UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2008
Date of reporting period: March 31, 2008
ITEM 1. REPORT TO SHAREHOLDERS
===============================
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 93.58%
APPAREL & ACCESSORY STORES: 1.87%
356,100 KOHL'S CORPORATION+ $ 15,273,129
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 2.85%
644,780 JONES APPAREL GROUP INCORPORATED 8,652,948
188,850 VF CORPORATION 14,637,764
23,290,712
--------------
BUSINESS SERVICES: 5.89%
748,000 MICROSOFT CORPORATION 21,228,240
610,100 OMNICOM GROUP INCORPORATED 26,954,218
48,182,458
--------------
CHEMICALS & ALLIED PRODUCTS: 9.78%
377,400 AVERY DENNISON CORPORATION<< 18,586,950
232,690 AVON PRODUCTS INCORPORATED 9,200,563
306,390 COLGATE-PALMOLIVE COMPANY<< 23,870,845
124,580 HENKEL KGAA ADR 5,298,338
354,400 JOHNSON & JOHNSON 22,989,928
79,946,624
--------------
COMMUNICATIONS: 2.72%
754,585 VODAFONE GROUP PLC ADR 22,267,803
--------------
DEPOSITORY INSTITUTIONS: 7.97%
603,120 BANK OF AMERICA CORPORATION<< 22,864,279
380,100 JPMORGAN CHASE & COMPANY 16,325,295
328,951 STATE STREET CORPORATION 25,987,129
65,176,703
--------------
EATING & DRINKING PLACES: 3.87%
476,000 DARDEN RESTAURANTS INCORPORATED 15,493,800
288,969 MCDONALD'S CORPORATION 16,115,801
31,609,601
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.30%
1,152,350 FLEXTRONICS INTERNATIONAL LIMITED+<< 10,820,567
592,340 GENERAL ELECTRIC COMPANY 21,922,503
569,432 MOLEX INCORPORATED CLASS A 12,447,784
184,050 TYCO ELECTRONICS LIMITED 6,316,596
51,507,450
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.82%
308,130 ILLINOIS TOOL WORKS INCORPORATED 14,861,110
--------------
FOOD & KINDRED PRODUCTS: 3.42%
263,180 ANHEUSER-BUSCH COMPANIES INCORPORATED 12,487,891
190,150 DIAGEO PLC ADR 15,462,998
27,950,889
--------------
GENERAL MERCHANDISE STORES: 2.37%
367,100 WAL-MART STORES INCORPORATED 19,338,828
--------------
HEALTH SERVICES: 1.42%
221,450 CARDINAL HEALTH INCORPORATED 11,628,340
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 85
C&B LARGE CAP VALUE PORTFOLIO
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SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES: 2.57%
4,689 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ $ 20,973,428
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.19%
749,900 DELL INCORPORATED+ 14,938,008
320,800 DIEBOLD INCORPORATED 12,046,040
486,190 DOVER CORPORATION 20,313,018
148,510 EATON CORPORATION 11,831,792
455,900 PITNEY BOWES INCORPORATED 15,965,618
75,094,476
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 2.69%
654,700 WILLIS GROUP HOLDINGS LIMITED 22,004,467
--------------
INSURANCE CARRIERS: 6.00%
461,820 ALLSTATE CORPORATION 22,195,069
534,810 AMERICAN INTERNATIONAL GROUP INCORPORATED 23,130,533
303,700 MBIA INCORPORATED+<< 3,711,214
49,036,816
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.18%
81,560 BECTON DICKINSON & COMPANY 7,001,926
1,040,652 BOSTON SCIENTIFIC CORPORATION+ 13,393,191
485,410 QUEST DIAGNOSTICS INCORPORATED 21,974,511
42,369,628
--------------
MEDICAL PRODUCTS: 1.36%
191,970 BAXTER INTERNATIONAL INCORPORATED 11,099,705
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.94%
359,650 TYCO INTERNATIONAL LIMITED 15,842,583
--------------
MISCELLANEOUS RETAIL: 2.08%
795,105 OFFICE DEPOT INCORPORATED+ 8,785,910
414,685 ZALE CORPORATION+<< 8,194,176
16,980,086
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 3.50%
545,400 AMERICAN EXPRESS COMPANY 23,844,888
862,830 COUNTRYWIDE FINANCIAL CORPORATION<< 4,745,565
28,590,453
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 3.59%
346,900 EXXON MOBIL CORPORATION 29,340,802
--------------
PRIMARY METAL INDUSTRIES: 0.98%
182,500 HUBBELL INCORPORATED CLASS B<< 7,973,425
--------------
TRAVEL & RECREATION: 1.82%
368,490 CARNIVAL CORPORATION<< 14,916,473
--------------
WHOLESALE TRADE-DURABLE GOODS: 2.40%
303,699 KIMBERLY-CLARK CORPORATION 19,603,770
--------------
TOTAL COMMON STOCKS (COST $812,869,934) 764,859,759
--------------
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PREFERRED STOCKS: 1.52%
266,700 HENKEL KGAA ADR PREFERRED $ 12,361,118
TOTAL PREFERRED STOCKS (COST $12,524,298) 12,361,118
--------------
COLLATERAL FOR SECURITIES LENDING: 6.53%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.26%
155,056 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 155,056
658,487 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 658,487
592,638 DREYFUS CASH MANAGEMENT FUND 592,638
724,335 SCUDDER DAILY ASSETS MONEY MARKET FUND 724,335
2,130,516
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 6.27%
$ 1,382,822 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 1,381,180
243,640 APRECO LLC 2.70 04/17/2008 243,348
263,395 APRECO LLC 3.10 04/07/2008 263,259
1,593,538 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 1,591,059
102,724 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 102,578
329,243 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 328,914
2,153,251 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $2,153,436) 3.10 04/01/2008 2,153,251
329,243 BANK OF IRELAND+/-++ 3.06 10/14/2008 329,143
65,849 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE
$65,854) 2.50 04/01/2008 65,849
263,395 BNP PARIBAS+/- 3.13 08/07/2008 263,180
1,455,255 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,455,380) 3.08 04/01/2008 1,455,255
829,693 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $829,763) 3.04 04/01/2008 829,693
697,996 BRYANT BANK FUNDING 2.98 04/09/2008 697,534
197,546 CAFCO LLC 2.70 04/18/2008 197,294
542,593 CAFCO LLC 3.08 04/07/2008 542,314
1,349,898 CHARIOT FUNDING LLC 2.97 04/14/2008 1,348,450
987,730 CHARTA LLC 3.08 04/09/2008 987,054
856,033 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 770,429
658,487 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 592,638
1,316,973 CIESCO LLC 3.08 04/08/2008 1,316,185
1,330,143 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,330,143
2,113,742 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $2,113,924) 3.10 04/01/2008 2,113,742
987,730 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 984,768
388,507 EBBETS FUNDING LLC 3.65 04/01/2008 388,507
671,656 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 670,761
526,789 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 526,382
658,487 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 657,744
256,810 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 256,530
329,243 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 329,084
1,316,973 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 1,311,078
1,065,431 GALLEON CAPITAL LLC 2.88 04/16/2008 1,064,153
526,789 GALLEON CAPITAL LLC 3.10 04/18/2008 526,018
684,826 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 683,633
921,881 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 921,796
967,975 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $968,056) 3.00 04/01/2008 967,975
2,706,380 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $2,706,617) 3.15 04/01/2008 2,706,380
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 87
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 131,697 HARRIER FINANCE FUNDING LLC+/- 2.62% 04/25/2008 $ 131,697
856,033 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 856,033
329,243 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 328,940
796,769 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $796,838) 3.10 04/01/2008 796,769
566,298 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $566,346) 3.04 04/01/2008 566,298
131,697 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 131,697
460,941 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 460,710
658,487 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 654,060
987,730 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 985,931
10,536 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 10,528
632,147 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 631,976
60,910 MORGAN STANLEY+/- 2.94 10/15/2008 60,879
563,982 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $564,021) 2.50 04/01/2008 563,982
994,315 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $994,400) 3.08 04/01/2008 994,315
658,487 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 654,300
921,881 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 920,381
597,853 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 597,702
190,961 PICAROS FUNDING LLC 2.60 04/11/2008 190,823
658,487 RANGER FUNDING CORPORATION 2.71 04/18/2008 657,644
395,092 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 394,597
474,110 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 473,962
395,092 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 395,056
263,395 SLM CORPORATION+/-++ 2.94 05/12/2008 262,920
658,487 STANFIELD VICTORIA FUNDING LLC+/-++(a)(i)^^ 5.47 02/15/2008 587,107
408,262 STANFIELD VICTORIA FUNDING LLC+/-++(a)(i)^^ 5.27 04/03/2008 364,006
79,018 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 79,006
658,487 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 657,757
829,693 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 828,693
395,092 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 394,669
220,672 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 220,621
658,487 TULIP FUNDING CORPORATION 2.88 04/21/2008 657,433
329,243 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 329,024
329,243 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 329,056
197,546 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 197,496
658,487 VERSAILLES CDS LLC 3.00 04/11/2008 657,938
329,243 VERSAILLES CDS LLC 3.45 04/08/2008 329,022
566,298 VICTORIA FINANCE LLC+/-++(a)(i)^^ 3.44 07/28/2008 504,912
329,243 VICTORIA FINANCE LLC+/-++(a)(i)^^ 3.47 08/07/2008 293,553
658,487 WHITE PINE FINANCE LLC+/-++(a)(i)^^ 5.41 02/22/2008 625,562
1,580,368 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,580,133
51,254,489
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $54,264,921) 53,385,005
--------------
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS: 4.85%
39,642,910 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 39,642,910
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $39,642,910) 39,642,910
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $919,302,063)* 106.48% $ 870,248,792
OTHER ASSETS AND LIABILITIES, NET (6.48) (52,930,171)
------ --------------
TOTAL NET ASSETS 100.00% $ 817,318,621
------- --------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of
$39,642,910.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 89
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.24%
APPAREL & ACCESSORY STORES: 3.48%
85,000 AEROPOSTALE INCORPORATED+ $ 2,304,350
117,300 GAP INCORPORATED 2,308,464
4,612,814
--------------
BIOPHARMACEUTICALS: 2.58%
66,400 GILEAD SCIENCES INCORPORATED+ 3,421,592
--------------
BUSINESS SERVICES: 15.73%
49,600 ADOBE SYSTEMS INCORPORATED+ 1,765,264
82,400 BMC SOFTWARE INCORPORATED+ 2,679,648
60,800 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,752,864
111,300 JUNIPER NETWORKS INCORPORATED+<< 2,782,500
125,900 Microsoft Corporation 3,573,042
64,700 OMNICOM GROUP INCORPORATED 2,858,446
151,600 ORACLE CORPORATION+ 2,965,296
150,700 SYMANTEC CORPORATION+<< 2,504,634
20,881,694
--------------
CHEMICALS & ALLIED PRODUCTS: 8.46%
33,700 COLGATE-PALMOLIVE COMPANY 2,625,567
59,400 ELI LILLY & COMPANY 3,064,446
27,100 MONSANTO COMPANY 3,021,650
42,200 SIGMA-ALDRICH CORPORATION 2,517,230
11,228,893
--------------
COMMUNICATIONS: 1.59%
55,000 AT&T INCORPORATED 2,106,500
--------------
DEPOSITORY INSTITUTIONS: 2.41%
48,200 NORTHERN TRUST CORPORATION 3,203,854
--------------
E-COMMERCE/SERVICES: 1.85%
34,400 AMAZON.COM INCORPORATED+ 2,452,720
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 3.90%
69,600 AMPHENOL CORPORATION CLASS A 2,592,600
130,500 NVIDIA CORPORATION+ 2,582,595
5,175,195
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 2.74%
49,400 JACOBS ENGINEERING GROUP INCORPORATED+ 3,635,346
--------------
FOOD & KINDRED PRODUCTS: 4.67%
47,700 PEPSICO INCORPORATED 3,443,940
45,300 THE COCA-COLA COMPANY 2,757,411
6,201,351
--------------
FOOD STORES: 1.80%
81,600 SAFEWAY INCORPORATED 2,394,960
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 17.26%
58,100 AGCO CORPORATION+<< 3,479,028
23,500 APPLE INCORPORATED+ 3,372,250
123,600 EMC CORPORATION 1,772,424
84,600 HEWLETT-PACKARD COMPANY 3,862,836
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
36,700 INTERNATIONAL BUSINESS MACHINES CORPORATION $ 4,225,638
59,900 NATIONAL OILWELL VARCO INCORPORATED+ 3,496,962
39,100 PARKER HANNIFIN CORPORATION 2,708,457
22,917,595
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 7.12%
85,600 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 2,812,816
42,300 BECTON DICKINSON & COMPANY 3,631,455
77,800 DENTSPLY INTERNATIONAL INCORPORATED 3,003,080
9,447,351
--------------
MEDICAL MANAGEMENT SERVICES: 3.53%
72,900 EXPRESS SCRIPTS INCORPORATED+ 4,688,928
--------------
MEDICAL PRODUCTS: 2.76%
63,400 BAXTER INTERNATIONAL INCORPORATED 3,665,788
--------------
OIL & GAS EXTRACTION: 3.69%
25,100 DEVON ENERGY CORPORATION 2,618,683
31,100 OCCIDENTAL PETROLEUM CORPORATION 2,275,587
4,894,270
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.94%
30,500 EXXON MOBIL CORPORATION 2,579,690
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.16%
74,300 NASDAQ STOCK MARKET INCORPORATED+<< 2,872,438
--------------
TRANSPORTATION EQUIPMENT: 6.69%
51,600 AUTOLIV INCORPORATED 2,590,320
38,900 NORTHROP GRUMMAN CORPORATION 3,026,809
47,500 UNITED TECHNOLOGIES CORPORATION 3,268,950
8,886,079
--------------
WHOLESALE TRADE-DURABLE GOODS: 1.88%
32,600 W.W. GRAINGER INCORPORATED 2,490,313
--------------
TOTAL COMMON STOCKS (COST $116,629,828) 127,757,371
--------------
COLLATERAL FOR SECURITIES LENDING: 2.59%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.10%
10,004 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 10,004
42,485 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 42,485
38,236 DREYFUS CASH MANAGEMENT FUND 38,236
46,733 SCUDDER DAILY ASSETS MONEY MARKET FUND 46,733
137,458
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 2.49%
$ 89,218 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 89,112
15,719 APRECO LLC 2.70 04/17/2008 15,700
16,994 APRECO LLC 3.10 04/07/2008 16,985
102,813 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 102,653
6,628 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 6,618
21,242 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 21,221
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 91
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 138,925 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $138,937) 3.10% 04/01/2008 $ 138,925
21,242 BANK OF IRELAND+/-++ 3.06 10/14/2008 21,236
4,248 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE 2.50 04/01/2008 4,248
$4,248)
16,994 BNP PARIBAS+/- 3.13 08/07/2008 16,980
53,531 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $53,536) 3.04 04/01/2008 53,531
93,891 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $93,899) 3.08 04/01/2008 93,891
45,034 BRYANT BANK FUNDING 2.98 04/09/2008 45,004
12,745 CAFCO LLC 2.70 04/18/2008 12,729
35,007 CAFCO LLC 3.08 04/07/2008 34,989
87,094 CHARIOT FUNDING LLC 2.97 04/14/2008 87,000
63,727 CHARTA LLC 3.08 04/09/2008 63,683
55,230 CHEYNE FINANCE LLC+/-++(a)(i)^^ 5.12 02/25/2008 49,707
42,485 CHEYNE FINANCE LLC+/-++(a)(i)^^ 5.18 05/19/2008 38,236
84,969 CIESCO LLC 3.08 04/08/2008 84,918
85,819 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 85,819
136,376 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $136,388) 3.10 04/01/2008 136,376
63,727 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 63,536
25,066 EBBETS FUNDING LLC 3.65 04/01/2008 25,066
43,334 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 43,277
33,988 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 33,961
42,485 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 42,437
16,569 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 16,551
21,242 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 21,232
84,969 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 84,589
68,740 GALLEON CAPITAL LLC 2.88 04/16/2008 68,658
33,988 GALLEON CAPITAL LLC 3.10 04/18/2008 33,938
44,184 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 44,107
59,479 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 59,473
62,452 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $62,457) 3.00 04/01/2008 62,452
174,612 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $174,627) 3.15 04/01/2008 174,612
8,497 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 8,497
55,230 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 55,230
21,242 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 21,223
51,406 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $51,410) 3.10 04/01/2008 51,406
36,537 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $36,540) 3.04 04/01/2008 36,537
8,497 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 8,497
29,739 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 29,724
42,485 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 42,199
63,727 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 63,611
680 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 679
40,785 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 40,774
3,930 MORGAN STANLEY+/- 2.94 10/15/2008 3,928
36,387 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $36,390) 2.50 04/01/2008 36,387
64,152 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $64,157) 3.08 04/01/2008 64,152
42,485 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 42,215
59,479 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 59,382
38,573 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 38,563
12,321 PICAROS FUNDING LLC 2.60 04/11/2008 12,312
42,485 RANGER FUNDING CORPORATION 2.71 04/18/2008 42,430
25,491 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 25,459
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 30,589 SEDNA FINANCE INCORPORATED+/-++ 3.03% 04/10/2008 $ 30,579
25,491 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 25,489
16,994 SLM CORPORATION+/-++ 2.94 05/12/2008 16,963
26,341 STANFIELD VICTORIA FUNDING LLC+/-++(a)(i)^^ 5.27 04/03/2008 23,485
42,485 STANFIELD VICTORIA FUNDING LLC+/-++(a)(i)^^ 5.47 02/15/2008 37,879
5,098 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 5,097
42,485 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 42,438
53,531 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 53,466
25,491 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 25,464
14,237 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 14,234
42,485 TULIP FUNDING CORPORATION 2.88 04/21/2008 42,417
21,242 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 21,228
21,242 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 21,230
12,745 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 12,742
42,485 VERSAILLES CDS LLC 3.00 04/11/2008 42,449
21,242 VERSAILLES CDS LLC 3.45 04/08/2008 21,228
36,537 VICTORIA FINANCE LLC+/-++(a)(i)^^ 3.44 07/28/2008 32,576
21,242 VICTORIA FINANCE LLC+/-++(a)(i)^^ 3.47 08/07/2008 18,940
42,485 WHITE PINE FINANCE LLC+/-++(a)(i)^^ 5.41 02/22/2008 40,360
101,963 YORKTOWN CAPITAL LLC 2.72 04/03/2008 101,952
3,306,871
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,593,979) 3,444,329
--------------
SHARES
SHORT-TERM INVESTMENTS: 3.87%
5,140,61 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,140,615
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,140,615) 5,140,615
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $125,364,422)* 102.70% $ 136,342,315
OTHER ASSETS AND LIABILITIES, NET (2.70) (3,585,863)
------ --------------
TOTAL NET ASSETS 100.00% $ 132,756,452
------ --------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $5,140,615.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 93
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.20%
AMUSEMENT & RECREATION SERVICES: 1.07%
32,600 WMS INDUSTRIES INCORPORATED+ $ 1,172,622
--------------
APPAREL & ACCESSORY STORES: 0.74%
46,400 CHARLOTTE RUSSE HOLDING INCORPORATED+ 804,576
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 3.03%
30,800 GYMBOREE CORPORATION+ 1,228,304
52,900 WARNACO GROUP INCORPORATED+<< 2,086,376
3,314,680
--------------
AUTO PARTS & EQUIPMENT: 0.31%
23,100 AMERIGON INCORPORATED+ 341,880
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.74%
20,900 COPART INCORPORATED+ 810,084
--------------
BUSINESS SERVICES: 14.51%
28,100 BLUEPHOENIX SOLUTIONS LIMITED+<< 234,635
85,700 CONCUR TECHNOLOGIES INCORPORATED+<< 2,660,985
50,900 DOUBLE-TAKE SOFTWARE INCORPORATED+ 594,512
85,000 FALCONSTOR SOFTWARE INCORPORATED+<< 646,850
33,200 HEALTHCARE SERVICES GROUP<< 685,248
43,200 HMS HOLDINGS CORPORATION+<< 1,233,360
37,700 IGATE CORPORATION+ 268,424
34,800 MERCADOLIBRE INCORPORATED+<< 1,383,648
136,120 OMNICELL INCORPORATED+ 2,736,012
28,700 OMNITURE INCORPORATED+<< 666,127
84,200 PROS HOLDINGS INCORPORATED+ 1,056,710
58,500 SHANDA INTERACTIVE ENTERTAINMENT LIMITED ADR+ 1,702,350
40,850 VOCUS INCORPORATED+ 1,078,440
56,700 YUCHENG TECHNOLOGIES LIMITED+ 938,385
15,885,686
--------------
CHEMICALS & ALLIED PRODUCTS: 9.05%
17,200 BIOMARIN PHARMACEUTICAL INCORPORATED+<< 608,364
34,300 CHATTEM INCORPORATED+<< 2,275,462
35,900 FMC CORPORATION 1,992,091
40,100 IDEXX LABORATORIES INCORPORATED+ 1,975,326
44,400 MARTEK BIOSCIENCES CORPORATION+<< 1,357,308
48,000 TERRA INDUSTRIES INCORPORATED+<< 1,705,440
9,913,991
--------------
COMMUNICATIONS: 1.66%
62,100 DG FASTCHANNEL INCORPORATED+ 1,191,078
24,200 GEOEYE INCORPORATED+ 628,958
1,820,036
--------------
EATING & DRINKING PLACES: 1.43%
13,800 CHIPOTLE MEXICAN GRILL INCORPORATED+ 1,565,334
--------------
EDUCATIONAL SERVICES: 3.95%
68,900 INVESTOOLS INCORPORATED+<< 757,211
55,100 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INCORPORATED+ 3,573,786
4,330,997
--------------
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.50%
109,198 COMTECH GROUP INCORPORATED+<< $ 1,178,246
59,750 DIODES INCORPORATED+<< 1,312,110
40,100 ENERSYS+ 959,192
96,400 JA SOLAR HOLDINGS COMPANY LIMITED+ 1,793,040
59,900 SOLERA HOLDINGS INCORPORATED+ 1,459,164
35,700 ULTRALIFE BATTERIES INCORPORATED+<< 421,617
7,123,369
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.66%
15,200 CORE LABORATORIES NV+ 1,813,360
--------------
FOOD & KINDRED PRODUCTS: 2.79%
43,200 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+<< 2,513,808
41,500 DARLING INTERNATIONAL INCORPORATED+ 537,425
3,051,233
--------------
FOOTWEAR: 2.99%
30,400 DECKERS OUTDOOR CORPORATION+<< 3,277,728
--------------
HEALTH SERVICES: 0.53%
19,400 CARDIONET INCORPORATED+ 349,006
17,600 SUN HEALTHCARE GROUP INCORPORATED+ 231,264
580,270
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 7.79%
6,700 LINDSAY MANUFACTURING COMPANY<< 686,549
50,800 ROBBINS & MYERS INCORPORATED 1,658,620
38,000 TEAM INCORPORATED+ 1,037,400
74,800 THE MIDDLEBY CORPORATION+<< 4,666,772
18,000 WOODWARD GOVERNOR COMPANY 480,960
8,530,301
--------------
INSURANCE CARRIERS: 2.13%
72,900 ASSURED GUARANTY LIMITED<< 1,730,646
11,000 THE NAVIGATORS GROUP INCORPORATED+ 598,400
2,329,046
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.02%
28,400 HOLOGIC INCORPORATED+<< 1,579,040
60,400 ICON PLC ADR+ 3,919,356
5,498,396
--------------
MEDICAL EQUIPMENT & SUPPLIES: 1.98%
66,491 CYNOSURE INCORPORATED+<< 1,416,258
21,800 NUVASIVE INCORPORATED+ 752,318
2,168,576
--------------
METAL MINING: 0.53%
68,400 SHENGDATECH INCORPORATED+<< 581,400
--------------
OIL & GAS EXTRACTION: 12.69%
125,800 ARENA RESOURCES INCORPORATED+<< 4,869,718
10,700 ATWOOD OCEANICS INCORPORATED+<< 981,404
43,900 BILL BARRETT CORPORATION+<< 2,074,275
43,500 CARRIZO OIL & GAS INCORPORATED+ 2,578,245
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 95
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (CONTINUED)
14,900 CNX GAS CORPORATION+<< $ 480,972
18,300 PETROLEUM DEVELOPMENT CORPORATION+ 1,267,641
72,600 PIONEER DRILLING COMPANY+<< 1,156,518
27,700 REX ENERGY CORPORATED+ 460,928
800 SANDRIDGE ENERGY INCORPORATED+<< 31,320
13,901,021
--------------
PAPER & ALLIED PRODUCTS: 0.92%
14,800 GREIF INCORPORATED CLASS A<< 1,005,364
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.21%
54,700 DOLAN MEDIA COMPANY+ 1,100,017
15,400 SHUTTERFLY INCORPORATED+<< 228,998
1,329,015
--------------
REAL ESTATE: 0.52%
17,000 GAFISA SA<< 567,120
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.69%
42,375 FCSTONE GROUP INCORPORATED+<< 1,173,788
25,500 GREENHILL & COMPANY INCORPORATED<< 1,773,780
2,947,568
--------------
TRANSPORTATION EQUIPMENT: 2.86%
66,800 EXIDE TECHNOLOGIES+<< 875,080
24,500 HEICO CORPORATION+ 961,135
12,300 HORNBECK OFFSHORE+<< 561,741
19,900 TRANSDIGN GROUP INCORPORATED+ 737,295
3,135,251
--------------
WATER TRANSPORTATION: 1.94%
11,900 DRYSHIPS INCORPORATED<< 712,929
24,800 KIRBY CORPORATION+ 1,413,600
2,126,529
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.34%
30,900 HERBALIFE LIMITED 1,467,750
--------------
WHOLESALE TRADE-DURABLE GOODS: 2.62%
20,000 CHINDEX INTERNATIONAL INCORPORATED+ 754,800
94,300 LKQ CORPORATION+<< 2,118,921
2,873,721
--------------
TOTAL COMMON STOCKS (COST $107,658,120) 104,266,904
--------------
COLLATERAL FOR SECURITIES LENDING: 38.13%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.52%
515,145 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 515,145
463,630 DREYFUS CASH MANAGEMENT FUND 463,630
566,659 SCUDDER DAILY ASSETS MONEY MARKET FUND 566,659
121,303 SHORT TERM INVESTMENT COMPANY MONEY MARKET FUND 121,303
1,666,737
--------------
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS: 36.61%
$ 1,081,804 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 $ 1,080,520
190,604 APRECO LLC 2.70 04/17/2008 190,375
206,058 APRECO LLC 3.10 04/07/2008 205,951
1,246,651 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 1,244,711
80,363 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 80,249
257,572 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 257,315
1,684,524 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,684,669) 3.10 04/01/2008 1,684,524
257,572 BANK OF IRELAND+/-++ 3.06 10/14/2008 257,494
51,514 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE 2.50 04/01/2008 51,514
$51,518)
206,058 BNP PARIBAS+/- 3.13 08/07/2008 205,890
1,138,470 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY 3.08 04/01/2008 1,138,470
VALUE $1,138,567)
649,083 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY 3.04 04/01/2008 649,083
VALUE $649,138)
546,054 BRYANT BANK FUNDING 2.98 04/09/2008 545,692
154,543 CAFCO LLC 2.70 04/18/2008 154,346
424,479 CAFCO LLC 3.08 04/07/2008 424,261
1,056,047 CHARIOT FUNDING LLC 2.97 04/14/2008 1,054,914
772,717 CHARTA LLC 3.08 04/09/2008 772,188
669,688 CHEYNE FINANCE LLC+/-++(a)(i)^^ 5.12 02/25/2008 602,720
515,145 CHEYNE FINANCE LLC+/-++(a)(i)^^ 5.18 05/19/2008 463,630
1,030,290 CIESCO LLC 3.08 04/08/2008 1,029,673
1,040,593 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,040,593
1,653,615 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,653,757) 3.10 04/01/2008 1,653,615
772,717 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 770,400
303,935 EBBETS FUNDING LLC 3.65 04/01/2008 303,935
525,448 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 524,747
412,116 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 411,798
515,145 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 514,564
200,907 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 200,688
257,572 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 257,448
1,030,290 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 1,025,678
833,504 GALLEON CAPITAL LLC 2.88 04/16/2008 832,504
412,116 GALLEON CAPITAL LLC 3.10 04/18/2008 411,513
535,751 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 534,818
721,203 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 721,136
757,263 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $757,326) 3.00 04/01/2008 757,263
2,117,245 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $2,117,430) 3.15 04/01/2008 2,117,245
103,029 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 103,029
669,688 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 669,688
257,572 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 257,335
623,325 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY 3.10 04/01/2008 623,325
VALUE $623,379)
443,025 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $443,062) 3.04 04/01/2008 443,025
103,029 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 103,029
360,601 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 360,421
515,145 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 511,682
772,717 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 771,310
8,242 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 8,236
494,539 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 494,405
47,651 MORGAN STANLEY+/- 2.94 10/15/2008 47,627
441,213 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY 2.50 04/01/2008 441,213
VALUE $441,244)
777,869 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY 3.08 04/01/2008 777,869
VALUE $777,936)
515,145 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 511,870
721,203 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 720,029
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 97
EMERGING GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 467,710 OLD LINE FUNDING CORPORATION 3.04% 04/04/2008 $ 467,592
149,392 PICAROS FUNDING LLC 2.60 04/11/2008 149,284
515,145 RANGER FUNDING CORPORATION 2.71 04/18/2008 514,486
309,087 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 308,700
370,904 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 370,788
309,087 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 309,059
206,058 SLM CORPORATION+/-++ 2.94 05/12/2008 205,686
319,390 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 284,768
515,145 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 459,303
61,817 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 61,808
515,145 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 514,574
649,083 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 648,300
309,087 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 308,756
172,635 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 172,595
515,145 TULIP FUNDING CORPORATION 2.88 04/21/2008 514,321
257,572 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 257,401
257,572 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 257,426
154,543 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 154,505
515,145 VERSAILLES CDS LLC 3.00 04/11/2008 514,716
257,572 VERSAILLES CDS LLC 3.45 04/08/2008 257,400
443,025 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 395,001
257,572 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 229,652
515,145 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 489,388
1,236,348 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,236,160
40,097,227
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $41,970,475) 41,763,964
-------------
SHARES
SHORT-TERM INVESTMENTS: 3.94%
4,308,287 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 4,308,287
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,308,287) 4,308,287
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $153,936,882)* 137.27% $ 150,339,155
OTHER ASSETS AND LIABILITIES, NET (37.27) (40,817,347)
------ -------------
TOTAL NET ASSETS 100.00% $ 109,521,808
------ -------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $4,308,287.
* 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.
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.55%
BUSINESS SERVICES: 2.49%
157,025 MICROSOFT CORPORATION $ 4,456,370
117,800 ORACLE CORPORATION+ 2,304,168
268,625 SYMANTEC CORPORATION+<< 4,464,548
11,225,086
-------------
CHEMICALS & ALLIED PRODUCTS: 12.08%
84,650 ABBOTT LABORATORIES 4,668,448
65,247 AIR PRODUCTS & CHEMICALS INCORPORATED 6,002,724
202,925 BRISTOL-MYERS SQUIBB COMPANY 4,322,303
24,625 COLGATE-PALMOLIVE COMPANY 1,918,534
137,009 E.I. DU PONT DE NEMOURS & COMPANY<< 6,406,541
78,140 JOHNSON & JOHNSON 5,068,942
364,385 PFIZER INCORPORATED 7,626,578
162,860 PROCTER & GAMBLE COMPANY 11,411,600
90,831 ROHM & HAAS COMPANY<< 4,912,140
50,600 WYETH 2,113,056
54,450,866
-------------
COMMUNICATIONS: 6.26%
458,740 AT&T INCORPORATED 17,569,742
291,436 VERIZON COMMUNICATIONS INCORPORATED 10,622,842
28,192,584
-------------
DEPOSITORY INSTITUTIONS: 13.34%
347,730 BANK OF AMERICA CORPORATION<< 13,182,444
168,105 BANK OF NEW YORK MELLON CORPORATION 7,015,022
375,740 CITIGROUP INCORPORATED 8,048,351
307,890 JPMORGAN CHASE & COMPANY 13,223,876
73,950 STATE STREET CORPORATION 5,842,050
225,156 US BANCORP 7,286,048
204,190 WACHOVIA CORPORATION<< 5,513,130
60,110,921
-------------
EATING & DRINKING PLACES: 1.21%
97,820 MCDONALD'S CORPORATION 5,455,421
-------------
ELECTRIC, GAS & SANITARY SERVICES: 5.20%
104,466 DOMINION RESOURCES INCORPORATED 4,266,391
525 EXELON CORPORATION 42,667
49,295 FIRSTENERGY CORPORATION 3,382,623
147,170 FPL GROUP INCORPORATED 9,233,446
74,775 MDU RESOURCES GROUP INCORPORATED 1,835,726
115,930 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 4,659,227
23,420,080
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.30%
158,200 CISCO SYSTEMS INCORPORATED+ 3,811,038
129,175 EMERSON ELECTRIC COMPANY 6,647,346
462,494 GENERAL ELECTRIC COMPANY 17,116,903
167,695 NOKIA OYJ ADR 5,337,732
32,913,019
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 99
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.29%
102,475 COMMERCIAL METALS COMPANY $ 3,071,176
103,960 FORTUNE BRANDS INCORPORATED 7,225,220
10,296,396
-------------
FOOD & KINDRED PRODUCTS: 2.24%
68,162 KRAFT FOODS INCORPORATED CLASS A 2,113,704
110,395 PEPSICO INCORPORATED 7,970,519
10,084,223
-------------
FOOD STORES: 0.90%
137,400 SAFEWAY INCORPORATED 4,032,690
-------------
GENERAL MERCHANDISE STORES: 1.98%
176,295 TARGET CORPORATION 8,934,631
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.61%
68,016 3M COMPANY<< 5,383,466
204,670 HEWLETT-PACKARD COMPANY 9,345,232
248,250 INTEL CORPORATION 5,257,935
46,092 INTERNATIONAL BUSINESS MACHINES CORPORATION 5,307,033
25,293,666
-------------
INSURANCE CARRIERS: 6.45%
183,918 AMERICAN INTERNATIONAL GROUP INCORPORATED 7,954,454
153,705 METLIFE INCORPORATED 9,262,263
181,650 THE TRAVELERS COMPANIES INCORPORATED<< 8,691,953
71,525 WELLPOINT INCORPORATED+<< 3,156,398
29,065,068
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.55%
27,234 BECTON DICKINSON & COMPANY 2,338,039
80,525 ROCKWELL AUTOMATION INCORPORATED 4,623,746
6,961,785
-------------
MEDICAL PRODUCTS: 0.85%
101,075 MERCK & COMPANY INCORPORATED 3,835,796
-------------
MISCELLANEOUS RETAIL: 1.13%
125,875 CVS CAREMARK CORPORATION 5,099,196
-------------
MOTION PICTURES: 1.60%
260,350 TIME WARNER INCORPORATED 3,650,107
112,815 WALT DISNEY COMPANY<< 3,540,135
7,190,242
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.41%
98,900 AMERICAN CAPITAL STRATEGIES LIMITED<< 3,378,424
103,410 AMERICAN EXPRESS COMPANY 4,521,085
59,925 CAPITAL ONE FINANCIAL CORPORATION<< 2,949,509
10,849,018
-------------
OIL & GAS EXTRACTION: 2.80%
123,100 CHESAPEAKE ENERGY CORPORATION 5,681,065
171,375 HALLIBURTON COMPANY 6,740,179
2,200 SCHLUMBERGER LIMITED 191,400
12,612,644
-------------
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 13.29%
198,420 CHEVRON CORPORATION $ 16,937,131
187,400 CONOCOPHILLIPS<< 14,281,754
260,736 EXXON MOBIL CORPORATION 22,053,051
97,250 MARATHON OIL CORPORATION 4,434,600
44,700 VALERO ENERGY CORPORATION 2,195,217
59,901,753
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.80%
14,572 AMERIPRISE FINANCIAL INCORPORATED 755,558
15,275 GOLDMAN SACHS GROUP INCORPORATED 2,526,332
47,500 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 1,787,900
36,000 MERRILL LYNCH & COMPANY INCORPORATED<< 1,466,640
132,600 MORGAN STANLEY 6,059,820
12,596,250
-------------
TOBACCO PRODUCTS: 1.45%
89,875 ALTRIA GROUP INCORPORATED 1,995,225
89,875 PHILIP MORRIS INTERNATIONAL+ 4,548,574
6,543,799
-------------
TRANSPORTATION EQUIPMENT: 3.51%
156,730 HONEYWELL INTERNATIONAL INCORPORATED 8,842,707
101,400 UNITED TECHNOLOGIES CORPORATION 6,978,343
15,821,050
-------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.81%
125,825 SYSCO CORPORATION 3,651,442
-------------
TOTAL COMMON STOCKS (COST $373,705,087) 448,537,626
-------------
COLLATERAL FOR SECURITIES LENDING: 13.52%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.54%
176,896 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 176,896
751,233 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 751,233
676,110 DREYFUS CASH MANAGEMENT FUND 676,110
826,357 SCUDDER DAILY ASSETS MONEY MARKET FUND 826,357
2,430,596
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 12.98%
$ 1,577,590 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 1,575,717
277,956 APRECO LLC 2.70 04/17/2008 277,623
300,493 APRECO LLC 3.10 04/07/2008 300,338
1,817,985 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 1,815,157
117,192 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 117,026
375,617 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 375,242
2,456,533 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $2,456,745) 3.10 04/01/2008 2,456,533
375,617 BANK OF IRELAND+/-++ 3.06 10/14/2008 375,502
75,123 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $75,128) 2.50 04/01/2008 75,123
300,493 BNP PARIBAS+/- 3.13 08/07/2008 300,249
1,660,226 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,660,368) 3.08 04/01/2008 1,660,226
946,554 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $946,634) 3.04 04/01/2008 946,554
796,307 BRYANT BANK FUNDING 2.98 04/09/2008 795,780
225,370 CAFCO LLC 2.70 04/18/2008 225,083
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 101
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 619,016 CAFCO LLC 3.08% 04/07/2008 $ 618,699
1,540,029 CHARIOT FUNDING LLC 2.97 04/14/2008 1,538,377
1,126,850 CHARTA LLC 3.08 04/09/2008 1,126,079
976,604 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 878,943
751,233 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 676,110
1,502,467 CIESCO LLC 3.08 04/08/2008 1,501,567
1,517,492 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,517,492
2,411,459 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $2,411,667) 3.10 04/01/2008 2,411,459
1,126,850 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 1,123,471
443,228 EBBETS FUNDING LLC 3.65 04/01/2008 443,228
766,258 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 765,236
600,987 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 600,523
751,233 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 750,386
292,981 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 292,662
375,617 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 375,435
1,502,467 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 1,495,742
1,215,496 GALLEON CAPITAL LLC 2.88 04/16/2008 1,214,037
600,987 GALLEON CAPITAL LLC 3.10 04/18/2008 600,107
781,283 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 779,922
1,051,727 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 1,051,630
1,104,313 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,104,405) 3.00 04/01/2008 1,104,313
3,087,570 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $3,087,840) 3.15 04/01/2008 3,087,570
150,247 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 150,247
976,604 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 976,604
375,617 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 375,270
908,993 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $909,071) 3.10 04/01/2008 908,993
646,061 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $646,116) 3.04 04/01/2008 646,061
150,247 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 150,247
525,863 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 525,601
751,233 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 746,184
1,126,850 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 1,124,798
12,020 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 12,011
721,184 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 720,989
69,489 MORGAN STANLEY+/- 2.94 10/15/2008 69,454
1,134,363 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,134,460) 3.08 04/01/2008 1,134,363
643,418 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $643,463) 2.50 04/01/2008 643,418
751,233 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 746,457
1,051,727 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,050,015
682,060 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 681,887
217,858 PICAROS FUNDING LLC 2.60 04/11/2008 217,700
751,233 RANGER FUNDING CORPORATION 2.71 04/18/2008 750,272
450,740 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 450,175
540,888 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 540,719
450,740 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 450,699
300,493 SLM CORPORATION+/-++ 2.94 05/12/2008 299,952
465,765 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 415,276
751,233 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 669,800
90,148 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 90,134
751,233 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 750,401
946,554 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 945,413
450,740 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 450,258
251,753 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 251,695
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EQUITY INCOME PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 751,233 TULIP FUNDING CORPORATION 2.88% 04/21/2008 $ 750,032
375,617 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 375,367
375,617 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 375,403
225,370 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 225,313
751,233 VERSAILLES CDS LLC 3.00 04/11/2008 750,607
375,617 VERSAILLES CDS LLC 3.45 04/08/2008 375,365
646,061 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 576,028
375,617 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 334,900
751,233 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 713,672
1,802,960 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,802,686
58,473,607
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $61,379,842) 60,904,203
--------------
SHARES
SHORT-TERM INVESTMENTS: 0.48%
2,170,153 WELLS FARGO ADVANTAGE MONEY MARKET TRUST+++ 2,170,153
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,170,153) 2,170,153
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $437,255,082)* 113.55% $ 511,611,982
OTHER ASSETS AND LIABILITIES, NET (13.55) (61,038,677)
------ --------------
TOTAL NET ASSETS 100.00% $ 450,573,305
------ --------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $2,170,153.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 103
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.93%
APPAREL & ACCESSORY STORES: 1.27%
427,400 GAP INCORPORATED $ 8,411,232
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.52%
217,400 D.R. HORTON INCORPORATED 3,424,050
--------------
BUSINESS SERVICES: 2.20%
323,400 MICROSOFT CORPORATION 9,178,092
344,850 SUN MICROSYSTEMS INCORPORATED+ 5,355,521
14,533,613
--------------
CHEMICALS & ALLIED PRODUCTS: 11.85%
99,700 BIOGEN IDEC INCORPORATED+ 6,150,493
487,100 CELANESE CORPORATION CLASS A 19,021,255
39,200 CF INDUSTRIES HOLDINGS INCORPORATED 4,061,904
109,100 E.I. DU PONT DE NEMOURS & COMPANY 5,101,516
124,200 FOREST LABORATORIES INCORPORATED+ 4,969,242
145,200 INVITROGEN CORPORATION+<< 12,410,244
43,000 MOSAIC COMPANY+ 4,411,800
453,700 PFIZER INCORPORATED 9,495,941
113,100 PROCTER & GAMBLE COMPANY 7,924,917
137,200 TERRA INDUSTRIES INCORPORATED+<< 4,874,716
78,422,028
--------------
COMMUNICATIONS: 7.18%
704,600 AT&T INCORPORATED 26,986,180
301,300 TURKCELL ILETISIM HIZMETLERI AS ADR<< 6,294,157
389,400 VERIZON COMMUNICATIONS INCORPORATED 14,193,630
47,473,967
--------------
DEPOSITORY INSTITUTIONS: 12.54%
110,200 BANCO BRADESCO SA ADR<< 3,059,152
602,600 BANK OF AMERICA CORPORATION<< 22,844,566
180,600 BANK OF NEW YORK MELLON CORPORATION 7,536,438
349,500 BB&T CORPORATION<< 11,204,970
581,400 JPMORGAN CHASE & COMPANY 24,971,130
368,200 NEW YORK COMMUNITY BANCORP INCORPORATED<< 6,708,604
99,600 NORTHERN TRUST CORPORATION 6,620,412
82,945,272
--------------
EATING & DRINKING PLACES: 0.71%
175,500 JACK IN THE BOX INCORPORATED+ 4,715,685
--------------
ELECTRIC, GAS & SANITARY SERVICES: 7.64%
399,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 16,610,370
221,900 EDISON INTERNATIONAL 10,877,538
57,900 FIRSTENERGY CORPORATION 3,973,098
240,700 NORTHEAST UTILITIES 5,906,778
167,000 NRG ENERGY INCORPORATED+<< 6,511,330
333,400 XCEL ENERGY INCORPORATED 6,651,330
50,530,444
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.89%
209,900 COOPER INDUSTRIES LIMITED CLASS A 8,427,485
353,800 GENERAL ELECTRIC COMPANY 13,094,138
59,000 MEMC ELECTRONIC MATERIALS INCORPORATED+ 4,183,100
25,704,723
--------------
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.87%
112,900 SNAP-ON INCORPORATED $ 5,740,965
--------------
HOLDING & OTHER INVESTMENT OFFICES: 2.67%
221,900 ANNALY MORTGAGE MANAGEMENT INCORPORATED 3,399,508
65,000 EXTERRAN HOLDINGS INCORPORATED+<< 4,195,100
171,200 PROLOGIS<< 10,076,832
17,671,440
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 7.65%
19,900 APPLE INCORPORATED+ 2,855,650
183,400 CNH GLOBAL N.V.<< 9,542,302
104,400 CUMMINS INCORPORATED 4,888,008
214,700 HEWLETT-PACKARD COMPANY 9,803,202
79,900 INTERNATIONAL BUSINESS MACHINES CORPORATION 9,199,686
207,000 SANDISK CORPORATION+<< 4,671,990
154,000 TEREX CORPORATION+ 9,625,000
50,585,838
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 2.10%
161,200 AON CORPORATION 6,480,240
338,300 UNUMPROVIDENT CORPORATION 7,445,983
13,926,223
--------------
INSURANCE CARRIERS: 3.07%
82,800 ASSURANT INCORPORATED 5,039,208
94,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 7,182,996
168,900 THE TRAVELERS COMPANIES INCORPORATED 8,081,865
20,304,069
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.83%
56,800 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 5,516,416
--------------
MEDICAL MANAGEMENT SERVICES: 0.83%
126,100 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,521,919
--------------
METAL MINING: 1.69%
116,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 11,161,520
--------------
MISCELLANEOUS RETAIL: 1.66%
50,800 COSTCO WHOLESALE CORPORATION 3,300,476
189,600 CVS CAREMARK CORPORATION 7,680,696
10,981,172
--------------
MOTION PICTURES: 0.99%
208,400 WALT DISNEY COMPANY 6,539,592
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.42%
191,100 CAPITAL ONE FINANCIAL CORPORATION<< 9,405,942
--------------
OIL & GAS EXTRACTION: 3.31%
134,300 ANADARKO PETROLEUM CORPORATION 8,464,929
64,500 CIMAREX ENERGY COMPANY 3,530,730
135,200 OCCIDENTAL PETROLEUM CORPORATION 9,892,584
21,888,243
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 105
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 10.91%
156,400 CHEVRON CORPORATION $ 13,350,304
106,400 CONOCOPHILLIPS<< 8,108,744
362,900 EXXON MOBIL CORPORATION 30,694,082
59,700 HESS CORPORATION 5,264,346
155,900 MARATHON OIL CORPORATION 7,109,040
155,500 VALERO ENERGY CORPORATION 7,636,605
72,163,121
--------------
PIPELINES: 0.71%
142,800 THE WILLIAMS COMPANIES INCORPORATED 4,709,544
--------------
PRIMARY METAL INDUSTRIES: 1.08%
51,700 NUCOR CORPORATION 3,502,158
28,600 UNITED STATES STEEL CORPORATION<< 3,628,482
7,130,640
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.53%
52,900 GOLDMAN SACHS GROUP INCORPORATED 8,749,131
208,400 INVESCO LIMITED<< 5,076,624
128,100 LEHMAN BROTHERS HOLDINGS INCORPORATED 4,821,684
103,500 MORGAN STANLEY 4,729,950
23,377,389
--------------
TOBACCO PRODUCTS: 3.70%
225,300 ALTRIA GROUP INCORPORATED 5,001,660
111,700 LOEWS CORPORATION - CAROLINA GROUP<< 8,103,835
225,300 PHILIP MORRIS INTERNATIONAL+ 11,402,433
24,507,928
--------------
TRANSPORTATION EQUIPMENT: 2.62%
81,800 HARSCO CORPORATION 4,530,084
91,000 ITT CORPORATION 4,714,710
143,900 JOHNSON CONTROLS INCORPORATED 4,863,820
41,800 NORTHROP GRUMMAN CORPORATION 3,252,457
17,361,071
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.49%
47,600 NIKE INCORPORATED CLASS B 3,236,800
--------------
TOTAL COMMON STOCKS (COST $644,692,429) 647,890,846
--------------
COLLATERAL FOR SECURITIES LENDING: 15.10%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.60%
290,151 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 290,151
1,232,202 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 1,232,202
1,108,982 DREYFUS CASH MANAGEMENT FUND 1,108,982
1,355,423 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,355,423
3,986,758
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 14.50%
$ 2,587,625 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 2,584,552
455,915 APRECO LLC 2.70 04/17/2008 455,368
492,881 APRECO LLC 3.10 04/07/2008 492,626
2,981,930 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 2,977,291
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 192,224 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00% 04/18/2008 $ 191,951
616,101 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 615,486
4,029,302 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $4,029,649) 3.10 04/01/2008 4,029,302
616,101 BANK OF IRELAND+/-++ 3.06 10/14/2008 615,913
123,220 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $123,229) 2.50 04/01/2008 123,220
492,881 BNP PARIBAS+/- 3.13 08/07/2008 492,480
1,552,575 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,552,706) 3.04 04/01/2008 1,552,575
2,723,167 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $2,723,400) 3.08 04/01/2008 2,723,167
1,306,135 BRYANT BANK FUNDING 2.98 04/09/2008 1,305,270
369,661 CAFCO LLC 2.70 04/18/2008 369,189
1,015,335 CAFCO LLC 3.08 04/07/2008 1,014,814
2,526,015 CHARIOT FUNDING LLC 2.97 04/14/2008 2,523,306
1,848,304 CHARTA LLC 3.08 04/09/2008 1,847,039
1,601,863 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 1,441,677
1,232,202 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 1,108,982
2,464,405 CIESCO LLC 3.08 04/08/2008 2,462,929
2,489,049 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 2,489,049
3,955,370 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $3,955,711) 3.10 04/01/2008 3,955,370
1,848,304 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 1,842,761
726,999 EBBETS FUNDING LLC 3.65 04/01/2008 726,999
1,256,847 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 1,255,171
985,762 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 985,000
1,232,202 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 1,230,813
480,559 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 480,036
616,101 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 615,803
2,464,405 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 2,453,374
1,993,704 GALLEON CAPITAL LLC 2.88 04/16/2008 1,991,311
985,762 GALLEON CAPITAL LLC 3.10 04/18/2008 984,319
1,281,491 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,279,259
1,725,083 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 1,724,924
1,811,338 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,811,489) 3.00 04/01/2008 1,811,338
5,064,352 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $5,064,795) 3.15 04/01/2008 5,064,352
246,440 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 246,440
1,601,863 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 1,601,863
616,101 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 615,533
1,490,965 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,491,093) 3.10 04/01/2008 1,490,965
1,059,694 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $1,059,783) 3.04 04/01/2008 1,059,694
246,440 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 246,440
862,542 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 862,110
1,232,202 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 1,223,920
1,848,304 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 1,844,938
19,715 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 19,701
1,182,914 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 1,182,594
113,979 MORGAN STANLEY+/- 2.94 10/15/2008 113,921
1,055,360 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,055,433) 2.50 04/01/2008 1,055,360
1,860,626 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,860,785) 3.08 04/01/2008 1,860,626
1,232,202 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 1,224,368
1,725,083 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,722,276
1,118,741 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 1,118,458
357,339 PICAROS FUNDING LLC 2.60 04/11/2008 357,081
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 107
EQUITY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,232,202 RANGER FUNDING CORPORATION 2.71% 04/18/2008 $ 1,230,626
739,321 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 738,395
887,186 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 886,908
739,321 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 739,255
492,881 SLM CORPORATION+/-++ 2.94 05/12/2008 491,992
763,966 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 681,152
1,232,202 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 1,098,632
147,864 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 147,841
1,232,202 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,230,837
1,552,575 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 1,550,703
739,321 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 738,531
412,936 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 412,839
1,232,202 TULIP FUNDING CORPORATION 2.88 04/21/2008 1,230,231
616,101 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 615,692
616,101 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 615,751
369,661 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 369,568
1,232,202 VERSAILLES CDS LLC 3.00 04/11/2008 1,231,176
616,101 VERSAILLES CDS LLC 3.45 04/08/2008 615,688
1,059,694 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 944,823
616,101 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 549,316
1,232,202 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 1,170,592
2,957,286 YORKTOWN CAPITAL LLC 2.72 04/03/2008 2,956,841
95,910,693
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $100,523,548) 99,897,451
--------------
SHARES
SHORT-TERM INVESTMENTS: 3.19%
21,079,670 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 21,079,670
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $21,079,670) 21,079,670
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $766,295,647)* 116.22% $ 768,867,967
OTHER ASSETS AND LIABILITIES, NET (16.22) (107,293,820)
------ --------------
TOTAL NET ASSETS 100.00% $ 661,574,147
------ --------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of
$21,079,670.
* 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 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.69%
AMUSEMENT & RECREATION SERVICES: 0.11%
63,462 INTERNATIONAL GAME TECHNOLOGY $ 2,551,807
--------------
APPAREL & ACCESSORY STORES: 0.35%
17,479 ABERCROMBIE & FITCH COMPANY CLASS A<< 1,278,414
92,262 GAP INCORPORATED 1,815,716
63,639 KOHL'S CORPORATION<<+ 2,729,477
63,050 LIMITED BRANDS INCORPORATED<< 1,078,155
36,318 NORDSTROM INCORPORATED 1,183,967
8,085,729
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.11%
17,565 JONES APPAREL GROUP INCORPORATED 235,722
20,183 LIZ CLAIBORNE INCORPORATED<< 366,321
11,947 POLO RALPH LAUREN CORPORATION 696,391
17,795 VF CORPORATION 1,379,290
2,677,724
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.06%
27,392 AUTONATION INCORPORATED<<+ 410,058
8,722 AUTOZONE INCORPORATED<<+ 992,825
1,402,883
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.03%
11,777 RYDER SYSTEM INCORPORATED 717,337
--------------
BIOPHARMACEUTICALS: 0.82%
88,269 CELGENE CORPORATION+ 5,410,007
54,298 GENZYME CORPORATION+ 4,047,373
188,455 GILEAD SCIENCES INCORPORATED+ 9,711,086
19,168,466
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.13%
24,831 CENTEX CORPORATION<< 601,159
55,592 D.R. HORTON INCORPORATED 875,574
15,620 KB HOME<< 386,283
28,221 LENNAR CORPORATION CLASS A<< 530,837
43,365 PULTE HOMES INCORPORATED<< 630,961
3,024,814
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.74%
342,394 HOME DEPOT INCORPORATED<< 9,576,760
296,742 LOWE'S COMPANIES INCORPORATED 6,807,261
20,679 SHERWIN-WILLIAMS COMPANY<< 1,055,456
17,439,477
--------------
BUSINESS SERVICES: 6.18%
115,433 ADOBE SYSTEMS INCORPORATED+ 4,108,260
19,471 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 975,692
33,908 AKAMAI TECHNOLOGIES INCORPORATED<<+ 954,849
46,846 AUTODESK INCORPORATED+ 1,474,712
106,059 AUTOMATIC DATA PROCESSING INCORPORATED 4,495,841
38,980 BMC SOFTWARE INCORPORATED<<+ 1,267,630
79,161 CA INCORPORATED<< 1,781,123
37,592 CITRIX SYSTEMS INCORPORATED+ 1,102,573
58,501 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,686,584
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 109
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (CONTINUED)
33,199 COMPUTER SCIENCES CORPORATION+ $ 1,354,187
55,634 COMPUWARE CORPORATION+ 408,354
25,717 CONVERGYS CORPORATION+ 387,298
226,314 EBAY INCORPORATED+ 6,753,210
64,270 ELECTRONIC ARTS INCORPORATED+ 3,208,358
103,333 ELECTRONIC DATA SYSTEMS CORPORATION<< 1,720,494
26,303 EQUIFAX INCORPORATED 906,927
34,722 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,324,297
33,357 FISERV INCORPORATED+ 1,604,138
47,049 GOOGLE INCORPORATED CLASS A+ 20,723,673
37,197 IMS HEALTH INCORPORATED 781,509
95,590 INTERPUBLIC GROUP OF COMPANIES INCORPORATED<<+ 803,912
66,492 INTUIT INCORPORATED<<+ 1,795,949
106,227 JUNIPER NETWORKS INCORPORATED<<+ 2,655,675
1,623,903 MICROSOFT CORPORATION 46,086,367
25,467 MONSTER WORLDWIDE INCORPORATED+ 616,556
71,439 NOVELL INCORPORATED+ 449,351
65,045 OMNICOM GROUP INCORPORATED 2,873,688
802,450 ORACLE CORPORATION<<+ 15,695,922
32,224 ROBERT HALF INTERNATIONAL INCORPORATED 829,446
160,843 SUN MICROSYSTEMS INCORPORATED<<+ 2,497,884
171,728 SYMANTEC CORPORATION<<+ 2,854,119
40,343 TOTAL SYSTEM SERVICES INCORPORATED 954,515
71,701 UNISYS CORPORATION<<+ 317,635
43,293 VERISIGN INCORPORATED<<+ 1,439,059
271,292 YAHOO! INCORPORATED+ 7,848,478
144,738,265
--------------
CHEMICALS & ALLIED PRODUCTS: 10.32%
313,609 ABBOTT LABORATORIES 17,295,536
43,508 AIR PRODUCTS & CHEMICALS INCORPORATED 4,002,736
220,664 AMGEN INCORPORATED+ 9,219,342
21,603 AVERY DENNISON CORPORATION 1,063,948
86,585 AVON PRODUCTS INCORPORATED 3,423,571
21,892 BARR PHARMACEUTICALS INCORPORATED+ 1,057,603
60,409 BIOGEN IDEC INCORPORATED+ 3,726,631
401,590 BRISTOL-MYERS SQUIBB COMPANY 8,553,867
28,172 CLOROX COMPANY 1,595,662
103,435 COLGATE-PALMOLIVE COMPANY 8,058,621
190,633 DOW CHEMICAL COMPANY 7,024,826
182,465 E.I. DU PONT DE NEMOURS & COMPANY<< 8,532,063
16,180 EASTMAN CHEMICAL COMPANY 1,010,441
35,609 ECOLAB INCORPORATED 1,546,499
200,690 ELI LILLY & COMPANY 10,353,597
23,154 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,061,611
63,174 FOREST LABORATORIES INCORPORATED+ 2,527,592
32,196 HOSPIRA INCORPORATED<<+ 1,377,023
16,438 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 724,094
574,696 JOHNSON & JOHNSON 37,280,530
49,920 KING PHARMACEUTICALS INCORPORATED+ 434,304
111,180 MONSANTO COMPANY 12,396,570
61,752 MYLAN LABORATORIES INCORPORATED<<+ 716,323
1,371,712 PFIZER INCORPORATED 28,709,932
33,237 PPG INDUSTRIES INCORPORATED 2,011,171
63,555 PRAXAIR INCORPORATED 5,353,238
624,382 PROCTER & GAMBLE COMPANY 43,750,447
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (CONTINUED)
25,434 ROHM & HAAS COMPANY<< $ 1,375,471
328,878 SCHERING-PLOUGH CORPORATION 4,739,132
26,252 SIGMA-ALDRICH CORPORATION 1,565,932
271,455 WYETH<< 11,335,961
241,824,274
--------------
COAL MINING: 0.23%
37,027 CONSOL ENERGY INCORPORATED<< 2,561,898
54,984 PEABODY ENERGY CORPORATION 2,804,184
5,366,082
--------------
COMMUNICATIONS: 4.25%
82,116 AMERICAN TOWER CORPORATION CLASS A+ 3,219,768
1,224,566 AT&T INCORPORATED 46,900,878
21,637 CENTURYTEL INCORPORATED 719,214
66,498 CITIZENS COMMUNICATIONS COMPANY 697,564
101,012 CLEAR CHANNEL COMMUNICATIONS INCORPORATED<< 2,951,571
610,898 COMCAST CORPORATION CLASS A 11,814,767
144,557 DIRECTV GROUP INCORPORATED+ 3,583,568
31,125 EMBARQ CORPORATION 1,248,113
36,660 IAC/INTERACTIVECORP+ 761,062
311,942 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 1,413,097
578,012 SPRINT NEXTEL CORPORATION<<+ 3,866,900
582,477 VERIZON COMMUNICATIONS INCORPORATED 21,231,287
92,106 WINDSTREAM CORPORATION 1,100,667
99,508,456
--------------
DEPOSITORY INSTITUTIONS: 7.68%
901,267 BANK OF AMERICA CORPORATION<< 34,167,032
231,568 BANK OF NEW YORK MELLON CORPORATION 9,663,333
110,819 BB&T CORPORATION<< 3,552,857
1,056,291 CITIGROUP INCORPORATED<< 22,625,753
30,537 COMERICA INCORPORATED<< 1,071,238
108,097 FIFTH THIRD BANCORP 2,261,389
25,649 FIRST HORIZON NATIONAL CORPORATION<< 359,342
105,170 HUDSON CITY BANCORP INCORPORATED 1,859,406
74,305 HUNTINGTON BANCSHARES INCORPORATED<< 798,779
689,111 JPMORGAN CHASE & COMPANY 29,597,317
80,903 KEYCORP 1,775,821
15,622 M&T BANK CORPORATION<< 1,257,259
53,112 MARSHALL & ILSLEY CORPORATION<< 1,232,198
128,619 NATIONAL CITY CORPORATION 1,279,759
38,939 NORTHERN TRUST CORPORATION 2,588,275
69,138 PNC FINANCIAL SERVICES GROUP<< 4,533,379
140,722 REGIONS FINANCIAL CORPORATION<< 2,779,260
73,308 SOVEREIGN BANCORP INCORPORATED<<+ 683,233
78,607 STATE STREET CORPORATION 6,209,953
71,178 SUNTRUST BANKS INCORPORATED<< 3,924,755
350,941 US BANCORP 11,356,451
402,117 WACHOVIA CORPORATION<< 10,857,159
179,058 WASHINGTON MUTUAL INCORPORATED<< 1,844,297
668,877 WELLS FARGO & COMPANY<<(L) 19,464,321
152,092 WESTERN UNION COMPANY 3,234,997
21,737 ZIONS BANCORPORATION 990,120
179,967,683
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 111
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
E-COMMERCE/SERVICES: 0.19%
62,579 AMAZON.COM INCORPORATED+ $ 4,461,883
--------------
EATING & DRINKING PLACES: 0.77%
29,069 DARDEN RESTAURANTS INCORPORATED 946,196
233,652 MCDONALD'S CORPORATION 13,030,772
17,733 WENDY'S INTERNATIONAL INCORPORATED 408,923
96,471 YUM! BRANDS INCORPORATED 3,589,686
17,975,577
--------------
EDUCATIONAL SERVICES: 0.05%
27,868 APOLLO GROUP INCORPORATED CLASS A<<+ 1,203,898
--------------
ELECTRIC, GAS & SANITARY SERVICES: 4.00%
135,783 AES CORPORATION+ 2,263,503
33,927 ALLEGHENY ENERGY INCORPORATED 1,713,314
68,409 ALLIED WASTE INDUSTRIES INCORPORATED+ 739,501
42,348 AMEREN CORPORATION 1,865,006
81,241 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,382,063
66,414 CENTERPOINT ENERGY INCORPORATED 947,728
45,685 CMS ENERGY CORPORATION 618,575
55,213 CONSOLIDATED EDISON INCORPORATED<< 2,191,956
36,098 CONSTELLATION ENERGY GROUP INCORPORATED 3,186,370
116,627 DOMINION RESOURCES INCORPORATED 4,763,047
33,117 DTE ENERGY COMPANY<< 1,287,920
256,218 DUKE ENERGY CORPORATION 4,573,491
100,607 DYNEGY INCORPORATED CLASS A+ 793,789
66,102 EDISON INTERNATIONAL 3,240,320
142,179 EL PASO CORPORATION 2,365,859
38,786 ENTERGY CORPORATION<< 4,230,777
134,152 EXELON CORPORATION 10,902,533
61,846 FIRSTENERGY CORPORATION 4,243,873
82,649 FPL GROUP INCORPORATED 5,185,398
15,505 INTEGRYS ENERGY GROUP INCORPORATED 723,153
9,157 NICOR INCORPORATED 306,851
55,622 NISOURCE INCORPORATED 958,923
40,802 PEPCO HOLDINGS INCORPORATED 1,008,625
72,176 PG&E CORPORATION 2,657,520
20,389 PINNACLE WEST CAPITAL CORPORATION 715,246
75,751 PPL CORPORATION 3,478,486
52,770 PROGRESS ENERGY INCORPORATED 2,200,509
103,159 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 4,145,960
35,057 QUESTAR CORPORATION 1,982,824
53,015 SEMPRA ENERGY 2,824,639
128,333 SPECTRA ENERGY CORPORATION<< 2,919,576
42,791 TECO ENERGY INCORPORATED<< 682,516
155,149 THE SOUTHERN COMPANY<< 5,524,856
100,500 WASTE MANAGEMENT INCORPORATED 3,372,763
87,068 XCEL ENERGY INCORPORATED 1,737,007
93,734,477
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.37%
122,858 ADVANCED MICRO DEVICES INCORPORATED<<+ 723,634
62,348 ALTERA CORPORATION<< 1,149,074
59,635 ANALOG DEVICES INCORPORATED 1,760,425
94,839 BROADCOM CORPORATION CLASS A+ 1,827,548
17,662 CIENA CORPORATION<<+ 544,519
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
1,209,405 CISCO SYSTEMS INCORPORATED+ $ 29,134,566
35,760 COOPER INDUSTRIES LIMITED CLASS A 1,435,764
159,718 EMERSON ELECTRIC COMPANY 8,219,088
2,025,956 GENERAL ELECTRIC COMPANY 74,980,632
12,269 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED<< 534,192
42,214 JABIL CIRCUIT INCORPORATED<< 399,344
45,630 JDS UNIPHASE CORPORATION<<+ 610,986
36,529 KLA-TENCOR CORPORATION<< 1,355,226
24,833 L-3 COMMUNICATIONS HOLDINGS INCORPORATED<< 2,715,240
44,829 LINEAR TECHNOLOGY CORPORATION<< 1,375,802
134,124 LSI LOGIC CORPORATION<<+ 663,914
46,341 MEMC ELECTRONIC MATERIALS INCORPORATED+ 3,285,577
38,305 MICROCHIP TECHNOLOGY INCORPORATED<< 1,253,723
154,277 MICRON TECHNOLOGY INCORPORATED+ 921,034
28,526 MOLEX INCORPORATED 660,662
457,465 MOTOROLA INCORPORATED 4,254,425
46,024 NATIONAL SEMICONDUCTOR CORPORATION 843,160
69,696 NETAPP INCORPORATED+ 1,397,405
20,687 NOVELLUS SYSTEMS INCORPORATED<<+ 435,461
112,717 NVIDIA CORPORATION+ 2,230,669
27,254 QLOGIC CORPORATION<<+ 418,349
327,111 QUALCOMM INCORPORATED 13,411,551
32,947 ROCKWELL COLLINS INCORPORATED 1,882,921
83,949 TELLABS INCORPORATED<<+ 457,522
269,092 TEXAS INSTRUMENTS INCORPORATED 7,607,231
98,889 TYCO ELECTRONICS LIMITED 3,393,870
15,342 WHIRLPOOL CORPORATION<< 1,331,379
58,089 XILINX INCORPORATED<< 1,379,614
172,594,507
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.34%
17,974 FLUOR CORPORATION 2,537,210
24,618 JACOBS ENGINEERING GROUP INCORPORATED+ 1,811,639
41,728 MOODY'S CORPORATION<< 1,453,386
65,668 PAYCHEX INCORPORATED<< 2,249,786
8,052,021
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.32%
19,790 BALL CORPORATION 909,153
31,253 FORTUNE BRANDS INCORPORATED 2,172,084
81,246 ILLINOIS TOOL WORKS INCORPORATED 3,918,495
11,704 SNAP-ON INCORPORATED 595,148
7,594,880
---------------
FINANCIAL SERVICES: 0.03%
29,970 JANUS CAPITAL GROUP INCORPORATED 697,402
---------------
FOOD & KINDRED PRODUCTS: 4.13%
145,093 ANHEUSER-BUSCH COMPANIES INCORPORATED 6,884,663
130,573 ARCHER DANIELS MIDLAND COMPANY 5,374,385
44,667 CAMPBELL SOUP COMPANY 1,516,445
58,342 COCA-COLA ENTERPRISES INCORPORATED 1,411,876
98,924 CONAGRA FOODS INCORPORATED 2,369,230
39,373 CONSTELLATION BRANDS INCORPORATED CLASS A<<+ 695,721
68,324 GENERAL MILLS INCORPORATED 4,091,241
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 113
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS (continued)
63,939 H.J. HEINZ COMPANY $ 3,003,215
23,025 HERCULES INCORPORATED 421,127
52,872 KELLOGG COMPANY 2,778,952
311,088 KRAFT FOODS INCORPORATED CLASS A 9,646,839
25,961 MCCORMICK & COMPANY INCORPORATED 959,778
27,906 MOLSON COORS BREWING COMPANY 1,467,018
27,834 PEPSI BOTTLING GROUP INCORPORATED 943,851
324,981 PEPSICO INCORPORATED 23,463,628
144,490 SARA LEE CORPORATION 2,019,970
405,499 THE COCA-COLA COMPANY<< 24,682,724
34,128 THE HERSHEY COMPANY<< 1,285,602
55,545 TYSON FOODS INCORPORATED CLASS A 885,943
43,911 WM. WRIGLEY JR. COMPANY 2,759,367
96,661,575
---------------
FOOD STORES: 0.41%
136,481 KROGER COMPANY 3,466,617
89,310 SAFEWAY INCORPORATED 2,621,249
148,188 STARBUCKS CORPORATION<<+ 2,593,290
28,304 WHOLE FOODS MARKET INCORPORATED<< 933,183
9,614,339
---------------
FORESTRY: 0.12%
42,515 WEYERHAEUSER COMPANY<< 2,765,176
---------------
FURNITURE & FIXTURES: 0.14%
34,004 LEGGETT & PLATT INCORPORATED<< 518,561
73,992 MASCO CORPORATION 1,467,261
56,138 NEWELL RUBBERMAID INCORPORATED 1,283,876
3,269,698
---------------
GENERAL MERCHANDISE STORES: 1.83%
18,342 BIG LOTS INCORPORATED<<+ 409,027
28,511 FAMILY DOLLAR STORES INCORPORATED<< 555,965
44,983 JCPENNEY COMPANY INCORPORATED 1,696,309
87,847 MACY'S INCORPORATED 2,025,752
14,800 SEARS HOLDINGS CORPORATION<<+ 1,510,932
166,103 TARGET CORPORATION 8,418,100
88,665 TJX COMPANIES INCORPORATED<< 2,932,152
479,387 WAL-MART STORES INCORPORATED 25,254,107
42,802,344
---------------
HEALTH SERVICES: 0.28%
72,348 CARDINAL HEALTH INCORPORATED 3,798,993
22,418 LABORATORY CORPORATION OF AMERICA HOLDINGS<<+ 1,651,758
96,248 TENET HEALTHCARE CORPORATION+ 544,764
21,030 WATSON PHARMACEUTICALS INCORPORATED<<+ 616,600
6,612,115
---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.21%
18,612 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A<< 666,506
15,590 AVALONBAY COMMUNITIES INCORPORATED 1,504,747
24,242 BOSTON PROPERTIES INCORPORATED 2,231,961
24,234 DEVELOPERS DIVERSIFIED REALTY CORPORATION 1,014,920
54,707 EQUITY RESIDENTIAL 2,269,793
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES (continued)
54,123 GENERAL GROWTH PROPERTIES INCORPORATED $ 2,065,875
47,648 HCP INCORPORATED 1,610,979
106,218 HOST HOTELS & RESORTS INCORPORATED 1,690,991
51,301 KIMCO REALTY CORPORATION 2,009,460
34,723 PLUM CREEK TIMBER COMPANY<< 1,413,226
52,385 PROLOGIS<< 3,083,381
25,267 PUBLIC STORAGE INCORPORATED 2,239,162
45,252 SIMON PROPERTY GROUP INCORPORATED<< 4,204,363
27,383 VORNADO REALTY TRUST<< 2,360,688
28,366,052
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.19%
53,146 BED BATH & BEYOND INCORPORATED<<+ 1,567,807
71,490 BEST BUY COMPANY INCORPORATED<< 2,963,975
4,531,782
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.21%
61,055 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 2,097,850
38,200 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,976,850
35,915 WYNDHAM WORLDWIDE CORPORATION<< 742,722
4,817,422
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 8.13%
143,575 3M COMPANY<< 11,363,961
178,312 APPLE INCORPORATED+ 25,587,772
274,629 APPLIED MATERIALS INCORPORATED 5,358,012
62,772 BAKER HUGHES INCORPORATED 4,299,882
12,360 BLACK & DECKER CORPORATION<< 816,996
44,291 CAMERON INTERNATIONAL CORPORATION<<+ 1,844,277
126,598 CATERPILLAR INCORPORATED 9,911,357
41,022 CUMMINS INCORPORATED 1,920,650
88,465 DEERE & COMPANY 7,116,125
454,665 DELL INCORPORATED+ 9,056,927
38,939 DOVER CORPORATION 1,626,871
29,722 EATON CORPORATION 2,367,952
426,177 EMC CORPORATION 6,111,378
32,657 GAMESTOP CORPORATION CLASS A+ 1,688,693
500,175 HEWLETT-PACKARD COMPANY 22,837,991
55,315 INGERSOLL-RAND COMPANY LIMITED CLASS A<< 2,465,943
1,174,306 INTEL CORPORATION 24,871,801
280,861 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,338,336
19,265 LEXMARK INTERNATIONAL INCORPORATED+ 591,821
26,347 MANITOWOC COMPANY INCORPORATED 1,074,958
72,428 NATIONAL OILWELL VARCO INCORPORATED+ 4,228,347
24,873 PALL CORPORATION 872,296
34,186 PARKER HANNIFIN CORPORATION 2,368,064
42,826 PITNEY BOWES INCORPORATED 1,499,767
46,478 SANDISK CORPORATION<<+ 1,049,008
40,741 SMITH INTERNATIONAL INCORPORATED 2,616,794
15,880 STANLEY WORKS 756,206
36,436 TERADATA CORPORATION+ 803,778
20,613 TEREX CORPORATION+ 1,288,313
35,258 TRANE INCORPORATED 1,618,342
190,352,618
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 115
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INSURANCE AGENTS, BROKERS & SERVICE: 0.35%
61,986 AON CORPORATION $ 2,491,837
34,525 HUMANA INCORPORATED<<+ 1,548,792
105,708 MARSH & MCLENNAN COMPANIES INCORPORATED 2,573,990
70,389 UNUMPROVIDENT CORPORATION 1,549,262
8,163,881
---------------
INSURANCE CARRIERS: 4.68%
66,929 ACE LIMITED 3,685,111
100,753 AETNA INCORPORATED 4,240,694
96,321 AFLAC INCORPORATED 6,256,049
113,701 ALLSTATE CORPORATION 5,464,470
58,191 AMBAC FINANCIAL GROUP INCORPORATED<< 334,598
511,747 AMERICAN INTERNATIONAL GROUP INCORPORATED 22,133,058
19,408 ASSURANT INCORPORATED 1,181,171
75,118 CHUBB CORPORATION 3,716,839
56,825 CIGNA CORPORATION 2,305,390
33,570 CINCINNATI FINANCIAL CORPORATION 1,277,003
87,777 GENWORTH FINANCIAL INCORPORATED 1,987,271
63,708 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,827,155
34,319 LEUCADIA NATIONAL CORPORATION 1,551,905
53,677 LINCOLN NATIONAL CORPORATION 2,791,204
89,198 LOEWS CORPORATION 3,587,544
42,639 MBIA INCORPORATED<<+ 521,049
143,880 METLIFE INCORPORATED 8,670,209
24,141 MGIC INVESTMENT CORPORATION<< 254,205
52,417 PRINCIPAL FINANCIAL GROUP INCORPORATED 2,920,675
90,487 PRUDENTIAL FINANCIAL INCORPORATED<< 7,080,608
18,207 SAFECO CORPORATION 798,923
137,631 THE PROGRESSIVE CORPORATION<< 2,211,730
125,856 THE TRAVELERS COMPANIES INCORPORATED<< 6,022,210
18,456 TORCHMARK CORPORATION 1,109,390
253,888 UNITEDHEALTH GROUP INCORPORATED 8,723,592
109,952 WELLPOINT INCORPORATED<<+ 4,852,182
36,094 XL CAPITAL LIMITED CLASS A 1,066,578
109,570,813
---------------
LEATHER & LEATHER PRODUCTS: 0.09%
71,398 COACH INCORPORATED+ 2,152,650
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.66%
74,062 AGILENT TECHNOLOGIES INCORPORATED+ 2,209,269
33,958 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 1,115,860
49,515 BECTON DICKINSON & COMPANY 4,250,863
272,494 BOSTON SCIENTIFIC CORPORATION<<+ 3,507,001
20,356 C.R. BARD INCORPORATED<< 1,962,318
101,189 COVIDIEN LIMITED 4,477,613
51,663 DANAHER CORPORATION 3,927,938
58,460 EASTMAN KODAK COMPANY<< 1,032,988
11,164 MILLIPORE CORPORATION+ 752,565
23,864 PERKINELMER INCORPORATED 578,702
31,906 QUEST DIAGNOSTICS INCORPORATED 1,444,385
86,507 RAYTHEON COMPANY 5,589,217
30,100 ROCKWELL AUTOMATION INCORPORATED 1,728,342
35,372 TERADYNE INCORPORATED+ 439,320
84,928 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,827,308
20,280 WATERS CORPORATION<<+ 1,129,596
38,973,285
---------------
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEDICAL EQUIPMENT & SUPPLIES: 0.65%
227,846 MEDTRONIC INCORPORATED $ 11,020,911
69,796 ST. JUDE MEDICAL INCORPORATED+ 3,014,489
25,497 VARIAN MEDICAL SYSTEMS INCORPORATED<<+ 1,194,279
15,229,679
---------------
MEDICAL MANAGEMENT SERVICES: 0.39%
31,387 COVENTRY HEALTH CARE INCORPORATED+ 1,266,465
51,291 EXPRESS SCRIPTS INCORPORATED+ 3,299,037
106,296 MEDCO HEALTH SOLUTIONS INCORPORATED+ 4,654,702
9,220,204
---------------
MEDICAL PRODUCTS: 1.47%
62,069 ALLERGAN INCORPORATED 3,500,071
128,716 BAXTER INTERNATIONAL INCORPORATED 7,442,359
439,307 MERCK & COMPANY INCORPORATED 16,671,701
48,385 STRYKER CORPORATION 3,147,444
47,310 ZIMMER HOLDINGS INCORPORATED+ 3,683,557
34,445,132
---------------
METAL MINING: 0.50%
77,658 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,472,253
91,966 NEWMONT MINING CORPORATION<< 4,166,060
11,638,313
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
21,987 VULCAN MATERIALS COMPANY<< 1,459,937
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.33%
28,931 HASBRO INCORPORATED 807,175
73,314 MATTEL INCORPORATED 1,458,949
25,766 TIFFANY & COMPANY 1,078,049
98,391 TYCO INTERNATIONAL LIMITED 4,334,124
7,678,297
---------------
MISCELLANEOUS RETAIL: 1.27%
88,206 COSTCO WHOLESALE CORPORATION 5,730,744
290,508 CVS CAREMARK CORPORATION 11,768,479
11,590 DILLARD'S INCORPORATED CLASS A 199,464
55,381 OFFICE DEPOT INCORPORATED+ 611,960
15,400 OFFICEMAX INCORPORATED 294,756
26,598 RADIOSHACK CORPORATION 432,218
142,219 STAPLES INCORPORATED 3,144,462
201,137 WALGREEN COMPANY<< 7,661,308
29,843,391
---------------
MOTION PICTURES: 1.32%
466,812 NEWS CORPORATION CLASS A 8,752,725
725,587 TIME WARNER INCORPORATED 10,172,730
382,036 WALT DISNEY COMPANY<< 11,988,290
30,913,745
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.90%
62,786 FEDEX CORPORATION 5,818,379
209,858 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 15,323,831
21,142,210
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 117
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.20%
39,581 AMERICAN CAPITAL STRATEGIES LIMITED<< $ 1,352,087
234,554 AMERICAN EXPRESS COMPANY 10,254,701
75,673 CAPITAL ONE FINANCIAL CORPORATION<< 3,724,625
38,798 CIT GROUP INCORPORATED 459,756
117,833 COUNTRYWIDE FINANCIAL CORPORATION<< 648,082
97,208 DISCOVER FINANCIAL SERVICES 1,591,295
198,480 FANNIE MAE<< 5,223,994
131,077 FREDDIE MAC 3,318,870
94,660 SLM CORPORATION+ 1,453,031
28,026,441
---------------
OFFICE EQUIPMENT: 0.12%
186,162 XEROX CORPORATION 2,786,845
---------------
OIL & GAS EXTRACTION: 4.61%
94,964 ANADARKO PETROLEUM CORPORATION 5,985,581
67,559 APACHE CORPORATION 8,162,478
59,433 BJ SERVICES COMPANY 1,694,435
92,814 CHESAPEAKE ENERGY CORPORATION 4,283,366
90,160 DEVON ENERGY CORPORATION<< 9,406,393
29,201 ENSCO INTERNATIONAL INCORPORATED 1,828,567
50,116 EOG RESOURCES INCORPORATED<< 6,013,920
178,571 HALLIBURTON COMPANY 7,023,197
56,945 NABORS INDUSTRIES LIMITED<<+ 1,923,033
54,504 NOBLE CORPORATION 2,707,214
34,862 NOBLE ENERGY INCORPORATED 2,537,954
166,887 OCCIDENTAL PETROLEUM CORPORATION 12,211,122
30,413 RANGE RESOURCES CORPORATION<< 1,929,705
22,583 ROWAN COMPANIES INCORPORATED 929,968
242,999 SCHLUMBERGER LIMITED 21,140,913
64,466 TRANSOCEAN INCORPORATED+ 8,715,855
68,823 WEATHERFORD INTERNATIONAL LIMITED+ 4,987,603
103,537 XTO ENERGY INCORPORATED 6,404,799
107,886,103
---------------
PAPER & ALLIED PRODUCTS: 0.19%
20,212 BEMIS COMPANY INCORPORATED<< 513,991
86,786 INTERNATIONAL PAPER COMPANY 2,360,579
35,272 MEADWESTVACO CORPORATION 960,104
26,456 PACTIV CORPORATION+ 693,412
4,528,086
---------------
PERSONAL SERVICES: 0.09%
26,502 CINTAS CORPORATION 756,367
66,013 H & R BLOCK INCORPORATED<< 1,370,430
2,126,797
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 7.45%
11,358 ASHLAND INCORPORATED 537,233
421,330 CHEVRON CORPORATION 35,964,729
316,808 CONOCOPHILLIPS<< 24,143,938
1,085,447 EXXON MOBIL CORPORATION<< 91,807,107
56,589 HESS CORPORATION 4,990,018
143,839 MARATHON OIL CORPORATION 6,559,058
38,493 MURPHY OIL CORPORATION<< 3,161,815
23,861 SUNOCO INCORPORATED<< 1,251,987
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES (continued)
27,917 TESORO PETROLEUM CORPORATION $ 837,510
108,473 VALERO ENERGY CORPORATION 5,327,109
174,580,504
---------------
PIPELINES: 0.17%
118,692 THE WILLIAMS COMPANIES INCORPORATED 3,914,462
---------------
PRIMARY METAL INDUSTRIES: 0.75%
165,224 ALCOA INCORPORATED 5,957,977
20,481 ALLEGHENY TECHNOLOGIES INCORPORATED 1,461,524
58,440 NUCOR CORPORATION 3,958,726
28,187 PRECISION CASTPARTS CORPORATION 2,877,329
20,057 TITANIUM METALS CORPORATION<< 301,858
23,899 UNITED STATES STEEL CORPORATION<< 3,032,066
17,589,480
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.67%
138,108 CBS CORPORATION CLASS B 3,049,425
18,165 E.W. SCRIPPS COMPANY CLASS A 763,112
46,623 GANNETT COMPANY INCORPORATED<< 1,354,398
65,488 MCGRAW-HILL COMPANIES INCORPORATED 2,419,782
7,651 MEREDITH CORPORATION 292,651
29,170 NEW YORK TIMES COMPANY CLASS A<< 550,730
43,592 RR DONNELLEY & SONS COMPANY 1,321,274
130,026 VIACOM INCORPORATED CLASS B<<+ 5,151,630
1,177 WASHINGTON POST COMPANY CLASS B 778,586
15,681,588
---------------
RAILROAD TRANSPORTATION: 0.89%
60,048 BURLINGTON NORTHERN SANTA FE CORPORATION 5,537,627
81,836 CSX CORPORATION 4,588,545
76,352 NORFOLK SOUTHERN CORPORATION 4,147,441
52,892 UNION PACIFIC CORPORATION 6,631,599
20,905,212
---------------
REAL ESTATE: 0.03%
35,254 CB RICHARD ELLIS GROUP INCORPORATED CLASS A<<+ 762,897
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.09%
32,787 SEALED AIR CORPORATION 827,872
48,729 THE GOODYEAR TIRE & RUBBER COMPANY+ 1,257,208
2,085,080
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.58%
46,046 AMERIPRISE FINANCIAL INCORPORATED 2,387,485
23,959 BEAR STEARNS COMPANIES INCORPORATED<< 251,330
190,494 CHARLES SCHWAB CORPORATION 3,587,002
10,817 CME GROUP INCORPORATED 5,074,255
93,732 E*TRADE FINANCIAL CORPORATION<<+ 361,806
17,546 FEDERATED INVESTORS INCORPORATED CLASS B 687,101
31,906 FRANKLIN RESOURCES INCORPORATED 3,094,563
80,162 GOLDMAN SACHS GROUP INCORPORATED 13,257,993
14,229 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,856,885
27,352 LEGG MASON INCORPORATED 1,531,165
107,649 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 4,051,908
197,114 MERRILL LYNCH & COMPANY INCORPORATED<< 8,030,424
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 119
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
224,105 MORGAN STANLEY $ 10,241,583
53,764 NYSE EURONEXT INCORPORATED 3,317,776
53,512 T.ROWE PRICE GROUP INCORPORATED 2,675,600
60,406,876
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.33%
319,425 CORNING INCORPORATED 7,678,977
---------------
TOBACCO PRODUCTS: 1.49%
427,745 ALTRIA GROUP INCORPORATED 9,495,939
427,745 PHILIP MORRIS INTERNATIONAL+ 21,635,342
34,714 REYNOLDS AMERICAN INCORPORATED<< 2,049,167
30,325 UST INCORPORATED 1,653,319
34,833,767
---------------
TRANSPORTATION BY AIR: 0.08%
149,256 SOUTHWEST AIRLINES COMPANY 1,850,774
---------------
TRANSPORTATION EQUIPMENT: 3.18%
155,174 BOEING COMPANY 11,540,290
17,766 BRUNSWICK CORPORATION<< 283,723
447,770 FORD MOTOR COMPANY<<+ 2,561,244
81,605 GENERAL DYNAMICS CORPORATION 6,803,409
114,845 GENERAL MOTORS CORPORATION<< 2,187,797
33,538 GENUINE PARTS COMPANY 1,348,898
25,376 GOODRICH CORPORATION 1,459,374
48,388 HARLEY-DAVIDSON INCORPORATED<< 1,814,550
151,025 HONEYWELL INTERNATIONAL INCORPORATED 8,520,831
36,837 ITT CORPORATION 1,908,525
120,467 JOHNSON CONTROLS INCORPORATED 4,071,785
69,554 LOCKHEED MARTIN CORPORATION 6,906,712
68,559 NORTHROP GRUMMAN CORPORATION 5,334,576
74,393 PACCAR INCORPORATED 3,347,685
50,455 TEXTRON INCORPORATED 2,796,216
199,136 UNITED TECHNOLOGIES CORPORATION 13,704,540
74,590,155
---------------
TRANSPORTATION SERVICES: 0.16%
34,764 C.H.ROBINSON WORLDWIDE INCORPORATED 1,891,162
43,244 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,953,764
3,844,926
---------------
TRAVEL & RECREATION: 0.19%
88,566 CARNIVAL CORPORATION<< 3,585,152
42,299 EXPEDIA INCORPORATED<<+ 925,925
4,511,077
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.70%
32,990 AMERISOURCEBERGEN CORPORATION 1,351,930
17,112 BROWN-FORMAN CORPORATION CLASS B 1,133,157
30,707 DEAN FOODS COMPANY<<+ 616,904
58,712 MCKESSON CORPORATION 3,074,747
77,682 NIKE INCORPORATED CLASS B 5,282,376
42,914 SUPERVALU INCORPORATED 1,286,562
122,458 SYSCO CORPORATION 3,553,731
16,299,407
---------------
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 0.32%
85,264 KIMBERLY-CLARK CORPORATION $ 5,503,791
26,242 PATTERSON COMPANIES INCORPORATED<<+ 952,585
13,617 W.W. GRAINGER INCORPORATED 1,040,203
7,496,579
---------------
TOTAL COMMON STOCKS (COST $1,991,400,583) 2,335,398,333
---------------
RIGHTS: 0.00%
32,300 SEAGATE TECHNOLOGY RIGHTS+(A)(I) 0
TOTAL RIGHTS (COST $0) 0
---------------
COLLATERAL FOR SECURITIES LENDING: 18.17%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.73%
1,236,281 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 1,236,281
5,250,183 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 5,250,183
4,725,165 DREYFUS CASH MANAGEMENT FUND 4,725,165
5,775,202 SCUDDER DAILY ASSETS MONEY MARKET FUND 5,775,202
16,986,831
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 17.44%
$11,025,385 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 11,012,292
1,942,568 APRECO LLC 2.70 04/17/2008 1,940,237
2,100,073 APRECO LLC 3.10 04/07/2008 2,098,988
12,705,444 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 12,685,680
819,029 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 817,868
2,625,092 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 2,622,469
17,168,100 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $17,169,578) 3.10 04/01/2008 17,168,100
2,625,092 BANK OF IRELAND+/-++ 3.06 10/14/2008 2,624,291
525,018 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE
$525,054) 2.50 04/01/2008 525,018
2,100,073 BNP PARIBAS+/- 3.13 08/07/2008 2,098,364
11,602,905 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $11,603,898) 3.08 04/01/2008 11,602,905
6,615,231 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $6,615,790) 3.04 04/01/2008 6,615,231
5,565,194 BRYANT BANK FUNDING 2.98 04/09/2008 5,561,509
1,575,055 CAFCO LLC 2.70 04/18/2008 1,573,047
4,326,151 CAFCO LLC 3.08 04/07/2008 4,323,930
10,762,876 CHARIOT FUNDING LLC 2.97 04/14/2008 10,751,333
7,875,275 CHARTA LLC 3.08 04/09/2008 7,869,885
6,825,238 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 6,142,715
5,250,183 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 4,725,165
10,500,367 CIESCO LLC 3.08 04/08/2008 10,494,078
10,605,370 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 10,605,370
16,853,089 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $16,854,540) 3.10 04/01/2008 16,853,089
7,875,275 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 7,851,657
3,097,608 EBBETS FUNDING LLC 3.65 04/01/2008 3,097,608
5,355,187 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 5,348,047
4,200,147 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 4,196,902
5,250,183 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 5,244,262
2,047,572 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 2,045,342
2,625,092 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 2,623,823
10,500,367 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 10,453,367
8,494,797 GALLEON CAPITAL LLC 2.88 04/16/2008 8,484,603
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 121
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS: 17.44%
$ 4,200,147 GALLEON CAPITAL LLC 3.10% 04/18/2008 $ 4,193,998
5,460,191 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 5,450,681
7,350,257 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 7,349,579
7,717,770 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $7,718,413) 3.00 04/01/2008 7,717,770
21,578,254 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $21,580,142) 3.15 04/01/2008 21,578,254
1,050,037 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 1,050,037
6,825,238 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 6,825,238
2,625,092 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 2,622,671
6,352,722 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $6,353,269) 3.10 04/01/2008 6,352,722
4,515,158 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $4,515,539) 3.04 04/01/2008 4,515,158
1,050,037 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 1,050,037
3,675,128 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 3,673,291
5,250,183 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 5,214,892
7,875,275 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 7,860,935
84,003 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 83,943
5,040,176 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 5,038,811
485,642 MORGAN STANLEY+/- 2.94 10/15/2008 485,396
4,496,691 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $4,497,003) 2.50 04/01/2008 4,496,691
7,927,777 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $7,928,455) 3.08 04/01/2008 7,927,777
5,250,183 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 5,216,803
7,350,257 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 7,338,294
4,766,746 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 4,765,539
1,522,553 PICAROS FUNDING LLC 2.60 04/11/2008 1,521,454
5,250,183 RANGER FUNDING CORPORATION 2.71 04/18/2008 5,243,465
3,150,110 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 3,146,162
3,780,132 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 3,778,947
3,150,110 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 3,149,826
2,100,073 SLM CORPORATION+/-++ 2.94 05/12/2008 2,096,286
3,255,114 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 2,902,259
5,250,183 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 4,681,063
630,022 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 629,922
5,250,183 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 5,244,364
6,615,231 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 6,607,256
3,150,110 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 3,146,741
1,759,441 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 1,759,031
5,250,183 TULIP FUNDING CORPORATION 2.88 04/21/2008 5,241,783
2,625,092 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 2,623,346
2,625,092 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 2,623,601
1,575,055 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 1,574,659
5,250,183 VERSAILLES CDS LLC 3.00 04/11/2008 5,245,808
2,625,092 VERSAILLES CDS LLC 3.45 04/08/2008 2,623,331
4,515,158 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 4,025,715
2,625,092 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 2,340,532
5,250,183 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 4,987,674
12,600,440 YORKTOWN CAPITAL LLC 2.72 04/03/2008 12,598,534
408,657,451
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $428,961,515) 425,644,282
--------------
SHORT-TERM INVESTMENTS: 0.32%
MUTUAL FUNDS: 0.27%
6,320,407 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 6,320,407
--------------
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY BILLS: 0.05%
$ 1,135,000 US TREASURY BILL^# 2.04% 08/07/2008 $ 1,129,532
40,000 US TREASURY BILL^# 3.12 05/08/2008 39,940
1,169,472
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,487,046) 7,489,879
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,427,849,144)* 118.18% $2,768,532,494
OTHER ASSETS AND LIABILITIES, NET (18.18) (425,945,973)
------ --------------
TOTAL NET ASSETS 100.00% $2,342,586,521
------ --------------
- --------------------------------------------------------------------------------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
(l) Long-term security of an affiliate of the fund with a cost of $15,742,049.
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
^ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $6,320,407.
* Cost for federal Income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 123
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.17%
AUSTRALIA: 7.36%
165,551 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 832,135
57,717 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,536,538
50,100 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 1,016,917
28,479 RIO TINTO LIMITED (METAL MINING) 3,188,306
73,988 SANTOS LIMITED (OIL & GAS EXTRACTION) 980,457
13,473 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 671,058
8,225,411
--------------
BELGIUM: 1.02%
14,500 DELHAIZE GROUP (FOOD STORES) 1,140,936
--------------
FINLAND: 2.75%
27,170 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 1,107,115
62,191 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,967,616
3,074,731
--------------
FRANCE: 13.98%
6,700 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,452,525
14,900 BOUYGUES SA (ENGINEERING CONSTRUCTION) 946,584
15,913 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,661,116
24,500 FRANCE TELECOM SA (COMMUNICATIONS) 823,874
12,032 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 1,339,189
8,450 PPR SA (APPAREL & ACCESSORY STORES) 1,252,005
26,118 PUBLICIS GROUPE (COMMUNICATIONS) 997,862
16,260 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 1,219,866
13,800 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 905,679
7,817 TECHNIP SA (OIL & GAS EXTRACTION) 608,788
31,900 TOTAL SA (OIL & GAS EXTRACTION) 2,369,044
2,870 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 696,737
34,669 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 1,354,664
15,627,933
--------------
GERMANY: 9.62%
7,400 ALLIANZ SE (INSURANCE CARRIERS) 1,465,957
30,760 ARCANDOR AG (GENERAL MERCHANDISE STORES) 615,287
14,500 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 1,161,996
13,900 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 1,188,306
11,800 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 1,335,723
101,280 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 1,686,907
9,400 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 1,740,175
26,352 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 886,152
26,400 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 681,871
10,762,374
--------------
GREECE: 1.06%
35,824 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 1,187,705
--------------
HONG KONG: 4.25%
156,000 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 780,737
66,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 937,084
68,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 1,011,789
304,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 1,076,137
940 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 14,663
174,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 932,305
4,752,715
--------------
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ITALY: 2.09%
40,585 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) $ 1,383,995
142,500 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 953,885
2,337,880
--------------
JAPAN: 19.47%
107,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 726,715
186 EAST JAPAN RAILWAY COMPANY (RAILROADS) 1,546,890
14,700 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,398,034
49,500 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 1,238,990
127 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 1,414,226
77,000 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES)(A) 894,522
52,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,473,716
42,200 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,274,298
76,000 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 655,698
60,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 1,191,212
22,100 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,097,462
87,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,344,974
45,400 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 678,632
53,200 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,390,309
116,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,072,953
14,800 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 764,647
25,400 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,271,529
31,800 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,585,534
41,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 756,194
21,776,535
--------------
LUXEMBOURG: 1.31%
17,875 ARCELORMITTAL (PRIMARY METAL INDUSTRIES) 1,464,350
--------------
NETHERLANDS: 6.55%
42,577 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 1,047,267
70,000 ING GROEP NV (FINANCIAL SERVICES) 2,621,367
83 RANDSTAD HOLDINGS NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,888
71,300 UNILEVER NV (FOOD & KINDRED PRODUCTS) 2,394,264
47,500 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,257,598
7,324,384
--------------
RUSSIA: 2.00%
17,757 LUKOIL ADR (OIL & GAS EXTRACTION) 1,523,551
98,078 VTB BANK OJSC GDR (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 709,104
2,232,655
--------------
SINGAPORE: 0.96%
232,000 CAPITALAND LIMITED (REAL ESTATE) 1,070,290
--------------
SPAIN: 2.89%
40,879 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,177,173
71,600 TELEFONICA SA (COMMUNICATIONS) 2,057,309
3,234,482
--------------
SWEDEN: 1.44%
47,100 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 943,292
338,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 664,256
1,607,548
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 125
INTERNATIONAL CORE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND: 6.18%
32,600 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) $ 1,659,380
12,200 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,281,301
11,400 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 2,145,464
5,800 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 1,826,553
6,912,698
--------------
TAIWAN: 0.90%
88,539 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 909,296
9,500 TAIWAN SEMICONDUCTORS MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 96,423
1,005,719
--------------
UNITED KINGDOM: 15.34%
101,600 AVIVA PLC (INSURANCE CARRIERS) 1,245,123
98,670 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 950,238
99,000 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 890,051
124,018 BP PLC (OIL & GAS EXTRACTION) 1,260,191
111,600 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 1,232,568
72,600 EASYJET PLC (TRANSPORTATION BY AIR) 534,915
52,930 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,119,800
17,978 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 715,381
644,760 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 1,617,434
76,839 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,054,521
15,792 RIO TINTO PLC (METAL MINING) 1,640,096
122,504 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 979,799
10,976,358 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE)+(A) 21,784
39,500 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 1,361,691
3 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 47
48,830 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 910,953
539,586 VODAFONE GROUP PLC (COMMUNICATIONS) 1,615,958
9 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 95
17,150,645
--------------
TOTAL COMMON STOCKS (COST $102,529,283) 110,888,991
--------------
SHORT-TERM INVESTMENTS: 0.59%
659,911 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 659,911
TOTAL SHORT-TERM INVESTMENTS (COST $659,911) 659,911
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $103,189,194)* 99.76% $ 111,548,902
OTHER ASSETS AND LIABILITIES, NET 0.24 270,134
------ --------------
TOTAL NET ASSETS 100.00% $ 111,819,036
------ --------------
- --------------------------------------------------------------------------------
+ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $659,911.
* 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.
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.93%
AUSTRALIA: 0.06%
133,835 BABCOCK & BROWN INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) $ 143,717
--------------
BELGIUM: 0.75%
13,561 DELHAIZE GROUP (FOOD STORES) 1,067,050
14,338 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 746,089
1,813,139
--------------
BRAZIL: 0.58%
11,500 REDECARD SA (NON-DEPOSITORY CREDIT INSTITUTIONS) 189,078
201,481 VIVO PARTICIPACOES SA ADR (COMMUNICATIONS) 1,200,827
1,389,905
--------------
CANADA: 1.55%
58,267 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,745,985
--------------
CHINA: 3.04%
3,353,500 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 2,503,496
264,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 907,403
1,934,700 CHINA PETROLEUM & CHEMICAL CORPORATION (SINOPEC) (OIL COMPANIES) 1,655,619
972,200 PICC PROPERTY & CASUALTY COMPANY LIMITED (INSURANCE CARRIERS)<< 878,180
2,271,543 SHANGHAI ELECTRIC GROUP COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,386,395
7,331,093
--------------
FINLAND: 2.68%
158,865 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES)<< 6,473,383
--------------
FRANCE: 13.15%
17,879 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,876,074
61,494 BOUYGUES SA (ENGINEERING CONSTRUCTION) 3,906,662
37,314 CARREFOUR SA (FOOD STORES) 2,878,918
53,810 ELECTRICITE DE FRANCE SA (ELECTRIC, GAS & SANITARY SERVICES) 4,681,753
59,046 FRANCE TELECOM SA (COMMUNICATIONS) 1,985,570
43,240 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 4,812,712
43,096 TECHNIP SA (OIL & GAS EXTRACTION) 3,356,318
86,723 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS)<< 6,269,314
31,767,321
--------------
GERMANY: 15.00%
18,010 ALLIANZ AG (INSURANCE CARRIERS) 3,567,823
85,029 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 6,814,026
60,502 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 5,172,295
150,068 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 2,499,514
39,161 FRAPORT AG (TRANSPORTATION SERVICES) 2,826,670
18,020 IVG IMMOBILIEN AG (REAL ESTATE) 504,120
35,761 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 5,052,418
18,648 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,292,249
43,373 UNITED INTERNET AG (COMMUNICATIONS)<< 933,320
32,131 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 6,583,352
36,245,787
--------------
HONG KONG: 10.25%
533,200 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 2,668,518
317,600 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY (HONG KONG) LIMITED (MOTOR FREIGHT TRANSPORTATION
& WAREHOUSING) 1,507,882
497,250 CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED (COMMUNICATIONS) 1,431,183
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 127
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG (continued)
1,341,200 CHINA RESOURCES LAND (HONG KONG) LIMITED (REAL ESTATE) $ 2,326,483
1,850,170 CHINA UNICOM (HONG KONG) LIMITED (BUSINESS SERVICES) 3,894,019
584,998 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 5,536,045
134,300 NEW WORLD DEVELOPMENT COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 325,454
584,329 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 1,982,138
191,200 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 2,982,491
187,247 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 2,112,428
24,766,641
---------------
INDIA: 0.35%
14,180 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 841,098
---------------
ITALY: 0.75%
258,193 INTESA SANPAOLO SPA (DEPOSITORY INSTITUTIONS) 1,820,040
---------------
JAPAN: 10.35%
17,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 787,410
99,500 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 2,774,980
42,800 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,382,584
39,100 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,115,966
971 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 4,860,845
3,093 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS)+ 2,891,930
64,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 1,553,772
661,600 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)<< 2,827,464
103,200 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,091,332
79,883 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 1,585,960
88,200 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 2,225,351
142,150 TOKYU LAND CORPORATION (REAL ESTATE) 891,290
24,988,884
---------------
LUXEMBOURG: 0.70%
10,213 RTL GROUP SA (COMMUNICATIONS) 1,290,068
16,254 TENARIS SA (PRIMARY METAL INDUSTRIES)<< 404,676
1,694,744
---------------
MEXICO: 0.34%
34,200 GRUPO TELEVISA SA ADR (COMMUNICATIONS) 829,008
---------------
NETHERLANDS: 2.38%
233,723 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+<< 5,748,890
---------------
NORWAY: 5.23%
426,768 ORKLA ASA (MISCELLANEOUS RETAIL) 5,405,468
34,000 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 948,089
233,900 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES)<< 6,269,669
12,623,226
---------------
QATAR: 0.33%
22,388 INDUSTRIES QATAR (CHEMICALS & ALLIED PRODUCTS) 799,912
---------------
RUSSIA: 6.70%
114,400 GAZPROM OAO (OIL & GAS EXTRACTION) 5,834,400
59,881 LUKOIL ADR (OIL & GAS EXTRACTION) 5,119,826
48,500 MINING & METALLURGICAL COMPANY NORILSK NICKEL GDR (METAL MINING) 1,365,275
3,200 NOVOROSSIYSK SEA TRADE PORT GDR (BUSINESS SERVICES)+ 48,000
31,059 RAO UNIFIED ENERGY SYSTEM GDR (ELECTRIC, GAS & SANITARY SERVICES) 3,222,371
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
RUSSIA (continued)
10,709 TMK OAO GDR (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 348,043
5,950 URALKALI GDR (CHEMICALS & ALLIED PRODUCTS)+ 243,950
16,181,865
---------------
SOUTH AFRICA: 0.61%
85,056 NASPERS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,478,779
---------------
SOUTH KOREA: 3.07%
54,171 KOOKMIN BANK (FINANCIAL SERVICES) 3,030,316
18,245 KT CORPORATION (COMMUNICATIONS) 864,950
15,108 NHN CORPORATION (BUSINESS SERVICES) 3,525,480
7,420,746
---------------
SPAIN: 4.97%
73,593 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 3,357,758
42,618 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES)<< 2,367,704
218,356 TELEFONICA SA (COMMUNICATIONS) 6,274,102
11,999,564
---------------
SWEDEN: 0.09%
12,200 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 221,236
---------------
SWITZERLAND: 9.90%
31,104 ADECCO SA (BUSINESS SERVICES) 1,796,208
23,685 COMPAGNIE FINANCIERE RICHEMONT SA (GENERAL MERCHANDISE STORES) 1,328,421
37,851 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 3,975,289
16,321 NESTLE SA (FOOD & KINDRED PRODUCTS) 8,155,570
5,787 ROCHE HOLDINGS AG - BEARER SHARES (MEDICAL PRODUCTS) 1,170,103
39,788 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 7,488,045
23,913,636
---------------
UNITED KINGDOM: 5.10%
26,750 ACERGY SA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 576,514
13,977 BRITISH ENERGY GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 180,999
382,665 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 3,425,128
299,958 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 4,116,557
738,238 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 4,018,132
12,317,330
---------------
TOTAL COMMON STOCKS (COST $216,793,608) 236,555,929
---------------
COLLATERAL FOR SECURITIES LENDING: 8.85%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 8.85%
21,383,063 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 21,383,063
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $21,383,063) 21,383,063
---------------
SHORT-TERM INVESTMENTS: 2.35%
5,673,218 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,673,218
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,673,218) 5,673,218
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 129
INTERNATIONAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
VALUE
TOTAL INVESTMENTS IN SECURITIES
(COST $243,849,889)* 109.13% $ 263,612,210
OTHER ASSETS AND LIABILITIES, NET (9.13) (22,044,455)
------ ---------------
TOTAL NET ASSETS 100.00% $ 241,567,755
------ ---------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (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.
+++ Short-term security of an affiliate of the Fund with a cost of $5,673,218.
* 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.
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.13%
AUSTRALIA: 6.30%
4,004 ABC LEARNING (SCHOOLS) $ 5,123
3,715 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 37,482
9,792 ALUMINA LIMITED (METAL MINING) 51,009
7,594 AMCOR LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 49,622
16,212 AMP LIMITED (INSURANCE CARRIERS) 116,307
741 ANSELL LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,876
2,939 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 25,785
4,651 ASCIANO GROUP (TRANSPORTATION SERVICES) 17,004
1,489 ASX LIMITED (BUSINESS SERVICES) 50,895
16,156 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 332,950
7,391 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 37,151
1,996 BABCOCK & BROWN LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)<< 26,851
2,130 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,165
29,020 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 949,732
1,354 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS)<< 16,086
6,469 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 58,352
11,858 BOART LONGYEAR GROUP (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 19,832
5,447 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS)<< 31,162
13,462 BRAMBLES LIMITED (BUSINESS SERVICES) 122,783
1,184 CALTEX AUSTRALIA LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 14,078
8,707 CENTRO PROPERTIES GROUP (REAL ESTATE) 2,387
11,898 CENTRO RETAIL GROUP (REAL ESTATE) 3,697
12,411 CFS GANDEL RETAIL TRUST (REAL ESTATE) 24,613
4,085 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (FINANCE & FINANCIAL SERVICES)<< 6,795
4,494 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 34,910
465 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 23,246
11,379 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 434,794
7,580 COMMONWEALTH PROPERTY OFFICE FUND (REAL ESTATE) 9,213
4,263 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 34,090
3,850 CROWN LIMITED (MEMBERSHIP ORGANIZATIONS)<< 36,944
4,759 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 160,531
7,480 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 21,875
27,703 DB RREEF TRUST (REAL ESTATE) 42,660
1,589 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,091
11,099 FAIRFAX MEDIA LIMITED (COMMUNICATIONS)<< 35,198
22,751 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 135,357
16,903 FOSTER'S GROUP LIMITED (FOOD & KINDRED PRODUCTS) 79,092
3,051 FUTURIS CORPORATION LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 5,284
9,374 GOODMAN FIELDER LIMITED (DURABLE GOODS - CONSUMER) 15,420
18,854 GPT GROUP (REAL ESTATE) 56,000
4,800 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 17,152
1,238 ILUKA RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 5,261
442 INCITEC PIVOT LIMITED (CHEMICALS & ALLIED PRODUCTS)<< 57,017
5,284 ING INDUSTRIAL FUND (REAL ESTATE) 10,286
15,586 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 52,133
4,102 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 23,430
1,211 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS)<< 47,368
3,112 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 37,684
2,599 LION NATHAN LIMITED (FOOD & KINDRED PRODUCTS) 20,783
16,677 MACQUAIRE OFFICE TRUST (REAL ESTATE) 13,869
6,030 MACQUARIE AIRPORTS (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 17,800
2,379 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 9,132
13,297 MACQUARIE GOODMAN GROUP (PROPERTIES) 52,376
2,397 MACQUARIE GROUP LIMITED (DEPOSITORY INSTITUTIONS)<< 115,709
21,457 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 54,515
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 131
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
AUSTRALIA (continued)
9,531 MIRVAC GROUP (REAL ESTATE)<< $ 35,016
14,036 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 386,750
3,678 NEWCREST MINING LIMITED (METAL MINING) 112,168
6,545 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 38,222
2,702 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 71,919
7,625 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 63,831
11,746 OXIANA LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 34,136
2,616 PACIFIC BRANDS LIMITED (GENERAL MERCHANDISE STORES) 4,829
4,915 PALADIN RESOURCES LIMITED (DIVERSIFIED MINING)+ 22,863
2,337 PAPERLINX LIMITED (PAPER & ALLIED PRODUCTS) 5,873
294 PERPETUAL TRUSTEES AUSTRALIA LIMITED (BUSINESS SERVICES) 14,469
4,719 PUBLISHING & BROADCASTING LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 16,086
8,303 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 29,821
7,630 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 154,872
2,471 RIO TINTO LIMITED (METAL MINING)<< 276,636
5,066 SANTOS LIMITED (OIL & GAS EXTRACTION) 67,132
832 SIMS GROUP LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 22,583
2,759 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 34,670
2,445 ST. GEORGE BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,449
13,188 STOCKLAND (REAL ESTATE) 84,247
8,180 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 96,212
4,572 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 59,124
9,046 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 28,771
25,542 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 102,709
12,586 TELSTRA CORPORATION LIMITED - INSTALLMENT RECEIPTS (COMMUNICATIONS) 32,322
4,708 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 43,116
9,438 TRANSURBAN GROUP (SOCIAL SERVICES) 56,066
4,712 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)<< 172,191
1,256 WESFARMERS LIMITED - PRICE PROTECTED SHARES (MISCELLANEOUS MANUFACTURING INDUSTRIES) 46,195
15,263 WESTFIELD GROUP (PROPERTIES) 248,290
471 WESTFIELD GROUP - NEW (PROPERTIES)+ 7,404
16,128 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 350,061
4,166 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 207,498
10,578 WOOLWORTHS LIMITED (FOOD STORES) 280,350
1,292 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 39,520
4,190 ZINIFEX LIMITED (METAL MINING) 38,216
7,040,574
---------------
AUSTRIA: 0.58%
344 ANDRITZ AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 18,883
136 BWIN INTERACTIVE ENTERTAINMENT AG (GAMING)+ 4,472
1,664 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 107,840
55 FLUGHAFEN WIEN AG (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 6,628
3,546 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 34,149
3,913 IMMOFINANZ IMMOBILIEN ANLAGEN AG (REAL ESTATE) 42,379
44 MAYR-MELNHOF KARTON AG (PAPER & ALLIED PRODUCTS) 4,440
2,540 MEINL EUROPEAN LAND LIMITED (REAL ESTATE)+ 28,912
1,447 OMV AG (OIL & GAS EXTRACTION) 95,628
475 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 64,755
136 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 5,475
3,013 TELEKOM AUSTRIA AG (COMMUNICATIONS) 62,266
664 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS & SANITARY SERVICES) 47,268
1,005 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 69,813
255 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 19,537
679 WIENERBERGER AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 36,115
648,560
---------------
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BELGIUM: 1.28%
671 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) $ 5,244
59 BARCO NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 4,225
62 BEKAERT SA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 9,022
1,476 BELGACOM SA (COMMUNICATIONS) 65,363
44 COFINIMMO SA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 9,513
140 COLRUYT SA (FOOD STORES) 36,027
73 COMPAGNIE MARITIME BELGE SA (WATER TRANSPORTATION) 4,912
171 COMPAGNIE NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 13,026
14 D'IETEREN SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 4,979
874 DELHAIZE GROUP (FOOD STORES) 68,771
4,638 DEXIA SA (DEPOSITORY INSTITUTIONS) 132,167
123 EURONAV SA (WATER TRANSPORTATION) 4,672
18,084 FORTIS (DEPOSITORY INSTITUTIONS) 455,662
9,100 FORTIS - STRIP WHEN PRESENTED (DEPOSITORY INSTITUTIONS)+ 144
708 GROUPE BRUXELLES LAMBERT SA (INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES) 86,392
1,592 INBEV NA (FOOD & KINDRED PRODUCTS) 140,096
136 KBC ANCORA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 13,991
1,401 KBC BANK VERZEKERINGS HOLDINGS (DEPOSITORY INSTITUTIONS) 181,680
260 MOBISTAR SA (COMMUNICATIONS) 23,561
96 OMEGA PHARMA SA (CHEMICALS & ALLIED PRODUCTS) 4,450
555 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 70,815
1,796 SUEZ LYONNAISE DES EAUX STRIP (ELECTRIC, GAS & SANITARY SERVICES)+ 28
1,010 UCB SA (CHEMICALS & ALLIED PRODUCTS) 35,088
1,075 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 55,938
1,425,766
---------------
BERMUDA: 0.00%
50 INDEPENDENT TANKERS CORPORATION LIMITED (WATER TRANSPORTATION)+ 83
---------------
CHINA: 0.01%
16,764 FOSUN INTERNATIONAL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 11,309
---------------
DENMARK: 0.96%
10 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) 111,572
63 BANG & OLUFSEN A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 3,935
306 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 39,129
213 COLOPLAST A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,458
438 DANISCO A/S (FOOD & KINDRED PRODUCTS) 31,992
3,928 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 144,907
1,750 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 38,254
84 EAST ASIATIC COMPANY LIMITED A/S (FOOD & KINDRED PRODUCTS) 7,345
423 FLSMIDTH & COMPANY A/S (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,867
1,202 GN STORE NORD A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 6,006
314 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 7,844
464 JYSKE BANK (BUSINESS SERVICES)+ 31,140
132 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 9,502
4,202 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 287,345
406 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 37,992
50 ROCKWOOL INTERNATIONAL A/S (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 8,341
510 SYDBANK (DEPOSITORY INSTITUTIONS) 18,544
133 TOPDANMARK A/S (INSURANCE CARRIERS)+ 22,385
257 TRYGVESTA A/S (WHOLESALE TRADE-DURABLE GOODS) 22,580
1,548 VESTAS WIND SYSTEMS A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL)+ 169,109
220 WILLIAM DEMANT HOLDING A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL
& OPTICAL)+ 17,583
1,076,830
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 133
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FINLAND: 1.78%
353 AMER SPORTS OYJ (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) $ 7,106
333 CARGOTEC CORPORATION (TRANSPORTATION SERVICES) 16,345
1,257 ELISA OYJ (COMMUNICATIONS) 31,395
3,857 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES)<< 157,164
282 KCI KONECRANES OYJ (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS)<< 10,863
538 KESKO OYJ (FOOD STORES)<< 27,817
1,312 KONE OYJ (BUSINESS SERVICES) 53,834
1,057 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 57,071
1,092 NESTE OIL OYJ LIMITED (OIL & GAS EXTRACTION)<< 38,161
34,026 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,076,524
880 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT)<< 37,511
900 OKO BANK (DEPOSITORY INSTITUTIONS) 16,951
1,353 ORIOLA-KD OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)<< 6,365
776 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)<< 16,809
1,038 OUTOKUMPU OYJ (METAL MINING)<< 47,212
800 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES)<< 38,610
3,798 SAMPO OYJ (NON-DEPOSITORY CREDIT INSTITUTIONS) 102,833
720 SANOMAWSOY OYJ (MULTI MEDIA)<< 19,961
5,060 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS)<< 58,396
381 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 9,408
4,640 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS)<< 82,411
330 UPONOR OYJ (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS)<< 7,763
589 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES)<< 39,719
1,113 YIT OYJ (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 31,576
1,991,805
--------------
FRANCE: 9.86%
1,706 ACCOR SA (METAL MINING) 124,595
289 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 32,915
1,072 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 30,193
2,065 AIR LIQUIDE (CHEMICALS & ALLIED PRODUCTS) 314,831
20,424 ALCATEL SA (COMMUNICATIONS) 116,725
843 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 182,758
577 ATOS ORIGIN (BUSINESS SERVICES)+ 32,120
13,760 AXA SA (INSURANCE CARRIERS) 499,428
7,046 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 710,707
1,941 BOUYGUES SA (ENGINEERING CONSTRUCTION) 123,310
1,202 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 68,449
5,181 CARREFOUR SA (FOOD STORES) 399,734
372 CASINO GUICHARD-PERRACHON SA (FOOD STORES) 44,599
228 CHRISTIAN DIOR SA (CHEMICALS & ALLIED PRODUCTS) 25,237
385 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 47,459
2,444 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 199,291
227 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 56,509
1,244 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 129,858
5,697 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 176,286
509 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,556
162 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 15,755
879 ELECTRICITE DE FRANCE SA (ELECTRIC, GAS & SANITARY SERVICES) 76,478
1,731 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 113,112
106 EURAZEO SA (HOLDING & OTHER INVESTMENT OFFICES) 13,555
15,791 FRANCE TELECOM SA (COMMUNICATIONS) 531,012
1,726 GAZ DE FRANCE (GAS DISTRIBUTION) 104,201
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FRANCE (continued)
109 GECINA SA (REAL ESTATE) $ 16,262
3,769 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 337,027
605 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 75,552
170 ICADE (REAL ESTATE) 25,298
279 IMERYS SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 25,587
580 JCDECAUX SA (BUSINESS SERVICES) 17,050
599 KLEPIERRE (REAL ESTATE) 36,758
2,137 L'OREAL SA (APPAREL & ACCESSORY STORES) 271,389
1,283 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 223,134
1,118 LAGARDERE SCA (COMMUNICATIONS) 83,593
408 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,799
2,139 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 238,076
502 M6 METROPOLE TELEVISION (COMMUNICATIONS) 11,175
1,531 NATIXIS (DEPOSITORY INSTITUTIONS) 24,630
268 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 30,079
274 NEUF CEGETEL (COMMUNICATIONS) 15,257
1 NYSE EURONEXT (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 62
1,108 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 19,732
1,517 PERNOD-RICARD (FOOD & KINDRED PRODUCTS)<< 156,015
1,336 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 103,584
676 PPR SA (APPAREL & ACCESSORY STORES) 100,160
1,210 PUBLICIS GROUPE (COMMUNICATIONS)<< 46,229
1,602 RENAULT SA (TRANSPORTATION EQUIPMENT) 177,295
1,388 SAFRAN SA (NATIONAL SECURITY & INTERNATIONAL AFFAIRS) 28,421
8,837 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 662,974
1,922 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 248,697
1,535 SCOR REGROUPE (INSURANCE CARRIERS) 36,642
211 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,012
197 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (TRANSPORTATION SERVICES) 23,824
3,297 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 322,824
824 SOCIETE GENERALE NV (DEPOSITORY INSTITUTIONS)+ 79,290
975 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) 21,442
831 SODEXHO ALLIANCE SA (FOOD & KINDRED PRODUCTS) 51,087
8,991 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 590,069
886 TECHNIP SA (OIL & GAS EXTRACTION) 69,002
762 THALES SA (TRANSPORTATION BY AIR) 49,336
2,034 THOMSON (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 14,129
18,565 TOTAL SA (OIL & GAS EXTRACTION) 1,378,724
56 TOTAL SA - CLASS B (OIL & GAS EXTRACTION) 4,159
565 UNIBAIL (REAL ESTATE) 145,404
577 VALEO SA (TRANSPORTATION EQUIPMENT) 22,883
419 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 101,719
3,061 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 213,406
3,582 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 258,947
10,063 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 393,204
143 WENDEL INVESTISSEMENT (HOLDING & OTHER INVESTMENT OFFICES) 17,953
340 ZODIAC SA (TRANSPORTATION BY AIR) 16,678
11,009,242
--------------
GERMANY: 8.90%
2 A.P. MOLLER-MAERSK A/S (WATER TRANSPORTATION) 22,145
1,761 ADIDAS-SALOMON AG (APPAREL & ACCESSORY STORES) 117,074
3,893 ALLIANZ SE (INSURANCE CARRIERS) 771,212
366 ALTANA AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 7,720
574 ARCANDOR AG (GENERAL MERCHANDISE STORES) 11,482
4,241 BASF AG (CHEMICALS & ALLIED PRODUCTS) 571,194
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 135
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (continued)
6,260 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) $ 501,662
1,452 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 80,209
770 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 64,782
304 BILFINGER BERGER AG (BUILDING & CONSTRUCTION) 26,186
781 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 38,667
5,398 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 168,738
1,328 CONTINENTAL AG (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 135,419
8,125 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 694,603
4,342 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 491,501
1,729 DEUTSCHE BOERSE AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 278,508
1,980 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 53,547
6,819 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 208,299
716 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 68,355
24,506 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 408,169
163 DOUGLAS HOLDING AG (APPAREL & ACCESSORY STORES) 8,870
5,385 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 996,898
320 FRESENIUS AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 26,649
1,662 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 83,571
1,377 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 46,305
105 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 18,080
572 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 15,361
893 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 37,896
1,556 HENKEL KGAA VORZUG (CHEMICALS & ALLIED PRODUCTS) 71,928
362 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 33,148
1,752 HYPO REAL ESTATE HOLDING AG (DEPOSITORY INSTITUTIONS) 45,530
6,532 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 45,890
766 IVG IMMOBILIEN AG (REAL ESTATE) 21,429
326 K+S AG (CHEMICALS & ALLIED PRODUCTS) 106,697
1,044 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 147,499
975 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 129,516
564 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS)<< 69,515
1,401 METRO AG (FOOD STORES) 113,202
283 MLP AG (HOLDING & OTHER INVESTMENT OFFICES) 4,030
1,790 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 350,082
770 PORSCHE AG (TRANSPORTATION EQUIPMENT) 140,747
498 PREMIERE AG (ENTERTAINMENT)+ 10,748
715 PROSIEBENSAT.1 MEDIA AG (COMMUNICATIONS) 15,465
52 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 20,026
436 Q-CELLS AG (ELECTRIC, GAS & SANITARY SERVICES)+ 43,269
293 RHEINMETALL BERLIN (MACHINERY) 20,677
3,850 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 473,250
333 RWE AG NON-VOTING PREFERRED (ELECTRIC, GAS & SANITARY SERVICES) 31,591
359 SALZGITTER AG (STEEL PRODUCERS, PRODUCTS) 62,453
7,542 SAP AG (BUSINESS SERVICES) 374,832
7,469 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 809,502
719 SOLARWORLD AG (ENERGY) 34,247
345 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,653
3,138 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 179,538
1,847 TUI AG (TRANSPORTATION BY AIR) 47,384
1,367 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 396,324
910 VOLKSWAGEN AG PREFERRED (TRANSPORTATION EQUIPMENT) 151,209
68 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 13,933
164 WINCOR NIXDORF AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,127
9,937,543
--------------
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GREECE: 0.70%
3,469 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) $ 115,011
1,425 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 66,367
2,767 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS) 84,048
90 FOLLIE SA (APPAREL & ACCESSORY STORES) 3,009
310 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 7,361
1,100 HELLENIC PETROLEUM SA (OIL & GAS EXTRACTION) 14,484
620 HELLENIC TECHNODOMIKI TEV SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 7,576
2,360 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 66,991
231 MOTOR OIL (HELLAS) CORINTH REFINERIES SA (PETROLEUM REFINING & RELATED INDUSTRIES) 4,872
3,524 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 185,933
1,950 OPAP SA (AMUSEMENT & RECREATION SERVICES) 69,514
2,825 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS) 86,881
900 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 39,358
540 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 22,950
980 VIOHALCO SA (BUSINESS SERVICES) 10,150
784,505
--------------
HONG KONG: 2.10%
2,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 14,430
12,426 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 62,189
18,000 BELLE INTERNATIONAL HOLDINGS LIMITED (APPAREL & ACCESSORY STORES) 18,665
32,500 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 78,257
10,000 C C LAND HOLDINGS LIMITED (MEMBERSHIP ORGANIZATIONS)<< 9,585
11,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 21,625
13,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 184,577
4,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 16,061
11,500 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 94,643
9,000 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 108,009
18,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 24,285
8,000 GIORDANO INTERNATIONAL LIMITED (APPAREL & ACCESSORY STORES) 3,228
4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 18,888
18,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 63,719
6,600 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 119,489
9,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 63,950
32,200 HONG KONG & CHINA GAS COMPANY LIMITED (OIL & GAS EXTRACTION) 96,815
400 HONG KONG AIRCRAFT ENGINEERG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 6,599
10,000 HONG KONG EXCHANGES & CLEARING LIMITED (BUSINESS SERVICES) 171,664
12,000 HONGKONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 75,784
5,000 HOPEWELL HOLDINGS (REAL ESTATE) 18,985
11,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED (TELECOMMUNICATIONS)+ 15,689
18,000 HUTCHISON WHAMPOA (DIVERSIFIED OPERATIONS) 170,340
5,358 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 15,008
5,368 KERRY PROPERTIES LIMITED (REAL ESTATE) 32,349
6,000 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS & ALLIED PRODUCTS) 21,240
4,000 LEE & MAN PAPER MANUFACTURING LIMITED (PAPER & ALLIED PRODUCTS)<< 6,404
20,200 LI & FUNG LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 74,881
6,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 12,751
18,499 LINK REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 41,026
6,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED (DIVERSIFIED OPERATIONS) 8,342
12,048 MTR CORPORATION (RAILROAD TRANSPORTATION) 41,333
21,046 NEW WORLD DEVELOPMENT COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 51,002
9,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 14,385
2,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 12,876
11,000 PACIFIC BASIN SHIPPING LIMITED (WATER TRANSPORTATION) 18,092
36,000 PCCW LIMITED (COMMUNICATIONS) 22,666
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 137
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG (continued)
10,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) $ 26,983
16,500 SHUI ON LAND LIMITED (REAL ESTATE) 15,456
10,000 SHUN TAK HOLDINGS LIMITED (REAL ESTATE) 13,235
13,087 SINO LAND COMPANY (REAL ESTATE) 28,250
12,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 187,186
7,000 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 78,971
2,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 10,716
8,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 45,589
14,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION (FOOD & KINDRED PRODUCTS)<< 18,349
11,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) 54,744
1,500 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 22,801
4,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & ACCESSORY STORES) 14,108
2,346,219
--------------
IRELAND: 0.74%
7,615 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 162,300
3,298 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS) 44,257
8,690 BANK OF IRELAND (DEPOSITORY INSTITUTIONS) 129,237
4,731 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 179,856
419 DCC PLC (BUSINESS SERVICES) 9,889
4,150 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 85,108
8,976 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 65,378
830 GREENCORE GROUP PLC (FOOD & KINDRED PRODUCTS) 4,901
548 IAWS GROUP PLC (AGRICULTURAL PRODUCTION CROPS) 12,804
2,358 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 46,087
1,108 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 34,723
1,137 KINGSPAN GROUP PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 15,168
243 PADDY POWER PLC (AMUSEMENT & RECREATION SERVICES) 8,985
624 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 17,647
1,045 SMURFIT KAPPA GROUP PLC (PAPER & ALLIED PRODUCTS) 12,571
828,911
--------------
ITALY: 3.73%
4,687 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 17,223
3,646 ALLEANZA ASSICURAZIONI SPA (INSURANCE CARRIERS) 47,632
608 ARNOLDO MONDADORI EDITORE SPA (COMMUNICATIONS)<< 5,135
9,125 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 410,296
2,249 ATLANTIA SPA (SOCIAL SERVICES) 67,994
776 AUTOGRILL SPA (EATING & DRINKING PLACES) 11,583
9,550 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS)<< 42,291
3,578 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 39,287
5,618 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS)+ 93,041
1,307 BULGARI SPA (APPAREL & ACCESSORY STORES) 15,104
37,433 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 397,136
22,513 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 767,719
6,139 FIAT SPA (TRANSPORTATION EQUIPMENT) 141,988
2,611 FINMECCANICA SPA (TRANSPORTATION BY AIR) 88,786
563 FONDIARIA SAI SPA (INSURANCE-MULTI LINE) 23,323
1,893 IFIL INVESTMENTS SPA (MISCELLANEOUS SERVICES) 15,272
66,601 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 469,480
8,125 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS) 53,490
502 ISTITUTO FINANZIARIO INDUSTRIALE SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 13,822
820 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,609
550 LOTTOMATICA SPA (AMUSEMENT & RECREATION SERVICES) 17,115
1,178 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 29,701
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ITALY (continued)
6,704 MEDIASET SPA (COMMUNICATIONS) $ 62,022
4,311 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 88,410
2,004 MEDIOLANUM SPA (INSURANCE CARRIERS)<< 12,276
13,583 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 52,217
23,782 PIRELLI & COMPANY SPA (TRANSPORTATION EQUIPMENT) 20,819
1,120 PRYSMIAN SPA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 23,906
1,137 SAIPEM SPA (OIL & GAS EXTRACTION) 46,025
35,998 SEAT PAGINE GIALLE SPA (COMMUNICATIONS) 6,229
7,589 SNAM RETE GAS SPA (OIL & GAS EXTRACTION) 48,254
53,294 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 88,261
93,270 TELECOM ITALIA SPA (COMMUNICATIONS) 195,107
10,379 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 44,283
80,893 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 541,494
5,250 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 134,522
7,366 UNIPOL PREFERRED (INSURANCE COMPANIES) 21,153
4,169,005
--------------
JAPAN: 19.48%
3,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 16,794
1 ACCESS COMPANY LIMITED (INTERNET SOFTWARE)+ 3,541
560 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 14,860
200 ADERANS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 3,704
1,400 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 36,306
5,600 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 66,742
900 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,026
600 AEON MALL COMPANY LIMITED (REAL ESTATE) 16,643
650 AIFUL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,440
3,000 AIOI INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 16,583
1,700 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 63,443
6,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 60,795
200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 15,710
5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 22,020
1,500 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 14,762
3,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,693
600 AOYAMA TRADING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 12,941
3,600 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 74,217
8,000 ASAHI GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 88,202
10,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 52,167
200 ASATSU-DK INCORPORATED (COMMUNICATIONS) 7,123
1,000 ASICS CORPORATION (FOOTWEAR) 11,497
4,300 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 166,513
200 AUTOBACS SEVEN COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 5,467
2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 24,318
10,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 67,917
600 BENESSE CORPORATION (EDUCATIONAL SERVICES) 28,291
5,300 BRIDGESTONE CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 90,230
1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 11,311
9,200 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 423,636
700 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 13,202
2,100 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 30,737
1,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 3,902
14 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 144,663
7,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 47,542
1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,079
5,800 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 144,884
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 139
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
2,400 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) $ 27,135
200 CIRCLE K SUNKUS COMPANY LIMITED (GENERAL MERCHANDISE STORES) 3,397
7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 150
2,800 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 23,680
500 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,039
1,000 COMSYS HOLDINGS CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 8,668
5,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 15,700
1,400 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 39,045
500 CSK HOLDINGS CORPORATION (BUSINESS SERVICES) 11,537
5,000 DAI NIPPON PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 79,555
2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 10,273
3,000 DAIDO STEEL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 15,500
500 DAIFUKU COMPANY LIMITED (MACHINERY) 6,395
6,100 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 180,222
2,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 98,987
5,000 DAINIPPON INK & CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,550
700 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 36,096
4,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 39,607
12,000 DAIWA SECURITIES GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 104,013
4,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,600
4,200 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 135,674
17 DENTSU INCORPORATED (BUSINESS SERVICES) 38,714
2,000 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 11,858
7 EACCESS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 4,312
29 EAST JAPAN RAILWAY COMPANY (RAILROADS) 241,182
4,000 EBARA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 12,199
400 EDION CORPORATION (ELECTRONIC) 3,700
2,200 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 75,040
1,280 ELECTRIC POWER DEVELOPMENT COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 46,100
900 ELPIDA MEMORY INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 29,976
500 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 17,907
1,700 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 161,677
500 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 44,091
5,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 20,315
3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 12,550
200 FUJI SOFT INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,736
5 FUJI TELEVISION NETWORK INCORPORATED (COMMUNICATIONS) 7,374
4,200 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 148,736
3,000 FUJIKURA LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 13,543
16,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 104,655
7,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 36,447
5,000 FURUKAWA ELECTRIC COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 16,152
300 GLORY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,380
7 GOODWILL GROUP INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 909
3,000 GUNMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 21,459
1,000 GUNZE LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 4,213
200 HAKUHODO DY HOLDINGS INCORPORATED (CONSUMER SERVICES) 11,898
1,000 HANKYU DEPARTMENT STORES (APPAREL & ACCESSORY STORES) 6,701
10,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 46,697
9,000 HASEKO CORPORATION (RESIDENTIAL) 13,272
300 HIKARI TSUSHIN INCORPORATED (MISCELLANEOUS RETAIL) 8,848
2,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 13,202
300 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 33,678
2,000 HITACHI CABLE LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 7,444
900 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,920
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
900 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) $ 22,527
600 HITACHI HIGH-TECHNOLOGIES CORPORATION (MACHINERY) 9,926
29,000 HITACHI LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 171,940
1,500 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 34,836
10,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 30,096
800 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 18,860
13,500 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 385,308
400 HOUSE FOODS CORPORATION (FOOD & KINDRED PRODUCTS) 5,951
3,600 HOYA CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 84,510
1,100 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 43,258
200 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 15,470
7 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 77,949
1,700 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES)<<(A) 19,382
11,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 21,298
6,000 ISUZU MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 29,976
500 ITO EN LIMITED (EATING & DRINKING PLACES) 8,848
13,000 ITOCHU CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 128,331
300 ITOCHU TECHNO-SCIENCE CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,059
3,800 J FRONT RETAILING COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 24,246
300 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,992
7,000 JAPAN AIRLINES CORPORATION (TRANSPORTATION BY AIR) 18,188
200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 13,242
5 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 16,503
3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 34,912
3 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE INVESTMENT TRUSTS (REITS)) 18,931
3,000 JAPAN STEEL WORKS (MACHINERY) 51,134
39 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 195,235
5,100 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 226,144
2,000 JGC CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 30,538
6,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 30,337
1,500 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,934
1,600 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 26,100
6 K.K. DAVINCI ADVISORS (CONSULTING SERVICES)+ 4,593
8,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 22,632
2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 15,811
3,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 18,750
6,700 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 166,693
2,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,002
5,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 141,703
12,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,726
5,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 48,606
21 KDDI CORPORATION (COMMUNICATIONS) 128,301
4,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,207
5,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 27,839
3,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 16,102
300 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 68,981
1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 12,289
1,000 KINDEN CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 9,621
14,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 50,000
7,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 132,374
23,000 KOBE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 65,530
400 KOKUYO COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 3,431
7,800 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 216,362
800 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 30,096
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 141
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
4,000 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) $ 54,334
200 KOSE CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 4,324
9,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,889
3,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 35,754
900 KURITA WATER INDUSTRIES LIMITED (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 33,136
1,400 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 117,556
2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 19,101
3,300 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 80,613
500 LAWSON INCORPORATED (GENERAL MERCHANDISE STORES) 22,121
1,100 LEOPALACE 21 CORPORATION (REAL ESTATE) 17,778
200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 9,651
1,000 MAKITA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 31,400
14,000 MARUBENI CORPORATION (BUSINESS SERVICES) 101,966
2,600 MARUI COMPANY LIMITED (APPAREL & ACCESSORY STORES) 27,675
1,300 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE)<< 7,356
200 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES)<< 4,344
17,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 368,379
3,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 30,849
4,000 MAZDA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 14,165
1,300 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 23,553
2,000 MEIJI DAIRIES CORPORATION (FOOD & KINDRED PRODUCTS) 12,039
1,000 MEIJI SEIKA KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 5,086
200 MEITEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 6,059
6,400 MILLEA HOLDINGS INCORPORATED (INSURANCE CARRIERS) 236,276
3,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 17,456
10,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 69,417
11,700 MITSUBISHI CORPORATION (BUSINESS SERVICES) 353,301
17,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 147,010
10,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 242,777
3,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 21,338
28,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 119,663
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 12,821
10,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 43,439
15,000 MITSUBISHI MOTORS CORPORATION (TRANSPORTATION EQUIPMENT)+ 24,679
4,000 MITSUBISHI RAYON COMPANY LIMITED (TEXTILE MILL PRODUCTS) 12,801
75,160 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 648,451
350 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,184
15,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 303,973
5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 33,106
6,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,071
7,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 138,975
5,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 15,650
9,000 MITSUI O.S.K. LINES LIMITED (WATER TRANSPORTATION) 108,798
10,000 MITSUI SUMITOMO INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(A) 98,286
7,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 42,346
4,000 MITSUKOSHI LIMITED (APPAREL & ACCESSORY STORES)(A) 15,799
700 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 22,121
79 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 289,276
1,900 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 94,352
1,800 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 24,378
18,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,620
400 NEC ELECTRONICS CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 7,737
2,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 35,393
1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT)<< 13,002
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) $ 7,083
1,000 NICHIREI CORPORATION (FOOD & KINDRED PRODUCTS) 4,805
900 NIDEC CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 55,347
3,000 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL)<< 79,906
900 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 464,085
4 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE INVESTMENT TRUSTS (REITS)) 50,562
3,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 46,378
7,000 NIPPON EXPRESS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 40,239
1,000 NIPPON KAYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,069
3,000 NIPPON LIGHT METAL COMPANY LIMITED (METAL MINING) 4,514
2,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 29,535
7,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 39,727
11,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 68,640
8 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 18,941
5,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 22,121
1,000 NIPPON SHOKUBAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,631
50,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 253,311
45 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 194,121
10,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 93,900
3,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 22,873
6,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 15,770
1,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 2,147
1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 10,534
19,700 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 162,849
1,500 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 16,011
7,000 NISSHIN STEEL COMPANY LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 24,228
1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 9,290
800 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS)<< 26,966
300 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 16,974
1,400 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 59,129
1,000 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 20,465
15,400 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 230,197
500 NOMURA REAL ESTATE HOLDINGS INCORPORATED (REAL ESTATE) 8,327
2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE INVESTMENT TRUSTS (REITS)) 16,212
900 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 23,520
4,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 30,297
3,000 NTN CORPORATION (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 20,465
11 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 48,114
140 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 212,079
9 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 12,911
5,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,967
60 OBIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,642
5,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 37,018
7,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 31,531
3,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 5,778
1,000 OKUMA CORPORATION (MACHINERY) 10,714
1,000 OKUMURA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 5,096
2,000 OLYMPUS CORPORATION (GENERAL MERCHANDISE STORES) 60,594
1,800 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 36,928
400 ONO PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 19,342
1,000 ONWARD KASHIYAMA COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 10,213
300 ORACLE CORPORATION JAPAN (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,904
400 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES)<< 23,475
810 ORIX CORPORATION (MISCELLANEOUS RETAIL) 110,514
18,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 71,870
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 143
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
400 OSG CORPORATION (MACHINE & MACHINE TOOLS) $ 4,631
100 OTSUKA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 8,437
1,400 PIONEER CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,904
650 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 18,682
500 QP CORPORATION (FOOD & KINDRED PRODUCTS) 5,162
54 RAKUTEN INCORPORATED (COMMUNICATIONS) 32,341
50 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 83,266
6,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 98,596
200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 6,541
900 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 55,708
2 ROUND ONE CORPORATION (AMUSEMENT & RECREATION SERVICES) 2,087
100 RYOHIN KEIKAKU COMPANY LIMITED (MISCELLANEOUS RETAIL) 5,799
400 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 23,756
700 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,327
1,000 SANWA HOLDINGS CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 4,344
14,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 29,494
3 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 20,917
2,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 16,352
15 SBI E*TRADE SECURITIES COMPANY LIMITED (FINANCE & FINANCIAL SERVICES) 13,047
81 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES)<< 19,486
1,800 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 87,400
1,800 SEGA SAMMY HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 19,051
1,000 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 26,936
1,000 SEINO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 6,501
4,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 24,197
4,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 36,998
7,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 181,079
9,000 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 152,949
800 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 23,796
200 SHIMACHU COMPANY LIMITED (MISCELLANEOUS RETAIL) 6,009
200 SHIMAMURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 17,135
600 SHIMANO INCORPORATED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 27,568
5,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 22,974
3,500 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 180,829
600 SHINKO ELECTRIC INDUSTRIES (ELECT COMPONENTS-SEMICONDUCTORS) 6,772
5,000 SHINKO SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 14,547
3,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS)<< 9,902
3,000 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 51,224
3,000 SHISEIDO COMPANY LIMITED (APPAREL & ACCESSORY STORES) 79,304
5,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 59,039
9,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 30,337
1,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 15,169
500 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 52,719
6,500 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES)<< 117,832
10,200 SOJITZ HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 33,768
7,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 61,798
8,700 SONY CORPORATION (ELECTRONIC) 346,499
7 SONY FINANCIAL HOLDINGS INCORPORATED (MEMBERSHIP ORGANIZATIONS) 28,301
500 SQUARE ENIX COMPANY LIMITED (BUSINESS SERVICES)<< 17,456
1,300 STANLEY ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 31,691
900 SUMCO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 19,638
14,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 89,607
9,200 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 121,184
6,600 SUMITOMO ELECTRIC INDUSTRIES LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 83,559
5,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 32,303
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
36,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) $ 136,517
5,000 SUMITOMO METAL MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 93,048
57 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 375,120
2,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,635
3,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 52,879
1,500 SUMITOMO RUBBER INDUSTRIES LIMITED (TRANSPORTATION EQUIPMENT) 11,497
200 SUMITOMO TITANIUM (NON-FERROUS METALS) 12,380
11,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 75,702
2,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 25,221
600 SUZUKEN COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 24,679
1,500 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 37,846
1,700 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 89,025
7,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,854
8,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,385
1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,833
2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 16,011
1,000 TAIYO YUDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 9,751
1,000 TAKARA HOLDINGS INCORPORATED (EATING & DRINKING PLACES) 6,872
3,000 TAKASHIMAYA COMPANY LIMITED (APPAREL & ACCESSORY STORES)<< 33,738
7,300 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 365,439
980 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 20,744
2,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 23,295
1,100 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,998
8,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 33,708
1,500 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 78,250
1,200 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 26,726
3,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 19,051
4,000 The Hiroshima Bank Limited (Depository Institutions) 19,302
1,000 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 17,225
200 TIS INCORPORATED (PRINTING, PUBLISHING & ALLIED INDUSTRIES)(A) 3,982
7,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 37,360
1,000 TODA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 4,113
1,000 TOHO COMPANY LIMITED TOKYO (MOTION PICTURES) 23,475
300 TOHO TITANIUM COMPANY LIMITED (METAL MINING) 7,705
3,700 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 90,384
500 TOKAI RIKA COMPANY LIMITED (AUTO PARTS - ORIGINAL EQUIPMENT) 13,067
2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 14,506
300 TOKYO BROADCASTING SYSTEM INCORPORATED (COMMUNICATIONS) 7,163
10,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 283,397
1,500 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 91,192
19,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 76,816
200 TOKYO SEIMITSU COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 3,672
900 TOKYO STEEL MANUFACTURING COMPANY LIMITED (FURNITURE & FIXTURES) 12,207
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 13,162
10,000 TOKYU CORPORATION (TRANSPORTATION SERVICES) 50,963
4,000 TOKYU LAND CORPORATION (REAL ESTATE) 25,080
2,000 TONENGENERAL SEKIYU KK (OIL & GAS EXTRACTION) 17,115
5,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 57,986
12,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS)<< 77,889
27,000 TOSHIBA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 180,397
4,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 13,764
2,300 TOSTEM INAX HOLDING CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES) 34,542
2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 18,921
1,400 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 26,587
1,000 TOYO SUISAN KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 15,048
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 145
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
600 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) $ 22,572
600 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 17,967
1,600 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 56,822
23,400 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,166,713
1,800 TOYOTA TSUSHO CORPORATION (BUSINESS SERVICES) 38,192
1,000 TREND MICRO INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 39,226
8,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 25,923
400 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 29,254
2,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 19,141
1,800 URBAN CORPORATION (REAL ESTATE) 7,657
1,000 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 18,780
210 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 14,537
15 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 65,911
132 YAHOO JAPAN CORPORATION (BUSINESS SERVICES) 68,596
900 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 27,899
760 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 65,570
1,500 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 28,682
1,600 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,438
300 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 12,099
3,000 YAMATO TRANSPORT COMPANY LIMITED (TRANSPORTATION SERVICES) 43,941
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 9,470
2,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 19,001
1,900 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 19,023
2,000 ZEON CORPORATION (CHEMICALS & ALLIED PRODUCTS) 8,949
21,764,237
-------------
KAZAKHSTAN: 0.05%
2,824 EURASIAN NATURAL RESOURCES CORP (METAL MINING)+ 55,206
-------------
LUXEMBOURG: 0.64%
8,004 ARCELORMITTAL (PRIMARY METAL INDUSTRIES)<< 655,701
276 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS)+ 26,291
1,272 SES FDR (COMMUNICATIONS) 26,849
708,841
-------------
NETHERLANDS: 3.70%
12,740 AEGON NV (INSURANCE CARRIERS) 187,459
2,369 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 190,071
3,594 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)<<+ 88,410
335 CORIO NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 29,353
758 CORPORATE EXPRESS (WHOLESALE TRADE-DURABLE GOODS) 8,820
2,855 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (TRANSPORTATION BY AIR) 67,655
493 FUGRO NV (OIL FIELD SERVICES) 38,286
455 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 22,879
2,118 HEINEKEN NV (EATING & DRINKING PLACES) 123,019
16,363 ING GROEP NV (FINANCIAL SERVICES) 612,763
15,941 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 269,286
9,882 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)<< 378,019
10,917 KONINKLIJKE AHOLD NV (FOOD STORES) 162,015
1,194 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS)<< 57,588
409 OCE NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 6,961
804 QIAGEN NV (HEALTH SERVICES)+ 16,628
460 RANDSTAD HOLDINGS NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 21,547
5,480 REED ELSEVIER NV (COMMUNICATIONS) 104,511
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
NETHERLANDS (continued)
27,038 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) $ 933,125
1,198 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 38,640
3,437 TNT NV (TRANSPORTATION SERVICES) 127,678
532 TOMTOM NV (BUSINESS SERVICES)+ 22,005
14,827 UNILEVER NV (FOOD & KINDRED PRODUCTS)<< 497,893
1,477 VEDIOR NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 42,906
108 WERELDHAVE NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 13,323
2,585 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 68,440
4,129,280
-------------
NEW ZEALAND: 0.12%
7,762 AUCKLAND INTERNATIONAL AIRPORT LIMITED (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,914
2,518 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 15,817
1,408 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 2,601
2,652 FISHER & PAYKEL HEALTHCARE CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 6,109
4,229 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS)<< 27,895
4,036 SKY CITY ENTERTAINMENT GROUP LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 11,709
1,013 SKY NETWORK TELEVISION LIMITED (COMMUNICATIONS) 3,823
16,834 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS)<< 49,498
1,302 VECTOR LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,761
133,127
-------------
NORWAY: 1.01%
1,442 AKER KVAERNER ASA (ENGINEERING CONSTRUCTION) 32,848
6,414 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 97,362
4,000 DNO ASA (OIL & GAS EXTRACTION) 7,140
254 FRONTLINE LIMITED (WATER TRANSPORTATION) 11,622
6,206 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 90,427
887 OCEAN RIG ASA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 6,793
7,170 ORKLA ASA (MISCELLANEOUS RETAIL) 90,816
1,462 PETROLEUM GEO-SERVICES ASA (OIL & GAS EXTRACTION)+ 36,174
1,500 PROSAFE ASA (OIL & GAS EXTRACTION) 23,565
1,588 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 44,281
219 SCHIBSTED ASA (COMMUNICATIONS) 6,537
2,265 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 60,713
11,103 STATOILHYDRO ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 332,708
200 STOLT-NIELSEN SA (WATER TRANSPORTATION) 4,163
3,662 STOREBRAND ASA (INSURANCE CARRIERS) 28,835
616 TANDBERG ASA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,205
7,293 TELENOR ASA (COMMUNICATIONS) 139,634
600 TGS NOPEC GEOPHYSICAL COMPANY ASA (OIL FIELD SERVICES)+ 8,731
783 TOMRA SYSTEMS ASA (ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS) 5,920
1,600 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 92,531
1,130,005
-------------
PORTUGAL: 0.36%
2,592 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 13,709
15,614 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS)<< 50,780
1,928 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 33,504
2,550 BRISA-AUTO ESTRADAS DE PORTUGAL SA (CONSTRUCTION) 36,434
1,783 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS)<< 16,158
16,037 ENERGIAS DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 97,223
983 JERONIMO MARTINS (WHOLESALE TRADE NON-DURABLE GOODS) 7,899
8,983 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 104,379
2,035 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA (COMMUNICATIONS) 24,131
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 147
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PORTUGAL (continued)
794 SONAE CAPITAL (GENERAL MERCHANDISE STORES)+ $ 1,729
6,350 SONAE SGPS SA (GENERAL MERCHANDISE STORES) 11,679
397,625
-------------
SINGAPORE: 1.09%
7,500 ALLGREEN PROPERTIES LIMITED (REAL ESTATE) 6,702
9,000 ASCENDAS REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 15,562
9,000 CAPITACOMMERICAL TRUST (REAL ESTATE) 14,516
14,000 CAPITALAND LIMITED (REAL ESTATE) 64,586
10,300 CAPITAMALL TRUST (REAL ESTATE INVESTMENT TRUSTS (REITS)) 25,816
4,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 32,024
16,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 21,156
7,000 COSCO CORPORATION SINGAPORE LIMITED (WATER TRANSPORTATION) 18,766
10,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 130,771
7,000 FRASER & NEAVE LIMITED (MULTI-INDUSTRY COMPANIES) 24,665
1,000 HAW PAR CORPORATION LIMITED (BUSINESS SERVICES) 4,991
1,094 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 15,530
400 K-REIT ASIA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 445
10,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 71,924
3,000 KEPPEL LAND LIMITED (REAL ESTATE) 12,096
4,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 9,445
5,000 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 7,810
21,200 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 124,756
5,550 PARKWAY HOLDINGS LIMITED (HEALTH SERVICES) 12,903
7,980 SEMBCORP INDUSTRIES LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 23,596
7,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 19,427
4,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 52,134
7,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 38,142
1,000 SINGAPORE LAND LIMITED (REAL ESTATE) 4,940
8,000 SINGAPORE POST LIMITED (TRANSPORTATION SERVICES) 6,684
13,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 43,445
12,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 29,467
69,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 196,004
4,000 SMRT CORPORATION LIMITED (TRANSPORTATION SERVICES) 5,289
11,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 152,959
5,000 UOL GROUP LIMITED (REAL ESTATE) 14,022
2,000 VENTURE CORPORATION LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 15,315
3,000 WING TAI HOLDINGS LIMITED (REAL ESTATE) 4,773
1,220,661
-------------
SPAIN: 4.33%
2,239 ABERTIS INFRAESTRUCTURAS SA (SOCIAL SERVICES)<< 72,962
250 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 66,959
1,311 ACERINOX SA (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 36,345
1,857 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 105,748
892 ANTENA 3 DE TELEVISION SA (COMMUNICATIONS)<< 12,250
32,409 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 713,764
4,210 BANCO DE SABADELL SA (DEPOSITORY INSTITUTIONS) 46,194
7,357 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS)<< 133,571
54,082 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS)<< 1,077,525
1,213 BANKINTER SA (DEPOSITORY INSTITUTIONS)<< 19,246
1,803 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA (TRANSPORTATION SERVICES)<< 26,669
5,900 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)+ 40,519
1,466 ENAGAS SA (ELECTRIC, GAS & SANITARY SERVICES) 43,813
381 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS)<< 25,083
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SPAIN (continued)
1,484 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) $ 67,709
975 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES)<< 60,309
861 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 17,521
538 GRUPO FERROVIAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS)<< 39,063
7,507 IBERDROLA RENOVABLES (PIPELINES)+ 52,266
31,329 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 485,706
4,151 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 18,087
949 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 27,328
1,929 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES)<< 107,168
4,603 MAPFRE SA (INSURANCE CARRIERS) 23,109
808 PROMOTORA DE INFORMACIONES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 12,170
943 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 57,734
6,914 REPSOL YPF SA (OIL & GAS EXTRACTION) 238,613
710 SACYR VALLEHERMOSO SA (REAL ESTATE)<< 24,670
457 SOGECABLE SA (COMMUNICATIONS)<<+ 20,036
37,149 TELEFONICA SA (COMMUNICATIONS) 1,067,416
931 UNION FENOSA SA (ELECTRIC, GAS & SANITARY SERVICES) 62,570
958 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 26,630
843 ZELTIA SA (HEALTH SERVICES)<< 6,162
4,834,915
-------------
SWEDEN: 2.37%
792 ALFA LAVAL AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 48,118
2,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 48,726
5,890 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 100,614
3,355 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 52,653
158 AXFOOD AB (FOOD & KINDRED PRODUCTS) 5,624
263 BILLERUD AKTIEBOLAG (PAPER & ALLIED PRODUCTS) 2,988
2,500 BOLIDEN AB (METAL MINING) 26,612
796 CASTELLUM AB (REAL ESTATE) 9,712
325 D CARNEGIE & COMPANY AB (HOLDING & OTHER INVESTMENT OFFICES) 5,470
2,155 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 35,361
447 ELEKTA AB CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 7,711
881 ENIRO AB (COMMUNICATIONS) 6,405
670 FABEGE AB (REAL ESTATE) 7,160
1,433 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 37,140
4,080 HENNES & MAURITZ AB CLASS B (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 250,629
117 HOGANAS AB (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 2,781
431 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 14,906
1 HUSQVARNA AB A SHARES (MACHINERY) 11
2,409 HUSQVARNA AB B SHARES (MACHINERY) 28,988
2,000 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 45,020
711 KUNGSLEDEN (REAL ESTATE) 8,825
2,068 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 28,104
532 METRO INTERNATIONAL SA A SHARES (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 421
433 MODERN TIMES GROUP MTG B SHARES (MEDIA) 30,169
800 NOBIA AB (FURNITURE & FIXTURES) 6,900
17,859 NORDEA AB (DEPOSITORY INSTITUTIONS) 289,442
164 ORIFLAME COSMETICS SA (APPAREL & ACCESSORY STORES) 10,889
8,206 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 142,594
3,192 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 67,017
2,707 SECURITAS AB (BUSINESS SERVICES) 35,763
1,631 SECURITAS SYSTEMS AB CLASS B (BUSINESS SERVICES) 4,749
4,012 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 104,995
3,340 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 66,892
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 149
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWEDEN (continued)
3,540 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 71,195
1,592 SSAB SVENSKT STAL AB A SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 44,744
675 SSAB SVENSKT STAL AB B SHARES (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 17,324
4,977 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 90,672
4,314 SVENSKA HANDELSBANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 125,604
1,500 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 42,032
2,125 SWEDISH MATCH AB (TOBACCO PRODUCTS) 46,313
2,637 TELE2 AB (COMMUNICATIONS) 49,817
127,937 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 251,057
19,411 TELIASONERA AB (COMMUNICATIONS)<< 155,828
392 TRELLEBORG AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,818
4,175 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT)<< 62,184
9,395 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 142,304
150 WIHLBORGS FASTIGHETER AB (REAL ESTATE) 3,427
2,643,708
-------------
SWITZERLAND: 7.07%
18,975 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 509,388
815 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS) 44,439
1,154 ADECCO SA (BUSINESS SERVICES) 66,642
587 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS) 21,409
4,514 COMPAGNIE FINANCIERE RICHEMONT SA (GENERAL MERCHANDISE STORES) 253,177
9,044 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 460,351
383 EFG INTERNATIONAL (MEMBERSHIP ORGANIZATIONS) 13,112
340 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 50,670
57 GIVAUDAN (CHEMICALS & ALLIED PRODUCTS) 56,392
1,825 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 191,670
926 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 68,254
186 KUDELSKI SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 2,731
464 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 46,419
15 KUONI REISEN HOLDING (AMUSEMENT & RECREATION SERVICES) 8,330
7 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 23,260
1,495 LOGITECH INTERNATIONAL SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 37,845
391 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 51,852
3,399 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,698,473
207 NOBEL BIOCARE HOLDING AG (MEDICAL PRODUCTS) 48,149
20,058 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 1,028,046
56 OC OERLIKON CORPORATION AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 19,708
117 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 13,042
404 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 37,060
193 PSP SWISS PROPERTY AG (REAL ESTATE) 13,031
23 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 8,801
6,075 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 1,143,306
450 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 33,713
41 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (BUSINESS SERVICES) 58,955
5,988 STMICROELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 63,717
69 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 19,697
25 SULZER AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 33,053
453 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 23,264
278 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 74,322
310 SWISS LIFE HOLDING (INSURANCE CARRIERS)+ 86,154
3,062 SWISS REINSURANCE (INSURANCE CARRIERS) 267,474
199 SWISSCOM AG (COMMUNICATIONS) 68,180
900 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 263,720
525 SYNTHES INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 73,429
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND (continued)
17,927 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) $ 520,968
1,258 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 396,173
7,898,376
-------------
UNITED KINGDOM: 19.97%
3,381 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 55,694
1,650 ACERGY SA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 35,561
1,121 AGGREKO PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 14,361
1,713 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 17,627
2,879 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 41,339
11,433 ANGLO AMERICAN PLC (METAL MINING) 687,085
1,633 ANTOFAGASTA PLC (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 22,719
10,901 ARM HOLDINGS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 19,038
1,034 ARRIVA PLC (TRANSPORTATION BY AIR) 14,078
1,476 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 25,632
12,612 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 471,570
22,641 AVIVA PLC (INSURANCE CARRIERS) 277,469
30,370 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 292,477
3,672 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 34,325
57,222 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 514,450
2,840 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 23,306
2,148 BBA AVIATION PLC (TRANSPORTATION EQUIPMENT) 6,416
674 BERKELEY GROUP HOLDINGS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 14,901
29,113 BG GROUP PLC (OIL & GAS EXTRACTION) 674,279
19,513 BHP BILLITON PLC (COAL MINING) 578,958
1,822 BIFFA PLC (ELECTRIC, GAS & SANITARY SERVICES) 12,611
629 BOVIS HOMES GROUP PLC (BUILDING) 7,565
163,860 BP PLC (OIL & GAS EXTRACTION) 1,665,039
4,818 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR)+ 22,399
13,085 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 491,074
9,060 BRITISH ENERGY GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 117,325
4,487 BRITISH LAND COMPANY PLC (REAL ESTATE) 81,704
10,076 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 111,285
1,409 BRIXTON PLC (REAL ESTATE) 9,228
69,363 BT GROUP PLC (COMMUNICATIONS) 299,067
2,832 BUNZL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 39,877
3,712 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 33,188
18,370 CADBURY SCHWEPPES PLC (FOOD & KINDRED PRODUCTS) 201,794
5,248 CAPITA GROUP PLC (PERSONAL SERVICES) 70,665
1,438 CARNIVAL PLC (WATER TRANSPORTATION) 57,107
3,304 CARPHONE WAREHOUSE PLC (ELECTRONICS) 18,688
1,890 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 8,683
32,057 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 189,751
868 CHARTER PLC (DIVERSIFIED MANUFACTURING) 14,643
691 CLOSE BROTHERS GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 8,461
9,684 COBHAM PLC (TRANSPORTATION BY AIR) 38,438
16,613 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 106,248
1,105 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 14,563
686 CSR PLC (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 4,438
2,419 DAILY MAIL & GENERAL TRUST CLASS A NV (COMMUNICATIONS) 20,752
887 DAVIS SERVICE GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 8,696
779 DE LA RUE (BUSINESS SERVICES) 13,706
22,457 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 452,821
15,384 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 19,388
2,267 ELECTROCOMPONENTS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 8,177
1,821 EMAP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES)(A) 16,986
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 151
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
4,416 ENTERPRISE INNS PLC (EATING & DRINKING PLACES) $ 35,166
3,762 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 42,072
3,064 FKI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 4,241
15,778 FRIENDS PROVIDENT PLC (INSURANCE CARRIERS) 38,704
3,135 GALIFORM PLC (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 4,931
5,942 GKN PLC (TRANSPORTATION EQUIPMENT) 35,879
47,717 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,009,513
943 GREAT PORTLAND ESTATES PLC (REAL ESTATE) 9,910
9,967 GROUP 4 SECURICOR PLC (SOCIAL SERVICES) 45,051
2,510 HAMMERSON PLC (REAL ESTATE) 55,493
11,959 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,116
32,263 HBOS PLC (DEPOSITORY INSTITUTIONS) 358,570
8,055 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 41,764
102,283 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 1,684,857
4,501 ICAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 50,828
2,692 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,296
5,903 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 271,561
3,925 INCHCAPE PLC (WHOLESALE TRADE NON-DURABLE GOODS) 31,315
2,571 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 38,776
13,267 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 104,794
680 INTERTEK GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 13,927
6,669 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 29,780
3,492 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 23,459
28,996 ITV PLC (COMMUNICATIONS) 36,427
13,563 J SAINSBURY PLC (FOOD & KINDRED PRODUCTS) 92,328
1,883 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 74,928
912 KAZAKHMYS PLC (METAL MINING) 28,906
4,683 KESA ELECTRICALS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 19,123
20,410 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 53,469
5,298 LADBROKERS PLC (AMUSEMENT & RECREATION SERVICES) 32,727
4,023 LAND SECURITIES GROUP PLC (REAL ESTATE) 120,482
55,645 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 139,590
2,183 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 42,263
248 LIGHTHOUSE CALEDONIA ASA (FISHING, HUNTING & TRAPPING)+ 204
48,834 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 437,100
13,620 LOGICACMG PLC (BUSINESS SERVICES) 28,585
1,329 LONDON STOCK EXCHANGE GROUP PLC (FINANCIAL) 31,873
666 LONMIN PLC (METAL MINING) 40,592
14,384 MAN GROUP PLC (BUSINESS SERVICES) 158,292
14,674 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 112,777
5,557 MEGGITT PLC (TRANSPORTATION BY AIR) 30,411
2,622 MISYS PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 7,207
3,037 MONDI PLC (PAPER & ALLIED PRODUCTS) 25,190
1,148 NATIONAL EXPRESS GROUP PLC (TRANSPORTATION SERVICES) 22,898
22,156 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 304,064
1,796 NEXT PLC (APPAREL & ACCESSORY STORES) 40,599
45,007 OLD MUTUAL PLC (INSURANCE CARRIERS) 98,702
7,087 PEARSON PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 95,854
2,448 PERSIMMON PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 37,167
1,899 PREMIER FARNELL PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 6,718
21,521 PRUDENTIAL PLC (INSURANCE CARRIERS) 284,249
2,249 PUNCH TAVERNS PLC (EATING & DRINKING PLACES) 24,058
2,034 RANK GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,563
5,232 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 289,807
9,499 REED ELSEVIER PLC (COMMUNICATIONS) 120,842
15,414 RENTOKIL INITIAL PLC (COMMUNICATIONS) 29,750
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
5,981 RESOLUTION PLC (INSURANCE CARRIERS) $ 81,251
11,173 REUTERS GROUP PLC (COMMUNICATIONS) 128,611
5,525 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 46,766
8,623 RIO TINTO PLC (METAL MINING) 895,552
15,735 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 125,852
1,441,932 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE)+(A) 2,862
86,525 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 579,132
4,946 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 170,504
23,861 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 803,149
7,808 SABMILLER PLC (EATING & DRINKING PLACES) 171,077
11,272 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 42,080
985 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 18,337
7,102 SCOTTISH & NEWCASTLE PLC (FOOD & KINDRED PRODUCTS) 111,350
7,543 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 210,181
3,676 SEGRO PLC (REAL ESTATE) 37,061
4,114 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 37,048
2,043 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 57,535
2,416 SHIRE PLC (CHEMICALS & ALLIED PRODUCTS) 46,678
19,428 SIGNET GROUP PLC (APPAREL & ACCESSORY STORES) 23,809
7,884 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 104,287
3,386 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 63,174
993 SSL INTERNATIONAL PLC (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 8,937
4,401 STAGECOACH GROUP PLC (TRANSPORTATION SERVICES) 21,137
5,894 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 201,430
19,067 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 93,184
4,100 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 43,940
9,604 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 35,738
67,799 TESCO PLC (FOOD & KINDRED PRODUCTS) 509,969
4,284 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 24,656
7,797 TOMKINS PLC (BUSINESS SERVICES) 27,660
949 TRAVIS PERKINS PLC (BUSINESS SERVICES) 20,190
1,527 TRINITY MIRROR PLC (COMMUNICATIONS) 8,940
4,645 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 23,761
940 TULLETT PREBON PLC (INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES) 8,885
6,311 TULLOW OIL PLC (OIL & GAS EXTRACTION) 82,728
11,230 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 378,659
2,075 UNITED BUSINESS MEDIA PLC (COMMUNICATIONS) 22,197
7,785 UNITED UTILITIES PLC (ELECTRIC, GAS & SANITARY SERVICES) 106,685
595 VEDANTA RESOURCES PLC (METAL MINING) 24,751
459,234 VODAFONE GROUP PLC (COMMUNICATIONS) 1,375,323
1,582 WHITBREAD PLC (EATING & DRINKING PLACES) 36,640
2,951 WILLIAM HILL PLC (AMUSEMENT & RECREATION SERVICES) 22,006
10,551 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 57,428
5,803 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 61,039
9,889 WPP GROUP PLC (BUSINESS SERVICES) 117,953
5,461 XSTRATA PLC (DIVERSIFIED MINING) 382,260
7,155 YELL GROUP PLC (COMMUNICATIONS) 21,846
22,312,638
-------------
TOTAL COMMON STOCKS (COST $79,231,045) 108,498,971
-------------
RIGHTS: 0.00%
707 ILUKA RESOURCES LIMITED RIGHTS+ 1,358
328 SONAE BONUS RIGHTS+ 2,278
TOTAL RIGHTS (COST $1,573) 3,636
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 153
INTERNATIONAL INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WARRANTS: 0.00%
4,000 DOWA MINING WARRANTS+ $ 1,111
TOTAL WARRANTS (COST $0) 1,111
-------------
PREFERRED STOCKS: 0.00%
200 ITO EN LIMITED PREFERRED<< 2,259
TOTAL PREFERRED STOCKS (COST $3,250) 2,259
-------------
COLLATERAL FOR SECURITIES LENDING: 3.04%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.04%
3,399,214 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 3,399,214
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,399,214) 3,399,214
-------------
SHORT-TERM INVESTMENTS: 1.06%
1,178,469 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 1,178,469
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,178,469) 1,178,469
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $83,813,551)* 101.23% $ 113,083,660
OTHER ASSETS AND LIABILITIES, NET (1.23) (1,377,870)
------ -------------
TOTAL NET ASSETS 100.00% $ 111,705,790
------ -------------
- --------------------------------------------------------------------------------
<< All or a portion of this security is on loan. (See Note 2)
+ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $1,178,469.
* 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.
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.98%
AUSTRALIA: 5.18%
448,500 AWB LIMITED (AGRICULTURAL SERVICES) $ 1,127,183
430,100 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,879,589
269,800 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS)<< 1,543,531
66,600 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 2,544,799
228,400 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 667,952
481,736 METCASH LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,796,257
700,300 MINCOR RESOURCES NL (METAL MINING) 1,958,415
845,300 PERILYA LIMITED (METAL MINING)<< 811,147
1,067,200 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 3,832,989
561,900 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 2,259,492
20,421,354
-------------
AUSTRIA: 0.69%
39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 2,729,985
-------------
BELGIUM: 1.15%
7,700 DEXIA SA (DEPOSITORY INSTITUTIONS) 219,423
99,600 FORTIS (DEPOSITORY INSTITUTIONS) 2,509,616
40,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,818,096
4,547,135
-------------
DENMARK: 1.19%
44,400 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 1,637,951
122,400 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 3,057,797
4,695,748
-------------
FINLAND: 1.15%
51,800 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES)<< 2,500,002
82,700 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 2,042,008
4,542,010
-------------
FRANCE: 9.04%
730 ARKEMA (OIL & GAS EXTRACTION)+ 40,821
76,300 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 7,696,132
32,800 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 2,674,603
17,400 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,816,340
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 2,311,489
21,200 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,643,694
27,600 RALLYE SA (GENERAL MERCHANDISE STORES) 1,746,869
21,400 RENAULT SA (TRANSPORTATION EQUIPMENT) 2,368,355
84,300 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 6,324,397
4,300 SCOR SE (INSURANCE AGENTS, BROKERS & SERVICE) 102,618
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,723,295
45,800 TOTAL SA (OIL & GAS EXTRACTION) 3,401,323
28,844 VALEO SA (TRANSPORTATION EQUIPMENT) 1,143,906
68,000 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 2,657,047
35,650,889
-------------
GERMANY: 10.03%
2,825 ALLIANZ SE (INSURANCE CARRIERS) 559,639
60,800 BASF AG (CHEMICALS & ALLIED PRODUCTS) 8,188,769
72,500 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 4,004,949
39,000 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT)<< 3,334,096
47,500 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 5,376,849
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 155
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GERMANY (continued)
122,200 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) $ 3,304,788
31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,616,046
64,000 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,718,697
19,000 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS)<< 3,715,950
110,800 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 6,339,325
53,300 TUI AG (TRANSPORTATION BY AIR)<< 1,367,400
39,526,508
-------------
GREECE: 0.16%
10,300 DRYSHIPS INCORPORATED (WATER TRANSPORTATION) 617,073
-------------
HONG KONG: 3.03%
1,133,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR)<< 2,227,378
511,000 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 2,166,743
853,000 HONGKONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 5,386,976
371,500 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 2,174,301
11,955,398
-------------
IRELAND: 0.75%
79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 1,690,138
64,700 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,264,562
2,954,700
-------------
ITALY: 4.05%
167,100 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 5,698,300
206,700 FIAT SPA (TRANSPORTATION EQUIPMENT) 4,780,719
175,000 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 1,233,601
166,200 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 4,258,578
15,971,198
-------------
JAPAN: 20.31%
24,200 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 642,145
190,000 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,917,536
96,400 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 948,720
244,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,272,873
49,100 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,901,344
180,000 CALSONIC KANSEI CORPORATION (TRANSPORTATION EQUIPMENT) 651,886
315,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,229,284
510,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 1,601,425
294,900 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 928,959
72,500 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,396,469
350,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,464,185
61,400 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 739,165
4,500 HITACHI MAXELL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 46,363
101,800 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 2,905,508
52,100 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 2,310,213
391,000 MARUBENI CORPORATION (BUSINESS SERVICES) 2,847,773
154,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 3,337,079
237,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,566,844
80,800 MITSUBISHI CORPORATION (BUSINESS SERVICES) 2,439,888
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,965,690
663,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 2,075,201
55,500 NIFCO INCORPORATED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 1,277,814
406,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 2,153,210
303,300 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 1,892,582
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
426 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) $ 1,008,587
900 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,882,424
289,600 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 2,393,965
3,300 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 4,998,997
119,000 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 2,441,362
28,500 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 819,146
170,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 2,793,539
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 945,024
252,000 SANKEN ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,481,461
31,300 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 1,858,909
25,200 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 587,781
501,000 SANWA HOLDINGS CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS)<< 2,176,294
26,800 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 721,890
94,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 955,618
177,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 896,720
237,200 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 3,124,434
264,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 1,816,854
4,000 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 84,671
94,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,094,843
61,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 707,424
234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,420,245
87,000 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 4,337,781
80,060,125
-------------
NETHERLANDS: 3.28%
312,700 AEGON NV (INSURANCE CARRIERS) 4,601,070
137,300 ING GROEP NV (FINANCIAL SERVICES) 5,141,624
91,700 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 1,549,060
47,800 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 1,649,655
12,941,409
-------------
NORWAY: 1.39%
170,500 CERMAQ ASA (FOOD & KINDRED PRODUCTS) 2,159,563
50,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 758,982
63,600 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 926,708
54,835 STATOILHYDRO ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,643,212
5,488,465
-------------
SINGAPORE: 1.07%
606,490 MOBILONE LIMITED (COMMUNICATIONS) 934,113
787,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION)<< 1,858,222
126,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 1,428,021
4,220,356
-------------
SPAIN: 4.01%
75,800 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS)<< 1,669,393
327,000 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 6,515,117
152,400 REPSOL YPF SA (OIL & GAS EXTRACTION) 5,259,570
82,400 TELEFONICA SA (COMMUNICATIONS) 2,367,629
15,811,709
-------------
SWEDEN: 3.16%
87,600 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)<< 1,437,431
270,600 NORDEA AB (DEPOSITORY INSTITUTIONS)<< 4,385,634
70,500 SVENSKA HANDELSBANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 2,052,644
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 157
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWEDEN (continued)
22,200 SWEDBANK AB (DEPOSITORY INSTITUTIONS) $ 622,079
262,000 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT)<< 3,968,461
12,466,249
-------------
SWITZERLAND: 6.07%
37,700 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 3,746,843
26,300 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS)<< 959,205
112,200 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 5,711,117
3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT)+ 1,832,117
43,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 2,239,785
3,700 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 1,415,769
9,000 SWISSCOM AG (COMMUNICATIONS) 3,083,526
27,200 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 790,446
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 521,599
7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 1,722,425
6,000 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES)<< 1,889,538
23,912,370
-------------
UNITED KINGDOM: 20.27%
175,800 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 1,809,044
149,000 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 5,571,199
114,500 AVIVA PLC (INSURANCE CARRIERS) 1,403,214
539,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 4,853,925
89,600 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 735,301
637,900 BP PLC (OIL & GAS EXTRACTION) 6,481,926
257,000 BRADFORD & BINGLEY PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 952,523
332,100 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 1,596,666
1,016,100 BT GROUP PLC (COMMUNICATIONS) 4,381,045
181,087 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,933,531
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 1,211,324
1,057,400 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 1,332,584
414,000 GKN PLC (TRANSPORTATION EQUIPMENT) 2,499,841
85,100 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,800,397
131,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,471,173
298,900 HBOS PLC (DEPOSITORY INSTITUTIONS) 3,321,968
234,300 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 3,859,508
172,200 JJB SPORTS PLC (APPAREL & ACCESSORY STORES) 372,513
593,200 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 5,309,568
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 434,090
1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,463,207
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 701,966
962,500 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 2,458,447
255,100 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 1,707,434
264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 8,886,104
319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 3,428,384
212,947 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 792,417
2,709,400 VODAFONE GROUP PLC (COMMUNICATIONS) 8,114,160
79,883,459
-------------
TOTAL COMMON STOCKS (COST $373,640,790) 378,396,140
-------------
COLLATERAL FOR SECURITIES LENDING: 7.41%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 7.41%
29,204,017 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 29,204,017
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $29,204,017) 29,204,017
-------------
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS: 2.29%
9,021,416 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 9,021,416
-------------
9,021,416
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,021,416)
TOTAL INVESTMENTS IN SECURITIES
(COST $411,866,223)* 105.68% $ 416,621,573
OTHER ASSETS AND LIABILITIES, NET (5.68) (22,396,587)
------ -------------
TOTAL NET ASSETS 100.00% $ 394,224,986
------ -------------
- --------------------------------------------------------------------------------
<< All or a portion of this security is on loan. (See Note 2)
+ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $9,021,416.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 159
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.01%
APPAREL & ACCESSORY STORES: 1.30%
96,090 GAP INCORPORATED $ 1,891,050
-------------
BIOPHARMACEUTICALS: 3.80%
22,150 GENENTECH INCORPORATED+ 1,798,137
25,100 GENZYME CORPORATION+ 1,870,954
36,310 GILEAD SCIENCES INCORPORATED+ 1,871,054
5,540,145
-------------
BUSINESS SERVICES: 12.91%
49,520 ADOBE SYSTEMS INCORPORATED+ 1,762,417
56,860 BMC SOFTWARE INCORPORATED+<< 1,849,087
71,840 CA INCORPORATED 1,616,400
62,540 JUNIPER NETWORKS INCORPORATED+ 1,563,500
7,200 MASTERCARD INCORPORATED CLASS A<< 1,605,528
132,580 MICROSOFT CORPORATION 3,762,620
34,300 OMNICOM GROUP INCORPORATED 1,515,374
94,600 ORACLE CORPORATION+ 1,850,376
104,670 SUN MICROSYSTEMS INCORPORATED+ 1,625,525
99,620 SYMANTEC CORPORATION+ 1,655,684
18,806,511
-------------
CHEMICALS & ALLIED PRODUCTS: 5.03%
50,230 CELANESE CORPORATION CLASS A 1,961,482
35,470 ELI LILLY & COMPANY 1,829,897
43,220 FOREST LABORATORIES INCORPORATED+ 1,729,232
16,290 MONSANTO COMPANY 1,816,335
7,336,946
-------------
COMMUNICATIONS: 2.38%
43,500 AMERICAN TOWER CORPORATION CLASS A+ 1,705,635
71,270 DIRECTV GROUP INCORPORATED+ 1,766,783
3,472,418
-------------
DEPOSITORY INSTITUTIONS: 1.47%
27,080 STATE STREET CORPORATION 2,139,320
-------------
ELECTRIC, GAS & SANITARY SERVICES: 2.32%
18,160 CONSTELLATION ENERGY GROUP INCORPORATED 1,602,983
106,620 EL PASO CORPORATION 1,774,157
3,377,140
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.75%
41,160 EMERSON ELECTRIC COMPANY 2,118,094
22,550 MEMC ELECTRONIC MATERIALS INCORPORATED+ 1,598,795
73,700 XILINX INCORPORATED 1,750,375
5,467,264
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 2.48%
55,940 ACCENTURE LIMITED CLASS A 1,967,410
22,380 JACOBS ENGINEERING GROUP INCORPORATED+ 1,646,944
3,614,354
-------------
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: 3.80%
42,120 ARCHER DANIELS MIDLAND COMPANY $ 1,733,659
19,210 BUNGE LIMITED<< 1,668,965
35,100 THE COCA-COLA COMPANY 2,136,537
5,539,161
-------------
GENERAL MERCHANDISE STORES: 1.21%
53,180 TJX COMPANIES INCORPORATED 1,758,663
-------------
HEALTH SERVICES: 1.13%
22,370 LABORATORY CORPORATION OF AMERICA HOLDINGS+<< 1,648,222
-------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.42%
37,760 MCDERMOTT INTERNATIONAL INCORPORATED+ 2,070,003
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 15.34%
29,970 AGCO CORPORATION+ 1,794,604
17,860 APPLE INCORPORATED+ 2,562,910
24,600 DEERE & COMPANY 1,978,824
36,350 GAMESTOP CORPORATION CLASS A+ 1,879,659
53,700 HEWLETT-PACKARD COMPANY 2,451,942
22,790 INTERNATIONAL BUSINESS MACHINES CORPORATION 2,624,041
42,210 MANITOWOC COMPANY INCORPORATED 1,722,168
28,230 NATIONAL OILWELL VARCO INCORPORATED+ 1,648,067
27,750 PARKER HANNIFIN CORPORATION 1,922,243
85,880 SEAGATE TECHNOLOGY 1,798,327
18,780 SPX CORPORATION 1,970,022
22,352,807
-------------
INSURANCE CARRIERS: 3.36%
26,260 ASSURANT INCORPORATED 1,598,184
30,600 CHUBB CORPORATION 1,514,088
29,650 METLIFE INCORPORATED 1,786,709
4,898,981
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.28%
20,790 BECTON DICKINSON & COMPANY 1,784,822
18,570 C.R. BARD INCORPORATED<< 1,790,148
33,910 RAYTHEON COMPANY 2,190,925
33,980 THERMO FISHER SCIENTIFIC INCORPORATED+ 1,931,423
7,697,318
-------------
MEDICAL EQUIPMENT & SUPPLIES: 1.23%
41,430 ST. JUDE MEDICAL INCORPORATED+ 1,789,362
-------------
MEDICAL PRODUCTS: 1.43%
36,010 BAXTER INTERNATIONAL INCORPORATED 2,082,098
-------------
MOTION PICTURES: 1.15%
53,400 WALT DISNEY COMPANY 1,675,692
-------------
OIL & GAS EXTRACTION: 6.18%
16,320 APACHE CORPORATION 1,971,782
18,480 DEVON ENERGY CORPORATION 1,928,018
25,500 OCCIDENTAL PETROLEUM CORPORATION 1,865,835
53,260 SOUTHWESTERN ENERGY COMPANY+ 1,794,329
10,679 TRANSOCEAN INCORPORATED+ 1,443,801
9,003,765
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 161
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 1.32%
22,700 EXXON MOBIL CORPORATION $ 1,919,966
-------------
PRIMARY METAL INDUSTRIES: 1.24%
26,770 NUCOR CORPORATION 1,813,400
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.25%
46,030 VIACOM INCORPORATED CLASS B+ 1,823,709
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.08%
3,342 CME GROUP INCORPORATED 1,567,732
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 2.69%
83,520 CORNING INCORPORATED 2,007,821
33,920 OWENS-ILLINOIS INCORPORATED+ 1,914,106
3,921,927
-------------
TOBACCO PRODUCTS: 2.46%
24,420 ALTRIA GROUP INCORPORATED 542,124
24,960 LOEWS CORPORATION - CAROLINA GROUP 1,810,848
24,420 PHILIP MORRIS INTERNATIONAL+ 1,235,896
3,588,868
-------------
TRANSPORTATION EQUIPMENT: 8.49%
22,980 BOEING COMPANY 1,709,023
23,250 GENERAL DYNAMICS CORPORATION 1,938,353
27,140 GOODRICH CORPORATION 1,560,821
32,300 HONEYWELL INTERNATIONAL INCORPORATED 1,822,366
17,550 LOCKHEED MARTIN CORPORATION 1,742,715
24,440 NORTHROP GRUMMAN CORPORATION 1,901,676
30,600 TEXTRON INCORPORATED 1,695,852
12,370,806
-------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.51%
32,380 NIKE INCORPORATED CLASS B 2,201,840
-------------
TOTAL COMMON STOCKS (COST $134,374,992) 141,369,468
-------------
COLLATERAL FOR SECURITIES LENDING: 4.99%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.20%
21,103 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 21,103
89,619 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 89,619
80,657 DREYFUS CASH MANAGEMENT FUND 80,657
98,581 SCUDDER DAILY ASSETS MONEY MARKET FUND 98,581
289,960
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 4.79%
$ 188,200 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 187,976
33,159 APRECO LLC 2.70 04/17/2008 33,119
35,848 APRECO LLC 3.10 04/07/2008 35,829
216,878 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 216,540
13,981 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 13,961
44,809 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 44,765
293,054 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $293,079) 3.10 04/01/2008 293,054
44,809 BANK OF IRELAND+/-++ 3.06 10/14/2008 44,796
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 8,962 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $8,963) 2.50% 04/01/2008 $ 8,962
35,848 BNP PARIBAS+/- 3.13 08/07/2008 35,818
112,920 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $112,930) 3.04 04/01/2008 112,920
198,058 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $198,075) 3.08 04/01/2008 198,058
94,996 BRYANT BANK FUNDING 2.98 04/09/2008 94,933
26,886 CAFCO LLC 2.70 04/18/2008 26,851
73,846 CAFCO LLC 3.08 04/07/2008 73,808
183,719 CHARIOT FUNDING LLC 2.97 04/14/2008 183,522
134,428 CHARTA LLC 3.08 04/09/2008 134,336
116,504 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 104,854
89,619 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 80,657
179,238 CIESCO LLC 3.08 04/08/2008 179,130
181,030 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 181,030
287,676 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $287,701) 3.10 04/01/2008 287,676
134,428 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 134,025
52,875 EBBETS FUNDING LLC 3.65 04/01/2008 52,875
91,411 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 91,289
71,695 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 71,640
89,619 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 89,518
34,951 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 34,913
44,809 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 44,788
179,238 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 178,435
145,003 GALLEON CAPITAL LLC 2.88 04/16/2008 144,829
71,695 GALLEON CAPITAL LLC 3.10 04/18/2008 71,590
93,204 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 93,041
125,466 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 125,455
131,740 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $131,751) 3.00 04/01/2008 131,740
368,333 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED (MATURITY VALUE $368,365) 3.15 04/01/2008 368,333
17,924 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 17,924
116,504 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 116,504
44,809 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 44,768
108,439 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $108,448) 3.10 04/01/2008 108,439
77,072 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $77,079) 3.04 04/01/2008 77,072
17,924 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 17,924
62,733 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 62,702
89,619 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 89,016
134,428 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 134,183
1,434 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 1,433
86,034 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 86,011
8,290 MORGAN STANLEY+/- 2.94 10/15/2008 8,286
135,324 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $135.336) 3.08 04/01/2008 135,324
76,757 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $76,762) 2.50 04/01/2008 76,757
89,619 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 89,049
125,466 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 125,262
81,367 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 81,346
25,989 PICAROS FUNDING LLC 2.60 04/11/2008 25,971
89,619 RANGER FUNDING CORPORATION 2.71 04/18/2008 89,504
53,771 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 53,704
64,526 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 64,505
53,771 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 53,766
35,848 SLM CORPORATION+/-++ 2.94 05/12/2008 35,783
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 163
LARGE CAP APPRECIATION PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 55,564 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27% 04/03/2008 $ 49,541
89,619 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 79,904
10,754 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 10,753
89,619 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 89,520
112,920 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 112,784
53,771 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 53,714
30,033 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 30,026
89,619 TULIP FUNDING CORPORATION 2.88 04/21/2008 89,475
44,809 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 44,780
44,809 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 44,784
26,886 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 26,879
89,619 VERSAILLES CDS LLC 3.00 04/11/2008 89,544
44,809 VERSAILLES CDS LLC 3.45 04/08/2008 44,779
77,072 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 68,718
44,809 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 39,952
89,619 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 85,138
215,085 YORKTOWN CAPITAL LLC 2.72 04/03/2008 215,052
6,975,642
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,370,781) 7,265,602
-------------
SHARES
SHORT-TERM INVESTMENTS: 3.49%
5,093,290 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,093,290
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,093,290) 5,093,290
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $146,839,063)* 105.49% $ 153,728,360
OTHER ASSETS AND LIABILITIES, NET (5.49) (8,005,552)
------ -------------
TOTAL NET ASSETS 100.00% $ 145,722,808
------ -------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $5,093,290.
* 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.
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.11%
APPAREL & ACCESSORY STORES: 1.46%
675,800 KOHL'S CORPORATION+<< $ 28,985,062
-------------
BIOPHARMACEUTICALS: 5.80%
899,600 GENENTECH INCORPORATED+<< 73,029,528
566,240 GENZYME CORPORATION+ 42,207,530
115,237,058
-------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 5.31%
1,137,700 FASTENAL COMPANY<< 52,254,561
2,322,000 LOWE'S COMPANIES INCORPORATED<< 53,266,680
105,521,241
-------------
BUSINESS SERVICES: 17.66%
707,700 AUTOMATIC DATA PROCESSING INCORPORATED 29,999,403
2,987,370 EBAY INCORPORATED+ 89,143,121
209,400 GOOGLE INCORPORATED CLASS A+ 92,234,418
4,906,498 MICROSOFT CORPORATION<< 139,246,413
350,623,355
-------------
CHEMICALS & ALLIED PRODUCTS: 1.90%
903,800 AMGEN INCORPORATED+ 37,760,764
-------------
DEPOSITORY INSTITUTIONS: 1.12%
1,042,800 WESTERN UNION COMPANY 22,180,356
-------------
E-COMMERCE/SERVICES: 1.34%
374,500 AMAZON.COM INCORPORATED+<< 26,701,850
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 15.56%
4,604,343 CISCO SYSTEMS INCORPORATED+ 110,918,623
1,072,200 LINEAR TECHNOLOGY CORPORATION<< 32,905,818
3,690,500 NOKIA OYJ ADR 117,468,615
1,683,300 TEXAS INSTRUMENTS INCORPORATED 47,586,891
308,879,947
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 4.11%
2,380,500 PAYCHEX INCORPORATED<< 81,555,930
-------------
GENERAL MERCHANDISE STORES: 6.14%
1,692,460 TARGET CORPORATION<< 85,773,873
686,200 WAL-MART STORES INCORPORATED<< 36,149,016
121,922,889
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.97%
1,560,500 EMC CORPORATION 22,377,570
2,663,570 INTEL CORPORATION 56,414,413
78,791,983
-------------
INSURANCE CARRIERS: 2.51%
1,153,266 AMERICAN INTERNATIONAL GROUP INCORPORATED 49,878,755
-------------
MEDICAL EQUIPMENT & SUPPLIES: 5.77%
2,369,410 MEDTRONIC INCORPORATED 114,608,362
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 165
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PERSONAL SERVICES: 0.98%
682,850 CINTAS CORPORATION $ 19,488,539
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.81%
5,467,537 CHARLES SCHWAB CORPORATION 102,953,722
52,000 CME GROUP INCORPORATED 24,393,200
626,600 FRANKLIN RESOURCES INCORPORATED 60,773,934
965,990 GOLDMAN SACHS GROUP INCORPORATED 159,765,086
426,700 LEGG MASON INCORPORATED<< 23,886,666
827,300 T. ROWE PRICE GROUP INCORPORATED<< 41,365,000
413,137,608
-------------
TRANSPORTATION SERVICES: 3.67%
738,800 C.H. ROBINSON WORLDWIDE INCORPORATED 40,190,720
725,700 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED<< 32,787,124
72,977,844
-------------
TOTAL COMMON STOCKS (COST $1,734,699,725) 1,948,251,543
-------------
COLLATERAL FOR SECURITIES LENDING: 11.94%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.48%
688,609 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 688,609
2,924,355 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 2,924,355
2,631,919 DREYFUS CASH MANAGEMENT FUND 2,631,919
3,216,790 SCUDDER DAILY ASSETS MONEY MARKET FUND 3,216,790
9,461,673
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 11.46%
$ 6,141,145 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 6,133,853
1,082,011 APRECO LLC 2.70 04/17/2008 1,080,713
1,169,742 APRECO LLC 3.10 04/07/2008 1,169,138
7,076,939 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 7,065,930
456,199 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 455,553
1,462,177 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 1,460,717
9,562,641 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $9,563,464) 3.10 04/01/2008 9,562,641
1,462,177 BANK OF IRELAND+/-++ 3.06 10/14/2008 1,461,732
292,436 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $292,456) 2.50 04/01/2008 292,436
1,169,742 BNP PARIBAS+/- 3.13 08/07/2008 1,168,790
3,684,687 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $3,684,998) 3.04 04/01/2008 3,684,687
6,462,824 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $6,463,377) 3.08 04/01/2008 6,462,824
3,099,816 BRYANT BANK FUNDING 2.98 04/09/2008 3,097,763
877,306 CAFCO LLC 2.70 04/18/2008 876,188
2,409,668 CAFCO LLC 3.08 04/07/2008 2,408,432
5,994,928 CHARIOT FUNDING LLC 2.97 04/14/2008 5,988,498
4,386,532 CHARTA LLC 3.08 04/09/2008 4,383,530
3,801,661 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 3,421,495
2,924,355 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 2,631,919
5,848,710 CIESCO LLC 3.08 04/08/2008 5,845,207
5,907,197 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 5,907,197
9,387,179 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $9,387,987) 3.10 04/01/2008 9,387,179
4,386,532 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 4,373,377
1,725,369 EBBETS FUNDING LLC 3.65 04/01/2008 1,725,369
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 2,982,842 ERASMUS CAPITAL CORPORATION 3.00% 04/17/2008 $ 2,978,865
2,339,484 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 2,337,677
2,924,355 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 2,921,057
1,140,498 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 1,139,257
1,462,177 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 1,461,471
5,848,710 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 5,822,531
4,731,606 GALLEON CAPITAL LLC 2.88 04/16/2008 4,725,928
2,339,484 GALLEON CAPITAL LLC 3.10 04/18/2008 2,336,059
3,041,329 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 3,036,032
4,094,097 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 4,093,719
4,298,802 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $4,299,160) 3.00 04/01/2008 4,298,802
12,019,099 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED (MATURITY VALUE $12,020,151) 3.15 04/01/2008 12,019,099
584,871 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 584,871
3,801,661 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 3,801,661
1,462,177 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 1,460,829
3,538,470 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $3,538,775) 3.10 04/01/2008 3,538,470
2,514,945 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $2,515,157) 3.04 04/01/2008 2,514,945
584,871 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 584,871
2,047,048 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 2,046,025
2,924,355 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 2,904,697
4,386,532 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 4,378,545
46,790 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 46,756
2,807,381 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 2,806,620
270,503 MORGAN STANLEY+/- 2.94 10/15/2008 270,366
2,504,659 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $2,504,833) 2.50 04/01/2008 2,504,659
4,415,776 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $4,416,154) 3.08 04/01/2008 4,415,776
2,924,355 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 2,905,762
4,094,097 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 4,087,434
2,655,080 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 2,654,408
848,063 PICAROS FUNDING LLC 2.60 04/11/2008 847,450
2,924,355 RANGER FUNDING CORPORATION 2.71 04/18/2008 2,920,613
1,754,613 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 1,752,414
2,105,536 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 2,104,876
1,754,613 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 1,754,455
1,169,742 SLM CORPORATION+/-++ 2.94 05/12/2008 1,167,633
1,813,100 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 1,616,560
2,924,355 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 2,607,355
350,923 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 350,867
2,924,355 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 2,921,114
3,684,687 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 3,680,245
1,754,613 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 1,752,737
980,010 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 979,781
2,924,355 TULIP FUNDING CORPORATION 2.88 04/21/2008 2,919,676
1,462,177 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 1,461,205
1,462,177 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 1,461,347
877,306 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 877,086
2,924,355 VERSAILLES CDS LLC 3.00 04/11/2008 2,921,918
1,462,177 VERSAILLES CDS LLC 3.45 04/08/2008 1,461,197
2,514,945 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 2,242,325
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 167
LARGE COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,462,177 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47% 08/07/2008 $ 1,303,677
2,924,355 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 2,778,137
7,018,452 YORKTOWN CAPITAL LLC 2.72 04/03/2008 7,017,393
227,622,421
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $239,520,774) 237,084,094
---------------
SHORT-TERM INVESTMENTS: 0.82%
16,208,568 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 16,208,568
TOTAL SHORT-TERM INVESTMENTS (COST $16,208,568) 16,208,568
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,990,429,067)* 110.87% $ 2,201,544,205
OTHER ASSETS AND LIABILITIES, NET (10.87) (215,876,062)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,985,668,143
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
+/- 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of
$16,208,568.
* 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.
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.32%
AMUSEMENT & RECREATION SERVICES: 0.33%
14,943 MULTIMEDIA GAMES INCORPORATED<<+ $ 79,796
26,831 WMS INDUSTRIES INCORPORATED<<+ 965,111
1,044,907
-------------
APPAREL & ACCESSORY STORES: 0.98%
16,138 CHARLOTTE RUSSE HOLDING INCORPORATED+ 279,833
15,226 CHILDREN'S PLACE RETAIL STORES INCORPORATED<<+ 373,951
22,994 CHRISTOPHER & BANKS CORPORATION<< 229,710
29,195 DRESS BARN INCORPORATED<<+ 377,783
31,216 FINISH LINE INCORPORATED CLASS A<< 148,588
28,172 HOT TOPIC INCORPORATED<<+ 121,421
11,750 JOS. A. BANK CLOTHIERS INCORPORATED<<+ 240,875
26,763 STAGE STORES INCORPORATED 433,561
20,178 THE CATO CORPORATION CLASS A 301,459
15,964 TWEEN BRANDS INCORPORATED<<+ 394,949
11,622 ZUMIEZ INCORPORATED<<+ 182,349
3,084,479
-------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.75%
18,525 GYMBOREE CORPORATION<<+ 738,777
12,191 MAIDENFORM BRANDS INCORPORATED+ 198,348
80,711 QUIKSILVER INCORPORATED<<+ 791,775
21,046 SKECHERS U.S.A. INCORPORATED CLASS A+ 425,340
9,443 VOLCOM INCORPORATED+ 190,843
2,345,083
-------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.21%
10,327 LITHIA MOTORS INCORPORATED CLASS A<< 104,922
11,869 MARINEMAX INCORPORATED<<+ 147,888
19,018 SONIC AUTOMOTIVE INCORPORATED 390,820
643,630
-------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.30%
9,247 MIDAS INCORPORATED<<+ 158,956
25,377 WRIGHT EXPRESS CORPORATION<<+ 779,835
938,791
-------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.11%
7,965 M/I HOMES INCORPORATED 135,246
41,972 STANDARD-PACIFIC CORPORATION<<+ 203,984
339,230
-------------
BUSINESS SERVICES: 9.07%
34,651 AARON RENTS INCORPORATED 746,383
28,551 ABM INDUSTRIES INCORPORATED 640,684
14,749 ADMINISTAFF INCORPORATED 348,224
36,782 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED<<+ 379,590
19,460 AMN HEALTHCARE SERVICES INCORPORATED+ 300,073
10,250 ANSOFT CORPORATION+ 312,830
50,633 ANSYS INCORPORATED<<+ 1,747,851
18,300 ARBITRON INCORPORATED<< 789,828
8,540 BANKRATE INCORPORATED<<+ 426,061
29,116 BLACKBAUD INCORPORATED 706,936
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 169
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
24,691 BLUE COAT SYSTEMS INCORPORATED<<+ $ 544,190
35,111 BRADY CORPORATION CLASS A 1,173,761
16,993 BRIGHT HORIZONS FAMILY SOLUTIONS INCORPORATED+ 731,379
19,444 CACI INTERNATIONAL INCORPORATED CLASS A+ 885,674
17,222 CAPTARIS INCORPORATED+ 76,121
34,573 CIBER INCORPORATED+ 169,408
28,035 COGNEX CORPORATION 612,004
28,471 CONCUR TECHNOLOGIES INCORPORATED<<+ 884,025
44,486 CYBERSOURCE CORPORATION<<+ 649,940
19,254 DEALERTRACK HOLDINGS INCORPORATED<<+ 389,316
37,744 EPICOR SOFTWARE CORPORATION<<+ 422,733
27,433 FACTSET RESEARCH SYSTEMS INCORPORATED<< 1,477,816
15,298 GERBER SCIENTIFIC INCORPORATED+ 135,999
15,056 GEVITY HR INCORPORATED 130,385
27,741 HEALTHCARE SERVICES GROUP<< 572,569
11,167 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 363,263
14,235 HMS HOLDINGS CORPORATION<<+ 406,409
56,888 INFORMATICA CORPORATION<<+ 970,509
22,210 INFOSPACE INCORPORATED+ 256,970
17,155 JDA SOFTWARE GROUP INCORPORATED+ 313,079
11,978 LOJACK CORPORATION+ 151,402
15,829 MANHATTAN ASSOCIATES INCORPORATED<<+ 362,959
18,880 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED<<+ 124,042
22,289 OMNICELL INCORPORATED+ 448,009
22,897 ON ASSIGNMENT INCORPORATED+ 145,396
14,187 PCTEL INCORPORATED+ 96,472
20,624 PERFICIENT INCORPORATED+ 163,755
27,336 PHASE FORWARD INCORPORATED+ 466,899
17,710 PHOENIX TECHNOLOGIES LIMITED+ 277,339
9,800 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED<<+ 420,322
27,195 PROGRESS SOFTWARE CORPORATION+ 813,674
11,331 QUALITY SYSTEMS INCORPORATED<< 338,457
17,394 RADIANT SYSTEMS INCORPORATED+ 242,994
14,509 RADISYS CORPORATION+ 146,396
37,038 SECURE COMPUTING CORPORATION+ 238,895
8,458 SI INTERNATIONAL INCORPORATED+ 162,309
19,532 SMITH MICRO SOFTWARE INCORPORATED<<+ 119,536
36,111 SPHERION CORPORATION+ 220,999
11,481 SPSS INCORPORATED<<+ 445,233
7,333 STARTEK INCORPORATED+ 67,537
13,580 STRATASYS INCORPORATED<<+ 241,724
21,116 SYKES ENTERPRISES INCORPORATED+ 371,430
10,912 SYNNEX CORPORATION+ 231,553
49,681 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 1,267,859
17,947 THE KNOT INCORPORATED<<+ 210,877
42,989 THQ INCORPORATED+ 937,160
18,550 TRADESTATION GROUP INCORPORATED<<+ 158,046
28,342 TRUEBLUE INCORPORATED<<+ 380,916
43,882 UNITED ONLINE INCORPORATED 463,394
13,286 VIAD CORPORATION 478,429
8,667 VOLT INFORMATION SCIENCE INCORPORATED+ 146,992
29,366 WEBSENSE INCORPORATED<<+ 550,613
28,455,628
-------------
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CASINO & GAMING: 0.16%
38,740 PINNACLE ENTERTAINMENT INCORPORATED<<+ $ 495,872
-------------
CHEMICALS & ALLIED PRODUCTS: 4.18%
28,544 ALPHARMA INCORPORATED CLASS A<<+ 748,138
16,052 ARCH CHEMICALS INCORPORATED 598,098
22,319 ARQULE INCORPORATED<<+ 95,525
18,753 CAMBREX CORPORATION+ 129,958
12,384 CHATTEM INCORPORATED<<+ 821,555
36,337 CUBIST PHARMACEUTICALS INCORPORATED<<+ 669,328
22,229 GEORGIA GULF CORPORATION<< 154,047
37,169 HB FULLER COMPANY 758,619
39,397 IDEXX LABORATORIES INCORPORATED+ 1,940,696
45,225 IMMUCOR INCORPORATED+ 965,102
10,090 MANNATECH INCORPORATED<< 71,942
21,241 MARTEK BIOSCIENCES CORPORATION<<+ 649,337
8,883 NEWMARKET CORPORATION 670,222
15,869 NOVEN PHARMACEUTICALS INCORPORATED+ 142,504
19,434 OM GROUP INCORPORATED<<+ 1,059,930
27,546 OMNOVA SOLUTIONS INCORPORATED+ 109,909
36,370 PAREXEL INTERNATIONAL CORPORATION<<+ 949,257
7,251 PENFORD CORPORATION 157,564
19,621 PHARMERICA CORPORATION<<+ 325,120
60,212 POLYONE CORPORATION+ 383,550
6,610 QUAKER CHEMICAL CORPORATION 206,827
30,759 SALIX PHARMACEUTICALS LIMITED<<+ 193,167
23,456 SCIELE PHARMA INCORPORATED<<+ 457,392
9,921 SURMODICS INCORPORATED<<+ 415,491
26,782 TRONOX INCORPORATED CLASS B 104,450
5,423 USANA HEALTH SCIENCES INCORPORATED<<+ 119,469
13,824 ZEP INCORPORATED 224,225
13,121,422
-------------
COAL MINING: 1.24%
52,026 MASSEY ENERGY COMPANY 1,898,949
17,174 PATRIOT COAL CORPORATION+ 806,663
26,909 PENN VIRGINIA CORPORATION<< 1,186,418
3,892,030
-------------
COMMUNICATIONS: 1.25%
19,520 ANIXTER INTERNATIONAL INCORPORATED<<+ 1,250,061
11,817 AUDIOVOX CORPORATION CLASS A+ 126,206
33,226 BRIGHTPOINT INCORPORATED+ 277,771
57,680 FAIRPOINT COMMUNICATIONS INCORPORATED 520,274
29,212 GENERAL COMMUNICATION INCORPORATED CLASS A+ 179,362
31,456 J2 GLOBAL COMMUNICATIONS INCORPORATED<<+ 702,098
48,436 LIVE NATION INCORPORATED<<+ 587,529
21,172 NOVATEL WIRELESS INCORPORATED+ 204,945
52,440 RADIO ONE INCORPORATED CLASS D+ 79,709
3,927,955
-------------
COMPUTERS-INTEGRATED SYSTEMS: 0.05%
14,709 AGILYSYS INCORPORATED 170,624
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 171
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.93%
50,122 CHAMPION ENTERPRISES INCORPORATED<<+ $ 502,724
15,608 CHEMED CORPORATION 658,658
11,761 DREW INDUSTRIES INCORPORATED<<+ 287,674
42,160 EMCOR GROUP INCORPORATED+ 936,374
17,755 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 245,552
17,237 MATRIX SERVICE COMPANY+ 296,132
2,927,114
-------------
DEPOSITORY INSTITUTIONS: 6.75%
11,447 ANCHOR BANCORP WISCONSIN INCORPORATED<< 217,150
31,415 BANK MUTUAL CORPORATION 337,397
26,819 BANKATLANTIC BANCORP INCORPORATED CLASS A 104,862
20,280 BANKUNITED FINANCIAL CORPORATION CLASS A<< 101,603
24,191 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 256,183
37,641 BROOKLINE BANCORP INCORPORATED 432,119
18,105 CASCADE BANCORP<< 173,084
18,587 CENTRAL PACIFIC FINANCIAL CORPORATION<< 350,367
11,621 COLUMBIA BANKING SYSTEM INCORPORATED 260,078
19,157 COMMUNITY BANK SYSTEM INCORPORATED<< 470,496
20,623 CORUS BANKSHARES INCORPORATED<< 200,662
16,219 DIME COMMUNITY BANCSHARES 283,508
12,602 DOWNEY FINANCIAL CORPORATION<< 231,625
40,813 EAST WEST BANCORP INCORPORATED 724,431
49,028 FIRST BANCORP PUERTO RICO<< 498,124
41,138 FIRST COMMONWEALTH FINANCIAL CORPORATION 476,789
19,803 FIRST FINANCIAL BANCORP<< 266,350
31,379 FIRST MIDWEST BANCORP INCORPORATED 871,395
8,840 FIRSTFED FINANCIAL CORPORATION<<+ 240,006
23,763 FLAGSTAR BANCORP INCORPORATED<<+ 171,569
16,398 FRANKLIN BANK CORPORATION<<+ 49,686
26,728 FRONTIER FINANCIAL CORPORATION<< 472,551
34,831 GLACIER BANCORP INCORPORATED<< 667,710
15,608 HANCOCK HOLDING COMPANY<< 655,848
24,902 HANMI FINANCIAL CORPORATION 184,026
12,881 INDEPENDENT BANK CORPORATION 133,705
12,140 IRWIN FINANCIAL CORPORATION<<+ 64,463
15,703 JPMORGAN CHASE & COMPANY<<+ 174,146
14,079 NARA BANK NATIONAL ASSOCIATION 182,886
51,394 NATIONAL PENN BANCSHARES INCORPORATED<< 934,857
42,908 OLD NATIONAL BANCORP<< 772,344
15,947 PRIVATEBANCORP INCORPORATED<< 501,852
24,852 PROSPERITY BANCSHARES INCORPORATED 712,258
20,441 PROVIDENT BANKSHARES CORPORATION<< 219,546
19,194 SIGNATURE BANK<<+ 489,447
46,924 SOUTH FINANCIAL GROUP INCORPORATED<< 697,291
11,517 STERLING BANCORPORATION (NEW YORK) 178,859
47,326 STERLING BANCSHARES INCORPORATED (TEXAS) 470,420
33,395 STERLING FINANCIAL CORPORATION 521,296
55,554 SUSQUEHANNA BANCSHARES INCORPORATED<< 1,131,635
48,817 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 433,983
67,504 UCBH HOLDINGS INCORPORATED 523,831
23,236 UMB FINANCIAL CORPORATION 957,323
38,816 UMPQUA HOLDINGS CORPORATION 602,036
24,882 UNITED BANKSHARES INCORPORATED 663,105
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
26,464 UNITED COMMUNITY BANKS INCORPORATED<< $ 449,359
41,853 WHITNEY HOLDING CORPORATION<< 1,037,536
11,344 WILSHIRE BANCORP INCORPORATED 86,668
15,219 WINTRUST FINANCIAL CORPORATION 531,904
21,168,369
-------------
DURABLE GOODS - CONSUMER: 0.04%
13,436 STURM, RUGER & COMPANY INCORPORATED+ 110,713
-------------
EATING & DRINKING PLACES: 1.86%
18,865 CALIFORNIA PIZZA KITCHEN INCORPORATED<<+ 247,320
17,219 CEC ENTERTAINMENT INCORPORATED+ 497,285
35,344 CKE RESTAURANTS INCORPORATED<< 396,560
9,713 IHOP CORPORATION<< 465,253
38,503 JACK IN THE BOX INCORPORATED+ 1,034,576
8,036 LANDRY'S RESTAURANTS INCORPORATED<< 130,826
14,319 O'CHARLEYS INCORPORATED 164,955
15,624 P.F. CHANG'S CHINA BISTRO INCORPORATED<<+ 444,347
13,425 PAPA JOHNS INTERNATIONAL INCORPORATED+ 325,019
10,867 RED ROBIN GOURMET BURGERS INCORPORATED+ 408,273
12,862 RUTH'S CHRIS STEAK HOUSE INCORPORATED<<+ 88,876
39,302 SONIC CORPORATION<<+ 866,216
18,416 STEAK N SHAKE COMPANY<<+ 144,934
34,858 TEXAS ROADHOUSE INCORPORATED CLASS A<<+ 341,608
40,774 TRIARC COMPANIES INCORPORATED CLASS B 281,748
5,837,796
-------------
EDUCATIONAL SERVICES: 0.05%
13,547 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED<<+ 158,906
-------------
ELECTRIC, GAS & SANITARY SERVICES: 5.06%
16,738 ALLETE INCORPORATED<< 646,422
11,115 AMERICAN STATES WATER COMPANY<< 400,140
58,144 ATMOS ENERGY CORPORATION 1,482,672
34,266 AVISTA CORPORATION 670,243
6,641 CENTRAL VERMONT PUBLIC SERVICE 158,720
8,768 CH ENERGY GROUP INCORPORATED 341,075
38,893 CLECO CORPORATION 862,647
29,183 EL PASO ELECTRIC COMPANY+ 623,641
14,083 LACLEDE GROUP INCORPORATED 501,777
27,040 NEW JERSEY RESOURCES<< 839,592
17,068 NORTHWEST NATURAL GAS COMPANY 741,434
47,447 PIEDMONT NATURAL GAS COMPANY<< 1,245,958
19,147 SOUTH JERSEY INDUSTRIES INCORPORATED 672,251
80,002 SOUTHERN UNION COMPANY 1,861,639
27,821 SOUTHWEST GAS CORPORATION 777,875
69,002 UGI CORPORATION 1,719,530
16,262 UIL HOLDINGS CORPORATION 489,974
22,873 UNISOURCE ENERGY CORPORATION 509,153
43,347 WASTE CONNECTIONS INCORPORATED+ 1,332,487
15,877,230
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.40%
17,125 ACTEL CORPORATION+ 262,184
27,305 ACUITY BRANDS INCORPORATED 1,172,750
78,158 ADAPTEC INCORPORATED+ 229,785
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 173
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
23,117 ADVANCED ENERGY INDUSTRIES INCORPORATED+ $ 306,531
13,985 AO SMITH CORPORATION 459,687
8,136 APPLIED SIGNAL TECHNOLOGY INCORPORATED 96,005
87,449 ARRIS GROUP INCORPORATED<<+ 508,953
21,448 ATMI INCORPORATED+ 596,898
29,726 BALDOR ELECTRIC COMPANY 832,328
7,666 BEL FUSE INCORPORATED CLASS B 213,575
44,698 BENCHMARK ELECTRONICS INCORPORATED+ 802,329
16,589 C&D TECHNOLOGIES INCORPORATED<<+ 83,277
5,911 CATAPULT COMMUNICATIONS CORPORATION+ 30,442
17,662 CERADYNE INCORPORATED+ 564,478
25,766 CHECKPOINT SYSTEMS INCORPORATED+ 691,817
15,650 COMTECH TELECOMMUNICATIONS CORPORATION<<+ 610,350
21,804 CTS CORPORATION 233,303
10,018 CUBIC CORPORATION 284,812
19,597 CYMER INCORPORATED+ 510,306
20,791 DIODES INCORPORATED<<+ 456,570
12,001 DIONEX CORPORATION+ 923,957
16,854 DITECH NETWORKS INCORPORATED<<+ 49,551
20,958 DSP GROUP INCORPORATED+ 267,005
18,025 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 297,052
30,090 EXAR CORPORATION<<+ 247,641
14,599 GREATBATCH INCORPORATED+ 268,768
60,303 HARMONIC INCORPORATED+ 458,303
17,058 HUTCHINSON TECHNOLOGY INCORPORATED<<+ 271,393
14,679 LITTELFUSE INCORPORATED+ 513,325
19,645 MAGNETEK INCORPORATED+ 67,579
14,741 MERCURY COMPUTER SYSTEMS INCORPORATED+ 82,844
24,540 METHODE ELECTRONICS INCORPORATED 286,873
33,391 MICREL INCORPORATED 309,535
50,542 MICROSEMI CORPORATION<<+ 1,152,358
27,535 MOOG INCORPORATED CLASS A<<+ 1,162,231
3,049 NATIONAL PRESTO INDUSTRIES INCORPORATED 159,768
13,144 PARK ELECTROCHEMICAL CORPORATION 339,772
16,929 PERICOM SEMICONDUCTOR+ 248,518
27,073 PHOTRONICS INCORPORATED+ 258,547
30,030 PLEXUS CORPORATION+ 842,342
20,261 REGAL-BELOIT CORPORATION+ 742,160
11,578 ROGERS CORPORATION+ 386,821
104,758 SKYWORKS SOLUTIONS INCORPORATED<<+ 762,638
15,092 STANDARD MICROSYSTEMS CORPORATION<<+ 440,385
8,320 SUPERTEX INCORPORATED<<+ 169,811
29,719 SYMMETRICOM INCORPORATED<<+ 103,719
15,539 SYNAPTICS INCORPORATED<<+ 371,071
26,436 TECHNITROL INCORPORATED 611,465
8,503 TOLLGRADE COMMUNICATIONS INCORPORATED+ 44,556
27,396 TTM TECHNOLOGIES INCORPORATED+ 310,123
9,416 UNIVERSAL ELECTRONICS INCORPORATED+ 227,961
49,054 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 1,380,870
17,131 VIASAT INCORPORATED+ 372,085
12,379 VICOR CORPORATION 147,805
23,225,212
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.55%
8,805 CDI CORPORATION 220,565
19,884 LIFECELL CORPORATION<<+ 835,725
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued)
11,955 MAXMUS INCORPORATED $ 438,868
12,291 PHARMANET DEVELOPMENT GROUP INCORPORATED<<+ 310,102
40,331 REGENERON PHARMACEUTICAL INCORPORATED+ 773,952
37,994 TETRA TECH INCORPORATED<<+ 741,263
27,351 WATSON WYATT & COMPANY HOLDINGS 1,552,169
4,872,644
-------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.85%
17,000 GRIFFON CORPORATION<<+ 146,200
7,075 GULF ISLAND FABRICATION INCORPORATED 203,194
8,024 MATERIAL SCIENCES CORPORATION+ 62,266
22,377 MOBILE MINI INCORPORATED<<+ 425,163
12,755 NCI BUILDING SYSTEMS INCORPORATED<<+ 308,671
52,821 SHAW GROUP INCORPORATED+ 2,489,982
24,152 SIMPSON MANUFACTURING COMPANY INCORPORATED 656,451
11,239 VALMONT INDUSTRIES INCORPORATED<< 987,796
19,144 WATTS WATER TECHNOLOGIES INCORPORATED<< 536,606
5,816,329
-------------
FINANCE COMPANIES: 0.03%
17,355 REWARDS NETWORK INCORPORATED+ 77,750
-------------
FOOD & KINDRED PRODUCTS: 1.51%
6,598 BOSTON BEER COMPANY INCORPORATED<<+ 313,669
50,576 FLOWERS FOODS INCORPORATED 1,251,756
9,070 J & J SNACK FOODS CORPORATION 249,153
20,173 LANCE INCORPORATED 395,391
8,104 PEET'S COFFEE & TEA INCORPORATED<<+ 190,525
16,785 RALCORP HOLDINGS INCORPORATED<<+ 976,048
9,941 SANDERSON FARMS INCORPORATED<< 377,857
20,168 TREEHOUSE FOODS INCORPORATED+ 461,040
27,857 UNITED NATURAL FOODS INCORPORATED<<+ 521,204
4,736,643
-------------
FOOD STORES: 0.38%
14,844 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED<<+ 389,210
19,468 PANERA BREAD COMPANY<<+ 815,515
1,204,725
-------------
FOOTWEAR: 0.59%
53,285 CROCS INCORPORATED<<+ 930,889
8,406 DECKERS OUTDOOR CORPORATION<<+ 906,335
1,837,224
-------------
FURNITURE & FIXTURES: 0.32%
7,630 BASSETT FURNITURE INDUSTRIES INCORPORATED 94,154
18,758 ETHAN ALLEN INTERIORS INCORPORATED 533,290
33,233 LA-Z-BOY INCORPORATED<< 277,163
28,841 SELECT COMFORT CORPORATION<<+ 103,828
1,008,435
-------------
GENERAL MERCHANDISE STORES: 0.47%
25,552 CABELA'S INCORPORTED<<+ 361,816
32,776 CASEY'S GENERAL STORES INCORPORATED<< 740,738
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 175
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES (continued)
26,046 FRED'S INCORPORATED $ 266,972
16,693 STEIN MART INCORPORATED<<+ 93,815
1,463,341
--------------
HEALTH SERVICES: 2.40%
17,109 AMEDISYS INCORPORATED<<+ 673,068
20,280 AMSURG CORPORATION+ 480,230
20,627 CROSS COUNTRY HEALTHCARE INCORPORATED+ 255,156
16,070 CRYOLIFE INCORPORATED+ 151,058
20,223 ENZO BIOCHEM INCORPORATED+ 183,827
18,127 GENTIVA HEALTH SERVICES INCORPORATED+ 394,444
23,211 HEALTHWAYS INCORPORATED<<+ 820,277
20,956 INVENTIV HEALTH INCORPORATED<<+ 603,742
11,948 LCA-VISION INCORPORATED<< 149,344
9,312 LHC GROUP INCORPORATED<<+ 156,442
13,865 MATRIA HEALTHCARE INCORPORATED+ 309,190
8,805 MEDCATH CORPORATION+ 160,251
20,395 NAUTILUS GROUP INCORPORATED<< 67,100
21,140 ODYSSEY HEALTHCARE INCORPORATED+ 190,260
31,361 PEDIATRIX MEDICAL GROUP INCORPORATED+ 2,113,731
11,658 REHABCARE GROUP INCORPORATED+ 174,870
28,953 SUNRISE SENIOR LIVING INCORPORATED<<+ 645,073
7,528,063
--------------
HOLDING & OTHER INVESTMENT OFFICES: 4.62%
8,539 4KIDS ENTERTAINMENT INCORPORATED+ 83,426
20,802 ACADIA REALTY TRUST 502,368
42,396 BIOMED REALTY TRUST INCORPORATED 1,012,840
30,567 COLONIAL PROPERTIES TRUST<< 735,136
4,323 DEERFIELD CAPITAL CORPORATION 6,096
61,256 DIAMONDROCK HOSPITALITY 776,114
15,385 EASTGROUP PROPERTIES INCORPORATED 714,787
19,500 ENTERTAINMENT PROPERTIES TRUST 961,935
16,494 ESSEX PROPERTY TRUST INCORPORATED 1,879,986
21,084 HOME PROPERTIES INCORPORATED<< 1,011,821
37,858 INLAND REAL ESTATE CORPORATION 575,820
21,259 KILROY REALTY CORPORATION 1,044,029
18,730 KITE REALTY GROUP TRUST 262,220
13,112 LTC PROPERTIES INCORPORATED 337,110
41,826 MEDICAL PROPERTIES TRUST INCORPORATED<< 473,470
16,660 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 830,334
46,883 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,033,770
9,839 PARKWAY PROPERTIES INCORPORATED 363,649
9,895 PS BUSINESS PARKS INCORPORATED 513,551
14,068 SOVRAN SELF STORAGE INCORPORATED 600,844
20,256 TANGER FACTORY OUTLET CENTERS INCORPORATED<< 779,248
14,498,554
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.08%
14,111 HAVERTY FURNITURE COMPANIES INCORPORATED<< 150,141
19,457 TUESDAY MORNING CORPORATION<<+ 100,787
250,928
--------------
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.14%
13,737 MARCUS CORPORATION $ 263,750
9,130 MONARCH CASINO & RESORT INCORPORATED+ 161,692
425,442
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.09%
12,395 ASTEC INDUSTRIES INCORPORATED+ 480,430
66,089 AXCELIS TECHNOLOGIES INCORPORATED+ 370,098
11,444 BLACK BOX CORPORATION 353,047
32,126 BRIGGS & STRATTON CORPORATION<< 575,055
42,376 BROOKS AUTOMATION INCORPORATED+ 411,895
5,886 CASCADE CORPORATION 290,239
17,667 DRIL-QUIP INCORPORATED+ 820,985
13,981 ENPRO INDUSTRIES INCORPORATED+ 436,067
34,312 GARDNER DENVER INCORPORATED+ 1,272,975
13,945 INTEVAC INCORPORATED+ 180,588
17,982 KAYDON CORPORATION<< 789,590
34,496 KULICKE & SOFFA INDUSTRIES INCORPORATED<<+ 164,891
39,143 LENNOX INTERNATIONAL INCORPORATED 1,407,974
7,650 LINDSAY MANUFACTURING COMPANY<< 783,896
9,462 LUFKIN INDUSTRIES INCORPORATED 603,865
52,992 MICROS SYSTEMS INCORPORATED<<+ 1,783,711
12,051 NATCO GROUP INCORPORATED<<+ 563,384
22,833 NETGEAR INCORPORATED+ 455,518
11,477 PLANAR SYSTEMS INCORPORATED+ 46,023
22,286 ROBBINS & MYERS INCORPORATED 727,638
16,770 SCANSOURCE INCORPORATED+ 606,906
24,214 TORO COMPANY 1,002,217
15,105 ULTRATECH INCORPORATED+ 145,159
15,911 WATSCO INCORPORATED<< 659,034
38,324 WOODWARD GOVERNOR COMPANY 1,024,017
15,955,202
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.24%
23,756 HILB, ROGAL & HAMILTON COMPANY 747,601
--------------
INSURANCE CARRIERS: 3.45%
34,571 AMERIGROUP CORPORATION<<+ 944,825
28,221 CENTENE CORPORATION 393,401
27,756 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 811,308
24,037 HEALTHEXTRAS INCORPORATED+ 597,079
10,471 INFINITY PROPERTY & CASUALTY CORPORATION 435,594
9,922 LANDAMERICA FINANCIAL GROUP INCORPORATED<< 391,621
9,192 MOLINA HEALTHCARE INCORPORATED<<+ 224,469
37,742 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 1,215,292
13,944 PRESIDENTIAL LIFE CORPORATION 243,183
20,815 PROASSURANCE CORPORATION+ 1,120,471
11,720 RLI CORPORATION 580,960
10,461 SAFETY INSURANCE GROUP INCORPORATED 357,034
5,079 SCPIE HOLDINGS INCORPORATED+ 139,926
34,819 SELECTIVE INSURANCE GROUP INCORPORATED 831,478
11,655 STEWART INFORMATION SERVICES CORPORATION 326,223
8,617 THE NAVIGATORS GROUP INCORPORATED+ 468,765
13,037 TOWER GROUP INCORPORATED 328,141
8,004 TRIAD GUARANTY INCORPORATED<<+ 40,020
14,021 UNITED FIRE & CASUALTY COMPANY 524,385
23,984 ZENITH NATIONAL INSURANCE CORPORATION<< 860,066
10,834,241
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 177
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
LEATHER & LEATHER PRODUCTS: 0.33%
28,597 BROWN SHOE COMPANY INCORPORATED $ 430,957
14,734 GENESCO INCORPORATED<<+ 340,503
17,298 K-SWISS INCORPORATED 273,654
1,045,114
--------------
LEGAL SERVICES: 0.07%
5,464 PRE-PAID LEGAL SERVICES INCORPORATED+ 231,728
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.29%
6,810 DELTIC TIMBER CORPORATION 379,317
4,393 SKYLINE CORPORATION 122,213
12,230 UNIVERSAL FOREST PRODUCTS 393,806
895,336
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 7.24%
14,009 ABAXIS INCORPORATED<<+ 324,589
46,824 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED<<+ 664,433
8,657 ANALOGIC CORPORATION 576,037
17,183 ARTHROCARE CORPORATION<<+ 573,053
15,440 BIOLASE TECHNOLOGY INCORPORATED<<+ 47,710
14,902 COHU INCORPORATED 242,158
18,501 CONMED CORPORATION+ 474,366
29,078 COOPER COMPANIES INCORPORATED 1,001,156
14,515 CYBERONICS INCORPORATED<<+ 210,468
8,383 DATASCOPE CORPORATION 347,308
19,006 ESTERLINE TECHNOLOGIES CORPORATION<<+ 957,332
10,769 FARO TECHNOLOGIES INCORPORATED+ 335,777
23,552 FEI COMPANY<<+ 514,140
88,712 FLIR SYSTEMS INCORPORATED<<+ 2,669,344
29,818 FOSSIL INCORPORATED+ 910,642
16,560 HAEMONETICS CORPORATION<<+ 986,645
7,912 ICU MEDICAL INCORPORATED+ 227,628
11,927 INTEGRA LIFESCIENCES HOLDINGS<<+ 518,467
53,464 ION GEOPHYSICAL CORPORATION<<+ 737,803
19,825 ITRON INCORPORATED<<+ 1,788,810
8,923 KEITHLEY INSTRUMENTS INCORPORATED 86,553
7,708 KENSEY NASH CORPORATION+ 223,147
43,873 KOPIN CORPORATION+ 116,702
21,806 MENTOR CORPORATION<< 560,850
25,905 MERIDIAN DIAGNOSTICS INCORPORATED<< 866,004
17,649 MERIT MEDICAL SYSTEMS INCORPORATED+ 279,384
29,612 MKS INSTRUMENTS INCORPORATED<<+ 633,697
11,391 MTS SYSTEMS CORPORATION 367,474
23,227 NEWPORT CORPORATION<<+ 259,446
11,457 OSTEOTECH INCORPORATED+ 54,421
11,852 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED<<+ 178,965
11,466 PHOTON DYNAMICS INCORPORATED+ 121,540
19,710 RUDOLPH TECHNOLOGIES INCORPORATED+ 192,567
17,033 SONIC SOLUTIONS<<+ 164,368
22,903 SYMMETRY MEDICAL INCORPORATED<<+ 380,190
22,827 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,072,869
21,504 THERAGENICS CORPORATION+ 84,726
78,313 TRIMBLE NAVIGATION LIMITED+ 2,238,969
20,596 VEECO INSTRUMENTS INCORPORATED<<+ 342,511
5,152 VITAL SIGNS INCORPORATED 260,949
18,914 X-RITE INCORPORATED+ 112,917
22,706,115
--------------
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEDICAL EQUIPMENT & SUPPLIES: 0.37%
20,706 INVACARE CORPORATION $ 461,330
41,795 PSS WORLD MEDICAL INCORPORATED<<+ 696,305
1,157,635
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.14%
14,382 AMCOL INTERNATIONAL CORPORATION<< 449,150
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.90%
46,402 CENTRAL GARDEN & PET COMPANY CLASS A+ 206,025
21,816 DAKTRONICS INCORPORATED<< 390,725
40,232 HILLENBRAND INCORPORATED 889,127
18,501 JAKKS PACIFIC INCORPORATED+ 510,073
10,657 LYDALL INCORPORATED+ 122,023
11,600 RC2 CORPORATION+ 243,252
10,805 RUSS BERRIE & COMPANY INCORPORATED+ 151,918
22,750 SHUFFLE MASTER INCORPORATED<<+ 121,713
8,071 STANDEX INTERNATIONAL CORPORATION 180,306
2,815,162
--------------
MISCELLANEOUS RETAIL: 1.21%
14,169 BIG 5 SPORTING GOODS CORPORATION<< 124,262
10,192 BLUE NILE INCORPORATED<<+ 551,897
18,879 CASH AMERICA INTERNATIONAL INCORPORATED 687,196
19,696 HIBBETT SPORTS INCORPORATED<<+ 304,106
16,112 JO ANN STORES INCORPORATED<<+ 237,330
20,481 LONGS DRUG STORES CORPORATION 869,623
12,477 NORTH AMERICAN WATCH CORPORATION 243,177
26,275 SPECTRUM BRANDS INCORPORATED<<+ 120,077
10,509 STAMPS.COM INCORPORATED+ 107,822
27,629 ZALE CORPORATION<<+ 545,949
3,791,439
--------------
MOTION PICTURES: 0.16%
20,855 AVID TECHNOLOGY INCORPORATED<<+ 507,611
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.29%
16,265 ARKANSAS BEST CORPORATION<< 518,203
18,618 FORWARD AIR CORPORATION 659,822
36,669 HEARTLAND EXPRESS INCORPORATED<< 522,900
33,940 LANDSTAR SYSTEM INCORPORATED 1,770,310
18,315 OLD DOMINION FREIGHT LINE+ 582,966
4,054,201
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.28%
16,460 FINANCIAL FEDERAL CORPORATION 358,993
17,673 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 182,562
10,942 WORLD ACCEPTANCE CORPORATION<<+ 348,503
890,058
--------------
OIL & GAS EXTRACTION: 6.27%
17,839 ATWOOD OCEANICS INCORPORATED<<+ 1,636,193
14,548 BASIC ENERGY SERVICES INCORPORATED+ 321,220
63,193 CABOT OIL & GAS CORPORATION 3,212,732
59,253 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,866,470
35,600 OCEANEERING INTERNATIONAL INCORPORATED+ 2,242,800
9,632 PETROLEUM DEVELOPMENT CORPORATION+ 667,209
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 179
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION (continued)
27,976 PETROQUEST ENERGY INCORPORATED+ $ 485,104
32,163 PIONEER DRILLING COMPANY<<+ 512,357
14,597 SEACOR HOLDINGS INCORPORATED<<+ 1,246,000
40,733 ST. MARY LAND & EXPLORATION COMPANY 1,568,221
18,289 STONE ENERGY CORPORATION+ 956,698
10,167 SUPERIOR WELL SERVICES<<+ 222,352
19,547 SWIFT ENERGY COMPANY<<+ 879,420
48,124 TETRA TECHNOLOGIES INCORPORATED+ 762,284
30,470 UNIT CORPORATION+ 1,726,126
19,941 W-H ENERGY SERVICES INCORPORATED+ 1,372,938
19,678,124
--------------
PAPER & ALLIED PRODUCTS: 0.58%
25,377 BUCKEYE TECHNOLOGIES INCORPORATED+ 283,207
12,934 CHESAPEAKE CORPORATION+ 62,213
9,663 NEENAH PAPER INCORPORATED 249,112
21,620 ROCK-TENN COMPANY CLASS A 647,951
10,013 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 231,701
8,170 STANDARD REGISTER COMPANY 63,644
32,479 WAUSAU PAPER CORPORATION 268,277
1,806,105
--------------
PERSONAL SERVICES: 0.47%
6,314 ANGELICA CORPORATION 113,273
17,928 COINSTAR INCORPORATED+ 504,494
3,438 CPI CORPORATION 59,374
12,892 G & K SERVICES INCORPORATED CLASS A 459,084
9,226 UNIFIRST CORPORATION 342,192
1,478,417
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.40%
27,144 HEADWATERS INCORPORATED<<+ 358,029
10,956 WD-40 COMPANY 364,287
18,475 WORLD FUEL SERVICES CORPORATION 518,593
1,240,909
--------------
PHARMACEUTICALS: 0.43%
8,309 KENDLE INTERNATIONAL INCORPORATED<<+ 373,240
28,388 SAVIENT PHARMACEUTICALS INCORPORATED<<+ 567,760
45,207 VIROPHARMA INCORPORATED<<+ 404,151
1,345,151
--------------
PRIMARY METAL INDUSTRIES: 2.53%
28,521 BELDEN CDT INCORPORATED 1,007,362
13,178 BRUSH ENGINEERED MATERIALS INCORPORATED+ 338,279
18,819 CENTURY ALUMINUM COMPANY+ 1,246,571
28,902 CURTISS-WRIGHT CORPORATION 1,198,855
19,318 GIBRALTAR INDUSTRIES INCORPORATED 226,600
23,975 MUELLER INDUSTRIES INCORPORATED 691,679
24,107 QUANEX CORPORATION 1,247,296
14,964 RTI INTERNATIONAL METALS INCORPORATED<<+ 676,522
17,677 TEXAS INDUSTRIES INCORPORATED<< 1,062,564
13,905 TREDEGAR CORPORATION 253,210
7,948,938
--------------
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.25%
11,365 AH BELO CORPORATION $ 129,902
17,004 BOWNE & COMPANY INCORPORATED 259,311
7,155 CONSOLIDATED GRAPHICS INCORPORATED+ 401,038
790,251
--------------
REAL ESTATE: 0.29%
23,012 FORESTAR REAL ESTATE GROUP INCORPORATED+ 573,229
16,993 MERITAGE CORPORATION<<+ 328,305
901,534
--------------
REAL ESTATE INVESTMENT TRUST (REIT): 1.06%
42,927 EXTRA SPACE STORAGE INCORPORATED 694,988
39,636 LEXINGTON CORPORATE PROPERTIES TRUST 571,155
25,404 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 619,604
61,339 SENIOR HOUSING PROPERTIES TRUST 1,453,734
3,339,481
--------------
RESTAURANTS: 0.08%
9,940 BUFFALO WILD WINGS INCORPORATED<<+ 243,530
--------------
RETAIL, TRADE & SERVICES: 0.25%
33,836 MEN'S WEARHOUSE INCORPORATED 787,364
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.41%
18,068 A. SCHULMAN INCORPORATED 370,936
20,762 WEST PHARMACEUTICAL SERVICES INCORPORATED 918,303
1,289,239
--------------
S&L THRIFTS-SOUTHERN US: 0.08%
22,950 GUARANTY FINANCIAL GROUP INCORPORATED<<+ 243,729
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.82%
28,222 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 1,303,292
34,975 LABRANCHE & COMPANY INCORPORATED<<+ 152,141
28,518 OPTIONSXPRESS HOLDINGS INCORPORATED 590,608
10,123 PIPER JAFFRAY COMPANIES INCORPORATED+ 343,777
14,344 SWS GROUP INCORPORATED 175,427
2,565,245
--------------
SOCIAL SERVICES: 0.09%
16,408 RES-CARE INCORPORATED+ 281,397
--------------
SOFTWARE: 0.28%
20,072 EPIQ SYSTEMS INCORPORATED<<+ 311,517
12,650 MANTECH INTERNATIONAL CORPORATION CLASS A<<+ 573,804
885,321
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.47%
18,814 APOGEE ENTERPRISES INCORPORATED 289,736
15,315 CABOT MICROELECTRONICS CORPORATION<<+ 492,377
13,191 CARBO CERAMICS INCORPORATED<< 528,959
9,406 LIBBEY INCORPORATED 158,397
1,469,469
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 181
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TEXTILE MILL PRODUCTS: 0.72%
17,020 ALBANY INTERNATIONAL CORPORATION CLASS A $ 615,103
36,178 INTERFACE INCORPORATED 508,301
9,025 OXFORD INDUSTRIES INCORPORATED<< 203,333
32,533 WOLVERINE WORLD WIDE INCORPORATED 943,782
2,270,519
--------------
TEXTILES - PRODUCTS: 0.21%
37,095 ICONIX BRAND GROUP INCORPORATED+ 643,598
--------------
TOBACCO PRODUCTS: 0.11%
57,513 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 347,379
--------------
TRANSPORTATION BY AIR: 0.67%
6,912 AIR METHODS CORPORATION+ 334,333
15,449 BRISTOW GROUP INCORPORATED+ 829,148
23,683 FRONTIER AIRLINES HOLDINGS INCORPORATED<<+ 59,918
17,373 MESA AIR GROUP INCORPORATED+ 40,827
39,216 SKYWEST INCORPORATED 828,242
2,092,468
--------------
TRANSPORTATION EQUIPMENT: 2.28%
24,519 AAR CORPORATION+ 668,633
7,766 ARCTIC CAT INCORPORATED 56,614
33,208 CLARCOR INCORPORATED 1,180,544
41,532 FLEETWOOD ENTERPRISES INCORPORATED<<+ 191,047
36,518 GENCORP INCORPORATED<<+ 375,770
14,938 GROUP 1 AUTOMOTIVE INCORPORATED<< 350,744
14,931 HORNBECK OFFSHORE<<+ 681,899
19,378 MONACO COACH CORPORATION 183,703
37,766 ORBITAL SCIENCES CORPORATION+ 910,161
21,731 POLARIS INDUSTRIES INCORPORATED<< 891,188
21,084 SPARTAN MOTORS INCORPORATED<< 178,371
7,740 STANDARD MOTOR PRODUCTS INCORPORATED 47,369
14,975 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 310,731
10,799 TRIUMPH GROUP INCORPORATED 614,787
19,841 WABASH NATIONAL CORPORATION 178,371
18,738 WINNEBAGO INDUSTRIES INCORPORATED<< 316,672
7,136,604
--------------
TRANSPORTATION SERVICES: 0.26%
24,325 HUB GROUP INCORPORATED CLASS A+ 800,049
--------------
WATER TRANSPORTATION: 0.63%
34,726 KIRBY CORPORATION+ 1,979,382
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.57%
25,912 HAIN CELESTIAL GROUP INCORPORATED<<+ 764,404
18,189 MYERS INDUSTRIES INCORPORATED 238,822
8,483 NASH FINCH COMPANY<< 288,252
22,997 PERFORMANCE FOOD GROUP COMPANY+ 751,542
7,328 PERRY ELLIS INTERNATIONAL INCORPORATED+ 159,970
11,142 SCHOOL SPECIALTY INCORPORATED+ 351,419
14,159 SPARTAN STORES INCORPORATED 295,215
11,698 THE ANDERSONS INCORPORATED<< 521,848
21,103 TRACTOR SUPPLY COMPANY+ 833,991
15,109 UNITED STATIONERS INCORPORATED<<+ 720,699
4,926,162
--------------
182 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 2.39%
10,571 A.M. CASTLE & COMPANY $ 285,417
23,436 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 700,502
29,397 BARNES GROUP INCORPORATED<< 674,661
18,991 BUILDING MATERIALS HOLDINGS CORPORATION<<+ 83,181
16,605 DIGI INTERNATIONAL INCORPORATED+ 191,622
31,493 INSIGHT ENTERPRISES INCORPORATED+ 551,128
16,274 KAMAN CORPORATION CLASS A 460,391
37,261 KNIGHT TRANSPORTATION INCORPORATED<< 613,316
2,699 LAWSON PRODUCTS INCORPORATED 74,357
73,896 LKQ CORPORATION<<+ 1,660,426
26,454 OWENS & MINOR INCORPORATED 1,040,700
26,838 PEP BOYS-MANNY, MOE & JACK<< 267,306
30,846 POOL CORPORATION<< 582,672
22,082 TYLER TECHNOLOGIES INCORPORATED<<+ 308,706
7,494,385
--------------
TOTAL COMMON STOCKS (COST $298,928,001) 311,550,412
--------------
COLLATERAL FOR SECURITIES LENDING: 35.71%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.43%
325,319 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 325,319
1,381,552 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 1,381,552
1,243,396 DREYFUS CASH MANAGEMENT FUND 1,243,396
1,519,707 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,519,707
4,469,974
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 34.28%
$ 2,901,258 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 2,897,813
511,174 APRECO LLC 2.70 04/17/2008 510,561
552,621 APRECO LLC 3.10 04/07/2008 552,335
3,343,355 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 3,338,154
215,522 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 215,217
690,776 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 690,086
4,517,674 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $4,518,063) 3.10 04/01/2008 4,517,674
690,776 BANK OF IRELAND+/-++ 3.06 10/14/2008 690,565
138,155 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE
$138,165) 2.50 04/01/2008 138,155
552,621 BNP PARIBAS+/- 3.13 08/07/2008 552,171
1,740,755 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,740,902) 3.04 04/01/2008 1,740,755
3,053,229 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $3,053,490) 3.08 04/01/2008 3,053,229
1,464,445 BRYANT BANK FUNDING 2.98 04/09/2008 1,463,475
414,466 CAFCO LLC 2.70 04/18/2008 413,937
1,138,399 CAFCO LLC 3.08 04/07/2008 1,137,814
2,832,181 CHARIOT FUNDING LLC 2.97 04/14/2008 2,829,143
2,072,327 CHARTA LLC 3.08 04/09/2008 2,070,909
1,796,017 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 1,616,415
1,381,552 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 1,243,396
2,763,103 CIESCO LLC 3.08 04/08/2008 2,761,449
2,790,734 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 2,790,734
4,434,781 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $4,435,163) 3.10 04/01/2008 4,434,781
2,072,327 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 2,066,113
815,115 EBBETS FUNDING LLC 3.65 04/01/2008 815,115
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 183
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,409,183 ERASMUS CAPITAL CORPORATION 3.00% 04/17/2008 $ 1,407,304
1,105,241 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 1,104,388
1,381,552 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 1,379,994
538,805 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 538,218
690,776 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 690,442
2,763,103 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 2,750,736
2,235,351 GALLEON CAPITAL LLC 2.88 04/16/2008 2,232,668
1,105,241 GALLEON CAPITAL LLC 3.10 04/18/2008 1,103,623
1,436,814 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,434,311
1,934,172 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 1,933,994
2,030,881 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $2,031,050) 3.00 04/01/2008 2,030,881
5,678,177 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $5,678,674) 3.15 04/01/2008 5,678,177
276,310 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 276,310
1,796,017 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 1,796,017
690,776 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 690,139
1,671,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,671,822) 3.10 04/01/2008 1,671,678
1,188,134 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $1,188,234) 3.04 04/01/2008 1,188,134
276,310 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 276,310
967,086 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 966,603
1,381,552 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 1,372,265
2,072,327 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 2,068,554
22,105 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 22,089
1,326,290 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 1,325,930
127,794 MORGAN STANLEY+/- 2.94 10/15/2008 127,729
1,183,275 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,183,357) 2.50 04/01/2008 1,183,275
2,086,143 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $2,086,321) 3.08 04/01/2008 2,086,143
1,381,552 NORTHERN ROCK PLC++/-++ 3.14 10/03/2008 1,372,768
1,934,172 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,931,024
1,254,338 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 1,254,021
400,650 PICAROS FUNDING LLC 2.60 04/11/2008 400,361
1,381,552 RANGER FUNDING CORPORATION 2.71 04/18/2008 1,379,784
828,931 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 827,892
994,717 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 994,405
828,931 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 828,856
552,621 SLM CORPORATION+/-++ 2.94 05/12/2008 551,624
856,562 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 763,711
1,381,552 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 1,231,791
165,786 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 165,760
1,381,552 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,380,020
1,740,755 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 1,738,657
828,931 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 828,045
462,986 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 462,878
1,381,552 TULIP FUNDING CORPORATION 2.88 04/21/2008 1,379,341
690,776 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 690,316
690,776 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 690,383
414,466 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 414,361
1,381,552 VERSAILLES CDS LLC 3.00 04/11/2008 1,380,400
690,776 VERSAILLES CDS LLC 3.45 04/08/2008 690,312
1,188,134 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 1,059,341
184 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL CAP INDEX PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 690,776 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47% 08/07/2008 $ 615,896
1,381,552 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 1,312,474
3,315,724 YORKTOWN CAPITAL LLC 2.72 04/03/2008 3,315,226
107,535,555
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $112,756,913) 112,005,529
--------------
SHARES
SHORT-TERM INVESTMENTS: 1.08%
MUTUAL FUNDS: 0.85%
2,658,018 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 2,658,018
--------------
PRINCIPAL
US TREASURY BILLS: 0.23%
$ 90,000 US TREASURY BILL^# 3.10 05/08/2008 89,864
75,000 US TREASURY BILL^# 3.12 05/08/2008 74,887
570,000 US TREASURY BILL^# 3.62 05/08/2008 569,138
733,889
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,390,380) 3,391,907
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $415,075,294)* 136.11% $ 426,947,848
OTHER ASSETS AND LIABILITIES, NET (36.11) (113,260,506)
------ --------------
TOTAL NET ASSETS 100.00% $ 313,687,342
------ --------------
- --------------------------------------------------------------------------------
<< 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $2,658,018.
^ 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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 185
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.26%
ADMINISTRATION OF HUMAN RESOURCE PROGRAMS: 1.07%
325,500 KENEXA CORPORATION+ $ 6,015,240
--------------
APPAREL & ACCESSORY STORES: 0.80%
355,900 PACIFIC SUNWEAR OF CALIFORNIA INCORPORATED+ 4,487,899
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.80%
456,400 QUIKSILVER INCORPORATED<<+ 4,477,284
--------------
AUTO PARTS & EQUIPMENT: 0.40%
151,800 AMERIGON INCORPORATED+ 2,246,640
--------------
BIOPHARMACEUTICALS: 3.05%
613,400 APPLERA CORPORATION-CELERA GROUP+ 9,016,980
655,100 HUMAN GENOME SCIENCES INCORPORATED+ 3,858,539
432,200 ZYMOGENETICS INCORPORATED<<+ 4,235,560
17,111,079
--------------
BUSINESS SERVICES: 15.17%
2,669,900 ART TECHNOLOGY GROUP INCORPORATED+ 10,359,212
506,500 COMMVAULT SYSTEMS INCORPORATED<<+ 6,280,600
171,300 CONCUR TECHNOLOGIES INCORPORATED<<+ 5,318,865
198,500 EPICOR SOFTWARE CORPORATION<<+ 2,223,200
818,900 FALCONSTOR SOFTWARE INCORPORATED<<+ 6,231,829
343,800 HILL INTERNATIONAL INCORPORATED+ 4,300,938
614,000 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED<<+ 4,033,980
479,600 OMNICELL INCORPORATED<<+ 9,639,960
291,940 PARAMETRIC TECHNOLOGY CORPORATION<<+ 4,665,201
153,300 PHASE FORWARD INCORPORATED+ 2,618,364
408,300 QUEST SOFTWARE INCORPORATED+ 5,336,481
419,000 S1 CORPORATION+ 2,979,090
558,400 SKILLSOFT PLC ADR+ 5,846,448
292,700 SUCCESSFACTORS INCORPORATED<<+ 2,856,752
289,800 TELETECH HOLDINGS INCORPORATED<<+ 6,508,908
198,400 ULTIMATE SOFTWARE GROUP INCORPORATED<<+ 5,963,904
85,163,732
--------------
CHEMICALS & ALLIED PRODUCTS: 5.12%
418,600 ALEXZA PHARMACEUTICALS INCORPORATED<<+ 2,879,968
385,600 ALKERMES INCORPORATED<<+ 4,580,928
295,600 ALNYLAM PHARMACEUTICALS INCORPORATED<<+ 7,212,640
1,394,800 INDEVUS PHARMACEUTICALS INCORPORATED<<+ 6,653,196
297,800 K-V PHARMACEUTICAL COMPANY CLASS A<<+ 7,433,088
28,759,820
--------------
COMMERCIAL SERVICES: 1.11%
355,000 AERCAP HOLDINGS NV+ 6,240,900
--------------
COMMUNICATIONS: 3.90%
263,100 NEUSTAR INCORPORATED CLASS A+ 6,966,888
257,600 NEUTRAL TANDEM INCORPORATION+ 4,639,376
255,267 SAVVIS INCORPORATED+ 4,153,189
397,800 TIME WARNER TELECOM INCORPORATED<<+ 6,161,922
21,921,375
--------------
186 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.42%
463,800 MATRIX SERVICE COMPANY+ $ 7,968,084
--------------
DEPOSITORY INSTITUTIONS: 0.90%
198,900 SIGNATURE BANK+ 5,071,950
--------------
EATING & DRINKING PLACES: 1.42%
48,400 CHIPOTLE MEXICAN GRILL INCORPORATED CLASS B+ 4,699,156
335,900 TEXAS ROADHOUSE INCORPORATED CLASS A<<+ 3,291,820
7,990,976
--------------
EDUCATIONAL SERVICES: 0.94%
729,400 CORINTHIAN COLLEGES INCORPORATED<<+ 5,273,562
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 12.94%
567,300 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 3,188,226
556,200 EVERGREEN SOLAR INCORPORATED<<+ 5,155,974
728,000 INTEGRATED DEVICE TECHNOLOGY INCORPORATED<<+ 6,501,040
481,300 MATTSON TECHNOLOGY INCORPORATED<<+ 2,931,117
183,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 4,434,518
385,200 OSI SYSTEMS INCORPORATED+ 8,867,304
302,000 PLEXUS CORPORATION+ 8,471,100
801,500 PMC-SIERRA INCORPORATED<<+ 4,568,550
385,900 POLYCOM INCORPORATED+ 8,698,186
330,000 SILICON LABORATORIES INCORPORATED+ 10,408,200
272,900 TESSERA TECHNOLOGIES INCORPORATED<<+ 5,676,320
134,100 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 3,774,915
72,675,450
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 3.31%
76,800 GEN-PROBE INCORPORATED<<+ 3,701,760
482,000 ISIS PHARMACEUTICALS INCORPORATED+ 6,801,020
856,000 RTI BIOLOGICS INCORPORATION+ 8,089,200
18,591,980
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.93%
558,100 TASER INTERNATIONAL INCORPORATED+ 5,246,140
--------------
FOOD & KINDRED PRODUCTS: 0.35%
263,200 CARDICA INCORPORATED<<+ 1,945,048
--------------
GENERAL MERCHANDISE STORES: 1.01%
571,000 99 CENTS ONLY STORES<<+ 5,647,190
--------------
HEALTH SERVICES: 2.05%
246,600 GENOPTIX INCORPORATED<<+ 6,167,466
150,800 HEALTHWAYS INCORPORATED+ 5,329,272
11,496,738
--------------
HOLDING & OTHER INVESTMENT OFFICES: 0.35%
252,300 CAPITAL LEASE FUNDING INCORPORATED 1,960,371
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 7.22%
168,000 ARCSIGHT INCORPORATED+ 1,160,880
898,200 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 6,556,860
413,400 DATA DOMAIN INCORPORATED<<+ 9,838,920
390,000 FLOTEK INDUSTRIES INCORPORATED+ 5,690,100
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 187
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
661,400 FLOW INTERNATIONAL CORPORATION+ $ 6,144,406
116,200 NDS GROUP PLC ADR+ 5,678,694
313,200 NUANCE COMMUNICATIONS INCORPORATED<<+ 5,452,812
40,522,672
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.69%
762,200 SUNOPTA INCORPORATED<<+ 3,887,220
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.70%
386,400 ARGON ST INCORPORATED+ 6,572,664
500,100 CERUS CORPORATION<<+ 2,885,577
338,500 DEXCOM INCORPORATED<<+ 1,401,390
549,700 INFINERA CORPORATION<<+ 6,596,400
61,400 INTEGRA LIFESCIENCES HOLDINGS+ 2,669,058
615,200 ION GEOPHYSICAL CORPORATION+ 8,489,760
358,200 IRIS INTERNATIONAL INCORPORATED+ 4,753,314
298,800 NXSTAGE MEDICAL INCORPORATED<<+ 1,290,816
1,169,700 ORTHOVITA INCORPORATED+(i) 3,017,826
274,700 SONOSITE INCORPORATED<<+ 7,809,721
627,900 THORATEC CORPORATION+ 8,972,691
54,459,217
--------------
METAL MINING: 1.48%
678,100 MINEFINDERS CORPORATION LIMITED<<+ 8,327,068
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.70%
172,000 LEAPFROG ENTERPRISES INCORPORATED<<+ 1,212,600
579,900 TOMOTHERAPY INCORPORATED<<+ 8,321,565
9,534,165
--------------
MOTION PICTURES: 1.06%
438,700 MACROVISION CORPORATION+ 5,922,450
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.57%
332,211 CAPITALSOURCE INCORPORATED 3,212,480
--------------
OIL & GAS EXTRACTION: 6.16%
161,500 CONTINENTAL RESOURCES INCORPORATED<<+ 5,150,235
173,200 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 5,455,800
410,700 PETROHAWK ENERGY CORPORATION<<+ 8,283,819
426,000 TESCO CORPORATION+ 10,202,700
445,300 TXCO RESOURCES INCORPORATED<<+ 5,512,814
34,605,368
--------------
PERSONAL SERVICES: 1.24%
247,900 COINSTAR INCORPORATED+ 6,975,906
--------------
PRIMARY METAL INDUSTRIES: 1.21%
123,600 HAYNES INTERNATIONAL INCORPORATED<<+ 6,783,168
--------------
REAL ESTATE: 0.45%
151,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,501,533
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.49%
255,800 JARDEN CORPORATION+ 5,561,092
253,700 METABOLIX INCORPORATION<<+ 2,778,015
8,339,107
--------------
188 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.56%
176,900 EVERCORE PARTNERS INCORPORATED CLASS A<< $ 3,139,975
--------------
SOCIAL SERVICES: 1.30%
243,500 PROVIDENCE SERVICE CORPORATION<<+ 7,305,000
--------------
TRANSPORTATION BY AIR: 0.93%
788,100 AIRTRAN HOLDINGS INCORPORATED+ 5,201,460
--------------
TRANSPORTATION SERVICES: 1.26%
215,400 HUB GROUP INCORPORATED CLASS A<<+ 7,084,506
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.83%
215,900 HERBALIFE LIMITED 10,255,250
--------------
WHOLESALE TRADE-DURABLE GOODS: 2.37%
317,200 FGX INTERNATIONAL HOLDINGS LIMITED+ 3,793,712
290,800 TECH DATA CORPORATION+ 9,538,240
13,331,952
--------------
TOTAL COMMON STOCKS (COST $613,448,608) 551,679,955
--------------
COLLATERAL FOR SECURITIES LENDING: 20.41%
- -
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.82%-
332,798 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 332,798
1,413,312 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 1,413,312
1,271,981 DREYFUS CASH MANAGEMENT FUND 1,271,981
1,554,643 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,554,643
4,572,734
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 19.59%
$ 2,967,955 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 2,964,431
522,925 APRECO LLC 2.70 04/17/2008 522,298
565,325 APRECO LLC 3.10 04/07/2008 565,033
3,420,215 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 3,414,895
220,477 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 220,164
706,656 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 705,950
4,621,530 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $4,621,928) 3.10 04/01/2008 4,621,530
706,656 BANK OF IRELAND+/-++ 3.06 10/14/2008 706,440
141,331 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $141,341) 2.50 04/01/2008 141,331
565,325 BNP PARIBAS+/- 3.13 08/07/2008 564,865
1,780,773 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,780,923) 3.04 04/01/2008 1,780,773
3,123,419 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $3,123,686) 3.08 04/01/2008 3,123,419
1,498,111 BRYANT BANK FUNDING 2.98 04/09/2008 1,497,119
423,994 CAFCO LLC 2.70 04/18/2008 423,453
1,164,569 CAFCO LLC 3.08 04/07/2008 1,163,971
2,897,290 CHARIOT FUNDING LLC 2.97 04/14/2008 2,894,182
2,119,968 CHARTA LLC 3.08 04/09/2008 2,118,517
1,837,306 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 1,653,575
1,413,312 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 1,271,981
2,826,624 CIESCO LLC 3.08 04/08/2008 2,824,931
2,854,890 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 2,854,890
4,536,731 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $4,537,122) 3.10 04/01/2008 4,536,731
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 189
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 2,119,968 CULLINAN FINANCE CORPORATION+/-++ 3.08% 08/04/2008 $ 2,113,610
833,854 EBBETS FUNDING LLC 3.65 04/01/2008 833,854
1,441,578 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 1,439,656
1,130,650 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 1,129,776
1,413,312 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 1,411,718
551,192 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 550,591
706,656 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 706,314
2,826,624 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 2,813,972
2,286,739 GALLEON CAPITAL LLC 2.88 04/16/2008 2,283,995
1,130,650 GALLEON CAPITAL LLC 3.10 04/18/2008 1,128,994
1,469,844 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,467,284
1,978,637 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 1,978,454
2,077,569 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $2,077,742) 3.00 04/01/2008 2,077,569
5,808,712 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED (MATURITY VALUE $5,809,220) 3.15 04/01/2008 5,808,712
282,662 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 282,662
1,837,306 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 1,837,306
706,656 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 706,004
1,710,107 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,710,254) 3.10 04/01/2008 1,710,107
1,215,448 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $1,215,551) 3.04 04/01/2008 1,215,448
282,662 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 282,662
989,318 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 988,824
1,413,312 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 1,403,812
2,119,968 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 2,116,108
22,613 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 22,597
1,356,779 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 1,356,412
130,731 MORGAN STANLEY+/- 2.94 10/15/2008 130,665
1,210,477 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,210,561) 2.50 04/01/2008 1,210,477
2,134,101 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $2,134,284) 3.08 04/01/2008 2,134,101
1,413,312 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 1,404,326
1,978,637 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,975,417
1,283,174 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 1,282,849
409,860 PICAROS FUNDING LLC 2.60 04/11/2008 409,564
1,413,312 RANGER FUNDING CORPORATION 2.71 04/18/2008 1,411,503
847,987 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 846,924
1,017,585 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 1,017,266
847,987 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 847,911
565,325 SLM CORPORATION+/-++ 2.94 05/12/2008 564,305
876,253 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 781,268
1,413,312 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 1,260,109
169,597 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 169,571
1,413,312 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,411,746
1,780,773 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 1,778,626
847,987 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 847,080
473,629 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 473,519
1,413,312 TULIP FUNDING CORPORATION 2.88 04/21/2008 1,411,051
706,656 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 706,186
706,656 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 706,255
423,994 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 423,887
1,413,312 VERSAILLES CDS LLC 3.00 04/11/2008 1,412,134
706,656 VERSAILLES CDS LLC 3.45 04/08/2008 706,182
190 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,215,448 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44% 07/28/2008 $ 1,083,694
706,656 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 630,054
1,413,312 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 1,342,646
3,391,949 YORKTOWN CAPITAL LLC 2.72 04/03/2008 3,391,439
110,007,675
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $115,052,145) 114,580,409
--------------
SHARES
SHORT-TERM INVESTMENTS: 2.74%
15,401,791 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 15,401,791
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $15,401,791) 15,401,791
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $743,902,544)* 121.41% $ 681,662,155
OTHER ASSETS AND LIABILITIES, NET (21.41) (120,188,588)
------ --------------
TOTAL NET ASSETS 100.00% $ 561,473,567
------ --------------
- --------------------------------------------------------------------------------
<< 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of
$15,401,791.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 191
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.78%
APPAREL & ACCESSORY STORES: 2.94%
226,790 CARTER'S INCORPORATED<<+ $ 3,662,659
217,000 DSW INCORPORATED CLASS A<<+ 2,810,150
177,180 TWEEN BRANDS INCORPORATED<<+ 4,383,433
10,856,242
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.59%
251,120 ASBURY AUTOMOTIVE GROUP INCORPORATED 3,455,411
202,980 MARINEMAX INCORPORATED<<+ 2,529,131
174,750 SONIC AUTOMOTIVE INCORPORATED 3,591,113
9,575,655
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.95%
257,056 DOLLAR THRIFTY AUTOMOTIVE GROUP INCORPORATED<<+ 3,506,244
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.70%
79,170 RYLAND GROUP INCORPORATED<< 2,603,901
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.54%
274,590 BUILDERS FIRSTSOURCE INCORPORATED<<+ 1,993,523
--------------
BUSINESS SERVICES: 6.91%
227,340 AIRCASTLE LIMITED 2,557,575
138,130 AVOCENT CORPORATION+ 2,334,397
101,050 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 3,287,157
47,280 MICROSTRATEGY INCORPORATED CLASS A+ 3,498,247
401,400 ON ASSIGNMENT INCORPORATED<<+ 2,548,890
258,590 RENT-A-CENTER INCORPORATED<<+ 4,745,127
135,980 SYNNEX CORPORATION+ 2,885,496
154,900 TAL INTERNATIONAL GROUP INCORPORATED<< 3,650,993
25,507,882
--------------
CHEMICALS & ALLIED PRODUCTS: 3.55%
71,110 CYTEC INDUSTRIES INCORPORATED 3,829,274
243,900 ELIZABETH ARDEN INCORPORATED<<+ 4,865,805
134,420 ROCKWOOD HOLDINGS INCORPORATED<<+ 4,404,943
13,100,022
--------------
COMMUNICATIONS: 1.30%
1,128,680 CINCINNATI BELL INCORPORATED<<+ 4,808,177
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.29%
473,240 CHAMPION ENTERPRISES INCORPORATED<<+ 4,746,597
--------------
DEPOSITORY INSTITUTIONS: 11.68%
197,590 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 2,092,478
275,120 DIME COMMUNITY BANCSHARES 4,809,098
159,040 EAST WEST BANCORP INCORPORATED 2,822,960
232,690 FIRSTMERIT CORPORATION<< 4,807,375
84,060 IBERIABANK CORPORATION 3,719,655
181,550 PACIFIC CAPITAL BANCORP<< 3,903,325
164,180 PRIVATEBANCORP INCORPORATED<< 5,166,745
201,860 PROVIDENT FINANCIAL SERVICES INCORPORATED 2,854,300
211,040 SOUTH FINANCIAL GROUP INCORPORATED<< 3,136,054
341,440 UCBH HOLDINGS INCORPORATED 2,649,574
192 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
218,910 UMPQUA HOLDINGS CORPORATION $ 3,395,294
107,490 WINTRUST FINANCIAL CORPORATION 3,756,776
43,113,634
--------------
EATING & DRINKING PLACES: 1.83%
289,850 CKE RESTAURANTS INCORPORATED<< 3,252,117
215,100 LANDRY'S RESTAURANTS INCORPORATED<< 3,501,828
6,753,945
--------------
ELECTRIC, GAS & SANITARY SERVICES: 0.77%
126,400 PORTLAND GENERAL ELECTRIC COMPANY 2,850,320
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 12.14%
115,400 AO SMITH CORPORATION 3,793,198
160,300 COMTECH TELECOMMUNICATIONS CORPORATION<<+ 6,251,700
225,940 GREATBATCH INCORPORATED<<+ 4,159,555
166,800 HUTCHINSON TECHNOLOGY INCORPORATED<<+ 2,653,788
665,600 ON SEMICONDUCTOR CORPORATION<<+ 3,780,608
290,600 PHOTRONICS INCORPORATED+ 2,775,230
1,057,890 POWERWAVE TECHNOLOGIES<<+ 2,697,620
85,920 REGAL-BELOIT CORPORATION+ 3,147,250
102,880 ROGERS CORPORATION<<+ 3,437,221
196,510 TECHNITROL INCORPORATED 4,545,276
365,370 TTM TECHNOLOGIES INCORPORATED+ 4,135,988
151,070 WESTAR ENERGY INCORPORATED 3,439,864
44,817,298
--------------
FOOD & KINDRED PRODUCTS: 1.92%
221,750 HERCULES INCORPORATED<< 4,055,808
149,200 PILGRIMS PRIDE CORPORATION<< 3,018,316
7,074,124
--------------
FURNITURE & FIXTURES: 1.74%
358,000 FURNITURE BRANDS INTERNATIONAL INCORPORATED<< 4,188,600
296,500 SEALY CORPORATION<< 2,253,400
6,442,000
--------------
GENERAL MERCHANDISE STORES: 0.90%
233,790 CABELA'S INCORPORTED<<+ 3,310,466
--------------
HEALTH SERVICES: 2.33%
124,640 AMSURG CORPORATION+ 2,951,475
142,750 MAGELLAN HEALTH SERVICES INCORPORATED<<+ 5,665,748
8,617,223
--------------
HOLDING & OTHER INVESTMENT OFFICES: 8.13%
158,340 AMERICAN CAMPUS COMMUNITIES<< 4,332,182
190,790 BIOMED REALTY TRUST INCORPORATED 4,557,973
124,090 CORPORATE OFFICE PROPERTIES TRUST 4,170,665
170,670 EQUITY ONE INCORPORATED<< 4,090,960
223,690 FIRST POTOMAC REALTY TRUST 3,438,115
234,100 FRANKLIN STREET PROPERTIES CORPORATION<< 3,352,312
114,090 LASALLE HOTEL PROPERTIES 3,277,806
174,560 SUNSTONE HOTEL INVESTORS INCORPORATED 2,794,706
30,014,719
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 193
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.16%
141,910 GAYLORD ENTERTAINMENT COMPANY<<+ $ 4,298,454
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.64%
161,300 DIEBOLD INCORPORATED 6,056,815
-------------
INSURANCE CARRIERS: 6.12%
283,950 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY<< 2,635,056
97,971 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 3,479,936
129,450 ASSURED GUARANTY LIMITED<< 3,073,143
277,880 HEALTHSPRING INCORPORATED+ 3,912,550
137,210 PLATINUM UNDERWRITERS HOLDINGS LIMITED<< 4,453,837
134,440 UNITED FIRE & CASUALTY COMPANY 5,028,056
22,582,578
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 4.89%
144,080 CUTERA INCORPORATED<<+ 1,940,758
107,550 DRS TECHNOLOGIES INCORPORATED 6,268,014
249,570 EAGLE TEST SYSTEMS INCORPORATED+ 2,620,485
226,000 MKS INSTRUMENTS INCORPORATED<<+ 4,836,400
143,700 SYMMETRY MEDICAL INCORPORATED<<+ 2,385,420
18,051,077
-------------
METAL FABRICATE, HARDWARE: 2.15%
234,900 CHART INDUSTRIES INCORPORATED+ 7,949,016
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.72%
126,290 RC2 CORPORATION+ 2,648,301
-------------
MISCELLANEOUS RETAIL: 0.48%
64,730 DOLLAR TREE INCORPORATED+ 1,785,901
-------------
OIL & GAS EXTRACTION: 5.12%
174,530 GOODRICH PETROLEUM CORPORATION<<+ 5,249,862
164,680 HERCULES OFFSHORE INCORPORATED<<+ 4,136,762
291,870 KEY ENERGY SERVICES INCORPORATED+ 3,916,895
207,310 MARINER ENERGY INCORPORATED+ 5,599,443
18,902,962
-------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.18%
329,700 HEADWATERS INCORPORATED<<+ 4,348,743
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.93%
230,580 COOPER TIRE & RUBBER COMPANY 3,451,783
-------------
SOCIAL SERVICES: 1.02%
219,200 RES-CARE INCORPORATED+ 3,759,280
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.94%
107,830 CABOT MICROELECTRONICS CORPORATION<<+ 3,466,735
-------------
TRANSPORTATION BY AIR: 0.87%
484,040 AIRTRAN HOLDINGS INCORPORATED<<+ 3,194,664
-------------
TRANSPORTATION EQUIPMENT: 4.04%
143,440 AFTERMARKET TECHNOLOGY CORPORATION+ 2,788,474
383,560 ARVIN INDUSTRIES INCORPORATED<< 4,798,336
194,740 MARTEN TRANSPORT LIMITED+ 3,022,365
154,410 TENNECO AUTOMOTIVE INCORPORATED+ 4,314,215
14,923,390
-------------
194 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRANSPORTATION SERVICES: 1.18%
111,570 GATX CORPORATION $ 4,359,040
-------------
WHOLESALE TRADE-DURABLE GOODS: 3.13%
160,790 A.M. CASTLE & COMPANY 4,341,330
159,730 INTERLINE BRANDS INCORPORATED+ 2,962,992
116,200 WESCO INTERNATIONAL INCORPORATED+ 4,240,135
11,544,457
-------------
TOTAL COMMON STOCKS (COST $426,791,125) 361,015,168
-------------
COLLATERAL FOR SECURITIES LENDING: 17.87%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.71%
191,615 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 191,615
813,743 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 813,743
732,368 DREYFUS CASH MANAGEMENT FUND 732,368
895,117 SCUDDER DAILY ASSETS MONEY MARKET FUND 895,117
2,632,843
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 17.16%
$ 1,708,859 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 1,706,830
301,085 APRECO LLC 2.70 04/17/2008 300,723
325,497 APRECO LLC 3.10 04/07/2008 325,329
1,969,257 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 1,966,194
126,944 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 126,764
406,871 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 406,465
2,660,938 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $2,661,167) 3.10 04/01/2008 2,660,938
406,871 BANK OF IRELAND+/-++ 3.06 10/14/2008 406,747
81,374 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE
$81,380) 2.50 04/01/2008 81,374
325,497 BNP PARIBAS+/- 3.13 08/07/2008 325,232
1,025,316 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,025,403) 3.04 04/01/2008 1,025,316
1,798,371 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,798,525) 3.08 04/01/2008 1,798,371
862,567 BRYANT BANK FUNDING 2.98 04/09/2008 861,996
244,123 CAFCO LLC 2.70 04/18/2008 243,812
670,524 CAFCO LLC 3.08 04/07/2008 670,180
1,668,172 CHARIOT FUNDING LLC 2.97 04/14/2008 1,666,383
1,220,614 CHARTA LLC 3.08 04/09/2008 1,219,778
1,057,865 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.12 02/25/2008 952,079
813,743 CHEYNE FINANCE LLC+/-++(A)(I)^^ 5.18 05/19/2008 732,368
1,627,485 CIESCO LLC 3.08 04/08/2008 1,626,510
1,643,760 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,643,760
2,612,114 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $2,612,339) 3.10 04/01/2008 2,612,114
1,220,614 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 1,216,953
480,108 EBBETS FUNDING LLC 3.65 04/01/2008 480,108
830,017 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 828,911
650,994 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 650,491
813,743 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 812,825
317,360 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 317,014
406,871 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 406,675
1,627,485 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 1,620,200
1,316,635 GALLEON CAPITAL LLC 2.88 04/16/2008 1,315,055
650,994 GALLEON CAPITAL LLC 3.10 04/18/2008 650,041
846,292 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 844,818
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 195
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,139,240 GEMINI SECURITIZATION INCORPORATED 3.32% 04/02/2008 $ 1,139,134
1,196,202 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,196,302) 3.00 04/01/2008 1,196,202
3,344,482 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $3,344,775) 3.15 04/01/2008 3,344,482
162,749 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 162,749
1,057,865 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 1,057,865
406,871 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 406,496
984,628 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $984,713) 3.10 04/01/2008 984,628
699,819 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $699,878) 3.04 04/01/2008 699,819
162,749 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 162,749
569,620 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 569,335
813,743 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 808,273
1,220,614 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 1,218,391
13,020 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 13,011
781,193 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 780,981
75,271 MORGAN STANLEY+/- 2.94 10/15/2008 75,233
1,228,751 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $1,228,856) 3.08 04/01/2008 1,228,751
696,956 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY
VALUE $697,004) 2.50 04/01/2008 696,956
813,743 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 808,569
1,139,240 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,137,385
738,813 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 738,626
235,985 PICAROS FUNDING LLC 2.60 04/11/2008 235,815
813,743 RANGER FUNDING CORPORATION 2.71 04/18/2008 812,701
488,246 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 487,634
585,895 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 585,711
488,246 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 488,201
325,497 SLM CORPORATION+/-++ 2.94 05/12/2008 324,910
504,520 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.27 04/03/2008 449,830
813,743 STANFIELD VICTORIA FUNDING LLC+/-++(A)(I)^^ 5.47 02/15/2008 725,533
97,649 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 97,634
813,743 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 812,841
1,025,316 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 1,024,080
488,246 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 487,723
272,701 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 272,638
813,743 TULIP FUNDING CORPORATION 2.88 04/21/2008 812,441
406,871 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 10/14/2008 406,601
406,871 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 406,640
244,123 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 244,061
813,743 VERSAILLES CDS LLC 3.00 04/11/2008 813,064
406,871 VERSAILLES CDS LLC 3.45 04/08/2008 406,598
699,819 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.44 07/28/2008 623,958
406,871 VICTORIA FINANCE LLC+/-++(A)(I)^^ 3.47 08/07/2008 362,766
813,743 WHITE PINE FINANCE LLC+/-++(A)(I)^^ 5.41 02/22/2008 773,055
1,952,982 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,952,687
63,339,111
-------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $66,410,199) 65,971,954
-------------
196 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
SHORT-TERM INVESTMENTS: 1.27%
4,684,767 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 4,684,767
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $ 4,684,767) 4,684,767
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $497,886,091)* 116.92% $ 431,671,889
OTHER ASSETS AND LIABILITIES, NET (16.92) (62,453,883)
------ -------------
TOTAL NET ASSETS 100.00% $ 369,218,006
------ -------------
- --------------------------------------------------------------------------------
<< 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
~ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $4,684,767.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 197
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.03%
AMUSEMENT & RECREATION SERVICES: 0.40%
135,105 CENTURY CASINOS INCORPORATED+ $ 437,740
38,100 LAKES ENTERTAINMENT INCORPORATED+ 168,402
242,200 WESTWOOD ONE INCORPORATED+ 508,620
1,114,762
-------------
APPAREL & ACCESSORY STORES: 1.86%
48,600 CHARLOTTE RUSSE HOLDING INCORPORATED+ 842,724
125,400 CHARMING SHOPPES INCORPORATED+ 605,682
19,600 CHRISTOPHER & BANKS CORPORATION 195,804
16,300 CITI TRENDS INCORPORATED+ 300,735
106,000 COLDWATER CREEK INCORPORATED+ 535,300
17,000 COLLECTIVE BRANDS INCORPORATED+ 206,040
103,211 DELIA*S INCORPORATED+ 275,573
55,200 HEELYS INCORPORATED+ 236,808
127,000 NEW YORK AND COMPANY INCORPORATED+ 728,980
15,900 STAGE STORES INCORPORATED 257,580
45,100 THE CATO CORPORATION CLASS A 673,794
106,800 WET SEAL INCORPORATED CLASS A+ 362,052
5,221,072
-------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.67%
55,300 MAIDENFORM BRANDS INCORPORATED+ 899,731
34,700 MOTHERS WORK INCORPORATED+ 579,837
10,900 SKECHERS U.S.A. INCORPORATED CLASS A+ 220,289
39,900 TEFRON LIMITED+ 176,358
1,876,215
-------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.11%
25,025 AMERICA'S CAR-MART INCORPORATED+ 315,065
-------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.55%
91,370 MONRO MUFFLER BRAKE INCORPORATED 1,544,153
-------------
BIOPHARMACEUTICALS: 0.05%
2,100 CEPHALON INCORPORATED+ 135,240
-------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.59%
21,806 CAVCO INDUSTRIES INCORPORATED+ 764,082
106,803 LEVITT CORPORATION CLASS A 211,470
87,065 PALM HARBOR HOMES INCORPORATED+ 457,962
6,100 PERINI CORPORATION+ 221,003
1,654,517
-------------
BUSINESS SERVICES: 12.32%
432,545 3COM CORPORATION+ 990,528
58,895 ABM INDUSTRIES INCORPORATED 1,321,604
69,700 AMERICAN SOFTWARE INCORPORATED CLASS A 436,322
329,000 APAC CUSTOMER SERVICES INCORPORATED+ 285,737
261,792 ASSET ACCEPTANCE CAPITAL CORPORATION+ 2,521,057
272,700 BORLAND SOFTWARE CORPORATION+ 550,854
63,800 CAI INTERNATIONAL INCORPORATED+ 820,468
16,700 COMSYS IT PARTNERS INCORPORATED+ 141,282
253,200 CONVERGYS CORPORATION+ 3,813,192
20,800 COREL CORPORATION+ 226,724
198 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
7,345 DELUXE CORPORATION $ 141,097
18,200 EARTHLINK INCORPORATED+ 137,410
21,100 ELECTRO RENT CORPORATION 319,665
47,900 FAIR ISAAC CORPORATION 1,030,808
64,050 GERBER SCIENTIFIC INCORPORATED+ 569,405
29,331 GEVITY HR INCORPORATED 254,006
93,400 GSE SYSTEMS INCORPORATED+ 760,276
70,300 HACKETT GROUP INCORPORATED+ 274,873
97,242 HEALTHCARE SERVICES GROUP 2,007,075
361,375 HILL INTERNATIONAL INCORPORATED+ 4,520,801
181,400 HLTH CORPORATION+ 1,730,556
64,100 I2 TECHNOLOGIES INCORPORATED+ 721,766
90,600 INFOUSA INCORPORATED 553,566
76,100 JDA SOFTWARE GROUP INCORPORATED+ 1,388,825
26,900 LAWSON SOFTWARE INCORPORATED+ 202,557
208,400 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 698,140
27,900 MENTOR GRAPHICS CORPORATION+ 246,357
210,600 MIDWAY GAMES INCORPORATED+ 568,620
41,300 MONSTER WORLDWIDE INCORPORATED+ 999,873
39,700 MSC SOFTWARE CORPORATION+ 515,703
37,100 NOVELL INCORPORATED+ 233,359
39,000 PEGASYSTEMS INCORPORATED 375,570
20,400 PEROT SYSTEMS CORPORATION CLASS A+ 306,816
64,700 PLATO LEARNING INCORPORATED+ 189,571
38,245 REALNETWORKS INCORPORATED+ 219,144
49,200 SPSS INCORPORATED+ 1,907,976
94,600 SUPPORTSOFT INCORPORATED+ 312,180
17,000 SYBASE INCORPORATED+ 447,100
18,000 SYKES ENTERPRISES INCORPORATED+ 316,620
141,430 TIER TECHNOLOGIES INCORPORATED CLASS B+ 1,127,197
10,700 WEBSENSE INCORPORATED+ 200,625
25,400 WEBSITE PROS INCORPORATED+ 249,682
34,634,987
-------------
CHEMICALS & ALLIED PRODUCTS: 2.43%
17,735 ALPHARMA INCORPORATED CLASS A+ 464,834
4,800 CHATTEM INCORPORATED+ 318,432
46,735 COLLAGENEX PHARMACEUTICALS INCORPORATED+ 774,399
85,400 DRAXIS HEALTH INCORPORATED+ 408,212
36,000 ELIZABETH ARDEN INCORPORATED+ 718,200
60,700 ICO INCORPORATED+ 421,258
55,900 LANDEC CORPORATION+ 471,237
35,000 NOVEN PHARMACEUTICALS INCORPORATED+ 314,300
115,355 ORASURE TECHNOLOGIES INCORPORATED+ 843,245
3,700 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 64,343
97,235 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 795,382
12,400 ROCKWOOD HOLDINGS INCORPORATED+ 406,348
8,800 RPM INTERNATIONAL INCORPORATED 184,272
18,700 SCIELE PHARMA INCORPORATED+ 364,650
58,653 SERACARE LIFE SCIENCES INCORPORATED+ 290,332
163,505 WELLMAN INCORPORATED+ 4,088
6,843,532
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 199
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMUNICATIONS: 1.63%
63,935 CHINA GRENTECH CORPORATION LIMITED ADR+ $ 327,347
151,290 CINCINNATI BELL INCORPORATED+ 644,495
315,435 MASTEC INCORPORATED+ 2,589,721
71,600 PREMIERE GLOBAL SERVICES INCORPORATED+ 1,026,744
4,588,307
-------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.26%
273,395 CHAMPION ENTERPRISES INCORPORATED+ 2,742,152
20,800 COMFORT SYSTEMS USA INCORPORATED 270,608
38,500 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 532,455
3,545,215
-------------
DEPOSITORY INSTITUTIONS: 7.88%
13,400 AMCORE FINANCIAL INCORPORATED 272,690
18,600 AMERICANWEST BANCORPORATION 162,192
27,200 ANCHOR BANCORP WISCONSIN INCORPORATED 515,984
23,100 ASTORIA FINANCIAL CORPORATION 627,396
6,500 BANK OF THE OZARKS INCORPORATED+ 155,350
30,000 BANKATLANTIC BANCORP INCORPORATED CLASS A 117,300
15,800 BANNER CORPORATION 364,032
14,000 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 148,260
6,900 CENTRAL PACIFIC FINANCIAL CORPORATION 130,065
9,900 COMMONWEALTH BANKSHARES INCORPORATION 168,300
12,300 COMMUNITY BANCORP+ 166,788
12,800 COMMUNITY TRUST BANCORP 375,040
6,200 EAST WEST BANCORP INCORPORATED 110,050
84,300 FIRST COMMONWEALTH FINANCIAL CORPORATION 977,037
10,000 FIRST COMMUNITY BANCORP 268,500
267,500 FIRST FINANCIAL BANCORP 3,597,875
4,700 FIRST FINANCIAL CORPORATION 144,666
11,000 FIRST MIDWEST BANCORP INCORPORATED 305,470
13,100 FIRST REGIONAL BANCORP+ 214,840
42,283 FIRST SECURITY GROUP INCORPORATED 383,930
10,100 FIRST STATE BANCORPORATION 135,239
19,500 FIRSTMERIT CORPORATION 402,870
8,600 GREAT SOUTHERN BANCORP INCORPORATION 134,246
8,500 INTEGRA BANK CORPORATION 137,700
16,400 INTERNATIONAL BANCSHARES CORPORATION 370,312
89,600 MARSHALL & ILSLEY CORPORATION 2,078,720
15,545 MIDWEST BANC HOLDINGS INCORPORATED 198,665
55,517 NATIONAL PENN BANCSHARES INCORPORATED 1,009,854
3,900 NBT BANCORP INCORPORATED 86,580
43,900 NEWBRIDGE BANCORPORATION 384,564
2,700 NORTHRIM BANCORP INCORPORATED 49,086
35,800 OLD NATIONAL BANCORP 644,400
15,100 PACIFIC CAPITAL BANCORP 324,650
600 PEAPACK-GLADSTONE FINANCIAL CORPORATION 16,224
15,000 PROVIDENT BANKSHARES CORPORATION 161,100
21,400 SOUTHWEST BANCORP INCORPORATED OKLAHOMA 374,714
11,600 STELLARONE CORPORATION 196,156
8,600 STERLING BANCSHARES INCORPORATED (TEXAS) 85,484
42,100 STERLING FINANCIAL CORPORATION 657,181
50,400 SUSQUEHANNA BANCSHARES INCORPORATED 1,026,648
4,700 TCF FINANCIAL CORPORATION 84,224
9,000 TEXAS CAPITAL BANCSHARES INCORPORATION+ 151,920
9,100 UMB FINANCIAL CORPORATION 374,920
200 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
71,000 UMPQUA HOLDINGS CORPORATION $ 1,101,210
29,600 UNITED COMMUNITY BANKS INCORPORATED 502,608
4,700 UNIVEST CORPORATION OF PENNSYLVANIA 123,093
13,100 VALLEY NATIONAL BANCORP 251,651
23,900 WASHINGTON FEDERAL INCORPORATED 545,876
17,200 WEBSTER FINANCIAL CORPORATION 479,364
14,700 WEST COAST BANCORP OREGON 214,473
3,500 WHITNEY HOLDING CORPORATION 86,765
18,400 WILMINGTON TRUST CORPORATION 572,240
22,168,502
-------------
EATING & DRINKING PLACES: 0.87%
555 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 7,276
61,100 CEC ENTERTAINMENT INCORPORATED+ 1,764,568
23,000 MORTON'S RESTAURANT GROUP INCORPORATED+ 182,390
33,600 O'CHARLEYS INCORPORATED 387,072
19,400 RUBIO'S RESTAURANTS INCORPORATED+ 110,968
2,452,274
-------------
EDUCATIONAL SERVICES: 0.70%
116,700 CORINTHIAN COLLEGES INCORPORATED+ 843,741
52,600 LEARNING TREE INTERNATIONAL INCORPORATED+ 737,452
32,455 LINCOLN EDUCATIONAL SERVICES+ 389,460
1,970,653
-------------
ELECTRIC, GAS & SANITARY SERVICES: 2.35%
39,000 CLEAN HARBORS INCORPORATED+ 2,535,000
500 IDACORP INCORPORATED 16,055
17,125 NEWALTA CORPORATION 286,126
182,200 NISOURCE INCORPORATED 3,141,128
9,400 PORTLAND GENERAL ELECTRIC COMPANY 211,970
19,000 UNISOURCE ENERGY CORPORATION 422,940
6,613,219
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.34%
53,200 ACTEL CORPORATION+ 814,492
2,300 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 12,926
191,200 ARRIS GROUP INCORPORATED+ 1,112,784
64,100 CHIPMOS TECHNOLOGIES BERMUDA LIMITED+ 205,761
48,300 CTS CORPORATION 516,810
10,100 DIODES INCORPORATED+ 221,796
117,653 EVANS & SUTHERLAND COMPUTER CORPORATION+ 89,428
55,900 EXAR CORPORATION+ 460,057
9,800 HOUSTON WIRE & CABLE COMPANY 156,996
12,200 IMATION CORPORATION 277,428
24,770 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 389,137
135,300 JABIL CIRCUIT INCORPORATED 1,279,938
162,200 MERCURY COMPUTER SYSTEMS INCORPORATED+ 911,564
562,740 MRV COMMUNICATIONS INCORPORATED+ 770,954
29,525 OSI SYSTEMS INCORPORATED+ 679,666
143,850 POWER-ONE INCORPORATED+ 461,759
98,885 RICHARDSON ELECTRONICS LIMITED 418,284
39,500 SMART MODULAR TECHNOLOGIES INCORPORATED+ 245,295
66,900 SYMMETRICOM INCORPORATED+ 233,481
40,400 TRIDENT MICROSYSTEMS INCORPORATED+ 208,060
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 201
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
25,000 UNIVERSAL ELECTRONICS INCORPORATED+ $ 605,250
89,400 XILINX INCORPORATED 2,123,250
12,195,116
-------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.70%
15,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 303,490
93,400 CRA INTERNATIONAL INCORPORATED+ 3,001,876
24,520 INFINITY PHARMACEUTICALS INCORPORATED+ 149,327
158,485 SYMYX TECHNOLOGIES INCORPORATED+ 1,188,638
5,500 TETRA TECH INCORPORATED+ 107,305
3,100 TRIMERIS INCORPORATED+ 20,212
4,770,848
-------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.23%
5,800 CROWN HOLDINGS INCORPORATED 145,928
41,300 MATERIAL SCIENCES CORPORATION+ 320,488
2,200 VALMONT INDUSTRIES INCORPORATED 193,358
659,774
-------------
FOOD & KINDRED PRODUCTS: 5.18%
87,320 DEL MONTE FOODS COMPANY 832,160
29,650 FLOWERS FOODS INCORPORATED 733,838
125,700 HERCULES INCORPORATED 2,299,053
14,000 MATRIXX INITIATIVES INCORPORATED+ 204,960
68,200 THE HERSHEY COMPANY 2,569,094
233,089 TOOTSIE ROLL INDUSTRIES INCORPORATED 5,873,843
110,100 UNITED NATURAL FOODS INCORPORATED+ 2,059,971
14,572,919
-------------
FOOD STORES: 1.32%
21,100 INGLES MARKETS INCORPORATED CLASS A 518,849
10,100 THE PANTRY INCORPORATED+ 212,908
165,100 WINN-DIXIE STORES INCORPORATED+ 2,965,196
3,696,953
-------------
FURNITURE & FIXTURES: 0.45%
8,600 HNI CORPORATION 231,254
64,200 LSI INDUSTRIES INCORPORATED 848,082
25,200 SEALY CORPORATION 191,520
1,270,856
-------------
GENERAL MERCHANDISE STORES: 0.08%
47,300 RETAIL VENTURES INCORPORATED+ 229,405
-------------
HEALTH SERVICES: 2.32%
145,700 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 233,120
23,900 AMERICA SERVICE GROUP INCORPORATED+ 144,834
28,200 AMERICAN DENTAL PARTNERS INCORPORATED+ 272,694
103,000 BIOSCRIP INCORPORATED+ 696,280
80,300 CARDIAC SCIENCE CORPORATION+ 670,505
67,790 CROSS COUNTRY HEALTHCARE INCORPORATED+ 838,562
33,250 ENSIGN GROUP INCORPORATED 308,228
91,400 FIVE STAR QUALITY CARE INCORPORATED+ 580,390
32,595 GENTIVA HEALTH SERVICES INCORPORATED+ 709,267
11,940 HEALTHSOUTH REHABILITATION CORPORATION+ 212,413
1,253,100 HOOPER HOLMES INCORPORATED+ 814,515
202 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HEALTH SERVICES (continued)
9,600 MATRIA HEALTHCARE INCORPORATED+ $ 214,080
63,200 NAUTILUS GROUP INCORPORATED 207,928
62,000 NOVAMED INCORPORATED+ 234,980
25,600 REHABCARE GROUP INCORPORATED+ 384,000
6,521,796
-------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.24%
37,060 STERLING CONSTRUCTION COMPANY INCORPORATED+ 675,233
-------------
HOLDING & OTHER INVESTMENT OFFICES: 4.11%
28,800 AGREE REALTY CORPORATION 790,560
87,585 ANNALY MORTGAGE MANAGEMENT INCORPORATED 1,341,802
166,700 ANTHRACITE CAPITAL INCORPORATED 1,100,220
313,480 ANWORTH MORTGAGE ASSET CORPORATION 1,921,632
35,808 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 1,282,285
50,870 CAPSTEAD MORTGAGE CORPORATION 579,918
46,600 CARE INVESTMENT TRUST INCORPORATED 491,630
64,200 FELDMAN MALL PROPERTIES INCORPORATED+ 166,278
13,800 GLIMCHER REALTY TRUST 165,048
54,465 HILLTOP HOLDINGS INCORPORATED+ 566,436
75,900 JER INVESTORS TRUST INCORPORATED 643,632
72,000 MEDICAL PROPERTIES TRUST INCORPORATED 815,040
119,165 MFA MORTGAGE INVESTMENTS INCORPORATED 750,740
187,110 ORIGEN FINANCIAL INCORPORATED 224,532
17,600 RAIT INVESTMENT TRUST 122,144
58,575 UMH PROPERTIES INCORPORATED 584,579
11,546,476
-------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
153,300 BELL MICROPRODUCTS INCORPORATED+ 312,732
-------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.37%
40,535 EMPIRE RESORTS INCORPORATED+ 55,533
17,200 MTR GAMING GROUP INCORPORATED+ 120,400
117,235 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 861,677
1,037,610
-------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 7.41%
35,400 BLOUNT INTERNATIONAL INCORPORATED+ 437,898
8,500 BRIGGS & STRATTON CORPORATION 152,150
80,580 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 588,234
42,400 COLUMBUS MCKINNON CORPORATION+ 1,313,552
95,365 CRAY INCORPORATED+ 568,375
5,300 DIEBOLD INCORPORATED 199,015
72,600 DOT HILL SYSTEMS CORPORATION+ 217,800
62,600 DRESSER-RAND GROUP INCORPORATED+ 1,924,950
402,100 ENTEGRIS INCORPORATED+ 2,891,099
64,700 FLANDER CORPORATION+ 394,023
9,200 GARDNER DENVER INCORPORATED+ 341,320
596,900 INFOCUS CORPORATION+ 1,116,203
211,395 INTERMEC INCORPORATED+ 4,690,855
27,300 INTEVAC INCORPORATED+ 353,535
92,000 NN INCORPORATED 895,160
200 PLANAR SYSTEMS INCORPORATED+ 802
84,100 QUALSTAR CORPORATION 268,279
37,900 RACKABLE SYSTEMS INCORPORATED+ 345,648
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 203
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
20,800 RIMAGE CORPORATION+ $ 455,520
47,800 SPARTECH CORPORATION 403,910
400 TENNANT COMPANY 15,924
11,700 TIMKEN COMPANY 347,724
243,000 ULTRATECH INCORPORATED+ 2,335,230
88,680 VOYAGER LEARNING COMPANY+ 576,420
20,833,626
-------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.66%
325,300 CRAWFORD & COMPANY CLASS A+ 1,463,850
20,400 ONEBEACON INSURANCE GROUP LIMITED 388,008
1,851,858
-------------
INSURANCE CARRIERS: 4.88%
37,600 AFFIRMATIVE INSURANCE HOLDINGS INCORPORATED 300,048
88,500 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 821,280
41,700 AMERICAN SAFETY INSURANCE GROUP LIMITED+ 713,070
67,650 AMERISAFE INCORPORATED+ 855,096
28,456 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 1,010,757
24,650 CASTLEPOINT HOLDINGS LIMITED 239,845
92,300 CRM HOLDINGS LIMITED+ 462,423
10,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 295,223
65,200 DONEGAL GROUP INCORPORATED CLASS A 1,134,480
27,500 EMC INSURANCE GROUP INCORPORATED 739,475
14,100 HARLEYSVILLE GROUP INCORPORATED 508,869
15,000 KINGSWAY FINANCIAL SERVICES INCORPORATED 177,300
100,500 MEADOWBROOK INSURANCE GROUP INCORPORATED 784,905
11,925 MERCURY GENERAL CORPORATION 528,397
66,889 NORTH POINTE HOLDINGS CORPORATION+ 1,056,846
12,440 NYMAGIC INCORPORATED 282,512
62,400 PMA CAPITAL CORPORATION CLASS A+ 532,896
42,100 PROCENTURY CORPORATION 757,800
55,700 SEABRIGHT INSURANCE HOLDINGS+ 820,461
90,000 SPECIALTY UNDERWRITERS' ALLIANCE INCORPORATED 383,400
12,700 STANCORP FINANCIAL GROUP INCORPORATED 605,917
16,100 STATE AUTO FINANCIAL CORPORATION 468,993
25,200 TRIAD GUARANTY INCORPORATED+ 126,000
3,200 ZENITH NATIONAL INSURANCE CORPORATION 114,752
13,720,745
-------------
JUSTICE, PUBLIC ORDER & SAFETY: 0.56%
55,499 GEO GROUP INCORPORATED+ 1,578,392
-------------
LEATHER & LEATHER PRODUCTS: 0.47%
80,385 BAKERS FOOTWEAR GROUP INCORPORATED+ 159,162
31,200 SHOE CARNIVAL INCORPORATED+ 422,136
21,400 TIMBERLAND COMPANY+ 293,822
15,200 WEYCO GROUP INCORPORATED 450,984
1,326,104
-------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.48%
18,600 LOUISIANA-PACIFIC CORPORATION 170,748
27,380 NOBILITY HOMES INCORPORATED 479,150
24,706 SKYLINE CORPORATION 687,321
1,337,219
-------------
204 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 4.25%
173,524 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ $ 1,072,378
49,600 CANTEL INDUSTRIES+ 526,752
26,196 COHERENT INCORPORATED+ 730,606
135,845 CREDENCE SYSTEMS CORPORATION+ 230,937
51,382 DEL GLOBAL TECHNOLOGIES CORPORATION+ 120,748
9,200 DRS TECHNOLOGIES INCORPORATED 536,176
48,400 EDAP TMS SA ADR+ 170,852
14,700 HANGER ORTHOPEDIC GROUP INCORPORATED+ 158,466
118,800 HEALTHTRONICS INCORPORATED+ 384,912
62,557 HERLEY INDUSTRIES INCORPORATED+ 646,839
93,800 NEWPORT CORPORATION+ 1,047,746
204,600 NORTH AMERICAN SCIENTIFIC INCORPORATED+ 69,564
118,600 PERKINELMER INCORPORATED 2,876,050
63,247 VITAL SIGNS INCORPORATED 3,203,461
29,900 X-RITE INCORPORATED+ 178,503
11,953,990
-------------
METAL MINING: 2.66%
109,430 APEX SILVER MINES LIMITED+ 1,326,292
25,070 GOLDCORP INCORPORATED 971,463
75,575 NOVAGOLD RESOURCES INCORPORATED+ 582,683
89,010 RANDGOLD RESOURCES LIMITED ADR+ 4,124,723
31,766 YAMANA GOLD INCORPORATED 464,424
7,469,585
-------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.04%
224,885 BIRCH MOUNTAIN RESOURCES LIMITED+ 110,194
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 2.05%
42,910 ACCO BRANDS CORPORATION+ 582,289
25,600 ARMSTRONG WORLD INDUSTRIES INCORPORATED+ 912,896
411,000 LEAPFROG ENTERPRISES INCORPORATED+ 2,897,550
21,200 LYDALL INCORPORATED+ 242,740
5,800 RC2 CORPORATION+ 121,626
34,300 RUSS BERRIE & COMPANY INCORPORATED+ 482,258
23,200 STANDEX INTERNATIONAL CORPORATION 518,288
5,757,647
-------------
MISCELLANEOUS RETAIL: 0.38%
49,300 AC MOORE ARTS & CRAFTS INCORPORATED+ 336,226
63,200 FINLAY ENTERPRISES INCORPORATED+ 40,764
22,700 OFFICE DEPOT INCORPORATED+ 250,835
41,200 PC MALL INCORPORATED+ 437,956
1,065,781
-------------
MISCELLANEOUS SERVICES: 0.08%
13,800 BANKFINANCIAL CORPORATION 219,558
-------------
MOTION PICTURES: 0.04%
80,500 WPT ENTERPRISES INCORPORATED+ 116,725
-------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.54%
21,300 DISCOVER FINANCIAL SERVICES 348,681
130,100 MCG CAPITAL CORPORATION 1,182,609
1,531,290
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 205
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION: 6.21%
3,800 ATWOOD OCEANICS INCORPORATED+ $ 348,536
40,500 BRIGHAM EXPLORATION COMPANY+ 245,835
10,600 COMSTOCK RESOURCES INCORPORATED+ 427,180
10,250 FOREST OIL CORPORATION+ 501,840
134,455 GLOBAL INDUSTRIES LIMITED+ 2,163,381
42,540 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,340,010
27,045 HELMERICH & PAYNE INCORPORATED 1,267,599
79,255 KEY ENERGY SERVICES INCORPORATED+ 1,063,602
85,010 MCMORAN EXPLORATION COMPANY+ 1,469,823
267,335 NEWPARK RESOURCES INCORPORATED+ 1,363,409
16,340 OCEANEERING INTERNATIONAL INCORPORATED+ 1,029,420
9,405 PRIDE INTERNATIONAL INCORPORATED+ 328,705
40,375 RANGE RESOURCES CORPORATION 2,561,794
5,070 SANDRIDGE ENERGY INCORPORATED+ 198,491
12,500 SUPERIOR ENERGY SERVICES INCORPORATED+ 495,250
205,400 SYNTROLEUM CORPORATION+ 127,348
56,020 TRILOGY ENERGY TRUST 543,036
5,300 UNIT CORPORATION+ 300,245
32,000 WARREN RESOURCES INCORPORATED+ 379,840
42,650 WILLBROS GROUP INCORPORATED+ 1,305,090
17,460,434
-------------
PAPER & ALLIED PRODUCTS: 0.78%
106,500 BUCKEYE TECHNOLOGIES INCORPORATED+ 1,188,540
108,580 CHESAPEAKE CORPORATION+ 522,270
5,300 SONOCO PRODUCTS COMPANY 151,739
41,700 STANDARD REGISTER COMPANY 324,843
2,187,392
-------------
PERSONAL SERVICES: 0.10%
10,600 REGIS CORPORATION 291,394
-------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.60%
10,900 DELEK US HOLDINGS INCORPORATED 138,103
35,895 INTEROIL CORPORATION+ 591,191
29,200 WD-40 COMPANY 970,900
1,700,194
-------------
PIPELINES: 0.15%
9,100 ENBRIDGE ENERGY PARTNERS LP 432,705
-------------
PRIMARY METAL INDUSTRIES: 0.11%
7,200 NORTHWEST PIPE COMPANY+ 305,928
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 2.29%
18,000 AMERICAN GREETINGS CORPORATION CLASS A 333,900
41,000 ENNIS INCORPORATED 687,980
64,255 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 474,202
24,785 MCCLATCHY COMPANY CLASS A 265,200
11,300 MULTI-COLOR CORPORATION 252,668
458,200 PLAYBOY ENTERPRISES INCORPORATED CLASS B+ 3,816,806
80,200 PRESSTEK INCORPORATED+ 351,276
53,205 R.H. DONNELLEY CORPORATION+ 269,217
6,451,249
-------------
206 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
REAL ESTATE: 0.05%
14,900 THOMAS PROPERTIES GROUP INCORPORATED $ 130,822
-------------
REAL ESTATE INVESTMENT TRUST (REIT): 0.27%
53,500 LEXINGTON CORPORATE PROPERTIES TRUST 770,935
-------------
RESTAURANTS: 0.08%
20,200 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 235,330
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.41%
147,883 INTERTAPE POLYMER GROUP INCORPORATED+ 350,483
4,521 JARDEN CORPORATION+ 98,287
28,300 SEALED AIR CORPORATION 714,575
1,163,345
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.03%
8,700 MARKETAXESS HOLDINGS INCORPORATED+ 86,478
-------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.62%
87,090 GENTEX CORPORATION 1,493,594
65,480 US CONCRETE INCORPORATED+ 248,824
1,742,418
-------------
TRANSPORTATION BY AIR: 0.47%
32,990 AIRTRAN HOLDINGS INCORPORATED+ 217,734
33,845 JETBLUE AIRWAYS CORPORATION+ 196,301
6,215 PHI INCORPORATED+ 189,558
23,070 PHI INCORPORATED (NON-VOTING)+ 727,628
1,331,221
-------------
TRANSPORTATION EQUIPMENT: 2.97%
36,900 AFTERMARKET TECHNOLOGY CORPORATION+ 717,336
23,300 ARCTIC CAT INCORPORATED 169,857
165,697 EXIDE TECHNOLOGIES+ 2,170,631
176,200 FEDERAL SIGNAL CORPORATION 2,459,742
148,960 FLEETWOOD ENTERPRISES INCORPORATED+ 685,216
19,915 HI SHEAR TECHNOLOGY CORPORATION+ 229,023
17,100 MONACO COACH CORPORATION 162,108
53,300 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,182,194
14,900 WABTEC CORPORATION 561,134
8,337,241
-------------
TRANSPORTATION SERVICES: 0.66%
42,900 DYNAMEX INCORPORATED+ 1,085,370
9,600 GATX CORPORATION 375,072
23,300 PACER INTERNATIONAL INCORPORATED 382,819
1,843,261
-------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.32%
117,400 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 1,988,756
34,100 SCHOOL SPECIALTY INCORPORATED+ 1,075,514
97,300 SOURCE INTERLINK COMPANIES INCORPORATED+ 184,870
9,800 UNITED STATIONERS INCORPORATED+ 467,460
3,716,600
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 207
STRATEGIC SMALL CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 1.29%
10,200 INTERLINE BRANDS INCORPORATED+ $ 189,210
51,000 KAMAN CORPORATION CLASS A 1,442,790
16,400 LKQ CORPORATION+ 368,508
100,100 NAVARRE CORPORATION+ 176,176
9,600 OWENS & MINOR INCORPORATED 377,664
42,969 PATRICK INDUSTRIES INCORPORATED+ 294,338
78,000 POMEROY IT SOLUTIONS INCORPORATED+ 431,340
27,600 WILLIS LEASE FINANCE CORPORATION+ 346,932
3,626,958
-------------
TOTAL COMMON STOCKS (COST $321,141,255) 272,854,050
-------------
RIGHTS: 0.01%
18,957 MCG CAPITAL CORPORATION+ 20,284
TOTAL RIGHTS (COST $0) 20,284
-------------
PREFERRED STOCKS: 0.09%
15,200 ANWORTH MORTGAGE PREFERRED 258,400
TOTAL PREFERRED STOCKS (COST $360,099) 258,400
-------------
SHORT-TERM INVESTMENTS: 2.11%
5,945,231 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,945,231
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,945,231) 5,945,231
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $327,446,585)* 99.24% $ 279,077,965
OTHER ASSETS AND LIABILITIES, NET 0.76 2,138,790
------ -------------
TOTAL NET ASSETS 100.00% $ 281,216,755
====== =============
- --------------------------------------------------------------------------------
+ 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.
+++ Short-term security of an affiliate of the Fund with a cost of $5,945,231.
* 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.
208 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ........ $ 777,220,877 $ 127,757,371
Collateral received for securities loaned (Note 2) ................... 53,385,005 3,444,329
Investments in affiliates ............................................ 39,642,910 5,140,615
---------------------------------
Total investments at market value (see cost below) ...................... 870,248,792 136,342,315
---------------------------------
Foreign currency, at value .............................................. 0 0
Variation margin receivable on futures contracts ........................ 0 0
Receivable for investments sold ......................................... 0 0
Receivables for dividends and interest .................................. 1,864,177 103,444
Prepaid expenses and other assets ....................................... 0 0
---------------------------------
Total assets ............................................................... 872,112,969 136,445,759
---------------------------------
LIABILITIES
Foreign taxes payable ................................................... 390 0
Payable for investments purchased ....................................... 0 0
Payable to investment advisor and affiliates (Note 3) ................... 523,152 78,707
Unrealized depreciation on forward foreign currency contracts ........... 0 0
Payable upon receipt of securities loaned (Note 2) ...................... 54,264,921 3,593,979
Accrued expenses and other liabilities .................................. 5,885 16,621
---------------------------------
Total liabilities .......................................................... 54,794,348 3,689,307
---------------------------------
TOTAL NET ASSETS ........................................................... $ 817,318,621 $ 132,756,452
=================================
Investments at cost ........................................................ $ 919,302,063 $ 125,364,422
---------------------------------
Foreign currencies at cost ................................................. $ 0 $ 0
---------------------------------
Securities on loan, at market value (Note 2) ............................... $ 51,303,736 $ 3,268,002
---------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 209
Emerging Equity Equity
Growth Income Value
Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ........ $ 104,266,904 $ 448,537,626 $ 647,890,846
Collateral received for securities loaned (Note 2) ................... 41,763,964 60,904,203 99,897,451
Investments in affiliates ............................................ 4,308,287 2,170,153 21,079,670
--------------------------------------------------
Total investments at market value (see cost below) ...................... 150,339,155 511,611,982 768,867,967
--------------------------------------------------
Foreign currency, at value .............................................. 0 0 0
Variation margin receivable on futures contracts ........................ 0 0 0
Receivable for investments sold ......................................... 2,498,976 0 25,077,338
Receivables for dividends and interest .................................. 20,981 561,681 891,637
Prepaid expenses and other assets ....................................... 0 0 0
--------------------------------------------------
Total assets ............................................................... 152,859,112 512,173,663 794,836,942
--------------------------------------------------
LIABILITIES
Foreign taxes payable ................................................... 0 0 0
Payable for investments purchased ....................................... 1,267,885 0 32,376,089
Payable to investment advisor and affiliates (Note 3) ................... 80,609 190,103 340,255
Unrealized depreciation on forward foreign currency contracts ........... 0 0 0
Payable upon receipt of securities loaned (Note 2) ...................... 41,970,475 61,379,842 100,523,548
Accrued expenses and other liabilities .................................. 18,335 30,413 22,903
--------------------------------------------------
Total liabilities .......................................................... 43,337,304 61,600,358 133,262,795
--------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 109,521,808 $ 450,573,305 $ 661,574,147
==================================================
Investments at cost ........................................................ $ 153,936,882 $ 437,255,082 $ 766,295,647
--------------------------------------------------
Foreign currencies at cost ................................................. $ 0 $ 0 $ 0
--------------------------------------------------
Securities on loan, at market value (Note 2) ............................... $ 40,861,147 $ 59,407,397 $ 97,111,262
--------------------------------------------------
International International
Index Core Growth
Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ........ $ 2,317,103,484 $ 110,888,991 $ 236,555,929
Collateral received for securities loaned (Note 2) ................... 425,644,282 0 21,383,063
Investments in affiliates ............................................ 25,784,728 659,911 5,673,218
--------------------------------------------------
Total investments at market value (see cost below) ...................... 2,768,532,494 111.548.902 263,612,210
--------------------------------------------------
Foreign currency, at value .............................................. 0 0 105
Variation margin receivable on futures contracts ........................ 21,675 0 0
Receivable for investments sold ......................................... 1,518,079 47 1,208,022
Receivables for dividends and interest .................................. 3,269,341 481,023 530,700
Prepaid expenses and other assets ....................................... 0 0 15,301
--------------------------------------------------
Total assets ............................................................... 2,773,341,589 112,029,972 265,366,338
--------------------------------------------------
LIABILITIES
Foreign taxes payable ................................................... 0 11,974 0
Payable for investments purchased ....................................... 1,567,798 96,495 2,207,830
Payable to investment advisor and affiliates (Note 3) ................... 172,679 92,990 203,468
Unrealized depreciation on forward foreign currency contracts ........... 0 0 2,443
Payable upon receipt of securities loaned (Note 2) ...................... 428,961,515 0 21,383,063
Accrued expenses and other liabilities .................................. 53,076 9,477 1,779
--------------------------------------------------
Total liabilities .......................................................... 430,755,068 210,936 23,798,583
--------------------------------------------------
TOTAL NET ASSETS ........................................................... $ 2,342,586,521 $ 111,819,036 $ 241,567,755
==================================================
Investments at cost ........................................................ $ 2,427,849,144 $ 103,189,194 $ 243,849,889
--------------------------------------------------
Foreign currencies at cost ................................................. $ 0 $ 0 $ 100
--------------------------------------------------
Securities on loan, at market value (Note 2) ............................... $ 415,970,290 $ 0 $ 20,509,973
--------------------------------------------------
210 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
International International
Index Value
Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ......... $ 108,505,977 $ 378,396,140
Collateral received for securities loaned (Note 2) .................... 3,399,214 29,204,017
Investments in affiliates ............................................. 1,178,469 9,021,416
------------------------------
Total investments at market value (see cost below) ....................... 113,083,660 416,621,573
------------------------------
Foreign currency, at value ............................................... 1,157,544 3,708,988
Variation margin receivable on futures contracts ......................... 321,309 0
Receivable for investments sold .......................................... 0 993,358
Receivables for dividends and interest ................................... 636,643 2,880,636
Unrealized appreciation on forward foreign currency contracts ............ 5,217 0
Prepaid expenses and other assets ........................................ 0 0
------------------------------
Total assets ................................................................ 115,204,373 424,204,555
------------------------------
LIABILITIES
Foreign taxes payable .................................................... 0 0
Payable for investments purchased ........................................ 0 414,642
Payable to investment advisor and affiliates (Note 3) .................... 39,086 316,565
Unrealized depreciation on forward foreign currency contracts ............ 0 181
Payable upon receipt of securities loaned (Note 2) ....................... 3,399,214 29,204,017
Accrued expenses and other liabilities ................................... 60,283 44,164
------------------------------
Total liabilities ........................................................... 3,498,583 29,979,569
------------------------------
TOTAL NET ASSETS ............................................................ $ 111,705,790 $ 394,224,986
==============================
Investments at cost ......................................................... $ 83,813,551 $ 411,866,223
------------------------------
Foreign currencies at cost .................................................. $ 1,147,267 $ 3,676,791
------------------------------
Securities on loan, at market value (Note 2) ................................ $ 3,238,078 $ 28,051,508
------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 211
Large Cap Large Company Small Cap
Appreciation Growth Index
Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ......... $ 141,369,468 $ 1,948,251,543 $ 312,284,301
Collateral received for securities loaned (Note 2) .................... 7,265,602 237,084,094 112,005,529
Investments in affiliates ............................................. 5,093,290 16,208,568 2,658,018
--------------------------------------------------
Total investments at market value (see cost below) ....................... 153,728,360 2,201,544,205 426,947,848
--------------------------------------------------
Foreign currency, at value ............................................... 0 0 0
Variation margin receivable on futures contracts ......................... 0 0 11,800
Receivable for investments sold .......................................... 0 23,912,354 660,255
Receivables for dividends and interest ................................... 160,567 860,699 349,357
Unrealized appreciation on forward foreign currency contracts ............ 0 0 0
Prepaid expenses and other assets ........................................ 0 0 0
--------------------------------------------------
Total assets ................................................................ 153,888,927 2,226,317,258 427,969,260
--------------------------------------------------
LIABILITIES
Foreign taxes payable .................................................... 423 0 0
Payable for investments purchased ........................................ 676,154 0 1,476,386
Payable to investment advisor and affiliates (Note 3) .................... 87,894 1,064,222 39,806
Unrealized depreciation on forward foreign currency contracts ............ 0 0 0
Payable upon receipt of securities loaned (Note 2) ....................... 7,370,781 239,520,774 112,756,913
Accrued expenses and other liabilities ................................... 30,867 64,119 8,813
--------------------------------------------------
Total liabilities ........................................................... 8,166,119 240,649,115 114,281,918
--------------------------------------------------
TOTAL NET ASSETS ............................................................ $ 145,722,808 $ 1,985,668,143 $ 313,687,342
==================================================
Investments at cost ......................................................... $ 146,839,063 $ 1,990,429,067 $ 415,075,294
--------------------------------------------------
Foreign currencies at cost .................................................. $ 0 $ 0 $ 0
--------------------------------------------------
Securities on loan, at market value (Note 2) ................................ $ 7,115,622 $ 234,815,811 $ 109,611,323
--------------------------------------------------
Small Company Small Company Strategic
Growth Value Small Cap
Portfolio Portfolio Value Portfolio
- ----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ......... $ 551,679,955 $ 361,015,168 $ 273,132,734
Collateral received for securities loaned (Note 2) .................... 114,580,409 65,971,954 0
Investments in affiliates ............................................. 15,401,791 4,684,767 5,945,231
--------------------------------------------------
Total investments at market value (see cost below) ....................... 681,662,155 431,671,889 279,077,965
--------------------------------------------------
Foreign currency, at value ............................................... 0 0 0
Variation margin receivable on futures contracts ......................... 0 0 0
Receivable for investments sold .......................................... 14,600,571 3,894,777 3,040,381
Receivables for dividends and interest ................................... 135,375 527,238 440,044
Unrealized appreciation on forward foreign currency contracts ............ 0 0 0
Prepaid expenses and other assets ........................................ 0 0 8,058
--------------------------------------------------
Total assets ................................................................ 696,398,101 436,093,904 282,566,448
--------------------------------------------------
LIABILITIES
Foreign taxes payable .................................................... 0 0 139
Payable for investments purchased ........................................ 19,458,368 185,350 1,140,698
Payable to investment advisor and affiliates (Note 3) .................... 391,348 267,609 204,119
Unrealized depreciation on forward foreign currency contracts ............ 0 0 0
Payable upon receipt of securities loaned (Note 2) ....................... 115,052,145 66,410,149 0
Accrued expenses and other liabilities ................................... 22,673 12,790 4,737
--------------------------------------------------
Total liabilities ........................................................... 134,924,534 66,875,898 1,349,693
--------------------------------------------------
TOTAL NET ASSETS ............................................................ $ 561,473,567 $ 369,218,006 $ 281,216,755
==================================================
Investments at cost ......................................................... $ 743,902,544 $ 497,886,091 $ 327,446,585
--------------------------------------------------
Foreign currencies at cost .................................................. $ 0 $ 0 $ 0
--------------------------------------------------
Securities on loan, at market value (Note 2) ................................ $ 110,753,320 $ 64,218,005 $ 0
--------------------------------------------------
212 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 .............................................................. $ 11,503,118 $ 537,909
Dividends from affiliated securities ..................................... 0 0
Interest ................................................................. 0 1,398
Interest from affiliated securities ...................................... 692,170 108,847
Securities lending income, net ........................................... 216,717 22,090
------------------------------
Total investment income ..................................................... 12,412,005 670,244
------------------------------
EXPENSES
Advisory fees ............................................................ 3,848,963 579,616
Custody fees ............................................................. 109,434 15,748
Accounting fees .......................................................... 0 0
Professional fees ........................................................ 8,299 7,649
Shareholder reports ...................................................... 5,642 2,800
Trustees' fees ........................................................... 4,323 4,323
Other fees and expenses .................................................. 12,053 3,385
------------------------------
Total expenses .............................................................. 3,988,714 613,521
------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ............................. (236,762) (8,647)
Net expenses ............................................................. 3,751,952 604,874
------------------------------
Net investment income (loss) ................................................ 8,660,053 65,370
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation .......... (1,752,673) 3,239,225
Futures transactions ..................................................... 0 0
Affiliated securities .................................................... 0 0
------------------------------
Net realized gain and loss from investments ................................. (1,752,673) 3,239,225
------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation .......... (159,412,790) (29,631,541)
Forward foreign currency contracts ....................................... 0 0
Futures transactions ..................................................... 0 0
------------------------------
Net change in unrealized appreciation (depreciation) of investments ......... (159,412,790) (29,631,541)
------------------------------
Net realized and unrealized gain (loss) on investments ...................... (161,165,463) (26,392,316)
------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. $(152,505,410) $ (26,326,946)
==============================
1 Net of foreign withholding taxes of ....................................... $ 0 $ 0
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 213
Emerging Equity Equity
Growth Income Value
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 .............................................................. $ 48,485 $ 7,179,101 $ 6,844,875
Dividends from affiliated securities ..................................... 0 0 0
Interest ................................................................. 0 2,953 0
Interest from affiliated securities ...................................... 78,203 68,528 369,705
Securities lending income, net ........................................... 94,589 85,066 101,548
----------------------------------------------
Total investment income ..................................................... 221,277 7,335,648 7,316,128
----------------------------------------------
EXPENSES
Advisory fees ............................................................ 410,193 2,008,346 2,236,748
Custody fees ............................................................. 9,316 54,988 61,711
Accounting fees .......................................................... 0 0 0
Professional fees ........................................................ 10,802 9,136 7,917
Shareholder reports ...................................................... 8,104 0 0
Trustees' fees ........................................................... 4,323 4,323 4,323
Other fees and expenses .................................................. 2,215 5,618 4,410
----------------------------------------------
Total expenses .............................................................. 444,953 2,082,411 2,315,109
----------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ............................. (3,127) (600,541) (168,637)
Net expenses ............................................................. 441,826 1,481,870 2,146,472
----------------------------------------------
Net investment income (loss) ................................................ (220,549) 5,853,778 5,169,656
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation .......... (7,126,588) 32,503,573 (22,869,141)
Futures transactions ..................................................... 0 0 0
Affiliated securities .................................................... 0 0 0
----------------------------------------------
Net realized gain and loss from investments ................................. (7,126,588) 32,503,573 (22,869,141)
----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation .......... (17,759,988) (112,427,244) (77,919,530)
Forward foreign currency contracts ....................................... 0 0 0
Futures transactions ..................................................... 0 0 0
----------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ......... (17,759,988) (112,427,244) (77,919,530)
----------------------------------------------
Net realized and unrealized gain (loss) on investments ...................... (24,886,576) (79,923,671) (100,788,671)
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. $ (25,107,125) $ (74,069,893) $ (95,619,015)
==============================================
1 Net of foreign withholding taxes of ....................................... $ 0 $ 0 $ 16,982
International International
Index Core Growth
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 .............................................................. $ 26,465,069 $ 1,033,406 $ 1,301,959
Dividends from affiliated securities ..................................... 426,537 0 0
Interest ................................................................. 24,979 0 0
Interest from affiliated securities ...................................... 397,017 15,739 140,885
Securities lending income, net ........................................... 476,667 14,498 31,582
----------------------------------------------
Total investment income ..................................................... 27,790,269 1,063,643 1,474,426
----------------------------------------------
EXPENSES
Advisory fees ............................................................ 1,097,284 635,738 1,282,690
Custody fees ............................................................. 259,276 66,920 135,020
Accounting fees .......................................................... 0 3,553 4,155
Professional fees ........................................................ 11,559 21,124 11,899
Shareholder reports ...................................................... 16,985 960 1,163
Trustees' fees ........................................................... 4,323 4,323 4,323
Other fees and expenses .................................................. 26,577 26,351 13,223
----------------------------------------------
Total expenses .............................................................. 1,416,004 758,969 1,452,473
----------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ............................. (9,780) (14,768) (41,085)
Net expenses ............................................................. 1,406,224 744,201 1,411,388
----------------------------------------------
Net investment income (loss) ................................................ 26,384,045 319,442 63,038
----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation .......... 56,158,240 8,871,753 19,275,961
Futures transactions ..................................................... (2,802,268) 0 0
Affiliated securities .................................................... 689,547 0 0
----------------------------------------------
Net realized gain and loss from investments ................................. 54,045,519 8,871,753 19,275,961
----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation .......... (428,773,027) (26,152,765) (41,432,491)
Forward foreign currency contracts ....................................... 0 2,864 (19,740)
Futures transactions ..................................................... (538,092) 0 0
----------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ......... (429,311,119) (26,149,901) (41,452,231)
----------------------------------------------
Net realized and unrealized gain (loss) on investments ...................... (375,265,600) (17,278,148) (22,176,270)
----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. $(348,881,555) $ (16,958,706) $ (22,113,232)
==============================================
1 Net of foreign withholding taxes of ....................................... $ 0 $ 76,956 $ 156,052
214 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
International International
Index Value
Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 ................................................................. $ 1,647,887 $ 6,781,901
Interest .................................................................... 8,000 30,594
Interest from affiliated securities ......................................... 17,626 228,490
Securities lending income, net .............................................. 24,115 51,459
---------------------------------
Total investment income ........................................................ 1,697,628 7,092,444
---------------------------------
EXPENSES
Advisory fees ............................................................... 234,705 1,978,735
Custody fees ................................................................ 67,059 208,288
Accounting fees ............................................................. 1,184 4,520
Professional fees ........................................................... 9,268 9,643
Shareholder reports ......................................................... 303 625
Trustees' fees .............................................................. 4,323 4,323
Other fees and expenses ..................................................... 22,043 21,659
---------------------------------
Total expenses ................................................................. 338,885 2,227,793
---------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ................................ (7,330) (161,512)
Net expenses ................................................................ 331,555 2,066,281
---------------------------------
Net investment income (loss) ................................................... 1,366,073 5,026,163
---------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ............. 14,163,658 3,270,994
Forward Foreign Currency Contracts .......................................... 77,264 0
Futures transactions ........................................................ (716,797) 0
---------------------------------
Net realized gain and loss from investments .................................... 13,524,125 3,270,994
---------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ............. (30,040,066) (76,145,680)
Forward foreign currency contracts .......................................... (1,738) (269)
Futures transactions ........................................................ (2,419) 0
---------------------------------
Net change in unrealized appreciation (depreciation) of investments ............ (30,044,223) (76,145,949)
---------------------------------
Net realized and unrealized gain (loss) on investments ......................... (16,520,098) (72,874,955)
---------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $ (15,154,025) $ (67,848,792)
=================================
1 Net of foreign withholding taxes of .......................................... $ 87,560 $ 258,981
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 215
Large Cap Large Company Small Cap
Appreciation Growth Index
Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 ................................................................. $ 974,600 $ 10,979,074 $ 2,220,240
Interest .................................................................... 0 0 12,996
Interest from affiliated securities ......................................... 64,822 633,245 156,832
Securities lending income, net .............................................. 14,932 316,746 439,714
------------------------------------------------
Total investment income ........................................................ 1,054,354 11,929,065 2,829,782
------------------------------------------------
EXPENSES
Advisory fees ............................................................... 555,923 8,079,410 363,053
Custody fees ................................................................ 16,430 242,317 36,305
Accounting fees ............................................................. 0 0 0
Professional fees ........................................................... 7,236 12,153 8,542
Shareholder reports ......................................................... 1,950 6,688 0
Trustees' fees .............................................................. 4,323 4,323 4,323
Other fees and expenses ..................................................... 1,830 20,992 4,041
------------------------------------------------
Total expenses ................................................................. 587,692 8,365,883 416,264
------------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ................................ (16,724) (212,779) (126,835)
Net expenses ................................................................ 570,968 8,153,104 289,429
------------------------------------------------
Net investment income (loss) ................................................... 483,386 3,775,961 2,540,353
------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ............. 3,171,910 149,362,283 25,349,487
Forward Foreign Currency Contracts .......................................... 0 0 0
Futures transactions ........................................................ 0 0 (1,186,040)
------------------------------------------------
Net realized gain and loss from investments .................................... 3,171,910 149,362,283 24,163,447
------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ............. (22,866,789) (582,697,549) (80,453,469)
Forward foreign currency contracts .......................................... 0 0 0
Futures transactions ........................................................ 0 0 (170,275)
------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ............ (22,866,789) (582,697,549) (80,623,744)
------------------------------------------------
Net realized and unrealized gain (loss) on investments ......................... (19,694,879) (433,335,266) (56,460,297)
------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $ (19,211,493) $ (429,559,305) $(53,919,944)
================================================
1 Net of foreign withholding taxes of .......................................... $ 0 $ 0 $ 838
Small Company Small Company Strategic
Growth Value Small Cap
Portfolio Portfolio Value Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 ................................................................. $ 819,584 $ 3,189,510 $ 2,442,890
Interest .................................................................... 0 0 0
Interest from affiliated securities ......................................... 437,942 193,484 236,862
Securities lending income, net .............................................. 169,984 470,479 0
-------------------------------------------------
Total investment income ........................................................ 1,427,510 3,853,473 2,679,752
-------------------------------------------------
EXPENSES
Advisory fees ............................................................... 3,023,779 1,889,070 1,441,273
Custody fees ................................................................ 69,234 42,688 32,550
Accounting fees ............................................................. 0 0 0
Professional fees ........................................................... 8,407 9,176 12,743
Shareholder reports ......................................................... 1,449 0 2,331
Trustees' fees .............................................................. 4,323 4,323 4,323
Other fees and expenses ..................................................... 7,491 3,244 4,397
-------------------------------------------------
Total expenses ................................................................. 3,114,683 1,948,501 1,497,617
-------------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ................................ (5,516) (9,930) (60,967)
Net expenses ................................................................ 3,109,167 1,938,571 1,436,650
-------------------------------------------------
Net investment income (loss) ................................................... (1,681,657) 1,914,902 1,243,102
-------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ............. (28,259,346) (38,301,983) (7,231,054)
Forward Foreign Currency Contracts .......................................... 0 0 0
Futures transactions ........................................................ 0 0 0
-------------------------------------------------
Net realized gain and loss from investments .................................... (28,259,346) (38,301,983) (7,231,054)
-------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ............. (135,788,345) (61,469,442) (48,544,843)
Forward foreign currency contracts .......................................... 0 0 0
Futures transactions ........................................................ 0 0 0
-------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ............ (135,788,345) (61,469,442) (48,544,843)
-------------------------------------------------
Net realized and unrealized gain (loss) on investments ......................... (164,047,691) (99,771,425) (55,775,897)
-------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $ (165,729,348) $ (97,856,523) $ (54,532,795)
=================================================
1 Net of foreign withholding taxes of .......................................... $ 12,624 $ 0 $ 7,950
216 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 1,241,289,608 $ 841,546,045
OPERATIONS
Net investment income (loss) ................................................ 8,660,053 16,064,930
Net realized gain (loss) on investments ..................................... (1,752,673) 56,127,455
Net change in unrealized appreciation (depreciation) of investments ......... (159,412,790) 43,387,252
-------------------------------------
Net increase (decrease) in net assets resulting from operations ................ (152,505,410) 115,579,637
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 51,571,471 483,212,085
Withdrawals ................................................................. (323,037,048) (199,048,159)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ... (271,465,577) 284,163,926
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (423,970,987) 399,743,563
=====================================
ENDING NET ASSETS .............................................................. $ 817,318,621 $ 1,241,289,608
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage Master Portfolios 217
DISCIPLINED GROWTH PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 183,601,568 $ 187,057,301
OPERATIONS
Net investment income (loss) ................................................ 65,370 185,231
Net realized gain (loss) on investments ..................................... 3,239,225 20,448,384
Net change in unrealized appreciation (depreciation) of investments ......... (29,631,541) 15,231,365
-------------------------------------
Net increase (decrease) in net assets resulting from operations ................ (26,326,946) 35,864,980
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 9,217,193 4,065,448
Withdrawals ................................................................. (33,735,363) (43,386,161)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ... (24,518,170) (39,320,713)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (50,845,116) (3,455,733)
=====================================
ENDING NET ASSETS .............................................................. $ 132,756,452 $ 183,601,568
=====================================
EMERGING GROWTH PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Period Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 86,519,880 $ 0
OPERATIONS
Net investment income (loss) ................................................ (220,549) (191,853)
Net realized gain (loss) on investments ..................................... (7,126,588) 377,651
Net change in unrealized appreciation (depreciation) of investments ......... (17,759,988) 14,162,261
-------------------------------------
Net increase (decrease) in net assets resulting from operations ................ (25,107,125) 14,348,059
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 68,379,397 88,757,743
Withdrawals ................................................................. (20,270,344) (16,585,922)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ... 48,109,053 72,171,821
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... 23,001,928 86,519,880
=====================================
ENDING NET ASSETS .............................................................. $ 109,521,808 $ 86,519,880
=====================================
EQUITY INCOME PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 665,234,283 $ 1,015,722,285
OPERATIONS
Net investment income (loss) ................................................ 5,853,778 16,078,785
Net realized gain (loss) on investments ..................................... 32,503,573 188,810,247
Net change in unrealized appreciation (depreciation) of investments ......... (112,427,244) (73,139,434)
-------------------------------------
Net increase (decrease) in net assets resulting from operations ................ (74,069,893) 131,749,598
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 8,434,299 16,754,808
Withdrawals ................................................................. (149,025,384) (498,992,408)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ... (140,591,085) (482,237,600)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (214,660,978) (350,488,002)
=====================================
ENDING NET ASSETS .............................................................. $ 450,573,305 $ 665,234,283
=====================================
218 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 639,562,611 $ 490,515,385
OPERATIONS
Net investment income (loss) ........................................................... 5,169,656 7,512,769
Net realized gain (loss) on investments ................................................ (22,869,141) 65,605,985
Net change in unrealized appreciation (depreciation) of investments .................... (77,919,530) 30,705,045
---------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (95,619,015) 103,823,799
---------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 156,484,481 125,489,688
Withdrawals ............................................................................ (38,853,930) (80,266,261)
---------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. 117,630,551 45,223,427
---------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 22,011,536 149,047,226
=================================
ENDING NET ASSETS ......................................................................... $ 661,574,147 $ 639,562,611
=================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage Master Portfolios 219
INDEX PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 2,814,355,166 $ 2,548,093,616
OPERATIONS
Net investment income (loss) ........................................................... 26,384,045 51,519,728
Net realized gain (loss) on investments ................................................ 54,045,519 117,184,727
Net change in unrealized appreciation (depreciation) of investments .................... (429,311,119) 245,109,179
-----------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (348,881,555) 413,813,634
-----------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 68,765,604 226,915,817
Withdrawals ............................................................................ (191,652,694) (374,467,901)
-----------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (122,887,090) (147,552,084)
-----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (471,768,645) 266,261,550
===================================
ENDING NET ASSETS ......................................................................... $ 2,342,586,521 $ 2,814,355,166
===================================
INTERNATIONAL CORE PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 159,894,926 $ 161,638,942
OPERATIONS
Net investment income (loss) ........................................................... 319,442 2,056,363
Net realized gain (loss) on investments ................................................ 8,871,753 27,306,462
Net change in unrealized appreciation (depreciation) of investments .................... (26,149,901) 5,567,904
--------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (16,958,706) 34,930,729
--------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 5,567,604 5,766,735
Withdrawals ............................................................................ (36,684,788) (42,441,480)
--------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (31,117,184) (36,674,745)
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (48,075,890) (1,744,016)
================================
ENDING NET ASSETS ......................................................................... $ 111,819,036 $ 159,894,926
================================
INTERNATIONAL GROWTH PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 300,626,325 $ 301,162,819
OPERATIONS
Net investment income (loss) ........................................................... 63,038 3,331,475
Net realized gain (loss) on investments ................................................ 19,275,961 56,226,589
Net change in unrealized appreciation (depreciation) of investments .................... (41,452,231) 15,364,318
--------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (22,113,232) 74,922,382
--------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 11,744,979 57,271,305
Withdrawals ............................................................................ (48,690,317) (132,730,181)
--------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (36,945,338) (75,458,876)
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (59,058,570) (536,494)
================================
ENDING NET ASSETS ......................................................................... $ 241,567,755 $ 300,626,325
================================
220 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 160,036,146 $ 161,960,014
OPERATIONS
Net investment income (loss) ........................................................... 1,366,073 3,481,241
Net realized gain (loss) on investments ................................................ 13,524,125 13,737,627
Net change in unrealized appreciation (depreciation) of investments .................... (30,044,223) 18,734,077
----------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (15,154,025) 35,952,945
----------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 4,808,069 4,852,777
Withdrawals ............................................................................ (37,984,400) (42,729,590)
----------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (33,176,331) (37,876,813)
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (48,330,356) (1,923,868)
==================================
ENDING NET ASSETS ......................................................................... $ 111,705,790 $ 160,036,146
==================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements
Statements of Changes in Net Assets
Wells Fargo Advantage Master Portfolios 221
INTERNATIONAL VALUE PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 447,175,488 $ 303,207,650
OPERATIONS
Net investment income (loss) ........................................................... 5,026,163 9,296,214
Net realized gain (loss) on investments ................................................ 3,270,994 23,855,136
Net change in unrealized appreciation (depreciation) of investments .................... (76,145,949) 35,415,227
---------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (67,848,792) 68,566,577
---------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 46,145,493 121,299,047
Withdrawals ............................................................................ (31,247,203) (45,897,786)
---------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. 14,898,290 75,401,261
---------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (52,950,502) 143,967,838
=================================
ENDING NET ASSETS ......................................................................... $ 394,224,986 $ 447,175,488
=================================
LARGE CAP APPRECIATION PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 179,028,956 $ 170,740,349
OPERATIONS
Net investment income (loss) ........................................................... 483,386 967,108
Net realized gain (loss) on investments ................................................ 3,171,910 14,007,484
Net change in unrealized appreciation (depreciation) of investments .................... (22,866,789) 19,094,005
---------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (19,211,493) 34,068,597
---------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 6,343,458 16,092,463
Withdrawals ............................................................................ (20,438,113) (41,872,453)
---------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (14,094,655) (25,779,990)
---------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (33,306,148) 8,288,607
=================================
ENDING NET ASSETS ......................................................................... $ 145,722,808 $ 179,028,956
=================================
LARGE COMPANY GROWTH PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 2,759,101,141 $ 3,092,485,051
OPERATIONS
Net investment income (loss) ........................................................... 3,775,961 13,363,990
Net realized gain (loss) on investments ................................................ 149,362,283 260,107,600
Net change in unrealized appreciation (depreciation) of investments .................... (582,697,549) 206,232,842
-----------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (429,559,305) 479,704,432
-----------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................................... 46,267,742 90,833,168
Withdrawals ............................................................................ (390,141,435) (903,921,510)
-----------------------------------
Net increase (decrease) from transactions in investors' beneficial interests .............. (343,873,693) (813,088,342)
-----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (773,432,998) (333,383,910)
===================================
ENDING NET ASSETS ......................................................................... $ 1,985,668,143 $ 2,759,101,141
===================================
222 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................. $ 415,372,828 $ 396,054,239
OPERATIONS
Net investment income (loss) .......................................................... 2,540,353 4,748,319
Net realized gain (loss) on investments ............................................... 24,163,447 52,487,191
Net change in unrealized appreciation (depreciation) of investments ................... (80,623,744) 527,499
--------------------------------------
Net increase (decrease) in net assets resulting from operations .......................... (53,919,944) 57,763,009
--------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ......................................................................... 11,438,426 51,981,926
Withdrawals ........................................................................... (59,203,968) (90,426,346)
--------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ............. (47,765,542) (38,444,420)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (101,685,486) 19,318,589
======================================
ENDING NET ASSETS ........................................................................ $ 313,687,342 $ 415,372,828
======================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage Master Portfolios 223
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO
------------------------------------- -------------------------------------
For the For the
Six Months Ended For the Six Months Ended For the
March 31, 2008 Year Ended March 31, 2008 Year Ended
(Unaudited) September 30, 2007 (Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................... $ 833,747,672 $ 927,550,765 $ 513,730,741 $ 456,421,037
OPERATIONS
Net investment income (loss) ................... (1,681,657) (4,245,817) 1,914,902 2,716,459
Net realized gain (loss) on investments ........ (28,259,346) 119,507,224 (38,301,983) 60,770,961
Net change in unrealized appreciation
(depreciation) of investments ................ (135,788,345) 33,980,926 (61,469,442) (34,673,152)
-----------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations ................................ (165,729,348) 149,242,333 (97,856,523) 28,814,268
-----------------------------------------------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .................................. 21,783,298 59,572,668 28,963,036 106,270,058
Withdrawals .................................... (128,328,055) (302,618,094) (75,619,248) (77,774,622)
-----------------------------------------------------------------------------
Net increase (decrease) from transactions in
investors' beneficial interests ................ (106,544,757) (243,045,426) (46,656,212) 28,495,436
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ............. (272,274,105) (93,803,093) (144,512,735) 57,309,704
=============================================================================
ENDING NET ASSETS ................................. $ 561,473,567 $ 833,747,672 $ 369,218,006 $ 513,730,741
=============================================================================
STRATEGIC SMALL CAP VALUE PORTFOLIO
--------------------------------------
For the
Six Months Ended For the
March 31, 2008 Period Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................. $ 371,760,563 $ 359,375,258
OPERATIONS
Net investment income (loss) .......................................................... 1,243,102 1,156,324
Net realized gain (loss) on investments ............................................... (7,231,054) 28,258,077
Net change in unrealized appreciation (depreciation) of investments ................... (48,544,843) 1,189,101
--------------------------------------
Net increase (decrease) in net assets resulting from operations .......................... (54,532,795) 30,603,502
--------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ......................................................................... 13,527,713 56,302,978
Withdrawals ........................................................................... (49,538,726) (74,521,175)
--------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests ............. (36,011,013) (18,218,197)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (90,543,808) 12,385,305
======================================
ENDING NET ASSETS ........................................................................ $ 281,216,755 $ 371,760,563
======================================
224 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, 2007 to March 31, 2008 (Unaudited) ............ 1.58% 0.73% (0.04)% 0.69% (12.80)% 10%
October 1, 2006 to September 30, 2007 .................... 1.48% 0.74% (0.06)% 0.68% 11.88% 24%
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, 2007 to March 31, 2008 (Unaudited) ............ 0.08% 0.78% (0.01)% 0.77% (16.52)% 47%
October 1, 2006 to September 30, 2007 .................... 0.10% 0.79% 0.00% 4 0.79% 21.22% 68%
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%
EMERGING GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ (0.47)% 0.96% (0.01)% 0.95% (23.63)% 95%
January 31, 2007 3 to September 30, 2007 ................. (0.54)% 1.01% (0.02)% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 2.13% 0.76% (0.22)% 0.54% (12.80)% 3%
October 1, 2006 to September 30, 2007 .................... 1.91% 0.76% (0.19)% 0.57% 15.91% 16%
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%
EQUITY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 1.68% 0.75% (0.05)% 0.70% (14.73)% 56%
October 1, 2006 to September 30, 2007 .................... 1.29% 0.77% (0.08)% 0.69% 20.21% 108%
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, 2007 to March 31, 2008 (Unaudited) ............ 2.04% 0.11% 0.00% 4 0.11% (12.60)% 2%
October 1, 2006 to September 30, 2007 .................... 1.86% 0.11% (0.01)% 0.10% 16.35% 8%
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%
INTERNATIONAL CORE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.48% 1.13% (0.02)% 1.11% (12.48)% 24%
October 1, 2006 to September 30, 2007 .................... 1.27% 1.09% (0.01)% 1.08% 23.70% 66%
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%
INTERNATIONAL GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.05% 1.08% (0.03)% 1.05% (8.77)% 27%
October 1, 2006 to September 30, 2007 .................... 1.09% 1.06% (0.03)% 1.03% 27.40% 73%
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%
- --------------------------------------------------------------------------------
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 Amount calculated is less than .005%.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Master Portfolios 225
Ratio to Average Net Assets (Annualized) 1
----------------------------------------------- Portfolio
Net Investment Gross Expenses Net Total Turnover
Income (Loss) Expenses Waived Expenses Return 2 Rate
- -----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 2.04% 0.51% (0.01)% 0.50% (11.14)% 4%
October 1, 2006 to September 30, 2007 .................... 2.15% 0.49% 0.00% 0.49% 24.52% 3%
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, 2007 to March 31, 2008 (Unaudited) ............ 2.41% 1.07% (0.08)% 0.99% (15.01)% 6%
October 1, 2006 to September 30, 2007 .................... 2.47% 1.07% (0.04)% 1.03% 21.91% 19%
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%
LARGE CAP APPRECIATION PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.59% 0.72% (0.02)% 0.70% (11.40)% 69%
October 1, 2006 to September 30, 2007 .................... 0.57% 0.74% (0.05)% 0.69% 21.80% 145%
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%
LARGE COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.31% 0.69% (0.02)% 0.67% (16.68)% 3%
October 1, 2006 to September 30, 2007 .................... 0.46% 0.70% (0.02)% 0.68% 17.80% 10%
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%
SMALL CAP INDEX PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 1.40% 0.23% (0.07)% 0.16% (13.52)% 11%
October 1, 2006 to September 30, 2007 .................... 1.10% 0.23% (0.05)% 0.18% 14.78% 24%
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%
SMALL COMPANY GROWTH PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ (0.49)% 0.90% 0.00% 4 0.90% (21.67)% 65%
October 1, 2006 to September 30, 2007 .................... (0.46)% 0.90% 0.00% 0.90% 17.74% 138%
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%
SMALL COMPANY VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.90% 0.91% 0.00% 4 0.91% (19.80)% 22%
October 1, 2006 to September 30, 2007 .................... 0.53% 0.93% (0.01)% 0.92% 6.53% 69%
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%
STRATEGIC SMALL CAP VALUE PORTFOLIO
- -----------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ............ 0.76% 0.92% (0.04)% 0.88% (15.46)% 29%
October 1, 2006 to September 30, 2007 .................... 0.30% 0.93% (0.01)% 0.92% 8.65% 64%
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.
226 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
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.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on 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.
Notes to Financial Statements Wells Fargo Advantage Master Portfolios 227
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 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 using the interest method.
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.
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.
Management has analyzed the fund's tax positions taken on federal income tax
returns for all open tax years and has concluded that as of March 31, 2008, no
provision for income tax would be required in the fund's financial statements.
The Fund's federal and state income and federal excise tax returns for tax years
for which the applicable statutes of limitations have not expired (open tax
years: May 31, 2005; May 31, 2006; May 31, 2007) are subject to examination by
the Internal Revenue Service and state departments of revenue.
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.
228 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
As of March 31, 2008, outstanding forward contracts were as follows:
- ---------------------------------------------------------------------------------------------------------------
Currency Currency Net Unrealized
Amount to be Type of Settlement Amount to be Appreciation/
PORTFOLIO Received Currency Date Delivered (Depreciation)
- ---------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 8,992 Brazilian Real 04/01/2008 $ 5,125 $ (51)
326,787 Swiss Franc 04/01/2008 329,058 760
82,910 Euro 04/01/2008 130,895 (239)
1,890,910 Hong Kong Dollar 04/01/2008 242,965 17
108,786,359 Japanese Yen 04/01/2008 1,091,356 (2,577)
1,247,380 Norwegian Krone 04/01/2008 244,952 (353)
- ---------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 350,000 Euro 06/30/2008 550,218 6,457
250,000 British Pound 06/30/2008 492,564 (4,160)
55,600,000 Japanese Yen 06/30/2008 554,577 2,920
- ---------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 19,589 British Pound 04/02/2008 $ 38,878 (181)
- ---------------------------------------------------------------------------------------------------------------
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, 2008, the following Funds held open futures contracts:
- ---------------------------------------------------------------------------------------------------------------
Notional Net Unrealized
Contract Appreciation/
PORTFOLIO Contracts Type Expiration Date Amount (Depreciation)
- ---------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 17 Long S&P 500 June 2008 $ 5,609,164 $ 17,836
- ---------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 15 Long DJ Eurostoxx 50 June 2008 805,398 38,143
8 Long FTSE 100 Index June 2008 872,012 35,648
7 Long TOPIX June 2008 841,762 13,063
- ---------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 4 Long Russell 2000 June 2008 1,336,275 43,725
- ---------------------------------------------------------------------------------------------------------------
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 is remarked daily while collateral supporting loans of U.S.
government securities is remarked back to 102% only if the given collateral
falls below 100% of the market value of the securities loaned plus any accrued
interest. Cash collateral received by a Fund pursuant to these loans is invested
on behalf of the Fund by the securities lending agent in high-quality short-term
debt investments (including money market instruments) according to written
investment guidelines that are approved by the Fund's adviser and designed to be
consistent with the investment objective, principal investment strategies and
policies
Notes to Financial Statements Wells Fargo Advantage Master Portfolios 229
of the Fund. Gain or loss in the market price of the securities loaned and
securities in which the cash collateral is invested by a Fund that may occur
during the term of the loan are reflected in the value of the Funds. A risk from
securities lending is that the borrower may not provide additional collateral
when required or return the securities when due or when called for by the Fund.
A further risk is the potential loss in the market price of the securities in
which the cash collateral may be invested. Wells Fargo Bank, N.A., the Funds'
custodian, acts as the securities lending agent for the Funds and receives for
its services 25% of the revenues earned on the securities lending activities
(reduced from 30% effective September 1, 2007) and incurs all expenses. For a
portion of the period, Wells Fargo Bank, N.A. waived its share of revenues
earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A.
have the impact of increasing securities lending income on the Statements of
Operations. The value of the securities on loan and the value of the related
collateral at March 31, 2008, are shown on the Statements of Assets and
Liabilities.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles, or "SIVs". SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the timing of the
cash flows of the underlying asset interests and the repayment obligations of
maturing securities issued by a SIV, or a SIV's inability to issue new debt.
As of March 31, 2008, the following Funds owned certain of these types of
structured securities which are currently in default and valued at fair value in
the Portfolio of Investments or have been restructured following default,
including the percentage of each Fund's net assets invested in these securities:
- --------------------------------------------------------------------------------------
PORTFOLIO Defaulted SIVs ($Market Value) % of Net Assets
- --------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO $ 3,738,207 0.46%
- --------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 241,183 0.18%
- --------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 2,924,462 2.67%
- --------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 4,264,729 0.95%
- --------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 6,995,174 1.06%
- --------------------------------------------------------------------------------------
INDEX PORTFOLIO 29,805,123 1.27%
- --------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 508,764 0.35%
- --------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 16,601,468 0.84%
- --------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 7.843,024 2.50%
- --------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 8,023,327 1.43%
- --------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 4,619,589 1.25%
- --------------------------------------------------------------------------------------
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
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
230 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
the adviser. Funds Management and the investment subadviser(s) are entitled to
be paid a monthly fee at the following annual rates:
- -------------------------------------------------------------------------------------------------------------------------------
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- -------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO* First $500 million 0.700 Cooke & Bieler LP First $250 million 0.450
Next $500 million 0.650 Next $250 million 0.400
Next $2 billion 0.600 Next $250 million 0.350
Next $2 billion 0.575 Over $750 million 0.300
Over $5 billion 0.550
- -------------------------------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO* First $500 million 0.700 Smith Asset First $200 million 0.300
Next $500 million 0.650 Management Next $300 million 0.200
Next $2 billion 0.600 Group LP Over $500 million 0.150
Next $2 billion 0.575
Over $5 billion 0.550
- -------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO* First 500 million 0.850 Wells Capital First $100 million 0.550
Next 500 million 0.825 Management Next $100 million 0.500
Next $1 billion 0.800 Incorporated Over $200 million 0.400
Next $1 billion 0.775
Next $3 billion 0.750
- -------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO* First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.500
- -------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO* First $500 million 0.700 Systematic Financial First $150 million 0.300
Next $500 million 0.650 Management LP Next $200 million 0.200
Next $2 billion 0.600 Next $400 million 0.150
Next $2 billion 0.575 Next $250 million 0.130
Over $5 billion 0.550 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 CORE PORTFOLIO 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
- -------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO First $500 million 0.950 Artisan Partners LP First $250 million 0.700
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 INDEX PORTFOLIO First $500 million 0.350 SSgA Funds First $100 million 0.080
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
- -------------------------------------------------------------------------------------------------------------------------------
Notes to Financial Statements Wells Fargo Advantage Master Portfolios 231
- ----------------------------------------------------------------------------------------------------------------------------------
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ----------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO First $500 million 0.950 LSV Asset First $150 million 0.350
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 APPRECIATION PORTFOLIO* First $500 million 0.700 Cadence Capital First $250 million 0.300
Next $500 million 0.650 Management LLC Next $250 million 0.200
Next $2 billion 0.600 Next $500 million 0.150
Next $2 billion 0.575 Over $1 billion 0.100
Over $5 billion 0.550
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO* First $500 million 0.700 Peregrine Capital First $25 million 0.550
Next $500 million 0.650 Management Next $25 million 0.450
Next $2 billion 0.600 Incorporated Next $100 million 0.400
Next $2 billion 0.575 Next $125 million 0.350
Over $5 billion 0.550 Over $275 million 0.225
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO First $500 million 0.200 Wells Capital First $100 million 0.050
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 GROWTH PORTFOLIO* First $500 million 0.850 Peregrine Capital First $50 million 0.900
Next $500 million 0.825 Management Next $130 million 0.750
Next $1 billion 0.800 Incorporated Next $160 million 0.650
Next $1 billion 0.775 Next $345 million 0.500
Over $3 billion 0.750 Next $50 million 0.520
Over $735 million 0.550
- ----------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO* First $500 million 0.850 Peregrine Capital First $175 million 0.500
Next $500 million 0.825 Management Over $175 million 0.750
Next $1 billion 0.800 Incorporated
Next $1 billion 0.775
Over $3 billion 0.750
- ----------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO* First $500 million 0.850 Wells Capital First $200 million 0.450
Next $500 million 0.825 Management Over $200 million 0.400
Next $1 billion 0.800 Incorporated
Next $1 billion 0.775
Over $3 billion 0.750
- ----------------------------------------------------------------------------------------------------------------------------------
* Effective February 1, 2008. Prior to February 1, 2008, Funds Management
was entitled to receive an annual fee at the following rates:
- ---------------------------------------------------------------------------
Average Daily Advisory Fees (% of
PORTFOLIO Net Assets Average Daily Assets)
- ---------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO First $500 million 0.750
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.625
Over $5 billion 0.600
- ---------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO First $500 million 0.750
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.652
Over $5 billion 0.600
- ---------------------------------------------------------------------------
232 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
- ------------------------------------------------------------------------------------------------------
Average Daily Advisory Fees (% of
PORTFOLIO Net Assets Average Daily Assets)
- ------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO First $500 million 0.900
Next $500 million 0.850
Next $2 billion 0.800
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO First $500 million 0.750
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.625
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO First $500 million 0.750
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.625
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO First $500 million 0.700
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.625
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO First $500 million 0.750
Next $500 million 0.700
Next $2 billion 0.650
Next $2 billion 0.625
Over $5 billion 0.600
- ------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO First $500 million 0.900
Next $500 million 0.850
Next $2 billion 0.800
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO First $500 million 0.900
Next $500 million 0.850
Next $2 billion 0.800
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO First $500 million 0.900
Next $500 million 0.850
Next $2 billion 0.800
Next $2 billion 0.775
Over $5 billion 0.750
- ------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to the
Master Trust.
Notes to Financial Statements Wells Fargo Advantage Master Portfolios 233
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, 2008, 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.
Each Fund also bears its share of other fees and expenses incurred in the normal
course of business, including but not limited to: professional fees,
registration fees, shareholder reporting costs, and Trustees fees and expenses.
The Trust compensates its independent Trustees for their services, plus travel
and other expenses incurred in attending Board meetings.
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, 2008, were waived by Funds
Management, first from advisory fees, and then any remaining amount from
custody. 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, 2008, were as follows:
- --------------------------------------------------------------------------------
PORTFOLIO Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO $ 106,890,368 $ 370,314,321
- --------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 71,779,598 98,668,488
- --------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 131,062,968 88,449,959
- --------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 19,206,782 149,459,543
- --------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 472,486,062 345,884,678
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 62,778,603 157,349,827
- --------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO 32,100,322 61,018,542
- --------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 72,125,991 104,495,495
- --------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 5,152,097 37,622,144
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 47,767,989 22,463,671
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 111,330,432 127,426,523
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 63,594,726 416,937,648
- --------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 38,193,809 81,809,159
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 440,407,438 547,151,682
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 94,083,919 136,738,998
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO 91,607,618 112,636,792
- --------------------------------------------------------------------------------
234 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
5. NEW ACCOUNTING PRONOUNCEMENTS
In September 2006, the 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, 2008, 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.
In March 2008, the FASB issued Statement of Financial Accounting Standards 161
("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an
amendment of FASB Statement No. 133." FAS 161 requires additional discussion
about the reporting entity's derivative instruments and hedging activities, by
providing for qualitative disclosures about the objectives and strategies for
using derivatives, quantitative data about the fair value of and gains and
losses on derivative contracts, and details of credit-risk-related contingent
features in their hedged positions. FAS 161 is effective for financial
statements issued for fiscal years beginning after November 15, 2008 and interim
periods within those years. As of March 31, 2008, Management is continuing to
evaluate the impact, if any, that adoption of FAS 161 may have on the financial
statements.
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 Master Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no 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 Master Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 22, 2008
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 22, 2008
By: /s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Date: May 22, 2008
CERTIFICATION
-------------
I, Karla M. Rabusch, certify that:
1.I have reviewed this report on Form N-CSR of Wells Fargo Master Trust on
behalf of the following series: Wells Fargo Advantage C&B Large Cap Value
Portfolio, Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo
Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Income
Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage
Index Portfolio, Wells Fargo Advantage International Core Portfolio, Wells Fargo
Advantage International Growth Portfolio, Wells Fargo Advantage International
Index Portfolio, Wells Fargo Advantage International Value Portfolio, Wells
Fargo Advantage Large Cap Appreciation Portfolio, Wells Fargo Advantage Large
Company Growth Portfolio, Wells Fargo Advantage Small Cap Index Portfolio, Wells
Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small
Company Value Portfolio, and Wells Fargo Advantage Strategic Small Cap Value
Portfolio;
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 22, 2008
/s/ Karla M. Rabusch
- ------------------------
Karla M. Rabusch
President
Wells Fargo Master Trust
Exhibit 99.CERT
CERTIFICATION
I, Stephen W. Leonhardt, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Master Trust on
behalf of the following series: Wells Fargo Advantage C&B Large Cap Value
Portfolio, Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo
Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Income
Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage
Index Portfolio, Wells Fargo Advantage International Core Portfolio, Wells Fargo
Advantage International Growth Portfolio, Wells Fargo Advantage International
Index Portfolio, Wells Fargo Advantage International Value Portfolio, Wells
Fargo Advantage Large Cap Appreciation Portfolio, Wells Fargo Advantage Large
Company Growth Portfolio, Wells Fargo Advantage Small Cap Index Portfolio, Wells
Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small
Company Value Portfolio, and Wells Fargo Advantage Strategic Small Cap Value
Portfolio;
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 22, 2008
/s/ Stephen W. Leonhardt
- ------------------------
Stephen W. Leonhardt
Treasurer
Wells Fargo Master Trust
Exhibit 99.CERT
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Master 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, 2008 (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 22, 2008
/s/ Karla M. Rabusch
Karla M. Rabusch
President
Wells Fargo Master Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Master 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, 2008 (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 22, 2008
/s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Wells Fargo Master Trust