.66% 125%(5) $ 899
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 15.12% 142%(5) $ 554
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 .......... (6.19)% 145%(5) $ 144
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 8.09% 72%(5) $ 262
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 5.73% 125%(5) $ 213
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 15.10% 142%(5) $ 77
JANUARY 30, 2004(9) TO SEPTEMBER 30, 2004 .......... (5.59)% 145%(5) $ 28
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 8.62% 72%(5) $ 518,714
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 6.80% 125%(5) $ 518,506
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 16.26% 142%(5) $ 523,190
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 12.40% 145%(5) $ 486,285
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 37.58% 163%(5) $ 432,328
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .............. (20.16)% 169%(5) $ 329,964
SMALL COMPANY VALUE FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 10.03% 33%(5) $ 80,612
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 6.06% 114%(5) $ 81,432
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 23.97% 70%(5) $ 72,680
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 22.75% 64%(5) $ 31,068
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 37.20% 80%(5) $ 8,783
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 .......... (15.70)% 98%(5) $ 4,276
CLASS B
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 9.62% 33%(5) $ 13,168
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 5.24% 114%(5) $ 13,463
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 23.01% 70%(5) $ 15,802
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 21.89% 64%(5) $ 11,571
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 36.23% 80%(5) $ 7,520
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 .......... (16.20)% 98%(5) $ 4,860
CLASS C
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 9.62% 33%(5) $ 4,374
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 5.24% 114%(5) $ 4,711
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 23.11% 70%(5) $ 4,847
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 21.80% 64%(5) $ 2,769
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 36.23% 80%(5) $ 1,497
AUGUST 30, 2002(9) TO SEPTEMBER 30, 2002 ........... (7.40)% 98%(5) $ 59
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 10.24% 33%(5) $ 299,856
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 6.26% 114%(5) $ 272,787
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 24.21% 70%(5) $ 140,337
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 23.05% 64%(5) $ 59,797
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 37.51% 80%(5) $ 33,583
JANUARY 31, 2002(9) TO SEPTEMBER 30, 2002 .......... (15.60)% 98%(5) $ 5,465
75
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT REALIZED
SHARE (LOSS) INVESTMENTS INCOME GAINS
- -----------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... $ 10.00 (0.01) 0.66 0.00 0.00
CLASS C
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... $ 10.00 (0.03) 0.64 0.00 0.00
ADMINISTRATOR CLASS
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... $ 10.00 0.00 0.66 0.00 0.00
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
76
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
DISTRIBUTIONS ENDING RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
IN EXCESS OF NET ASSET ---------------------------------------------------
REALIZED VALUE PER NET INVESTMENT GROSS EXPENSES NET
GAINS SHARE INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- ------------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.65 (0.17)% 110.91% (109.46)% 1.45%
CLASS C
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.61 (0.87)% 108.41% (106.21)% 2.20%
ADMINISTRATOR CLASS
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 0.00 $ 10.66 0.02% 133.03% (131.83)% 1.20%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- --------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------------------------
CLASS A
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 11.83% 31%(5) $ 60
CLASS C
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 11.45% 31%(5) $ 51
ADMINISTRATOR CLASS
OCTOBER 31, 2006(9) TO MARCH 31, 2007 (UNAUDITED) ... 11.96% 31%(5) $ 15
77
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
(3) Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued.
(4) Includes net expenses allocated from Portfolio(s) in which the Fund
invests.
(5) Portfolio turnover rate represents the activity from the Fund's investment
in a single Portfolio.
(6) Portfolio turnover rate is calculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Portfolio
by the corresponding Portfolio's portfolio turnover rate.
(7) Calculated based upon average shares outstanding.
(8) The Fund changed its year end from October 31 to September 30.
(9) Commencement of operations.
78
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the C&B Large Cap
Value Fund, Diversified Equity Fund, Diversified Small Cap Fund, Emerging Growth
Fund, Equity Income Fund, Equity Value Fund, Growth Equity Fund, International
Value Fund, Large Cap Appreciation Fund, Large Company Growth Fund, Small
Company Growth Fund, Small Company Value Fund, and Strategic Small Cap Value
Fund. These Funds are each a diversified series of the Trust.
In August and September 2004, the Board of Trustees of the Trust and the
Boards of Directors of the Strong Funds ("Strong Funds") approved an Agreement
and Plan of Reorganization providing for the reorganization of certain Strong
Funds into the Funds.
Effective at the close of business on April 8, 2005, the following
Acquiring Funds ("Acquiring Funds") acquired substantially all of the net assets
of the following Target Funds ("Target Funds") through a tax-free exchange under
section 368 of the Internal Revenue Code. The following is a summary of shares
outstanding and net assets immediately before and after the reorganization:
Before Reorganization After Reorganization
------------------------------------------------------------ --------------------
Target Funds Acquiring Fund
------------ --------------
WELLS FARGO WELLS FARGO
STRONG STRONG LARGE ADVANTAGE
ADVISOR BLUE WELLS FARGO COMPANY LARGE COMPANY
Fund FOCUS FUND CHIP FUND GROWTH FUND GROWTH FUND* GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Shares:
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A 113,416 N/A 9,614,528 9,136,049 11,741,584
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS B(1) 148,305 N/A 600,938 4,721,058 4,841,404
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS C(1) 21,133 N/A N/A 592,034 592,034
- ----------------------------------------------------------------------------------------------------------------------------------
SELECT CLASS(4) N/A N/A N/A 1,055,462 N/A
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS Z N/A N/A N/A N/A 2,963,752
- ----------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A N/A N/A 43,483,684
- ----------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(2) N/A N/A 2,099,734 42,786,098 1,055,462
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS(3) N/A 11,122,341 N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS A $ 724,634 $ N/A $ 115,605,061 $ 411,571,874 $ 528,949,205
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS B(1) 915,446 N/A 4,890,229 191,839,332 196,729,561
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS C(1) 132,190 N/A N/A 24,102,082 24,102,082
- ----------------------------------------------------------------------------------------------------------------------------------
SELECT CLASS(4) N/A N/A N/A 45,157,984 N/A
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS Z N/A N/A N/A N/A 126,842,039
- ----------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A N/A N/A 1,861,005,652
- ----------------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(2) N/A N/A 29,855,154 1,831,150,498 45,157,984
- ----------------------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS(3) N/A 126,842,039 N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------------------
UNREALIZED APPRECIATION (DEPRECIATION) $ (6,664) $ (6,153,196) $ 21,387,228 $ 76,720,601 $ 91,947,969
- ----------------------------------------------------------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSSES $ (3,571,103) $(140,063,161) $ (51,572,336) $ (411,601,756) $ (606,808,356)
* Designates the accounting survivor.
(1) Effective at the close of business on April 8, 2005, Class B and Class C of
the Strong Advisor Focus Fund merged into Class A of the Wells Fargo Advantage
Large Company Growth Fund.
(2) Effective at the close of business on April 8, 2005, Institutional Class of
the Wells Fargo Growth Fund merged into Administrator Class of the Wells Fargo
Advantage Large Company Growth Fund (previously named Institutional Class of the
Wells Fargo Large Company Growth Fund).
(3) Effective at the close of business on April 8, 2005, Investor Class of the
Strong Blue Chip Fund merged into Class Z of the Wells Fargo Advantage Large
Company Growth Fund.
79
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
(4) Effective at the close of business on April 8, 2005, Select Class of the
Wells Fargo Large Company Growth Fund was renamed Institutional Class of the
Wells Fargo Advantage Large Company Growth Fund.
Before Reorganization After Reorganization
------------------------------------------------ --------------------
Target Fund Acquiring Fund
------------------------ --------------------
WELLS FARGO
STRONG ADVISOR UTILITIES WELLS FARGO ADVANTAGE EQUITY
Fund & ENERGY FUND EQUITY INCOME FUND* INCOME FUND
- -----------------------------------------------------------------------------------------------------------------------------
Shares:
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A 183,668 5,439,667 5,494,907
- -----------------------------------------------------------------------------------------------------------------------------
CLASS B 29,573 2,010,652 2,019,423
- -----------------------------------------------------------------------------------------------------------------------------
CLASS C 16,639 210,962 215,721
- -----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 23,161,747
- -----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A 23,161,747 N/A
- -----------------------------------------------------------------------------------------------------------------------------
Net Assets:
- -----------------------------------------------------------------------------------------------------------------------------
CLASS A $1,933,655 $ 190,411,338 $ 192,344,993
- -----------------------------------------------------------------------------------------------------------------------------
CLASS B 306,937 70,367,923 70,674,860
- -----------------------------------------------------------------------------------------------------------------------------
CLASS C 172,341 7,640,254 7,812,595
- -----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 809,702,767
- -----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A 809,702,767 N/A
- -----------------------------------------------------------------------------------------------------------------------------
UNREALIZED APPRECIATION (DEPRECIATION) $ 164,280 $ (58,517,831) $ (58,353,551)
- ---------------------------------------------------------------------------------------------------------------------------
ACCUMULATED NET REALIZED GAINS (LOSSES) $ 439,215 $ 185,240,718 $ 185,679,933
* Designates the accounting survivor.
(1) Effective at the close of business on April 8, 2005, Institutional Class of
the Wells Fargo Equity Income Fund was renamed Administrator Class of the Wells
Fargo Advantage Equity Income Fund.
On February 3, 2004, the Board of Trustees of the Trust and on February
18, 2004, the Board of Trustees of The Advisors' Inner Circle Fund approved an
Agreement and Plan of Reorganization of the Cooke & Bieler Portfolios (C&B
Portfolios) into the Funds as defined above. Effective at the close of business
on July 23, 2004, the Wells Fargo C&B Large Cap Value Fund acquired all of the
net assets of the C&B Large Cap Value Portfolio.
Effective April 11, 2005, the Wells Fargo Funds changed their name to the
WELLS FARGO ADVANTAGE FUNDS. Also at this time, the Institutional Class changed
its name to Administrator Class and the Select Class changed its name to
Institutional Class.
Effective April 11, 2005, the Wells Fargo Overseas Fund changed its name
to the Wells Fargo Advantage International Value Fund, and the Wells Fargo Large
Cap Value Fund changed its name to the Wells Fargo Advantage Equity Value Fund.
Also, effective April 11, 2005, the Institutional Class of the Growth Equity
Fund and Class B, Class C, and Administrator Class shares of the International
Value Fund commenced operations.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
The C&B Large Cap Value Fund, Diversified Equity Fund, Diversified Small
Cap Fund, Emerging Growth Fund, Equity Income Fund, Equity Value Fund, Growth
Equity Fund, International Value Fund, Large Cap Appreciation Fund, Large
Company Growth Fund, Small Company Growth Fund, Small Company Value Fund, and
Strategic Small Cap Value Fund each seek to achieve its investment objective by
investing all investable assets in one or more separate diversified portfolios
(each, a "Master Portfolio", collectively, the "Master Portfolios") of Wells
Fargo Master Trust, a registered open-end management investment company. Each
Master Portfolio directly acquires portfolio securities, and a Fund investing in
a Master Portfolio acquires an indirect interest in those securities. Each Fund
accounts for its investment in the Master Portfolios as partnership investments
and records daily its share of the Master Portfolio's income, expenses, and
realized and unrealized gains and losses. The financial
80
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
statements of the Master Portfolios are in this report and should be read in
conjunction with each Fund's financial statements. The C&B Large Cap Value Fund,
Diversified Equity Fund, Diversified Small Cap Fund, Emerging Growth Fund,
Equity Income Fund, Equity Value Fund, Growth Equity Fund, International Value
Fund, Large Cap Appreciation Fund, Large Company Growth Fund, Small Company
Growth Fund, Small Company Value Fund, and Strategic Small Cap Value Fund own
the following percentages of the Master Portfolio(s) in which each Fund invests:
C&B Large Diversified Diversified Equity Equity Growth Strategic
Cap Value Equity Small Income Value Equity Small Cap
Fund Fund Cap Fund Fund Fund Fund Value Fund
- ----------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO 78% 9% N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO N/A 35% N/A N/A N/A 15% N/A
- ----------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO N/A 10% 60% N/A N/A 14% N/A
- ----------------------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO N/A 13% N/A 68% N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO N/A 18% N/A N/A 24% N/A N/A
- ----------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO N/A 12% N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO N/A 31% N/A N/A N/A 26% N/A
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO N/A 16% N/A N/A N/A 13% N/A
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO N/A 31% N/A N/A N/A 26% N/A
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO N/A 13% N/A N/A N/A 11% N/A
- ----------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO N/A 19% N/A N/A N/A N/A N/A
- ----------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO N/A 8% N/A N/A N/A 6% N/A
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO N/A 10% 62% N/A N/A 15% N/A
- ----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO N/A 4% 26% N/A N/A 6% N/A
- ----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO N/A 1% 5% N/A N/A 1% N/A
- ----------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP PORTFOLIO N/A 10% 62% N/A N/A 15% 0%*
* The amount invested is less than 1%.
Large Cap Large Small Small
Emerging Index International Appreciation Company Company Company Value
Growth Fund Fund Value Fund Fund Growth Fund Growth Fund Fund
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 2% N/A N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO N/A 72% N/A N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO N/A N/A 57% N/A N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO N/A N/A N/A 53% N/A N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO N/A N/A N/A N/A 72% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO N/A N/A N/A N/A N/A 57% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO N/A N/A N/A N/A N/A N/A 80%
- ------------------------------------------------------------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
81
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY VALUATION
Investments in the Master Portfolios are valued daily based upon each
Fund's proportionate share of each Master Portfolio's net assets, which are also
valued daily. Securities held in the Master Portfolios are valued as discussed
in the Notes to Financial Statements of the Master Portfolios, which are
included elsewhere in this report.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Equity Income Fund, for which net investment
income, if any, is declared and distributed quarterly. Distributions to
shareholders from net realized capital gains, if any, are declared and
distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2007.
At September 30, 2006, net capital loss carryforwards, which are available
to offset future net realized capital gains, were:
Capital Loss
Fund Expiration Year Carryforwards
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 2007 $ 5,327,366
2008 148,870
2009 19,616,797
2010 53,841,832
2011 260,092,200
2012 46,100,191
2013 6,235,040
- --------------------------------------------------------------------------------
The capital loss carryforwards may include capital losses acquired from a
merger as discussed in Note 1. The yearly utilization of any acquired capital
loss is limited by the Code.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
For each Fund that invests all of its assets in single Master Portfolios,
Funds Management does not currently receive investment advisory fees. For each
Fund that is invested in multiple Master Portfolios, Funds Management is
entitled to receive an investment advisory fee of 0.25% of each Fund's average
daily net assets for providing such advisory services, including the
determination of the asset allocations of each Fund's investments in the various
Master Portfolios. Funds Management acts as adviser to the Master Portfolios,
and is entitled to receive fees from the Master Portfolios for those services.
Each Fund that invests its assets in one or more of the Master Portfolios
may withdraw its investments from its corresponding Master Portfolio(s) at any
time if the Board of Trustees determines that it is in the best interest of the
Fund to do so. Upon such redemption and subsequent direct investment in a
portfolio of securities, Funds Management (and the corresponding subadviser, if
any) may receive an investment advisory fee for the direct management of those
assets.
82
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
FUND LEVEL First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
CLASS A All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS B All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS C All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS D All asset levels 0.28
- --------------------------------------------------------------------------------
CLASS Z All asset levels 0.45
- --------------------------------------------------------------------------------
ADMINISTRATOR CLASS All asset levels 0.10
- --------------------------------------------------------------------------------
INSTITUTIONAL CLASS All asset levels 0.08
- --------------------------------------------------------------------------------
INVESTOR CLASS All asset levels 0.45
- --------------------------------------------------------------------------------
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. Transfer agent fees are
paid by Funds Management and not by the Funds.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. WFB does not receive
a custodial fee for any Fund that invests its assets solely in one or more
Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby each Fund is charged the following annual fees:
% of Average
Share Class Daily Net Assets
- ------------------------------------------------------------------------------------------------------------------------------------
CLASS A, CLASS B, CLASS C, CLASS D, CLASS Z, ADMINISTRATOR CLASS, INVESTOR CLASS 0.25
- ------------------------------------------------------------------------------------------------------------------------------------
For the period ended March 31, 2007, shareholder servicing fees paid were
as follows:
Administrator Institutional Investor
Fund Class A Class B Class C Class D Class Z Class Class Class
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 82,925 $ 34,610 $ 20,495 $ 233,105 N/A $ 381,980 $ 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 155,675 62,470 8,294 N/A N/A 1,435,129 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND N/A N/A N/A N/A N/A 929,148 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND N/A N/A N/A N/A N/A 5 N/A $ 339
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND 220,620 43,837 6,098 N/A N/A 560,024 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND 5,965 3,435 614 N/A N/A 96,842 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND 36,778 10,072 1,357 N/A N/A 492,902 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 6,142 1,915 626 N/A N/A 207,926 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 46,382 4,701 1,084 N/A N/A 58,964 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 606,928 119,587 17,772 N/A $130,570 1,748,870 0 N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 3,969 1,097 298 N/A N/A 657,378 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 102,996 17,005 5,813 N/A N/A 362,221 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 38 N/A 33 N/A N/A 14 N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and
Class C shares of the applicable Funds pursuant to Rule 12b-1 under the 1940
Act. Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the period ended March 31, 2007, distribution fees incurred are
disclosed on the Statements of Operations.
83
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset-based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements
of Operations, for the period ended March 31, 2007, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has committed to waive fees and/or reimburse
expenses to the extent necessary to maintain a certain net operating expense
ratio for the Fund. Net operating expense ratios in effect for the period ended
March 31, 2007, were as follows:
Net Operating Expense Ratios
----------------------------
Investor
Fund* Class A Class B Class C Class D Class Z Administrator Institution Class
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND 1.20% 1.95% 1.95% 1.20% N/A 0.95% 0.70% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 1.25% 2.00% 2.00% N/A N/A 1.00% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND N/A N/A N/A N/A N/A 1.20% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND N/A N/A N/A N/A N/A 1.20% N/A 1.49%
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND 1.10% 1.85% 1.85% N/A N/A 0.85% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND 1.25% 2.00% 2.00% N/A N/A 1.00% 0.75% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND 1.50% 2.25% 2.25% N/A N/A 1.25% 1.05% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 1.50% 2.25% 2.25% N/A N/A 1.25% 1.05% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 1.25% 2.00% 2.00% N/A N/A 1.00% 0.70% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 1.20% 1.95% 1.95% N/A 1.37% 0.95% 0.75% N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 1.45% 2.20% 2.20% N/A N/A 1.20% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 1.45% 2.20% 2.20% N/A N/A 1.20% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 1.45% N/A 2.20% N/A N/A 1.20% N/A N/A
- ------------------------------------------------------------------------------------------------------------------------------------
* The Fund's adviser has committed to waive fees through January 31, 2008.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Fund* Purchases at Cost Sales Proceeds
- -----------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 278,659,442 $ 97,285,248
- -----------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 284,956,462 358,043,858
- -----------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND 327,372,647 323,524,777
- -----------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND 1,400,230 387,063
- -----------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND 36,713,076 222,217,610
- -----------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND 88,998,657 75,759,374
- -----------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND 130,375,811 177,705,909
- -----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 22,924,112 12,058,987
- -----------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 72,738,173 79,840,816
- -----------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 83,935,179 487,688,298
- -----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 375,755,268 416,405,996
- -----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 124,555,049 131,263,669
- -----------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 41,123 42,710
- -----------------------------------------------------------------------------------------------------------------------
* These Funds seek to achieve their investment objectives by investing some
or all of its investable assets in one or more Master Portfolios.
Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such
84
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
Fund's ownership percentage of the respective Master Portfolio by the
corresponding Master Portfolio's purchases and sales.
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the period ended March 31, 2007, Equity
Income Fund paid a total of $6,286 in interest and the Fund had borrowings under
this Agreement as follows:
Weighted Average
Fund Loan Amount Interest Rate
- --------------------------------------------------------------------------------
EQUITY INCOME FUND $40,050,000 5.65%
- --------------------------------------------------------------------------------
6. LEGAL AND REGULATORY MATTERS
- --------------------------------------------------------------------------------
In 2004, the predecessor Strong Funds' prior investment adviser and
affiliates (collectively, "Strong") entered into agreements with certain
regulators, including the Securities and Exchange Commission and the New York
Attorney General ("NYAG"), to settle market-timing investigations. In the
settlements, Strong agreed to pay investor restoration and civil penalties.
Although some portion of these payments is likely to be distributed to
predecessor Strong Fund shareholders, no determination has yet been made as to
the distribution of these amounts, and the successor funds are not expected to
receive any portion of these payments. The NYAG settlement imposed fee
reductions across the predecessor fund complex (excluding money market funds and
very short-term income funds) totaling at least $35 million by May 2009. Funds
Management has agreed to honor these fee reductions for the benefit of
shareholders across the successor funds. Although civil litigation against
Strong and certain predecessor Strong Funds relating to these matters is
continuing, neither the current adviser nor the successor funds is a party to
any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
85
THIS PAGE IS INTENTIONALLY LEFT BLANK -
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 92.02%
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 3.20%
548,580 JONES APPAREL GROUP INCORPORATED $ 16,857,863
254,950 VF CORPORATION 21,063,969
37,921,832
--------------
BUSINESS SERVICES - 5.52%
1,010,200 MICROSOFT CORPORATION 28,154,274
363,800 OMNICOM GROUP INCORPORATED 37,245,844
65,400,118
--------------
CHEMICALS & ALLIED PRODUCTS - 7.63%
314,190 AVON PRODUCTS INCORPORATED 11,706,719
418,790 COLGATE-PALMOLIVE COMPANY 27,970,984
56,560 HENKEL KGAA ADR<< 7,566,631
120,500 HENKEL KGAA ADR PREFERRED 17,761,495
421,700 JOHNSON & JOHNSON 25,411,642
90,417,471
--------------
COMMUNICATIONS - 3.19%
1,406,785 VODAFONE GROUP PLC ADR<< 37,786,245
--------------
DEPOSITORY INSTITUTIONS - 7.10%
644,620 BANK OF AMERICA CORPORATION 32,888,512
445,310 JPMORGAN CHASE & COMPANY 21,544,098
460,110 STATE STREET CORPORATION 29,792,123
84,224,733
--------------
EATING & DRINKING PLACES - 3.13%
823,239 MCDONALD'S CORPORATION 37,086,917
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.65%
1,556,850 FLEXTRONICS INTERNATIONAL LIMITED<<+ 17,031,939
800,140 GENERAL ELECTRIC COMPANY 28,292,950
710,632 MOLEX INCORPORATED CLASS A 17,687,630
693,200 NOKIA OYJ ADR<< 15,888,144
78,900,663
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 2.18%
500,130 ILLINOIS TOOL WORKS INCORPORATED 25,806,708
--------------
FOOD & KINDRED PRODUCTS - 3.27%
356,780 ANHEUSER-BUSCH COMPANIES INCORPORATED 18,003,119
256,750 DIAGEO PLC ADR 20,783,913
38,787,032
--------------
GENERAL MERCHANDISE STORES - 2.08%
22,427 BIG LOTS INCORPORATED+ 701,517
509,200 WAL-MART STORES INCORPORATED 23,906,940
24,608,457
--------------
87
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES - 2.52%
8,210 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ $ 29,884,400
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 1.61%
538,880 WILLIAMS-SONOMA INCORPORATED<< 19,108,685
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 7.92%
699,800 DELL INCORPORATED<<+ 16,242,358
25,200 DIEBOLD INCORPORATED 1,202,292
659,190 DOVER CORPORATION 32,175,064
262,110 EATON CORPORATION 21,901,912
494,500 PITNEY BOWES INCORPORATED 22,445,355
93,966,981
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 2.27%
679,600 WILLIS GROUP HOLDINGS LIMITED 26,898,568
--------------
INSURANCE CARRIERS - 7.01%
454,620 ALLSTATE CORPORATION 27,304,477
424,710 AMERICAN INTERNATIONAL GROUP INCORPORATED 28,549,006
416,500 MBIA INCORPORATED<< 27,276,585
83,130,068
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.56%
165,360 BECTON DICKINSON & COMPANY 12,714,530
1,410,952 BOSTON SCIENTIFIC CORPORATION+ 20,515,242
656,210 QUEST DIAGNOSTICS INCORPORATED 32,725,193
65,954,965
--------------
MEDICAL PRODUCTS - 1.75%
394,400 BAXTER INTERNATIONAL INCORPORATED 20,773,048
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 2.64%
993,870 TYCO INTERNATIONAL LIMITED 31,356,599
--------------
MISCELLANEOUS RETAIL - 1.25%
560,285 ZALE CORPORATION<<+ 14,780,318
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 5.72%
640,260 AMERICAN EXPRESS COMPANY 36,110,664
543,950 COUNTRYWIDE FINANCIAL CORPORATION<< 18,298,478
225,420 FREDDIE MAC 13,410,236
67,819,378
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 2.98%
468,410 EXXON MOBIL CORPORATION 35,341,535
--------------
PRIMARY METAL INDUSTRIES - 1.00%
246,900 HUBBELL INCORPORATED CLASS B 11,910,456
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.50%
316,660 GANNETT COMPANY INCORPORATED 17,824,791
--------------
88
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRAVEL & RECREATION - 1.97%
499,590 CARNIVAL CORPORATION $ 23,410,787
--------------
WHOLESALE TRADE-DURABLE GOODS - 2.37%
410,099 KIMBERLY-CLARK CORPORATION 28,087,680
--------------
TOTAL COMMON STOCKS (COST $1,013,643,161) 1,091,188,435
--------------
COLLATERAL FOR SECURITIES LENDING - 7.88%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.20%
2,398,940 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,398,940
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 7.68%
$ 267,334 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 267,369
1,368,602 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,369,231
259,908 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 259,113
742,594 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 742,602
742,594 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 742,632
742,594 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 742,669
2,227,783 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,227,962
1,188,151 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,188,695) 5.49 04/02/2007 1,188,151
1,633,708 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,627,990
356,445 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 353,383
594,076 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 588,367
594,076 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 591,396
742,594 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 737,084
297,038 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 294,314
772,298 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 763,309
1,485,189 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,470,916
849,172 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 843,737
70,903 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 70,789
984,977 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 977,954
564,372 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 558,373
407,150 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 402,944
107,736 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 106,607
33,714 CHEYNE FINANCE LLC 5.26 04/18/2007 33,635
297,038 CHEYNE FINANCE LLC 5.31 06/19/2007 293,666
132,479 CHEYNE FINANCE LLC 5.32 05/14/2007 131,669
1,930,746 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 1,930,186
742,594 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 742,676
297,038 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 297,225
317,385 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 317,686
327,484 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 327,884
10,396,323 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $10,401,079) 5.49 04/02/2007 10,396,323
148,519 COMERICA BANK+/- 5.32 02/08/2008 147,925
1,651,797 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,649,865
668,335 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 667,359
89
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 891,113 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32% 04/20/2007 $ 888,779
742,594 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 742,364
1,485,189 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 1,485,159
2,390,560 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,384,632
1,113,892 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,106,919
418,407 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 417,859
445,557 DEER VALLEY FUNDING LLC 5.34 05/07/2007 443,289
9,199,552 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $9,203,761) 5.49 04/02/2007 9,199,552
1,485,189 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 1,485,397
193,728 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 191,055
921,144 FOX TROT CDO LIMITED++ 5.31 04/24/2007 918,187
371,149 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 371,271
594,076 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 591,652
1,485,189 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,484,966
742,594 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 742,572
59,408 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 59,412
40,338 HUDSON-THAMES LLC++ 5.26 04/04/2007 40,326
222,719 HUDSON-THAMES LLC 5.29 04/30/2007 221,810
1,039,632 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,039,799
1,930,746 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 1,930,746
742,594 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 742,632
178,223 K2 (USA) LLC+++/- 5.30 07/16/2007 178,240
297,038 K2 (USA) LLC+++/- 5.33 09/28/2007 297,038
2,970,378 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 2,966,041
90,359 KESTREL FUNDING US LLC 5.29 05/21/2007 89,715
959,670 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 956,589
371,297 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 371,308
1,121,229 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,117,136
103,963 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 103,797
626,750 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 627,057
742,594 MORGAN STANLEY+/- 5.36 07/12/2007 742,594
1,090,426 MORGAN STANLEY+/- 5.48 07/27/2007 1,090,807
742,594 MORGAN STANLEY+/- 5.51 08/07/2007 742,594
6,534,831 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $6,537,821) 5.49 04/02/2007 6,534,831
137,380 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 137,388
118,815 NATIONAL CITY BANK+/- 5.46 09/04/2007 118,827
851,459 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 851,902
554,421 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 551,433
1,485,189 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 1,485,323
429,032 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 429,032
148,519 PICAROS FUNDING PLC++ 5.29 06/22/2007 146,768
846,558 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 847,743
742,594 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 742,594
564,372 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 564,372
120,152 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 120,175
373,406 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 371,069
1,039,632 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,037,054
90
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 683,187 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39% 04/11/2008 $ 683,187
118,815 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 116,403
594,076 SLM CORPORATION+++/-SS. 5.32 05/12/2008 594,135
59,408 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 59,286
563,184 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 561,297
527,717 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 527,564
171,718 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 171,714
742,594 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 742,654
742,594 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 742,676
89,111 VERSAILLES CDS LLC++ 5.33 04/16/2007 88,930
1,485,189 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,469,847
671,692 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 669,636
178,223 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 178,223
519,816 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 518,605
297,038 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 296,299
90,993,252
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $93,392,192) 93,392,192
--------------
SHARES
SHORT-TERM INVESTMENTS - 9.93%
117,775,852 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 117,775,852
TOTAL SHORT-TERM INVESTMENTS (COST $117,775,852) 117,775,852
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,224,811,205)* 109.83% $1,302,356,479
OTHER ASSETS AND LIABILITIES, NET (9.83) (116,531,318)
------ --------------
TOTAL NET ASSETS 100.00% $1,185,825,161
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $117,775,852.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
91
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.38%
APPAREL & ACCESSORY STORES - 2.53%
60,500 KOHL'S CORPORATION+ $ 4,634,905
-------------
BIOPHARMACEUTICALS - 1.92%
43,000 GENENTECH INCORPORATED+ 3,531,160
-------------
BUSINESS SERVICES - 18.66%
206,100 CADENCE DESIGN SYSTEMS INCORPORATED+<< 4,340,466
192,000 CISCO SYSTEMS INCORPORATED+ 4,901,760
40,200 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 3,548,454
116,600 eBAY INCORPORATED+ 3,865,290
85,800 FISERV INCORPORATED+ 4,552,548
179,800 MICROSOFT CORPORATION 5,011,026
42,700 OMNICOM GROUP INCORPORATED 4,371,626
200,200 ORACLE CORPORATION+ 3,629,626
34,220,796
-------------
CHEMICALS & ALLIED PRODUCTS - 6.15%
54,900 FOREST LABORATORIES INCORPORATED+<< 2,824,056
72,700 PROCTER & GAMBLE COMPANY 4,591,732
151,400 SCHERING-PLOUGH CORPORATION 3,862,214
11,278,002
-------------
DEPOSITORY INSTITUTIONS - 2.09%
63,700 NORTHERN TRUST CORPORATION 3,830,918
-------------
EATING & DRINKING PLACES - 2.01%
89,500 DARDEN RESTAURANTS INCORPORATED 3,686,505
-------------
EDUCATIONAL SERVICES - 2.12%
47,700 ITT EDUCATIONAL SERVICES INCORPORATED+ 3,887,073
-------------
ELECTRIC, GAS & SANITARY SERVICES - 1.84%
118,400 WILLIAMS COMPANIES INCORPORATED 3,369,664
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 4.42%
56,900 ACUITY BRANDS INCORPORATED 3,097,636
77,500 AMPHENOL CORPORATION CLASS A<< 5,004,175
8,101,811
-------------
FOOD & KINDRED PRODUCTS - 2.18%
62,900 PEPSICO INCORPORATED 3,997,924
-------------
FOOD STORES - 2.15%
107,800 SAFEWAY INCORPORATED 3,949,792
-------------
HOLDING & OTHER INVESTMENT OFFICES - 1.94%
32,800 AFFILIATED MANAGERS GROUP INCORPORATED+<< 3,553,880
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 12.34%
56,800 APPLE INCORPORATED+ 5,277,288
111,700 HEWLETT-PACKARD COMPANY 4,483,638
92
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
173,600 INTEL CORPORATION $ 3,320,968
53,100 INTERNATIONAL BUSINESS MACHINES CORPORATION 5,005,206
58,500 NATIONAL OILWELL VARCO INCORPORATED+<< 4,550,715
22,637,815
-------------
INSURANCE CARRIERS - 9.46%
32,400 AMBAC FINANCIAL GROUP INCORPORATED<< 2,799,036
38,300 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 3,660,714
119,500 HCC INSURANCE HOLDINGS INCORPORATED 3,680,600
74,200 W.R. BERKLEY CORPORATION 2,457,504
58,700 WELLPOINT INCORPORATED+ 4,760,570
17,358,424
-------------
LEATHER & LEATHER PRODUCTS - 2.38%
87,400 COACH INCORPORATED+ 4,374,370
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 4.10%
55,900 BECTON DICKINSON & COMPANY 4,298,151
55,500 WATERS CORPORATION+ 3,219,000
7,517,151
-------------
MEDICAL PRODUCTS - 4.40%
83,800 BAXTER INTERNATIONAL INCORPORATED 4,413,746
72,400 KINETIC CONCEPTS INCORPORATED+ 3,666,336
8,080,082
-------------
MISCELLANEOUS RETAIL - 7.22%
99,800 DOLLAR TREE STORES INCORPORATED+ 3,816,352
59,800 EXPRESS SCRIPTS INCORPORATED+<< 4,827,056
177,800 STAPLES INCORPORATED 4,594,352
13,237,760
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.89%
55,100 MCGRAW-HILL COMPANIES INCORPORATED 3,464,688
-------------
TRANSPORTATION EQUIPMENT - 6.77%
51,200 BOEING COMPANY 4,552,192
51,200 NORTHROP GRUMMAN CORPORATION 3,800,064
62,700 UNITED TECHNOLOGIES CORPORATION 4,075,500
12,427,756
-------------
WHOLESALE TRADE-DURABLE GOODS - 1.81%
43,000 W.W. GRAINGER INCORPORATED 3,321,320
-------------
TOTAL COMMON STOCKS (COST $157,812,643) 180,461,796
-------------
COLLATERAL FOR SECURITIES LENDING - 8.57%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.22%
403,780 SCUDDER DAILY ASSETS MONEY MARKET FUND 403,780
-------------
93
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 8.35%
$ 44,997 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 $ 45,002
230,358 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 230,463
43,747 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 43,613
124,991 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 124,992
124,991 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 124,997
124,991 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 125,003
374,972 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 375,002
199,985 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $200,076) 5.49 04/02/2007 199,985
274,979 BUCKINGHAM II CDO LLC 5.32 04/26/2007 274,017
59,995 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 59,480
99,992 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 99,031
99,992 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 99,541
124,991 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 124,063
49,996 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 49,538
129,990 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 128,477
249,981 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 247,579
142,929 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 142,014
11,934 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 11,915
165,787 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 164,605
94,993 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 93,983
68,530 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 67,822
18,134 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 17,944
5,675 CHEYNE FINANCE LLC 5.26 04/18/2007 5,661
49,996 CHEYNE FINANCE LLC 5.31 06/19/2007 49,429
22,298 CHEYNE FINANCE LLC 5.32 05/14/2007 22,162
324,975 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 324,881
124,991 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 125,004
49,996 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 50,028
53,421 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 53,472
55,121 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 55,188
1,749,867 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,750,668) 5.49 04/02/2007 1,749,867
24,998 COMERICA BANK+/- 5.32 02/08/2008 24,898
278,024 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 277,699
112,491 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 112,327
149,989 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 149,596
124,991 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 124,952
249,981 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 249,976
402,369 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 401,372
187,486 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 186,312
70,425 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 70,332
74,994 DEER VALLEY FUNDING LLC 5.34 05/07/2007 74,613
1,548,432 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,549,139) 5.49 04/02/2007 1,548,431
249,981 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 250,016
32,608 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 32,158
155,043 FOX TROT CDO LIMITED++ 5.31 04/24/2007 154,546
62,470 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 62,491
94
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 99,992 GEORGE STREET FINANCE LLC++ 5.33% 04/30/2007 $ 99,584
249,981 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 249,944
124,991 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 124,987
9,999 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 10,000
6,789 HUDSON-THAMES LLC++ 5.26 04/04/2007 6,788
37,487 HUDSON-THAMES LLC 5.29 04/30/2007 37,334
174,987 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 175,015
324,975 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 324,975
124,991 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 124,997
29,998 K2 (USA) LLC+++/- 5.30 07/16/2007 30,001
49,996 K2 (USA) LLC+++/- 5.33 09/28/2007 49,996
499,962 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 499,232
15,209 KESTREL FUNDING US LLC 5.29 05/21/2007 15,100
161,528 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 161,009
62,495 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 62,497
188,721 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 188,032
17,499 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 17,471
105,492 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 105,544
124,991 MORGAN STANLEY+/- 5.36 07/12/2007 124,991
183,536 MORGAN STANLEY+/- 5.48 07/27/2007 183,600
124,991 MORGAN STANLEY+/- 5.51 08/07/2007 124,991
1,099,916 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $1,100,419) 5.49 04/02/2007 1,099,916
23,123 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 23,125
19,998 NATIONAL CITY BANK+/- 5.46 09/04/2007 20,000
143,314 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 143,389
93,318 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 92,815
249,981 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 250,004
72,213 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 72,213
24,998 PICAROS FUNDING PLC++ 5.29 06/22/2007 24,703
142,489 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 142,689
124,991 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 124,991
94,993 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 94,993
20,223 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 20,227
62,850 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 62,457
174,987 SAINT GERMAIN FUNDING 5.31 04/19/2007 174,553
114,991 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 114,991
19,998 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 19,593
99,992 SLM CORPORATION+++/-SS. 5.32 05/12/2008 100,002
9,999 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 9,979
94,793 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 94,475
88,823 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 88,797
28,903 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 28,902
124,991 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 125,001
124,991 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 125,004
14,999 VERSAILLES CDS LLC++ 5.33 04/16/2007 14,968
249,981 VETRA FINANCE CORPORATION 5.31 06/12/2007 247,399
113,056 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 112,710
95
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 29,998 WINDMILL FUNDING CORPORATION 5.38% 04/02/2007 $ 29,998
87,493 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 87,286
49,996 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 49,872
15,315,617
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,719,397) 15,719,397
-------------
SHARES
SHORT-TERM INVESTMENTS - 3.62%
6,637,065 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 6,637,065
TOTAL SHORT-TERM INVESTMENTS (COST $6,637,065) 6,637,065
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $180,169,105)* 110.57% $ 202,818,258
OTHER ASSETS AND LIABILITIES, NET (10.57) (19,388,999)
------ -------------
TOTAL NET ASSETS 100.00% $ 183,429,259
====== =============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $6,637,065.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
96
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.89%
AMUSEMENT & RECREATION SERVICES - 0.50%
10,300 TOWN SPORTS INTERNATIONAL HOLDINGS INCORPORATED+ $ 224,540
--------------
APPAREL & ACCESSORY STORES - 3.20%
12,900 AEROPOSTALE INCORPORATED+ 518,967
13,400 CHARLOTTE RUSSE HOLDING INCORPORATED+ 386,858
9,400 J. CREW GROUP INCORPORATED 377,598
2,900 UNDER ARMOUR INCORPORATED+<< 148,770
1,432,193
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 6.27%
28,400 GUESS? INCORPORATED 1,149,916
7,700 PHILLIPS-VAN HEUSEN CORPORATION 452,760
19,300 SKECHERS U.S.A. INCORPORATED CLASS A+ 647,901
19,400 WARNACO GROUP INCORPORATED 550,960
2,801,537
--------------
BUSINESS SERVICES - 17.98%
4,800 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED+<< 128,688
36,000 APPLIX INCORPORATED 482,760
8,900 CAPELLA EDUCATION COMPANY+ 298,506
22,900 COMSYS IT PARTNERS INCORPORATED 455,710
31,300 CONCUR TECHNOLOGIES INCORPORATED+<< 546,498
25,000 DEALERTRACK HOLDINGS INCORPORATED+ 768,000
5,300 DIGITAL RIVER INCORPORATED+<< 292,825
15,900 DOUBLE-TAKE SOFTWARE INCORPORATED+ 214,809
21,400 FALCONSTOR SOFTWARE INCORPORATED<< 222,988
13,200 HURON CONSULTING GROUP INCORPORATED+ 803,088
29,000 INFOCROSSING INCORPORATED<< 431,230
30,728 OMNICELL INCORPORATED+ 642,830
31,800 ON ASSIGNMENT INCORPORATED+ 394,638
32,500 PHASE FORWARD INCORPORATED+ 426,725
22,700 SALARY.COM INCORPORATED 252,651
22,900 SHANDA INTERACTIVE ENTERTAINMENT LIMITED<< 614,865
35,500 SUMTOTAL SYSTEMS INCORPORATED 283,290
19,600 VIGNETTE CORPORATION+ 363,972
20,500 VOCUS INCORPORATED 412,665
8,036,738
--------------
CHEMICALS & ALLIED PRODUCTS - 7.09%
33,400 AMERICAN ORIENTAL BIOENGINEERING INCORPORATED<< 313,626
28,400 BIOMARIN PHARMACEUTICAL INCORPORATED<< 490,184
10,000 DIGENE CORPORATION+ 424,100
23,700 FUEL TECH INCORPORATED 584,205
19,600 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 858,088
26,300 PHYSICIANS FORMULA HOLDING INCORPORATED 496,544
3,166,747
--------------
97
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMUNICATIONS - 2.66%
19,600 CBEYOND INCORPORATED<< $ 574,868
9,300 LEAP WIRELESS INTERNATIONAL INCORPORATED+ 613,614
1,188,482
--------------
COMMUNICATIONS EQUIPMENT - 3.57%
19,100 COMMSCOPE INCORPORATED<< 819,390
14,500 GENERAL CABLE CORPORATION<< 774,735
1,594,125
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 1.66%
29,500 QUANTA SERVICES INCORPORATED<< 743,990
--------------
EATING & DRINKING PLACES - 2.18%
6,200 CHIPOTLE MEXICAN GRILL INCORPORATED<< 385,020
8,500 JACK IN THE BOX INCORPORATED+ 587,605
972,625
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 8.94%
22,300 ATHEROS COMMUNICATIONS INCORPORATED<< 533,639
8,448 COMTECH GROUP INCORPORATED<< 147,671
11,100 DIODES INCORPORATED+<< 386,835
16,400 HOUSTON WIRE & CABLE COMPANY+<< 459,528
13,200 NICE SYSTEMS LIMITED SPONSORED ADR 449,064
17,100 OPNEXT INCORPORATED+ 252,909
18,200 OPTIUM CORPORATION+ 353,262
23,700 SILICON MOTION TECHNOLOGY CORPORATION 533,724
32,200 ULTRA CLEAN HOLDINGS INCORPORATED+ 557,060
6,000 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 320,280
3,993,972
--------------
FOOD STORES - 0.49%
12,700 SUSSER HOLDINGS CORPORATION<< 220,345
--------------
FOOTWEAR - 4.43%
21,000 CROCS INCORPORATED+<< 992,250
13,900 DECKERS OUTDOOR CORPORATION+ 987,178
1,979,428
--------------
HEALTH SERVICES - 3.12%
15,600 BIO-REFERENCE LABORATORIES INCORPORATED 396,240
13,100 EMERGENCY MEDICAL SERVICES CORPORATION 385,926
18,900 LHC GROUP INCORPORATED<< 612,927
1,395,093
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 11.34%
15,300 ACME PACKET INCORPORATED 226,134
8,200 GAMESTOP CORPORATION CLASS A 267,074
13,000 MICROS SYSTEMS INCORPORATED+<< 701,870
72,700 NUANCE COMMUNICATIONS INCORPORATED+<< 1,113,037
98
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
13,300 THE MIDDLEBY CORPORATION $ 1,753,472
27,400 VERIFONE HOLDINGS INCORPORATED 1,006,402
5,067,989
--------------
INSURANCE CARRIERS - 0.63%
17,250 CASTLEPOINT HOLDINGS LIMITED<< 282,038
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 6.62%
14,250 ACCURAY INCORPORATED<< 316,920
26,100 HOLOGIC INCORPORATED+ 1,504,404
26,700 ICON PLC 1,137,420
2,958,744
--------------
Medical Equipment & Supplies - 2.21%
12,800 CONCEPTUS INCORPORATED+ 256,000
25,300 CYNOSURE INCORPORATED 729,905
985,905
--------------
MISCELLANEOUS RETAIL - 2.70%
8,800 DICK'S SPORTING GOODS INCORPORATED<< 512,688
2,600 NUTRI SYSTEM INCORPORATED+ 136,266
13,900 ZUMIEZ INCORPORATED+<< 557,668
1,206,622
--------------
OIL & GAS EXTRACTION - 5.32%
28,500 ARENA RESOURCES INCORPORATED 1,428,420
25,300 CNX GAS CORPORATION<< 716,749
44,600 KODIAK OIL & GAS CORPORATION 232,812
2,377,981
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 1.52%
14,700 WORLD FUEL SERVICES CORPORATION 680,022
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.03%
6,200 CONSOLIDATED GRAPHICS INCORPORATED+ 459,110
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 2.84%
8,900 FCSTONE GROUP INCORPORATED+ 332,148
13,500 KNIGHT CAPITAL GROUP INCORPORATED CLASS A 213,840
43,200 MARKETAXESS HOLDINGS INCORPORATED+<< 723,168
1,269,156
--------------
TRANSPORTATION EQUIPMENT - 1.40%
26,400 FORCE PROTECTION INCORPORATED<< 495,264
5,700 SPARTAN MOTORS INCORPORATED 132,297
627,561
--------------
WATER TRANSPORTATION - 0.53%
7,600 AMERICAN COMMERCIAL LINES INCORPORATED<< 239,020
--------------
99
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS - 1.66%
9,300 WIMM-BILL-DANN FOODS OJSC ADR $ 742,696
--------------
TOTAL COMMON STOCKS (COST $42,292,383) 44,646,659
--------------
COLLATERAL FOR SECURITIES LENDING - 34.90%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.90%
400,690 SCUDDER DAILY ASSETS MONEY MARKET FUND 400,690
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 34.00%
$ 44,652 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 44,658
228,595 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 228,700
43,412 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 43,279
124,034 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 124,035
124,034 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 124,040
124,034 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 124,046
372,102 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 372,132
198,455 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $198,545) 5.49 04/02/2007 198,455
272,875 BUCKINGHAM II CDO LLC 5.32 04/26/2007 271,920
59,536 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 59,025
99,227 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 98,274
99,227 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 98,780
124,034 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 123,114
49,614 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 49,159
128,995 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 127,494
248,068 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 245,684
141,835 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 140,928
11,843 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 11,824
164,519 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 163,346
94,266 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 93,264
68,005 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 67,303
17,995 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 17,806
5,631 CHEYNE FINANCE LLC 5.26 04/18/2007 5,618
49,614 CHEYNE FINANCE LLC 5.31 06/19/2007 49,051
22,128 CHEYNE FINANCE LLC 5.32 05/14/2007 21,992
322,489 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 322,395
124,034 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 124,048
49,614 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 49,645
53,012 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 53,063
54,699 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 54,766
1,736,477 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,737,271) 5.49 04/02/2007 1,736,477
24,807 COMERICA BANK+/- 5.32 02/08/2008 24,708
275,896 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 275,574
111,631 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 111,468
148,841 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 148,451
124,034 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 123,996
248,068 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 248,063
100
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 399,291 DEER VALLEY FUNDING LLC++ 5.29% 04/19/2007 $ 398,300
186,051 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 184,886
69,886 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 69,794
74,420 DEER VALLEY FUNDING LLC 5.34 05/07/2007 74,042
1,536,583 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,537,286) 5.49 04/02/2007 1,536,583
248,068 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 248,103
32,358 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 31,911
153,857 FOX TROT CDO LIMITED++ 5.31 04/24/2007 153,363
61,992 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 62,013
99,227 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 98,822
248,068 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 248,031
124,034 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 124,030
9,923 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 9,924
6,738 HUDSON-THAMES LLC++ 5.26 04/04/2007 6,736
37,200 HUDSON-THAMES LLC 5.29 04/30/2007 37,049
173,648 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 173,676
322,489 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 322,489
124,034 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 124,040
29,768 K2 (USA) LLC+++/- 5.30 07/16/2007 29,771
49,614 K2 (USA) LLC+++/- 5.33 09/28/2007 49,614
496,136 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 495,412
15,092 KESTREL FUNDING US LLC 5.29 05/21/2007 14,985
160,292 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 159,777
62,017 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 62,019
187,277 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 186,593
17,365 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 17,337
104,685 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 104,736
124,034 MORGAN STANLEY+/- 5.36 07/12/2007 124,034
182,132 MORGAN STANLEY+/- 5.48 07/27/2007 182,195
124,034 MORGAN STANLEY+/- 5.51 08/07/2007 124,034
1,091,500 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $1,091,999) 5.49 04/02/2007 1,091,500
22,946 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 22,948
19,845 NATIONAL CITY BANK+/- 5.46 09/04/2007 19,847
142,217 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 142,291
92,604 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 92,105
248,068 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 248,091
71,660 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 71,660
24,807 PICAROS FUNDING PLC++ 5.29 06/22/2007 24,514
141,399 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 141,597
124,034 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 124,034
94,266 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 94,266
20,069 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 20,073
62,369 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 61,979
173,648 SAINT GERMAIN FUNDING 5.31 04/19/2007 173,217
114,111 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 114,111
19,845 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 19,443
99,227 SLM CORPORATION+++/-SS. 5.32 05/12/2008 99,237
101
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 9,923 STANFIELD VICTORIA FUNDING LLC++ 5.27% 04/16/2007 $ 9,902
94,067 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 93,752
88,144 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 88,118
28,682 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 28,681
124,034 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 124,044
124,034 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 124,048
14,884 VERSAILLES CDS LLC++ 5.33 04/16/2007 14,854
248,068 VETRA FINANCE CORPORATION 5.31 06/12/2007 245,506
112,191 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 111,848
29,768 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 29,768
86,824 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 86,622
49,614 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 49,487
15,198,423
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,599,113) 15,599,113
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,891,496)* 134.79% $ 60,245,772
OTHER ASSETS AND LIABILITIES, NET (34.79) (15,549,520)
------ --------------
TOTAL NET ASSETS 100.00% $ 44,696,252
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
102
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.40%
BUSINESS SERVICES - 2.04%
233,200 CISCO SYSTEMS INCORPORATED+ $ 5,953,596
380,900 MICROSOFT CORPORATION 10,615,683
16,569,279
--------------
CHEMICALS & ALLIED PRODUCTS - 12.93%
247,375 ABBOTT LABORATORIES 13,803,525
108,372 AIR PRODUCTS & CHEMICALS INCORPORATED 8,007,607
83,400 COLGATE-PALMOLIVE COMPANY 5,570,286
389,834 E.I. DU PONT DE NEMOURS & COMPANY 19,269,495
159,015 JOHNSON & JOHNSON 9,582,244
625,735 PFIZER INCORPORATED 15,806,066
283,260 PROCTER & GAMBLE COMPANY 17,890,702
136,981 ROHM & HAAS COMPANY 7,084,657
161,500 WYETH 8,079,845
105,094,427
--------------
COMMUNICATIONS - 4.98%
83,350 ALLTEL CORPORATION 5,167,700
429,515 AT&T INCORPORATED 16,935,776
443,786 VERIZON COMMUNICATIONS INCORPORATED 16,828,365
103,683 WINDSTREAM CORPORATION 1,523,103
40,454,944
--------------
DEPOSITORY INSTITUTIONS - 14.06%
514,530 BANK OF AMERICA CORPORATION 26,251,321
646,390 CITIGROUP INCORPORATED<< 33,185,663
100,525 FIFTH THIRD BANCORP 3,889,312
424,565 JPMORGAN CHASE & COMPANY 20,540,455
334,031 US BANCORP 11,681,064
339,065 WACHOVIA CORPORATION 18,665,528
114,213,343
--------------
EATING & DRINKING PLACES - 1.25%
224,670 MCDONALD'S CORPORATION 10,121,384
--------------
ELECTRIC, GAS & SANITARY SERVICES - 6.90%
1,850 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 90,188
97,958 DOMINION RESOURCES INCORPORATED<< 8,695,732
2,700 EDISON INTERNATIONAL 132,651
2,300 EXELON CORPORATION 158,033
148,645 FIRSTENERGY CORPORATION<< 9,846,245
225,870 FPL GROUP INCORPORATED<< 13,816,468
47,500 KINDER MORGAN INCORPORATED 5,056,375
332,000 MDU RESOURCES GROUP INCORPORATED 9,541,680
105,315 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 8,745,358
56,082,730
--------------
103
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.46%
277,150 EMERSON ELECTRIC COMPANY $ 11,942,394
698,094 GENERAL ELECTRIC COMPANY 24,684,604
366,260 MOTOROLA INCORPORATED<< 6,471,814
410,770 NOKIA OYJ ADR 9,414,848
52,513,660
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 2.11%
217,660 FORTUNE BRANDS INCORPORATED 17,155,961
--------------
FOOD & KINDRED PRODUCTS - 1.59%
203,495 PEPSICO INCORPORATED 12,934,142
--------------
GENERAL MERCHANDISE STORES - 2.72%
114,804 FEDERATED DEPARTMENT STORES INCORPORATED<< 5,171,920
285,145 TARGET CORPORATION 16,897,693
22,069,613
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 4.98%
101,791 3M COMPANY 7,779,886
332,795 HEWLETT-PACKARD COMPANY 13,358,391
471,950 INTEL CORPORATION 9,028,404
109,542 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 10,325,429
40,492,110
--------------
INSURANCE CARRIERS - 9.10%
201,095 ALLSTATE CORPORATION 12,077,766
273,893 AMERICAN INTERNATIONAL GROUP INCORPORATED 18,411,087
232,130 METLIFE INCORPORATED 14,659,010
399,550 TRAVELERS COMPANIES INCORPORATED 20,684,704
100,000 WELLPOINT INCORPORATED+ 8,110,000
73,942,567
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 0.52%
54,459 BECTON DICKINSON & COMPANY 4,187,353
--------------
MOTION PICTURES - 1.65%
388,250 TIME WARNER INCORPORATED 7,656,290
168,090 WALT DISNEY COMPANY 5,787,339
13,443,629
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 3.54%
88,900 AMERICAN CAPITAL STRATEGIES LIMITED 3,939,159
227,860 AMERICAN EXPRESS COMPANY 12,851,304
78,000 CAPITAL ONE FINANCIAL CORPORATION 5,885,880
162,000 CAPITALSOURCE INCORPORATED 4,071,060
59,000 COUNTRYWIDE FINANCIAL CORPORATION 1,984,760
28,732,163
--------------
OIL & GAS EXTRACTION - 1.54%
2,000 ANADARKO PETROLEUM CORPORATION 85,960
104
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
259,200 HALLIBURTON COMPANY<< $ 8,227,008
2,200 SCHLUMBERGER LIMITED 152,020
68,775 TIDEWATER INCORPORATED<< 4,028,840
12,493,828
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 12.19%
114,158 BP PLC ADR 7,391,731
354,270 CHEVRON CORPORATION 26,201,809
326,250 CONOCOPHILLIPS<< 22,299,188
440,386 EXXON MOBIL CORPORATION<< 33,227,124
80,000 MARATHON OIL CORPORATION 7,906,400
31,125 VALERO ENERGY CORPORATION 2,007,251
99,033,503
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 4.40%
54,647 AMERIPRISE FINANCIAL INCORPORATED 3,122,530
25,450 GOLDMAN SACHS GROUP INCORPORATED 5,258,734
48,000 MERRILL LYNCH & COMPANY INCORPORATED 3,920,160
298,175 MORGAN STANLEY 23,484,263
35,785,687
--------------
TOBACCO PRODUCTS - 1.79%
165,800 ALTRIA GROUP INCORPORATED 14,558,898
--------------
TRANSPORTATION EQUIPMENT - 2.86%
288,780 HONEYWELL INTERNATIONAL INCORPORATED 13,301,206
152,600 UNITED TECHNOLOGIES CORPORATION 9,919,000
23,220,206
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.79%
189,900 SYSCO CORPORATION 6,424,312
--------------
TOTAL COMMON STOCKS (COST $575,692,215) 799,523,739
--------------
COLLATERAL FOR SECURITIES LENDING - 12.50%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.32%
2,609,159 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,609,159
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 12.18%
$ 290,761 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 290,798
1,488,532 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,489,217
282,684 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 281,819
807,668 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 807,676
807,668 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 807,708
807,668 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 807,749
2,423,004 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,423,198
1,292,269 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,292,860) 5.49 04/02/2007 1,292,269
105
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,776,870 BUCKINGHAM II CDO LLC 5.32% 04/26/2007 $ 1,770,651
387,681 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 384,350
646,134 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 639,925
646,134 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 643,220
807,668 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 801,675
323,067 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 320,105
839,975 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 830,197
1,615,336 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,599,813
923,585 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 917,674
77,116 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 76,993
1,071,291 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,063,653
613,828 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 607,303
442,828 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 438,254
117,176 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 115,948
36,668 CHEYNE FINANCE LLC 5.26 04/18/2007 36,583
323,067 CHEYNE FINANCE LLC 5.31 06/19/2007 319,400
144,088 CHEYNE FINANCE LLC 5.32 05/14/2007 143,208
2,099,937 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 2,099,328
807,668 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 807,757
323,067 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 323,271
345,197 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 345,525
356,182 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 356,616
11,307,353 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $11,312,526) 5.49 04/02/2007 11,307,353
161,534 COMERICA BANK+/- 5.32 02/08/2008 160,887
1,796,545 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,794,443
726,901 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 725,840
969,202 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 966,662
807,668 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 807,418
1,615,336 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 1,615,304
2,600,045 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,593,597
1,211,502 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,203,918
455,073 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 454,476
484,601 DEER VALLEY FUNDING LLC 5.34 05/07/2007 482,134
10,005,710 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $10,010,287) 5.49 04/02/2007 10,005,709
1,615,336 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 1,615,562
210,704 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 207,797
1,001,864 FOX TROT CDO LIMITED++ 5.31 04/24/2007 998,648
403,673 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 403,806
646,134 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 643,498
1,615,336 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,615,094
807,668 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 807,644
64,613 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 64,619
43,873 HUDSON-THAMES LLC++ 5.26 04/04/2007 43,860
242,236 HUDSON-THAMES LLC 5.29 04/30/2007 241,247
1,130,735 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,130,916
2,099,937 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,099,937
106
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 807,668 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32% 04/24/2008 $ 807,708
193,840 K2 (USA) LLC+++/- 5.30 07/16/2007 193,860
323,067 K2 (USA) LLC+++/- 5.33 09/28/2007 323,067
3,230,672 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 3,225,955
98,277 KESTREL FUNDING US LLC 5.29 05/21/2007 97,576
1,043,766 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,040,415
403,834 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 403,846
1,219,482 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,215,031
113,074 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 112,893
681,672 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 682,006
807,668 MORGAN STANLEY+/- 5.36 07/12/2007 807,668
1,185,980 MORGAN STANLEY+/- 5.48 07/27/2007 1,186,395
807,668 MORGAN STANLEY+/- 5.51 08/07/2007 807,668
7,107,479 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $7,110,731) 5.49 04/02/2007 7,107,479
149,419 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 149,428
129,227 NATIONAL CITY BANK+/- 5.46 09/04/2007 129,240
926,072 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 926,554
603,005 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 599,755
1,615,336 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 1,615,482
466,628 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 466,628
161,534 PICAROS FUNDING PLC++ 5.29 06/22/2007 159,629
920,742 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 922,031
807,668 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 807,668
613,828 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 613,828
130,681 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 130,706
406,128 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 403,585
1,130,735 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,127,931
743,055 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 743,055
129,227 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 126,604
646,134 SLM CORPORATION+++/-SS. 5.32 05/12/2008 646,199
64,613 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 64,482
612,535 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 610,483
573,961 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 573,795
186,765 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 186,761
807,668 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 807,733
807,668 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 807,757
96,920 VERSAILLES CDS LLC++ 5.33 04/16/2007 96,722
1,615,336 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,598,650
730,552 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 728,316
193,840 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 193,840
565,368 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 564,050
323,067 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 322,266
98,966,997
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $101,576,156) 101,576,156
--------------
107
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 0.95%
7,754,418 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 7,754,418
TOTAL SHORT-TERM INVESTMENTS (COST $7,754,418) 7,754,418
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $685,022,789)* 111.85% $ 908,854,313
OTHER ASSETS AND LIABILITIES, NET (11.85) (96,284,130)
------ --------------
TOTAL NET ASSETS 100.00% $ 812,570,183
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $7,754,418.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
108
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.10%
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.95%
95,100 PHILLIPS-VAN HEUSEN CORPORATION<< $ 5,591,880
--------------
BIOPHARMACEUTICALS - 0.53%
40,800 GILEAD SCIENCES INCORPORATED+ 3,121,200
--------------
BUSINESS SERVICES - 1.61%
164,300 CADENCE DESIGN SYSTEMS INCORPORATED<<+ 3,460,158
474,900 SUN MICROSYSTEMS INCORPORATED+ 2,854,149
121,200 SYNOPSYS INCORPORATED+ 3,179,076
9,493,383
--------------
CHEMICALS & ALLIED PRODUCTS - 7.88%
266,900 CELANESE CORPORATION CLASS A 8,231,196
83,600 E.I. DU PONT DE NEMOURS & COMPANY 4,132,348
233,000 MERCK & COMPANY INCORPORATED 10,291,610
580,000 PFIZER INCORPORATED 14,650,800
144,900 PROCTER & GAMBLE COMPANY 9,151,884
46,457,838
--------------
COMMUNICATIONS - 7.84%
83,100 AMERICA MOVIL SA DE CV ADR SERIES L 3,971,349
471,000 AT&T INCORPORATED 18,571,530
257,000 GRUPO TELEVISA SA ADR 7,658,600
76,000 IAC INTERACTIVECORP<<+ 2,865,960
212,700 ROGERS COMMUNICATIONS INCORPORATED CLASS A 6,968,052
162,900 VERIZON COMMUNICATIONS INCORPORATED 6,177,168
46,212,659
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.93%
178,200 CHICAGO BRIDGE & IRON COMPANY NV NEW YORK SHARES 5,479,650
--------------
DEPOSITORY INSTITUTIONS - 12.45%
473,000 BANK OF AMERICA CORPORATION 24,132,460
414,300 CITIGROUP INCORPORATED 21,270,162
330,000 JPMORGAN CHASE & COMPANY 15,965,400
186,000 KEYCORP 6,969,420
91,000 WACHOVIA CORPORATION 5,009,550
73,346,992
--------------
EATING & DRINKING PLACES - 1.09%
142,500 MCDONALD'S CORPORATION 6,419,625
--------------
ELECTRIC, GAS & SANITARY SERVICES - 4.97%
235,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 11,456,250
196,000 COVANTA HOLDING CORPORATION+ 4,347,280
162,800 EDISON INTERNATIONAL 7,998,364
192,700 WILLIAMS COMPANIES INCORPORATED 5,484,242
29,286,136
--------------
109
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 3.60%
64,400 COOPER INDUSTRIES LIMITED CLASS A $ 2,897,356
150,000 GENERAL ELECTRIC COMPANY 5,304,000
62,000 HARRIS CORPORATION 3,158,900
108,800 MEMC ELECTRONIC MATERIALS INCORPORATED+ 6,591,104
270,000 MICRON TECHNOLOGY INCORPORATED+ 3,261,600
21,212,960
--------------
FOOD & KINDRED PRODUCTS - 3.62%
159,300 ARCHER DANIELS MIDLAND COMPANY 5,846,310
174,200 H.J. HEINZ COMPANY 8,208,304
77,000 MOLSON COORS BREWING COMPANY 7,285,740
21,340,354
--------------
GENERAL MERCHANDISE STORES - 3.30%
53,700 JC PENNEY COMPANY INCORPORATED<< 4,411,992
36,100 SEARS HOLDINGS CORPORATION<<+ 6,503,776
181,400 WAL-MART STORES INCORPORATED 8,516,730
19,432,498
--------------
HEALTH SERVICES - 0.41%
33,600 MEDCO HEALTH SOLUTIONS INCORPORATED+ 2,437,008
--------------
HOLDING & OTHER INVESTMENT OFFICES - 0.91%
122,000 HEALTH CARE REIT INCORPORATED<< 5,355,800
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.74%
21,000 CUMMINS INCORPORATED 3,039,120
178,700 HEWLETT-PACKARD COMPANY 7,173,018
46,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4,335,960
59,900 SPX CORPORATION 4,204,980
46,100 TEREX CORPORATION<<+ 3,308,136
22,061,214
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.49%
76,400 AON CORPORATION 2,900,144
--------------
INSURANCE CARRIERS - 9.13%
104,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6,990,880
80,600 CIGNA CORPORATION 11,498,396
78,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 7,455,240
83,000 LINCOLN NATIONAL CORPORATION 5,626,570
85,600 PMI GROUP INCORPORATED 3,870,832
114,000 PRUDENTIAL FINANCIAL INCORPORATED 10,289,640
156,400 TRAVELERS COMPANIES INCORPORATED 8,096,828
53,828,386
--------------
110
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.42%
33,900 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ $ 3,036,423
114,200 THERMO FISHER SCIENTIFIC INCORPORATED+ 5,338,850
8,375,273
--------------
METAL MINING - 1.80%
160,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 10,590,400
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.50%
107,200 MATTEL INCORPORATED 2,955,504
--------------
MISCELLANEOUS RETAIL - 2.15%
33,000 EXPRESS SCRIPTS INCORPORATED<<+ 2,663,760
119,200 OFFICEMAX INCORPORATED 6,286,608
137,000 RADIOSHACK CORPORATION<< 3,703,110
12,653,478
--------------
MOTION PICTURES - 1.02%
173,800 WALT DISNEY COMPANY 5,983,934
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.48%
83,300 COUNTRYWIDE FINANCIAL CORPORATION<< 2,802,212
--------------
OIL & GAS EXTRACTION - 3.65%
70,000 ANADARKO PETROLEUM CORPORATION 3,008,600
600,000 CHESAPEAKE ENERGY CORPORATION 18,528,000
21,536,600
--------------
PETROLEUM REFINING & RELATED INDUSTRIES - 7.84%
75,300 CHEVRON CORPORATION 5,569,188
338,000 EXXON MOBIL CORPORATION 25,502,100
30,500 MARATHON OIL CORPORATION 3,014,315
187,600 VALERO ENERGY CORPORATION 12,098,324
46,183,927
--------------
PRIMARY METAL INDUSTRIES - 1.06%
144,000 STEEL DYNAMICS INCORPORATED 6,220,800
--------------
REAL ESTATE - 0.61%
34,600 JONES LANG LASALLE INCORPORATED 3,608,088
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 6.21%
89,100 AMERIPRISE FINANCIAL INCORPORATED 5,091,174
73,300 BEAR STEARNS COMPANIES INCORPORATED 11,020,655
75,500 LEHMAN BROTHERS HOLDINGS INCORPORATED 5,290,285
127,000 MERRILL LYNCH & COMPANY INCORPORATED 10,372,090
61,500 MORGAN STANLEY 4,843,740
36,617,944
--------------
TOBACCO PRODUCTS - 2.23%
150,000 ALTRIA GROUP INCORPORATED 13,171,500
--------------
111
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.70%
108,800 UAL CORPORATION+ $ 4,152,896
--------------
TRANSPORTATION EQUIPMENT - 2.05%
63,600 GOODRICH CORPORATION 3,274,128
106,850 TRINITY INDUSTRIES INCORPORATED<< 4,479,152
66,900 UNITED TECHNOLOGIES CORPORATION 4,348,500
12,101,780
--------------
TRAVEL & RECREATION - 0.75%
189,900 EXPEDIA INCORPORATED<<+ 4,401,882
--------------
WHOLESALE TRADE NON-DURABLE GOODS - 2.24%
161,100 AMERISOURCEBERGEN CORPORATION 8,498,025
80,200 MCKESSON CORPORATION 4,694,908
13,192,933
--------------
WHOLESALE TRADE-DURABLE GOODS - 0.94%
80,800 KIMBERLY-CLARK CORPORATION 5,533,992
--------------
TOTAL COMMON STOCKS (COST $511,292,185) 584,060,870
--------------
COLLATERAL FOR SECURITIES LENDING - 5.58%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.15%
844,028 SCUDDER DAILY ASSETS MONEY MARKET FUND 844,028
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 5.43%
$ 94,057 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 94,069
481,521 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 481,742
91,444 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 91,165
261,270 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 261,273
261,270 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 261,283
261,270 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 261,296
783,810 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 783,873
418,032 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $418,223) 5.49 04/02/2007 418,032
574,794 BUCKINGHAM II CDO LLC 5.32 04/26/2007 572,782
125,410 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 124,332
209,016 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 207,007
209,016 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 208,073
261,270 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 259,331
104,508 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 103,550
271,721 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 268,558
522,540 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 517,518
298,767 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 296,855
24,946 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 24,906
346,548 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 344,078
198,565 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 196,454
143,249 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 141,769
37,905 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 37,508
11,862 CHEYNE FINANCE LLC 5.26 04/18/2007 11,834
112
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 104,508 CHEYNE FINANCE LLC 5.31% 06/19/2007 $ 103,322
46,611 CHEYNE FINANCE LLC 5.32 05/14/2007 46,326
679,302 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 679,105
261,270 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 261,299
104,508 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 104,574
111,667 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 111,773
115,220 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 115,361
3,657,779 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $3,659,453) 5.49 04/02/2007 3,657,779
52,254 COMERICA BANK+/- 5.32 02/08/2008 52,045
581,158 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 580,478
235,143 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 234,800
313,524 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 312,703
261,270 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 261,189
522,540 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 522,529
841,080 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 838,994
391,905 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 389,452
147,210 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 147,017
156,762 DEER VALLEY FUNDING LLC 5.34 05/07/2007 155,964
3,236,715 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $3,238,196) 5.49 04/02/2007 3,236,715
522,540 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 522,613
68,160 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 67,219
324,090 FOX TROT CDO LIMITED++ 5.31 04/24/2007 323,049
130,583 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 130,626
209,016 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 208,163
522,540 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 522,462
261,270 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 261,262
20,902 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 20,903
14,192 HUDSON-THAMES LLC++ 5.26 04/04/2007 14,188
78,360 HUDSON-THAMES LLC 5.29 04/30/2007 78,040
365,778 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 365,836
679,302 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 679,302
261,270 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 261,283
62,705 K2 (USA) LLC+++/- 5.30 07/16/2007 62,711
104,508 K2 (USA) LLC+++/- 5.33 09/28/2007 104,508
1,045,080 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 1,043,554
31,791 KESTREL FUNDING US LLC 5.29 05/21/2007 31,565
337,644 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 336,561
130,635 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 130,639
394,486 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 393,046
36,578 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 36,519
220,512 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 220,620
261,270 MORGAN STANLEY+/- 5.36 07/12/2007 261,270
383,649 MORGAN STANLEY+/- 5.48 07/27/2007 383,783
261,270 MORGAN STANLEY+/- 5.51 08/07/2007 261,270
2,299,176 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $2,300,228) 5.49 04/02/2007 2,299,176
48,335 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 48,338
41,803 NATIONAL CITY BANK+/- 5.46 09/04/2007 41,807
299,572 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 299,728
113
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 195,064 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32% 05/09/2007 $ 194,013
522,540 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 522,587
150,948 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 150,948
52,254 PICAROS FUNDING PLC++ 5.29 06/22/2007 51,638
297,848 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 298,265
261,270 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 261,270
198,565 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 198,565
42,273 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 42,282
131,377 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 130,555
365,778 SAINT GERMAIN FUNDING 5.31 04/19/2007 364,871
240,368 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 240,368
41,803 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 40,955
209,016 SLM CORPORATION+++/-SS. 5.32 05/12/2008 209,037
20,902 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 20,859
198,147 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 197,483
185,669 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 185,615
60,416 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 60,415
261,270 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 261,291
261,270 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 261,299
31,352 VERSAILLES CDS LLC++ 5.33 04/16/2007 31,288
522,540 VETRA FINANCE CORPORATION 5.31 06/12/2007 517,142
236,324 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 235,601
62,705 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 62,705
182,889 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 182,463
104,508 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 104,246
32,014,515
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $32,858,543) 32,858,543
--------------
SHARES
SHORT-TERM INVESTMENTS - 1.67%
9,876,985 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 9,876,985
TOTAL SHORT-TERM INVESTMENTS (COST $9,876,985) 9,876,985
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $554,027,713)* 106.35% $ 626,796,398
OTHER ASSETS AND LIABILITIES, NET (6.35) (37,437,345)
------ --------------
TOTAL NET ASSETS 100.00% $ 589,359,053
====== ==============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
++ 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.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $9,876,985.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
114
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.02%
AMUSEMENT & RECREATION SERVICES - 0.23%
39,574 HARRAH'S ENTERTAINMENT INCORPORATED $ 3,342,024
71,818 INTERNATIONAL GAME TECHNOLOGY 2,900,011
6,242,035
--------------
APPAREL & ACCESSORY STORES - 0.48%
18,736 ABERCROMBIE & FITCH COMPANY CLASS A 1,417,940
111,867 GAP INCORPORATED 1,925,231
69,429 KOHL'S CORPORATION+ 5,318,956
72,616 LIMITED BRANDS INCORPORATED<< 1,892,373
48,569 NORDSTROM INCORPORATED 2,571,243
13,125,743
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.16%
23,033 JONES APPAREL GROUP INCORPORATED 707,804
21,963 LIZ CLAIBORNE INCORPORATED 941,115
13,009 POLO RALPH LAUREN CORPORATION 1,146,743
19,117 VF CORPORATION 1,579,447
4,375,109
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.07%
31,959 AUTONATION INCORPORATED+<< 678,809
10,546 AUTOZONE INCORPORATED+ 1,351,364
2,030,173
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.02%
12,891 RYDER SYSTEM INCORPORATED 636,042
--------------
BIOPHARMACEUTICALS - 0.55%
80,158 CELGENE CORPORATION+<< 4,205,089
55,933 GENZYME CORPORATION+ 3,357,099
98,653 GILEAD SCIENCES INCORPORATED+ 7,546,955
15,109,143
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.20%
25,358 CENTEX CORPORATION<< 1,059,457
57,966 D.R. HORTON INCORPORATED 1,275,252
16,318 KB HOME 696,289
29,283 LENNAR CORPORATION CLASS A<< 1,236,035
45,114 PULTE HOMES INCORPORATED<< 1,193,716
5,460,749
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 1.02%
433,298 HOME DEPOT INCORPORATED 15,919,369
323,303 LOWE'S COMPANIES INCORPORATED 10,180,811
23,692 SHERWIN-WILLIAMS COMPANY 1,564,620
27,664,800
--------------
115
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 7.39%
124,935 ADOBE SYSTEMS INCORPORATED+ $ 5,209,790
21,000 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 1,236,480
49,192 AUTODESK INCORPORATED+ 1,849,619
116,831 AUTOMATIC DATA PROCESSING INCORPORATED 5,654,620
43,303 BMC SOFTWARE INCORPORATED+ 1,333,299
87,331 CA INCORPORATED 2,262,746
1,282,362 CISCO SYSTEMS INCORPORATED+ 32,738,702
38,340 CITRIX SYSTEMS INCORPORATED+ 1,228,030
30,293 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,673,963
36,775 COMPUTER SCIENCES CORPORATION+ 1,917,081
68,839 COMPUWARE CORPORATION+ 653,282
29,013 CONVERGYS CORPORATION+ 737,220
241,237 EBAY INCORPORATED+ 7,997,007
65,825 ELECTRONIC ARTS INCORPORATED+ 3,314,947
109,220 ELECTRONIC DATA SYSTEMS CORPORATION 3,023,210
26,508 EQUIFAX INCORPORATED 966,217
34,560 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,571,098
159,868 FIRST DATA CORPORATION 4,300,449
36,217 FISERV INCORPORATED+ 1,921,674
46,213 GOOGLE INCORPORATED CLASS A+ 21,172,948
41,431 IMS HEALTH INCORPORATED 1,228,843
99,512 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 1,224,993
72,730 INTUIT INCORPORATED+<< 1,989,893
120,854 JUNIPER NETWORKS INCORPORATED+<< 2,378,407
1,829,529 MICROSOFT CORPORATION 50,988,973
27,278 MONSTER WORLDWIDE INCORPORATED+ 1,292,159
38,003 NCR CORPORATION+ 1,815,403
71,975 NOVELL INCORPORATED+ 519,660
35,477 OMNICOM GROUP INCORPORATED 3,632,135
847,179 ORACLE CORPORATION+<< 15,359,355
1 PARAMETRIC TECHNOLOGY CORPORATION+ 4
35,662 ROBERT HALF INTERNATIONAL INCORPORATED 1,319,851
764,477 SUN MICROSYSTEMS INCORPORATED+ 4,594,507
196,297 SYMANTEC CORPORATION+<< 3,395,938
73,301 UNISYS CORPORATION+<< 617,927
52,045 VERISIGN INCORPORATED+ 1,307,370
259,206 YAHOO! INCORPORATED+<< 8,110,556
201,538,356
--------------
CHEMICALS & ALLIED PRODUCTS - 10.47%
327,610 ABBOTT LABORATORIES 18,280,638
45,954 AIR PRODUCTS & CHEMICALS INCORPORATED 3,395,541
247,863 AMGEN INCORPORATED+ 13,850,584
19,454 AVERY DENNISON CORPORATION 1,250,114
93,646 AVON PRODUCTS INCORPORATED 3,489,250
22,642 BARR PHARMACEUTICALS INCORPORATED+ 1,049,457
72,702 BIOGEN IDEC INCORPORATED+ 3,226,515
428,756 BRISTOL-MYERS SQUIBB COMPANY 11,902,267
116
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
32,113 CLOROX COMPANY $ 2,045,277
109,003 COLGATE-PALMOLIVE COMPANY 7,280,310
203,641 DOW CHEMICAL COMPANY 9,338,976
196,201 E.I. DU PONT DE NEMOURS & COMPANY 9,698,215
17,757 EASTMAN CHEMICAL COMPANY 1,124,551
37,780 ECOLAB INCORPORATED 1,624,540
209,467 ELI LILLY & COMPANY 11,250,473
24,686 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,205,911
67,484 FOREST LABORATORIES INCORPORATED+<< 3,471,377
33,110 HOSPIRA INCORPORATED+ 1,354,199
16,581 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 782,955
614,443 JOHNSON & JOHNSON 37,026,335
51,633 KING PHARMACEUTICALS INCORPORATED+<< 1,015,621
50,476 MEDIMMUNE INCORPORATED+<< 1,836,822
459,966 MERCK & COMPANY INCORPORATED 20,316,698
115,392 MONSANTO COMPANY 6,341,944
51,965 MYLAN LABORATORIES INCORPORATED 1,098,540
1,504,626 PFIZER INCORPORATED 38,006,853
34,814 PPG INDUSTRIES INCORPORATED 2,447,772
68,017 PRAXAIR INCORPORATED 4,282,350
669,920 PROCTER & GAMBLE COMPANY 42,312,147
30,218 ROHM & HAAS COMPANY 1,562,875
315,863 SCHERING-PLOUGH CORPORATION 8,057,665
28,038 SIGMA-ALDRICH CORPORATION 1,164,138
285,805 WYETH 14,298,824
285,389,734
--------------
COAL MINING - 0.14%
38,751 CONSOL ENERGY INCORPORATED 1,516,327
56,195 PEABODY ENERGY CORPORATION 2,261,287
3,777,614
--------------
COMMUNICATIONS - 4.66%
76,482 ALLTEL CORPORATION 4,741,884
1,325,697 AT&T INCORPORATED 52,272,233
96,248 AVAYA INCORPORATED+ 1,136,689
23,645 CENTURYTEL INCORPORATED 1,068,518
105,347 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 3,691,359
660,303 COMCAST CORPORATION CLASS A+<< 17,134,863
164,465 DIRECTV GROUP INCORPORATED+<< 3,794,208
31,959 EMBARQ CORPORATION 1,800,890
46,103 IAC INTERACTIVECORP+ 1,738,544
333,016 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+<< 2,993,814
616,234 SPRINT NEXTEL CORPORATION<< 11,683,797
617,800 VERIZON COMMUNICATIONS INCORPORATED 23,426,976
101,216 WINDSTREAM CORPORATION 1,486,863
126,970,638
--------------
117
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS - 10.26%
949,519 BANK OF AMERICA CORPORATION $ 48,444,459
160,498 BANK OF NEW YORK COMPANY INCORPORATED 6,508,194
115,069 BB&T CORPORATION 4,720,130
1,040,852 CITIGROUP INCORPORATED 53,437,342
33,471 COMERICA INCORPORATED 1,978,806
39,816 COMMERCE BANCORP INCORPORATED 1,329,058
27,671 COMPASS BANCSHARES INCORPORATED 1,903,765
118,098 FIFTH THIRD BANCORP 4,569,212
26,608 FIRST HORIZON NATIONAL CORPORATION<< 1,105,030
105,075 HUDSON CITY BANCORP INCORPORATED 1,437,426
50,000 HUNTINGTON BANCSHARES INCORPORATED<< 1,092,500
737,428 JPMORGAN CHASE & COMPANY 35,676,767
84,052 KEYCORP 3,149,428
16,310 M&T BANK CORPORATION<< 1,889,187
54,292 MARSHALL & ILSLEY CORPORATION 2,514,263
88,315 MELLON FINANCIAL CORPORATION<< 3,809,909
125,790 NATIONAL CITY CORPORATION<< 4,685,678
40,037 NORTHERN TRUST CORPORATION 2,407,825
73,494 PNC FINANCIAL SERVICES GROUP 5,289,363
155,357 REGIONS FINANCIAL CORPORATION 5,494,977
76,666 SOVEREIGN BANCORP INCORPORATED 1,950,389
70,878 STATE STREET CORPORATION 4,589,351
75,426 SUNTRUST BANKS INCORPORATED 6,263,375
69,342 SYNOVUS FINANCIAL CORPORATION 2,242,520
376,046 US BANCORP 13,150,329
404,608 WACHOVIA CORPORATION 22,273,670
188,752 WASHINGTON MUTUAL INCORPORATED<< 7,621,806
717,315 WELLS FARGO & COMPANY++ 24,697,155
163,895 WESTERN UNION COMPANY 3,597,495
23,353 ZIONS BANCORPORATION 1,973,796
279,803,205
--------------
EATING & DRINKING PLACES - 0.61%
30,825 DARDEN RESTAURANTS INCORPORATED 1,269,682
255,511 MCDONALD'S CORPORATION 11,510,771
18,412 WENDY'S INTERNATIONAL INCORPORATED 576,296
55,970 YUM! BRANDS INCORPORATED 3,232,827
16,589,576
--------------
EDUCATIONAL SERVICES - 0.05%
29,711 APOLLO GROUP INCORPORATED CLASS A+ 1,304,313
--------------
ELECTRIC, GAS & SANITARY SERVICES - 4.33%
141,014 AES CORPORATION+ 3,034,621
34,913 ALLEGHENY ENERGY INCORPORATED+ 1,715,625
54,138 ALLIED WASTE INDUSTRIES INCORPORATED+ 681,597
43,863 AMEREN CORPORATION<< 2,206,309
84,218 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 4,105,628
67,956 CENTERPOINT ENERGY INCORPORATED<< 1,219,131
118
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
71,919 CITIZENS COMMUNICATIONS COMPANY<< $ 1,075,189
47,399 CMS ENERGY CORPORATION<< 843,702
54,701 CONSOLIDATED EDISON INCORPORATED 2,793,033
38,360 CONSTELLATION ENERGY GROUP INCORPORATED 3,335,402
74,090 DOMINION RESOURCES INCORPORATED<< 6,576,969
37,605 DTE ENERGY COMPANY<< 1,801,280
266,898 DUKE ENERGY CORPORATION 5,415,360
80,371 DYNEGY INCORPORATED CLASS A+<< 744,235
69,173 EDISON INTERNATIONAL 3,398,469
148,263 EL PASO CORPORATION 2,145,366
42,103 ENTERGY CORPORATION 4,417,447
142,281 EXELON CORPORATION 9,776,128
67,770 FIRSTENERGY CORPORATION<< 4,489,085
86,110 FPL GROUP INCORPORATED<< 5,267,349
15,957 INTEGRYS ENERGY GROUP INCORPORATED 885,773
37,279 KEYSPAN CORPORATION 1,534,031
22,791 KINDER MORGAN INCORPORATED 2,426,102
9,535 NICOR INCORPORATED 461,685
58,141 NISOURCE INCORPORATED 1,420,966
74,482 PG&E CORPORATION 3,595,246
21,233 PINNACLE WEST CAPITAL CORPORATION 1,024,492
81,759 PPL CORPORATION 3,343,943
54,586 PROGRESS ENERGY INCORPORATED 2,753,318
53,665 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 4,456,342
18,247 QUESTAR CORPORATION 1,627,815
55,820 SEMPRA ENERGY 3,405,578
133,301 SPECTRA ENERGY CORPORATION 3,501,817
44,497 TECO ENERGY INCORPORATED 765,793
158,934 THE SOUTHERN COMPANY<< 5,824,931
97,501 TXU CORPORATION 6,249,814
113,178 WASTE MANAGEMENT INCORPORATED 3,894,438
126,932 WILLIAMS COMPANIES INCORPORATED 3,612,485
86,569 XCEL ENERGY INCORPORATED 2,137,389
117,963,883
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.88%
24,897 ADC TELECOMMUNICATIONS INCORPORATED+<< 416,776
117,817 ADVANCED MICRO DEVICES INCORPORATED+<< 1,538,690
75,696 ALTERA CORPORATION 1,513,163
70,852 ANALOG DEVICES INCORPORATED<< 2,443,685
100,112 BROADCOM CORPORATION CLASS A+<< 3,210,592
18,071 CIENA CORPORATION+ 505,084
38,744 COOPER INDUSTRIES LIMITED CLASS A 1,743,093
169,400 EMERSON ELECTRIC COMPANY 7,299,446
2,183,215 GENERAL ELECTRIC COMPANY 77,198,482
13,906 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 1,336,088
39,211 JABIL CIRCUIT INCORPORATED 839,508
44,837 JDS UNIPHASE CORPORATION+<< 682,868
119
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
42,403 KLA-TENCOR CORPORATION<< $ 2,260,928
26,436 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,312,357
63,544 LINEAR TECHNOLOGY CORPORATION<< 2,007,355
163,516 LSI LOGIC CORPORATION+<< 1,707,107
68,085 MAXIM INTEGRATED PRODUCTS INCORPORATED 2,001,699
160,251 MICRON TECHNOLOGY INCORPORATED+ 1,935,832
30,100 MOLEX INCORPORATED 848,820
507,508 MOTOROLA INCORPORATED<< 8,967,666
60,215 NATIONAL SEMICONDUCTOR CORPORATION 1,453,590
78,779 NETWORK APPLIANCE INCORPORATED+ 2,877,009
26,698 NOVELLUS SYSTEMS INCORPORATED+<< 854,870
75,485 NVIDIA CORPORATION+<< 2,172,458
45,092 PMC-SIERRA INCORPORATED+<< 316,095
33,769 QLOGIC CORPORATION+ 574,073
351,696 QUALCOMM INCORPORATED 15,003,351
35,717 ROCKWELL COLLINS INCORPORATED 2,390,539
112,536 SANMINA-SCI CORPORATION+ 407,380
92,847 TELLABS INCORPORATED+ 919,185
306,454 TEXAS INSTRUMENTS INCORPORATED 9,224,265
16,708 WHIRLPOOL CORPORATION<< 1,418,676
70,458 XILINX INCORPORATED<< 1,812,884
160,193,614
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.28%
18,669 FLUOR CORPORATION<< 1,674,983
49,667 MOODY'S CORPORATION 3,082,334
72,012 PAYCHEX INCORPORATED 2,727,094
7,484,411
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.32%
21,886 BALL CORPORATION 1,003,473
32,368 FORTUNE BRANDS INCORPORATED 2,551,246
87,796 ILLINOIS TOOL WORKS INCORPORATED 4,530,274
12,505 SNAP-ON INCORPORATED 601,491
8,686,484
--------------
FINANCIAL SERVICES - 0.03%
40,282 JANUS CAPITAL GROUP INCORPORATED 842,297
--------------
FOOD & KINDRED PRODUCTS - 3.13%
161,968 ANHEUSER-BUSCH COMPANIES INCORPORATED 8,172,905
138,581 ARCHER DANIELS MIDLAND COMPANY 5,085,923
46,368 CAMPBELL SOUP COMPANY 1,806,034
59,089 COCA-COLA ENTERPRISES INCORPORATED 1,196,552
107,252 CONAGRA FOODS INCORPORATED 2,671,647
44,786 CONSTELLATION BRANDS INCORPORATED CLASS A+ 948,567
73,278 GENERAL MILLS INCORPORATED 4,266,245
68,968 H.J. HEINZ COMPANY 3,249,772
24,716 HERCULES INCORPORATED+ 482,951
120
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (CONTINUED)
53,230 KELLOGG COMPANY<< $ 2,737,619
39,828 KRAFT FOODS INCORPORATED CLASS A 1,260,954
27,640 MCCORMICK & COMPANY INCORPORATED 1,064,693
9,965 MOLSON COORS BREWING COMPANY 942,888
27,911 PEPSI BOTTLING GROUP INCORPORATED 890,082
347,714 PEPSICO INCORPORATED 22,100,702
155,723 SARA LEE CORPORATION 2,634,833
427,657 THE COCA-COLA COMPANY 20,527,536
36,744 THE HERSHEY COMPANY 2,008,427
53,558 TYSON FOODS INCORPORATED CLASS A 1,039,561
46,315 WM. WRIGLEY JR. COMPANY 2,358,823
85,446,714
--------------
FOOD STORES - 0.51%
150,307 KROGER COMPANY 4,246,173
93,522 SAFEWAY INCORPORATED 3,426,646
159,435 STARBUCKS CORPORATION+ 4,999,882
29,846 WHOLE FOODS MARKET INCORPORATED 1,338,593
14,011,294
--------------
FORESTRY - 0.12%
44,841 WEYERHAEUSER COMPANY<< 3,351,416
--------------
FURNITURE & FIXTURES - 0.18%
37,661 LEGGETT & PLATT INCORPORATED 853,775
83,140 MASCO CORPORATION 2,278,036
58,937 NEWELL RUBBERMAID INCORPORATED 1,832,351
4,964,162
--------------
GENERAL MERCHANDISE STORES - 1.95%
23,246 BIG LOTS INCORPORATED+<< 727,135
66,247 DOLLAR GENERAL CORPORATION 1,401,124
32,193 FAMILY DOLLAR STORES INCORPORATED 953,557
111,498 FEDERATED DEPARTMENT STORES INCORPORATED<< 5,022,985
47,765 JC PENNEY COMPANY INCORPORATED<< 3,924,372
17,644 SEARS HOLDINGS CORPORATION+<< 3,178,743
182,350 TARGET CORPORATION 10,806,061
96,622 TJX COMPANIES INCORPORATED 2,604,929
522,099 WAL-MART STORES INCORPORATED 24,512,548
53,131,454
--------------
HEALTH SERVICES - 0.54%
84,986 CARDINAL HEALTH INCORPORATED 6,199,729
25,986 LABORATORY CORPORATION OF AMERICA HOLDINGS+<< 1,887,363
15,472 MANOR CARE INCORPORATED 841,058
61,156 MEDCO HEALTH SOLUTIONS INCORPORATED+ 4,435,645
100,126 TENET HEALTHCARE CORPORATION+ 643,810
21,761 WATSON PHARMACEUTICALS INCORPORATED+ 575,143
14,582,748
--------------
121
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES - 1.28%
20,716 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A $ 1,195,106
46,788 ARCHSTONE-SMITH TRUST 2,539,653
16,845 AVALONBAY COMMUNITIES INCORPORATED 2,189,850
25,253 BOSTON PROPERTIES INCORPORATED 2,964,702
26,916 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 1,693,016
62,422 EQUITY RESIDENTIAL 3,010,613
110,569 HOST HOTELS & RESORTS INCORPORATED 2,909,070
47,992 KIMCO REALTY CORPORATION 2,339,130
37,643 PLUM CREEK TIMBER COMPANY 1,483,887
54,401 PROLOGIS 3,532,257
26,046 PUBLIC STORAGE INCORPORATED 2,465,775
47,045 SIMON PROPERTY GROUP INCORPORATED<< 5,233,756
27,680 VORNADO REALTY TRUST<< 3,303,331
34,860,146
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.26%
60,164 BED BATH & BEYOND INCORPORATED+ 2,416,788
85,947 BEST BUY COMPANY INCORPORATED<< 4,187,338
30,219 CIRCUIT CITY STORES INCORPORATED 559,958
7,164,084
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.39%
82,578 HILTON HOTELS CORPORATION<< 2,969,505
70,011 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 3,427,739
45,614 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 2,958,068
40,104 WYNDHAM WORLDWIDE CORPORATION+ 1,369,552
10,724,864
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.45%
155,811 3M COMPANY<< 11,908,635
37,091 AMERICAN STANDARD COMPANIES INCORPORATED 1,966,565
182,985 APPLE INCORPORATED+ 17,001,136
296,570 APPLIED MATERIALS INCORPORATED<< 5,433,162
67,990 BAKER HUGHES INCORPORATED 4,496,179
13,927 BLACK & DECKER CORPORATION 1,136,722
137,111 CATERPILLAR INCORPORATED 9,190,550
11,061 CUMMINS INCORPORATED 1,600,748
48,163 DEERE & COMPANY 5,232,428
482,287 DELL INCORPORATED+<< 11,193,881
43,460 DOVER CORPORATION 2,121,283
31,039 EATON CORPORATION 2,593,619
447,576 EMC CORPORATION+ 6,198,928
568,237 HEWLETT-PACKARD COMPANY 22,809,033
65,349 INGERSOLL-RAND COMPANY LIMITED CLASS A 2,834,186
1,224,394 INTEL CORPORATION 23,422,657
319,639 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 30,129,172
20,383 LEXMARK INTERNATIONAL INCORPORATED+<< 1,191,590
37,325 NATIONAL OILWELL VARCO INCORPORATED+<< 2,903,512
122
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
26,114 PALL CORPORATION $ 992,332
24,579 PARKER HANNIFIN CORPORATION 2,121,413
46,771 PITNEY BOWES INCORPORATED 2,122,936
48,271 SANDISK CORPORATION+<< 2,114,270
42,331 SMITH INTERNATIONAL INCORPORATED<< 2,034,005
191,937 SOLECTRON CORPORATION+ 604,602
17,582 STANLEY WORKS 973,340
21,783 TEREX CORPORATION+<< 1,563,148
175,890,032
--------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.35%
63,348 AON CORPORATION<< 2,404,690
35,396 HUMANA INCORPORATED+ 2,053,676
117,360 MARSH & MCLENNAN COMPANIES INCORPORATED 3,437,474
72,749 UNUMPROVIDENT CORPORATION<< 1,675,409
9,571,249
--------------
INSURANCE CARRIERS - 5.70%
69,367 ACE LIMITED 3,958,081
109,637 AETNA INCORPORATED 4,801,004
104,430 AFLAC INCORPORATED 4,914,476
131,364 ALLSTATE CORPORATION 7,889,722
21,731 AMBAC FINANCIAL GROUP INCORPORATED<< 1,877,341
552,343 AMERICAN INTERNATIONAL GROUP INCORPORATED 37,128,496
86,747 CHUBB CORPORATION 4,482,217
20,694 CIGNA CORPORATION 2,952,206
36,694 CINCINNATI FINANCIAL CORPORATION 1,555,826
93,583 GENWORTH FINANCIAL INCORPORATED 3,269,790
67,985 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 6,498,006
58,769 LINCOLN NATIONAL CORPORATION 3,983,951
95,767 LOEWS CORPORATION 4,350,695
28,606 MBIA INCORPORATED<< 1,873,407
159,799 METLIFE INCORPORATED 10,091,307
17,630 MGIC INVESTMENT CORPORATION<< 1,038,760
56,873 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,404,987
158,060 PROGRESSIVE CORPORATION 3,448,869
99,573 PRUDENTIAL FINANCIAL INCORPORATED 8,987,459
22,413 SAFECO CORPORATION 1,488,896
20,803 TORCHMARK CORPORATION 1,364,469
143,436 TRAVELERS COMPANIES INCORPORATED 7,425,682
287,536 UNITEDHEALTH GROUP INCORPORATED 15,230,782
130,024 WELLPOINT INCORPORATED+ 10,544,946
38,439 XL CAPITAL LIMITED CLASS A 2,689,192
155,250,567
--------------
123
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS - 0.14%
78,591 COACH INCORPORATED+ $ 3,933,480
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.44%
85,699 AGILENT TECHNOLOGIES INCORPORATED+ 2,887,199
38,970 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 1,152,343
11,536 BAUSCH & LOMB INCORPORATED 590,182
51,929 BECTON DICKINSON & COMPANY 3,992,821
251,433 BOSTON SCIENTIFIC CORPORATION+ 3,655,840
21,925 C.R. BARD INCORPORATED 1,743,257
50,531 DANAHER CORPORATION 3,610,440
61,042 EASTMAN KODAK COMPANY<< 1,377,108
11,450 MILLIPORE CORPORATION+<< 829,782
25,865 PERKINELMER INCORPORATED 626,450
33,708 QUEST DIAGNOSTICS INCORPORATED 1,681,018
94,731 RAYTHEON COMPANY 4,969,588
35,173 ROCKWELL AUTOMATION INCORPORATED 2,105,808
17,349 TEKTRONIX INCORPORATED 488,548
40,288 TERADYNE INCORPORATED+ 666,364
89,176 THERMO FISHER SCIENTIFIC INCORPORATED+<< 4,168,978
21,556 WATERS CORPORATION+ 1,250,248
201,476 XEROX CORPORATION+ 3,402,930
39,198,904
--------------
MEDICAL EQUIPMENT & SUPPLIES - 0.59%
244,489 MEDTRONIC INCORPORATED 11,994,630
73,085 ST. JUDE MEDICAL INCORPORATED+ 2,748,727
27,270 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,300,506
16,043,863
--------------
MEDICAL MANAGEMENT SERVICES - 0.07%
33,858 COVENTRY HEALTH CARE INCORPORATED+<< 1,897,741
--------------
MEDICAL PRODUCTS - 0.79%
32,643 ALLERGAN INCORPORATED 3,617,497
137,962 BAXTER INTERNATIONAL INCORPORATED 7,266,459
51,998 BIOMET INCORPORATED 2,209,395
63,304 STRYKER CORPORATION<< 4,198,321
50,352 ZIMMER HOLDINGS INCORPORATED+<< 4,300,564
21,592,236
--------------
METAL MINING - 0.34%
79,580 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 5,267,421
95,741 NEWMONT MINING CORPORATION 4,020,165
9,287,586
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
20,171 VULCAN MATERIALS COMPANY 2,349,518
--------------
124
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.65%
34,151 HASBRO INCORPORATED $ 977,402
83,474 MATTEL INCORPORATED 2,301,378
28,735 TIFFANY & COMPANY<< 1,306,868
419,786 TYCO INTERNATIONAL LIMITED 13,244,248
17,829,896
-------------
MISCELLANEOUS RETAIL - 1.43%
66,030 AMAZON.COM INCORPORATED+ 2,627,334
96,030 COSTCO WHOLESALE CORPORATION 5,170,255
327,013 CVS CORPORATION<< 11,164,224
12,924 DILLARD'S INCORPORATED CLASS A 423,003
28,796 EXPRESS SCRIPTS INCORPORATED+ 2,324,413
58,701 OFFICE DEPOT INCORPORATED+ 2,062,753
15,919 OFFICEMAX INCORPORATED 839,568
28,916 RADIOSHACK CORPORATION<< 781,599
152,226 STAPLES INCORPORATED 3,933,520
212,486 WALGREEN COMPANY 9,750,983
39,077,652
-------------
MOTION PICTURES - 1.56%
498,127 NEWS CORPORATION CLASS A 11,516,696
810,085 TIME WARNER INCORPORATED 15,974,876
434,902 WALT DISNEY COMPANY 14,973,676
42,465,248
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.84%
65,204 FEDEX CORPORATION 7,004,866
226,419 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 15,871,972
22,876,838
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.86%
253,146 AMERICAN EXPRESS COMPANY 14,277,434
87,173 CAPITAL ONE FINANCIAL CORPORATION<< 6,578,075
41,081 CIT GROUP INCORPORATED 2,174,007
125,225 COUNTRYWIDE FINANCIAL CORPORATION<< 4,212,569
205,496 FANNIE MAE 11,215,972
147,131 FREDDIE MAC<< 8,752,823
87,148 SLM CORPORATION 3,564,353
50,775,233
-------------
OIL & GAS EXTRACTION - 2.78%
98,320 ANADARKO PETROLEUM CORPORATION 4,225,794
70,265 APACHE CORPORATION 4,967,736
62,256 BJ SERVICES COMPANY 1,736,942
86,932 CHESAPEAKE ENERGY CORPORATION 2,684,460
94,363 DEVON ENERGY CORPORATION 6,531,807
32,034 ENSCO INTERNATIONAL INCORPORATED<< 1,742,650
125
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
51,803 EOG RESOURCES INCORPORATED $ 3,695,626
212,134 HALLIBURTON COMPANY<< 6,733,133
59,125 NABORS INDUSTRIES LIMITED+<< 1,754,239
28,556 NOBLE CORPORATION 2,246,786
177,937 OCCIDENTAL PETROLEUM CORPORATION 8,774,073
23,460 ROWAN COMPANIES INCORPORATED<< 761,746
250,217 SCHLUMBERGER LIMITED 17,289,995
62,200 TRANSOCEAN INCORPORATED+ 5,081,740
71,794 WEATHERFORD INTERNATIONAL LIMITED+<< 3,237,909
78,121 XTO ENERGY INCORPORATED 4,281,812
75,746,448
-------------
PAPER & ALLIED PRODUCTS - 0.28%
22,205 BEMIS COMPANY INCORPORATED 741,425
96,089 INTERNATIONAL PAPER COMPANY<< 3,497,640
38,739 MEADWESTVACO CORPORATION 1,194,711
28,212 PACTIV CORPORATION+ 951,873
22,324 TEMPLE-INLAND INCORPORATED 1,333,636
7,719,285
-------------
PERSONAL SERVICES - 0.09%
28,821 CINTAS CORPORATION 1,040,438
68,428 H & R BLOCK INCORPORATED 1,439,725
2,480,163
-------------
PETROLEUM REFINING & RELATED INDUSTRIES - 6.32%
11,835 ASHLAND INCORPORATED 776,376
458,119 CHEVRON CORPORATION 33,882,481
349,059 CONOCOPHILLIPS 23,858,183
1,208,767 EXXON MOBIL CORPORATION<< 91,201,470
57,361 HESS CORPORATION 3,181,815
73,430 MARATHON OIL CORPORATION 7,257,087
39,837 MURPHY OIL CORPORATION 2,127,296
25,761 SUNOCO INCORPORATED 1,814,605
128,259 VALERO ENERGY CORPORATION<< 8,271,423
172,370,736
-------------
PRIMARY METAL INDUSTRIES - 0.56%
184,611 ALCOA INCORPORATED 6,258,313
21,652 ALLEGHENY TECHNOLOGIES INCORPORATED<< 2,310,052
63,933 NUCOR CORPORATION 4,163,956
25,156 UNITED STATES STEEL CORPORATION<< 2,494,721
15,227,042
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.87%
156,694 CBS CORPORATION CLASS B<< 4,793,269
13,871 DOW JONES & COMPANY INCORPORATED<< 478,133
17,721 E.W. SCRIPPS COMPANY CLASS A 791,774
49,855 GANNETT COMPANY INCORPORATED 2,806,338
126
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (CONTINUED)
75,356 MCGRAW-HILL COMPANIES INCORPORATED $ 4,738,385
8,264 MEREDITH CORPORATION 474,271
30,556 NEW YORK TIMES COMPANY CLASS A<< 718,372
46,368 RR DONNELLEY & SONS COMPANY<< 1,696,605
37,737 TRIBUNE COMPANY<< 1,211,735
146,952 VIACOM INCORPORATED CLASS B+<< 6,041,197
23,750,079
-------------
RAILROAD TRANSPORTATION - 0.73%
76,210 BURLINGTON NORTHERN SANTA FE CORPORATION 6,129,570
92,735 CSX CORPORATION<< 3,714,037
84,284 NORFOLK SOUTHERN CORPORATION 4,264,770
57,483 UNION PACIFIC CORPORATION 5,837,399
19,945,776
-------------
REAL ESTATE - 0.10%
39,657 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 1,355,476
46,203 REALOGY CORPORATION+ 1,368,071
2,723,547
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.08%
34,255 SEALED AIR CORPORATION<< 1,082,458
38,270 THE GOODYEAR TIRE & RUBBER COMPANY+ 1,193,641
2,276,099
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.15%
50,785 AMERIPRISE FINANCIAL INCORPORATED 2,901,855
25,428 BEAR STEARNS COMPANIES INCORPORATED 3,823,100
218,057 CHARLES SCHWAB CORPORATION 3,988,263
7,398 CHICAGO MERCANTILE EXCHANGE HOLDINGS INCORPORATED<< 3,939,139
90,691 E*TRADE FINANCIAL CORPORATION+ 1,924,463
18,908 FEDERATED INVESTORS INCORPORATED CLASS B 694,302
35,543 FRANKLIN RESOURCES INCORPORATED 4,294,661
87,336 GOLDMAN SACHS GROUP INCORPORATED 18,046,238
27,920 LEGG MASON INCORPORATED 2,630,343
111,693 LEHMAN BROTHERS HOLDINGS INCORPORATED 7,826,329
187,753 MERRILL LYNCH & COMPANY INCORPORATED 15,333,788
226,018 MORGAN STANLEY 17,801,178
56,327 T. ROWE PRICE GROUP INCORPORATED 2,658,071
85,861,730
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.28%
333,263 CORNING INCORPORATED+ 7,578,401
-------------
TOBACCO PRODUCTS - 1.59%
445,552 ALTRIA GROUP INCORPORATED 39,123,921
36,403 REYNOLDS AMERICAN INCORPORATED<< 2,271,911
34,101 UST INCORPORATED<< 1,977,176
43,373,008
-------------
127
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.09%
167,392 SOUTHWEST AIRLINES COMPANY $ 2,460,662
-------------
TRANSPORTATION EQUIPMENT - 3.02%
167,569 BOEING COMPANY 14,898,560
19,262 BRUNSWICK CORPORATION<< 613,495
401,805 FORD MOTOR COMPANY<< 3,170,241
86,140 GENERAL DYNAMICS CORPORATION 6,581,096
120,085 GENERAL MOTORS CORPORATION<< 3,679,404
36,197 GENUINE PARTS COMPANY 1,773,653
26,618 GOODRICH CORPORATION 1,370,295
54,681 HARLEY-DAVIDSON INCORPORATED 3,212,509
169,833 HONEYWELL INTERNATIONAL INCORPORATED 7,822,508
38,596 ITT CORPORATION 2,328,111
41,717 JOHNSON CONTROLS INCORPORATED<< 3,947,263
75,345 LOCKHEED MARTIN CORPORATION 7,309,972
74,364 NORTHROP GRUMMAN CORPORATION 5,519,296
52,708 PACCAR INCORPORATED 3,868,767
26,598 TEXTRON INCORPORATED 2,388,500
211,415 UNITED TECHNOLOGIES CORPORATION 13,741,975
82,225,645
-------------
TRANSPORTATION SERVICES - 0.06%
36,750 CH ROBINSON WORLDWIDE INCORPORATED 1,754,813
-------------
TRAVEL & RECREATION - 0.20%
93,927 CARNIVAL CORPORATION 4,401,419
28,407 SABRE HOLDINGS CORPORATION 930,329
5,331,748
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.68%
40,225 AMERISOURCEBERGEN CORPORATION 2,121,869
16,731 BROWN-FORMAN CORPORATION CLASS B 1,096,884
27,377 DEAN FOODS COMPANY+ 1,279,601
62,715 MCKESSON CORPORATION 3,671,336
40,126 NIKE INCORPORATED CLASS B<< 4,263,789
44,120 SUPERVALU INCORPORATED 1,723,768
130,992 SYSCO CORPORATION 4,431,459
18,588,706
-------------
WHOLESALE TRADE-DURABLE GOODS - 0.33%
96,909 KIMBERLY-CLARK CORPORATION 6,637,297
29,540 PATTERSON COMPANIES INCORPORATED+<< 1,048,375
15,203 W.W. GRAINGER INCORPORATED 1,174,269
8,859,941
-------------
TOTAL COMMON STOCKS (COST $2,062,457,889) 2,699,738,673
-------------
128
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RIGHTS - 0.00%
32,300 SEAGATE TECHNOLOGY RIGHTS+(a) $ 0
TOTAL RIGHTS (COST $0) 0
--------------
COLLATERAL FOR SECURITIES LENDING - 15.27%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.39%
10,690,480 SCUDDER DAILY ASSETS MONEY MARKET FUND 10,690,480
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 14.88%
$ 1,191,330 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 1,191,485
6,098,947 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 6,101,753
1,158,237 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 1,154,693
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 3,309,283
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 3,309,415
3,309,250 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 3,309,581
9,927,749 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 9,928,544
5,294,800 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $5,297,222) 5.49 04/02/2007 5,294,800
7,280,350 BUCKINGHAM II CDO LLC 5.32 04/26/2007 7,254,868
1,588,440 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 1,574,795
2,647,400 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,621,958
2,647,400 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 2,635,460
3,309,250 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 3,284,695
1,323,700 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 1,311,562
3,441,620 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 3,401,559
6,618,500 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 6,554,896
3,784,193 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 3,759,975
315,967 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 315,462
4,389,389 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 4,358,093
2,515,030 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,488,295
1,814,396 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 1,795,653
480,106 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 475,074
150,240 CHEYNE FINANCE LLC 5.26 04/18/2007 149,890
1,323,700 CHEYNE FINANCE LLC 5.31 06/19/2007 1,308,676
590,370 CHEYNE FINANCE LLC 5.32 05/14/2007 586,763
8,604,050 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 8,601,554
3,309,250 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 3,309,614
1,323,700 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,324,534
1,414,373 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 1,415,717
1,459,379 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 1,461,160
46,329,498 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $46,350,693) 5.49 04/02/2007 46,329,498
661,850 COMERICA BANK+/- 5.32 02/08/2008 659,203
7,360,963 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 7,352,351
2,978,325 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 2,973,976
3,971,100 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 3,960,696
3,309,250 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 3,308,224
6,618,500 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 6,618,367
129
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$10,653,137 DEER VALLEY FUNDING LLC++ 5.29% 04/19/2007 $ 10,626,717
4,963,875 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 4,932,801
1,864,564 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 1,862,121
1,985,550 DEER VALLEY FUNDING LLC 5.34 05/07/2007 1,975,443
40,996,288 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $41,015,044) 5.49 04/02/2007 40,996,288
6,618,500 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 6,619,426
863,317 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 851,403
4,104,926 FOX TROT CDO LIMITED++ 5.31 04/24/2007 4,091,749
1,653,963 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 1,654,509
2,647,400 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 2,636,598
6,618,500 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 6,617,507
3,309,250 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 3,309,151
264,740 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 264,761
179,758 HUDSON-THAMES LLC++ 5.26 04/04/2007 179,706
992,510 HUDSON-THAMES LLC 5.29 04/30/2007 988,461
4,632,950 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 4,633,691
8,604,050 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 8,604,050
3,309,250 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 3,309,415
794,220 K2 (USA) LLC+++/- 5.30 07/16/2007 794,299
1,323,700 K2 (USA) LLC+++/- 5.33 09/28/2007 1,323,700
13,236,999 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 13,217,673
402,670 KESTREL FUNDING US LLC 5.29 05/21/2007 399,798
4,276,610 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 4,262,882
1,654,625 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 1,654,675
4,996,570 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 4,978,333
463,295 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 462,554
2,793,007 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 2,794,375
3,309,250 MORGAN STANLEY+/- 5.36 07/12/2007 3,309,250
4,859,302 MORGAN STANLEY+/- 5.48 07/27/2007 4,861,003
3,309,250 MORGAN STANLEY+/- 5.51 08/07/2007 3,309,250
29,121,399 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $29,134,722) 5.49 04/02/2007 29,121,399
612,211 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 612,248
529,480 NATIONAL CITY BANK+/- 5.46 09/04/2007 529,533
3,794,386 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 3,796,359
2,470,686 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 2,457,369
6,618,500 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 6,619,095
1,911,909 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 1,911,909
661,850 PICAROS FUNDING PLC++ 5.29 06/22/2007 654,047
3,772,545 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 3,777,826
3,309,250 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 3,309,250
2,515,030 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 2,515,030
535,437 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 535,539
1,664,023 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 1,653,606
4,632,950 SAINT GERMAIN FUNDING 5.31 04/19/2007 4,621,460
3,044,510 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 3,044,510
529,480 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 518,732
2,647,400 SLM CORPORATION+++/-SS. 5.32 05/12/2008 2,647,665
264,740 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 264,200
130
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 2,509,735 STANFIELD VICTORIA FUNDING LLC++ 5.31% 04/25/2007 $ 2,501,327
2,351,685 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 2,351,003
765,231 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 765,216
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 3,309,515
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 3,309,614
397,110 VERSAILLES CDS LLC++ 5.33 04/16/2007 396,300
6,618,500 VETRA FINANCE CORPORATION 5.31 06/12/2007 6,550,131
2,993,283 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 2,984,123
794,220 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 794,220
2,316,475 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 2,311,077
1,323,700 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,320,415
405,496,429
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $416,186,909) 416,186,909
--------------
SHARES
SHORT-TERM INVESTMENTS - 0.99%
25,375,468 WELLS FARGO ADVANTAGE MONEY MARKET TRUST+++~ 25,375,468
--------------
PRINCIPAL
US TREASURY BILLS - 0.06%
$ 185,000 US TREASURY BILL^ 4.94 05/10/2007 184,026
530,000 US TREASURY BILL^ 4.96 05/10/2007 527,208
850,000 US TREASURY BILL^ 4.93 08/09/2007 835,161
1,546,395
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $26,921,712) 26,921,863
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,505,566,510)* 115.28% $3,142,847,445
OTHER ASSETS AND LIABILITIES, NET (15.28) (416,542,616)
------ --------------
TOTAL NET ASSETS 100.00% $2,726,304,829
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $41,240,718.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES
ACT OF 1933, AS AMENDED.
+/- VARIABLE RATE INVESTMENTS.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
131
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.25%
AUSTRALIA - 4.67%
203,002 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 1,185,879
61,000 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,251,153
57,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 1,454,586
42,690 RIO TINTO LIMITED (METAL MINING) 2,722,139
26,258 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 838,980
7,452,737
------------
AUSTRIA - 0.53%
33,800 TELEKOM AUSTRIA AG (COMMUNICATIONS) 844,786
------------
BELGIUM - 2.45%
21,000 BELGACOM SA (COMMUNICATIONS) 932,754
15,300 DELHAIZE GROUP (FOOD STORES) 1,406,368
34,206 FORTIS (DEPOSITORY INSTITUTIONS) 1,562,275
3,901,397
------------
FINLAND - 1.01%
20,161 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,065,159
23,729 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 546,161
1,611,320
------------
FRANCE - 12.01%
11,100 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 1,440,528
39,344 AXA SA (INSURANCE CARRIERS) 1,668,193
20,700 BOUYGUES SA (ENGINEERING CONSTRUCTION) 1,599,667
18,774 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,429,261
15,300 CARREFOUR SA (FOOD STORES) 1,119,004
13,713 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,514,385
16,204 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 1,797,703
32,086 PUBLICIS GROUPE (COMMUNICATIONS) 1,549,887
18,176 TECHNIP SA (OIL & GAS EXTRACTION) 1,333,475
62,600 TOTAL SA (OIL & GAS EXTRACTION) 4,386,072
32,400 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 1,316,619
19,154,794
------------
GERMANY - 8.48%
8,400 ALLIANZ AG (INSURANCE CARRIERS) 1,724,795
46,721 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 2,067,085
23,400 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 1,919,288
11,900 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 1,617,951
10,300 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 1,498,652
34,252 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 948,051
27,500 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 1,013,906
24,000 METRO AG (FOOD STORES) 1,699,515
9,700 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 1,036,875
13,526,118
------------
132
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GREECE - 0.93%
46,924 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) $ 1,485,591
------------
HONG KONG - 6.24%
188,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 2,379,625
197,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 1,791,368
2,479,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 1,323,022
478,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 1,336,699
149,940 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 1,734,764
221,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 1,381,692
9,947,170
------------
ITALY - 2.40%
76,142 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 2,477,750
142,500 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 1,356,300
3,834,050
------------
JAPAN - 21.96%
47,300 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 943,271
177,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 1,320,290
76,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 1,246,673
261 EAST JAPAN RAILWAY COMPANY (RAILROADS) 2,033,248
17,800 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,657,043
254,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,692,040
36 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 311,609
83,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,429,990
5,200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,173,354
77,800 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,637,339
141 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,591,395
116,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,165,648
62,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 1,820,434
18,500 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,350,136
65,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,340,377
98,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 795,044
248,500 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,663,404
80,200 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,670,833
53,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,428,437
49,800 SONY CORPORATION (ELECTRONIC) 2,531,415
317,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 1,638,264
151,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 1,574,839
35,015,083
------------
133
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NETHERLANDS - 5.85%
23,173 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) $ 1,759,822
30,352 ARCELOR MITTAL NV (BASIC MATERIALS) 1,612,497
65,100 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 1,607,955
46,300 ING GROEP NV (FINANCIAL SERVICES) 1,957,540
61,500 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 957,921
47,500 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,425,146
9,320,881
------------
NORWAY - 1.15%
67,232 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,830,593
------------
RUSSIA - 0.49%
9,100 LUKOIL ADR (OIL & GAS EXTRACTION) 787,150
------------
SINGAPORE - 2.46%
530,000 CAPITALAND LIMITED (REAL ESTATE) 2,794,714
82,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,135,023
3,929,737
------------
SPAIN - 1.11%
17,148 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 421,032
53,179 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,340,504
1,761,536
------------
SWEDEN - 2.38%
47,100 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 1,048,870
34,350 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 1,202,752
420,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,545,798
3,797,420
------------
SWITZERLAND - 7.46%
19,900 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,993,030
53,100 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,045,772
18,900 ROCHE HOLDING AG (MEDICAL PRODUCTS) 3,344,032
31,000 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,841,913
5,800 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 1,674,155
11,898,902
------------
TAIWAN - 0.59%
88,100 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 947,075
------------
TURKEY - 0.74%
89,200 TURKCELL ILETISIM HIZMETLERI AS ADR (COMMUNICATIONS) 1,181,900
------------
UNITED KINGDOM - 16.34%
129,000 AVIVA PLC (INSURANCE CARRIERS) 1,900,082
175,570 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 1,589,275
168,000 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 2,383,611
52,331 BHP BILLITON PLC (COAL MINING) 1,166,755
134
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
111,600 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) $ 1,238,609
91,000 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,354,694
66,930 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,839,959
644,760 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 2,017,373
102,839 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,613,910
165,504 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 1,609,704
9,797,836 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 19,763
49,500 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 1,647,175
110,536 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 1,308,369
73,245 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,481,706
1,171,625 VODAFONE GROUP PLC (COMMUNICATIONS) 3,124,056
33,499 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 785,117
83,600 YELL GROUP PLC (COMMUNICATIONS) 983,779
26,063,937
------------
TOTAL COMMON STOCKS (COST $123,810,660) 158,292,177
------------
COLLATERAL FOR SECURITIES LENDING - 3.35%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 3.35%
5,336,062 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 5,336,062
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,336,062)
5,336,062
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $129,146,722)* 102.60% $163,628,239
OTHER ASSETS AND LIABILITIES, NET (2.60) (4,141,389)
------ ------------
TOTAL NET ASSETS 100.00% $159,486,850
====== ============
+ NON-INCOME EARNING SECURITIES.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
135
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.20%
AUSTRALIA - 2.08%
399,307 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) $ 6,413,132
------------
AUSTRIA - 0.98%
42,585 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 3,020,697
------------
BELGIUM - 1.95%
37,660 DEXIA SA (DEPOSITORY INSTITUTIONS) 1,123,879
106,067 FORTIS NA (DEPOSITORY INSTITUTIONS) 4,842,931
187 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 33,249
6,000,059
------------
BRAZIL - 0.28%
241,881 VIVO PARTICIPACOES SA ADR (COMMUNICATIONS) 849,002
------------
CANADA - 0.93%
119,800 NORTEL NETWORKS CORPORATION ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 2,881,190
------------
CHINA - 1.45%
2,333,300 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 1,334,850
1,096,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 3,149,063
4,483,913
------------
DENMARK - 0.29%
86 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) 897,351
------------
FINLAND - 2.12%
223,500 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 6,517,593
------------
FRANCE - 11.06%
29,074 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 3,773,146
96,454 BOUYGUES SA (ENGINEERING CONSTRUCTION) 7,453,832
71,241 CARREFOUR SA (FOOD STORES) 5,210,389
60,266 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 5,052,558
41,428 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 4,596,101
49,260 TECHNIP SA (OIL & GAS EXTRACTION) 3,613,940
28,270 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 4,381,418
34,081,384
------------
GERMANY - 9.63%
37,248 ALLIANZ AG (INSURANCE CARRIERS) 7,648,232
15,778 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 930,969
37,404 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 3,067,908
119,893 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,629,190
19,336 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 2,628,967
43,109 FRAPORT AG (TRANSPORTATION SERVICES) 3,148,853
22,857 IVG IMMOBILIEN AG (REAL ESTATE) 1,094,622
5,767 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 621,313
31,199 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 3,300,403
136
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (CONTINUED)
27,822 UNITED INTERNET AG (COMMUNICATIONS) $ 540,763
17,671 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS)+ 3,068,743
29,679,963
------------
HONG KONG - 10.37%
79,600 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 463,022
739,400 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 3,113,363
386,900 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 3,518,173
932,000 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED (COMMUNICATIONS) 2,433,327
341,000 CHINA RESOURCES ENTERPRISE LIMITED (MISCELLANEOUS RETAIL) 1,139,067
1,159,000 CHINA RESOURCES LAND LIMITED (REAL ESTATE) 1,397,297
3,582,200 CHINA UNICOM LIMITED (BUSINESS SERVICES) 5,162,292
164,000 DENWAY MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 71,574
372,000 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 3,577,884
526,000 MTR CORPORATION (RAILROAD TRANSPORTATION) 1,316,767
724,129 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 1,946,210
349,900 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 4,048,245
324,294 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 3,639,929
40,800 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 133,154
31,960,304
------------
ITALY - 3.69%
316,050 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 2,400,171
134,894 HERA SPA (ELECTRIC, GAS & SANITARY SERVICES) 567,622
98,855 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 2,201,356
404,917 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 1,001,217
545,139 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 5,188,575
11,358,941
------------
JAPAN - 12.69%
111,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 2,814,613
175,000 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 5,762,050
997 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 4,898,702
4,333 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS)+ 3,640,249
4,800 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,083,096
61,300 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 537,363
89,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 2,922,862
1,007,300 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,513,600
80,200 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 2,354,820
199 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 1,281,746
383 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,946,852
20,500 ORIX CORPORATION (MISCELLANEOUS RETAIL) 5,340,716
39,096,669
------------
LUXEMBOURG - 0.53%
13,605 RTL GROUP SA (COMMUNICATIONS) 1,635,675
------------
137
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEXICO - 2.25%
155,400 GRUPO TELEVISA SA ADR (COMMUNICATIONS) $ 4,630,920
537,300 WALMART DE MEXICO SA DE CV (GENERAL MERCHANDISE STORES) 2,294,109
6,925,029
------------
NETHERLANDS - 3.06%
195,420 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 4,826,829
12,000 ASML HOLDING NV NEW YORK REGISTERED SHARES (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 297,000
82,259 ING GROEP NV (FINANCIAL SERVICES) 3,477,868
27,938 UNILEVER NV (FOOD & KINDRED PRODUCTS) 813,594
9,415,291
------------
NORWAY - 1.34%
44,400 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 1,004,393
189,100 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)+ 3,111,067
4,115,460
------------
PORTUGAL - 0.09%
119,047 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 268,758
------------
RUSSIA - 3.60%
59,981 LUKOIL ADR (OIL & GAS EXTRACTION) 5,182,358
16,850 NOVATEK OAO GDR (OIL & GAS EXTRACTION)+ 977,300
31,453 RAO UNIFIED ENERGY SYSTEM GDR (ELECTRIC, GAS & SANITARY SERVICES) 4,285,471
18,796 TMK OAO GDR (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT)+ 631,546
11,076,675
------------
SINGAPORE - 1.05%
294,500 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 3,222,292
------------
SOUTH AFRICA - 0.55%
125,590 MTN GROUP LIMITED (COMMUNICATIONS) 1,705,233
------------
SOUTH KOREA - 5.46%
74,868 HANA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 3,875,501
68,623 KOOKMIN BANK (FINANCIAL SERVICES) 6,156,230
19,210 NHN CORPORATION (BUSINESS SERVICES)+ 2,817,793
69,145 SHINHAN FINANCIAL GROUP COMPANY LIMITED (FINANCIAL SERVICES) 3,968,782
16,818,306
------------
SPAIN - 2.20%
2,864 BOLSAS Y MERCADOS ESPANOLES SA (BUSINESS SERVICES) 140,371
93,425 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 3,382,115
52,487 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 3,262,427
6,784,913
------------
138
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND - 11.44%
53,505 ADECCO SA (BUSINESS SERVICES) $ 3,397,038
19,094 NESTLE SA (FOOD & KINDRED PRODUCTS) 7,436,313
59,686 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,423,540
26,206 ROCHE HOLDING AG (MEDICAL PRODUCTS) 4,636,703
4,174 ROCHE HOLDINGS AG - BEARER SHARES (MEDICAL PRODUCTS) 809,622
64,620 SWISS REINSURANCE (INSURANCE CARRIERS) 5,902,827
161,984 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 9,624,528
35,230,571
------------
TAIWAN - 0.57%
163,322 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,755,712
------------
UNITED KINGDOM - 7.54%
191,249 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 2,713,472
119,541 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 1,326,743
231,599 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 2,971,496
28,338 CARNIVAL PLC (WATER TRANSPORTATION) 1,365,680
544,028 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 2,978,841
303,903 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 3,348,990
214,118 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 3,360,275
69,661 VODAFONE GROUP PLC (COMMUNICATIONS) 185,746
818,259 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 4,971,512
23,222,755
------------
TOTAL COMMON STOCKS (COST $233,626,955) 299,416,868
------------
COLLATERAL FOR SECURITIES LENDING - 5.50%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.50%
16,952,435 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 16,952,435
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $16,952,435) 16,952,435
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $250,579,390)* 102.70% $316,369,303
OTHER ASSETS AND LIABILITIES, NET (2.70) (8,323,096)
------ ------------
TOTAL NET ASSETS 100.00% $308,046,207
====== ============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
139
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.94%
AUSTRALIA - 5.75%
4,456 ABC LEARNING (SCHOOLS) $ 26,247
4,702 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 61,365
6,165 ALINTA LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 72,430
14,539 ALUMINA LIMITED (METAL MINING) 85,991
10,707 AMCOR LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 65,406
21,915 AMP LIMITED (INSURANCE CARRIERS) 184,230
1,838 ANSELL LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 17,251
2,926 APN NEWS & MEDIA LIMITED (COMMUNICATIONS) 13,920
4,074 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 54,059
21,495 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 516,531
2,098 AUSTRALIAN STOCK EXCHANGE LIMITED (BUSINESS SERVICES) 74,691
10,709 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 62,559
2,867 BABCOCK & BROWN LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 63,722
40,576 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 981,291
1,354 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 18,295
8,859 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 75,262
6,952 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 46,349
13,462 BRAMBLES LIMITED (BUSINESS SERVICES) 148,242
1,446 CALTEX AUSTRALIA LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 27,915
10,070 CENTRO PROPERTIES GROUP (REAL ESTATE) 70,966
1,104 CENTRO RETAIL GROUP (REAL ESTATE)+ 1,496
16,721 CFS GANDEL RETAIL TRUST (REAL ESTATE) 30,034
484 CFS RETAIL PROPERTY TRUST (REAL ESTATE)+ 842
4,085 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (FINANCE & FINANCIAL SERVICES) 15,766
6,470 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 46,067
684 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 35,818
13,304 COLES MYER LIMITED (MISCELLANEOUS RETAIL) 174,920
15,079 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 613,194
19,747 COMMONWEALTH PROPERTY OFFICE FUND (REAL ESTATE) 21,889
5,623 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 49,363
2,135 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 142,288
10,789 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,767
35,698 DB RREEF TRUST (REAL ESTATE) 49,824
2,855 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 15,754
23,690 FOSTER'S GROUP LIMITED (FOOD & KINDRED PRODUCTS) 131,298
7,653 FUTURIS CORPORATION LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,375
22,670 GENERAL PROPERTY TRUST (REAL ESTATE) 90,611
13,810 GOODMAN FIELDER LIMITED (DURABLE GOODS - CONSUMER) 27,264
4,800 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 18,331
3,120 ILUKA RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 14,869
9,070 ING INDUSTRIAL FUND (REAL ESTATE) 17,319
20,609 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 97,714
19,028 INVESTA PROPERTY GROUP (REAL ESTATE) 37,411
6,056 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 40,963
10,852 JOHN FAIRFAX HOLDINGS LIMITED (COMMUNICATIONS) 43,726
140
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
AUSTRALIA (CONTINUED)
1,729 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) $ 46,892
4,210 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 68,092
3,610 LION NATHAN LIMITED (FOOD & KINDRED PRODUCTS) 25,820
21,151 MACQUAIRE OFFICE TRUST (REAL ESTATE) 25,927
9,210 MACQUARIE AIRPORTS (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 29,733
2,932 MACQUARIE BANK LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 196,307
3,606 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 19,081
16,489 MACQUARIE GOODMAN GROUP (PROPERTIES) 93,256
32,465 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 100,867
8,482 MAYNE GROUP LIMITED (HEALTH SERVICES) 24,912
11,093 MIRVAC GROUP (REAL ESTATE) 47,031
6,348 MULTIPLEX GROUP (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,959
19,037 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 622,275
4,127 NEWCREST MINING LIMITED (METAL MINING) 79,439
7,186 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 30,001
3,904 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 80,064
10,204 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 74,387
6,738 PACIFIC BRANDS LIMITED (GENERAL MERCHANDISE STORES) 16,737
5,600 PALADIN RESOURCES LIMITED (DIVERSIFIED MINING)+ 44,086
5,565 PAPERLINX LIMITED (PAPER & ALLIED PRODUCTS) 18,776
501 PERPETUAL TRUSTEES AUSTRALIA LIMITED (BUSINESS SERVICES) 31,456
1,623 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 26,066
11,728 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 49,818
9,886 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 252,281
10,476 RINKER GROUP LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 152,994
3,340 RIO TINTO LIMITED (METAL MINING) 212,976
7,434 SANTOS LIMITED (OIL & GAS EXTRACTION) 61,051
3,487 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 41,615
17,346 STOCKLAND (REAL ESTATE) 114,383
455 STOCKLAND (REAL ESTATE)+ 3,000
7,927 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 133,405
11,253 SYDNEY ROADS GROUP (TRANSPORTATION)+ 12,291
6,136 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 81,867
13,283 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 55,350
33,527 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 126,411
18,267 TELSTRA CORPORATION LIMITED - INSTALLMENT RECEIPTS (COMMUNICATIONS) 47,443
6,610 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 109,644
9,748 TRANSURBAN GROUP (SOCIAL SERVICES) 61,204
4,419 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 134,972
17,604 WESTFIELD GROUP (PROPERTIES) 292,987
439 WESTFIELD GROUP (PROPERTIES)+ 7,214
21,499 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 458,355
5,582 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 178,353
14,067 WOOLWORTHS LIMITED (FOOD STORES) 309,466
1,914 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 43,036
5,898 ZINIFEX LIMITED (METAL MINING) 75,303
9,166,208
--------------
141
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
AUSTRIA - 0.61%
86 ANDRITZ AG (MACHINE-DIVERSIFIED) $ 21,574
510 BOEHLER-UDDEHOLM AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 49,052
266 BWIN INTERACTIVE ENTERTAINMENT AG (GAMING)+ 12,508
2,167 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 168,765
138 FLUGHAFEN WIEN AG (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,514
3,415 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 51,093
5,231 IMMOFINANZ IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 83,854
53 MAYR-MELNHOF KARTON AG (PAPER & ALLIED PRODUCTS) 11,825
2,178 MEINL EUROPEAN LAND LIMITED (REAL ESTATE)+ 60,575
1,929 OMV AG (OIL & GAS EXTRACTION) 121,498
410 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS)+ 57,716
323 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 15,952
4,383 TELEKOM AUSTRIA AG (COMMUNICATIONS) 109,547
970 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS & SANITARY SERVICES) 43,486
1,092 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 79,210
339 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 24,046
866 WIENERBERGER AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 54,082
978,297
--------------
BELGIUM - 1.24%
1,296 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 29,241
150 BARCO NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 13,854
165 BEKAERT SA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 22,432
2,031 BELGACOM SA (COMMUNICATIONS) 90,211
96 COFINIMMO SA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 19,993
194 COLRUYT SA (FOOD STORES) 44,396
205 COMPAGNIE MARITIME BELGE SA (WATER TRANSPORTATION) 13,610
36 D'IETEREN SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 14,908
902 DELHAIZE GROUP (FOOD STORES) 82,911
6,715 DEXIA SA (DEPOSITORY INSTITUTIONS) 200,394
231 EURONAV SA (WATER TRANSPORTATION) 7,773
13,538 FORTIS (DEPOSITORY INSTITUTIONS) 618,315
860 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 100,626
2,144 INBEV NA (FOOD & KINDRED PRODUCTS) 154,802
2,142 KBC BANK VERZEKERINGS HOLDINGS (DEPOSITORY INSTITUTIONS) 266,423
412 MOBISTAR SA (COMMUNICATIONS) 34,838
239 OMEGA PHARMA SA (CHEMICALS & ALLIED PRODUCTS) 18,409
780 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 119,867
1,796 SUEZ LYONNAISE DES EAUX STRIP (ELECTRIC, GAS & SANITARY SERVICES)+ 24
75 SUEZ SA (ENERGY)+ 3,955
1,178 UCB SA (CHEMICALS & ALLIED PRODUCTS) 68,563
303 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 53,874
1,979,419
--------------
CAYMAN ISLANDS - 0.02%
19,000 HUTCHISON TELECOMMUNICATIONS (TELECOMMUNICATIONS)+ 38,518
--------------
142
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DENMARK - 0.84%
13 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) $ 135,646
138 BANG & OLUFSEN A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 17,096
406 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 44,183
200 CODAN (INSURANCE CARRIERS)+ 18,897
347 COLOPLAST A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,457
638 DANISCO A/S (FOOD & KINDRED PRODUCTS) 50,271
5,728 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 266,490
195 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 34,191
209 EAST ASIATIC COMPANY LIMITED A/S (FOOD & KINDRED PRODUCTS) 10,042
523 FLS INDUSTRIES A/S (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 35,443
2,702 GN STORE NORD A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 38,270
614 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 14,365
720 JYSKE BANK (BUSINESS SERVICES)+ 57,959
232 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 18,634
2,826 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 257,888
556 NOVOZYMES A/S (HEALTH SERVICES) 49,741
760 SYDBANK (DEPOSITORY INSTITUTIONS) 40,877
233 TOPDANMARK A/S (INSURANCE CARRIERS)+ 45,115
257 TRYGVESTA AS (WHOLESALE TRADE-DURABLE GOODS) 21,264
2,148 VESTAS WIND SYSTEMS A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL)+ 120,344
320 WILLIAM DEMANT HOLDING A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL)+ 28,399
1,334,572
--------------
FINLAND - 1.50%
803 AMER GROUP (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 17,603
500 CARGOTEC CORPORATION (TRANSPORTATION SERVICES) 30,197
1,857 ELISA CORPORATION (COMMUNICATIONS) 53,806
5,187 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 151,261
732 KCI KONECRANES OYJ (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 24,544
838 KESKO OYJ (FOOD STORES) 44,699
963 KONE OYJ (BUSINESS SERVICES) 55,020
1,557 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,260
1,497 NESTE OIL OYJ LIMITED (OIL & GAS EXTRACTION) 51,585
47,548 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,094,394
1,380 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 37,791
900 OKO BANK (DEPOSITORY INSTITUTIONS) 15,341
1,353 ORIOLA-KD OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 5,892
1,077 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 25,954
1,238 OUTOKUMPU OYJ (METAL MINING) 42,552
1,000 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 46,608
4,961 SAMPO OYJ (NON-DEPOSITORY CREDIT INSTITUTIONS) 150,568
840 SANOMAWSOY OYJ (MULTI MEDIA)+ 24,922
6,760 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 117,394
1,021 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,733
6,166 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 157,076
730 UPONOR OYJ (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 25,803
143
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINLAND (CONTINUED)
789 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 48,758
1,522 YIT OYJ (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 52,455
2,386,216
--------------
FRANCE - 9.37%
2,356 ACCOR SA (METAL MINING) 225,154
1,346 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 61,403
1,412 AIR LIQUIDE (CHEMICALS & ALLIED PRODUCTS) 344,185
26,974 ALCATEL SA (COMMUNICATIONS) 317,451
1,293 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 167,802
790 ATOS ORIGIN (BUSINESS SERVICES)+ 52,903
19,545 AXA SA (INSURANCE CARRIERS) 828,702
9,720 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,015,251
2,387 BOUYGUES SA (ENGINEERING CONSTRUCTION) 184,464
1,063 BUSINESS OBJECTS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 38,695
1,600 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 121,808
7,004 CARREFOUR SA (FOOD STORES) 512,255
535 CASINO GUICHARD-PERRACHON SA (FOOD STORES) 54,015
1,149 CIE GENERALE D'OPTIQUE ESSILOR INTERNATIONAL SA (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 132,000
555 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 64,635
3,689 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 360,577
1,676 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 185,088
7,701 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 300,287
707 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 38,014
1,137 EURONEXT NV (BUSINESS SERVICES) 135,862
19,778 FRANCE TELECOM SA (COMMUNICATIONS) 522,330
2,300 GAZ DE FRANCE (GAS DISTRIBUTION) 106,737
159 GECINA SA (REAL ESTATE) 29,568
2,772 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 452,872
749 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 103,637
357 IMERYS SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 33,144
231 KLEPIERRE (REAL ESTATE) 44,695
3,364 L'OREAL SA (APPAREL & ACCESSORY STORES) 367,277
1,751 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 275,284
1,415 LAGARDERE SCA (COMMUNICATIONS) 108,952
2,863 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 317,627
858 M6 METROPOLE TELEVISION (COMMUNICATIONS) 31,428
393 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 56,174
1,674 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 36,540
1,057 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 214,327
1,783 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 125,664
774 PPR SA (APPAREL & ACCESSORY STORES) 123,773
1,626 PUBLICIS GROUPE (COMMUNICATIONS) 78,543
2,165 RENAULT SA (TRANSPORTATION EQUIPMENT) 253,204
2,049 SAFRAN SA (NATIONAL SECURITY & INTERNATIONAL AFFAIRS) 50,008
144
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FRANCE (CONTINUED)
11,818 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) $ 1,027,735
2,784 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER 353,416
EQUIPMENT)
163 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 20,032
6 SCOR NON REGROUPE (INSURANCE CARRIERS)+ 17
1,176 SCOR REGROUPE (INSURANCE CARRIERS)+ 31,765
362 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 25,315
225 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (TRANSPORTATION SERVICES) 20,499
4,311 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 745,019
1,474 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) 49,344
1,190 SODEXHO ALLIANCE SA (FOOD & KINDRED PRODUCTS) 87,129
11,753 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 619,843
1,243 TECHNIP SA (OIL & GAS EXTRACTION) 91,192
1,026 THALES SA (TRANSPORTATION BY AIR) 59,565
3,195 THOMSON (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 61,502
25,332 TOTAL SA (OIL & GAS EXTRACTION) 1,774,888
537 UNIBAIL (REAL ESTATE) 162,752
812 VALEO SA (TRANSPORTATION EQUIPMENT) 47,629
488 VALLOUREC (HEALTH SERVICES) 124,890
3,337 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 248,116
2,155 VINCI SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 333,992
13,332 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 541,764
521 ZODIAC SA (TRANSPORTATION BY AIR) 37,499
14,936,238
--------------
GERMANY - 7.27%
2,373 ADIDAS-SALOMON AG (APPAREL & ACCESSORY STORES) 129,746
5,016 ALLIANZ AG (INSURANCE CARRIERS) 1,029,949
898 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 58,324
5,641 BASF AG (CHEMICALS & ALLIED PRODUCTS) 635,092
8,488 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 542,441
616 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 42,008
442 BILFINGER BERGER AG (BUILDING & CONSTRUCTION) 40,221
1,070 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 67,237
7,298 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 322,887
1,535 CONTINENTAL AG (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 198,408
10,711 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 878,525
6,071 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 817,804
1,192 DEUTSCHE BOERSE AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 273,084
2,891 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 78,513
959 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 83,616
32,723 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 541,165
392 DOUGLAS HOLDING AG (APPAREL & ACCESSORY STORES) 23,014
7,229 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 982,871
736 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 107,088
737 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 33,769
694 HENKEL KGAA (APPAREL & ACCESSORY STORES) 102,600
525 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 53,230
1,567 HYPO REAL ESTATE HOLDING AG (DEPOSITORY INSTITUTIONS) 99,933
145
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (CONTINUED)
8,739 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ $ 136,001
1,085 IVG IMMOBILIEN AG (REAL ESTATE) 51,961
830 KARSTADTQUELLE AG (GENERAL MERCHANDISE STORES)+ 30,602
1,284 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 138,333
1,483 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 172,550
716 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 92,318
1,894 METRO AG (FOOD STORES) 134,120
745 MLP AG (HOLDING & OTHER INVESTMENT OFFICES) 18,670
2,415 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 408,452
92 PORSCHE AG (TRANSPORTATION EQUIPMENT) 140,562
755 PREMIERE AG (ENTERTAINMENT)+ 16,440
1,093 PROSIEBENSAT.1 MEDIA AG (COMMUNICATIONS) 38,590
150 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 54,845
432 RHEINMETALL BERLIN (MACHINERY)+ 40,050
5,200 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 550,085
489 RWE AG NON-VOTING PREFERRED (ELECTRIC, GAS & SANITARY SERVICES) 48,568
492 SALZGITTER AG (STEEL PRODUCERS, PRODUCTS) 71,849
10,367 SAP AG (BUSINESS SERVICES) 462,131
9,825 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 1,050,236
436 SOLARWORLD AG (ENERGY)+ 33,857
815 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 15,569
4,210 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 208,309
2,537 TUI AG (TRANSPORTATION BY AIR) 62,731
1,993 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 299,513
1,230 VOLKSWAGEN AG PREFERRED (TRANSPORTATION EQUIPMENT) 126,567
422 WINCOR NIXDORF AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 39,326
11,583,760
-------------
GREECE - 0.65%
4,649 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 147,185
1,250 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 52,599
1,250 COSMOTE MOBILE COMMUNICATIONS SA (COMMUNICATIONS) 37,437
2,690 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS) 109,959
200 FOLLIE SA (APPAREL & ACCESSORY STORES) 7,000
1,260 HELLENIC PETROLEUM SA (OIL & GAS EXTRACTION) 17,976
1,700 HELLENIC TECHNODOMIKI TEV SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 24,980
3,720 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 101,772
1,610 INTRACOM SA (COMMUNICATIONS) 8,603
558 MOTOR OIL (HELLAS) CORINTH REFINERIES SA (PETROLEUM REFINING & RELATED INDUSTRIES) 15,519
4,444 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 235,679
2,610 OPAP SA (AMUSEMENT & RECREATION SERVICES) 100,134
2,675 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS) 92,908
1,400 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 34,262
1,510 TECHNICAL OLYMPIC SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 3,167
710 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 38,317
980 VIOHALCO SA (BUSINESS SERVICES) 15,107
1,042,604
-------------
146
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG - 1.66%
2,500 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) $ 14,750
17,219 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 100,160
43,500 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 105,444
13,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 33,076
18,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 227,836
6,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 20,887
21,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 153,331
12,000 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 140,756
25,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 76,310
18,000 GIORDANO INTERNATIONAL LIMITED (APPAREL & ACCESSORY STORES) 8,754
21,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 58,725
8,900 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 126,435
9,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 52,582
42,000 HONG KONG & CHINA GAS COMPANY LIMITED (OIL & GAS EXTRACTION) 93,853
12,000 HONG KONG EXCHANGES & CLEARING LIMITED (BUSINESS SERVICES) 116,951
16,000 HONGKONG ELECTRIC HOLDINGS (ELECTRIC, GAS & SANITARY SERVICES) 82,114
8,000 HOPEWELL HOLDINGS (REAL ESTATE) 31,126
25,000 HUTCHISON WHAMPOA (DIVERSIFIED OPERATIONS) 240,449
8,159 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 22,190
22,500 JOHNSON ELECTRIC HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 14,945
6,244 KERRY PROPERTIES LIMITED (REAL ESTATE) 32,085
6,000 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS & ALLIED PRODUCTS) 25,226
24,200 LI & FUNG LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 76,036
27,000 LINK REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 64,964
10,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED (DIVERSIFIED OPERATIONS) 17,994
17,192 MTR CORPORATION (RAILROAD TRANSPORTATION) 43,038
32,546 NEW WORLD DEVELOPMENT LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 73,810
2,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 20,442
48,000 PCCW LIMITED (COMMUNICATIONS) 28,812
12,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 29,702
12,000 SHUN TAK HOLDINGS LIMITED (REAL ESTATE) 15,942
16,833 SINO LAND COMPANY (REAL ESTATE) 36,236
32,000 SOLOMON SYSTECH LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 5,037
16,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 185,116
11,000 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 123,466
14,000 TECHTRONIC INDUSTRIES COMPANY (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 16,878
4,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 25,008
12,000 TEXWINCA HOLDINGS LIMITED (TEXTILE MILL PRODUCTS) 8,094
15,000 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) 55,673
2,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 24,624
6,500 YUE YUEN INDUSTRIAL HOLDINGS (APPAREL & ACCESSORY STORES) 22,045
2,650,902
-------------
IRELAND - 0.89%
10,287 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 305,069
11,406 BANK OF IRELAND (DEPOSITORY INSTITUTIONS) 246,072
5,901 BLACKROCK INTERNATIONAL LAND (REAL ESTATE)+ 3,153
3,873 C&C GROUP PLC (EATING & DRINKING PLACES) 58,825
147
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
IRELAND (CONTINUED)
6,319 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) $ 270,118
1,054 DCC PLC (BUSINESS SERVICES) 37,114
4,126 DEPFA BANK PLC (DEPOSITORY INSTITUTIONS) 73,691
5,449 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 69,879
5,901 FYFFES PLC (WHOLESALE TRADE NON-DURABLE GOODS) 8,986
2,819 GRAFTON GROUP PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 42,365
1,989 GREENCORE GROUP PLC (FOOD & KINDRED PRODUCTS) 12,222
7,451 INDEPENDENT NEWS & MEDIA PLC (COMMUNICATIONS) 33,841
3,209 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 88,092
1,603 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 44,540
1,565 KINGSPAN GROUP PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,498
1,332 LAWS GROUP PLC (AGRICULTURAL PRODUCTION CROPS) 30,961
591 PADDY POWER PLC (AMUSEMENT & RECREATION SERVICES) 15,640
624 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 27,949
5,901 TOTAL PRODUCE PLC (WHOLESALE TRADE NON-DURABLE GOODS)+ 6,543
1,416,558
-------------
ITALY - 3.70%
5,294 ALLEANZA ASSICURAZIONI SPA (INSURANCE CARRIERS) 67,573
1,559 ARNOLDO MONDADORI EDITORE SPA (COMMUNICATIONS) 16,286
11,199 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 476,330
1,355 AUTOGRILL SPA (EATING & DRINKING PLACES) 25,956
3,345 AUTOSTRADE SPA (SOCIAL SERVICES) 107,242
10,900 BANCA INTESA RNC SPA (DEPOSITORY INSTITUTIONS) 81,540
82,070 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 623,262
12,879 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 80,688
5,099 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 78,945
4,027 BANCHE POPOLARI UNITE SPA (DEPOSITORY INSTITUTIONS) 119,155
4,387 BANCO POPOLARE DI VERONA E NOVARA SCRL (DEPOSITORY INSTITUTIONS) 136,253
793 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 12,839
1,997 BULGARI SPA (APPAREL & ACCESSORY STORES) 28,838
19,720 CAPITALIA SPA (DEPOSITORY INSTITUTIONS) 178,209
50,504 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 540,399
30,219 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 983,362
6,384 FIAT SPA (TRANSPORTATION EQUIPMENT)+ 160,924
3,474 FINMECCANICA SPA (TRANSPORTATION BY AIR) 104,458
2,262 GRUPPO EDITORIALE L'ESPRESSO SPA (COMMUNICATIONS) 12,057
931 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 27,883
759 LOTTOMATICA SPA (AMUSEMENT & RECREATION SERVICES)+ 30,235
1,613 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 51,433
8,975 MEDIASET SPA (COMMUNICATIONS) 97,652
5,713 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 127,220
3,392 MEDIOLANUM SPA (INSURANCE CARRIERS) 27,504
37,499 PIRELLI & COMPANY SPA (TRANSPORTATION EQUIPMENT) 41,427
869 SAI STA ASSICURATRICE INDUSTRI ORD SPA (INSURANCE-MULTI LINE)+ 39,898
54,404 SEAT PAGINE GIALLE SPA (COMMUNICATIONS)+ 33,540
12,305 SNAM RETE GAS SPA (OIL & GAS EXTRACTION) 78,120
70,440 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 174,173
148
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ITALY (CONTINUED)
125,127 TELECOM ITALIA SPA (COMMUNICATIONS) $ 356,865
14,027 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 52,091
3,533 TISCALI SPA (COMMUNICATIONS)+ 13,356
91,319 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 869,165
10,803 UNIPOL-PREFERRED (INSURANCE COMPANIES)+ 39,469
5,894,347
-------------
JAPAN - 22.09%
4,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,103
2 ACCESS COMPANY LIMITED (INTERNET SOFTWARE)+ 8,961
940 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 39,964
400 ADERANS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 9,708
1,900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 84,326
7,400 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 147,573
1,100 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 18,539
900 AIFUL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 27,877
2,400 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 84,114
7,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 80,550
300 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 19,094
8,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 31,432
2,000 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 23,422
4,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 45,723
1,000 AMANO CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,211
700 AOYAMA TRADING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 22,217
700 ARRK CORPORATION (MANUFACTURING) 8,453
4,700 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 75,382
11,000 ASAHI GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 154,863
15,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 109,216
300 ASATSU-DK INCORPORATED (COMMUNICATIONS) 9,470
2,000 ASICS CORPORATION (FOOTWEAR) 22,386
300 AUTOBACS SEVEN COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 10,743
7,000 BANK OF FUKUOKA LIMITED (DEPOSITORY INSTITUTIONS) 56,492
3,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 34,445
14,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 104,430
800 BENESSE CORPORATION (EDUCATIONAL SERVICES) 29,735
7,100 BRIDGESTONE CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 141,892
12,500 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 671,461
1,000 CANON SALES COMPANY INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 20,961
3,000 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,682
2,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 13,527
18 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 204,684
9,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 79,430
2,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 43,873
7,800 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 268,075
3,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 83,452
500 CIRCLE K SUNKUS COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,335
4,400 CITIZEN WATCH COMPANY LIMITED (APPAREL & ACCESSORY STORES) 41,297
149
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
800 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 17,346
1,000 COMSYS HOLDINGS CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,735
1,900 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 62,559
800 CSK HOLDINGS CORPORATION (BUSINESS SERVICES) 33,537
7,000 DAI NIPPON PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 110,132
3,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,494
4,000 DAIDO STEEL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 25,967
1,000 DAIFUKU COMPANY LIMITED (MACHINERY) 14,494
8,200 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 251,205
2,800 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 97,420
3,000 DAIMARU INCORPORATED (APPAREL & ACCESSORY STORES) 38,875
8,000 DAINIPPON INK & CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 31,772
3,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 22,683
1,000 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 47,098
6,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 98,422
16,000 DAIWA SECURITIES GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 193,211
6,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 28,106
5,700 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 211,864
23 DENTSU INCORPORATED (BUSINESS SERVICES) 64,409
3,000 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 30,499
15 E*TRADE SECURITIES COMPANY LIMITED (FINANCE & FINANCIAL SERVICES) 19,094
14 EACCESS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,302
40 EAST JAPAN RAILWAY COMPANY (RAILROADS) 311,609
5,000 EBARA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 23,719
1,000 EDION CORPORATION (ELECTRONIC) 13,960
2,900 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 139,044
1,880 ELECTRIC POWER DEVELOPMENT COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 94,606
1,200 ELPIDA MEMORY INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 46,538
800 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 22,267
2,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 195,494
600 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 46,589
7,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 32,493
5,700 FUJI PHOTO FILM COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 233,147
400 FUJI SOFT ABC INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,914
7 FUJI TELEVISION NETWORK INCORPORATED (COMMUNICATIONS) 16,217
4,000 FUJIKURA LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,208
22,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 146,555
8,000 FURUKAWA ELECTRIC COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 48,880
700 GLORY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,633
18 GOODWILL GROUP INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 14,175
4,000 GUNMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 28,344
2,000 GUNZE LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 11,626
320 HAKUHODO DY HOLDINGS INCORPORATED (CONSUMER SERVICES) 22,376
150
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
2,000 HANKYU DEPARTMENT STORES (APPAREL & ACCESSORY STORES) $ 18,568
14,800 HANKYU HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 89,549
9,000 HASEKO CORPORATION (RESIDENTIAL)+ 32,841
300 HIKARI TSUSHIN INCORPORATED (MISCELLANEOUS RETAIL) 13,671
3,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 15,988
400 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 48,099
2,000 HITACHI CABLE LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 11,388
400 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 7,994
1,300 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,558
1,300 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 35,192
39,000 HITACHI LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,495
2,200 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 58,435
15,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 51,680
18,200 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 634,776
1,000 HOUSE FOODS CORPORATION (FOOD & KINDRED PRODUCTS) 17,057
4,800 HOYA CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 159,267
1,600 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 82,960
14 INDEX CORPORATION (COMMUNICATIONS) 7,295
10 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 89,328
2,500 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES) 43,597
15,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 62,373
800 ITO EN LIMITED (EATING & DRINKING PLACES) 26,069
18,000 ITOCHU CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 178,411
400 ITOCHU TECHNO-SCIENCE CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,179
400 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 22,132
11,000 JAPAN AIR LINES CORPORATION (TRANSPORTATION BY AIR) 22,870
6 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,375
5 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 66,191
4 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 39,375
4,000 JAPAN STEEL WORKS (MACHINERY) 48,099
53 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 260,412
6,500 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 384,462
2,000 JGC CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 32,824
8,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 49,966
2,200 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 50,781
13 K.K. DAVINCI ADVISORS (CONSULTING SERVICES)+ 13,900
11,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 56,195
1,000 KAKEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,138
3,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 25,815
4,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 38,153
9,000 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 258,910
2,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 17,091
6,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 175,662
1,600 KATOKICHI COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 10,061
16,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 67,753
151
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) $ 56,925
28 KDDI CORPORATION (COMMUNICATIONS) 223,591
5,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 38,357
7,000 KEIO ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 48,651
4,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 25,832
400 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 90,258
2,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 25,628
2,000 KINDEN CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,940
19,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 59,818
9,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 129,990
33,000 KOBE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 133,019
1,000 KOKUYO COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,230
10,500 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 220,978
1,000 KOMORI CORPORATION (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 23,294
1,100 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,404
6,000 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 78,819
400 KOSE CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 11,813
2,400 KOYO SEIKO COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 42,057
13,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 113,960
4,500 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 48,613
2,200 KURAYA SANSEIDO INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 41,913
1,500 KURITA WATER INDUSTRIES LIMITED (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 36,278
1,900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 179,133
4,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 36,999
4,400 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 125,085
800 LAWSON INCORPORATED (GENERAL MERCHANDISE STORES) 30,754
1,500 LEOPALACE 21 CORPORATION (REAL ESTATE) 49,644
300 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 18,559
1,300 MAKITA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 48,209
19,000 MARUBENI CORPORATION (BUSINESS SERVICES) 115,445
3,800 MARUI COMPANY LIMITED (APPAREL & ACCESSORY STORES) 46,597
1,700 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 14,902
500 MATSUMOTOKIYOSHI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 11,456
23,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 463,552
4,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 45,859
3,000 MEIJI DAIRIES CORPORATION (FOOD & KINDRED PRODUCTS) 23,549
4,000 MEIJI SEIKA KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 18,568
400 MEITEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 12,899
8,400 MILLEA HOLDINGS INCORPORATED (INSURANCE CARRIERS) 310,794
4,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 24,779
13,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 114,906
15,800 MITSUBISHI CORPORATION (BUSINESS SERVICES) 366,709
23,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 236,948
14,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 459,776
5,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 47,946
152
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
37,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 239,257
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 17,015
12,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 56,925
7,000 MITSUBISHI RAYON COMPANY LIMITED (TEXTILE MILL PRODUCTS) 46,631
3,000 MITSUBISHI SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 34,267
100 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,128,649
18,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 336,049
8,000 MITSUI CHEMICALS LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,925
9,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 38,111
10,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 293,618
7,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 38,433
13,000 MITSUI O.S.K. LINES LIMITED (WATER TRANSPORTATION) 144,297
14,000 MITSUI SUMITOMO INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 175,713
8,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 78,887
5,000 MITSUKOSHI LIMITED (APPAREL & ACCESSORY STORES) 22,955
900 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 29,786
110 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 708,503
2,400 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 175,153
2,600 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 40,575
24,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 128,717
500 NEC ELECTRONICS CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 12,093
9 NET ONE SYSTEMS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,692
3,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 61,864
2,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 37,424
2,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 20,078
2,000 NICHIREI CORPORATION (FOOD & KINDRED PRODUCTS) 11,694
1,300 NIDEC CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 83,842
9,500 NIKKO CORDIAL CORPORATION (FINANCIAL) 135,680
3,000 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 63,264
1,200 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 348,778
5 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE INVESTMENT TRUSTS (REITS)) 82,739
3,500 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 61,333
10,000 NIPPON EXPRESS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 62,712
2,000 NIPPON KAYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,514
6,000 NIPPON LIGHT METAL COMPANY LIMITED (METAL MINING) 17,006
2,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 24,457
10,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 90,619
15,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 121,690
11 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 39,112
3,000 NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 27,088
5,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 26,222
2,000 NIPPON SHOKUBAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 21,589
72,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 505,906
61 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 322,497
153
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
12,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) $ 96,232
8,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 35,506
4,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 12,933
2,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 25,832
26,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 282,953
800 NISSEI SANGYO COMPANY (MACHINERY) 21,860
2,500 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 25,437
11,000 NISSHIN STEEL COMPANY LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 47,420
2,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 25,068
1,100 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 40,326
450 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 22,378
2,000 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 93,856
1,400 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 23,820
20,700 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 431,250
3 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE INVESTMENT TRUSTS (REITS)) 38,442
1,500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 44,170
5,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 47,692
5,000 NTN CORPORATION (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 43,279
15 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 76,247
219 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 405,143
15 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 35,132
8,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 51,595
100 OBIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,781
7,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 51,146
9,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 47,734
7,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,484
2,000 OKUMA CORPORATION (MACHINERY) 23,388
2,000 OKUMURA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,964
3,000 OLYMPUS CORPORATION (GENERAL MERCHANDISE STORES) 102,597
2,800 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 75,322
2,000 ONWARD KASHIYAMA COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 27,817
300 ORACLE CORPORATION JAPAN (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 14,435
600 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 35,692
1,060 ORIX CORPORATION (MISCELLANEOUS RETAIL) 276,154
25,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 96,953
1,100 OSG CORPORATION (MACHINE & MACHINE TOOLS) 16,672
200 OTSUKA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,145
1,400 PARK24 COMPANY LIMITED (COMMERCIAL SERVICES) 18,831
1,700 PIONEER CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 22,217
900 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 33,910
1,300 QP CORPORATION (FOOD & KINDRED PRODUCTS) 11,793
85 RAKUTEN INCORPORATED (COMMUNICATIONS) 40,466
53 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 142,575
8,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 180,244
500 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 13,323
1,300 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 117,931
154
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
4 ROUND ONE CORPORATION (AMUSEMENT & RECREATION SERVICES) $ 8,079
300 RYOHIN KEIKAKU COMPANY LIMITED (MISCELLANEOUS RETAIL) 18,966
1,000 SANKEN ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 10,489
600 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 26,375
900 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 23,142
3,000 SANWA SHUTTER CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 18,686
21,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 35,820
4 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 40,054
3,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 21,105
121 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 45,899
2,500 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 116,047
2,300 SEGA SAMMY HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 53,674
1,700 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 50,059
2,000 SEINO TRANSPORTATION COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 18,890
6,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 47,811
5,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 77,817
9,620 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 293,074
70 SFCG COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 12,486
12,000 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 231,161
500 SHIMACHU COMPANY LIMITED (MISCELLANEOUS RETAIL) 14,808
200 SHIMAMURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 21,996
800 SHIMANO INCORPORATED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 24,711
7,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 42,948
4,500 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 274,567
800 SHINKO ELECTRIC INDUSTRIES (ELECT COMPONENTS-SEMICONDUCTORS) 18,058
6,000 SHINKO SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 30,397
18,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 86,303
3,000 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 53,971
4,000 SHISEIDO COMPANY LIMITED (APPAREL & ACCESSORY STORES) 81,297
7,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 74,550
13,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 48,871
2,400 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 29,389
600 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 80,499
8,600 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 221,130
3,700 SOJITZ HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS)+ 15,417
10,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 124,661
11,700 SONY CORPORATION (ELECTRONIC) 594,730
2,000 STANLEY ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,648
1,000 SUMCO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 41,582
2,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,460
18,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 135,947
12,400 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 223,082
8,400 SUMITOMO ELECTRIC INDUSTRIES LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 127,739
7,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 69,739
48,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 248,065
155
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 SUMITOMO METAL MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) $ 115,835
76 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 690,088
5,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 15,020
4,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 151,731
2,000 SUMITOMO RUBBER INDUSTRIES LIMITED (TRANSPORTATION EQUIPMENT) 21,911
200 SUMITOMO TITANIUM (NON-FERROUS METALS) 22,217
15,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 156,441
2,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,069
900 SUZUKEN COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 31,925
2,750 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 189,728
11,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 48,634
12,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 44,501
2,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 36,660
1,000 TAIYO YUDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 20,833
2,000 TAKARA HOLDINGS INCORPORATED (EATING & DRINKING PLACES) 14,121
3,000 TAKASHIMAYA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 36,940
10,400 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 682,213
1,400 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 56,195
3,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 40,810
1,500 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 130,092
10,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 56,432
2,100 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 81,797
1,600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 37,678
600 TIS INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 14,257
10,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 48,031
3,000 TODA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 14,358
1,900 TOHO COMPANY LIMITED TOKYO (MOTION PICTURES) 37,084
300 TOHO TITANIUM COMPANY LIMITED (METAL MINING) 14,689
5,000 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 126,867
600 TOKAI RIKA COMPANY LIMITED (AUTO PARTS - ORIGINAL EQUIPMENT) 14,231
3,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 52,444
500 TOKYO BROADCASTING SYSTEM INCORPORATED (COMMUNICATIONS) 18,500
14,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 485,625
1,900 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 132,858
26,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 144,959
400 TOKYO SEIMITSU COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,578
1,400 TOKYO STEEL MANUFACTURING COMPANY LIMITED (FURNITURE & FIXTURES) 20,625
1,000 TOKYO STYLE COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 10,947
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 30,177
13,000 TOKYU CORPORATION (TRANSPORTATION SERVICES) 101,273
5,000 TOKYU LAND CORPORATION (REAL ESTATE) 56,984
3,000 TONENGENERAL SEKIYU KK (OIL & GAS EXTRACTION) 33,503
7,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 73,065
16,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 115,682
34,000 TOSHIBA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 227,071
156
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
6,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) $ 30,906
3,100 TOSTEM INAX HOLDING CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 67,214
3,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 30,066
2,100 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,324
1,000 TOYO SUISAN KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 19,688
8,000 TOYOBO COMPANY LIMITED (TEXTILE MILL PRODUCTS) 23,829
800 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 18,907
2,400 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 113,646
33,500 TOYOTA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 2,146,342
2,400 TOYOTA TSUSHO CORPORATION (BUSINESS SERVICES) 61,303
1,000 TREND MICRO INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 27,325
10,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 31,738
400 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 25,322
1,000 UNIDEN CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 7,756
2,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 27,444
1,500 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 28,959
310 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 20,230
1,000 WACOAL CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 12,670
21 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 96,945
189 YAHOO JAPAN CORPORATION (BUSINESS SERVICES) 65,197
1,300 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 33,206
1,050 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 97,836
2,200 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 49,100
2,200 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 61,609
6,300 YAMANOUCHI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 271,589
4,000 YAMATO TRANSPORT COMPANY LIMITED (TRANSPORTATION SERVICES) 64,494
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 9,123
2,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 23,625
2,700 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 41,380
2,000 ZEON CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,655
35,208,897
--------------
LUXEMBOURG - 0.03%
2,428 STOLT OFFSHORE SA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES)+ 51,829
--------------
NETHERLANDS - 4.75%
21,207 ABN AMRO HOLDINGS NV (DEPOSITORY INSTITUTIONS) 912,779
17,073 AEGON NV (INSURANCE CARRIERS) 340,282
3,178 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 241,346
8,676 ARCELOR MITTAL NV (BASIC MATERIALS) 460,926
5,671 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 140,072
1,350 BUHRMANN NV (WHOLESALE TRADE-DURABLE GOODS) 18,178
512 CORIO NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 46,516
1,770 DSM NV (CHEMICALS & ALLIED PRODUCTS) 79,303
4,007 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (TRANSPORTATION BY AIR) 124,290
697 FUGRO NV (OIL FIELD SERVICES)+ 35,381
157
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NETHERLANDS (CONTINUED)
1,551 GETRONICS NV (BUSINESS SERVICES) $ 14,110
6,876 HAGEMEYER NV (WHOLESALE TRADE NON-DURABLE GOODS)+ 32,700
2,864 HEINEKEN NV (EATING & DRINKING PLACES) 149,821
21,908 ING GROEP NV (FINANCIAL SERVICES) 926,259
22,611 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 352,188
13,651 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 521,356
18,183 KONINKLIJKE AHOLD NV (FOOD STORES)+ 212,535
838 OCE NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 15,359
1,784 QIAGEN NV (HEALTH SERVICES)+ 30,314
569 RANDSTAD HOLDINGS NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 44,131
8,299 REED ELSEVIER NV (COMMUNICATIONS) 146,781
629 RODAMCO EUROPE NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 87,428
43,799 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 1,456,866
2,004 ROYAL NUMICO NV (FOOD & KINDRED PRODUCTS) 103,360
1,757 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES)+ 63,348
5,103 TNT NV (TRANSPORTATION SERVICES) 234,021
20,044 UNILEVER NV (FOOD & KINDRED PRODUCTS) 583,710
2,232 VEDIOR NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 49,554
248 WERELDHAVE NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 38,181
3,428 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 102,851
7,563,946
--------------
NEW ZEALAND - 0.15%
13,079 AUCKLAND INTERNATIONAL AIRPORT LIMITED (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 22,517
3,596 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 23,659
3,308 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 8,672
6,703 FISHER & PAYKEL HEALTHCARE CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 17,382
5,797 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 45,552
4,730 SKY CITY ENTERTAINMENT GROUP LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 15,779
2,448 SKY NETWORK TELEVISION LIMITED (COMMUNICATIONS) 9,513
23,186 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 78,343
705 TENON LIMITED (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE)+ 1,510
2,464 TOWER LIMITED (BUSINESS SERVICES)+ 3,961
3,233 VECTOR LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 6,882
1,403 WAREHOUSE GROUP LIMITED (GENERAL MERCHANDISE STORES) 6,765
240,535
--------------
NORWAY - 0.89%
1,655 AKER KVAERNER ASA (ENGINEERING CONSTRUCTION) 37,302
7,814 DEN NORSKE BANK ASA (DEPOSITORY INSTITUTIONS) 110,301
10,000 DNO ASA (OIL & GAS EXTRACTION) 17,982
654 FRONTLINE LIMITED (WATER TRANSPORTATION) 23,241
8,271 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 274,190
1,800 NORSKE SKOGINDUSTRIER ASA (PAPER & ALLIED PRODUCTS) 30,798
2,343 OCEAN RIG ASA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 15,997
2,192 ORKLA ASA (FOOD & KINDRED PRODUCTS) 154,529
158
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NORWAY (CONTINUED)
32,400 PAN FISH ASA (FISHING, HUNTING & TRAPPING)+ $ 38,059
1,999 PETROLEUM GEO-SERVICES ASA (OIL & GAS EXTRACTION)+ 52,209
2,500 PROSAFE ASA (OIL & GAS EXTRACTION) 38,251
519 SCHIBSTED ASA (COMMUNICATIONS) 22,883
2,388 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)+ 39,287
103 SHIP FINANCE INTERNATIONAL LIMITED (WATER TRANSPORTATION) 2,822
7,612 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 207,260
400 STOLT-NIELSEN ASA (WATER TRANSPORTATION) 11,911
2,564 STOREBRAND ASA (INSURANCE CARRIERS) 41,086
1,616 TANDBERG ASA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 33,765
8,893 TELENOR ASA (COMMUNICATIONS) 158,012
1,200 TGS NOPEC GEOPHYSICAL COMPANY ASA (OIL FIELD SERVICES)+ 27,738
1,783 TOMRA SYSTEMS ASA (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 12,834
2,600 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 71,755
1,422,212
--------------
PORTUGAL - 0.35%
4,059 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 35,244
25,328 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 91,691
2,458 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 46,912
3,849 BRISA-AUTO ESTRADAS DE PORTUGAL SA (CONSTRUCTION) 50,491
3,086 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 25,889
23,508 ELECTRICIDADE DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 126,240
477 JERONIMO MARTINS (WHOLESALE TRADE NON-DURABLE GOODS) 12,425
9,886 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 132,458
990 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA (COMMUNICATIONS) 14,680
10,497 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 23,698
559,728
--------------
SINGAPORE - 0.97%
7,500 ALLGREEN PROPERTIES LIMITED (REAL ESTATE) 8,651
11,000 ASCENDAS REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 17,329
15,000 CAPITALAND LIMITED (REAL ESTATE) 79,096
11,300 CAPITAMALL TRUST (REAL ESTATE INVESTMENT TRUSTS (REITS)) 28,005
13,000 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 12,425
6,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 57,740
23,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 30,168
1,000 CREATIVE TECHNOLOGY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 6,427
13,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 183,370
10,000 FRASER & NEAVE LIMITED (MULTI-INDUSTRY COMPANIES) 33,616
1,000 HAW PAR CORPORATION LIMITED (BUSINESS SERVICES) 4,746
2,052 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 16,095
1,400 K-REIT ASIA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 2,953
6,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 75,141
5,000 KEPPEL LAND LIMITED (REAL ESTATE) 31,309
6,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 12,813
159
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE (CONTINUED)
29,200 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) $ 173,220
8,550 PARKWAY HOLDINGS LIMITED (HEALTH SERVICES) 18,485
9,980 SEMBCORP INDUSTRIES LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 33,548
5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 11,601
7,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 76,591
9,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 38,856
2,000 SINGAPORE LAND LIMITED (REAL ESTATE) 13,974
12,000 SINGAPORE POST LIMITED (TRANSPORTATION SERVICES) 8,780
19,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 55,103
16,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 35,013
84,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 181,604
11,000 SMRT CORPORATION LIMITED (TRANSPORTATION SERVICES) 10,803
18,000 STATS CHIPPAC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 21,593
12,000 SUNTEC REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 15,661
13,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 179,943
7,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 23,531
3,000 VENTURE CORPORATION LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 28,870
6,000 WING TAI HOLDINGS LIMITED (REAL ESTATE) 12,576
1,539,636
-------------
SPAIN - 3.95%
2,670 ABERTIS INFRAESTRUCTURAS SA (SOCIAL SERVICES) 85,779
334 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 72,347
2,296 ACERINOX SA (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 58,428
2,887 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 175,282
6 AGUAS DE BARCELONA - NEW SHARES (WATER SUPPLY)+ 214
2,994 ALTADIS SA (TOBACCO PRODUCTS) 192,257
1,040 ANTENA 3 DE TELEVISION SA (COMMUNICATIONS) 23,262
41,228 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,012,264
9,945 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 205,120
68,965 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 1,230,810
2,483 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA (TRANSPORTATION SERVICES) 46,503
7,159 CORPORATION MAPFRE SA (INSURANCE CARRIERS) 36,723
1,127 EBRO PULEVA SA (AGRICULTURAL PRODUCTION CROPS) 26,602
9,153 ENDESA SA (ELECTRIC, GAS & SANITARY SERVICES) 494,948
570 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 58,592
2,075 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 75,118
2,217 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 104,099
738 GRUPO FERROVIAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 74,678
8,958 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 423,494
6,349 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 33,840
1,502 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 37,861
2,550 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 158,500
863 NH HOTELES SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 19,725
964 PROMOTORA DE INFORMACIONES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 21,505
9,276 REPSOL YPF SA (OIL & GAS EXTRACTION) 312,756
160
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SPAIN (CONTINUED)
1,254 SACYR VALLEHERMOSO SA (REAL ESTATE) $ 70,272
664 SOCIEDAD GENERAL DE AGUAS DE BARCELONA SA (ELECTRIC, GAS & SANITARY SERVICES) 23,632
457 SOGECABLE SA (COMMUNICATIONS)+ 18,962
51,772 TELEFONICA SA (COMMUNICATIONS) 1,141,129
857 UNION FENOSA SA (ELECTRIC, GAS & SANITARY SERVICES) 46,216
2,315 ZELTIA SA (HEALTH SERVICES)+ 21,029
6,301,947
-------------
SWEDEN - 2.61%
1,192 ALFA LAVAL AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 61,795
3,887 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 89,343
3,914 ATLAS COPCO AB A SHARES (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 130,041
2,606 ATLAS COPCO AB B SHARES (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 83,038
408 AXFOOD AB (FOOD & KINDRED PRODUCTS) 16,126
563 BILLERUD AKTIEBOLAG (PAPER & ALLIED PRODUCTS) 8,446
3,500 BOLIDEN AB (METALS-DIVERSIFIED)+ 77,190
2,096 CASTELLUM AB (REAL ESTATE) 30,317
725 D CARNEGIE & COMPANY AB (HOLDING & OTHER INVESTMENT OFFICES) 15,081
3,371 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 85,448
1,078 ELEKTA AB CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,413
2,081 ENIRO AB (COMMUNICATIONS) 26,300
1,035 FABEGE AB (REAL ESTATE) 26,013
2,233 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 50,846
5,530 HENNES & MAURITZ AB CLASS B (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 318,362
317 HOGANAS AB (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 8,035
631 HOLMEN AB (PAPER & ALLIED PRODUCTS) 25,980
3,276 HUSQVARNA AB B SHARES (COMMUNICATIONS)+ 54,070
1,743 KUNGSLEDEN (REAL ESTATE) 31,326
2,686 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 31,831
532 METRO INTERNATIONAL SA A SHARES (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 697
1,065 METRO INTERNATIONAL SA B SHARES (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 1,488
669 MODERN TIMES GROUP MTG B SHARES (MEDIA)+ 39,137
600 NOBIA AB (HOME FURNISHINGS) 24,575
24,359 NORDEA AB (DEPOSITORY INSTITUTIONS) 388,960
1,024 OMX AB (BUSINESS SERVICES) 21,300
514 ORIFLAME COSMETICS SA (APPAREL & ACCESSORY STORES) 19,801
11,787 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 209,313
903 SAS AB (TRANSPORTATION BY AIR)+ 16,585
1,198 SCANIA AB (TRANSPORTATION EQUIPMENT) 94,017
3,907 SECURITAS AB (BUSINESS SERVICES) 59,589
4,107 SECURITAS DIRECT AB B SHARES (BUSINESS SERVICES)+ 11,410
4,107 SECURITAS SYSTEMS AB CLASS B (BUSINESS SERVICES) 14,292
5,412 SKANDINAVISKA ENSKILDA BANKEN AB (DEPOSITORY INSTITUTIONS) 173,223
4,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 96,647
4,740 SKF AB (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 98,597
1,954 SSAB SVENSKT STAL AB A SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 60,303
900 SSAB SVENSKT STAL AB B SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 25,842
161
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWEDEN (CONTINUED)
2,159 SVENSKA CELLULOSA AB (PAPER & ALLIED PRODUCTS) $ 115,636
5,914 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 175,740
3,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 64,762
3,989 TELE2 AB (COMMUNICATIONS) 65,409
173,937 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 640,170
23,411 TELIASONERA AB (COMMUNICATIONS) 201,998
992 TRELLEBORG AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 25,784
1,095 VOLVO AB A SHARES (TRANSPORTATION EQUIPMENT) 94,245
2,579 VOLVO AB B SHARES (TRANSPORTATION EQUIPMENT) 217,170
534 WIHLBORGS FASTIGHETER AB (REAL ESTATE) 11,471
4,157,162
-------------
SWITZERLAND - 6.71%
24,230 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES)+ 414,750
1,543 ADECCO SA (BUSINESS SERVICES) 97,965
870 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 57,313
2,828 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 48,524
6,102 COMPAGNIE FINANCIERE RICHEMONT AG (GENERAL MERCHANDISE STORES) 341,218
13,388 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 960,732
50 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 76,945
72 GIVAUDAN (CHEMICALS & ALLIED PRODUCTS) 66,599
2,346 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 234,957
434 KUDELSKI SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,286
695 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES)+ 57,166
25 KUONI REISEN HOLDING (AMUSEMENT & RECREATION SERVICES) 14,998
2,140 LOGITECH INTERNATIONAL SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 59,437
465 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 44,696
502 MICRONAS SEMICONDUCTOR HOLDING AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 10,390
4,652 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,811,759
290 NOBEL BIOCARE HOLDING AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 105,724
27,025 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 1,550,132
597 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 45,691
633 PSP SWISS PROPERTY AG (REAL ESTATE)+ 38,548
54 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 26,908
8,154 ROCHE HOLDING AG (MEDICAL PRODUCTS) 1,442,711
629 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 38,305
54 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (BUSINESS SERVICES) 64,481
82 SIG HOLDING AG (MACHINERY)+ 29,287
7,979 STMICROELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 153,592
98 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,106
46 SULZER AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,619
667 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 35,651
378 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 99,932
3,939 SWISS REINSURANCE (INSURANCE CARRIERS) 359,815
223 SWISSCOM AG (COMMUNICATIONS) 80,610
1,216 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 232,663
162
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND (CONTINUED)
570 SYNTHES INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) $ 70,362
23,213 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,379,236
84 UNAXIS HOLDING AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 51,016
1,691 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 488,103
10,698,227
-------------
UNITED KINGDOM - 21.94%
5,436 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 121,520
9,022 AEGIS GROUP PLC (COMMUNICATIONS) 26,631
3,429 AGGREKO PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,279
4,465 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 46,568
9,212 AMVESCAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 101,516
16,613 ANGLO AMERICAN PLC (COAL MINING) 875,160
16,512 ARM HOLDINGS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 43,541
2,160 ARRIVA PLC (TRANSPORTATION BY AIR) 31,624
17,782 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 956,687
29,951 AVIVA PLC (INSURANCE CARRIERS) 441,158
37,711 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 341,363
5,354 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 50,256
75,549 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,071,901
2,840 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 61,755
5,181 BBA AVIATION PLC (TRANSPORTATION EQUIPMENT) 28,649
1,481 BELLWAY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 46,339
1,195 BERKELEY GROUP HOLDINGS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 37,061
39,360 BG GROUP PLC (OIL & GAS EXTRACTION) 567,741
27,459 BHP BILLITON PLC (COAL MINING) 612,217
4,434 BIFFA PLC (ELECTRIC, GAS & SANITARY SERVICES) 30,015
9,613 BOOTS GROUP PLC (HEALTH SERVICES) 194,184
1,540 BOVIS HOMES GROUP PLC (BUILDING) 34,911
225,766 BP PLC (OIL & GAS EXTRACTION) 2,452,384
4,954 BRAMBLES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 54,300
8,009 BRITANNIC GROUP PLC (INSURANCE CARRIERS) 97,794
7,266 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR)+ 69,490
17,869 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 558,747
6,069 BRITISH LAND COMPANY PLC (REAL ESTATE) 182,487
13,318 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 147,812
3,325 BRIXTON PLC (REAL ESTATE) 33,272
95,819 BT GROUP PLC (COMMUNICATIONS) 572,742
4,331 BUNZL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 61,278
5,341 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 68,632
24,476 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 314,036
7,602 CAPITA GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 102,099
1,999 CARNIVAL PLC (WATER TRANSPORTATION) 96,337
4,775 CARPHONE WAREHOUSE PLC (ELECTRONICS) 26,005
4,043 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 32,580
42,798 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 325,510
2,022 CHARTER PLC (DIVERSIFIED MANUFACTURING)+ 35,313
163
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
1,663 CLOSE BROTHERS GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) $ 33,151
13,869 COBHAM PLC (TRANSPORTATION BY AIR) 57,313
2,550 COLLINS STEWART PLC (DIVERSIFIED MANUFACTURING) 12,771
24,389 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 163,179
1,844 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,554
11,232 CORUS GROUP PLC (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 134,169
1,538 CSR PLC (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 19,703
3,713 DAILY MAIL & GENERAL TRUST (COMMUNICATIONS) 59,330
1,962 DAVIS SERVICE GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,490
1,894 DE LA RUE PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 26,654
9,807 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 295,834
31,403 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 636,192
22,875 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 76,525
5,811 ELECTROCOMPONENTS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 33,105
2,652 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 39,480
9,980 EMI GROUP PLC (AMUSEMENT & RECREATION SERVICES) 44,679
7,323 ENTERPRISE INNS PLC (EATING & DRINKING PLACES) 96,334
11,843 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 136,452
5,841 FIRST CHOICE HOLIDAYS PLC (PERSONAL SERVICES) 33,046
5,086 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 66,506
7,649 FKI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,498
20,802 FRIENDS PROVIDENT PLC (INSURANCE CARRIERS) 78,800
7,677 GALLAHER GROUP PLC (TOBACCO PRODUCTS) 171,164
5,001 GEORGE WIMPEY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 62,541
8,657 GKL PLC (TRANSPORTATION EQUIPMENT) 64,991
66,810 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,836,660
2,241 GREAT PORTLAND ESTATES PLC (REAL ESTATE) 34,221
14,276 GROUP 4 SECURICOR PLC (SOCIAL SERVICES) 56,467
3,333 HAMMERSON PLC (REAL ESTATE) 113,664
8,326 HANSON PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 133,941
18,227 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 56,223
43,964 HBOS PLC (DEPOSITORY INSTITUTIONS) 905,805
5,084 HMV GROUP PLC (APPAREL & ACCESSORY STORES) 11,055
10,680 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 93,314
134,299 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,350,767
5,933 ICAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 61,937
4,229 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 48,268
13,942 IMPERIAL CHEMICAL INDUSTRIES PLC (CHEMICALS & ALLIED PRODUCTS) 137,178
7,920 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 354,566
5,448 INCHCAPE PLC (WHOLESALE TRADE NON-DURABLE GOODS) 61,162
4,152 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 102,623
17,426 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 135,966
2,075 INTERTEK GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 37,015
9,962 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 56,949
4,035 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 52,247
47,775 ITV PLC (COMMUNICATIONS) 102,475
17,028 J SAINSBURY PLC (FOOD & KINDRED PRODUCTS) 184,129
164
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
2,738 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) $ 84,914
4,191 KELDA GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 77,359
6,076 KESA ELECTRICALS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 40,533
27,543 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 150,812
8,004 LADBROKERS PLC (AMUSEMENT & RECREATION SERVICES) 63,396
5,479 LAND SECURITIES GROUP PLC (REAL ESTATE) 230,731
76,317 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 238,786
3,343 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 82,034
65,839 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 725,541
13,620 LOGICACMG PLC (BUSINESS SERVICES) 47,708
1,286 LONDON STOCK EXCHANGE GROUP PLC (FINANCIAL) 31,695
20,994 MAN GROUP PLC (BUSINESS SERVICES) 229,287
19,724 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 262,575
5,437 MEGGITT PLC (TRANSPORTATION BY AIR) 31,937
7,941 MFI FURNITURE PLC (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 24,339
4,046 MICHAEL PAGE INTERNATIONAL PLC (BUSINESS SERVICES) 42,636
6,144 MISYS PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 28,866
1,678 NATIONAL EXPRESS GROUP PLC (TRANSPORTATION SERVICES) 41,672
31,784 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 498,804
2,654 NEXT PLC (APPAREL & ACCESSORY STORES) 117,458
60,945 OLD MUTUAL PLC (INSURANCE CARRIERS) 196,806
9,419 PEARSON PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 161,626
3,458 PERSIMMON PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 95,676
4,849 PREMIER FARNELL PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 19,490
3,063 PROVIDENT FINANCIAL PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 48,461
28,571 PRUDENTIAL PLC (INSURANCE CARRIERS) 403,407
3,237 PUNCH TAVERNS PLC (EATING & DRINKING PLACES) 79,433
4,797 RANK GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 19,282
7,109 RECKITT BENCKISER PLC (CHEMICALS & ALLIED PRODUCTS) 370,160
14,738 REED ELSEVIER PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 176,188
22,824 RENTOKIL INITIAL PLC (COMMUNICATIONS) 73,210
15,102 REUTERS GROUP PLC (COMMUNICATIONS) 138,488
7,159 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 77,483
11,999 RIO TINTO PLC (METAL MINING) 685,225
20,731 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 201,631
1,305,596 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE) 2,633
36,683 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 1,432,179
4,946 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 164,584
32,028 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 1,065,772
10,525 SABMILLER PLC (EATING & DRINKING PLACES) 230,934
15,901 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 80,808
1,642 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 40,972
9,353 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 110,708
10,057 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 304,973
17,398 SCOTTISH POWER PLC (ELECTRIC INTERGRATED) 273,887
5,966 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 54,005
165
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
2,724 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) $ 76,868
23,111 SIGNET GROUP PLC (APPAREL & ACCESSORY STORES) 57,076
5,875 SLOUGH ESTATES PLC (REAL ESTATE) 90,639
11,007 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 139,924
6,656 SMITHS GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 134,647
2,525 SSL INTERNATIONAL PLC (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL) 19,888
9,229 STAGECOACH GROUP PLC (TRANSPORTATION SERVICES) 32,690
24,616 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE)+ 153,072
6,097 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 68,988
7,090 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 68,300
93,036 TESCO PLC (FOOD & KINDRED PRODUCTS) 813,335
9,500 TOMKINS PLC (BUSINESS SERVICES) 49,914
1,351 TRAVIS PERKINS PLC (BUSINESS SERVICES) 53,490
3,378 TRINITY MIRROR PLC (COMMUNICATIONS) 35,364
2,550 TULLETT PREBON PLC (INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES) 24,237
14,550 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 438,354
3,314 UNITED BUSINESS MEDIA PLC (COMMUNICATIONS) 51,715
10,249 UNITED UTILITIES PLC (ELECTRIC, GAS & SANITARY SERVICES) 152,373
612,094 VODAFONE GROUP PLC (COMMUNICATIONS) 1,632,105
2,405 WHITBREAD PLC (EATING & DRINKING PLACES) 89,305
4,494 WILLIAM HILL PLC (AMUSEMENT & RECREATION SERVICES) 56,245
7,911 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 185,410
13,747 WPP GROUP PLC (BUSINESS SERVICES) 208,300
7,166 XSTRATA PLC (DIVERSIFIED MINING)+ 368,333
9,083 YELL GROUP PLC (COMMUNICATIONS) 106,887
34,983,550
-------------
TOTAL COMMON STOCKS (COST $102,275,583) 156,135,308
-------------
RIGHTS - 0.01%
960 CENTRO RETAIL GROUP RIGHTS+(a) 0
1,035 FABEGE REDEMPTION RIGHTS+(a) 797
2,718 MEGGITT PLC RIGHTS+ 5,308
107 NH HOTELES RIGHTS+ 2,446
860 SONAE BONUS RIGHTS+(a) 10,604
TOTAL RIGHTS (COST $6,297) 19,155
-------------
166
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WARRANTS - 0.00%
4,000 DOWA MINING WARRANTS+(a) $ 0
TOTAL WARRANTS (COST $0) 0
-------------
COLLATERAL FOR SECURITIES LENDING - 5.00%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 5.00%
7,971,550 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 7,971,550
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,971,550) 7,971,550
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $110,253,430)* 102.95% $ 164,126,013
OTHER ASSETS AND LIABILITIES, NET (2.95) (4,700,777)
------ -------------
TOTAL NET ASSETS 100.00% $ 159,425,236
====== =============
+ NON-INCOME EARNING SECURITIES.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
167
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 95.86%
AUSTRALIA - 4.05%
448,500 AWB LIMITED (AGRICULTURAL SERVICES) $ 1,288,230
363,600 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,088,986
193,800 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,292,063
66,600 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 2,708,317
228,400 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 630,163
657,900 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 2,794,615
127,900 SANTOS LIMITED (OIL & GAS EXTRACTION) 1,050,363
561,900 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 2,118,594
14,971,331
---------------
AUSTRIA - 1.08%
54,800 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 3,974,993
---------------
BELGIUM - 1.29%
7,700 DEXIA SA (DEPOSITORY INSTITUTIONS) 229,789
99,600 FORTIS (DEPOSITORY INSTITUTIONS) 4,548,984
4,778,773
---------------
DENMARK - 0.68%
44,400 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 2,065,672
5,500 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 441,755
2,507,427
---------------
FINLAND - 1.86%
8,860 KEMIRA GROWHOW OYJ (CHEMICALS & ALLIED PRODUCTS) 119,421
74,200 KEMIRA OYJ (CHEMICALS & ALLIED PRODUCTS) 1,698,911
51,800 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 2,414,275
151,500 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 2,630,946
6,863,553
---------------
FRANCE - 8.96%
730 ARKEMA (OIL & GAS EXTRACTION)+ 41,854
11,300 ASSURANCES GENERALES DE FRANCE (INSURANCE CARRIERS) 1,892,466
53,100 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 5,546,279
13,200 CASINO GUICHARD-PERRACHON SA (FOOD STORES) 1,332,714
7,600 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 885,088
32,800 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,205,995
17,400 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,921,557
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 2,912,800
21,200 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,494,158
10,500 RALLYE SA (GENERAL MERCHANDISE STORES) 681,682
21,400 RENAULT SA (TRANSPORTATION EQUIPMENT) 2,502,799
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 3,041,601
45,800 TOTAL SA (OIL & GAS EXTRACTION) 3,208,980
28,844 VALEO SA (TRANSPORTATION EQUIPMENT) 1,691,901
68,000 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 2,763,275
33,123,149
---------------
168
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY - 7.71%
19,900 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) $ 1,292,481
55,400 BASF AG (CHEMICALS & ALLIED PRODUCTS) 6,237,209
50,600 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,985,616
32,000 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 2,624,668
71,200 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,933,630
55,000 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 2,520,071
18,800 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,187,419
11,400 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 1,928,097
110,800 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 5,482,349
53,300 TUI AG (TRANSPORTATION BY AIR) 1,317,922
28,509,462
---------------
GREECE - 0.06%
10,300 DRYSHIPS INCORPORATED (WATER TRANSPORTATION) 232,059
---------------
HONG KONG - 1.82%
667,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 1,697,058
284,000 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 1,050,438
508,500 HONGKONG ELECTRIC HOLDINGS (ELECTRIC, GAS & SANITARY SERVICES) 2,609,695
147,000 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 1,365,867
6,723,058
---------------
IRELAND - 1.04%
69,600 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 2,064,040
64,700 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,776,119
3,840,159
---------------
ITALY - 3.69%
175,000 BANCA INTESA SPA (DEPOSITORY INSTITUTIONS) 1,328,999
70,700 BANCHE POPOLARI UNITE SPA (DEPOSITORY INSTITUTIONS) 2,091,940
64,900 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,050,759
125,500 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 4,083,918
113,800 FIAT SPA (TRANSPORTATION EQUIPMENT)+ 2,868,601
225,700 IFIL INVESTMENTS SPA (MISCELLANEOUS SERVICES) 2,205,474
13,629,691
---------------
JAPAN - 21.45%
24,200 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,028,870
96,400 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,128,921
102,800 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 1,648,778
244,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,776,578
180,000 CALSONIC KANSEI CORPORATION (TRANSPORTATION EQUIPMENT) 866,090
315,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 2,130,474
179,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 750,390
294,900 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 1,381,411
350,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,817,719
61,400 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,227,062
22,100 HITACHI MAXELL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 302,506
169
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
70,100 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) $ 1,861,957
71,400 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 2,490,275
111,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 3,198,982
243,000 MARUBENI CORPORATION (BUSINESS SERVICES) 1,476,477
237,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,017,235
78,200 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,814,978
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,810,930
55,500 NIFCO INCORPORATED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,436,482
46,000 NIKKO CORDIAL CORPORATION (FINANCIAL) 656,976
139,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 1,203,933
376,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 3,050,373
500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 1,777,834
953,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 6,696,232
700 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,700,781
219,900 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,356,871
104,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 2,185,417
48,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 457,841
2,100 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 3,884,929
226,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 1,198,659
110,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 426,595
45,700 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,721,894
82,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,847,505
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,028,513
16,800 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 738,493
27,300 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 701,960
94,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 1,157,192
177,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,279,735
90,000 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,619,145
21,400 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 858,978
122,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,659,589
63,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 2,161,371
101,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,054,226
137,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 819,628
76,100 TOYOTA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 4,875,721
79,286,506
---------------
NETHERLANDS - 4.29%
62,100 ABN AMRO HOLDINGS NV (DEPOSITORY INSTITUTIONS) 2,672,841
207,100 AEGON NV (INSURANCE CARRIERS) 4,127,669
24,900 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 1,890,975
98,000 ING GROEP NV (FINANCIAL SERVICES) 4,143,390
91,700 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 1,428,315
47,800 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 1,589,949
15,853,139
---------------
170
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NORWAY - 1.32%
50,000 DEN NORSKE BANK ASA (DEPOSITORY INSTITUTIONS) $ 705,789
63,600 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 2,108,386
75,200 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 2,075,383
4,889,558
---------------
PORTUGAL - 0.84%
445,000 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 1,610,962
281,600 ELECTRICIDADE DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,512,219
3,123,181
---------------
SINGAPORE - 0.87%
673,878 MOBILONE LIMITED (COMMUNICATIONS) 972,740
358,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 764,539
135,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 1,477,112
3,214,391
---------------
SPAIN - 3.08%
75,800 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,861,104
293,100 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,230,922
126,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 4,275,280
11,367,306
---------------
SWEDEN - 3.07%
71,700 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,817,451
270,600 NORDEA AB (DEPOSITORY INSTITUTIONS) 4,320,888
22,200 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 777,324
52,400 VOLVO AB B SHARES (TRANSPORTATION EQUIPMENT) 4,412,442
11,328,105
---------------
SWITZERLAND - 6.84%
27,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE)+ 2,894,046
10,800 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 711,468
8,600 CONVERIUM HOLDING AG (INSURANCE CARRIERS) 150,747
90,100 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 6,465,638
2,500 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,810,476
2,100 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 1,046,414
9,000 SWISSCOM AG (COMMUNICATIONS) 3,253,302
19,600 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 3,750,154
27,200 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,616,130
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 571,946
5,200 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 1,275,234
6,000 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 1,731,885
25,277,440
---------------
UNITED KINGDOM - 21.86%
106,800 ALFRED MCALPINE GROUP PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 931,035
146,100 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 3,260,274
108,600 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 5,842,776
114,500 AVIVA PLC (INSURANCE CARRIERS) 1,686,507
171
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (CONTINUED)
437,200 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) $ 6,203,065
48,300 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,050,269
534,500 BP PLC (OIL & GAS EXTRACTION) 5,806,009
223,700 BRADFORD & BINGLEY PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,999,640
332,100 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 2,107,606
925,000 BT GROUP PLC (COMMUNICATIONS) 5,529,029
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 1,717,191
652,500 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 2,182,832
78,300 GEORGE WIMPEY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 979,193
414,000 GKL PLC (TRANSPORTATION EQUIPMENT) 3,108,034
85,100 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 2,339,467
23,900 HANSON PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 384,482
241,000 HBOS PLC (DEPOSITORY INSTITUTIONS) 4,965,404
62,400 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 1,092,248
172,200 JJB SPORTS PLC (APPAREL & ACCESSORY STORES) 851,393
479,900 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 5,288,465
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 577,388
297,600 OLD MUTUAL PLC (INSURANCE CARRIERS) 961,020
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 1,815,249
962,500 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 3,068,362
69,700 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 2,721,231
205,400 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 6,834,946
97,800 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 1,106,618
104,000 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,001,791
2,016,800 VODAFONE GROUP PLC (COMMUNICATIONS) 5,377,652
80,789,176
---------------
TOTAL COMMON STOCKS (COST $267,238,688) 354,282,457
---------------
COLLATERAL FOR SECURITIES LENDING - 4.79%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 4.79%
17,698,422 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 17,698,422
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $17,698,422) 17,698,422
---------------
SHORT-TERM INVESTMENTS - 1.14%
4,203,521 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,203,521
TOTAL SHORT-TERM INVESTMENTS (COST $4,203,521) 4,203,521
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,140,631)* 101.79% $ 376,184,400
OTHER ASSETS AND LIABILITIES, NET (1.79) (6,622,483)
---------------
TOTAL NET ASSETS 100.00% $ 369,561,917
====== ===============
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,203,521.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
172
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 96.70%
AMUSEMENT & RECREATION SERVICES - 1.05%
43,170 INTERNATIONAL GAME TECHNOLOGY $ 1,743,205
---------------
APPAREL & ACCESSORY STORES - 1.05%
33,010 NORDSTROM INCORPORATED 1,747,549
---------------
BIOPHARMACEUTICALS - 1.09%
22,070 GENENTECH INCORPORATED+ 1,812,388
---------------
BUSINESS SERVICES - 8.71%
65,990 BMC SOFTWARE INCORPORATED+ 2,031,832
125,720 CISCO SYSTEMS INCORPORATED+ 3,209,632
73,480 ELECTRONIC DATA SYSTEMS CORPORATION 2,033,926
107,230 MICROSOFT CORPORATION 2,988,500
19,980 OMNICOM GROUP INCORPORATED 2,045,552
358,170 SUN MICROSYSTEMS INCORPORATED+ 2,152,602
14,462,044
---------------
CHEMICALS & ALLIED PRODUCTS - 7.05%
26,810 AIR PRODUCTS & CHEMICALS INCORPORATED 1,980,991
28,900 AVERY DENNISON CORPORATION 1,857,114
39,200 FOREST LABORATORIES INCORPORATED+ 2,016,448
41,110 MERCK & COMPANY INCORPORATED 1,815,829
36,630 MONSANTO COMPANY 2,013,185
79,320 SCHERING-PLOUGH CORPORATION 2,023,453
11,707,020
---------------
COMMUNICATIONS - 4.84%
50,580 AMERICAN TOWER CORPORATION CLASS A<<+ 1,970,091
54,120 AT&T INCORPORATED 2,133,952
82,770 DIRECTV GROUP INCORPORATED+ 1,909,504
53,620 IAC INTERACTIVECORP+ 2,022,010
8,035,557
---------------
DEPOSITORY INSTITUTIONS - 1.21%
41,430 JPMORGAN CHASE & COMPANY 2,004,383
---------------
EATING & DRINKING PLACES - 1.28%
47,090 MCDONALD'S CORPORATION 2,121,405
---------------
ELECTRIC, GAS & SANITARY SERVICES - 2.68%
32,910 FIRSTENERGY CORPORATION<< 2,179,958
37,060 FPL GROUP INCORPORATED<< 2,266,960
4,446,918
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.76%
48,070 COOPER INDUSTRIES LIMITED CLASS A 2,162,669
48,750 EMERSON ELECTRIC COMPANY 2,100,638
39,120 HARRIS CORPORATION 1,993,164
173
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
27,330 MEMC ELECTRONIC MATERIALS INCORPORATED+ $ 1,655,651
57,440 NVIDIA CORPORATION+ 1,653,123
9,565,245
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 1.28%
45,500 JACOBS ENGINEERING GROUP INCORPORATED+ 2,122,575
---------------
FOOD & KINDRED PRODUCTS - 1.05%
70,100 CONAGRA FOODS INCORPORATED 1,746,191
---------------
FOOD STORES - 1.38%
62,710 SAFEWAY INCORPORATED 2,297,694
---------------
GENERAL MERCHANDISE STORES - 1.17%
23,680 JC PENNEY COMPANY INCORPORATED<< 1,945,549
---------------
HEALTH SERVICES - 1.19%
27,140 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,968,464
---------------
HOLDING & OTHER INVESTMENT OFFICES - 1.19%
30,530 PROLOGIS 1,982,317
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 2.31%
39,340 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,926,086
29,460 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 1,910,481
3,836,567
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 11.68%
28,000 APPLE INCORPORATED+ 2,601,480
106,520 APPLIED MATERIALS INCORPORATED 1,951,446
142,540 EMC CORPORATION+ 1,974,179
61,110 HEWLETT-PACKARD COMPANY 2,452,955
22,250 INTERNATIONAL BUSINESS MACHINES CORPORATION 2,097,285
44,550 LAM RESEARCH CORPORATION<<+ 2,108,997
25,870 NATIONAL OILWELL VARCO INCORPORATED<<+ 2,012,427
24,300 PARKER HANNIFIN CORPORATION 2,097,333
29,220 TEREX CORPORATION+ 2,096,827
19,392,929
---------------
INSURANCE CARRIERS - 9.56%
34,350 ACE LIMITED 1,960,011
28,760 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,933,247
38,390 CHUBB CORPORATION 1,983,611
13,950 CIGNA CORPORATION 1,990,107
54,540 GENWORTH FINANCIAL INCORPORATED 1,905,628
32,360 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,937,393
24,320 PRUDENTIAL FINANCIAL INCORPORATED 2,195,123
38,130 TRAVELERS COMPANIES INCORPORATED 1,973,990
15,879,110
---------------
174
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS - 1.35%
44,880 COACH INCORPORATED+ $ 2,246,244
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.39%
29,920 BECTON DICKINSON & COMPANY 2,300,549
---------------
MEDICAL PRODUCTS - 2.56%
42,250 BAXTER INTERNATIONAL INCORPORATED 2,225,308
23,650 ZIMMER HOLDINGS INCORPORATED+ 2,019,947
4,245,255
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 1.34%
19,160 VULCAN MATERIALS COMPANY 2,231,757
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.36%
81,660 MATTEL INCORPORATED 2,251,366
---------------
MOTION PICTURES - 1.29%
62,070 WALT DISNEY COMPANY 2,137,070
---------------
OIL & GAS EXTRACTION - 3.81%
37,880 ENSCO INTERNATIONAL INCORPORATED 2,060,672
31,590 SCHLUMBERGER LIMITED 2,182,869
25,470 TRANSOCEAN INCORPORATED+ 2,080,899
6,324,440
---------------
PAPER & ALLIED PRODUCTS - 1.17%
53,210 INTERNATIONAL PAPER COMPANY<< 1,936,844
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 2.54%
21,910 MARATHON OIL CORPORATION 2,165,365
31,960 VALERO ENERGY CORPORATION 2,061,100
4,226,465
---------------
PRIMARY METAL INDUSTRIES - 2.59%
17,300 PRECISION CASTPARTS CORPORATION 1,800,065
25,190 UNITED STATES STEEL CORPORATION 2,498,092
4,298,157
---------------
RAILROAD TRANSPORTATION - 1.20%
19,580 UNION PACIFIC CORPORATION 1,988,349
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.04%
9,890 GOLDMAN SACHS GROUP INCORPORATED 2,043,571
17,540 MERRILL LYNCH & COMPANY INCORPORATED 1,432,492
20,010 MORGAN STANLEY 1,575,988
5,052,051
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 1.52%
111,350 CORNING INCORPORATED+ 2,532,099
---------------
TOBACCO PRODUCTS - 1.32%
28,970 LOEWS CORPORATION - CAROLINA GROUP 2,190,422
---------------
175
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.90%
49,350 AMR CORPORATION<< $ 1,502,708
---------------
TRANSPORTATION EQUIPMENT - 2.44%
23,350 BOEING COMPANY 2,076,049
20,390 LOCKHEED MARTIN CORPORATION 1,978,238
4,054,287
---------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.35%
38,440 MCKESSON CORPORATION 2,250,280
---------------
TOTAL COMMON STOCKS (COST $145,485,734) 160,585,453
---------------
COLLATERAL FOR SECURITIES LENDING - 6.66%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.17%
284,258 SCUDDER DAILY ASSETS MONEY MARKET FUND 284,258
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 6.49%
$ 31,677 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 31,681
162,170 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 162,245
30,797 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 30,703
87,992 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 87,993
87,992 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 87,997
87,992 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 88,001
263,977 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 263,998
140,788 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $140,852) 5.49 04/02/2007 140,788
193,583 BUCKINGHAM II CDO LLC 5.32 04/26/2007 192,906
42,236 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 41,874
70,394 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 69,717
70,394 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 70,076
87,992 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 87,340
35,197 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 34,874
91,512 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 90,447
175,985 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 174,294
100,621 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 99,977
8,402 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 8,388
116,713 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 115,881
66,874 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 66,163
48,244 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 47,746
12,766 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 12,632
3,995 CHEYNE FINANCE LLC 5.26 04/18/2007 3,986
35,197 CHEYNE FINANCE LLC 5.31 06/19/2007 34,797
15,698 CHEYNE FINANCE LLC 5.32 05/14/2007 15,602
228,780 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 228,714
87,992 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 88,002
35,197 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 35,219
37,608 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 37,644
176
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 38,805 CIT GROUP INCORPORATED+/- 5.59% 11/23/2007 $ 38,852
1,231,894 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $1,232,458) 5.49 04/02/2007 1,231,894
17,598 COMERICA BANK+/- 5.32 02/08/2008 17,528
195,727 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 195,498
79,193 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 79,078
105,591 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 105,314
87,992 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 87,965
175,985 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 175,981
283,265 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 282,563
131,989 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 131,162
49,578 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 49,513
52,795 DEER VALLEY FUNDING LLC 5.34 05/07/2007 52,527
1,090,085 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $1,090,584) 5.49 04/02/2007 1,090,085
175,985 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 176,009
22,955 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 22,639
109,149 FOX TROT CDO LIMITED++ 5.31 04/24/2007 108,799
43,979 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 43,993
70,394 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 70,107
175,985 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 175,958
87,992 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 87,990
7,039 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 7,040
4,780 HUDSON-THAMES LLC++ 5.26 04/04/2007 4,778
26,391 HUDSON-THAMES LLC 5.29 04/30/2007 26,283
123,189 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 123,209
228,780 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 228,780
87,992 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 87,997
21,118 K2 (USA) LLC+/-++ 5.30 07/16/2007 21,120
35,197 K2 (USA) LLC+/-++ 5.33 09/28/2007 35,197
351,970 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 351,456
10,707 KESTREL FUNDING US LLC 5.29 05/21/2007 10,631
113,714 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 113,349
43,996 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 43,998
132,858 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 132,373
12,319 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 12,299
74,266 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 74,302
87,992 MORGAN STANLEY+/- 5.36 07/12/2007 87,992
129,208 MORGAN STANLEY+/- 5.48 07/27/2007 129,253
87,992 MORGAN STANLEY+/- 5.51 08/07/2007 87,992
774,333 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $774,687) 5.49 04/02/2007 774,333
16,279 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 16,280
14,079 NATIONAL CITY BANK+/- 5.46 09/04/2007 14,080
100,892 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 100,945
65,695 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 65,341
175,985 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 176,001
177
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 50,837 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30% 05/15/2007 $ 50,837
17,598 PICAROS FUNDING PLC++ 5.29 06/22/2007 17,391
100,311 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 100,452
87,992 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 87,992
66,874 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 66,874
14,237 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 14,240
44,246 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 43,969
123,189 SAINT GERMAIN FUNDING 5.31 04/19/2007 122,884
80,953 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 80,953
14,079 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 13,793
70,394 SLM CORPORATION+/-++SS. 5.32 05/12/2008 70,401
66,733 STANFIELD VICTORIA FUNDING++ 5.31 04/25/2007 66,510
7,039 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 7,025
62,531 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 62,513
20,347 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 20,347
87,992 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 87,999
87,992 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 88,002
10,559 VERSAILLES CDS LLC++ 5.33 04/16/2007 10,538
175,985 VETRA FINANCE CORPORATION 5.31 06/12/2007 174,167
79,591 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 79,347
21,118 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 21,118
61,595 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 61,451
35,197 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 35,111
10,782,083
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,066,341) 11,066,341
---------------
SHARES
SHORT-TERM INVESTMENTS - 2.92%
4,852,808 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,852,808
TOTAL SHORT-TERM INVESTMENTS (COST $4,852,808) 4,852,808
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $161,404,883)* 106.28% $ 176,504,602
OTHER ASSETS AND LIABILITIES, NET (6.28) (10,428,360)
---------------
TOTAL NET ASSETS 100.00% $ 166,076,242
====== ===============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,852,808.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
178
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.44%
APPAREL & ACCESSORY STORES - 2.38%
841,600 KOHL'S CORPORATION<<+ $ 64,474,976
---------------
BIOPHARMACEUTICALS - 4.66%
1,120,900 GENENTECH INCORPORATED+ 92,048,308
571,640 GENZYME CORPORATION+ 34,309,833
126,358,141
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 5.93%
1,484,800 FASTENAL COMPANY<< 52,042,240
1,078,417 HOME DEPOT INCORPORATED 39,621,041
2,195,000 LOWE'S COMPANIES INCORPORATED<< 69,120,550
160,783,831
---------------
BUSINESS SERVICES - 26.86%
847,400 AUTOMATIC DATA PROCESSING INCORPORATED 41,014,160
5,148,043 CISCO SYSTEMS INCORPORATED+ 131,429,538
5,690,570 EBAY INCORPORATED<<+ 188,642,396
1,282,400 FIRST DATA CORPORATION 34,496,560
228,000 GOOGLE INCORPORATED CLASS A<<+ 104,460,480
7,116,198 MICROSOFT CORPORATION 198,328,438
949,090 YAHOO! INCORPORATED<<+ 29,697,026
728,068,598
---------------
CHEMICALS & ALLIED PRODUCTS - 2.65%
1,287,900 AMGEN INCORPORATED<<+ 71,967,852
---------------
DEPOSITORY INSTITUTIONS - 1.05%
1,298,700 WESTERN UNION COMPANY<< 28,506,465
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 7.38%
1,335,800 LINEAR TECHNOLOGY CORPORATION<< 42,197,922
4,140,800 NOKIA OYJ ADR 94,907,136
2,096,400 TEXAS INSTRUMENTS INCORPORATED<< 63,101,640
200,206,698
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 4.24%
3,035,700 PAYCHEX INCORPORATED<< 114,961,959
---------------
GENERAL MERCHANDISE STORES - 4.98%
1,601,360 TARGET CORPORATION<< 94,896,594
854,600 WAL-MART STORES INCORPORATED<< 40,123,470
135,020,064
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 3.42%
2,110,900 EMC CORPORATION<<+ 29,235,965
3,317,770 INTEL CORPORATION 63,468,940
92,704,905
---------------
179
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS - 3.89%
1,568,566 AMERICAN INTERNATIONAL GROUP INCORPORATED<< $ 105,439,007
---------------
MEDICAL EQUIPMENT & SUPPLIES - 6.52%
3,602,210 MEDTRONIC INCORPORATED 176,724,423
---------------
PERSONAL SERVICES - 1.82%
1,367,350 CINTAS CORPORATION 49,361,335
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 21.24%
6,486,337 CHARLES SCHWAB CORPORATION 118,635,104
926,800 FRANKLIN RESOURCES INCORPORATED 111,985,244
1,298,140 GOLDMAN SACHS GROUP INCORPORATED 268,234,668
815,800 LEGG MASON INCORPORATED<< 76,856,518
575,711,534
---------------
TRANSPORTATION SERVICES - 1.42%
803,400 CH ROBINSON WORLDWIDE INCORPORATED 38,362,348
---------------
TOTAL COMMON STOCKS (COST $2,048,919,380) 2,668,652,136
---------------
COLLATERAL FOR SECURITIES LENDING - 12.81%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.33%
8,920,262 SCUDDER DAILY ASSETS MONEY MARKET FUND 8,920,262
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 12.48%
$ 994,060 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 994,189
5,089,033 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 5,091,374
966,447 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 963,490
2,761,277 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 2,761,305
2,761,277 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 2,761,415
2,761,277 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 2,761,553
8,283,831 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 8,284,494
4,418,043 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $4,420,064) 5.49 04/02/2007 4,418,043
6,074,809 BUCKINGHAM II CDO LLC 5.32 04/26/2007 6,053,547
1,325,413 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 1,314,028
2,209,022 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,187,793
2,209,022 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 2,199,059
2,761,277 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 2,740,788
1,104,511 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 1,094,382
2,871,728 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 2,838,301
5,522,554 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 5,469,482
3,157,575 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 3,137,367
263,647 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 263,225
3,662,558 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 3,636,444
2,098,570 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,076,263
1,513,953 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 1,498,314
400,606 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 396,408
125,362 CHEYNE FINANCE LLC 5.26 04/18/2007 125,070
180
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS S (CONTINUED)
$ 1,104,511 CHEYNE FINANCE LLC 5.31% 06/19/2007 $ 1,091,975
492,612 CHEYNE FINANCE LLC 5.32 05/14/2007 489,602
7,179,320 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 7,177,238
2,761,277 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 2,761,581
1,104,511 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,105,207
1,180,170 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 1,181,291
1,217,723 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 1,219,209
38,657,877 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $38,675,563) 5.49 04/02/2007 38,657,877
552,255 COMERICA BANK+/- 5.32 02/08/2008 550,046
6,142,074 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 6,134,888
2,485,149 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 2,481,521
3,313,532 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 3,304,851
2,761,277 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 2,760,421
5,522,554 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 5,522,443
8,889,103 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 8,867,058
4,141,915 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 4,115,987
1,555,814 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 1,553,776
1,656,766 DEER VALLEY FUNDING LLC 5.34 05/07/2007 1,648,333
34,207,784 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $34,223,434) 5.49 04/02/2007 34,207,784
5,522,554 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 5,523,327
720,362 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 710,421
3,425,198 FOX TROT CDO LIMITED++ 5.31 04/24/2007 3,414,203
1,380,086 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 1,380,542
2,209,022 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 2,200,009
5,522,554 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 5,521,725
2,761,277 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 2,761,194
220,902 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 220,920
149,993 HUDSON-THAMES LLC++ 5.26 04/04/2007 149,949
828,162 HUDSON-THAMES LLC 5.29 04/30/2007 824,783
3,865,788 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 3,866,406
7,179,320 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 7,179,320
2,761,277 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 2,761,415
662,706 K2 (USA) LLC+/-++ 5.30 07/16/2007 662,773
1,104,511 K2 (USA) LLC+/-++ 5.33 09/28/2007 1,104,511
11,045,108 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 11,028,982
335,992 KESTREL FUNDING US LLC 5.29 05/21/2007 333,597
3,568,453 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 3,556,999
1,380,638 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 1,380,680
4,169,197 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 4,153,979
386,579 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 385,960
2,330,518 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 2,331,660
2,761,277 MORGAN STANLEY+/- 5.36 07/12/2007 2,761,277
4,054,659 MORGAN STANLEY+/- 5.48 07/27/2007 4,056,078
2,761,277 MORGAN STANLEY+/- 5.51 08/07/2007 2,761,277
24,299,237 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $24,310,354) 5.49 04/02/2007 24,299,237
181
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS S (CONTINUED)
$ 510,836 MORGAN STANLEY SERIES EXL+/-SS. 5.38% 05/15/2008 $ 510,867
441,804 NATIONAL CITY BANK+/- 5.46 09/04/2007 441,848
3,166,080 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 3,167,727
2,061,569 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 2,050,458
5,522,554 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 5,523,051
1,595,320 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 04/15/2007 1,595,320
552,255 PICAROS FUNDING PLC++ 5.29 06/22/2007 545,744
3,147,856 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 3,152,263
2,761,277 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 2,761,277
2,098,570 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 2,098,570
446,775 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 446,860
1,388,481 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 1,379,789
3,865,788 SAINT GERMAIN FUNDING 5.31 04/19/2007 3,856,201
2,540,375 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 2,540,375
441,804 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 432,836
2,209,022 SLM CORPORATION+/-++SS. 5.32 05/12/2008 2,209,242
2,094,152 STANFIELD VICTORIA FUNDING++ 5.31 04/25/2007 2,087,137
220,902 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 220,452
1,962,274 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 1,961,705
638,518 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 638,505
2,761,277 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 2,761,498
2,761,277 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 2,761,581
331,353 VERSAILLES CDS LLC++ 5.33 04/16/2007 330,677
5,522,554 VETRA FINANCE CORPORATION 5.31 06/12/2007 5,465,506
2,497,630 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 2,489,987
662,706 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 662,701
1,932,894 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 1,928,390
1,104,511 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,101,772
338,350,985
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $347,271,247) 347,271,247
---------------
182
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME VALUE
SHORT-TERM INVESTMENTS - 0.76%
$ 20,693,392 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 20,693,392
TOTAL SHORT-TERM INVESTMENTS (COST $20,693,392) 20,693,392
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,416,884,019)* 112.01% $ 3,036,616,775
OTHER ASSETS AND LIABILITIES, NET (12.01) (325,542,192)
------ ---------------
TOTAL NET ASSETS 100.00% $ 2,711,074,583
====== ===============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $20,693,392.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
183
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.68%
AGRICULTURAL PRODUCTION CROPS - 0.25%
26,712 DELTA & PINE LAND COMPANY $ 1,100,534
----------------
AMUSEMENT & RECREATION SERVICES - 0.50%
20,193 MULTIMEDIA GAMES INCORPORATED<<+ 240,297
43,644 PINNACLE ENTERTAINMENT INCORPORATED<<+ 1,268,731
17,452 WMS INDUSTRIES INCORPORATED+ 684,816
2,193,844
----------------
APPAREL & ACCESSORY STORES - 1.28%
10,618 ASHWORTH INCORPORATED+ 80,378
17,061 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 951,321
27,226 CHRISTOPHER & BANKS CORPORATION 530,090
33,716 DRESS BARN INCORPORATED<<+ 701,630
30,637 FINISH LINE INCORPORATED CLASS A 386,026
32,321 HOT TOPIC INCORPORATED<<+ 358,763
13,175 JOS. A. BANK CLOTHIERS INCORPORATED<<+ 465,736
31,946 STAGE STORES INCORPORATED 744,661
23,050 THE CATO CORPORATION CLASS A 539,140
23,378 TWEEN BRANDS INCORPORATED<<+ 835,062
5,592,807
----------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.72%
23,126 GYMBOREE CORPORATION+ 926,659
18,400 KELLWOOD COMPANY 539,672
89,316 QUIKSILVER INCORPORATED<<+ 1,036,066
19,939 SKECHERS U.S.A. INCORPORATED CLASS A+ 669,352
3,171,749
----------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.21%
13,642 MARINEMAX INCORPORATED<<+ 316,222
21,985 SONIC AUTOMOTIVE INCORPORATED 626,573
942,795
----------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.10%
12,024 CENTRAL PARKING CORPORATION 266,692
8,632 MIDAS INCORPORATED+ 186,192
452,884
----------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.82%
8,857 M I HOMES INCORPORATED 235,153
3,529 NVR INCORPORATED<<+ 2,346,785
47,340 STANDARD-PACIFIC CORPORATION<< 987,986
3,569,924
----------------
BUSINESS SERVICES - 8.84%
35,648 AARON RENTS INCORPORATED 942,533
31,859 ABM INDUSTRIES INCORPORATED<< 840,759
17,776 ADMINISTAFF INCORPORATED 625,715
184
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 8.84%
35,652 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED<<+ $ 955,830
17,692 ALTIRIS INCORPORATED+ 582,244
25,356 AMN HEALTHCARE SERVICES INCORPORATED+ 573,553
28,328 ANSYS INCORPORATED+ 1,438,213
21,748 ARBITRON INCORPORATED 1,021,069
8,346 BANKRATE INCORPORATED<<+ 294,113
32,418 BLACKBAUD INCORPORATED 791,648
10,579 BLUE COAT SYSTEMS INCORPORATED<<+ 388,567
39,452 BRADY CORPORATION CLASS A 1,230,902
19,151 BRIGHT HORIZONS FAMILY SOLUTIONS INCORPORATED+ 722,950
22,498 CACI INTERNATIONAL INCORPORATED CLASS A<<+ 1,054,256
19,769 CAPTARIS INCORPORATED+ 114,463
14,810 CARREKER CORPORATION+ 118,776
39,519 CIBER INCORPORATED+ 311,015
32,517 COGNEX CORPORATION 704,643
20,439 CONCUR TECHNOLOGIES INCORPORATED<<+ 356,865
32,015 DENDRITE INTERNATIONAL INCORPORATED+ 501,355
34,501 EFUNDS CORPORATION+ 919,797
42,285 EPICOR SOFTWARE CORPORATION+ 588,184
27,581 FACTSET RESEARCH SYSTEMS INCORPORATED 1,733,466
16,905 GERBER SCIENTIFIC INCORPORATED+ 179,362
18,416 GEVITY HR INCORPORATED<< 363,532
20,199 HEALTHCARE SERVICES GROUP 578,687
12,819 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED+ 621,081
43,133 HYPERION SOLUTIONS CORPORATION+ 2,235,583
23,013 INFOSPACE INCORPORATED+ 590,744
21,447 JDA SOFTWARE GROUP INCORPORATED+ 322,348
32,598 KEANE INCORPORATED+ 442,681
23,156 KRONOS INCORPORATED+ 1,238,846
37,069 LABOR READY INCORPORATED<<+ 703,940
13,744 LOJACK CORPORATION+ 260,861
19,924 MANHATTAN ASSOCIATES INCORPORATED<<+ 546,515
15,786 MAPINFO CORPORATION+ 317,772
20,497 MIVA INCORPORATED+ 78,708
32,908 NAPSTER INCORPORATED+ 136,239
14,619 NEOWARE INCORPORATED<<+ 147,213
18,479 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 179,246
24,110 ON ASSIGNMENT INCORPORATED+ 299,205
16,326 PCTEL INCORPORATED+ 166,035
18,759 PHOENIX TECHNOLOGIES LIMITED+ 117,244
11,694 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED<<+ 522,137
29,828 PROGRESS SOFTWARE CORPORATION+ 930,634
12,428 QUALITY SYSTEMS INCORPORATED<< 497,120
19,007 RADIANT SYSTEMS INCORPORATED+ 247,661
16,052 RADISYS CORPORATION+ 262,290
47,175 SECURE COMPUTING CORPORATION+ 363,248
41,377 SPHERION CORPORATION+ 364,945
14,489 SPSS INCORPORATED+ 523,053
185
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (CONTINUED)
8,275 STARTEK INCORPORATED $ 81,012
21,679 SYKES ENTERPRISES INCORPORATED+ 395,425
53,331 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED<<+ 1,074,086
23,026 TALX CORPORATION 762,851
47,973 THQ INCORPORATED<<+ 1,640,197
18,669 TRADESTATION GROUP INCORPORATED+ 235,043
48,488 UNITED ONLINE INCORPORATED 680,287
7,091 VERTRUE INCORPORATED+ 341,148
15,545 VIAD CORPORATION 600,037
9,443 VOLT INFORMATION SCIENCE INCORPORATED<<+ 247,312
32,184 WEBEX COMMUNICATIONS INCORPORATED+ 1,829,982
32,777 WEBSENSE INCORPORATED<<+ 753,543
38,688,769
----------------
CHEMICALS & ALLIED PRODUCTS - 4.03%
24,625 ALPHARMA INCORPORATED CLASS A 592,970
17,724 ARCH CHEMICALS INCORPORATED 553,343
20,699 ARQULE INCORPORATED+ 154,415
12,013 BRADLEY PHARMACEUTICALS INCORPORATED<<+ 230,529
19,565 CAMBREX CORPORATION 481,299
13,654 CHATTEM INCORPORATED<<+ 804,767
17,558 DIGENE CORPORATION<<+ 744,635
25,025 GEORGIA GULF CORPORATION<< 405,655
44,288 HB FULLER COMPANY 1,207,734
22,771 IDEXX LABORATORIES INCORPORATED+ 1,995,423
50,333 IMMUCOR INCORPORATED<<+ 1,481,300
18,298 MACDERMID INCORPORATED 638,051
11,584 MANNATECH INCORPORATED<< 186,039
58,144 MGI PHARMA INCORPORATED+ 1,306,496
41,291 NBTY INCORPORATED<<+ 2,190,075
18,106 NOVEN PHARMACEUTICALS INCORPORATED+ 420,059
21,756 OM GROUP INCORPORATED+ 972,058
30,721 OMNOVA SOLUTIONS INCORPORATED+ 167,737
19,999 PAREXEL INTERNATIONAL CORPORATION+ 719,364
6,548 PENFORD CORPORATION 131,877
67,892 POLYONE CORPORATION+ 414,141
7,328 QUAKER CHEMICAL CORPORATION 174,480
21,604 SCIELE PHARMA INCORPORATED<<+ 511,583
11,433 SURMODICS INCORPORATED<<+ 411,588
30,163 TRONOX INCORPORATED CLASS B 421,679
6,697 USANA HEALTH SCIENCES INCORPORATED<<+ 313,888
17,631,185
----------------
COAL MINING - 0.55%
59,285 MASSEY ENERGY COMPANY 1,422,247
13,742 PENN VIRGINIA CORPORATION 1,008,663
2,430,910
----------------
186
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMUNICATIONS - 1.31%
23,033 ANIXTER INTERNATIONAL INCORPORATED<<+ $ 1,518,796
13,270 AUDIOVOX CORPORATION CLASS A+ 195,467
37,089 BRIGHTPOINT INCORPORATED+ 424,300
14,755 CT COMMUNICATIONS INCORPORATED 355,596
32,720 GENERAL COMMUNICATION INCORPORATED CLASS A+ 458,080
35,811 J2 GLOBAL COMMUNICATIONS INCORPORATED<<+ 992,681
47,924 LIVE NATION INCORPORATED<<+ 1,057,203
21,916 NOVATEL WIRELESS INCORPORATED+ 351,533
56,305 RADIO ONE INCORPORATED CLASS D+ 363,730
5,717,386
----------------
COMPUTERS-INTERGRATED SYSTEMS - 0.12%
22,554 AGILYSYS INCORPORATED 506,788
----------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.63%
19,482 CHEMED CORPORATION 953,839
23,284 EMCOR GROUP INCORPORATED+ 1,373,290
19,926 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 414,262
2,741,391
----------------
DEPOSITORY INSTITUTIONS - 7.31%
13,277 ANCHOR BANCORP WISCONSIN INCORPORATED 376,403
44,102 BANK MUTUAL CORPORATION 501,443
33,510 BANKATLANTIC BANCORP INCORPORATED CLASS A 367,270
23,368 BANKUNITED FINANCIAL CORPORATION CLASS A<< 495,635
26,872 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 750,266
45,022 BROOKLINE BANCORP INCORPORATED 570,429
20,692 CASCADE BANCORP<< 536,750
22,473 CENTRAL PACIFIC FINANCIAL CORPORATION 821,838
33,112 CHITTENDEN CORPORATION<< 999,644
21,888 COMMUNITY BANK SYSTEM INCORPORATED 457,897
24,268 CORUS BANKSHARES INCORPORATED<< 414,012
20,072 DIME COMMUNITY BANCSHARES 265,553
14,258 DOWNEY FINANCIAL CORPORATION<< 920,211
44,982 EAST WEST BANCORP INCORPORATED 1,653,988
60,883 FIRST BANCORP PUERTO RICO 807,309
45,960 FIRST COMMONWEALTH FINANCIAL CORPORATION<< 540,030
23,449 FIRST FINANCIAL BANCORP 354,314
9,421 FIRST INDIANA CORPORATION 205,849
36,511 FIRST MIDWEST BANCORP INCORPORATED 1,341,779
22,596 FIRST REPUBLIC BANK 1,213,405
12,118 FIRSTFED FINANCIAL CORPORATION<<+ 688,666
28,383 FLAGSTAR BANCORP INCORPORATED 339,177
17,230 FRANKLIN BANK CORPORATION+ 307,900
38,464 GLACIER BANCORP INCORPORATED 924,675
30,219 HANMI FINANCIAL CORPORATION 575,974
14,886 INDEPENDENT BANK CORPORATION 303,228
13,733 IRWIN FINANCIAL CORPORATION 255,983
17,711 JPMORGAN CHASE & COMPANY 209,875
187
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (CONTINUED)
20,467 MAF BANCORP INCORPORATED $ 846,106
15,328 NARA BANK NATIONAL ASSOCIATION 268,393
13,532 PRIVATEBANCORP INCORPORATED<< 494,730
25,166 PROSPERITY BANCSHARES INCORPORATED<< 874,267
23,556 PROVIDENT BANKSHARES CORPORATION 774,050
54,498 SOUTH FINANCIAL GROUP INCORPORATED 1,347,191
13,684 STERLING BANCORPORATION (NEW YORK) 247,680
52,700 STERLING BANCSHARES INCORPORATED (TEXAS) 589,186
37,312 STERLING FINANCIAL CORPORATION 1,163,761
38,104 SUSQUEHANNA BANCSHARES INCORPORATED 883,632
54,796 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 524,946
72,848 UCBH HOLDINGS INCORPORATED 1,356,430
42,530 UMPQUA HOLDINGS CORPORATION 1,138,528
26,672 UNITED BANKSHARES INCORPORATED 934,320
26,426 UNITED COMMUNITY BANKS INCORPORATED<< 866,509
48,245 WHITNEY HOLDING CORPORATION 1,475,332
11,305 WILSHIRE BANCORP INCORPORATED 185,402
18,289 WINTRUST FINANCIAL CORPORATION 815,872
31,985,838
----------------
DURABLE GOODS - CONSUMER - 0.04%
13,410 STURM, RUGER & COMPANY INCORPORATED 180,365
----------------
EATING & DRINKING PLACES - 2.39%
13,990 CALIFORNIA PIZZA KITCHEN INCORPORATED<<+ 460,131
24,344 CEC ENTERTAINMENT INCORPORATED+ 1,011,250
50,925 CKE RESTAURANTS INCORPORATED 960,446
11,506 IHOP CORPORATION 674,827
24,986 JACK IN THE BOX INCORPORATED+ 1,727,282
12,401 LANDRY'S RESTAURANTS INCORPORATED 367,070
17,073 O'CHARLEYS INCORPORATED+ 329,338
18,645 P.F. CHANG'S CHINA BISTRO INCORPORATED<<+ 780,853
16,411 PAPA JOHNS INTERNATIONAL INCORPORATED+ 482,483
22,283 RARE HOSPITALITY INTERNATIONAL INCORPORATED+ 670,495
12,149 RED ROBIN GOURMET BURGERS INCORPORATED<<+ 471,624
12,737 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 259,325
49,737 SONIC CORPORATION+ 1,108,140
20,628 STEAK N SHAKE COMPANY+ 345,932
47,409 TRIARC COMPANIES INCORPORATED CLASS B 814,961
10,464,157
----------------
EDUCATIONAL SERVICES - 0.09%
16,905 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED<<+ 390,167
----------------
ELECTRIC, GAS & SANITARY SERVICES - 5.39%
22,265 ALLETE INCORPORATED 1,037,994
12,459 AMERICAN STATES WATER COMPANY 459,363
64,776 ATMOS ENERGY CORPORATION 2,026,193
38,521 AVISTA CORPORATION 933,364
188
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
8,415 CASCADE NATURAL GAS CORPORATION $ 221,735
7,405 CENTRAL VERMONT PUBLIC SERVICE 213,412
9,912 CH ENERGY GROUP INCORPORATED 482,615
42,171 CLECO CORPORATION 1,089,277
33,739 EL PASO ELECTRIC COMPANY+ 889,023
52,425 ENERGEN CORPORATION<< 2,667,908
3,871 GREEN MOUNTAIN POWER CORPORATION 134,982
15,771 LACLEDE GROUP INCORPORATED 490,163
20,354 NEW JERSEY RESOURCES 1,018,718
19,932 NORTHWEST NATURAL GAS COMPANY 910,294
54,554 PIEDMONT NATURAL GAS COMPANY<< 1,439,135
21,337 SOUTH JERSEY INDUSTRIES INCORPORATED 811,873
78,830 SOUTHERN UNION COMPANY 2,395,634
30,712 SOUTHWEST GAS CORPORATION 1,193,775
77,548 UGI CORPORATION 2,071,307
18,324 UIL HOLDINGS CORPORATION 635,843
25,782 UNISOURCE ENERGY CORPORATION 968,114
49,998 WASTE CONNECTIONS INCORPORATED+ 1,496,940
23,587,662
----------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.99%
19,049 ACTEL CORPORATION+ 314,689
31,725 ACUITY BRANDS INCORPORATED 1,727,109
86,544 ADAPTEC INCORPORATED+ 334,925
25,943 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 545,841
53,853 AEROFLEX INCORPORATED+ 708,167
16,620 AO SMITH CORPORATION<< 635,216
8,876 APPLIED SIGNAL TECHNOLOGY INCORPORATED 159,147
25,769 ATMI INCORPORATED+ 787,758
30,107 BALDOR ELECTRIC COMPANY 1,136,238
8,667 BEL FUSE INCORPORATED CLASS B 335,500
52,640 BENCHMARK ELECTRONICS INCORPORATED<<+ 1,087,542
18,755 C&D TECHNOLOGIES INCORPORATED<< 94,338
35,694 C-COR INCORPORATED+ 494,719
7,280 CATAPULT COMMUNICATIONS CORPORATION+ 70,907
19,848 CERADYNE INCORPORATED<<+ 1,086,480
28,712 CHECKPOINT SYSTEMS INCORPORATED+ 679,326
16,931 COMTECH TELECOMMUNICATIONS CORPORATION+ 655,738
26,184 CTS CORPORATION 361,863
11,333 CUBIC CORPORATION 245,246
27,262 CYMER INCORPORATED<<+ 1,132,736
14,660 DIODES INCORPORATED<<+ 510,901
13,965 DIONEX CORPORATION+ 951,156
24,118 DITECH NETWORKS INCORPORATED+ 195,838
21,244 DSP GROUP INCORPORATED+ 403,636
21,322 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 410,235
26,564 EXAR CORPORATION+ 351,707
16,171 GREATBATCH INCORPORATED+ 412,361
189
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
54,614 HARMONIC INCORPORATED+ $ 536,309
19,003 HUTCHINSON TECHNOLOGY INCORPORATED<<+ 443,720
15,634 INTER-TEL INCORPORATED 369,588
16,444 LITTELFUSE INCORPORATED+ 667,626
21,820 MAGNETEK INCORPORATED+ 109,973
16,257 MERCURY COMPUTER SYSTEMS INCORPORATED+ 225,485
26,735 METHODE ELECTRONICS INCORPORATED 394,876
55,142 MICROSEMI CORPORATION<< 1,147,505
31,035 MOOG INCORPORATED CLASS A+ 1,292,587
3,445 NATIONAL PRESTO INDUSTRIES INCORPORATED 212,350
14,767 PARK ELECTROCHEMICAL CORPORATION 400,481
19,205 PERICOM SEMICONDUCTOR+ 187,825
30,563 PHOTRONICS INCORPORATED<<+ 475,255
33,844 PLEXUS CORPORATION 580,425
22,790 REGAL-BELOIT CORPORATION 1,057,000
12,908 ROGERS CORPORATION+ 572,470
119,352 SKYWORKS SOLUTIONS INCORPORATED+ 686,274
16,540 STANDARD MICROSYSTEMS CORPORATION+ 505,132
10,086 SUPERTEX INCORPORATED<<+ 334,956
33,973 SYMMETRICOM INCORPORATED+ 281,976
19,054 SYNAPTICS INCORPORATED+ 487,401
29,801 TECHNITROL INCORPORATED 780,488
9,687 TOLLGRADE COMMUNICATIONS INCORPORATED+ 121,669
40,116 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,141,392
18,010 VIASAT INCORPORATED+ 593,790
14,285 VICOR CORPORATION 143,136
30,579,008
----------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 1.41%
9,509 CDI CORPORATION 275,000
15,879 MAXMUS INCORPORATED 547,508
13,469 PHARMANET DEVELOPMENT GROUP INCORPORATED+ 350,194
47,995 REGENERON PHARMACEUTICAL INCORPORATED+ 1,037,652
42,388 TETRA TECH INCORPORATED+ 807,915
38,396 URS CORPORATION+ 1,635,286
30,983 WATSON WYATT & COMPANY HOLDINGS 1,507,323
6,160,878
----------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 1.81%
25,365 APTARGROUP INCORPORATED 1,697,679
19,207 GRIFFON CORPORATION<<+ 475,373
9,291 MATERIAL SCIENCES CORPORATION+ 92,724
26,252 MOBILE MINI INCORPORATED<<+ 703,029
14,746 NCI BUILDING SYSTEMS INCORPORATED<<+ 703,974
59,058 SHAW GROUP INCORPORATED+ 1,846,744
26,900 SIMPSON MANUFACTURING COMPANY INCORPORATED 829,596
12,574 VALMONT INDUSTRIES INCORPORATED 727,154
21,699 WATTS WATER TECHNOLOGIES INCORPORATED<< 825,213
7,901,486
----------------
190
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINANCE COMPANIES - 0.02%
19,442 REWARDS NETWORK INCORPORATED+ $ 103,043
----------------
FOOD & KINDRED PRODUCTS - 1.51%
54,417 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,936,701
37,819 FLOWERS FOODS INCORPORATED<< 1,140,999
10,033 J & J SNACK FOODS CORPORATION 396,203
22,576 LANCE INCORPORATED 456,938
10,120 PEET'S COFFEE & TEA INCORPORATED+ 279,514
19,605 RALCORP HOLDINGS INCORPORATED+ 1,260,602
11,617 SANDERSON FARMS INCORPORATED<< 430,526
22,817 TREEHOUSE FOODS INCORPORATED+ 695,234
6,596,717
----------------
FOOD STORES - 0.42%
14,267 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED<< 473,379
23,247 PANERA BREAD COMPANY<<+ 1,372,968
1,846,347
----------------
FOOTWEAR - 0.39%
24,541 CROCS INCORPORATED<<+ 1,159,562
7,992 DECKERS OUTDOOR CORPORATION<<+ 567,592
1,727,154
----------------
FURNITURE & FIXTURES - 0.47%
8,638 BASSETT FURNITURE INDUSTRIES INCORPORATED 127,151
23,209 ETHAN ALLEN INTERIORS INCORPORATED 820,206
37,568 LA-Z-BOY INCORPORATED<< 465,092
36,544 SELECT COMFORT CORPORATION<<+ 650,483
2,062,932
----------------
GENERAL MERCHANDISE STORES - 0.38%
36,948 CASEY'S GENERAL STORES INCORPORATED 924,069
29,264 FRED'S INCORPORATED 430,181
19,752 STEIN MART INCORPORATED 322,353
1,676,603
----------------
HEALTH SERVICES - 3.12%
18,887 AMEDISYS INCORPORATED<<+ 612,505
21,969 AMSURG CORPORATION+ 538,021
15,914 CROSS COUNTRY HEALTHCARE INCORPORATED+ 290,112
16,446 CRYOLIFE INCORPORATED+ 138,311
22,781 ENZO BIOCHEM INCORPORATED<<+ 343,537
14,462 GENESIS HEALTHCARE CORPORATION+ 912,697
19,959 GENTIVA HEALTH SERVICES INCORPORATED+ 402,573
25,537 HEALTHWAYS INCORPORATED<<+ 1,193,855
49,467 HOOPER HOLMES INCORPORATED 221,117
22,038 INVENTIV HEALTH INCORPORATED+ 843,835
14,546 LCA-VISION INCORPORATED<< 599,129
15,680 MATRIA HEALTHCARE INCORPORATED<<+ 413,325
191
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES (CONTINUED)
23,016 NAUTILUS GROUP INCORPORATED<< $ 355,137
24,638 ODYSSEY HEALTHCARE INCORPORATED+ 323,497
19,348 OPTION CARE INCORPORATED 257,328
35,467 PEDIATRIX MEDICAL GROUP INCORPORATED+ 2,023,747
12,579 REHABCARE GROUP INCORPORATED+ 199,629
40,773 SIERRA HEALTH SERVICES INCORPORATED<<+ 1,678,624
32,758 SUNRISE SENIOR LIVING INCORPORATED+ 1,294,596
32,741 UNITED SURGICAL PARTNERS INTERNATIONAL INCORPORATED+ 1,008,750
13,650,325
----------------
HOLDING & OTHER INVESTMENT OFFICES - 3.35%
9,604 4KIDS ENTERTAINMENT INCORPORATED+ 181,708
23,498 ACADIA REALTY TRUST<< 612,593
33,834 COLONIAL PROPERTIES TRUST<< 1,545,199
17,334 EASTGROUP PROPERTIES INCORPORATED 884,554
19,349 ENTERTAINMENT PROPERTIES TRUST 1,165,777
17,701 ESSEX PROPERTY TRUST INCORPORATED 2,291,925
47,606 INLAND REAL ESTATE CORPORATION 873,094
23,912 KILROY REALTY CORPORATION 1,763,510
15,180 LTC PROPERTIES INCORPORATED 393,314
35,976 MEDICAL PROPERTIES TRUST INCORPORATED 528,487
18,525 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 1,042,217
47,733 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,154,661
10,881 PARKWAY PROPERTIES INCORPORATED 568,532
11,692 PS BUSINESS PARKS INCORPORATED 824,520
14,993 SOVRAN SELF STORAGE INCORPORATED 830,762
14,660,853
----------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.42%
22,236 BELL MICROPRODUCTS INCORPORATED+ 142,310
16,149 COST PLUS INCORPORATED<<+ 161,490
21,574 GUITAR CENTER INCORPORATED<<+ 973,419
16,591 HAVERTY FURNITURE COMPANIES INCORPORATED 232,274
21,799 TUESDAY MORNING CORPORATION 323,497
1,832,990
----------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.13%
15,613 MARCUS CORPORATION 363,158
7,666 MONARCH CASINO & RESORT INCORPORATED+ 199,316
562,474
----------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.06%
15,024 A.S.V. INCORPORATED<<+ 229,266
13,771 ASTEC INDUSTRIES INCORPORATED+ 554,283
74,078 AXCELIS TECHNOLOGIES INCORPORATED+ 565,956
12,693 BLACK BOX CORPORATION 463,802
36,129 BRIGGS & STRATTON CORPORATION<< 1,114,580
55,342 BROOKS AUTOMATION INCORPORATED<<+ 949,115
192
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
7,729 CASCADE CORPORATION $ 462,271
17,715 DRIL-QUIP INCORPORATED+ 766,705
15,600 ENPRO INDUSTRIES INCORPORATED+ 562,380
38,630 GARDNER DENVER INCORPORATED+ 1,346,256
36,798 GLOBAL IMAGING SYSTEMS INCORPORATED+ 717,561
13,302 HYDRIL COMPANY+ 1,280,184
39,361 IDEX CORPORATION 2,002,688
15,467 INTEVAC INCORPORATED+ 407,865
20,586 KAYDON CORPORATION 876,140
22,785 KOMAG INCORPORATED<<+ 745,753
42,054 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 389,000
41,974 LENNOX INTERNATIONAL INCORPORATED 1,498,472
8,504 LINDSAY MANUFACTURING COMPANY<< 270,342
10,927 LUFKIN INDUSTRIES INCORPORATED 613,879
45,442 MANITOWOC COMPANY INCORPORATED 2,886,930
29,700 MICROS SYSTEMS INCORPORATED<<+ 1,603,503
25,101 NETGEAR INCORPORATED+ 716,132
30,350 PAXAR CORPORATION+ 871,045
12,674 PLANAR SYSTEMS INCORPORATED+ 109,884
12,448 ROBBINS & MYERS INCORPORATED 464,186
18,812 SCANSOURCE INCORPORATED+ 504,914
29,472 TORO COMPANY 1,510,145
16,997 ULTRATECH INCORPORATED+ 231,329
17,922 WATSCO INCORPORATED<< 915,277
21,542 WOODWARD GOVERNOR COMPANY 886,884
26,516,727
----------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.30%
26,449 HILB, ROGAL & HAMILTON COMPANY 1,297,323
----------------
INSURANCE CARRIERS - 3.26%
38,256 AMERIGROUP CORPORATION<<+ 1,162,982
31,716 CENTENE CORPORATION+ 665,719
31,628 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 1,272,394
49,538 FREMONT GENERAL CORPORATION<< 343,298
21,833 HEALTHEXTRAS INCORPORATED+ 628,354
14,255 INFINITY PROPERTY & CASUALTY CORPORATION 667,989
12,800 LANDAMERICA FINANCIAL GROUP INCORPORATED<< 946,048
41,969 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 1,846,216
15,731 PRESIDENTIAL LIFE CORPORATION 310,215
24,338 PROASSURANCE CORPORATION+ 1,244,889
14,618 RLI CORPORATION 802,967
10,478 SAFETY INSURANCE GROUP INCORPORATED 420,377
7,342 SCPIE HOLDINGS INCORPORATED+ 166,663
41,681 SELECTIVE INSURANCE GROUP INCORPORATED 1,061,198
13,332 STEWART INFORMATION SERVICES CORPORATION 557,144
8,928 TRIAD GUARANTY INCORPORATED+ 369,708
193
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS (CONTINUED)
15,368 UNITED FIRE & CASUALTY COMPANY $ 539,878
27,080 ZENITH NATIONAL INSURANCE CORPORATION 1,280,072
14,286,111
----------------
LEATHER & LEATHER PRODUCTS - 0.48%
21,013 BROWN SHOE COMPANY INCORPORATED 882,546
16,438 GENESCO INCORPORATED<<+ 682,670
19,487 K-SWISS INCORPORATED 526,539
2,091,755
----------------
LEGAL SERVICES - 0.07%
6,574 PRE-PAID LEGAL SERVICES INCORPORATED<< 329,423
----------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.42%
56,014 CHAMPION ENTERPRISES INCORPORATED<<+ 492,923
11,495 COACHMEN INDUSTRIES INCORPORATED 121,042
7,465 DELTIC TIMBER CORPORATION 358,021
4,970 SKYLINE CORPORATION+ 167,688
13,811 UNIVERSAL FOREST PRODUCTS 684,335
1,824,009
----------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 7.82%
52,588 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED<<+ 1,113,288
10,207 ANALOGIC CORPORATION 641,816
22,097 ARMOR HOLDINGS INCORPORATED+ 1,487,791
20,060 ARTHROCARE CORPORATION<<+ 722,962
17,314 BIOLASE TECHNOLOGY INCORPORATED<< 168,465
11,681 BIOSITE INCORPORATED+ 980,854
22,855 COHERENT INCORPORATED+ 725,418
16,614 COHU INCORPORATED 312,343
20,495 CONMED CORPORATION<<+ 599,069
32,895 COOPER COMPANIES INCORPORATED 1,599,355
16,170 CYBERONICS INCORPORATED<<+ 303,673
9,259 DATASCOPE CORPORATION 335,083
17,141 DJ ORTHOPEDICS INCORPORATED+ 649,644
12,025 EDO CORPORATION<< 315,055
18,700 ESTERLINE TECHNOLOGIES CORPORATION+ 768,009
19,026 FEI COMPANY<<+ 686,078
47,923 FLIR SYSTEMS INCORPORATED<<+ 1,709,413
33,052 FOSSIL INCORPORATED<<+ 874,886
19,319 HAEMONETICS CORPORATION+ 903,163
38,929 HOLOGIC INCORPORATED<<+ 2,243,868
10,704 ICU MEDICAL INCORPORATED+ 419,597
51,413 INPUT OUTPUT INCORPORATED<<+ 708,471
14,419 INTEGRA LIFESCIENCES HOLDINGS<<+ 657,218
23,383 INVACARE CORPORATION 407,800
18,829 ITRON INCORPORATED<<+ 1,224,638
10,293 KEITHLEY INSTRUMENTS INCORPORATED 157,380
194
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (CONTINUED)
8,659 KENSEY NASH CORPORATION+ $ 264,100
49,639 KOPIN CORPORATION+ 167,780
31,064 MENTOR CORPORATION 1,428,944
15,763 MERIDIAN DIAGNOSTICS INCORPORATED 437,581
20,061 MERIT MEDICAL SYSTEMS INCORPORATED+ 251,766
27,136 MKS INSTRUMENTS INCORPORATED+ 692,511
13,361 MTS SYSTEMS CORPORATION<< 518,941
12,679 OSTEOTECH INCORPORATED+ 96,868
13,280 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED<<+ 530,536
12,132 PHOTON DYNAMICS INCORPORATED+ 152,985
16,530 POLYMEDICA CORPORATION 699,715
12,594 POSSIS MEDICAL INCORPORATED+ 163,848
53,502 RESPIRONICS INCORPORATED+ 2,246,549
18,234 RUDOLPH TECHNOLOGIES INCORPORATED+ 318,001
19,019 SONIC SOLUTIONS<<+ 268,168
25,483 TELEDYNE TECHNOLOGIES INCORPORATED+ 954,084
24,309 THERAGENICS CORPORATION+ 152,174
86,380 TRIMBLE NAVIGATION LIMITED+ 2,318,439
22,778 VEECO INSTRUMENTS INCORPORATED<<+ 444,171
24,182 VIASYS HEALTHCARE INCORPORATED+ 821,946
5,703 VITAL SIGNS INCORPORATED 296,442
20,956 X-RITE INCORPORATED 271,380
34,212,266
----------------
METAL MINING - 0.44%
30,122 CLEVELAND CLIFFS INCORPORATED<< 1,928,109
----------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.11%
15,974 AMCOL INTERNATIONAL CORPORATION<< 473,629
----------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.91%
52,224 CENTRAL GARDEN & PET COMPANY CLASS A<<+ 767,693
23,301 DAKTRONICS INCORPORATED<< 639,379
20,308 JAKKS PACIFIC INCORPORATED+ 485,361
36,075 K2 INCORPORATED+ 436,147
11,945 LYDALL INCORPORATED+ 189,806
15,438 RC2 CORPORATION+ 623,541
8,411 RUSS BERRIE & COMPANY INCORPORATED 118,595
25,612 SHUFFLE MASTER INCORPORATED<<+ 467,419
9,099 STANDEX INTERNATIONAL CORPORATION 259,412
3,987,353
----------------
MISCELLANEOUS RETAIL - 1.21%
10,194 BLUE NILE INCORPORATED<<+ 414,488
21,746 CASH AMERICA INTERNATIONAL INCORPORATED 891,586
23,207 HIBBETT SPORTS INCORPORATED+ 663,488
17,854 JO ANN STORES INCORPORATED<<+ 486,522
20,765 LONGS DRUG STORES CORPORATION<< 1,072,305
195
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS RETAIL (CONTINUED)
14,867 NORTH AMERICAN WATCH CORPORATION<< $ 437,833
28,388 SPECTRUM BRANDS INCORPORATED<<+ 179,696
13,990 STAMPS.COM INCORPORATED+ 201,036
35,813 ZALE CORPORATION<<+ 944,747
5,291,701
----------------
MOTION PICTURES - 0.24%
30,098 AVID TECHNOLOGY INCORPORATED<<+ 1,049,818
----------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 1.04%
18,392 ARKANSAS BEST CORPORATION<< 653,836
22,236 FORWARD AIR CORPORATION 731,120
43,110 HEARTLAND EXPRESS INCORPORATED 684,587
40,991 LANDSTAR SYSTEM INCORPORATED 1,879,027
20,449 OLD DOMINION FREIGHT LINE+ 589,136
4,537,706
----------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.34%
20,112 FINANCIAL FEDERAL CORPORATION 529,348
20,064 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 447,026
12,870 WORLD ACCEPTANCE CORPORATION+ 514,157
1,490,531
----------------
OIL & GAS EXTRACTION - 3.91%
19,782 ATWOOD OCEANICS INCORPORATED+ 1,161,006
35,344 CABOT OIL & GAS CORPORATION 2,379,324
66,714 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 2,487,765
40,546 OCEANEERING INTERNATIONAL INCORPORATED+ 1,707,798
10,802 PETROLEUM DEVELOPMENT CORPORATION+ 578,663
15,607 SEACOR HOLDINGS INCORPORATED<<+ 1,535,729
45,849 ST. MARY LAND & EXPLORATION COMPANY 1,681,741
20,439 STONE ENERGY CORPORATION+ 606,834
21,795 SWIFT ENERGY COMPANY+ 910,377
52,921 TETRA TECHNOLOGIES INCORPORATED+ 1,307,678
33,852 UNIT CORPORATION+ 1,712,573
22,132 W-H ENERGY SERVICES INCORPORATED+ 1,034,450
17,103,938
----------------
PAPER & ALLIED PRODUCTS - 0.79%
27,653 BUCKEYE TECHNOLOGIES INCORPORATED+ 358,936
21,267 CARAUSTAR INDUSTRIES INCORPORATED+ 133,557
14,549 CHESAPEAKE CORPORATION 219,690
10,811 NEENAH PAPER INCORPORATED 429,629
40,754 PLAYTEX PRODUCTS INCORPORATED+ 553,032
11,943 POPE & TALBOT INCORPORATED<< 80,615
25,127 ROCK-TENN COMPANY CLASS A 834,216
11,419 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 283,762
196
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PAPER & ALLIED PRODUCTS (CONTINUED)
8,999 STANDARD REGISTER COMPANY $ 113,837
32,694 WAUSAU PAPER CORPORATION 469,486
3,476,760
----------------
PERSONAL SERVICES - 0.46%
6,942 ANGELICA CORPORATION 191,183
20,349 COINSTAR INCORPORATED+ 636,924
3,810 CPI CORPORATION 200,063
15,729 G & K SERVICES INCORPORATED CLASS A 570,648
10,418 UNIFIRST CORPORATION 399,739
1,998,557
----------------
PETROLEUM REFINING & RELATED INDUSTRIES - 0.46%
30,966 HEADWATERS INCORPORATED<<+ 676,607
12,460 WD-40 COMPANY 395,107
20,848 WORLD FUEL SERVICES CORPORATION 964,428
2,036,142
----------------
PHARMACEUTICALS - 0.34%
8,949 KENDLE INTERNATIONAL, INCORPORATED+ 317,868
33,906 SAVIENT PHARMACEUTICALS INCORPORATED+ 407,550
51,037 VIROPHARMA INCORPORATED<<+ 732,381
1,457,799
----------------
PRIMARY METAL INDUSTRIES - 3.71%
32,622 BELDEN CDT INCORPORATED<< 1,748,213
14,723 BRUSH ENGINEERED MATERIALS INCORPORATED+ 713,624
18,739 CARPENTER TECHNOLOGY CORPORATION 2,262,922
16,886 CENTURY ALUMINUM COMPANY<<+ 791,616
33,924 CHAPARRAL STEEL COMPANY 1,973,359
32,312 CURTISS-WRIGHT CORPORATION 1,245,304
21,822 GIBRALTAR INDUSTRIES INCORPORATED 493,614
22,425 LONE STAR TECHNOLOGIES INCORPORATED+ 1,480,723
27,082 MUELLER INDUSTRIES INCORPORATED 815,168
27,093 QUANEX CORPORATION 1,147,389
16,802 RTI INTERNATIONAL METALS INCORPORATED+ 1,529,150
8,404 STEEL TECHNOLOGIES INCORPORATED 248,590
17,577 TEXAS INDUSTRIES INCORPORATED 1,327,591
20,736 TREDEGAR CORPORATION 472,573
16,249,836
----------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.44%
21,229 BOWNE & COMPANY INCORPORATED 333,932
8,606 CONSOLIDATED GRAPHICS INCORPORATED+ 637,274
18,855 JOHN H. HARLAND COMPANY 965,942
1,937,148
----------------
197
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RAILROAD TRANSPORTATION - 0.46%
56,104 KANSAS CITY SOUTHERN<<+ $ 1,996,180
----------------
REAL ESTATE - 0.12%
16,065 MERITAGE CORPORATION<<+ 516,008
----------------
REAL ESTATE INVESTMENT TRUST (REIT) - 0.54%
51,360 LEXINGTON CORPORATE PROPERTIES TRUST 1,085,237
54,419 SENIOR HOUSING PROPERTIES TRUST 1,300,614
2,385,851
----------------
RETAIL, TRADE & SERVICES - 0.51%
38,683 MEN'S WEARHOUSE INCORPORATED 1,820,035
26,662 STRIDE RITE CORPORATION 410,328
2,230,363
----------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.10%
17,735 A. SCHULMAN INCORPORATED 417,837
----------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.66%
32,314 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 1,266,709
39,024 LABRANCHE & COMPANY INCORPORATED<<+ 318,436
13,511 PIPER JAFFRAY COMPANIES INCORPORATED<<+ 836,871
18,028 SWS GROUP INCORPORATED 447,275
2,869,291
----------------
SOFTWARE - 0.15%
10,550 EPIQ SYSTEMS INCORPORATED<<+ 215,009
13,358 MANTECH INTERNATIONAL CORPORATION CLASS A+ 446,291
661,300
----------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.42%
20,741 APOGEE ENTERPRISES INCORPORATED 415,650
17,483 CABOT MICROELECTRONICS CORPORATION<<+ 585,855
14,832 CARBO CERAMICS INCORPORATED<< 690,430
10,459 LIBBEY INCORPORATED<< 146,635
1,838,570
----------------
TEXTILE MILL PRODUCTS - 0.71%
21,310 ALBANY INTERNATIONAL CORPORATION CLASS A<< 765,881
38,066 INTERFACE INCORPORATED 608,675
11,181 OXFORD INDUSTRIES INCORPORATED 552,789
40,633 WOLVERINE WORLD WIDE INCORPORATED 1,160,885
3,088,230
----------------
TOBACCO PRODUCTS - 0.13%
64,218 ALLIANCE ONE INTERNATIONAL INCORPORATED 592,732
----------------
TRANSPORTATION BY AIR - 0.72%
17,211 BRISTOW GROUP INCORPORATED<<+ 627,341
23,243 EGL INCORPORATED+ 921,120
26,785 FRONTIER AIRLINES HOLDINGS INCORPORATED<<+ 160,978
198
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR (CONTINUED)
24,236 MESA AIR GROUP INCORPORATED+ $ 182,497
47,056 SKYWEST INCORPORATED 1,262,512
3,154,448
----------------
TRANSPORTATION EQUIPMENT - 1.84%
27,040 AAR CORPORATION+ 745,222
8,727 ARCTIC CAT INCORPORATED 170,089
37,443 CLARCOR INCORPORATED 1,190,687
46,842 FLEETWOOD ENTERPRISES INCORPORATED<<+ 370,520
40,879 GENCORP INCORPORATED<<+ 565,765
17,744 GROUP 1 AUTOMOTIVE INCORPORATED 705,679
16,986 HORNBECK OFFSHORE+ 486,649
19,583 MONACO COACH CORPORATION 311,957
25,976 POLARIS INDUSTRIES INCORPORATED<< 1,246,328
8,691 STANDARD MOTOR PRODUCTS INCORPORATED 148,355
16,735 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 348,590
11,984 TRIUMPH GROUP INCORPORATED<< 663,195
22,327 WABASH NATIONAL CORPORATION 344,282
22,959 WINNEBAGO INDUSTRIES INCORPORATED<< 772,111
8,069,429
----------------
TRANSPORTATION SERVICES - 0.19%
29,130 HUB GROUP INCORPORATED CLASS A+ 844,479
----------------
WATER TRANSPORTATION - 0.31%
38,886 KIRBY CORPORATION+ 1,360,232
----------------
Wholesale Trade Non-Durable Goods - 1.56%
28,844 HAIN CELESTIAL GROUP INCORPORATED+ 867,339
19,743 MYERS INDUSTRIES INCORPORATED 368,799
9,800 NASH FINCH COMPANY<< 337,708
25,592 PERFORMANCE FOOD GROUP COMPANY+ 790,025
13,625 SCHOOL SPECIALTY INCORPORATED<<+ 491,999
15,811 SPARTAN STORES INCORPORATED 423,735
25,346 TRACTOR SUPPLY COMPANY<<+ 1,305,319
31,300 UNITED NATURAL FOODS INCORPORATED<<+ 959,032
21,712 UNITED STATIONERS INCORPORATED+ 1,300,983
6,844,939
----------------
WHOLESALE TRADE-DURABLE GOODS - 2.45%
9,206 AM CASTLE & COMPANY 270,288
27,618 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED<< 677,470
29,244 BARNES GROUP INCORPORATED<< 672,904
21,327 BUILDING MATERIALS HOLDINGS CORPORATION 386,232
18,390 DIGI INTERNATIONAL INCORPORATED+ 233,553
13,662 DREW INDUSTRIES INCORPORATED<<+ 391,826
35,354 INSIGHT ENTERPRISES INCORPORATED+ 635,665
17,665 KAMAN CORPORATION CLASS A 411,771
11,943 KEYSTONE AUTOMOTIVE INDUSTRIES INCORPORATED+ 402,479
199
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS (CONTINUED)
42,218 KNIGHT TRANSPORTATION INCORPORATED<< $ 752,325
3,049 LAWSON PRODUCTS INCORPORATED 115,496
10,329 LENOX GROUP INCORPORATED<<+ 67,965
33,138 LKQ CORPORATION+ 724,397
29,462 OWENS & MINOR INCORPORATED 1,082,139
39,778 PEP BOYS-MANNY, MOE & JACK 759,362
36,765 POOL CORPORATION<< 1,316,169
49,275 PSS WORLD MEDICAL INCORPORATED<<+ 1,041,674
19,200 RYERSON INCORPORATED<< 760,708
10,702,423
-------------
TOTAL COMMON STOCKS (COST $320,251,025) 431,858,918
-------------
COLLATERAL FOR SECURITIES LENDING - 25.23%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.65%
2,835,736 SCUDDER DAILY ASSETS MONEY MARKET FUND 2,835,736
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 24.58%
$ 316,010 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 316,051
1,617,795 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,618,539
307,232 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 306,292
877,805 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 877,814
877,805 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 877,849
877,805 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 877,893
2,633,416 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 2,633,626
1,404,488 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,405,131) 5.49 04/02/2007 1,404,488
1,931,171 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,924,412
421,346 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 417,727
702,244 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 695,496
702,244 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 699,077
877,805 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 871,292
351,122 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 347,902
912,917 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 902,291
1,755,610 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,738,739
1,003,788 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 997,364
83,813 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 83,679
1,164,321 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,156,019
667,132 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 660,040
481,283 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 476,311
127,352 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 126,017
39,852 CHEYNE FINANCE LLC 5.26 04/18/2007 39,759
351,122 CHEYNE FINANCE LLC 5.31 06/19/2007 347,137
156,600 CHEYNE FINANCE LLC 5.32 05/14/2007 155,644
2,282,293 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 2,281,632
877,805 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 877,902
351,122 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 351,343
200
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 375,174 CIT GROUP INCORPORATED+/- 5.57% 09/20/2007 $ 375,530
387,112 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 387,584
12,289,273 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $12,294,895) 5.49 04/02/2007 12,289,273
175,561 COMERICA BANK+/- 5.32 02/08/2008 174,859
1,952,555 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,950,270
790,025 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 788,871
1,053,366 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 1,050,606
877,805 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 877,533
1,755,610 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 1,755,575
2,825,830 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 2,818,822
1,316,708 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,308,465
494,591 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 493,943
526,683 DEER VALLEY FUNDING LLC 5.34 05/07/2007 524,002
10,874,596 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $10,879,571) 5.49 04/02/2007 10,874,596
1,755,610 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 1,755,856
229,002 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 225,842
1,088,865 FOX TROT CDO LIMITED++ 5.31 04/24/2007 1,085,369
438,727 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 438,872
702,244 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 699,379
1,755,610 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,755,347
877,805 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 877,779
70,224 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 70,230
47,682 HUDSON-THAMES LLC++ 5.26 04/04/2007 47,669
263,271 HUDSON-THAMES LLC 5.29 04/30/2007 262,197
1,228,927 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,229,124
2,282,293 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,282,293
877,805 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 877,849
210,673 K2 (USA) LLC+/-++ 5.30 07/16/2007 210,694
351,122 K2 (USA) LLC+/-++ 5.33 09/28/2007 351,122
3,511,221 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 3,506,094
106,811 KESTREL FUNDING US LLC 5.29 05/21/2007 106,050
1,134,405 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,130,764
438,903 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 438,916
1,325,381 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,320,543
122,893 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 122,696
740,868 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 741,231
877,805 MORGAN STANLEY+/- 5.36 07/12/2007 877,805
1,288,969 MORGAN STANLEY+/- 5.48 07/27/2007 1,289,420
877,805 MORGAN STANLEY+/- 5.51 08/07/2007 877,805
7,724,686 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $7,728,220) 5.49 04/02/2007 7,724,686
162,394 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 162,404
140,449 NATIONAL CITY BANK+/- 5.46 09/04/2007 140,463
1,006,491 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 1,007,015
655,369 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 651,837
201
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,755,610 NORTHERN ROCK PLC+/-++SS. 5.34% 05/05/2008 $ 1,755,768
507,149 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 04/15/2007 507,149
175,561 PICAROS FUNDING PLC++ 5.29 06/22/2007 173,491
1,000,698 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 1,002,099
877,805 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 877,805
667,132 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 667,132
142,029 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 142,056
441,396 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 438,632
1,228,927 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,225,880
807,581 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 807,581
140,449 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 137,598
702,244 SLM CORPORATION+/-++SS. 5.32 05/12/2008 702,314
70,224 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 70,081
665,727 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 663,497
623,803 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 623,623
202,984 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 202,980
877,805 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 877,875
877,805 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 877,902
105,337 VERSAILLES CDS LLC++ 5.33 04/16/2007 105,122
1,755,610 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,737,475
793,992 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 791,563
210,673 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 210,673
614,464 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 613,032
351,122 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 350,253
107,561,196
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $110,396,932) 110,396,932
-------------
SHARES
SHORT-TERM INVESTMENTS - 1.00%
4,074,814 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,074,814
-------------
202
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY BILLS - 0.07%
$ 155,000 US TREASURY BILL^## 4.90% 05/10/2007 $ 154,184
45,000 US TREASURY BILL^## 4.96 05/10/2007 44,763
100,000 US TREASURY BILL^## 4.95 08/09/2007 98,254
297,201
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,372,002) 4,372,015
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $435,019,959)* 124.91% $ 546,627,865
OTHER ASSETS AND LIABILITIES, NET (24.91) (109,008,819)
------ -------------
TOTAL NET ASSETS 100.00% $ 437,619,046
====== =============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
# SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. (SEE NOTE 2)
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,074,814.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
203
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 98.55%
APPAREL & ACCESSORY STORES - 1.25%
1,748,300 WET SEAL INCORPORATED CLASS A<<+ $ 11,451,365
------------
BIOPHARMACEUTICALS - 3.69%
961,700 HUMAN GENOME SCIENCES INCORPORATED+ 10,213,254
702,200 PDL BIOPHARMA INCORPORATED<<+ 15,237,740
535,000 ZYMOGENETICS INCORPORATED+ 8,324,600
33,775,594
------------
BUSINESS SERVICES - 19.29%
402,700 ACCESS INTEGRATED TECHNOLOGIES INCORPORATED+ 2,186,661
353,800 AMN HEALTHCARE SERVICES INCORPORATED<<+ 8,002,956
514,600 AQUANTIVE INCORPORATED+ 14,362,486
2,081,700 ART TECHNOLOGY GROUP INCORPORATED+ 4,829,544
97,000 CAPELLA EDUCATION COMPANY+ 3,253,380
404,400 CONCUR TECHNOLOGIES INCORPORATED<<+ 7,060,824
644,000 EPICOR SOFTWARE CORPORATION+ 8,958,040
392,800 FTD GROUP INCORPORATED 6,492,984
549,900 GERBER SCIENTIFIC INCORPORATED+ 5,834,439
445,500 HUDSON HIGHLAND GROUP INCORPORATED+ 6,945,345
99,700 ICT GROUP INCORPORATED+ 1,744,750
268,500 INNOVATIVE SOLUTIONS & SUPPORT INCORPORATED+ 6,798,420
765,700 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 3,897,413
557,400 MARCHEX INCORPORATED CLASS B 8,539,368
496,200 OMNICELL INCORPORATED+ 10,380,504
2,479,000 OPENTV CORPORATION CLASS A+ 6,073,550
702,300 OPSWARE INCORPORATED+ 5,091,675
619,640 PARAMETRIC TECHNOLOGY CORPORATION+ 11,828,928
276,800 PERFICIENT INCORPORATED+ 5,475,104
573,100 PHASE FORWARD INCORPORATED+ 7,524,803
500,000 QUEST SOFTWARE INCORPORATED+ 8,135,000
1,443,500 S1 CORPORATION+ 8,661,000
445,000 SYKES ENTERPRISES INCORPORATED+ 8,116,800
1,051,700 TIBCO SOFTWARE INCORPORATED+ 8,960,484
288,400 ULTIMATE SOFTWARE GROUP INCORPORATED+ 7,553,196
176,707,654
------------
CHEMICALS & ALLIED PRODUCTS - 7.32%
348,300 ALKERMES INCORPORATED+ 5,377,752
226,500 ALNYLAM PHARMACEUTICALS INCORPORATED+ 4,077,000
295,200 ANIMAL HEALTH INTERNATIONAL INCORPORATED+ 3,568,968
783,600 APPLERA CORPORATION-CELERA GENOMICS GROUP+ 11,127,120
528,900 ARENA PHARMACEUTICALS INCORPORATED+ 5,743,854
614,100 CALGON CARBON CORPORATION<<+ 5,103,171
535,500 CARDIOME PHARMA CORPORATION<<+ 5,435,325
2,361,200 ENDEAVOR INTERNATIONAL CORPORATION<<+ 4,840,460
1,147,300 INDEVUS PHARMACEUTICALS INCORPORATED+ 8,111,411
513,300 LA JOLLA PHARMACEUTICAL COMPANY+ 3,105,465
204
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
355,065 PENWEST PHARMACEUTICALS COMPANY+ $ 3,579,055
997,600 SANTARUS INCORPORATED+ 7,023,104
67,092,685
------------
COMMUNICATIONS - 0.95%
270,700 GLOBALSTAR INCORPORATED+ 2,869,420
122,467 SAVVIS INCORPORATED+ 5,863,704
8,733,124
------------
COMPUTER SOFTWARE & SERVICES - 1.24%
396,700 NESS TECHNOLOGIES INCORPORATED+ 5,069,826
1,571,600 VA SOFTWARE CORPORATION+ 6,333,548
11,403,374
------------
ELECTRIC, GAS & SANITARY SERVICES - 0.94%
198,400 ITC HOLDINGS CORPORATION 8,588,736
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 13.98%
2,022,500 APPLIED MICRO CIRCUITS CORPORATION+ 7,382,125
191,600 CYMER INCORPORATED<<+ 7,960,980
421,200 DSP GROUP INCORPORATED+ 8,002,800
81,400 FIRST SOLAR INCORPORATED<<+ 4,233,614
561,100 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+ 8,652,162
970,400 MATTSON TECHNOLOGY INCORPORATED+ 8,830,640
282,100 NETLOGIC MICROSYSTEMS INCORPORATED+ 7,509,502
387,500 OPNEXT INCORPORATED+ 5,731,125
156,700 OPTIUM CORPORATION+ 3,041,547
376,300 OSI SYSTEMS INCORPORATED+ 9,949,372
675,800 PLX TECHNOLOGY INCORPORATED+ 6,582,292
1,007,300 PMC-SIERRA INCORPORATED<<+ 7,061,173
302,800 SILICON LABORATORIES INCORPORATED+ 9,059,776
332,800 TESSERA TECHNOLOGIES INCORPORATED+ 13,225,472
404,200 TRIDENT MICROSYSTEMS INCORPORATED<<+ 8,108,252
278,000 ULTRA CLEAN HOLDINGS INCORPORATED<<+ 4,809,400
149,000 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 7,953,620
128,093,852
------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 3.92%
122,800 GEN-PROBE INCORPORATED+ 5,781,424
1,020,900 ISIS PHARMACEUTICALS INCORPORATED<<+ 9,463,743
480,100 KERYX BIOPHARMACEUTICALS INCORPORATED+ 5,050,652
250,300 LIFECELL CORPORATION+ 6,249,991
650,900 REGENERATION TECHNOLOGIES INCORPORATED+ 4,719,025
259,600 SYMYX TECHNOLOGIES INCORPORATED+ 4,600,112
35,864,947
------------
FURNITURE & FIXTURES - 0.78%
426,700 LSI INDUSTRIES INCORPORATED 7,142,958
------------
205
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES - 1.25%
778,700 99 CENTS ONLY STORES+ $ 11,470,251
------------
HEALTH SERVICES - 0.73%
341,100 SYMBION INCORPORATED+ 6,688,971
------------
HOLDING & OTHER INVESTMENT OFFICES - 1.22%
606,400 CAPITAL LEASE FUNDING INCORPORATED 6,494,544
258,300 NIGHTHAWK RADIOLOGY HOLDINGS INCORPORATED<<+ 4,698,477
11,193,021
------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.44%
500,000 ALTRA HOLDINGS INCORPORATED+ 6,855,000
937,500 ASYST TECHNOLOGIES INCORPORATED+ 6,590,625
1,397,600 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 13,305,152
619,300 FLOW INTERNATIONAL CORPORATION<<+ 6,651,282
138,500 NDS GROUP PLC ADR+ 6,916,690
338,200 NUANCE COMMUNICATIONS INCORPORATED<<+ 5,177,842
2,552,800 QUANTUM CORPORATION<<+ 6,892,560
391,400 RACKABLE SYSTEMS INCORPORATED<<+ 6,642,058
59,031,209
------------
INSURANCE CARRIERS - 2.11%
260,200 AXIS CAPITAL HOLDINGS LIMITED 8,810,372
526,300 EMPLOYERS HOLDINGS INCORPORATED+ 10,536,526
19,346,898
------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 1.21%
929,300 SUNOPTA INCORPORATED+ 11,058,670
------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 9.61%
284,900 ANGIODYNAMICS INCORPORATED+ 4,811,961
237,500 COHERENT INCORPORATED+ 7,538,250
387,900 DEXCOM INCORPORATED<<+ 3,048,894
212,300 FORMFACTOR INCORPORATED+ 9,500,425
240,500 INTEGRA LIFESCIENCES HOLDINGS+ 10,961,990
445,200 NATUS MEDICAL INCORPORATED+ 7,911,204
324,400 NXSTAGE MEDICAL INCORPORATED+ 4,321,008
1,183,300 ORTHOVITA INCORPORATED<<+ 3,455,236
244,200 POLYMEDICA CORPORATION 10,336,986
385,700 SONOSITE INCORPORATED+ 10,899,882
730,500 THORATEC LABS CORPORATION+ 15,267,450
88,053,286
------------
METAL MINING - 0.97%
521,900 NOVAGOLD RESOURCES INCORPORATED<<+ 8,846,205
------------
MISCELLANEOUS RETAIL - 2.91%
249,000 AC MOORE ARTS & CRAFTS INCORPORATED+ 5,313,660
497,200 COLDWATER CREEK INCORPORATED<<+ 10,083,216
294,700 DOLLAR TREE STORES INCORPORATED+ 11,269,328
26,666,204
------------
206
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MOTION PICTURES - 0.60%
349,400 GAIAM INCORPORATED+ $ 5,499,556
------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.25%
456,311 CAPITALSOURCE INCORPORATED 11,467,095
------------
OIL & GAS EXTRACTION - 7.78%
286,200 ATWOOD OCEANICS INCORPORATED+ 16,797,078
421,100 GULFPORT ENERGY CORPORATION<<+ 5,625,896
526,000 HORIZON OFFSHORE INCORPORATED+ 7,605,960
892,300 PETROHAWK ENERGY CORPORATION<<+ 11,751,591
204,000 PIONEER NATURAL RESOURCES COMPANY 8,794,440
451,100 TESCO CORPORATION+ 11,976,705
352,500 TETRA TECHNOLOGIES INCORPORATED+ 8,710,275
71,261,945
------------
PRIMARY METAL INDUSTRIES - 0.90%
112,700 HAYNES INTERNATIONAL INCORPORATED+ 8,219,211
------------
SOCIAL SERVICES - 0.81%
313,200 PROVIDENCE SERVICE CORPORATION+ 7,429,104
------------
TEXTILE MILL PRODUCTS - 0.51%
292,900 INTERFACE INCORPORATED 4,683,471
------------
TRANSPORTATION BY AIR - 2.54%
1,020,000 AIRTRAN HOLDINGS INCORPORATED+ 10,475,400
476,500 SKYWEST INCORPORATED 12,784,495
23,259,895
------------
TRANSPORTATION EQUIPMENT - 0.73%
242,900 AMERICAN AXLE & MANUFACTURING HOLDINGS 6,643,315
------------
WATER TRANSPORTATION - 0.69%
374,900 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED<< 6,313,316
------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.01%
268,100 NASH FINCH COMPANY 9,238,726
------------
WHOLESALE TRADE-DURABLE GOODS - 1.92%
284,100 CYTYC CORPORATION<<+ 9,719,061
358,400 LKQ CORPORATION+ 7,834,624
17,553,685
------------
TOTAL COMMON STOCKS (COST $843,409,840)
902,778,323
------------
COLLATERAL FOR SECURITIES LENDING - 8.25%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.21%
1,942,382 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,942,382
------------
207
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 8.04%
$ 216,456 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 216,484
1,108,134 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 1,108,644
210,443 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 209,799
601,267 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 601,273
601,267 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 601,297
601,267 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 601,327
1,803,800 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 1,803,944
962,026 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT (MATURITY
VALUE $962,466) 5.49 04/02/2007 962,026
1,322,786 BUCKINGHAM II CDO LLC 5.32 04/26/2007 1,318,157
288,608 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 286,129
481,013 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 476,391
481,013 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 478,844
601,267 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 596,805
240,507 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 238,301
625,317 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 618,038
1,202,533 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 1,190,977
687,560 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 683,160
57,409 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 57,317
797,520 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 791,834
456,963 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 452,105
329,662 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 326,257
87,232 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 86,318
27,298 CHEYNE FINANCE LLC 5.26 04/18/2007 27,234
240,507 CHEYNE FINANCE LLC 5.31 06/19/2007 237,777
107,266 CHEYNE FINANCE LLC 5.32 05/14/2007 106,611
1,563,293 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 1,562,840
601,267 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 601,333
240,507 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 240,658
256,981 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 257,225
265,159 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 265,482
8,417,731 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $8,421,582) 5.49 04/02/2007 8,417,731
120,253 COMERICA BANK+/- 5.32 02/08/2008 119,772
1,337,433 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 1,335,868
541,140 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 540,350
721,520 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 719,629
601,267 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 601,080
1,202,533 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 1,202,509
1,935,597 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 1,930,797
901,900 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 896,254
338,778 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 338,334
360,760 DEER VALLEY FUNDING LLC 5.34 05/07/2007 358,924
7,448,726 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $7,452,134) 5.49 04/02/2007 7,448,726
1,202,533 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 1,202,701
208
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 156,858 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29% 07/06/2007 $ 154,694
745,835 FOX TROT CDO LIMITED++ 5.31 04/24/2007 743,441
300,513 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 300,612
481,013 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 479,051
1,202,533 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 1,202,353
601,267 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 601,248
48,101 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 48,105
32,661 HUDSON-THAMES LLC++ 5.26 04/04/2007 32,651
180,332 HUDSON-THAMES LLC 5.29 04/30/2007 179,596
841,773 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 841,908
1,563,293 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 1,563,293
601,267 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 601,297
144,304 K2 (USA) LLC+/-++ 5.30 07/16/2007 144,318
240,507 K2 (USA) LLC+/-++ 5.33 09/28/2007 240,507
2,405,066 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 2,401,555
73,162 KESTREL FUNDING US LLC 5.29 05/21/2007 72,640
777,029 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 774,534
300,633 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 300,642
907,840 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 904,527
84,177 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 84,043
507,469 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 507,718
601,267 MORGAN STANLEY+/- 5.36 07/12/2007 601,267
882,900 MORGAN STANLEY+/- 5.48 07/27/2007 883,209
601,267 MORGAN STANLEY+/- 5.51 08/07/2007 601,267
5,291,145 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $5,293,566) 5.49 04/02/2007 5,291,145
111,234 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 111,241
96,203 NATIONAL CITY BANK+/- 5.46 09/04/2007 96,212
689,412 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 689,771
448,906 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 446,486
1,202,533 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 1,202,641
347,380 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 05/15/2007 347,380
120,253 PICAROS FUNDING PLC++ 5.29 06/22/2007 118,836
685,444 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 686,403
601,267 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 601,267
456,963 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 456,963
97,285 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 97,304
302,341 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 300,448
841,773 SAINT GERMAIN FUNDING 5.31 04/19/2007 839,686
553,165 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 553,165
96,203 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 94,250
481,013 SLM CORPORATION+/-++SS. 5.32 05/12/2008 481,061
48,101 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 48,003
456,001 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 454,473
427,284 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 427,160
139,037 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 139,034
209
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 601,267 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33% 06/15/2007 $ 601,315
601,267 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 601,333
72,152 VERSAILLES CDS LLC++ 5.33 04/16/2007 72,005
1,202,533 VETRA FINANCE CORPORATION 5.31 06/12/2007 1,190,111
543,858 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 542,193
144,304 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 144,304
420,887 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 419,906
240,507 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 239,903
73,675,737
------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $75,618,119) 75,618,119
------------
SHARES
WARRANTS - 0.00%
36,152 TIMCO AVIATION SERVICES INCORPORATED+(a) 4
TOTAL WARRANTS (COST $0) 4
------------
SHORT-TERM INVESTMENTS - 2.00%
18,331,267 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 18,331,267
TOTAL SHORT-TERM INVESTMENTS (COST $18,331,267) 18,331,267
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $937,359,226)* 108.80% $996,727,713
OTHER ASSETS AND LIABILITIES, NET (8.80) (80,633,044)
------ ------------
TOTAL NET ASSETS 100.00% $916,094,669
====== ============
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE
PROCEDURES APPROVED BY THE BOARD OF TRUSTEES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $18,331,267.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
210
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 97.95%
APPAREL & ACCESSORY STORES - 3.57%
134,800 AEROPOSTALE INCORPORATED<<+ $ 5,423,004
158,500 CACHE INCORPORATED+ 2,813,375
188,260 CARTER'S INCORPORATED<<+ 4,770,508
132,150 TWEEN BRANDS INCORPORATED+ 4,720,398
17,727,285
----------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.99%
212,280 MARINEMAX INCORPORATED<<+ 4,920,650
----------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 1.61%
156,236 DOLLAR THRIFTY AUTOMOTIVE GROUP INCORPORATED+ 7,974,285
----------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 1.69%
176,400 PERINI CORPORATION+ 6,502,104
44,540 RYLAND GROUP INCORPORATED<< 1,879,143
8,381,247
----------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 0.51%
156,290 BUILDERS FIRSTSOURCE INCORPORATED+ 2,511,580
----------------
BUSINESS SERVICES - 3.43%
213,720 AVOCENT CORPORATION+ 5,764,028
116,430 I2 TECHNOLOGIES INCORPORATED<<+ 2,794,320
164,200 RENT-A-CENTER INCORPORATED+ 4,594,316
162,100 TAL INTERNATIONAL GROUP INCORPORATED 3,890,400
17,043,064
----------------
CHEMICALS & ALLIED PRODUCTS - 4.96%
112,170 CF INDUSTRIES HOLDINGS INCORPORATED<< 4,324,154
399,740 CHEMTURA CORPORATION 4,369,158
97,410 CYTEC INDUSTRIES INCORPORATED 5,478,338
225,900 ELIZABETH ARDEN INCORPORATED+ 4,929,138
199,090 ROCKWOOD HOLDINGS INCORPORATED<<+ 5,510,811
24,611,599
----------------
COMMUNICATIONS - 1.80%
1,006,580 CINCINNATI BELL INCORPORATED<<+ 4,730,926
210,990 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 4,219,800
8,950,726
----------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 1.69%
171,300 CHEMED CORPORATION 8,386,848
----------------
DEPOSITORY INSTITUTIONS - 13.22%
399,340 BANKATLANTIC BANCORP INCORPORATED CLASS A 4,376,766
263,860 BANKUNITED FINANCIAL CORPORATION CLASS A<< 5,596,471
176,990 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 4,941,561
248,550 DIME COMMUNITY BANCSHARES 3,288,317
243,290 FIRSTMERIT CORPORATION 5,135,852
211
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (CONTINUED)
230,340 FRANKLIN BANK CORPORATION+ $ 4,116,176
87,960 IBERIABANK CORPORATION 4,895,854
140,890 PACIFIC CAPITAL BANCORP 4,525,387
123,340 PFF BANCORP INCORPORATED 3,740,902
266,430 PROVIDENT FINANCIAL SERVICES INCORPORATED 4,649,204
208,330 SOUTH FINANCIAL GROUP INCORPORATED 5,149,918
286,240 UCBH HOLDINGS INCORPORATED 5,329,789
174,280 UMPQUA HOLDINGS CORPORATION 4,665,476
167,770 WESTERN ALLIANCE BANCORP<<+ 5,207,581
65,619,254
----------------
EATING & DRINKING PLACES - 2.59%
380,310 CKE RESTAURANTS INCORPORATED 7,172,647
193,000 LANDRY'S RESTAURANTS INCORPORATED<< 5,712,800
12,885,447
----------------
ELECTRIC, GAS & SANITARY SERVICES - 1.19%
157,640 UNISOURCE ENERGY CORPORATION 5,919,382
----------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 9.61%
383,800 AMIS HOLDINGS INCORPORATED+ 4,202,610
404,900 ANDREW CORPORATION+ 4,287,891
105,800 AO SMITH CORPORATION 4,043,676
169,200 COMTECH TELECOMMUNICATIONS CORPORATION+ 6,553,116
273,450 MERCURY COMPUTER SYSTEMS INCORPORATED<<+ 3,792,752
715,800 ON SEMICONDUCTOR CORPORATION<<+ 6,384,936
303,700 PHOTRONICS INCORPORATED<<+ 4,722,535
680,050 POWERWAVE TECHNOLOGIES<<+ 3,869,485
348,170 TTM TECHNOLOGIES INCORPORATED+ 3,321,542
236,570 WESTAR ENERGY INCORPORATED 6,510,406
47,688,949
----------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.52%
179,050 LECG CORPORATION+ 2,592,644
----------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.16%
79,350 DAYTON SUPERIOR CORPORATION+ 820,479
----------------
FOOD & KINDRED PRODUCTS - 1.12%
284,240 HERCULES INCORPORATED+ 5,554,050
----------------
FURNITURE & FIXTURES - 2.18%
342,300 FURNITURE BRANDS INTERNATIONAL INCORPORATED<< 5,401,494
310,000 SEALY CORPORATION<< 5,418,800
10,820,294
----------------
GENERAL MERCHANDISE STORES - 0.75%
253,520 FRED'S INCORPORATED 3,726,744
----------------
212
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES - 2.76%
157,000 AMSURG CORPORATION+ $ 3,844,930
149,250 MAGELLAN HEALTH SERVICES INCORPORATED+ 6,268,500
225,140 REHABCARE GROUP INCORPORATED+ 3,572,972
13,686,402
----------------
HOLDING & OTHER INVESTMENT OFFICES - 8.31%
190,870 AMERICAN CAMPUS COMMUNITIES 5,781,452
205,260 BIOMED REALTY TRUST INCORPORATED 5,398,338
247,420 CEDAR SHOPPING CENTERS INCORPORATED 4,008,204
204,350 EQUITY ONE INCORPORATED<< 5,415,275
208,600 FELCOR LODGING TRUST INCORPORATED 5,417,342
194,350 FIRST POTOMAC REALTY TRUST<< 5,552,580
166,420 SUNSTONE HOTEL INVESTORS INCORPORATED 4,536,609
256,890 U-STORE-IT TRUST 5,168,627
41,278,427
----------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.90%
98,680 GUITAR CENTER INCORPORATED<<+ 4,452,442
----------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 1.32%
123,610 GAYLORD ENTERTAINMENT COMPANY<<+ 6,535,261
----------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 2.77%
95,400 BLACK BOX CORPORATION 3,485,916
231,220 GOODMAN GLOBAL INCORPORATED+ 4,074,096
123,490 TIMKEN COMPANY<< 3,742,982
104,380 VERIGY LIMITED+ 2,449,799
13,752,793
----------------
INSURANCE CARRIERS - 5.96%
296,950 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 3,898,954
117,860 ARGONAUT GROUP INCORPORATED+ 3,813,950
135,350 ASSURED GUARANTY LIMITED 3,697,762
290,480 HEALTHSPRING INCORPORATED+ 6,840,804
173,460 PLATINUM UNDERWRITERS HOLDINGS LIMITED 5,564,597
163,890 UNITED FIRE & CASUALTY COMPANY 5,757,456
29,573,523
----------------
LEATHER & LEATHER PRODUCTS - 0.95%
113,350 GENESCO INCORPORATED<<+ 4,707,426
----------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.48%
106,030 ANAREN INCORPORATED+ 1,867,188
126,700 ARMOR HOLDINGS INCORPORATED<<+ 8,530,711
76,740 COOPER COMPANIES INCORPORATED 3,731,099
92,690 DRS TECHNOLOGIES INCORPORATED 4,835,637
187,900 MKS INSTRUMENTS INCORPORATED+ 4,795,208
211,000 SYMMETRY MEDICAL INCORPORATED+ 3,445,630
27,205,473
----------------
213
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MOTION PICTURES - 1.05%
148,830 AVID TECHNOLOGY INCORPORATED<<+ $ 5,191,190
----------------
OIL & GAS - 0.74%
365,300 COMPTON PETROLEUM CORPORATION<<+ 3,678,571
----------------
OIL & GAS EXTRACTION - 4.40%
515,760 BRIGHAM EXPLORATION COMPANY+ 3,208,027
274,810 EDGE PETROLEUM CORPORATION<<+ 3,440,621
128,040 GOODRICH PETROLEUM CORPORATION<<+ 4,305,985
305,370 KEY ENERGY SERVICES INCORPORATED+ 4,992,800
307,290 MARINER ENERGY INCORPORATED+ 5,878,458
21,825,891
----------------
PETROLEUM REFINING & RELATED INDUSTRIES - 1.14%
259,400 HEADWATERS INCORPORATED<<+ 5,667,890
----------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 1.07%
180,990 GATEHOUSE MEDIA INCORPORATED 3,674,097
125,260 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 1,642,159
5,316,256
----------------
REAL ESTATE - 0.39%
60,420 MERITAGE CORPORATION<<+ 1,940,690
----------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.93%
137,660 CABOT MICROELECTRONICS CORPORATION<<+ 4,612,987
----------------
TRANSPORTATION BY AIR - 0.95%
460,870 AIRTRAN HOLDINGS INCORPORATED<<+ 4,733,135
----------------
TRANSPORTATION EQUIPMENT - 4.75%
214,620 AFTERMARKET TECHNOLOGY CORPORATION+ 5,210,974
294,190 ARVIN INDUSTRIES INCORPORATED<< 5,368,968
433,830 FLEETWOOD ENTERPRISES INCORPORATED<<+ 3,431,595
227,940 MARTEN TRANSPORT LIMITED+ 3,619,687
234,510 TENNECO AUTOMOTIVE INCORPORATED+ 5,970,625
23,601,849
----------------
TRANSPORTATION SERVICES - 1.12%
116,670 GATX CORPORATION 5,576,826
----------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.37%
220,010 PERFORMANCE FOOD GROUP COMPANY<<+ 6,791,702
----------------
TOTAL COMMON STOCKS (COST $437,475,277) 486,263,261
----------------
COLLATERAL FOR SECURITIES LENDING - 28.42%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.73%
3,624,123 SCUDDER DAILY ASSETS MONEY MARKET FUND 3,624,123
----------------
214
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS - 27.69%
$ 403,866 AMERICAN GENERAL FINANCE CORPORATION+/-++ 5.37% 03/14/2008 $ 403,919
2,067,572 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 2,068,523
392,648 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 391,446
1,121,851 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+/-++ 5.30 04/25/2007 1,121,863
1,121,851 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+/-++ 5.39 10/25/2007 1,121,907
1,121,851 BANCO SANTANDER TOTTA LOAN+/-++SS. 5.32 05/16/2008 1,121,964
3,365,554 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 3,365,823
1,794,962 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $1,795,783) 5.49 04/02/2007 1,794,962
2,468,073 BUCKINGHAM II CDO LLC 5.32 04/26/2007 2,459,435
538,489 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 533,863
897,481 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 888,856
897,481 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 893,433
1,121,851 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 1,113,527
448,741 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 444,626
1,166,725 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 1,153,145
2,243,703 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 2,222,141
1,282,859 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 1,274,649
107,114 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 106,943
1,488,024 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 1,477,414
852,607 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 843,544
615,089 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 608,735
162,758 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 161,052
50,932 CHEYNE FINANCE LLC 5.26 04/18/2007 50,813
448,741 CHEYNE FINANCE LLC 5.31 06/19/2007 443,647
200,138 CHEYNE FINANCE LLC 5.32 05/14/2007 198,915
2,916,813 CHEYNE FINANCE LLC+/-++ 5.34 02/25/2008 2,915,968
1,121,851 CHEYNE FINANCE LLC SERIES MTN+/-++ 5.33 07/16/2007 1,121,975
448,741 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 449,023
479,479 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 479,935
494,736 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 495,340
15,705,919 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $15,713,104) 5.49 04/02/2007 15,705,919
224,370 COMERICA BANK+/- 5.32 02/08/2008 223,473
2,495,401 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 2,492,482
1,009,666 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.30 04/12/2007 1,008,192
1,346,222 CORPORATE ASSET SECURITIZATION AUSTRALIA++ 5.32 04/20/2007 1,342,694
1,121,851 CULLINAN FINANCE CORPORATION+/-++ 5.32 02/12/2008 1,121,504
2,243,703 CULLINAN FINANCE CORPORATION SERIES MTN2+/-++ 5.28 06/25/2007 2,243,658
3,611,464 DEER VALLEY FUNDING LLC++ 5.29 04/19/2007 3,602,507
1,682,777 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 1,672,243
632,096 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 631,268
673,111 DEER VALLEY FUNDING LLC 5.34 05/07/2007 669,685
13,897,935 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $13,904,293) 5.49 04/02/2007 13,897,935
2,243,703 FIVE FINANCE INCORPORATED SERIES MTN+/-++ 5.50 06/13/2007 2,244,017
292,669 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 288,630
215
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 1,391,589 FOX TROT CDO LIMITED++ 5.31% 04/24/2007 $ 1,387,122
560,701 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 560,886
897,481 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 893,819
2,243,703 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 2,243,366
1,121,851 HARRIER FINANCE FUNDING LLC+/-++ 5.31 01/11/2008 1,121,818
89,748 HARRIER FINANCE FUNDING LLC SERIES MTN+/-++ 5.54 05/15/2007 89,755
60,939 HUDSON-THAMES LLC++ 5.26 04/04/2007 60,921
336,466 HUDSON-THAMES LLC 5.29 04/30/2007 335,093
1,570,592 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 1,570,843
2,916,813 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 2,916,813
1,121,851 INTESA BANK (IRELAND) PLC SERIES BKNT+/-++ 5.32 04/24/2008 1,121,907
269,244 K2 (USA) LLC+/-++ 5.30 07/16/2007 269,271
448,741 K2 (USA) LLC+/-++ 5.33 09/28/2007 448,741
4,487,405 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 4,480,854
136,507 KESTREL FUNDING US LLC 5.29 05/21/2007 135,534
1,449,791 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 1,445,137
560,926 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 560,942
1,693,861 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 1,687,678
157,059 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 156,808
946,843 METLIFE GLOBAL FUNDING I+/-++ 5.43 10/05/2007 947,306
1,121,851 MORGAN STANLEY+/- 5.36 07/12/2007 1,121,851
1,647,326 MORGAN STANLEY+/- 5.48 07/27/2007 1,647,903
1,121,851 MORGAN STANLEY+/- 5.51 08/07/2007 1,121,851
9,872,292 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $9,876,809) 5.49 04/02/2007 9,872,292
207,543 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 207,555
179,496 NATIONAL CITY BANK+/- 5.46 09/04/2007 179,514
1,286,315 NATIONWIDE BUILDING SOCIETY+/-++ 5.48 07/20/2007 1,286,984
837,574 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 833,060
2,243,703 NORTHERN ROCK PLC+/-++SS. 5.34 05/05/2008 2,243,905
648,146 PARAGON MORTGAGES PLC SERIES 12A+/-++ 5.30 05/15/2007 648,146
224,370 PICAROS FUNDING PLC++ 5.29 06/22/2007 221,725
1,278,911 PREMIUM ASSET TRUST+/-++ 5.47 12/21/2007 1,280,701
1,121,851 PREMIUM ASSET TRUST SERIES 06-B+/-++ 5.37 12/16/2007 1,121,851
852,607 PYXIS MASTER TRUST SERIES 2007-3+/-++ 5.37 08/27/2007 852,607
181,516 RACERS TRUST SERIES 2004-6-MM+/-++ 5.34 09/24/2007 181,550
564,112 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 560,580
1,570,592 SAINT GERMAIN FUNDING 5.31 04/19/2007 1,566,697
1,032,103 SHIPROCK FINANCE SERIES 2007-4A+/-++ 5.39 04/11/2008 1,032,103
179,496 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 175,852
897,481 SLM CORPORATION+/-++SS. 5.32 05/12/2008 897,571
89,748 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 89,565
850,812 STANFIELD VICTORIA FUNDING LLC++ 5.31 04/25/2007 847,962
797,232 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 797,001
259,417 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 259,412
1,121,851 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+/-++ 5.33 06/15/2007 1,121,941
1,121,851 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++SS. 5.34 05/08/2008 1,121,975
216
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 134,622 VERSAILLES CDS LLC++ 5.33% 04/16/2007 $ 134,348
2,243,703 VETRA FINANCE CORPORATION 5.31 06/12/2007 2,220,525
1,014,737 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 1,011,632
269,244 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 269,244
785,296 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 783,468
448,741 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 447,628
137,465,206
----------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $141,089,329) 141,089,329
----------------
SHARES
SHORT-TERM INVESTMENTS - 2.13%
10,600,495 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 10,600,495
TOTAL SHORT-TERM INVESTMENTS (COST $10,600,495) 10,600,495
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $589,165,101)* 128.50% $ 637,953,085
OTHER ASSETS AND LIABILITIES, NET (28.50) (141,491,805)
------ ----------------
TOTAL NET ASSETS 100.00% $ 496,461,280
====== ================
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+ NON-INCOME EARNING SECURITIES.
+/- 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.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $10,600,495.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
217
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 96.70%
ADVERTISING - 0.58%
94,000 CENVEO INCORPORATED+ $ 2,284,200
----------------
AGRICULTURAL PRODUCTION CROPS - 1.15%
110,000 DELTA & PINE LAND COMPANY 4,532,000
----------------
AMUSEMENT & RECREATION SERVICES - 1.44%
103,110 CENTURY CASINOS INCORPORATED+ 850,658
432,000 LAKES ENTERTAINMENT INCORPORATED+ 4,816,800
5,667,458
----------------
APPAREL & ACCESSORY STORES - 1.44%
53,300 CHARLOTTE RUSSE HOLDING INCORPORATED+ 1,538,771
23,800 CHRISTOPHER & BANKS CORPORATION 463,386
7,200 CLAIRE'S STORES INCORPORATED 231,264
42,100 FINISH LINE INCORPORATED CLASS A 530,460
21,000 PAYLESS SHOESOURCE INCORPORATED+ 697,200
43,600 THE CATO CORPORATION CLASS A 1,019,804
45,100 UNITED RETAIL GROUP INCORPORATED+ 542,102
100,000 WET SEAL INCORPORATED CLASS A+ 655,000
5,677,987
----------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.99%
65,000 CUTTER & BUCK INCORPORATED 770,250
14,380 HANESBRANDS INCORPORATED+ 422,628
18,000 KELLWOOD COMPANY 527,940
60,800 MAIDENFORM BRANDS INCORPORATED+ 1,402,656
10,800 MOTHERS WORK INCORPORATED+ 357,912
34,000 QUIKSILVER INCORPORATED+ 394,400
2,600 TEFRON LIMITED 25,428
3,901,214
----------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.43%
48,350 MONRO MUFFLER BRAKE INCORPORATED 1,697,085
----------------
BIOPHARMACEUTICALS - 0.63%
6,600 CEPHALON INCORPORATED+ 469,986
77,130 CV THERAPEUTICS INCORPORATED+ 607,013
64,100 PDL BIOPHARMA INCORPORATED+ 1,390,970
2,467,969
----------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.41%
19,400 LEVITT CORPORATION CLASS A 180,614
38,400 PERINI CORPORATION+ 1,415,424
1,596,038
----------------
BUSINESS SERVICES - 8.60%
468,700 3COM CORPORATION+ 1,832,617
48,090 ABM INDUSTRIES INCORPORATED 1,269,095
5,800 AMERICAN SOFTWARE INCORPORATED CLASS A 46,690
218
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (CONTINUED)
60,500 ANSWERTHINK CONSULTING GROUP INCORPORATED+ $ 197,835
238,300 APAC CUSTOMER SERVICES INCORPORATED+ 1,117,627
419,700 BEA SYSTEMS INCORPORATED+ 4,864,323
69,000 BISYS GROUP INCORPORATED+ 790,740
316,000 BORLAND SOFTWARE CORPORATION+ 1,665,320
22,900 COREL CORPORATION+ 294,265
23,200 ELECTRO RENT CORPORATION+ 334,080
25,455 ELECTRONICS FOR IMAGING INCORPORATED+ 596,920
149,775 EMBARCADERO TECHNOLOGIES INCORPORATED+ 1,034,945
43,000 GERBER SCIENTIFIC INCORPORATED+ 456,230
86,800 GSE SYSTEMS INCORPORATED+ 551,180
96,235 HEALTHCARE SERVICES GROUP 2,757,133
204,410 HILL INTERNATIONAL INCORPORATED+ 1,455,399
14,400 HMS HOLDINGS CORPORATION+ 315,360
64,900 I2 TECHNOLOGIES INCORPORATED+ 1,557,600
87,700 INFOUSA INCORPORATED 843,674
99,100 JDA SOFTWARE GROUP INCORPORATED+ 1,489,473
11,000 KRONOS INCORPORATED+ 588,500
172,800 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 879,552
210,600 MIDWAY GAMES INCORPORATED+ 1,316,250
29,105 MPS GROUP INCORPORATED+ 411,836
34,600 MSC SOFTWARE CORPORATION 475,750
43,500 NOVELL INCORPORATED+ 314,070
31,300 PEROT SYSTEMS CORPORATION CLASS A+ 559,331
55,700 PLATO LEARNING INCORPORATED+ 233,940
12,900 SILICON GRAPHICS INCORPORATED+ 388,806
55,500 SPSS INCORPORATED+ 2,003,550
103,900 SUPPORTSOFT INCORPORATED+ 585,996
11,800 SYBASE INCORPORATED+ 298,304
4,700 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 94,658
142,545 TIER TECHNOLOGIES INCORPORATED CLASS B+ 1,254,396
21,000 TRADESTATION GROUP INCORPORATED+ 264,390
38,575 VIGNETTE CORPORATION+ 716,338
33,856,173
----------------
CHEMICALS & ALLIED PRODUCTS - 2.79%
33,730 ALPHARMA INCORPORATED CLASS A 812,218
10,300 CHATTEM INCORPORATED+ 607,082
42,955 COLLAGENEX PHARMACEUTICALS INCORPORATED+ 580,322
52,200 ELIZABETH ARDEN INCORPORATED+ 1,139,004
64,700 ICO INCORPORATED+ 397,258
68,600 LANDEC CORPORATION+ 972,748
120,255 ORASURE TECHNOLOGIES INCORPORATED+ 883,874
10,500 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 263,760
61,910 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 733,634
12,200 ROCKWOOD HOLDINGS INCORPORATED+ 337,696
34,253 SERACARE LIFE SCIENCES INCORPORATED+ 239,771
219
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
107,640 WELLMAN INCORPORATED $ 387,504
1,261,400 XOMA LIMITED+ 3,645,446
11,000,317
----------------
COMMUNICATIONS - 1.76%
43,150 CHINA GRENTECH CORPORATION LIMITED ADR+ 481,986
158,615 CINCINNATI BELL INCORPORATED+ 745,491
35,750 ESCHELON TELECOM INCORPORATED+ 1,033,175
27,200 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 544,000
68,920 LIGHTBRIDGE INCORPORATED+ 1,210,924
110,335 MASTEC INCORPORATED+ 1,214,788
151,200 PREMIERE GLOBAL SERVICES INCORPORATED+ 1,696,464
6,926,828
----------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS - 0.37%
57,970 COMFORT SYSTEMS USA INCORPORATED 694,481
37,200 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 773,388
1,467,869
----------------
DEPOSITORY INSTITUTIONS - 1.64%
18,000 ASTORIA FINANCIAL CORPORATION 478,620
9,030 COMMUNITY BANCORP+ 277,673
267,500 FIRST FINANCIAL BANCORP 4,041,925
45,453 FIRST SECURITY GROUP INCORPORATED 517,255
29,240 MIDWEST BANC HOLDINGS INCORPORATED 517,840
27,000 WASHINGTON FEDERAL INCORPORATED 633,420
6,466,733
----------------
EATING & DRINKING PLACES - 0.41%
68,600 BUCA INCORPORATED+ 377,300
9,710 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 319,362
16,500 CEC ENTERTAINMENT INCORPORATED+ 685,410
19,400 RUBIO'S RESTAURANTS INCORPORATED+ 221,548
1,603,620
----------------
EDUCATIONAL SERVICES - 1.38%
359,100 CORINTHIAN COLLEGES INCORPORATED+ 4,937,625
44,000 LEARNING TREE INTERNATIONAL INCORPORATED+ 495,000
5,432,625
----------------
ELECTRIC, GAS & SANITARY SERVICES - 3.14%
331,600 CASELLA WASTE SYSTEMS INCORPORATED CLASS A+ 3,236,416
154,100 CLEAN HARBORS INCORPORATED+ 6,968,402
500 IDACORP INCORPORATED 16,920
49,900 PNM RESOURCES INCORPORATED 1,611,770
14,000 UNISOURCE ENERGY CORPORATION 525,700
12,359,208
----------------
220
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 6.94%
53,200 ACTEL CORPORATION+ $ 878,864
110,300 ADAPTEC INCORPORATED+ 426,861
218,500 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 1,437,730
79,750 ANDREW CORPORATION+ 844,553
239,500 C-COR INCORPORATED+ 3,319,470
32,100 DIODES INCORPORATED+ 1,118,685
28,100 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 540,644
142,943 EVANS & SUTHERLAND COMPUTER CORPORATION+ 450,270
55,900 EXAR CORPORATION+ 740,116
466,000 FUELCELL ENERGY INCORPORATED+ 3,662,760
67,395 GRAFTECH INTERNATIONAL LIMITED+ 611,947
26,900 HOUSTON WIRE & CABLE COMPANY+ 753,738
12,600 IMATION CORPORATION 508,788
20,580 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 508,943
57,300 INTER-TEL INCORPORATED 1,354,572
243,700 MERCURY COMPUTER SYSTEMS INCORPORATED+ 3,380,119
25,800 METHODE ELECTRONICS INCORPORATED 381,066
427,485 MRV COMMUNICATIONS INCORPORATED+ 1,517,572
22,190 OSI SYSTEMS INCORPORATED+ 586,704
144,610 POWER-ONE INCORPORATED+ 827,169
112,145 RICHARDSON ELECTRONICS LIMITED 1,047,434
83,000 SILICON STORAGE TECHNOLOGY INCORPORATED+ 409,190
100,150 STATS CHIPPAC LIMITED ADR+ 1,203,803
28,900 UNIVERSAL ELECTRONICS INCORPORATED+ 805,154
27,316,152
----------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.52%
10,210 CDI CORPORATION 295,273
85,800 SYMYX TECHNOLOGIES INCORPORATED+ 1,520,376
11,400 TETRA TECH INCORPORATED+ 217,284
3,100 TRIMERIS INCORPORATED+ 21,328
2,054,261
----------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.48%
9,450 CRANE COMPANY 381,969
19,400 CROWN HOLDINGS INCORPORATED+ 474,524
43,100 MATERIAL SCIENCES CORPORATION+ 430,138
18,300 SUN HYDRAULICS CORPORATION 489,159
2,200 VALMONT INDUSTRIES INCORPORATED 127,226
1,903,016
----------------
FOOD & KINDRED PRODUCTS - 3.51%
518,185 DEL MONTE FOODS COMPANY 5,948,764
22,300 FLOWERS FOODS INCORPORATED 672,791
125,700 HERCULES INCORPORATED+ 2,456,178
157,836 TOOTSIE ROLL INDUSTRIES INCORPORATED 4,730,345
13,808,078
----------------
221
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD STORES - 0.92%
23,200 INGLES MARKETS INCORPORATED CLASS A $ 947,488
146,500 WILD OATS MARKETS INCORPORATED+ 2,666,300
3,613,788
--------------
FURNITURE & FIXTURES - 0.57%
17,900 DOREL INDUSTRIES INCORPORATED 583,540
58,800 LSI INDUSTRIES INCORPORATED 984,312
37,800 SEALY CORPORATION 660,744
2,228,596
--------------
GENERAL MERCHANDISE STORES - 0.43%
57,700 GANDER MOUNTAIN COMPANY+ 643,932
49,000 RETAIL VENTURES INCORPORATED+ 1,031,450
1,675,382
--------------
HEALTH SERVICES - 4.14%
115,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 353,190
33,000 AMERICA SERVICE GROUP INCORPORATED+ 550,110
73,100 CARDIAC SCIENCE CORPORATION+ 668,865
46,075 CROSS COUNTRY HEALTHCARE INCORPORATED+ 839,947
72,500 FIVE STAR QUALITY CARE INCORPORATED+ 745,300
10,455 GENESIS HEALTHCARE CORPORATION+ 659,815
37,770 GENTIVA HEALTH SERVICES INCORPORATED+ 761,821
24,440 HEALTHSOUTH REHABILITATION CORPORATION+ 513,484
1,169,600 HOOPER HOLMES INCORPORATED 5,228,112
12,000 MATRIA HEALTHCARE INCORPORATED+ 316,320
58,000 NAUTILUS GROUP INCORPORATED 894,940
263,900 NEKTAR THERAPEUTICS+ 3,446,534
53,400 OPTION CARE INCORPORATED 710,220
38,400 REHABCARE GROUP INCORPORATED+ 609,408
16,298,066
--------------
HOLDING & OTHER INVESTMENT OFFICES - 3.84%
158,565 AFFORDABLE RESIDENTIAL COMMUNITIES INCORPORATED+ 1,923,393
22,400 AGREE REALTY CORPORATION 764,736
7,700 AMERICAN HOME MORTGAGE INVESTMENT CORPORATION 207,823
130,175 ANNALY MORTGAGE MANAGEMENT INCORPORATED 2,015,109
172,800 ANTHRACITE CAPITAL INCORPORATED 2,073,600
174,300 ANWORTH MORTGAGE ASSET CORPORATION 1,702,911
62,900 FELDMAN MALL PROPERTIES INCORPORATED 763,606
34,755 GOVERNMENT PROPERTIES TRUST INCORPORATED 371,879
9,700 HIGHLAND HOSPITALITY CORPORATION 172,660
71,600 JER INVESTORS TRUST INCORPORATED 1,361,832
90,100 LUMINENT MORTGAGE CAPITAL INCORPORATED 805,494
58,700 MEDICAL PROPERTIES TRUST INCORPORATED 862,303
124,585 ORIGEN FINANCIAL INCORPORATED 867,112
222
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (CONTINUED)
43,090 UMH PROPERTIES INCORPORATED $ 654,968
38,300 WINSTON HOTELS INCORPORATED 575,649
15,123,075
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.35%
152,400 BELL MICROPRODUCTS INCORPORATED+ 975,360
43,700 PIER 1 IMPORTS INCORPORATED 301,967
79,200 THE BOMBAY COMPANY INCORPORATED+ 96,624
1,373,951
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.38%
5,010 BOYD GAMING CORPORATION 238,676
45,955 EMPIRE RESORTS INCORPORATED+ 431,517
17,200 MTR GAMING GROUP INCORPORATED+ 224,976
55,510 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 567,312
1,400 RED LION HOTELS CORPORATION+ 17,416
1,479,897
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 7.66%
26,900 BLOUNT INTERNATIONAL INCORPORATED+ 334,905
9,000 BRIGGS & STRATTON CORPORATION 277,650
42,300 COLUMBUS MCKINNON CORPORATION+ 947,097
109,700 CRAY INCORPORATED+ 1,512,763
79,800 DOT HILL SYSTEMS CORPORATION+ 291,270
216,400 ENTEGRIS INCORPORATED+ 2,315,480
45,000 FLANDER CORPORATION+ 326,250
10,500 GARDNER DENVER INCORPORATED+ 365,925
596,900 INFOCUS CORPORATION+ 1,671,320
297,055 INTERMEC INCORPORATED+ 6,636,209
9,300 KADANT INCORPORATED+ 235,848
12,800 KOMAG INCORPORATED+ 418,944
96,100 NN INCORPORATED 1,200,289
155,700 PALL CORPORATION 5,916,600
200 PLANAR SYSTEMS INCORPORATED+ 1,734
92,590 PROQUEST COMPANY+ 833,310
91,200 QUALSTAR CORPORATION+ 281,808
20,000 RACKABLE SYSTEMS INCORPORATED+ 339,400
22,900 RIMAGE CORPORATION+ 593,339
45,400 ROBBINS & MYERS INCORPORATED 1,692,966
27,200 SIMPLETECH INCORPORATED+ 191,488
400 TENNANT COMPANY 12,596
14,100 TIMKEN COMPANY 427,371
243,000 ULTRATECH INCORPORATED+ 3,307,230
30,131,792
--------------
223
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE AGENTS, BROKERS & SERVICE - 0.61%
325,300 CRAWFORD & COMPANY CLASS A $ 1,805,415
23,500 ONEBEACON INSURANCE GROUP LIMITED 587,500
2,392,915
--------------
INSURANCE CARRIERS - 5.89%
41,300 AFFIRMATIVE INSURANCE HOLDINGS INCORPORATED 714,490
81,500 AMCOMP INCORPORATED+ 787,290
87,500 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 1,148,875
44,000 AMERICAN SAFETY INSURANCE GROUP LIMITED+ 838,640
69,750 AMERISAFE INCORPORATED+ 1,314,788
24,145 ARGONAUT GROUP INCORPORATED+ 781,332
14,950 CASTLEPOINT HOLDINGS LIMITED 244,433
123,500 CONSECO INCORPORATED+ 2,136,550
87,300 CRM HOLDINGS LIMITED+ 759,510
77,500 DONEGAL GROUP INCORPORATED CLASS A 1,315,950
21,900 EMC INSURANCE GROUP INCORPORATED 565,020
199,200 FREMONT GENERAL CORPORATION 1,380,456
14,400 HARLEYSVILLE GROUP INCORPORATED 467,856
200,545 KMG AMERICA CORPORATION+ 928,523
72,600 MEADOWBROOK INSURANCE GROUP INCORPORATED+ 797,874
11,215 MERCURY GENERAL CORPORATION 594,844
74,365 NORTH POINTE HOLDINGS CORPORATION+ 899,073
12,440 NYMAGIC INCORPORATED 508,174
13,000 OHIO CASUALTY CORPORATION 389,350
67,000 PMA CAPITAL CORPORATION CLASS A+ 629,130
11,425 PRA INTERNATIONAL+ 246,323
75,900 PROCENTURY CORPORATION 1,760,880
34,800 SCOTTISH RE GROUP LIMITED+ 139,896
55,965 SEABRIGHT INSURANCE HOLDINGS+ 1,029,756
89,200 SPECIALTY UNDERWRITERS' ALLIANCE INCORPORATED+ 689,516
13,900 STANCORP FINANCIAL GROUP INCORPORATED 683,463
28,600 STATE AUTO FINANCIAL CORPORATION 918,918
12,300 TRIAD GUARANTY INCORPORATED+ 509,343
23,180,253
--------------
JUSTICE, PUBLIC ORDER & SAFETY - 0.39%
33,967 GEO GROUP INCORPORATED+ 1,539,384
--------------
LEATHER & LEATHER PRODUCTS - 0.45%
91,200 BAKERS FOOTWEAR GROUP INCORPORATED+ 828,096
28,500 SHOE CARNIVAL INCORPORATED+ 949,050
1,777,146
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE - 0.53%
152,510 CHAMPION ENTERPRISES INCORPORATED+ 1,342,088
19,200 LOUISIANA-PACIFIC CORPORATION 385,152
10,935 SKYLINE CORPORATION+ 368,947
2,096,187
--------------
224
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 5.34%
202,644 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ $ 1,215,864
11,815 ARMOR HOLDINGS INCORPORATED+ 795,504
40,300 CANTEL INDUSTRIES+ 620,217
25,010 COHERENT INCORPORATED+ 793,817
108,180 CREDENCE SYSTEMS CORPORATION+ 358,076
24,500 DEL GLOBAL TECHNOLOGIES CORPORATION+ 50,225
7,200 DRS TECHNOLOGIES INCORPORATED 375,624
64,300 EDAP TMS SA ADR+ 416,021
92,800 HEALTHTRONICS INCORPORATED+ 500,192
43,600 INPUT OUTPUT INCORPORATED+ 600,808
62,600 MILLIPORE CORPORATION+ 4,536,622
253,600 NORTH AMERICAN SCIENTIFIC INCORPORATED+ 248,528
171,000 ORTHOLOGIC CORPORATION+ 266,760
228,000 PERKINELMER INCORPORATED 5,522,160
91,147 VITAL SIGNS INCORPORATED 4,737,821
21,038,239
--------------
METAL MINING - 4.34%
282,215 APEX SILVER MINES LIMITED+ 3,643,396
271,500 GAMMON LAKE RESOURCES INCORPORATED+ 4,797,405
200 GOLD FIELDS LIMITED ADR 3,696
24,985 GOLDCORP INCORPORATED 600,140
122,700 KINROSS GOLD CORPORATION+ 1,692,033
16,700 MERIDIAN GOLD INCORPORATED+ 426,351
213,900 MINEFINDERS CORPORATION LIMITED+ 2,547,549
61,490 NOVAGOLD RESOURCES INCORPORATED+ 1,042,256
97,625 RANDGOLD RESOURCES LIMITED ADR 2,334,214
17,087,040
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.22%
283,400 BIRCH MOUNTAIN RESOURCES LIMITED+ 847,366
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES - 1.14%
49,275 ACCO BRANDS CORPORATION+ 1,187,035
47,600 K2 INCORPORATED+ 575,484
134,500 LEAPFROG ENTERPRISES INCORPORATED+ 1,439,150
21,200 LYDALL INCORPORATED+ 336,868
10,300 RC2 CORPORATION+ 416,017
37,600 RUSS BERRIE & COMPANY INCORPORATED 530,160
4,484,714
--------------
MISCELLANEOUS RETAIL - 0.69%
54,100 AC MOORE ARTS & CRAFTS INCORPORATED+ 1,154,494
69,400 FINLAY ENTERPRISES INCORPORATED+ 403,214
34,700 PC MALL INCORPORATED+ 345,959
74,530 SHARPER IMAGE CORPORATION+ 823,557
2,727,224
--------------
225
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS SERVICES - 0.07%
17,000 BANKFINANCIAL CORPORATION $ 276,590
-------------
MOTION PICTURES - 0.10%
80,500 WPT ENTERPRISES INCORPORATED+ 413,770
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.04%
8,100 WERNER ENTERPRISES INCORPORATED 147,177
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 0.85%
17,843 ACCREDITED HOME LENDERS HOLDING COMPANY+ 165,405
21,900 ASTA FUNDING INCORPORATED 945,642
120,200 MCG CAPITAL CORPORATION 2,254,952
3,365,999
-------------
OIL & GAS EXTRACTION - 5.50%
5,400 ATWOOD OCEANICS INCORPORATED+ 316,926
53,600 BRIGHAM EXPLORATION COMPANY+ 333,392
9,400 CARRIZO OIL & GAS INCORPORATED+ 328,624
31,500 COMSTOCK RESOURCES INCORPORATED+ 862,470
28,620 FOREST OIL CORPORATION+ 955,049
242,990 GLOBAL INDUSTRIES LIMITED+ 4,444,287
32,990 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,230,197
43,900 HELMERICH & PAYNE INCORPORATED 1,331,926
69,565 KEY ENERGY SERVICES INCORPORATED+ 1,137,388
64,635 MCMORAN EXPLORATION COMPANY+ 886,146
314,055 NEWPARK RESOURCES INCORPORATED+ 2,214,088
21,770 OCEANEERING INTERNATIONAL INCORPORATED+ 916,952
11,320 PRIDE INTERNATIONAL INCORPORATED+ 340,732
41,285 RANGE RESOURCES CORPORATION 1,378,919
24,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 827,280
264,900 SYNTROLEUM CORPORATION+ 826,488
56,420 TRILOGY ENERGY TRUST 497,004
7,500 UNIT CORPORATION+ 379,425
28,800 WARREN RESOURCES INCORPORATED+ 375,264
91,135 WILLBROS GROUP INCORPORATED+ 2,054,183
21,636,740
-------------
PAPER & ALLIED PRODUCTS - 1.92%
106,500 BUCKEYE TECHNOLOGIES INCORPORATED+ 1,382,370
83,685 CHESAPEAKE CORPORATION 1,263,644
147,800 MEADWESTVACO CORPORATION 4,558,152
25,445 WAUSAU PAPER CORPORATION 365,390
7,569,556
-------------
PERSONAL SERVICES - 0.20%
19,600 REGIS CORPORATION 791,252
-------------
226
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES - 0.40%
20,275 INTEROIL CORPORATION+ $ 539,315
32,100 WD-40 COMPANY 1,017,891
1,557,206
-------------
PIPELINES, EXCEPT NATURAL GAS - 0.14%
10,000 ENBRIDGE ENERGY PARTNERS LP 558,900
-------------
PRIMARY METAL INDUSTRIES - 0.64%
14,700 MUELLER INDUSTRIES INCORPORATED 442,470
39,900 NORTHWEST PIPE COMPANY+ 1,589,217
11,200 NOVAMERICAN STEEL INCORPORATED+ 495,264
2,526,951
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 2.36%
27,400 AMERICAN GREETINGS CORPORATION CLASS A 635,954
41,300 ENNIS INCORPORATED 1,105,188
79,690 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 1,044,736
20,165 MCCLATCHY COMPANY CLASS A 637,416
458,200 PLAYBOY ENTERPRISES INCORPORATED CLASS B+ 4,714,878
52,400 PRESSTEK INCORPORATED+ 317,020
11,560 R.H. DONNELLEY CORPORATION+ 819,488
9,274,680
-------------
REAL ESTATE - 0.13%
33,100 THOMAS PROPERTIES GROUP INCORPORATED 513,712
-------------
REAL ESTATE INVESTMENT TRUST (REIT) - 0.30%
55,300 LEXINGTON CORPORATE PROPERTIES TRUST 1,168,489
-------------
RETAIL, TRADE & SERVICES - 0.37%
61,500 STRIDE RITE CORPORATION 946,485
92,000 TRANSPORT WORLD MUSIC CORPORATION+ 522,560
1,469,045
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.36%
159,760 INTERTAPE POLYMER GROUP INCORPORATED+ 658,211
31,100 TUPPERWARE CORPORATION 775,323
1,433,534
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 0.27%
62,470 MARKETAXESS HOLDINGS INCORPORATED+ 1,045,748
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.59%
96,520 GENTEX CORPORATION 1,568,450
95,085 US CONCRETE INCORPORATED+ 743,565
2,312,015
-------------
227
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.37%
76,405 AIRTRAN HOLDINGS INCORPORATED+ $ 784,679
50,285 JETBLUE AIRWAYS CORPORATION+ 578,780
3,300 PHI INCORPORATED+ 86,724
1,450,183
-------------
TRANSPORTATION EQUIPMENT - 1.88%
40,600 AFTERMARKET TECHNOLOGY CORPORATION+ 985,768
25,600 ARCTIC CAT INCORPORATED 498,944
221,090 EXIDE TECHNOLOGIES+ 1,923,483
152,785 FLEETWOOD ENTERPRISES INCORPORATED+ 1,208,529
4,500 K & F INDUSTRIES HOLDINGS INCORPORATED+ 121,185
26,500 MONACO COACH CORPORATION 422,145
53,300 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,697,605
15,400 WABTEC CORPORATION 531,146
7,388,805
-------------
TRANSPORTATION SERVICES - 0.42%
45,900 DYNAMEX INCORPORATED+ 1,167,696
10,400 GATX CORPORATION 497,120
1,664,816
-------------
WHOLESALE TRADE NON-DURABLE GOODS - 1.12%
113,100 BIOSCRIP INCORPORATED+ 354,003
43,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 1,103,810
27,400 SCHOOL SPECIALTY INCORPORATED+ 989,414
186,350 SOURCE INTERLINK COMPANIES INCORPORATED+ 1,250,409
11,700 UNITED STATIONERS INCORPORATED+ 701,064
4,398,700
-------------
WHOLESALE TRADE-DURABLE GOODS - 2.17%
104,331 DELIAS INCORPORATED+ 957,759
67,500 INTERLINE BRANDS INCORPORATED+ 1,479,600
47,200 KAMAN CORPORATION CLASS A 1,100,232
66,600 KEYSTONE AUTOMOTIVE INDUSTRIES INCORPORATED+ 2,244,420
45,900 LENOX GROUP INCORPORATED+ 302,022
21,800 LKQ CORPORATION+ 476,548
91,000 MICROTECK MEDICAL HOLDING INCORPORATED+ 433,160
78,900 NAVARRE CORPORATION+ 295,875
5,600 OWENS & MINOR INCORPORATED 205,688
81,700 POMEROY IT SOLUTIONS INCORPORATED+ 736,934
30,400 WILLIS LEASE FINANCE CORPORATION+ 306,128
8,538,366
-------------
TOTAL COMMON STOCKS (COST $356,471,572) 380,616,080
-------------
228
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RIGHTS - 0.00%
24,500 DEL GLOBAL TECHNOLOGIES CORPORATION+ $ 4,900
TOTAL RIGHTS (COST $27,063) 4,900
-------------
WARRANTS - 0.17%
170,570 HILL INTERNATIONAL INCORPORATED+ 399,134
519,855 OAKMONT ACQUISITION CORPORATION+ 259,928
TOTAL WARRANTS (COST $592,597) 659,062
-------------
PREFERRED STOCKS - 0.06%
8,900 ANWORTH MORTGAGE 232,732
TOTAL PREFERRED STOCKS (COST $223,725) 232,732
-------------
SHORT-TERM INVESTMENTS - 2.22%
8,725,469 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 8,725,469
TOTAL SHORT-TERM INVESTMENTS (COST $8,725,469) 8,725,469
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $366,040,426)* 99.15% $ 390,238,243
OTHER ASSETS AND LIABILITIES, NET 0.85 3,343,380
------ -------------
TOTAL NET ASSETS 100.00% $ 393,581,623
====== =============
+ NON-INCOME EARNING SECURITIES.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $8,725,469.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
229
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE DISCIPLINED EMERGING EQUITY
CAP VALUE GROWTH GROWTH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................... $1,091,188,435 $ 180,461,796 $44,646,659 $ 799,523,739
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ......................... 93,392,192 15,719,397 15,599,113 101,576,156
INVESTMENTS IN AFFILIATES ......................................... 117,775,852 6,637,065 0 7,754,418
-----------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ................... 1,302,356,479 202,818,258 60,245,772 908,854,313
-----------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ........................................ 0 0 0 0
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS .................. 0 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ................................... 0 0 983,143 32,389,750
RECEIVABLES FOR DIVIDENDS AND INTEREST ............................ 2,230,125 188,505 7,343 923,666
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS ..... 0 0 0 0
PREPAID EXPENSES AND OTHER ASSETS ................................. 0 0 0 0
-----------------------------------------------------------
TOTAL ASSETS ......................................................... 1,304,586,604 203,006,763 61,236,258 942,167,729
-----------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ............................... 0 0 84,739 0
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS ........... 0 0 0 0
FOREIGN TAXES PAYABLE ............................................. 390 0 0 0
PAYABLE FOR INVESTMENTS PURCHASED ................................. 24,725,864 3,706,786 812,116 27,596,677
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............. 628,992 124,054 35,739 380,832
PAYABLE FOR SECURITIES LOANED (NOTE 2) ............................ 93,392,192 15,719,397 15,599,113 101,576,156
ACCRUED EXPENSES AND OTHER LIABILITIES ............................ 14,005 27,267 8,299 43,881
-----------------------------------------------------------
TOTAL LIABILITIES .................................................... 118,761,443 19,577,504 16,540,006 129,597,546
===========================================================
TOTAL NET ASSETS ..................................................... $1,185,825,161 $ 183,429,259 $44,696,252 $ 812,570,183
===========================================================
INVESTMENTS AT COST .................................................. $1,224,811,205 $ 180,169,105 $57,891,496 $ 685,022,789
===========================================================
FOREIGN CURRENCIES AT COST ........................................... $ 0 $ 0 $ 0 $ 0
===========================================================
SECURITIES ON LOAN, AT MARKET VALUE .................................. $ 90,449,954 $ 15,292,416 $15,143,175 $ 98,001,119
===========================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
230
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INTERNATIONAL INTERNATIONAL
VALUE INDEX CORE GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................... $584,060,870 $ 2,676,587,913 $ 158,292,177 $ 299,416,868
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ......................... 32,858,543 416,186,909 5,336,062 16,952,435
INVESTMENTS IN AFFILIATES ......................................... 9,876,985 50,072,623 0 0
-----------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ................... 626,796,398 3,142,847,445 163,628,239 316,369,303
-----------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ........................................ 0 0 0 97
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS .................. 0 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ................................... 4,687,283 59,285 6,098,387 11,323,111
RECEIVABLES FOR DIVIDENDS AND INTEREST ............................ 690,493 3,348,146 1,092,857 1,068,375
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS ..... 0 0 0 0
PREPAID EXPENSES AND OTHER ASSETS ................................. 0 0 442 4,851
-----------------------------------------------------------
TOTAL ASSETS ......................................................... 632,174,174 3,146,254,876 170,819,925 328,765,737
-----------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ............................... 0 0 4,184,367 1,146,304
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS ........... 0 5,100 0 0
FOREIGN TAXES PAYABLE ............................................. 0 0 11,974 0
PAYABLE FOR INVESTMENTS PURCHASED ................................. 9,583,111 3,502,642 1,654,020 2,351,173
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............. 339,186 212,869 146,652 268,586
PAYABLE FOR SECURITIES LOANED (NOTE 2) ............................ 32,858,543 416,186,909 5,336,062 16,952,435
ACCRUED EXPENSES AND OTHER LIABILITIES ............................ 34,281 42,527 0 1,032
-----------------------------------------------------------
TOTAL LIABILITIES .................................................... 42,815,121 419,950,047 11,333,075 20,719,530
===========================================================
TOTAL NET ASSETS ..................................................... $589,359,053 $ 2,726,304,829 $ 159,486,850 $ 308,046,207
===========================================================
INVESTMENTS AT COST .................................................. $554,027,713 $ 2,505,566,510 $ 129,146,722 $ 250,579,390
===========================================================
FOREIGN CURRENCIES AT COST ........................................... $ 0 $ 0 $ 0 $ 100
===========================================================
SECURITIES ON LOAN, AT MARKET VALUE .................................. $ 31,878,159 $ 401,928,899 $ 5,120,332 $ 16,125,788
===========================================================
INTERNATIONAL INTERNATIONAL LARGE CAP LARGE COMPANY
INDEX VALUE APPRECIATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE .................................... $ 156,154,463 $ 354,282,457 $ 160,585,453 $2,668,652,136
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ......................... 7,971,550 17,698,422 11,066,341 347,271,247
INVESTMENTS IN AFFILIATES ......................................... 0 4,203,521 4,852,808 20,693,392
-----------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ................... 164,126,013 376,184,400 176,504,602 3,036,616,775
-----------------------------------------------------------
FOREIGN CURRENCY, AT VALUE ........................................ 725,791 9,415,521 0 0
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS .................. 386,685 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD ................................... 7,185,783 82,042 676,043 22,609,751
RECEIVABLES FOR DIVIDENDS AND INTEREST ............................ 786,815 2,168,606 120,626 1,001,736
UNREALIZED APPRECIATION ON FORWARD FOREIGN CURRENCY CONTRACTS ..... 5,230 0 0 0
PREPAID EXPENSES AND OTHER ASSETS ................................. 0 0 0 0
-----------------------------------------------------------
TOTAL ASSETS ......................................................... 173,216,317 387,850,569 177,301,271 3,060,228,262
-----------------------------------------------------------
LIABILITIES
PAYABLE TO CUSTODIAN FOR OVERDRAFTS ............................... 5,656,794 0 0 0
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS ........... 0 0 0 0
FOREIGN TAXES PAYABLE ............................................. 0 0 423 0
PAYABLE FOR INVESTMENTS PURCHASED ................................. 32,466 229,816 0 0
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ............. 62,614 322,266 97,783 1,582,118
PAYABLE FOR SECURITIES LOANED (NOTE 2) ............................ 7,971,550 17,698,422 11,066,341 347,271,247
ACCRUED EXPENSES AND OTHER LIABILITIES ............................ 67,657 38,148 60,482 300,314
-----------------------------------------------------------
TOTAL LIABILITIES .................................................... 13,791,081 18,288,652 11,225,029 349,153,679
===========================================================
TOTAL NET ASSETS ..................................................... $ 159,425,236 $ 369,561,917 $ 166,076,242 $2,711,074,583
===========================================================
INVESTMENTS AT COST .................................................. $ 110,253,430 $ 289,140,631 $ 161,404,883 $2,416,884,019
===========================================================
FOREIGN CURRENCIES AT COST ........................................... $ 716,028 $ 9,291,904 $ 0 $ 0
===========================================================
SECURITIES ON LOAN, AT MARKET VALUE .................................. $ 7,559,544 $ 16,786,462 $ 10,769,367 $ 336,070,411
===========================================================
231
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP SMALL COMPANY SMALL COMPANY STRATEGIC
INDEX GROWTH VALUE SMALL CAP
PORTFOLIO PORTFOLIO PORTFOLIO VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ........................... $ 432,156,119 $ 902,778,327 $ 486,263,261 $ 381,512,774
COLLATERAL FOR SECURITIES LOANED (NOTE 2) ................ 110,396,932 75,618,119 141,089,329 0
INVESTMENTS IN AFFILIATES ................................ 4,074,814 18,331,267 10,600,495 8,725,469
-------------------------------------------------------------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .......... 546,627,865 996,727,713 637,953,085 390,238,243
-------------------------------------------------------------------
VARIATION MARGIN RECEIVABLE ON FUTURES CONTRACTS ......... 22,200 0 0 0
RECEIVABLE FOR INVESTMENTS SOLD .......................... 3,143,755 10,099,078 1,736,085 5,396,368
RECEIVABLES FOR DIVIDENDS AND INTEREST ................... 367,664 326,430 489,332 384,827
-------------------------------------------------------------------
TOTAL ASSETS ................................................ 550,161,484 1,007,153,221 640,178,502 396,019,438
-------------------------------------------------------------------
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED ........................ 2,062,698 14,702,734 2,216,114 2,115,638
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .... 60,985 704,593 387,515 317,812
PAYABLE FOR SECURITIES LOANED (NOTE 2) ................... 110,396,932 75,618,119 141,089,329 0
ACCRUED EXPENSES AND OTHER LIABILITIES ................... 21,823 33,106 24,264 4,365
-------------------------------------------------------------------
TOTAL LIABILITIES ........................................... 112,542,438 91,058,552 143,717,222 2,437,815
-------------------------------------------------------------------
TOTAL NET ASSETS ............................................ $ 437,619,046 $ 916,094,669 $ 496,461,280 $ 393,581,623
===================================================================
INVESTMENTS AT COST ......................................... $ 435,019,959 $ 937,359,226 $ 589,165,101 $ 366,040,426
===================================================================
SECURITIES ON LOAN, AT MARKET VALUE ......................... $ 106,513,181 $ 71,636,784 $ 136,005,948 $ 0
===================================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
232
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
C&B LARGE DISCIPLINED EMERGING EQUITY
CAP VALUE GROWTH GROWTH INCOME
PORTFOLIO PORTFOLIO PORTFOLIO(2) PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ....................................................... $ 8,374,277 $ 811,512 $ 5,141 $ 11,382,219
INTEREST ........................................................... 214 0 0 3,972
INCOME FROM AFFILIATED SECURITIES .................................. 1,695,481 116,022 43,724 178,253
SECURITIES LENDING INCOME, NET ..................................... 42,945 4,836 7,210 25,635
-----------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................... 10,112,917 932,370 56,075 11,590,079
-----------------------------------------------------------
EXPENSES
ADVISORY FEES ...................................................... 3,441,520 714,553 67,628 3,402,318
CUSTODY FEES ....................................................... 94,888 19,055 1,503 93,666
ACCOUNTING FEES .................................................... 0 0 0 0
PROFESSIONAL FEES .................................................. 12,579 10,683 4,487 15,856
SHAREHOLDER REPORTS ................................................ 0 0 1,671 0
TRUSTEES' FEES ..................................................... 3,137 3,283 1,437 1,904
OTHER FEES AND EXPENSES ............................................ 10,389 2,358 918 13,743
-----------------------------------------------------------
TOTAL EXPENSES ........................................................ 3,562,513 749,932 77,644 3,527,487
-----------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ....................... (340,841) (537) (5,339) (767,684)
NET EXPENSES ....................................................... 3,221,672 749,395 72,305 2,759,803
-----------------------------------------------------------
NET INVESTMENT INCOME (LOSS) .......................................... 6,891,245 182,975 (16,230) 8,830,276
-----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 37,193,983 14,969,611 (1,346,048) 103,785,551
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 0 0 0 0
FUTURES TRANSACTIONS ............................................... 0 0 0 0
-----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................. 37,193,983 14,969,611 (1,346,048) 103,785,551
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 10,573,007 (2,728,749) 2,354,276 (39,140,605)
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 0 0 0 0
FUTURES TRANSACTIONS ............................................... 0 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ........... 0 0 0 3,048,704
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ..................................................... 10,573,007 (2,728,749) 2,354,276 (36,091,901)
-----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 47,766,990 12,240,862 1,008,228 67,693,650
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....... $54,658,235 $12,423,837 $ 991,998 $ 76,523,926
===========================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ............................ $ 0 $ 0 $ 0 $ 0
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
234
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EQUITY INTERNATIONAL INTERNATIONAL
VALUE INDEX CORE GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ....................................................... $ 5,273,402 $ 26,681,824 $ 1,246,900 $ 1,763,152
INTEREST ........................................................... 0 31,453 0 0
INCOME FROM AFFILIATED SECURITIES .................................. 264,744 516,222 49,445 178,119
SECURITIES LENDING INCOME, NET ..................................... 39,209 162,544 18,666 24,265
-----------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................... 5,577,355 27,392,043 1,315,011 1,965,536
-----------------------------------------------------------
EXPENSES
ADVISORY FEES ...................................................... 2,022,926 1,145,503 782,835 1,456,942
CUSTODY FEES ....................................................... 54,239 272,226 82,404 153,362
ACCOUNTING FEES .................................................... 0 0 10,776 3,039
PROFESSIONAL FEES .................................................. 13,425 21,431 7,878 1,979
SHAREHOLDER REPORTS ................................................ 0 0 0 358
TRUSTEES' FEES ..................................................... 3,334 3,559 4,553 3,620
OTHER FEES AND EXPENSES ............................................ 5,668 28,281 3,019 707
-----------------------------------------------------------
TOTAL EXPENSES ........................................................ 2,099,592 1,471,000 891,465 1,620,007
-----------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ....................... (253,699) (266,551) (4,702) (60,378)
NET EXPENSES ....................................................... 1,845,893 1,204,449 886,763 1,559,629
-----------------------------------------------------------
NET INVESTMENT INCOME (LOSS) .......................................... 3,731,462 26,187,594 428,248 405,907
-----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 29,315,347 49,316,947 13,487,648 23,754,540
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 0 0 0 0
FUTURES TRANSACTIONS ............................................... 0 (110,281) 0 0
-----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................. 29,315,347 49,206,666 13,487,648 23,754,540
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 22,981,880 112,618,629 5,610,082 19,945,680
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 0 0 (3,933) (3,277)
FUTURES TRANSACTIONS ............................................... 0 200,575 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ........... 0 0 0 0
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ..................................................... 22,981,880 112,819,204 5,606,149 19,942,403
-----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 52,297,227 162,025,870 19,093,797 43,696,943
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....... $56,028,689 $188,213,464 $ 19,522,045 $ 44,102,850
===========================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ............................ $ 4,248 $ 0 $ 81,626 $ 192,345
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
INTERNATIONAL INTERNATIONAL LARGE CAP LARGE COMPANY
INDEX VALUE APPRECIATION GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ....................................................... $ 1,505,038 $ 3,557,959 $ 1,039,344 $ 11,924,876
INTEREST ........................................................... 7,222 13,793 0 0
INCOME FROM AFFILIATED SECURITIES .................................. 25,806 284,985 124,529 936,803
SECURITIES LENDING INCOME, NET ..................................... 20,589 42,647 5,865 81,480
-----------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................... 1,558,655 3,899,384 1,169,738 12,943,159
-----------------------------------------------------------
EXPENSES
ADVISORY FEES ...................................................... 288,803 1,603,158 593,356 10,155,736
CUSTODY FEES ....................................................... 82,515 168,753 16,953 301,225
ACCOUNTING FEES .................................................... 3,593 13,712 0 0
PROFESSIONAL FEES .................................................. 15,862 10,346 9,108 19,389
SHAREHOLDER REPORTS ................................................ 1,167 2,698 0 238,000
TRUSTEES' FEES ..................................................... 4,485 4,481 3,197 1,806
OTHER FEES AND EXPENSES ............................................ 4,010 2,783 2,817 35,652
-----------------------------------------------------------
TOTAL EXPENSES ........................................................ 400,435 1,805,931 625,431 10,751,808
-----------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ....................... (5,322) (24,737) (37,500) (627,037)
NET EXPENSES ....................................................... 395,113 1,781,194 587,931 10,124,771
-----------------------------------------------------------
NET INVESTMENT INCOME (LOSS) .......................................... 1,163,542 2,118,190 581,807 2,818,388
-----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 8,168,110 8,493,190 6,342,079 133,242,937
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 32,255 0 0 0
FUTURES TRANSACTIONS ............................................... 101,438 0 0 0
-----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................. 8,301,803 8,493,190 6,342,079 133,242,937
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 13,246,191 41,673,380 4,437,705 32,152,936
FORWARD FOREIGN CURRENCY CONTRACTS ................................. 9,219 0 0 0
FUTURES TRANSACTIONS ............................................... 80,867 0 0 0
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ........... 0 0 0 0
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ..................................................... 13,336,277 41,673,380 4,437,705 32,152,936
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 21,638,080 50,166,570 10,779,784 165,395,873
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....... $ 22,801,622 $ 52,284,760 $ 11,361,591 $ 168,214,261
===========================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ............................ $ 97,632 $ 174,249 $ 0 $ 0
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
235
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENTS OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
SMALL CAP SMALL COMPANY SMALL COMPANY STRATEGIC
INDEX GROWTH VALUE SMALL CAP
PORTFOLIO PORTFOLIO PORTFOLIO VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS(1) ....................................................... $ 1,934,796 $ 1,513,319 $ 2,660,292 $ 1,627,246
INTEREST ........................................................... 6,412 0 0 541
INCOME FROM AFFILIATED SECURITIES .................................. 124,920 581,001 264,718 410,979
SECURITIES LENDING INCOME, NET .................................... 182,617 59,584 162,488 0
-----------------------------------------------------------
TOTAL INVESTMENT INCOME ............................................... 2,248,745 2,153,904 3,087,498 2,038,766
-----------------------------------------------------------
EXPENSES
ADVISORY FEES ...................................................... 423,769 4,116,992 2,176,260 1,716,762
CUSTODY FEES ....................................................... 42,377 93,937 48,367 38,150
ACCOUNTING FEES .................................................... 0 0 0 1,644
PROFESSIONAL FEES .................................................. 13,777 15,014 11,345 10,252
REGISTRATION FEES .................................................. 0 0 0 27
SHAREHOLDER REPORTS ................................................ 0 0 0 1,402
TRUSTEES' FEES ..................................................... 2,936 1,928 2,893 4,370
OTHER FEES AND EXPENSES ............................................ 4,282 11,118 4,467 3,569
-----------------------------------------------------------
TOTAL EXPENSES ........................................................ 487,141 4,238,989 2,243,332 1,776,176
-----------------------------------------------------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ....................... (41,280) (5,764) (22,202) (18,504)
NET EXPENSES ....................................................... 445,861 4,233,225 2,221,130 1,757,672
-----------------------------------------------------------
NET INVESTMENT INCOME (LOSS) .......................................... 1,802,884 (2,079,321) 866,368 281,094
-----------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 22,822,589 61,968,038 26,997,210 14,368,826
FUTURES TRANSACTIONS ............................................... (131,278) 0 0 0
-----------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................. 22,691,311 61,968,038 26,997,210 14,368,826
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .... 19,586,227 19,801,504 18,859,861 25,210,750
FUTURES TRANSACTIONS ............................................... 132,578 0 0 0
-----------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS ..................................................... 19,718,805 19,801,504 18,859,861 25,210,750
-----------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 42,410,116 81,769,542 45,857,071 39,579,576
-----------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....... $44,213,000 $ 79,690,221 $ 46,723,439 $ 39,860,670
===========================================================
(1) NET OF FOREIGN WITHHOLDING TAXES OF ............................ $ 396 $ 0 $ 0 $ 6,398
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
236
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO DISCIPLINED GROWTH PORTFOLIO
------------------------------------ ------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 841,546,047 $ 774,696,069 $ 187,057,301 $ 184,902,166
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 6,891,245 14,179,146 182,975 216,903
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 37,193,983 36,879,416 14,969,611 6,997,204
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 10,573,007 67,028,509 (2,728,749) (4,599,455)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 54,658,235 118,087,071 12,423,837 2,614,652
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 355,996,454 56,382,255 2,615,322 10,644,735
WITHDRAWALS ........................................ (66,375,575) (107,619,350) (18,667,201) (11,104,252)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... 289,620,879 (51,237,095) (16,051,879) (459,517)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. 344,279,114 66,849,976 (3,628,042) 2,155,135
===========================================================================
ENDING NET ASSETS ..................................... $ 1,185,825,161 $ 841,546,045 $ 183,429,259 $ 187,057,301
===========================================================================
(1) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2007.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
238
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
EMERGING
GROWTH
PORTFOLIO(1) EQUITY INCOME PORTFOLIO
-------------- -------------------------------------
FOR THE FOR THE
PERIOD ENDED SIX MONTHS ENDED FOR THE
MARCH 31, 2007 MARCH 31, 2007 YEAR ENDED
(UNAUDITED) (UNAUDITED) SEPTEMBER 30, 2006
- --------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 0 $ 1,015,722,285 $ 1,273,196,285
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... (16,230) 8,830,276 19,887,451
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ (1,346,048) 103,785,551 123,786,012
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 2,354,276 (36,091,901) (31,413,024)
-----------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 991,998 76,523,926 112,260,439
-----------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 46,176,674 12,783,773 34,802,222
WITHDRAWALS ........................................ (2,472,420) (292,459,801) (404,536,661)
-----------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... 43,704,254 (279,676,028) (369,734,439)
-----------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. 44,696,252 (203,152,102) (257,474,000)
=====================================================
ENDING NET ASSETS ..................................... $ 44,696,252 $ 812,570,183 $ 1,015,722,285
=====================================================
EQUITY VALUE PORTFOLIO INDEX PORTFOLIO
------------------------------------ ------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 490,515,385 $ 438,219,988 $ 2,548,093,616 $ 2,151,037,408
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 3,731,462 5,440,295 26,187,594 43,311,188
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 29,315,347 27,936,911 49,206,666 73,306,134
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 22,981,880 14,109,152 112,819,204 122,263,467
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 56,028,689 47,486,358 188,213,464 238,880,789
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 81,402,732 63,991,943 171,426,315 501,457,635
WITHDRAWALS ........................................ (38,587,753) (59,182,904) (181,428,566) (343,282,216)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... 42,814,979 4,809,039 (10,002,251) 158,175,419
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. 98,843,668 52,295,397 178,211,213 397,056,208
===========================================================================
ENDING NET ASSETS ..................................... $ 589,359,053 $ 490,515,385 $ 2,726,304,829 $ 2,548,093,616
===========================================================================
239
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
------------------------------------ -------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 161,638,942 $ 160,473,368 $ 301,162,819 $ 251,828,302
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 428,248 3,202,167 405,907 2,355,509
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 13,487,648 12,330,457 23,754,540 27,546,438
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 5,606,149 7,217,415 19,942,403 19,723,089
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 19,522,045 22,750,039 44,102,850 49,625,036
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 3,217,118 9,573,177 33,228,492 44,376,075
WITHDRAWALS ........................................ (24,891,255) (31,157,642) (70,447,954) (44,666,594)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (21,674,137) (21,584,465) (37,219,462) (290,519)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (2,152,092) 1,165,574 6,883,388 49,334,517
===========================================================================
ENDING NET ASSETS ..................................... $ 159,486,850 $ 161,638,942 $ 308,046,207 $ 301,162,819
===========================================================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
240
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO INTERNATIONAL VALUE PORTFOLIO
------------------------------------ ------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 161,960,014 $ 161,372,219 $ 303,207,650 $ 162,175,581
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 1,163,542 4,192,841 2,118,190 4,152,778
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 8,301,803 9,015,257 8,493,190 20,144,518
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 13,336,277 16,305,976 41,673,380 7,633,526
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 22,801,622 29,514,074 52,284,760 31,930,822
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 2,691,456 7,996,182 45,858,777 146,254,390
WITHDRAWALS ........................................ (28,027,856) (36,922,461) (31,789,270) (37,153,143)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (25,336,400) (28,926,279) 14,069,507 109,101,247
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (2,534,778) 587,795 66,354,267 141,032,069
===========================================================================
ENDING NET ASSETS ..................................... $ 159,425,236 $ 161,960,014 $ 369,561,917 $ 303,207,650
===========================================================================
LARGE CAP APPRECIATION PORTFOLIO
-------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 170,740,349 $ 132,789,757
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 581,807 918,625
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 6,342,079 15,327,327
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 4,437,705 (10,204,382)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 11,361,591 6,041,570
--------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 4,310,498 46,259,962
WITHDRAWALS ........................................ (20,336,196) (14,350,940)
--------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (16,025,698) 31,909,022
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (4,664,107) 37,950,592
======================================
ENDING NET ASSETS ..................................... $ 166,076,242 $ 170,740,349
======================================
241
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO SMALL CAP INDEX PORTFOLIO
------------------------------------ -------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 3,092,485,051 $ 3,563,533,543 $ 396,054,239 $ 359,172,109
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 2,818,388 4,683,732 1,802,884 3,641,023
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 133,242,937 69,056,359 22,691,311 28,835,980
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 32,152,936 (13,237,773) 19,718,805 (6,775,651)
--------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 168,214,261 60,502,318 44,213,000 25,701,352
--------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 36,691,858 146,833,445 43,590,039 56,571,421
WITHDRAWALS ........................................ (586,316,587) (678,384,255) (46,238,232) (45,390,643)
--------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (549,624,729) (531,550,810) (2,648,193) 11,180,778
--------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (381,410,468) (471,048,492) 41,564,807 36,882,130
==========================================================================
ENDING NET ASSETS ..................................... $ 2,711,074,583 $ 3,092,485,051 $ 437,619,046 $ 396,054,239
==========================================================================
(2) THIS PORTFOLIO COMMENCED OPERATIONS ON JANUARY 31, 2006.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
242
STATEMENTS OF CHANGES IN NET ASSETS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO
------------------------------------ ------------------------------------
FOR THE FOR THE
SIX MONTHS ENDED FOR THE SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006 (UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 927,550,765 $ 889,007,735 $ 456,421,037 $ 620,229,304
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... (2,079,321) (3,086,201) 866,368 3,682,087
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 61,968,038 122,082,548 26,997,210 89,362,303
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 19,801,504 (55,941,786) 18,859,861 (44,240,821)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 79,690,221 63,054,561 46,723,439 48,803,569
---------------------------------------------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 50,889,556 111,424,354 25,354,099 193,013,661
WITHDRAWALS ........................................ (142,035,873) (135,935,885) (32,037,295) (405,625,497)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (91,146,317) (24,511,531) (6,683,196) (212,611,836)
---------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. (11,456,096) 38,543,030 40,040,243 (163,808,267)
===========================================================================
ENDING NET ASSETS ..................................... $ 916,094,669 $ 927,550,765 $ 496,461,280 $ 456,421,037
===========================================================================
STRATEGIC SMALL CAP VALUE PORTFOLIO(2)
---------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 PERIOD ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- ------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ............................... $ 359,375,258 $ 0
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ....................... 281,094 1,364,265
NET REALIZED GAIN (LOSS) ON INVESTMENTS ............ 14,368,826 3,250,792
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
OF INVESTMENTS .................................. 25,210,750 (1,012,915)
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS ......................................... 39,860,670 3,602,142
---------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ...................................... 40,625,176 380,740,890
WITHDRAWALS ........................................ (46,279,481) (24,967,774)
---------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN
INVESTORS' BENEFICIAL INTERESTS .................... (5,654,305) 355,773,116
---------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................. 34,206,365 359,375,258
=======================================
ENDING NET ASSETS ..................................... $ 393,581,623 $ 359,375,258
=======================================
243
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ PORTFOLIO
NET INVESTMENT GROSS EXPENSES NET TOTAL TURNOVER
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) RATE
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.46% 0.75% (0.07)% 0.68% 6.52% 14%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 1.77% 0.76% (0.10)% 0.66% 15.30% 29%
DECEMBER 6, 2004(3) TO SEPTEMBER 30, 2005 ............ 0.98% 0.77% (0.06)% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.19% 0.79% 0.00% 0.79% 6.74% 48%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.12% 0.79% (0.01)% 0.78% 1.41% 90%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 0.44% 0.79% (0.01)% 0.78% 11.76% 45%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 0.28% 0.80% (0.26)% 0.54% 9.88% 87%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 0.28% 0.88% (0.15)% 0.73% 25.65% 117%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 0.27% 0.91% (0.18)% 0.73% (12.57)% 156%
EMERGING GROWTH PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
JANUARY 31, 2007(3) TO MARCH 31, 2007 (UNAUDITED) .... (0.07)% 1.03% (0.07)% 0.96% 2.20% 38%
EQUITY INCOME PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.88% 0.75% (0.16)% 0.59% 7.87% 6%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 1.84% 0.75% (0.05)% 0.70% 11.21% 7%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 2.04% 0.73% (0.13)% 0.60% 13.30% 20%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 1.86% 0.77% (0.21)% 0.56% 17.04% 11%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 2.01% 0.78% (0.11)% 0.67% 20.66% 9%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 1.61% 0.78% (0.10)% 0.68% (19.49)% 12%
EQUITY VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.38% 0.77% (0.09)% 0.68% 11.10% 60%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 1.18% 0.78% (0.01)% 0.77% 10.73% 107%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 1.22% 0.78% (0.02)% 0.76% 21.61% 145%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 1.25% 0.80% (0.18)% 0.62% 17.82% 122%
AUGUST 29, 2003(3) TO SEPTEMBER 30, 2003 ............. 0.64% 0.86% (0.32)% 0.54% (1.80)% 3%
INDEX PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.92% 0.11% (0.02)% 0.09% 7.32% 6%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 1.86% 0.11% 0.00% 0.11% 10.70% 9%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 2.08% 0.12% (0.08)% 0.04% 12.23% 8%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 1.71% 0.17% (0.14)% 0.03% 13.87% 2%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 1.70% 0.18% (0.05)% 0.13% 24.42% 3%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 1.40% 0.18% (0.05)% 0.13% (20.52)% 4%
INTERNATIONAL CORE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.52% 1.09% (0.01)% 1.08% 12.53% 35%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 1.99% 1.09% (0.06)% 1.03% 14.58% 39%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 1.51% 1.09% (0.01)% 1.08% 18.69% 108%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 0.86% 1.11% (0.15)% 0.96% 13.84% 33%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 0.81% 1.12% (0.03)% 1.09% 18.39% 75%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 0.54% 1.26% (0.02)% 1.24% (19.04)% 38%
INTERNATIONAL GROWTH PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.26% 1.06% (0.04)% 1.02% 15.06% 36%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.87% 1.07% (0.09)% 0.98% 19.95% 62%
OCTOBER 6, 2004(3) TO SEPTEMBER 30, 2005 ............. 1.02% 1.08% (0.02)% 1.06% 22.30% 67%
INTERNATIONAL INDEX PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.41% 0.49% (0.01)% 0.48% 14.77% 1%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 2.59% 0.49% (0.12)% 0.37% 19.44% 7%
OCTOBER 6, 2004(3) TO SEPTEMBER 30, 2005 ............. 2.41% 0.49% (0.03)% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 1.26% 1.07% (0.01)% 1.06% 16.86% 7%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 2.34% 1.09% 0.00% 1.09% 19.32% 31%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 2.21% 1.11% (0.01)% 1.10% 25.92% 14%
OCTOBER 31, 2003(3) TO SEPTEMBER 30, 2004 ............ 2.61% 1.02% (0.18)% 0.84% 20.00% 24%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
244
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ PORTFOLIO
NET INVESTMENT GROSS EXPENSES NET TOTAL TURNOVER
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) RATE
- ------------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.69% 0.73% (0.04)% 0.69% 6.91% 85%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.65% 0.75% (0.03)% 0.72% 3.34% 155%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 0.83% 0.74% 0.00% 0.74% 20.02% 133%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 0.50% 0.76% (0.14)% 0.62% 10.56% 149%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 0.29% 0.81% (0.09)% 0.72% 18.50% 153%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 0.37% 0.88% (0.16)% 0.72% (20.04)% 123%
LARGE COMPANY GROWTH PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.19% 0.71% (0.04)% 0.67% 5.22% 4%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.14% 0.70% (0.09)% 0.61% 1.41% 6%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 0.69% 0.69% (0.01)% 0.68% 11.03% 18%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ (0.09)% 0.76% (0.08)% 0.68% 2.96% 14%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ (0.24)% 0.78% (0.02)% 0.76% 27.90% 13%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (0.34)% 0.78% 0.00% 0.78% (22.32)% 18%
SMALL CAP INDEX PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.85% 0.23% (0.02)% 0.21% 11.16% 15%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.95% 0.24% (0.01)% 0.23% 6.89% 20%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 1.00% 0.23% (0.05)% 0.18% 21.03% 14%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 0.93% 0.28% (0.19)% 0.09% 23.97% 17%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 0.74% 0.31% (0.02)% 0.29% 27.79% 11%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 0.57% 0.33% (0.01)% 0.32% (2.60)% 17%
SMALL COMPANY GROWTH PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ (0.44)% 0.90% 0.00% 0.90% 8.81% 72%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ (0.33)% 0.91% (0.01)% 0.90% 7.02% 125%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ (0.45)% 0.91% 0.00% 0.91% 16.51% 142%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ (0.63)% 0.93% (0.07)% 0.86% 12.70% 145%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ (0.35)% 0.94% (0.02)% 0.92% 37.90% 163%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ (0.40)% 0.94% 0.00% 0.94% (19.95)% 169%
SMALL COMPANY VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.36% 0.93% (0.01)% 0.92% 10.36% 33%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ................ 0.64% 0.92% (0.13)% 0.79% 6.70% 114%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ................ 0.61% 0.92% (0.10)% 0.82% 24.77% 70%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ................ 0.54% 0.93% (0.13)% 0.80% 23.72% 64%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ................ 0.70% 0.95% (0.16)% 0.79% 38.33% 80%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ................ 0.68% 0.98% (0.19)% 0.79% (2.16)% 98%
STRATEGIC SMALL CAP VALUE PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ........ 0.15% 0.93% (0.01)% 0.92% 11.23% 31%
JANUARY 31, 2006(3) TO SEPTEMBER 30, 2006 ............ 0.75% 0.94% (0.19)% 0.75% 0.60% 37%
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
245
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(1) During each period, various fees and expenses were waived and reimbursed,
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
(2) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3) Commencement of operations.
246
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Master Trust (the "Trust") is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Trust currently has 23 separate investment
portfolios. These financial statements are for 16 of those portfolios as
follows: the C&B Large Cap Value Portfolio, Disciplined Growth Portfolio,
Emerging Growth Portfolio, Equity Income Portfolio, Equity Value Portfolio,
Index Portfolio, International Core Portfolio, International Growth Portfolio,
International Index Portfolio, International Value Portfolio, Large Cap
Appreciation Portfolio, Large Company Growth Portfolio, Small Cap Index
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Strategic Small Cap Value Portfolio (each, a "Fund" and collectively, the
"Funds").
Interests in the Funds are sold without any sales charge in private
placement transactions to qualified investors, including open-end management
investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Certain Funds of the Trust may invest a substantial portion of their
assets in an industry, sector or foreign country. Such Funds may be more
affected by changes in that industry, sector or foreign country than they would
be absent the concentration of investments.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S.
dollars using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the
close of the New York Stock Exchange and therefore may not fully reflect trading
or events that occur after the close of the principal exchange in which the
foreign investments are traded but before the close of the New York Stock
Exchange. If such trading or events are expected to materially affect the value
of the investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market 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.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of
247
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
dividends, interest and foreign withholding taxes recorded and the U.S. dollar
equivalent of the amounts actually paid or received. Net unrealized foreign
exchange gains and losses arise from changes in the fair value of assets and
liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the
changes in net assets resulting from changes in market prices of securities at
fiscal period-end are not separately presented. Such changes are recorded with
net realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for federal income
tax purposes. The Funds of the Trust are not required to pay federal income
taxes on their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends, or gains have been distributed by the Fund.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect
against a possible loss resulting from an adverse change in the relationship
between foreign currencies and the U.S. dollar, or between foreign currencies. A
forward contract is an agreement between two counterparties for future delivery
or receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
As of March 31, 2007, outstanding forward contracts were as follows:
Currency Currency Net Unrealized
Amount to be Amount to be Appreciation
Portfolio Received Type of Currency Settlement Date Delivered (Depreciation)
- -----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 250,000 British Pound 6/29/2007 $490,428 $1,315
375,000 Euro 6/29/2007 499,163 3,561
59,000,000 Japanese Yen 6/29/2007 504,757 1,881
- -----------------------------------------------------------------------------------------------------------------
FUTURES CONTRACTS
The Funds may purchase futures contracts to gain exposure to market
changes, which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2007, the following Funds held futures contracts:
Notional Net Unrealized
Contract Appreciation
Portfolio Contracts Type Expiration Date Amount (Depreciation)
- ------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 68 Long S&P 500 June 2007 $23,889,125 $441,275
- ------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 14 Long DJ Eurostoxx 50 June 2007 722,806 43,883
7 Long FTSE 100 Index June 2007 833,080 35,450
6 Long TOPIX June 2007 846,390 25,852
- ------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 12 Long Russell 2000 June 2007 4,724,972 123,028
- ------------------------------------------------------------------------------------------------------------
SECURITY LOANS
The Funds may loan securities in retur n 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 or by retaining a portion of interest on the investment
securities or cash received as collateral. A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral. 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. The collateral supporting loans of domestic and foreign equity
securities and corporate bonds are remarked daily while collateral supporting
loans of U.S. Government securities are remarked back to 102% only if the given
collateral falls below 100% of the market value of the securities loans plus any
accrued interest. Gain or loss in the market price of the securities loaned that
may occur
248
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
during the term of the loan are reflected in the value of the Fund. The risks
from securities lending are that the borrower may not provide additional
collateral when required or return the securities when due or when called for by
the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as the securities
lending agent for the Funds and receives for its services 30% of the revenues
earned on the securities lending activities and incurs all expenses. The value
of the securities on loan and the value of the related collateral at March 31,
2007, are shown on the Statements of Assets and Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Portfolio Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- ---------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP First $500 million 0.750 Cooke & Bieler LP First $250 million 0.450
VALUE PORTFOLIO Next $500 million 0.700 Next $250 million 0.400
Next $2 billion 0.650 Next $250 million 0.350
Next $2 billion 0.625 Over $750 million 0.300
Over $5 billion 0.600
- ---------------------------------------------------------------------------------------------------------------------------------
DISCIPLINED First $500 million 0.750 Smith Asset First $200 million 0.300
GROWTH PORTFOLIO Next $500 million 0.700 Management Next $300 million 0.200
Next $2 billion 0.650 Group LP Over $500 million 0.150
Next $2 billion 0.625
Over $5 billion 0.600
- ---------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO First 500 million 0.900 Wells Capital Management First 100 million 0.550
Next 500 million 0.850 Incorporated Next 100 million 0.500
Next 2 billion 0.800 Over 200 million 0.400
Next 2 billion 0.775
Next 5 billion 0.750
- ---------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME First $500 million 0.750 Wells Capital First $100 million 0.350
PORTFOLIO Next $500 million 0.700 Management Next $100 million 0.300
Next $2 billion 0.650 Incorporated Next $300 million 0.200
Next $2 billion 0.625 Over $500 million 0.150
Over $5 billion 0.600
- ---------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE First $500 million 0.750 Systematic Financial First $150 million 0.300
PORTFOLIO Next $500 million 0.700 Management LP Next $200 million 0.200
Next $2 billion 0.650 Next $400 million 0.150
Next $2 billion 0.625 Next $250 million 0.130
Over $5 billion 0.600 Over $1 billion 0.100
- ---------------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO First $500 million 0.100 Wells Capital First $100 million 0.050
Next $500 million 0.100 Management Next $100 million 0.030
Next $2 billion 0.075 Incorporated Over $200 million 0.020
Next $2 billion 0.075
Over $5 billion 0.050
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 New Star First $50 million 0.350
CORE PORTFOLIO Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
- ---------------------------------------------------------------------------------------------------------------------------------
249
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Portfolio Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 Artisan Partners LP First $250 million 0.700
GROWTH PORTFOLIO Next $500 million 0.900 Over $250 million 0.500
Next $2 billion 0.850
Next $2 billion 0.825
Over $5 billion 0.800
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.350 SSgA Funds First $100 million 0.080
INDEX PORTFOLIO Next $500 million 0.350 Management Over $100 million 0.060
Next $2 billion 0.325
Next $2 billion 0.325
Over $5 billion 0.300
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL First $500 million 0.950 LSV Asset First $150 million 0.350
VALUE PORTFOLIO Next $500 million 0.900 Management Next $350 million 0.400
Next $2 billion 0.850 Next $250 million 0.350
Next $2 billion 0.825 Next $250 million 0.325
Over $5 billion 0.800 Over $1 billion 0.300
- ---------------------------------------------------------------------------------------------------------------------------------
LARGE CAP First $500 million 0.700 Cadence Capital First $250 million 0.300
APPRECIATION Next $500 million 0.700 Management LLC Next $250 million 0.200
PORTFOLIO Next $2 billion 0.650 Next $500 million 0.150
Next $2 billion 0.625 Over $1 billion 0.100
Over $5 billion
- ---------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY First $500 million 0.750 Peregrine Capital First $25 million 0.560
GROWTH PORTFOLIO Next $500 million 0.700 Management Next $25 million 0.450
Next $2 billion 0.650 Incorporated Next $225 million 0.375
Next $2 billion 0.625 Over $275 million 0.225
Over $5 billion 0.600
- ---------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX First $500 million 0.200 Wells Capital First $100 million 0.050
PORTFOLIO Next $500 million 0.200 Management Next $100 million 0.030
Next $2 billion 0.175 Incorporated Over $200 million 0.020
Next $2 billion 0.175
Over $5 billion 0.150
- ---------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY First $500 million 0.900 Peregrine Capital First $50 million 0.900
GROWTH PORTFOLIO Next $500 million 0.850 Management Next $130 million 0.750
Next $2 billion 0.800 Incorporated Next $160 million 0.650
Next $2 billion 0.775 Next $345 million 0.500
Over $5 billion 0.750 Next $50 million 0.520
Over $735 million 0.550
- ---------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY First $500 million 0.900 Peregrine Capital First $175 million 0.500
VALUE PORTFOLIO Next $500 million 0.850 Management Over $175 million 0.750
Next $2 billion 0.800 Incorporated
Next $2 billion 0.775
Over $5 billion 0.750
- ---------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP First $500 million 0.900 Wells Capital First $200 million 0.450
VALUE PORTFOLIO Next $500 million 0.850 Management Over $200 million 0.400
Next $2 billion 0.800 Incorporated
Next $2 billion 0.775
Over $5 billion 0.750
- ---------------------------------------------------------------------------------------------------------------------------------
250
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to
the Master Trust.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Portfolio Daily Net Assets
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 0.10
- --------------------------------------------------------------------------------
ALL OTHER FUNDS 0.02
- --------------------------------------------------------------------------------
TRANSACTIONS WITH AFFILIATES
For the period ended March 31, 2007, there were no brokerage commissions
paid to an affiliated broker-dealer.
OTHER FEES
PFPC Inc. ("PFPC") serves as fund accountant for the Trust. PFPC currently
does not receive a fee for its services, but is entitled to be reimbursed for
all out-of-pocket expenses reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements
of Operations, for the period ended March 31, 2007, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has contractually committed to waive fees
and/or reimburse expenses to the extent necessary to maintain certain net
operating expense ratios for the Funds.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Portfolio Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO $356,374,568 $124,417,059
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 88,724,839 103,533,756
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 60,309,748 16,671,316
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 54,022,281 326,987,098
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 374,437,921 318,737,200
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 152,689,092 148,654,903
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO 54,863,966 72,307,997
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 104,221,430 139,194,846
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 1,103,322 24,008,273
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 40,299,802 21,199,286
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 137,411,676 150,829,474
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 116,505,687 676,932,613
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 62,267,855 63,037,239
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 658,088,041 729,282,674
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 155,388,068 163,757,375
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO 114,273,284 118,683,417
251
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
5. IN-KIND TRANSACTIONS
- --------------------------------------------------------------------------------
Prior to its April 8, 2005 merger into the Wells Fargo Advantage Index
Fund, the Strong Index 500 Fund invested all of its assets in the S&P 500 Index
Master Portfolio (the "Master Portfolio") of Master Investment Portfolio
("MIP"), an open-end 1940 Act management investment company advised by Barclays
Global Fund Advisors pursuant to a "master-feeder" investment partnership
arrangement. To facilitate the merger with the Wells Fargo Index Fund, the
Strong Index 500 Fund received in-kind its pro-rata ownership share of
$156,000,305 in securities held by the Master Portfolio on the merger date.
Simultaneously, the securities received in-kind were recontributed by the
acquiring Wells Fargo Advantage Index Fund in an in-kind subscription into the
Wells Fargo Index Portfolio. Under Section 732(b) of the Tax Code, the Strong
Index 500 Fund partnership cost basis ("outside basis") in the Master Portfolio
as of the in-kind receipt date must be allocated in total to the securities
received from the Master Portfolio. Accordingly, outside basis of $149,347,507
was allocated to securities received by the Strong Index 500 Fund and this value
was recorded as the financial statement cost basis of securities held in the
Wells Fargo Index Portfolio.
6. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
252
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- --------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE ** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, Calloway None
64 School of Business and Accountancy
- The Thomas Goho Chair of Finance
since January 2006. Associate
Professor of Finance from
1999-2005.
- --------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co-Founder of None
64 (Chairman since 2005) Crystal Geyser Water Company and
(Lead Trustee since President of Crystal Geyser Roxane
2001) Water Company.
- --------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President None
73 of Richard M. Leach Associates (a
financial consulting firm).
- --------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk None
54 Management, Wharton School,
University of Pennsylvania.
Director of the Boettner Center on
Pensions and Retirement Research.
Research Associate and Board
Member, Penn Aging Research
Center. Research Associate,
National Bureau of Economic
Research.
253
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS OTHER INFORMATION (UNAUDITED)
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NON-INTERESTED TRUSTEES (continued)
- --------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of Himle-Horner and
Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota
(a public policy organization).
- --------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of None
66 Willeke & Daniels.
- --------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- --------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto, Chairman
of Whitepoint Capital, LLC until
2004.
- --------------------------------------------------------------------------------------------------------
OFFICERS
- --------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells None
47 Fargo Bank, N.A. and President of
Wells Fargo Funds Management, LLC
since 2003. Senior Vice President
and Chief Administrative Officer
of Wells Fargo Funds Management,
LLC from 2001 to 2003.
- --------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and None
46 Chief Legal Counsel Secretary of Wells Fargo Funds
since 2003 Management, LLC since 2001. Vice
President and Managing Senior
Counsel of Wells Fargo Bank, N.A.
since 1996.
- --------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo Funds
Management, LLC since 2006. From
2001 to 2006, Vice President of
Wells Fargo Bank, N.A. and Vice
President of Wells Fargo Bank,
N.A. Auto Finance Group. Vice
President of Portfolio Risk
Management for Wells Fargo Bank,
N.A. Auto Finance Group from 2004
to 2006.
254
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
OFFICERS (continued)
- --------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of Wells None
45 Officer, since 2004 Fargo Funds Management, LLC since
2004. Chief Compliance Officer for
Wells Fargo Funds Management, LLC
from 1997 to 2002. In 2002, Ms.
Peters left Wells Fargo Funds
Management, LLC to pursue personal
goals.
- --------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
255
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS OTHER INFORMATION (UNAUDITED)
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BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
C&B LARGE CAP VALUE FUND, DIVERSIFIED EQUITY FUND, DIVERSIFIED SMALL CAP FUND,
EMERGING GROWTH FUND, EQUITY INCOME FUND, EQUITY VALUE FUND, GROWTH EQUITY FUND,
INTERNATIONAL VALUE FUND, LARGE CAP APPRECIATION FUND, LARGE COMPANY GROWTH
FUND, SMALL COMPANY GROWTH FUND, SMALL COMPANY VALUE FUND, STRATEGIC SMALL CAP
VALUE FUND, C&B LARGE CAP VALUE PORTFOLIO, DISCIPLINED GROWTH PORTFOLIO,
EMERGING GROWTH PORTFOLIO, EQUITY INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO,
INDEX PORTFOLIO, INTERNATIONAL CORE PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO,
INTERNATIONAL INDEX PORTFOLIO, INTERNATIONAL VALUE PORTFOLIO, LARGE CAP
APPRECIATION PORTFOLIO, LARGE COMPANY GROWTH PORTFOLIO, SMALL CAP INDEX
PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO, SMALL COMPANY VALUE PORTFOLIO AND
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust and Wells Fargo Master Trust (each, a
"Trust" and collectively, the "Trusts"), including a majority of the Trustees
who have no direct or indirect interest in the investment advisory and
sub-advisory agreements and are not "interested persons" of each Trust, as
defined in the 1940 Act (the "Independent Trustees"), will approve the terms of
any new investment advisory and sub-advisory agreements and annually review and
consider the continuation of existing investment advisory and sub-advisory
agreements. In this regard, the Boards reviewed and approved, during the six
months covered by this report: (i) an investment advisory agreement with Wells
Fargo Funds Management, LLC ("Funds Management") for the Emerging Growth Fund
and Emerging Growth Portfolio and (ii) and investment sub-advisory agreement
with Wells Capital Management Incorporated ("Wells Capital Management") for the
Emerging Growth Fund and Emerging Growth Portfolio. Also, during this period,
the Boards reviewed and re-approved: (i) investment advisory agreements with
Funds Management for the C&B Large Cap Value Fund, Diversified Equity Fund,
Diversified Small Cap Fund, Emerging Growth Fund, Equity Income Fund, Equity
Value Fund, Growth Equity Fund, International Value Fund, Large Cap Appreciation
Fund, Large Company Growth Fund, Small Company Growth Fund, Small Company Value
Fund, Strategic Small Cap Value Fund, C&B Large Cap Value Portfolio, Disciplined
Growth Portfolio, Emerging Growth Portfolio, Equity Income Portfolio, Equity
Value Portfolio, Index Portfolio, International Core Portfolio, International
Growth Portfolio, International Index Portfolio, International Value Portfolio,
Large Cap Appreciation Portfolio, Large Company Growth Portfolio, Small Cap
Index Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio
and Strategic Small Cap Value Portfolio (the "Funds"); (ii) an investment
sub-advisory agreement with Wells Capital Management for the Diversified Equity
Fund, Diversified Small Cap Fund, Emerging Growth Fund, Equity Income Fund,
Growth Equity Fund, Strategic Small Cap Value Fund, Emerging Growth Portfolio,
Equity Income Portfolio, Index Portfolio, Small Cap Index Portfolio and
Strategic Small Cap Value Portfolio; (iii) an investment sub-advisory agreement
with Artisan Partners Limited Partnership ("Artisan") for the International
Growth Portfolio; (iv) an investment sub-advisory agreement with Cadence Capital
Management, LLC ("Cadence") for the Large Cap Appreciation Portfolio; (v) an
investment sub-advisory agreement with Cooke & Bieler, L.P. ("Cooke & Bieler")
for the C&B Large Cap Value Portfolio; (vi) investment sub-advisory agreements
with LSV Asset Management ("LSV") for the International Value Fund and
International Value Portfolio; (vii) an investment sub-advisory agreement with
New Star Institutional Managers Limited ("New Star") for the International Core
Portfolio; (viii) investment sub-advisory agreements with Peregrine Capital
Management, Inc. ("Peregrine") for the Diversified Equity Fund, Diversified
Small Cap Fund, Growth Equity Fund, Large Company Growth Fund, Small Company
Growth Fund, Small Company Value Fund, Large Company Growth Portfolio, Small
Company Growth Portfolio and Small Company Value Portfolio; (ix) investment
sub-advisory agreements with Smith Asset Management Group ("Smith") for the
Diversified Equity Fund, Growth Equity Fund and Disciplined Growth Portfolio;
(x) an investment sub-advisory agreement with SSgA Funds Management ("SSgA") for
the International Index Portfolio; and (xi) investment sub-advisory agreements
with Systematic Financial Management, L.P. ("Systematic") for the Equity Value
Fund and Equity Value Portfolio. The investment advisory agreements with Funds
Management and the investment sub-advisory agreements with Wells Capital
Management, Artisan, Cadence, Cooke & Bieler, LSV, New Star, Peregrine, Smith,
SSgA and Systematic (the "Sub-Advisers") are collectively referred to as the
"Advisory Agreements."
More specifically, at meetings held on November 8, 2006, and March 30,
2007, the Boards, including the Independent Trustees advised by their
independent legal counsel, considered the factors and reached the conclusions
described below relating to the selection of Funds Management and the
Sub-Advisers and the approval of and continuation of the Advisory Agreements.
Prior to the March 30, 2007, meetings, the Boards, including the Independent
Trustees, met in person and telephonically a number of times, both with Funds
Management and in private sessions, for discussions about the continuations and
approvals. The Independent Trustees were assisted in their evaluation of the
Advisory Agreements by independent legal counsel, from whom they received
separate legal advice and with whom they met separately from Funds Management.
256
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
Because the Diversified Equity Fund, Diversified Small Cap Fund and Growth
Equity Fund are gateway blended funds that invest all of their assets in the
portfolios identified above and the C&B Large Cap Value Fund, Emerging Growth
Fund, Equity Income Fund, Equity Value Fund, International Value Fund, Large Cap
Appreciation Fund, Large Company Growth Fund, Small Company Growth Fund, Small
Company Value Fund and Strategic Small Cap Value Fund are gateway feeder funds
that invest all of their assets in one of the portfolios identified above, which
has a substantially similar investment objective and substantially similar
investment strategies to the respective Fund, information provided to the Boards
regarding these Funds is also applicable to the portfolios identified above, as
relevant.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Boards received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and the Sub-Advisers under the Advisory Agreements. The Boards also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel,
including, among other things, information about the background and experience
of senior management and the expertise of, and amount of attention devoted to
(or that would be devoted to) the Funds by, investment personnel of Funds
Management and the Sub-Advisers. In this regard, the Boards reviewed the
qualifications, backgrounds and responsibilities of the portfolio managers
primarily responsible for day-to-day portfolio management services for the
Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers,
based on their respective resources, reputations and other attributes, to
attract and retain highly qualified investment professionals, including
research, advisory, and supervisory personnel.
The Boards further considered the compliance programs and compliance
records of Funds Management and the Sub-Advisers. In addition, the Boards took
into account the administrative services provided, or anticipated to be
provided, to the Funds by Funds Management and its affiliates. In considering
these matters, the Boards considered not only the specific information presented
in connection with the meetings, but also the knowledge gained over the course
of interacting with Funds Management about various topics, including Funds
Management's oversight of service providers, such as the Sub-Advisers.
Based on the above factors, together with those referenced below, each of
the Boards concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Boards considered the performance results for each of the Funds,
except for the Emerging Growth Fund, which commenced operations on January 31,
2007, over various time periods ended December 31, 2006. They also considered
these results in comparison to the median performance results of the group of
funds that was determined by Lipper Inc. ("Lipper") to be the most similar to a
given Fund (the "Peer Group") and to the median performance of a broader
universe of relevant funds as determined by Lipper (the "Universe"), as well as
to each Fund's benchmark index. Lipper is an independent provider of investment
company data. The Boards were provided with a description of the methodology
used by Lipper to select the mutual funds in each Fund's Peer Group and
Universe.
The Boards noted that the performance of each Fund, except the C&B Large
Cap Value Fund and Large Company Growth Fund, was better than, or not
appreciably below, the median performance of each Fund's Peer Group for most
time periods. The Boards noted that the performance of the Large Company Growth
Fund was lower than the median performance of the Fund's Peer Group for most
time periods and required further review. The Boards also noted that the
performance of the C&B Large Cap Value Fund was lower than the median
performance of its Peer Group for the three-year period and that the Fund
required further review. Upon further review, the Boards noted that the
performance of the C&B Large Cap Value Fund had significantly improved in 2006,
ranking in the top decile over the past year. As part of its further review, the
Boards received an analysis of, and discussed factors contributing to, the
underperformance of the Large Company Growth Fund. The Board of Wells Fargo
Master Trust noted that the performance of the International Core Portfolio, in
which the Diversified Equity Fund and Growth Equity Fund invest, was lower than
the median performance of its Peer Group for all time periods and required
further review. As part of its further review, the Board received an analysis
of, and discussed factors contributing to, the underperformance of the
International Core Fund. The Boards requested continued reports on the
performance of the C&B Large Cap Value Fund and Large Company Growth Fund and
the Board of Master Trust requested continued reports on the performance of the
International Core Portfolio.
The Boards received and considered information regarding the Funds' net
operating expense ratios and their various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements.
They also considered comparisons of these fees to the expense information for
each Fund's Peer Group, which comparative data was provided by Lipper. The
Boards noted that the net
257
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
operating expense ratios for each Fund were lower than, equal to, or not
appreciably higher than, each Fund's Peer Group's median net operating expense
ratios. The Boards also considered and noted Funds Management's recommendation
to reduce the net operating expense ratio for the Class Z shares of the Large
Company Growth Fund and requested that Funds Management further reduce the net
operating expense ratio in coming to its conclusion.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
approval and re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Boards reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Funds' administration fee rates. The Boards took into account the
separate administrative services covered by the administration fee rates. The
Boards also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to the Sub-Advisers for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Boards reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Boards received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in each
Fund's Peer Group and certain advisory fee reductions proposed by Funds
Management. The Boards noted that the Advisory Agreement Rates and the Net
Advisory Rates for each Fund were lower than, equal to, or not appreciably
higher than, the median rates of each Fund's respective Peer Group. In addition,
the Boards concluded that the combined investment advisory/administration fee
rates for the Funds (before and after waivers/caps and/or expense
reimbursements) were reasonable in relation to each Fund's respective Peer
Group, and reasonable in relation to the services provided.
The Boards also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on their consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Boards received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and Net Advisory Rates,
as well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Funds. The Boards concluded that, in light of the
costs of providing investment management and other services to the Funds, the
profits and other ancillary benefits that Funds Management and its affiliates
received with regard to providing these services to the Funds were not
unreasonable.
The Boards did not consider a separate profitability analysis of Wells
Capital Management, Peregrine and Smith, as their separate profitability from
their relationships with the Diversified Equity Fund, Diversified Small Cap
Fund, Emerging Growth Fund, Equity Income Fund, Growth Equity Fund, Large
Company Growth Fund, Small Company Growth Fund Small Company Value Fund,
Strategic Small Cap Value Fund, Disciplined Growth Portfolio, Emerging Growth
Portfolio, Equity Income Portfolio, Index Portfolio, Large Company Growth
Portfolio, Small Cap Index Portfolio, Small Company Growth Portfolio, Small
Company Value Portfolio and Strategic Small Cap Value Portfolio was not a
material factor in determining whether to renew the agreements or determining to
approve the initial agreements with Wells Capital Management with respect to the
Emerging Growth Fund and Emerging Growth Portfolio. The Boards did not consider
profitability information with respect to Artisan, Cadence, Cooke & Bieler, LSV,
New Star, SSgA and Systematic, which are not affiliated with Funds Management.
The Boards considered that the sub-advisory fees paid to Artisan, Cadence, Cooke
& Bieler, LSV, New Star, SSgA and Systematic, had been negotiated by Funds
Management on an arm's length basis and that Artisan's, Cadence's, Cooke &
Bieler's, LSV's, New Star's, SSgA's and Systematic's separate profitability from
their relationships with the Equity Value Fund, International Value Fund, C&B
Large Cap Value Portfolio, Equity Value Portfolio, International Core Portfolio,
International Growth Portfolio, International Index Portfolio, International
Value Portfolio and Large Cap Appreciation Portfolio, was not a material factor
in determining whether to renew the agreements.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Boards received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in a special presentation on advisory fee breakpoints at the February 2007 board
meetings. The Boards acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Boards' understanding
that economies of scale
258
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- --------------------------------------------------------------------------------
are realized, if at all, by an investment adviser across a variety of products
and services, not just with respect to a single fund. The Boards concluded that
any actual or potential economies of scale are, or will be, shared reasonably
with Fund shareholders/interestholders, most particularly through Advisory
Agreement Rate breakpoints and waivers/caps and/or expense reimbursements
applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Boards also received and considered information about the nature and
extent of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by the Sub-Advisers to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
- --------------------------------------------------------------------------------
The Boards received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
and the Sub-Advisers as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase in Funds Management's and the
Sub-Advisers' business as a result of their relationship with the Funds (such as
the ability to market to shareholders/interestholders other financial products
offered by Funds Management and its affiliates or the Sub-Advisers and their
affiliates).
The Boards also considered the effectiveness of the policies of the Funds
in achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are, or would be, sought and how any such credits
are, or would be, utilized, any benefits that may be realized by using an
affiliated broker, the extent to which efforts are, or will be, made to
recapture commission costs, and the controls applicable to brokerage allocation
procedures. The Boards also reviewed Funds Management's and the Sub-Advisers'
methods for allocating portfolio investment opportunities among the Funds and
other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Boards also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares/interests are
offered and sold. The Boards noted that the Funds are part of one of the few
fund families that have both direct-to-fund and intermediary distribution.
As discussed above, the Boards review detailed materials received from
Funds Management and the Sub-Advisers annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Boards also review and assess
the quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management and the
Sub-Advisers at each of their quarterly meetings, which include, among other
things, a portfolio review and fund performance reports. In addition, the Boards
confer with portfolio managers at various times throughout the year.
After considering the above-described factors and based on their
deliberations and their evaluation of the information described above, the
Boards concluded that the initial approval and the approval of the continuation
of the Advisory Agreements, as applicable, for the Funds was in the best
interest of the Funds and their shareholders/interestholders. Accordingly, the
Boards unanimously approved the Advisory Agreements for the Emerging Growth Fund
and Emerging Growth Portfolio and the continuation of the Advisory Agreements
for all of the Funds for an additional one-year period.
259
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities
which may have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
260
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----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103750 05-07
Funds Management, LLC. SEGF/SAR111 03-07
All rights reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
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Semi-Annual Report
MARCH 31, 2007
WELLS FARGO ADVANTAGE INDEX FUND
WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
Table of Contents
Letter to Shareholders .................................................... 1
- --------------------------------------------------------------------------------
Performance Highlights
- --------------------------------------------------------------------------------
Index Fund ............................................................. 2
Fund Expenses ............................................................. 4
- --------------------------------------------------------------------------------
Portfolio of Investments
- --------------------------------------------------------------------------------
Index Fund ............................................................. 5
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 6
Statement of Operations ................................................ 7
Statements of Changes in Net Assets .................................... 8
Financial Highlights ................................................... 10
Notes to Financial Statements ............................................. 12
- --------------------------------------------------------------------------------
Master Portfolios
Portfolio of Investments
- --------------------------------------------------------------------------------
Index Portfolio ........................................................ 16
Financial Statements
- --------------------------------------------------------------------------------
Statement of Assets and Liabilities .................................... 33
Statement of Operations ................................................ 34
Statements of Changes in Net Assets .................................... 35
Financial Highlights ................................................... 36
Notes to Financial Statements ............................................. 37
- --------------------------------------------------------------------------------
Other Information ......................................................... 40
- --------------------------------------------------------------------------------
List of Abbreviations ..................................................... 46
- --------------------------------------------------------------------------------
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
THIS PAGE IS INTENTIONALLY LEFT BLANK --
LETTER TO SHAREHOLDERS WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
DEAR VALUED SHAREHOLDER,
In this semi-annual report for the Wells Fargo Advantage Index Fund, which
covers the six-month period that ended March 31, 2007, you may notice a few
changes compared with the semi-annual report you received last year at this
time. We've abbreviated the content in the semi-annual reports to include Fund
and benchmark performance, allocation percentages, a list of the ten largest
holdings in the Fund, along with the usual information in the financial section.
We will continue to provide you with a general review of the economy and
summary information on the stock and bond markets in our letter to you. In the
next annual report, which will cover the 12-month period that will end on
September 30, 2007, we will also include the portfolio manager's commentary and
a chart showing the growth of a $10,000 investment.
REVIEW OF THE ECONOMY
- --------------------------------------------------------------------------------
The economy weathered several stops and starts during the period. On
August 8, 2006, the Fed decided to leave the Federal funds rate unchanged at
5.25%. This decision signaled a stop to 17 consecutive interest rate hikes that
began in June 2004. The Fed's pause in raising interest rates continued
throughout the six-month period and helped to keep mortgage interest rates near
historic lows. During the second half of the reporting period, the economy
continued to slow down, with growth in real GDP holding at around 2% by the end
of the period.
Household spending was sustained by healthy labor markets, solid growth in
household incomes, and gains in net worth stemming from the strength in stock
prices. However, on February 27, 2007, the global equity market experienced a
significant correction triggered by an approximately 9% drop in China's stock
market. The Dow Jones Industrial Average (DJIA) lost 3.3% of its value in a
single day. The U.S. market continued to struggle in early March. Then on March
21, 2007, the Fed announced its intention to keep the federal funds rate at
5.25%. In addition, the Fed excluded its earlier statement that further
tightening might be needed by raising interest rates. Both the equity and bond
markets rallied on the Fed's news.
Business spending moved from being a strength in the economy during the
fourth quarter of 2006 to being a disappointment by the first quarter of 2007.
New orders for capital equipment declined sharply in January and recovered only
partially in February. This has been somewhat perplexing because corporate cash
flow, profits, and balance sheets all suggested a positive outlook for capital
spending.
Information on mortgage applications and housing sales suggested that the
housing slump may have neared its bottom during the fourth quarter of 2006.
Sales of existing homes increased in January and February. New home sales
reported a strong December with declines following in January and February,
which may have been linked to severe winter weather in the northern United
States.
STOCKS EXPERIENCED RECORD HIGHS, PLUS CORRECTION
- --------------------------------------------------------------------------------
Even though the DJIA declined 3.3% on February 27, 2007, to 12,216.96 in
response to a sell-off in China's stock market that ended the day with an
approximately 9% decline, the DJIA still ended the period higher than when it
began in October. In fact, on October 19, 2006, the DJIA broke through the
12,000 barrier to end the day at a then all-time record high of 12,011.73. The
DJIA high for the period was on February 20, 2007, when it reached 12,845.76.
And, while February's sell-off in China and the United States had a negative
effect on some international stocks, particularly in emerging markets, the DJIA
reached 12,354.35 by the end of the six-month period and began reclaiming some
of its loss.
PLANNING AHEAD
- --------------------------------------------------------------------------------
The uncertainty of future Fed action combined with other market forces
supports our belief that successful investing includes a balanced approach of
owning a diversified portfolio while keeping a long-term perspective. While
diversification may not prevent losses in a downturn, it may help reduce them
and provide you with one way of managing risk. Our diverse family of more than
120 mutual funds may also help. Each Fund is managed according to a disciplined
approach to investing that features the strategic thinking of portfolio managers
chosen for their in-depth knowledge and methodology. We believe that our
insistence on seeking skilled investment managers--our subadvisers--who share
our dedication to pursuing consistent long-term results, offers you a way to
navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
1
WELLS FARGO ADVANTAGE INDEX FUND PERFORMANCE HIGHLIGHTS
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INDEX FUND
INVESTMENT OBJECTIVE
- --------------------------------------------------------------------------------
The WELLS FARGO ADVANTAGE INDEX FUND (the Fund) seeks to replicate the
total rate of return of the S&P 500 Index 2, before fees and expenses.
INVESTMENT ADVISER SUBADVISER
Wells Fargo Funds Management, LLC Wells Capital Management Incorporated
FUND MANAGER FUND INCEPTION
Gregory T. Genung, CFA 01/31/1987
AVERAGE ANNUAL TOTAL RETURN 1 (%) (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Month* 1-Year 5-Year 10-Year Ratio Ratio
- --------------------------------------------------------------------------------
Administrator Class 7.23 11.53 6.06 7.99 0.38% 0.25%
- --------------------------------------------------------------------------------
Investor Class 7.10 11.30 5.84 7.78 0.88% 0.45%
- --------------------------------------------------------------------------------
Benchmark
- --------------------------------------------------------------------------------
S&P 500 Index 2 7.38 11.82 6.26 8.20
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN
THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE
PERFORMANCE DATA QUOTED. CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE
FUNDS' WEB SITE - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END
SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
STOCK FUND VALUES FLUCTUATE IN RESPONSE TO THE ACTIVITIES OF INDIVIDUAL
COMPANIES AND GENERAL MARKET AND ECONOMIC CONDITIONS. THE USE OF DERIVATIVES MAY
REDUCE RETURNS AND/OR INCREASE VOLATILITY. CONSULT THE FUND'S PROSPECTUS FOR
ADDITIONAL INFORMATION ON THESE AND OTHER RISKS.
2
PERFORMANCE HIGHLIGHTS WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 3, 4 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 3.38%
- --------------------------------------------------------------------------------
General Electric Company 2.86%
- --------------------------------------------------------------------------------
Citigroup Incorporated 1.98%
- --------------------------------------------------------------------------------
AT&T Incorporated 1.94%
- --------------------------------------------------------------------------------
Microsoft Corporation 1.89%
- --------------------------------------------------------------------------------
Bank of America Corporation 1.80%
- --------------------------------------------------------------------------------
Procter & Gamble Company 1.57%
- --------------------------------------------------------------------------------
Altria Group Incorporated 1.45%
- --------------------------------------------------------------------------------
Pfizer Incorporated 1.41%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.38%
SECTOR DISTRIBUTION 3 (AS OF MARCH 31, 2007)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (10%)
Consumer Staples (9%)
Energy (10%)
Financials (22%)
Health Care (12%)
Industrials (11%)
Information Technology (15%)
Materials (3%)
Telecommunication Services (4%)
Utilities (4%)
- --------------------------------------------------------------------------------
1 The Investment Adviser has contractually committed through January 31, 2008,
to waive fees and/or reimburse expenses to the extent necessary to maintain a
certain net operating expense ratio for the Fund. Without these reductions, the
Fund's returns would have been lower. This gross expense ratio as stated in the
February 1, 2007, prospectus is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a substantially
similar investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to the
investment activities of the master portfolio in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE INDEX FUND -
Administrator Class was named the WELLS FARGO INDEX FUND - Institutional Class.
Performance shown for the Administrator Class shares for periods prior to
November 8, 1999, reflects the performance of the Institutional Class shares of
Norwest Advantage Index Fund, its predecessor fund. Performance shown for the
Investor Class shares for periods prior to April 11, 2005, reflects the
performance of the Administrator Class shares of the Fund, and includes expenses
that are not applicable to and are lower than those of the Investor Class
shares.
2 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with each
stock's weight in the Index proportionate to its market value. You cannot invest
directly in an Index.
3 Equity holdings and sector distribution are subject to change. Cash and cash
equivalents are not reflected in the calculations of equity holdings and sector
distribution.
4 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Trust.
3
WELLS FARGO ADVANTAGE INDEX FUND FUND EXPENSES
- --------------------------------------------------------------------------------
As a shareholder of the Fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments,
redemption fees (if any) and exchange fees (if any); and (2) ongoing costs,
including management fees; distribution (12b-1) and/or shareholder service fees;
and other Fund expenses. This example is intended to help you understand your
ongoing costs (in dollars) of investing in the Fund and to compare these costs
with the ongoing costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning
of the period and held for the entire period (October 1, 2006 to March 31,
2007).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000 = 8.6), then multiply the result by the
number in the "Actual" line under the heading entitled "Expenses Paid During
Period" for your applicable class of shares to estimate the expenses you paid on
your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such as
sales charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending
Account Account Expenses Net Annual
Value Value Paid During Expense
Index Fund 10/01/2006 03/31/2007 Period(1) Ratio
- -------------------------------------------------------------------------------------------------
Index Fund - Administrator Class
Actual $1,000.00 $1,072.30 $1.29 0.25%
- -------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000.00 $1,023.68 $1.26 0.25%
- -------------------------------------------------------------------------------------------------
Index Fund - Investor Class
Actual $1,000.00 $1,071.00 $2.32 0.45%
- -------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000.00 $1,022.69 $2.27 0.45%
(1) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in the
most recent fiscal half-year divided by the number of days in the fiscal year
(to reflect the one-half year period.)
4
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
INDEX FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS - 99.99%
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO $1,945,678,965
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,339,674,955) 1,945,678,965
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,339,674,955) 99.99% $1,945,678,965
OTHER ASSETS AND LIABILITIES, NET 0.01 112,280
------ --------------
TOTAL NET ASSETS 100.00% $1,945,791,245
====== ==============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
5
WELLS FARGO ADVANTAGE INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX FUND
- -------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS ..................................... $ 1,945,678,965
----------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) ................................. 1,945,678,965
----------------
CASH ............................................................................ 25,000
RECEIVABLE FOR FUND SHARES ISSUED ............................................... 396,390
----------------
TOTAL ASSETS ....................................................................... 1,946,100,355
----------------
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED ................................................ 7,237
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) ........................... 10,593
ACCRUED EXPENSES AND OTHER LIABILITIES .......................................... 291,280
----------------
TOTAL LIABILITIES .................................................................. 309,110
----------------
TOTAL NET ASSETS ................................................................... $ 1,945,791,245
================
NET ASSETS CONSIST OF:
- -------------------------------------------------------------------------------------------------------
PAID-IN CAPITAL ................................................................. $ 1,335,394,222
UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ...................................... 8,439,451
UNDISTRIBUTED NET REALIZED GAIN (LOSS) ON INVESTMENTS ........................... (4,046,438)
NET UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS, FOREIGN CURRENCIES AND
TRANSLATION OF ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES ....... 606,004,010
----------------
TOTAL NET ASSETS ................................................................... $ 1,945,791,245
----------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
- -------------------------------------------------------------------------------------------------------
NET ASSETS - ADMINISTRATOR CLASS ................................................ $ 1,797,456,488
SHARES OUTSTANDING - ADMINISTRATOR CLASS ........................................ 32,065,852
NET ASSET VALUE AND OFFERING PRICE PER SHARE - ADMINISTRATOR CLASS .............. $ 56.06
NET ASSETS - INVESTOR CLASS ..................................................... $ 148,334,757
SHARES OUTSTANDING - INVESTOR CLASS ............................................. 2,648,640
NET ASSET VALUE AND OFFERING PRICE PER SHARE - INVESTOR CLASS ................... $ 56.00
----------------
INVESTMENTS AT COST ................................................................ $ 1,339,674,955
================
(1) EACH FUND HAS AN UNLIMITED NUMBER OF AUTHORIZED SHARES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
6
STATEMENT OF OPERATIONS--
FOR THE SIX MONTHS ENDED MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
INDEX FUND
- ------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ................................. $ 19,236,811
INTEREST INCOME ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ........................... 21,051
EXPENSES ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS .................................. (1,033,875)
WAIVERS ALLOCATED FROM AFFILIATED MASTER PORTFOLIOS ................................... 185,371
---------------
TOTAL INVESTMENT INCOME .................................................................. 18,409,358
---------------
EXPENSES
ADMINISTRATION FEES
FUND LEVEL .......................................................................... 478,212
ADMINISTRATOR CLASS ................................................................. 882,921
INVESTOR CLASS ...................................................................... 330,763
SHAREHOLDER SERVICING FEES ............................................................ 1,066,678
ACCOUNTING FEES ....................................................................... 77,916
PROFESSIONAL FEES ..................................................................... 25,478
REGISTRATION FEES ..................................................................... 26,111
SHAREHOLDER REPORTS ................................................................... 111,076
TRUSTEES' FEES ........................................................................ 4,485
OTHER FEES AND EXPENSES ............................................................... 18,606
---------------
TOTAL EXPENSES ........................................................................... 3,022,246
---------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) .......................................... (1,331,649)
NET EXPENSES .......................................................................... 1,690,597
---------------
NET INVESTMENT INCOME (LOSS) ............................................................. 16,718,761
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- ------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION ....................... 1,918
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 28,229,216
FUTURES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS ................................. (232,675)
---------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ................................................ 27,998,459
---------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- ------------------------------------------------------------------------------------------------------------
SECURITIES TRANSACTIONS ALLOCATED FROM MASTER PORTFOLIOS .............................. 84,122,830
FORWARDS, FUTURES, OPTIONS, SWAPS AND SHORT SALES ALLOCATED FROM MASTER PORTFOLIOS .... 212,753
---------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ...................... 84,335,583
===============
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................................... 112,334,042
---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ 129,052,803
===============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
7
WELLS FARGO ADVANTAGE INDEX FUND STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
INDEX FUND
-------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ................................................................... $ 1,730,217,897 $ 1,361,417,613
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ........................................................... 16,718,761 26,186,134
NET REALIZED GAIN (LOSS) ON INVESTMENTS ................................................ 27,998,459 38,165,083
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS .................... 84,335,583 92,056,191
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........................... 129,052,803 156,407,408
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
NET INVESTMENT INCOME
ADMINISTRATOR CLASS ................................................................. (26,351,986) (18,753,683)
INVESTOR CLASS ...................................................................... (1,876,799) (2,046,348)
NET REALIZED GAIN ON SALES OF INVESTMENTS
ADMINISTRATOR CLASS ................................................................. (39,206,299) 0
INVESTOR CLASS ...................................................................... (3,232,846) 0
-------------------------------------
TOTAL DISTRIBUTIONS TO SHAREHOLDERS ....................................................... (70,667,930) (20,800,031)
-------------------------------------
CAPITAL SHARES TRANSACTIONS:
PROCEEDS FROM SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................... 269,991,684 1,441,912,689
REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) ........................... 57,560,508 17,015,034
COST OF SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ................................. (173,685,846) (1,204,379,053)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
ADMINISTRATOR CLASS .................................................................... 153,866,346 254,548,670
-------------------------------------
PROCEEDS FROM SHARES SOLD - INVESTOR CLASS (NOTE 1) .................................... 16,227,614 27,256,306
REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS (NOTE 1) ................................ 4,971,359 1,993,846
COST OF SHARES REDEEMED - INVESTOR CLASS (NOTE 1) ...................................... (17,876,844) (50,605,915)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS -
INVESTOR CLASS ......................................................................... 3,322,129 (21,355,763)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM CAPITAL SHARE TRANSACTIONS ........... 157,188,475 233,192,907
=====================================
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 215,573,348 368,800,284
=====================================
ENDING NET ASSETS ......................................................................... $ 1,945,791,245 $ 1,730,217,897
=====================================
SHARES ISSUED AND REDEEMED:
SHARES SOLD - ADMINISTRATOR CLASS (NOTE 1) ............................................. 4,832,140 27,996,194
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - ADMINISTRATOR CLASS (NOTE 1) .......... 1,019,618 336,133
SHARES REDEEMED - ADMINISTRATOR CLASS (NOTE 1) ......................................... (3,104,262) (23,348,035)
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - ADMINISTRATOR CLASS ....................... 2,747,496 4,984,292
-------------------------------------
SHARES SOLD - INVESTOR CLASS (NOTE 1) .................................................. 289,528 530,062
SHARES ISSUED IN REINVESTMENT OF DISTRIBUTIONS - INVESTOR CLASS (NOTE 1) ............... 88,177 39,396
SHARES REDEEMED - INVESTOR CLASS (NOTE 1) .............................................. (318,644) (984,706)
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING - INVESTOR CLASS ............................ 59,061 (415,248)
-------------------------------------
NET INCREASE (DECREASE) IN SHARES RESULTING FROM CAPITAL SHARE TRANSACTIONS ............... 2,806,557 4,569,044
=====================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) .............................. $ 8,439,451 $ 19,949,475
=====================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
8
THIS PAGE IS INTENTIONALLY LEFT BLANK --
WELLS FARGO ADVANTAGE INDEX FUND FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
NET REALIZED
BEGINNING NET AND DISTRIBUTIONS
NET ASSET INVESTMENT UNREALIZED FROM NET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT
SHARE (LOSS) INVESTMENTS INCOME
- ------------------------------------------------------------------------------------------------------------
INDEX FUND
- ------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 54.23 0.44 3.48 (0.83)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 49.80 0.88 4.31 (0.76)
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... $ 45.21 0.89 4.50 (0.80)
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... $ 40.33 0.65 4.81 (0.58)
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... $ 32.98 0.55 7.37 (0.57)
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... $ 42.00 0.51 (8.99) (0.54)
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... $ 54.13 0.44 3.41 (0.72)
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... $ 49.75 0.78 4.30 (0.70)
APRIL 11, 2005(5) TO SEPTEMBER 30, 2005 ......... $ 47.52 0.34 1.89 0.00
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
PERIODS SHOWN. RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED.
(3) PORTFOLIO TURNOVER RATE REPRESENTS THE ACTIVITY FROM THE FUND'S INVESTMENT
IN A SINGLE PORTFOLIO.
(4) INCLUDES NET EXPENSES ALLOCATED FROM THE PORTFOLIO IN WHICH THE FUND
INVESTS.
(5) COMMENCEMENT OF OPERATIONS.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
10
FINANCIAL HIGHLIGHTS WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
DISTRIBUTIONS ENDING -------------------------------------------------
FROM NET NET ASSET NET
REALIZED VALUE PER INVESTMENT GROSS EXPENSES NET
GAINS SHARE INCOME (LOSS) EXPENSES(4) WAIVED EXPENSES(4)
- -----------------------------------------------------------------------------------------------------------------------------------
INDEX FUND
- -----------------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... (1.26) $56.06 0.88% 0.37% (0.12)% 0.25%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $54.23 1.72% 0.38% (0.13)% 0.25%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 0.00 $49.80 1.87% 0.31% (0.06)% 0.25%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 0.00 $45.21 1.49% 0.31% (0.06)% 0.25%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 0.00 $40.33 1.58% 0.44% (0.19)% 0.25%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... 0.00 $32.98 1.28% 0.39% (0.14)% 0.25%
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... (1.26) $56.00 0.78% 0.87% (0.42)% 0.45%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 0.00 $54.13 1.53% 0.88% (0.43)% 0.45%
APRIL 11, 2005(5) TO SEPTEMBER 30, 2005 ......... 0.00 $49.75 1.36% 0.82% (0.37)% 0.45%
PORTFOLIO NET ASSETS AT
TOTAL TURNOVER END OF PERIOD
RETURN(2) RATE(3) (000'S OMITTED)
- ----------------------------------------------------------------------------------------------
INDEX FUND
- ----------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 7.23% 6% $1,797,456
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 10.52% 9% $1,590,045
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 ........... 11.99% 8% $1,211,916
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 ........... 13.57% 3% $1,087,212
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 ........... 24.22% 3% $ 839,581
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 ........... (20.54)% 4% $ 596,168
INVESTOR CLASS
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ... 7.10% 6% $ 148,335
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 ........... 10.31% 9% $ 140,173
APRIL 11, 2005(5) TO SEPTEMBER 30, 2005 ......... 4.69% 8% $ 149,501
11
WELLS FARGO ADVANTAGE INDEX FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust (the "Trust") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end management
investment company. The Trust commenced operations on November 8, 1999, and at
March 31, 2007, was comprised of 109 separate series (each, a "Fund",
collectively, the "Funds"). These financial statements present the Index Fund.
The Fund is a diversified series of the Trust.
Effective April 11, 2005, the Wells Fargo Index Fund changed its name to
the Wells Fargo Advantage Index Fund. Also at this time, the Institutional Class
changed its name to the Administrator Class, and the Investor Class commenced
operations.
In August and September 2004, the Board of Trustees of the Trust and the
Boards of Directors of the Strong Funds ("Strong Funds") approved an Agreement
and Plan of Reorganization providing for the reorganization of certain Strong
Funds into the Funds.
Effective at the close of business on April 8, 2005, the following
Acquiring Fund ("Acquiring Fund") acquired substantially all of the net assets
of the following Target Fund ("Target Fund") through a tax-free exchange under
section 368 of the Internal Revenue Code. The following is a summary of shares
outstanding and net assets immediately before and after the reorganization:
(Before Reorganization) (After Reorganization)
------------------------------------------ ----------------------
(Target Fund) (Acquiring Fund*) WELLS FARGO ADVANTAGE
Fund Strong Index Fund Wells Fargo Index Fund INDEX FUND
- -------------------------------------------------------------------------------------------------------------
Shares:
- -------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A 23,429,078 N/A
- -------------------------------------------------------------------------------------------------------------
INVESTOR CLASS 11,405,812 N/A 3,296,293
- -------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 23,429,078
- -------------------------------------------------------------------------------------------------------------
Net Assets:
- -------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(1) N/A $ 1,113,282,168 N/A
- -------------------------------------------------------------------------------------------------------------
INVESTOR CLASS $ 156,630,345 N/A $ 156,630,345
- -------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS N/A N/A 1,113,282,168
- -------------------------------------------------------------------------------------------------------------
Unrealized appreciation (depreciation) $ (18,667,798) $ 358,573,035 $ 339,905,237
- -------------------------------------------------------------------------------------------------------------
Accumulated net realized gains (losses) $ (19,464,953) $ (26,546,066) $ (46,011,019)
* Designates the accounting survivor.
(1) Effective at the close of business on April 8, 2005, the Institutional Class
of the Wells Fargo Index Fund was renamed the Administrator Class of the Wells
Fargo Advantage Index Fund.
The separate classes of shares offered by the Fund differ principally in
applicable sales charges, shareholder servicing and administration fees.
Shareholders of each class bear certain expenses that pertain to that particular
class. All shareholders bear the common expenses of a Fund, earn income from the
portfolio, and are allocated unrealized gains and losses pro rata based on the
average daily net assets of each class, without distinction between share
classes. Dividends are determined separately for each class based on income and
expenses allocable to each class. Realized gains and losses are allocated to
each class pro rata based upon the net assets of each class on the date
realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
The Index Fund seeks to achieve its investment objective by investing all
investable assets in one or more separate diversified portfolios (each, a
"Master Portfolio", collectively, the "Master Portfolios") of Wells Fargo Master
Trust, a registered open-end management investment company. Each Master
Portfolio directly acquires portfolio securities, and a Fund investing in a
Master Portfolio acquires an indirect interest in those securities. Each Fund
accounts for its investment in the Master Portfolios as partnership investments
and records daily its share of the Master Portfolio income, expenses, and
realized and unrealized gains and losses. The financial statements of the Master
Portfolio in which the Index Fund invests are in this report and should be read
in conjunction with the Fund's financial statements. The Fund owns the following
percentage of the Master Portfolio in which it invests:
Index
Fund
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 71%
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
12
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITY VALUATION
Investments in the Master Portfolios are valued daily based upon each
Fund's proportionate share of each Master Portfolio's net assets, which are also
valued daily. Securities held in the Master Portfolios are valued as discussed
in the Notes to Financial Statements of the Master Portfolios, which are
included elsewhere in this report.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the
applicable federal income tax regulations, which may differ from GAAP. The
timing and character of distributions made during the period from net investment
income or net realized gains may also differ from their ultimate
characterization for federal income tax purposes. To the extent that these
differences are permanent in nature, such amounts are reclassified within the
capital accounts based on their federal tax-basis treatment. Temporary
differences do not require reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for U.S. federal income tax
purposes. It is the policy of each Fund of the Trust to continue to qualify as a
regulated investment company by complying with the provisions applicable to
regulated investment companies, as defined under Subchapter M of the Internal
Revenue Code (the "Code"), and to make distributions of substantially all of its
investment company taxable income and any net realized capital gains (after
reduction for capital loss carryforwards) sufficient to relieve it from all, or
substantially all, federal income taxes. Accordingly, no provision for federal
income taxes was required at March 31, 2007.
At September 30, 2006, net capital loss carryforwards, which are available
to offset future net realized capital gains, were:
Capital Loss
Fund Expiration Year Carryforwards
- --------------------------------------------------------------------------------
INDEX FUND 2008 $ 1,128,849
2009 12,137,615
2010 2,154,234
2011 649,101
2012 2,439,923
- --------------------------------------------------------------------------------
The capital loss carryforwards may include capital losses acquired from a
merger as discussed in Note 1. The yearly utilization of any acquired capital
loss is limited by the Code.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
For each Fund that invests all of its assets in a single Master Portfolio,
Funds Management does not currently receive investment advisory fees. Funds
Management acts as adviser to the Master Portfolios, and is entitled to receive
fees from the Master Portfolios for those services.
Each Fund that invests its assets in one or more of the Master Portfolios
may withdraw its investments from its corresponding Master Portfolio(s) at any
time if the Board of Trustees determines that it is in the best interest of the
Fund to do so. Upon such redemption and subsequent direct investment in a
portfolio of securities, Funds Management (and the corresponding subadviser, if
any) may receive an investment advisory fee for the direct management of those
assets.
13
WELLS FARGO ADVANTAGE INDEX FUND NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds
Management. Under this Agreement, for providing administrative services, which
includes paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
Admin Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
FUND LEVEL First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
ADMINISTRATOR CLASS All asset levels 0.10
- --------------------------------------------------------------------------------
INVESTOR CLASS All asset levels 0.45
- --------------------------------------------------------------------------------
The Trust has entered into an agreement with Boston Financial Data
Services ("BFDS") as the transfer agent for the Trust. Transfer agent fees are
paid by Funds Management and not by the Fund.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. WFB does not receive
a custodial fee for any Fund that invests its assets solely in one or more
Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder
servicing agents, whereby the Fund is charged the following annual fees:
% of Average
Share Class Daily Net Assets
- --------------------------------------------------------------------------------
ADMINISTRATOR CLASS 0.10
- --------------------------------------------------------------------------------
INVESTOR CLASS 0.25
For the period ended March 31, 2007, shareholder servicing fees paid were as
follows:
Administrator Investor
Fund Class Class
- --------------------------------------------------------------------------------
INDEX FUND $882,921 $183,757
- --------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is
entitled to receive an annual asset-based fee and an annual fixed fee from each
Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable. Funds Management has contractually committed to waive
fees and/or reimburse expenses to the extent necessary to maintain certain net
operating expense ratios for the Funds. Net operating expense ratios in effect
for the period ended March 31, 2007, were as follows:
Net Operating Expense Ratios
----------------------------
Administrator Investor
Fund Class Class
- --------------------------------------------------------------------------------
INDEX FUND 0.25% 0.45%
- --------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Fund Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
INDEX FUND* $108,970,510 $106,091,407
- --------------------------------------------------------------------------------
* The Fund seeks to achieve its investment objective by investing some or
all of its investable assets in one or more Master Portfolios. Purchases
and sales related to these investments have been calculated by aggregating
the results of multiplying such Fund's ownership percentage of the
respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
14
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
5. BANK BORROWINGS
- --------------------------------------------------------------------------------
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the
money market funds) share in a revolving Credit Agreement with The Bank of New
York, whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the period ended March 31, 2007, there
were no borrowings under the agreement by the Index Fund.
6. LEGAL AND REGULATORY MATTERS
- --------------------------------------------------------------------------------
In 2004, the predecessor Strong Funds' prior investment adviser and
affiliates (collectively, "Strong") entered into agreements with certain
regulators, including the Securities and Exchange Commission and the New York
Attorney General ("NYAG"), to settle market-timing investigations. In the
settlements, Strong agreed to pay investor restoration and civil penalties.
Although some portion of these payments is likely to be distributed to
predecessor Strong Fund shareholders, no determination has yet been made as to
the distribution of these amounts, and the successor funds are not expected to
receive any portion of these payments. The NYAG settlement imposed fee
reductions across the predecessor fund complex (excluding money market funds and
very short-term income funds) totaling at least $35 million by May 2009. Funds
Management has agreed to honor these fee reductions for the benefit of
shareholders across the successor funds. Although civil litigation against
Strong and certain predecessor Strong Funds relating to these matters is
continuing, neither the current adviser nor the successor funds is a party to
any such suit.
7. NEW ACCOUNTING PRONOUCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
15
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS - 99.02%
AMUSEMENT & RECREATION SERVICES - 0.23%
39,574 HARRAH'S ENTERTAINMENT INCORPORATED $ 3,342,024
71,818 INTERNATIONAL GAME TECHNOLOGY 2,900,011
6,242,035
---------------
APPAREL & ACCESSORY STORES - 0.48%
18,736 ABERCROMBIE & FITCH COMPANY CLASS A 1,417,940
111,867 GAP INCORPORATED 1,925,231
69,429 KOHL'S CORPORATION+ 5,318,956
72,616 LIMITED BRANDS INCORPORATED<< 1,892,373
48,569 NORDSTROM INCORPORATED 2,571,243
13,125,743
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 0.16%
23,033 JONES APPAREL GROUP INCORPORATED 707,804
21,963 LIZ CLAIBORNE INCORPORATED 941,115
13,009 POLO RALPH LAUREN CORPORATION 1,146,743
19,117 VF CORPORATION 1,579,447
4,375,109
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS - 0.07%
31,959 AUTONATION INCORPORATED+<< 678,809
10,546 AUTOZONE INCORPORATED+ 1,351,364
2,030,173
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING - 0.02%
12,891 RYDER SYSTEM INCORPORATED 636,042
---------------
BIOPHARMACEUTICALS - 0.55%
80,158 CELGENE CORPORATION+<< 4,205,089
55,933 GENZYME CORPORATION+ 3,357,099
98,653 GILEAD SCIENCES INCORPORATED+ 7,546,955
15,109,143
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS - 0.20%
25,358 CENTEX CORPORATION<< 1,059,457
57,966 D.R. HORTON INCORPORATED 1,275,252
16,318 KB HOME 696,289
29,283 LENNAR CORPORATION CLASS A<< 1,236,035
45,114 PULTE HOMES INCORPORATED<< 1,193,716
5,460,749
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS - 1.02%
433,298 HOME DEPOT INCORPORATED 15,919,369
323,303 LOWE'S COMPANIES INCORPORATED 10,180,811
23,692 SHERWIN-WILLIAMS COMPANY 1,564,620
27,664,800
---------------
16
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES - 7.39%
124,935 ADOBE SYSTEMS INCORPORATED+ $ 5,209,790
21,000 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 1,236,480
49,192 AUTODESK INCORPORATED+ 1,849,619
116,831 AUTOMATIC DATA PROCESSING INCORPORATED 5,654,620
43,303 BMC SOFTWARE INCORPORATED+ 1,333,299
87,331 CA INCORPORATED 2,262,746
1,282,362 CISCO SYSTEMS INCORPORATED+ 32,738,702
38,340 CITRIX SYSTEMS INCORPORATED+ 1,228,030
30,293 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,673,963
36,775 COMPUTER SCIENCES CORPORATION+ 1,917,081
68,839 COMPUWARE CORPORATION+ 653,282
29,013 CONVERGYS CORPORATION+ 737,220
241,237 EBAY INCORPORATED+ 7,997,007
65,825 ELECTRONIC ARTS INCORPORATED+ 3,314,947
109,220 ELECTRONIC DATA SYSTEMS CORPORATION 3,023,210
26,508 EQUIFAX INCORPORATED 966,217
34,560 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,571,098
159,868 FIRST DATA CORPORATION 4,300,449
36,217 FISERV INCORPORATED+ 1,921,674
46,213 GOOGLE INCORPORATED CLASS A+ 21,172,948
41,431 IMS HEALTH INCORPORATED 1,228,843
99,512 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 1,224,993
72,730 INTUIT INCORPORATED+<< 1,989,893
120,854 JUNIPER NETWORKS INCORPORATED+<< 2,378,407
1,829,529 MICROSOFT CORPORATION 50,988,973
27,278 MONSTER WORLDWIDE INCORPORATED+ 1,292,159
38,003 NCR CORPORATION+ 1,815,403
71,975 NOVELL INCORPORATED+ 519,660
35,477 OMNICOM GROUP INCORPORATED 3,632,135
847,179 ORACLE CORPORATION+<< 15,359,355
1 PARAMETRIC TECHNOLOGY CORPORATION+ 4
35,662 ROBERT HALF INTERNATIONAL INCORPORATED 1,319,851
764,477 SUN MICROSYSTEMS INCORPORATED+ 4,594,507
196,297 SYMANTEC CORPORATION+<< 3,395,938
73,301 UNISYS CORPORATION+<< 617,927
52,045 VERISIGN INCORPORATED+ 1,307,370
259,206 YAHOO! INCORPORATED+<< 8,110,556
201,538,356
---------------
CHEMICALS & ALLIED PRODUCTS - 10.47%
327,610 ABBOTT LABORATORIES 18,280,638
45,954 AIR PRODUCTS & CHEMICALS INCORPORATED 3,395,541
247,863 AMGEN INCORPORATED+ 13,850,584
19,454 AVERY DENNISON CORPORATION 1,250,114
93,646 AVON PRODUCTS INCORPORATED 3,489,250
22,642 BARR PHARMACEUTICALS INCORPORATED+ 1,049,457
72,702 BIOGEN IDEC INCORPORATED+ 3,226,515
428,756 BRISTOL-MYERS SQUIBB COMPANY 11,902,267
17
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
32,113 CLOROX COMPANY $ 2,045,277
109,003 COLGATE-PALMOLIVE COMPANY 7,280,310
203,641 DOW CHEMICAL COMPANY 9,338,976
196,201 E.I. DU PONT DE NEMOURS & COMPANY 9,698,215
17,757 EASTMAN CHEMICAL COMPANY 1,124,551
37,780 ECOLAB INCORPORATED 1,624,540
209,467 ELI LILLY & COMPANY 11,250,473
24,686 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,205,911
67,484 FOREST LABORATORIES INCORPORATED+<< 3,471,377
33,110 HOSPIRA INCORPORATED+ 1,354,199
16,581 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 782,955
614,443 JOHNSON & JOHNSON 37,026,335
51,633 KING PHARMACEUTICALS INCORPORATED+<< 1,015,621
50,476 MEDIMMUNE INCORPORATED+<< 1,836,822
459,966 MERCK & COMPANY INCORPORATED 20,316,698
115,392 MONSANTO COMPANY 6,341,944
51,965 MYLAN LABORATORIES INCORPORATED 1,098,540
1,504,626 PFIZER INCORPORATED 38,006,853
34,814 PPG INDUSTRIES INCORPORATED 2,447,772
68,017 PRAXAIR INCORPORATED 4,282,350
669,920 PROCTER & GAMBLE COMPANY 42,312,147
30,218 ROHM & HAAS COMPANY 1,562,875
315,863 SCHERING-PLOUGH CORPORATION 8,057,665
28,038 SIGMA-ALDRICH CORPORATION 1,164,138
285,805 WYETH 14,298,824
285,389,734
---------------
COAL MINING - 0.14%
38,751 CONSOL ENERGY INCORPORATED 1,516,327
56,195 PEABODY ENERGY CORPORATION 2,261,287
3,777,614
---------------
COMMUNICATIONS - 4.66%
76,482 ALLTEL CORPORATION 4,741,884
1,325,697 AT&T INCORPORATED 52,272,233
96,248 AVAYA INCORPORATED+ 1,136,689
23,645 CENTURYTEL INCORPORATED 1,068,518
105,347 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 3,691,359
660,303 COMCAST CORPORATION CLASS A+<< 17,134,863
164,465 DIRECTV GROUP INCORPORATED+<< 3,794,208
31,959 EMBARQ CORPORATION 1,800,890
46,103 IAC INTERACTIVECORP+ 1,738,544
333,016 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED+<< 2,993,814
616,234 SPRINT NEXTEL CORPORATION<< 11,683,797
617,800 VERIZON COMMUNICATIONS INCORPORATED 23,426,976
101,216 WINDSTREAM CORPORATION 1,486,863
126,970,638
---------------
18
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS - 10.26%
949,519 BANK OF AMERICA CORPORATION $ 48,444,459
160,498 BANK OF NEW YORK COMPANY INCORPORATED 6,508,194
115,069 BB&T CORPORATION 4,720,130
1,040,852 CITIGROUP INCORPORATED 53,437,342
33,471 COMERICA INCORPORATED 1,978,806
39,816 COMMERCE BANCORP INCORPORATED 1,329,058
27,671 COMPASS BANCSHARES INCORPORATED 1,903,765
118,098 FIFTH THIRD BANCORP 4,569,212
26,608 FIRST HORIZON NATIONAL CORPORATION<< 1,105,030
105,075 HUDSON CITY BANCORP INCORPORATED 1,437,426
50,000 HUNTINGTON BANCSHARES INCORPORATED<< 1,092,500
737,428 JPMORGAN CHASE & COMPANY 35,676,767
84,052 KEYCORP 3,149,428
16,310 M&T BANK CORPORATION<< 1,889,187
54,292 MARSHALL & ILSLEY CORPORATION 2,514,263
88,315 MELLON FINANCIAL CORPORATION<< 3,809,909
125,790 NATIONAL CITY CORPORATION<< 4,685,678
40,037 NORTHERN TRUST CORPORATION 2,407,825
73,494 PNC FINANCIAL SERVICES GROUP 5,289,363
155,357 REGIONS FINANCIAL CORPORATION 5,494,977
76,666 SOVEREIGN BANCORP INCORPORATED 1,950,389
70,878 STATE STREET CORPORATION 4,589,351
75,426 SUNTRUST BANKS INCORPORATED 6,263,375
69,342 SYNOVUS FINANCIAL CORPORATION 2,242,520
376,046 US BANCORP 13,150,329
404,608 WACHOVIA CORPORATION 22,273,670
188,752 WASHINGTON MUTUAL INCORPORATED<< 7,621,806
717,315 WELLS FARGO & COMPANY+++ 24,697,155
163,895 WESTERN UNION COMPANY 3,597,495
23,353 ZIONS BANCORPORATION 1,973,796
279,803,205
---------------
EATING & DRINKING PLACES - 0.61%
30,825 DARDEN RESTAURANTS INCORPORATED 1,269,682
255,511 MCDONALD'S CORPORATION 11,510,771
18,412 WENDY'S INTERNATIONAL INCORPORATED 576,296
55,970 YUM! BRANDS INCORPORATED 3,232,827
16,589,576
---------------
EDUCATIONAL SERVICES - 0.05%
29,711 APOLLO GROUP INCORPORATED CLASS A+ 1,304,313
---------------
ELECTRIC, GAS & SANITARY SERVICES - 4.33%
141,014 AES CORPORATION+ 3,034,621
34,913 ALLEGHENY ENERGY INCORPORATED+ 1,715,625
54,138 ALLIED WASTE INDUSTRIES INCORPORATED+ 681,597
43,863 AMEREN CORPORATION<< 2,206,309
84,218 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 4,105,628
67,956 CENTERPOINT ENERGY INCORPORATED<< 1,219,131
19
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
71,919 CITIZENS COMMUNICATIONS COMPANY<< $ 1,075,189
47,399 CMS ENERGY CORPORATION<< 843,702
54,701 CONSOLIDATED EDISON INCORPORATED 2,793,033
38,360 CONSTELLATION ENERGY GROUP INCORPORATED 3,335,402
74,090 DOMINION RESOURCES INCORPORATED<< 6,576,969
37,605 DTE ENERGY COMPANY<< 1,801,280
266,898 DUKE ENERGY CORPORATION 5,415,360
80,371 DYNEGY INCORPORATED CLASS A+<< 744,235
69,173 EDISON INTERNATIONAL 3,398,469
148,263 EL PASO CORPORATION 2,145,366
42,103 ENTERGY CORPORATION 4,417,447
142,281 EXELON CORPORATION 9,776,128
67,770 FIRSTENERGY CORPORATION<< 4,489,085
86,110 FPL GROUP INCORPORATED<< 5,267,349
15,957 INTEGRYS ENERGY GROUP INCORPORATED 885,773
37,279 KEYSPAN CORPORATION 1,534,031
22,791 KINDER MORGAN INCORPORATED 2,426,102
9,535 NICOR INCORPORATED 461,685
58,141 NISOURCE INCORPORATED 1,420,966
74,482 PG&E CORPORATION 3,595,246
21,233 PINNACLE WEST CAPITAL CORPORATION 1,024,492
81,759 PPL CORPORATION 3,343,943
54,586 PROGRESS ENERGY INCORPORATED 2,753,318
53,665 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 4,456,342
18,247 QUESTAR CORPORATION 1,627,815
55,820 SEMPRA ENERGY 3,405,578
133,301 SPECTRA ENERGY CORPORATION 3,501,817
44,497 TECO ENERGY INCORPORATED 765,793
158,934 THE SOUTHERN COMPANY<< 5,824,931
97,501 TXU CORPORATION 6,249,814
113,178 WASTE MANAGEMENT INCORPORATED 3,894,438
126,932 WILLIAMS COMPANIES INCORPORATED 3,612,485
86,569 XCEL ENERGY INCORPORATED 2,137,389
117,963,883
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT - 5.88%
24,897 ADC TELECOMMUNICATIONS INCORPORATED+<< 416,776
117,817 ADVANCED MICRO DEVICES INCORPORATED+<< 1,538,690
75,696 ALTERA CORPORATION 1,513,163
70,852 ANALOG DEVICES INCORPORATED<< 2,443,685
100,112 BROADCOM CORPORATION CLASS A+<< 3,210,592
18,071 CIENA CORPORATION+ 505,084
38,744 COOPER INDUSTRIES LIMITED CLASS A 1,743,093
169,400 EMERSON ELECTRIC COMPANY 7,299,446
2,183,215 GENERAL ELECTRIC COMPANY 77,198,482
13,906 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 1,336,088
39,211 JABIL CIRCUIT INCORPORATED 839,508
44,837 JDS UNIPHASE CORPORATION+<< 682,868
20
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
42,403 KLA-TENCOR CORPORATION<< $ 2,260,928
26,436 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,312,357
63,544 LINEAR TECHNOLOGY CORPORATION<< 2,007,355
163,516 LSI LOGIC CORPORATION+<< 1,707,107
68,085 MAXIM INTEGRATED PRODUCTS INCORPORATED 2,001,699
160,251 MICRON TECHNOLOGY INCORPORATED+ 1,935,832
30,100 MOLEX INCORPORATED 848,820
507,508 MOTOROLA INCORPORATED<< 8,967,666
60,215 NATIONAL SEMICONDUCTOR CORPORATION 1,453,590
78,779 NETWORK APPLIANCE INCORPORATED+ 2,877,009
26,698 NOVELLUS SYSTEMS INCORPORATED+<< 854,870
75,485 NVIDIA CORPORATION+<< 2,172,458
45,092 PMC-SIERRA INCORPORATED+<< 316,095
33,769 QLOGIC CORPORATION+ 574,073
351,696 QUALCOMM INCORPORATED 15,003,351
35,717 ROCKWELL COLLINS INCORPORATED 2,390,539
112,536 SANMINA-SCI CORPORATION+ 407,380
92,847 TELLABS INCORPORATED+ 919,185
306,454 TEXAS INSTRUMENTS INCORPORATED 9,224,265
16,708 WHIRLPOOL CORPORATION<< 1,418,676
70,458 XILINX INCORPORATED<< 1,812,884
160,193,614
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES - 0.28%
18,669 FLUOR CORPORATION<< 1,674,983
49,667 MOODY'S CORPORATION 3,082,334
72,012 PAYCHEX INCORPORATED 2,727,094
7,484,411
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT - 0.32%
21,886 BALL CORPORATION 1,003,473
32,368 FORTUNE BRANDS INCORPORATED 2,551,246
87,796 ILLINOIS TOOL WORKS INCORPORATED 4,530,274
12,505 SNAP-ON INCORPORATED 601,491
8,686,484
---------------
FINANCIAL SERVICES - 0.03%
40,282 JANUS CAPITAL GROUP INCORPORATED 842,297
---------------
FOOD & KINDRED PRODUCTS - 3.13%
161,968 ANHEUSER-BUSCH COMPANIES INCORPORATED 8,172,905
138,581 ARCHER DANIELS MIDLAND COMPANY 5,085,923
46,368 CAMPBELL SOUP COMPANY 1,806,034
59,089 COCA-COLA ENTERPRISES INCORPORATED 1,196,552
107,252 CONAGRA FOODS INCORPORATED 2,671,647
44,786 CONSTELLATION BRANDS INCORPORATED CLASS A+ 948,567
73,278 GENERAL MILLS INCORPORATED 4,266,245
68,968 H.J. HEINZ COMPANY 3,249,772
24,716 HERCULES INCORPORATED+ 482,951
21
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (CONTINUED)
53,230 KELLOGG COMPANY<< $ 2,737,619
39,828 KRAFT FOODS INCORPORATED CLASS A 1,260,954
27,640 MCCORMICK & COMPANY INCORPORATED 1,064,693
9,965 MOLSON COORS BREWING COMPANY 942,888
27,911 PEPSI BOTTLING GROUP INCORPORATED 890,082
347,714 PEPSICO INCORPORATED 22,100,702
155,723 SARA LEE CORPORATION 2,634,833
427,657 THE COCA-COLA COMPANY 20,527,536
36,744 THE HERSHEY COMPANY 2,008,427
53,558 TYSON FOODS INCORPORATED CLASS A 1,039,561
46,315 WM. WRIGLEY JR. COMPANY 2,358,823
85,446,714
---------------
FOOD STORES - 0.51%
150,307 KROGER COMPANY 4,246,173
93,522 SAFEWAY INCORPORATED 3,426,646
159,435 STARBUCKS CORPORATION+ 4,999,882
29,846 WHOLE FOODS MARKET INCORPORATED 1,338,593
14,011,294
---------------
FORESTRY - 0.12%
44,841 WEYERHAEUSER COMPANY<< 3,351,416
---------------
FURNITURE & FIXTURES - 0.18%
37,661 LEGGETT & PLATT INCORPORATED 853,775
83,140 MASCO CORPORATION 2,278,036
58,937 NEWELL RUBBERMAID INCORPORATED 1,832,351
4,964,162
---------------
GENERAL MERCHANDISE STORES - 1.95%
23,246 BIG LOTS INCORPORATED+<< 727,135
66,247 DOLLAR GENERAL CORPORATION 1,401,124
32,193 FAMILY DOLLAR STORES INCORPORATED 953,557
111,498 FEDERATED DEPARTMENT STORES INCORPORATED<< 5,022,985
47,765 JC PENNEY COMPANY INCORPORATED<< 3,924,372
17,644 SEARS HOLDINGS CORPORATION+<< 3,178,743
182,350 TARGET CORPORATION 10,806,061
96,622 TJX COMPANIES INCORPORATED 2,604,929
522,099 WAL-MART STORES INCORPORATED 24,512,548
53,131,454
---------------
HEALTH SERVICES - 0.54%
84,986 CARDINAL HEALTH INCORPORATED 6,199,729
25,986 LABORATORY CORPORATION OF AMERICA HOLDINGS+<< 1,887,363
15,472 MANOR CARE INCORPORATED 841,058
61,156 MEDCO HEALTH SOLUTIONS INCORPORATED+ 4,435,645
100,126 TENET HEALTHCARE CORPORATION+ 643,810
21,761 WATSON PHARMACEUTICALS INCORPORATED+ 575,143
14,582,748
---------------
22
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES - 1.28%
20,716 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A $ 1,195,106
46,788 ARCHSTONE-SMITH TRUST 2,539,653
16,845 AVALONBAY COMMUNITIES INCORPORATED 2,189,850
25,253 BOSTON PROPERTIES INCORPORATED 2,964,702
26,916 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 1,693,016
62,422 EQUITY RESIDENTIAL 3,010,613
110,569 HOST HOTELS & RESORTS INCORPORATED 2,909,070
47,992 KIMCO REALTY CORPORATION 2,339,130
37,643 PLUM CREEK TIMBER COMPANY 1,483,887
54,401 PROLOGIS 3,532,257
26,046 PUBLIC STORAGE INCORPORATED 2,465,775
47,045 SIMON PROPERTY GROUP INCORPORATED<< 5,233,756
27,680 VORNADO REALTY TRUST<< 3,303,331
34,860,146
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES - 0.26%
60,164 BED BATH & BEYOND INCORPORATED+ 2,416,788
85,947 BEST BUY COMPANY INCORPORATED<< 4,187,338
30,219 CIRCUIT CITY STORES INCORPORATED 559,958
7,164,084
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES - 0.39%
82,578 HILTON HOTELS CORPORATION<< 2,969,505
70,011 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 3,427,739
45,614 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED<< 2,958,068
40,104 WYNDHAM WORLDWIDE CORPORATION+ 1,369,552
10,724,864
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT - 6.45%
155,811 3M COMPANY<< 11,908,635
37,091 AMERICAN STANDARD COMPANIES INCORPORATED 1,966,565
182,985 APPLE INCORPORATED+ 17,001,136
296,570 APPLIED MATERIALS INCORPORATED<< 5,433,162
67,990 BAKER HUGHES INCORPORATED 4,496,179
13,927 BLACK & DECKER CORPORATION 1,136,722
137,111 CATERPILLAR INCORPORATED 9,190,550
11,061 CUMMINS INCORPORATED 1,600,748
48,163 DEERE & COMPANY 5,232,428
482,287 DELL INCORPORATED+<< 11,193,881
43,460 DOVER CORPORATION 2,121,283
31,039 EATON CORPORATION 2,593,619
447,576 EMC CORPORATION+ 6,198,928
568,237 HEWLETT-PACKARD COMPANY 22,809,033
65,349 INGERSOLL-RAND COMPANY LIMITED CLASS A 2,834,186
1,224,394 INTEL CORPORATION 23,422,657
319,639 INTERNATIONAL BUSINESS MACHINES CORPORATION<< 30,129,172
20,383 LEXMARK INTERNATIONAL INCORPORATED+<< 1,191,590
37,325 NATIONAL OILWELL VARCO INCORPORATED+<< 2,903,512
23
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
26,114 PALL CORPORATION $ 992,332
24,579 PARKER HANNIFIN CORPORATION 2,121,413
46,771 PITNEY BOWES INCORPORATED 2,122,936
48,271 SANDISK CORPORATION+<< 2,114,270
42,331 SMITH INTERNATIONAL INCORPORATED<< 2,034,005
191,937 SOLECTRON CORPORATION+ 604,602
17,582 STANLEY WORKS 973,340
21,783 TEREX CORPORATION+<< 1,563,148
175,890,032
---------------
INSURANCE AGENTS, BROKERS & SERVICE - 0.35%
63,348 AON CORPORATION<< 2,404,690
35,396 HUMANA INCORPORATED+ 2,053,676
117,360 MARSH & MCLENNAN COMPANIES INCORPORATED 3,437,474
72,749 UNUMPROVIDENT CORPORATION<< 1,675,409
9,571,249
---------------
INSURANCE CARRIERS - 5.70%
69,367 ACE LIMITED 3,958,081
109,637 AETNA INCORPORATED 4,801,004
104,430 AFLAC INCORPORATED 4,914,476
131,364 ALLSTATE CORPORATION 7,889,722
21,731 AMBAC FINANCIAL GROUP INCORPORATED<< 1,877,341
552,343 AMERICAN INTERNATIONAL GROUP INCORPORATED 37,128,496
86,747 CHUBB CORPORATION 4,482,217
20,694 CIGNA CORPORATION 2,952,206
36,694 CINCINNATI FINANCIAL CORPORATION 1,555,826
93,583 GENWORTH FINANCIAL INCORPORATED 3,269,790
67,985 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 6,498,006
58,769 LINCOLN NATIONAL CORPORATION 3,983,951
95,767 LOEWS CORPORATION 4,350,695
28,606 MBIA INCORPORATED<< 1,873,407
159,799 METLIFE INCORPORATED 10,091,307
17,630 MGIC INVESTMENT CORPORATION<< 1,038,760
56,873 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,404,987
158,060 PROGRESSIVE CORPORATION 3,448,869
99,573 PRUDENTIAL FINANCIAL INCORPORATED 8,987,459
22,413 SAFECO CORPORATION 1,488,896
20,803 TORCHMARK CORPORATION 1,364,469
143,436 TRAVELERS COMPANIES INCORPORATED 7,425,682
287,536 UNITEDHEALTH GROUP INCORPORATED 15,230,782
130,024 WELLPOINT INCORPORATED+ 10,544,946
38,439 XL CAPITAL LIMITED CLASS A 2,689,192
155,250,567
---------------
24
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS - 0.14%
78,591 COACH INCORPORATED+ $ 3,933,480
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS - 1.44%
85,699 AGILENT TECHNOLOGIES INCORPORATED+ 2,887,199
38,970 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 1,152,343
11,536 BAUSCH & LOMB INCORPORATED 590,182
51,929 BECTON DICKINSON & COMPANY 3,992,821
251,433 BOSTON SCIENTIFIC CORPORATION+ 3,655,840
21,925 C.R. BARD INCORPORATED 1,743,257
50,531 DANAHER CORPORATION 3,610,440
61,042 EASTMAN KODAK COMPANY<< 1,377,108
11,450 MILLIPORE CORPORATION+<< 829,782
25,865 PERKINELMER INCORPORATED 626,450
33,708 QUEST DIAGNOSTICS INCORPORATED 1,681,018
94,731 RAYTHEON COMPANY 4,969,588
35,173 ROCKWELL AUTOMATION INCORPORATED 2,105,808
17,349 TEKTRONIX INCORPORATED 488,548
40,288 TERADYNE INCORPORATED+ 666,364
89,176 THERMO FISHER SCIENTIFIC INCORPORATED+<< 4,168,978
21,556 WATERS CORPORATION+ 1,250,248
201,476 XEROX CORPORATION+ 3,402,930
39,198,904
---------------
MEDICAL EQUIPMENT & SUPPLIES - 0.59%
244,489 MEDTRONIC INCORPORATED 11,994,630
73,085 ST. JUDE MEDICAL INCORPORATED+ 2,748,727
27,270 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,300,506
16,043,863
---------------
MEDICAL MANAGEMENT SERVICES - 0.07%
33,858 COVENTRY HEALTH CARE INCORPORATED+<< 1,897,741
---------------
MEDICAL PRODUCTS - 0.79%
32,643 ALLERGAN INCORPORATED 3,617,497
137,962 BAXTER INTERNATIONAL INCORPORATED 7,266,459
51,998 BIOMET INCORPORATED 2,209,395
63,304 STRYKER CORPORATION<< 4,198,321
50,352 ZIMMER HOLDINGS INCORPORATED+<< 4,300,564
21,592,236
---------------
METAL MINING - 0.34%
79,580 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<< 5,267,421
95,741 NEWMONT MINING CORPORATION 4,020,165
9,287,586
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS - 0.09%
20,171 VULCAN MATERIALS COMPANY 2,349,518
---------------
25
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES - 0.65%
34,151 HASBRO INCORPORATED $ 977,402
83,474 MATTEL INCORPORATED 2,301,378
28,735 TIFFANY & COMPANY<< 1,306,868
419,786 TYCO INTERNATIONAL LIMITED 13,244,248
17,829,896
---------------
MISCELLANEOUS RETAIL - 1.43%
66,030 AMAZON.COM INCORPORATED+ 2,627,334
96,030 COSTCO WHOLESALE CORPORATION 5,170,255
327,013 CVS CORPORATION<< 11,164,224
12,924 DILLARD'S INCORPORATED CLASS A 423,003
28,796 EXPRESS SCRIPTS INCORPORATED+ 2,324,413
58,701 OFFICE DEPOT INCORPORATED+ 2,062,753
15,919 OFFICEMAX INCORPORATED 839,568
28,916 RADIOSHACK CORPORATION<< 781,599
152,226 STAPLES INCORPORATED 3,933,520
212,486 WALGREEN COMPANY 9,750,983
39,077,652
---------------
MOTION PICTURES - 1.56%
498,127 NEWS CORPORATION CLASS A 11,516,696
810,085 TIME WARNER INCORPORATED 15,974,876
434,902 WALT DISNEY COMPANY 14,973,676
42,465,248
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING - 0.84%
65,204 FEDEX CORPORATION 7,004,866
226,419 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 15,871,972
22,876,838
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS - 1.86%
253,146 AMERICAN EXPRESS COMPANY 14,277,434
87,173 CAPITAL ONE FINANCIAL CORPORATION<< 6,578,075
41,081 CIT GROUP INCORPORATED 2,174,007
125,225 COUNTRYWIDE FINANCIAL CORPORATION<< 4,212,569
205,496 FANNIE MAE 11,215,972
147,131 FREDDIE MAC<< 8,752,823
87,148 SLM CORPORATION 3,564,353
50,775,233
---------------
OIL & GAS EXTRACTION - 2.78%
98,320 ANADARKO PETROLEUM CORPORATION 4,225,794
70,265 APACHE CORPORATION 4,967,736
62,256 BJ SERVICES COMPANY 1,736,942
86,932 CHESAPEAKE ENERGY CORPORATION 2,684,460
94,363 DEVON ENERGY CORPORATION 6,531,807
32,034 ENSCO INTERNATIONAL INCORPORATED<< 1,742,650
26
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
51,803 EOG RESOURCES INCORPORATED $ 3,695,626
212,134 HALLIBURTON COMPANY<< 6,733,133
59,125 NABORS INDUSTRIES LIMITED+<< 1,754,239
28,556 NOBLE CORPORATION 2,246,786
177,937 OCCIDENTAL PETROLEUM CORPORATION 8,774,073
23,460 ROWAN COMPANIES INCORPORATED<< 761,746
250,217 SCHLUMBERGER LIMITED 17,289,995
62,200 TRANSOCEAN INCORPORATED+ 5,081,740
71,794 WEATHERFORD INTERNATIONAL LIMITED+<< 3,237,909
78,121 XTO ENERGY INCORPORATED 4,281,812
75,746,448
---------------
PAPER & ALLIED PRODUCTS - 0.28%
22,205 BEMIS COMPANY INCORPORATED 741,425
96,089 INTERNATIONAL PAPER COMPANY<< 3,497,640
38,739 MEADWESTVACO CORPORATION 1,194,711
28,212 PACTIV CORPORATION+ 951,873
22,324 TEMPLE-INLAND INCORPORATED 1,333,636
7,719,285
---------------
PERSONAL SERVICES - 0.09%
28,821 CINTAS CORPORATION 1,040,438
68,428 H & R BLOCK INCORPORATED 1,439,725
2,480,163
---------------
PETROLEUM REFINING & RELATED INDUSTRIES - 6.32%
11,835 ASHLAND INCORPORATED 776,376
458,119 CHEVRON CORPORATION 33,882,481
349,059 CONOCOPHILLIPS 23,858,183
1,208,767 EXXON MOBIL CORPORATION<< 91,201,470
57,361 HESS CORPORATION 3,181,815
73,430 MARATHON OIL CORPORATION 7,257,087
39,837 MURPHY OIL CORPORATION 2,127,296
25,761 SUNOCO INCORPORATED 1,814,605
128,259 VALERO ENERGY CORPORATION<< 8,271,423
172,370,736
---------------
PRIMARY METAL INDUSTRIES - 0.56%
184,611 ALCOA INCORPORATED 6,258,313
21,652 ALLEGHENY TECHNOLOGIES INCORPORATED<< 2,310,052
63,933 NUCOR CORPORATION 4,163,956
25,156 UNITED STATES STEEL CORPORATION<< 2,494,721
15,227,042
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES - 0.87%
156,694 CBS CORPORATION CLASS B<< 4,793,269
13,871 DOW JONES & COMPANY INCORPORATED<< 478,133
17,721 E.W. SCRIPPS COMPANY CLASS A 791,774
49,855 GANNETT COMPANY INCORPORATED 2,806,338
27
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (CONTINUED)
75,356 MCGRAW-HILL COMPANIES INCORPORATED $ 4,738,385
8,264 MEREDITH CORPORATION 474,271
30,556 NEW YORK TIMES COMPANY CLASS A<< 718,372
46,368 RR DONNELLEY & SONS COMPANY<< 1,696,605
37,737 TRIBUNE COMPANY<< 1,211,735
146,952 VIACOM INCORPORATED CLASS B+<< 6,041,197
23,750,079
---------------
RAILROAD TRANSPORTATION - 0.73%
76,210 BURLINGTON NORTHERN SANTA FE CORPORATION 6,129,570
92,735 CSX CORPORATION<< 3,714,037
84,284 NORFOLK SOUTHERN CORPORATION 4,264,770
57,483 UNION PACIFIC CORPORATION 5,837,399
19,945,776
---------------
REAL ESTATE - 0.10%
39,657 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 1,355,476
46,203 REALOGY CORPORATION+ 1,368,071
2,723,547
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS - 0.08%
34,255 SEALED AIR CORPORATION<< 1,082,458
38,270 THE GOODYEAR TIRE & RUBBER COMPANY+ 1,193,641
2,276,099
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES - 3.15%
50,785 AMERIPRISE FINANCIAL INCORPORATED 2,901,855
25,428 BEAR STEARNS COMPANIES INCORPORATED 3,823,100
218,057 CHARLES SCHWAB CORPORATION 3,988,263
7,398 CHICAGO MERCANTILE EXCHANGE HOLDINGS INCORPORATED<< 3,939,139
90,691 E*TRADE FINANCIAL CORPORATION+ 1,924,463
18,908 FEDERATED INVESTORS INCORPORATED CLASS B 694,302
35,543 FRANKLIN RESOURCES INCORPORATED 4,294,661
87,336 GOLDMAN SACHS GROUP INCORPORATED 18,046,238
27,920 LEGG MASON INCORPORATED 2,630,343
111,693 LEHMAN BROTHERS HOLDINGS INCORPORATED 7,826,329
187,753 MERRILL LYNCH & COMPANY INCORPORATED 15,333,788
226,018 MORGAN STANLEY 17,801,178
56,327 T. ROWE PRICE GROUP INCORPORATED 2,658,071
85,861,730
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS - 0.28%
333,263 CORNING INCORPORATED+ 7,578,401
---------------
TOBACCO PRODUCTS - 1.59%
445,552 ALTRIA GROUP INCORPORATED 39,123,921
36,403 REYNOLDS AMERICAN INCORPORATED<< 2,271,911
34,101 UST INCORPORATED<< 1,977,176
43,373,008
---------------
28
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR - 0.09%
167,392 SOUTHWEST AIRLINES COMPANY $ 2,460,662
---------------
TRANSPORTATION EQUIPMENT - 3.02%
167,569 BOEING COMPANY 14,898,560
19,262 BRUNSWICK CORPORATION<< 613,495
401,805 FORD MOTOR COMPANY<< 3,170,241
86,140 GENERAL DYNAMICS CORPORATION 6,581,096
120,085 GENERAL MOTORS CORPORATION<< 3,679,404
36,197 GENUINE PARTS COMPANY 1,773,653
26,618 GOODRICH CORPORATION 1,370,295
54,681 HARLEY-DAVIDSON INCORPORATED 3,212,509
169,833 HONEYWELL INTERNATIONAL INCORPORATED 7,822,508
38,596 ITT CORPORATION 2,328,111
41,717 JOHNSON CONTROLS INCORPORATED<< 3,947,263
75,345 LOCKHEED MARTIN CORPORATION 7,309,972
74,364 NORTHROP GRUMMAN CORPORATION 5,519,296
52,708 PACCAR INCORPORATED 3,868,767
26,598 TEXTRON INCORPORATED 2,388,500
211,415 UNITED TECHNOLOGIES CORPORATION 13,741,975
82,225,645
---------------
TRANSPORTATION SERVICES - 0.06%
36,750 CH ROBINSON WORLDWIDE INCORPORATED 1,754,813
---------------
TRAVEL & RECREATION - 0.20%
93,927 CARNIVAL CORPORATION 4,401,419
28,407 SABRE HOLDINGS CORPORATION 930,329
5,331,748
---------------
WHOLESALE TRADE NON-DURABLE GOODS - 0.68%
40,225 AMERISOURCEBERGEN CORPORATION 2,121,869
16,731 BROWN-FORMAN CORPORATION CLASS B 1,096,884
27,377 DEAN FOODS COMPANY+ 1,279,601
62,715 MCKESSON CORPORATION 3,671,336
40,126 NIKE INCORPORATED CLASS B<< 4,263,789
44,120 SUPERVALU INCORPORATED 1,723,768
130,992 SYSCO CORPORATION 4,431,459
18,588,706
---------------
WHOLESALE TRADE-DURABLE GOODS - 0.33%
96,909 KIMBERLY-CLARK CORPORATION 6,637,297
29,540 PATTERSON COMPANIES INCORPORATED+<< 1,048,375
15,203 W.W. GRAINGER INCORPORATED 1,174,269
8,859,941
---------------
TOTAL COMMON STOCKS (COST $2,062,457,889) 2,699,738,673
---------------
29
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RIGHTS - 0.00%
32,300 SEAGATE TECHNOLOGY RIGHTS+(a) $ 0
TOTAL RIGHTS (COST $0) 0
--------------
COLLATERAL FOR SECURITIES LENDING - 15.27%
COLLATERAL INVESTED IN MONEY MARKET FUNDS - 0.39%
10,690,480 SCUDDER DAILY ASSETS MONEY MARKET FUND 10,690,480
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS - 14.88%
$ 1,191,330 AMERICAN GENERAL FINANCE CORPORATION+++/- 5.37% 03/14/2008 1,191,485
6,098,947 AMERICAN GENERAL FINANCE CORPORATION+/- 5.47 08/16/2007 6,101,753
1,158,237 ATLANTIC ASSET SECURITIZATION CORPORATION++ 5.37 04/23/2007 1,154,693
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN+++/- 5.30 04/25/2007 3,309,283
3,309,250 ATLAS CAPITAL FUNDING CORPORATION SERIES MTN1+++/- 5.39 10/25/2007 3,309,415
3,309,250 BANCO SANTANDER TOTTA LOAN+++/-SS. 5.32 05/16/2008 3,309,581
9,927,749 BANK OF AMERICA NA SERIES BKNT+/- 5.49 06/19/2007 9,928,544
5,294,800 BEAR STEARNS & COMPANY INTERNATIONAL REPURCHASE AGREEMENT
(MATURITY VALUE $5,297,222) 5.49 04/02/2007 5,294,800
7,280,350 BUCKINGHAM II CDO LLC 5.32 04/26/2007 7,254,868
1,588,440 CAIRN HIGH GRADE FUNDING I LLC++ 5.30 05/31/2007 1,574,795
2,647,400 CAIRN HIGH GRADE FUNDING I LLC 5.30 06/07/2007 2,621,958
2,647,400 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/03/2007 2,635,460
3,309,250 CAIRN HIGH GRADE FUNDING I LLC++ 5.31 05/23/2007 3,284,695
1,323,700 CAIRN HIGH GRADE FUNDING I LLC 5.32 06/04/2007 1,311,562
3,441,620 CAIRN HIGH GRADE FUNDING I LLC++ 5.32 06/21/2007 3,401,559
6,618,500 CEDAR SPRINGS CAPITAL COMPANY++ 5.30 06/07/2007 6,554,896
3,784,193 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 05/16/2007 3,759,975
315,967 CEDAR SPRINGS CAPITAL COMPANY 5.31 04/13/2007 315,462
4,389,389 CEDAR SPRINGS CAPITAL COMPANY 5.31 05/21/2007 4,358,093
2,515,030 CEDAR SPRINGS CAPITAL COMPANY++ 5.31 06/14/2007 2,488,295
1,814,396 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/12/2007 1,795,653
480,106 CEDAR SPRINGS CAPITAL COMPANY++ 5.32 06/13/2007 475,074
150,240 CHEYNE FINANCE LLC 5.26 04/18/2007 149,890
1,323,700 CHEYNE FINANCE LLC 5.31 06/19/2007 1,308,676
590,370 CHEYNE FINANCE LLC 5.32 05/14/2007 586,763
8,604,050 CHEYNE FINANCE LLC+++/- 5.34 02/25/2008 8,601,554
3,309,250 CHEYNE FINANCE LLC SERIES MTN+++/- 5.33 07/16/2007 3,309,614
1,323,700 CIT GROUP INCORPORATED+/- 5.42 12/19/2007 1,324,534
1,414,373 CIT GROUP INCORPORATED+/- 5.57 09/20/2007 1,415,717
1,459,379 CIT GROUP INCORPORATED+/- 5.59 11/23/2007 1,461,160
46,329,498 CITIGROUP REPURCHASE AGREEMENT (MATURITY VALUE $46,350,693) 5.49 04/02/2007 46,329,498
661,850 COMERICA BANK+/- 5.32 02/08/2008 659,203
7,360,963 CONCORD MINUTEMEN CAPITAL COMPANY SERIES A++ 5.38 04/10/2007 7,352,351
2,978,325 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.30 04/12/2007 2,973,976
3,971,100 CORPORATE ASSET SECURITIZATION AUSTRALIA LIMITED++ 5.32 04/20/2007 3,960,696
3,309,250 CULLINAN FINANCE CORPORATION+++/- 5.32 02/12/2008 3,308,224
6,618,500 CULLINAN FINANCE CORPORATION SERIES MTN2+++/- 5.28 06/25/2007 6,618,367
30
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$10,653,137 DEER VALLEY FUNDING LLC++ 5.29% 04/19/2007 $ 10,626,717
4,963,875 DEER VALLEY FUNDING LLC++ 5.29 05/15/2007 4,932,801
1,864,564 DEER VALLEY FUNDING LLC++ 5.31 04/11/2007 1,862,121
1,985,550 DEER VALLEY FUNDING LLC 5.34 05/07/2007 1,975,443
40,996,288 FIRST BOSTON REPURCHASE AGREEMENT (MATURITY VALUE $41,015,044) 5.49 04/02/2007 40,996,288
6,618,500 FIVE FINANCE INCORPORATED SERIES MTN+++/- 5.50 06/13/2007 6,619,426
863,317 FOUNTAIN SQUARE COMMERCIAL FUNDING CORPORATION++ 5.29 07/06/2007 851,403
4,104,926 FOX TROT CDO LIMITED++ 5.31 04/24/2007 4,091,749
1,653,963 GENWORTH FINANCIAL INCORPORATED+/- 5.50 06/15/2007 1,654,509
2,647,400 GEORGE STREET FINANCE LLC++ 5.33 04/30/2007 2,636,598
6,618,500 GREENWICH CAPITAL HOLDINGS 5.44 04/03/2007 6,617,507
3,309,250 HARRIER FINANCE FUNDING LLC+++/- 5.31 01/11/2008 3,309,151
264,740 HARRIER FINANCE FUNDING LLC SERIES MTN+++/- 5.54 05/15/2007 264,761
179,758 HUDSON-THAMES LLC++ 5.26 04/04/2007 179,706
992,510 HUDSON-THAMES LLC 5.29 04/30/2007 988,461
4,632,950 IBM CORPORATION SERIES MTN+/- 5.35 06/28/2007 4,633,691
8,604,050 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 5.39 09/17/2007 8,604,050
3,309,250 INTESA BANK (IRELAND) PLC SERIES BKNT+++/- 5.32 04/24/2008 3,309,415
794,220 K2 (USA) LLC+++/- 5.30 07/16/2007 794,299
1,323,700 K2 (USA) LLC+++/- 5.33 09/28/2007 1,323,700
13,236,999 KEEL CAPITAL INCORPORATED++ 5.30 04/12/2007 13,217,673
402,670 KESTREL FUNDING US LLC 5.29 05/21/2007 399,798
4,276,610 KLIO III FUNDING CORPORATION++ 5.31 04/24/2007 4,262,882
1,654,625 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.33 06/26/2007 1,654,675
4,996,570 LIBERTY HARBOUR CDO II LIMITED++ 5.30 04/27/2007 4,978,333
463,295 LIBERTY HARBOUR CDO II LIMITED++ 5.39 04/13/2007 462,554
2,793,007 METLIFE GLOBAL FUNDING I+++/- 5.43 10/05/2007 2,794,375
3,309,250 MORGAN STANLEY+/- 5.36 07/12/2007 3,309,250
4,859,302 MORGAN STANLEY+/- 5.48 07/27/2007 4,861,003
3,309,250 MORGAN STANLEY+/- 5.51 08/07/2007 3,309,250
29,121,399 MORGAN STANLEY REPURCHASE AGREEMENT (MATURITY VALUE $29,134,722) 5.49 04/02/2007 29,121,399
612,211 MORGAN STANLEY SERIES EXL+/-SS. 5.38 05/15/2008 612,248
529,480 NATIONAL CITY BANK+/- 5.46 09/04/2007 529,533
3,794,386 NATIONWIDE BUILDING SOCIETY+++/- 5.48 07/20/2007 3,796,359
2,470,686 NIEUW AMSTERDAM RECEIVABLES CORPORATION++ 5.32 05/09/2007 2,457,369
6,618,500 NORTHERN ROCK PLC+++/-SS. 5.34 05/05/2008 6,619,095
1,911,909 PARAGON MORTGAGES PLC SERIES 12A+++/- 5.30 04/15/2007 1,911,909
661,850 PICAROS FUNDING PLC++ 5.29 06/22/2007 654,047
3,772,545 PREMIUM ASSET TRUST+++/- 5.47 12/21/2007 3,777,826
3,309,250 PREMIUM ASSET TRUST SERIES 06-B+++/- 5.37 12/16/2007 3,309,250
2,515,030 PYXIS MASTER TRUST SERIES 2007-3+++/- 5.37 08/27/2007 2,515,030
535,437 RACERS TRUST SERIES 2004-6-MM+++/- 5.34 09/24/2007 535,539
1,664,023 REGENCY MARKETS #1 LLC++ 5.28 05/15/2007 1,653,606
4,632,950 SAINT GERMAIN FUNDING 5.31 04/19/2007 4,621,460
3,044,510 SHIPROCK FINANCE SERIES 2007-4A+++/- 5.39 04/11/2008 3,044,510
529,480 SKANDINAVISKA ENSKILDA BANKEN AB 5.26 08/20/2007 518,732
2,647,400 SLM CORPORATION+++/-SS. 5.32 05/12/2008 2,647,665
264,740 STANFIELD VICTORIA FUNDING LLC++ 5.27 04/16/2007 264,200
31
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS--MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 2,509,735 STANFIELD VICTORIA FUNDING LLC++ 5.31% 04/25/2007 $ 2,501,327
2,351,685 TASMAN FUNDING INCORPORATED++ 5.29 04/04/2007 2,351,003
765,231 TRAVELERS INSURANCE COMPANY+/- 5.39 02/08/2008 765,216
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES EXL+++/- 5.33 06/15/2007 3,309,515
3,309,250 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/-SS. 5.34 05/08/2008 3,309,614
397,110 VERSAILLES CDS LLC++ 5.33 04/16/2007 396,300
6,618,500 VETRA FINANCE CORPORATION 5.31 06/12/2007 6,550,131
2,993,283 WHISTLEJACKET CAPITAL LIMITED 5.30 04/23/2007 2,984,123
794,220 WINDMILL FUNDING CORPORATION 5.38 04/02/2007 794,220
2,316,475 WORLD OMNI VEHICLE LEASING++ 5.30 04/18/2007 2,311,077
1,323,700 WORLD OMNI VEHICLE LEASING++ 5.36 04/19/2007 1,320,415
405,496,429
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $416,186,909) 416,186,909
--------------
SHARES
SHORT-TERM INVESTMENTS - 0.99%
25,375,468 WELLS FARGO ADVANTAGE MONEY MARKET TRUST+++~ 25,375,468
--------------
PRINCIPAL
US TREASURY BILLS - 0.06%
$ 185,000 US TREASURY BILL^ 4.94 05/10/2007 184,026
530,000 US TREASURY BILL^ 4.96 05/10/2007 527,208
850,000 US TREASURY BILL^ 4.93 08/09/2007 835,161
1,546,395
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $26,921,712) 26,921,863
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,505,566,510)* 115.28% $3,142,847,445
OTHER ASSETS AND LIABILITIES, NET (15.28) (416,542,616)
------ --------------
TOTAL NET ASSETS 100.00% $2,726,304,829
====== ==============
+ NON-INCOME EARNING SECURITIES.
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (SEE NOTE 2)
+++ SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $41,240,718.
(a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE
BOARD OF TRUSTEES.
++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER
RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES
ACT OF 1933, AS AMENDED.
+/- VARIABLE RATE INVESTMENTS.
SS. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE
EFFECTIVE MATURITY.
^ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY.
~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR
LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND
DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS.
* COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR
FINANCIAL REPORTING PURPOSES.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
32
STATEMENT OF ASSETS AND LIABILITIES--MARCH 31, 2007 (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX
PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------------
ASSETS
INVESTMENTS:
IN SECURITIES, AT MARKET VALUE ..................................................................... $2,676,587,913
COLLATERAL FOR SECURITIES LOANED (NOTE 2) .......................................................... 416,186,909
INVESTMENTS IN AFFILIATES .......................................................................... 50,072,623
--------------
TOTAL INVESTMENTS AT MARKET VALUE (SEE COST BELOW) .................................................... 3,142,847,445
--------------
RECEIVABLE FOR INVESTMENTS SOLD .................................................................... 59,285
RECEIVABLES FOR DIVIDENDS AND INTEREST ............................................................. 3,348,146
--------------
TOTAL ASSETS .......................................................................................... 3,146,254,876
--------------
LIABILITIES
PAYABLE FOR DAILY VARIATION MARGIN ON FUTURES CONTRACTS ............................................ 5,100
PAYABLE FOR INVESTMENTS PURCHASED .................................................................. 3,502,642
PAYABLE TO INVESTMENT ADVISOR AND AFFILIATES (NOTE 3) .............................................. 212,869
PAYABLE FOR SECURITIES LOANED (NOTE 2) ............................................................. 416,186,909
ACCRUED EXPENSES AND OTHER LIABILITIES ............................................................. 42,527
--------------
TOTAL LIABILITIES ..................................................................................... 419,950,047
--------------
TOTAL NET ASSETS ...................................................................................... $2,726,304,829
==============
INVESTMENTS AT COST ................................................................................... $2,505,566,510
==============
SECURITIES ON LOAN, AT MARKET VALUE ................................................................... $ 401,928,899
==============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
33
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
STATEMENT OF OPERATIONS--
FOR THE PERIOD ENDED MARCH 31, 2007 (UNAUDITED)
- --------------------------------------------------------------------------------
INDEX
PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
DIVIDENDS .......................................................................................... $ 26,681,824
INTEREST ........................................................................................... 31,453
INCOME FROM AFFILIATED SECURITIES .................................................................. 516,222
SECURITIES LENDING INCOME, NET ..................................................................... 162,544
--------------
TOTAL INVESTMENT INCOME ............................................................................... 27,392,043
--------------
EXPENSES
ADVISORY FEES ...................................................................................... 1,145,503
CUSTODY FEES ....................................................................................... 272,226
PROFESSIONAL FEES .................................................................................. 21,431
TRUSTEES' FEES ..................................................................................... 3,559
OTHER FEES AND EXPENSES ............................................................................ 28,281
--------------
TOTAL EXPENSES ........................................................................................ 1,471,000
--------------
LESS:
WAIVED FEES AND REIMBURSED EXPENSES (NOTE 3) ....................................................... (266,551)
NET EXPENSES ....................................................................................... 1,204,449
--------------
NET INVESTMENT INCOME (LOSS) .......................................................................... 26,187,594
--------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
- -------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN (LOSS) FROM:
- -------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .................................... 49,316,947
FUTURES TRANSACTIONS ............................................................................... (110,281)
--------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS ............................................................. 49,206,666
--------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF:
- -------------------------------------------------------------------------------------------------------------------------
SECURITIES, FOREIGN CURRENCIES AND FOREIGN CURRENCY TRANSLATION .................................... 112,618,629
FUTURES TRANSACTIONS ............................................................................... 200,575
--------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ................................... 112,819,204
--------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................................................ 162,025,870
--------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ....................................... $ 188,213,464
==============
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
34
STATEMENTS OF CHANGES IN NET ASSETS
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
INDEX PORTFOLIO
-----------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2007 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 2006
- -------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
BEGINNING NET ASSETS ..................................................... $ 2,548,093,616 $ 2,151,037,408
OPERATIONS:
NET INVESTMENT INCOME (LOSS) ............................................. 26,187,594 43,311,188
NET REALIZED GAIN (LOSS) ON INVESTMENTS .................................. 49,206,666 73,306,134
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF INVESTMENTS ...... 112,819,204 122,263,467
-----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. 188,213,464 238,880,789
-----------------------------------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTEREST
CONTRIBUTIONS ............................................................ 171,426,315 501,457,635
WITHDRAWALS .............................................................. (181,428,566) (343,282,216)
-----------------------------------------
NET INCREASE (DECREASE) FROM TRANSACTIONS IN INVESTORS' BENEFICIAL
INTERESTS ................................................................ (10,002,251) 158,175,419
-----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ....................................... 178,211,213 397,056,208
=========================================
ENDING NET ASSETS ........................................................... $ 2,726,304,829 $ 2,548,093,616
=========================================
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
35
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
RATIO TO AVERAGE NET ASSETS (ANNUALIZED)(1)
------------------------------------------------ PORTFOLIO
NET INVESTMENT GROSS EXPENSES NET TOTAL TURNOVER
INCOME (LOSS) EXPENSES WAIVED EXPENSES RETURN(2) RATE
- ---------------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------------------
OCTOBER 1, 2006 TO MARCH 31, 2007 (UNAUDITED) ...... 1.92% 0.11% (0.02)% 0.09% 7.32% 6%
OCTOBER 1, 2005 TO SEPTEMBER 30, 2006 .............. 1.86% 0.11% 0.00% 0.11% 10.70% 9%
OCTOBER 1, 2004 TO SEPTEMBER 30, 2005 .............. 2.08% 0.12% (0.08)% 0.04% 12.23% 8%
OCTOBER 1, 2003 TO SEPTEMBER 30, 2004 .............. 1.71% 0.17% (0.14)% 0.03% 13.87% 2%
OCTOBER 1, 2002 TO SEPTEMBER 30, 2003 .............. 1.70% 0.18% (0.05)% 0.13% 24.42% 3%
OCTOBER 1, 2001 TO SEPTEMBER 30, 2002 .............. 1.40% 0.18% (0.05)% 0.13% (20.52)% 4%
(1) DURING EACH PERIOD, VARIOUS FEES AND EXPENSES WERE WAIVED AND REIMBURSED,
AS INDICATED. THE RATIO OF GROSS EXPENSES TO AVERAGE NET ASSETS REFLECTS
THE EXPENSE RATIO IN THE ABSENCE OF ANY WAIVERS AND REIMBURSEMENTS (NOTE
3).
(2) TOTAL RETURN CALCULATIONS DO NOT INCLUDE ANY SALES CHARGES, AND WOULD HAVE
BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN WAIVED OR REIMBURSED DURING THE
PERIODS SHOWN. RETURNS FOR PERIODS LESS THAN ONE YEAR ARE NOT ANNUALIZED.
THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.
36
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
1. ORGANIZATION
- --------------------------------------------------------------------------------
Wells Fargo Master Trust (the "Trust") is registered as an open-end
management investment company under the Investment Company Act of 1940, as
amended (the "1940 Act"). The Trust currently has 23 separate investment
portfolios (each, a "Fund" and collectively, the "Funds"). These financial
statements are for the Index Portfolio.
Interests in the Funds are sold without any sales charge in private
placement transactions to qualified investors, including open-end management
investment companies.
2. SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------------------
The following significant accounting policies, which are consistently
followed in the preparation of the financial statements of the Trust, are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors
are indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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 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.
Debt securities maturing in 60 days or less generally are valued at
amortized cost. 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 market 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.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains
or losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for federal income
tax purposes. The Funds of the Trust are not required to pay federal income
taxes on their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends, or gains have been distributed by the Fund.
FUTURES CONTRACTS
The Fund may purchase futures contracts to gain exposure to market
changes, which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2007, the Fund held futures contracts:
Notional Net Unrealized
Contract Appreciation
Portfolio Contracts Type Expiration Date Amount (Depreciation)
- --------------------------------------------------------------------------------------
INDEX PORTFOLIO 68 Long S&P 500 June 2007 $23,889,125 $441,275
- --------------------------------------------------------------------------------------
37
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
SECURITY LOANS
The Fund 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 or by retaining a portion of interest on the investment securities
or cash received as collateral. A Fund also continues to receive interest or
dividends on the securities loaned. Security loans are secured at all times by
collateral. 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.
The collateral supporting loans of domestic and foreign equity securities and
corporate bonds are remarked daily while collateral supporting loans of U.S.
Government securities are remarked back to 102% only if the given collateral
falls below 100% of the market value of the securities loans plus any accrued
interest. Gain or loss in the market price of the securities loaned that may
occur during the term of the loan are reflected in the value of the Fund. The
risks from securities lending are that the borrower may not provide additional
collateral when required or return the securities when due or when called for by
the Fund. Wells Fargo Bank, N.A., the Funds' custodian, acts as the securities
lending agent for the Funds and receives for its services 30% of the revenues
earned on the securities lending activities and incurs all expenses. The value
of the securities on loan and the value of the related collateral at March 31,
2007, are shown on the Statement of Assets and Liabilities.
3. EXPENSES
- --------------------------------------------------------------------------------
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an
advisory fee for its services as adviser. Funds Management may retain the
services of certain investment subadvisers to provide daily portfolio
management. The fees related to subadvisory services are borne directly by the
adviser and do not increase the overall fees paid by a Fund to the adviser.
Funds Management and the investment subadviser(s) are entitled to be paid a
monthly fee at the following annual rates:
Advisory Fees Subadvisory Fees
Average Daily (% of Average Average Daily (% of Average
Portfolio Net Assets Daily Net Assets) Subadviser Net Assets Daily Net Assets)
- -----------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO First $500 million 0.100 Wells Capital First $100 million 0.050
Next $500 million 0.100 Management Next $100 million 0.030
Next $2 billion 0.075 Incorporated Over $200 million 0.020
Next $2 billion 0.075
Over $5 billion 0.050
- -----------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to
the Master Trust.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
Portfolio Daily Net Assets
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 0.02
- --------------------------------------------------------------------------------
OTHER FEES
PFPC Inc. ("PFPC") serves as fund accountant for the Trust. PFPC currently
does not receive a fee for its services, but is entitled to be reimbursed for
all out-of-pocket expenses reasonably incurred in providing these services.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statement
of Operations, for the period ended March 31, 2007, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from administration, custody and shareholder servicing fees
collected, if any. Funds Management has contractually committed to waive fees
and/or reimburse expenses to the extent necessary to maintain certain net
operating expense ratios for the Fund.
4. INVESTMENT PORTFOLIO TRANSACTIONS
- --------------------------------------------------------------------------------
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2007, were as follows:
Portfolio Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
INDEX PORTFOLIO $152,689,092 $148,654,903
- --------------------------------------------------------------------------------
38
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
WELLS FARGO ADVANTAGE MASTER PORTFOLIOS
- --------------------------------------------------------------------------------
5. IN-KIND TRANSACTIONS
- --------------------------------------------------------------------------------
Prior to its April 8, 2005 merger into the Wells Fargo Advantage Index
Fund, the Strong Index 500 Fund invested all of its assets in the S&P 500 Index
Master Portfolio (the "Master Portfolio") of Master Investment Portfolio
("MIP"), an open-end 1940 Act management investment company advised by Barclays
Global Fund Advisors pursuant to a "master-feeder" investment partnership
arrangement. To facilitate the merger with the Wells Fargo Index Fund, the
Strong Index 500 Fund received in-kind its pro-rata ownership share of
$156,000,305 in securities held by the Master Portfolio on the merger date.
Simultaneously, the securities received in-kind were recontributed by the
acquiring Wells Fargo Advantage Index Fund in an in-kind subscription into the
Wells Fargo Index Portfolio. Under Section 732(b) of the Tax Code, the Strong
Index 500 Fund partnership cost basis ("outside basis") in the Master Portfolio
as of the in-kind receipt date must be allocated in total to the securities
received from the Master Portfolio. Accordingly, outside basis of $149,347,507
was allocated to securities received by the Strong Index 500 Fund and this value
was recorded as the financial statement cost basis of securities held in the
Wells Fargo Index Portfolio.
6. NEW ACCOUNTING PRONOUNCEMENTS
- --------------------------------------------------------------------------------
In June 2006, the Financial Accounting Standards Board (FASB) issued FASB
Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes."
This standard defines the threshold for recognizing the benefits of tax-return
positions in the financial statements as "more-likely-than-not" to be sustained
by the taxing authority and requires measurement of a tax position meeting the
more-likely-than-not criterion, based on the largest benefit that is more than
50 percent likely to be realized. FIN 48 is effective as of the beginning of the
first fiscal year beginning after December 15, 2006 (January 1, 2007 for
calendar-year companies), with early application permitted if no interim
financial statements have been issued. In December 2006, the SEC issued a letter
allowing for an implementation delay for funds until the last NAV calculation in
the first required reporting period for fiscal years beginning after December
15, 2006. As of March 31, 2007, Funds Management does not believe the impact of
the adoption of FIN 48 will be material to the financial statements.
In September 2006, the Financial Accounting Standards Board (FASB) issued
Statement on Financial Accounting Standards (SFAS) No. 157, "Fair Value
Measurements." This standard establishes a single authoritative definition of
fair value, sets out a framework for measuring fair value and requires
additional disclosures about fair value measurements. SFAS No. 157 applies to
fair value measurements already required or permitted by existing standards.
SFAS No. 157 is effective for financial statements issued for fiscal years
beginning after November 15, 2007 and interim periods within those fiscal years.
The changes to current generally accepted accounting principles from the
application of this Statement relate to the definition of fair value, the
methods used to measure fair value, and the expanded disclosures about fair
value measurements. As of March 31, 2007, Funds Management does not believe the
adoption of SFAS No. 157 will impact the financial statement amounts, however,
additional disclosures may be required about the inputs used to develop the
measurements and the effect of certain of the measurements on changes in net
assets for the period.
39
WELLS FARGO ADVANTAGE INDEX FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to
determine how to vote proxies relating to portfolio securities is available
without charge, upon request, by calling 1-800-222-8222, visiting our Web site
at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at
WWW.SEC.GOV. Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended June 30 is
available without charge on the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by visiting the SEC Web site at
WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on
the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or
more delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds' Web site on a monthly, seven-day or more
delayed basis. Each Fund files its complete schedule of portfolio holdings with
the SEC for the first and third quarters of each fiscal year on Form N-Q, which
is available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees
(the "Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information* of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 144 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE ** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Wake Forest University, Calloway None
64 School of Business and
Accountancy - The Thomas Goho
Chair of Finance since January
2006. Associate Professor of
Finance from 1999-2005.
- --------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998 Chairman, CEO and Co-Founder of None
64 (Chairman since 2005) Crystal Geyser Water Company and
(Lead Trustee since President of Crystal Geyser
2001) Roxane Water Company.
- --------------------------------------------------------------------------------------------------------------
Richard M. Leach Trustee, since 1987 Retired. Prior thereto, President None
73 of Richard M. Leach Associates (a
financial consulting firm).
- --------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk None
54 Management, Wharton School,
University of Pennsylvania.
Director of the Boettner Center
on Pensions and Retirement
Research. Research Associate and
Board Member, Penn Aging Research
Center. Research Associate,
National Bureau of Economic
Research.
40
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
NON-INTERESTED TRUSTEES (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 Senior Counselor to the public None
55 relations firm of Himle-Horner
and Senior Fellow at the Humphrey
Institute, Minneapolis, Minnesota
(a public policy organization).
- --------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of None
66 Willeke & Daniels.
- --------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE***
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE** PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate None
62 Developer. Prior thereto,
Chairman of Whitepoint Capital,
LLC until 2004.
- --------------------------------------------------------------------------------------------------------------
OFFICERS
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells None
47 Fargo Bank, N.A. and President of
Wells Fargo Funds Management, LLC
since 2003. Senior Vice President
and Chief Administrative Officer
of Wells Fargo Funds Management,
LLC from 2001 to 2003.
- --------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and None
46 Chief Legal Counsel Secretary of Wells Fargo Funds
since 2003 Management, LLC since 2001. Vice
President and Managing Senior
Counsel of Wells Fargo Bank, N.A.
since 1996.
- --------------------------------------------------------------------------------------------------------------
A. Erdem Cimen Treasurer, since 2006 Vice President of Financial None
33 Operations for Wells Fargo Funds
Management, LLC since 2006. From
2001 to 2006, Vice President of
Wells Fargo Bank, N.A. and Vice
President of Wells Fargo Bank,
N.A. Auto Finance Group. Vice
President of Portfolio Risk
Management for Wells Fargo Bank,
N.A. Auto Finance Group from 2004
to 2006.
41
WELLS FARGO ADVANTAGE INDEX FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
OFFICERS (continued)
- --------------------------------------------------------------------------------------------------------------
POSITION HELD AND PRINCIPAL OCCUPATIONS DURING
NAME AND AGE LENGTH OF SERVICE PAST FIVE YEARS OTHER DIRECTORSHIPS
- --------------------------------------------------------------------------------------------------------------
Dorothy A. Peters Chief Compliance Chief Compliance Officer of Wells None
45 Officer, since 2004 Fargo Funds Management, LLC since
2004. Chief Compliance Officer
for Wells Fargo Funds Management,
LLC from 1997 to 2002. In 2002,
Ms. Peters left Wells Fargo Funds
Management, LLC to pursue
personal goals.
- --------------------------------------------------------------------------------------------------------------
* The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
** Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
*** As of March 31, 2007, one of the seven Trustees is considered an
"interested person" of the Trusts as defined in the Investment Company Act
of 1940. The interested Trustee, J. Tucker Morse, is affiliated with a
government securities dealer that is registered under the Securities
Exchange Act of 1934, which is not itself affiliated with Wells Fargo
Funds Management, LLC.
42
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
INDEX FUND AND INDEX PORTFOLIO
- --------------------------------------------------------------------------------
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust and Wells Fargo Master Trust (each, a
"Trust" and collectively, the "Trusts"), including a majority of the Trustees
who have no direct or indirect interest in the investment advisory and
sub-advisory agreements and are not "interested persons" of each Trust, as
defined in the 1940 Act (the "Independent Trustees"), will annually review and
consider the continuation of the investment advisory and sub-advisory
agreements. In this regard, the Boards reviewed and re-approved, during the six
months covered by this report: (i) investment advisory agreements with Wells
Fargo Funds Management, LLC ("Funds Management") for the Index Fund and Index
Portfolio (the "Funds"); and (ii) investment sub-advisory agreements with Wells
Capital Management Incorporated ("Wells Capital Management") for the Index Fund
and Index Portfolio. The investment advisory agreements with Funds Management
and the investment sub-advisory agreements with Wells Capital Management are
collectively referred to as the "Advisory Agreements."
More specifically, at meetings held on March 30, 2007, the Boards,
including the Independent Trustees advised by their independent legal counsel,
considered the factors and reached the conclusions described below relating to
the selection of Funds Management and Wells Capital Management and the
continuation of the Advisory Agreements. Prior to the March 30, 2007, meetings,
the Boards, including the Independent Trustees, met in person and telephonically
a number of times, both with Funds Management and in private sessions, for
discussions about these continuations and approvals. The Independent Trustees
were assisted in their evaluation of the Advisory Agreements by independent
legal counsel, from whom they received separate legal advice and with whom they
met separately from Funds Management.
Because the Index Fund is a gateway feeder fund that invests all of its
assets in the Index Portfolio, which has a substantially similar investment
objective and substantially similar investment strategies as the Index Fund,
information provided to the Boards regarding the Index Fund is also applicable
to the Index Portfolio.
NATURE, EXTENT AND QUALITY OF SERVICES
- --------------------------------------------------------------------------------
The Boards received and considered various data and information regarding
the nature, extent and quality of services provided to the Funds by Funds
Management and Wells Capital Management under the Advisory Agreements. The
Boards also received and considered information provided in response to a
detailed set of requests submitted by the Independent Trustees' independent
legal counsel, including, among other things, information about the background
and experience of senior management and the expertise of, and amount of
attention devoted to the Funds by, investment personnel of Funds Management and
Wells Capital Management. In this regard, the Boards reviewed the
qualifications, backgrounds and responsibilities of the portfolio managers
primarily responsible for day-to-day portfolio management services for the
Funds.
The Boards evaluated the ability of Funds Management and Wells Capital
Management, based on their respective resources, reputations and other
attributes, to attract and retain highly qualified investment professionals,
including research, advisory, and supervisory personnel.
The Boards further considered the compliance programs and compliance
records of Funds Management and Wells Capital Management. In addition, the
Boards took into account the administrative services provided to the Funds by
Funds Management and its affiliates. In considering these matters, the Boards
considered not only the specific information presented in connection with the
meetings, but also the knowledge gained over the course of interacting with
Funds Management about various topics, including Funds Management's oversight of
service providers, such as Wells Capital Management.
Based on the above factors, together with those referenced below, each of
the Boards concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
- --------------------------------------------------------------------------------
The Boards considered the performance results for the Funds over various
time periods ended December 31, 2006. They also considered these results in
comparison to the median performance results of the groups of funds that was
determined by Lipper Inc. ("Lipper") to be the most similar to the Funds (the
"Peer Group") and to the median performance of a broader universe of relevant
funds as determined by Lipper (the "Universe"), as well as to the Funds'
benchmark index. Lipper is an independent provider of investment company data.
The Boards were provided with a description of the methodology used by Lipper to
select the mutual funds in the Funds' Peer Group and Universe. The Boards noted
that the performance of the Funds was better than or not appreciably below the
median performance of the Peer Group for all time periods.
43
WELLS FARGO ADVANTAGE INDEX FUND OTHER INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
The Boards received and considered information regarding the Funds' net
operating expense ratios and their various components, including contractual
advisory fees, actual advisory fees, actual non-management fees, Rule 12b-1 and
non-Rule 12b-1 service fees, fee waivers/caps and/or expense reimbursements.
They also considered comparisons of these fees to the expense information for
the Funds' Peer Group, which comparative data was provided by Lipper. The Boards
noted that the net operating expense ratios of the Funds were lower than the
Funds' Peer Group's median net operating expense ratios.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
- --------------------------------------------------------------------------------
The Boards reviewed and considered the contractual investment advisory fee
rates payable by the Funds to Funds Management for investment advisory services
(the "Advisory Agreement Rates"), both on a stand-alone basis and on a combined
basis with the Funds' administration fee rates. The Boards took into account the
separate administrative services covered by the administration fee rates. The
Boards also reviewed and considered the contractual investment sub-advisory fee
rates payable by Funds Management to Wells Capital Management for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Boards reviewed and considered the existing fee waiver/cap arrangements
applicable to the Advisory Agreement Rates and considered the Advisory Agreement
Rates after taking the waivers/caps into account (the "Net Advisory Rates").
The Boards received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of the other funds in the Peer
Group. The Boards noted that the Advisory Agreement Rates and the Net Advisory
Rates for the Funds were lower than, or not appreciably higher than, the median
rates of the Funds' Peer Group. In addition, the Boards concluded that the
combined investment advisory/administration fee rates for the Funds (before and
after waivers/caps and/or expense reimbursements) were reasonable in relation to
the Funds' Peer Group, and reasonable in relation to the services provided.
The Boards also reviewed and considered the Sub-Advisory Agreement Rates
and concluded that the Sub-Advisory Agreement Rates were fair and equitable,
based on their consideration of the factors described above.
PROFITABILITY
- --------------------------------------------------------------------------------
The Boards received and considered a detailed profitability analysis of
Funds Management based on the Advisory Agreement Rates and the Net Advisory
Rates, as well as an analysis of the profitability to other Wells Fargo
businesses of providing services to the Funds. The Boards concluded that, in
light of the costs of providing investment management and other services to the
Funds, the profits and other ancillary benefits that Funds Management and its
affiliates received with regard to providing these services to the Funds were
not unreasonable. The Boards did not consider profitability information with
respect to Wells Capital Management, as its separate profitability from its
relationship with the Funds was not a material factor in determining whether to
renew the agreement.
ECONOMIES OF SCALE
- --------------------------------------------------------------------------------
The Boards received and considered general information regarding whether
there have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in a special presentation on advisory fee breakpoints at the February 2007 board
meetings. The Boards acknowledged the inherent limitations of any analysis of an
investment adviser's economies of scale and of any attempt to correlate
breakpoints with such economies, stemming largely from the Boards' understanding
that economies of scale are realized, if at all, by an investment adviser across
a variety of products and services, not just with respect to a single fund. The
Boards concluded that any actual or potential economies of scale are, or will
be, shared reasonably with Fund shareholders/interestholders, most particularly
through Advisory Agreement Rate breakpoints and waivers/caps and/or expense
reimbursements applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
- --------------------------------------------------------------------------------
The Boards also received and considered information about the nature and
extent of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by Wells Capital Management to
other clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
44
OTHER INFORMATION (UNAUDITED) WELLS FARGO ADVANTAGE INDEX FUND
- --------------------------------------------------------------------------------
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
- --------------------------------------------------------------------------------
The Boards received and considered information regarding potential
"fall-out" or ancillary benefits received by Funds Management and its affiliates
(including Wells Capital Management) as a result of their relationship with the
Funds. Such benefits could include, among others, benefits directly attributable
to the relationship of Funds Management and Wells Capital Management with the
Funds and benefits potentially derived from an increase in Funds Management's
and Wells Capital Management's business as a result of their relationship with
the Funds (such as the ability to market to shareholders/interestholders other
financial products offered by Funds Management and its affiliates (including
Wells Capital Management)).
The Boards also considered the effectiveness of the policies of the Funds
in achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker, the extent to which
efforts are made to recapture commission costs and the controls applicable to
brokerage allocation procedures. The Boards also reviewed Funds Management's and
Wells Capital Management's methods for allocating portfolio investment
opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
- --------------------------------------------------------------------------------
The Boards also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares/interests are
offered and sold. The Boards noted that the Funds are part of one of the few
fund families that have both direct-to-fund and intermediary distribution.
As discussed above, the Boards review detailed materials received from
Funds Management and Wells Capital Management annually as part of the
re-approval process under Section 15(c) of the 1940 Act. The Boards also review
and assess the quality of the services that the Funds receive throughout the
year. In this regard, the Boards have reviewed reports of Funds Management and
Wells Capital Management at each of their quarterly meetings, which include,
among other things, a portfolio review and fund performance reports. In
addition, the Boards confer with portfolio managers at various times throughout
the year.
After considering the above-described factors and based on its
deliberations and its evaluation of the information described above, the Boards
concluded that approval of the continuation of the Advisory Agreements for the
Funds was in the best interest of the Funds and its
shareholders/interestholders. Accordingly, the Boards unanimously approved the
continuation of the Advisory Agreements for an additional one-year period.
45
WELLS FARGO ADVANTAGE INDEX FUND LIST OF ABBREVIATIONS
- --------------------------------------------------------------------------------
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG --Association of Bay Area Governments
ADR --American Depositary Receipt
AMBAC --American Municipal Bond Assurance Corporation
AMT --Alternative Minimum Tax
ARM --Adjustable Rate Mortgages
BART --Bay Area Rapid Transit
CDA --Community Development Authority
CDO --Collateralized Debt Obligation
CDSC --Contingent Deferred Sales Charge
CGIC --Capital Guaranty Insurance Company
CGY --Capital Guaranty Corporation
COP --Certificate of Participation
CP --Commercial Paper
CTF --Common Trust Fund
DW&P --Department of Water & Power
DWR --Department of Water Resources
ECFA --Educational & Cultural Facilities Authority
EDFA --Economic Development Finance Authority
ETET --Eagle Tax-Exempt Trust
FFCB --Federal Farm Credit Bank
FGIC --Financial Guaranty Insurance Corporation
FHA --Federal Housing Authority
FHAG --Federal Housing Agency
FHLB --Federal Home Loan Bank
FHLMC --Federal Home Loan Mortgage Corporation
FNMA --Federal National Mortgage Association
GDR --Global Depositary Receipt
GNMA --Government National Mortgage Association
GO --General Obligation
HCFR --Healthcare Facilities Revenue
HEFA --Health & Educational Facilities Authority
HEFAR --Higher Education Facilities Authority Revenue
HFA --Housing Finance Authority
HFFA --Health Facilities Financing Authority
IDA --Industrial Development Authority
IDAG --Industrial Development Agency
IDR --Industrial Development Revenue
LIBOR --London Interbank Offered Rate
LLC --Limited Liability Corporation
LOC --Letter of Credit
LP --Limited Partnership
MBIA --Municipal Bond Insurance Association
MFHR --Multi-Family Housing Revenue
MTN --Medium Term Note
MUD --Municipal Utility District
PCFA --Pollution Control Finance Authority
PCR --Pollution Control Revenue
PFA --Public Finance Authority
PFFA --Public Facilities Financing Authority
plc --Public Limited Company
PSFG --Public School Fund Guaranty
R&D --Research & Development
RDA --Redevelopment Authority
RDFA --Redevelopment Finance Authority
REITS --Real Estate Investment Trusts
SFHR --Single Family Housing Revenue
SFMR --Single Family Mortgage Revenue
SLMA --Student Loan Marketing Association
TBA --To Be Announced
TRAN --Tax Revenue Anticipation Notes
USD --Unified School District
XLCA --XL Capital Assurance
46
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS(SM) is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member NASD/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2007 Wells Fargo www.wellsfargo.com/advantagefunds 103752 05-07
Funds Management, LLC. SEGFNLD/SAR112 03-07
All rights reserved.
ITEM 2. CODE OF ETHICS
=======================
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
===============================================
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
===============================
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
=============================================================================
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT
INVESTMENT COMPANY AND AFFILIATED PURCHASES
===================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================
Not applicable.
ITEM 11. 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) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 21, 2007
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
date indicated.
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 21, 2007
By: /s/ A. Erdem Cimen
A. Erdem Cimen
Treasurer
Date: May 7, 2007
CERTIFICATION
I, Karla M. Rabusch, certify that:
1.I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on behalf
of the following series: Wells Fargo Advantage Asia Pacific Fund, Wells Fargo
Advantage Overseas Fund, Wells Fargo Advantage Emerging Markets Focus Fund,
Wells Fargo Advantage International Core Fund, Wells Fargo Advantage
International Equity Fund, Wells Fargo Advantage Aggressive Allocation Fund,
Wells Fargo Advantage Asset Allocation Fund, Wells Fargo Advantage Conservative
Allocation Fund, Wells Fargo Advantage Growth Balanced Fund, Wells Fargo
Advantage Moderate Balanced Fund, Wells Fargo Advantage Balanced Fund, Wells
Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified
Equity Fund, Wells Fargo Advantage Diversified Small Cap Fund, Wells Fargo
Advantage Emerging Growth Fund, Wells Fargo Advantage Equity Income Fund, Wells
Fargo Advantage Equity Value Fund, Wells Fargo Advantage Growth Equity Fund,
Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Large Cap
Appreciation Fund, Wells Fargo Advantage Large Company Growth Fund, Wells Fargo
Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value
Fund, Wells Fargo Advantage Strategic Small Cap Value Fund, and Wells Fargo
Advantage Index Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to
the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and
procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing of this report
based on such evaluation; and
d) disclosed in this report any change in the registrant's
internal controls over financial reporting that occurred during
the registrant's most recent fiscal half-year that has
materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting; and
5. The registrant's other certifying officers and I have disclosed to
the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the
equivalent functions):
a) all significant deficiencies and material weaknesses in the design
or operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
b)
any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls over financial reporting.
Date: May 21, 2007
/s/ Karla M. Rabusch
- -----------------------
Karla M. Rabusch
President
Wells Fargo Funds Trust
Exhibit 99.CERT
CERTIFICATION
I, A. Erdem Cimen, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on
behalf of the following series: Wells Fargo Advantage Asia Pacific Fund, Wells
Fargo Advantage Overseas Fund, Wells Fargo Advantage Emerging Markets Focus
Fund, Wells Fargo Advantage International Core Fund, Wells Fargo Advantage
International Equity Fund, Wells Fargo Advantage Aggressive Allocation Fund,
Wells Fargo Advantage Asset Allocation Fund, Wells Fargo Advantage Conservative
Allocation Fund, Wells Fargo Advantage Growth Balanced Fund, Wells Fargo
Advantage Moderate Balanced Fund, Wells Fargo Advantage Balanced Fund, Wells
Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified
Equity Fund, Wells Fargo Advantage Diversified Small Cap Fund, Wells Fargo
Advantage Emerging Growth Fund, Wells Fargo Advantage Equity Income Fund, Wells
Fargo Advantage Equity Value Fund, Wells Fargo Advantage Growth Equity Fund,
Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Large Cap
Appreciation Fund, Wells Fargo Advantage Large Company Growth Fund, Wells Fargo
Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value
Fund, Wells Fargo Advantage Strategic Small Cap Value Fund, and Wells Fargo
Advantage Index Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under
our supervision, to ensure that material information relating
to the registrant, including its consolidated subsidiaries, is
made known to us by others within those entities, particularly
during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's
internal controls over financial reporting that occurred during
the registrant's most recent fiscal half-year that has
materially affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors
and the audit committee of the registrant's board of directors (or
persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report
financial information; and
b) any fraud, whether or not material, that involves management
or other employees who have a significant role in the
registrant's internal controls over financial reporting.
Date: May 7, 2007
/s/ A. Erdem Cimen
- -----------------------
A. Erdem Cimen
Treasurer
Wells Fargo Funds Trust
Exhibit 99.CERT
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended March 31, 2007 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: May 21, 2007
/s/ Karla M. Rabusch
Karla M. Rabusch
President
Wells Fargo Funds Trust
SECTION 906 CERTIFICATION
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of his knowledge, that
the Trust's report on Form N-CSR for the period ended March 31, 2007 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: May 7, 2007
/s/ A. Erdem Cimen
A. Erdem Cimen
Treasurer
Wells Fargo Funds Trust