UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Wells Fargo Fund Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2008
Date of reporting period: March 31, 2008
ITEM 1. REPORT TO SHAREHOLDERS
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[LOGO] WELLS ADVANTAGE
FARGO FUNDS
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Semi-Annual Report
[GRAPHIC OMITTED]
March 31, 2008
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WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
o WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND
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Contents
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LETTER TO SHAREHOLDERS .................................................. 2
PERFORMANCE HIGHLIGHTS
Emerging Markets Equity Fund ............................................ 4
International Core Fund ................................................. 6
International Equity Fund ............................................... 8
FUND EXPENSES ........................................................... 10
PORTFOLIO OF INVESTMENTS
Emerging Markets Equity Fund ............................................ 12
International Core Fund ................................................. 17
International Equity Fund ............................................... 21
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .................................... 29
Statements of Operations ................................................ 30
Statements of Changes in Net Assets ..................................... 32
Financial Highlights .................................................... 36
NOTES TO FINANCIAL STATEMENTS ........................................... 40
OTHER INFORMATION ....................................................... 48
LIST OF ABBREVIATIONS ................................................... 54
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
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[GRAPHIC OMITTED]
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WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT AMONG THE
TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
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WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
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GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
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Asia Pacific Fund Equity Value Fund Opportunity Fund
C&B Large Cap Value Fund Growth and Income Fund Overseas Fund
C&B Mid Cap Value Fund Growth Fund Small Cap Disciplined Fund
Capital Growth Fund Growth Equity Fund Small Cap Growth Fund
Common Stock Fund Index Fund Small Cap Opportunities Fund
Discovery Fund International Core Fund Small Cap Value Fund
Diversified Equity Fund International Equity Fund Small Company Growth Fund
Diversified Small Cap Fund International Value Fund Small Company Value Fund
Emerging Growth Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Emerging Markets Equity Fund Large Cap Growth Fund Specialized Financial Services Fund
Endeavor Large Cap Fund Large Company Core Fund Specialized Technology Fund
Endeavor Select Fund Large Company Growth Fund Strategic Small Cap Value Fund
Enterprise Fund Large Company Value Fund U.S. Value Fund
Equity Income Fund Mid Cap Disciplined Fund Value Fund
Equity Index Fund Mid Cap Growth Fund
BOND FUNDS
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California Limited-Term Tax-Free Fund Intermediate Government Income Fund 1 Stable Income Fund
California Tax-Free Fund Intermediate Tax-Free Fund Strategic Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Total Return Bond Fund
Corporate Bond Fund Municipal Bond Fund Ultra Short-Term Income Fund
Diversified Bond Fund National Limited-Term Tax-Free Fund Ultra Short-Term Municipal Income Fund
Government Securities Fund 1 National Tax-Free Fund Ultra-Short Duration Bond Fund
High Income Fund Short Duration Government Bond Fund 1 Wisconsin Tax-Free Fund
High Yield Bond Fund Short-Term Bond Fund
Income Plus Fund Short-Term High Yield Bond Fund
Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
ASSET ALLOCATION FUNDS
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Aggressive Allocation Fund WealthBuilder Conservative Allocation Portfolio Target 2020 Fund 2
Asset Allocation Fund WealthBuilder Equity Portfolio Target 2025 Fund 2
Balanced Fund WealthBuilder Growth Allocation Portfolio Target 2030 Fund 2
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2035 Fund 2
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio Target 2040 Fund 2
Moderate Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2045 Fund 2
Life Stage-Aggressive Portfolio Target Today Fund 2 Target 2050 Fund 2
Life Stage-Conservative Portfolio Target 2010 Fund 2
Life Stage-Moderate Portfolio Target 2015 Fund 2
MONEY MARKET FUNDS
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100% Treasury Money Market Fund 1 Heritage Money Market Fund National Tax-Free Money Market Fund
California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund 1 Municipal Money Market Fund Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
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VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund
VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund
VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund
VT Equity Income Fund VT Money Market Fund VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
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1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the Wells Fargo Advantage Dow Jones
Target Date Funds(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage International Stock Funds Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
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THE MSCI EAFE INDEX WAS DOWN 10.50% FOR THE PERIOD IN U.S. DOLLAR TERMS.
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Dear Valued Shareholder,
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
INTERNATIONAL FUNDS that covers the six-month period that ended March 31, 2008.
During the period, the economy struggled to absorb slower growth, high energy
prices, a continuing correction in the housing market, and tighter lending
practices that presented financial challenges to businesses and consumers.
The real estate crisis that originated in the United States affected global
markets through mortgage-related assets. The crisis began when falling prices of
new and existing homes affected subprime borrowers who struggled to make their
mortgage payments when easy access to credit all but disappeared. The price
correction in the market value of homes prevented some speculators from paying
off their full mortgage balances by selling their homes. Others without an eye
toward speculation found it difficult to refinance their mortgages due to the
decline in property values. The rapid collapse of investment bank Bear Stearns,
due to high write-offs in its mortgage-related assets, underscored some of the
more significant risks within the market.
CENTRAL BANKS RESPONDED IN VARIOUS WAYS
Central banks were pressured on many sides. Credit-related problems led to
reduced bank lending and dampened consumer sentiment, posing a threat to
economic growth. At the same time, though, rising prices for food and energy put
upward pressure on inflation. The Bank of England followed a path similar to
that of the Federal Reserve Board, cutting its key lending rate twice during the
period, taking it from 5.75% to 5.25%. By contrast, the European Central Bank
refused to cut its key lending rate, warning against a replay of 1970s-style
inflation if central banks cut interest rates in the face of rising inflation.
INVESTORS SOUGHT RELATIVE SAFETY IN GOVERNMENT BONDS
During the six-month period, government bonds generally outperformed corporate
bonds. Mortgage-related securities declined on continued housing-related
turmoil. Corporate and high-yield bonds trailed as investors worried about the
effect of a slowing economy on future default rates.
THE STOCK MARKET STRUGGLED IN MOST AREAS
Most international markets posted negative returns on twin fears of inflation
and recession; however, the U.S. dollar's decline partially offset these losses
for U.S.-based investors. The MSCI EAFE Index 1 was down 10.50% for the period
in U.S.
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1 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
Letter to Shareholders Wells Fargo Advantage International Stock Funds 3
dollar terms. By contrast, the S&P 500 Index 2 declined 12.46% for the six-month
period. Emerging markets held up better than developing markets, largely because
of strength in Latin America. Major European markets posted stronger returns in
the final months of 2007 than they did in the beginning months of 2008. The
Japanese stock market was weak throughout the period.
PLANNING AHEAD
The continued uncertainty surrounding the housing market, credit availability,
and inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
consistent methodology. We believe that our insistence on seeking investment
teams who share our dedication to pursuing consistent, long-term results offers
you a way to navigate changing market conditions and move forward with your
financial planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
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THE S&P 500 INDEX DECLINED 12.46% FOR THE SIX-MONTH PERIOD.
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2 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITs. You cannot invest directly
in an index.
4 Wells Fargo Advantage International Stock Funds Performance Highlights
WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND
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INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND (the fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Anthony L.T. Cragg
Alison Shimada
FUND INCEPTION
December 31, 1997
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COUNTRY ALLOCATION 1
(AS OF MARCH 31, 2008)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Continental Europe (3%)
Scandinavia (1%)
Latin America (26%)
Mideast /Africa (11%)
Russia (14%)
Eastern Asia (26%)
Southeast Asia (10%)
Australia (4%)
Canada (2%)
India (3%)
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TEN LARGEST EQUITY HOLDINGS 2
(AS OF MARCH 31, 2008)
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Gazprom ADR 5.40%
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Compania de Minas Buenaventura SA ADR 3.88%
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Samsung Electronics Company Limited 3.42%
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Sino Gold Mining Limited 3.08%
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Petroleo Brasileiro SA ADR 3.03%
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Global Bio-Chem Technology 2.99%
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Empresas ICA Sociedad Controladora SA de CV 2.73%
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Industria Penoles SA de CV 2.49%
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Companhia Vale do Rio Doce Preferreda 2.45%
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Anhangera Educacional Participacoes SA 2.41%
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1 Country allocation is subject to change. Cash and cash equivalents are not
reflected in the calculations of country allocation.
2 The ten largest equity holdings are calculated based on the market value
of the securities divided by the total market value of the portfolio.
Holdings are subject to change and may have changed since the date
specified.
Performance Highlights Wells Fargo Advantage International Stock Funds 5
WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND (CONTINUED)
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AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
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Including Sales Charge Excluding Sales Charge Expense Ratio
EMERGING MARKETS EQUITY FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
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Class A (MFFAX) (12.49) 10.65 28.83 14.41 (7.15) 17.40 30.36 15.09 2.05% 1.90%
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Class B (MFFBX)** (12.52) 11.51 29.31 14.60 (7.52) 16.51 29.46 14.60 2.80% 2.65%
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Class C (MFFCX) (8.50) 15.52 29.41 14.08 (7.50) 16.52 29.41 14.08 2.80% 2.65%
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Administrator Class (MNEFX) (7.01) 17.77 30.77 15.46 1.87% 1.60%
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BENCHMARK
MSCI Emerging Markets Index 6 (7.67) 21.65 35.95 12.53
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* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE,
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Active trading results in increased turnover and
trading expenses and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This Fund is exposed to regional risk and smaller
company securities risk. Consult the Fund's prospectus for additional
information on these and other risks.
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3 Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares,
adjusted to reflect Class A, Class B and Class C sales charges and
expenses, as applicable. Prior to April 11, 2005, the Administrator Class
was named the Institutional Class.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Morgan Stanley Capital International Emerging Markets (MSCI Emerging
Markets) Index is a free float-adjusted market capitalization index
designed to measure the equity market performance in the global emerging
markets. The Index is currently comprised of 25 emerging market country
indices. You cannot invest directly in an Index.
6 Wells Fargo Advantage International Stock Funds Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
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INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (the fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
New Star Institutional Managers Limited
PORTFOLIO MANAGERS
Mark Beale
Brian Coffey
Richard Lewis
FUND INCEPTION
September 28, 2001
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COUNTRY ALLOCATION 1
(AS OF MARCH 31, 2008)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (7%)
Continental Europe (44%)
Scandinavia (4%)
Eastern Asia (5%)
Japan (20%)
Russia (2%)
Southeast Asia (2%)
United Kingdom (16%)
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TEN LARGEST EQUITY HOLDINGS 2
(AS OF MARCH 31, 2008)
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Rio Tinto Limited 2.27%
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ING Groep 2.25%
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Unilever NV 2.11%
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Roche Holding AG 1.95%
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Telefonica SA 1.87%
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Nokia Oyj 1.82%
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Total SA 1.71%
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E.ON AG 1.61%
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Alstom 1.53%
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Credit Suisse Group 1.49%
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1 Country allocation is subject to change. Cash and cash equivalents are not
reflected in the calculations of country allocation.
2 The ten largest equity holdings are calculated based on the market value
of the securities divided by the total market value of the portfolio.
Holdings are subject to change and may have changed since the date
specified.
Performance Highlights Wells Fargo Advantage International Stock Funds 7
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (CONTINUED)
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AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
INTERNATIONAL CORE FUND 6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------------------------------
Class A (WFIAX) (17.69) (9.19) 15.41 8.60 (12.66) (3.67) 16.79 9.59 2.79% 1.50%
- ------------------------------------------------------------------------------------------------------------------------------
Class B (WFIBX)** (18.03) (9.38) 16.08 9.20 (13.03) (4.38) 16.30 9.20 3.54% 2.25%
- ------------------------------------------------------------------------------------------------------------------------------
Class C (WFICX) (13.96) (5.36) 16.35 9.23 (12.96) (4.36) 16.35 9.23 3.54% 2.25%
- ------------------------------------------------------------------------------------------------------------------------------
Administrator Class (WFIDX) (12.52) (3.40) 16.94 9.70 2.67% 1.25%
- ------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
MSCI EAFE(R) Index 6 (10.50) (2.70) 21.40 12.69
- ------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE,
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This Fund is
exposed to smaller company securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 Performance shown prior to April 11, 2005 for the Class A, Class B and
Class C shares reflects the performance of the Class A, Class B and Class
C shares, respectively, of the Strong Advisor International Core Fund, the
predecessor fund, adjusted to reflect Class A, Class B and Class C sales
charges, as applicable. Performance shown prior to the inception of the
Administrator Class shares reflects the performance of the Class A shares
of the predecessor fund, and includes expenses that are not applicable to
and are higher than those of the Administrator Class shares, but does not
include Class A sales charges. If it did include Class A sales charges,
returns would be lower.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Index(SM) an unmanaged group of securities widely regarded
by investors to be representations of the stock markets of Europe,
Australasia and the Far East. You cannot invest directly in an Index.
8 Wells Fargo Advantage International Stock Funds Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND (the fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Artisan Partners Limited Partnership
LSV Asset Management
New Star Institutional Managers Limited
PORTFOLIO MANAGERS
Mark Beale
Brian Coffey
Josef Lakonishok
Richard Lewis
Puneet Mansharamani, CFA
Menno Vermeulen, CFA
Mark L. Yockey, CFA
FUND INCEPTION
September 24, 1997
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COUNTRY ALLOCATION 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (4%)
Continental Europe (45%)
Scandinavia (8%)
Russia (3%)
Japan (16%)
United Kingdom (15%)
Canada (1%)
Eastern Asia (7%)
Southeast Asia (1%)
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Roche Holding AG 1.84%
- --------------------------------------------------------------------------------
Telefonica SA 1.65%
- --------------------------------------------------------------------------------
DaimlerChrysler AG 1.55%
- --------------------------------------------------------------------------------
ING Groep NV 1.33%
- --------------------------------------------------------------------------------
Bayer AG 1.30%
- --------------------------------------------------------------------------------
Nestle SA 1.16%
- --------------------------------------------------------------------------------
Lukoil ADR 1.16%
- --------------------------------------------------------------------------------
ASML Holding NV 1.12%
- --------------------------------------------------------------------------------
LVMH Moet Hennessy Louis Vuitton SA 1.06%
- --------------------------------------------------------------------------------
ENI SpA 1.02%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Country allocation is subject to change. Cash and cash equivalents are not
reflected in the calculations of country allocation.
2 The ten largest equity holdings are calculated based on the market value
of the securities divided by the total market value of the portfolio.
Holdings are subject to change and may have changed since the date
specified.
Performance Highlights Wells Fargo Advantage International Stock Funds 9
WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ---------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
INTERNATIONAL EQUITY FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ---------------------------------------------------------------------------------------------------------------------
Class A (SILAX) (17.19) (10.52) 15.65 4.51 (12.13) (5.07) 17.03 5.13 1.70% 1.50%
- ---------------------------------------------------------------------------------------------------------------------
Class B (SILBX)** (17.46) (10.80) 15.87 4.34 (12.46) (5.80) 16.09 4.34 2.45% 2.25%
- ---------------------------------------------------------------------------------------------------------------------
Class C (WFECX) (13.46) (6.83) 16.09 4.33 (12.46) (5.83) 16.09 4.33 2.45% 2.25%
- ---------------------------------------------------------------------------------------------------------------------
Administrator Class (WFIEX) (12.04) (4.87) 17.27 5.34 1.52% 1.25%
- ---------------------------------------------------------------------------------------------------------------------
Institutional Class (WFISX) (11.95) (4.67) 17.35 5.38 1.25% 1.05%
- ---------------------------------------------------------------------------------------------------------------------
BENCHMARK
MSCI EAFE(R) Index 6 (10.50) (2.70) 21.40 6.18
- ---------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE,
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This Fund is
exposed to smaller company securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 Performance shown prior to the inception of the Class C shares reflects
the performance of the Class A shares, adjusted to reflect Class C sales
charges and expenses. Prior to April 11, 2005, the Administrator Class was
named the Institutional Class. Performance shown prior to the inception of
the Administrator Class reflects the performance of the Class A shares,
and includes expenses that are not applicable to and are higher than those
of the Administrator Class shares, but does not include Class A sales
charges. If it did include Class A sales charges, returns would be lower.
Performance shown for the Institutional Class shares reflects the
performance of the Administrator Class shares, and includes expenses that
are not applicable to and are higher than those of the Institutional Class
shares. The Administrator Class shares annual returns are substantially
similar to what the Institutional Class shares annual returns would be
because the Administrator Class shares and Institutional Class shares are
invested in the same portfolio and their annual returns differ only to the
extent that they do not have the same expenses.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE")(SM) Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia and the Far East. You cannot invest directly in an
Index.
10 Wells Fargo Advantage International Stock Funds Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution [and/or service] (12b-1) fees; and other Fund expenses. This
example is intended to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period (October 1, 2007 to March 31, 2008).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
- ------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 928.50 $ 9.16 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.50 $ 9.57 1.90%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 924.80 $12.75 2.65%
Hypothetical (5% return before expenses) $1,000.00 $1,011.75 $13.33 2.65%
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 925.00 $12.75 2.65%
Hypothetical (5% return before expenses) $1,000.00 $1,011.75 $13.33 2.65%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 929.90 $ 7.72 1.60%
Hypothetical (5% return before expenses) $1,000.00 $1,017.00 $ 8.07 1.60%
- ------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 873.40 $ 7.03 1.50%
Hypothetical (5% return before expenses) $1,000.00 $1,017.50 $ 7.57 1.50%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 869.70 $10.52 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.75 $11.33 2.25%
- ------------------------------------------------------------------------------------------------------------------------
Fund Expenses Wells Fargo Advantage International Stock Funds 11
- ------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (continued) 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 870.40 $10.52 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.75 $11.33 2.25%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 874.80 $ 5.86 1.25%
Hypothetical (5% return before expenses) $1,000.00 $1,018.75 $ 6.31 1.25%
- ------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 878.70 $ 7.05 1.50%
Hypothetical (5% return before expenses) $1,000.00 $1,017.50 $ 7.57 1.50%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 875.40 $10.55 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.75 $11.33 2.25%
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 875.40 $10.55 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.75 $11.33 2.25%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 879.60 $ 5.87 1.25%
Hypothetical (5% return before expenses) $1,000.00 $1,018.75 $ 6.31 1.25%
- ------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $1,000.00 $ 880.50 $ 4.94 1.05%
Hypothetical (5% return before expenses) $1,000.00 $1,019.75 $ 5.30 1.05%
- ------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Expenses are equal to the Fund's annualized expenses ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
12 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 86.26%
AUSTRALIA: 3.81%
885,000 SINO GOLD MINING LIMITED (COAL MINING)+ $ 6,041,754
470,000 STRAITS RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 2,633,040
8,674,794
---------------
AUSTRIA: 0.85%
115,000 CAT OIL AG (OIL & GAS EXTRACTION)+ 1,944,475
---------------
BERMUDA: 0.54%
17,000 CREDICORP LIMITED (DEPOSITORY INSTITUTIONS) 1,219,580
---------------
BRAZIL: 10.74%
345,900 ANHANGERA EDUCACIONAL PARTICIPACOES SA (EDUCATIONAL SERVICES)+ 4,731,065
165,000 COMPANHIA ENERGETICA DE MINAS GERAIS ADR (ELECTRIC, GAS & SANITARY SERVICES)<< 2,976,600
49,400 COMPANHIA SIDERURGICA NACIONAL SA ADR (PRIMARY METAL INDUSTRIES)<< 1,777,906
122,000 CYRELA BRAZIL REALTY SA (REAL ESTATE) 1,581,752
3,566,000 ELETROPAULO METROPOLITANA ELETRICIDADE DE SAO PAULO SA (BUSINESS SERVICES)+ 279,638
140,000 FERTILIZANTES HERINGER SA (AGRICULTURAL SERVICES)+ 1,484,014
262,000 MARFRIG FRIGORIFICOS E COMERCIO DE ALIMENTOS SA (BUSINESS SERVICES)+ 2,672,708
53,200 MRV ENGENHARIA E PARTICIPACOES SA (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS)+ 945,939
90,000 ODONTOPREV SA (INSURANCE CARRIERS) 2,046,504
58,300 PETROLEO BRASILEIRO SA ADR (OIL COMPANIES)<< 5,953,013
24,449,139
---------------
CANADA: 1.59%
94,000 PAN AMERICAN SILVER CORPORATION (METAL MINING)+ 3,606,780
---------------
CHINA: 2.76%
4,800,000 CHINA AOYUAN PROPERTY GROUP LIMITED (VENTURE CAPITAL)+ 1,566,562
580,000 GUANGZHOU R&F PROPERTIES COMPANY LIMITED (REAL ESTATE) 1,538,936
4,545,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED CLASS H (DEPOSITORY INSTITUTIONS) 3,165,233
6,270,731
---------------
EGYPT: 2.46%
97,500 COMMERCIAL INTERNATIONAL BANK (DEPOSITORY INSTITUTIONS) 1,609,893
22,500 ORASCOM CONSTRUCTION INDUSTRIES (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 1,696,797
613,000 TELECOM EGYPT (COMMUNICATIONS) 2,281,768
5,588,458
---------------
HONG KONG: 5.12%
15,270,000 GLOBAL BIO-CHEM TECHNOLOGY (MISCELLANEOUS SERVICES) 5,866,549
920,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 3,475,423
3,372,000 TIANJIN DEVELOPMENT HOLDINGS LIMITED (BUSINESS SERVICES) 2,305,004
11,646,976
---------------
INDIA: 2.68%
107,000 DLF LIMITED (REAL ESTATE) 1,722,215
110,136 EDELWEISS CAPITAL LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)+ 2,271,486
222,500 PHOENIX MILLS LIMITED (REAL ESTATE) 2,094,395
6,088,096
---------------
ISRAEL: 0.99%
1,200,000 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED (COMMUNICATIONS) 2,248,084
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 13
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MALAYSIA: 0.83%
650,000 SIME DARBY BERHAD (HOLDING & OTHER INVESTMENT OFFICES) $ 1,900,109
---------------
MEXICO: 5.53%
2,362,000 CARSO INFRAESTRUCTURA Y CONSTRUCCION SAB DE CV (CONSTRUCTION SPECIAL TRADE CONTRACTORS)+<< 2,341,416
905,000 EMPRESAS ICA SOCIEDAD CONTROLADORA SA DE CV (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS)+<< 5,365,671
160,456 INDUSTRIA PENOLES SA DE CV (NON-FERROUS METALS) 4,884,804
12,591,891
---------------
NORWAY: 0.89%
310,400 COPEINCA ASA (FISHING, HUNTING & TRAPPING)+ 2,035,869
---------------
PANAMA: 0.75%
45,000 COPA HOLDINGS SA (TRANSPORTATION BY AIR)<< 1,714,950
---------------
PERU: 4.88%
111,300 COMPANIA DE MINAS BUENAVENTURA SA ADR (PRIMARY METAL INDUSTRIES)<< 7,624,050
380,951 MINSUR SA (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 1,268,912
741,400 VOLCAN COMPANIA MINERA SA B SHARES (METAL MINING)+ 2,202,339
11,095,301
---------------
PHILIPPINES: 2.94%
21,843,000 ALLIANCE GLOBAL GROUP INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 2,039,447
5,508,000 MANILA WATER COMPANY (FOOD & KINDRED PRODUCTS) 2,340,603
16,382,000 PNOC ENERGY DEVELOPMENT CORPORATION (ELECTRIC, GAS & SANITARY SERVICES) 2,313,953
6,694,003
---------------
POLAND: 1.07%
245,000 TELEKOMUNIKACJA POLSKA SA (COMMUNICATIONS) 2,433,374
---------------
RUSSIA: 12.19%
26,200 EVRAZ GROUP SA GDR (METAL MINING) 2,261,060
210,000 GAZPROM ADR (OIL & GAS EXTRACTION) 10,605,000
82,000 JSC MMC NORILSK NICKEL ADR (PRIMARY METAL INDUSTRIES) 2,324,700
15,600 MECHEL ADR (PRIMARY METAL INDUSTRIES) 1,775,124
151,000 PIK GROUP GDR (REAL ESTATE)+<< 3,805,200
271,000 ROSNEFT OIL COMPANY (PETROLEUM REFINING & RELATED INDUSTRIES)+ 2,441,710
73,400 SISTEMA JSFC (INSURANCE AGENTS, BROKERS & SERVICE) 2,356,140
73,000 VIMPEL COMMUNICATIONS ADR (COMMUNICATIONS) 2,181,970
27,750,904
---------------
SAUDI ARABIA: 3.06%
112,000 IMPALA PLATINUM HOLDINGS LIMITED (METAL MINING) 4,322,565
537,000 PRETORIA PORTLAND CEMENT COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 2,651,893
6,974,458
---------------
SINGAPORE: 2.18%
2,191,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 2,897,032
2,756,000 RAFFLES EDUCATION CORPORATION LIMITED (EDUCATIONAL SERVICES) 2,062,320
4,959,352
---------------
SOUTH AFRICA: 2.89%
173,000 MTN GROUP LIMITED (COMMUNICATIONS) 2,623,798
240,000 MURRAY & ROBERTS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 2,826,141
23,600 SASOL LIMITED (COAL MINING) 1,130,734
1 STANDARD BANK GROUP LIMITED (DEPOSITORY INSTITUTIONS) 11
6,580,684
---------------
14 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SOUTH KOREA: 6.54%
45,000 HYUNDAI DEPARTMENT STORE COMPANY LIMITED (GENERAL MERCHANDISE STORES) $ 4,339,375
56,000 HYUNDAI DEVELOPMENT COMPANY (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 3,822,487
10,670 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 6,712,183
14,874,045
---------------
TAIWAN: 7.91%
2,630,000 ACER INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 4,709,492
689,541 ASUSTEK COMPUTER INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 2,020,084
2,456,740 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 2,304,748
470,216 HON HAI PRECISION INDUSTRY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL
MACHINERY & COMPUTER EQUIPMENT) 2,693,187
1,500,000 POU CHEN CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 1,459,043
2,378,000 PRESIDENT SECURITIES CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 2,003,878
610,000 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED (SEMICONDUCTORS) 1,267,006
2,500,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,538,867
17,996,305
---------------
THAILAND: 2.19%
480,000 BANGKOK BANK PCL (FOREIGN REGISTERED) (FINANCIAL SERVICES) 2,119,104
4,967,300 MAJOR CINEPLEX GROUP PCL (FOREIGN REGISTERED) (BUSINESS SERVICES) 2,871,363
4,990,467
---------------
TURKEY: 0.87%
161,000 ENKA INSAAT VE SANAYI AS (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,978,861
---------------
TOTAL COMMON STOCKS (COST $202,640,049) 196,307,686
---------------
PREFERRED STOCKS: 2.11%
166,600 COMPANHIA VALE DO RIO DOCE PREFERREDA 4,805,167
TOTAL PREFERRED STOCKS (COST $3,966,255) 4,805,167
---------------
COLLATERAL FOR SECURITIES LENDING: 7.71%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.72%
41,255 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 41,255
3,345,500 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 3,345,500
175,198 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 175,198
157,679 DREYFUS CASH MANAGEMENT FUND 157,679
192,718 SCUDDER DAILY ASSETS MONEY MARKET FUND 192,718
3,912,350
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 5.99%
$ 367,917 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 367,480
64,823 APRECO LLC 2.70 04/17/2008 64,746
70,079 APRECO LLC 3.10 04/07/2008 70,043
423,980 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 423,321
27,331 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 27,292
87,599 BANCO SANTANDER TOTTA LOAN+/-++ 2.83 10/15/2008 87,512
572,899 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $572,948) 3.10 04/01/2008 572,899
87,599 BANK OF IRELAND+/-++ 3.06 10/14/2008 87,572
17,520 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $17,521) 2.50 04/01/2008 17,520
70,079 BNP PARIBAS+/- 3.13 08/07/2008 70,022
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 15
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 220,750 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $220,769) 3.04% 04/01/2008 $ 220,750
387,188 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $387,221) 3.08 04/01/2008 387,188
185,710 BRYANT BANK FUNDING 2.98 04/09/2008 185,587
52,560 CAFCO LLC 2.70 04/18/2008 52,493
144,363 CAFCO LLC 3.08 04/07/2008 144,289
359,157 CHARIOT FUNDING LLC 2.97 04/14/2008 358,771
262,798 CHARTA LLC 3.08 04/09/2008 262,618
227,758 CHEYNE FINANCE LLC+/-++^^(A)(I) 5.12 02/25/2008 204,982
175,198 CHEYNE FINANCE LLC+/-++^^(A)(I) 5.18 05/19/2008 157,679
350,397 CIESCO LLC 3.08 04/08/2008 350,187
353,901 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 353,901
562,387 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $562,435) 3.10 04/01/2008 562,387
262,798 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 262,009
103,367 EBBETS FUNDING LLC 3.65 04/01/2008 103,367
178,702 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 178,464
140,159 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 140,050
175,198 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 175,001
68,327 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 68,253
87,599 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 87,557
350,397 FIVE FINANCE INCORPORATED+/-++ 4.50 07/09/2008 348,828
283,471 GALLEON CAPITAL LLC 2.88 04/16/2008 283,131
140,159 GALLEON CAPITAL LLC 3.10 04/18/2008 139,954
182,206 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 181,889
245,278 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 245,255
257,542 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $257,563) 3.00 04/01/2008 257,542
720,065 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE
AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $720,128) 3.15 04/01/2008 720,065
35,040 HARRIER FINANCE FUNDING LLC+/- 2.62 04/25/2008 35,040
227,758 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 227,758
87,599 INTESA BANK (IRELAND) PLC+/-++ 2.61 10/24/2008 87,518
211,990 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $212,008) 3.10 04/01/2008 211,990
150,671 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE
AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $150,684) 3.04 04/01/2008 150,671
35,040 KESTREL FUNDING US LLC+/- 2.62 04/25/2008 35,040
122,639 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 122,578
175,198 LINKS FINANCE LLC+/-++ 3.09 08/15/2008 174,021
262,798 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 262,319
2,803 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 2,801
168,190 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 168,145
16,206 MORGAN STANLEY+/- 2.94 10/15/2008 16,198
150,054 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $150,064) 2.50 04/01/2008 150,054
264,550 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $264,573) 3.08 04/01/2008 264,550
175,198 NORTHERN ROCK PLC+/-++ 3.14 10/03/2008 174,084
245,278 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 244,879
159,066 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 159,026
50,808 PICAROS FUNDING LLC 2.60 04/11/2008 50,771
175,198 RANGER FUNDING CORPORATION 2.71 04/18/2008 174,974
105,119 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 104,987
126,143 SEDNA FINANCE INCORPORATED+/-++ 3.03 04/10/2008 126,103
105,119 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 105,110
16 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
EMERGING MARKETS EQUITY FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 70,079 SLM CORPORATION+/-++ 2.94% 05/12/2008 $ 69,953
108,623 STANFIELD VICTORIA FUNDING LLC+/-++^^(A)(I) 5.27 04/03/2008 96,848
175,198 STANFIELD VICTORIA FUNDING LLC+/-++^^(A)(I) 5.47 02/15/2008 156,207
21,024 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 21,020
175,198 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 175,004
220,750 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 220,484
105,119 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 105,007
58,712 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 58,699
175,198 TULIP FUNDING CORPORATION 2.88 04/21/2008 174,918
87,599 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 87,541
87,599 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 87,549
52,560 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 52,546
175,198 VERSAILLES CDS LLC 3.00 04/11/2008 175,052
87,599 VERSAILLES CDS LLC 3.45 04/08/2008 87,540
150,671 VICTORIA FINANCE LLC+/-++^^(A)(I) 3.44 07/28/2008 134,338
87,599 VICTORIA FINANCE LLC+/-++^^(A)(I) 3.47 08/07/2008 78,103
175,198 WHITE PINE FINANCE LLC+/-++^^(A)(I) 5.41 02/22/2008 166,438
420,476 YORKTOWN CAPITAL LLC 2.72 04/03/2008 420,411
13,636,879
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $17,701,707) 17,549,229
---------------
SHARES
SHORT-TERM INVESTMENTS: 7.61%
17,304,404 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 17,304,404
TOTAL SHORT-TERM INVESTMENTS (COST $17,304,404) 17,304,404
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $241,612,415)* 103.69% $ 235,966,486
OTHER ASSETS AND LIABILITIES, NET (3.69) (8,388,476)
------ ---------------
TOTAL NET ASSETS 100.00% $ 227,578,010
------ ---------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of
$17,304,404.
* 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 International Stock Funds 17
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.96%
AUSTRALIA: 6.73%
14,843 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 74,608
4,786 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 127,413
4,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 81,191
1,869 RIO TINTO LIMITED (METAL MINING) 209,240
6,050 SANTOS LIMITED (OIL & GAS EXTRACTION) 80,172
1,096 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 54,589
627,213
---------------
BELGIUM: 1.43%
1,000 BELGACOM SA (COMMUNICATIONS) 44,284
1,130 DELHAIZE GROUP (FOOD STORES) 88,914
133,198
---------------
FINLAND: 2.76%
2,200 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 89,645
5,300 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 167,683
257,328
---------------
FRANCE: 14.48%
650 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 140,917
19 ARKEMA INCORPORATED ADR (CHEMICALS & ALLIED PRODUCTS)+ 1,066
900 BOUYGUES SA (ENGINEERING CONSTRUCTION) 57,176
1,179 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 123,073
2,000 FRANCE TELECOM SA (COMMUNICATIONS) 67,255
745 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 82,920
771 PPR SA (APPAREL & ACCESSORY STORES) 114,236
2,550 PUBLICIS GROUPE (COMMUNICATIONS) 97,425
1,600 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 120,036
1,100 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 72,192
785 TECHNIP SA (OIL & GAS EXTRACTION) 61,136
2,120 TOTAL SA (OIL & GAS EXTRACTION) 157,441
794 TOTAL SA ADR (OIL & GAS EXTRACTION) 58,764
300 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 72,830
3,165 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 123,670
1,350,137
---------------
GERMANY: 8.82%
500 ALLIANZ SE (INSURANCE CARRIERS) 99,051
2,100 ARCANDOR AG (GENERAL MERCHANDISE STORES) 42,006
1,200 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 96,165
1,200 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 102,588
800 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 90,557
8,148 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 135,712
800 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 148,100
1,822 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 61,269
1,806 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 46,646
822,094
---------------
GREECE: 1.06%
2,981 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 98,832
---------------
18 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG: 4.32%
13,000 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) $ 65,061
6,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 85,189
5,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 74,396
29,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 102,658
14,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 75,013
402,317
---------------
ITALY: 2.01%
3,400 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 115,944
10,600 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 70,956
186,900
---------------
JAPAN: 20.05%
9,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 61,126
15 EAST JAPAN RAILWAY COMPANY (RAILROADS) 124,749
1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 104,615
4,100 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 102,623
9 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 100,221
7,600 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES) 88,291
4,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 113,363
3,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 105,688
8,000 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 69,021
6,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 119,121
1,800 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 89,386
8,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 123,676
3,800 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 56,802
4,700 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 122,828
11,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 101,746
1,500 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 77,498
2,300 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 115,138
2,600 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 129,635
3,500 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 64,396
1,869,923
---------------
LUXEMBOURG: 1.32%
1,506 ARCELORMITTAL (PRIMARY METAL INDUSTRIES) 123,374
---------------
NETHERLANDS: 7.09%
2,586 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 63,608
5,535 ING GROEP NV (FINANCIAL SERVICES) 207,275
4,300 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 72,639
400 ROYAL DUTCH SHELL PLC ADR CLASS A (PETROLEUM REFINING & RELATED INDUSTRIES) 27,592
5,800 UNILEVER NV (FOOD & KINDRED PRODUCTS) 194,765
3,600 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 95,313
661,192
---------------
RUSSIA: 1.63%
1,248 LUKOIL ADR (OIL & GAS EXTRACTION) 106,704
6,306 VTB BANK OJSC GDR (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 45,592
152,296
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 19
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE: 1.52%
18,000 CAPITALAND LIMITED (REAL ESTATE) $ 83,040
5,000 GREAT EASTERN HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 58,847
141,887
---------------
SPAIN: 2.40%
1,774 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 51,085
6,000 TELEFONICA SA (COMMUNICATIONS) 172,400
223,485
---------------
SWEDEN: 1.29%
3,300 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 66,091
27,700 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 54,357
120,448
---------------
SWITZERLAND: 5.47%
2,700 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 137,433
900 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 94,522
956 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 179,918
310 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 97,626
509,499
---------------
TAIWAN: 0.66%
6,029 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 61,918
---------------
UNITED KINGDOM: 15.92%
7,220 AVIVA PLC (INSURANCE CARRIERS) 88,482
12,646 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 121,787
7,880 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 70,844
1,110 BHP BILLITON PLC (COAL MINING) 32,934
8,527 BP PLC (OIL & GAS EXTRACTION) 86,646
9,380 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 103,598
5,000 EASYJET PLC (TRANSPORTATION BY AIR)+ 36,840
5,859 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 123,954
960 GLAXOSMITHKLINE PLC ADR (CHEMICALS & ALLIED PRODUCTS) 40,733
1,621 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 64,503
42,600 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 106,866
7,328 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 100,568
1,211 RIO TINTO PLC (METAL MINING) 125,770
9,208 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 73,646
825,036 ROLLS ROYCE GROUP PLC - B SHARE ENTITLEMENT (AEROSPACE, DEFENSE)+(A) 1,637
2,540 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 87,562
3,360 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 62,683
41,273 VODAFONE GROUP PLC (COMMUNICATIONS) 123,605
3,041 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 31,985
1,484,643
---------------
TOTAL COMMON STOCKS (COST $8,808,618) 9,226,684
---------------
COLLATERAL FOR SECURITIES LENDING: 4.67%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 4.67%
435,910 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 435,910
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $435,910) 435,910
---------------
20 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL CORE FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS: 0.34%
31,771 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 31,771
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $31,771) 31,771
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $9,276,299)* 103.97% $ 9,694,365
OTHER ASSETS AND LIABILITIES, NET (3.97) (369,856)
------ ---------------
TOTAL NET ASSETS 100.00% $ 9,324,509
------ ---------------
- --------------------------------------------------------------------------------
+ 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 $31,771.
* 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 International Stock Funds 21
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.27%
AUSTRALIA: 3.70%
300,208 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 1,508,982
105,371 BABCOCK & BROWN INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 113,151
166,200 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,499,158
264,000 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS)<< 1,510,349
192,000 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 561,501
82,862 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,205,947
397,900 PERILYA LIMITED (METAL MINING)<< 381,823
422,200 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 1,516,387
70,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 1,420,842
43,805 RIO TINTO LIMITED (METAL MINING)<< 4,904,096
108,323 SANTOS LIMITED (OIL & GAS EXTRACTION) 1,435,449
340,800 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,370,413
19,736 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 983,003
19,411,101
----------------
AUSTRIA: 0.26%
19,700 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,368,466
----------------
BELGIUM: 1.01%
32,234 DELHAIZE GROUP (FOOD STORES) 2,536,339
10,400 DEXIA SA (DEPOSITORY INSTITUTIONS) 296,364
38,200 FORTIS (DEPOSITORY INSTITUTIONS) 962,523
21,800 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 990,862
9,852 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 512,657
5,298,745
----------------
BRAZIL: 0.18%
8,400 REDECARD SA (NON-DEPOSITORY CREDIT INSTITUTIONS) 138,109
137,590 VIVO PARTICIPACOES SA ADR (COMMUNICATIONS) 820,036
958,145
----------------
CANADA: 0.52%
42,324 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 2,721,010
----------------
CHINA: 0.99%
2,416,500 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 1,803,995
190,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 653,055
1,326,900 CHINA PETROLEUM & CHEMICAL CORPORATION (SINOPEC) (OIL COMPANIES) 1,135,494
662,400 PICC PROPERTY & CASUALTY COMPANY LIMITED (INSURANCE CARRIERS)<< 598,340
1,635,739 SHANGHAI ELECTRIC GROUP COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 998,344
5,189,228
----------------
DENMARK: 0.46%
29,700 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 1,095,657
53,300 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 1,331,541
2,427,198
----------------
FINLAND: 2.41%
22,400 ELCOTEQ NETWORK OYJ (COMMUNICATIONS) 146,761
172,951 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES)<< 7,047,356
105,240 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 3,329,612
22,000 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES)<< 1,061,777
43,100 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 1,064,214
12,649,720
----------------
22 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FRANCE: 12.29%
22,571 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) $ 4,893,276
910 ARKEMA (OIL & GAS EXTRACTION)+ 50,887
29,200 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS)<< 2,945,309
62,653 BOUYGUES SA (ENGINEERING CONSTRUCTION) 3,980,292
27,075 CARREFOUR SA (FOOD STORES) 2,088,940
16,200 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,320,993
30,199 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 3,152,394
28,400 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 878,799
38,405 ELECTRICITE DE FRANCE SA (ELECTRIC, GAS & SANITARY SERVICES) 3,341,437
78,218 FRANCE TELECOM SA (COMMUNICATIONS) 2,630,276
48,321 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 5,378,239
16,900 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,310,303
13,953 PPR SA (APPAREL & ACCESSORY STORES) 2,067,364
48,139 PUBLICIS GROUPE (COMMUNICATIONS)<< 1,839,194
14,600 RALLYE SA (GENERAL MERCHANDISE STORES) 924,068
9,700 RENAULT SA (TRANSPORTATION EQUIPMENT) 1,073,507
66,660 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,001,000
6,800 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS)<< 665,818
20,000 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,312,578
47,473 TECHNIP SA (OIL & GAS EXTRACTION) 3,697,200
69,220 TOTAL SA (OIL & GAS EXTRACTION) 5,140,602
26,899 VALEO SA (TRANSPORTATION EQUIPMENT) 1,066,770
5,110 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 1,240,531
61,023 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 4,411,429
103,215 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 4,033,045
64,444,251
----------------
GERMANY: 11.32%
23,849 ALLIANZ SE (INSURANCE CARRIERS) 4,724,542
47,230 ARCANDOR AG (GENERAL MERCHANDISE STORES)<< 944,734
25,100 BASF AG (CHEMICALS & ALLIED PRODUCTS) 3,380,561
81,653 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 6,543,481
23,300 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,287,108
91,701 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT)<< 7,839,487
31,540 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 3,570,228
66,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,806,546
262,701 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 4,375,516
13,340 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 2,469,567
28,642 FRAPORT AG (TRANSPORTATION SERVICES) 2,067,401
39,021 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 1,312,179
11,300 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 589,075
34,200 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 918,429
12,346 IVG IMMOBILIEN AG (REAL ESTATE) 345,386
25,938 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 3,664,596
13,300 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS)<< 2,601,165
13,463 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,654,898
34,198 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 883,281
42,000 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,402,993
28,200 TUI AG (TRANSPORTATION BY AIR)<< 723,465
28,621 UNITED INTERNET AG (COMMUNICATIONS)<< 615,879
22,841 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 4,679,915
59,400,432
----------------
GREECE: 0.35%
55,168 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 1,829,033
----------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 23
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HONG KONG: 5.20%
627,200 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) $ 3,138,961
101,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 1,434,023
218,900 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY (HONG KONG) LIMITED (MOTOR FREIGHT
TRANSPORTATION & WAREHOUSING) 1,039,280
98,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 1,458,167
352,900 CHINA NETCOM GROUP CORPORATION (HONG KONG) LIMITED (COMMUNICATIONS) 1,015,716
972,800 CHINA RESOURCES LAND (HONG KONG) LIMITED (REAL ESTATE) 1,687,446
1,333,660 CHINA UNICOM (HONG KONG) LIMITED (BUSINESS SERVICES) 2,806,930
204,000 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 865,001
382,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 1,352,251
159,000 HONGKONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 1,004,137
418,699 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 3,962,298
81,600 NEW WORLD DEVELOPMENT COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 197,744
400,632 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 1,359,008
169,220 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 990,404
140,200 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 2,186,952
134,861 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 1,521,435
233,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 1,248,431
27,268,184
----------------
INDIA: 0.12%
10,219 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 606,148
----------------
IRELAND: 0.39%
36,500 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 777,932
65,300 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,276,289
2,054,221
----------------
ITALY: 2.22%
151,790 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 5,176,211
94,100 FIAT SPA (TRANSPORTATION EQUIPMENT) 2,176,418
186,074 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 1,311,663
208,870 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 1,398,160
61,200 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 1,568,141
11,630,593
----------------
JAPAN: 15.70%
9,000 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 238,814
97,700 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 986,017
34,300 ALPINE ELECTRONICS INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 377,823
58,600 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 576,711
183,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 954,655
25,100 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 971,970
132,100 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 897,188
12,300 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 566,382
161,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 628,301
226,400 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 710,907
69,150 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 1,928,541
229,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 721,368
30,900 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 998,174
284 EAST JAPAN RAILWAY COMPANY (RAILROADS) 2,361,918
26,100 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 502,729
20,300 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,930,618
174,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 727,909
24 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
JAPAN (continued)
51,100 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) $ 615,169
72,400 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 1,812,179
66,900 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,909,415
172 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 1,915,329
142,300 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES)<< 1,622,374
702 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 3,514,226
2,253 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS)+ 2,106,537
64,200 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,819,472
102,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 842,155
156,400 MARUBENI CORPORATION (BUSINESS SERVICES) 1,139,109
101,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 2,188,604
165,700 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,095,468
65,800 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,986,938
45,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 1,092,496
455,600 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,947,087
142,400 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,228,571
74,200 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,503,652
141,651 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 2,812,273
34,700 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,723,164
113,900 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,760,834
84,000 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 444,944
128,500 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 801,836
460 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 1,984,350
145,200 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 1,200,289
69,500 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,038,874
71,900 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,879,008
1,500 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 2,272,271
33,000 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 677,016
12,250 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 352,089
106,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,741,854
43,200 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,020,626
113,000 SANKEN ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 664,306
160,000 SANWA SHUTTER CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 695,024
17,400 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 468,690
169,400 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,566,882
26,100 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,348,465
60,400 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 610,787
154,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 780,197
144,600 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,904,693
140,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 963,483
63,500 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 1,602,152
38,300 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,917,305
2,300 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 48,686
101,950 TOKYU LAND CORPORATION (REAL ESTATE) 639,233
146,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER 886,136
EQUIPMENT)
60,400 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 3,011,517
59,700 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,098,413
82,334,203
----------------
LUXEMBOURG: 0.68%
29,152 ARCELORMITTAL (PRIMARY METAL INDUSTRIES) 2,388,180
7,084 RTL GROUP SA (COMMUNICATIONS) 894,825
10,749 TENARIS SA (PRIMARY METAL INDUSTRIES) 267,618
3,550,623
----------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 25
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEXICO: 0.11%
23,500 GRUPO TELEVISA SA ADR (COMMUNICATIONS) $ 569,640
----------------
NETHERLANDS: 3.72%
140,700 AEGON NV (INSURANCE CARRIERS) 2,070,261
229,710 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+<< 5,650,182
179,820 ING GROEP NV (FINANCIAL SERVICES) 6,733,917
98,640 UNILEVER NV (FOOD & KINDRED PRODUCTS) 3,312,346
65,590 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,736,544
19,503,250
----------------
NORWAY: 2.32%
74,400 CERMAQ ASA (FOOD & KINDRED PRODUCTS) 942,355
34,800 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 528,251
46,800 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 681,917
309,402 ORKLA ASA (MISCELLANEOUS RETAIL) 3,918,904
23,750 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 662,268
168,100 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 4,505,906
32,001 STATOILHYDRO ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 958,957
12,198,558
----------------
QATAR: 0.14%
20,965 INDUSTRIES QATAR (CHEMICALS & ALLIED PRODUCTS) 749,055
----------------
RUSSIA: 2.72%
81,800 GAZPROM ADR (OIL & GAS EXTRACTION) 4,130,900
68,442 LUKOIL ADR (OIL & GAS EXTRACTION) 5,851,792
32,000 MINING & METALLURGICAL COMPANY NORILSK NICKEL GDR (METAL MINING) 900,800
2,900 NOVOROSSIYSK SEA TRADE PORT GDR (BUSINESS SERVICES)+ 43,500
22,353 RAO UNIFIED ENERGY SYSTEM GDR (ELECTRIC, GAS & SANITARY SERVICES) 2,319,124
4,050 URALKALI GDR (CHEMICALS & ALLIED PRODUCTS)+ 166,050
122,084 VTB BANK OJSC GDR (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 882,667
14,294,833
----------------
SINGAPORE: 0.81%
360,000 CAPITALAND LIMITED (REAL ESTATE) 1,660,794
389,791 MOBILONE LIMITED (COMMUNICATIONS) 600,354
398,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION)<< 939,736
92,333 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 1,046,460
4,247,344
----------------
SOUTH AFRICA: 0.19%
57,769 NASPERS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,004,369
----------------
SOUTH KOREA: 1.03%
39,040 KOOKMIN BANK (FINANCIAL SERVICES) 2,183,891
13,071 KT CORPORATION (COMMUNICATIONS) 619,663
11,050 NHN CORPORATION (BUSINESS SERVICES) 2,578,538
5,382,092
----------------
SPAIN: 4.08%
61,000 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,343,443
183,500 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 3,656,036
53,395 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY SERVICES) 2,436,203
51,939 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)<< 1,495,662
30,590 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,699,471
26 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SPAIN (continued)
70,500 REPSOL YPF SA (OIL & GAS EXTRACTION) $ 2,433,069
289,966 TELEFONICA SA (COMMUNICATIONS) 8,331,698
21,395,582
----------------
SWEDEN: 1.49%
8,200 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 148,699
40,900 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)<< 671,129
164,600 NORDEA AB (DEPOSITORY INSTITUTIONS)<< 2,667,684
49,540 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS)<< 992,159
17,800 SVENSKA HANDELSBANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 518,256
470,960 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 924,189
126,500 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 1,916,070
7,838,186
----------------
SWITZERLAND: 7.58%
22,170 ADECCO SA (BUSINESS SERVICES) 1,280,283
9,900 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 983,919
16,900 CIBA SPECIALTY CHEMICALS AG (CHEMICALS & ALLIED PRODUCTS)<< 616,371
17,187 COMPAGNIE FINANCIERE RICHEMONT SA (GENERAL MERCHANDISE STORES) 963,967
97,440 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,959,815
1,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT)+ 841,783
43,187 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 4,535,701
11,736 NESTLE SA (FOOD & KINDRED PRODUCTS) 5,864,455
15,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 804,682
2,200 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 841,808
4,073 ROCHE HOLDINGS AG - BEARER SHARES (MEDICAL PRODUCTS) 823,541
49,508 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 9,317,335
4,400 SWISSCOM AG (COMMUNICATIONS) 1,507,502
18,500 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 537,620
2,900 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 756,319
6,400 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 1,413,272
11,720 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES)<< 3,690,897
39,739,270
----------------
TAIWAN: 0.30%
128,902 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 1,323,824
23,700 TAIWAN SEMICONDUCTORS MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 243,399
1,567,223
----------------
UNITED KINGDOM: 13.91%
18,650 ACERGY SA (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 401,944
88,300 ALLIANCE & LEICESTER PLC (DEPOSITORY INSTITUTIONS) 908,638
65,700 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 2,456,562
221,434 AVIVA PLC (INSURANCE CARRIERS) 2,713,706
198,140 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 1,908,179
520,980 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 4,683,826
93,600 BARRATT DEVELOPMENTS PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 768,127
447,887 BP PLC (OIL & GAS EXTRACTION) 4,551,138
129,100 BRADFORD & BINGLEY PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 478,485
205,400 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 987,520
10,075 BRITISH ENERGY GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 130,469
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 27
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
175,790 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) $ 1,941,515
465,800 BT GROUP PLC (COMMUNICATIONS) 2,008,356
80,237 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 856,719
253,300 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 786,740
523,200 DSG INTERNATIONAL PLC (GENERAL MERCHANDISE STORES) 659,361
91,370 EASYJET PLC (TRANSPORTATION BY AIR)+ 673,212
283,000 GKN PLC (TRANSPORTATION EQUIPMENT) 1,708,829
172,040 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 3,639,721
186,300 HBOS PLC (DEPOSITORY INSTITUTIONS) 2,070,534
74,800 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 1,232,143
29,981 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 1,193,004
954,620 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 2,394,744
484,579 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 4,337,332
329,089 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 4,516,344
348,700 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 638,410
9,333 OAO TMK GDR (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 303,323
477,500 OLD MUTUAL PLC (INSURANCE CARRIERS) 1,047,170
22,830 RIO TINTO PLC (METAL MINING) 2,371,036
235,892 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 1,886,687
21,135,923 ROLLS ROYCE GROUP PLC - B SHARE ENTITLEMENT (AEROSPACE, DEFENSE)+(A) 41,947
310,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 794,110
93,600 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 626,483
55,691 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 1,919,846
139,300 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 4,688,765
65,353 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,219,200
83,000 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 889,515
213,300 TAYLOR WOODROW PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 793,732
1,430,803 VODAFONE GROUP PLC (COMMUNICATIONS) 4,284,998
536,462 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 2,919,894
53,457 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 562,292
72,994,556
----------------
USA: 0.07%
6,400 DRYSHIPS INCORPORATED (WATER TRANSPORTATION) 383,423
----------------
TOTAL COMMON STOCKS (COST $474,864,540) 505,008,682
----------------
COLLATERAL FOR SECURITIES LENDING: 7.84%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 7.84%
41,121,366 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 41,121,366
----------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $41,121,366) 41,121,366
----------------
SHORT-TERM INVESTMENTS: 2.87%
15,040,232 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 15,040,232
----------------
TOTAL SHORT-TERM INVESTMENTS (COST $15,040,232) 15,040,232
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $531,026,138)* 106.98% $ 561,170,280
OTHER ASSETS AND LIABILITIES, NET (6.98) (36,617,177)
------ ----------------
TOTAL NET ASSETS 100.00% $ 524,553,103
------ ----------------
28 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
+ 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
$15,040,232.
* 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.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 29
Emerging International International
Markets Equity Core Equity
Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) .............. $ 201,112,853 $ 9,226,684 $ 505,008,682
Collateral received for securities loaned (Note 2) ......................... 17,549,229 435,910 41,121,366
Investments in affiliates .................................................. 17,304,404 31,771 15,040,232
-----------------------------------------------
Total investments at market value (see cost below) ........................... 235,966,486 9,694,365 561,170,280
-----------------------------------------------
Cash ......................................................................... 0 0 50,000
Foreign currency, at value ................................................... 8,431,613 0 3,683,162
Receivable for Fund shares issued ............................................ 40,350 73 73,585
Receivable for investments sold .............................................. 1,338,975 0 1,085,148
Receivables for dividends and interest ....................................... 1,927,294 36,735 2,362,380
Receivable from investment advisor and affiliates ............................ 0 2,410 0
Prepaid expenses and other assets ............................................ 0 36,736 0
-----------------------------------------------
Total assets .................................................................... 247,704,718 9,770,319 568,424,555
-----------------------------------------------
LIABILITIES
Foreign taxes payable ........................................................ 299,640 0 0
Payable for Fund shares redeemed ............................................. 37,917 700 105,302
Payable for investments purchased ............................................ 1,657,578 0 2,004,231
Payable to investment advisor and affiliates (Note 3) ........................ 306,221 0 500,588
Unrealized depreciation on forward foreign currency contracts ................ 17,703 0 1,729
Payable upon receipt of securities loaned (Note 2) ........................... 17,701,707 435,910 41,121,366
Accrued expenses and other liabilities ....................................... 105,942 9,200 138,236
-----------------------------------------------
Total liabilities ............................................................... 20,126,708 445,810 43,871,452
-----------------------------------------------
TOTAL NET ASSETS ................................................................ $ 227,578,010 $ 9,324,509 $ 524,553,103
===============================================
NET ASSETS CONSIST OF
Paid-in capital .............................................................. $ 211,635,681 $ 8,886,994 $ 450,678,736
Undistributed net investment income (loss) ................................... 210,850 (31,480) 1,151,094
Undistributed net realized gain (loss) on investments ........................ 21,178,670 50,792 42,526,836
Net unrealized appreciation (depreciation) of investments,
foreign currencies and translation of assets and liabilities
denominated in foreign currencies .......................................... (5,429,488) 418,203 30,198,166
Net unrealized appreciation (depreciation) of
forward foreign currency contracts and transactions ........................ (17,703) 0 (1,729)
-----------------------------------------------
TOTAL NET ASSETS ................................................................ $ 227,578,010 $ 9,324,509 $ 524,553,103
===============================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A ......................................................... $ 181,473,820 $ 4,829,767 $ 52,398,509
Shares outstanding - Class A ................................................. 4,074,069 347,436 3,465,260
Net asset value per share - Class A .......................................... $ 44.54 $ 13.90 $ 15.12
Maximum offering price per share - Class A ................................... $ 47.26 $ 14.75 $ 16.04
Net assets - Class B ......................................................... $ 6,325,789 $ 2,917,509 $ 6,241,740
Shares outstanding - Class B ................................................. 146,936 214,012 433,972
Net asset value and offering price per share - Class B ....................... $ 43.05 $ 13.63 $ 14.38
Net assets - Class C ......................................................... $ 2,748,789 $ 924,335 $ 1,517,694
Shares outstanding - Class C ................................................. 64,082 67,379 106,330
Net asset value and offering price per share - Class C ....................... $ 42.89 $ 13.72 $ 14.27
Net assets - Administrator Class ............................................. $ 37,029,612 $ 652,898 $ 396,727,782
Shares outstanding - Administrator Class ..................................... 830,258 46,413 26,284,975
Net asset value and offering price per share - Administrator Class ........... $ 44.60 $ 14.07 $ 15.09
Net assets - Institutional Class ............................................. NA NA $ 67,667,378
Shares outstanding - Institutional Class ..................................... NA NA 4,483,573
Net asset value and offering price per share - Institutional Class ........... NA NA $ 15.09
-----------------------------------------------
Investments at cost ............................................................. $ 241,612,415 $ 9,276,299 $ 531,026,138
-----------------------------------------------
Foreign currencies at cost ...................................................... $ 8,235,425 $ 0 $ 3,645,368
-----------------------------------------------
Securities on loan, at market value (Note 2) .................................... $ 17,294,567 $ 416,326 $ 39,859,208
-----------------------------------------------
- --------------------------------------------------------------------------------
1 Each fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
30 Wells Fargo Advantage International Stock Funds
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Emerging International International
Markets Equity Core Equity
Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 .................................................................. $ 2,615,695 $ 79,946 $ 6,708,071
Interest ..................................................................... 6,130 0 2,816
Income from affiliated securities ............................................ 603,077 4,982 362,974
Securities lending income, net ............................................... 58,055 1,769 126,183
-----------------------------------------------
Total investment income ......................................................... 3,282,957 86,697 7,200,044
-----------------------------------------------
EXPENSES
Advisory fees ................................................................ 1,397,483 48,078 3,237,559
Administration fees
Fund Level ................................................................. 63,522 2,530 172,932
Class A .................................................................... 281,271 6,278 80,774
Class B .................................................................... 10,380 3,979 11,001
Class C .................................................................... 4,447 1,278 2,475
Administrator Class ........................................................ 21,295 356 278,313
Institutional Class ........................................................ NA NA 27,113
Custody fees ................................................................. 317,610 5,061 345,865
Shareholder servicing fees (Note 3) .......................................... 316,813 12,651 775,400
Accounting fees .............................................................. 24,531 21,056 80,018
Distribution fees (Note 3)
Class B .................................................................... 27,803 12,190 29,468
Class C .................................................................... 11,912 3,920 6,628
Professional fees ............................................................ 27,906 10,289 13,883
Registration fees ............................................................ 24,899 24,022 34,781
Shareholder reports .......................................................... 5,479 4,961 (73,364)
Trustees' fees ............................................................... 4,323 4,323 4,323
Other fees and expenses ...................................................... 9,711 13,304 47,668
-----------------------------------------------
Total expenses .................................................................. 2,549,385 174,276 5,074,837
-----------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ................................. (158,024) (83,143) (696,100)
Net expenses ................................................................. 2,391,361 91,133 4,378,737
-----------------------------------------------
Net investment income (loss) .................................................... 891,596 (4,436) 2,821,307
-----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation .............. 41,802,527 136,129 64,940,810
-----------------------------------------------
Net realized gain and loss from investments ..................................... 41,802,527 136,129 64,940,810
-----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation .............. (60,337,354) (1,516,704) (161,101,516)
Forward foreign currency contracts ........................................... (17,703) 0 (1,729)
-----------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ............. (60,355,057) (1,516,704) (161,103,245)
-----------------------------------------------
Net realized and unrealized gain (loss) on investments .......................... (18,552,530) (1,380,575) (96,162,435)
-----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................. $ (17,660,934) $ (1,385,011) $ (93,341,128)
===============================================
1 Net of foreign withholding taxes of ........................................... $ 164,465 $ 5,117 $ 377,619
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
32 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
EMERGING MARKETS EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................. $ 261,556,470 $ 248,317,649
OPERATIONS
Net investment income (loss) ......................................................... 891,596 133,195
Net realized gain (loss) on investments .............................................. 41,802,527 59,332,700
Net change in unrealized appreciation (depreciation) of investments .................. (60,355,057) 33,577,511
-------------------------------------
Net increase (decrease) in net assets resulting from operations ......................... (17,660,934) 93,043,406
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ 0 (169,255)
Class B ............................................................................ 0 0
Class C ............................................................................ 0 0
Administrator Class ................................................................ 0 (322,155)
Institutional Class ................................................................ NA NA
Net realized gain on sales of investments
Class A ............................................................................ 0 0
Class B ............................................................................ 0 0
Class C ............................................................................ 0 0
Administrator Class ................................................................ 0 0
Institutional Class ................................................................ NA NA
-------------------------------------
Total distributions to shareholders ..................................................... 0 (491,410)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................. 10,212,629 14,166,899
Proceeds from redemption fees - Class A .............................................. 63,263 1,867
Reinvestment of distributions - Class A .............................................. 0 159,234
Cost of shares redeemed - Class A .................................................... (19,198,790) (39,891,121)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class A .............................................................. (8,922,898) (25,563,121)
-------------------------------------
Proceeds from shares sold - Class B .................................................. 354,402 941,502
Proceeds from redemption fees - Class B .............................................. 730 72
Reinvestment of distributions - Class B .............................................. 0 0
Cost of shares redeemed - Class B .................................................... (1,243,399) (2,059,491)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class B .............................................................. (888,267) (1,117,917)
-------------------------------------
Proceeds from shares sold - Class C .................................................. 229,239 362,852
Proceeds from redemption fees - Class C .............................................. 366 33
Reinvestment of distributions - Class C .............................................. 0 0
Cost of shares redeemed - Class C .................................................... (532,632) (1,357,921)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class C .............................................................. (303,027) (995,036)
-------------------------------------
Proceeds from shares sold - Administrator Class ...................................... 3,399,759 6,587,277
Proceeds from redemption fees - Administrator Class .................................. 9,631 528
Reinvestment of distributions - Administrator Class .................................. 0 171,545
Cost of shares redeemed - Administrator Class ........................................ (9,612,724) (58,396,451)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Administrator Class .................................................. (6,203,334) (51,637,101)
-------------------------------------
Proceeds from shares sold - Institutional Class ...................................... NA NA
Proceeds from redemption fees - Institutional Class .................................. NA NA
Reinvestment of distributions - Institutional Class .................................. NA NA
Cost of shares redeemed - Institutional Class ........................................ NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Institutional Class .................................................. NA 0
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Total ................................................................... (16,317,526) (79,313,175)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................... (33,978,460) 13,238,821
=====================================
ENDING NET ASSETS ....................................................................... $ 227,578,010 $ 261,556,470
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage International Stock Funds 33
INTERNATIONAL CORE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................. $ 10,835,115 $ 6,028,406
OPERATIONS
Net investment income (loss) ......................................................... (4,436) 92,141
Net realized gain (loss) on investments .............................................. 136,129 505,678
Net change in unrealized appreciation (depreciation) of investments .................. (1,516,704) 1,216,798
-------------------------------------
Net increase (decrease) in net assets resulting from operations ......................... (1,385,011) 1,814,617
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ (57,048) (26,932)
Class B ............................................................................ (16,582) (14,074)
Class C ............................................................................ (5,278) (2,635)
Administrator Class ................................................................ (10,353) 0
Institutional Class ................................................................ NA NA
Net realized gain on sales of investments
Class A ............................................................................ (290,982) (65,183)
Class B ............................................................................ (192,797) (54,719)
Class C ............................................................................ (62,682) (13,918)
Administrator Class ................................................................ (40,548) (12,746)
Institutional Class ................................................................ NA NA
-------------------------------------
Total distributions to shareholders ..................................................... (676,270) (190,207)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................. 904,568 2,650,858
Proceeds from redemption fees - Class A .............................................. 0 0
Reinvestment of distributions - Class A .............................................. 318,833 83,689
Cost of shares redeemed - Class A .................................................... (840,305) (790,858)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class A .............................................................. 383,096 1,943,689
-------------------------------------
Proceeds from shares sold - Class B .................................................. 406,562 1,056,047
Proceeds from redemption fees - Class B .............................................. 0 0
Reinvestment of distributions - Class B .............................................. 200,841 66,635
Cost of shares redeemed - Class B .................................................... (464,959) (843,160)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class B .............................................................. 142,444 279,522
-------------------------------------
Proceeds from shares sold - Class C .................................................. 100,809 443,549
Proceeds from redemption fees - Class C .............................................. 0 0
Reinvestment of distributions - Class C .............................................. 65,623 15,771
Cost of shares redeemed - Class C .................................................... (143,548) (137,884)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class C .............................................................. 22,884 321,436
-------------------------------------
Proceeds from shares sold - Administrator Class ...................................... 41,767 637,000
Proceeds from redemption fees - Administrator Class .................................. 0 0
Reinvestment of distributions - Administrator Class .................................. 2,166 652
Cost of shares redeemed - Administrator Class ........................................ (41,682) 0
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Administrator Class .................................................. 2,251 637,652
-------------------------------------
Proceeds from shares sold - Institutional Class ...................................... NA NA
Proceeds from redemption fees - Institutional Class .................................. NA NA
Reinvestment of distributions - Institutional Class .................................. NA NA
Cost of shares redeemed - Institutional Class ........................................ NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Institutional Class .................................................. NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Total ................................................................... 550,675 3,182,299
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................... (1,510,606) 4,806,709
=====================================
ENDING NET ASSETS ....................................................................... $ 9,324,509 $ 10,835,115
=====================================
INTERNATIONAL EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................. $ 833,797,097 $ 768,067,979
OPERATIONS
Net investment income (loss) ......................................................... 2,821,307 12,249,083
Net realized gain (loss) on investments .............................................. 64,940,810 112,938,262
Net change in unrealized appreciation (depreciation) of investments .................. (161,103,245) 51,673,148
-------------------------------------
Net increase (decrease) in net assets resulting from operations ......................... (93,341,128) 176,860,493
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ (808,160) (525,276)
Class B ............................................................................ (23,268) (40,528)
Class C ............................................................................ (12,549) (7,656)
Administrator Class ................................................................ (9,816,437) (8,944,660)
Institutional Class ................................................................ (1,221,357) (146)
Net realized gain on sales of investments
Class A ............................................................................ (6,283,532) 0
Class B ............................................................................ (904,571) 0
Class C ............................................................................ (206,442) 0
Administrator Class ................................................................ (66,669,488) 0
Institutional Class ................................................................ (7,067,884) 0
-------------------------------------
Total distributions to shareholders ..................................................... (93,013,688) (9,518,266)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................. 3,501,121 11,760,660
Proceeds from redemption fees - Class A .............................................. 1,705 845
Reinvestment of distributions - Class A .............................................. 6,762,140 505,289
Cost of shares redeemed - Class A .................................................... (6,018,864) (13,369,452)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class A .............................................................. 4,246,102 (1,102,658)
-------------------------------------
Proceeds from shares sold - Class B .................................................. 521,823 1,889,327
Proceeds from redemption fees - Class B .............................................. 308 112
Reinvestment of distributions - Class B .............................................. 869,991 37,594
Cost of shares redeemed - Class B .................................................... (2,775,709) (10,450,739)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class B .............................................................. (1,383,587) (8,523,706)
-------------------------------------
Proceeds from shares sold - Class C .................................................. 176,664 308,710
Proceeds from redemption fees - Class C .............................................. 53 14
Reinvestment of distributions - Class C .............................................. 180,139 6,541
Cost of shares redeemed - Class C .................................................... (344,497) (374,719)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Class C .............................................................. 12,359 (59,454)
-------------------------------------
Proceeds from shares sold - Administrator Class ...................................... 42,009,877 66,102,133
Proceeds from redemption fees - Administrator Class .................................. 19,006 5,175
Reinvestment of distributions - Administrator Class .................................. 52,422,745 6,439,237
Cost of shares redeemed - Administrator Class ........................................ (234,941,905) (225,581,837)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Administrator Class .................................................. (140,490,277) (153,035,292)
-------------------------------------
Proceeds from shares sold - Institutional Class ...................................... 6,588,632 64,462,504
Proceeds from redemption fees - Institutional Class .................................. 1,485 494
Reinvestment of distributions - Institutional Class .................................. 8,289,241 146
Cost of shares redeemed - Institutional Class ........................................ (153,133) (3,355,143)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Institutional Class .................................................. 14,726,225 61,108,001
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transaction - Total ................................................................... (122,889,178) (101,613,109)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................... (309,243,994) 65,729,118
=====================================
ENDING NET ASSETS ....................................................................... $ 524,553,103 $ 833,797,097
=====================================
34 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
EMERGING MARKETS EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .............................................................. 211,917 363,671
Shares issued in reinvestment of distributions - Class A ........................... 0 4,242
Shares redeemed - Class A .......................................................... (400,474) (1,021,653)
-------------------------------------
Net increase (decrease) in shares outstanding - Class A ............................ (188,557) (653,740)
-------------------------------------
Shares sold - Class B .............................................................. 7,604 25,208
Shares issued in reinvestment of distributions - Class B ........................... 0 0
Shares redeemed - Class B .......................................................... (27,203) (54,089)
-------------------------------------
Net increase (decrease) in shares outstanding - Class B ............................ (19,599) (28,881)
-------------------------------------
Shares sold - Class C .............................................................. 4,952 9,575
Shares issued in reinvestment of distributions - Class C ........................... 0 0
Shares redeemed - Class C .......................................................... (11,818) (35,671)
-------------------------------------
Net increase (decrease) in shares outstanding - Class C ............................ (6,866) (26,096)
-------------------------------------
Shares sold - Administrator Class .................................................. 71,248 179,429
Shares issued in reinvestment of distributions - Administrator Class ............... 0 4,581
Shares redeemed - Administrator Class .............................................. (200,525) (1,535,388)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................ (129,277) (1,351,378)
-------------------------------------
Shares sold - Institutional Class .................................................. NA NA
Shares issued in reinvestment of distributions - Institutional Class ............... NA NA
Shares redeemed - Institutional Class .............................................. NA NA
-------------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ................ NA NA
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ....................................................................... (344,299) (2,060,095)
=====================================
Ending balance of undistributed net investment income (loss) .......................... $ 210,850 $ (680,746)
-------------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage International Stock Funds 35
INTERNATIONAL CORE FUND INTERNATIONAL EQUITY FUND
------------------------------------- -------------------------------------
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
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .......................... 59,342 172,374 201,445 651,487
Shares issued in reinvestment of distributions -
Class A ..................................... 20,683 5,637 401,135 29,497
Shares redeemed - Class A ...................... (54,151) (50,392) (353,992) (748,328)
-----------------------------------------------------------------------------
Net increase (decrease) in shares outstanding -
Class A ..................................... 25,874 127,619 248,588 (67,344)
-----------------------------------------------------------------------------
Shares sold - Class B .......................... 25,786 69,455 31,584 111,916
Shares issued in reinvestment of distributions -
Class B ..................................... 13,298 4,565 54,573 2,295
Shares redeemed - Class B ...................... (31,442) (55,419) (169,308) (614,088)
-----------------------------------------------------------------------------
Net increase (decrease) in shares outstanding -
Class B ..................................... 7,642 18,601 (83,151) (499,877)
-----------------------------------------------------------------------------
Shares sold - Class C .......................... 6,403 29,046 10,632 18,253
Shares issued in reinvestment of distributions -
Class C ..................................... 4,319 1,076 11,352 401
Shares redeemed - Class C ...................... (9,967) (9,094) (21,854) (21,886)
-----------------------------------------------------------------------------
Net increase (decrease) in shares outstanding -
Class C ..................................... 755 21,028 130 (3,232)
-----------------------------------------------------------------------------
Shares sold - Administrator Class .............. 2,667 43,917 2,675,563 3,703,238
Shares issued in reinvestment of distributions -
Administrator Class ......................... 139 44 3,112,329 376,784
Shares redeemed - Administrator Class .......... (2,461) 0 (14,914,989) (12,618,050)
-----------------------------------------------------------------------------
Net increase (decrease) in shares outstanding -
Administrator Class ............................ 345 43,961 (9,127,097) (8,538,028)
-----------------------------------------------------------------------------
Shares sold - Institutional Class .............. NA NA 421,450 3,757,802
Shares issued in reinvestment of distributions -
Institutional Class ......................... NA NA 491,977 9
Shares redeemed - Institutional Class .......... NA NA (7,812) (180,484)
-----------------------------------------------------------------------------
Net increase (decrease) in shares outstanding -
Institutional Class ......................... NA NA 905,615 3,577,327
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING
RESULTING FROM CAPITAL SHARE TRANSACTIONS ...... 34,616 211,209 (8,055,915) (5,531,154)
=============================================================================
Ending balance of undistributed net investment
income (loss) .................................. $ (31,480) $ 62,217 $ 1,151,094 $ 10,211,558
-----------------------------------------------------------------------------
36 Wells Fargo Advantage International Stock Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 47.97 0.17 4 (3.60) 0.00
October 1, 2006 to September 30, 2007 ................................ $ 33.06 0.02 4 14.93 (0.04)
October 1, 2005 to September 30, 2006 ................................ $ 27.59 0.58 5.40 (0.51)
October 1, 2004 to September 30, 2005 ................................ $ 20.62 0.13 4 6.84 0.00
October 1, 2003 to September 30, 2004 ................................ $ 17.76 0.00 4 2.86 0.00
July 1, 2003 to September 30, 2003 5 ................................. $ 15.27 0.02 4 2.47 0.00
July 1, 2002 to June 30, 2003 ........................................ $ 14.50 0.00 0.77 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 46.55 (0.02) 4 (3.48) 0.00
October 1, 2006 to September 30, 2007 ................................ $ 32.29 (0.27) 4 14.53 0.00
October 1, 2005 to September 30, 2006 ................................ $ 27.02 0.30 5.33 (0.36)
October 1, 2004 to September 30, 2005 ................................ $ 20.34 (0.03) 4 6.71 0.00
October 1, 2003 to September 30, 2004 ................................ $ 17.62 (0.13) 4 2.85 0.00
July 1, 2003 to September 30, 2003 5 ................................. $ 15.18 (0.02) 4 2.46 0.00
July 1, 2002 to June 30, 2003 ........................................ $ 14.52 0.10 0.56 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 46.37 (0.02) 4 (3.46) 0.00
October 1, 2006 to September 30, 2007 ................................ $ 32.17 (0.27) 4 14.47 0.00
October 1, 2005 to September 30, 2006 ................................ $ 26.87 0.31 5.28 (0.29)
October 1, 2004 to September 30, 2005 ................................ $ 20.24 (0.05) 4 6.68 0.00
October 1, 2003 to September 30, 2004 ................................ $ 17.56 (0.14) 4 2.82 0.00
July 1, 2003 to September 30, 2003 5 ................................. $ 15.12 (0.02) 4 2.46 0.00
July 1, 2002 to June 30, 2003 ........................................ $ 14.48 0.02 0.62 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 47.96 0.23 4 (3.59) 0.00
October 1, 2006 to September 30, 2007 ................................ $ 33.04 0.07 4 14.99 (0.14)
October 1, 2005 to September 30, 2006 ................................ $ 27.58 0.69 5.36 (0.59)
October 1, 2004 to September 30, 2005 ................................ $ 20.55 0.22 4 6.81 0.00
October 1, 2003 to September 30, 2004 ................................ $ 17.64 0.06 4 2.85 0.00
July 1, 2003 to September 30, 2003 5 ................................. $ 15.16 0.03 4 2.45 0.00
July 1, 2002 to June 30, 2003 ........................................ $ 14.41 0.30 0.54 (0.09)
INTERNATIONAL CORE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 17.04 0.02 4 (2.09) (0.17)
October 1, 2006 to September 30, 2007 ................................ $ 14.15 0.17 3.13 (0.12)
October 1, 2005 to September 30, 2006 ................................ $ 13.98 0.16 1.58 (0.12)
January 1, 2005 to September 30, 2005 ................................ $ 13.16 0.11 0.74 0.00
January 1, 2004 to December 31, 2004 ................................. $ 11.47 0.28 4 1.93 (0.25)
January 1, 2003 to December 31, 2003 ................................. $ 8.84 0.18 4 2.59 (0.14)
January 1, 2002 to December 31, 2002 ................................. $ 10.41 (0.06) 4 (1.51) 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $ 16.69 (0.04) 4 (2.05) (0.07)
October 1, 2006 to September 30, 2007 ................................ $ 13.93 0.08 3.04 (0.07)
October 1, 2005 to September 30, 2006 ................................ $ 13.90 0.08 1.54 (0.14)
January 1, 2005 to September 30, 2005 ................................ $ 13.13 0.14 0.66 0.00
January 1, 2004 to December 31, 2004 ................................. $ 11.45 0.28 4 1.92 (0.25)
January 1, 2003 to December 31, 2003 ................................. $ 8.82 0.20 4 2.58 (0.15)
January 1, 2002 to December 31, 2002 ................................. $ 10.40 (0.08) 4 (1.50) 0.00
- --------------------------------------------------------------------------------
1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
3 Commencement of operations.
4 Calculated based upon average shares outstanding.
5 The Fund changed its year end from June 30 to September 30.
6 Amount calculated is less than 0.005%.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage International Stock Funds 37
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset -----------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses Waived Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 44.54 0.69% 2.01% (0.11)% 1.90%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 47.97 0.06% 2.04% (0.14)% 1.90%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 33.06 1.87% 2.01% (0.11)% 1.90%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 27.59 0.54% 2.03% (0.13)% 1.90%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 20.62 0.00% 2.01% (0.11)% 1.90%
July 1, 2003 to September 30, 2003 5 ................ 0.00 $ 17.76 0.42% 2.03% (0.15)% 1.88%
July 1, 2002 to June 30, 2003 ....................... 0.00 $ 15.27 (1.65)% 2.18% 0.00% 2.18%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 43.05 (0.11)% 2.75% (0.10)% 2.65%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 46.55 (0.70)% 2.79% (0.14)% 2.65%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 32.29 0.89% 2.76% (0.11)% 2.65%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 27.02 (0.12)% 2.77% (0.12)% 2.65%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 20.34 (0.64)% 2.77% (0.12)% 2.65%
July 1, 2003 to September 30, 2003 5 ................ 0.00 $ 17.62 (0.45)% 2.79% (0.15)% 2.64%
July 1, 2002 to June 30, 2003 ....................... 0.00 $ 15.18 1.59% 2.78% (0.45)% 2.33%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 42.89 (0.09)% 2.75% (0.10)% 2.65%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 46.37 (0.70)% 2.79% (0.14)% 2.65%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 32.17 1.00% 2.76% (0.11)% 2.65%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 26.87 (0.20)% 2.77% (0.12)% 2.65%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 20.24 (0.71)% 2.77% (0.12)% 2.65%
July 1, 2003 to September 30, 2003 5 ................ 0.00 $ 17.56 (0.39)% 2.79% (0.15)% 2.64%
July 1, 2002 to June 30, 2003 ....................... 0.00 $ 15.12 (3.00)% 3.53% (0.14)% 3.39%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 44.60 0.96% 1.82% (0.22)% 1.60%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 47.96 0.18% 1.86% (0.26)% 1.60%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 33.04 2.10% 1.83% (0.23)% 1.60%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 27.58 0.92% 1.76% (0.16)% 1.60%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 20.55 0.30% 1.69% (0.09)% 1.60%
July 1, 2003 to September 30, 2003 5 ................ 0.00 $ 17.64 0.73% 1.70% (0.15)% 1.55%
July 1, 2002 to June 30, 2003 ....................... 0.00 $ 15.16 2.43% 2.16% (0.64)% 1.52%
INTERNATIONAL CORE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... (0.90) $ 13.90 0.23% 3.14% (1.64)% 1.50%
October 1, 2006 to September 30, 2007 ............... (0.29) $ 17.04 1.37% 2.78% (1.28)% 1.50%
October 1, 2005 to September 30, 2006 ............... (1.45) $ 14.15 1.61% 4.04% (2.54)% 1.50%
January 1, 2005 to September 30, 2005 ............... (0.03) $ 13.98 1.82% 5.94% (4.96)% 0.98%
January 1, 2004 to December 31, 2004 ................ (0.27) $ 13.16 2.33% 4.78% (4.77)% 0.01%
January 1, 2003 to December 31, 2003 ................ 0.00 $ 11.47 1.78% 7.65% (7.64)% 0.01%
January 1, 2002 to December 31, 2002 ................ 0.00 $ 8.84 (0.58)% 52.39% (50.18)% 2.21%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... (0.90) $ 13.63 (0.55)% 3.88% (1.63)% 2.25%
October 1, 2006 to September 30, 2007 ............... (0.29) $ 16.69 0.55% 3.53% (1.28)% 2.25%
October 1, 2005 to September 30, 2006 ............... (1.45) $ 13.93 0.72% 4.86% (2.61)% 2.25%
January 1, 2005 to September 30, 2005 ............... (0.03) $ 13.90 1.58% 6.88% (5.44)% 1.44%
January 1, 2004 to December 31, 2004 ................ (0.27) $ 13.13 2.32% 5.52% (5.52)% 0.00% 6
January 1, 2003 to December 31, 2003 ................ 0.00 $ 11.45 2.01% 8.58% (8.58)% 0.00%
January 1, 2002 to December 31, 2002 ................ 0.00 $ 8.82 (0.83)% 52.04% (49.66)% 2.38%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate (000's omitted)
- -----------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND
- -----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... (7.15)% 86% $ 181,474
October 1, 2006 to September 30, 2007 ............... 45.23% 149% $ 204,496
October 1, 2005 to September 30, 2006 ............... 21.95% 103% $ 162,525
October 1, 2004 to September 30, 2005 ............... 33.80% 184% $ 157,107
October 1, 2003 to September 30, 2004 ............... 16.04% 225% $ 139,880
July 1, 2003 to September 30, 2003 5 ................ 16.37% 49% $ 117,842
July 1, 2002 to June 30, 2003 ....................... 5.33% 210% $ 105,512
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... (7.52)% 86% $ 6,326
October 1, 2006 to September 30, 2007 ............... 44.16% 149% $ 7,752
October 1, 2005 to September 30, 2006 ............... 21.01% 103% $ 6,310
October 1, 2004 to September 30, 2005 ............... 32.84% 184% $ 4,242
October 1, 2003 to September 30, 2004 ............... 15.37% 225% $ 2,781
July 1, 2003 to September 30, 2003 5 ................ 16.06% 49% $ 290
July 1, 2002 to June 30, 2003 ....................... 4.64% 210% $ 28
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... (7.50)% 86% $ 2,749
October 1, 2006 to September 30, 2007 ............... 44.14% 149% $ 3,290
October 1, 2005 to September 30, 2006 ............... 20.96% 103% $ 3,122
October 1, 2004 to September 30, 2005 ............... 32.76% 184% $ 2,632
October 1, 2003 to September 30, 2004 ............... 15.26% 225% $ 2,449
July 1, 2003 to September 30, 2003 5 ................ 16.14% 49% $ 519
July 1, 2002 to June 30, 2003 ....................... 4.37% 210% $ 59
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (7.01)% 86% $ 37,030
October 1, 2006 to September 30, 2007 ............... 45.73% 149% $ 46,018
October 1, 2005 to September 30, 2006 ............... 22.26% 103% $ 76,362
October 1, 2004 to September 30, 2005 ............... 34.21% 184% $ 73,406
October 1, 2003 to September 30, 2004 ............... 16.43% 225% $ 50,376
July 1, 2003 to September 30, 2003 5 ................ 16.42% 49% $ 29,273
July 1, 2002 to June 30, 2003 ....................... 5.79% 210% $ 25,784
INTERNATIONAL CORE FUND
- -----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... (12.66)% 25% $ 4,830
October 1, 2006 to September 30, 2007 ............... 23.68% 61% $ 5,478
October 1, 2005 to September 30, 2006 ............... 13.75% 36% $ 2,745
January 1, 2005 to September 30, 2005 ............... 6.48% 37% $ 1,299
January 1, 2004 to December 31, 2004 ................ 19.38% 28% $ 757
January 1, 2003 to December 31, 2003 ................ 31.38% 88% $ 585
January 1, 2002 to December 31, 2002 ................ (15.08)% 47% $ 161
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... (13.03)% 25% $ 2,918
October 1, 2006 to September 30, 2007 ............... 22.81% 61% $ 3,444
October 1, 2005 to September 30, 2006 ............... 12.93% 36% $ 2,616
January 1, 2005 to September 30, 2005 ............... 6.11% 37% $ 1,702
January 1, 2004 to December 31, 2004 ................ 19.32% 28% $ 1,218
January 1, 2003 to December 31, 2003 ................ 31.58% 88% $ 727
January 1, 2002 to December 31, 2002 ................ (15.19)% 47% $ 289
38 Wells Fargo Advantage International Stock Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
- ---------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND (continued)
- --------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 16.78 (0.04) 4 (2.05) (0.07)
October 1, 2006 to September 30, 2007 ........... $ 13.97 0.07 3.08 (0.05)
October 1, 2005 to September 30, 2006 ........... $ 13.88 0.05 1.58 (0.09)
January 1, 2005 to September 30, 2005 ........... $ 13.12 0.11 0.68 0.00
January 1, 2004 to December 31, 2004 ............ $ 11.43 0.28 4 1.93 (0.25)
January 1, 2003 to December 31, 2003 ............ $ 8.82 0.21 4 2.57 (0.17)
January 1, 2002 to December 31, 2002 ............ $ 10.40 (0.06) 4 (1.52) 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 17.26 0.04 4 (2.10) (0.23)
October 1, 2006 to September 30, 2007 ........... $ 14.19 0.43 2.93 0.00
October 1, 2005 to September 30, 2006 ........... $ 13.99 0.24 1.52 (0.11)
April 11, 2005 to September 30, 2005 3 .......... $ 13.23 0.08 0.68 0.00
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 19.49 0.06 4 (2.22) (0.23)
October 1, 2006 to September 30, 2007 ........... $ 15.91 0.24 4 3.51 (0.17)
October 1, 2005 to September 30, 2006 ........... $ 13.69 0.17 4 2.20 (0.15)
October 1, 2004 to September 30, 2005 ........... $ 11.09 0.17 2.43 (0.00)
October 1, 2003 to September 30, 2004 ........... $ 9.88 0.04 4 1.23 (0.06)
October 1, 2002 to September 30, 2003 ........... $ 8.46 0.04 4 1.38 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 18.52 (0.01) 4 (2.10) (0.05)
October 1, 2006 to September 30, 2007 ........... $ 15.13 0.07 4 3.36 (0.04)
October 1, 2005 to September 30, 2006 ........... $ 13.03 0.07 4 2.08 (0.05)
October 1, 2004 to September 30, 2005 ........... $ 10.62 0.07 2.34 (0.00)
October 1, 2003 to September 30, 2004 ........... $ 9.48 (0.05) 4 1.19 0.00
October 1, 2002 to September 30, 2003 ........... $ 8.19 (0.03) 4 1.32 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 18.46 (0.01) 4 (2.09) (0.11)
October 1, 2006 to September 30, 2007 ........... $ 15.10 0.09 4 3.34 (0.07)
October 1, 2005 to September 30, 2006 ........... $ 13.00 0.07 4 2.09 (0.06)
October 1, 2004 to September 30, 2005 ........... $ 10.60 0.06 2.34 0.00
October 1, 2003 to September 30, 2004 ........... $ 9.47 (0.04) 4 1.17 0.00
October 1, 2002 to September 30, 2003 ........... $ 8.18 (0.02) 4 1.31 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 19.48 0.07 4 (2.21) (0.27)
October 1, 2006 to September 30, 2007 ........... $ 15.90 0.26 4 3.53 (0.21)
October 1, 2005 to September 30, 2006 ........... $ 13.69 0.23 4 2.17 (0.19)
October 1, 2004 to September 30, 2005 ........... $ 11.08 0.17 2.48 (0.04)
October 1, 2003 to September 30, 2004 ........... $ 9.87 0.07 4 1.22 (0.08)
October 1, 2002 to September 30, 2003 ........... $ 8.46 0.08 4 1.34 (0.01)
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $ 19.50 0.10 4 (2.22) (0.31)
October 1, 2006 to September 30, 2007 ........... $ 15.91 0.45 4 3.37 (0.23)
August 31, 2006 3 to September 30, 2006 ......... $ 15.84 0.02 4 0.05 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage International Stock Funds 39
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset -----------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses Waived Expenses
- --------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND (continued)
- --------------------------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (0.90) $ 13.72 (0.56)% 3.88% (1.63)% 2.25%
October 1, 2006 to September 30, 2007 ........... (0.29) $ 16.78 0.56% 3.53% (1.28)% 2.25%
October 1, 2005 to September 30, 2006 ........... (1.45) $ 13.97 0.77% 4.87% (2.62)% 2.25%
January 1, 2005 to September 30, 2005 ........... (0.03) $ 13.88 1.51% 6.73% (5.34)% 1.40%
January 1, 2004 to December 31, 2004 ............ (0.27) $ 13.12 2.31% 5.51% (5.51)% 0.00% 6
January 1, 2003 to December 31, 2003 ............ 0.00 $ 11.43 2.15% 8.36% (8.35)% 0.01%
January 1, 2002 to December 31, 2002 ............ 0.00 $ 8.82 (0.68)% 52.54% (50.13)% 2.41%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (0.90) $ 14.07 0.47% 2.98% (1.73)% 1.25%
October 1, 2006 to September 30, 2007 ........... (0.29) $ 17.26 1.57% 2.66% (1.41)% 1.25%
October 1, 2005 to September 30, 2006 ........... (1.45) $ 14.19 1.95% 4.01% (2.76)% 1.25%
April 11, 2005 to September 30, 2005 3 .......... 0.00 $ 13.99 1.53% 5.60% (4.18)% 1.41%
INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.98) $ 15.12 0.67% 1.67% (0.17)% 1.50%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 19.49 1.32% 1.70% (0.20)% 1.50%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 15.91 1.16% 1.67% (0.17)% 1.50%
October 1, 2004 to September 30, 2005 ........... 0.00 $ 13.69 1.24% 1.66% (0.16)% 1.50%
October 1, 2003 to September 30, 2004 ........... 0.00 $ 11.09 0.36% 1.71% (0.21)% 1.50%
October 1, 2002 to September 30, 2003 ........... 0.00 $ 9.88 0.42% 1.76% (0.26)% 1.50%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.98) $ 14.38 (0.10)% 2.42% (0.17)% 2.25%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 18.52 0.39% 2.45% (0.20)% 2.25%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 15.13 0.49% 2.42% (0.17)% 2.25%
October 1, 2004 to September 30, 2005 ........... 0.00 $ 13.03 0.49% 2.41% (0.16)% 2.25%
October 1, 2003 to September 30, 2004 ........... 0.00 $ 10.62 (0.43)% 2.46% (0.21)% 2.25%
October 1, 2002 to September 30, 2003 ........... 0.00 $ 9.48 (0.31)% 2.82% (0.57)% 2.25%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.98) $ 14.27 (0.10)% 2.41% (0.16)% 2.25%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 18.46 0.54% 2.45% (0.20)% 2.25%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 15.10 0.49% 2.42% (0.17)% 2.25%
October 1, 2004 to September 30, 2005 ........... 0.00 $ 13.00 0.42% 2.41% (0.16)% 2.25%
October 1, 2003 to September 30, 2004 ........... 0.00 $ 10.60 (0.39)% 2.45% (0.20)% 2.25%
October 1, 2002 to September 30, 2003 ........... 0.00 $ 9.47 (0.27)% 2.70% (0.45)% 2.25%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.98) $ 15.09 0.80% 1.49% (0.24)% 1.25%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 19.48 1.48% 1.52% (0.27)% 1.25%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 15.90 1.52% 1.49% (0.24)% 1.25%
October 1, 2004 to September 30, 2005 ........... 0.00 $ 13.69 1.54% 1.41% (0.16)% 1.25%
October 1, 2003 to September 30, 2004 ........... 0.00 $ 11.08 0.64% 1.38% (0.13)% 1.25%
October 1, 2002 to September 30, 2003 0.00 $ 9.87 0.76% 1.34% (0.09)% 1.25%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.98) $ 15.09 1.16% 1.22% (0.17)% 1.05%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 19.50 2.43% 1.22% (0.17)% 1.05%
August 31, 2006 3 to September 30, 2006 ......... 0.00 $ 15.91 1.77% 1.29% (0.40)% 0.89%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- --------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND (continued)
- -------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.96)% 25% $ 924
October 1, 2006 to September 30, 2007 ........... 22.95% 61% $ 1,118
October 1, 2005 to September 30, 2006 ........... 12.99% 36% $ 637
January 1, 2005 to September 30, 2005 ........... 6.04% 37% $ 325
January 1, 2004 to December 31, 2004 ............ 19.44% 28% $ 317
January 1, 2003 to December 31, 2003 ............ 31.52% 88% $ 183
January 1, 2002 to December 31, 2002 ............ (15.19)% 47% $ 150
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.52)% 25% $ 653
October 1, 2006 to September 30, 2007 ........... 24.00% 61% $ 795
October 1, 2005 to September 30, 2006 ........... 13.95% 36% $ 30
April 11, 2005 to September 30, 2005 3 .......... 5.74% 106% $ 16
INTERNATIONAL EQUITY FUND
- -------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.13)% 24% $ 52,399
October 1, 2006 to September 30, 2007 ........... 23.68% 49% $ 62,693
October 1, 2005 to September 30, 2006 ........... 17.50% 44% $ 52,243
October 1, 2004 to September 30, 2005 ........... 23.48% 46% $ 57,496
October 1, 2003 to September 30, 2004 ........... 12.89% 112% $ 56,108
October 1, 2002 to September 30, 2003 ........... 16.78% 73% $ 52,762
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.46)% 24% $ 6,242
October 1, 2006 to September 30, 2007 ........... 22.73% 49% $ 9,579
October 1, 2005 to September 30, 2006 ........... 16.57% 44% $ 15,385
October 1, 2004 to September 30, 2005 ........... 22.69% 46% $ 14,653
October 1, 2003 to September 30, 2004 ........... 12.03% 112% $ 14,796
October 1, 2002 to September 30, 2003 15.75% 73% $ 20,149
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.46)% 24% $ 1,518
October 1, 2006 to September 30, 2007 ........... 22.76% 49% $ 1,961
October 1, 2005 to September 30, 2006 ........... 16.65% 44% $ 1,652
October 1, 2004 to September 30, 2005 ........... 22.64% 46% $ 1,512
October 1, 2003 to September 30, 2004 ........... 11.93% 112% $ 1,618
October 1, 2002 to September 30, 2003 ........... 15.77% 73% $ 2,530
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.04)% 24% $ 396,728
October 1, 2006 to September 30, 2007 ........... 24.00% 49% $ 689,808
October 1, 2005 to September 30, 2006 ........... 17.74% 44% $ 698,778
October 1, 2004 to September 30, 2005 ........... 23.94% 46% $ 594,488
October 1, 2003 to September 30, 2004 ........... 13.11% 112% $ 394,649
October 1, 2002 to September 30, 2003 ........... 16.83% 73% $ 266,099
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (11.95)% 24% $ 67,667
October 1, 2006 to September 30, 2007 ........... 24.22% 49% $ 69,756
August 31, 2006 3 to September 30, 2006 ......... 0.44% 44% $ 10
40 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Emerging Markets Equity Fund
(formerly named the Emerging Markets Focus Fund), International Core Fund and
International Equity Fund.
Emerging Markets Equity, International Core and International Equity Funds are
each a diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Certain Funds of the Trust may invest a substantial portion of their assets in
an industry, sector or foreign country as is discussed in the Performance
Highlights for those Funds. Such Funds may be more affected by changes in that
industry, sector or foreign country than they would be absent the concentration
of investments.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 41
materially affect the value of the investments, then those investments are fair
valued following procedures approved by the Board of Trustees. These procedures
take into account multiple factors including movements in U.S. securities
markets after foreign exchanges close. Depending on market activity, such fair
valuations may be frequent. In light of the judgment involved in fair value
decisions, there can be no assurance that a fair value assigned to a particular
security is accurate. Such fair value pricing may result in NAVs that are higher
or lower than NAVs based on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at amortized
cost. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates market value.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures 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 based on 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.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
42 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2008.
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 are subject to
examination by the Internal Revenue Service and state departments of revenue.
At September 30, 2007, net capital loss carryforwards, which are available to
offset future net realized capital gains, were:
- -------------------------------------------------------------------------------
Capital Loss
Fund Expiration Year Carryforwards
- -------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND 2008 $ 557,294
2009 5,094,659
2010 14,971,904
- -------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 2009 2,139,280
2010 12,723,404
2011 1,709,784
- -------------------------------------------------------------------------------
At September 30, 2007, current year deferred post-October currency losses, which
will be treated as realized for tax purposes on the first day of the succeeding
year, were:
- -------------------------------------------------------------------------------
Deferred
Post-October
Fund Currency Loss
- -------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND $ 685,011
- -------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 16,675
- -------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 367,313
- -------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect against a
possible loss resulting from an adverse change in the relationship between
foreign currencies and the U.S. dollar, or between foreign currencies. A forward
contract is an agreement between two counterparties for future delivery or
receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
As of March 31, 2008, outstanding forward contracts were as follows:
- -----------------------------------------------------------------------------------------------------------------
Currency Currency Net Unrealized
Amount to be Amount to be Appreciation
Fund Received Type of Currency Settlement Date Delivered (Depreciation)
- -----------------------------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND 13,326,928 South Africa Rand 04/01/2008 $ 1,643,271 $ (17,703)
- -----------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 8,992 Brazil Real 04/01/2008 5,125 (51)
242,505 Switzerland Franc 04/01/2008 244,190 564
156,368 Euro 04/01/2008 246,867 40
110,052 Euro 04/01/2008 173,746 (213)
1,411,194 Hong Kong Dollar 04/01/2008 181,326 13
40,723,478 Japanese Yen 04/01/2008 408,542 (1,729)
23,606,826 Japanese Yen 04/01/2008 236,826 332
14,686,196 Japanese Yen 04/01/2008 147,333 (489)
684,047 Norway Krone 04/01/2008 134,328 (194)
- -----------------------------------------------------------------------------------------------------------------
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 43
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 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 domestic securities lending activities in Emerging Markets Equity
Fund. 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:
- -------------------------------------------------------------------------------
Fund Defaulted SIVs ($MV) % of Net Assets
- -------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND $ 994,595 0.44%
- -------------------------------------------------------------------------------
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser. Funds Management may retain the services of
certain investment subadvisers to provide daily portfolio management. The fees
related to subadvisory services are borne directly by the adviser and do not
increase the overall fees paid by a Fund to the adviser. Funds
44 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
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
Fund Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ----------------------------------------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND First $500 million 1.100 Wells Capital First $100 million 0.650
Next $500 million 1.050 Management Next $100 million 0.550
Next $2 billion 1.000 Incorporated Over $200 million 0.450
Next $2 billion 0.975
Over $5 billion 0.950
- ----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND First $500 million 0.950 New Star First $50 million 0.350
Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
- ----------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 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 LSV Asset First $150 million 0.350
Over $5 billion 0.800 Management Next $350 million 0.400
Next $250 million 0.350
Next $250 million 0.325
Over $1 billion 0.300
New Star First $50 million 0.350
Institutional Next $500 million 0.290
Managers Limited Over $550 million 0.200
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- --------------------------------------------------------------------------------------------------
Admin Fees For Admin Fees
International Core Fund Only For Other Funds
Average Daily (% of Average (% of Average
Fund Net Assets Daily Net Assets) Daily Net Assets)
- --------------------------------------------------------------------------------------------------
Fund Level First $5 billion 0.05 0.05
Next $5 billion 0.04 0.04
Over $10 billion 0.03 0.03
- --------------------------------------------------------------------------------------------------
Class A All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------------
Class B All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------------
Class C All asset levels 0.23 0.28
- --------------------------------------------------------------------------------------------------
Administrator Class All asset levels 0.10 0.10
- --------------------------------------------------------------------------------------------------
Institutional Class All asset levels N/A 0.08
- --------------------------------------------------------------------------------------------------
The trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. BFDS is entitled to receive fees
from the administrator for its services as transfer agent.
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 45
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
- --------------------------------------------------------------------------------
% of Average
FUND Daily Net Assets
- --------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND 0.25
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 0.10
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 0.10
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
- --------------------------------------------------------------------------------
% of Average
SHARE CLASS Daily Net Assets
- --------------------------------------------------------------------------------
Class A, Class B, Class C and Administrator Class 0.25%
- --------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees paid were as
follows:
- --------------------------------------------------------------------------------
Administrator
Fund Class A Class B Class C Class
- --------------------------------------------------------------------------------
EMERGING MARKET EQUITY FUND $251,134 $ 9,173 $3,844 $ 52,662
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 6,392 4,063 1,306 890
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 72,119 9,759 2,167 691,355
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and Class C
shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act.
Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the period ended March 31, 2008, distribution fees incurred are disclosed on
the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset-based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
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 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 in the Statements of
Operations, for the period ended March 31, 2008, were waived by Funds Management
proportionately from all classes, first from advisory fees, and then from any
Class specific expenses, if applicable. Funds Management has contractually
committed through January 31, 2009, to waive fees and/or reimburse expenses to
the extent necessary to maintain a certain net operating expense ratio for the
Funds. Net operating expense ratios in effect for the period ended March 31,
2008, were as follows:
- ------------------------------------------------------------------------------------------------
Net Operating Expense Ratios
----------------------------
Fund Class A Class B Class C Administrator Institutional
- ------------------------------------------------------------------------------------------------
EMERGING MARKETS EQUITY FUND 1.90% 2.65% 2.65% 1.60% NA
- ------------------------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 1.50% 2.25% 2.25% 1.25% NA
- ------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 1.50% 2.25% 2.25% 1.25% 1.05%
- ------------------------------------------------------------------------------------------------
46 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the period
ended March 31, 2008, were as follows:
- --------------------------------------------------------------------------------
FUND Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
EMERGING MARKET EQUITY FUND $ 190,622,737 $ 206,136,464
- --------------------------------------------------------------------------------
INTERNATIONAL CORE FUND 2,553,637 2,472,773
- --------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND 161,762,420 364,700,874
- --------------------------------------------------------------------------------
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2008, the Emerging Markets Equity Fund and
International Core Fund had no borrowings under the agreement, while the
International Equity Fund had minimal borrowings.
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement imposed fee reductions across the predecessor Strong Fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. The current Funds' advisor has agreed to honor
these fee reductions for the benefit of shareholders across the successor funds.
Although civil litigation against Strong and certain predecessor Strong Funds
relating to these matters is continuing, neither the current adviser nor the
successor funds is a party to any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
In 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.
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 47
8. MISCELLANEOUS
FOREIGN TAXES PAYABLE
Under Indian tax law, U.S. mutual funds are subject to taxation on capital gains
realized upon the sale of Indian securities. Mutual fund industry practice has
long been to net long-term capital losses against taxable short-term capital
gains. However, the Indian tax statute was amended in mid-2002 to disallow such
netting, and the Indian tax authorities have subsequently assessed additional
taxes on many U.S. mutual funds based upon a retroactive application of the tax
statute. For the taxable years since its inception date, the Wells Fargo
Advantage Emerging Markets Equity Fund (the "Focus Fund"), as successor to the
Montgomery Emerging Markets Fund and Montgomery Emerging Markets Focus Fund, has
been assessed approximately $590,000. The Fund filed an administrative appeal to
this assessment in April 2003.
In 2003, the Focus Fund received a demand for half of the $590,000 to stay the
imposition of additional penalties while the assessment was under appeal, and
pursuant to an agreement reached that year, the Focus Fund made such payment.
The Focus Fund made the determination to accrue the entire amount at issue as a
tax expense. The Focus Fund has received favorable decisions from the Income Tax
Appellate Tribunal ("ITAT") for the tax years in question. However, based upon
discussions with counsel in India, it remains possible that the tax authority
could successfully appeal the decisions with the High Court in India. As a
result, the liability for foreign taxes will remain on the Focus Fund's
Statement of Assets and Liabilities until the ultimate resolution is known.
Foreign taxes payable also reflects accrued India and Thailand capital gains tax
on unrealized gains, if any, on Indian and Thai securities as required under
GAAP.
48 Wells Fargo Advantage International Stock Funds
Other Information (Unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on
a monthly, 30-day or more delayed basis and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information 1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None
65 University of Wake Forest University. Prior thereto, the
Thomas Goho Chair of Finance of Wake Forest University,
Calloway School of Business and Accountancy, from
2006-2007 and Associate Professor of Finance from
1999-2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water None
65 Chairman, since 2005 Company and President of Crystal Geyser Roxane Water
(Lead Trustee since 2001) Company.
- ------------------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
55 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging Research
Center. Research associate, National Bureau of Economic
Research.
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
56 Foundation, a non-profit organization since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum at
the University of Minnesota since 1995.
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
67
- ------------------------------------------------------------------------------------------------------------------------------------
Other Information (Unaudited)
Wells Fargo Advantage International Stock Funds 49
INTERESTED TRUSTEE 3
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None
63 Chairman of Whitepoint Capital, LLC until 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
48 President of Wells Fargo Funds Management, LLC since
2003. Senior Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC from 2001
to 2003.
- ------------------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
47 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting None
48 and Tax for Wells Fargo Funds Management, LLC since
2007. Director of Fund Administration and SEC Reporting
for TIAA-CREF from 2005 to 2007. Chief Operating Officer
for UMB Fund Services, Inc. from 2004 to 2005.
Controller for Sungard Transaction Networks from 2002 to
2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None
43 since 2007 Management, LLC since 2007. Chief Compliance Officer of
Parnassus Investments from 2005 to 2007. Chief Financial
Officer of Parnassus Investments from 2004 to 2007 and
Senior Audit Manager of PricewaterhouseCoopers LLP from
1998 to 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
50 Wells Fargo Advantage International Stock Funds Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS: EMERGING MARKETS EQUITY FUND, INTERNATIONAL CORE FUND AND
INTERNATIONAL EQUITY FUND
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Emerging Markets Equity Fund (formerly named the Emerging
Markets Focus Fund), International Core Fund and International Equity Fund (the
"Funds"); (ii) an investment sub-advisory agreement with Wells Capital
Management Incorporated ("Wells Capital Management") for the Emerging Markets
Equity Fund; (iii) an investment sub-advisory agreement with New Star
Institutional Managers Limited ("New Star") for the International Core Fund and
International Equity Fund; (iv) an investment sub-advisory agreement with
Artisan Partners Limited Partnership ("Artisan") for the International Equity
Fund; and (v) an investment sub-advisory agreement with LSV Asset Management
("LSV") for the International Equity Fund. The investment advisory agreements
with Funds Management and the investment sub-advisory agreements with Wells
Capital Management, New Star, Artisan and LSV (the "Sub-Advisers"), are
collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 28, 2008, the Board, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and the Sub-Advisers and the continuation of the Advisory
Agreements. Prior to the March 28, 2008, meeting, the Trustees conferred
extensively among themselves and with representatives of Funds Management about
these matters. The Boards also met regularly throughout the year and received
information that was useful to them in considering the continuation of the
Advisory Agreements. The Independent Trustees were assisted in their evaluation
of the Advisory Agreements by independent legal counsel, from whom they received
separate legal advice and with whom they met separately from Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and the Sub-Advisers under the Advisory Agreements. The Board also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Board
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for day-to-day portfolio management services for the Funds.
The Board evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Board further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers, and the appointment of a new Chief Compliance Officer for the
Funds. In addition, the Board took into account the administrative services
provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Board considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
Other Information Wells Fargo Advantage International Stock Funds 51
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each of the Funds over various
time periods ended December 31, 2007. The Board also considered these results in
comparison to the median performance of a universe of relevant funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Funds (the
"Universe"), as well as to the Funds' benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
was provided with a description of the methodology used by Lipper to select the
mutual funds in the Universe.
The Board noted that the performance of the International Equity Fund was better
than or not appreciably below the median performance of its Universe for all
time periods. The Board noted that the performance of the Emerging Markets
Equity Fund and International Core Fund was lower than the median performance of
each Fund's Universe for most time periods and required further review. As part
of its further review, the Board received an analysis of, and discussed factors
contributing to, the underperformance of the Emerging Markets Equity Fund and
International Core Fund. The Board requested continued reports on the
performance of the Emerging Markets Equity Fund and International Core Fund.
The Board received and considered information regarding the Funds' contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Board also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that were determined by Lipper to be the most similar to the Funds (the
"Peer Group") and to other comparative data. The Board was provided with a
description of the methodology used by Lipper to select the mutual funds in the
Peer Group. The Board noted that the net operating expense ratios for each Fund
were lower than, equal to, or not appreciably higher than, its Peer Group's
median net operating expense ratios. The Board also noted that, at its regular
meeting in November 2007, it had approved the reorganization of a fund of the
Trust (the "Acquired Fund") into the International Equity Fund, pending
shareholder approval, and that if the reorganization were approved by
shareholders of the Acquired Fund and consummated, the net operating expense
ratio for most share classes of the Fund would be reduced upon completion of the
reorganization
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to the Sub-Advisers for
investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's Peer
Group. The Board noted that the Advisory Agreement Rates and the Net Advisory
Rates for each Fund were lower than, or not appreciably higher than, the median
rates of each Fund's respective Peer Group. In addition, the Board concluded
that the combined investment advisory/administration fee rates for the Funds
(before and after waivers/caps and/or expense reimbursements) were reasonable in
relation to each Fund's respective Peer Group, and reasonable in relation to the
services provided.
The Board also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on their consideration of the factors described above.
52 Wells Fargo Advantage International Stock Funds Other Information
PROFITABILITY
The Board received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and Net Advisory Rates, as well
as an analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Board also considered related information provided by
Funds Management in a separate presentation on financial matters made at the
February 2008 board meeting. The Board concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
The Board did not consider separate profitability information with respect to
Wells Capital Management, as its profitability from its relationship with the
Emerging Markets Equity Fund was not a material factor in determining whether to
renew the agreement. The Board did not consider separate profitability
information with respect to Artisan, LSV and New Star, which are not affiliated
with Funds Management. The Board considered that the sub-advisory fees paid to
Artisan, LSV and New Star had been negotiated by Funds Management on an arm's
length basis and that Artisan's, LSV's and New Star's profitability from their
relationships with the International Core Fund and International Equity Fund was
not a material factor in determining whether to renew the agreements.
ECONOMIES OF SCALE
The Board received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Board also considered information provided by Funds Management in
separate presentations on advisory fee breakpoints and economies of scale made
at the February 2008 board meeting. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders,
most particularly through Advisory Agreement Rate breakpoints and waivers/caps
and/or expense reimbursements applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Board also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trust, and those offered by the Sub-Advisers to other
clients. The Board concluded that the Advisory Agreement Rates, the Sub-Advisory
Agreement Rates and the Net Advisory Rates were within a reasonable range of the
fee rates offered to others by Funds Management and the Sub-Advisers, giving
effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and the Sub-Advisers with the Funds and benefits potentially
derived from an increase in Funds Management's and the Sub-Advisers' business as
a result of their relationship with the Funds (such as the ability to market to
shareholders other financial products offered by Funds Management and its
affiliates or the Sub-Advisers and their affiliates).
The Board also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and the Sub-Advisers' methods for allocating portfolio investment
opportunities among the Funds and other clients.
Other Information Wells Fargo Advantage International Stock Funds 53
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares are offered and sold. The
Board noted that the Funds are part of one of the few fund families that have
both direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and the Sub-Advisers annually as part of the re-approval process
under Section 15(c) of the 1940 Act. The Board also reviews and assesses the
quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for the Funds was in the
best interest of the Funds and their shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
54 Wells Fargo Advantage International Stock Funds List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
Plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- Xl Capital Assurance
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds'Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1- 800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
109398 05-08
SINTLD/SAR108 03-08
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Semi-Annual Report
March 31, 2008
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
o WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
o WELLS FARGO ADVANTAGE OVERSEAS FUND
WANT TO RECEIVE YOUR ANNUAL AND SEMI-ANNUAL REPORTS FASTER?
Sign up for e-delivery at
www.wellsfargo.com/advantagefunds,
Keyword: eDocs.
Contents
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Asia Pacific Fund ........................................................ 4
Overseas Fund ............................................................ 6
FUND EXPENSES ............................................................ 8
PORTFOLIO OF INVESTMENTS
Asia Pacific Fund ........................................................ 9
Overseas Fund ............................................................ 13
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 16
Statements of Operations ................................................. 17
Statements of Changes in Net Assets ...................................... 18
Financial Highlights ..................................................... 22
NOTES TO FINANCIAL STATEMENTS ............................................ 24
OTHER INFORMATION ........................................................ 31
LIST OF ABBREVIATIONS .................................................... 36
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NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
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[GRAPHIC OMITTED]
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WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING
THE COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO
ADVANTAGE FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT
AMONG THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
- --------------------------------------------------------------------------------
GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
- --------------------------------------------------------------------------------
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund
Diversified Equity Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Large Cap Fund
Endeavor Select Fund
Enterprise Fund
Equity Income Fund
Equity Index Fund
Equity Value Fund
Growth and Income Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Equity Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund
Overseas Fund
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Specialized Financial Services Fund
Specialized Technology Fund
Strategic Small Cap Value Fund
U.S. Value Fund
Value Fund
BOND FUNDS
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California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Corporate Bond Fund
Diversified Bond Fund
Government Securities Fund 1
High Income Fund
High Yield Bond Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Government Income Fund 1
Intermediate Tax-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
National Limited-Term Tax-Free Fund
National Tax-Free Fund
Short Duration Government Bond Fund 1
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Ultra-Short Duration Bond Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
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Aggressive Allocation Fund
Asset Allocation Fund
Balanced Fund
Conservative Allocation Fund
Growth Balanced Fund
Moderate Balanced Fund
Life Stage-Aggressive Portfolio
Life Stage-Conservative Portfolio
Life Stage-Moderate Portfolio
WealthBuilder Conservative Allocation Portfolio
WealthBuilder Equity Portfolio
WealthBuilder Growth Allocation Portfolio
WealthBuilder Growth Balanced Portfolio
WealthBuilder Moderate Balanced Portfolio
WealthBuilder Tactical Equity Portfolio
Target Today Fund 2
Target 2010 Fund 2
Target 2015 Fund 2
Target 2020 Fund 2
Target 2025 Fund 2
Target 2030 Fund 2
Target 2035 Fund 2
Target 2040 Fund 2
Target 2045 Fund 2
Target 2050 Fund 2
MONEY MARKET FUNDS
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100% Treasury Money Market Fund 1
California Tax-Free Money Market Fund
California Tax-Free Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund 1
Heritage Money Market Fund
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund
Prime Investment Money Market Fund
Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
- --------------------------------------------------------------------------------
VT Asset Allocation Fund
VT C&B Large Cap Value Fund
VT Discovery Fund
VT Equity Income Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Money Market Fund
VT Opportunity Fund
VT Small Cap Growth Fund
VT Small/Mid Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- --------------------------------------------------------------------------------
1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage International Stock Funds Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE MSCI EAFE INDEX WAS
DOWN 10.50% FOR THE PERIOD
IN U.S. DOLLAR TERMS.
- --------------------------------------------------------------------------------
Dear Valued Shareholder,
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
INTERNATIONAL FUNDS that covers the six-month period that ended March 31, 2008.
During the period, the economy struggled to absorb slower growth, high energy
prices, a continuing correction in the housing market, and tighter lending
practices that presented financial challenges to businesses and consumers.
The real estate crisis that originated in the United States affected global
markets through mortgage-related assets. The crisis began when falling prices of
new and existing homes affected subprime borrowers who struggled to make their
mortgage payments when easy access to credit all but disappeared. The price
correction in the market value of homes prevented some speculators from paying
off their full mortgage balances by selling their homes. Others without an eye
toward speculation found it difficult to refinance their mortgages due to the
decline in property values. The rapid collapse of investment bank Bear Stearns,
due to high write-offs in its mortgage-related assets, underscored some of the
more significant risks within the market.
CENTRAL BANKS RESPONDED IN VARIOUS WAYS
Central banks were pressured on many sides. Credit-related problems led to
reduced bank lending and dampened consumer sentiment, posing a threat to
economic growth. At the same time, though, rising prices for food and energy put
upward pressure on inflation. The Bank of England followed a path similar to
that of the Federal Reserve Board, cutting its key lending rate twice during the
period, taking it from 5.75% to 5.25%. By contrast, the European Central Bank
refused to cut its key lending rate, warning against a replay of 1970s-style
inflation if central banks cut interest rates in the face of rising inflation.
INVESTORS SOUGHT RELATIVE SAFETY IN GOVERNMENT BONDS
During the six-month period, government bonds generally outperformed corporate
bonds. Mortgage-related securities declined on continued housing-related
turmoil. Corporate and high-yield bonds trailed as investors worried about the
effect of a slowing economy on future default rates.
THE STOCK MARKET STRUGGLED IN MOST AREAS
Most international markets posted negative returns on twin fears of inflation
and recession; however, the U.S. dollar's decline partially offset these losses
for U.S.-based investors. The MSCI EAFE Index 1 was down 10.50% for the period
in
- --------------------------------------------------------------------------------
1 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
Letter to Shareholders Wells Fargo Advantage International Stock Funds 3
U.S. dollar terms. By contrast, the S&P 500 Index 2 declined 12.46% for the
six-month period. Emerging markets held up better than developing markets,
largely because of strength in Latin America. Major European markets posted
stronger returns in the final months of 2007 than they did in the beginning
months of 2008. The Japanese stock market was weak throughout the period.
PLANNING AHEAD
The continued uncertainty surrounding the housing market, credit availability,
and inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
consistent methodology. We believe that our insistence on seeking investment
teams who share our dedication to pursuing consistent, long-term results offers
you a way to navigate changing market conditions and move forward with your
financial planning.
Also, as you may know, the WELLS FARGO ADVANTAGE FUNDS Board of Trustees
unanimously approved a set of initiatives designed to streamline the Wells Fargo
Advantage Funds and standardize share classes across the fund family. Among
these initiatives, the Board has unanimously recommended that shareholders of
the WELLS FARGO ADVANTAGE OVERSEAS FUND approve the reorganization of the Fund
into the WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND. For additional
information regarding this proposed reorganization, please see Note 8 to the
Financial Statements included in this semi-annual report.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE S&P 500 INDEX DECLINED
12.46% FOR THE SIX-MONTH PERIOD.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
2 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITs. You cannot invest directly
in an index.
4 Wells Fargo Advantage International Stock Funds Performance Highlights
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE ASIA PACIFIC FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
Anthony L. T. Cragg
FUND INCEPTION
December 31, 1993
- --------------------------------------------------------------------------------
COUNTRY ALLOCATION 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (16%)
Bermuda (1%)
China (3%)
Hong Kong (13%)
India (7%)
Japan (8%)
Malaysia (5%)
Philippines (3%)
Singapore (22%)
South Korea (5%)
Taiwan (8%)
Thailand (6%)
United Kingdom (2%)
Vietnam (1%)
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Jardine Strategic Holdings Limited 4.00%
- --------------------------------------------------------------------------------
Straits Resources Limited 3.17%
- --------------------------------------------------------------------------------
Sino Gold Mining Limited 2.32%
- --------------------------------------------------------------------------------
Noble Group Limited 2.02%
- --------------------------------------------------------------------------------
Singapore Airlines Limited 1.68%
- --------------------------------------------------------------------------------
Mitsubishi Corporation 1.52%
- --------------------------------------------------------------------------------
CapitaLand Limited 1.52%
- --------------------------------------------------------------------------------
Major Cineplex Group PCL 1.45%
- --------------------------------------------------------------------------------
Mitsui & Company Limited 1.45%
- --------------------------------------------------------------------------------
CDL Hospitality Trusts 1.43%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Country allocation is subject to change. Cash and cash equivalents are not
reflected in the calculations of country allocation.
2 The ten largest equity holdings are calculated based on the market value
of the securities divided by the total market value of the portfolio.
Holdings are subject to change and may have changed since the date
specified.
Performance Highlights Wells Fargo Advantage International Stock Funds 5
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ---------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
ASIA PACIFIC FUND 6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- ---------------------------------------------------------------------------------------------------------------------------------
Class A (WFAAX) (14.76) 1.27 28.14 11.85 (9.54) 7.43 29.68 12.52 1.98% 1.60%
- ---------------------------------------------------------------------------------------------------------------------------------
Class C (WFCAX) (10.97) 5.53 28.82 11.92 (9.97) 6.53 28.82 11.92 2.73% 2.35%
- ---------------------------------------------------------------------------------------------------------------------------------
Investor Class (SASPX) (9.61) 7.28 29.64 12.52 2.01% 1.65%
- ---------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
MSCI AC Asia Pacific Index 6 (13.72) (1.46) 21.29 7.18
- ---------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE,
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Active trading results in increased turnover and
trading expenses and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This Fund is exposed to regional risk and smaller
company securities risk. Consult the Fund's prospectus for additional
information on these and other risks.
- --------------------------------------------------------------------------------
3 Class A and Class C shares incepted on July 31, 2007. Performance shown
prior to the inception of Class A and Class C reflects the performance of
the Investor Class shares, which incepted on December 31, 1993, and
includes expenses that are not applicable to those of Class A and Class C
shares. Investor Class annual returns are substantially similar to what
the Class A and Class C annual returns would be because the shares are
invested in the same portfolio of securities and differ only to the extent
that the classes do not have the same expenses. Performance shown prior to
April 11, 2005 for the Investor Class shares reflects the performance of
the Investor Class shares of the predecessor fund.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Morgan Stanley Capital International All Country Asia Pacific ("MSCI
AC Asia Pacific") Index is a total return, capitalization-weighted index
that measures the performance of stock markets in 15 Pacific region
countries, including Australia, China, Hong Kong, India, Indonesia, Japan,
Korea, Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri
Lanka, Taiwan and Thailand. You cannot invest directly in an Index.
6 Wells Fargo Advantage International Stock Funds Performance Highlights
WELLS FARGO ADVANTAGE OVERSEAS FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE OVERSEAS FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
New Star Institutional Managers Limited
PORTFOLIO MANAGERS
Mark Beale
Brian Coffey
Richard Lewis
FUND INCEPTION
June 30, 1998
- --------------------------------------------------------------------------------
COUNTRY ALLOCATION 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia (7%)
Belgium (1%)
Finland (3%)
France (14%)
Germany (9%)
Greece (1%)
Hong Kong (5%)
Italy (2%)
Japan (20%)
Luxembourg (1%)
Netherlands (6%)
Russia (2%)
Singapore (1%)
Spain (3%)
Sweden (1%)
Switzerland (6%)
Taiwan (1%)
United Kingdom (17%)
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Rio Tinto Limited 2.83%
- --------------------------------------------------------------------------------
ING Groep NV 2.27%
- --------------------------------------------------------------------------------
Nokia Oyj 2.20%
- --------------------------------------------------------------------------------
Unilever NV 2.12%
- --------------------------------------------------------------------------------
Roche Holding AG 2.08%
- --------------------------------------------------------------------------------
Total SA 2.01%
- --------------------------------------------------------------------------------
Telefonica SA 1.97%
- --------------------------------------------------------------------------------
Credit Suisse Group 1.51%
- --------------------------------------------------------------------------------
Deutsche Telekom AG 1.49%
- --------------------------------------------------------------------------------
Toyota Motor Corporation 1.47%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Country allocation is subject to change. Cash and cash equivalents are not
reflected in the calculations of country allocation.
2 The ten largest equity holdings are calculated based on the market value
of the securities divided by the total market value of the portfolio.
Holdings are subject to change and may have changed since the date
specified.
Performance Highlights Wells Fargo Advantage International Stock Funds 7
WELLS FARGO ADVANTAGE OVERSEAS FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -------------------------------------------------------------------------------------------------
Expense Ratio
OVERSEAS FUND 6 Months* 1 Year 5 Year Life of Fund Gross 4 Net 5
- -------------------------------------------------------------------------------------------------
Investor Class (SOVRX) (12.59) (3.58) 16.75 6.20 1.91% 1.46%
- -------------------------------------------------------------------------------------------------
Institutional Class (WFIIX) (12.42) (3.14) 17.39 6.51 1.34% 0.95%
- -------------------------------------------------------------------------------------------------
BENCHMARK
MSCI EAFE(R) Index 6 (10.50) (2.70) 21.40 6.23
- -------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE,
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
INVESTOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES
CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This Fund is
exposed to smaller company securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 Performance shown prior to April 11, 2005 for the Institutional Class
shares and Investor Class shares reflects the performance of the
Institutional Class shares and Investor Class shares, respectively, of the
Strong Overseas Fund, the predecessor fund. Performance shown prior to the
inception of the Institutional Class shares reflects the performance of
the Investor Class shares of the predecessor fund, and includes expenses
that are not applicable to and are higher than those of the Institutional
Class shares.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Index is an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe,
Australasia and the Far East. You cannot invest directly in an Index.
8 Wells Fargo Advantage International Stock Funds Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution [and/or service] (12b-1) fees; and other Fund expenses. This
example is intended to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire period (October 1, 2007 to March 31, 2008).
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
- ----------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ----------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 904.60 $ 7.62 1.60%
Hypothetical (5% return before expenses) $1,000.00 $1,017.00 $ 8.07 1.60%
- ----------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 900.30 $11.16 2.35%
Hypothetical (5% return before expenses) $1,000.00 $1,013.25 $11.83 2.35%
- ----------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
Actual $1,000.00 $ 903.90 $ 7.85 1.65%
Hypothetical (5% return before expenses) $1,000.00 $1,016.75 $ 8.32 1.65%
- ----------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE OVERSEAS FUND
- ----------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $1,000.00 $ 875.80 $ 4.46 0.95%
Hypothetical (5% return before expenses) $1,000.00 $1,020.25 $ 4.80 0.95%
- ----------------------------------------------------------------------------------------------------------------------
INVESTOR CLASS
Actual $1,000.00 $ 874.10 $ 6.84 1.46%
Hypothetical (5% return before expenses) $1,000.00 $1,017.70 $ 7.36 1.46%
- ----------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 9
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 82.04%
AUSTRALIA: 12.78%
241,000 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) $ 7,887,158
4,000,000 BOART LONGYEAR GROUP (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 6,689,755
980,000 LIHIR GOLD LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS)+<< 3,215,286
2,900,000 MOUNT GIBSON IRON LIMITED (METAL MINING)+ 7,606,398
256,500 NEWCREST MINING LIMITED (METAL MINING) 7,822,449
2,246,558 OXIANA LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,528,957
1,890,000 SINO GOLD MINING LIMITED (COAL MINING)+ 12,902,728
3,145,000 STRAITS RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 17,618,960
1,775,000 TELSTRA CORPORATION LIMITED (COMMUNICATIONS)<< 7,137,567
77,409,258
---------------
BERMUDA: 1.07%
1,000,000 HONGKONG LAND HOLDINGS LIMITED (REAL ESTATE) 4,130,000
4,049,000 MACQUARIE INTERNATIONAL INFRASTRUCTURE FUND LIMITED (DEPOSITORY INSTITUTIONS) 2,353,300
6,483,300
---------------
CHINA: 2.69%
1,500,000 GUANGZHOU R&F PROPERTIES COMPANY LIMITED (REAL ESTATE)<< 3,980,007
6,850,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA LIMITED CLASS H (DEPOSITORY INSTITUTIONS) 4,770,483
230,550 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR (BUSINESS SERVICES)+ 4,352,784
1,074,000 TSINGTAO BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 3,173,983
16,277,257
---------------
HONG KONG: 10.76%
11,002,000 ASIA FINANCIAL HOLDINGS LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 5,371,898
7,500,000 CHAMPION REIT (REAL ESTATE)<< 3,835,455
1,480,000 CHINA EVERBRIGHT LIMITED (DEPOSITORY INSTITUTIONS) 2,882,925
5,396,000 CHINA GREEN HOLDINGS LIMITED (AGRICULTURAL SERVICES) 5,969,632
9,506,000 FIRST PACIFIC COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,265,961
17,650,000 GLOBAL BIO-CHEM TECHNOLOGY (MISCELLANEOUS SERVICES) 6,780,917
3,865,000 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED (HEAVY CONSTRUCTION OTHER THAN
BUILDING CONSTRUCTION CONTRACTS) 2,964,806
2,552,000 LUKS GROUP (VIETNAM HOLDINGS) COMPANY LIMITED (PERSONAL SERVICES) 1,983,849
6,999,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 11,186,603
1,925,000 PACIFIC BASIN SHIPPING LIMITED (WATER TRANSPORTATION) 3,166,017
7,544,018 QIN JIA YUAN MEDIA SERVICES COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 4,536,502
1,290,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 4,873,147
3,000,000 SINOTRUK HONG KONG LIMITED (TRANSPORTATION EQUIPMENT)+ 2,871,772
2,348,000 TIANJIN DEVELOPMENT HOLDINGS LIMITED (BUSINESS SERVICES) 1,605,027
4,010,000 TIANNENG POWER INTERNATIONAL LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 680,128
1,400,000 XINGDA INTERNATIONAL HOLDINGS LIMITED (METAL MINING) 215,865
65,190,504
---------------
INDIA: 5.50%
243,350 EDELWEISS CAPITAL LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES)+ 5,018,942
54,000 EDUCOMP SOLUTIONS LIMITED (EDUCATIONAL SERVICES) 5,146,892
920,000 GUJARAT NRE COKE LIMITED (PRIMARY METAL INDUSTRIES) 3,165,653
2,152,000 INDIAN HOTELS COMPANY LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 6,018,305
737,500 JYOTI STRUCTURES LIMITED (ENGINEERING CONSTRUCTION) 2,938,419
49,243 PANTALOON RETAIL INDIA LIMITED (PERSONAL SERVICES) 523,974
268,875 PHOENIX MILLS LIMITED (REAL ESTATE) 2,530,923
160,000 TATA MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 2,483,350
10 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDIA (continued)
135,000 TATA TEA LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) $ 2,781,935
440,000 ZEE ENTERTAINMENT ENTERPRISES LIMITED (MOTION PICTURES) 2,698,455
33,306,848
---------------
INDONESIA: 0.39%
3,100,000 PT INTERNATIONAL NICKEL INDONESIA TBK (METAL MINING) 2,357,414
---------------
JAPAN: 6.17%
600 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 6,681,380
883,000 MARUBENI CORPORATION (BUSINESS SERVICES) 6,431,160
280,000 MITSUBISHI CORPORATION (BUSINESS SERVICES) 8,455,056
397,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,045,144
69,500 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 3,479,183
660,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS)<< 4,283,909
37,375,832
---------------
MALAYSIA: 4.01%
3,360,300 ASTRO ALL ASIA NETWORKS PLC (COMMUNICATIONS) 3,677,052
5,000,000 DNP HOLDINGS BERHAD (HOLDING & OTHER INVESTMENT OFFICES) 1,828,982
6,786,000 EASTERN AND ORIENTAL BERHAD (REAL ESTATE) 3,818,915
4,600,000 EKOVEST BERHAD (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 2,070,971
2,820,000 GAMUDA BERHAD (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 2,909,489
1,800,000 KULIM (MALAYSIA) BERHAD (FOOD & KINDRED PRODUCTS) 4,473,972
1,880,000 SIME DARBY BERHAD (HOLDING & OTHER INVESTMENT OFFICES) 5,495,701
24,275,082
---------------
NEW ZEALAND: 0.43%
848,000 CAVOTEC MSL HOLDINGS LIMITED (AGRICULTURAL SERVICES) 2,600,124
---------------
PHILIPPINES: 2.82%
55,100,000 ALLIANCE GLOBAL GROUP INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 5,144,601
7,100,000 MANILA WATER COMPANY (FOOD & KINDRED PRODUCTS) 3,017,118
19,000,000 PEPSI-COLA PRODUCTS PHILIPPINES INCORPORATED (FOOD & KINDRED PRODUCTS)+ 1,205,411
43,337,500 PNOC ENERGY DEVELOPMENT CORPORATION (ELECTRIC, GAS & SANITARY SERVICES) 6,121,409
22,625,000 VISTA LAND & LIFESCAPES INCORPORATED (DEPOSITORY INSTITUTIONS) 1,624,970
17,113,509
---------------
SINGAPORE: 17.73%
5,098,000 ASCOTT RESIDENCE TRUST (REAL ESTATE) 4,777,812
5,282,000 BANYAN TREE HOLDINGS LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 5,257,249
1,825,000 CAPITALAND LIMITED (REAL ESTATE) 8,419,303
5,280,000 CDL HOSPITALITY TRUSTS (REAL ESTATE) 7,940,426
3,928,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 5,193,767
1,710,000 COSCO CORPORATION SINGAPORE LIMITED (WATER TRANSPORTATION) 4,584,184
545,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 7,127,030
1,769,000 G.K. GOH HOLDINGS LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,278,764
4,090,000 INDOFOOD AGRI RESOURCES LIMITED (EATING & DRINKING PLACES)+ 6,953,104
1,319,072 JARDINE STRATEGIC HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 22,186,791
1,750,000 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES)<< 2,733,481
2,080,000 PARKWAY HOLDINGS LIMITED (HEALTH SERVICES) 4,835,628
6,669,600 RAFFLES EDUCATION CORPORATION LIMITED (EDUCATIONAL SERVICES) 4,990,874
864,000 RAFFLES MEDICAL GROUP LIMITED (INSURANCE CARRIERS) 778,350
1,170,000 SC GLOBAL DEVELOPMENTS LIMITED (REAL ESTATE) 1,139,017
825,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 9,350,140
4,000,000 SINGAPORE POST LIMITED (TRANSPORTATION SERVICES) 3,341,930
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 11
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SINGAPORE (continued)
1,000,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) $ 3,341,930
1,110,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 3,153,111
107,382,891
---------------
SOUTH KOREA: 4.01%
85,400 CJ HOME SHOPPING (MISCELLANEOUS RETAIL) 5,449,871
27,500 DAELIM INDUSTRIAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 3,512,647
23,000 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED (INDUSTRIAL & COMMERCIAL
MACHINERY & COMPUTER EQUIPMENT) 3,077,195
48,000 HYUNDAI DEVELOPMENT COMPANY (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 3,276,417
250,000 KOLON ENGINEERING & CONSTRUCTION COMPANY LIMITED (ENGINEERING, ACCOUNTING,
RESEARCH MANAGEMENT & RELATED SERVICES) 2,726,309
306,107 WOONGJIN THINKBIG COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 6,274,514
24,316,953
---------------
TAIWAN: 6.18%
1,750,000 ACER INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 3,133,692
6,435,000 EVERGREEN MARINE CORPORATION (WATER TRANSPORTATION) 6,354,614
1,450,000 FIRST STEAMSHIP COMPANY LIMITED (WATER TRANSPORTATION)+ 3,679,949
6,861,000 PRESIDENT SECURITIES CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 5,781,583
7,800,000 TAINAN SPINNING COMPANY LIMITED (TEXTILE MILL PRODUCTS) 4,493,162
2,100,000 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED (SEMICONDUCTORS) 4,361,823
312,500 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 3,209,375
10,400,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 6,401,685
37,415,883
---------------
THAILAND: 4.98%
1,500,000 BANGKOK BANK PCL (FOREIGN REGISTERED) (FINANCIAL SERVICES) 6,622,201
13,956,100 MAJOR CINEPLEX GROUP PCL (FOREIGN REGISTERED) (BUSINESS SERVICES) 8,067,366
11,773,000 MINOR INTERNATIONAL PCL (FOREIGN REGISTERED) (HOTELS, ROOMING HOUSES,
CAMPS & OTHER LODGE PLACES) 6,319,317
56,000,000 QUALITY HOUSE PCL (REAL ESTATE) 4,873,432
1,935,000 THAI OIL PCL (PETROLEUM REFINING & RELATED INDUSTRIES) 4,302,049
30,184,365
---------------
UNITED KINGDOM: 1.36%
5,000,000 ASEANA PROPERTIES LIMITED (HOLDING & OTHER INVESTMENT OFFICES)+ 4,540,000
2,875,000 GUINNESS PEAT GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,706,938
1,921,582 MAXJET AIRWAYS GDR (TRANSPORTATION BY AIR)+(A)(I) 0
8,246,938
---------------
VIETNAM: 1.16%
615,000 SAIGON SECURITIES INCORPORATED (DEPOSITORY INSTITUTIONS)+ 2,156,890
3,515,000 VINALAND LIMITED (REAL ESTATE)+ 4,868,278
7,025,168
---------------
TOTAL COMMON STOCKS (COST $498,106,640) 496,961,326
---------------
RIGHTS: 0.08%
430,400 INDIAN HOTELS RIGHTS (COMMON STOCK)+ 494,016
215,200 INDIAN HOTELS RIGHTS (DEBENTURE)+ 5,364
TOTAL RIGHTS (COST $0) 499,380
---------------
12 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COLLATERAL FOR SECURITIES LENDING: 0.91%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.91%
5,499,659 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND $ 5,499,659
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,499,659) 5,499,659
---------------
SHORT-TERM INVESTMENTS: 8.60%
52,109,789 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 52,109,789
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $52,109,789) 52,109,789
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $555,716,088)* 91.63% $ 555,070,154
OTHER ASSETS AND LIABILITIES, NET 8.37 50,694,814
------ ---------------
TOTAL NET ASSETS 100.00% $ 605,764,968
------ ---------------
- --------------------------------------------------------------------------------
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
++ Short-term security of an affiliate of the Fund with a cost of
$52,109,789.
* 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 International Stock Funds 13
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.06%
AUSTRALIA: 7.30%
116,905 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 587,618
33,053 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 879,935
29,800 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 604,873
17,111 RIO TINTO LIMITED (METAL MINING)<< 1,915,626
44,792 SANTOS LIMITED (OIL & GAS EXTRACTION) 593,564
8,152 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 406,032
4,987,648
--------------
BELGIUM: 1.06%
9,200 DELHAIZE GROUP (FOOD STORES) 723,904
--------------
FINLAND: 3.15%
16,340 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES)<< 665,817
47,100 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,490,163
2,155,980
--------------
FRANCE: 13.53%
4,040 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 875,851
7,200 BOUYGUES SA (ENGINEERING CONSTRUCTION) 457,410
8,603 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 898,044
14,700 FRANCE TELECOM SA (COMMUNICATIONS) 494,324
6,984 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 777,335
62 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,104
5,078 PPR SA (APPAREL & ACCESSORY STORES) 752,388
19,708 PUBLICIS GROUPE (COMMUNICATIONS) 752,962
9,770 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 732,970
8,300 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 544,720
4,705 TECHNIP SA (OIL & GAS EXTRACTION) 366,426
18,316 TOTAL SA (OIL & GAS EXTRACTION) 1,360,232
1,720 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 417,556
20,830 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 813,916
9,245,238
--------------
GERMANY: 9.16%
4,400 ALLIANZ SE (INSURANCE CARRIERS) 871,650
18,800 ARCANDOR AG (GENERAL MERCHANDISE STORES)<< 376,053
8,800 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 705,211
9,100 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 777,956
6,200 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 701,820
60,689 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 1,010,829
5,100 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 944,137
15,451 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 519,579
13,836 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 357,362
6,264,597
--------------
GREECE: 1.34%
27,552 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 913,456
--------------
HONG KONG: 4.37%
96,000 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 480,453
46,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 653,119
40,000 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 595,170
211,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 746,924
95,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 509,017
2,984,683
--------------
14 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
IRELAND: 0.00%
254,000 CONNEMARA GREEN MARBLE QUARRIES PLC (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS)+(A) $ 0
--------------
ITALY: 2.02%
25,400 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 866,169
77,300 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 517,441
1,383,610
--------------
JAPAN: 19.59%
51,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 346,378
113 EAST JAPAN RAILWAY COMPANY (RAILROADS) 939,777
8,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 770,345
29,300 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 733,382
70 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 779,494
57,200 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES)<< 664,502
30,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 850,221
25,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 782,093
57,000 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 491,774
45,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 893,409
13,900 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 690,259
52,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 803,892
27,700 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 414,055
29,500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 770,942
69,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 638,222
10,100 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 521,820
17,000 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 851,023
19,900 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 992,205
24,800 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 456,292
13,390,085
--------------
LUXEMBOURG: 1.38%
11,488 ARCELORMITTAL (PRIMARY METAL INDUSTRIES) 941,116
--------------
NETHERLANDS: 6.11%
20,355 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 500,672
41,100 ING GROEP NV (FINANCIAL SERVICES) 1,539,117
42,800 UNILEVER NV (FOOD & KINDRED PRODUCTS) 1,437,230
26,300 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 696,312
4,173,331
--------------
RUSSIA: 1.78%
10,135 LUKOIL ADR (OIL & GAS EXTRACTION) 866,543
48,803 VTB BANK OJSC GDR (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 352,846
1,219,389
--------------
SINGAPORE: 0.95%
141,000 CAPITALAND LIMITED (REAL ESTATE) 650,478
--------------
SPAIN: 2.74%
18,768 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 540,453
46,400 TELEFONICA SA (COMMUNICATIONS) 1,333,228
1,873,681
--------------
SWEDEN: 1.11%
20,300 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS)<< 406,557
181,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 355,186
761,743
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 15
OVERSEAS FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SWITZERLAND: 6.08%
20,100 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) $ 1,023,114
7,100 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 745,675
7,485 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 1,408,666
3,100 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES)<< 976,261
4,153,716
--------------
TAIWAN: 0.90%
59,933 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 615,512
--------------
UNITED KINGDOM: 16.49%
58,500 AVIVA PLC (INSURANCE CARRIERS) 716,926
86,000 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 828,220
65,000 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 584,377
65,316 BP PLC (OIL & GAS EXTRACTION) 663,699
71,000 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 784,161
37,200 EASYJET PLC (TRANSPORTATION BY AIR)+ 274,089
28,800 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 609,300
19,000 GLAXOSMITHKLINE PLC ADR (CHEMICALS & ALLIED PRODUCTS) 806,170
12,231 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 486,696
377,000 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 945,736
56,338 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 773,170
9,322 RIO TINTO PLC (METAL MINING) 968,147
67,227 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 537,688
6,023,539 ROLLS ROYCE GROUP PLC - B SHARE ENTITLEMENT (AEROSPACE, DEFENSE)+(A) 11,955
22,200 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 765,305
20,760 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 387,290
323,260 VODAFONE GROUP PLC (COMMUNICATIONS) 968,105
15,233 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 160,230
11,271,264
--------------
TOTAL COMMON STOCKS (COST $64,272,267) 67,709,431
--------------
COLLATERAL FOR SECURITIES LENDING: 6.97%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 6.97%
4,764,730 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND 4,764,730
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $4,764,730) 4,764,730
--------------
SHORT-TERM INVESTMENTS: 0.76%
516,774 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 516,774
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $516,774) 516,774
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $69,553,771)* 106.79% $ 72,990,935
OTHER ASSETS AND LIABILITIES, NET (6.79) (4,641,638)
------ --------------
TOTAL NET ASSETS 100.00% $ 68,349,297
------ --------------
- --------------------------------------------------------------------------------
<< 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 $516,774.
* 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.
16 Wells Fargo Advantage International Stock Funds
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Asia Pacific Overseas
Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ............................... $ 497,460,706 $ 67,709,431
Collateral received for securities loaned (Note 2) .......................................... 5,499,659 4,764,730
Investments in affiliates ................................................................... 52,109,789 516,774
------------------------------
Total investments at market value (see cost below) ............................................ 555,070,154 72,990,935
------------------------------
Foreign currency, at value .................................................................... 50,456,745 0
Receivable for Fund shares issued ............................................................. 984,804 3,405
Receivable for investments sold ............................................................... 3,037,533 0
Receivables for dividends and interest ........................................................ 2,793,376 293,049
------------------------------
Total assets ..................................................................................... 612,342,612 73,287,389
------------------------------
LIABILITIES
Foreign taxes payable ......................................................................... 27,116 0
Payable for Fund shares redeemed .............................................................. 131,164 2,147
Payable for investments purchased ............................................................. 0 131,031
Dividends payable ............................................................................. 2,807 0
Payable to investment advisor and affiliates (Note 3) ......................................... 704,029 35,969
Unrealized depreciation on forward foreign currency contracts ................................. 7,067 0
Payable upon receipt of securities loaned (Note 2) ............................................ 5,499,659 4,764,730
Accrued expenses and other liabilities ........................................................ 205,802 4,215
------------------------------
Total liabilities ................................................................................ 6,577,644 4,938,092
------------------------------
TOTAL NET ASSETS ................................................................................. $ 605,764,968 $ 68,349,297
==============================
NET ASSETS CONSIST OF
Paid-in capital ............................................................................... $ 605,291,129 $ 69,177,186
Undistributed net investment income (loss) .................................................... (644,183) (95,839)
Undistributed net realized gain (loss) on investments ......................................... (372,196) (4,173,130)
Net unrealized appreciation (depreciation) of investments, foreign currencies and
translation of assets and liabilities denominated in foreign currencies ..................... 1,497,285 3,441,080
Net unrealized appreciation (depreciation) of forward foreign currency contracts and
transactions ................................................................................ (7,067) 0
------------------------------
TOTAL NET ASSETS ................................................................................. $ 605,764,968 $ 68,349,297
==============================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A .......................................................................... $ 33,688,081 NA
Shares outstanding - Class A .................................................................. 2,813,200 NA
Net asset value per share - Class A ........................................................... $ 11.98 NA
Maximum offering price per share - Class A 2 .................................................. $ 12.71 NA
Net assets - Class C .......................................................................... $ 1,047,544 NA
Shares outstanding - Class C .................................................................. 88,062 NA
Net asset value and offering price per share - Class C ........................................ $ 11.90 NA
Net assets - Institutional Class .............................................................. NA $ 7,707,628
Shares outstanding - Institutional Class ...................................................... NA 704,854
Net asset value and offering price per share - Institutional Class ............................ NA $ 10.94
Net assets - Investor Class ................................................................... $ 571,029,343 $ 60,641,669
Shares outstanding - Investor Class ........................................................... 47,747,116 5,570,779
Net asset value and offering price per share - Investor Class ................................. $ 11.96 $ 10.89
------------------------------
Investments at cost .............................................................................. $ 555,716,088 $ 69,553,771
------------------------------
Foreign currencies at cost ....................................................................... $ 48,268,290 $ 0
------------------------------
Securities on loan, at market value (Note 2) ..................................................... $ 5,053,713 $ 4,548,495
------------------------------
- --------------------------------------------------------------------------------
1 Each Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage International Stock Funds 17
Asia Pacific Overseas
Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 ................................................................................... $ 4,593,181 $ 607,610
Interest ...................................................................................... 4,616 0
Interest from affiliated securities ........................................................... 926,235 20,145
Securities lending income, net ................................................................ 129,355 15,348
------------------------------
Total investment income .......................................................................... 5,653,387 643,103
------------------------------
EXPENSES
Advisory fees ................................................................................. 3,442,757 357,730
Administration fees
Fund Level .................................................................................. 157,988 18,828
Class A ..................................................................................... 46,014 NA
Class C ..................................................................................... 712 NA
Institutional Class ......................................................................... NA 3,332
Investor Class .............................................................................. 715,837 133,965
Custody fees .................................................................................. 789,942 37,656
Shareholder servicing fees (Note 3) ........................................................... 749,683 83,728
Accounting fees ............................................................................... 14,863 18,139
Distribution fees (Note 3)
Class C ..................................................................................... 1,906 NA
Professional fees ............................................................................. 22,984 12,445
Registration fees ............................................................................. 108,145 15,161
Shareholder reports ........................................................................... 121,497 23,662
Trustees' fees ................................................................................ 4,323 4,323
Other fees and expenses ....................................................................... 16,328 11,104
------------------------------
Total expenses ................................................................................... 6,192,979 720,073
------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .................................................. (985,431) (191,538)
Net expenses .................................................................................. 5,207,548 528,535
------------------------------
Net investment income (loss) ..................................................................... 445,839 114,568
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ............................... 26,853,479 2,095,181
------------------------------
Net realized gain and loss from investments ...................................................... 26,853,479 2,095,181
------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ............................... (92,114,206) (12,402,109)
Forward foreign currency contracts ............................................................ (7,067) 0
------------------------------
Net change in unrealized appreciation (depreciation) of investments .............................. (92,121,273) (12,402,109)
------------------------------
Net realized and unrealized gain (loss) on investments ........................................... (65,267,794) (10,306,928)
------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................................. $ (64,821,955) $ (10,192,360)
==============================
1 Net of foreign withholding taxes of ............................................................ $ 782,182 $ 33,893
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
ASIA PACIFIC FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................... $ 584,283,919 $ 373,743,849
OPERATIONS
Net investment income (loss) ........................................................... 445,839 1,715,396
Net realized gain (loss) on investments ................................................ 26,853,479 76,721,772
Net change in unrealized appreciation (depreciation) of investments .................... (92,121,273) 94,238,290
----------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (64,821,955) 172,675,458
----------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Institutional Class .................................................................. NA NA
Investor Class ....................................................................... 0 (1,195,272)
Net realized gain on sales of investments
Class A .............................................................................. (5,290,197) 0
Class C .............................................................................. (56,488) 0
Institutional Class .................................................................. NA NA
Investor Class ....................................................................... (98,963,318) (52,703,744)
----------------------------------
Total distributions to shareholders ....................................................... (104,310,003) (53,899,016)
----------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 41,424,821 396,438
Proceeds from redemption fees - Class A ................................................ 2,797 4
Reinvestment of distributions - Class A ................................................ 5,280,215 0
Cost of shares redeemed - Class A ...................................................... (3,810,291) (1,027)
----------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. 42,897,542 395,415
----------------------------------
Proceeds from shares sold - Class C .................................................... 1,141,546 40,268
Proceeds from redemption fees - Class C ................................................ 45 0
Reinvestment of distributions - Class C ................................................ 56,109 0
Cost of shares redeemed - Class C ...................................................... (67,209) 0
----------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. 1,130,491 40,268
----------------------------------
Proceeds from shares sold - Institutional Class ........................................ NA NA
Proceeds from redemption fees - Institutional Class .................................... NA NA
Reinvestment of distributions - Institutional Class .................................... NA NA
Cost of shares redeemed - Institutional Class .......................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. NA NA
----------------------------------
Proceeds from shares sold - Investor Class ............................................. 213,949,800 238,911,390
Proceeds from redemption fees - Investor Class ......................................... 251,507 57,044
Reinvestment of distributions - Investor Class ......................................... 92,482,938 50,541,321
Cost of shares redeemed - Investor Class ............................................... (160,099,271) (198,181,810)
----------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... 146,584,974 91,327,945
----------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 190,613,007 91,763,628
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 21,481,049 210,540,070
==================================
ENDING NET ASSETS ......................................................................... $ 605,764,968 $ 584,283,919
==================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage International Stock Funds 19
OVERSEAS FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................... $ 82,032,718 $ 69,550,836
--------------------------------
OPERATIONS
Net investment income (loss) ........................................................... 114,568 944,870
Net realized gain (loss) on investments ................................................ 2,095,181 8,380,783
Net change in unrealized appreciation (depreciation) of investments .................... (12,402,109) 6,746,628
--------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (10,192,360) 16,072,281
--------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Institutional Class .................................................................. (127,878) (101,625)
Investor Class ....................................................................... (726,036) (777,789)
Net realized gain on sales of investments
Class A .............................................................................. NA NA
Class C .............................................................................. NA NA
Institutional Class .................................................................. (752,495) (203,691)
Investor Class ....................................................................... (6,082,462) (2,217,184)
--------------------------------
Total distributions to shareholders ....................................................... (7,688,871) (3,300,289)
--------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... NA NA
Proceeds from redemption fees - Class A ................................................ NA NA
Reinvestment of distributions - Class A ................................................ NA NA
Cost of shares redeemed - Class A ...................................................... NA NA
--------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. NA NA
--------------------------------
Proceeds from shares sold - Class C .................................................... NA NA
Proceeds from redemption fees - Class C ................................................ NA NA
Reinvestment of distributions - Class C ................................................ NA NA
Cost of shares redeemed - Class C ...................................................... NA NA
--------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. NA NA
--------------------------------
Proceeds from shares sold - Institutional Class ........................................ 380,891 3,827,652
Proceeds from redemption fees - Institutional Class .................................... 742 239
Reinvestment of distributions - Institutional Class .................................... 707,431 304,577
Cost of shares redeemed - Institutional Class .......................................... (488,664) (2,499,679)
--------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. 600,400 1,632,789
--------------------------------
Proceeds from shares sold - Investor Class ............................................. 3,326,486 10,109,725
Proceeds from redemption fees - Investor Class ......................................... 7,073 2,144
Reinvestment of distributions - Investor Class ......................................... 6,692,898 2,931,978
Cost of shares redeemed - Investor Class ............................................... (6,429,047) (14,966,746)
--------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... 3,597,410 (1,922,899)
--------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 4,197,810 (290,110)
--------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (13,683,421) 12,481,882
=================================
ENDING NET ASSETS ......................................................................... $ 68,349,297 $ 82,032,718
=================================
20 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
ASIA PACIFIC FUND
-------------------------------------
For the
Six Months Ended For the
March 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 2,686,621 27,275
Shares issued in reinvestment of distributions - Class A ............................... 399,411 0
Shares redeemed - Class A .............................................................. (300,032) (75)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ 2,786,000 27,200
--------------------------------
Shares sold - Class C .................................................................. 86,040 2,767
Shares issued in reinvestment of distributions - Class C ............................... 4,260 0
Shares redeemed - Class C .............................................................. (5,005) 0
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ 85,295 2,767
--------------------------------
Shares sold - Institutional Class ...................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class ................... NA NA
Shares redeemed - Institutional Class .................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... NA NA
--------------------------------
Shares sold - Investor Class ........................................................... 15,944,905 17,692,918
Shares issued in reinvestment of distributions - Investor Class ........................ 7,006,282 4,165,059
Shares redeemed - Investor Class ....................................................... (12,102,801) (14,708,329)
--------------------------------
Net increase (decrease) in shares outstanding - Investor Class ......................... 10,848,386 7,149,648
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... 13,719,681 7,179,615
================================
Ending balance of undistributed net investment income (loss) .............................. $ (644,183) $ (1,090,022)
--------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage International Stock Funds 21
OVERSEAS FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. NA NA
Shares issued in reinvestment of distributions - Class A ............................... NA NA
Shares redeemed - Class A .............................................................. NA NA
-------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ NA NA
-------------------------------
Shares sold - Class C .................................................................. NA NA
Shares issued in reinvestment of distributions - Class C ............................... NA NA
Shares redeemed - Class C .............................................................. NA NA
-------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ NA NA
-------------------------------
Shares sold - Institutional Class ...................................................... 31,408 298,744
Shares issued in reinvestment of distributions - Institutional Class ................... 58,224 25,159
Shares redeemed - Institutional Class .................................................. (38,871) (194,365)
-------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... 50,761 129,538
-------------------------------
Shares sold - Investor Class ........................................................... 270,481 801,021
Shares issued in reinvestment of distributions - Investor Class ........................ 553,968 243,259
Shares redeemed - Investor Class ....................................................... (539,769) (1,188,421)
-------------------------------
Net increase (decrease) in shares outstanding - Investor Class ......................... 284,680 (144,141)
-------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... 335,441 (14,603)
===============================
Ending balance of undistributed net investment income (loss) .............................. $ (95,839) $ 643,507
-------------------------------
22 Wells Fargo Advantage International Stock Funds Financial Highlights
Beginning Net Net Realized Distributions
Net Asset Investment and Unrealized from Net Distributions
Value Per Income Gain (Loss) Investment from Net
Share (Loss) on Investments Income Realized Gains
- ---------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- ---------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... $15.83 0.02 7 (1.29) 0.00 (2.58)
August 1, 2007 6 to September 30, 2007 .......... $14.75 0.01 1.07 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... $15.81 0.02 7 (1.35) 0.00 (2.58)
August 1, 2007 6 to September 30, 2007 .......... $14.75 0.00 1.06 0.00 0.00
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $15.82 0.01 7 (1.29) 0.00 (2.58)
October 1, 2006 to September 30, 2007 ........... $12.56 0.05 4.97 (0.03) (1.73)
October 1, 2005 to September 30, 2006 ........... $11.53 0.07 2.02 (0.06) (1.00)
January 1, 2005 to September 30, 2005 8 ......... $10.22 0.07 1.47 (0.05) (0.18)
January 1, 2004 to December 31, 2004 ............ $ 8.98 0.05 1.75 4 (0.03) (0.53)
January 1, 2003 to December 31, 2003 ............ $ 5.66 0.03 3.38 5 (0.09) 0.00
January 1, 2002 to December 31, 2002 ............ $ 6.18 0.00 (0.48) (0.04) 0.00
OVERSEAS FUND
- ---------------------------------------------------------------------------------------------------------------------------
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $13.88 0.05 7 (1.65) (0.18) (1.16)
October 1, 2006 to September 30, 2007 ........... $11.74 0.23 7 2.53 (0.20) (0.42)
October 1, 2005 to September 30, 2006 ........... $14.19 0.18 1.35 (0.26) (3.72)
January 1, 2005 to September 30, 2005 8 ......... $13.35 0.08 0.76 (0.00) 0.00
January 1, 2004 to December 31, 2004 ............ $11.41 0.24 1.96 (0.26) 0.00
January 1, 2003 6 to December 31, 2003 .......... $ 8.69 0.11 7 2.74 (0.13) 0.00
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... $13.80 0.02 7 (1.64) (0.13) (1.16)
October 1, 2006 to September 30, 2007 ........... $11.67 0.15 7 2.54 (0.14) (0.42)
October 1, 2005 to September 30, 2006 ........... $14.14 0.10 1.35 (0.20) (3.72)
January 1, 2005 to September 30, 2005 8 ......... $13.35 0.29 0.50 (0.00) 0.00
January 1, 2004 to December 31, 2004 ............ $11.41 0.14 1.95 (0.15) 0.00
January 1, 2003 to December 31, 2003 ............ $ 8.69 0.07 7 2.72 4 (0.07) 0.00
January 1, 2002 to December 31, 2002 ............ $10.86 (0.01) (2.16) 0.00 0.00
- --------------------------------------------------------------------------------
1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
3 Calculated on the basis of the fund as a whole without distinguishing
between the classes of shares issued.
4 Includes $0.01 in redemption fees.
5 Includes $0.03 in redemption fees.
6 Commencement of operations.
7 Calculated based upon average shares outstanding.
8 The Fund changed its fiscal year-end from December 31 to September 30.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage International Stock Funds 23
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses Waived Expenses
- ----------------------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- ----------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... 0.00 $11.98 0.27% 2.02% (0.42)% 1.60%
August 1, 2007 6 to September 30, 2007 .......... 0.00 $15.83 0.93% 1.91% (0.41)% 1.50%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... 0.00 $11.90 0.38% 2.71% (0.36)% 2.35%
August 1, 2007 6 to September 30, 2007 .......... 0.00 $15.81 0.08% 2.64% (0.39)% 2.25%
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... 0.00 $11.96 0.13% 1.96% (0.31)% 1.65%
October 1, 2006 to September 30, 2007 ........... 0.00 $15.82 0.34% 1.95% (0.30)% 1.65%
October 1, 2005 to September 30, 2006 ........... 0.00 $12.56 0.65% 1.96% (0.31)% 1.65%
January 1, 2005 to September 30, 2005 8 ......... 0.00 $11.53 1.08% 1.92% (0.23)% 1.69%
January 1, 2004 to December 31, 2004 ............ 0.00 $10.22 0.57% 1.80% (0.06)% 1.74%
January 1, 2003 to December 31, 2003 ............ 0.00 $ 8.98 0.53% 1.97% (0.28)% 1.69%
January 1, 2002 to December 31, 2002 ............ 0.00 $ 5.66 (0.43)% 2.30% (0.33)% 1.97%
OVERSEAS FUND
- ----------------------------------------------------------------------------------------------------------------------------
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... 0.00 $10.94 0.77% 1.41% (0.46)% 0.95%
October 1, 2006 to September 30, 2007 ........... 0.00 $13.88 1.76% 1.33% (0.38)% 0.95%
October 1, 2005 to September 30, 2006 ........... 0.00 $11.74 1.88% 1.34% (0.39)% 0.95%
January 1, 2005 to September 30, 2005 8 ......... 0.00 $14.19 1.05% 1.33% (0.37)% 0.96%
January 1, 2004 to December 31, 2004 ............ 0.00 $13.35 1.87% 0.91% (0.06)% 0.85%
January 1, 2003 6 to December 31, 2003 .......... 0.00 $11.41 1.21% 7.62% (6.71)% 0.91%
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... 0.00 $10.89 0.25% 1.98% (0.52)% 1.46%
October 1, 2006 to September 30, 2007 ........... 0.00 $13.80 1.19% 1.90% (0.44)% 1.46%
October 1, 2005 to September 30, 2006 ........... 0.00 $11.67 1.41% 1.91% (0.45)% 1.46%
January 1, 2005 to September 30, 2005 8 ......... 0.00 $14.14 1.56% 1.89% (0.43)% 1.46%
January 1, 2004 to December 31, 2004 ............ 0.00 $13.35 1.03% 1.88% (0.44)% 1.44%
January 1, 2003 to December 31, 2003 ............ 0.00 $11.41 0.77% 1.94% (0.47)% 1.47%
January 1, 2002 to December 31, 2002 ............ 0.00 $ 8.69 (0.12)% 2.12% (0.33)% 1.79%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- --------------------------------------------------------------------------------------------
ASIA PACIFIC FUND
- --------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... (9.54)% 95% $ 33,688
August 1, 2007 6 to September 30, 2007 .......... 7.32% 184% $ 431
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (9.97)% 95% $ 1,048
August 1, 2007 6 to September 30, 2007 .......... 7.19% 184% $ 44
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (9.61)% 95% $571,029
October 1, 2006 to September 30, 2007 ........... 44.31% 184% $583,810
October 1, 2005 to September 30, 2006 ........... 19.38% 167% $373,744
January 1, 2005 to September 30, 2005 8 ......... 15.38% 117% $186,088
January 1, 2004 to December 31, 2004 ............ 20.45% 153% $126,395
January 1, 2003 to December 31, 2003 ............ 60.25% 286% $ 93,041
January 1, 2002 to December 31, 2002 ............ (7.78)% 159% $ 57,458
OVERSEAS FUND
- --------------------------------------------------------------------------------------------
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.42)% 25% $ 7,708
October 1, 2006 to September 30, 2007 ........... 24.33% 66% $ 9,080
October 1, 2005 to September 30, 2006 ........... 14.23% 40% $ 6,157
January 1, 2005 to September 30, 2005 8 ......... 6.30% 111% $ 5,929
January 1, 2004 to December 31, 2004 ............ 19.26% 22% $ 180
January 1, 2003 6 to December 31, 2003 .......... 32.77% 41% $ 157
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (12.59)% 25% $ 60,642
October 1, 2006 to September 30, 2007 ........... 23.78% 66% $ 72,953
October 1, 2005 to September 30, 2006 ........... 13.52% 40% $ 63,394
January 1, 2005 to September 30, 2005 8 ......... 5.93% 111% $ 63,792
January 1, 2004 to December 31, 2004 ............ 18.29% 22% $119,585
January 1, 2003 to December 31, 2003 ............ 32.16% 41% $155,972
January 1, 2002 to December 31, 2002 ............ (19.98)% 46% $ 84,251
24 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Asia Pacific Fund and Overseas
Fund. Each Fund is a diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements listed on the NASDAQ, and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Certain Funds of the Trust may invest a substantial portion of their assets in
an industry, sector or foreign country as is discussed in the Performance
Highlights for those Funds. Such Funds may be more affected by changes in that
industry, sector or foreign country than they would be absent the concentration
of investments.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 25
markets after foreign exchanges close. Depending on market activity, such fair
valuations may be frequent. In light of the judgment involved in fair value
decisions, there can be no assurance that a fair value assigned to a particular
security is accurate. Such fair value pricing may result in NAVs that are higher
or lower than NAVs based on the closing price or latest quoted bid price.
Debt securities maturing in 60 days or less generally are valued at amortized
cost. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates market value.
Investments which are not valued using (any of) the method(s) discussed above
are valued at their fair value as determined by procedures established in good
faith and approved by the Board of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on 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.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2008.
26 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
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: December 31, 2004; September 30, 2005; September 30, 2006; September 30,
2007) are subject to examination by the Internal Revenue Service and state
departments of revenue.
At September 30, 2007, net capital loss carryforwards, which are available to
offset future net realized capital gains, were:
- --------------------------------------------------------------------------------
Capital Loss
FUND Expiration Year Carryforwards
- --------------------------------------------------------------------------------
OVERSEAS FUND 2009 $ 3,885,024
2010 1,942,513
- --------------------------------------------------------------------------------
At September 30, 2007, current year deferred post-October currency losses, which
will be treated as realized for tax purposes on the first day of the succeeding
year, were:
- --------------------------------------------------------------------------------
Deferred
Post-October
FUND Currency Loss
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $ 2,128,138
- --------------------------------------------------------------------------------
OVERSEAS FUND 141,858
- --------------------------------------------------------------------------------
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect against a
possible loss resulting from an adverse change in the relationship between
foreign currencies and the U.S. dollar, or between foreign currencies. A forward
contract is an agreement between two counterparties for future delivery or
receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts, which have been offset but have not reached
their settlement date, are included in unrealized gains and losses. As of March
31, 2008, there were no outstanding forward foreign currency contracts.
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 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. 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.
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 27
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, neither the Asia Pacific Fund nor the Overseas Fund owned
any of these types of structured securities.
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser. Funds Management may retain the services of
certain investment subadvisers to provide daily portfolio management. The fees
related to subadvisory services are borne directly by the adviser and do not
increase the overall fees paid by a Fund to the adviser. Funds Management and
the investment subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
- --------------------------------------------------------------------------------------------------------------
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- --------------------------------------------------------------------------------------------------------------
ASIA PACIFIC FUND First $500 million 1.100 Wells Capital First $100 million 0.650
Next $500 million 1.050 Management Next $100 million 0.550
Next $2 billion 1.000 Incorporated Over $200 million 0.450
Next $2 billion 0.975
Over $5 billion 0.950
- --------------------------------------------------------------------------------------------------------------
OVERSEAS FUND First $500 million 0.950 New Star First $50 million 0.350
Next $500 million 0.900 Institutional Next $500 million 0.290
Next $2 billion 0.850 Managers Over $550 million 0.200
Next $2 billion 0.825 Limited
Over $5 billion 0.800
- --------------------------------------------------------------------------------------------------------------
28 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- ----------------------------------------------------------------------------------------------------
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- ----------------------------------------------------------------------------------------------------
Fund Level--Both Asia Pacific Fund and Overseas Fund First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- ----------------------------------------------------------------------------------------------------
Class Specific:
ASIA PACIFIC FUND Class A All asset levels 0.28
Class C All asset levels 0.28
Investor Class All asset levels 0.38*
- ----------------------------------------------------------------------------------------------------
OVERSEAS FUND Institutional Class All asset levels 0.08
Investor Class All asset levels 0.38*
- ----------------------------------------------------------------------------------------------------
* Effective March 28, 2008, the class-level administration fee for the Investor
Class was reduced by 0.02%, as shown in the table. Prior to March 28, 2008, the
class-level administration fee for Investor Class was 0.40%.
The Trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. BFDS is entitled to receive fees
from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
- --------------------------------------------------------------------------------
% of Average
FUND Daily Net Assets
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND 0.25
- --------------------------------------------------------------------------------
OVERSEAS FUND 0.10
- --------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
- --------------------------------------------------------------------------------
% of Average
SHARE CLASS Daily Net Assets
- --------------------------------------------------------------------------------
Class A 0.25
- --------------------------------------------------------------------------------
Class C 0.25
- --------------------------------------------------------------------------------
Institutional Class None
- --------------------------------------------------------------------------------
Investor Class 0.25
- --------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees paid were as
follows:
- --------------------------------------------------------------------------------
FUND Class A Class C INVESTOR CLASS
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $41,084 $ 491 $ 708,108
- --------------------------------------------------------------------------------
OVERSEAS FUND NA NA 83,728
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class C shares of the
applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class C shares and paid to Wells Fargo Funds Distributor, LLC
at an annual rate of 0.75% of average daily net assets.
Notes to Financial Statements
Wells Fargo Advantage International Stock Funds 29
For the period ended March 31, 2008, distribution fees incurred are disclosed on
the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset-based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
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 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 in the Statements of
Operations, for the period ended March 31, 2008, were waived by Funds Management
proportionately from all classes, first from advisory fees, and then from any
Class specific expenses, if applicable. Funds Management has contractually
committed through January 31, 2009, to waive fees and/or reimburse expenses to
the extent necessary to maintain a certain net operating expense ratio for the
Funds. Net operating expense ratios in effect for the period ended March 31,
2008, were as follows:
- --------------------------------------------------------------------------------
Net Operating Expense Ratios
----------------------------
FUND Class A Class C Institutional Class Investor Class
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND 1.60% 2.35% NA 1.65%
- --------------------------------------------------------------------------------
OVERSEAS FUND NA NA 0.95% 1.46%
- --------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities and U.S.
government obligations (securities with maturities of one year or less at
purchase date) for the period ended March 31, 2008, were as follows:
- --------------------------------------------------------------------------------
FUND Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
ASIA PACIFIC FUND $ 547,550,746 $ 535,500,084
- --------------------------------------------------------------------------------
OVERSEAS FUND 18,775,306 21,321,371
- --------------------------------------------------------------------------------
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2008, the Asia Pacific Fund and Overseas Fund had
no borrowings under the agreement.
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement imposed fee reductions across the predecessor Strong fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. Funds Management has agreed to honor these fee
reductions for the benefit of shareholders across the successor funds. Although
civil litigation against Strong and certain predecessor Strong Funds relating to
these matters is continuing, neither the current adviser nor the successor funds
is a party to any such suit.
30 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements
7. 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.
8. SUBSEQUENT EVENT
At its November 7, 2007 regular meeting, the Board unanimously approved the
reorganization (the "Reorganization") of the Wells Fargo Advantage Overseas Fund
(the "Target Fund") into the Wells Fargo Advantage International Equity Fund
(the "Acquiring Fund"). The Reorganization is subject to the satisfaction of
certain conditions, including approval by the Target Fund shareholders. A
special meeting of the shareholders of the Target Fund is expected to be held in
the second quarter of 2008 for the purpose of enabling shareholders to vote on
whether to approve the Reorganization. If shareholders of a Target Fund approve
the Reorganization, the Target Fund will transfer all of its assets and
liabilities to the Acquiring Fund in exchange for shares of the Acquiring Fund
in an amount equal to the then current value of the Target Fund shares.
Upon completion of the Reorganization, the Target Fund will liquidate by
distributing the Acquiring Fund shares to the Target Fund shareholders, so that
Target Fund shareholders would receive shares of a corresponding class of the
Acquiring Fund with a total value equal to the then current value of their
Target Fund shares, cease operations and dissolve. The Reorganization is
structured as a tax-free transaction and it is anticipated that no gain or loss
for federal income tax purposes would be recognized by shareholders as a result
of this Reorganization. Shareholders should consult with their own tax advisors
regarding the application of tax laws and this transaction to their particular
situations. Additionally, Fund shareholders will not incur any sales loads or
similar transaction charges or bear any of the costs associated with the
Reorganization.
Prior to the Reorganization, Target Fund shareholders may continue to purchase,
redeem and exchange their shares subject to the limitations described in the
Target Fund's prospectus. The proposed Reorganization, if approved by
shareholders, is expected to occur during the third quarter of 2008.
Additional information, including a detailed description of the Reorganization
and the Board's reasons for approving it will be provided in the Proxy
Statement/Prospectus that is expected to be mailed to record date shareholders
of each Target Fund in May 2008. The Proxy Statement/Prospectus will also
confirm the date, time and location of the special shareholder meeting.
Other Information (Unaudited)
Wells Fargo Advantage International Stock Funds 31
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on
a monthly, 30-day or more delayed basis and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds'Web site on a monthly, seven-day or
more delayed basis. Each Fund files its complete schedule of portfolio holdings
with the SEC for the first and third quarters of each fiscal year on Form N-Q,
which is available without charge by visiting the SEC Web site at WWW.SEC.GOV.
In addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens University of None
65 Wake Forest University. Prior thereto, the Thomas Goho Chair
of Finance of Wake Forest University, Calloway School of
Business and Accountancy, from 2006-2007 and Associate
Professor of Finance from 1999-2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water Company None
65 Chairman, since 2005 and President of Crystal Geyser Roxane Water Company.
(Lead Trustee since 2001)
- ------------------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
55 University of Pennsylvania. Director of the Boettner Center
on Pensions and Retirement Research. Research associate and
board member, Penn Aging Research Center. Research associate,
National Bureau of Economic Research.
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
56 Foundation, a non-profit organization since 2007 and Senior
Fellow at the Humphrey Institute Policy Forum at the
University of Minnesota since 1995.
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
67
- ------------------------------------------------------------------------------------------------------------------------------------
32 Wells Fargo Advantage International Stock Funds
Other Information (Unaudited)
INTERESTED TRUSTEE 3
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None
63 Chairman of Whitepoint Capital, LLC until 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
48 President of Wells Fargo Funds Management, LLC since 2003.
Senior Vice President and Chief Administrative Officer of
Wells Fargo Funds Management, LLC from 2001 to 2003.
- ------------------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
47 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting and None
48 Tax for Wells Fargo Funds Management, LLC since 2007.
Director of Fund Administration and SEC Reporting for
TIAA-CREF from 2005 to 2007. Chief Operating Officer for UMB
Fund Services, Inc. from 2004 to 2005. Controller for Sungard
Transaction Networks from 2002 to 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, LLC None
43 since 2007 since 2007. Chief Compliance Officer of Parnassus Investments
from 2005 to 2007. Chief Financial Officer of Parnassus
Investments from 2004 to 2007 and Senior Audit Manager of
PricewaterhouseCoopers LLP from 1998 to 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
Other Information Wells Fargo Advantage International Stock Funds 33
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS: ASIA PACIFIC FUND AND OVERSEAS FUND
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Asia Pacific Fund and Overseas Fund (the "Funds"); (ii) an
investment sub-advisory agreement with Wells Capital Management Incorporated
("Wells Capital Management") for the Asia Pacific Fund; and (iii) an investment
sub-advisory agreement with New Star Institutional Managers Limited ("New Star")
for the Overseas Fund. The investment advisory agreement with Funds Management
and the investment sub-advisory agreements with Wells Capital Management and New
Star (the "Sub-Advisers") are collectively referred to as the "Advisory
Agreements."
More specifically, at a meeting held on March 28, 2008, the Board, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and the Sub-Advisers and the continuation of the Advisory
Agreements. Prior to the March 28, 2008, meeting, the Trustees conferred
extensively among themselves and with representatives of Funds Management about
these matters. The Board also met regularly throughout the year and received
information that was useful to them in considering the continuation of the
Advisory Agreements. The Independent Trustees were assisted in their evaluation
of the Advisory Agreements by independent legal counsel, from whom they received
separate legal advice and with whom they met separately from Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and the Sub-Advisers under the Advisory Agreements. The Board also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Board
received and considered, among other things, information about the background
and experience of senior management of Funds Management and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for day-to-day portfolio management services for the Funds.
The Board evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Board further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers, and the appointment of a new Chief Compliance Officer for the
Funds. In addition, the Board took into account the administrative services
provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Board considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below, the
Board concluded that it was generally satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each of the Funds over various
time periods ended December 31, 2007. The Board also considered these results in
comparison to the median performance of a universe of relevant funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Funds (the
"Universe"), as well as to the Funds' benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
was provided with a description of the methodology used by Lipper to select the
mutual funds in the Universe.
34 Wells Fargo Advantage International Stock Funds Other Information
The Board noted that the performance of the Asia Pacific Fund was better than
the median performance of its Universe for all time periods. The Board then
noted that the performance of the Overseas Fund was lower than the median
performance of its Universe for most time periods and required further review.
As part of its further review, the Board received an analysis of, and discussed
factors contributing to, the Overseas Fund's underperformance. The Board
requested continued reports on the performance of the Overseas Fund.
The Board received and considered information regarding the Fund's contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Board also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that were determined by Lipper to be the most similar to the Funds (the
"Peer Group") and to other comparative data. The Board was provided with a
description of the methodology used by Lipper to select the mutual funds in the
Peer Group. The Board noted that the net operating expense ratios for each Fund
were lower than, or not appreciably higher than, its Peer Group's median net
operating expense ratios. The Board also noted that at its regular meeting in
November 2007, it had approved the reorganization of the Overseas Fund into
another fund of the Trust (the "Acquiring Fund"), pending shareholder approval,
and that, if the reorganization were approved by shareholders of the Fund and
consummated, such shareholders would receive shares of the Acquiring Fund, the
net operating expense ratio of which would be the same or higher than the net
operating expense ratio for the corresponding share class of the Fund.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to the Sub-Advisers for
investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's Peer
Group. The Board noted that the Advisory Agreement Rates and the Net Advisory
Rates for each Fund were lower than, equal to, or not appreciably higher than,
the median rates of each Fund's respective Peer Group. In addition, the Board
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Peer Group, and reasonable in
relation to the services provided. The Board also considered and approved Funds
Management's recommendation to reduce administration fees for certain share
classes of the Funds in coming to its conclusion,
The Board also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on its consideration of the factors described above.
PROFITABILITY
The Board received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and Net Advisory Rates, as well
as an analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Board also considered related information provided by
Funds Management in a separate presentation on financial matters made at the
February 2008 Board meeting. The Board concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
The Board did not consider separate profitability information with respect to
Wells Capital Management, as its profitability from its relationship with the
Asia Pacific Fund was not a material factor in determining whether to renew
Other Information Wells Fargo Advantage International Stock Funds 35
the agreement. The Board did not consider separate profitability information
with respect to New Star, which is not affiliated with Funds Management. The
Board considered that the sub-advisory fees paid to New Star had been negotiated
by Funds Management on an arm's length basis and that New Star's profitability
from its relationship with the Overseas Fund was not a material factor in
determining whether to renew the agreement.
ECONOMIES OF SCALE
The Board received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale and
whether there is potential for realization of any further economies of scale for
the Funds. The Board also considered information provided by Funds Management in
separate presentations on advisory fee breakpoints and economies of scale made
at the February 2008 board meeting. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders,
most particularly through Advisory Agreement Rate breakpoints and waivers/caps
and/or expense reimbursements applicable to the Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Board also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trust, and those offered by the Sub-Advisers to other
clients. The Board concluded that the Advisory Agreement Rates, the Sub-Advisory
Agreement Rates and the Net Advisory Rates were within a reasonable range of the
fee rates offered to others by Funds Management and the Sub-Advisers, giving
effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and the Sub-Advisers with the Funds and benefits potentially
derived from an increase in Funds Management's and the Sub-Advisers' business as
a result of their relationship with the Funds (such as the ability to market to
shareholders other financial products offered by Funds Management and its
affiliates or the Sub-Advisers and their affiliates).
The Board also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and the Sub-Advisers' methods for allocating portfolio investment
opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares are offered and sold. The
Board noted that the Funds are part of one of the few fund families that have
both direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and the Sub-Advisers annually as part of the re-approval process
under Section 15(c) of the 1940 Act. The Board also reviews and assesses the
quality of the services that the Funds receive throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for the Funds was in the
best interest of the Funds and their shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
36 Wells Fargo Advantage International Stock Funds List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
THIS PAGE IS INTENTIONALLY LEFT BLANK.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
-----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
-----------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo www.wellsfargo.com/advantagefunds 109399 05-08
Funds Management, LLC. SINTNLD/SAR 03-08
All rights reserved.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Semi-Annual Report
March 31, 2008
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
----------------------------------------------------
o WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
o WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND
o WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
o WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
o WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
WANT TO RECEIVE YOUR ANNUAL AND SEMI-ANNUAL REPORTS FASTER?
Sign up for eDelivery at www.wellsfargo.com/advantagefunds, Keyword: eDocs.
Contents
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Aggressive Allocation Fund ............................................... 4
Asset Allocation Fund .................................................... 6
Conservative Allocation Fund ............................................. 8
Growth Balanced Fund ..................................................... 10
Moderate Balanced Fund ................................................... 12
FUND EXPENSES ............................................................ 14
PORTFOLIO OF INVESTMENTS
Aggressive Allocation Fund ............................................... 16
Asset Allocation Fund .................................................... 17
Conservative Allocation Fund ............................................. 33
Growth Balanced Fund ..................................................... 34
Moderate Balanced Fund ................................................... 35
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 36
Statements of Operations ................................................. 38
Statements of Changes in Net Assets ...................................... 40
Financial Highlights ..................................................... 46
NOTES TO FINANCIAL STATEMENTS ............................................ 50
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ............................................ 57
Disciplined Growth Portfolio ............................................. 62
Emerging Growth Portfolio ................................................ 66
Equity Income Portfolio .................................................. 71
Equity Value Portfolio ................................................... 76
Index Portfolio .......................................................... 81
International Core Portfolio ............................................. 96
International Growth Portfolio ........................................... 99
International Index Portfolio ............................................ 103
International Value Portfolio ............................................ 127
Large Cap Appreciation Portfolio ......................................... 132
Large Company Growth Portfolio ........................................... 137
Small Cap Index Portfolio ................................................ 141
Small Company Growth Portfolio ........................................... 158
Small Company Value Portfolio ............................................ 164
Strategic Small Cap Value Portfolio ...................................... 170
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 182
Statements of Operations ................................................. 186
Statements of Changes in Net Assets ...................................... 190
Financial Highlights ..................................................... 198
NOTES TO FINANCIAL STATEMENTS ............................................ 200
OTHER INFORMATION ........................................................ 209
LIST OF ABBREVIATIONS .................................................... 215
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT AMONG THE
TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
- --------------------------------------------------------------------------------
GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Asia Pacific Fund Equity Value Fund Opportunity Fund
C&B Large Cap Value Fund Growth and Income Fund Overseas Fund
C&B Mid Cap Value Fund Growth Fund Small Cap Disciplined Fund
Capital Growth Fund Growth Equity Fund Small Cap Growth Fund
Common Stock Fund Index Fund Small Cap Opportunities Fund
Discovery Fund International Core Fund Small Cap Value Fund
Diversified Equity Fund International Equity Fund Small Company Growth Fund
Diversified Small Cap Fund International Value Fund Small Company Value Fund
Emerging Growth Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Emerging Markets Equity Fund Large Cap Growth Fund Specialized Financial Services Fund
Endeavor Large Cap Fund Large Company Core Fund Specialized Technology Fund
Endeavor Select Fund Large Company Growth Fund Strategic Small Cap Value Fund
Enterprise Fund Large Company Value Fund U.S. Value Fund
Equity Income Fund Mid Cap Disciplined Fund Value Fund
Equity Index Fund Mid Cap Growth Fund
BOND FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
California Limited-Term Tax-Free Fund Intermediate Government Income Fund 1 Stable Income Fund
California Tax-Free Fund Intermediate Tax-Free Fund Strategic Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Total Return Bond Fund
Corporate Bond Fund Municipal Bond Fund Ultra Short-Term Income Fund
Diversified Bond Fund National Limited-Term Tax-Free Fund Ultra Short-Term Municipal Income Fund
Government Securities Fund 1 National Tax-Free Fund Ultra-Short Duration Bond Fund
High Income Fund Short Duration Government Bond Fund 1 Wisconsin Tax-Free Fund
High Yield Bond Fund Short-Term Bond Fund
Income Plus Fund Short-Term High Yield Bond Fund
Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
ASSET ALLOCATION FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund WealthBuilder Conservative Allocation Portfolio Target 2020 Fund 2
Asset Allocation Fund WealthBuilder Equity Portfolio Target 2025 Fund 2
Balanced Fund WealthBuilder Growth Allocation Portfolio Target 2030 Fund 2
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2035 Fund 2
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio Target 2040 Fund 2
Moderate Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2045 Fund 2
Life Stage-Aggressive Portfolio Target Today Fund 2 Target 2050 Fund 2
Life Stage-Conservative Portfolio Target 2010 Fund 2
Life Stage-Moderate Portfolio Target 2015 Fund 2
MONEY MARKET FUNDS
- ------------------------------------------------------------------------------------------------------------------------------------
100% Treasury Money Market Fund 1 Heritage Money Market Fund National Tax-Free Money Market Fund
California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund 1 Municipal Money Market Fund Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
- ------------------------------------------------------------------------------------------------------------------------------------
VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund
VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund
VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund
VT Equity Income Fund VT Money Market Fund VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- --------------------------------------------------------------------------------
1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Allocation Funds Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE LEHMAN BROTHERS
TREASURY INDEX RETURNED
8.56%, COMPARED TO 5.23%
FOR THE BROAD BOND MARKET,
AS MEASURED BY THE
LEHMAN BROTHERS U.S.
AGGREGATE INDEX.
- --------------------------------------------------------------------------------
Dear Valued Shareholder,
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
ASSET ALLOCATION FUNDS that covers the six-month period that ended March 31,
2008. During the period, the economy struggled to absorb slower growth, high
energy prices, a continuing correction in the housing market, and tighter
lending practices that presented financial challenges to businesses and
consumers.
Falling prices of new and existing homes especially affected subprime borrowers
who faltered when easy access to credit all but disappeared for them and
market-value equity on their homes declined. The price correction in the market
value of homes prevented many struggling borrowers from paying off their full
mortgage balances by selling their homes. Housing market woes also had a ripple
effect as financial markets began to assess the full impact of the subprime
loans that had been packaged and sold both in the United States and abroad. The
rapid collapse of investment bank Bear Stearns, due to high write-offs in its
mortgage-related assets, highlighted some of the more significant risks within
the market.
THE FED RESPONDED IN MANY WAYS.
First, by lowering the federal funds rate (the rate at which member banks borrow
money from each other) by 250 basis points (100 basis points equals 1.00%.)
Second, it lowered the discount rate (the rate at which banks borrow money
directly from the Fed) by 275 basis points. And, third, it agreed to make the
discount window available to non-bank dealers and to lend to banks for longer
than normal periods of time to help ease some of the constraints on liquidity.
In addition, the Fed launched several other new programs to provide liquidity to
financial institutions.
INVESTORS SOUGHT RELATIVE SAFETY IN MONEY MARKET FUNDS AND IN THE U.S. TREASURY
MARKET.
During the six-month period, the Lehman Brothers U.S. Treasury Index 1 returned
8.56%, compared to 5.23% for the broad bond market, as measured by the Lehman
Brothers U.S. Aggregate Index 2. Mortgage-related securities declined on
continued housing-related turmoil. Corporate and high-yield bonds also trailed
as investors worried about the effect of a slowing economy on potential future
default rates. In the international credit markets, Europe and Britain
experienced some of the same concerns over liquidity that were felt in the U.S.
credit markets, which resulted in tighter lending practices overseas.
- --------------------------------------------------------------------------------
1 The Lehman Brothers U.S. Treasury Index is composed of public obligations
of the U.S. Treasury. You cannot invest directly in an index.
2 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an index.
Letter to Shareholders Wells Fargo Advantage Allocation Funds 3
THE STOCK MARKET STRUGGLED IN MOST AREAS.
The S&P 500 Index declined 12.46% for the six-month period. Value stocks
underperformed, largely because of weakness in financial stocks, with the S&P
500 Financial Index 3 declining 26.29% for the period. Small cap stocks modestly
underperformed large caps. Most international markets also posted negative
returns, however, the U.S. dollar's decline partially offset these losses for
U.S.-based investors. The MSCI EAFE Index 4 was down 10.50% for the period in
U.S. dollar terms.
PLANNING AHEAD.
The continued uncertainty surrounding the housing market, liquidity, and
inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking investment teams who
share our dedication to pursuing consistent, long-term results offers you a way
to navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE S&P 500 INDEX DECLINED 12.46% FOR THE SIX-MONTH PERIOD ...
.... THE MSCI EAFE INDEX WAS DOWN 10.50% FOR THE PERIOD IN U.S. DOLLAR TERMS.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITS. You cannot invest directly
in an index.
4 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
4 Wells Fargo Advantage Allocation Funds Performance Highlights
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Galliard Capital Management, Inc.
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Galen G. Blomster, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas
Andrew Owen, CFA
FUND INCEPTION
December 2, 1997
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Microsoft Corporation 1.86%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 1.75%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 1.36%
- --------------------------------------------------------------------------------
General Electric Company 1.20%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.08%
- --------------------------------------------------------------------------------
AT&T Incorporated 0.99%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 0.91%
- --------------------------------------------------------------------------------
Medtronic Incorporated 0.90%
- --------------------------------------------------------------------------------
Bank of America Corporation 0.90%
- --------------------------------------------------------------------------------
American International Group Incorporated 0.84%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEUTRAL ALLOCATION
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(80%) (20%)
- --------------------------------------------------------------------------------
EFFECTIVE ALLOCATION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(95%) (5%)
- --------------------------------------------------------------------------------
1 The Ten Largest Holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the
total market value of the portfolio of investments of the Fund. See Notes
to the Financial Statements for a discussion of the Master Trust.
2 Portfolio allocations are subject to change. Cash and cash equivalents are
not reflected in the calculations of portfolio allocations.
Performance Highlights Wells Fargo Advantage Allocation Funds 5
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -----------------------------------------------------------------------------------------------------
Expense Ratio
6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- -----------------------------------------------------------------------------------------------------
Administrator Class (NWBEX) (13.77) (5.99) 10.66 5.07 1.20 1.00
- -----------------------------------------------------------------------------------------------------
BENCHMARKS
- -----------------------------------------------------------------------------------------------------
Aggressive Allocation Composite Index 6 (9.00) (3.09) 11.72 4.80
- -----------------------------------------------------------------------------------------------------
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- -----------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Index 8 5.23 7.67 4.58 6.04
- -----------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk, mortgage- and asset-backed
securities risk, and smaller company securities risk. Consult the Fund's
prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway blended Fund that invests all of its assets in two
or more master portfolios of the Master Trust in varying proportions.
References to the investment activities of the Fund are intended to refer
to the investment activities of the master portfolios in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION
FUND - Administrator Class was named the Wells Fargo Strategic Growth
Allocation Fund - Institutional Class.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Aggressive Allocation Composite Index is weighted 20% in the Lehman
Brothers U.S. Aggregate Index (includes Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities), 20% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 20% in the S&P 500 Index, 20% in the Russell 1000(R) Growth Index
(measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth values), 12% in the MSCI
EAFE Index (an unmanaged group of securities generally representative of
the stock markets of Europe, Australasia and the Far East), and 8% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index). You cannot invest directly in an
index.
7 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
8 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an Index.
6 Wells Fargo Advantage Allocation Funds Performance Highlights
WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND (the Fund) seeks long-term total
return, consisting of capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Galen G. Blomster, CFA
Gregory T. Genung, CFA
Jeffrey P. Mellas
FUND INCEPTION
November 13, 1986
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
US Treasury Bond, 4.50%, 02/15/2036 6.74%
- --------------------------------------------------------------------------------
US Treasury Bond, 6.25%, 05/15/2030 5.23%
- --------------------------------------------------------------------------------
US Treasury Bond, 5.38%, 02/15/2031 4.73%
- --------------------------------------------------------------------------------
US Treasury Bond, 5.00%, 05/15/2037 4.31%
- --------------------------------------------------------------------------------
US Treasury Bond, 4.75%, 02/15/2037 4.10%
- --------------------------------------------------------------------------------
US Treasury Bond, 5.50%, 08/15/2028 3.11%
- --------------------------------------------------------------------------------
US Treasury Bond, 6.13%, 08/15/2029 3.08%
- --------------------------------------------------------------------------------
US Treasury Bond, 5.25%, 02/15/2029 2.97%
- --------------------------------------------------------------------------------
US Treasury Bond, 5.25%, 11/15/2028 2.90%
- --------------------------------------------------------------------------------
US Treasury Bond, 4.38%, 02/15/2038 2.48%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (9%)
Consumer Staples (11%)
Energy (13%)
Financials (16%)
Health Care (12%)
Industrials (12%)
Information Technology (16%)
Materials (4%)
Telecommunication Services (3%)
Utilities (4%)
- --------------------------------------------------------------------------------
NEUTRAL ALLOCATION
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(60%) (40%)
- --------------------------------------------------------------------------------
EFFECTIVE ALLOCATION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(85%) (15%)
- --------------------------------------------------------------------------------
1 The ten largest holdings are calculated based on the market value of the
securities divided by total market value of the Fund.
2 Sector distribution and portfolio allocations are subject to change. Cash
and cash equivalents are not reflected in the calculations of sector
distribution or portfolio allocations.
Performance Highlights Wells Fargo Advantage Allocation Funds 7
WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------------------------------------
Class A (SFAAX) (14.42) (7.02) 8.50 4.05 (9.20) (1.36) 9.79 4.67 1.26 1.15
- ------------------------------------------------------------------------------------------------------------------------------------
Class B (SASBX)** (14.51) (7.09) 8.68 3.90 (9.51) (2.09) 8.97 3.90 2.01 1.90
- ------------------------------------------------------------------------------------------------------------------------------------
Class C (WFALX) (10.55) (3.10) 8.97 3.89 (9.55) (2.10) 8.97 3.89 2.01 1.90
- ------------------------------------------------------------------------------------------------------------------------------------
Administrator Class (WFAIX) (9.07) (1.06) 10.06 4.82 1.08 0.90
- ------------------------------------------------------------------------------------------------------------------------------------
BENCHMARKS
- ------------------------------------------------------------------------------------------------------------------------------------
Asset Allocation Composite Index 6 (4.02) 1.96 9.59 5.55
- ------------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- ------------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers 20+ Treasury Index 8 10.18 13.36 6.52 7.54
- ------------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE-
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Consult the Fund's prospectus for additional
information on these and other risks.
- --------------------------------------------------------------------------------
3 Performance shown prior to the inception of the Class C shares reflects
the performance of the Class A shares, adjusted to reflect Class C sales
charges and expenses. Prior to April 11, 2005, the Administrator Class was
named the Institutional Class. Administrator Class shares incepted on
November 8, 1999. Performance shown prior to the inception of the
Administrator Class reflects the performance of the Class A shares, and
includes expenses that are not applicable to and are higher than those of
the Administrator Class shares, but does not include Class A sales
charges. If it did include Class A sales charges, returns would be lower.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Asset Allocation Composite Index is weighted 60% in the S&P 500 Index
and 40% in the Lehman Brothers 20+ Treasury Index.
7 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
8 The Lehman Brothers 20+ Treasury Index is an unmanaged index composed of
securities in the U.S. Treasury Index with maturities of 20 years or
greater. You cannot invest directly in an Index.
8 Wells Fargo Advantage Allocation Funds Performance Highlights
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Galliard Capital Management, Inc.
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Galen G. Blomster, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
GNMA, 7.06%, 08/16/2042 0.71%
- --------------------------------------------------------------------------------
FNMA, 4.36%, 06/01/2034 0.69%
- --------------------------------------------------------------------------------
US Treasury Bond, 3.38%, 04/15/2032 0.57%
- --------------------------------------------------------------------------------
FHLMC, 6.50%, 02/15/2024 0.53%
- --------------------------------------------------------------------------------
Small Business Administration Participation Certificates Series
2006-P10A Class 1 0.49%
- --------------------------------------------------------------------------------
FHLMC, 4.50%, 06/01/2019 0.47%
- --------------------------------------------------------------------------------
Microsoft Corporation 0.47%
- --------------------------------------------------------------------------------
US Treasury Note, 4.25%, 11/15/2017 0.45%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 0.44%
- --------------------------------------------------------------------------------
Brazos Higher Education Authority Series 2005-4 Class A5 0.39%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEUTRAL ALLOCATION
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(20%) (80%)
- --------------------------------------------------------------------------------
EFFECTIVE ALLOCATION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(25%) (75%)
- --------------------------------------------------------------------------------
1 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the
total market value of the portfolio of investments of the Fund. See Notes
to the Financial Statements for a discussion of the Master Trust.
2 Portfolio allocations are subject to change. Cash and cash equivalents are
not reflected in the calculations of portfolio allocations.
Performance Highlights Wells Fargo Advantage Allocation Funds 9
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------
Expense Ratio
CONSERVATIVE ALLOCATION FUND 6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------
Administrator Class (NVCBX) (2.24) 1.65 5.36 5.04 1.05 0.85
- ------------------------------------------------------------------------------------------------------
BENCHMARKS
- ------------------------------------------------------------------------------------------------------
Conservative Allocation Composite Index 6 1.15 4.75 6.09 5.43
- ------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Index 7 5.23 7.67 4.58 6.04
- ------------------------------------------------------------------------------------------------------
S&P 500 Index 8 (12.46) (5.08) 11.32 3.50
- ------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Active trading results in increased turnover
and trading expenses, and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This Fund is exposed to mortgage- and asset-backed
securities risk. Consult the Fund's prospectus for additional information on
these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway blended Fund that invests all of its assets in two
or more master portfolios of the Master Trust in varying proportions.
References to the investment activities of the Fund are intended to refer
to the investment activities of the master portfolios in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION
FUND - Administrator Class was named the Wells Fargo Strategic Income Fund
- Institutional Class.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Conservative Allocation Composite Index is weighted 55% in the Lehman
Brothers U.S. Aggregate Index (includes Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities), 25% in the Lehman
Brothers 9-12 Month U.S. Treasury Bond Index (an unmanaged index that
includes aged U.S. Treasury bills, notes, and bonds with a remaining
maturity from one up to but not including 12 months), 5% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 5% in the S&P 500 Index, 5% in the Russell 1000(R) Growth Index
(measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth values), 3% in the MSCI
EAFE Index (an unmanaged group of securities generally representative of
the stock markets of Europe, Australasia and the Far East), and 2% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index). You cannot invest directly in an
index.
7 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an Index.
8 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
10 Wells Fargo Advantage Allocation Funds Performance Highlights
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (the Fund) seeks total return,
consisting of capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Galliard Capital Management, Inc.
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Galen G. Blomster, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Microsoft Corporation 1.52%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 1.43%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 1.11%
- --------------------------------------------------------------------------------
General Electric Company 0.98%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 0.88%
- --------------------------------------------------------------------------------
AT&T Incorporated 0.81%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 0.74%
- --------------------------------------------------------------------------------
Medtronic Incorporated 0.73%
- --------------------------------------------------------------------------------
Bank of America Corporation 0.73%
- --------------------------------------------------------------------------------
American International Group Incorporated 0.69%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEUTRAL ALLOCATION
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(65%) (35%)
- --------------------------------------------------------------------------------
EFFECTIVE ALLOCATION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(80%) (20%)
- --------------------------------------------------------------------------------
1 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the
total market value of the portfolio of investments of the Fund. See Notes
to the Financial Statements for a discussion of the Master Trust.
2 Portfolio allocations are subject to change. Cash and cash equivalents are
not reflected in the calculations of portfolio allocations.
3 The Fund is a gateway blended Fund that invests all of its assets in two or
more master portfolios of the Master Trust in varying proportions.
References to the investment activities of the Fund are intended to refer
to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares,
adjusted to reflect Class A, Class B and Class C sales charges and
expenses, as applicable. Class A shares incepted on October 14, 1998. Class
B and C shares incepted on October 1, 1998.
Performance Highlights Wells Fargo Advantage Allocation Funds 11
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ----------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
GROWTH BALANCED FUND 6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- ----------------------------------------------------------------------------------------------------------------------------------
Class A (WFGBX) (16.39) (9.70) 8.15 4.62 (11.29) (4.20) 9.43 5.24 1.31 1.20
- ----------------------------------------------------------------------------------------------------------------------------------
Class B (NVGRX) (16.60) (9.90) 8.32 4.46 (11.60) (4.90) 8.61 4.46 2.06 1.95
- ----------------------------------------------------------------------------------------------------------------------------------
Class C (WFGWX) (12.62) (5.91) 8.61 4.48 (11.62) (4.91) 8.61 4.48 2.06 1.95
- ----------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVGBX) (11.18) (3.97) 9.71 5.48 1.13 0.95
- ----------------------------------------------------------------------------------------------------------------------------------
BENCHMARKS
- ----------------------------------------------------------------------------------------------------------------------------------
Growth Balanced Composite Index 6 (6.43) (1.07) 10.41 5.16
- ----------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- ----------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Index 8 5.23 7.67 4.58 6.04
- ----------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk, mortgage- and asset-backed
securities risk, and smaller company securities risk. Consult the Fund's
prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Growth Balanced Composite Index is weighted 35% in the Lehman Brothers
U.S. Aggregate Index (includes Treasury issues, agency issues, corporate
bond issues, and mortgage-backed securities), 16.25% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 16.25% in the S&P 500 Index, 16.25% in the Russell 1000(R) Growth
Index (measures the performance of those Russell 1000 companies with
higher price-to-book ratios and higher forecasted growth values), 9.75% in
the MSCI EAFE Index (an unmanaged group of securities generally
representative of the stock markets of Europe, Australasia and the Far
East), and 6.50% in the Russell 2000(R) Index (measures the performance of
the 2,000 smallest companies in the Russell 3000(R) Index). You cannot
invest directly in an index.
7 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
8 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an Index.
12 Wells Fargo Advantage Allocation Funds Performance Highlights
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (the Fund) seeks total return,
consisting of current income and capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Galliard Capital Management, Inc
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Galen G. Blomster, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Microsoft Corporation 0.93%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 0.88%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 0.68%
- --------------------------------------------------------------------------------
General Electric Company 0.60%
- --------------------------------------------------------------------------------
GNMA, 7.06%, 08/16/2042 0.58%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 0.54%
- --------------------------------------------------------------------------------
AT&T Incorporated 0.50%
- --------------------------------------------------------------------------------
FNMA, 4.36%, 06/01/2034 0.48%
- --------------------------------------------------------------------------------
US Treasury Bond, 3.38%, 04/15/2032 0.46%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 0.45%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NEUTRAL ALLOCATION
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(40%) (60%)
- --------------------------------------------------------------------------------
EFFECTIVE ALLOCATION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A BAR CHART IN THE PRINTED MATERIAL.]
Stocks Bonds
(50%) (50%)
- --------------------------------------------------------------------------------
1 The ten largest holdings are calculated based on the market value of the
Master Trust portfolio securities allocable to the Fund divided by the
total market value of the portfolio of investments of the Fund. See Notes
to the Financial Statements for a discussion of the Master Trust.
2 Portfolio allocations are subject to change. Cash and cash equivalents are
not reflected in the calculations of portfolio allocations.
3 The Fund is a gateway blended Fund that invests all of its assets in two
or more master portfolios of the Master Trust in varying proportions.
References to the investment activities of the Fund are intended to refer
to the investment activities of the master portfolios in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C shares reflects the performance of the Administrator Class shares,
adjusted to reflect Class A, Class B and Class C sales charges and
expenses, as applicable. Prior to April 11, 2005, the Administrator Class
was named the Institutional Class. Class A, Class B, and Class C shares
incepted on January 30, 2004.
Performance Highlights Wells Fargo Advantage Allocation Funds 13
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -----------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross 4 Net 5
- -----------------------------------------------------------------------------------------------------------------------------------
Class A (WFMAX) (11.87) (6.84) 5.85 4.47 (6.49) (1.15) 7.11 5.09 1.28 1.15
- -----------------------------------------------------------------------------------------------------------------------------------
Class B (WMOBX) (11.91) (6.95) 5.99 4.30 (6.91) (1.95) 6.30 4.30 2.03 1.90
- -----------------------------------------------------------------------------------------------------------------------------------
Class C (WFBCX) (7.89) (2.93) 6.30 4.30 (6.89) (1.93) 6.30 4.30 2.03 1.90
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVMBX) (6.41) (0.92) 7.37 5.35 1.10 0.90
- -----------------------------------------------------------------------------------------------------------------------------------
BENCHMARKS
- -----------------------------------------------------------------------------------------------------------------------------------
Moderate Balanced Composite Index 6 (2.28) 2.15 8.00 5.35
- -----------------------------------------------------------------------------------------------------------------------------------
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- -----------------------------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Index 8 5.23 7.67 4.58 6.04
- -----------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE
- - WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk and mortgage- and asset-backed
securities risk. Consult the Fund's prospectus for additional information on
these and other risks.
- --------------------------------------------------------------------------------
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Moderate Balanced Composite Index is weighted 45% in the Lehman
Brothers U.S. Aggregate Index (includes Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities), 15% in the Lehman
Brothers 9-12 Month U.S. Treasury Bond Index (an unmanaged index that
includes aged U.S. Treasury bills, notes, and bonds with a remaining
maturity from one up to but not including 12 months), 10% in the Russell
2000(R) Index (measures the performance of the 2,000 smallest companies in
the Russell 3000(R) Index), 10% in the S&P 500 Index, 10% in the Russell
1000(R) Growth Index (measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth
values), 6% in the MSCI EAFE Index (an unmanaged group of securities
generally representative of the stock markets of Europe, Australasia and
the Far East), and 4% in the Russell 2000(R) Index (measures the
performance of the 2,000 smallest companies in the Russell 3000(R) Index).
You cannot invest directly in an index.
7 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
8 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an Index.
14 Wells Fargo Advantage Allocation Funds Fund Expenses (Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire six-month period, from October 1, 2007
to March 31, 2008.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
- ------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND 10-01-2007 03-31-2008 Period* Expense Ratio
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 862.30 $4.67 1.00%
Hypothetical (5% return before expenses) $1,000.00 $1,020.05 $5.06 1.00%
- ------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 908.00 $5.50 1.15%
Hypothetical (5% return before expenses) $1,000.00 $1,019.30 $5.82 1.15%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 904.90 $9.07 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.54 $9.60 1.90%
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 904.50 $9.07 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.54 $9.60 1.90%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 909.30 $4.31 0.90%
Hypothetical (5% return before expenses) $1,000.00 $1,020.56 $4.56 0.90%
- ------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 977.60 $4.21 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.81 $4.31 0.85%
- ------------------------------------------------------------------------------------------------------------------------
Fund Expenses (Unaudited) Wells Fargo Advantage Allocation Funds 15
- ------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND 10-01-2007 03-31-2008 Period* Expense Ratio
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 887.10 $5.68 1.20%
Hypothetical (5% return before expenses) $1,000.00 $1,019.05 $6.07 1.20%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 884.00 $9.21 1.95%
Hypothetical (5% return before expenses) $1,000.00 $1,015.29 $9.85 1.95%
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 883.80 $9.21 1.95%
Hypothetical (5% return before expenses) $1,000.00 $1,015.29 $9.85 1.95%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 888.20 $4.50 0.95%
Hypothetical (5% return before expenses) $1,000.00 $1,020.31 $4.81 0.95%
- ------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
- ------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 935.10 $5.58 1.15%
Hypothetical (5% return before expenses) $1,000.00 $1,019.30 $5.82 1.15%
- ------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 930.90 $9.20 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.54 $9.60 1.90%
- ------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 931.10 $9.20 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.54 $9.60 1.90%
- ------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 935.90 $4.37 0.90%
Hypothetical (5% return before expenses) $1,000.00 $1,020.56 $4.56 0.90%
- ------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
16 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
AGGRESSIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.48%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 13,981,375
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 8,444,845
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 1,937,451
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 13,971,126
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 13,927,696
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 41,958,505
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 4,245,412
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 6,426,288
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 6,454,312
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 6,413,027
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 6,432,317
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 4,209,799
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 29,462,181
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 29,601,624
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 5,623,556
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 3,681,382
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 555,811
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 5,067,231
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 8,468,678
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $204,568,478) 210,862,616
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS: 1.11%
US TREASURY BILLS: 1.11%
$ 25,000 US TREASURY BILL^# 1.80% 08/07/2008 24,880
1,905,000 US TREASURY BILL^# 2.06 08/07/2008 1,895,822
325,000 US TREASURY BILL^# 3.15 05/08/2008 324,509
40,000 US TREASURY BILL^# 3.16 05/08/2008 39,940
40,000 US TREASURY BILL^# 3.47 05/08/2008 39,940
50,000 US TREASURY BILL^# 3.69 05/08/2008 49,922
2,375,013
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,369,531) 2,375,013
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $206,938,009) 99.59% $ 213,237,629
OTHER ASSETS AND LIABILITIES, NET 0.41 876,219
------ ---------------
TOTAL NET ASSETS 100.00% $ 214,113,848
------ ---------------
- --------------------------------------------------------------------------------
^ Zero coupon bond. Interest rate presented is yield to maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 17
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
COMMON STOCKS: 58.32%
AMUSEMENT & RECREATION SERVICES: 0.06%
14,594 INTERNATIONAL GAME TECHNOLOGY $ 586,825
---------------
APPAREL & ACCESSORY STORES: 0.20%
4,019 ABERCROMBIE & FITCH COMPANY CLASS A 293,950
21,217 GAP INCORPORATED 417,551
14,635 KOHL'S CORPORATION+ 627,695
14,499 LIMITED BRANDS INCORPORATED 247,933
8,352 NORDSTROM INCORPORATED 272,275
1,859,404
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.07%
4,039 JONES APPAREL GROUP INCORPORATED 54,203
4,641 LIZ CLAIBORNE INCORPORATED 84,234
2,747 POLO RALPH LAUREN CORPORATION 160,123
4,092 VF CORPORATION 317,171
615,731
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.04%
6,299 AUTONATION INCORPORATED<<+ 94,296
2,005 AUTOZONE INCORPORATED<<+ 228,229
322,525
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
2,708 RYDER SYSTEM INCORPORATED 164,944
---------------
BIOPHARMACEUTICALS: 0.48%
20,299 CELGENE CORPORATION+ 1,244,126
12,486 GENZYME CORPORATION+ 930,706
43,338 GILEAD SCIENCES INCORPORATED+ 2,233,207
4,408,039
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.08%
5,710 CENTEX CORPORATION<< 138,239
12,784 D.R. HORTON INCORPORATED 201,348
3,592 KB HOME<< 88,830
6,490 LENNAR CORPORATION CLASS A<< 122,077
9,972 PULTE HOMES INCORPORATED<< 145,093
695,587
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.44%
78,739 HOME DEPOT INCORPORATED 2,202,330
68,241 LOWE'S COMPANIES INCORPORATED 1,565,449
4,755 SHERWIN-WILLIAMS COMPANY<< 242,695
4,010,474
---------------
BUSINESS SERVICES: 3.61%
26,546 ADOBE SYSTEMS INCORPORATED<<+ 944,772
4,477 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 224,342
7,797 AKAMAI TECHNOLOGIES INCORPORATED<<+ 219,564
10,773 AUTODESK INCORPORATED+ 339,134
24,390 AUTOMATIC DATA PROCESSING INCORPORATED 1,033,892
8,964 BMC SOFTWARE INCORPORATED<<+ 291,509
18,204 CA INCORPORATED 409,590
18 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
8,645 CITRIX SYSTEMS INCORPORATED+ $ 253,558
13,453 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 387,850
7,634 COMPUTER SCIENCES CORPORATION+ 311,391
12,794 COMPUWARE CORPORATION+ 93,908
5,914 CONVERGYS CORPORATION 89,065
52,045 EBAY INCORPORATED+ 1,553,023
14,780 ELECTRONIC ARTS INCORPORATED+ 737,818
23,763 ELECTRONIC DATA SYSTEMS CORPORATION 395,654
6,048 EQUIFAX INCORPORATED 208,535
7,985 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 304,548
7,671 FISERV INCORPORATED+ 368,898
10,819 GOOGLE INCORPORATED CLASS A+ 4,765,445
8,554 IMS HEALTH INCORPORATED 179,720
21,981 INTERPUBLIC GROUP OF COMPANIES INCORPORATED<<+ 184,860
15,291 INTUIT INCORPORATED<<+ 413,010
24,428 JUNIPER NETWORKS INCORPORATED<<+ 610,700
373,446 MICROSOFT CORPORATION 10,598,397
5,856 MONSTER WORLDWIDE INCORPORATED 141,774
16,428 NOVELL INCORPORATED 103,332
14,958 OMNICOM GROUP INCORPORATED 660,844
184,538 ORACLE CORPORATION+ 3,609,566
7,410 ROBERT HALF INTERNATIONAL INCORPORATED 190,733
36,988 SUN MICROSYSTEMS INCORPORATED+ 574,424
39,492 SYMANTEC CORPORATION<<+ 656,357
9,277 TOTAL SYSTEM SERVICES INCORPORATED 219,494
16,489 UNISYS CORPORATION<<+ 73,046
9,956 VERISIGN INCORPORATED<<+ 330,937
62,388 YAHOO! INCORPORATED<<+ 1,804,885
33,284,575
---------------
CHEMICALS & ALLIED PRODUCTS: 6.04%
72,120 ABBOTT LABORATORIES 3,977,418
10,005 AIR PRODUCTS & CHEMICALS INCORPORATED 920,460
50,745 AMGEN INCORPORATED+ 2,120,126
4,968 AVERY DENNISON CORPORATION 244,674
19,911 AVON PRODUCTS INCORPORATED 787,281
5,034 BARR PHARMACEUTICALS INCORPORATED+ 243,193
13,892 BIOGEN IDEC INCORPORATED+ 856,997
92,353 BRISTOL-MYERS SQUIBB COMPANY 1,967,119
6,478 CLOROX COMPANY 366,914
23,786 COLGATE-PALMOLIVE COMPANY 1,853,167
43,839 DOW CHEMICAL COMPANY 1,615,467
41,961 E.I. DU PONT DE NEMOURS & COMPANY 1,962,096
3,721 EASTMAN CHEMICAL COMPANY 232,376
8,188 ECOLAB INCORPORATED 355,605
46,152 ELI LILLY & COMPANY 2,380,982
5,324 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 244,105
14,528 FOREST LABORATORIES INCORPORATED+ 581,265
7,404 HOSPIRA INCORPORATED+ 316,669
3,780 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 166,509
132,162 JOHNSON & JOHNSON 8,573,349
11,480 KING PHARMACEUTICALS INCORPORATED+ 99,876
25,567 MONSANTO COMPANY 2,850,721
14,201 MYLAN LABORATORIES INCORPORATED<<+ 164,732
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 19
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
CHEMICALS & ALLIED PRODUCTS (continued)
315,450 PFIZER INCORPORATED<< $ 6,602,369
7,643 PPG INDUSTRIES INCORPORATED 462,478
14,615 PRAXAIR INCORPORATED 1,231,021
143,588 PROCTER & GAMBLE COMPANY 10,061,211
5,849 ROHM & HAAS COMPANY 316,314
75,631 SCHERING-PLOUGH CORPORATION 1,089,843
6,037 SIGMA-ALDRICH CORPORATION 360,107
62,426 WYETH 2,606,910
55,611,354
---------------
COAL MINING: 0.13%
8,515 CONSOL ENERGY INCORPORATED 589,153
12,644 PEABODY ENERGY CORPORATION 644,844
1,233,997
---------------
COMMUNICATIONS: 2.49%
18,884 AMERICAN TOWER CORPORATION CLASS A<<+ 740,442
281,611 AT&T INCORPORATED<< 10,785,701
4,975 CENTURYTEL INCORPORATED<< 165,369
15,292 CITIZENS COMMUNICATIONS COMPANY 160,413
23,229 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 678,751
140,487 COMCAST CORPORATION CLASS A 2,717,019
33,243 DIRECTV GROUP INCORPORATED+ 824,094
7,157 EMBARQ CORPORATION 286,996
8,430 IAC/INTERACTIVECORP+ 175,007
71,736 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 324,964
132,924 SPRINT NEXTEL CORPORATION<<+ 889,262
133,951 VERIZON COMMUNICATIONS INCORPORATED 4,882,514
21,181 WINDSTREAM CORPORATION 253,125
22,883,657
---------------
DEPOSITORY INSTITUTIONS: 4.49%
207,263 BANK OF AMERICA CORPORATION<< 7,857,340
53,253 BANK OF NEW YORK MELLON CORPORATION 2,222,248
25,485 BB&T CORPORATION<< 817,049
242,913 CITIGROUP INCORPORATED 5,203,196
7,022 COMERICA INCORPORATED<< 246,332
24,859 FIFTH THIRD BANCORP 520,050
5,898 FIRST HORIZON NATIONAL CORPORATION<< 82,631
24,185 HUDSON CITY BANCORP INCORPORATED 427,591
17,087 HUNTINGTON BANCSHARES INCORPORATED<< 183,685
158,473 JPMORGAN CHASE & COMPANY 6,806,415
18,605 KEYCORP 408,380
3,592 M&T BANK CORPORATION<< 289,084
12,214 MARSHALL & ILSLEY CORPORATION 283,365
29,578 NATIONAL CITY CORPORATION 294,301
8,954 NORTHERN TRUST CORPORATION 595,172
15,899 PNC FINANCIAL SERVICES GROUP<< 1,042,497
32,361 REGIONS FINANCIAL CORPORATION<< 639,130
16,858 SOVEREIGN BANCORP INCORPORATED<<+ 157,117
18,077 STATE STREET CORPORATION 1,428,083
16,368 SUNTRUST BANKS INCORPORATED<< 902,532
80,705 US BANCORP 2,611,614
92,473 WACHOVIA CORPORATION<< 2,496,771
41,177 WASHINGTON MUTUAL INCORPORATED<< 424,123
20 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
153,820 WELLS FARGO & COMPANY(L) $ 4,476,162
34,976 WESTERN UNION COMPANY<< 743,940
4,998 ZIONS BANCORPORATION 227,659
41,386,467
---------------
E-COMMERCE/SERVICES: 0.11%
14,391 AMAZON.COM INCORPORATED+ 1,026,078
---------------
EATING & DRINKING PLACES: 0.45%
6,685 DARDEN RESTAURANTS INCORPORATED 217,597
53,732 MCDONALD'S CORPORATION 2,996,634
4,078 WENDY'S INTERNATIONAL INCORPORATED 94,039
22,185 YUM! BRANDS INCORPORATED 825,504
4,133,774
---------------
EDUCATIONAL SERVICES: 0.03%
6,408 APOLLO GROUP INCORPORATED CLASS A<<+ 276,826
---------------
ELECTRIC, GAS & SANITARY SERVICES: 2.34%
31,225 AES CORPORATION+ 520,521
7,802 ALLEGHENY ENERGY INCORPORATED 394,001
15,732 ALLIED WASTE INDUSTRIES INCORPORATED+ 170,063
9,738 AMEREN CORPORATION 428,862
18,682 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 777,732
15,273 CENTERPOINT ENERGY INCORPORATED 217,946
10,506 CMS ENERGY CORPORATION 142,251
12,697 CONSOLIDATED EDISON INCORPORATED 504,071
8,301 CONSTELLATION ENERGY GROUP INCORPORATED 732,729
26,820 DOMINION RESOURCES INCORPORATED 1,095,329
7,615 DTE ENERGY COMPANY<< 296,147
58,922 DUKE ENERGY CORPORATION 1,051,758
23,136 DYNEGY INCORPORATED CLASS A+ 182,543
15,201 EDISON INTERNATIONAL 745,153
32,696 EL PASO CORPORATION 544,061
8,919 ENTERGY CORPORATION<< 972,885
30,850 EXELON CORPORATION 2,507,180
14,222 FIRSTENERGY CORPORATION 975,914
19,006 FPL GROUP INCORPORATED 1,192,436
3,565 INTEGRYS ENERGY GROUP INCORPORATED 166,272
2,105 NICOR INCORPORATED 70,539
12,791 NISOURCE INCORPORATED 220,517
9,383 PEPCO HOLDINGS INCORPORATED 231,948
16,598 PG&E CORPORATION 611,138
4,689 PINNACLE WEST CAPITAL CORPORATION 164,490
17,420 PPL CORPORATION 799,926
12,135 PROGRESS ENERGY INCORPORATED 506,030
23,723 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 953,427
8,062 QUESTAR CORPORATION 455,987
12,191 SEMPRA ENERGY 649,536
29,512 SPECTRA ENERGY CORPORATION<< 671,398
9,840 TECO ENERGY INCORPORATED 156,948
35,679 THE SOUTHERN COMPANY 1,270,529
23,111 WASTE MANAGEMENT INCORPORATED 775,605
20,022 XCEL ENERGY INCORPORATED 399,439
21,555,311
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 21
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.31%
28,253 ADVANCED MICRO DEVICES INCORPORATED<<+ $ 166,410
14,338 ALTERA CORPORATION 264,249
13,714 ANALOG DEVICES INCORPORATED 404,837
21,810 BROADCOM CORPORATION CLASS A+ 420,279
4,061 CIENA CORPORATION<<+ 125,201
278,125 CISCO SYSTEMS INCORPORATED+ 6,700,031
8,223 COOPER INDUSTRIES LIMITED CLASS A 330,153
36,730 EMERSON ELECTRIC COMPANY 1,890,126
465,906 GENERAL ELECTRIC COMPANY 17,243,181
2,821 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED<< 122,826
9,708 JABIL CIRCUIT INCORPORATED 91,838
10,493 JDS UNIPHASE CORPORATION<<+ 140,501
8,400 KLA-TENCOR CORPORATION 311,640
5,710 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 624,331
10,309 LINEAR TECHNOLOGY CORPORATION<< 316,383
30,844 LSI LOGIC CORPORATION<<+ 152,678
10,657 MEMC ELECTRONIC MATERIALS INCORPORATED+ 755,581
8,809 MICROCHIP TECHNOLOGY INCORPORATED<< 288,319
35,478 MICRON TECHNOLOGY INCORPORATED+ 211,804
6,560 MOLEX INCORPORATED 151,930
105,202 MOTOROLA INCORPORATED 978,379
10,584 NATIONAL SEMICONDUCTOR CORPORATION 193,899
16,027 NETAPP INCORPORATED+ 321,341
4,757 NOVELLUS SYSTEMS INCORPORATED<<+ 100,135
25,921 NVIDIA CORPORATION+ 512,977
6,267 QLOGIC CORPORATION<<+ 96,198
75,225 QUALCOMM INCORPORATED 3,084,225
7,576 ROCKWELL COLLINS INCORPORATED 432,968
19,305 TELLABS INCORPORATED<<+ 105,212
61,882 TEXAS INSTRUMENTS INCORPORATED 1,749,404
22,741 TYCO ELECTRONICS LIMITED 780,471
3,528 WHIRLPOOL CORPORATION 306,169
13,358 XILINX INCORPORATED<< 317,253
39,690,929
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.20%
4,133 FLUOR CORPORATION 583,414
5,661 JACOBS ENGINEERING GROUP INCORPORATED+ 416,593
9,596 MOODY'S CORPORATION<< 334,229
15,101 PAYCHEX INCORPORATED 517,360
1,851,596
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.19%
4,551 BALL CORPORATION 209,073
7,187 FORTUNE BRANDS INCORPORATED 499,497
18,684 ILLINOIS TOOL WORKS INCORPORATED 901,129
2,691 SNAP-ON INCORPORATED 136,837
1,746,536
---------------
FINANCIAL SERVICES: 0.02%
6,892 JANUS CAPITAL GROUP INCORPORATED 160,377
---------------
FOOD & KINDRED PRODUCTS: 2.41%
33,366 Anheuser-Busch Companies Incorporated 1,583,217
30,027 Archer Daniels Midland Company 1,235,911
22 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: (continued)
10,272 CAMPBELL SOUP COMPANY $ 348,734
13,416 COCA-COLA ENTERPRISES INCORPORATED 324,667
22,749 CONAGRA FOODS INCORPORATED 544,839
9,054 CONSTELLATION BRANDS INCORPORATED CLASS A<<+ 159,984
15,712 GENERAL MILLS INCORPORATED 940,835
14,704 H.J. HEINZ COMPANY 690,647
5,295 HERCULES INCORPORATED 96,846
12,158 KELLOGG COMPANY 639,024
71,540 KRAFT FOODS INCORPORATED CLASS A 2,218,455
5,970 MCCORMICK & COMPANY INCORPORATED 220,711
6,417 MOLSON COORS BREWING COMPANY 337,342
6,401 PEPSI BOTTLING GROUP INCORPORATED 217,058
74,735 PEPSICO INCORPORATED 5,395,867
33,228 SARA LEE CORPORATION 464,527
93,251 THE COCA-COLA COMPANY<< 5,676,188
7,848 THE HERSHEY COMPANY<< 295,634
12,773 TYSON FOODS INCORPORATED CLASS A 203,729
10,098 WM. WRIGLEY JR. COMPANY 634,558
22,228,773
---------------
FOOD STORES: 0.24%
31,386 KROGER COMPANY 797,204
20,538 SAFEWAY INCORPORATED 602,790
34,078 STARBUCKS CORPORATION+ 596,365
6,509 WHOLE FOODS MARKET INCORPORATED<< 214,602
2,210,961
---------------
FORESTRY: 0.07%
9,777 WEYERHAEUSER COMPANY<< 635,896
---------------
FURNITURE & FIXTURES: 0.08%
7,819 LEGGETT & PLATT INCORPORATED<< 119,240
17,015 MASCO CORPORATION 337,407
12,910 NEWELL RUBBERMAID INCORPORATED 295,252
751,899
---------------
GENERAL MERCHANDISE STORES: 1.07%
4,218 BIG LOTS INCORPORATED<<+ 94,061
6,556 FAMILY DOLLAR STORES INCORPORATED<< 127,842
10,344 JCPENNEY COMPANY INCORPORATED 390,072
20,202 MACY'S INCORPORATED 465,858
3,403 SEARS HOLDINGS CORPORATION<<+ 347,412
38,198 TARGET CORPORATION 1,935,875
20,390 TJX COMPANIES INCORPORATED<< 674,297
110,244 WAL-MART STORES INCORPORATED 5,807,654
9,843,071
---------------
HEALTH SERVICES: 0.17%
16,637 CARDINAL HEALTH INCORPORATED 873,609
5,155 LABORATORY CORPORATION OF AMERICA HOLDINGS<<+ 379,820
22,134 TENET HEALTHCARE CORPORATION+ 125,278
4,836 WATSON PHARMACEUTICALS INCORPORATED<<+ 141,792
1,520,499
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 23
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
HOLDING & OTHER INVESTMENT OFFICES: 0.71%
4,280 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A<< $ 153,267
3,585 AVALONBAY COMMUNITIES INCORPORATED 346,024
5,575 BOSTON PROPERTIES INCORPORATED 513,290
5,573 DEVELOPERS DIVERSIFIED REALTY CORPORATION 233,397
12,580 EQUITY RESIDENTIAL 521,944
12,447 GENERAL GROWTH PROPERTIES INCORPORATED 475,102
10,958 HCP INCORPORATED 370,490
24,426 HOST HOTELS & RESORTS INCORPORATED 388,862
11,797 KIMCO REALTY CORPORATION 462,088
7,985 PLUM CREEK TIMBER COMPANY 324,990
12,047 PROLOGIS<< 709,086
5,810 PUBLIC STORAGE INCORPORATED 514,882
10,406 SIMON PROPERTY GROUP INCORPORATED<< 966,821
6,297 VORNADO REALTY TRUST<< 542,864
6,523,107
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
12,222 BED BATH & BEYOND INCORPORATED<<+ 360,549
16,440 BEST BUY COMPANY INCORPORATED<< 681,602
1,042,151
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
14,040 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 482,414
8,784 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 454,572
8,259 WYNDHAM WORLDWIDE CORPORATION<< 170,800
1,107,786
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.75%
33,017 3M COMPANY 2,613,296
41,006 APPLE INCORPORATED+ 5,884,361
63,156 APPLIED MATERIALS INCORPORATED 1,232,174
14,435 BAKER HUGHES INCORPORATED 988,798
2,842 BLACK & DECKER CORPORATION<< 187,856
10,185 CAMERON INTERNATIONAL CORPORATION+ 424,103
29,113 CATERPILLAR INCORPORATED 2,279,257
9,433 CUMMINS INCORPORATED 441,653
20,344 DEERE & COMPANY 1,636,471
104,558 DELL INCORPORATED+ 2,082,795
8,954 DOVER CORPORATION 374,098
6,835 EATON CORPORATION 544,544
98,007 EMC CORPORATION 1,405,420
7,510 GAMESTOP CORPORATION CLASS A+ 388,342
115,024 HEWLETT-PACKARD COMPANY 5,251,996
12,720 INGERSOLL-RAND COMPANY LIMITED CLASS A 567,058
270,053 INTEL CORPORATION 5,719,723
64,589 INTERNATIONAL BUSINESS MACHINES CORPORATION 7,436,777
4,430 LEXMARK INTERNATIONAL INCORPORATED+ 136,090
6,059 MANITOWOC COMPANY INCORPORATED 247,207
16,656 NATIONAL OILWELL VARCO INCORPORATED+ 972,377
5,720 PALL CORPORATION 200,600
7,861 PARKER HANNIFIN CORPORATION 544,531
9,848 PITNEY BOWES INCORPORATED 344,877
10,688 SANDISK CORPORATION+ 241,228
9,369 SMITH INTERNATIONAL INCORPORATED 601,771
3,652 STANLEY WORKS 173,908
24 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
8,379 TERADATA CORPORATION+ $ 184,841
4,740 TEREX CORPORATION+ 296,250
8,108 TRANE INCORPORATED 372,157
43,774,559
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.20%
14,255 AON CORPORATION 573,051
7,939 HUMANA INCORPORATED+ 356,144
24,309 MARSH & MCLENNAN COMPANIES INCORPORATED 591,924
16,187 UNUMPROVIDENT CORPORATION 356,276
1,877,395
---------------
INSURANCE CARRIERS: 2.74%
15,391 ACE LIMITED 847,428
23,170 AETNA INCORPORATED 975,225
22,150 AFLAC INCORPORATED 1,438,643
26,147 ALLSTATE CORPORATION 1,256,625
13,382 AMBAC FINANCIAL GROUP INCORPORATED<< 76,947
117,685 AMERICAN INTERNATIONAL GROUP INCORPORATED 5,089,876
4,463 ASSURANT INCORPORATED 271,618
17,274 CHUBB CORPORATION 854,718
13,068 CIGNA CORPORATION 530,169
7,720 CINCINNATI FINANCIAL CORPORATION 293,673
20,186 GENWORTH FINANCIAL INCORPORATED 457,011
14,650 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 1,110,031
7,892 LEUCADIA NATIONAL CORPORATION 356,876
12,343 LINCOLN NATIONAL CORPORATION 641,836
20,512 LOEWS CORPORATION 824,993
9,805 MBIA INCORPORATED<<+ 119,817
33,087 METLIFE INCORPORATED 1,993,823
5,552 MGIC INVESTMENT CORPORATION<< 58,463
12,054 PRINCIPAL FINANCIAL GROUP INCORPORATED 671,649
20,809 PRUDENTIAL FINANCIAL INCORPORATED<< 1,628,304
4,187 SAFECO CORPORATION 183,726
31,650 THE PROGRESSIVE CORPORATION<< 508,616
28,943 THE TRAVELERS COMPANIES INCORPORATED 1,384,923
4,244 TORCHMARK CORPORATION 255,107
58,386 UNITEDHEALTH GROUP INCORPORATED 2,006,143
25,285 WELLPOINT INCORPORATED<<+ 1,115,827
8,300 XL CAPITAL LIMITED CLASS A 245,265
25,197,332
---------------
LEATHER & LEATHER PRODUCTS: 0.05%
16,419 COACH INCORPORATED+ 495,033
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.97%
17,031 AGILENT TECHNOLOGIES INCORPORATED+ 508,035
7,809 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 256,604
11,387 BECTON DICKINSON & COMPANY 977,574
62,665 BOSTON SCIENTIFIC CORPORATION+ 806,499
4,681 C.R. BARD INCORPORATED<< 451,248
23,270 COVIDIEN LIMITED 1,029,698
11,880 DANAHER CORPORATION 903,236
13,444 EASTMAN KODAK COMPANY 237,555
2,567 MILLIPORE CORPORATION+ 173,041
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 25
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: (continued)
5,488 PERKINELMER INCORPORATED $ 133,084
7,337 QUEST DIAGNOSTICS INCORPORATED 332,146
19,894 RAYTHEON COMPANY 1,285,351
6,922 ROCKWELL AUTOMATION INCORPORATED 397,461
8,134 TERADYNE INCORPORATED+ 101,024
19,530 THERMO FISHER SCIENTIFIC INCORPORATED+ 1,110,085
4,663 WATERS CORPORATION+ 259,729
8,962,370
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.38%
52,397 MEDTRONIC INCORPORATED 2,534,443
16,051 ST. JUDE MEDICAL INCORPORATED+ 693,243
5,863 VARIAN MEDICAL SYSTEMS INCORPORATED<<+ 274,623
3,502,309
---------------
MEDICAL MANAGEMENT SERVICES: 0.23%
7,218 COVENTRY HEALTH CARE INCORPORATED+ 291,246
11,795 EXPRESS SCRIPTS INCORPORATED+ 758,654
24,444 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,070,403
2,120,303
---------------
MEDICAL PRODUCTS: 0.86%
14,273 ALLERGAN INCORPORATED 804,854
29,600 BAXTER INTERNATIONAL INCORPORATED 1,711,472
101,026 MERCK & COMPANY INCORPORATED 3,833,937
11,127 STRYKER CORPORATION 723,811
10,879 ZIMMER HOLDINGS INCORPORATED+ 847,039
7,921,113
---------------
METAL MINING: 0.29%
17,858 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,718,297
21,149 NEWMONT MINING CORPORATION<< 958,050
2,676,347
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.04%
5,056 VULCAN MATERIALS COMPANY<< 335,718
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.19%
6,653 HASBRO INCORPORATED 185,619
16,860 MATTEL INCORPORATED 335,514
5,925 TIFFANY & COMPANY 247,902
22,627 TYCO INTERNATIONAL LIMITED 996,719
1,765,754
---------------
MISCELLANEOUS RETAIL: 0.75%
20,284 COSTCO WHOLESALE CORPORATION 1,317,851
66,807 CVS CAREMARK CORPORATION 2,706,352
2,665 DILLARD'S INCORPORATED CLASS A 45,865
12,735 OFFICE DEPOT INCORPORATED+ 140,722
3,541 OFFICEMAX INCORPORATED 67,775
6,116 RADIOSHACK CORPORATION 99,385
32,706 STAPLES INCORPORATED 723,130
46,255 WALGREEN COMPANY<< 1,761,853
6,862,933
---------------
26 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MOTION PICTURES: 0.77%
107,352 NEWS CORPORATION CLASS A $ 2,012,850
166,862 TIME WARNER INCORPORATED 2,339,405
87,856 WALT DISNEY COMPANY 2,756,921
7,109,176
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.53%
14,438 FEDEX CORPORATION 1,337,969
48,260 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 3,523,945
4,861,914
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.70%
9,102 AMERICAN CAPITAL STRATEGIES LIMITED<< 310,924
53,940 AMERICAN EXPRESS COMPANY 2,358,257
17,402 CAPITAL ONE FINANCIAL CORPORATION<< 856,526
8,922 CIT GROUP INCORPORATED 105,726
27,097 COUNTRYWIDE FINANCIAL CORPORATION<< 149,034
22,354 DISCOVER FINANCIAL SERVICES 365,935
45,644 FANNIE MAE 1,201,350
30,143 FREDDIE MAC 763,221
21,769 SLM CORPORATION+ 334,154
6,445,127
---------------
OFFICE EQUIPMENT: 0.07%
42,811 XEROX CORPORATION 640,881
---------------
OIL & GAS EXTRACTION: 2.69%
21,838 ANADARKO PETROLEUM CORPORATION 1,376,449
15,536 APACHE CORPORATION 1,877,060
13,667 BJ SERVICES COMPANY 389,646
21,344 CHESAPEAKE ENERGY CORPORATION 985,026
20,734 DEVON ENERGY CORPORATION 2,163,178
6,715 ENSCO INTERNATIONAL INCORPORATED 420,493
11,525 EOG RESOURCES INCORPORATED 1,383,000
41,065 HALLIBURTON COMPANY 1,615,086
13,095 NABORS INDUSTRIES LIMITED<<+ 442,218
12,534 NOBLE CORPORATION 622,564
8,017 NOBLE ENERGY INCORPORATED 583,638
38,378 OCCIDENTAL PETROLEUM CORPORATION 2,808,118
6,994 RANGE RESOURCES CORPORATION 443,769
5,193 ROWAN COMPANIES INCORPORATED 213,848
55,882 SCHLUMBERGER LIMITED 4,861,734
14,825 TRANSOCEAN INCORPORATED+ 2,004,340
15,827 WEATHERFORD INTERNATIONAL LIMITED+ 1,146,983
23,811 XTO ENERGY INCORPORATED 1,472,948
24,810,098
---------------
PAPER & ALLIED PRODUCTS: 0.11%
4,648 BEMIS COMPANY INCORPORATED<< 118,199
19,958 INTERNATIONAL PAPER COMPANY 542,858
8,111 MEADWESTVACO CORPORATION 220,781
6,084 PACTIV CORPORATION+ 159,462
1,041,300
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 27
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
PERSONAL SERVICES: 0.05%
6,094 CINTAS CORPORATION $ 173,923
15,180 H & R BLOCK INCORPORATED<< 315,137
489,060
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 4.36%
2,612 ASHLAND INCORPORATED 123,548
96,892 CHEVRON CORPORATION 8,270,701
72,855 CONOCOPHILLIPS 5,552,280
249,618 EXXON MOBIL CORPORATION 21,112,690
13,013 HESS CORPORATION 1,147,486
33,078 MARATHON OIL CORPORATION 1,508,357
8,852 MURPHY OIL CORPORATION 727,103
5,487 SUNOCO INCORPORATED 287,903
6,420 TESORO PETROLEUM CORPORATION 192,600
24,945 VALERO ENERGY CORPORATION 1,225,049
40,147,717
--------------
PIPELINES: 0.10%
27,295 THE WILLIAMS COMPANIES INCORPORATED 900,189
--------------
PRIMARY METAL INDUSTRIES: 0.44%
37,996 ALCOA INCORPORATED 1,370,136
4,710 ALLEGHENY TECHNOLOGIES INCORPORATED 336,106
13,439 NUCOR CORPORATION 910,358
6,482 PRECISION CASTPARTS CORPORATION 661,683
4,612 TITANIUM METALS CORPORATION<< 69,411
5,496 UNITED STATES STEEL CORPORATION<< 697,278
4,044,972
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.39%
31,760 CBS CORPORATION CLASS B 701,261
4,177 E.W. SCRIPPS COMPANY CLASS A 175,476
10,721 GANNETT COMPANY INCORPORATED 311,445
15,060 MCGRAW-HILL COMPANIES INCORPORATED 556,467
1,759 MEREDITH CORPORATION 67,282
6,708 NEW YORK TIMES COMPANY CLASS A<< 126,647
10,024 RR DONNELLEY & SONS COMPANY 303,827
29,901 VIACOM INCORPORATED CLASS B<<+ 1,184,678
270 WASHINGTON POST COMPANY CLASS B 178,605
3,605,688
--------------
RAILROAD TRANSPORTATION: 0.52%
13,809 BURLINGTON NORTHERN SANTA FE CORPORATION 1,273,466
18,819 CSX CORPORATION 1,055,181
17,558 NORFOLK SOUTHERN CORPORATION 953,751
12,163 UNION PACIFIC CORPORATION 1,524,997
4,807,395
--------------
REAL ESTATE: 0.02%
8,107 CB RICHARD ELLIS GROUP INCORPORATED CLASS A<<+ 175,440
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.05%
7,540 SEALED AIR CORPORATION 190,385
11,206 THE GOODYEAR TIRE & RUBBER COMPANY+ 289,115
479,500
--------------
28 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.51%
10,589 AMERIPRISE FINANCIAL INCORPORATED $ 549,040
5,509 BEAR STEARNS COMPANIES INCORPORATED<< 57,789
43,807 CHARLES SCHWAB CORPORATION 824,886
2,487 CME GROUP INCORPORATED<< 1,166,652
21,555 E*TRADE FINANCIAL CORPORATION<<+ 83,202
4,035 FEDERATED INVESTORS INCORPORATED CLASS B 158,011
7,337 FRANKLIN RESOURCES INCORPORATED 711,616
18,434 GOLDMAN SACHS GROUP INCORPORATED 3,048,799
3,272 INTERCONTINENTAL EXCHANGE INCORPORATED+ 426,996
6,290 LEGG MASON INCORPORATED 352,114
24,755 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 931,778
45,330 MERRILL LYNCH & COMPANY INCORPORATED<< 1,846,744
51,537 MORGAN STANLEY 2,355,241
12,364 NYSE EURONEXT INCORPORATED 762,982
12,306 T. ROWE PRICE GROUP INCORPORATED 615,300
13,891,150
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.19%
73,457 CORNING INCORPORATED 1,765,906
--------------
TOBACCO PRODUCTS: 0.87%
98,367 ALTRIA GROUP INCORPORATED 2,183,747
98,367 PHILIP MORRIS INTERNATIONAL+ 4,975,403
7,983 REYNOLDS AMERICAN INCORPORATED<< 471,236
6,973 UST INCORPORATED 380,168
8,010,554
--------------
TRANSPORTATION BY AIR: 0.05%
34,324 SOUTHWEST AIRLINES COMPANY 425,618
--------------
TRANSPORTATION EQUIPMENT: 1.86%
35,685 BOEING COMPANY 2,653,893
4,085 BRUNSWICK CORPORATION 65,237
102,973 FORD MOTOR COMPANY<<+ 589,006
18,766 GENERAL DYNAMICS CORPORATION 1,564,521
26,410 GENERAL MOTORS CORPORATION<< 503,111
7,712 GENUINE PARTS COMPANY 310,177
5,835 GOODRICH CORPORATION 335,571
11,127 HARLEY-DAVIDSON INCORPORATED<< 417,263
34,731 HONEYWELL INTERNATIONAL INCORPORATED 1,959,523
8,471 ITT CORPORATION 438,883
27,703 JOHNSON CONTROLS INCORPORATED 936,361
15,995 LOCKHEED MARTIN CORPORATION 1,588,304
15,766 NORTHROP GRUMMAN CORPORATION 1,226,752
17,108 PACCAR INCORPORATED 769,860
11,603 TEXTRON INCORPORATED 643,038
45,795 UNITED TECHNOLOGIES CORPORATION 3,151,612
17,153,112
--------------
TRANSPORTATION SERVICES: 0.10%
7,994 C.H. ROBINSON WORLDWIDE INCORPORATED 434,874
9,944 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 449,270
884,144
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 29
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
TRAVEL & RECREATION: 0.11%
20,367 CARNIVAL CORPORATION $ 824,456
9,727 EXPEDIA INCORPORATED<<+ 212,924
1,037,380
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.41%
7,586 AMERISOURCEBERGEN CORPORATION 310,874
3,935 BROWN-FORMAN CORPORATION CLASS B 260,576
7,061 DEAN FOODS COMPANY<<+ 141,855
13,502 MCKESSON CORPORATION 707,100
17,864 NIKE INCORPORATED CLASS B 1,214,752
9,869 SUPERVALU INCORPORATED 295,873
28,161 SYSCO CORPORATION 817,232
3,748,262
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.19%
19,608 KIMBERLY-CLARK CORPORATION 1,265,696
6,035 PATTERSON COMPANIES INCORPORATED<<+ 219,071
3,131 W.W. GRAINGER INCORPORATED 239,177
1,723,944
--------------
TOTAL COMMON STOCKS (COST $493,760,695) 537,058,842
--------------
COLLATERAL FOR SECURITIES LENDING: 46.63%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.89%
5,263,958 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 5,263,958
4,617,125 DREYFUS CASH MANAGEMENT FUND 4,617,125
7,519,940 SCUDDER DAILY ASSETS MONEY MARKET FUND 7,519,940
17,401,023
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL INVESTED IN OTHER ASSETS: 44.74%
$ 7,519,940 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 7,511,010
2,707,178 APRECO LLC 2.70 04/17/2008 2,703,930
12,633,498 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 12,613,846
16,543,867 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $16,545,292) 3.10 04/01/2008 16,543,867
7,519,940 BASF FINANCE EUROPE NV+/-++ 3.89 10/17/2008 7,512,766
4,511,964 BNP PARIBAS+/- 3.13 08/07/2008 4,508,291
10,527,915 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $10,528,816) 3.08 04/01/2008 10,527,915
8,271,933 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $8,272,632) 3.04 04/01/2008 8,271,933
9,147,254 BRYANT BANK FUNDING 2.98 04/09/2008 9,141,197
2,491,356 CAFCO LLC 2.70 04/18/2008 2,488,179
11,144,550 CHARIOT FUNDING LLC 2.97 04/14/2008 11,132,598
3,759,970 CHARTA LLC 3.08 04/09/2008 3,757,396
4,286,366 CHEYNE FINANCE LLC+/-++^^(A)(I) 5.12 02/25/2008 3,857,729
6,858,185 CIESCO LLC 3.08 04/08/2008 6,854,078
11,279,909 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 11,279,909
18,047,855 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $18,049,409) 3.10 04/01/2008 18,047,855
3,759,970 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 3,748,694
7,519,940 EBBETS FUNDING LLC 3.65 04/01/2008 7,519,940
30 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 7,369,541 ERASMUS CAPITAL CORPORATION 3.00% 04/17/2008 $ 7,359,715
5,399,317 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 5,395,146
3,759,970 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 3,755,729
2,857,577 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 2,854,465
3,759,970 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 3,758,152
11,024,231 GALLEON CAPITAL LLC 2.88 04/16/2008 11,011,002
1,503,988 GALLEON CAPITAL LLC 3.10 04/18/2008 1,501,786
8,121,535 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 8,107,390
4,511,964 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 4,511,548
2,406,381 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY+/- 2.90 06/16/2008 2,406,381
18,799,849 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE
AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $18,801,494) 3.15 04/01/2008 18,799,849
5,263,958 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 5,263,958
18,047,855 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $18,049,409) 3.10 04/01/2008 18,047,855
4,060,767 KITTY HAWK FUNDING CORPORATION 3.13 04/04/2008 4,059,708
7,519,940 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 7,516,180
3,759,970 METLIFE GLOBAL FUNDING I+/-++ 2.59 10/21/2008 3,759,225
11,279,909 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 11,259,370
935,029 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 934,776
2,312,381 MORGAN STANLEY+/- 2.94 10/15/2008 2,311,209
2,255,982 MORGAN STANLEY+/- 3.07 04/07/2008 2,255,982
11,279,909 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $11,280,874) 3.08 04/01/2008 11,279,909
3,759,970 NATEXIS BANQUES POPULAIRES+/-++ 4.91 09/08/2008 3,745,731
12,633,498 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 12,612,937
3,759,970 PARK AVENUE RECEIVABLES CORPORATION 3.15 04/03/2008 3,759,312
2,932,776 PICAROS FUNDING LLC 2.60 04/11/2008 2,930,658
2,677,098 PREMIUM ASSET TRUST+/-++ 4.41 07/15/2008 2,675,353
7,670,338 RANGER FUNDING CORPORATION 2.71 04/18/2008 7,660,522
8,271,933 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 8,261,566
3,007,976 SLM CORPORATION+/-++ 2.94 05/12/2008 3,002,552
6,015,952 STANFIELD VICTORIA FUNDING LLC+/-++^^(A)(I) 5.27 04/03/2008 5,363,822
8,798,329 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 8,788,578
4,060,767 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 4,055,872
4,511,964 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 4,507,138
7,519,940 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 7,518,185
15,039,879 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/- 3.20 10/03/2008 15,039,879
3,158,375 TULIP FUNDING CORPORATION 2.88 04/21/2008 3,153,321
3,759,970 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09 10/08/2008 3,757,834
2,255,982 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 2,255,414
7,519,940 VERSAILLES CDS LLC 3.00 04/11/2008 7,513,673
2,391,341 VERSAILLES CDS LLC 3.45 04/08/2008 2,389,737
3,759,970 VICTORIA FINANCE LLC+/-++^^(A)(I) 3.47 08/07/2008 3,352,389
3,759,970 VICTORIA FINANCE LLC+/-++^^(A)(I) 5.11 05/02/2008 3,352,389
12,107,103 YORKTOWN CAPITAL LLC 2.72 04/03/2008 12,105,271
411,972,601
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $431,648,957) 429,373,624
--------------
PORTFOLIO OF INVESTMENTS--MARCH 31, 2008 (UNAUDITED)
WELLS FARGO ADVANTAGE ALLOCATION FUNDS 31
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
US TREASURY SECURITIES: 38.30%
US TREASURY BONDS: 38.30%
$ 21,771,000 US TREASURY BOND<< 4.38% 02/15/2038 $ 22,029,531
58,060,000 US TREASURY BOND<< 4.50 02/15/2036 59,978,709
33,931,000 US TREASURY BOND<< 4.75 02/15/2037 36,494,385
34,307,000 US TREASURY BOND<< 5.00 05/15/2037 38,378,280
22,903,000 US TREASURY BOND<< 5.25 11/15/2028 25,774,830
23,469,000 US TREASURY BOND<< 5.25 02/15/2029 26,452,121
36,381,000 US TREASURY BOND<< 5.38 02/15/2031 42,076,882
23,845,000 US TREASURY BOND<< 5.50 08/15/2028 27,645,297
21,866,000 US TREASURY BOND<< 6.13 08/15/2029 27,378,615
36,381,000 US TREASURY BOND<< 6.25 05/15/2030 46,505,141
352,713,791
--------------
TOTAL US TREASURY SECURITIES (COST $333,679,413) 352,713,791
--------------
SHARES
SHORT-TERM INVESTMENTS: 3.35%
12,327,020 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 12,327,020
--------------
PRINCIPAL
US TREASURY BILLS: 2.01%
$ 250,000 US TREASURY BILL^# 1.44 08/07/2008 248,796
175,000 US TREASURY BILL^# 1.83 08/07/2008 174,157
13,390,000 US TREASURY BILL^# 2.06 08/07/2008 13,325,487
350,000 US TREASURY BILL^# 2.30 05/08/2008 349,470
1,675,000 US TREASURY BILL^# 3.15 05/08/2008 1,672,466
395,000 US TREASURY BILL^# 3.16 05/08/2008 394,403
300,000 US TREASURY BILL^# 3.20 05/08/2008 299,546
95,000 US TREASURY BILL^# 3.31 05/08/2008 94,856
1,635,000 US TREASURY BILL^# 3.47 05/08/2008 1,632,527
290,000 US TREASURY BILL^# 3.69 05/08/2008 289,560
18,481,268
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $30,767,017) 30,808,288
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,289,856,082)* 146.60% $1,349,954,545
OTHER ASSETS AND LIABILITIES, NET (46.60) (429,082,499)
------ --------------
TOTAL NET ASSETS 100.00% $ 920,872,046
------ --------------
32 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
- --------------------------------------------------------------------------------
<< 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.
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
^ 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.
(l) Long-term security of an affiliate of the fund with a cost of $3,751,635.
+++ Short-term security of an affiliate of the Fund with a cost of
$12,327,020.
* 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 Allocation Funds 33
CONSERVATIVE ALLOCATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.53%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 9,076,828
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 5,470,368
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 1,248,090
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 9,074,989
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 9,055,596
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 27,278,935
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 30,098,505
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 4,092,434
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 4,089,644
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 4,083,509
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 4,084,317
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,720,837
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 19,095,632
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 209,987,695
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 3,644,540
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 2,354,273
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 352,769
N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 135,916,637
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 3,272,228
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 60,039,954
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $542,904,036) 545,037,780
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS: 0.38%
US TREASURY BILLS: 0.38%
$ 55,000 US TREASURY BILL^# 1.23% 08/07/2008 54,735
50,000 US TREASURY BILL^# 1.41 08/07/2008 49,759
15,000 US TREASURY BILL^# 1.79 08/07/2008 14,928
1,570,000 US TREASURY BILL^# 2.06 08/07/2008 1,562,436
200,000 US TREASURY BILL^# 3.10 05/08/2008 199,697
135,000 US TREASURY BILL^# 3.12 05/08/2008 134,796
30,000 US TREASURY BILL^# 3.41 05/08/2008 29,954
2,046,305
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,041,847) 2,046,305
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $544,945,883) 99.91% $ 547,084,085
OTHER ASSETS AND LIABILITIES, NET 0.09 516,094
------ ---------------
TOTAL NET ASSETS 100.00% $ 547,600,179
------ ---------------
- --------------------------------------------------------------------------------
^ Zero coupon bond. Interest rate presented is yield to maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
The accompanying notes are an integral part of these financial statements.
34 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
GROWTH BALANCED FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.28%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 76,038,303
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 45,927,432
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 10,522,187
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 75,936,859
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 75,818,363
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 228,420,265
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 49,522,832
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 34,374,698
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 34,301,936
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 34,292,978
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 34,451,630
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 22,866,700
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 160,184,576
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 345,522,209
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 30,529,820
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 19,889,121
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 3,011,730
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 27,482,886
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 98,787,252
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,312,241,459) 1,407,881,777
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS: 1.12%
US TREASURY BILLS: 1.12%
$ 390,000 US TREASURY BILL^# 1.42% 08/07/2008 388,121
13,420,000 US TREASURY BILL^# 2.04 08/07/2008 13,355,342
2,355,000 US TREASURY BILL^# 3.12 05/08/2008 2,351,475
16,094,938
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,058,831) 16,094,938
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,328,300,290) 99.40% $ 1,423,976,715
OTHER ASSETS AND LIABILITIES, NET 0.60 8,574,025
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,432,550,740
------ ---------------
- --------------------------------------------------------------------------------
^ Zero coupon bond. Interest rate presented is yield to maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 35
MODERATE BALANCED FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.82%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 15,381,180
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 9,252,116
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 2,100,630
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 15,370,365
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 15,263,103
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 46,077,635
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 20,851,105
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 7,004,481
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 7,035,332
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 6,995,865
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 6,994,411
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 4,604,157
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 32,161,605
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 145,445,988
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 6,145,678
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 3,987,148
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 608,913
N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 69,163,216
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 5,518,257
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 41,593,408
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $439,470,287) 461,554,593
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
SHORT-TERM INVESTMENTS: 0.74%
US TREASURY BILLS: 0.74%
$ 585,000 US TREASURY BILL^# 3.16% 05/08/2008 584,116
2,905,000 US TREASURY BILL^# 2.06 08/07/2008 2,891,036
3,475,152
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,467,080) 3,475,152
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $442,937,367) 99.56% $ 465,029,745
OTHER ASSETS AND LIABILITIES, NET 0.44 2,054,939
------ ---------------
TOTAL NET ASSETS 100.00% $ 467,084,684
------ ---------------
- --------------------------------------------------------------------------------
^ Zero coupon bond. Interest rate presented is yield to maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Allocation Funds
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Aggressive Asset
Allocation Allocation
Fund Fund
- ------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ...................... $ 2,375,013 $ 903,777,739
Investments in affiliated Master Portfolios ........................................ 210,862,616 0
Collateral received for securities loaned (Note 2) ................................. 0 429,373,624
Investments in affiliates .......................................................... 0 16,803,182
----------------------------------
Total investments at market value (see cost below) ................................... 213,237,629 1,349,954,545
----------------------------------
Cash ................................................................................. 896,160 100,000
Variation margin receivable on futures contracts ..................................... 47,813 402,316
Receivable for Fund shares issued .................................................... 21,207 25,395
Receivable for investments sold ...................................................... 0 354,741
Receivables for dividends and interest ............................................... 0 4,144,902
----------------------------------
Total assets ............................................................................ 214,202,809 1,354,981,899
----------------------------------
LIABILITIES
Payable for Fund shares redeemed ..................................................... 0 1,077,638
Payable for investments purchased .................................................... 0 360,560
Payable to investment advisor and affiliates (Note 3) ................................ 36,246 715,119
Payable upon receipt of securities loaned (Note 2) ................................... 0 431,648,957
Accrued expenses and other liabilities ............................................... 52,715 307,579
----------------------------------
Total liabilities ....................................................................... 88,961 434,109,853
----------------------------------
TOTAL NET ASSETS ........................................................................ $ 214,113,848 $ 920,872,046
==================================
NET ASSETS CONSIST OF
Paid-in capital ...................................................................... $ 213,516,903 $ 924,907,589
Undistributed net investment income (loss) ........................................... 1,133,828 357,947
Undistributed net realized gain (loss) on investments ................................ (5,706,665) (56,382,855)
Net unrealized appreciation (depreciation) of investments, foreign currencies and
translation of assets and liabilities denominated in foreign currencies ............ 6,299,620 60,098,463
Net unrealized appreciation (depreciation) of futures ................................ (1,129,838) (8,109,098)
----------------------------------
TOTAL NET ASSETS ........................................................................ $ 214,113,848 $ 920,872,046
==================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A ................................................................. NA $ 793,980,847
Shares outstanding - Class A ......................................................... NA 40,271,133
Net asset value per share - Class A .................................................. NA $ 19.72
Maximum offering price per share - Class A 2 ......................................... NA $ 20.92
Net assets - Class B ................................................................. NA $ 52,874,790
Shares outstanding - Class B ......................................................... NA 4,403,695
Net asset value and offering price per share - Class B ............................... NA $ 12.01
Net assets - Class C ................................................................. NA $ 30,182,550
Shares outstanding - Class C ......................................................... NA 2,515,065
Net asset value and offering price per share - Class C ............................... NA $ 12.00
Net assets - Administrator Class ..................................................... $ 214,113,848 $ 43,833,859
Shares outstanding - Administrator Class ............................................. 16,281,924 2,219,969
Net asset value and offering price per share - Administrator Class ................... $ 13.15 $ 19.75
----------------------------------
Investments at cost ..................................................................... $ 206,938,009 $ 1,289,856,082
----------------------------------
Securities on loan, at market value (Note 2) ............................................ $ 0 $ 423,332,697
----------------------------------
- --------------------------------------------------------------------------------
1 Each Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Advantage Allocation Funds 37
Conservative Growth Moderate
Allocation Balanced Balanced
Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ...... $ 2,046,305 $ 16,094,938 $ 3,475,152
Investments in affiliated Master Portfolios ........................ 545,037,780 1,407,881,777 461,554,593
Collateral received for securities loaned (Note 2) ................. 0 0 0
Investments in affiliates .......................................... 0 0 0
-----------------------------------------------------
Total investments at market value (see cost below) ................... 547,084,085 1,423,976,715 465,029,745
-----------------------------------------------------
Cash ................................................................. 723,155 6,816,370 2,140,330
Variation margin receivable on futures contracts ..................... 41,597 336,122 70,178
Receivable for Fund shares issued .................................... 5,464 2,476,061 76,143
Receivable for investments sold ...................................... 0 0 0
Receivables for dividends and interest ............................... 0 0 0
-----------------------------------------------------
Total assets ............................................................ 547,854,301 1,433,605,268 467,316,396
-----------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed ..................................... 0 248,107 7,857
Payable for investments purchased .................................... 0 0 0
Payable to investment advisor and affiliates (Note 3) ................ 94,150 317,107 83,173
Payable upon receipt of securities loaned (Note 2) ................... 0 0 0
Accrued expenses and other liabilities ............................... 159,972 489,314 140,682
-----------------------------------------------------
Total liabilities ....................................................... 254,122 1,054,528 231,712
-----------------------------------------------------
TOTAL NET ASSETS ........................................................ $ 547,600,179 $ 1,432,550,740 $ 467,084,684
=====================================================
NET ASSETS CONSIST OF
Paid-in capital ...................................................... $ 541,858,242 $ 1,361,143,775 $ 445,740,823
Undistributed net investment income (loss) ........................... 5,305,033 8,005,725 3,674,612
Undistributed net realized gain (loss) on investments ................ (735,675) (24,736,826) (2,773,263)
Net unrealized appreciation (depreciation) of investments,
foreign currencies and translation of assets and liabilities
denominated in foreign currencies .................................. 2,138,202 95,676,563 22,092,378
Net unrealized appreciation (depreciation) of futures ................ (965,623) (7,538,497) (1,649,866)
-----------------------------------------------------
TOTAL NET ASSETS ........................................................ $ 547,600,179 $ 1,432,550,740 $ 467,084,684
=====================================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A ................................................. NA $ 68,206,577 $ 9,496,063
Shares outstanding - Class A ......................................... NA 2,387,024 492,918
Net asset value per share - Class A .................................. NA $ 28.57 $ 19.26
Maximum offering price per share - Class A 2 ......................... NA $ 30.31 $ 20.44
Net assets - Class B ................................................. NA $ 49,093,706 $ 2,881,834
Shares outstanding - Class B ......................................... NA 1,932,386 150,535
Net asset value and offering price per share - Class B ............... NA $ 25.41 $ 19.14
Net assets - Class C ................................................. NA $ 11,730,585 $ 1,855,049
Shares outstanding - Class C ......................................... NA 460,402 97,060
Net asset value and offering price per share - Class C ............... NA $ 25.48 $ 19.11
Net assets - Administrator Class ..................................... $ 547,600,179 $ 1,303,519,872 $ 452,851,738
Shares outstanding - Administrator Class ............................. 29,354,127 50,253,065 23,371,944
Net asset value and offering price per share - Administrator Class ... $ 18.65 $ 25.94 $ 19.38
-----------------------------------------------------
Investments at cost ..................................................... $ 544,945,883 $ 1,328,300,290 $ 442,937,367
-----------------------------------------------------
Securities on loan, at market value (Note 2) ............................ $ 0 $ 0 $ 0
-----------------------------------------------------
38 Wells Fargo Advantage Allocation Funds
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Aggressive Asset
Allocation Allocation
Fund Fund
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (1) .......................................................................... $ 0 $ 6,031,754
Dividends allocated from affiliated Master Portfolios .................................. 1,834,184 0
Dividends from affiliated securities ................................................... 0 97,200
Interest ............................................................................... 58,610 9,141,039
Interest allocated from affiliated Master Portfolios ................................... 1,301,491 0
Interest from affiliated securities .................................................... 0 427,855
Securities lending income, net ......................................................... 0 1,186,737
Expenses allocated from affiliated Master Portfolios ................................... (696,386) 0
Waivers allocated from affiliated Master Portfolios .................................... 68,432 0
------------------------------
Total investment income ................................................................... 2,566,331 16,884,585
------------------------------
EXPENSES
Advisory fees .......................................................................... 308,441 3,131,619
Administration fees
Fund Level ........................................................................... 61,688 251,175
Class A .............................................................................. NA 1,198,150
Class B .............................................................................. NA 95,475
Class C .............................................................................. NA 46,366
Administrator Class .................................................................. 123,377 23,782
Custody fees ........................................................................... 0 100,470
Shareholder servicing fees (Note 3) .................................................... 308,441 1,253,289
Accounting fees ........................................................................ 18,070 35,190
Distribution fees (Note 3)
Class B .............................................................................. NA 255,736
Class C .............................................................................. NA 124,195
Professional fees ...................................................................... 6,627 9,766
Registration fees ...................................................................... 10,797 25,022
Shareholder reports .................................................................... 5,456 221,655
Trustees' fees ......................................................................... 4,323 4,323
Other fees and expenses ................................................................ 4,124 28,121
------------------------------
Total expenses ............................................................................ 851,344 6,804,334
------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ........................................... (244,385) (706,826)
Net expenses ........................................................................... 606,959 6,097,508
------------------------------
Net investment income (loss) .............................................................. 1,959,372 10,787,077
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ........................ 2,062 34,385,059
Futures transactions ................................................................... (6,308,831) (39,293,061)
Affiliated Securities .................................................................. 0 67,622
Securities transactions allocated from Master Portfolios ............................... 3,753,797 0
Forward foreign currency contracts allocated from Master Portfolios .................... 4,441 0
Futures transactions allocated from Master Portfolios .................................. 282,797 0
Options, swap agreements and short sale transactions allocated from Master Portfolios .. (520) 0
------------------------------
Net realized gain and loss from investments ............................................... (2,266,254) (4,840,380)
------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ........................ 0 (89,329,090)
Futures transactions ................................................................... (2,414,198) (13,612,889)
Securities transactions allocated from Master Portfolios ............................... (32,846,713) 0
Forwards, futures, options, swaps and short sales allocated from Master Portfolios ..... (70,567) 0
------------------------------
Net change in unrealized appreciation (depreciation) of investments ....................... (35,331,478) (102,941,979)
------------------------------
Net realized and unrealized gain (loss) on investments .................................... (37,597,732) (107,782,359)
------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........................... $ (35,638,360) $ (96,995,282)
==============================
1 Net of foreign withholding taxes of ..................................................... $ 18,367 $ 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 Allocation Funds 39
Conservative Growth Moderate
Allocation Balanced Balanced
Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (1) ........................................................ $ 0 $ 0 $ 0
Dividends allocated from affiliated Master Portfolios ................ 1,603,880 10,545,702 2,216,514
Dividends from affiliated securities ................................. 0 0 0
Interest ............................................................. 46,428 419,179 97,768
Interest allocated from affiliated Master Portfolios ................. 12,110,584 15,804,435 8,005,526
Interest from affiliated securities .................................. 0 0 0
Securities lending income, net ....................................... 0 0 0
Expenses allocated from affiliated Master Portfolios ................. (1,422,510) (4,623,755) (1,316,085)
Waivers allocated from affiliated Master Portfolios .................. 324,004 579,547 236,024
-----------------------------------------------
Total investment income ................................................. 12,662,386 22,725,108 9,239,747
-----------------------------------------------
EXPENSES
Advisory fees ........................................................ 735,987 2,135,634 647,236
Administration fees
Fund Level ......................................................... 147,197 427,127 129,447
Class A ............................................................ NA 104,412 13,779
Class B ............................................................ NA 80,950 4,488
Class C ............................................................ NA 18,771 2,736
Administrator Class ................................................ 294,395 781,349 251,393
Custody fees ......................................................... 0 0 0
Shareholder servicing fees (Note 3) .................................. 735,987 2,128,673 646,804
Accounting fees ...................................................... 24,752 53,079 31,642
Distribution fees (Note 3)
Class B ............................................................ NA 216,829 12,021
Class C ............................................................ NA 50,278 7,330
Professional fees .................................................... 7,218 6,218 7,170
Registration fees .................................................... 12,521 31,335 25,727
Shareholder reports .................................................. 15,006 77,935 95,186
Trustees' fees ....................................................... 4,323 4,323 4,323
Other fees and expenses .............................................. 7,730 23,239 8,720
-----------------------------------------------
Total expenses .......................................................... 1,985,116 6,140,152 1,888,002
-----------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ......................... (579,784) (1,612,487) (598,196)
Net expenses ......................................................... 1,405,332 4,527,665 1,289,806
-----------------------------------------------
Net investment income (loss) ............................................ 11,257,054 18,197,443 7,949,941
-----------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ...... 10,788 19,024 7,648
Futures transactions ................................................. (4,770,012) (44,248,158) (8,657,409)
Affiliated Securities ................................................ 0 0 0
Securities transactions allocated from Master Portfolios ............. 5,020,194 44,111,075 9,990,427
Forward foreign currency contracts allocated from Master Portfolios .. 2,835 23,711 4,834
Futures transactions allocated from Master Portfolios ................ 2,535,514 4,052,099 1,721,911
Options, swap agreements and short sale transactions allocated
from Master Portfolios ............................................. (17,763) (6,540) (10,155)
-----------------------------------------------
Net realized gain and loss from investments ............................. 2,781,556 3,951,211 3,057,256
-----------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ...... 0 0 0
Futures transactions ................................................. (1,977,158) (16,954,863) (3,417,283)
Securities transactions allocated from Master Portfolios ............. (24,606,814) (208,635,483) (41,631,533)
Forwards, futures, options, swaps and short sales allocated
from Master Portfolios ............................................. 607,742 1,113,448 414,579
-----------------------------------------------
Net change in unrealized appreciation (depreciation) of investments ..... (25,976,230) (224,476,898) (44,634,237)
-----------------------------------------------
Net realized and unrealized gain (loss) on investments .................. (23,194,674) (220,525,687) (41,576,981)
-----------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ......... $ (11,937,620) $(202,328,244) $ (33,627,040)
===============================================
1 Net of foreign withholding taxes of ................................... $ 11,112 $ 102,521 $ 19,354
40 Wells Fargo Advantage Allocation Funds
Statements of Changes in Net Assets
AGGRESSIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets .................................................................... $ 273,273,187 $ 223,487,636
OPERATIONS
Net investment income (loss) ............................................................ 1,959,372 3,926,847
Net realized gain (loss) on investments ................................................. (2,266,254) 21,447,357
Net change in unrealized appreciation (depreciation) of investments ..................... (35,331,478) 15,291,168
----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (35,638,360) 40,665,372
----------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................... NA NA
Class B ............................................................................... NA NA
Class C ............................................................................... NA NA
Administrator Class ................................................................... (4,228,068) (2,907,837)
Net realized gain on sales of investments
Class A ............................................................................... NA NA
Class B ............................................................................... NA NA
Class C ............................................................................... NA NA
Administrator Class ................................................................... (22,591,814) (12,552,487)
----------------------------------
Total distributions to shareholders ........................................................ (26,819,882) (15,460,324)
----------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ..................................................... NA NA
Reinvestment of distributions - Class A ................................................. NA NA
Cost of shares redeemed - Class A ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A .................................................................. NA NA
----------------------------------
Proceeds from shares sold - Class B ..................................................... NA NA
Reinvestment of distributions - Class B ................................................. NA NA
Cost of shares redeemed - Class B ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B .................................................................. NA NA
----------------------------------
Proceeds from shares sold - Class C ..................................................... NA NA
Reinvestment of distributions - Class C ................................................. NA NA
Cost of shares redeemed - Class C ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C .................................................................. NA NA
----------------------------------
Proceeds from shares sold - Administrator Class ......................................... 79,466,921 133,973,540
Reinvestment of distributions - Administrator Class ..................................... 26,803,121 15,434,885
Cost of shares redeemed - Administrator Class ........................................... (102,971,139) (124,827,922)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ...................................................... 3,298,903 24,580,503
----------------------------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .... 3,298,903 24,580,503
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................................... (59,159,339) 49,785,551
==================================
ENDING NET ASSETS .......................................................................... $ 214,113,848 $ 273,273,187
==================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage Allocation Funds 41
ASSET ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets .................................................................... $ 1,085,566,829 $ 1,112,227,954
OPERATIONS
Net investment income (loss) ............................................................ 10,787,077 22,612,528
Net realized gain (loss) on investments ................................................. (4,840,380) 58,282,702
Net change in unrealized appreciation (depreciation) of investments ..................... (102,941,979) 72,041,874
----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (96,995,282) 152,937,104
----------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................... (9,522,232) (19,026,268)
Class B ............................................................................... (446,500) (1,326,634)
Class C ............................................................................... (244,614) (495,100)
Administrator Class ................................................................... (572,753) (1,671,847)
Net realized gain on sales of investments
Class A ............................................................................... (43,843,258) (16,199,697)
Class B ............................................................................... (3,556,051) (2,169,682)
Class C ............................................................................... (1,711,356) (665,945)
Administrator Class ................................................................... (2,350,485) (1,447,613)
----------------------------------
Total distributions to shareholders ........................................................ (62,247,249) (43,002,786)
----------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ..................................................... 28,630,145 52,832,471
Reinvestment of distributions - Class A ................................................. 51,522,080 33,867,809
Cost of shares redeemed - Class A ....................................................... (65,275,737) (132,223,615)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A .................................................................. 14,876,488 (45,523,335)
----------------------------------
Proceeds from shares sold - Class B ..................................................... 1,353,303 3,127,586
Reinvestment of distributions - Class B ................................................. 3,773,647 3,248,221
Cost of shares redeemed - Class B ....................................................... (26,744,867) (57,403,237)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ............................................................... (21,617,917) (51,027,430)
----------------------------------
Proceeds from shares sold - Class C ..................................................... 885,455 1,589,355
Reinvestment of distributions - Class C ................................................. 1,672,998 969,810
Cost of shares redeemed - Class C ....................................................... (3,138,484) (6,374,622)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................................... (580,031) (3,815,457)
----------------------------------
Proceeds from shares sold - Administrator Class ......................................... 8,111,073 11,934,008
Reinvestment of distributions - Administrator Class ..................................... 2,892,166 3,087,450
Cost of shares redeemed - Administrator Class ........................................... (9,134,031) (51,250,679)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................................... 1,869,208 (36,229,221)
----------------------------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .... (5,452,252) (136,595,443)
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................................... (164,694,783) (26,661,125)
==================================
ENDING NET ASSETS .......................................................................... $ 920,872,046 $ 1,085,566,829
==================================
CONSERVATIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets .................................................................... $ 615,216,030 $ 515,658,362
OPERATIONS
Net investment income (loss) ............................................................ 11,257,054 21,292,067
Net realized gain (loss) on investments ................................................. 2,781,556 15,091,208
Net change in unrealized appreciation (depreciation) of investments ..................... (25,976,230) 7,217,573
----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (11,937,620) 43,600,848
----------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................... NA NA
Class B ............................................................................... NA NA
Class C ............................................................................... NA NA
Administrator Class ................................................................... (22,620,815) (17,563,812)
Net realized gain on sales of investments
Class A ............................................................................... NA NA
Class B ............................................................................... NA NA
Class C ............................................................................... NA NA
Administrator Class ................................................................... (16,654,798) (7,736,762)
----------------------------------
Total distributions to shareholders ........................................................ (39,275,613) (25,300,574)
----------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ..................................................... NA NA
Reinvestment of distributions - Class A ................................................. NA NA
Cost of shares redeemed - Class A ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ............................................................... NA NA
----------------------------------
Proceeds from shares sold - Class B ..................................................... NA NA
Reinvestment of distributions - Class B ................................................. NA NA
Cost of shares redeemed - Class B ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ............................................................... NA NA
----------------------------------
Proceeds from shares sold - Class C ..................................................... NA NA
Reinvestment of distributions - Class C ................................................. NA NA
Cost of shares redeemed - Class C ....................................................... NA NA
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................................... NA NA
----------------------------------
Proceeds from shares sold - Administrator Class ......................................... 231,478,915 550,398,406
Reinvestment of distributions - Administrator Class ..................................... 39,232,748 25,254,153
Cost of shares redeemed - Administrator Class ........................................... (287,114,281) (494,395,165)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................................... (16,402,618) 81,257,394
----------------------------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .... (16,402,618) 81,257,394
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................................... (67,615,851) 99,557,668
==================================
ENDING NET ASSETS .......................................................................... $ 547,600,179 $ 615,216,030
==================================
GROWTH BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets .................................................................... $ 1,964,983,190 $ 2,073,810,460
OPERATIONS
Net investment income (loss) ............................................................ 18,197,443 42,839,582
Net realized gain (loss) on investments ................................................. 3,951,211 178,102,605
Net change in unrealized appreciation (depreciation) of investments ..................... (224,476,898) 81,059,525
----------------------------------
Net increase (decrease) in net assets resulting from operations ............................ (202,328,244) 302,001,712
----------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................... (1,515,004) (1,123,070)
Class B ............................................................................... (835,796) (685,208)
Class C ............................................................................... (191,471) (157,410)
Administrator Class ................................................................... (40,627,880) (39,169,481)
Net realized gain on sales of investments
Class A ............................................................................... (7,143,581) (3,574,063)
Class B ............................................................................... (6,253,922) (4,075,275)
Class C ............................................................................... (1,428,737) (909,437)
Administrator Class ................................................................... (169,076,464) (109,292,276)
----------------------------------
Total distributions to shareholders ........................................................ (227,072,855) (158,986,220)
----------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ..................................................... 13,413,292 48,234,102
Reinvestment of distributions - Class A ................................................. 8,441,936 4,580,343
Cost of shares redeemed - Class A ....................................................... (15,484,173) (43,792,807)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A .................................................................. 6,371,055 9,021,638
----------------------------------
Proceeds from shares sold - Class B ..................................................... 685,249 2,152,647
Reinvestment of distributions - Class B ................................................. 6,923,700 4,642,836
Cost of shares redeemed - Class B ....................................................... (10,418,135) (19,231,949)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ............................................................... (2,809,186) (12,436,466)
----------------------------------
Proceeds from shares sold - Class C ..................................................... 335,643 709,420
Reinvestment of distributions - Class C ................................................. 1,553,322 1,016,360
Cost of shares redeemed - Class C ....................................................... (2,129,953) (3,981,898)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................................... (240,988) (2,256,118)
----------------------------------
Proceeds from shares sold - Administrator Class ......................................... 252,225,243 308,155,406
Reinvestment of distributions - Administrator Class ..................................... 208,504,028 147,475,537
Cost of shares redeemed - Administrator Class ........................................... (567,081,503) (701,802,759)
----------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................................... (106,352,232) (246,171,816)
----------------------------------
Net increase (decrease) in net assets resulting from capital share transactions - Total .... (103,031,351) (251,842,762)
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................................... (532,432,450) (108,827,270)
==================================
ENDING NET ASSETS .......................................................................... $ 1,432,550,740 $ 1,964,983,190
==================================
42 Wells Fargo Advantage Allocation Funds
Statements of Changes in Net Assets
AGGRESSIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... NA NA
Shares issued in reinvestment of distributions - Class A ................................ NA NA
Shares redeemed - Class A ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. NA NA
--------------------------------
Shares sold - Class B ................................................................... NA NA
Shares issued in reinvestment of distributions - Class B ................................ NA NA
Shares redeemed - Class B ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. NA NA
--------------------------------
Shares sold - Class C ................................................................... NA NA
Shares issued in reinvestment of distributions - Class C ................................ NA NA
Shares redeemed - Class C ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. NA NA
--------------------------------
Shares sold - Administrator Class ....................................................... 5,372,267 8,374,565
Shares issued in reinvestment of distributions - Administrator Class .................... 1,802,244 993,991
Shares redeemed - Administrator Class ................................................... (7,040,468) (7,805,613)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... 134,043 1,562,943
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... 134,043 1,562,943
================================
Ending balance of undistributed net investment income (loss) ............................... $ 1,133,828 $ 3,402,524
--------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets
Wells Fargo Advantage Allocation Funds 43
ASSET ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 1,340,204 2,398,133
Shares issued in reinvestment of distributions - Class A ................................ 2,411,440 1,544,432
Shares redeemed - Class A ............................................................... (3,052,906) (6,000,554)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. 698,738 (2,057,989)
--------------------------------
Shares sold - Class B ................................................................... 103,654 233,137
Shares issued in reinvestment of distributions - Class B ................................ 289,784 244,539
Shares redeemed - Class B ............................................................... (2,044,494) (4,290,435)
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. (1,651,056) (3,812,759)
--------------------------------
Shares sold - Class C ................................................................... 67,533 118,885
Shares issued in reinvestment of distributions - Class C ................................ 128,570 72,902
Shares redeemed - Class C ............................................................... (241,717) (475,954)
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. (45,614) (284,167)
--------------------------------
Shares sold - Administrator Class ....................................................... 382,200 543,393
Shares issued in reinvestment of distributions - Administrator Class .................... 135,227 140,862
Shares redeemed - Administrator Class ................................................... (440,881) (2,282,419)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... 76,546 (1,598,164)
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... (921,386) (7,753,079)
================================
Ending balance of undistributed net investment income (loss) ............................... $ 357,947 $ 356,969
--------------------------------
CONSERVATIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... NA NA
Shares issued in reinvestment of distributions - Class A ................................ NA NA
Shares redeemed - Class A ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. NA NA
--------------------------------
Shares sold - Class B ................................................................... NA NA
Shares issued in reinvestment of distributions - Class B ................................ NA NA
Shares redeemed - Class B ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. NA NA
--------------------------------
Shares sold - Class C ................................................................... NA NA
Shares issued in reinvestment of distributions - Class C ................................ NA NA
Shares redeemed - Class C ............................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. NA NA
--------------------------------
Shares sold - Administrator Class ....................................................... 11,725,289 27,791,867
Shares issued in reinvestment of distributions - Administrator Class .................... 2,024,122 1,293,476
Shares redeemed - Administrator Class ................................................... (14,633,170) (24,972,535)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... (883,759) 4,112,808
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... (883,759) 4,112,808
================================
Ending balance of undistributed net investment income (loss) ............................... $ 5,305,033 $ 16,668,794
--------------------------------
GROWTH BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 417,242 1,399,849
Shares issued in reinvestment of distributions - Class A ................................ 265,909 136,178
Shares redeemed - Class A ............................................................... (489,057) (1,269,782)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. 194,094 266,245
--------------------------------
Shares sold - Class B ................................................................... 23,585 69,819
Shares issued in reinvestment of distributions - Class B ................................ 245,656 153,383
Shares redeemed - Class B ............................................................... (369,758) (620,154)
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. (100,517) (396,952)
--------------------------------
Shares sold - Class C ................................................................... 11,962 22,917
Shares issued in reinvestment of distributions - Class C ................................ 54,954 33,491
Shares redeemed - Class C ............................................................... (73,637) (127,664)
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. (6,721) (71,256)
--------------------------------
Shares sold - Administrator Class ....................................................... 9,132,950 9,692,974
Shares issued in reinvestment of distributions - Administrator Class .................... 7,215,373 4,767,969
Shares redeemed - Administrator Class ................................................... (20,301,036) (22,217,329)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... (3,952,713) (7,756,386)
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... (3,865,857) (7,958,349)
================================
Ending balance of undistributed net investment income (loss) ............................... $ 8,005,725 $ 32,978,433
--------------------------------
44 Wells Fargo Advantage Allocation Funds Statements of Changes in Net Assets
MODERATE BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................... $ 549,301,132 $ 569,104,796
OPERATIONS
Net investment income (loss) ........................................................... 7,949,941 16,537,592
Net realized gain (loss) on investments ................................................ 3,057,256 35,490,880
Net change in unrealized appreciation (depreciation) of investments .................... (44,634,237) 8,810,517
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (33,627,040) 60,838,989
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. (299,039) (201,725)
Class B .............................................................................. (65,799) (72,560)
Class C .............................................................................. (43,988) (36,099)
Administrator Class .................................................................. (16,370,580) (16,487,073)
Net realized gain on sales of investments
Class A .............................................................................. (690,415) (298,489)
Class B .............................................................................. (222,775) (152,456)
Class C .............................................................................. (137,371) (73,756)
Administrator Class .................................................................. (35,378,727) (24,058,820)
-------------------------------------
Total distributions to shareholders ....................................................... (53,208,694) (41,380,978)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 3,113,809 10,982,580
Reinvestment of distributions - Class A ................................................ 949,902 485,320
Cost of shares redeemed - Class A ...................................................... (2,763,292) (7,576,233)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class A .............................................................................. 1,300,419 3,891,667
-------------------------------------
Proceeds from shares sold - Class B .................................................... 472,379 1,172,341
Reinvestment of distributions - Class B ................................................ 267,680 217,924
Cost of shares redeemed - Class B ...................................................... (1,047,948) (1,090,707)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class B .............................................................................. (307,889) 299,558
-------------------------------------
Proceeds from shares sold - Class C .................................................... 135,740 714,219
Reinvestment of distributions - Class C ................................................ 172,129 101,588
Cost of shares redeemed - Class C ...................................................... (166,620) (454,594)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
Class C .............................................................................. 141,249 361,213
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 99,324,411 138,713,131
Reinvestment of distributions - Administrator Class .................................... 51,548,867 40,286,028
Cost of shares redeemed - Administrator Class .......................................... (147,387,771) (222,813,272)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
Administrator Class .................................................................. 3,485,507 (43,814,113)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions - Total ... 4,619,286 (39,261,675)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (82,216,448) (19,803,664)
-------------------------------------
ENDING NET ASSETS ......................................................................... $ 467,084,684 $ 549,301,132
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Advantage Allocation Funds 45
MODERATE BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 149,136 493,788
Shares issued in reinvestment of distributions - Class A ............................... 45,813 22,404
Shares redeemed - Class A .............................................................. (134,221) (339,660)
-------------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ 60,728 176,532
-------------------------------------
Shares sold - Class B .................................................................. 23,326 53,733
Shares issued in reinvestment of distributions - Class B ............................... 13,017 10,132
Shares redeemed - Class B .............................................................. (50,007) (50,569)
-------------------------------------
Net increase (decrease) in shares outstanding - Class B ................................ (13,664) 13,296
-------------------------------------
Shares sold - Class C .................................................................. 6,642 32,792
Shares issued in reinvestment of distributions - Class C ............................... 8,380 4,722
Shares redeemed - Class C .............................................................. (8,280) (20,792)
-------------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ 6,742 16,722
-------------------------------------
Shares sold - Administrator Class ...................................................... 4,670,651 6,273,852
Shares issued in reinvestment of distributions - Administrator Class ................... 2,471,148 1,851,139
Shares redeemed - Administrator Class .................................................. (7,079,257) (10,118,978)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................... 62,542 (1,993,987)
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... $ 116,348 $ (1,787,437)
=====================================
Ending balance of undistributed net investment income (loss) .............................. 3,674,612 12,504,077
-------------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
46 Wells Fargo Advantage Allocation Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
- -----------------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $16.92 0.12 6 (2.29) (0.23)
October 1, 2006 to September 30, 2007 ................................ $15.32 0.23 2.39 (0.18)
October 1, 2005 to September 30, 2006 ................................ $14.57 0.22 1.08 (0.20)
October 1, 2004 to September 30, 2005 ................................ $13.09 0.19 1.45 (0.16)
October 1, 2003 to September 30, 2004 ................................ $11.85 0.14 1.26 (0.16)
October 1, 2002 to September 30, 2003 ................................ $ 9.91 0.10 2.00 (0.16)
ASSET ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $23.12 0.24 (2.27) (0.24)
October 1, 2006 to September 30, 2007 ................................ $20.94 0.47 6 2.58 (0.47)
October 1, 2005 to September 30, 2006 ................................ $19.99 0.44 1.16 (0.43)
October 1, 2004 to September 30, 2005 ................................ $18.80 0.40 1.64 (0.41)
October 1, 2003 to September 30, 2004 ................................ $17.50 0.36 6 1.57 (0.36)
October 1, 2002 to September 30, 2003 ................................ $14.97 0.30 2.53 (0.30)
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $14.07 0.11 (1.39) (0.09)
October 1, 2006 to September 30, 2007 ................................ $12.73 0.19 6 1.57 (0.18)
October 1, 2005 to September 30, 2006 ................................ $12.15 0.18 0.70 (0.17)
October 1, 2004 to September 30, 2005 ................................ $11.42 0.15 1.00 (0.15)
October 1, 2003 to September 30, 2004 ................................ $10.63 0.13 6 0.95 (0.13)
October 1, 2002 to September 30, 2003 ................................ $ 9.09 0.10 1.54 (0.10)
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $14.07 0.10 (1.38) (0.10)
October 1, 2006 to September 30, 2007 ................................ $12.75 0.18 6 1.56 (0.18)
October 1, 2005 to September 30, 2006 ................................ $12.16 0.17 0.72 (0.17)
October 1, 2004 to September 30, 2005 ................................ $11.44 0.17 0.98 (0.16)
October 1, 2003 to September 30, 2004 ................................ $10.65 0.13 6 0.95 (0.13)
October 1, 2002 to September 30, 2003 ................................ $ 9.11 0.11 1.54 (0.11)
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $23.15 0.26 (2.27) (0.26)
October 1, 2006 to September 30, 2007 ................................ $20.97 0.54 6 2.57 (0.53)
October 1, 2005 to September 30, 2006 ................................ $20.02 0.41 1.24 (0.48)
October 1, 2004 to September 30, 2005 ................................ $18.82 0.47 1.63 (0.46)
October 1, 2003 to September 30, 2004 ................................ $17.53 0.40 6 1.57 (0.41)
October 1, 2002 to September 30, 2003 ................................ $14.99 0.33 2.56 (0.35)
CONSERVATIVE ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........................ $20.35 0.35 (0.78) (0.72)
October 1, 2006 to September 30, 2007 ................................ $19.74 0.70 0.84 (0.64)
October 1, 2005 to September 30, 2006 ................................ $19.78 0.67 0.30 (0.63)
October 1, 2004 to September 30, 2005 ................................ $19.48 0.54 0.40 (0.41)
October 1, 2003 to September 30, 2004 ................................ $19.23 0.44 0.46 (0.51)
October 1, 2002 to September 30, 2003 ................................ $18.42 0.46 1.00 (0.60)
- --------------------------------------------------------------------------------
1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
3 Commencement of operations.
4 Includes net expenses allocated from the Portfolio(s) in which the Fund
invests.
5 Portfolio turnover rate is calculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Portfolio
by the corresponding Portfolio's portfolio turnover rate.
6 Calculated based upon average shares outstanding.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Allocation Funds 47
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset -----------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses Waived Expenses
- -----------------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (1.37) $13.15 1.59% 1.20% 4 (0.20)% 1.00% 4
October 1, 2006 to September 30, 2007 .............. (0.84) $16.92 1.55% 1.20% 4 (0.20)% 1.00% 4
October 1, 2005 to September 30, 2006 .............. (0.35) $15.32 1.55% 1.20% 4 (0.20)% 1.00% 4
October 1, 2004 to September 30, 2005 .............. 0.00 $14.57 1.42% 1.12% 4 (0.12)% 1.00% 4
October 1, 2003 to September 30, 2004 .............. 0.00 $13.09 1.14% 1.02% 4 (0.02)% 1.00% 4
October 1, 2002 to September 30, 2003 .............. 0.00 $11.85 1.20% 1.13% 4 (0.13)% 1.00% 4
ASSET ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (1.13) $19.72 2.21% 1.29% (0.14)% 1.15%
October 1, 2006 to September 30, 2007 .............. (0.40) $23.12 2.12% 1.25% (0.10)% 1.15%
October 1, 2005 to September 30, 2006 .............. (0.22) $20.94 2.13% 1.26% (0.11)% 1.15%
October 1, 2004 to September 30, 2005 .............. (0.44) $19.99 2.06% 1.23% (0.08)% 1.15%
October 1, 2003 to September 30, 2004 .............. (0.27) $18.80 1.90% 1.34% (0.19)% 1.15%
October 1, 2002 to September 30, 2003 .............. 0.00 $17.50 1.80% 1.45% (0.30)% 1.15%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... (0.69) $12.01 1.45% 2.04% (0.14)% 1.90%
October 1, 2006 to September 30, 2007 .............. (0.24) $14.07 1.36% 2.00% (0.10)% 1.90%
October 1, 2005 to September 30, 2006 .............. (0.13) $12.73 1.38% 2.01% (0.11)% 1.90%
October 1, 2004 to September 30, 2005 .............. (0.27) $12.15 1.33% 1.98% (0.08)% 1.90%
October 1, 2003 to September 30, 2004 .............. (0.16) $11.42 1.15% 2.09% (0.19)% 1.90%
October 1, 2002 to September 30, 2003 .............. 0.00 $10.63 1.05% 2.27% (0.37)% 1.90%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... (0.69) $12.00 1.46% 2.03% (0.13)% 1.90%
October 1, 2006 to September 30, 2007 .............. (0.24) $14.07 1.37% 2.00% (0.10)% 1.90%
October 1, 2005 to September 30, 2006 .............. (0.13) $12.75 1.38% 2.01% (0.11)% 1.90%
October 1, 2004 to September 30, 2005 .............. (0.27) $12.16 1.26% 1.98% (0.08)% 1.90%
October 1, 2003 to September 30, 2004 .............. (0.16) $11.44 1.15% 2.09% (0.19)% 1.90%
October 1, 2002 to September 30, 2003 .............. 0.00 $10.65 1.05% 2.23% (0.33)% 1.90%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (1.13) $19.75 2.46% 1.11% (0.21)% 0.90%
October 1, 2006 to September 30, 2007 .............. (0.40) $23.15 2.35% 1.07% (0.17)% 0.90%
October 1, 2005 to September 30, 2006 .............. (0.22) $20.97 2.39% 1.08% (0.18)% 0.90%
October 1, 2004 to September 30, 2005 .............. (0.44) $20.02 2.31% 1.00% (0.10)% 0.90%
October 1, 2003 to September 30, 2004 .............. (0.27) $18.82 2.16% 1.10% (0.20)% 0.90%
October 1, 2002 to September 30, 2003 .............. 0.00 $17.53 2.04% 1.22% (0.31)% 0.91%
CONSERVATIVE ALLOCATION FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (0.55) $18.65 3.82% 1.05% 4 (0.20)% 0.85% 4
October 1, 2006 to September 30, 2007 .............. (0.29) $20.35 3.75% 1.05% 4 (0.20)% 0.85% 4
October 1, 2005 to September 30, 2006 .............. (0.38) $19.74 3.69% 1.04% 4 (0.19)% 0.85% 4
October 1, 2004 to September 30, 2005 .............. (0.23) $19.78 2.78% 1.01% 4 (0.16)% 0.85% 4
October 1, 2003 to September 30, 2004 .............. (0.14) $19.48 2.32% 0.90% 4 (0.05)% 0.85% 4
October 1, 2002 to September 30, 2003 .............. (0.05) $19.23 2.78% 0.97% 4 (0.15)% 0.82% 4
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate (000's omitted)
- ---------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND
- ---------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (13.77)% 34% 5 $ 214,114
October 1, 2006 to September 30, 2007 .............. 17.79% 58% 5 $ 273,273
October 1, 2005 to September 30, 2006 .............. 9.14% 61% 5 $ 223,488
October 1, 2004 to September 30, 2005 .............. 12.61% 64% 5 $ 196,484
October 1, 2003 to September 30, 2004 .............. 11.82% 42% 5 $ 170,383
October 1, 2002 to September 30, 2003 .............. 21.36% 43% 5 $ 131,760
ASSET ALLOCATION FUND
- ---------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (9.20)% 29% $ 793,981
October 1, 2006 to September 30, 2007 .............. 14.83% 16% $ 914,716
October 1, 2005 to September 30, 2006 .............. 8.13% 11% $ 871,848
October 1, 2004 to September 30, 2005 .............. 11.03% 6% $ 934,783
October 1, 2003 to September 30, 2004 .............. 11.12% 4% $ 864,857
October 1, 2002 to September 30, 2003 .............. 19.04% 15% $ 838,683
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... (9.51)% 29% $ 52,875
October 1, 2006 to September 30, 2007 .............. 14.03% 16% $ 85,203
October 1, 2005 to September 30, 2006 .............. 7.33% 11% $ 125,661
October 1, 2004 to September 30, 2005 .............. 10.19% 6% $ 146,644
October 1, 2003 to September 30, 2004 .............. 10.24% 4% $ 208,029
October 1, 2002 to September 30, 2003 .............. 18.10% 15% $ 280,220
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... (9.55)% 29% $ 30,183
October 1, 2006 to September 30, 2007 .............. 13.91% 16% $ 36,028
October 1, 2005 to September 30, 2006 .............. 7.42% 11% $ 36,261
October 1, 2004 to September 30, 2005 .............. 10.15% 6% $ 40,795
October 1, 2003 to September 30, 2004 .............. 10.25% 4% $ 25,268
October 1, 2002 to September 30, 2003 .............. 18.14% 15% $ 27,345
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (9.07)% 29% $ 43,834
October 1, 2006 to September 30, 2007 .............. 15.10% 16% $ 49,620
October 1, 2005 to September 30, 2006 .............. 8.43% 11% $ 78,458
October 1, 2004 to September 30, 2005 .............. 11.35% 6% $ 36,815
October 1, 2003 to September 30, 2004 .............. 11.33% 4% $ 37,794
October 1, 2002 to September 30, 2003 .............. 19.38% 15% $ 18,214
CONSERVATIVE ALLOCATION FUND
- ---------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (2.24)% 68% 5 $ 547,600
October 1, 2006 to September 30, 2007 .............. 8.05% 91% 5 $ 615,216
October 1, 2005 to September 30, 2006 .............. 5.14% 106% 5 $ 515,658
October 1, 2004 to September 30, 2005 .............. 4.91% 102% 5 $ 442,285
October 1, 2003 to September 30, 2004 .............. 4.74% 72% 5 $ 412,341
October 1, 2002 to September 30, 2003 .............. 8.17% 73% 5 $ 381,254
48 Wells Fargo Advantage Allocation Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
- --------------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- --------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 36.21 0.31 6 (4.06) (0.63)
October 1, 2006 to September 30, 2007 ....................... $ 33.51 0.61 4.40 (0.53)
October 1, 2005 to September 30, 2006 ....................... $ 33.09 0.60 1.98 (0.45)
October 1, 2004 to September 30, 2005 ....................... $ 30.51 0.52 2.68 (0.41)
October 1, 2003 to September 30, 2004 ....................... $ 28.27 0.41 6 2.41 (0.58)
October 1, 2002 to September 30, 2003 ....................... $ 24.27 0.34 4.05 (0.39)
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 32.51 0.17 6 (3.62) (0.39)
October 1, 2006 to September 30, 2007 ....................... $ 30.29 0.33 3.95 (0.28)
October 1, 2005 to September 30, 2006 ....................... $ 30.12 0.30 1.81 (0.23)
October 1, 2004 to September 30, 2005 ....................... $ 27.83 0.23 2.47 (0.20)
October 1, 2003 to September 30, 2004 ....................... $ 25.89 0.16 6 2.22 (0.44)
October 1, 2002 to September 30, 2003 ....................... $ 22.22 0.16 3.68 (0.17)
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 32.60 0.17 6 (3.64) (0.39)
October 1, 2006 to September 30, 2007 ....................... $ 30.37 0.33 3.97 (0.29)
October 1, 2005 to September 30, 2006 ....................... $ 30.19 0.32 1.80 (0.23)
October 1, 2004 to September 30, 2005 ....................... $ 27.81 0.21 2.50 (0.12)
October 1, 2003 to September 30, 2004 ....................... $ 25.88 0.16 6 2.21 (0.44)
October 1, 2002 to September 30, 2003 ....................... $ 22.22 0.15 3.69 (0.18)
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 33.29 0.32 6 (3.70) (0.71)
October 1, 2006 to September 30, 2007 ....................... $ 30.98 0.70 3.99 (0.60)
October 1, 2005 to September 30, 2006 ....................... $ 30.76 0.62 1.85 (0.54)
October 1, 2004 to September 30, 2005 ....................... $ 28.41 0.56 2.50 (0.50)
October 1, 2003 to September 30, 2004 ....................... $ 26.34 0.45 6 2.25 (0.63)
October 1, 2002 to September 30, 2003 ....................... $ 22.65 0.35 3.80 (0.46)
MODERATE BALANCED FUND
- --------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 22.76 0.30 6 (1.68) (0.61)
October 1, 2006 to September 30, 2007 ....................... $ 21.97 0.65 6 1.73 (0.61)
October 1, 2005 to September 30, 2006 ....................... $ 22.23 0.60 0.75 (0.51)
October 1, 2004 to September 30, 2005 ....................... $ 21.72 0.43 1.13 (0.40)
January 30, 2004 3 to September 30, 2004 .................... $ 21.79 0.13 (0.20) 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 22.53 0.22 6 (1.67) (0.43)
October 1, 2006 to September 30, 2007 ....................... $ 21.76 0.47 6 1.72 (0.44)
October 1, 2005 to September 30, 2006 ....................... $ 22.04 0.42 0.76 (0.36)
October 1, 2004 to September 30, 2005 ....................... $ 21.62 0.31 1.08 (0.32)
January 30, 2004 3 to September 30, 2004 .................... $ 21.79 0.06 (0.23) 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 22.52 0.22 6 (1.67) (0.45)
October 1, 2006 to September 30, 2007 ....................... $ 21.77 0.47 6 1.72 (0.46)
October 1, 2005 to September 30, 2006 ....................... $ 22.05 0.43 0.75 (0.36)
October 1, 2004 to September 30, 2005 ....................... $ 21.62 0.31 1.08 (0.31)
January 30, 2004 3 to September 30, 2004 .................... $ 21.79 0.08 (0.25) 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 22.90 0.32 6 (1.68) (0.65)
October 1, 2006 to September 30, 2007 ....................... $ 22.08 0.67 6 1.77 (0.64)
October 1, 2005 to September 30, 2006 ....................... $ 22.32 0.64 0.78 (0.56)
October 1, 2004 to September 30, 2005 ....................... $ 21.76 0.52 1.10 (0.41)
October 1, 2003 to September 30, 2004 ....................... $ 21.09 0.42 1.10 (0.64)
October 1, 2002 to September 30, 2003 ....................... $ 19.47 0.44 2.02 (0.64)
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Allocation Funds 49
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset ---------------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses Waived Expenses
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... (3.26) $ 28.57 1.94% 1.33% 4 (0.13)% 1.20% 4
October 1, 2006 to September 30, 2007 ........... (1.78) $ 36.21 1.89% 1.32% 4 (0.12)% 1.20% 4
October 1, 2005 to September 30, 2006 ........... (1.71) $ 33.51 1.89% 1.30% 4 (0.10)% 1.20% 4
October 1, 2004 to September 30, 2005 ........... (0.21) $ 33.09 1.59% 1.33% 4 (0.13)% 1.20% 4
October 1, 2003 to September 30, 2004 ........... 0.00 $ 30.51 1.33% 1.28% 4 (0.08)% 1.20% 4
October 1, 2002 to September 30, 2003 ........... 0.00 $ 28.27 1.43% 1.48% 4 (0.28)% 1.20% 4
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ... (3.26) $ 25.41 1.19% 2.08% 4 (0.13)% 1.95% 4
October 1, 2006 to September 30, 2007 ........... (1.78) $ 32.51 1.12% 2.06% 4 (0.11)% 1.95% 4
October 1, 2005 to September 30, 2006 ........... (1.71) $ 30.29 1.12% 2.05% 4 (0.10)% 1.95% 4
October 1, 2004 to September 30, 2005 ........... (0.21) $ 30.12 0.84% 2.08% 4 (0.13)% 1.95% 4
October 1, 2003 to September 30, 2004 ........... 0.00 $ 27.83 0.58% 2.02% 4 (0.07)% 1.95% 4
October 1, 2002 to September 30, 2003 ........... 0.00 $ 25.89 0.69% 2.57% 4 (0.62)% 1.95% 4
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (3.26) $ 25.48 1.19% 2.06% 4 (0.11)% 1.95% 4
October 1, 2006 to September 30, 2007 ........... (1.78) $ 32.60 1.12% 2.06% 4 (0.11)% 1.95% 4
October 1, 2005 to September 30, 2006 ........... (1.71) $ 30.37 1.12% 2.05% 4 (0.10)% 1.95% 4
October 1, 2004 to September 30, 2005 ........... (0.21) $ 30.19 0.84% 2.08% 4 (0.13)% 1.95% 4
October 1, 2003 to September 30, 2004 ........... 0.00 $ 27.81 0.58% 2.02% 4 (0.07)% 1.95% 4
October 1, 2002 to September 30, 2003 ........... 0.00 $ 25.88 0.69% 2.57% 4 (0.62)% 1.95% 4
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (3.26) $ 25.94 2.18% 1.15% 4 (0.20)% 0.95% 4
October 1, 2006 to September 30, 2007 ........... (1.78) $ 33.29 2.12% 1.14% 4 (0.19)% 0.95% 4
October 1, 2005 to September 30, 2006 ........... (1.71) $ 30.98 2.13% 1.12% 4 (0.17)% 0.95% 4
October 1, 2004 to September 30, 2005 ........... (0.21) $ 30.76 1.84% 1.07% 4 (0.12)% 0.95% 4
October 1, 2003 to September 30, 2004 ........... 0.00 $ 28.41 1.59% 0.95% 4 (0.01)% 0.94% 4
October 1, 2002 to September 30, 2003 ........... 0.00 $ 26.34 1.69% 1.05% 4 (0.11)% 0.94% 4
MODERATE BALANCED FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.51) $ 19.26 2.84% 1.31% 4 (0.16)% 1.15% 4
October 1, 2006 to September 30, 2007 ........... (0.98) $ 22.76 2.80% 1.28% 4 (0.13)% 1.15% 4
October 1, 2005 to September 30, 2006 ........... (1.10) $ 21.97 2.75% 1.27% 4 (0.12)% 1.15% 4
October 1, 2004 to September 30, 2005 ........... (0.65) $ 22.23 2.11% 1.30% 4 (0.15)% 1.15% 4
January 30, 2004 3 to September 30, 2004 ........ 0.00 $ 21.72 1.14% 1.27% 4 (0.12)% 1.15% 4
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.51) $ 19.14 2.08% 2.06% 4 (0.16)% 1.90% 4
October 1, 2006 to September 30, 2007 ........... (0.98) $ 22.53 2.01% 2.03% 4 (0.13)% 1.90% 4
October 1, 2005 to September 30, 2006 ........... (1.10) $ 21.76 1.99% 2.02% 4 (0.12)% 1.90% 4
October 1, 2004 to September 30, 2005 ........... (0.65) $ 22.04 1.35% 2.05% 4 (0.15)% 1.90% 4
January 30, 2004 3 to September 30, 2004 ........ 0.00 $ 21.62 0.65% 2.02% 4 (0.12)% 1.90% 4
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.51) $ 19.11 2.09% 2.04% 4 (0.14)% 1.90% 4
October 1, 2006 to September 30, 2007 ........... (0.98) $ 22.52 2.03% 2.03% 4 (0.13)% 1.90% 4
October 1, 2005 to September 30, 2006 ........... (1.10) $ 21.77 2.00% 2.02% 4 (0.12)% 1.90% 4
October 1, 2004 to September 30, 2005 ........... (0.65) $ 22.05 1.35% 2.05% 4 (0.15)% 1.90% 4
January 30, 2004 3 to September 30, 2004 ........ 0.00 $ 21.62 0.65% 2.01% 4 (0.11)% 1.90% 4
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.51) $ 19.38 3.09% 1.13% 4 (0.23)% 0.90% 4
October 1, 2006 to September 30, 2007 ........... (0.98) $ 22.90 3.00% 1.10% 4 (0.20)% 0.90% 4
October 1, 2005 to September 30, 2006 ........... (1.10) $ 22.08 2.98% 1.09% 4 (0.19)% 0.90% 4
October 1, 2004 to September 30, 2005 ........... (0.65) $ 22.32 2.34% 1.04% 4 (0.14)% 0.90% 4
October 1, 2003 to September 30, 2004 ........... (0.21) $ 21.76 1.97% 0.92% 4 (0.02)% 0.90% 4
October 1, 2002 to September 30, 2003 ........... (0.20) $ 21.09 2.25% 1.03% 4 (0.14)% 0.89% 4
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate (000's omitted)
- ------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND
- ------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ............... (11.29)% 48% 5 $ 68,207
October 1, 2006 to September 30, 2007 ....................... 15.55% 75% 5 $ 79,411
October 1, 2005 to September 30, 2006 ....................... 8.13% 80% 5 $ 64,560
October 1, 2004 to September 30, 2005 ....................... 10.58% 80% 5 $ 58,091
October 1, 2003 to September 30, 2004 ....................... 10.02% 51% 5 $ 56,566
October 1, 2002 to September 30, 2003 ....................... 18.25% 53% 5 $ 43,509
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ............... (11.60)% 48% 5 $ 49,094
October 1, 2006 to September 30, 2007 ....................... 14.69% 75% 5 $ 66,097
October 1, 2005 to September 30, 2006 ....................... 7.30% 80% 5 $ 73,602
October 1, 2004 to September 30, 2005 ....................... 9.76% 80% 5 $ 85,327
October 1, 2003 to September 30, 2004 ....................... 9.17% 51% 5 $ 89,783
October 1, 2002 to September 30, 2003 ....................... 17.40% 53% 5 $ 81,511
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ............... (11.62)% 48% 5 $ 11,731
October 1, 2006 to September 30, 2007 ....................... 14.72% 75% 5 $ 15,226
October 1, 2005 to September 30, 2006 ....................... 7.29% 80% 5 $ 16,351
October 1, 2004 to September 30, 2005 ....................... 9.79% 80% 5 $ 18,262
October 1, 2003 to September 30, 2004 ....................... 9.18% 51% 5 $ 20,799
October 1, 2002 to September 30, 2003 ....................... 17.35% 53% 5 $ 24,958
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... (11.18)% 48% 5 $1,303,520
October 1, 2006 to September 30, 2007 ....................... 15.84% 75% 5 $1,804,249
October 1, 2005 to September 30, 2006 ....................... 8.40% 80% 5 $1,919,297
October 1, 2004 to September 30, 2005 ....................... 10.87% 80% 5 $1,848,078
October 1, 2003 to September 30, 2004 ....................... 10.31% 51% 5 $1,738,782
October 1, 2002 to September 30, 2003 ....................... 18.53% 53% 5 $1,415,216
MODERATE BALANCED FUND
- ------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ............... (6.49)% 58% 5 $ 9,496
October 1, 2006 to September 30, 2007 ....................... 11.33% 82% 5 $ 9,839
October 1, 2005 to September 30, 2006 ....................... 6.39% 93% 5 $ 5,618
October 1, 2004 to September 30, 2005 ....................... 7.32% 91% 5 $ 4,745
January 30, 2004 3 to September 30, 2004 .................... (0.32)% 62% 5 $ 2,576
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ............... (6.91)% 58% 5 $ 2,882
October 1, 2006 to September 30, 2007 ....................... 10.49% 82% 5 $ 3,699
October 1, 2005 to September 30, 2006 ....................... 5.60% 93% 5 $ 3,283
October 1, 2004 to September 30, 2005 ....................... 6.50% 91% 5 $ 3,121
January 30, 2004 3 to September 30, 2004 .................... (0.78)% 62% 5 $ 2,304
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ............... (6.89)% 58% 5 $ 1,855
October 1, 2006 to September 30, 2007 ....................... 10.49% 82% 5 $ 2,034
October 1, 2005 to September 30, 2006 ....................... 5.58% 93% 5 $ 1,602
October 1, 2004 to September 30, 2005 ....................... 6.50% 91% 5 $ 1,223
January 30, 2004 3 to September 30, 2004 .................... (0.78)% 62% 5 $ 693
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... (6.41)% 58% 5 $ 452,852
October 1, 2006 to September 30, 2007 ....................... 11.59% 82% 5 $ 533,729
October 1, 2005 to September 30, 2006 ....................... 6.68% 93% 5 $ 558,601
October 1, 2004 to September 30, 2005 ....................... 7.57% 91% 5 $ 557,564
October 1, 2003 to September 30, 2004 ....................... 7.28% 62% 5 $ 544,698
October 1, 2002 to September 30, 2003 ....................... 12.99% 64% 5 $ 512,460
50 Wells Fargo Advantage Allocation Funds Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Aggressive Allocation Fund,
Asset Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund and
Moderate Balanced Fund. These Funds are each a diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
The Aggressive Allocation Fund, Conservative Allocation Fund, Growth Balanced
Fund, and Moderate Balanced Fund each seeks to achieve its investment objective
by investing substantially all investable assets in one or more separate
diversified portfolios (each, a "Master Portfolio", collectively, the "Master
Portfolios") of Wells Fargo Master Trust, a registered open-end management
investment company. Each Master Portfolio directly acquires portfolio
securities, and a Fund investing in a Master Portfolio acquires an indirect
interest in those securities. Each Fund accounts for its investment in the
Master Portfolios as partnership investments and records daily its share of the
Master Portfolio's income, expenses, and realized and unrealized gains and
losses. The financial statements of the Master Portfolios as of March 31, 2008,
are in this report and should be read in conjunction with each Fund's financial
statements. The ownership percentages of each Master Portfolio by the Aggressive
Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund and Moderate
Balanced Fund at March 31, 2008 are as follows:
- ---------------------------------------------------------------------------------------------------------
Aggressive Conservative Growth Moderate
Allocation Fund Allocation Fund Balanced Fund Balanced Fund
- ---------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO 2% 1% 9% 2%
- ---------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO 6% 4% 35% 7%
- ---------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO 2% 1% 10% 2%
- ---------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO 3% 2% 17% 3%
- ---------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO 2% 1% 11% 2%
- ---------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO 2% 1% 10% 2%
- ---------------------------------------------------------------------------------------------------------
INFLATION PROTECTED BOND PORTFOLIO 3% 18% 30% 13%
- ---------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY PORTFOLIO 6% 4% 31% 6%
- ---------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO 3% 2% 14% 3%
- ---------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO 6% 4% 31% 6%
- ---------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 2% 1% 9% 2%
- ---------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO 3% 2% 16% 3%
- ---------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO 1% 1% 8% 2%
- ---------------------------------------------------------------------------------------------------------
MANAGED FIXED INCOME PORTFOLIO 4% 27% 45% 19%
- ---------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO 2% 1% 10% 2%
- ---------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO 1% 0% 4% 1%
- ---------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO 0% 0% 1% 0%
- ---------------------------------------------------------------------------------------------------------
STABLE INCOME PORTFOLIO 0% 26% 0% 13%
- ---------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO 2% 1% 10% 2%
- ---------------------------------------------------------------------------------------------------------
TOTAL RETURN BOND PORTFOLIO 0% 3% 6% 2%
- ---------------------------------------------------------------------------------------------------------
Notes to Financial Statements Wells Fargo Advantage Allocation Funds 51
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITY VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. are valued at the NASDAQ Official Closing Price
("NOCP"), and if no NOCP is available, then at the last reported sales price
("NASDAQ"). If no sales price is shown on the NASDAQ, the bid price will be
used. In the absence of any sale of such securities listed on the NASDAQ, and in
the case of other securities, including U.S. Government obligations, but
excluding debt securities maturing in 60 days or less, the price will be deemed
"stale" and the valuations will be determined in accordance with the Funds' Fair
Valuation Procedures.
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. The service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' market values. For some
securities, such prices are not readily available. These securities will
generally be fair valued using methods which may include consideration of yields
or prices of securities of comparable quality, coupon rate, maturity and type of
issue, indications as to values from dealers in securities, trading
characteristics, and general market conditions.
Debt securities maturing in 60 days or less generally are valued at amortized
cost. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates market value.
Investments in the Master Portfolios are valued daily based upon each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in this report.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures established in good faith
and approved by the Board of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily 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.
52 Wells Fargo Advantage Allocation Funds Notes to Financial Statements
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 futures contracts:
- ------------------------------------------------------------------------------------------------------------------
Net Unrealized
Notional Appreciation/
FUND Contracts Type Expiration Date Amount (Depreciation)
- ------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND 95 Long S&P 500 Index June 2008 $ 31,491,313 $ (46,313)
276 Short US Treasury Bond June 2008 31,704,413 (1,083,525)
- ------------------------------------------------------------------------------------------------------------------
ASSET ALLOCATION FUND 722 Long S&P 500 Index June 2008 239,247,906 (265,904)
45 Long US Treasury Bond June 2008 5,353,124 (7,265)
1,996 Short US Treasury Bond June 2008 229,282,634 (7,835,929)
- ------------------------------------------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND 82 Long S&P 500 Index June 2008 27,176,600 (34,600)
237 Short US Treasury Bond June 2008 27,223,836 (931,023)
- ------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND 648 Long S&P 500 Index June 2008 214,782,400 (294,400)
1,845 Short US Treasury Bond June 2008 211,936,137 (7,244,097)
- ------------------------------------------------------------------------------------------------------------------
MODERATED BALANCED FUND 139 Long S&P 500 Index June 2008 46,076,763 (67,763)
403 Short US Treasury Bond June 2008 46,293,037 (1,582,103)
- ------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Asset Allocation Fund, for which net
investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2008.
Notes to Financial Statements Wells Fargo Advantage Allocation Funds 53
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: September 30, 2004; May 31, 2005; September 30, 2005; May 31, 2006;
September 30, 2006; May 31, 2007; September 30, 2007) are subject to examination
by the Internal Revenue Service and state departments of revenue.
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 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 Fund 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:
- --------------------------------------------------------------------------------
Fund Defaulted SIVs ($MV) % of the ending Net Assets
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND $15,926,329 1.73
- --------------------------------------------------------------------------------
54 Wells Fargo Advantage Allocation Funds Notes to Financial Statements
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser. Funds Management may retain the services of
certain investment subadvisers to provide daily portfolio management. The fees
related to subadvisory services are borne directly by the adviser and do not
increase the overall fees paid by a Fund to the adviser. Funds Management and
the investment subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
- ------------------------------------------------------------------------------------------------------------------------
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ------------------------------------------------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND All asset levels 0.250 Wells Capital First $250 million 0.100
Management Over $250 million 0.050
Incorporated
- ------------------------------------------------------------------------------------------------------------------------
ASSET ALLOCATION FUND First $500 million 0.650 Wells Capital First $100 million 0.150
Next $500 million 0.600 Management Next $100 million 0.125
Next $2 billion 0.550 Incorporated Over $200 million 0.100
Next $2 billion 0.525
Over $5 billion 0.500
- ------------------------------------------------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND All asset levels 0.250 Wells Capital First $250 million 0.100
Management Over $250 million 0.050
Incorporated
- ------------------------------------------------------------------------------------------------------------------------
GROWTH BALANCED FUND All asset levels 0.250 Wells Capital First $250 million 0.100
Management Over $250 million 0.050
Incorporated
- ------------------------------------------------------------------------------------------------------------------------
MODERATE BALANCED FUND All asset levels 0.250 Wells Capital First $250 million 0.100
Management Over $250 million 0.050
Incorporated
- ------------------------------------------------------------------------------------------------------------------------
For each Fund that is invested in multiple Master Portfolios, Funds Management
is entitled to receive an investment advisory fee of 0.25% of each Fund's
average daily net assets for providing advisory services, including the
determination of the asset allocations of each Fund's investments in the various
Master Portfolios.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- --------------------------------------------------------------------------------
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
Fund Level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
Class Level
- --------------------------------------------------------------------------------
Class A All asset levels 0.28
- --------------------------------------------------------------------------------
Class B All asset levels 0.28
- --------------------------------------------------------------------------------
Class C All asset levels 0.28
- --------------------------------------------------------------------------------
Administrator Class All asset levels 0.10
- --------------------------------------------------------------------------------
Notes to Financial Statements Wells Fargo Advantage Allocation Funds 55
The Trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. BFDS is entitled to receive fees
from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
- --------------------------------------------------------------------------------
% of Average
FUND Daily Net Assets
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 0.02
- --------------------------------------------------------------------------------
WFB does not receive a custodial fee for any Fund that invests its assets solely
in one or more Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
- --------------------------------------------------------------------------------
% Of Average
SHARE CLASS Daily Net Assets
- --------------------------------------------------------------------------------
Class A, Class B, Class C, and Administrator Class 0.25
- --------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees paid were as
follows:
- --------------------------------------------------------------------------------
Administrator
FUND Class A Class B Class C Class
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND NA NA NA $ 308,441
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND $1,069,027 $84,835 $39,971 59,456
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND NA NA NA 735,987
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND 93,225 72,057 15,828 1,947,563
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND 12,093 4,005 2,224 628,482
- --------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan (the "Plan") for Class B and Class C
shares of the applicable Funds pursuant to Rule 12b-1 under the 1940 Act.
Distribution fees are charged to the Class B and Class C shares and paid to
Wells Fargo Funds Distributor, LLC at an annual rate of 0.75% of average daily
net assets.
For the period ended March 31, 2008, distribution fees incurred are disclosed on
the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
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 Trustees for their services, plus travel and other
expenses incurred in attending Board meetings.
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately from all
classes, first from advisory fees, and then from any class specific expenses, if
applicable. Funds Management has committed to waive fees and/or reimburse
expenses to the extent necessary to maintain certain net operating expense
ratios for the Funds. Net operating expense ratios in effect for the period
ended March 31, 2008, were as follows:
56 Wells Fargo Advantage Allocation Funds Notes to Financial Statements
- --------------------------------------------------------------------------------
Net Operating Expense Ratios
----------------------------
Fund* Class A Class B Class C Administrator Class
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND NA NA NA 1.00%
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 1.15% 1.90% 1.90% 0.90%
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND NA NA NA 0.85%
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND 1.20% 1.95% 1.95% 0.95%
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND 1.15% 1.90% 1.90% 0.90%
- --------------------------------------------------------------------------------
* The Fund's adviser has committed to waive fees through January 31, 2009.
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:
- --------------------------------------------------------------------------------
FUND Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
AGGRESSIVE ALLOCATION FUND* $ 62,646,147 $ 92,191,191
- --------------------------------------------------------------------------------
ASSET ALLOCATION FUND 194,845,652 302,083,975
- --------------------------------------------------------------------------------
CONSERVATIVE ALLOCATION FUND* 223,032,390 333,513,852
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND* 509,697,576 729,048,669
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND* 176,067,531 260,036,146
- --------------------------------------------------------------------------------
* These Funds seek to achieve their investment objective by investing some
or all of their investable assets in one or more Master Portfolios.
Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the six-month period ended March 31,
2008, there were no borrowings by any of the Funds under the agreement.
6. 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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 57
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
---------------
58 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
- --------------------------------------------------------------------------------
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 59
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
60 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 61
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.
62 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 63
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
64 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)
$ 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 $4,248) 2.50 04/01/2008 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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 65
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%
5,140,615 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.
66 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 67
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
68 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 69
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 $51,518) 2.50 04/01/2008 51,514
206,058 BNP PARIBAS+/- 3.13 08/07/2008 205,890
1,138,470 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $1,138,567) 3.08 04/01/2008 1,138,470
649,083 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $649,138) 3.04 04/01/2008 649,083
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 VALUE $623,379) 3.10 04/01/2008 623,325
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 VALUE $441,244) 2.50 04/01/2008 441,213
777,869 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $777,936) 3.08 04/01/2008 777,869
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
70 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 (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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 71
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
-------------
72 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 73
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
74 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)
$ 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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 75
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.
76 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 77
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
---------------
78 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 79
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
80 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)
$ 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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 81
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
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 83
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
---------------
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 85
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
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 87
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
---------------
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 89
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
---------------
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 91
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
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 93
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
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 95
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.
+/ 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.
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 97
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
---------------
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 99
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
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 101
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
---------------
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 103
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
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 105
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
---------------
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 107
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
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 109
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
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 111
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
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 113
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
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 115
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
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 117
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
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 119
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
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 121
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
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 123
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
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 125
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
---------------
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 127
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
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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 1,229,284
DEALERS)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 129
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
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 131
INTERNATIONAL VALUE PORTFOLIO
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
SHORT-TERM INVESTMENTS: 2.29%
9,021,416 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 9,021,416
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,021,416) 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.
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 133
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
---------------
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 135
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
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 137
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
--------------
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 139
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
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 141
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
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 143
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
---------------
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 145
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
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 147
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
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 149
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
---------------
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 151
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
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 153
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
---------------
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 155
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
156 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)
$ 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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 157
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.
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 159
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
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 161
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
162 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)
$ 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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 163
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.
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 165
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
---------------
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 167
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
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 169
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.
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 171
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
---------------
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 173
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
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 175
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
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 177
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
---------------
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolios 179
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
---------------
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2008 (Unaudited)
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.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
182 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 183
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
-----------------------------------------------
184 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 185
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
-----------------------------------------------
186 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 187
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
188 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 189
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
190 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 191
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
=====================================
192 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 193
INDEX PORTFOLIO INTERNATIONAL CORE 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 .............................. $ 2,814,355,166 $ 2,548,093,616 $ 159,894,926 $ 161,638,942
OPERATIONS
Net investment income (loss) ..................... 26,384,045 51,519,728 319,442 2,056,363
Net realized gain (loss) on investments .......... 54,045,519 117,184,727 8,871,753 27,306,462
Net change in unrealized appreciation
(depreciation) of investments ................. (429,311,119) 245,109,179 (26,149,901) 5,567,904
--------------------------------------------------------------------------
Net increase (decrease) in net assets resulting
from operations ................................... (348,881,555) 413,813,634 (16,958,706) 34,930,729
--------------------------------------------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ..................................... 68,765,604 226,915,817 5,567,604 5,766,735
Withdrawals ....................................... (191,652,694) (374,467,901) (36,684,788) (42,441,480)
--------------------------------------------------------------------------
Net increase (decrease) from transactions in
investors' beneficial interests ................... (122,887,090) (147,552,084) (31,117,184) (36,674,745)
--------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................ (471,768,645) 266,261,550 (48,075,890) (1,744,016)
==========================================================================
ENDING NET ASSETS .................................... $ 2,342,586,521 $ 2,814,355,166 $ 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
====================================
194 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 195
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION 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 .............................. $ 447,175,488 $ 303,207,650 $ 179,028,956 $ 170,740,349
OPERATIONS
Net investment income (loss) ...................... 5,026,163 9,296,214 483,386 967,108
Net realized gain (loss) on investments ........... 3,270,994 23,855,136 3,171,910 14,007,484
Net change in unrealized appreciation
(depreciation) of investments .................. (76,145,949) 35,415,227 (22,866,789) 19,094,005
--------------------------------------------------------------------------
Net increase (decrease) in net assets resulting from
operations ........................................ (67,848,792) 68,566,577 (19,211,493) 34,068,597
--------------------------------------------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ..................................... 46,145,493 121,299,047 6,343,458 16,092,463
Withdrawals ....................................... (31,247,203) (45,897,786) (20,438,113) (41,872,453)
--------------------------------------------------------------------------
Net increase (decrease) from transactions in
investors' beneficial interests ................... 14,898,290 75,401,261 (14,094,655) (25,779,990)
--------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................ (52,950,502) 143,967,838 (33,306,148) 8,288,607
==========================================================================
ENDING NET ASSETS .................................... $ 394,224,986 $ 447,175,488 $ 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
====================================
196 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 197
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
=====================================
198 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 199
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%
200 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 201
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.
202 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 203
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
204 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:
- -----------------------------------------------------------------------------------------------------------------------------------
Subadvisory
Advisory Fees (% of
Fees (% of Average
Average Daily Average Daily Average Daily 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 205
- -----------------------------------------------------------------------------------------------------------------------------------
Subadvisory
Advisory Fees (% of
Fees (% of Average
Average Daily Average Daily Average Daily 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
- --------------------------------------------------------------------------------
206 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 207
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
- -------------------------------------------------------------------------------
208 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.
Other Information Wells Fargo Advantage Allocation Funds 209
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on the
Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or more
delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds'Web site on a monthly, seven-day or more delayed
basis. Each Fund files its complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q, which is
available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information 1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of None
65 Stephens University of Wake Forest
University. Prior thereto, the Thomas Goho
Chair of Finance of Wake Forest University,
Calloway School of Business and Accountancy,
from 2006-2007 and Associate Professor of
Finance from 1999-2005.
- ------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal None
65 Chairman, since 2005 Geyser Water Company and President of
(Lead Trustee since 2001) Crystal Geyser Roxane Water Company.
- ------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, None
55 Wharton School, University of Pennsylvania.
Director of the Boettner Center on Pensions
and Retirement Research. Research associate
and board member, Penn Aging Research
Center. Research associate, National Bureau
of Economic Research.
- ------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota None
56 Initiative Foundation, a non-profit
organization since 2007 and Senior Fellow at
the Humphrey Institute Policy Forum at the
University of Minnesota since 1995.
- ------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke &
67 Daniels. None
- ------------------------------------------------------------------------------------------------------------------------
210 Wells Fargo Advantage Allocation Funds Other Information
INTERESTED TRUSTEE 3
- ------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. None
63 Prior thereto, Chairman of Whitepoint
Capital, LLC until 2004.
- ------------------------------------------------------------------------------------------------------------------------
OFFICERS
- ------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo None
48 Bank, N.A. and President of Wells Fargo
Funds Management, LLC since 2003. Senior
Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC
from 2001 to 2003.
- ------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells None
47 Chief Legal Counsel, Fargo Funds Management, LLC since 2001. Vice
since 2003 President and Managing Senior Counsel of
Wells Fargo Bank, N.A. since 1996.
- ------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund None
48 Accounting, Reporting and Tax for Wells
Fargo Funds Management, LLC since 2007.
Director of Fund Administration and SEC
Reporting for TIAA-CREF from 2005 to 2007.
Chief Operating Officer for UMB Fund
Services, Inc. from 2004 to 2005. Controller
for Sungard Transaction Networks from 2002
to 2004.
- ------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo None
43 since 2007 Funds Management, LLC since 2007. Chief
Compliance Officer of Parnassus Investments
from2005 to 2007. Chief Financial Officer of
Parnassus Investments from2004 to 2007 and
Senior Audit Manager of
PricewaterhouseCoopers LLP from 1998 to
2004.
- ------------------------------------------------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds'Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds'Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
Other Information Wells Fargo Advantage Allocation Funds 211
BOARD CONSIDERATION OF AND CONTINUATION OF
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
AGGRESSIVE ALLOCATION FUND, ASSET ALLOCATION FUND, CONSERVATIVE ALLOCATION FUND,
GROWTH BALANCED FUND, MODERATE BALANCED FUND, C&B LARGE CAP VALUE PORTFOLIO,
DISCIPLINED GROWTH PORTFOLIO, EMERGING GROWTH PORTFOLIO, EQUITY INCOME
PORTFOLIO, EQUITY VALUE PORTFOLIO, INDEX PORTFOLIO, INTERNATIONAL CORE
PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO, INTERNATIONAL INDEX PORTFOLIO,
INTERNATIONAL VALUE PORTFOLIO, LARGE CAP APPRECIATION PORTFOLIO, LARGE COMPANY
GROWTH PORTFOLIO, SMALL CAP INDEX PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO,
SMALL COMPANY VALUE PORTFOLIO AND STRATEGIC SMALL CAP VALUE PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master
Trust ("Master Trust") (collectively, the "Trusts"), including a majority of the
Trustees who have no direct or indirect interest in the investment advisory and
sub-advisory agreements and are not "interested persons" of each Trust, as
defined in the 1940 Act (the "Independent Trustees"), will annually review and
consider the continuation of the investment advisory and sub-advisory
agreements. In this regard, the Boards reviewed and re-approved, during the six
months covered by this report: (i) investment advisory agreements with Wells
Fargo Funds Management, LLC ("Funds Management") for the Aggressive Allocation
Fund, Asset Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund,
Moderate Balanced Fund, C&B Large Cap Value Portfolio, Disciplined Growth
Portfolio, Emerging Growth Portfolio, Equity Income Portfolio, Equity Value
Portfolio, Index Portfolio, International Core Portfolio, International Growth
Portfolio, International Index Portfolio, International Value Portfolio, Large
Cap Appreciation Portfolio, Large Company Growth Portfolio, Small Cap Index
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Strategic Small Cap Value Portfolio (the "Funds"); (ii) investment sub-advisory
agreements with Wells Capital Management Incorporated ("Wells Capital
Management") for the Aggressive Allocation Fund, Asset Allocation Fund,
Conservative Allocation Fund, Growth Balanced Fund, Moderate Balanced Fund,
Equity Income Portfolio, Index Portfolio, Emerging Growth Portfolio, Small Cap
Index Portfolio and Strategic Small Cap Value Portfolio; (iii) an investment
sub-advisory agreement with Artisan Partners Limited Partnership ("Artisan") for
the International Growth Portfolio; (iv) an investment sub-advisory agreement
with Cadence Capital Management, LLC ("Cadence") for the Large Cap Appreciation
Portfolio; (v) an investment sub-advisory agreement with Cooke & Bieler L.P.
("Cooke & Bieler") for the C&B Large Cap Value Portfolio; (vi) an investment
sub-advisory agreement with Galliard Capital Management, Inc. ("Galliard") for
the Aggressive Allocation Fund, Conservative Allocation Fund, Growth Balanced
Fund and Moderate Balanced Fund; (vii) an investment sub-advisory agreement with
LSV Asset Management ("LSV") for the International Value Portfolio; (viii) an
investment sub-advisory agreement with New Star Institutional Managers Limited
("New Star") for the International Core Portfolio; (ix) investment sub-advisory
agreements with Peregrine Capital Management, Inc. ("Peregrine") for the
Aggressive Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund,
Moderate Balanced Fund, Large Company Growth Portfolio, Small Company Growth
Portfolio and Small Company Value Portfolio; (x) investment sub-advisory
agreements with Smith Asset Management, L.P. ("Smith") for the Aggressive
Allocation Fund, Conservative Allocation Fund, Growth Balanced Fund, Moderate
Balanced Fund and Disciplined Growth Portfolio; (xi) an investment sub-advisory
agreement with SSgA Funds Management ("SSgA") for the International Index
Portfolio; and (xii) an investment sub-advisory agreement with Systematic
Financial Management, L.P. ("Systematic") for the Equity Value Portfolio. The
investment advisory agreements with Funds Management and the investment
sub-advisory agreements with Wells Capital Management, Artisan, Cadence, Cooke &
Bieler, LSV, New Star, Peregrine, Smith, SSgA, and Systematic (the
"Sub-Advisers") are collectively referred to as the "Advisory Agreements."
More specifically, at meetings held on March 28, 2008, the Boards, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and the Sub-Advisers and the continuation of the Advisory
Agreements. Prior to the March 28, 2008, meetings, the Trustees conferred
extensively among themselves and with representatives of Funds Management about
these matters. The Boards also met regularly throughout the year and received
information that was useful to them in considering the continuation of the
Advisory Agreements. The Independent Trustees were assisted in their evaluation
of the Advisory Agreements by independent legal counsel, from whom they received
separate legal advice and with whom they met separately from Funds Management.
212 Wells Fargo Advantage Allocation Funds Other Information
Because the Aggressive Allocation Fund, Conservative Allocation Fund, Growth
Balanced Fund and Moderate Balanced Fund (the "Allocation Funds") are gateway
blended funds that invest all of their assets in the portfolios identified
above, information provided to the Boards regarding the Allocation Funds is also
applicable to the portfolios identified above.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and the Sub-Advisers under the Advisory Agreements. The Boards also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for day-to-day portfolio management services for the Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputations and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Boards further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers, and the appointment of a new Chief Compliance Officer for the
Funds. In addition, the Boards took into account the administrative services
provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meetings, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below,
each of the Boards concluded that it was generally satisfied with the nature,
extent and quality of the investment advisory services provided to the Funds by
Funds Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for each of the Funds over various
time periods ended December 31, 2007. They also considered these results in
comparison to the median performance of a universe of relevant funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Fund (the "Universe"),
as well as to each Fund's benchmark index and to other comparative data. Lipper
is an independent provider of investment company data. The Boards were provided
with a description of the methodology used by Lipper to select the mutual funds
in the Universe.
The Boards noted that the performance of each Fund, except the Aggressive
Allocation Fund, C&B Large Cap Value Portfolio, International Value Portfolio,
Large Company Growth Portfolio, Small Company Growth Portfolio and Small Company
Value Portfolio, was better than, or not appreciably below, the median
performance of each Fund's Universe for most time periods. The Board of Funds
Trust noted that the performance of the Aggressive Allocation Fund was lower
than the median performance of its Universe for certain time periods and
required further review. The Board of Master Trust noted that the performance of
the C&B Large Cap Value Portfolio, International Value Portfolio, Large Company
Growth Portfolio, Small Company Growth Portfolio and Small Company Value
Portfolio in which the Allocation Funds invest, was lower than the median
performance of each Portfolio's Universe for most time periods and required
further review. As part of their further review, the Boards received an analysis
of, and discussed factors contributing to, the underperformance of the
Aggressive Allocation Fund, C&B Large Cap Value Portfolio, International Value
Portfolio, Large Company Growth Portfolio, Small Company Growth Portfolio and
Small Company Value Portfolio. The Boards requested continued reports on the
performance of the Aggressive Allocation Fund, C&B Large Cap Value Portfolio,
International Value Portfolio, Large Company Growth Portfolio, Small Company
Growth Portfolio and Small Company Value Portfolio.
The Boards received and considered information regarding each Fund's contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Boards also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that were determined by Lipper to be the most similar to the Funds (the
"Peer Group") and to other comparative data. The Boards were provided with a
description of the methodology used by Lipper to select the mutual funds in the
Peer
Other Information Wells Fargo Advantage Allocation Funds 213
Group. The Boards noted that the net operating expense ratios for each Fund were
lower than, equal to, or not appreciably higher than, each Fund's Peer Group's
median net operating expense ratios.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Boards took into account the
separate administrative and other services covered by the administration fee
rates. The Boards also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to the Sub-Advisers for
investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Boards reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Boards received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's Peer
Group. The Boards noted that the Advisory Agreement Rates and the Net Advisory
Rates for each Fund were lower than, or not appreciably higher than, the median
rates of each Fund's respective Peer Group. In addition, the Boards concluded
that the combined investment advisory/administration fee rates for the Funds
(before and after waivers/caps and/or expense reimbursements) were reasonable in
relation to each Fund's respective Peer Group, and reasonable in relation to the
services provided.
The Boards also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on their consideration of the factors described above.
PROFITABILITY
The Boards received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and Net Advisory Rates, as well
as an analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Boards also considered related information provided
by Funds Management in a separate presentation on financial matters made at the
February 2008 board meetings. The Boards concluded that, in light of the costs
of providing investment management and other services to the Funds, the profits
and other ancillary benefits that Funds Management and its affiliates received
with regard to providing these services to the Funds were not unreasonable.
The Boards did not consider separate profitability information with respect to
Wells Capital Management, Peregrine and Smith, as their profitability from their
relationships with the Aggressive Allocation Fund, Asset Allocation Fund,
Conservative Allocation Fund, Growth Balanced Fund, Moderate Balanced Fund,
Disciplined Growth Portfolio, Emerging Growth Portfolio, Equity Income
Portfolio, Index Portfolio, Large Company Growth Portfolio, Small Cap Index
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Strategic Small Cap Value Portfolio, was not a material factor in determining
whether to renew the agreements. The Board of Master Trust did not consider
separate profitability information with respect to Artisan, Cadence, Cooke &
Bieler, LSV, New Star, SSgA, and Systematic, which are not affiliated with Funds
Management. The Board considered that the sub-advisory fees paid to these
sub-advisers had been negotiated by Funds Management on an arm's length basis
and that Artisan's, Cadence's, Cooke & Bieler's, LSV's, New Star's, SSgA's and
Systematic's profitability from their relationships with the C&B Large Cap Value
Portfolio, Equity Value Portfolio, International Core Portfolio, International
Growth Portfolio, International Index Portfolio, International Value Portfolio
and Large Cap Appreciation Portfolio, was not a material factor in determining
whether to renew the agreements.
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of
214 Wells Fargo Advantage Allocation Funds Other Information
scale made at the February 2008 board meetings. The Boards acknowledged the
inherent limitations of any analysis of an investment adviser's economies of
scale and of any attempt to correlate breakpoints with such economies, stemming
largely from the Boards' understanding that economies of scale are realized, if
at all, by an investment adviser across a variety of products and services, not
just with respect to a single fund. The Boards concluded that any actual or
potential economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and waivers/caps and/or expense reimbursements applicable to the
Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by the Sub-Advisers to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and the Sub-Advisers with the Funds and benefits potentially
derived from an increase in Funds Management's and the Sub-Advisers' business as
a result of their relationship with the Funds (such as the ability to market to
shareholders/interestholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Boards also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards also reviewed Funds
Management's and the Sub-Advisers' methods for allocating portfolio investment
opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Funds,
including the principal channels through which the Funds' shares/interests are
offered and sold. The Boards noted that the Funds are part of one of the few
fund families that have both direct-to-fund and intermediary distribution
channels.
As discussed above, the Boards review detailed materials received from
Funds Management and the Sub-Advisers annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Boards also review and assess
the quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management at each of their
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Boards confer with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that approval of the continuation of the Advisory Agreements for the Funds was
in the best interest of the Funds and their shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one-year period.
List of Abbreviations Wells Fargo Advantage Allocation Funds 215
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
THIS PAGE IS INTENTIONALLY LEFT BLANK.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
109400 05-08
SAAFLD/SAR110 03-08
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Semi-Annual Report
March 31, 2008
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE BALANCED FUND
WANT TO RECEIVE YOUR ANNUAL AND SEMI-ANNUAL REPORTS FASTER?
Sign up for e-delivery at www.wellsfargo.com/advantagefunds, Keyword: eDocs.
Contents
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Balanced Fund ............................................................ 4
FUND EXPENSES ............................................................ 6
PORTFOLIO OF INVESTMENTS
Balanced Fund ............................................................ 7
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ...................................... 16
Statement of Operations .................................................. 17
Statements of Changes in Net Assets ...................................... 18
Financial Highlights ..................................................... 20
NOTES TO FINANCIAL STATEMENTS ............................................ 22
OTHER INFORMATION ........................................................ 28
LIST OF ABBREVIATIONS .................................................... 33
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING
THE COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO
ADVANTAGE FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT
AMONG THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
- --------------------------------------------------------------------------------
GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
Asia Pacific Fund Equity Value Fund Opportunity Fund
C&B Large Cap Value Fund Growth and Income Fund Overseas Fund
C&B Mid Cap Value Fund Growth Fund Small Cap Disciplined Fund
Capital Growth Fund Growth Equity Fund Small Cap Growth Fund
Common Stock Fund Index Fund Small Cap Opportunities Fund
Discovery Fund International Core Fund Small Cap Value Fund
Diversified Equity Fund International Equity Fund Small Company Growth Fund
Diversified Small Cap Fund International Value Fund Small Company Value Fund
Emerging Growth Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Emerging Markets Equity Fund Large Cap Growth Fund Specialized Financial Services Fund
Endeavor Large Cap Fund Large Company Core Fund Specialized Technology Fund
Endeavor Select Fund Large Company Growth Fund Strategic Small Cap Value Fund
Enterprise Fund Large Company Value Fund U.S. Value Fund
Equity Income Fund Mid Cap Disciplined Fund Value Fund
Equity Index Fund Mid Cap Growth Fund
BOND FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
California Limited-Term Tax-Free Fund Intermediate Government Income Fund 1 Stable Income Fund
California Tax-Free Fund Intermediate Tax-Free Fund Strategic Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Total Return Bond Fund
Corporate Bond Fund Municipal Bond Fund Ultra Short-Term Income Fund
Diversified Bond Fund National Limited-Term Tax-Free Fund Ultra Short-Term Municipal Income Fund
Government Securities Fund 1 National Tax-Free Fund Ultra-Short Duration Bond Fund
High Income Fund Short Duration Government Bond Fund 1 Wisconsin Tax-Free Fund
High Yield Bond Fund Short-Term Bond Fund
Income Plus Fund Short-Term High Yield Bond Fund
Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
ASSET ALLOCATION FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund WealthBuilder Conservative Allocation Portfolio Target 2020 Fund 2
Asset Allocation Fund WealthBuilder Equity Portfolio Target 2025 Fund 2
Balanced Fund WealthBuilder Growth Allocation Portfolio Target 2030 Fund 2
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2035 Fund 2
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio Target 2040 Fund 2
Moderate Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2045 Fund 2
Life Stage-Aggressive Portfolio Target Today Fund 2 Target 2050 Fund 2
Life Stage-Conservative Portfolio Target 2010 Fund 2
Life Stage-Moderate Portfolio Target 2015 Fund 2
MONEY MARKET FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
100% Treasury Money Market Fund 1 Heritage Money Market Fund National Tax-Free Money Market Fund
California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund 1 Municipal Money Market Fund Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
- ---------------------------------------------------------------------------------------------------------------------------------
VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund
VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund
VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund
VT Equity Income Fund VT Money Market Fund VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- --------------------------------------------------------------------------------
1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Balanced Fund Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE LEHMAN BROTHERS TREASURY INDEX RETURNED 8.56%, COMPARED TO 5.23% FOR THE
BROAD BOND MARKET, AS MEASURED BY THE LEHMAN BROTHERS U.S. AGGREGATE INDEX.
- --------------------------------------------------------------------------------
Dear Valued Shareholder:
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
BALANCED FUND that covers the six-month period that ended March 31, 2008. During
the period, the economy struggled to absorb slower growth, high energy prices, a
continuing correction in the housing market, and tighter lending practices that
presented financial challenges to businesses and consumers.
Falling prices of new and existing homes especially affected subprime borrowers
who faltered when easy access to credit all but disappeared for them and
market-value equity on their homes declined. The price correction in the market
value of homes prevented many struggling borrowers from paying off their full
mortgage balances by selling their homes. Housing market woes also had a ripple
effect as financial markets began to assess the full impact of the subprime
loans that had been packaged and sold both in the United States and abroad. The
rapid collapse of investment bank Bear Stearns, due to high write-offs in its
mortgage-related assets, highlighted some of the more significant risks within
the market.
THE FED RESPONDED IN MANY WAYS
First, by lowering the federal funds rate (the rate at which member banks borrow
money from each other) by 250 basis points. (100 basis points equals 1.00%.)
Second, it lowered the discount rate (the rate at which banks borrow money
directly from the Fed) by 275 basis points. And, third, it agreed to make the
discount window available to non-bank dealers and to lend to banks for longer
than normal periods of time to help ease some of the constraints on liquidity.
In addition, the Fed launched several other new programs to provide liquidity to
financial institutions.
INVESTORS SOUGHT RELATIVE SAFETY IN MONEY MARKET FUNDS AND IN THE U.S. TREASURY
MARKET
During the six-month period, the Lehman Brothers U.S. Treasury Index 1 returned
8.56%, compared to 5.23% for the broad bond market, as measured by the Lehman
Brothers U.S. Aggregate Index 2. Mortgage-related securities declined on
continued housing-related turmoil. Corporate and high-yield bonds also trailed
as investors worried about the effect of a slowing economy on potential future
default rates. In the international credit markets, Europe and Britain
experienced some of the same concerns over liquidity that were felt in the U.S.
credit markets, which resulted in tighter lending practices overseas.
THE STOCK MARKET STRUGGLED IN MOST AREAS
The S&P 500 Index declined 12.46% for the six-month period. Value stocks
underperformed, largely because of weakness in financial stocks, with the S&P
- --------------------------------------------------------------------------------
1 The Lehman Brothers U.S. Treasury Index is composed of public obligations
of the U.S. Treasury. You cannot invest directly in an index.
2 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an index.
Letter to Shareholders Wells Fargo Advantage Balanced Fund 3
500 Financial Index 3 declining 26.29% for the period. Small cap stocks modestly
underperformed large caps. Most international markets also posted negative
returns, however, the U.S. dollar's decline partially offset these losses for
U.S.-based investors. The MSCI EAFE Index 4 was down 10.50% for the period in
U.S. dollar terms.
PLANNING AHEAD
The continued uncertainty surrounding the housing market, liquidity, and
inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking investment teams who
share our dedication to pursuing consistent, long-term results offers you a way
to navigate changing market conditions and move forward with your financial
planning.
Also, as you may know, the Wells Fargo Funds Trust Board of Trustees unanimously
approved a set of initiatives designed to streamline the WELLS FARGO ADVANTAGE
FUNDS(R) and standardize share classes across the fund family. Among these
initiatives, the Board has unanimously recommended that shareholders of the
Wells Fargo Advantage Balanced Fund approve the reorganization of the Fund into
the Wells Fargo Advantage Asset Allocation Fund. For additional information
regarding this proposed reorganization, Please see Note 8 to the Financial
Statements included in this Semi-Annual Report.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE S&P 500 INDEX DECLINED 12.46% FOR THE SIX-MONTH PERIOD ...
.... THE MSCI EAFE INDEX WAS DOWN 10.50% FOR THE PERIOD IN U.S. DOLLAR TERMS.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITS. You cannot invest directly
in an index.
4 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
4 Wells Fargo Advantage Balanced Fund Performance Highlights
WELLS FARGO ADVANTAGE BALANCED FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE BALANCED FUND (the Fund) seeks total return,
consisting of capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Gary J. Dunn, CFA
W. Frank Koster
Robert M. Thornburg
FUND INCEPTION
December 30, 1981
- --------------------------------------------------------------------------------
TEN LARGEST HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
US Treasury Note, 4.25%, 10/15/2010 5.60%
- --------------------------------------------------------------------------------
US Treasury Note, 3.88%, 10/31/2012 2.52%
- --------------------------------------------------------------------------------
US Treasury Note, 3.50%, 02/15/2018 2.44%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 2.20%
- --------------------------------------------------------------------------------
General Electric Company 1.85%
- --------------------------------------------------------------------------------
FHLMC, 5.13%, 08/23/2010 1.71%
- --------------------------------------------------------------------------------
Microsoft Corporation 1.65%
- --------------------------------------------------------------------------------
Procter & Gamble Company 1.38%
- --------------------------------------------------------------------------------
AT&T Incorporated 1.34%
- --------------------------------------------------------------------------------
JPMorgan Chase & Company 1.31%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (8%)
Consumer Staples (11%)
Energy (12%)
Financials (16%)
Health Care (12%)
Industrials (14%)
Information Technology (17%)
Materials (3%)
Telecommunication Services (3%)
Utilities (4%)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The ten largest holdings are calculated based on the market value of the
securities divided by total market value of the Fund.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Advantage Balanced Fund 5
WELLS FARGO ADVANTAGE BALANCED FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------------------------------------
Gross Net
Expense Expense
6-Month* 1 Year 5 Year 10 Year Ratio 4 Ratio 5
- --------------------------------------------------------------------------------------------------------------
Investor Class (STAAX) (4.85) 1.39 7.95 2.96 1.57% 1.25%
- --------------------------------------------------------------------------------------------------------------
BENCHMARKS
- --------------------------------------------------------------------------------------------------------------
Balanced Composite Index 6 (5.83) (0.24) 8.65 4.80
- --------------------------------------------------------------------------------------------------------------
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- --------------------------------------------------------------------------------------------------------------
Lehman Brothers U.S. Aggregate Index 8 5.23 7.67 4.58 6.04
- --------------------------------------------------------------------------------------------------------------
* RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB
SITE--WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT
DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk, high-yield securities risk, and
mortgage-and asset-backed securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 Performance shown prior to April 11, 2005 for the Investor Class shares
reflects the performance of the Investor Class shares of the Strong
Balanced Fund.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus and is based on the Fund's previous fiscal year expenses as
reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio shown. Without these reductions,
the Fund's returns would have been lower.
6 The Balanced Composite Index is weighted 60% in the S&P 500 Index and 40%
in the Lehman Brothers U.S. Aggregate Index.
7 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
8 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an Index.
6 Wells Fargo Advantage Balanced Fund Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire six-month period, from October 1, 2007
to March 31, 2008.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
- ---------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
BALANCED FUND 10-01-2007 03-31-2008 Period* Expense Ratio
- ---------------------------------------------------------------------------------------------------------------------
BALANCED FUND--INVESTOR CLASS
- ---------------------------------------------------------------------------------------------------------------------
Actual $1,000.00 $ 951.50 $6.12 1.25%
- ---------------------------------------------------------------------------------------------------------------------
Hypothetical (5% return before expenses) $1,000.00 $1,018.80 $6.33 1.25%
- ---------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 7
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
AGENCY NOTES - INTEREST BEARING: 1.66%
$ 1,830,000 FHLMC<< 5.13% 08/23/2010 $ 1,943,896
TOTAL AGENCY NOTES - INTEREST BEARING (COST $1,836,302) 1,943,896
---------------
AGENCY SECURITIES: 4.06%
FEDERAL FARM CREDIT BANK: 0.86%
974,000 FEDERAL FARM CREDIT BANK<< 4.13 07/17/2009 997,211
---------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.49%
1,231 FHLMC #170151 10.50 01/01/2016 1,455
467,259 FHLMC #1J1263<<+/- 5.83 01/01/2036 477,892
1,476 FHLMC #254325 10.25 03/01/2015 1,534
90,200 FHLMC #G11487 8.00 03/01/2016 95,529
576,410
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 2.71%
495,000 FNMA<< 6.00 05/15/2011 541,171
626,369 FNMA #699932 5.50 04/01/2033 634,357
460,350 FNMA #735613 6.00 02/01/2035 474,973
1,039,540 FNMA #863727+/- 5.34 01/01/2036 1,061,450
448,578 FNMA #892283+/- 5.86 09/01/2036 459,146
3,171,097
---------------
TOTAL AGENCY SECURITIES (COST $4,625,017) 4,744,718
---------------
ASSET BACKED SECURITIES: 2.66%
208,497 BANC OF AMERICA SECURITIES AUTO TRUST SERIES 2006-G1 CLASS A2 5.30 03/18/2009 209,016
405,000 CAPITAL AUTO RECEIVABLES ASSET TRUST SERIES 2007-4
CLASS A3B+/- 3.52 07/15/2010 400,481
545,000 CHASE ISSUANCE TRUST SERIES 2005-A6 CLASS A6+/- 2.89 07/15/2014 522,432
842,794 COMMUNITY PROGRAM LOAN TRUST SERIES 1987-A CLASS A4 4.50 10/01/2018 838,869
140,445 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2004-I CLASS A+/- 3.11 02/15/2034 118,513
75,660 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2004-Q CLASS 2A+/- 3.12 12/15/2033 56,011
530,000 FIRST NATIONAL MASTER NOTE TRUST SERIES 2007-2 CLASS A+/- 3.57 11/15/2012 525,528
444,000 MBNA CREDIT CARD MASTER NOTE TRUST SERIES 2006-A4 CLASS A4+/- 2.81 09/15/2011 439,933
TOTAL ASSET BACKED SECURITIES (COST $3,192,067) 3,110,783
---------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 6.63%
339,981 BANC OF AMERICA ALTERNATIVE LOAN TRUST SERIES 2005-10
CLASS 6A1 5.50 11/25/2020 345,293
481,143 CHASE MORTGAGE FINANCE CORPORATION SERIES 2005-A1 CLASS 2A2+/- 5.24 12/25/2035 468,712
46,398 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2004-HYB4
CLASS AA+/- 2.93 12/25/2034 43,962
300,000 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2006-NCB1
CLASS 2A2+/- 2.94 05/15/2036 257,281
496,391 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 3A1 5.00 02/25/2020 470,984
180,409 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2006-0C8
CLASS 2A1C+/- 2.66 11/25/2036 175,726
1,000,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2005-C1 CLASS A3 4.81 02/15/2038 970,730
151,945 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-57
CLASS 2A1+/- 6.20 07/25/2043 155,689
169,864 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-59
CLASS 2A1+/- 6.18 10/25/2043 174,429
256,630 FNMA GRANTOR TRUST SERIES 2002-T1 CLASS A4 9.50 11/25/2031 286,128
218,120 FNMA SERIES 2003-W14 CLASS 2A+/- 6.15 01/25/2043 221,753
394,051 FNMA WHOLE LOAN SERIES 2003-W8 CLASS 4A+/- 6.16 11/25/2042 395,479
372,147 FNMA WHOLE LOAN SERIES 2004-W15 CLASS 3A+/- 6.32 06/25/2044 389,693
520,181 GNMA SERIES 2004-53 CLASS KE 5.00 08/20/2032 524,250
605,000 GNMA SERIES 2007-12 CLASS C+/- 5.28 04/16/2041 592,351
371,526 GNMA SERIES 2007-34 CLASS A 4.27 11/16/2026 374,562
464,210 JPMORGAN ALTERNATIVE LOAN TRUST SERIES 2006-A4 CLASS A2+/- 5.95 09/25/2036 401,812
182,234 JPMORGAN MORTGAGE TRUST SERIES 2005-A2 CLASS 3A1+/- 4.89 04/25/2035 177,980
8 Wells Fargo Advantage Balanced Fund
Portfolio of Investments--March 31, 2008 (Unaudited)
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERALIZED MORTGAGE OBLIGATIONS (continued)
$ 214,215 JPMORGAN MORTGAGE TRUST SERIES 2005-A3 CLASS 7CA1+/- 5.11% 06/25/2035 $ 211,217
301,806 JPMORGAN MORTGAGE TRUST SERIES 2005-A5 CLASS 3A1+/- 5.38 08/25/2035 295,583
282,416 JPMORGAN MORTGAGE TRUST SERIES 2006-A2 CLASS 5A1+/- 3.75 11/25/2033 266,037
296,984 MULTI SECURITY ASSET TRUST SERIES 2005-RR4A CLASS A1++ 4.38 11/28/2035 273,225
40,107 TERWIN MORTGAGE TRUST SERIES 2004-21HE CLASS 1A1+/- 3.08 12/25/2034 35,663
235,000 TIAA REAL ESTATE CDO LIMITED SERIES 2007-C4 CLASS A3+/- 6.10 08/15/2039 240,191
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $7,966,506) 7,748,730
---------------
SHARES
COMMON STOCKS: 56.56%
APPAREL & ACCESSORY STORES: 0.22%
6,000 KOHL'S CORPORATION+ 257,340
---------------
BIOPHARMACEUTICALS: 0.50%
12,600 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 581,994
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.44%
22,200 LOWE'S COMPANIES INCORPORATED 509,268
---------------
BUSINESS SERVICES: 3.49%
14,200 AUTOMATIC DATA PROCESSING INCORPORATED 601,938
65,800 MICROSOFT CORPORATION 1,867,404
44,700 ORACLE CORPORATION+ 874,332
44,500 SYMANTEC CORPORATION+ 739,590
4,083,264
---------------
CHEMICALS & ALLIED PRODUCTS: 6.72%
16,700 ABBOTT LABORATORIES 921,005
9,900 AIR PRODUCTS & CHEMICALS INCORPORATED 910,800
32,500 BRISTOL-MYERS SQUIBB COMPANY 692,250
13,000 E.I. DU PONT DE NEMOURS & COMPANY 607,880
17,600 JOHNSON & JOHNSON 1,141,712
28,900 PFIZER INCORPORATED<< 604,877
22,400 PROCTER & GAMBLE COMPANY 1,569,568
11,900 ROHM & HAAS COMPANY 643,552
18,400 WYETH 768,384
7,860,028
---------------
COMMUNICATIONS: 1.83%
39,700 AT&T INCORPORATED 1,520,510
17,100 VERIZON COMMUNICATIONS INCORPORATED 623,295
2,143,805
---------------
DEPOSITORY INSTITUTIONS: 5.26%
29,500 BANK OF AMERICA CORPORATION 1,118,345
19,047 BANK OF NEW YORK MELLON CORPORATION 794,831
27,900 CITIGROUP INCORPORATED 597,618
34,666 JPMORGAN CHASE & COMPANY 1,488,905
10,700 STATE STREET CORPORATION 845,300
27,300 US BANCORP 883,428
15,500 WACHOVIA CORPORATION<< 418,500
6,146,927
---------------
EATING & DRINKING PLACES: 0.70%
14,600 MCDONALD'S CORPORATION 814,242
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 9
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES: 2.09%
15,200 DOMINION RESOURCES INCORPORATED $ 620,768
8,600 EXELON CORPORATION 698,922
11,100 FPL GROUP INCORPORATED 696,414
10,500 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 421,995
2,438,099
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.11%
48,300 CISCO SYSTEMS INCORPORATED+ 1,163,547
21,800 EMERSON ELECTRIC COMPANY 1,121,828
56,800 GENERAL ELECTRIC COMPANY 2,102,168
28,900 NOKIA OYJ ADR 919,887
23,600 TEXAS INSTRUMENTS INCORPORATED 667,172
5,974,602
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.65%
10,900 FORTUNE BRANDS INCORPORATED 757,550
---------------
FOOD & KINDRED PRODUCTS: 1.66%
8,065 KRAFT FOODS INCORPORATED CLASS A 250,096
17,300 PEPSICO INCORPORATED 1,249,060
7,200 THE COCA-COLA COMPANY 438,264
1,937,420
---------------
FOOD STORES: 0.55%
22,000 SAFEWAY INCORPORATED 645,700
---------------
GENERAL MERCHANDISE STORES: 0.83%
19,100 TARGET CORPORATION 967,988
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.85%
9,700 3M COMPANY 767,755
1,500 APPLE INCORPORATED+ 215,250
9,800 CATERPILLAR INCORPORATED 767,242
31,500 HEWLETT-PACKARD COMPANY 1,438,290
51,800 INTEL CORPORATION 1,097,124
12,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,381,680
5,667,341
---------------
INSURANCE CARRIERS: 2.73%
17,200 AMERICAN INTERNATIONAL GROUP INCORPORATED 743,900
16,800 METLIFE INCORPORATED 1,012,368
12,700 THE TRAVELERS COMPANIES INCORPORATED 607,695
11,800 UNITEDHEALTH GROUP INCORPORATED 405,448
9,700 WELLPOINT INCORPORATED+ 428,061
3,197,472
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.94%
5,500 BECTON DICKINSON & COMPANY 472,175
11,000 ROCKWELL AUTOMATION INCORPORATED 631,620
1,103,795
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.39%
9,400 MEDTRONIC INCORPORATED 454,678
---------------
10 Wells Fargo Advantage Balanced Fund
Portfolio of Investments--March 31, 2008 (Unaudited)
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
MEDICAL PRODUCTS: 1.11%
16,700 MERCK & COMPANY INCORPORATED $ 633,765
8,500 ZIMMER HOLDINGS INCORPORATED+ 661,810
1,295,575
---------------
MISCELLANEOUS RETAIL: 1.27%
9,700 COSTCO WHOLESALE CORPORATION 630,209
21,000 CVS CAREMARK CORPORATION 850,710
1,480,919
---------------
MOTION PICTURES: 1.20%
44,500 TIME WARNER INCORPORATED 623,890
24,700 WALT DISNEY COMPANY 775,086
1,398,976
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.47%
7,600 UNITED PARCEL SERVICE INCORPORATED CLASS B<< 554,952
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
14,300 AMERICAN EXPRESS COMPANY 625,196
---------------
OIL & GAS EXTRACTION: 2.20%
14,000 CHESAPEAKE ENERGY CORPORATION 646,100
26,400 HALLIBURTON COMPANY 1,038,312
10,200 SCHLUMBERGER LIMITED<< 887,400
2,571,812
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 4.65%
15,000 CHEVRON CORPORATION 1,280,400
13,100 CONOCOPHILLIPS 998,351
29,500 EXXON MOBIL CORPORATION 2,495,110
14,400 MARATHON OIL CORPORATION 656,640
5,430,501
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.53%
4,400 GOLDMAN SACHS GROUP INCORPORATED 727,716
6,600 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 248,424
6,700 MERRILL LYNCH & COMPANY INCORPORATED<< 272,958
11,900 MORGAN STANLEY 543,830
1,792,928
---------------
TOBACCO PRODUCTS: 0.71%
11,400 ALTRIA GROUP INCORPORATED 253,080
11,400 PHILIP MORRIS INTERNATIONAL+ 576,612
829,692
---------------
TRANSPORTATION EQUIPMENT: 2.85%
7,300 GENERAL DYNAMICS CORPORATION 608,601
3,500 HARLEY-DAVIDSON INCORPORATED 131,250
21,700 HONEYWELL INTERNATIONAL INCORPORATED 1,224,314
19,900 UNITED TECHNOLOGIES CORPORATION 1,369,518
3,333,683
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 11
BALANCED FUND
- --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS: 1.08%
6,700 NIKE INCORPORATED CLASS B $ 455,600
27,800 SYSCO CORPORATION 806,756
1,262,356
---------------
TOTAL COMMON STOCKS (COST $58,705,209) 66,118,103
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
CORPORATE BONDS & NOTES: 11.77%
AGRICULTURAL PRODUCTION CROPS: 0.24%
$ 275,000 BUNGE LIMITED FINANCE CORPORATION 4.38% 12/15/2008 276,495
---------------
CHEMICALS & ALLIED PRODUCTS: 0.23%
250,000 ABBOTT LABORATORIES 5.15 11/30/2012 266,245
---------------
COMMUNICATIONS: 1.58%
185,000 AT&T INCORPORATED<< 5.50 02/01/2018 181,141
265,000 BRITISH TELECOMMUNICATIONS PLC 8.63 12/15/2010 291,437
260,000 COMCAST CORPORATION 5.88 02/15/2018 253,250
45,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 42,048
135,000 TIME WARNER CABLE INCORPORATED<< 5.85 05/01/2017 129,223
140,000 VALOR TELECOMMUNICATIONS ENTERPRISES<< 7.75 02/15/2015 142,993
235,000 VERIZON (FLORIDA) INCORPORATED SERIES F 6.13 01/15/2013 244,906
275,000 VERIZON (VIRGINIA) INCORPORATED SERIES A 4.63 03/15/2013 267,375
280,000 VODAFONE GROUP PLC 7.75 02/15/2010 296,736
1,849,109
---------------
DEPOSITORY INSTITUTIONS: 1.53%
200,000 CITIGROUP INCORPORATED 6.00 08/15/2017 197,208
545,000 JPMORGAN CHASE & COMPANY 5.13 09/15/2014 538,487
300,000 JPMORGAN CHASE & COMPANY<< 6.63 03/15/2012 318,946
250,000 MANUFACTURERS & TRADERS TRUST COMPANY+/-++ 3.85 04/01/2013 236,500
510,000 WACHOVIA CORPORATION 5.75 06/15/2017 495,007
1,786,148
---------------
EATING & DRINKING PLACES: 0.24%
255,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 281,028
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.06%
190,000 CAROLINA POWER & LIGHT COMPANY 6.50 07/15/2012 204,654
260,000 CENTERPOINT ENERGY HOUSTON ELECTRIC LLC SERIES J2 5.70 03/15/2013 271,730
240,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 241,413
280,000 FLORIDA POWER & LIGHT COMPANY 4.85 02/01/2013 291,488
220,000 MIDAMERICAN ENERGY HOLDINGS 5.88 10/01/2012 232,478
1,241,763
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.54%
220,000 CISCO SYSTEMS INCORPORATED 5.50 02/22/2016 227,614
390,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.65 06/09/2014 404,120
631,734
---------------
FOOD & KINDRED PRODUCTS: 0.41%
200,000 HJ HEINZ COMPANY++ 6.43 12/01/2008 203,384
265,000 MILLER BREWING CORPORATION++ 5.50 08/15/2013 281,647
485,031
---------------
12 Wells Fargo Advantage Balanced Fund
Portfolio of Investments--March 31, 2008 (Unaudited)
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
FOOD STORES: 0.36%
$ 170,000 KROGER COMPANY 6.75% 04/15/2012 $ 182,021
235,000 SAFEWAY INCORPORATED 5.63 08/15/2014 241,657
423,678
---------------
HOLDING & OTHER INVESTMENT OFFICES: 0.38%
210,000 ERP OPERATING LP 5.13 03/15/2016 181,927
250,000 GENWORCH GLOBAL FUNDING TRUSTS SERIES MTN 5.20 10/08/2010 257,090
439,017
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.35%
245,000 COOPER US INCORPORATED 5.45 04/01/2015 247,256
160,000 HEWLETT-PACKARD COMPANY<< 4.50 03/01/2013 162,318
409,574
---------------
INSURANCE CARRIERS: 0.58%
250,000 ING (USA) GLOBAL FUNDING TRUST 4.50 10/01/2010 258,943
245,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 239,223
175,000 WILLIS NORTH AMERICA INCORPORATED 6.20 03/28/2017 174,641
672,807
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 0.72%
180,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 189,992
180,000 DANAHER CORPORATION 5.63 01/15/2018 187,039
285,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 283,841
170,000 XEROX CORPORATION 6.88 08/15/2011 177,780
838,652
---------------
NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.18%
185,000 GOODRICH CORPORATION<< 7.63 12/15/2012 212,009
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.57%
255,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.63 09/15/2017 260,931
405,000 HSBC FINANCE CORPORATION<< 5.90 06/19/2012 405,946
666,877
---------------
OIL & GAS EXTRACTION: 0.75%
375,000 ENTERPRISE PRODUCTS PARTNERS OPERATING LP 7.50 02/01/2011 402,833
245,000 PEMEX PROJECT FUNDING MASTER TRUST++ 5.75 03/01/2018 249,993
225,000 XTO ENERGY INCORPORATED 5.30 06/30/2015 227,567
880,393
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.26%
285,000 VALERO ENERGY CORPORATION 6.88 04/15/2012 306,355
---------------
PIPELINES: 0.20%
230,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 233,798
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.36%
240,000 AVALON BAY COMMUNITIES SERIES MTN 6.63 09/15/2011 248,710
175,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 168,050
416,760
---------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 13
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.06%
$ 295,000 GOLDMAN SACHS GROUP INCORPORATED 5.13% 01/15/2015 $ 286,767
225,000 GOLDMAN SACHS GROUP INCORPORATED 6.15 04/01/2018 224,666
735,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN<< 6.00 07/19/2012 725,450
1,236,883
---------------
TRANSPORTATION EQUIPMENT: 0.17%
190,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 7.75 01/18/2011 204,317
---------------
TOTAL CORPORATE BONDS & NOTES (COST $13,604,870) 13,758,673
---------------
FOREIGN CORPORATE BONDS@: 1.84%
240,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.00 06/15/2010 256,728
280,000 DIAGEO CAPITAL PLC 4.38 05/03/2010 285,518
285,000 ENCANA CORPORATION 4.60 08/15/2009 287,191
265,000 FRANCE TELECOM SA 7.75 03/01/2011 287,351
280,000 TELECOM ITALIA CAPITAL 4.95 09/30/2014 254,817
265,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 272,883
255,000 THOMSON CORPORATION 5.70 10/01/2014 252,145
245,000 TRANSOCEAN INCORPORATED 6.00 03/15/2018 252,013
TOTAL FOREIGN CORPORATE BONDS (COST $2,143,324) 2,148,646
---------------
FOREIGN GOVERNMENT BONDS@: 0.40%
40,000 UNITED MEXICAN STATES 5.63 01/15/2017 42,040
160,000 UNITED MEXICAN STATES 7.50 01/14/2012 180,000
245,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 246,276
TOTAL FOREIGN GOVERNMENT BONDS (COST $454,677) 468,316
---------------
US TREASURY SECURITIES: 11.40%
US TREASURY BONDS: 0.88%
725,000 US TREASURY BOND<< 8.75 05/15/2017 1,021,513
---------------
US TREASURY NOTES: 10.52%
2,750,000 US TREASURY NOTE<< 3.50 02/15/2018 2,765,898
2,690,000 US TREASURY NOTE<< 3.88 10/31/2012 2,859,596
5,966,000 US TREASURY NOTE<< 4.25 10/15/2010 6,353,790
310,000 US TREASURY NOTE<< 4.50 02/15/2009 317,803
12,297,087
---------------
TOTAL US TREASURY SECURITIES (COST $12,650,084) 13,318,600
---------------
SHARES
COLLATERAL FOR SECURITIES LENDING: 20.08%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.81%
287,795 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 287,795
252,431 DREYFUS CASH MANAGEMENT FUND 252,431
411,136 SCUDDER DAILY ASSETS MONEY MARKET FUND 411,136
951,362
---------------
PRINCIPAL
COLLATERAL INVESTED IN OTHER ASSETS: 19.27%
$ 411,136 AMSTEL FUNDING CORPORATION 2.85 04/16/2008 410,648
148,009 APRECO LLC 2.70 04/17/2008 147,831
690,709 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 689,634
14 Wells Fargo Advantage Balanced Fund
Portfolio of Investments--March 31, 2008 (Unaudited)
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 904,499 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $904,577) 3.10% 04/01/2008 $ 904,499
411,136 BASF FINANCE EUROPE NV+/-++ 3.89 10/17/2008 410,744
246,682 BNP PARIBAS+/- 3.13 08/07/2008 246,481
452,250 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $452,288) 3.04 04/01/2008 452,250
575,591 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $575,640) 3.08 04/01/2008 575,591
500,106 BRYANT BANK FUNDING 2.98 04/09/2008 499,775
136,209 CAFCO LLC 2.70 04/18/2008 136,036
609,304 CHARIOT FUNDING LLC 2.97 04/14/2008 608,650
205,568 CHARTA LLC 3.08 04/09/2008 205,427
234,348 CHEYNE FINANCE LLC+/-++^^(a)(i) 5.12 02/25/2008 210,913
374,956 CIESCO LLC 3.08 04/08/2008 374,732
616,704 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 616,704
986,727 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED (MATURITY VALUE $986,812) 3.10 04/01/2008 986,727
205,568 CULLINAN FINANCE CORPORATION+/-++ 3.08 08/04/2008 204,952
411,136 EBBETS FUNDING LLC 3.65 04/01/2008 411,136
402,913 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 402,376
295,196 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 294,968
205,568 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 205,336
156,232 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 156,062
205,568 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 205,469
602,726 GALLEON CAPITAL LLC 2.88 04/16/2008 602,002
82,227 GALLEON CAPITAL LLC 3.10 04/18/2008 82,107
444,027 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 443,254
246,682 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 246,659
131,564 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY+/- 2.90 06/16/2008 131,564
1,027,840 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE
AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,027,930) 3.15 04/01/2008 1,027,840
287,795 ING (USA) ANNUITY & LIFE INSURANCE COMPANY+/- 2.90 10/16/2008 287,795
986,727 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $986,812) 3.10 04/01/2008 986,727
222,014 KITTY HAWK FUNDING CORPORATION 3.13 04/04/2008 221,956
411,136 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 410,931
205,568 METLIFE GLOBAL FUNDING I+/-++ 2.59 10/21/2008 205,527
616,704 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 615,581
51,121 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 51,107
126,424 MORGAN STANLEY+/- 2.94 10/15/2008 126,360
123,341 MORGAN STANLEY+/- 3.07 04/07/2008 123,341
616,704 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
(MATURITY VALUE $616,757) 3.08 04/01/2008 616,704
205,568 NATEXIS BANQUES POPULAIRES+/-++ 4.91 09/08/2008 204,790
690,709 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 689,585
205,568 PARK AVENUE RECEIVABLES CORPORATION 3.15 04/03/2008 205,532
160,343 PICAROS FUNDING LLC 2.60 04/11/2008 160,227
146,364 PREMIUM ASSET TRUST+/-++ 4.41 07/15/2008 146,269
419,359 RANGER FUNDING CORPORATION 2.71 04/18/2008 418,822
452,250 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 451,683
164,454 SLM CORPORATION+/-++ 2.94 05/12/2008 164,158
328,909 STANFIELD VICTORIA FUNDING LLC+/-++^^(a)(i) 5.27 04/03/2008 293,255
481,029 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 480,496
222,014 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 221,746
246,682 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 246,418
411,136 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 411,040
822,272 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/- 3.20 10/03/2008 822,272
172,677 TULIP FUNDING CORPORATION 2.88 04/21/2008 172,401
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 15
BALANCED FUND
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 205,568 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.09% 10/08/2008 $ 205,451
123,341 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 123,310
411,136 VERSAILLES CDS LLC 3.00 04/11/2008 410,794
130,741 VERSAILLES CDS LLC 3.45 04/08/2008 130,654
205,568 VICTORIA FINANCE LLC+/-++^^(a)(i) 3.47 08/07/2008 183,284
205,568 VICTORIA FINANCE LLC+/-++^^(a)(i) 5.11 05/02/2008 183,284
661,929 YORKTOWN CAPITAL LLC 2.72 04/03/2008 661,828
22,523,695
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $23,596,855) 23,475,057
---------------
SHARES
SHORT-TERM INVESTMENTS: 2.78%
3,225,838 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 3,225,838
---------------
PRINCIPAL
US TREASURY BILLS: 0.02%
$ 20,000 US TREASURY BILL^# 2.18 04/17/2008 19,979
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,245,819) 3,245,817
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $132,020,730)* 119.84% $ 140,081,339
OTHER ASSETS AND LIABILITIES, NET (19.84) (23,189,667)
------ ---------------
TOTAL NET ASSETS 100.00% $ 116,891,672
------ ---------------
- --------------------------------------------------------------------------------
<< 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.
+ Non-income earning securities.
@ Foreign bond principal is denominated in US dollars.
^ Zero coupon bond. Interest rate presented is yield to maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
^^ This security is currently in default with regards to scheduled interest
and/or principal payments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
+++ Short-term security of an affiliate of the Fund with a cost of $3,225,838.
* 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.
16 Wells Fargo Advantage Balanced Fund
Statement of Assets and Liabilities--March 31, 2008 (Unaudited)
- --------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) ............................................... $ 113,380,444
Collateral received for securities loaned (Note 2) .......................................................... 23,475,057
Investments in affiliates ................................................................................... 3,225,838
-------------
Total investments at market value (see cost below) ............................................................ 140,081,339
-------------
Variation margin receivable on futures contracts .............................................................. 2,172
Receivable for Fund shares issued ............................................................................. 6,365
Receivable for investments sold ............................................................................... 209,982
Receivables for dividends and interest ........................................................................ 576,091
-------------
Total assets ..................................................................................................... 140,875,949
-------------
LIABILITIES
Payable for Fund shares redeemed .............................................................................. 784
Payable for investments purchased ............................................................................. 224,586
Dividends payable ............................................................................................. 47
Payable to investment advisor and affiliates (Note 3) ......................................................... 62,261
Payable upon receipt of securities loaned (Note 2) ............................................................ 23,596,855
Accrued expenses and other liabilities ........................................................................ 99,744
-------------
Total liabilities ................................................................................................ 23,984,277
-------------
TOTAL NET ASSETS ................................................................................................. $ 116,891,672
=============
NET ASSETS CONSIST OF
Paid-in capital ............................................................................................... $ 112,852,091
Undistributed net investment income (loss) .................................................................... 43,559
Undistributed net realized gain (loss) on investments ......................................................... (4,089,515)
Net unrealized appreciation (depreciation) of investments, foreign currencies and translation of assets and
liabilities denominated in foreign currencies ............................................................... 8,060,609
Net unrealized appreciation (depreciation) of futures ......................................................... 24,928
-------------
TOTAL NET ASSETS ................................................................................................. $ 116,891,672
=============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Investor Class ................................................................................... $ 116,891,672
Shares outstanding - Investor Class ........................................................................... 5,698,185
Net asset value and offering price per share - Investor Class ................................................. $ 20.51
-------------
Investments at cost .............................................................................................. $ 132,020,730
-------------
Securities on loan, at market value (Note 2) ..................................................................... $ 23,210,406
-------------
- --------------------------------------------------------------------------------
1 The Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Statement of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage Balanced Fund 17
- --------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends (1) ........................................................... $ 738,542
Interest ................................................................ 1,189,074
Interest from affiliated securities ..................................... 116,694
Securities lending income, net .......................................... 70,665
------------
Total investment income .................................................... 2,114,975
------------
EXPENSES
Advisory fees ........................................................... 397,767
Administration Fees ..................................................... 296,328
Custody fees ............................................................ 12,239
Shareholder servicing fees (Note 3) ..................................... 152,987
Accounting fees ......................................................... 11,685
Professional fees ....................................................... 5,984
Registration fees ....................................................... 2,990
Shareholder reports ..................................................... 1,820
Trustees' fees .......................................................... 4,323
Other fees and expenses ................................................. 2,928
------------
Total expenses ............................................................. 889,051
------------
LESS
Waived fees and reimbursed expenses (Note 3) ............................ (124,113)
Net expenses ............................................................ 764,938
------------
Net investment income (loss) ............................................... 1,350,037
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ......... 1,348,264
Futures transactions .................................................... 130,686
------------
Net realized gain and loss from investments ................................ 1,478,950
------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ......... (8,862,162)
Futures transactions .................................................... 5,837
------------
Net change in unrealized appreciation (depreciation) of investments ........ (8,856,325)
------------
Net realized and unrealized gain (loss) on investments ..................... (7,377,375)
------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ $ (6,027,338)
============
1 Net of foreign withholding taxes of ...................................... $ 387
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Wells Fargo Advantage Balanced Fund
Statements of Changes in Net Assets
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ---------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning Net Assets ................................................................ $ 128,796,390 $ 132,366,630
OPERATIONS
Net investment income (loss) ........................................................ 1,350,037 2,791,281
Net realized gain (loss) on investments ............................................. 1,478,950 4,865,207
Net change in unrealized appreciation (depreciation) of investments ................. (8,856,325) 5,811,330
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................ (6,027,338) 13,467,818
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Investor Class .................................................................... (1,351,683) (2,816,764)
Net realized gain on sales of investments
Investor Class .................................................................... (3,290,354) 0
-------------------------------------
Total distributions to shareholders .................................................... (4,642,037) (2,816,764)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Investor Class .......................................... 2,981,197 5,670,508
Reinvestment of distributions - Investor Class ...................................... 4,472,850 2,703,970
Cost of shares redeemed - Investor Class ............................................ (8,689,390) (22,595,772)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ..................................................... (1,235,343) (14,221,294)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ................................................................ (1,235,343) (14,221,294)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................. (11,904,718) (3,570,240)
=====================================
ENDING NET ASSETS ...................................................................... $ 116,891,672 $ 128,796,390
=====================================
SHARES ISSUED AND REDEEMED
Shares sold - Investor Class ........................................................ 139,211 263,085
Shares issued in reinvestment of distributions - Investor Class ..................... 208,169 124,555
Shares redeemed - Investor Class .................................................... (400,474) (1,049,495)
-------------------------------------
Net increase (decrease) in shares outstanding - Investor Class ...................... (53,094) (661,855)
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL
SHARE TRANSACTIONS .................................................................. $ (53,094) $ (661,855)
=====================================
ENDING BALANCE OF UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) ........................... $ 43,559 $ 45,205
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
20 Wells Fargo Advantage Balanced Fund Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
- --------------------------------------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------------------------------------
Investor class
October 1, 2007 to March 31, 2008 (Unaudited) ... $22.39 0.24 (1.29) (0.24)
October 1, 2006 to September 30, 2007 ........... $20.64 0.47 1.76 (0.48)
October 1, 2005 to September 30, 2006 ........... $19.78 0.43 0.87 (0.44)
January 1, 2005 to September 30, 2005 3 ......... $19.63 0.24 0.15 (0.24)
January 1, 2004 to December 31, 2004 ............ $18.62 0.25 1.02 (0.26)
January 1, 2003 to December 31, 2003 ............ $16.06 0.19 2.58 (0.21)
January 1, 2002 to December 31, 2002 ............ $18.84 0.40 (2.77) (0.41)
- --------------------------------------------------------------------------------
1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods of less than one year are not
annualized.
3 The Fund changed its fiscal year-end from December 31 to September 30.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Balanced Fund 21
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset -----------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses Waived Expenses
- --------------------------------------------------------------------------------------------------------------------------------
BALANCED FUND
- --------------------------------------------------------------------------------------------------------------------------------
Investor class
October 1, 2007 to March 31, 2008 (Unaudited) ... (0.59) $ 20.51 2.22% 1.45% (0.20)% 1.25%
October 1, 2006 to September 30, 2007 ........... 0.00 $ 22.39 2.15% 1.56% (0.31)% 1.25%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 20.64 2.12% 1.52% (0.27)% 1.25%
January 1, 2005 to September 30, 2005 3 ......... 0.00 $ 19.78 1.58% 1.45% (0.17)% 1.28%
January 1, 2004 to December 31, 2004 ............ 0.00 $ 19.63 1.25% 1.31% (0.04)% 1.27%
January 1, 2003 to December 31, 2003 ............ 0.00 $ 18.62 1.09% 1.31% (0.05)% 1.26%
January 1, 2002 to December 31, 2002 ............ 0.00 $ 16.06 2.31% 1.30% (0.01)% 1.29%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate (000's omitted)
- ------------------------------------------------------------------------------------------------
BALANCED FUND
- ------------------------------------------------------------------------------------------------
Investor class
October 1, 2007 to March 31, 2008 (Unaudited) ... (4.85)% 23% $116,892
October 1, 2006 to September 30, 2007 ........... 10.88% 52% $128,796
October 1, 2005 to September 30, 2006 ........... 6.64% 61% $132,367
January 1, 2005 to September 30, 2005 3 ......... 2.00% 87% $142,491
January 1, 2004 to December 31, 2004 ............ 6.86% 148% $154,974
January 1, 2003 to December 31, 2003 ............ 17.36% 205% $208,955
January 1, 2002 to December 31, 2002 ............ (12.65)% 226% $218,015
22 Wells Fargo Advantage Balanced Fund Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Balanced Fund. The Fund is a
diversified series of the Trust.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITY VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities, which are traded on a national or foreign securities
exchange, are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of such securities, and in the case of other securities,
including U.S. Government obligations, but excluding debt securities maturing in
60 days or less, the price will be deemed "stale" and the valuations will be
determined in accordance with the Funds' Fair Valuation Procedures.
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. The service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' market values. For some
securities listed on the NASDAQ, such prices are not readily available. These
securities will generally be fair valued using methods which may include
consideration of yields or prices of securities of comparable quality, coupon
rate, maturity and type of issue, indications as to values from dealers in
securities, trading characteristics, and general market conditions.
Debt securities maturing in 60 days or less generally are valued at amortized
cost. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates market value.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures established in good faith
and approved by the Board of Trustees.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily 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.
Notes to Financial Statements Wells Fargo Advantage Balanced Fund 23
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
quarterly. Distributions to shareholders from net realized capital gains, if
any, are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue Code
(the "Code"), and to make distributions of substantially all of its investment
company taxable income and any net realized capital gains (after reduction for
capital loss carryforwards) sufficient to relieve it from all, or substantially
all, federal income taxes. Accordingly, no provision for federal income taxes
was required at March 31, 2008.
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: December 31, 2004; September 30, 2005; September 30, 2006; September 30,
2007) are subject to examination by the Internal Revenue Service and state
departments of revenue.
At September 30, 2007, net capital loss carryforwards, which are available to
offset future net realized capital gains, were:
- -------------------------------------------------------------------------------
Capital Loss
FUND Expiration Year Carryforwards
- -------------------------------------------------------------------------------
BALANCED FUND 2010 $ 1,935,302
- -------------------------------------------------------------------------------
FUTURES CONTRACTS
The Fund may purchase futures contracts to gain exposure to market changes,
which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2008, the Fund held the following future contracts:
- -------------------------------------------------------------------------------------------
Net Unrealized
Notional Appreciation/
FUND Contracts Type Expiration Date Amount (Depreciation)
- -------------------------------------------------------------------------------------------
Balanced Fund 13 Long US 2 Year Note June 2008 $2,779,380 $ 11,151
3 Long US 10 Year Note June 2008 343,083 13,777
- -------------------------------------------------------------------------------------------
24 Wells Fargo Advantage Balanced Fund Notes to Financial Statements
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 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 Fund 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 Fund 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 the Fund's net assets invested in these securities:
- -------------------------------------------------------------------------------
% OF THE ENDING
FUND DEFAULTED SIVS ($MARKET VALUE) NET ASSETS
- -------------------------------------------------------------------------------
BALANCED $ 870,736 0.74
- -------------------------------------------------------------------------------
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Notes to Financial Statements Wells Fargo Advantage Balanced Fund 25
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser. Funds Management may retain the services of
certain investment subadvisers to provide daily portfolio management. The fees
related to subadvisory services are borne directly by the adviser and do not
increase the overall fees paid by a Fund to the adviser. Funds Management and
the investment subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
- -------------------------------------------------------------------------------------------------------
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
FUND Net Assets Net Assets) Subadviser Net Assets Net Assets)
- -------------------------------------------------------------------------------------------------------
BALANCED FUND First $500 million 0.650 Wells Capital First $100 million 0.250
Next $500 million 0.600 Management Next $100 million 0.200
Next $2 billion 0.550 Incorporated Over $200 million 0.150
Next $2 billion 0.525
Over $5 billion 0.500
- -------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- --------------------------------------------------------------------------------
Administration Fees
Average Daily (% of Average
Fund Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
BALANCED FUND First $5 billion 0.50
Next $5 billion 0.49
Over $10 billion 0.48
- --------------------------------------------------------------------------------
The Trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. BFDS is entitled to receive fees
from the administrator for its services as transfer agent.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
- -------------------------------------------------------------------------------
% of Average
FUND Daily Net Assets
- -------------------------------------------------------------------------------
BALANCED FUND 0.02
- -------------------------------------------------------------------------------
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
- -------------------------------------------------------------------------------
% of Average
SHARE CLASS Daily Net Assets
- -------------------------------------------------------------------------------
BALANCED FUND 0.25
- -------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees incurred were as
follows:
- -------------------------------------------------------------------------------
FUND Investor Class
- -------------------------------------------------------------------------------
BALANCED FUND $ 152,987
- -------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset-based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
26 Wells Fargo Advantage Balanced Fund Notes to Financial Statements
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 Trustees for their services, plus travel and other
expenses incurred in attending Board meetings.
WAIVED FEES AND REIMBURSED EXPENSES
Funds Management waived fees or reimbursed expenses proportionately, first from
advisory fees, and then any remaining amount consecutively from administration,
custody, and shareholder servicing fees collected, if any. Funds Management has
contractually committed through January 31, 2009, to waive fees and/or reimburse
expenses to the extent necessary to maintain a certain net operating expense
ratio for the Fund. The net operating expense ratio in effect for the six-month
period ended March 31, 2008, was as follows:
- -------------------------------------------------------------------------------
Net Operating
FUND Expense Ratio
- -------------------------------------------------------------------------------
BALANCED FUND 1.25%
- -------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities and U.S.
government obligations (securities with maturities of one year or less at
purchase date) for the period ended March 31, 2008, were as follows:
- -------------------------------------------------------------------------------
Fund Purchases at Cost Sales Proceeds
- -------------------------------------------------------------------------------
BALANCED FUND $ 27,236,541 $ 29,520,384
- -------------------------------------------------------------------------------
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2008, there were no borrowings by the Balanced
Fund under the agreement.
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement also imposed fee reductions across the predecessor Strong Fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. Funds Management has agreed to honor these fee
reductions for the benefit of shareholders across the successor funds. Although
civil litigation against Strong and certain predecessor Strong Funds relating to
these matters is continuing, neither the current adviser nor the successor funds
is a party to any such suit.
Notes to Financial Statements Wells Fargo Advantage Balanced Fund 27
7. 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, Funds Management does not
believe the adoption of SFAS No. 157 will impact the financial statement
amounts, however, additional disclosures may be required about the inputs used
to develop the measurements and the effect of certain of the measurements on
changes in net assets for the period.
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.
8. SUBSEQUENT EVENTS
At its November 7, 2007 regular quarterly meeting, the Wells Fargo Funds Trust
Board of Trustees ("Board") unanimously approved a set of initiatives designed
to streamline the Wells Fargo Advantage Funds and standardize share classes
across the fund family. Additional information on these initiatives follows.
REORGANIZATION AND MEETING OF SHAREHOLDERS
The Board unanimously approved the reorganization of the Wells Fargo Advantage
Balanced Fund into the Asset Allocation Fund (the "Balanced Fund
Reorganization").
The Balanced Fund Reorganization is subject to the satisfaction of certain
conditions, including approval by the Balanced Fund shareholders. A special
meeting of the shareholders of the Balanced Fund is expected to be held in the
second quarter of 2008 for the purpose of enabling the shareholders to vote on
whether to approve the Balanced Fund Reorganization.
If shareholders of the Balanced Fund approve the Balanced Fund Reorganization,
the Balanced Fund will transfer all of its assets and liabilities to the Asset
Allocation Fund in exchange for shares of the Balanced Fund in an amount equal
to the then current value of the Balanced Fund shares. Upon completion of the
Balanced Fund Reorganization, the Balanced Fund will liquidate by distributing
the Asset Allocation Fund shares to the Balanced Fund shareholders, so that
Balanced Fund shareholders would receive shares of a specified class of the
Asset Allocation Fund with a total value equal to the then current value of
their Balanced Fund shares, cease operations and dissolve. The Balanced Fund
Reorganization is structured as a tax-free transaction and it is anticipated
that no gain or loss for federal income tax purposes would be recognized by
shareholders as a result of the Balanced Fund Reorganization. Shareholders
should consult with their own tax advisors regarding the application of tax laws
and this transaction to their particular situations. Additionally, Fund
shareholders will not incur any sales loads or similar transaction charges or
bear any of the costs associated with the Balanced Fund Reorganization.
Prior to the Balanced Fund Reorganization, Balanced Fund shareholders may
continue to purchase, redeem and exchange their shares subject to the
limitations described in the Balanced Fund's prospectus. The proposed Balanced
Fund Reorganization, if approved by shareholders, is expected to occur by the
end of the third quarter of 2008.
Additional information, including a detailed description of the Balanced Fund
Reorganization and the Board's reasons for approving it will be provided in the
Proxy Statement/Prospectus that is expected to be mailed to record date
shareholders of the Balanced Fund by the second quarter of 2008. The Proxy
Statement/Prospectus will also confirm the date, time and location of the
special shareholder meeting.
28 Wells Fargo Advantage Balanced Fund Other Information
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund are publicly available on the
Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on a monthly, 30-day or more
delayed basis. In addition, top ten holdings information for each Fund is
publicly available on the Funds'Web site on a monthly, seven-day or more delayed
basis. Each Fund files its complete schedule of portfolio holdings with the SEC
for the first and third quarters of each fiscal year on Form N-Q, which is
available without charge by visiting the SEC Web site at WWW.SEC.GOV. In
addition, each Fund's Form N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC, and at regional offices in New York City, at
233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900.
Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information 1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- ---------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ---------------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None
65 University of Wake Forest University. Prior thereto, the
Thomas Goho Chair of Finance of Wake Forest University,
Calloway School of Business and Accountancy, from
2006-2007 and Associate Professor of Finance from
1999-2005.
- ---------------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water None
65 Chairman, since 2005 Company and President of Crystal Geyser Roxane Water
(Lead Trustee since 2001) Company.
- ---------------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
55 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging Research
Center. Research associate, National Bureau of Economic
Research.
- ---------------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
56 Foundation, a non-profit organization since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum at
the University of Minnesota since 1995.
- ---------------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
67
- ---------------------------------------------------------------------------------------------------------------------------------
Other Information Wells Fargo Advantage Balanced Fund 29
INTERESTED TRUSTEE 3
- ---------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ---------------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None
63 Chairman of Whitepoint Capital, LLC until 2004.
- ---------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- ---------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ---------------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
48 President of Wells Fargo Funds Management, LLC since
2003. Senior Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC from 2001
to 2003.
- ---------------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
47 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
- ---------------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting None
48 and Tax for Wells Fargo Funds Management, LLC since
2007. Director of Fund Administration and SEC Reporting
for TIAA-CREF from 2005 to 2007. Chief Operating Officer
for UMB Fund Services, Inc. from 2004 to 2005.
Controller for Sungard Transaction Networks from 2002 to
2004.
- ---------------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None
43 since 2007 Management, LLC since 2007. Chief Compliance Officer of
Parnassus Investments from 2005 to 2007. Chief Financial
Officer of Parnassus Investments from 2004 to 2007 and
Senior Audit Manager of PricewaterhouseCoopers LLP from
1998 to 2004.
- ---------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds 'Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
30 Wells Fargo Advantage Balanced Fund Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF INVESTMENT ADVISORY AND SUB-ADVISORY
AGREEMENTS:
BALANCED FUND
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of the Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Board
reviewed and re-approved, during the six months covered by this report: (i) an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Balanced Fund (the "Fund"); and (ii) an investment
sub-advisory agreement with Wells Capital Management Incorporated ("Wells
Capital Management") for the Fund. The investment advisory agreement with Funds
Management and the investment sub-advisory agreement with Wells Capital
Management are collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 28, 2008, the Board, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 28, 2008, meeting, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Board also met regularly throughout the year
and received information that was useful to them in considering the continuation
of the Advisory Agreements. The Independent Trustees were assisted in their
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various data and information regarding the
nature, extent and quality of services provided to the Fund by Funds Management
and Wells Capital Management under the Advisory Agreements. The Board also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel. The
Board received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds and responsibilities of the portfolio managers
primarily responsible for day-to-day portfolio management services for the Fund.
The Board evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Board further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management, and the appointment of a new Chief Compliance
Officer for the Funds. In addition, the Board took into account the
administrative services provided to the Fund by Funds Management and its
affiliates.
In considering these matters, the Board considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. Based on the above factors, together with those referenced
below, the Board concluded that it was generally satisfied with the nature,
extent and quality of the investment advisory services provided to the Fund by
Funds Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for the Fund over various time
periods ended December 31, 2007. The Board also considered these results, as
applicable, in comparison to the median performance of a universe of relevant
funds that was determined by Lipper Inc. ("Lipper") to be similar to the Fund
(the "Universe"), as well as to the Fund's benchmark index and to other
comparative data. Lipper is an independent provider of investment company data.
The Board was provided with a description of the methodology used by Lipper to
select the mutual funds in the Universe.
Other Information Wells Fargo Advantage Balanced Fund 31
The Board noted that the performance of the Fund was lower than the median
performance of its Universe for all time periods and required further review. As
part of its further review, the Board received an analysis of, and discussed
factors contributing to, the underperformance of the Fund. The Board requested
continued reports on the performance of the Fund.
The Board received and considered information regarding the Fund's contractual
advisory fees, and net operating expense ratio and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Board also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that were determined by Lipper to be the most similar to the Fund (the
"Peer Group") and to other comparative data. The Board was provided with a
description of the methodology used by Lipper to select the mutual funds in the
Peer Group. The Board noted that the net operating expense ratio of the Fund was
higher than its Peer Group's median net operating expense ratio. The Board also
noted that at its regular meeting in November 2007, it had approved the
reorganization of the Fund into another fund of the Trust (the "Acquiring
Fund"), pending shareholder approval, and that if the reorganization were
approved by shareholders of the Fund and consummated, such shareholders would
receive shares of the Acquiring Fund, the net operating expense ratio of which
would be lower than the current net operating expense ratio of the Fund.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Fund.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
payable by the Fund to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Fund's administration fee rates. The Board took into account the
separate administrative and other services covered by the administration fee
rates. The Board also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in its Peer Group.
The Board noted that the Advisory Agreement Rates and the Net Advisory Rates for
the Fund were not appreciably higher than the median rates of the Fund's Peer
Group. In addition, the Board concluded that the combined investment
advisory/administration fee rate for the Fund (before and after waivers/caps
and/or expense reimbursements) was reasonable in relation to the Fund's Peer
Group, and reasonable in relation to the services provided. The Board also
considered and approved Funds Management's recommendation to reduce certain
administration fees for the Fund in coming to its conclusion,
The Board also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on its consideration of the factors described above.
PROFITABILITY
The Board received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and Net Advisory Rates, as well
as an analysis of the profitability to other Wells Fargo businesses of providing
services to the Fund. The Board also considered related information provided by
Funds Management in a separate presentation on financial matters made at the
February 2008 board meeting. The Board concluded that, in light of the costs of
providing investment management and other services to the Fund, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Fund were not unreasonable. The Board
did not consider separate profitability information with respect to Wells
Capital Management, as its profitability from its relationship with the Fund was
not a material factor in determining whether to renew the agreement.
32 Wells Fargo Advantage Balanced Fund Other Information
ECONOMIES OF SCALE
The Board received and considered general information regarding whether there
have been economies of scale with respect to the management of the Fund, whether
the Fund has appropriately benefited from any economies of scale, and whether
there is potential for realization of any further economies of scale for the
Fund. The Board also considered information provided by Funds Management in
separate presentations on advisory fee breakpoints and economies of scale made
at the February 2008 board meeting. The Board acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Board's understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Board concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund shareholders,
most particularly through Advisory Agreement Rate breakpoints and waivers/caps
and/or expense reimbursements applicable to the Fund.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Board also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trust, and those offered by Wells Capital Management to
other clients. The Board concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Fund. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Fund and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Fund
(such as the ability to market to shareholders other financial products offered
by Funds Management and its affiliates (including Wells Capital Management)).
The Board also considered the effectiveness of the policies of the Fund in
seeking the best execution of portfolio transactions, whether and to what extent
soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Fund and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Fund, including
the principal channels through which the Fund's shares are offered and sold. The
Board noted that the Fund is part of one of the few fund families that have both
direct-to-fund and intermediary distribution channels.
As discussed above, the Board reviews detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Board also reviews and assesses
the quality of the services that the Fund receives throughout the year. In this
regard, the Board has reviewed reports of Funds Management at each of its
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Board confers with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for the Fund was in the
best interest of the Fund and its shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
List of Abbreviations Wells Fargo Advantage Balanced Fund 33
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
THIS PAGE IS INTENTIONALLY LEFT BLANK.
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
109401 05-08
SAAFNLD/SAR109 03-08
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Semi-Annual Report
March 31, 2008
- --------------------------------------------------------------------------------
o WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
o WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
o WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
o WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
o WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
o WELLS FARGO ADVANTAGE EQUITY INCOME FUND
o WELLS FARGO ADVANTAGE EQUITY VALUE FUND
o WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
o WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
o WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
o WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
o WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
o WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
o WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND
WANT TO RECEIVE YOUR ANNUAL AND SEMI-ANNUAL REPORTS FASTER?
Sign up for eDelivery at www.wellsfargo.com/advantagefunds, Keyword: eDocs.
Contents
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS .................................................. 2
PERFORMANCE HIGHLIGHTS
C&B Large Cap Value Fund ................................................ 4
Diversified Equity Fund ................................................. 6
Diversified Small Cap Fund .............................................. 8
Emerging Growth Fund .................................................... 10
Equity Income Fund ...................................................... 12
Equity Value Fund ....................................................... 14
Growth Equity Fund ...................................................... 16
International Value Fund ................................................ 18
Large Cap Appreciation Fund ............................................. 20
Large Company Growth Fund ............................................... 22
Small Company Growth Fund ............................................... 24
Small Company Value Fund ................................................ 26
Strategic Small Cap Value Fund .......................................... 28
FUND EXPENSES ........................................................... 30
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Fund ................................................ 35
Diversified Equity Fund ................................................. 35
Diversified Small Cap Fund .............................................. 36
Emerging Growth Fund .................................................... 36
Equity Income Fund ...................................................... 36
Equity Value Fund ....................................................... 37
Growth Equity Fund ...................................................... 37
International Value Fund ................................................ 37
Large Cap Appreciation Fund ............................................. 38
Large Company Growth Fund ............................................... 38
Small Company Growth Fund ............................................... 38
Small Company Value Fund ................................................ 39
Strategic Small Cap Value Fund .......................................... 39
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .................................... 40
Statements of Operations ................................................ 44
Statements of Changes in Net Assets ..................................... 48
Financial Highlights .................................................... 62
NOTES TO FINANCIAL STATEMENTS ........................................... 76
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ........................................... 84
Disciplined Growth Portfolio ............................................ 89
Emerging Growth Portfolio ............................................... 93
Equity Income Portfolio ................................................. 98
Equity Value Portfolio .................................................. 103
Index Portfolio ......................................................... 108
International Core Portfolio ............................................ 123
International Growth Portfolio .......................................... 126
International Index Portfolio ........................................... 130
International Value Portfolio ........................................... 154
Large Cap Appreciation Portfolio ........................................ 159
Large Company Growth Portfolio .......................................... 164
Small Cap Index Portfolio ............................................... 168
Small Company Growth Portfolio .......................................... 185
Small Company Value Portfolio ........................................... 191
Strategic Small Cap Value Portfolio ..................................... 197
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .................................... 208
Statements of Operations ................................................ 212
Statements of Changes in Net Assets ..................................... 216
Financial Highlights .................................................... 224
NOTES TO FINANCIAL STATEMENTS ........................................... 226
OTHER INFORMATION ....................................................... 235
LIST OF ABBREVIATIONS ................................................... 241
-----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
-----------------------------------------------------
[GRAPHIC OMITTED]
- --------------------------------------------------------------------------------
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING
THE COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO
ADVANTAGE FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT
AMONG THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
- --------------------------------------------------------------------------------
GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
Not part of the semi-annual report.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
- --------------------------------------------------------------------------------
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund
Diversified Equity Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Large Cap Fund
Endeavor Select Fund
Enterprise Fund
Equity Income Fund
Equity Index Fund
Equity Value Fund
Growth and Income Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Equity Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund
Overseas Fund
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Specialized Financial Services Fund
Specialized Technology Fund
Strategic Small Cap Value Fund
U.S. Value Fund
Value Fund
BOND FUNDS
- --------------------------------------------------------------------------------
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Corporate Bond Fund
Diversified Bond Fund
Government Securities Fund 1
High Income Fund
High Yield Bond Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Government Income Fund 1
Intermediate Tax-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
National Limited-Term Tax-Free Fund
National Tax-Free Fund
Short Duration Government Bond Fund 1
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Ultra-Short Duration Bond Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
- --------------------------------------------------------------------------------
Aggressive Allocation Fund
Asset Allocation Fund
Balanced Fund
Conservative Allocation Fund
Growth Balanced Fund
Moderate Balanced Fund
Life Stage-Aggressive Portfolio
Life Stage-Conservative Portfolio
Life Stage-Moderate Portfolio
WealthBuilder Conservative Allocation Portfolio
WealthBuilder Equity Portfolio
WealthBuilder Growth Allocation Portfolio
WealthBuilder Growth Balanced Portfolio
WealthBuilder Moderate Balanced Portfolio
WealthBuilder Tactical Equity Portfolio
Target Today Fund 2
Target 2010 Fund 2
Target 2015 Fund 2
Target 2020 Fund 2
Target 2025 Fund 2
Target 2030 Fund 2
Target 2035 Fund 2
Target 2040 Fund 2
Target 2045 Fund 2
Target 2050 Fund 2
MONEY MARKET FUNDS
- --------------------------------------------------------------------------------
100% Treasury Money Market Fund 1
California Tax-Free Money Market Fund
California Tax-Free Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund 1
Heritage Money Market Fund
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund
Prime Investment Money Market Fund
Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
- --------------------------------------------------------------------------------
VT Asset Allocation Fund
VT C&B Large Cap Value Fund
VT Discovery Fund
VT Equity Income Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Money Market Fund
VT Opportunity Fund
VT Small Cap Growth Fund
VT Small/Mid Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- --------------------------------------------------------------------------------
1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
Not part of the semi-annual report.
2 Wells Fargo Equity Gateway Funds Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE LEHMAN BROTHERS TREASURY INDEX RETURNED 8.56%, COMPARED TO 5.23% FOR THE
BROAD BOND MARKET, AS MEASURED BY THE LEHMAN BROTHERS U.S. AGGREGATE INDEX.
- --------------------------------------------------------------------------------
Dear Valued Shareholder,
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
EQUITY GATEWAY FUNDS that covers the six-month period that ended March 31, 2008.
During the period, the economy struggled to absorb slower growth, high energy
prices, a continuing correction in the housing market, and tighter lending
practices that presented financial challenges to businesses and consumers.
Falling prices of new and existing homes especially affected subprime borrowers
who faltered when easy access to credit all but disappeared for them and
market-value equity on their homes declined. The price correction in the market
value of homes prevented many struggling borrowers from paying off their full
mortgage balances by selling their homes. Housing market woes also had a ripple
effect as financial markets began to assess the full impact of the subprime
loans that had been packaged and sold both in the United States and abroad. The
rapid collapse of investment bank Bear Stearns, due to high write-offs in its
mortgage-related assets, highlighted some of the more significant risks within
the market.
THE FED RESPONDED IN MANY WAYS
First, by lowering the federal funds rate (the rate at which member banks borrow
money from each other) by 250 basis points. (100 basis points equals 1.00%.)
Second, it lowered the discount rate (the rate at which banks borrow money
directly from the Fed) by 275 basis points. And, third, it agreed to make the
discount window available to non-bank dealers and to lend to banks for longer
than normal periods of time to help ease some of the constraints on liquidity.
In addition, the Fed launched several other new programs to provide liquidity to
financial institutions.
INVESTORS SOUGHT RELATIVE SAFETY IN MONEY MARKET FUNDS AND IN THE U.S. TREASURY
MARKET
During the six-month period, the Lehman Brothers U.S. Treasury Index1 returned
8.56%, compared to 5.23% for the broad bond market, as measured by the Lehman
Brothers U.S. Aggregate Index 2 . Mortgage-related securities declined on
continued housing-related turmoil. Corporate and high-yield bonds also trailed
as investors worried about the effect of a slowing economy on potential future
default rates. In the international credit markets, Europe and Britain
experienced some of the same concerns over liquidity that were felt in the U.S.
credit markets, which resulted in tighter lending practices overseas.
- --------------------------------------------------------------------------------
1 The Lehman Brothers U.S. Treasury Index is composed of public obligations
of the U.S. Treasury. You cannot invest directly in an index.
2 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an index.
Letter to Shareholders Wells Fargo Equity Gateway Funds 3
THE STOCK MARKET STRUGGLED IN MOST AREAS
The S&P 500 Index declined 12.46% for the six-month period. Value stocks
underperformed, largely because of weakness in financial stocks, with the S&P
500 Financial Index3 declining 26.29% for the period. Small cap stocks modestly
underperformed large caps. Most international markets also posted negative
returns, however, the U.S. dollar's decline partially offset these losses for
U.S.-based investors. The MSCI EAFE Index 4 was down 10.50% for the period in
U.S. dollar terms.
PLANNING AHEAD
The continued uncertainty surrounding the housing market, liquidity, and
inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking investment teams who
share our dedication to pursuing consistent, long-term results offers you a way
to navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
- --------------------------------------------------------------------------------
THE S&P 500 INDEX DECLINED 12.46% FOR THE SIX-MONTH PERIOD. ...
....THE MSCI EAFE INDEX WAS DOWN 10.50% FOR THE PERIOD IN U.S. DOLLAR TERMS.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
3 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITS. You cannot invest directly
in an index.
4 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
4 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (the Fund) seeks maximum
long-term total return (current income and capital appreciation), consistent
with minimizing risk to principal.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Cooke & Bieler, L.P.
PORTFOLIO MANAGERS
Kermit S. Eck, CFA
Daren C. Heitman, CFA
Michael M. Meyer, CFA
James R. Norris
Edward W. O'Connor, CFA
R. James O'Neil, CFA
Mehul Trivedi, CFA
FUND INCEPTION
May 15, 1990
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Exxon Mobil Corporatopm 3.59%
- --------------------------------------------------------------------------------
Omnicom Group Incorporated 3.30%
- --------------------------------------------------------------------------------
State Street Corporation 3.18%
- --------------------------------------------------------------------------------
Colgate-Palmolive Company 2.92%
- --------------------------------------------------------------------------------
American Express Company 2.92%
- --------------------------------------------------------------------------------
American International Group Incorporated 2.83%
- --------------------------------------------------------------------------------
Johnson & Johnson 2.81%
- --------------------------------------------------------------------------------
Bank of America Corporation 2.80%
- --------------------------------------------------------------------------------
Vodafone Group plc ADR 2.73%
- --------------------------------------------------------------------------------
Allstate Corporation 2.72%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (18%)
Consumer Staples (14%)
Energy (4%)
Financials (22%)
Health Care (12%)
Industrials (18%)
Information Technology (9%)
Telecommunication Services (3%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 5
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
C&B LARGE CAP VALUE FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------------------------------
Class A (CBEAX) (18.06) (14.17) 10.61 5.65 (13.07) (8.96) 11.93 6.28 1.31% 1.20%
- ------------------------------------------------------------------------------------------------------------------------------
Class B (CBEBX)** (18.42) (14.66) 10.85 5.52 (13.42) (9.66) 11.12 5.52 2.06% 1.95%
- ------------------------------------------------------------------------------------------------------------------------------
Class C (CBECX) (14.43) (10.67) 11.12 5.52 (13.43) (9.67) 11.12 5.52 2.06% 1.95%
- ------------------------------------------------------------------------------------------------------------------------------
Class D (CBEQX) (13.04) (8.93) 11.94 6.28 1.31% 1.20%
- ------------------------------------------------------------------------------------------------------------------------------
Administrator Class (CBLLX) (12.97) (8.78) 12.13 6.37 1.13% 0.95%
- ------------------------------------------------------------------------------------------------------------------------------
Institutional Class (CBLSX) (12.78) (8.50) 12.38 6.49 0.86% 0.70%
- ------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 1000(R) Value Index 6 (14.01) (9.99) 13.68 5.54
- ------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. CLASS D, ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD
WITHOUT SALES CHARGES OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
- -------------------------------------------------------------------------------
3 Effective December 6, 2004, the Fund is a gateway feeder fund that invests
substantially all of its assets in a single master portfolio of the Master
Trust with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the master
portfolio in which it invests.
Performance shown prior to the inception of the Class B and Class C shares
on July 26, 2004, reflects the performance of the unnamed share class of
the predecessor fund, adjusted to reflect Class B and Class C sales
charges and expenses, as applicable. Performance shown prior to the
inception of the Class A, Administrator Class and Institutional Class
shares on July 26, 2004, reflects the performance of the unnamed share
class of the predecessor fund, and includes expenses that are not
applicable to and are higher than those of the Class A, Administrator
Class and Institutional Class shares. Performance shown prior to July 26,
2004 for the Class D shares reflects the performance of the unnamed share
class of the predecessor fund. Prior to April 11, 2005, the Administrator
Class was named the Institutional Class and the Institutional Class was
named the Select Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A, Class B, Class C, and Institutional Class shares
and the February 1, 2008, prospectus for Class D and Administrator Class
shares, includes gross expenses allocated from the master portfolio in
which the Fund invests and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 1000(R) Value Index measures performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an Index.
6 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
THE WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER FOR MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Cadence Capital Management LLC
Cooke & Bieler, L.P.
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group L. P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
December 31, 1988
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Microsoft Corporation 2.33%
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 2.21%
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 1.70%
- --------------------------------------------------------------------------------
General Electric Company 1.51%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.36%
- --------------------------------------------------------------------------------
AT & T Incorporated 1.24%
- --------------------------------------------------------------------------------
Bank of America Corporation 1.13%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 1.13%
- --------------------------------------------------------------------------------
Medtronic Incorporated 1.12%
- --------------------------------------------------------------------------------
American International Group Incorporated 1.06%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (8%)
Consumer Staples (6%)
Energy (9%)
Financials (18%)
Health Care (9%)
Industrials (10%)
Information Technology (16%)
International (15%)
Materials (3%)
Telecommunication Services (3%)
Utilities (3%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 7
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
- ------------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------------------------------------
Class A (NVDAX) (19.25) (12.64) 9.93 2.88 (14.33) (7.31) 11.24 3.49 1.43% 1.25%
- ------------------------------------------------------------------------------------------------------------------------------------
Class B (NVDBX)** (19.63) (13.00) 10.14 2.72 (14.63) (8.00) 10.41 2.72 2.18% 2.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Class C (WFDEX) (15.65) (9.03) 10.40 2.74 (14.65) (8.03) 10.40 2.74 2.18% 2.00%
- ------------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVDEX) (14.21) (7.08) 11.52 3.68 1.25% 1.00%
- ------------------------------------------------------------------------------------------------------------------------------------
BENCHMARKS
Diversified Equity Composite Index 6 (12.35) (5.78) 13.44 4.23
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- ------------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk and smaller company securities risk.
Consult the Fund's prospectus for additional information on these and other
risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the master portfolios in
which it invests. Performance shown prior to the inception of the Class C
shares on October 1, 1998, reflects the performance of the Administrator
Class shares, adjusted to reflect Class C sales charges and expenses.
Prior to April 11, 2005, the Administrator Class was named the
Institutional Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A, Class B, and Class C shares and the February 1,
2008, prospectus for Administrator Class shares, includes the pro rata
portion of the net operating expenses allocated from the master portfolios
in which the Fund invests and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolios' fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Diversified Equity Composite Index is weighted 25% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 25% in the S&P 500 Index, 25% in the Russell 1000 Growth Index
(measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth values), 15% in the MSCI
EAFE Index (an unmanaged group of securities generally representative of
the stock markets of Europe, Australasia and the Far East), and 10% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index). You cannot invest directly in an
index.
7 S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index
with each stock's weight in the Index proportionate to its market value.
You cannot invest directly in an Index.
8 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER FOR MASTER PORTFOLIOS
Peregrine Capital Management, Inc.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
December 31, 1997
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Wells Fargo Advantage Money Market Trust 1.67%
- --------------------------------------------------------------------------------
Omnicell Incorporated 0.70%
- --------------------------------------------------------------------------------
Hill International Incorporated 0.65%
- --------------------------------------------------------------------------------
Tootsie Roll Industries Incorporated 0.63%
- --------------------------------------------------------------------------------
Concur Technologies Incorporated 0.57%
- --------------------------------------------------------------------------------
Herbalife Limited 0.55%
- --------------------------------------------------------------------------------
Intermec Incorporated 0.50%
- --------------------------------------------------------------------------------
Arena Resources Incorporated 0.50%
- --------------------------------------------------------------------------------
Middleby Corporation 0.48%
- --------------------------------------------------------------------------------
Randgold Resources Limited ADR 0.44%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (14%)
Consumer Staples (3%)
Energy (8%)
Financials (15%)
Health Care (15%)
Industrials (14%)
Information Technology (23%)
Materials (5%)
Telecommunication Services (1%)
Utilities (2%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 9
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ----------------------------------------------------------------------------------------------
Expense Ratio
DIVERSIFIED SMALL CAP FUND 6 Months* 1 Year 5 Year Life of Fund Gross 4 Net 5
- ---------------------------------------------------------------------------------------------
Administrator Class (NVDSX) (17.56) (14.87) 13.76 4.70 1.32% 1.20%
- ---------------------------------------------------------------------------------------------
BENCHMARK
Russell 2000(R) Index 6 (14.02) (13.00) 14.90 4.96
- ---------------------------------------------------------------------------------------------
*Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Certain investment
strategies tend to increase the total risk of an investment (relative to the
broader market). This Fund is exposed to foreign investment risk. Consult the
Fund's prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more Master Portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the Master Portfolios in
which it invests.
Prior to April 11, 2005, the Administrator Class was named the
Institutional Class.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus, includes the pro rata portion of the net operating expenses
allocated from the master portfolio in which the Fund invests and is based
on the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolios' fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 Russell 2000 Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index. You cannot
invest directly in an Index.
10 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Joseph M. Eberhardy, CFA*
Thomas C. Ognar, CFA
Bruce C. Olson, CFA
FUND INCEPTION
January 31, 2007
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Arena Resources Incorporated 4.45%
- --------------------------------------------------------------------------------
Middleby Corporation 4.26%
- --------------------------------------------------------------------------------
ICON plc 3.58%
- --------------------------------------------------------------------------------
New Oriental Education & Technology Group 3.27%
- --------------------------------------------------------------------------------
Deckers Outdoor Corporation 3.00%
- --------------------------------------------------------------------------------
Omnicell Incorporated 2.50%
- --------------------------------------------------------------------------------
Concur Technologies Incorporated 2.43%
- --------------------------------------------------------------------------------
Carrizo Oil & Gas Incorporated 2.36%
- --------------------------------------------------------------------------------
Central European Distribution Corporation 2.30%
- --------------------------------------------------------------------------------
Chattem Incorporated 2.08%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Materials (5%)
Consumer Discretionary (20%)
Consumer Staples (7%)
Energy (16%)
Financials (5%)
Health Care (16%)
Industrials (16%)
Information Technology (15%)
- --------------------------------------------------------------------------------
* Effective April 25, 2008, Mr. Eberhardy became a portfolio manager for the
Fund.
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 11
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -----------------------------------------------------------------------------------------------
Expense Ratio
EMERGING GROWTH FUND 6 Months 1 Year Life of Fund Gross 4 Net 5
- -----------------------------------------------------------------------------------------------
Administrator Class (WFGDX) (23.31) (7.04) (4.24) 10.27% 1.20%
- -----------------------------------------------------------------------------------------------
Investor Class (WFGTX) (23.43) (7.34) (4.50) 5.89% 1.49%
- -----------------------------------------------------------------------------------------------
BENCHMARK
Russell 2000(R) Growth Index 6 (14.66) (8.93) (7.27)
- -----------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES
CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Active trading
results in increased turnover and trading expenses, and may generate higher
short-term capital gains. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This fund is
exposed to foreign investment risk. Consult the Fund's prospectus for additional
information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the master portfolio
in which it invests.
4 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus, includes gross expenses allocated from the master portfolio in
which the Fund invests and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 2000 Growth Index measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
12 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE EQUITY INCOME FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY INCOME FUND (The Fund) Seeks
long-term capital appreciation and dividend income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Gary J. Dunn, CFA
Robert M. Thornburg
FUND INCEPTION
March 31, 1989
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 4.89%
- --------------------------------------------------------------------------------
AT & T Incorporated 3.90%
- --------------------------------------------------------------------------------
General Electric Company 3.80%
- --------------------------------------------------------------------------------
Chevron Corporation 3.76%
- --------------------------------------------------------------------------------
ConocoPhillips 3.17%
- --------------------------------------------------------------------------------
JP Morgan Chase & Company 2.93%
- --------------------------------------------------------------------------------
Bank of America Corporation 2.92%
- --------------------------------------------------------------------------------
Procter & Gamble Company 2.53%
- --------------------------------------------------------------------------------
Verizon Communications Incorporated 2.36%
- --------------------------------------------------------------------------------
Hewlett-Packard Company 2.07%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (6%)
Consumer Staples (10%)
Energy (16%)
Financials (25%)
Health Care (7%)
Industrials (11%)
Information Technology (9%)
Materials (5%)
Telecommunication Services (6%)
Utilities (5%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to
Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 13
WELLS FARGO ADVANTAGE EQUITY INCOME FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3(%) (AS OF MARCH 31, 2008)
- ---------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
EQUITY INCOME FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ---------------------------------------------------------------------------------------------------------------------------------
Class A (NVAEX) (18.09) (12.20) 10.20 2.91 (13.09) (6.84) 11.51 3.52 1.36% 1.10%
- ---------------------------------------------------------------------------------------------------------------------------------
Class B (NVBEX)** (18.43) (12.55) 10.40 2.74 (13.43) (7.55) 10.67 2.74 2.11% 1.85%
- ---------------------------------------------------------------------------------------------------------------------------------
Class C (WFEEX) (14.42) (8.54) 10.68 2.73 (13.42) (7.54) 10.68 2.73 2.11% 1.85%
- ---------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVIEX) (12.99) (6.61) 11.79 3.73 1.18% 0.85%
- ---------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 1000 Value Index 6 (14.01) (9.99) 13.68 5.54
- ---------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder fund that invests substantially all of its assets
in a single master portfolio of the Master Trust with a substantially similar
investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to
the investment activities of the master portfolio in which it invests.
Performance shown prior to the inception of the Class C shares on October 1,
1998, reflects the performance of the Administrator Class shares, adjusted to
reflect Class C sales charges and expenses. Prior to April 11, 2005, the
Administrator Class was named the Institutional Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008, prospectus
for Class A, Class B, and Class C shares and the February 1, 2008, prospectus
for Administrator Class shares, includes gross expenses allocated from the
master portfolio in which the Fund invests and is based on the Fund's previous
fiscal year expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31, 2009,
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio, including the underlying master portfolio's
fees and expenses, as shown. Without these reductions, the Fund's returns
would have been lower.
6 The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
14 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE EQUITY VALUE FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY VALUE FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Systematic Financial Management, L.P.
PORTFOLIO MANAGERS
D. Kevin McCreesh, CFA
Ronald M. Mushock, CFA
FUND INCEPTION
August 29, 2003
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Exxon Mobil Corporation 4.56%
- --------------------------------------------------------------------------------
AT & T Incorporated 4.01%
- --------------------------------------------------------------------------------
JP Morgan Chase & Company 3.71%
- --------------------------------------------------------------------------------
Bank of America Corporation 3.40%
- --------------------------------------------------------------------------------
Celanese Corporation Series A 2.83%
- --------------------------------------------------------------------------------
American Electric Power Company Incorporated 2.47%
- --------------------------------------------------------------------------------
Verizon Communications Incorporated 2.11%
- --------------------------------------------------------------------------------
Chevron Corporation 1.98%
- --------------------------------------------------------------------------------
General Electric Company 1.95%
- --------------------------------------------------------------------------------
Invitrogen Corporation 1.84%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (6%)
Consumer Staples (7%)
Energy (16%)
Financials (24%)
Health Care (6%)
Industrials (9%)
Information Technology (8%)
Materials (9%)
Telecommunication Services (7%)
Utilities (8%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to
Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 15
WELLS FARGO ADVANTAGE EQUITY VALUE FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
EQUITY VALUE FUND 6 Months* 1 Year Life of Fund 6 Months* 1 Year Life of Fund Gross 4 Net 5
- -------------------------------------------------------------------------------------------------------------------------
Class A (WLVAX) (19.09) (12.77) 8.95 (14.15) (7.45) 10.37 1.39% 1.25%
- -------------------------------------------------------------------------------------------------------------------------
Class B (WLVBX)** (19.47) (13.16) 9.23 (14.47) (8.16) 9.55 2.14% 2.00%
- -------------------------------------------------------------------------------------------------------------------------
Class C (WLVCX) (15.55) (9.18) 9.55 (14.55) (8.18) 9.55 2.14% 2.00%
- -------------------------------------------------------------------------------------------------------------------------
Administrator Class (WLVIX) (14.11) (7.24) 10.65 1.21% 1.00%
- -------------------------------------------------------------------------------------------------------------------------
Institutional Class (WLVSX) (13.95) (7.02) 10.74 0.94% 0.75%
- -------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 1000 Value Index 6 (14.01) (9.99) 10.35
- -------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses, and may generate higher short-term capital gains.
Consult the Fund's prospectus for additional information on these and other
risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder Fund that invests substantially all of its assets
in a single master portfolio of the Master Trust with a substantially similar
investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to
the investment activities of the master portfolio in which it invests.
Prior to April 11, 2005, the Wells Fargo Advantage Equity Value Fund was named
the Wells Fargo Large Cap Value Fund. Performance shown prior to the inception
of the Institutional Class shares on August 31, 2006, reflects the performance
of the Administrator Class shares, and includes expenses that are not
applicable to and are higher than those of the Institutional Class shares.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008, prospectus
for Class A, Class B, Class C, and Institutional Class shares and the February
1, 2008, prospectus for Administrator Class shares, includes gross expenses
allocated from the master portfolio in which the Fund invests and is based on
the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31, 2009,
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio, including the underlying master portfolio's
fees and expenses, as shown. Without these reductions, the Fund's returns
would have been lower.
6 The Russell 1000 Value Index measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth values.
You cannot invest directly in an Index.
16 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER FOR MASTER PORTFOLIOS
Artisan Partners Limited Partnership
LSV Asset Management
New Star Institutional Managers Limited
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management, Inc.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 2.40%
- --------------------------------------------------------------------------------
Microsoft Corporation 2.23%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 1.77%
- --------------------------------------------------------------------------------
Medtronic Incorporated 1.72%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 1.67%
- --------------------------------------------------------------------------------
Charles Schwab Corporation 1.55%
- --------------------------------------------------------------------------------
Google Incorporated Class A 1.39%
- --------------------------------------------------------------------------------
eBay Incorporated 1.34%
- --------------------------------------------------------------------------------
Target Corporation 1.29%
- --------------------------------------------------------------------------------
Paychex Incorporated 1.23%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (8%)
Consumer Staples (2%)
Energy (3%)
Financials (13%)
Health Care (10%)
Industrials (8%)
Information Technology (23%)
International (30%)
Materials (2%)
Utilities (1%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to
Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 17
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3(%) (AS OF MARCH 31, 2008)
- ----------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
GROWTH EQUITY FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ----------------------------------------------------------------------------------------------------------------------------
Class A (NVEAX) (20.58) (14.55) 10.79 3.16 (15.74) (9.34) 12.11 3.77 1.58% 1.50%
- ----------------------------------------------------------------------------------------------------------------------------
Class B (NVEBX)** (21.05) (15.00) 11.01 2.99 (16.05) (10.00) 11.27 2.99 2.33% 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
Class C (WFGGX) (17.05) (11.00) 11.26 3.07 (16.05) (10.00) 11.26 3.07 2.33% 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVGEX) (15.66) (9.15) 12.38 3.99 1.40% 1.25%
- ----------------------------------------------------------------------------------------------------------------------------
Institutional Class (WGEIX) (15.54) (8.93) 12.52 4.05 1.13% 1.05%
- ----------------------------------------------------------------------------------------------------------------------------
BENCHMARKS
Growth Equity Composite Index 6 (11.83) (5.66) 15.17 4.32
S&P 500 Index 7 (12.46) (5.08) 11.32 3.50
- ----------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
Fund is exposed to foreign investment risk and smaller company securities risk.
Consult the Fund's prospectus for additional information on these and other
risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway blended Fund that invests substantially all of its
assets in two or more master portfolios of the Master Trust in varying
proportions. References to the investment activities of the Fund are intended
to refer to the investment activities of the master portfolios in which it
invests.
Performance shown prior to the inception of the Class C shares on October 1,
1998, reflects the performance of the Administrator Class shares, adjusted to
reflect Class C sales charges and expenses. Performance shown prior to the
inception of the Institutional Class shares on April 11, 2005, reflects the
performance of the Administrator Class shares, and includes expenses that are
not applicable to and are higher than those of the Institutional Class shares.
Prior to April 11, 2005, the Administrator Class was named the Institutional
Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008, prospectus
for Class A, Class B, Class C, and Institutional Class shares and the February
1, 2008, prospectus for Administrator Class shares, includes the pro rata
portion of the net operating expenses allocated from the master portfolio in
which the Fund invests and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31, 2009,
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio, including the underlying master portfolios'
fees nd expenses, as shown. Without these reductions, the Fund's returns would
have been lower.
6 The Growth Equity Composite Index is weighted 35% in the Russell 1000(R)
Growth Index (measures the performance of those Russell 1000 companies with
higher price-to-book ratios and higher forecasted growth values), 35% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index) and 30% in the MSCI EAFE Index (an
unmanaged group of securities generally representative of the stock markets of
Europe, Australasia and the Far East). You cannot invest directly in an index.
7 S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and
industry group representation. It is a market value weighted index with each
stock's weighting the Index proportionate to its market value. You cannot
invest directly in an Index.
18 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
LSV Asset Management
PORTFOLIO MANAGERS
Josef Lakonishok
Puneet Mansharamani, CFA
Menno Vermeulen, CFA
FUND INCEPTION
October 31, 2003
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Royal Dutch Shell plc Class B 2.27%
- --------------------------------------------------------------------------------
BASF SE 2.10%
- --------------------------------------------------------------------------------
Vodafone Group plc 2.08%
- --------------------------------------------------------------------------------
BNP Paribas SA 1.97%
- --------------------------------------------------------------------------------
Banco Santander SA 1.67%
- --------------------------------------------------------------------------------
BP plc 1.66%
- --------------------------------------------------------------------------------
Thyssenkrupp AG 1.62%
- --------------------------------------------------------------------------------
Sanofi Aventis 1.62%
- --------------------------------------------------------------------------------
Credit Suisse Group 1.46%
- --------------------------------------------------------------------------------
Eni SpA 1.46%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Australia/New Zealand (5%)
Cash Equivalents (2%)
Continental Europe (45%)
Japan (23%)
Southeast Asia (4%)
United Kingdom (21%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to
Financial Statements for a discussion of the Master Trust.
2 Portfolio composition is subject to change. Cash and cash equivalents are not
reflected in the calculations of portfolio composition.
Performance Highlights Wells Fargo Equity Gateway Funds 19
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3(%) (AS OF MARCH 31, 2008)
- ----------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
INTERNATIONAL VALUE FUND 6 Months* 1 Year Life of Fund 6 Months* 1 Year Life of Fund Gross 4 Net 5
- ----------------------------------------------------------------------------------------------------------------------
Class A (WFFAX) (20.10) (16.85) 12.83 (15.23) (11.78) 14.36 1.69% 1.50%
- ----------------------------------------------------------------------------------------------------------------------
Class B (WFVBX)** (20.52) (17.39) 13.20 (15.52) (12.39) 13.49 2.44% 2.25%
- ----------------------------------------------------------------------------------------------------------------------
Class C (WFVCX) (16.53) (13.41) 13.48 (15.53) (12.41) 13.48 2.44% 2.25%
- ----------------------------------------------------------------------------------------------------------------------
Administrator Class (WFVDX) (15.09) (11.55) 14.52 1.52% 1.25%
- ----------------------------------------------------------------------------------------------------------------------
Institutional Class (WFVIX) (14.98) (11.30) 14.62 1.24% 1.05%
- ----------------------------------------------------------------------------------------------------------------------
BENCHMARKS
MSCI EAFE Value Index 6 (12.64) (7.25) 16.46
- ----------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT
SALES CHARGES.
THE FUND HAS A REDEMPTION FEE OF 2.00% DEDUCTED FROM THE NET PROCEEDS OF SHARES
REDEEMED OR EXCHANGED WITHIN 30 DAYS AFTER PURCHASE. PERFORMANCE DATA DOES NOT
REFLECT THE DEDUCTION OF THIS FEE, WHICH, IF REFLECTED, WOULD REDUCE THE
PERFORMANCE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. The use of derivatives
may reduce returns and/or increase volatility. Certain investment strategies
tend to increase the total risk of an investment (relative to the broader
market). This Fund is exposed to smaller company securities risk. Consult the
Fund's prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder fund that invests substantially all of its assets
in a single master portfolio of the Master Trust with a substantially similar
investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to
the investment activities of the master portfolio in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND was
named the Wells Fargo Overseas Fund. Performance shown prior to the inception of
the Class B and Class C shares on April 11, 2005, reflects the performance of
the Class A shares, adjusted to reflect Class B and Class C sales charges and
expenses, as applicable. Performance shown prior to the inception of the
Administrator Class shares on April 11, 2005, reflects the performance of the
Class A shares, and includes expenses that are not applicable to and are higher
than those of the Administrator Class shares, but does not include Class A sales
charges. If it did include Class A sales charges, returns would be lower.
Performance shown prior to the inception of the Institutional Class shares on
August 31, 2006, reflects the performance of the Class A shares, and includes
expenses that are not applicable to and are higher than those of the
Institutional Class shares but does not include Class A sales charges. If it did
include Class A sales charges, returns for the Institutional Class shares would
be lower.
4 Reflects the gross expense ratio as stated in the April 1, 2008 prospectus for
Class A, Class B, Class C, and Institutional Class shares and the February 1,
2008, prospectus for the Administration Class shares, includes gross expenses
allocated from the master portfolio in which the Fund invests and is based on
the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31, 2009,
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio, including the underlying master portfolio's
fees and expenses, as shown. Without these reductions, the Fund's returns
would have been lower.
6 The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Value IndexSM is an unmanaged market capitalization index
designed to measure the performance of value securities within developed
equity markets, excluding the US & Canada. You cannot invest directly in an
Index.
20 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Cadence Capital Management, LLC
PORTFOLIO MANAGERS
William B. Bannick, CFA
Robert L. Fitzpatrick, CFA
Michael J. Skillman
FUND INCEPTION
August 31, 2001
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Microsoft Corporation 2.57%
- --------------------------------------------------------------------------------
International Business Machines Corporation 1.79%
- --------------------------------------------------------------------------------
Apple Incorporated 1.75%
- --------------------------------------------------------------------------------
Hewlett-Packard Company 1.67%
- --------------------------------------------------------------------------------
Nike Incorporated Class B 1.50%
- --------------------------------------------------------------------------------
Raytheon Company 1.50%
- --------------------------------------------------------------------------------
State Street Corporation 1.46%
- --------------------------------------------------------------------------------
Coca-Cola Company 1.46%
- --------------------------------------------------------------------------------
Emerson Electric Company 1.45%
- --------------------------------------------------------------------------------
Baxter International Incorporated 1.42%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Consumer Discretionary (10%)
Consumer Staples (6%)
Energy (10%)
Financials (6%)
Health Care (14%)
Industrials (21%)
Information Technology (26%)
Materials (5%)
Telecommunication Services (1%)
Utilities (1%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value of
the Master Trust portfolio securities allocable to the Fund divided by total
market value of the portfolio of investments of the Fund. See Notes to
Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are not
reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 21
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3(%) (AS OF MARCH 31, 2008)
- ---------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
LARGE CAP APPRECIATION FUND 6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross 4 Net 5
- ---------------------------------------------------------------------------------------------------------------------------------
Class A (WFAPX) (16.74) (5.30) 9.75 3.11 (11.66) 0.47 11.06 4.04 1.42% 1.25%
- ---------------------------------------------------------------------------------------------------------------------------------
Class B (WFABX)** (16.97) (5.17) 9.97 3.27 (11.97) (0.17) 10.25 3.27 2.17% 2.00%
- ---------------------------------------------------------------------------------------------------------------------------------
Class C (WFACX) (12.97) (1.26) 10.25 3.27 (11.97) (0.26) 10.25 3.27 2.17% 2.00%
- ---------------------------------------------------------------------------------------------------------------------------------
Administrator Class (WFAKX) (11.59) 0.76 11.31 4.28 1.24% 1.00%
- ---------------------------------------------------------------------------------------------------------------------------------
Institutional Class (WFASX) (11.40) 1.04 11.43 4.36 0.97% 0.70%
- ---------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 1000 Growth Index 6 (10.87) (0.75) 9.96 2.66
- ---------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses, and may generate higher short-term capital gains.
Consult the Fund's prospectus for additional information on these and other
risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder Fund that invests substantially all of its assets
in a single master portfolio of the Master Trust with a substantially similar
investment objective and substantially similar investment strategies.
References to the investment activities of the Fund are intended to refer to
the investment activities of the master portfolio in which it invests.
Performance shown prior to the inception of the Institutional Class shares on
August 31, 2006, reflects the performance of the Administrator Class shares,
and includes expenses that are not applicable to and are higher than those of
the Institutional Class shares. Prior to April 11, 2005, the Administrator
Class was named the Institutional Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008 prospectus for
Class A, Class B, Class C, and Institutional Class shares and the February 1,
2008, prospectus for the Administrator Class shares, includes gross expenses
allocated from the master portfolio in which the Fund invests and is based on
the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31, 2009,
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio, including the underlying master portfolio's
fees and expenses, as shown. Without these reductions, the Fund's returns
would have been lower.
6 The Russell 1000 Growth Index measures the performance of those Russell 1000
companies with higher price-to-book ratios and higher forecasted growth
values. You cannot invest directly in an Index.
22 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
PORTFOLIO MANAGERS
John S. Dale, CFA Gary E. Nussbaum, CFA
FUND INCEPTION
December 31, 1982
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Goldman Sachs Group Incorporated 8.13%
- --------------------------------------------------------------------------------
Microsoft Corporation 7.09%
- --------------------------------------------------------------------------------
Nokia Oyj ADR 5.98%
- --------------------------------------------------------------------------------
Medtronic Incorporated 5.83%
- --------------------------------------------------------------------------------
Cisco Systems Incorporated 5.65%
- --------------------------------------------------------------------------------
Charles Schwab Corporation 5.24%
- --------------------------------------------------------------------------------
Google Incorporated Class A 4.70%
- --------------------------------------------------------------------------------
Ebay Incorporated 4.54%
- --------------------------------------------------------------------------------
Target Corporation 4.37%
- --------------------------------------------------------------------------------
Paychex Incorporated 4.15%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Information Technology (43%)
Consumer Discretionary (10%)
Consumer Staples (2%)
Financials (24%)
Health Care (14%)
Industrials (7%)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 23
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -----------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
LARGE COMPANY GROWTH FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- -----------------------------------------------------------------------------------------------------------------------------------
Class A (NVLAX) (21.69) (12.53) 4.73 1.31 (16.91) (7.20) 5.98 1.91 1.29% 1.20%
- -----------------------------------------------------------------------------------------------------------------------------------
Class B (NVLOX)** (22.14) (12.81) 4.87 1.25 (17.14) (7.81) 5.20 1.25 2.04% 1.95%
- -----------------------------------------------------------------------------------------------------------------------------------
Class C (WFLCX) (18.14) (8.82) 5.20 1.26 (17.14) (7.82) 5.20 1.26 2.04% 1.95%
- -----------------------------------------------------------------------------------------------------------------------------------
Class Z (WFLZX) (16.93) (7.31) 5.79 1.71 1.46% 1.27%
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVLCX) (16.78) (6.95) 6.23 2.14 1.11% 0.95%
- -----------------------------------------------------------------------------------------------------------------------------------
Institutional Class (WLCSX) (16.70) (6.77) 6.40 2.21 0.84% 0.75%
- -----------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 1000 Growth Index 6 (10.87) (0.75) 9.96 1.28
- -----------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND CLASS Z SHARES ARE SOLD
WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk. Consult the Fund's prospectus for
additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the master portfolio
in which it invests.
Performance shown prior to the inception of the Class A and Class B shares
on October 1, 1998, reflects the performance of the Administrator Class
shares, adjusted to reflect Class A and Class B sales charges and
expenses, as applicable. Performance shown prior to the inception of the
Class C shares on November 8, 1999, reflects the performance of the Class
A shares, adjusted to reflect Class C sales charges and expenses. Prior to
April 11, 2005, the Administrator Class was named the Institutional Class
and the Institutional Class was named the Select Class. Performance shown
prior to the inception of the Institutional Class shares on June 30, 2004,
reflects the performance of the Administrator Class shares, and includes
expenses that are not applicable to and are higher than those of the
Institutional Class shares. Performance shown prior to the inception of
the Class Z shares on April 11, 2005, reflects the performance of the
Administrator Class shares, adjusted to reflect Class Z expenses.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A, Class B, Class C, and Institutional Class shares
and the February 1, 2008, prospectus for Class Z and Administrator Class
shares, includes gross expenses allocated from the master portfolio in
which the Fund invests and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
24 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
PORTFOLIO MANAGERS
William A. Grierson, CFA
Daniel J. Hagen, CFA
Robert B. Mersky, CFA
James P. Ross, CFA
Paul E.von Kuster, CFA
FUND INCEPTION
December 31, 1982
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Silicon Laboratories Incorporated 1.85%
- --------------------------------------------------------------------------------
Art Technology Group Incorporated 1.84%
- --------------------------------------------------------------------------------
Herbalife Limited 1.82%
- --------------------------------------------------------------------------------
Tesco Corporation 1.81%
- --------------------------------------------------------------------------------
Data Domain Incorporated 1.75%
- --------------------------------------------------------------------------------
Omnicell 1.71%
- --------------------------------------------------------------------------------
Tech Data Corporation 1.69%
- --------------------------------------------------------------------------------
Applera Corporation - Celera Group 1.60%
- --------------------------------------------------------------------------------
Thoratec Corporation 1.59%
- --------------------------------------------------------------------------------
OSI Systems Incorporated 1.57%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Telecommunication Services (1%)
Consumer Discretionary (8%)
Consumer Staples (3%)
Energy (9%)
Financials (3%)
Health Care (26%)
Industrials (11%)
Information Technology (35%)
Materials (4%)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 25
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -----------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
SMALL COMPANY GROWTH FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- -----------------------------------------------------------------------------------------------------------------------------------
Class A (WFSAX) (26.47) (20.67) 9.73 0.77 (21.99) (15.83) 11.03 1.37 1.47% 1.45%
- -----------------------------------------------------------------------------------------------------------------------------------
Class B (WFSBX)** (27.29) (21.46) 9.94 0.62 (22.29) (16.46) 10.21 0.62 2.22% 2.20%
- -----------------------------------------------------------------------------------------------------------------------------------
Class C (WSMCX) (23.31) (17.47) 10.35 0.68 (22.31) (16.47) 10.35 0.68 2.22% 2.20%
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class (NVSCX) (21.90) (15.63) 11.31 1.62 1.29% 1.20%
- -----------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 2000 Growth Index 6 (14.66) (8.93) 14.24 1.75
- -----------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Active trading
results in increased turnover and trading expenses, and may generate higher
short-term capital gains. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This fund is
exposed to foreign investment risk. Consult the Fund's prospectus for additional
information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the master portfolio
in which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C on January 30, 2004, shares reflects the performance of the
Administrator Class shares, adjusted to reflect Class A, Class B and Class
C shares sales charges and expenses, as applicable. Prior to April 11,
2005, the Administrator Class was named the Institutional Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A, Class B, and Class C shares and the February 1,
2008, prospectus for Administrator Class shares, includes gross expenses
allocated with the master portfolio in which the Fund invests and is based
on the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 2000 Growth Index measures the performance shown of those
Russell 2000 companies with higher price-to-book ratios and higher
forecasted growth values. You cannot invest directly in an Index.
26 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
- --------------------------------------------------------------------------------
EFFECTIVE NOVEMBER 1, 2005, THIS FUND IS CLOSED TO NEW INVESTORS.
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
FUND MANAGERS
Jason R. Ballsrud, CFA
Tasso H. Coin, Jr., CFA
Douglas G. Pugh, CFA
FUND INCEPTION
June 1, 1997
- --------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Chart Industries Incorporated 2.17%
- --------------------------------------------------------------------------------
DRS Technologies Incorporated 1.71%
- --------------------------------------------------------------------------------
Comtech Telecommunications Corporation 1.71%
- --------------------------------------------------------------------------------
Diebold Incorporated 1.66%
- --------------------------------------------------------------------------------
Magellan Health Services Incorporated 1.55%
- --------------------------------------------------------------------------------
Mariner Energy Incorporated 1.53%
- --------------------------------------------------------------------------------
Goodrich Petroleum Corporation 1.44%
- --------------------------------------------------------------------------------
Privatebancorp Incorporated 1.41%
- --------------------------------------------------------------------------------
United Fire & Casualty Company 1.37%
- --------------------------------------------------------------------------------
Elizabeth Arden Incorporated 1.33%
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2 (AS OF MARCH 31, 2008)
- --------------------------------------------------------------------------------
Telecommunication Services (1%)
Utilities (2%)
Consumer Discretionary (20%)
Consumer Staples (2%)
Energy (5%)
Financials (25%)
Health Care (7%)
Industrials (16%)
Information Technology (16%)
Materials (6%)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 27
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- ------------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
SMALL COMPANY VALUE FUND 6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross 4 Net 5
- ------------------------------------------------------------------------------------------------------------------------------------
Class A (SCVAX) (24.54) (27.34) 11.91 6.00 (19.94) (22.90) 13.24 6.63 1.51% 1.45%
- ------------------------------------------------------------------------------------------------------------------------------------
Class B (SCVBX)** (25.28) (28.53) 12.10 5.82 (20.28) (23.53) 12.35 5.82 2.26% 2.20%
- ------------------------------------------------------------------------------------------------------------------------------------
Class C (SCVFX) (21.27) (24.52) 12.38 5.82 (20.27) (23.52) 12.38 5.82 2.26% 2.20%
- ------------------------------------------------------------------------------------------------------------------------------------
Administrator Class (SCVIX) (19.86) (22.75) 13.50 6.84 1.33% 1.20%
- ------------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
Russell 2000 Value Index 6 (13.33) (16.88) 15.45 7.46
- ------------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of large companies. The use
of derivatives may reduce returns and/or increase volatility. Consult the Fund's
Prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the Master Portfolio
in which it invests.
Performance shown prior to the inception of the Class A, Class B, and
Administrator Class shares on January 31, 2002, and performances shown
prior to the inception of the Class C shares on August 30, 2002, reflect
the performance of the Small Company Value Portfolio, a master portfolio
in which the Fund invests substantially all of its assets, adjusted to
reflect Class A, Class B, Class C and Administrator Class sales charges
and expenses, as applicable. The Small Company Value Portfolio has a
substantially similar investment objective and substantially similar
investment strategies as the Fund. For periods prior to April 11, 2005,
the Administrator Class was named the Institutional Class.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A, Class B, and Class C shares and the February 1,
2008, prospectus for Administrator Class shares, includes gross expenses
allocated from the master portfolio in which the Fund invests and is based
on the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 2000 Value Index measures the performance of those Russell
2000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an Index.
28 Wells Fargo Equity Gateway Funds Performance Highlights
WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE STRATEGIC
SMALL CAP VALUE FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Dale E. Benson, Ph.D., CFA
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Mark D. Cooper, CFA
Robert J. Costomiris, CFA
Andrew Owen, CFA
Craig R. Pieringer, CFA
I. Charles Rinaldi
FUND INCEPTION
January 31, 2006
- -------------------------------------------------------------------------------
TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
- -------------------------------------------------------------------------------
Tootsie Roll Industries Incorporated 2.10%
- -------------------------------------------------------------------------------
Intermec Incorporated 1.68%
- -------------------------------------------------------------------------------
Hill International Incorporated 1.62%
- -------------------------------------------------------------------------------
Randgold Resources Limited ADR 1.48%
- -------------------------------------------------------------------------------
Playboy Enterprises Incorporated Class B 1.37%
- -------------------------------------------------------------------------------
Convergys Corporation 1.37%
- -------------------------------------------------------------------------------
First Financial Bancorp 1.29%
- -------------------------------------------------------------------------------
Vital Signs Incorporated 1.15%
- -------------------------------------------------------------------------------
Nisource Incorporated 1.13%
- -------------------------------------------------------------------------------
CRA International Incorporated 1.08%
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
- -------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Financials (19%)
Health Care (8%)
Industrials (15%)
Information Technology (18%)
Materials (7%)
Telecommunication Services (1%)
Utilities (1%)
Consumer Discretionary (16%)
Consumer Staples (7%)
Energy (8%)
- --------------------------------------------------------------------------------
1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Equity Gateway Funds 29
WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND (CONTINUED)
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
- -------------------------------------------------------------------------------------------------------------------------------
Including Sales Charge Excluding Sales Charge Expense Ratio
STRATEGIC SMALL CAP VALUE FUND 6 Months* 1 Year Life of Fund 6 Months* 1 Year Life of Fund Gross 4 Net 5
- -------------------------------------------------------------------------------------------------------------------------------
Class A (WFRAX) (20.62) (22.94) (6.83) (15.78) (18.23) (4.24) 64.83% 1.45%
- -------------------------------------------------------------------------------------------------------------------------------
Class C (WFRCX) (17.18) (19.95) (5.00) (16.18) (18.95) (5.00) 61.17% 2.20%
- -------------------------------------------------------------------------------------------------------------------------------
Administrator Class (WFRDX) (15.74) (18.11) (4.05) 84.53% 1.20%
- -------------------------------------------------------------------------------------------------------------------------------
BENCHMARK
- -------------------------------------------------------------------------------------------------------------------------------
Russell 2000 Value Index 6 (13.33) (16.88) (1.78)
- -------------------------------------------------------------------------------------------------------------------------------
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WIHTOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Certain investment
strategies tend to increase the total risk of an investment (relative to the
broader market). This fund is exposed to foreign investment risk. Consult the
Fund's prospectus for additional information on these and other risks.
- --------------------------------------------------------------------------------
3 The Fund is a gateway feeder fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the master portfolio
in which it invests. Class A, Class C, and Administrator Class shares
incepted on October 31, 2006. Performance shown in the Life of Fund column
prior to the inception of Class A and Class C reflects the performance of
the Strategic Small Cap Value Portfolio, a master portfolio in which the
Fund invests substantially all of its assets, adjusted to reflect Class A
and Class C sales charges and expenses, as applicable. Performance shown
in the Life of Fund column prior to the inception of the Administrator
Class reflects the performance of the Strategic Small Cap Value Portfolio,
a master portfolio in which the Fund invests substantially all of its
assets, adjusted to reflect Administrator Class expenses. The Strategic
Small Cap Value Portfolio has a substantially similar investment objective
and substantially similar investment strategies as the Fund. The Strategic
Small Cap Value Portfolio incepted on January 31, 2006.
4 Reflects the gross expense ratio as stated in the April 1, 2008,
prospectus for Class A and Class C shares and the February 1, 2008,
prospectus for Administrator Class shares, includes gross expenses
allocated from the master portfolio in which the Fund invests and is based
on the Fund's previous fiscal year expenses as reported in the Financial
Highlights.
5 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 The Russell 2000 Value Index measures the performance of those Russell
2000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an Index.
30 Wells Fargo Equity Gateway Funds Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire six-month period, from October 1, 2007
to March 31, 2008.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
- ---------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 869.30 $ 5.61 1.20%
Hypothetical (5% return before expenses) $1,000.00 $ 1,019.00 $ 6.06 1.20%
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 865.80 $ 9.10 1.95%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.25 $ 9.82 1.95%
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 865.70 $ 9.10 1.95%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.25 $ 9.82 1.95%
- ---------------------------------------------------------------------------------------------------------------
CLASS D
Actual $1,000.00 $ 869.60 $ 5.61 1.20%
Hypothetical (5% return before expenses) $1,000.00 $ 1,019.00 $ 6.06 1.20%
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 870.30 $ 4.44 0.95%
Hypothetical (5% return before expenses) $1,000.00 $ 1,020.25 $ 4.80 0.95%
- ---------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $1,000.00 $ 872.20 $ 3.28 0.70%
Hypothetical (5% return before expenses) $1,000.00 $ 1,021.50 $ 3.54 0.70%
- ---------------------------------------------------------------------------------------------------------------
Fund Expenses Wells Fargo Equity Gateway Funds 31
- ---------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 856.70 $ 5.80 1.25%
Hypothetical (5% return before expenses) $1,000.00 $ 1,018.75 $ 6.31 1.25%
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 851.70 $ 9.26 2.00%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.00 $10.08 2.00%
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 853.50 $ 9.27 2.00%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.00 $10.08 2.00%
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 857.90 $ 4.64 1.00%
Hypothetical (5% return before expenses) $1,000.00 $ 1,020.00 $ 5.05 1.00%
- ---------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 824.40 $ 5.47 1.20%
Hypothetical (5% return before expenses) $1,000.00 $ 1,019.00 $ 6.06 1.20%
- ---------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS 2
Actual $1,000.00 $ 766.90 $ 5.30 1.20%
Hypothetical (5% return before expenses) $1,000.00 $ 1,019.00 $ 6.06 1.20%
- ---------------------------------------------------------------------------------------------------------------
INVESTOR CLASS 2
Actual $1,000.00 $ 765.70 $ 6.58 1.49%
Hypothetical (5% return before expenses) $1,000.00 $ 1,017.55 $ 7.52 1.49%
- ---------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EQUITY INCOME FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 869.10 $ 5.14 1.10%
Hypothetical (5% return before expenses) $1,000.00 $ 1,019.50 $ 5.55 1.10%
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 865.70 $ 8.63 1.85%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.75 $ 9.32 1.85%
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 865.80 $ 8.63 1.85%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.75 $ 9.32 1.85%
- ---------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $1,000.00 $ 870.10 $ 3.97 0.85%
Hypothetical (5% return before expenses) $1,000.00 $ 1,020.75 $ 4.29 0.85%
- ---------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE EQUITY VALUE FUND
- ---------------------------------------------------------------------------------------------------------------
CLASS A
Actual $1,000.00 $ 858.50 $ 5.81 1.25%
Hypothetical (5% return before expenses) $1,000.00 $ 1,018.75 $ 6.31 1.25%
- ---------------------------------------------------------------------------------------------------------------
CLASS B
Actual $1,000.00 $ 855.30 $ 9.28 2.00%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.00 $10.08 2.00%
- ---------------------------------------------------------------------------------------------------------------
CLASS C
Actual $1,000.00 $ 854.50 $ 9.27 2.00%
Hypothetical (5% return before expenses) $1,000.00 $ 1,015.00 $10.08 2.00%
- ---------------------------------------------------------------------------------------------------------------
32 Wells Fargo Equity Gateway Funds Fund Expenses
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE EQUITY VALUE FUND (continued) 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 858.90 $ 4.65 1.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.00 $ 5.05 1.00%
- ----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS(2)
Actual $ 1,000.00 $ 860.50 $ 3.49 0.75%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.25 $ 3.79 0.75%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 842.60 $ 6.91 1.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.50 $ 7.57 1.50%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 839.50 $ 10.35 2.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.75 $ 11.33 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 839.50 $ 10.35 2.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.75 $ 11.33 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 843.40 $ 5.76 1.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.75 $ 6.31 1.25%
- ----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 844.60 $ 4.84 1.05%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.75 $ 5.30 1.05%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 847.70 $ 6.93 1.50%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.50 $ 7.57 1.50%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 844.80 $ 10.38 2.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.75 $ 11.33 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 844.70 $ 10.38 2.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.75 $ 11.33 2.25%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 849.10 $ 5.78 1.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.75 $ 6.31 1.25%
- ----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 850.20 $ 4.86 1.05%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.75 $ 5.30 1.05%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 883.40 $ 5.79 1.23%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.85 $ 6.21 1.23%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 880.30 $ 9.31 1.98%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.10 $ 9.97 1.98%
- ----------------------------------------------------------------------------------------------------------------------------
Fund Expenses Wells Fargo Equity Gateway Funds 33
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (continued) 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 880.30 $ 9.31 1.98%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.10 $ 9.97 1.98%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 884.10 $ 4.71 1.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.00 $ 5.05 1.00%
- ----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 886.00 $ 3.30 0.70%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.50 $ 3.54 0.70%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 830.90 $ 5.49 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.00 $ 6.06 1.20%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 828.60 $ 8.91 1.95%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.25 $ 9.82 1.95%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 828.60 $ 8.91 1.95%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.25 $ 9.82 1.95%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 832.20 $ 4.35 0.95%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.25 $ 4.80 0.95%
- ----------------------------------------------------------------------------------------------------------------------------
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 833.00 $ 3.44 0.75%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.25 $ 3.79 0.75%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS Z
Actual $ 1,000.00 $ 830.70 $ 5.81 1.27%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.65 $ 6.41 1.27%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 780.10 $ 6.45 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.75 $ 7.31 1.45%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 777.10 $ 9.77 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.00 $ 11.08 2.20%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 776.90 $ 9.77 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.00 $ 11.08 2.20%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 781.00 $ 5.34 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.00 $ 6.06 1.20%
- ----------------------------------------------------------------------------------------------------------------------------
34 Wells Fargo Equity Gateway Funds Fund Expenses
- ----------------------------------------------------------------------------------------------------------------------------
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A
Actual $ 1,000.00 $ 800.60 $ 6.53 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.75 $ 7.31 1.45%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS B
Actual $ 1,000.00 $ 797.20 $ 9.88 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.00 $ 11.08 2.20%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C
Actual $ 1,000.00 $ 797.30 $ 9.89 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.00 $ 11.08 2.20%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 801.40 $ 5.40 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.00 $ 6.06 1.20%
- ----------------------------------------------------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------------
CLASS A 3
Actual $ 1,000.00 $ 842.20 $ 6.68 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.75 $ 7.31 1.45%
- ----------------------------------------------------------------------------------------------------------------------------
CLASS C 3
Actual $ 1,000.00 $ 838.20 $ 10.11 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.00 $ 11.08 2.20%
- ----------------------------------------------------------------------------------------------------------------------------
ADMINISTRATOR CLASS 3
Actual $ 1,000.00 $ 842.60 $ 5.53 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.00 $ 6.06 1.20%
- ----------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 Expenses are equal to the Fund's annualized expense ratio (including the
fees and expenses of the underlying master portfolio(s)) multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year divided by the number of days in the
fiscal year (to reflect the one-half year period.)
2 This class commenced operations on January 31, 2007. Actual expenses shown
for this class are equal to the annualized expense ratio multiplied by the
average account value over the period, multiplied by 242/365 (to reflect
the period from January 31, 2007 to September 30, 2007).
3 This class commenced operations on October 31, 2006. Actual expenses shown
for this class are equal to the annualized expense ratio multiplied by the
average account value over the period, multiplied by 335/365 (to reflect
the period from October 31, 2006 to September 30, 2007).
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Equity Gateway Funds 35
C&B LARGE CAP VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.03%
NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 619,097,648
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $659,085,484) 619,097,648
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $659,085,484) 100.03% $ 619,097,648
OTHER ASSETS AND LIABILITIES, NET (0.03) (203,650)
------ ---------------
TOTAL NET ASSETS 100.00% $ 618,893,998
------ ---------------
DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.07%
NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 83,742,717
NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 49,397,513
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 10,903,667
NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 83,631,732
NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 83,300,234
NA WELLS FARGO ADVANTAGE INDEX PORTFOLIO 251,259,948
NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 38,078,640
NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 37,958,240
NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 38,094,584
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 38,356,052
NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 25,090,399
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 174,707,967
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 33,682,883
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 21,401,087
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 3,306,509
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 30,271,028
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $860,835,148) 1,003,183,200
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $860,835,148) 100.07% $ 1,003,183,200
OTHER ASSETS AND LIABILITIES, NET (0.07) (674,722)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,002,508,478
------ ---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Equity Gateway Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
DIVERSIFIED SMALL CAP FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.06%
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 66,857,725
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 200,390,455
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 128,307,644
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 19,925,010
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 178,828,708
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $640,077,089) 594,309,542
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $640,077,089) 100.06% $ 594,309,542
OTHER ASSETS AND LIABILITIES, NET (0.06) (340,640)
------ ---------------
TOTAL NET ASSETS 100.00% $ 593,968,902
------ ---------------
EMERGING GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.65%
NA EMERGING GROWTH PORTFOLIO $ 4,734,035
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $4,894,560) 4,734,035
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $4,894,560) 99.65% $ 4,734,035
OTHER ASSETS AND LIABILITIES, NET 0.35 16,592
------ ---------------
TOTAL NET ASSETS 100.00% $ 4,750,627
------ ---------------
EQUITY INCOME FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.19%
NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO $ 252,588,234
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $469,371,037) 252,588,234
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $469,371,037) 100.19% $ 252,588,234
OTHER ASSETS AND LIABILITIES, NET (0.19) (474,245)
------ ---------------
TOTAL NET ASSETS 100.00% $ 252,113,989
------ ---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Equity Gateway Funds 37
EQUITY VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.99%
NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO $ 249,200,680
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $247,771,513) 249,200,680
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $247,771,513) 99.99% $ 249,200,680
OTHER ASSETS AND LIABILITIES, NET 0.01 22,976
------ ---------------
TOTAL NET ASSETS 100.00% $ 249,223,656
------ ---------------
GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.97%
NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO $ 14,264,177
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 11,218,030
NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 21,842,495
NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 21,850,003
NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 21,825,827
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 21,930,348
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 85,336,943
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 33,671,470
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 21,693,077
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 3,292,514
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 30,243,531
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $221,502,649) 287,168,415
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $221,502,649) 99.97% $ 287,168,415
OTHER ASSETS AND LIABILITIES, NET 0.03 99,509
------ ---------------
TOTAL NET ASSETS 100.00% $ 287,267,924
------ ---------------
INTERNATIONAL VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.65%
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO $ 281,975,911
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $305,952,691) 281,975,911
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $305,952,691) 99.65% $ 281,975,911
OTHER ASSETS AND LIABILITIES, NET 0.35 978,527
------ ---------------
TOTAL NET ASSETS 100.00% $ 282,954,438
------ ---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
38 Wells Fargo Equity Gateway Funds
Portfolio of Investments--March 31, 2008 (Unaudited)
LARGE CAP APPRECIATION FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.99%
NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO $ 86,230,265
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $83,154,911) 86,230,265
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $83,154,911) 99.99% $ 86,230,265
OTHER ASSETS AND LIABILITIES, NET 0.01 11,963
------ ---------------
TOTAL NET ASSETS 100.00% $ 86,242,228
------ ---------------
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.00%
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO $ 1,412,648,836
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,304,448,596) 1,412,648,836
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,304,448,596) 100.00% $ 1,412,648,836
OTHER ASSETS AND LIABILITIES, NET 0.00 19,398
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,412,668,234
------ ---------------
SMALL COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.02%
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO $ 360,159,829
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $439,806,395) 360,159,829
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $439,806,395) 100.02% $ 360,159,829
OTHER ASSETS AND LIABILITIES, NET (0.02) (76,851)
------ ---------------
TOTAL NET ASSETS 100.00% $ 360,082,978
------ ---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Equity Gateway Funds 39
SMALL COMPANY VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.01%
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO $ 275,981,190
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $327,203,100) 275,981,190
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $327,203,100) 100.01% $ 275,981,190
OTHER ASSETS AND LIABILITIES, NET (0.01) (23,598)
------ ---------------
TOTAL NET ASSETS 100.00% $ 275,957,592
------ ---------------
STRATEGIC SMALL CAP VALUE FUND
- --------------------------------------------------------------------------------
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.33%
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO $ 532,888
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $592,396) 532,888
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $592,396) 99.33% $ 532,888
OTHER ASSETS AND LIABILITIES, NET 0.67 3,577
------ ---------------
TOTAL NET ASSETS 100.00% $ 536,465
------ ---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
40 Wells Fargo Equity Gateway Funds
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
C&B Large Diversified
Cap Value Equity
Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
Investments in affiliated Master Portfolios ........................................... $ 619,097,648 $ 1,003,183,200
-----------------------------------
Total investments at market value (see cost below) ....................................... 619,097,648 1,003,183,200
-----------------------------------
Cash ..................................................................................... 25,000 25,000
Receivable for Fund shares issued ........................................................ 483,755 53,507
Receivable from investment advisor and affiliates ........................................ 0 0
Prepaid expenses and other assets ........................................................ 0 0
-----------------------------------
Total assets ................................................................................ 619,606,403 1,003,261,707
-----------------------------------
LIABILITIES
Payable for Fund shares redeemed ......................................................... 451,784 276,858
Payable to investment advisor and affiliates (Note 3) .................................... 60,365 181,097
Accrued expenses and other liabilities ................................................... 200,256 295,274
-----------------------------------
Total liabilities ........................................................................... 712,405 753,229
-----------------------------------
TOTAL NET ASSETS ............................................................................ $ 618,893,998 $ 1,002,508,478
===================================
NET ASSETS CONSIST OF
Paid-in capital .......................................................................... $ 668,619,827 $ 827,668,423
Undistributed net investment income (loss) ............................................... 2,174,248 1,064,411
Undistributed net realized gain (loss) on investments .................................... (11,912,241) 31,427,592
Net unrealized appreciation (depreciation) of investments, foreign currencies and
translation of assets and liabilities denominated in foreign currencies ................ (39,987,836) 142,348,052
-----------------------------------
TOTAL NET ASSETS ............................................................................ $ 618,893,998 $ 1,002,508,478
===================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A ..................................................................... $ 55,325,946 $ 108,877,559
Shares outstanding - Class A ............................................................. 6,576,059 3,466,738
Net asset value per share - Class A ...................................................... $ 8.41 $ 31.41
Maximum offering price per share - Class A 2 ............................................. $ 8.92 $ 33.33
Net assets - Class B ..................................................................... $ 17,374,685 $ 28,417,653
Shares outstanding - Class B ............................................................. 2,077,271 960,179
Net asset value and offering price per share - Class B ................................... $ 8.36 $ 29.60
Net assets - Class C ..................................................................... $ 11,978,176 $ 4,813,295
Shares outstanding - Class C ............................................................. 1,433,736 159,412
Net asset value and offering price per share - Class C ................................... $ 8.35 $ 30.19
Net assets - Class D ..................................................................... $ 188,683,856 NA
Shares outstanding - Class D ............................................................. 22,434,293 NA
Net asset value and offering price per share - Class D ................................... $ 8.41 NA
Net assets - Administrator Class ......................................................... $ 313,879,266 $ 860,399,971
Shares outstanding - Administrator Class ................................................. 37,263,359 27,342,677
Net asset value and offering price per share - Administrator Class ....................... $ 8.42 $ 31.47
Net assets - Institutional Class ......................................................... $ 31,652,069 NA
Shares outstanding - Institutional Class ................................................. 3,741,249 NA
Net asset value and offering price per share - Institutional Class ....................... $ 8.46 NA
Net assets - Investor Class .............................................................. NA NA
Shares outstanding - Investor Class ...................................................... NA NA
Net asset value and offering price per share - Investor Class ............................ NA NA
-----------------------------------
Investments at cost ......................................................................... $ 659,085,484 $ 860,835,148
-----------------------------------
- --------------------------------------------------------------------------------
1 Each Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Equity Gateway Funds 41
Diversified Emerging Equity Equity Growth
Small Cap Growth Income Value Equity
Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
Investments in affiliated Master Portfolios ...... $ 594,309,542 $ 4,734,035 $ 252,588,234 $ 249,200,680 $ 287,168,415
-------------------------------------------------------------------------
Total investments at market value (see cost
below) ............................................ 594,309,542 4,734,035 252,588,234 249,200,680 287,168,415
-------------------------------------------------------------------------
Cash ................................................ 25,000 0 0 0 25,000
Receivable for Fund shares issued ................... 19,879 0 41,481 23,175 267,559
Receivable from investment advisor and affiliates ... 0 8,165 0 0 0
Prepaid expenses and other assets ................... 0 11,707 0 962 0
-------------------------------------------------------------------------
Total assets ........................................... 594,354,421 4,753,907 252,629,715 249,224,817 287,460,974
-------------------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed .................... 2,451 0 302,929 0 34,427
Payable to investment advisor and affiliates
(Note 3) .......................................... 198,770 0 42,317 1,161 60,367
Accrued expenses and other liabilities .............. 184,298 3,280 170,480 0 98,256
-------------------------------------------------------------------------
Total liabilities ...................................... 385,519 3,280 515,726 1,161 193,050
-------------------------------------------------------------------------
TOTAL NET ASSETS ....................................... $ 593,968,902 $ 4,750,627 $ 252,113,989 $ 249,223,656 $ 287,267,924
=========================================================================
NET ASSETS CONSIST OF
Paid-in capital ..................................... $ 659,057,747 $ 6,140,474 $ 444,111,879 $ 258,175,261 $ 202,124,150
Undistributed net investment income (loss) .......... (1,396,499) (35,134) (290,106) 632,616 (898,351)
Undistributed net realized gain (loss) on
investments ....................................... (17,924,799) (1,194,188) 25,075,019 (11,013,388) 20,376,359
Net unrealized appreciation (depreciation) of
investments, foreign currencies and translation of
assets and liabilities denominated in foreign
currencies ........................................ (45,767,547) (160,525) (216,782,803) 1,429,167 65,665,766
-------------------------------------------------------------------------
TOTAL NET ASSETS ....................................... $ 593,968,902 $ 4,750,627 $ 252,113,989 $ 249,223,656 $ 287,267,924
=========================================================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER
SHARE 1
Net assets - Class A ................................ NA NA $ 135,118,223 $ 6,162,603 $ 25,709,471
Shares outstanding - Class A ........................ NA NA 7,267,984 443,206 1,263,626
Net asset value per share - Class A ................. NA NA $ 18.59 $ 13.90 $ 20.35
Maximum offering price per share - Class A 2 ........ NA NA $ 19.72 $ 14.75 $ 21.59
Net assets - Class B ................................ NA NA $ 14,724,961 $ 2,328,733 $ 4,643,495
Shares outstanding - Class B ........................ NA NA 791,971 169,176 269,853
Net asset value and offering price per share -
Class B ........................................... NA NA $ 18.59 $ 13.77 $ 17.21
Net assets - Class C ................................ NA NA $ 3,372,285 $ 1,352,843 $ 886,006
Shares outstanding - Class C ........................ NA NA 168,754 98,440 48,263
Net asset value and offering price per share -
Class C ........................................... NA NA $ 19.98 $ 13.74 $ 18.36
Net assets - Class D ................................ NA NA NA NA NA
Shares outstanding - Class D ........................ NA NA NA NA NA
Net asset value and offering price per share -
Class D ........................................... NA NA NA NA NA
Net assets - Administrator Class .................... $ 593,968,902 $ 17,854 $ 98,898,520 $ 176,022,278 $ 250,165,381
Shares outstanding - Administrator Class ............ 55,017,684 1,893 5,327,987 12,447,606 12,047,858
Net asset value and offering price per share -
Administrator Class ............................... $ 10.80 $ 9.43 $ 18.56 $ 14.14 $ 20.76
Net assets - Institutional Class .................... 0 NA NA $ 63,357,199 $ 5,863,571
Shares outstanding - Institutional Class ............ 0 NA NA 4,477,860 282,357
Net asset value and offering price per share -
Institutional Class ............................... 0 NA NA $ 14.15 $ 20.77
Net assets - Investor Class ......................... NA $ 4,732,773 NA NA NA
Shares outstanding - Investor Class ................. NA 503,302 NA NA NA
Net asset value and offering price per share -
Investor Class .................................... NA $ 9.40 NA NA NA
-------------------------------------------------------------------------
Investments at cost .................................... $ 640,077,089 $ 4,894,560 $ 469,371,037 $ 247,771,513 $ 221,502,649
-------------------------------------------------------------------------
42 Wells Fargo Equity Gateway Funds
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
International Large Cap
Value Appreciation
Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
Investments in affiliated Master Portfolios ............................................. $ 281,975,911 $ 86,230,265
--------------------------------
Total investments at market value (see cost below) .......................................... 281,975,911 86,230,265
--------------------------------
Cash ........................................................................................ 25,157 28,000
Receivable for Fund shares issued ........................................................... 1,358,620 23,758
Receivable from investment advisor and affiliates ........................................... 5,783 0
Prepaid expenses and other assets ........................................................... 0 13,752
--------------------------------
Total assets ................................................................................... 283,365,471 86,295,775
--------------------------------
LIABILITIES
Payable for Fund shares redeemed ............................................................ 294,997 46,149
Payable to investment advisor and affiliates (Note 3) ....................................... 0 687
Accrued expenses and other liabilities ...................................................... 116,036 6,711
--------------------------------
Total liabilities .............................................................................. 411,033 53,547
--------------------------------
TOTAL NET ASSETS ............................................................................... $ 282,954,438 $ 86,242,228
================================
NET ASSETS CONSIST OF
Paid-in capital ............................................................................. $ 305,055,523 $ 83,461,374
Undistributed net investment income (loss) .................................................. 2,175,472 12,929
Undistributed net realized gain (loss) on investments ....................................... (299,777) (307,429)
Net unrealized appreciation (depreciation) of investments, foreign currencies and
translation of assets and liabilities denominated in foreign currencies ................... (23,976,780) 3,075,354
--------------------------------
TOTAL NET ASSETS ............................................................................... $ 282,954,438 $ 86,242,228
================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A ........................................................................ $ 20,368,201 $ 28,661,949
Shares outstanding - Class A ................................................................ 1,242,717 2,720,695
Net asset value per share - Class A ......................................................... $ 16.39 $ 10.53
Maximum offering price per share - Class A 2 ................................................ $ 17.39 $ 11.17
Net assets - Class B ........................................................................ $ 1,755,477 $ 2,803,993
Shares outstanding - Class B ................................................................ 108,777 280,778
Net asset value and offering price per share - Class B ...................................... $ 16.14 $ 9.99
Net assets - Class C ........................................................................ $ 968,732 $ 598,888
Shares outstanding - Class C ................................................................ 59,918 59,961
Net asset value and offering price per share - Class C ...................................... $ 16.17 $ 9.99
Net assets - Class Z ........................................................................ NA NA
Shares outstanding - Class Z ................................................................ NA NA
Net asset value and offering price per share - Class Z ...................................... NA NA
Net assets - Administrator Class ............................................................ $ 259,098,469 $ 45,917,924
Shares outstanding - Administrator Class .................................................... 15,793,249 4,310,266
Net asset value and offering price per share - Administrator Class .......................... $ 16.41 $ 10.65
Net assets - Institutional Class ............................................................ $ 763,559 $ 8,259,474
Shares outstanding - Institutional Class .................................................... 46,455 774,221
Net asset value and offering price per share - Institutional Class .......................... $ 16.44 $ 10.67
--------------------------------
Investments at cost ............................................................................ $ 305,952,691 $ 83,154,911
--------------------------------
- --------------------------------------------------------------------------------
1 Each Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Statements of Assets and Liabilities--March 31, 2008 (Unaudited)
Wells Fargo Equity Gateway Funds 43
Large Small Small Strategic
Company Company Company Small Cap
Growth Fund Growth Fund Value Fund Value Fund
- -----------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
Investments in affiliated Master Portfolios ............... $ 1,412,648,836 $ 360,159,829 $ 275,981,190 $ 532,888
--------------------------------------------------------------
Total investments at market value (see cost below) ............ 1,412,648,836 360,159,829 275,981,190 532,888
--------------------------------------------------------------
Cash .......................................................... 30,000 25,000 25,000 0
Receivable for Fund shares issued ............................. 1,002,249 2,261 103,561 18,636
Receivable from investment advisor and affiliates ............. 0 0 0 7,337
Prepaid expenses and other assets ............................. 0 0 0 0
--------------------------------------------------------------
Total assets ..................................................... 1,413,681,085 360,187,090 276,109,751 558,861
--------------------------------------------------------------
LIABILITIES
Payable for Fund shares redeemed .............................. 315,195 179 28,356 0
Payable to investment advisor and affiliates (Note 3) ......... 69,923 15,563 18,060 0
Accrued expenses and other liabilities ........................ 627,733 88,370 105,743 22,396
--------------------------------------------------------------
Total liabilities ................................................ 1,012,851 104,112 152,159 22,396
--------------------------------------------------------------
TOTAL NET ASSETS ................................................. $ 1,412,668,234 $ 360,082,978 $ 275,957,592 $ 536,465
==============================================================
NET ASSETS CONSIST OF
Paid-in capital ............................................... $ 1,498,741,403 $ 468,315,726 $ 356,377,321 $ 608,037
Undistributed net investment income (loss) .................... 2,285,373 (2,508,620) 1,159,259 (791)
Undistributed net realized gain (loss) on investments ......... (196,558,782) (26,077,562) (30,357,078) (11,273)
Net unrealized appreciation (depreciation) of
investments, foreign currencies and translation of assets
and liabilities denominated in foreign currencies ........... 108,200,240 (79,646,566) (51,221,910) (59,508)
--------------------------------------------------------------
TOTAL NET ASSETS ................................................. $ 1,412,668,234 $ 360,082,978 $ 275,957,592 $ 536,465
==============================================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Class A .......................................... $ 353,707,935 $ 2,498,680 $ 40,305,726 $ 318,934
Shares outstanding - Class A .................................. 7,259,163 125,628 3,695,292 36,716
Net asset value per share - Class A ........................... $ 48.73 $ 19.89 $ 10.91 $ 8.69
Maximum offering price per share - Class A 2 .................. $ 51.70 $ 21.10 $ 11.58 $ 9.22
Net assets - Class B .......................................... $ 35,800,038 $ 487,057 $ 6,347,249 NA
Shares outstanding - Class B .................................. 831,208 25,552 618,370 NA
Net asset value and offering price per share - Class B ........ $ 43.07 $ 19.06 $ 10.26 NA
Net assets - Class C .......................................... $ 8,098,574 $ 230,097 $ 2,186,106 $ 208,797
Shares outstanding - Class C .................................. 187,629 11,952 213,031 24,298
Net asset value and offering price per share - Class C ........ $ 43.16 $ 19.25 $ 10.26 $ 8.59
Net assets - Class Z .......................................... $ 78,172,567 NA NA NA
Shares outstanding - Class Z .................................. 1,698,648 NA NA NA
Net asset value and offering price per share - Class Z ........ $ 46.02 NA NA NA
Net assets - Administrator Class .............................. $ 815,486,093 $ 356,867,144 $ 227,118,511 $ 8,734
Shares outstanding - Administrator Class ...................... 17,494,565 17,682,135 20,591,216 1,043
Net asset value and offering price per share - Administrator
Class ....................................................... $ 46.61 $ 20.18 $ 11.03 $ 8.37
Net assets - Institutional Class .............................. $ 121,403,027 NA NA NA
Shares outstanding - Institutional Class ...................... 2,591,793 NA NA NA
Net asset value and offering price per share - Institutional
Class ....................................................... $ 46.84 NA NA NA
--------------------------------------------------------------
Investments at cost .............................................. $ 1,304,448,596 $ 439,806,395 $ 327,203,100 $ 592,396
--------------------------------------------------------------
44 Wells Fargo Equity Gateway Funds
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
C&B Large Diversified
Cap Value Equity
Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................. $ 9,833,352 $ 10,429,384
Interest Income allocated from affiliated Master Portfolios ........................... 549 0
Expenses allocated from affiliated Master Portfolios .................................. (3,152,807) (3,402,731)
Waivers allocated from affiliated Master Portfolios ................................... 187,045 224,060
----------------------------------
Total investment income .................................................................. 6,868,139 7,250,713
----------------------------------
EXPENSES
Advisory fees ......................................................................... 0 1,414,103
Administration fees
Fund Level .......................................................................... 216,372 282,821
Class A ............................................................................. 89,631 169,109
Class B ............................................................................. 29,414 48,938
Class C ............................................................................. 20,540 7,918
Class D ............................................................................. 284,061 NA
Administrator Class ................................................................. 261,004 484,940
Institutional Class ................................................................. 16,351 NA
Investor Class ...................................................................... NA NA
Shareholder servicing fees (Note 3) ................................................... 1,029,499 1,411,009
Accounting fees ....................................................................... 46,436 50,870
Distribution fees (Note 3)
Class B ............................................................................. 78,786 131,083
Class C ............................................................................. 55,017 21,207
Professional fees ..................................................................... 7,075 8,477
Registration fees ..................................................................... 45,431 28,513
Shareholder reports ................................................................... 127,042 71,715
Trustees' fees ........................................................................ 4,323 4,323
Other fees and expenses ............................................................... 11,212 15,725
----------------------------------
Total expenses ........................................................................... 2,322,194 4,150,751
----------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................... (713,897) (1,313,104)
Net expenses .......................................................................... 1,608,297 2,837,647
----------------------------------
Net investment income (loss) ............................................................. 5,259,842 4,413,066
----------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................. (7,373,700) 51,658,976
Forward foreign currency contracts allocated from Master Portfolios ................... 0 26,320
Futures transactions allocated from Master Portfolios ................................. 0 (669,740)
----------------------------------
Net realized gain and loss from investments .............................................. (7,373,700) 51,015,556
----------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................. (120,308,186) (228,003,278)
Forwards, futures, options, swaps and short sales allocated from Master Portfolios .... 0 106,357
----------------------------------
Net change in unrealized appreciation (depreciation) of investments ...................... (120,308,186) (227,896,921)
----------------------------------
Net realized and unrealized gain (loss) on investments ................................... (127,681,886) (176,881,365)
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ (122,422,044) $ (172,468,299)
==================================
- --------------------------------------------------------------------------------
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 Equity Gateway Funds 45
Diversified Emerging
Small Cap Growth
Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................. $ 4,053,481 $ 12,575
Interest Income allocated from affiliated Master Portfolios ........................... 7,542 0
Expenses allocated from affiliated Master Portfolios .................................. (2,284,456) (24,902)
Waivers allocated from affiliated Master Portfolios ................................... 118,922 221
----------------------------------
Total investment income .................................................................. 1,895,489 (12,106)
----------------------------------
EXPENSES
Advisory fees ......................................................................... 832,349 0
Administration fees
Fund Level .......................................................................... 166,470 1,305
Class A ............................................................................. NA NA
Class B ............................................................................. NA NA
Class C ............................................................................. NA NA
Class D ............................................................................. NA NA
Administrator Class ................................................................. 332,939 10
Institutional Class ................................................................. NA NA
Investor Class ...................................................................... NA 11,298
Shareholder servicing fees (Note 3) ................................................... 775,869 6,525
Accounting fees ....................................................................... 30,640 12,732
Distribution fees (Note 3)
Class B ............................................................................. NA NA
Class C ............................................................................. NA NA
Professional fees ..................................................................... 7,603 6,857
Registration fees ..................................................................... 12,166 19,729
Shareholder reports ................................................................... 5,125 5,758
Trustees' fees ........................................................................ 4,323 4,323
Other fees and expenses ............................................................... 10,557 2,117
----------------------------------
Total expenses ........................................................................... 2,178,041 70,654
----------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................... (347,708) (56,476)
Net expenses .......................................................................... 1,830,333 14,178
----------------------------------
Net investment income (loss) ............................................................. 65,156 (26,284)
----------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................. (7,128,819) (1,135,799)
Forward foreign currency contracts allocated from Master Portfolios ................... 0 0
Futures transactions allocated from Master Portfolios ................................. (894,668) 0
----------------------------------
Net realized gain and loss from investments .............................................. (8,023,487) (1,135,799)
----------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................. (120,161,943) (625,132)
Forwards, futures, options, swaps and short sales allocated from Master Portfolios .... (658,564) 0
----------------------------------
Net change in unrealized appreciation (depreciation) of investments ...................... (120,820,507) (625,132)
----------------------------------
Net realized and unrealized gain (loss) on investments ................................... (128,843,994) (1,760,931)
----------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ (128,778,838) $ (1,787,215)
==================================
Equity Equity Growth
Income Value Equity
Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ............................. $ 4,278,743 $ 1,934,912 $ 2,838,073
Interest Income allocated from affiliated Master Portfolios ....................... 0 0 0
Expenses allocated from affiliated Master Portfolios .............................. (1,213,302) (615,271) (1,582,606)
Waivers allocated from affiliated Master Portfolios ............................... 350,214 43,553 59,911
--------------------------------------------
Total investment income .............................................................. 3,415,655 1,363,194 1,315,378
--------------------------------------------
EXPENSES
Advisory fees ..................................................................... 0 0 513,455
Administration fees
Fund Level ...................................................................... 79,856 41,278 102,691
Class A ......................................................................... 214,282 8,554 42,118
Class B ......................................................................... 26,640 3,824 8,391
Class C ......................................................................... 5,587 1,330 1,454
Class D ......................................................................... NA NA NA
Administrator Class ............................................................. 71,672 45,392 145,767
Institutional Class ............................................................. NA 25,816 32,845
Investor Class .................................................................. NA NA NA
Shareholder servicing fees (Note 3) ............................................... 395,324 125,588 409,049
Accounting fees ................................................................... 33,960 26,094 21,732
Distribution fees (Note 3)
Class B ......................................................................... 71,357 10,242 22,474
Class C ......................................................................... 14,965 3,561 3,895
Professional fees ................................................................. 7,636 6,099 6,873
Registration fees ................................................................. 28,002 26,670 33,628
Shareholder reports ............................................................... 28,739 9,976 10,637
Trustees' fees .................................................................... 4,323 4,323 4,323
Other fees and expenses ........................................................... 8,172 4,355 8,468
--------------------------------------------
Total expenses ....................................................................... 990,515 343,102 1,367,800
--------------------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) ...................................... (189,590) (144,157) (332,837)
Net expenses ...................................................................... 800,925 198,945 1,034,963
--------------------------------------------
Net investment income (loss) ......................................................... 2,614,730 1,164,249 280,415
--------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .......................... 24,1189,415 (11,086,248) 35,374,832
Forward foreign currency contracts allocated from Master Portfolios ............... 0 0 15,122
Futures transactions allocated from Master Portfolios ............................. 0 0 (235,085)
--------------------------------------------
Net realized gain and loss from investments .......................................... 24,189,415 (11,086,248) 35,154,869
--------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .......................... (70,376,409) (14,551,341) (97,895,617)
Forwards, futures, options, swaps and short sales allocated from
Master Portfolios .............................................................. 0 0 192,670
--------------------------------------------
Net change in unrealized appreciation (depreciation) of investments .................. (70,376,409) (14,551,341) (97,702,947)
--------------------------------------------
Net realized and unrealized gain (loss) on investments ............................... (46,186,994) (25,637,589) (62,548,078)
--------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ...................... $ (43,572,264) $ (24,473,340) $ (62,267,663)
============================================
46 Wells Fargo Equity Gateway Funds
Statements of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
International Large Cap
Value Appreciation
Fund Fund
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................. $ 4,852,465 $ 611,840
Interest Income allocated from affiliated Master Portfolios ........................... 0 0
Expenses allocated from affiliated Master Portfolios .................................. (1,516,521) (341,665)
Waivers allocated from affiliated Master Portfolios ................................... 110,003 9,638
-------------------------------
Total investment income .................................................................. 3,445,947 279,813
-------------------------------
EXPENSES
Administration fees
Fund Level .......................................................................... 71,101 23,888
Class A ............................................................................. 33,745 44,495
Class B ............................................................................. 3,000 4,650
Class C ............................................................................. 1,634 1,042
Class Z ............................................................................. NA NA
Administrator Class ................................................................. 128,222 25,210
Institutional Class ................................................................. 219 3,714
Shareholder servicing fees (Note 3) ................................................... 354,426 107,734
Accounting fees ....................................................................... 22,688 16,129
Distribution fees (Note 3)
Class B ............................................................................. 8,036 12,454
Class C ............................................................................. 4,377 2,793
Professional fees ..................................................................... 6,023 6,149
Registration fees ..................................................................... 22,272 25,244
Shareholder reports ................................................................... 224,644 7,103
Trustees' fees ........................................................................ 4,323 4,323
Other fees and expenses ............................................................... 5,613 3,869
-------------------------------
Total expenses ........................................................................... 890,323 288,797
-------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................... (473,185) (100,454)
Net expenses .......................................................................... 417,138 188,343
-------------------------------
Net investment income (loss) ............................................................. 3,028,809 91,470
-------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................. 321,564 1,116,705
-------------------------------
Net realized gain and loss from investments .............................................. 321,564 1,116,705
-------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................. (49,998,030) (12,790,538)
-------------------------------
Net change in unrealized appreciation (depreciation) of investments ...................... (49,998,030) (12,790,538)
-------------------------------
Net realized and unrealized gain (loss) on investments ................................... (49,676,466) (11,673,833)
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ (46,647,657) $ (11,582,363)
===============================
- --------------------------------------------------------------------------------
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 Equity Gateway Funds 47
Large Small
Company Company
Growth Fund Growth Fund
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................. $ 8,612,902 $ 872,623
Interest Income allocated from affiliated Master Portfolios ........................... 6,757 2,151
Expenses allocated from affiliated Master Portfolios .................................. (6,026,750) (1,902,543)
Waivers allocated from affiliated Master Portfolios ................................... 153,148 3,416
-------------------------------
Total investment income .................................................................. 2,746,057 (1,024,353)
-------------------------------
EXPENSES
Administration fees
Fund Level .......................................................................... 436,350 105,619
Class A ............................................................................. 573,578 4,210
Class B ............................................................................. 67,091 921
Class C ............................................................................. 14,622 373
Class Z ............................................................................. 193,720 NA
Administrator Class ................................................................. 512,813 209,272
Institutional Class ................................................................. 65,083 NA
Shareholder servicing fees (Note 3) ................................................... 2,094,524 504,994
Accounting fees ....................................................................... 79,728 29,085
Distribution fees (Note 3)
Class B ............................................................................. 179,707 2,464
Class C ............................................................................. 39,167 1,002
Professional fees ..................................................................... 9,471 7,104
Registration fees ..................................................................... 67,028 24,814
Shareholder reports ................................................................... 262,176 81,649
Trustees' fees ........................................................................ 4,323 4,323
Other fees and expenses ............................................................... 21,317 8,287
-------------------------------
Total expenses ........................................................................... 4,620,698 984,117
-------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................... (1,388,639) (340,016)
Net expenses .......................................................................... 3,232,059 644,101
-------------------------------
Net investment income (loss) ............................................................. (486,002) (1,668,454)
-------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................. 92,784,092 (18,120,048)
-------------------------------
Net realized gain and loss from investments .............................................. 92,784,092 (18,120,048)
-------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................. (406,727,857) (82,538,118)
-------------------------------
Net change in unrealized appreciation (depreciation) of investments ...................... (406,727,587) (82,538,118)
-------------------------------
Net realized and unrealized gain (loss) on investments ................................... (313,943,495) (100,658,166)
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ (314,429,497) $ (102,326,620)
===============================
Small Strategic
Company Small Cap
Value Fund Value Fund
- ----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................. $ 2,948,065 $ 3,606
Interest Income allocated from affiliated Master Portfolios ........................... 14,774 0
Expenses allocated from affiliated Master Portfolios .................................. (1,494,997) (1,990)
Waivers allocated from affiliated Master Portfolios ................................... 7,693 72
-------------------------------
Total investment income .................................................................. 1,475,535 1,688
-------------------------------
EXPENSES
Administration fees
Fund Level .......................................................................... 81,854 105
Class A ............................................................................. 70,723 341
Class B ............................................................................. 11,276 NA
Class C ............................................................................. 4,041 236
Class Z ............................................................................. NA NA
Administrator Class ................................................................. 132,980 5
Institutional Class ................................................................. NA NA
Shareholder servicing fees (Note 3) ................................................... 394,492 527
Accounting fees ....................................................................... 19,909 15,076
Distribution fees (Note 3)
Class B ............................................................................. 30,203 NA
Class C ............................................................................. 10,824 633
Professional fees ..................................................................... 6,642 6,012
Registration fees ..................................................................... 23,368 10,448
Shareholder reports ................................................................... 105,957 4,026
Trustees' fees ........................................................................ 4,323 4,323
Other fees and expenses ............................................................... 6,676 5,193
-------------------------------
Total expenses ........................................................................... 903,268 46,925
-------------------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................... (307,743) (45,163)
Net expenses .......................................................................... 595,525 1,762
-------------------------------
Net investment income (loss) ............................................................. 880,010 (74)
-------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................. (29,779,870) (7,944)
-------------------------------
Net realized gain and loss from investments .............................................. (29,779,870) (7,944)
-------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................. (47,437,448) (58,972)
-------------------------------
Net change in unrealized appreciation (depreciation) of investments ...................... (47,437,448) (58,972)
-------------------------------
Net realized and unrealized gain (loss) on investments ................................... (77,217,318) (66,916)
-------------------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................... $ (76,337,308) $ (66,990)
===============================
48 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
C&B LARGE CAP VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 984,662,075 $ 573,433,950
OPERATIONS
Net investment income (loss) ........................................................... 5,259,842 9,079,885
Net realized gain (loss) on investments ................................................ (7,373,700) 38,174,049
Net change in unrealized appreciation (depreciation) of investments .................... (120,308,186) 34,977,949
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (122,422,044) 82,231,883
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. (620,298) (725,169)
Class B .............................................................................. (1,661) (107,832)
Class C .............................................................................. (17,067) (64,632)
Class D .............................................................................. (2,018,756) (2,067,996)
Administrator Class .................................................................. (6,891,528) (3,407,267)
Institutional Class .................................................................. (715,978) (1,149,462)
Net realized gain on sales of investments
Class A .............................................................................. (2,765,357) (2,857,862)
Class B .............................................................................. (924,766) (1,211,422)
Class C .............................................................................. (642,354) (706,094)
Class D .............................................................................. (8,688,111) (8,253,863)
Administrator Class .................................................................. (23,223,335) (11,381,326)
Institutional Class .................................................................. (1,987,854) (3,313,919)
Investor Class ....................................................................... NA NA
-------------------------------------
Total distributions to shareholders ....................................................... (48,497,065) (35,246,844)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 8,642,824 47,430,716
Reinvestment of distributions - Class A ................................................ 3,024,940 3,239,730
Cost of shares redeemed - Class A ...................................................... (16,792,982) (38,317,352)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. (5,125,218) 12,353,094
-------------------------------------
Proceeds from shares sold - Class B .................................................... 355,825 4,652,833
Reinvestment of distributions - Class B ................................................ 899,939 1,277,978
Cost of shares redeemed - Class B ...................................................... (4,934,886) (8,337,021)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .............................................................................. (3,679,122) (2,406,210)
-------------------------------------
Proceeds from shares sold - Class C .................................................... 254,109 3,594,143
Reinvestment of distributions - Class C ................................................ 644,777 758,065
Cost of shares redeemed - Class C ...................................................... (3,066,818) (3,350,272)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. (2,167,932) 1,001,936
-------------------------------------
Proceeds from shares sold - Class D .................................................... 58,126,821 127,891,727
Reinvestment of distributions - Class D ................................................ 10,193,858 10,033,129
Cost of shares redeemed - Class D ...................................................... (62,595,082) (87,966,619)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class D .............................................................................. 5,725,597 49,958,237
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 81,724,142 508,659,551
Reinvestment of distributions - Administrator Class .................................... 23,525,751 13,836,710
Cost of shares redeemed - Administrator Class .......................................... (278,028,402) (202,807,142)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .................................................................. (172,778,509) 319,689,119
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ 13,137,687 45,258,168
Reinvestment of distributions - Institutional Class .................................... 2,282,243 3,951,266
Cost of shares redeemed - Institutional Class .......................................... (32,243,714) (65,562,524)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. (16,823,784) (16,353,090)
-------------------------------------
Proceeds from shares sold - Investor Class ............................................. NA NA
Reinvestment of distributions - Investor Class ......................................... NA NA
Cost of shares redeemed - Investor Class ............................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... (194,848,968) 364,243,086
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (365,768,077) 411,228,125
=====================================
ENDING NET ASSETS ......................................................................... $ 618,893,998 $ 984,662,075
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 49
DIVERSIFIED EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 1,263,768,337 $ 1,321,788,326
OPERATIONS
Net investment income (loss) ........................................................... 4,413,066 9,801,352
Net realized gain (loss) on investments ................................................ 51,015,556 162,960,796
Net change in unrealized appreciation (depreciation) of investments .................... (227,896,921) 36,928,458
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (172,468,299) 209,690,606
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. (871,175) (671,707)
Class B .............................................................................. 0 0
Class C .............................................................................. 0 0
Class D .............................................................................. NA NA
Administrator Class .................................................................. (9,531,857) (9,058,518)
Institutional Class .................................................................. NA NA
Net realized gain on sales of investments
Class A .............................................................................. (17,553,804) (11,051,609)
Class B .............................................................................. (5,435,615) (4,740,202)
Class C .............................................................................. (854,210) (622,110)
Class D .............................................................................. NA NA
Administrator Class .................................................................. (140,946,052) (104,474,681)
Institutional Class .................................................................. NA NA
Investor Class ....................................................................... NA NA
-------------------------------------
Total distributions to shareholders ....................................................... (175,192,713) (130,618,827)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 10,489,455 23,186,263
Reinvestment of distributions - Class A ................................................ 17,937,613 11,406,146
Cost of shares redeemed - Class A ...................................................... (14,354,684) (30,202,279)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. 14,072,384 4,390,130
-------------------------------------
Proceeds from shares sold - Class B .................................................... 1,289,192 2,038,695
Reinvestment of distributions - Class B ................................................ 5,372,754 4,659,773
Cost of shares redeemed - Class B ...................................................... (8,574,924) (19,053,061)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .............................................................................. (1,912,978) (12,354,593)
-------------------------------------
Proceeds from shares sold - Class C .................................................... 167,913 591,753
Reinvestment of distributions - Class C ................................................ 842,478 607,689
Cost of shares redeemed - Class C ...................................................... (954,744) (1,520,487)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. 55,647 (321,045)
-------------------------------------
Proceeds from shares sold - Class D .................................................... NA NA
Reinvestment of distributions - Class D ................................................ NA NA
Cost of shares redeemed - Class D ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class D .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 51,756,139 104,505,301
Reinvestment of distributions - Administrator Class .................................... 149,403,665 110,810,484
Cost of shares redeemed - Administrator Class .......................................... (126,973,704) (344,122,045)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .................................................................. 74,186,100 (128,806,260)
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ NA NA
Reinvestment of distributions - Institutional Class .................................... NA NA
Cost of shares redeemed - Institutional Class .......................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Investor Class ............................................. NA NA
Reinvestment of distributions - Investor Class ......................................... NA NA
Cost of shares redeemed - Investor Class ............................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 86,401,153 (137,091,768)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (261,259,859) (58,019,989)
=====================================
ENDING NET ASSETS ......................................................................... $ 1,002,508,478 $ 1,263,768,337
=====================================
DIVERSIFIED SMALL CAP FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 757,352,399 $ 679,773,909
OPERATIONS
Net investment income (loss) ........................................................... 65,156 (1,600,214)
Net realized gain (loss) on investments ................................................ (8,023,487) 79,778,720
Net change in unrealized appreciation (depreciation) of investments .................... (120,820,507) 16,002,819
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (128,778,838) 94,181,325
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. 0 0
Class B .............................................................................. 0 0
Class C .............................................................................. NA NA
Class D .............................................................................. NA NA
Administrator Class .................................................................. (672,422) 0
Institutional Class .................................................................. NA NA
Net realized gain on sales of investments
Class A .............................................................................. NA NA
Class B .............................................................................. NA NA
Class C .............................................................................. NA NA
Class D .............................................................................. NA NA
Administrator Class .................................................................. (80,125,235) (76,923,297)
Institutional Class .................................................................. NA NA
Investor Class ....................................................................... NA NA
-------------------------------------
Total distributions to shareholders ....................................................... (80,797,657) (76,923,297)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... NA NA
Reinvestment of distributions - Class A ................................................ NA NA
Cost of shares redeemed - Class A ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class B .................................................... NA NA
Reinvestment of distributions - Class B ................................................ NA NA
Cost of shares redeemed - Class B ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class C .................................................... NA NA
Reinvestment of distributions - Class C ................................................ NA NA
Cost of shares redeemed - Class C ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class D .................................................... NA NA
Reinvestment of distributions - Class D ................................................ NA NA
Cost of shares redeemed - Class D ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class D .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 82,434,039 272,062,567
Reinvestment of distributions - Administrator Class .................................... 78,955,551 68,985,161
Cost of shares redeemed - Administrator Class .......................................... (115,196,592) (280,727,266)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .................................................................. 46,192,998 60,320,462
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ NA NA
Reinvestment of distributions - Institutional Class .................................... NA NA
Cost of shares redeemed - Institutional Class .......................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Investor Class ............................................. NA NA
Reinvestment of distributions - Investor Class ......................................... NA NA
Cost of shares redeemed - Investor Class ............................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 46,192,998 60,320,462
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (163,383,497) 77,578,490
=====================================
ENDING NET ASSETS ......................................................................... $ 593,968,902 $ 757,352,399
=====================================
EMERGING GROWTH FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Period Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 3,259,699 $ 0
OPERATIONS
Net investment income (loss) ........................................................... (26,284) (13,493)
Net realized gain (loss) on investments ................................................ (1,135,799) (6,788)
Net change in unrealized appreciation (depreciation) of investments .................... (625,132) 464,607
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (1,787,215) 444,326
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .............................................................................. NA NA
Class B .............................................................................. NA NA
Class C .............................................................................. NA NA
Class D .............................................................................. NA NA
Administrator Class .................................................................. 0 0
Institutional Class .................................................................. NA NA
Net realized gain on sales of investments
Class A .............................................................................. NA NA
Class B .............................................................................. NA NA
Class C .............................................................................. NA NA
Class D .............................................................................. NA NA
Administrator Class .................................................................. (221) NA
Institutional Class .................................................................. NA NA
Investor Class ....................................................................... (51,380) NA
-------------------------------------
Total distributions to shareholders ....................................................... (51,601) 0
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... NA NA
Reinvestment of distributions - Class A ................................................ NA NA
Cost of shares redeemed - Class A ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class B .................................................... NA NA
Reinvestment of distributions - Class B ................................................ NA NA
Cost of shares redeemed - Class B ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class C .................................................... NA NA
Reinvestment of distributions - Class C ................................................ NA NA
Cost of shares redeemed - Class C ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Class D .................................................... NA NA
Reinvestment of distributions - Class D ................................................ NA NA
Cost of shares redeemed - Class D ...................................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class D .............................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 13,748 14,612
Reinvestment of distributions - Administrator Class .................................... 221 NA
Cost of shares redeemed - Administrator Class .......................................... (7,359) (626)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .................................................................. 6,610 13,986
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ NA NA
Reinvestment of distributions - Institutional Class .................................... NA NA
Cost of shares redeemed - Institutional Class .......................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .................................................................. NA NA
-------------------------------------
Proceeds from shares sold - Investor Class ............................................. 6,530,486 3,134,707
Reinvestment of distributions - Investor Class ......................................... 50,972 NA
Cost of shares redeemed - Investor Class ............................................... (3,258,324) (333,320)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Investor Class ....................................................................... 3,323,134 2,801,387
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 3,329,744 2,815,373
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 1,490,928 3,259,699
=====================================
ENDING NET ASSETS ......................................................................... $ 4,750,627 $ 3,259,699
=====================================
50 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
C&B LARGE CAP VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. 939,849 4,721,625
Shares issued in reinvestment of distributions - Class A .............................. 326,214 324,443
Shares redeemed - Class A ............................................................. (1,841,289) (3,817,610)
---------------------------------
Net increase (decrease) in shares outstanding - Class A ............................... (575,226) 1,228,458
---------------------------------
Shares sold - Class B ................................................................. 37,075 471,146
Shares issued in reinvestment of distributions - Class B .............................. 97,928 129,273
Shares redeemed - Class B ............................................................. (541,392) (840,152)
---------------------------------
Net increase (decrease) in shares outstanding - Class B ............................... (406,389) (239,733)
---------------------------------
Shares sold - Class C ................................................................. 27,322 362,766
Shares issued in reinvestment of distributions - Class C .............................. 70,261 76,682
Shares redeemed - Class C ............................................................. (343,668) (338,484)
---------------------------------
Net increase (decrease) in shares outstanding - Class C ............................... (246,085) 100,964
---------------------------------
Shares sold - Class D ................................................................. 6,406,090 12,770,860
Shares issued in reinvestment of distributions - Class D .............................. 1,099,687 1,005,540
Shares redeemed - Class D ............................................................. (6,876,210) (8,867,614)
---------------------------------
Net increase (decrease) in shares outstanding - Class D ............................... 629,567 4,908,786
---------------------------------
Shares sold - Administrator Class ..................................................... 9,056,931 51,501,078
Shares issued in reinvestment of distributions - Administrator Class .................. 2,532,610 1,383,607
Shares redeemed - Administrator Class ................................................. (32,106,254) (20,009,205)
---------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................... (20,516,713) 32,875,480
---------------------------------
Shares sold - Institutional Class ..................................................... 1,490,535 4,508,990
Shares issued in reinvestment of distributions - Institutional Class .................. 244,488 393,177
Shares redeemed - Institutional Class ................................................. (3,561,961) (6,534,078)
---------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ................... (1,826,938) (1,631,911)
---------------------------------
Shares sold - Investor Class .......................................................... NA NA
Shares issued in reinvestment of distributions - Investor Class ....................... NA NA
Shares redeemed - Investor Class ...................................................... NA NA
---------------------------------
Net increase (decrease) in shares outstanding - Investor Class ........................ NA NA
---------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. $ (22,941,784) $ 37,242,044
=================================
Ending balance of undistributed net investment income (loss) ............................. 2,174,248 7,179,694
---------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 51
DIVERSIFIED EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. 292,289 568,014
Shares issued in reinvestment of distributions - Class A .............................. 505,355 288,096
Shares redeemed - Class A ............................................................. (402,239) (736,054)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ............................... 395,405 120,056
--------------------------------
Shares sold - Class B ................................................................. 38,995 52,438
Shares issued in reinvestment of distributions - Class B .............................. 161,296 123,996
Shares redeemed - Class B ............................................................. (254,573) (490,172)
--------------------------------
Net increase (decrease) in shares outstanding - Class B ............................... (54,282) (313,738)
--------------------------------
Shares sold - Class C ................................................................. 4,756 14,676
Shares issued in reinvestment of distributions - Class C .............................. 24,786 15,900
Shares redeemed - Class C ............................................................. (27,292) (38,276)
--------------------------------
Net increase (decrease) in shares outstanding - Class C ............................... 2,250 (7,700)
--------------------------------
Shares sold - Class D ................................................................. NA NA
Shares issued in reinvestment of distributions - Class D .............................. NA NA
Shares redeemed - Class D ............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class D ............................... NA NA
--------------------------------
Shares sold - Administrator Class ..................................................... 1,498,796 2,558,018
Shares issued in reinvestment of distributions - Administrator Class .................. 4,195,465 2,790,746
Shares redeemed - Administrator Class ................................................. (3,547,220) (8,455,733)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................... 2,147,041 (3,106,969)
--------------------------------
Shares sold - Institutional Class ..................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class .................. NA NA
Shares redeemed - Institutional Class ................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ................... NA NA
--------------------------------
Shares sold - Investor Class .......................................................... NA NA
Shares issued in reinvestment of distributions - Investor Class ....................... NA NA
Shares redeemed - Investor Class ...................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Investor Class ........................ NA NA
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. $ 2,490,414 $ (3,308,351)
================================
Ending balance of undistributed net investment income (loss) ............................. 1,064,411 7,054,377
--------------------------------
DIVERSIFIED SMALL CAP FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. NA NA
Shares issued in reinvestment of distributions - Class A .............................. NA NA
Shares redeemed - Class A ............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class A ............................... NA NA
--------------------------------
Shares sold - Class B ................................................................. NA NA
Shares issued in reinvestment of distributions - Class B .............................. NA NA
Shares redeemed - Class B ............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class B ............................... NA NA
--------------------------------
Shares sold - Class C ................................................................. NA NA
Shares issued in reinvestment of distributions - Class C .............................. NA NA
Shares redeemed - Class C ............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class C ............................... NA NA
--------------------------------
Shares sold - Class D ................................................................. NA NA
Shares issued in reinvestment of distributions - Class D .............................. NA NA
Shares redeemed - Class D ............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class D ............................... NA NA
--------------------------------
Shares sold - Administrator Class ..................................................... 6,982,920 18,757,980
Shares issued in reinvestment of distributions - Administrator Class .................. 6,508,629 4,864,962
Shares redeemed - Administrator Class ................................................. (9,327,713) (19,124,948)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................... 4,163,836 4,497,994
--------------------------------
Shares sold - Institutional Class ..................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class .................. NA NA
Shares redeemed - Institutional Class ................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ................... NA NA
--------------------------------
Shares sold - Investor Class .......................................................... NA NA
Shares issued in reinvestment of distributions - Investor Class ....................... NA NA
Shares redeemed - Investor Class ...................................................... NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Investor Class ........................ NA NA
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. $ 4,163,836 $ 4,497,994
================================
Ending balance of undistributed net investment income (loss) ............................. (1,396,499) (789,233)
--------------------------------
EMERGING GROWTH FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Period Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. NA NA
Shares issued in reinvestment of distributions - Class A .............................. NA NA
Shares redeemed - Class A ............................................................. NA NA
------------------------------
Net increase (decrease) in shares outstanding - Class A ............................... NA NA
------------------------------
Shares sold - Class B ................................................................. NA NA
Shares issued in reinvestment of distributions - Class B .............................. NA NA
Shares redeemed - Class B ............................................................. NA NA
------------------------------
Net increase (decrease) in shares outstanding - Class B ............................... NA NA
------------------------------
Shares sold - Class C ................................................................. NA NA
Shares issued in reinvestment of distributions - Class C .............................. NA NA
Shares redeemed - Class C ............................................................. NA NA
------------------------------
Net increase (decrease) in shares outstanding - Class C ............................... NA NA
------------------------------
Shares sold - Class D ................................................................. NA NA
Shares issued in reinvestment of distributions - Class D .............................. NA NA
Shares redeemed - Class D ............................................................. NA NA
------------------------------
Net increase (decrease) in shares outstanding - Class D ............................... NA NA
------------------------------
Shares sold - Administrator Class ..................................................... 1,169 1,460
Shares issued in reinvestment of distributions - Administrator Class .................. 18 0
Shares redeemed - Administrator Class ................................................. (698) (56)
------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................... 489 1,404
------------------------------
Shares sold - Institutional Class ..................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class .................. NA NA
Shares redeemed - Institutional Class ................................................. NA NA
------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ................... NA NA
------------------------------
Shares sold - Investor Class .......................................................... 535,523 291,902
Shares issued in reinvestment of distributions - Investor Class ....................... 4,248 0
Shares redeemed - Investor Class ...................................................... (298,411) (29,960)
------------------------------
Net increase (decrease) in shares outstanding - Investor Class ........................ 241,360 261,942
------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. $ 241,849 $ 263,346
==============================
Ending balance of undistributed net investment income (loss) ............................. (35,134) (8,850)
------------------------------
52 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
EQUITY INCOME FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 409,897,881 $ 747,083,229
OPERATIONS
Net investment income (loss) ........................................................... 2,614,730 8,607,511
Net realized gain (loss) on investments ................................................ 24,189,415 135,374,247
Net change in unrealized appreciation (depreciation) of investments .................... (70,376,409) (53,894,786)
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (43,572,264) 90,086,972
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................. (1,240,136) (2,960,352)
Class B ............................................................................. (34,636) (332,578)
Class C ............................................................................. (7,413) (48,275)
Administrator Class ................................................................. (1,230,437) (6,791,927)
Institutional Class ................................................................. 0 0
Net realized gain on sales of investments
Class A ............................................................................. (51,604,442) (22,660,163)
Class B ............................................................................. (6,470,342) (4,580,954)
Class C ............................................................................. (1,288,599) (597,097)
Administrator Class ................................................................. (50,621,927) (62,644,476)
Institutional Class ................................................................. 0 0
-------------------------------------
Total distributions to shareholders ....................................................... (112,497,932) (100,615,822)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 5,723,979 19,282,927
Reinvestment of distributions - Class A ................................................ 50,429,827 24,381,816
Cost of shares redeemed - Class A ...................................................... (19,102,644) (43,273,757)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class A .......................................................... 37,051,162 390,986
-------------------------------------
Proceeds from shares sold - Class B .................................................... 374,296 1,256,048
Reinvestment of distributions - Class B ................................................ 6,239,104 4,709,848
Cost of shares redeemed - Class B ...................................................... (6,470,625) (20,901,198)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class B .......................................................... 142,775 (14,935,302)
-------------------------------------
Proceeds from shares sold - Class C .................................................... 316,559 198,014
Reinvestment of distributions - Class C ................................................ 1,158,187 575,317
Cost of shares redeemed - Class C ...................................................... (808,375) (1,105,997)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class C .......................................................... 666,371 (332,666)
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 12,116,032 45,381,714
Reinvestment of distributions - Administrator Class .................................... 39,460,032 34,183,729
Cost of shares redeemed - Administrator Class .......................................... (91,150,068) (391,344,959)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Administrator Class .............................................. (39,574,004) (311,779,516)
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ NA NA
Reinvestment of distributions - Institutional Class .................................... NA NA
Cost of shares redeemed - Institutional Class .......................................... NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Institutional Class .............................................. NA NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... (1,713,696) (326,656,498)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (157,783,892) (337,185,348)
=====================================
ENDING NET ASSETS ......................................................................... $ 252,113,989 $ 409,897,881
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 53
EQUITY VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 157,773,736 $ 79,447,616
OPERATIONS
Net investment income (loss) ........................................................... 1,164,249 1,244,763
Net realized gain (loss) on investments ................................................ (11,086,248) 11,032,121
Net change in unrealized appreciation (depreciation) of investments .................... (14,551,341) 8,856,875
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (24,473,340) 21,133,759
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................. (45,614) (31,237)
Class B ............................................................................. 0 0
Class C ............................................................................. 0 (521)
Administrator Class ................................................................. (732,567) (683,069)
Institutional Class ................................................................. (749,383) (101)
Net realized gain on sales of investments
Class A ............................................................................. (435,383) (113,073)
Class B ............................................................................. (198,899) (64,106)
Class C ............................................................................. (50,990) (12,111)
Administrator Class ................................................................. (5,552,423) (1,826,416)
Institutional Class ................................................................. (4,476,759) (252)
-------------------------------------
Total distributions to shareholders (12,242,018) (2,730,886)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 2,836,827 1,626,923
Reinvestment of distributions - Class A ................................................ 457,500 136,994
Cost of shares redeemed - Class A ...................................................... (1,425,608) (1,335,843)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class A .......................................................... 1,868,719 428,074
-------------------------------------
Proceeds from shares sold - Class B .................................................... 402,097 783,646
Reinvestment of distributions - Class B ................................................ 181,811 57,717
Cost of shares redeemed - Class B ...................................................... (703,669) (858,608)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class B .......................................................... (119,761) (17,245)
-------------------------------------
Proceeds from shares sold - Class C .................................................... 1,485,541 528,429
Reinvestment of distributions - Class C ................................................ 50,510 12,284
Cost of shares redeemed - Class C ...................................................... (965,753) (68,803)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class C .......................................................... 570,298 471,910
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 115,375,912 16,006,708
Reinvestment of distributions - Administrator Class .................................... 5,864,614 2,265,440
Cost of shares redeemed - Administrator Class .......................................... (11,243,451) (16,488,830)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Administrator Class .............................................. 109,997,075 1,783,318
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ 10,752,687 59,932,268
Reinvestment of distributions - Institutional Class .................................... 5,181,756 353
Cost of shares redeemed - Institutional Class .......................................... (85,496) (2,675,431)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Institutional Class .............................................. 15,848,947 57,257,190
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 128,165,278 59,923,247
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... 91,449,920 78,326,120
=====================================
ENDING NET ASSETS ......................................................................... $ 249,223,656 $ 157,773,736
=====================================
GROWTH EQUITY FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 543,408,526 $ 559,419,027
OPERATIONS
Net investment income (loss) ........................................................... 280,415 1,642,584
Net realized gain (loss) on investments ................................................ 35,154,869 88,550,452
Net change in unrealized appreciation (depreciation) of investments .................... (97,702,947) 3,702,497
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (62,267,663) 93,895,533
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................. (73,055) 0
Class B ............................................................................. 0 0
Class C ............................................................................. 0 0
Administrator Class ................................................................. (1,433,181) (583,464)
Institutional Class ................................................................. (1,011,072) (515,915)
Net realized gain on sales of investments
Class A ............................................................................. (5,920,736) (3,215,834)
Class B ............................................................................. (1,372,475) (994,000)
Class C ............................................................................. (226,033) (125,440)
Administrator Class ................................................................. (57,539,690) (42,754,971)
Institutional Class ................................................................. (27,375,165) (15,932,542)
-------------------------------------
Total distributions to shareholders ....................................................... (94,951,407) (64,122,166)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 1,687,102 10,345,546
Reinvestment of distributions - Class A ................................................ 5,911,925 3,176,293
Cost of shares redeemed - Class A ...................................................... (5,205,991) (7,374,441)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class A .......................................................... 2,393,036 6,147,398
-------------------------------------
Proceeds from shares sold - Class B .................................................... 365,200 1,276,009
Reinvestment of distributions - Class B ................................................ 1,335,411 966,072
Cost of shares redeemed - Class B ...................................................... (1,918,817) (3,143,473)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class B .......................................................... (218,206) (901,392)
-------------------------------------
Proceeds from shares sold - Class C .................................................... 106,643 472,115
Reinvestment of distributions - Class C ................................................ 198,184 112,755
Cost of shares redeemed - Class C ...................................................... (214,383) (420,269)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class C .......................................................... 90,444 164,601
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 35,042,990 39,729,743
Reinvestment of distributions - Administrator Class .................................... 58,619,780 42,948,871
Cost of shares redeemed - Administrator Class .......................................... (77,234,281) (143,529,661)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Administrator Class .............................................. 16,428,489 (60,851,047)
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ 24,285,257 32,922,715
Reinvestment of distributions - Institutional Class .................................... 28,386,237 16,448,456
Cost of shares redeemed - Institutional Class .......................................... (170,286,789) (39,714,599)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Institutional Class .............................................. (117,615,295) 9,656,572
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... (98,921,532) (45,783,868)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (256,140,602) (16,010,501)
=====================================
ENDING NET ASSETS ......................................................................... $ 287,267,924 $ 543,408,526
=====================================
INTERNATIONAL VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................... $ 292,578,939 $ 141,601,536
OPERATIONS
Net investment income (loss) ........................................................... 3,028,809 4,964,112
Net realized gain (loss) on investments ................................................ 321,564 6,453,276
Net change in unrealized appreciation (depreciation) of investments .................... (49,998,030) 23,740,270
-------------------------------------
Net increase (decrease) in net assets resulting from operations ........................... (46,647,657) 35,157,658
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................. (506,607) (15,551)
Class B ............................................................................. (26,237) (5,988)
Class C ............................................................................. (17,550) NA
Administrator Class ................................................................. (5,478,439) NA
Institutional Class ................................................................. (11,375) NA
Net realized gain on sales of investments
Class A ............................................................................. (637,258) (1,404)
Class B ............................................................................. (55,728) (519)
Class C ............................................................................. (31,676) (157)
Administrator Class ................................................................. (6,285,937) (62,315)
Institutional Class ................................................................. (12,281) (4)
-------------------------------------
Total distributions to shareholders ....................................................... (13,063,088) (85,938)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................................... 7,227,530 25,733,585
Reinvestment of distributions - Class A ................................................ 1,089,126 16,482
Cost of shares redeemed - Class A ...................................................... (8,018,815) (3,351,618)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class A .......................................................... 297,841 22,398,449
-------------------------------------
Proceeds from shares sold - Class B .................................................... 204,318 1,544,178
Reinvestment of distributions - Class B ................................................ 77,703 6,209
Cost of shares redeemed - Class B ...................................................... (583,487) (431,999)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class B .......................................................... (301,466) 1,118,388
-------------------------------------
Proceeds from shares sold - Class C .................................................... 151,518 1,071,717
Reinvestment of distributions - Class C ................................................ 45,096 150
Cost of shares redeemed - Class C ...................................................... (283,123) (171,047)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Class C .......................................................... (86,509) 900,820
-------------------------------------
Proceeds from shares sold - Administrator Class ........................................ 55,637,452 115,946,760
Reinvestment of distributions - Administrator Class .................................... 11,670,908 62,247
Cost of shares redeemed - Administrator Class .......................................... (18,025,604) (24,520,985)
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Administrator Class .............................................. 49,282,756 91,488,022
-------------------------------------
Proceeds from shares sold - Institutional Class ........................................ 960,201 NA
Reinvestment of distributions - Institutional Class .................................... 23,656 4
Cost of shares redeemed - Institutional Class .......................................... (90,235) NA
-------------------------------------
Net increase (decrease) in net assets resulting from capital
share transaction - Institutional Class .............................................. 893,622 4
-------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total .... 50,086,244 115,905,683
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ..................................................... (9,624,501) 150,977,403
=====================================
ENDING NET ASSETS ......................................................................... $ 282,954,438 $ 292,578,939
=====================================
54 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
EQUITY INCOME FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 242,273 619,976
Shares issued in reinvestment of distributions - Class A ................................ 2,434,260 808,994
Shares redeemed - Class A ............................................................... (829,709) (1,391,948)
---------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. 1,846,824 37,022
---------------------------------
Shares sold - Class B ................................................................... 16,521 40,060
Shares issued in reinvestment of distributions - Class B ................................ 302,127 156,500
Shares redeemed - Class B ............................................................... (276,514) (671,530)
---------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. 42,134 (474,970)
---------------------------------
Shares sold - Class C ................................................................... 14,021 5,990
Shares issued in reinvestment of distributions - Class C ................................ 52,195 18,206
Shares redeemed - Class C ............................................................... (34,674) (33,646)
---------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. 31,542 (9,450)
---------------------------------
Shares sold - Administrator Class ....................................................... 600,328 1,473,979
Shares issued in reinvestment of distributions - Administrator Class .................... 1,906,408 1,135,798
Shares redeemed - Administrator Class ................................................... (3,761,048) (12,626,680)
---------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... (1,254,312) (10,016,903)
---------------------------------
Shares sold - Institutional Class ....................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class .................... NA NA
Shares redeemed - Institutional Class ................................................... NA NA
---------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ..................... NA NA
---------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... $ 666,188 $ (10,464,301)
=================================
Ending balance of undistributed net investment income (loss) ............................... (290,106) (392,214)
---------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 55
EQUITY VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 182,792 97,913
Shares issued in reinvestment of distributions - Class A ................................ 28,946 8,650
Shares redeemed - Class A ............................................................... (94,469) (80,625)
---------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. 117,269 25,938
---------------------------------
Shares sold - Class B ................................................................... 24,817 47,971
Shares issued in reinvestment of distributions - Class B ................................ 11,662 3,688
Shares redeemed - Class B ............................................................... (45,005) (53,345)
---------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. (8,526) (1,686)
---------------------------------
Shares sold - Class C ................................................................... 104,679 31,891
Shares issued in reinvestment of distributions - Class C ................................ 3,246 785
Shares redeemed - Class C ............................................................... (65,837) (4,224)
---------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. 42,088 28,452
---------------------------------
Shares sold - Administrator Class ....................................................... 8,001,672 963,866
Shares issued in reinvestment of distributions - Administrator Class .................... 364,816 140,934
Shares redeemed - Administrator Class ................................................... (710,882) (988,101)
---------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... 7,655,606 116,699
---------------------------------
Shares sold - Institutional Class ....................................................... 651,189 3,666,909
Shares issued in reinvestment of distributions - Institutional Class .................... 321,812 22
Shares redeemed - Institutional Class ................................................... (5,381) (157,350)
---------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ..................... 967,620 3,509,581
---------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... $ 8,774,057 $ 3,678,984
=================================
Ending balance of undistributed net investment income (loss) ............................... 632,616 995,931
---------------------------------
GROWTH EQUITY FUND
-----------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 67,218 361,894
Shares issued in reinvestment of distributions - Class A ................................ 256,509 115,965
Shares redeemed - Class A ............................................................... (211,660) (256,946)
---------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. 112,067 220,913
---------------------------------
Shares sold - Class B ................................................................... 16,684 50,520
Shares issued in reinvestment of distributions - Class B ................................ 68,518 40,020
Shares redeemed - Class B ............................................................... (93,227) (124,672)
---------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. (8,025) (34,132)
---------------------------------
Shares sold - Class C ................................................................... 5,146 18,063
Shares issued in reinvestment of distributions - Class C ................................ 9,533 4,437
Shares redeemed - Class C ............................................................... (9,872) (16,206)
---------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. 4,807 6,294
---------------------------------
Shares sold - Administrator Class ....................................................... 1,334,936 1,381,347
Shares issued in reinvestment of distributions - Administrator Class .................... 2,488,754 1,542,292
Shares redeemed - Administrator Class ................................................... (3,013,326) (4,988,827)
---------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... 810,364 (2,065,188)
---------------------------------
Shares sold - Institutional Class ....................................................... 983,161 1,130,794
Shares issued in reinvestment of distributions - Institutional Class .................... 1,203,358 589,724
Shares redeemed - Institutional Class ................................................... (7,125,074) (1,365,311)
---------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ..................... (4,938,555) 355,207
---------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... $ (4,019,342) $ (1,516,906)
=================================
Ending balance of undistributed net investment income (loss) ............................... (898,351) 1,338,542
---------------------------------
INTERNATIONAL VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................... 390,394 1,317,921
Shares issued in reinvestment of distributions - Class A ................................ 60,305 900
Shares redeemed - Class A ............................................................... (467,170) (173,098)
---------------------------------
Net increase (decrease) in shares outstanding - Class A ................................. (16,471) 1,145,723
---------------------------------
Shares sold - Class B ................................................................... 11,119 82,185
Shares issued in reinvestment of distributions - Class B ................................ 4,358 344
Shares redeemed - Class B ............................................................... (33,461) (22,853)
---------------------------------
Net increase (decrease) in shares outstanding - Class B ................................. (17,984) 59,676
---------------------------------
Shares sold - Class C ................................................................... 7,985 55,469
Shares issued in reinvestment of distributions - Class C ................................ 2,523 8
Shares redeemed - Class C ............................................................... (16,153) (8,749)
---------------------------------
Net increase (decrease) in shares outstanding - Class C ................................. (5,645) 46,728
---------------------------------
Shares sold - Administrator Class ....................................................... 3,151,835 5,979,176
Shares issued in reinvestment of distributions - Administrator Class .................... 646,074 3,422
Shares redeemed - Administrator Class ................................................... (1,019,703) (1,270,642)
---------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ..................... 2,778,206 4,711,956
---------------------------------
Shares sold - Institutional Class ....................................................... 50,023 0
Shares issued in reinvestment of distributions - Institutional Class .................... 1,308 0
Shares redeemed - Institutional Class ................................................... (5,481) 0
---------------------------------
Net increase (decrease) in shares outstanding - Institutional Class ..................... 45,850 0
---------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .... $ 2,783,956 $ 5,964,083
=================================
Ending balance of undistributed net investment income (loss) ............................... 2,175,472 5,186,871
---------------------------------
56 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
LARGE CAP APPRECIATION FUND
----------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................... $ 100,598,610 $ 91,801,956
OPERATIONS
Net investment income (loss) ....................................................... 91,470 98,691
Net realized gain (loss) on investments ............................................ 1,116,705 6,831,186
Net change in unrealized appreciation (depreciation) of investments ................ (12,790,538) 11,054,274
----------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... (11,582,363) 17,984,151
----------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ......................................................................... 0 (26,395)
Class B ......................................................................... 0 0
Class C ......................................................................... 0 0
Class D ......................................................................... NA NA
Administrator Class ............................................................. (60,633) (153,390)
Institutional Class ............................................................. (31,467) (51)
Net realized gain on sales of investments
Class A ......................................................................... (2,173,626) (2,652,905)
Class B ......................................................................... (245,637) (279,542)
Class C ......................................................................... (58,079) (64,374)
Administrator Class ............................................................. (3,439,362) (3,244,128)
Institutional Class ............................................................. (634,182) (747)
----------------------------------------
Total distributions to shareholders ................................................... (6,642,986) (6,421,532)
----------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................ 8,733,201 16,274,093
Reinvestment of distributions - Class A ............................................ 2,139,886 2,657,121
Cost of shares redeemed - Class A .................................................. (10,485,767) (25,266,407)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .......................................................................... 387,320 (6,335,193)
----------------------------------------
Proceeds from shares sold - Class B ................................................ 445,372 293,817
Reinvestment of distributions - Class B ............................................ 231,905 266,565
Cost of shares redeemed - Class B .................................................. (904,052) (1,064,351)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .......................................................................... (226,775) (503,969)
----------------------------------------
Proceeds from shares sold - Class C ................................................ 76,731 110,618
Reinvestment of distributions - Class C ............................................ 57,159 62,696
Cost of shares redeemed - Class C .................................................. (168,558) (350,066)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .......................................................................... (34,668) (176,752)
----------------------------------------
Proceeds from shares sold - Class Z ................................................ NA NA
Reinvestment of distributions - Class Z ............................................ NA NA
Cost of shares redeemed - Class Z .................................................. NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class Z .......................................................................... NA NA
----------------------------------------
Proceeds from shares sold - Administrator Class .................................... 5,099,783 14,373,918
Reinvestment of distributions - Administrator Class ................................ 3,325,104 3,256,951
Cost of shares redeemed - Administrator Class ...................................... (5,495,599) (21,983,935)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .............................................................. 2,929,288 (4,353,066)
----------------------------------------
Proceeds from shares sold - Institutional Class .................................... 5,823,902 25,907,808
Reinvestment of distributions - Institutional Class ................................ 665,648 797
Cost of shares redeemed - Institutional Class ...................................... (5,675,748) (17,305,590)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .............................................................. 813,802 8,603,015
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Total .............................................................................. 3,868,967 (2,765,965)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (14,356,382) 8,796,654
========================================
ENDING NET ASSETS ..................................................................... $ 86,242,228 $ 100,598,610
========================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 57
LARGE COMPANY GROWTH FUND
----------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................... $ 1,971,356,813 $ 2,298,957,455
OPERATIONS
Net investment income (loss) ....................................................... (486,002) 1,632,898
Net realized gain (loss) on investments ............................................ 92,784,092 159,958,943
Net change in unrealized appreciation (depreciation) of investments ................ (406,727,587) 181,613,581
----------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... (314,429,497) 343,205,422
----------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ......................................................................... 0 0
Class B ......................................................................... 0 0
Class C ......................................................................... 0 0
Class D ......................................................................... NA NA
Administrator Class ............................................................. NA NA
Institutional Class ............................................................. 0 0
Net realized gain on sales of investments
Class A ......................................................................... 0 0
Class B ......................................................................... 0 0
Class C ......................................................................... 0 0
Administrator Class ............................................................. NA NA
Institutional Class ............................................................. 0 0
----------------------------------------
Total distributions to shareholders ................................................... 0 0
----------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................ 69,758,776 113,928,054
Reinvestment of distributions - Class A ............................................ 0 1
Cost of shares redeemed - Class A .................................................. (97,698,123) (217,766,735)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .......................................................................... (27,939,347) (103,838,680)
----------------------------------------
Proceeds from shares sold - Class B ................................................ 976,137 1,797,778
Reinvestment of distributions - Class B ............................................ 0 0
Cost of shares redeemed - Class B .................................................. (17,908,940) (57,494,585)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .......................................................................... (16,932,803) (55,696,807)
----------------------------------------
Proceeds from shares sold - Class C ................................................ 153,774 363,887
Reinvestment of distributions - Class C ............................................ 0 0
Cost of shares redeemed - Class C .................................................. (2,126,177) (4,843,109)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .......................................................................... (1,972,403) (4,479,222)
----------------------------------------
Proceeds from shares sold - Class Z ................................................ 2,066,607 5,237,358
Reinvestment of distributions - Class Z ............................................ 0 869
Cost of shares redeemed - Class Z .................................................. (6,628,023) (27,190,529)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class Z .......................................................................... (4,561,416) (21,952,302)
----------------------------------------
Proceeds from shares sold - Administrator Class .................................... 129,073,084 274,914,137
Reinvestment of distributions - Administrator Class ................................ 0 4,320
Cost of shares redeemed - Administrator Class ...................................... (276,627,115) (823,196,494)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .............................................................. (147,554,031) (548,278,037)
----------------------------------------
Proceeds from shares sold - Institutional Class .................................... 18,422,284 127,042,151
Reinvestment of distributions - Institutional Class ................................ 0 0
Cost of shares redeemed - Institutional Class ...................................... (63,721,366) (63,603,167)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .............................................................. (45,299,082) 63,438,984
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Total .............................................................................. (244,259,082) (670,806,064)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (558,688,579) (327,600,642)
========================================
ENDING NET ASSETS ..................................................................... $ 1,412,668,234 $ 1,971,356,813
========================================
SMALL COMPANY GROWTH FUND
----------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................... $ 492,337,925 $ 522,825,075
OPERATIONS
Net investment income (loss) ....................................................... (1,668,454) (3,995,797)
Net realized gain (loss) on investments ............................................ (18,120,048) 67,505,922
Net change in unrealized appreciation (depreciation) of investments ................ (82,538,118) 20,587,131
----------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... (102,326,620) 84,097,256
----------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ......................................................................... 0 0
Class B ......................................................................... 0 0
Class C ......................................................................... 0 0
Class D ......................................................................... NA NA
Administrator Class ............................................................. 0 0
Institutional Class ............................................................. NA NA
Net realized gain on sales of investments
Class A ......................................................................... (490,841) (492,194)
Class B ......................................................................... (107,725) (138,906)
Class C ......................................................................... (44,068) (38,228)
Administrator Class ............................................................. (65,772,893) (80,941,828)
Institutional Class ............................................................. NA NA
----------------------------------------
Total distributions to shareholders ................................................... (66,415,527) (81,611,156)
----------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................ 683,222 1,548,894
Reinvestment of distributions - Class A ............................................ 475,468 482,840
Cost of shares redeemed - Class A .................................................. (693,305) (1,995,831)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .......................................................................... 465,385 35,903
----------------------------------------
Proceeds from shares sold - Class B ................................................ 135,196 50,386
Reinvestment of distributions - Class B ............................................ 98,709 128,419
Cost of shares redeemed - Class B .................................................. (220,097) (317,641)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .......................................................................... 13,808 (138,836)
----------------------------------------
Proceeds from shares sold - Class C ................................................ 9,496 121,499
Reinvestment of distributions - Class C ............................................ 43,147 37,339
Cost of shares redeemed - Class C .................................................. (36,811) (45,988)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .......................................................................... 15,832 112,850
----------------------------------------
Proceeds from shares sold - Class Z ................................................ NA NA
Reinvestment of distributions - Class Z ............................................ NA NA
Cost of shares redeemed - Class Z .................................................. NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class Z .......................................................................... NA NA
----------------------------------------
Proceeds from shares sold - Administrator Class .................................... 22,800,269 64,186,595
Reinvestment of distributions - Administrator Class ................................ 65,145,244 80,145,834
Cost of shares redeemed - Administrator Class ...................................... (51,953,338) (177,315,596)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .............................................................. 35,992,175 (32,983,167)
----------------------------------------
Proceeds from shares sold - Institutional Class .................................... NA NA
Reinvestment of distributions - Institutional Class ................................ NA NA
Cost of shares redeemed - Institutional Class ...................................... NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .............................................................. NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Total .............................................................................. 36,487,200 (32,973,250)
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (132,254,947) (30,487,150)
========================================
ENDING NET ASSETS ..................................................................... $ 360,082,978 $ 492,337,925
========================================
SMALL COMPANY VALUE FUND
----------------------------------------
For the For the
Year Ended Year Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................... $ 407,917,965 $ 372,392,902
OPERATIONS
Net investment income (loss) ....................................................... 880,010 683,864
Net realized gain (loss) on investments ............................................ (29,779,870) 41,172,045
Net change in unrealized appreciation (depreciation) of investments ................ (47,437,448) (19,742,484)
----------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... (76,337,308) 22,113,425
----------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ......................................................................... (16,108) NA
Class B ......................................................................... 0 0
Class C ......................................................................... 0 0
Class D ......................................................................... NA NA
Administrator Class ............................................................. (1,154,819) (114,943)
Institutional Class ............................................................. NA NA
Net realized gain on sales of investments
Class A ......................................................................... (5,705,981) (5,803,424)
Class B ......................................................................... (967,402) (991,292)
Class C ......................................................................... (350,304) (341,400)
Administrator Class ............................................................. (29,100,468) (19,838,953)
Institutional Class ............................................................. NA NA
----------------------------------------
Total distributions to shareholders ................................................... (37,295,082) (27,090,012)
----------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................ 13,321,126 32,409,896
Reinvestment of distributions - Class A ............................................ 5,632,380 5,610,555
Cost of shares redeemed - Class A .................................................. (27,158,674) (52,615,902)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A .......................................................................... (8,205,168) (14,595,451)
----------------------------------------
Proceeds from shares sold - Class B ................................................ 87,326 294,097
Reinvestment of distributions - Class B ............................................ 946,526 954,080
Cost of shares redeemed - Class B .................................................. (2,185,625) (4,113,588)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class B .......................................................................... (1,151,773) (2,865,411)
----------------------------------------
Proceeds from shares sold - Class C ................................................ 191,589 263,708
Reinvestment of distributions - Class C ............................................ 320,115 314,131
Cost of shares redeemed - Class C .................................................. (1,024,600) (1,463,659)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C .......................................................................... (512,896) (885,820)
----------------------------------------
Proceeds from shares sold - Class Z ................................................ NA NA
Reinvestment of distributions - Class Z ............................................ NA NA
Cost of shares redeemed - Class Z .................................................. NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class Z .......................................................................... NA NA
----------------------------------------
Proceeds from shares sold - Administrator Class .................................... 50,696,993 295,092,069
Reinvestment of distributions - Administrator Class ................................ 29,796,871 19,453,705
Cost of shares redeemed - Administrator Class ...................................... (88,952,010) (255,697,442)
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class .............................................................. (8,458,146) 58,848,332
----------------------------------------
Proceeds from shares sold - Institutional Class .................................... NA NA
Reinvestment of distributions - Institutional Class ................................ NA NA
Cost of shares redeemed - Institutional Class ...................................... NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Institutional Class .............................................................. NA NA
----------------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Total .............................................................................. (18,327,983) 40,501,650
----------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (131,960,373) 35,525,063
========================================
ENDING NET ASSETS ..................................................................... $ 275,957,592 $ 407,917,965
========================================
58 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
LARGE CAP APPRECIATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 745,570 1,404,038
Shares issued in reinvestment of distributions - Class A ............................... 178,175 238,752
Shares redeemed - Class A .............................................................. (890,634) (2,173,307)
-------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ 33,111 (530,517)
-------------------------------
Shares sold - Class B .................................................................. 40,400 26,640
Shares issued in reinvestment of distributions - Class B ............................... 20,325 24,959
Shares redeemed - Class B .............................................................. (83,174) (96,959)
-------------------------------
Net increase (decrease) in shares outstanding - Class B ................................ (22,449) (45,360)
-------------------------------
Shares sold - Class C .................................................................. 6,496 10,224
Shares issued in reinvestment of distributions - Class C ............................... 5,010 5,870
Shares redeemed - Class C .............................................................. (16,483) (31,729)
-------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ (4,977) (15,635)
-------------------------------
Shares sold - Class Z .................................................................. NA NA
Shares issued in reinvestment of distributions - Class Z ............................... NA NA
Shares redeemed - Class Z .............................................................. NA NA
-------------------------------
Net increase (decrease) in shares outstanding - Class Z ................................ NA NA
-------------------------------
Shares sold - Administrator Class ...................................................... 425,524 1,223,753
Shares issued in reinvestment of distributions - Administrator Class ................... 273,693 289,624
Shares redeemed - Administrator Class .................................................. (469,521) (1,872,493)
-------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................... 229,696 (359,116)
-------------------------------
Shares sold - Institutional Class ...................................................... 491,982 2,159,330
Shares issued in reinvestment of distributions - Institutional Class ................... 54,670 71
Shares redeemed - Institutional Class .................................................. (490,287) (1,442,439)
-------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... 56,365 716,962
-------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... $ 291,746 $ (233,666)
===============================
Ending balance of undistributed net investment income (loss) .............................. 12,929 13,559
-------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statements of Changes in Net Assets Wells Fargo Equity Gateway Funds 59
LARGE COMPANY GROWTH FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 1,272,709 2,100,175
Shares issued in reinvestment of distributions - Class A ............................... 0 0
Shares redeemed - Class A .............................................................. (1,790,835) (4,011,168)
----------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ (518,126) (1,910,993)
----------------------------------
Shares sold - Class B .................................................................. 20,493 37,648
Shares issued in reinvestment of distributions - Class B ............................... 0 0
Shares redeemed - Class B .............................................................. (370,536) (1,190,756)
----------------------------------
Net increase (decrease) in shares outstanding - Class B ................................ (350,043) (1,153,108)
----------------------------------
Shares sold - Class C .................................................................. 3,203 7,460
Shares issued in reinvestment of distributions - Class C ............................... 0 0
Shares redeemed - Class C .............................................................. (46,171) (99,632)
----------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ (42,968) (92,172)
----------------------------------
Shares sold - Class Z .................................................................. 40,862 102,159
Shares issued in reinvestment of distributions - Class Z ............................... 0 18
Shares redeemed - Class Z .............................................................. (128,623) (529,292)
----------------------------------
Net increase (decrease) in shares outstanding - Class Z ................................ (87,761) (427,115)
----------------------------------
Shares sold - Administrator Class ...................................................... 2,506,326 5,297,812
Shares issued in reinvestment of distributions - Administrator Class ................... 0 80
Shares redeemed - Administrator Class .................................................. (5,519,334) (15,866,181)
----------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................... (3,013,008) (10,568,289)
----------------------------------
Shares sold - Institutional Class ...................................................... 339,938 2,382,624
Shares issued in reinvestment of distributions - Institutional Class ................... 0 0
Shares redeemed - Institutional Class .................................................. (1,200,421) (1,217,267)
----------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... (860,483) 1,165,357
----------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... $ (4,872,389) $(12,986,320)
==================================
Ending balance of undistributed net investment income (loss) .............................. 2,285,373 2,771,375
----------------------------------
SMALL COMPANY GROWTH FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 27,452 53,304
Shares issued in reinvestment of distributions - Class A ............................... 20,198 17,425
Shares redeemed - Class A .............................................................. (30,297) (67,637)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ 17,353 3,092
--------------------------------
Shares sold - Class B .................................................................. 5,643 1,679
Shares issued in reinvestment of distributions - Class B ............................... 4,366 4,760
Shares redeemed - Class B .............................................................. (10,092) (10,882)
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................ (83) (4,443)
--------------------------------
Shares sold - Class C .................................................................. 458 4,143
Shares issued in reinvestment of distributions - Class C ............................... 1,889 1,372
Shares redeemed - Class C .............................................................. (1,389) (1,599)
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ 958 3,916
--------------------------------
Shares sold - Class Z .................................................................. NA NA
Shares issued in reinvestment of distributions - Class Z ............................... NA NA
Shares redeemed - Class Z .............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class Z ................................ NA NA
--------------------------------
Shares sold - Administrator Class ...................................................... 986,142 2,191,039
Shares issued in reinvestment of distributions - Administrator Class ................... 2,729,168 2,866,446
Shares redeemed - Administrator Class .................................................. (2,010,947) (5,954,776)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................... 1,704,363 (897,291)
--------------------------------
Shares sold - Institutional Class ...................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class ................... NA NA
Shares redeemed - Institutional Class .................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... NA NA
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... $ 1,722,591 $ (894,726)
================================
Ending balance of undistributed net investment income (loss) .............................. (2,508,620) (840,166)
--------------------------------
SMALL COMPANY VALUE FUND
---------------------------------
For the
For the For the
Year Ended Year Ended
(Unaudited) September 30, 2007
- -------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A .................................................................. 1,095,509 2,019,109
Shares issued in reinvestment of distributions - Class A ............................... 476,892 356,226
Shares redeemed - Class A .............................................................. (2,200,674) (3,288,816)
--------------------------------
Net increase (decrease) in shares outstanding - Class A ................................ (628,273) (913,481)
--------------------------------
Shares sold - Class B .................................................................. 6,523 19,298
Shares issued in reinvestment of distributions - Class B ............................... 84,966 63,352
Shares redeemed - Class B .............................................................. (186,741) (270,106)
--------------------------------
Net increase (decrease) in shares outstanding - Class B ................................ (95,252) (187,456)
--------------------------------
Shares sold - Class C .................................................................. 16,372 17,500
Shares issued in reinvestment of distributions - Class C ............................... 28,762 20,859
Shares redeemed - Class C .............................................................. (89,370) (96,468)
--------------------------------
Net increase (decrease) in shares outstanding - Class C ................................ (44,236) (58,109)
--------------------------------
Shares sold - Class Z .................................................................. NA NA
Shares issued in reinvestment of distributions - Class Z ............................... NA NA
Shares redeemed - Class Z .............................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Class Z ................................ NA NA
--------------------------------
Shares sold - Administrator Class ...................................................... 4,116,949 18,260,519
Shares issued in reinvestment of distributions - Administrator Class ................... 2,485,891 1,222,806
Shares redeemed - Administrator Class .................................................. (7,082,951) (15,795,039)
--------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................... (480,111) 3,688,286
--------------------------------
Shares sold - Institutional Class ...................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class ................... NA NA
Shares redeemed - Institutional Class .................................................. NA NA
--------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................... NA NA
--------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... $ (1,247,872) $ 2,529,240
================================
Ending balance of undistributed net investment income (loss) .............................. 1,159,259 1,450,176
--------------------------------
60 Wells Fargo Equity Gateway Funds Statements of Changes in Net Assets
STRATEGIC SMALL CAP VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2008 Period Ended
(Unaudited) September 30, 2007
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................................. $ 343,634 $ 0
Net investment income (loss) .......................................................... (74) (354)
Net realized gain (loss) on investments ............................................... (7,944) (2,517)
Net change in unrealized appreciation (depreciation) of investments ................... (58,972) (536)
------------------------------
Net increase (decrease) in net assets resulting from operations .......................... (66,990) (3,407)
------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................................ 0 0
Class C ............................................................................ 0 0
Administrator Class ................................................................ (379) 0
Net realized gain on sales of investments
Class A ............................................................................ (428) 0
Class C ............................................................................ (344) 0
Administrator Class ................................................................ (20) 0
------------------------------
Total distributions to shareholders ...................................................... (1,171) 0
------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................... 159,883 212,672
Reinvestment of distributions - Class A ............................................... 428 0
Cost of shares redeemed - Class A ..................................................... (6,431) (9,079)
------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class A ............................................................................ 153,880 203,593
------------------------------
Proceeds from shares sold - Class C ................................................... 110,869 179,680
Reinvestment of distributions - Class C ............................................... 338 0
Cost of shares redeemed - Class C ..................................................... 0 (50,524)
------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Class C ............................................................................ 111,207 129,156
------------------------------
Proceeds from shares sold - Administrator Class ....................................... 0 14,292
Reinvestment of distributions - Administrator Class ................................... 398 0
Cost of shares redeemed - Administrator Class ......................................... (4,493) 0
------------------------------
Net increase (decrease) in net assets resulting from capital share transaction -
Administrator Class ................................................................ (4,095) 14,292
------------------------------
Net increase (decrease) in net assets resulting from capital share transaction - Total ... 260,992 347,041
------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... 192,831 343,634
==============================
ENDING NET ASSETS ........................................................................ $ 536,465 $ 343,634
==============================
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................. 17,674 20,473
Shares issued in reinvestment of distributions - Class A .............................. 45 0
Shares redeemed - Class A ............................................................. (632) (844)
------------------------------
Net increase (decrease) in shares outstanding - Class A ............................... 17,087 19,629
------------------------------
Shares sold - Class C ................................................................. 11,988 17,122
Shares issued in reinvestment of distributions - Class C .............................. 36 0
Shares redeemed - Class C ............................................................. 0 (4,848)
------------------------------
Net increase (decrease) in shares outstanding - Class C ............................... 12,024 12,274
------------------------------
Shares sold - Administrator Class ..................................................... 0 1,417
Shares issued in reinvestment of distributions - Administrator Class .................. 43 0
Shares redeemed - Administrator Class ................................................. (417) 0
------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................... (374) 1,417
------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. $ 28,737 $ 33,320
==============================
Ending balance of undistributed net investment income (loss) ............................. (791) (338)
------------------------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
62 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.19 0.05 7 (1.34) (0.09) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.67 0.09 7 0.98 (0.11) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.27 0.05 7 0.40 (0.03) (0.07)
July 26, 2004 9 to October 31, 2004 .................. $ 8.01 0.00 0.26 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.08 0.01 7 (1.33) 0.00 (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02 7 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.26 (0.01) 7 0.40 (0.02) (0.07)
July 26, 2004 9 to October 31, 2004 .................. $ 8.01 (0.01) 0.26 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.08 0.01 7 (1.33) (0.01) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02 7 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.26 (0.01) 7 0.40 (0.02) (0.07)
July 26, 2004 9 to October 31, 2004 .................. $ 8.01 (0.01) 0.26 0.00 0.00
Class D
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.19 0.05 7 (1.34) (0.09) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.67 0.10 7 0.97 (0.11) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.27 0.05 7 0.40 (0.03) (0.07)
November 1, 2003 to October 31, 2004 ................. $ 7.42 0.03 0.85 (0.03) 0.00
November 1, 2002 to October 31, 2003 ................. $ 6.49 0.05 1.61 (0.05) (0.68)
November 1, 2001 to October 31, 2002 ................. $ 7.13 0.05 (0.38) (0.05) (0.26)
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.22 0.06 7 (1.34) (0.12) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.69 0.12 7 0.98 (0.13) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.64 0.13 1.16 (0.06) (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.27 0.07 7 0.41 (0.04) (0.07)
July 26, 2004 9 to October 31, 2004 .................. $ 8.01 0.01 0.25 0.00 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 10.27 0.07 7 (1.34) (0.14) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.74 0.15 7 0.97 (0.15) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.67 0.16 1.17 (0.08) (0.18)
November 1, 2004 8 to September 30, 2005 ............. $ 8.28 0.09 7 0.41 (0.04) (0.07)
July 26, 2004 9 to October 31, 2004 .................. $ 8.01 0.02 0.25 0.00 0.00
- --------------------------------------------------------------------------------
1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
3 Calculated on the basis of the Fund as a whole without distinguising
between the clases of shares issued.
4 Includes net expenses allocated from Portfolio(s) in which the Fund
invests.
5 Portfolio turnover rate represents the activity from the Fund's investment
in a single Portfolio.
6 Portfolio turnover rate is canculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Portfolio
by the corresponding Portfolio's portfolio turnover rate.
7 Calculated based upon average shares outstanding.
8 The Fund changed its fiscal year end from October 31 to September 30.
9 Commencement of operations.
10 Effective July 9, 2007, the investment adviser voluntarily waived expenses
to further lower the net operating expense ratios by an additional 0.02%
with respect to Class A, Class B and Class C shares of the Fund.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 63
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- ---------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.41 1.05% 1.32% (0.12)% 1.20%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.19 0.94% 1.30% (0.10)% 1.20%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.67 1.25% 1.30% (0.10)% 1.20%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.62 0.63% 1.35% (0.15)% 1.20%
July 26, 2004 9 to October 31, 2004 ................... 0.00 $ 8.27 0.18% 1.60% (0.40)% 1.20%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.36 0.29% 2.07% (0.12)% 1.95%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.08 0.18% 2.05% (0.10)% 1.95%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.58 0.48% 2.05% (0.10)% 1.95%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.56 (0.11)% 2.10% (0.15)% 1.95%
July 26, 2004 9 to October 31, 2004 ................... 0.00 $ 8.26 (0.60)% 2.35% (0.40)% 1.95%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.35 0.29% 2.06% (0.11)% 1.95%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.08 0.19% 2.05% (0.10)% 1.95%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.58 0.49% 2.05% (0.10)% 1.95%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.56 (0.12)% 2.10% (0.15)% 1.95%
July 26, 2004 9 to October 31, 2004 ................... 0.00 $ 8.26 (0.58)% 2.35% (0.40)% 1.95%
Class D
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.41 1.07% 1.32% (0.12)% 1.20%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.19 0.95% 1.30% (0.10)% 1.20%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.67 1.22% 1.30% (0.10)% 1.20%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.62 0.67% 1.35% (0.15)% 1.20%
November 1, 2003 to October 31, 2004 .................. 0.00 $ 8.27 0.40% 1.30% (0.14)% 1.16%
November 1, 2002 to October 31, 2003 .................. 0.00 $ 7.42 0.76% 1.20% (0.04)% 1.16%
November 1, 2001 to October 31, 2002 .................. 0.00 $ 6.49 0.59% 1.60% (0.46)% 1.14%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.42 1.33% 1.14% (0.19)% 0.95%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.22 1.23% 1.12% (0.17)% 0.95%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.69 1.48% 1.12% (0.17)% 0.95%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.64 0.83% 1.13% (0.18)% 0.95%
July 26, 2004 9 to October 31, 2004 .................. 0.00 $ 8.27 0.47% 1.39% (0.44)% 0.95%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ......... 0.00 $ 8.46 1.59% 0.87% (0.17)% 0.70%
October 1, 2006 to September 30, 2007 ................. 0.00 $ 10.27 1.45% 0.85% (0.15)% 0.70%
October 1, 2005 to September 30, 2006 ................. 0.00 $ 9.74 1.74% 0.85% (0.15)% 0.70%
November 1, 2004 8 to September 30, 2005 .............. 0.00 $ 8.67 1.14% 0.90% (0.20)% 0.70%
July 26, 2004 9 to October 31, 2004 ................... 0.00 $ 8.28 0.91% 1.22% (0.52)% 0.70%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
- ------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ......... (13.07)% 10% 5 $ 55,326
October 1, 2006 to September 30, 2007 ................. 11.20% 24% 5 $ 72,865
October 1, 2005 to September 30, 2006 ................. 15.02% 29% 5 $ 57,288
November 1, 2004 8 to September 30, 2005 .............. 5.45% 25% 5 $ 51,719
July 26, 2004 9 to October 31, 2004 ................... 3.25% 30% $ 11,408
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ......... (13.42)% 10% 5 $ 17,375
October 1, 2006 to September 30, 2007 ................. 10.33% 24% 5 $ 25,029
October 1, 2005 to September 30, 2006 ................. 14.20% 29% 5 $ 26,082
November 1, 2004 8 to September 30, 2005 .............. 4.70% 25% 5 $ 24,296
July 26, 2004 9 to October 31, 2004 ................... 3.12% 30% $ 5,790
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ......... (13.43)% 10% 5 $ 11,978
October 1, 2006 to September 30, 2007 ................. 10.34% 24% 5 $ 16,926
October 1, 2005 to September 30, 2006 ................. 14.20% 29% 5 $ 15,120
November 1, 2004 8 to September 30, 2005 .............. 4.71% 25% 5 $ 13,075
July 26, 2004 9 to October 31, 2004 ................... 3.12% 30% $ 2,732
Class D
October 1, 2007 to March 31, 2008 (Unaudited) ......... (13.04)% 10% 5 $ 188,684
October 1, 2006 to September 30, 2007 ................. 11.20% 24% 5 $ 222,142
October 1, 2005 to September 30, 2006 ................. 15.01% 29% 5 $ 163,397
November 1, 2004 8 to September 30, 2005 .............. 5.44% 25% 5 $ 163,464
November 1, 2003 to October 31, 2004 .................. 11.88% 30% $ 50,790
November 1, 2002 to October 31, 2003 .................. 28.34% 26% $ 20,419
November 1, 2001 to October 31, 2002 .................. (5.14)% 39% $ 14,383
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ......... (12.97)% 10% 5 $ 313,879
October 1, 2006 to September 30, 2007 ................. 11.52% 24% 5 $ 590,511
October 1, 2005 to September 30, 2006 ................. 15.24% 29% 5 $ 241,435
November 1, 2004 8 to September 30, 2005 .............. 5.74% 25% 5 $ 201,181
July 26, 2004 9 to October 31, 2004 .................. 3.37% 30% $ 9,627
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) (12.78)% 10% 5 $ 31,652
October 1, 2006 to September 30, 2007 11.69% 24% 5 $ 57,189
October 1, 2005 to September 30, 2006 15.63% 29% 5 $ 70,113
November 1, 2004 8 to September 30, 2005 6.05% 25% 5 $ 63,303
July 26, 2004 9 to October 31, 2004 3.37% 30% $ 15,030
64 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 42.92 0.11 7 (5.60) (0.25) (5.77)
October 1, 2006 to September 30, 2007 ............. $ 40.36 0.23 7 6.33 (0.21) (3.79)
October 1, 2005 to September 30, 2006 ............. $ 41.90 0.22 7 3.31 (0.12) (4.96)
October 1, 2004 to September 30, 2005 ............. $ 39.91 0.28 7 5.22 (0.32) (3.19)
October 1, 2003 to September 30, 2004 ............. $ 35.61 0.15 4.41 (0.26) 0.00
October 1, 2002 to September 30, 2003 ............. $ 29.00 0.13 6.59 (0.11) 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 40.68 (0.03) 7 (5.28) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ............. $ 38.53 (0.08) 7 6.02 0.00 (3.79)
October 1, 2005 to September 30, 2006 ............. $ 40.38 (0.07) 7 3.18 0.00 (4.96)
October 1, 2004 to September 30, 2005 ............. $ 38.55 (0.01) 7 5.03 0.00 (3.19)
October 1, 2003 to September 30, 2004 ............. $ 34.43 (0.40) 4.52 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 28.15 (0.19) 6.47 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 41.38 (0.03) 7 (5.39) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ............. $ 39.13 (0.07) 7 6.11 0.00 (3.79)
October 1, 2005 to September 30, 2006 ............. $ 40.94 (0.07) 7 3.22 0.00 (4.96)
October 1, 2004 to September 30, 2005 ............. $ 39.04 (0.02) 7 5.11 0.00 (3.19)
October 1, 2003 to September 30, 2004 ............. $ 34.90 (0.37) 4.54 (0.03) 0.00
October 1, 2002 to September 30, 2003 ............. $ 28.56 (0.05) 6.39 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 43.03 0.15 7 (5.60) (0.34) (5.77)
October 1, 2006 to September 30, 2007 ............. $ 40.46 0.33 7 6.33 (0.30) (3.79)
October 1, 2005 to September 30, 2006 ............. $ 41.98 0.32 7 3.33 (0.21) (4.96)
October 1, 2004 to September 30, 2005 ............. $ 39.96 0.39 7 5.22 (0.40) (3.19)
October 1, 2003 to September 30, 2004 ............. $ 35.64 0.26 4.39 (0.33) 0.00
October 1, 2002 to September 30, 2003 ............. $ 29.04 0.24 6.57 (0.21) 0.00
DIVERSIFIED SMALL CAP FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 14.89 0.00 (2.44) (0.01) (1.64)
October 1, 2006 to September 30, 2007 ............. $ 14.66 (0.03) 1.96 0.00 (1.70)
October 1, 2005 to September 30, 2006 ............. $ 14.97 (0.02) 1.01 0.00 (1.30)
October 1, 2004 to September 30, 2005 ............. $ 13.41 (0.02) 2.63 0.00 (1.05)
October 1, 2003 to September 30, 2004 ............. $ 11.32 (0.04) 2.21 0.00 (0.08)
October 1, 2002 to September 30, 2003 ............. $ 8.70 (0.01) 2.71 0.00 (0.08)
EMERGING GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.40 (0.04) 7 (2.83) 0.00 (0.10)
January 31, 2007 9 to September 30, 2007 ......... $ 10.00 (0.06) 2.46 0.00 0.00
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.38 (0.06) 7 (2.82) 0.00 (0.10)
January 31, 2007 9 to September 30, 2007 ......... $ 10.00 (0.05) 2.43 0.00 0.00
EQUITY INCOME FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 31.80 0.18 7 (3.38) (0.17) (9.84)
October 1, 2006 to September 30, 2007 ............. $ 32.01 0.43 7 4.15 (0.51) (4.28)
October 1, 2005 to September 30, 2006 ............. $ 36.21 0.44 2.85 (0.46) (7.03)
October 1, 2004 to September 30, 2005 ............. $ 34.49 0.52 3.74 (0.52) (2.02)
October 1, 2003 to September 30, 2004 ............. $ 31.32 0.45 4.59 (0.47) (1.40)
October 1, 2002 to September 30, 2003 ............. $ 28.74 0.46 5.04 (0.46) (2.46)
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 31.77 0.10 7 (3.40) (0.04) (9.84)
October 1, 2006 to September 30, 2007 ............. $ 32.03 0.20 7 4.14 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ............. $ 36.23 0.22 2.82 (0.21) (7.03)
October 1, 2004 to September 30, 2005 ............. $ 34.49 0.25 3.74 (0.23) (2.02)
October 1, 2003 to September 30, 2004 ............. $ 31.31 0.21 4.57 (0.20) (1.40)
October 1, 2002 to September 30, 2003 ............. $ 28.72 0.25 5.02 (0.22) (2.46)
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 65
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ---------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- ----------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 31.41 0.59% 1.42% (0.17)% 1.25%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 42.92 0.57% 1.43% (0.18)% 1.25%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 40.36 0.57% 1.42% (0.17)% 1.25%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 41.90 0.69% 1.41% (0.16)% 1.25%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 39.91 0.37% 1.37% (0.12)% 1.25%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 35.61 0.42% 1.54% (0.29)% 1.25%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 29.60 (0.17)% 2.17% (0.17)% 2.00%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 40.68 (0.19)% 2.18% (0.18)% 2.00%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 38.53 (0.19)% 2.17% (0.17)% 2.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 40.38 (0.03)% 2.16% (0.16)% 2.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 38.55 (0.40)% 2.12% (0.12)% 2.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 34.43 (0.33)% 2.31% (0.31)% 2.00%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 30.19 (0.16)% 2.16% (0.16)% 2.00%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 41.38 (0.18)% 2.18% (0.18)% 2.00%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 39.13 (0.19)% 2.17% (0.17)% 2.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 40.94 (0.04)% 2.16% (0.16)% 2.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 39.04 (0.38)% 2.12% (0.12)% 2.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 34.90 (0.33)% 2.28% (0.28)% 2.00%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 31.47 0.84% 1.24% (0.24)% 1.00%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 43.03 0.81% 1.25% (0.25)% 1.00%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 40.46 0.82% 1.24% (0.24)% 1.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 41.98 0.96% 1.15% (0.15)% 1.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 39.96 0.61% 1.04% (0.04)% 1.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 35.64 0.67% 1.17% (0.17)% 1.00%
DIVERSIFIED SMALL CAP FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 10.80 (0.02)% 1.32% (0.12)% 1.20%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 14.89 (0.21)% 1.36% (0.16)% 1.20%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 14.66 (0.14)% 1.31% (0.11)% 1.20%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 14.97 (0.17)% 1.26% (0.07)% 1.19%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 13.41 (0.33)% 1.21% (0.01)% 1.20%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 11.32 (0.13)% 1.27% (0.10)% 1.17%
EMERGING GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 9.43 (0.73)% 3.32% (2.12)% 1.20%
January 31, 2007 9 to September 30, 2007 ......... 0.00 $ 12.40 (0.80)% 10.20% (9.00)% 1.20%
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 9.40 (1.01)% 3.65% (2.16)% 1.49%
January 31, 2007 9 to September 30, 2007 ......... 0.00 $ 12.38 (1.12)% 5.86% (4.37)% 1.49%
EQUITY INCOME FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 18.59 1.58% 1.19% (0.09)% 1.10%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 31.80 1.38% 1.22% (0.12)% 1.10%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 32.01 1.43% 1.31% (0.21)% 1.10%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 36.21 1.49% 1.22% (0.12)% 1.10%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 34.49 1.32% 1.18% (0.08)% 1.10%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 31.32 1.57% 1.33% (0.23)% 1.10%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 18.59 0.83% 1.94% (0.09)% 1.85%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 31.77 0.64% 1.97% (0.12)% 1.85%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 32.03 0.69% 2.06% (0.21)% 1.85%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 36.23 0.76% 1.97% (0.12)% 1.85%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 34.49 0.57% 1.93% (0.08)% 1.85%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 31.31 0.82% 2.13% (0.28)% 1.85%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- --------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
- --------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... (14.33)% 16% 6 $ 108,878
October 1, 2006 to September 30, 2007 ............. 17.16% 36% 6 $ 131,810
October 1, 2005 to September 30, 2006 ............. 9.02% 35% 6 $ 119,122
October 1, 2004 to September 30, 2005 ............. 14.27% 42% 6 $ 118,140
October 1, 2003 to September 30, 2004 ............. 12.82% 32% 6 $ 101,649
October 1, 2002 to September 30, 2003 ............. 23.21% 32% 6 $ 76,292
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... (14.63)% 16% 6 $ 28,418
October 1, 2006 to September 30, 2007 ............. 16.24% 36% 6 $ 41,273
October 1, 2005 to September 30, 2006 ............. 8.21% 35% 6 $ 51,171
October 1, 2004 to September 30, 2005 ............. 13.44% 42% 6 $ 65,245
October 1, 2003 to September 30, 2004 ............. 11.97% 32% 6 $ 81,966
October 1, 2002 to September 30, 2003 ............. 22.31% 32% 6 $ 92,300
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... (14.65)% 16% 6 $ 4,813
October 1, 2006 to September 30, 2007 ............. 16.25% 36% 6 $ 6,504
October 1, 2005 to September 30, 2006 ............. 8.20% 35% 6 $ 6,451
October 1, 2004 to September 30, 2005 ............. 13.45% 42% 6 $ 7,170
October 1, 2003 to September 30, 2004 ............. 11.92% 32% 6 $ 7,798
October 1, 2002 to September 30, 2003 ............. 22.23% 32% 6 $ 9,463
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (14.21)% 16% 6 $ 860,400
October 1, 2006 to September 30, 2007 ............. 17.41% 36% 6 $ 1,084,181
October 1, 2005 to September 30, 2006 ............. 9.30% 35% 6 $ 1,145,044
October 1, 2004 to September 30, 2005 ............. 14.57% 42% 6 $ 1,180,748
October 1, 2003 to September 30, 2004 ............. 13.08% 32% 6 $ 1,178,146
October 1, 2002 to September 30, 2003 ............. 23.55% 32% 6 $ 1,152,692
DIVERSIFIED SMALL CAP FUND
- --------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (17.56)% 27% 6 $ 593,969
October 1, 2006 to September 30, 2007 ............. 13.75% 67% 6 $ 757,352
October 1, 2005 to September 30, 2006 ............. 6.93% 63% 6 $ 679,774
October 1, 2004 to September 30, 2005 ............. 20.09% 75% 6 $ 564,318
October 1, 2003 to September 30, 2004 ............. 19.23% 75% 6 $ 441,080
October 1, 2002 to September 30, 2003 ............. 31.32% 84% 6 $ 285,650
EMERGING GROWTH FUND
- --------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (23.31)% 95% 5 $ 18
January 31, 2007 9 to September 30, 2007 ......... 24.00% 125% 5 $ 18
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (23.43)% 95% 5 $ 4,733
January 31, 2007 9 to September 30, 2007 ......... 23.80% 125% 5 $ 3,242
EQUITY INCOME FUND
- --------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... (13.09)% 3% 5 $ 135,118
October 1, 2006 to September 30, 2007 ............. 15.36% 16% 5 $ 172,385
October 1, 2005 to September 30, 2006 ............. 10.73% 7% 5 $ 172,361
October 1, 2004 to September 30, 2005 ............. 12.74% 20% 5 $ 185,533
October 1, 2003 to September 30, 2004 ............. 16.43% 11% 5 $ 186,501
October 1, 2002 to September 30, 2003 ............. 20.12% 9% 5 $ 161,962
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... (13.43)% 3% 5 $ 14,725
October 1, 2006 to September 30, 2007 ............. 14.49% 16% 5 $ 23,822
October 1, 2005 to September 30, 2006 ............. 9.88% 7% 5 $ 39,233
October 1, 2004 to September 30, 2005 ............. 11.91% 20% 5 $ 59,606
October 1, 2003 to September 30, 2004 ............. 15.56% 11% 5 $ 80,298
October 1, 2002 to September 30, 2003 ............. 19.22% 9% 5 $ 98,690
66 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ------------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 33.37 0.10 7 (3.61) (0.04) (9.84)
October 1, 2006 to September 30, 2007 ................ $ 33.43 0.21 7 4.33 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ................ $ 37.49 0.23 2.94 (0.20) (7.03)
October 1, 2004 to September 30, 2005 ................ $ 35.61 0.27 3.86 (0.23) (2.02)
October 1, 2003 to September 30, 2004 ................ $ 32.26 0.22 4.70 (0.17) (1.40)
October 1, 2002 to September 30, 2003 ................ $ 29.52 0.25 5.19 (0.24) (2.46)
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 31.77 0.22 7 (3.39) (0.20) (9.84)
October 1, 2006 to September 30, 2007 ................ $ 31.96 0.51 7 4.14 (0.56) (4.28)
October 1, 2005 to September 30, 2006 ................ $ 36.17 0.53 2.82 (0.53) (7.03)
October 1, 2004 to September 30, 2005 ................ $ 34.45 0.62 3.73 (0.61) (2.02)
October 1, 2003 to September 30, 2004 ................ $ 31.28 0.54 4.59 (0.56) (1.40)
October 1, 2002 to September 30, 2003 ................ $ 28.72 0.55 5.02 (0.55) (2.46)
EQUITY VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 17.53 0.09 7 (2.43) (0.12) (1.17)
October 1, 2006 to September 30, 2007 ................ $ 15.12 0.12 7 2.77 (0.10) (0.38)
October 1, 2005 to September 30, 2006 ................ $ 13.82 0.09 1.32 (0.08) (0.03)
October 1, 2004 to September 30, 2005 ................ $ 11.48 0.10 7 2.31 (0.07) 0.00
October 1, 2003 to September 30, 2004 ................ $ 9.82 0.05 1.62 (0.01) 0.00
August 29, 2003 9 to September 30, 2003 ............. $ 10.00 0.00 (0.18) 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 17.31 0.03 7 (2.40) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $ 14.95 0.00 7 2.74 0.00 (0.38)
October 1, 2005 to September 30, 2006 ................ $ 13.69 0.00 1.29 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $ 11.40 0.01 7 2.28 0.00 0.00
October 1, 2003 to September 30, 2004 ................ $ 9.81 0.00 1.59 0.00 0.00
August 29, 2003 9 to September 30, 2003 ............. $ 10.00 (0.01) (0.18) 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 17.29 0.03 7 (2.41) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $ 14.95 0.00 7 2.74 (0.02) (0.38)
October 1, 2005 to September 30, 2006 ................ $ 13.69 (0.01) 1.30 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $ 11.40 0.01 7 2.29 (0.01) 0.00
October 1, 2003 to September 30, 2004 ................ $ 9.81 0.00 1.59 0.00 0.00
August 29, 2003 9 to September 30, 2003 ............. $ 10.00 (0.01) (0.18) 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 17.82 0.10 7 (2.47) (0.14) (1.17)
October 1, 2006 to September 30, 2007 ................ $ 15.36 0.16 7 2.82 (0.14) (0.38)
October 1, 2005 to September 30, 2006 ................ $ 13.96 0.14 1.33 (0.04) (0.03)
October 1, 2004 to September 30, 2005 ................ $ 11.51 0.08 7 2.38 (0.01) 0.00
October 1, 2003 to September 30, 2004 ................ $ 9.82 0.05 1.65 (0.01) 0.00
August 29, 2003 9 to September 30, 2003 ............. $ 10.00 0.00 (0.18) 0.00 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 17.84 0.13 7 (2.47) (0.18) (1.17)
October 1, 2006 to September 30, 2007 ................ $ 15.36 0.19 7 2.82 (0.15) (0.38)
August 31, 2006 9 to September 30, 2006 ............. $ 15.17 0.01 0.18 0.00 0.00
GROWTH EQUITY FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ........ $ 29.88 (0.01) 7 (4.06) (0.06) (5.40)
October 1, 2006 to September 30, 2007 ................ $ 28.42 0.01 7 4.78 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $ 30.80 0.01 7 2.24 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $ 27.70 0.04 7 4.63 0.00 (1.57)
October 1, 2003 to September 30, 2004 ................ $ 24.64 (0.08) 7 3.14 0.00 0.00
October 1, 2002 to September 30, 2003 ................ $ 19.50 (0.08) 7 5.22 0.00 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 67
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ---------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- -----------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 19.98 0.82% 1.91% (0.06)% 1.85%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 33.37 0.64% 1.97% (0.12)% 1.85%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 33.43 0.69% 2.06% (0.21)% 1.85%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 37.49 0.77% 1.97% (0.12)% 1.85%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 35.61 0.58% 1.93% (0.08)% 1.85%
October 1, 2002 to September 30, 2003 .............. 0.00 $ 32.26 0.82% 2.07% (0.22)% 1.85%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 18.56 1.83% 1.01% (0.16)% 0.85%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 31.77 1.64% 1.04% (0.19)% 0.85%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 31.96 1.70% 1.13% (0.28)% 0.85%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 36.17 1.75% 0.96% (0.11)% 0.85%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 34.45 1.58% 0.85% (0.01)% 0.84%
October 1, 2002 to September 30, 2003 .............. 0.00 $ 31.28 1.83% 0.94% (0.09)% 0.85%
EQUITY VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 13.90 1.12% 1.37% (0.12)% 1.25%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 17.53 0.73% 1.35% (0.10)% 1.25%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 15.12 0.71% 1.52% (0.27)% 1.25%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 13.82 0.80% 2.48% (1.23)% 1.25%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 11.48 0.54% 10.90% (9.65)% 1.25%
August 29, 2003 9 to September 30, 2003 ........... 0.00 $ 9.82 (0.26)% 196.38% (195.13)% 1.25%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 13.77 0.37% 2.11% (0.11)% 2.00%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 17.31 (0.01)% 2.10% (0.10)% 2.00%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 14.95 (0.04)% 2.27% (0.27)% 2.00%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 13.69 0.07% 3.25% (1.25)% 2.00%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 11.40 (0.19)% 11.20% (9.20)% 2.00%
August 29, 2003 9 to September 30, 2003 ........... 0.00 $ 9.81 (1.08)% 189.72% (187.72)% 2.00%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 13.74 0.35% 2.11% (0.11)% 2.00%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 17.29 (0.01)% 2.10% (0.10)% 2.00%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 14.95 (0.03)% 2.27% (0.27)% 2.00%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 13.69 0.06% 3.26% (1.26)% 2.00%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 11.40 (0.19)% 11.11% (9.11)% 2.00%
August 29, 2003 9 to September 30, 2003 ........... 0.00 $ 9.81 (0.64)% 209.42% (207.42)% 2.00%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 14.14 1.33% 1.19% (0.19)% 1.00%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 17.82 0.98% 1.17% (0.17)% 1.00%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 15.36 0.96% 1.34% (0.34)% 1.00%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 13.96 0.67% 2.04% (1.04)% 1.00%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 11.51 0.77% 9.22% (8.22)% 1.00%
August 29, 2003 9 to September 30, 2003 ........... 0.00 $ 9.82 (0.33)% 211.67% (210.67)% 1.00%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 14.15 1.62% 0.92% (0.17)% 0.75%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 17.84 1.13% 0.90% (0.15)% 0.75%
August 31, 2006 9 to September 30, 2006 ........... 0.00 $ 15.36 0.82% 0.97% (0.32)% 0.65%
GROWTH EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $ 20.35 (0.09)% 1.62% (0.12)% 1.50%
October 1, 2006 to September 30, 2007 .............. 0.00 $ 29.88 0.05% 1.60% (0.10)% 1.50%
October 1, 2005 to September 30, 2006 .............. 0.00 $ 28.42 0.02% 1.57% (0.08)% 1.49%
October 1, 2004 to September 30, 2005 .............. 0.00 $ 30.80 0.15% 1.60% (0.10)% 1.50%
October 1, 2003 to September 30, 2004 .............. 0.00 $ 27.70 (0.28)% 1.60% (0.10)% 1.50%
October 1, 2002 to September 30, 2003 .............. 0.00 $ 24.64 (0.38)% 1.82% (0.32)% 1.50%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ---------------------------------------------------------------------------------------------
EQUITY INCOME FUND (continued)
- ---------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... (13.42)% 3% 5 $ 3,372
October 1, 2006 to September 30, 2007 .............. 14.48% 16% 5 $ 4,579
October 1, 2005 to September 30, 2006 .............. 9.90% 7% 5 $ 4,903
October 1, 2004 to September 30, 2005 .............. 11.90% 20% 5 $ 6,937
October 1, 2003 to September 30, 2004 .............. 15.54% 11% 5 $ 9,083
October 1, 2002 to September 30, 2003 .............. 19.27% 9% 5 $ 10,689
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (12.99)% 3% 5 $ 98,899
October 1, 2006 to September 30, 2007 .............. 15.65% 16% 5 $209,112
October 1, 2005 to September 30, 2006 .............. 10.98% 7% 5 $530,585
October 1, 2004 to September 30, 2005 .............. 13.04% 20% 5 $756,225
October 1, 2003 to September 30, 2004 .............. 16.74% 11% 5 $853,843
October 1, 2002 to September 30, 2003 .............. 20.42% 9% 5 $907,662
EQUITY VALUE FUND
- ---------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (14.15)% 56% 5 $ 6,163
October 1, 2006 to September 30, 2007 .............. 19.50% 108% 5 $ 5,714
October 1, 2005 to September 30, 2006 .............. 10.23% 107% 5 $ 4,537
October 1, 2004 to September 30, 2005 .............. 21.06% 145% 5 $ 3,796
October 1, 2003 to September 30, 2004 .............. 16.96% 122% 5 $ 1,645
August 29, 2003 9 to September 30, 2003 ........... (1.80)% 3% 5 $ 76
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... (14.47)% 56% 5 $ 2,329
October 1, 2006 to September 30, 2007 .............. 18.61% 108% 5 $ 3,077
October 1, 2005 to September 30, 2006 .............. 9.43% 107% 5 $ 2,682
October 1, 2004 to September 30, 2005 .............. 20.09% 145% 5 $ 2,245
October 1, 2003 to September 30, 2004 .............. 16.21% 122% 5 $ 1,142
August 29, 2003 9 to September 30, 2003 ........... (1.90)% 3% 5 $ 37
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... (14.55)% 56% 5 $ 1,353
October 1, 2006 to September 30, 2007 .............. 18.60% 108% 5 $ 974
October 1, 2005 to September 30, 2006 .............. 9.43% 107% 5 $ 417
October 1, 2004 to September 30, 2005 .............. 20.20% 145% 5 $ 430
October 1, 2003 to September 30, 2004 .............. 16.21% 122% 5 $ 295
August 29, 2003 9 to September 30, 2003 ........... (1.90)% 3% 5 $ 12
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (14.11)% 56% 5 $176,022
October 1, 2006 to September 30, 2007 .............. 19.80% 108% 5 $ 85,370
October 1, 2005 to September 30, 2006 .............. 10.60% 107% 5 $ 71,801
October 1, 2004 to September 30, 2005 .............. 21.40% 145% 5 $ 63,194
October 1, 2003 to September 30, 2004 .............. 17.30% 122% 5 $ 366
August 29, 2003 9 to September 30, 2003 ........... (1.80)% 3% 5 $ 10
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (13.95)% 56% 5 $ 63,357
October 1, 2006 to September 30, 2007 .............. 20.01% 108% 5 $ 62,639
August 31, 2006 9 to September 30, 2006 ........... 1.25% 107% 5 $ 10
GROWTH EQUITY FUND
- ---------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (15.74)% 17% 6 $ 25,709
October 1, 2006 to September 30, 2007 .............. 17.92% 42% 6 $ 34,409
October 1, 2005 to September 30, 2006 .............. 7.80% 39% 6 $ 26,448
October 1, 2004 to September 30, 2005 .............. 17.27% 50% 6 $ 22,769
October 1, 2003 to September 30, 2004 .............. 12.38% 44% 6 $ 18,742
October 1, 2002 to September 30, 2003 .............. 26.36% 58% 6 $ 15,576
68 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 26.18 (0.09) 7 (3.48) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ............... $ 25.45 (0.18) 7 4.24 0.00 (3.33)
October 1, 2005 to September 30, 2006 ............... $ 28.23 (0.19) 7 2.04 0.00 (4.63)
October 1, 2004 to September 30, 2005 ............... $ 25.69 (0.16) 7 4.27 0.00 (1.57)
October 1, 2003 to September 30, 2004 ............... $ 23.02 (0.28) 7 2.95 0.00 0.00
October 1, 2002 to September 30, 2003 ............... $ 18.37 (0.23) 7 4.88 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 27.55 (0.09) 7 (3.70) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ............... $ 26.63 (0.19) 7 4.44 0.00 (3.33)
October 1, 2005 to September 30, 2006 ............... $ 29.32 (0.19) 7 2.13 0.00 (4.63)
October 1, 2004 to September 30, 2005 ............... $ 26.61 (0.17) 7 4.45 0.00 (1.57)
October 1, 2003 to September 30, 2004 ............... $ 23.87 (0.28) 7 3.02 0.00 0.00
October 1, 2002 to September 30, 2003 ............... $ 19.04 (0.25) 7 5.08 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 30.40 0.02 7 (4.15) (0.11) (5.40)
October 1, 2006 to September 30, 2007 ............... $ 28.84 0.07 7 4.86 (0.04) (3.33)
October 1, 2005 to September 30, 2006 ............... $ 31.17 0.07 7 2.29 (0.06) (4.63)
October 1, 2004 to September 30, 2005 ............... $ 27.97 0.12 7 4.68 (0.03) (1.57)
October 1, 2003 to September 30, 2004 ............... $ 24.82 (0.01) 7 3.16 0.00 0.00
October 1, 2002 to September 30, 2003 ............... $ 19.61 (0.03) 7 5.25 (0.01) 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 30.43 0.03 7 (4.13) (0.16) (5.40)
October 1, 2006 to September 30, 2007 ............... $ 28.86 0.14 7 4.86 (0.10) (3.33)
October 1, 2005 to September 30, 2006 ............... $ 31.19 0.13 7 2.29 (0.12) (4.63)
April 11, 2005 9 to September 30, 2005 ............. $ 28.50 0.03 7 2.66 0.00 0.00
INTERNATIONAL VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 20.21 0.16 7 (3.16) (0.36) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.75 0.48 7 3.07 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.13 0.35 7 2.32 0.00 (0.05)
October 1, 2004 to September 30, 2005 ............... $ 11.94 0.11 2.68 (0.23) (0.37)
October 31, 2003 9 to September 30, 2004 ........... $ 10.00 0.21 1.73 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 19.82 0.10 7 (3.11) (0.21) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.55 0.27 7 3.09 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.24 7 2.27 0.00 (0.05)
April 11, 2005 9 to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 19.90 0.09 7 (3.11) (0.25) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.54 0.30 7 3.07 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.21 7 2.29 0.00 (0.05)
April 11, 2005 9 to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 20.23 0.19 7 (3.16) (0.39) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.65 0.44 7 3.15 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.15 0.32 7 2.34 (0.11) (0.05)
April 11, 2005 9 to September 30, 2005 ............. $ 13.27 0.18 0.70 0.00 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 20.28 0.18 7 (3.15) (0.41) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.67 0.46 7 3.16 0.00 (0.01)
August 31, 2006 9 to September 30, 2006 ............ $ 16.52 0.01 7 0.14 0.00 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 69
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ---------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 17.21 (0.85)% 2.36% (0.11)% 2.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 26.18 (0.73)% 2.35% (0.10)% 2.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 25.45 (0.75)% 2.32% (0.08)% 2.24%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 28.23 (0.60)% 2.35% (0.10)% 2.25%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 25.69 (1.08)% 2.34% (0.09)% 2.25%
October 1, 2002 to September 30, 2003 ............... 0.00 $ 23.02 (1.13)% 2.59% (0.34)% 2.25%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 18.36 (0.84)% 2.35% (0.10)% 2.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 27.55 (0.70)% 2.35% (0.10)% 2.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 26.63 (0.71)% 2.33% (0.09)% 2.24%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 29.32 (0.62)% 2.35% (0.10)% 2.25%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 26.61 (1.05)% 2.34% (0.09)% 2.25%
October 1, 2002 to September 30, 2003 ............... 0.00 $ 23.87 (1.11)% 2.68% (0.43)% 2.25%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 20.76 0.16% 1.44% (0.19)% 1.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 30.40 0.26% 1.42% (0.17)% 1.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 28.84 0.26% 1.40% (0.15)% 1.25%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 31.17 0.42% 1.34% (0.09)% 1.25%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 27.97 (0.04)% 1.27% (0.03)% 1.24%
October 1, 2002 to September 30, 2003 ............... 0.00 $ 24.82 (0.12)% 1.45% (0.20)% 1.25%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 20.77 0.21% 1.15% (0.10)% 1.05%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 30.43 0.49% 1.15% (0.10)% 1.05%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 28.86 0.46% 1.12% (0.08)% 1.04%
April 11, 2005 9 to September 30, 2005 ............. 0.00 $ 31.19 0.19% 1.12% (0.07)% 1.05%
INTERNATIONAL VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 16.39 1.78% 1.78% (0.28)% 1.50%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 20.21 2.45% 1.64% (0.14)% 1.50%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 16.75 2.26% 6.14% (4.73)% 1.41%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 14.13 2.21% 33.96% (32.46)% 1.50%
October 31, 2003 9 to September 30, 2004 ........... 0.00 $ 11.94 2.46% 282.28% (280.78)% 1.50%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 16.14 1.11% 2.52% (0.27)% 2.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 19.82 1.43% 2.40% (0.15)% 2.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 16.55 1.52% 6.84% (4.65)% 2.19%
April 11, 2005 9 to September 30, 2005 ............. 0.00 $ 14.09 1.66% 20.77% (18.54)% 2.23%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 16.17 1.03% 2.51% (0.26)% 2.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 19.90 1.54% 2.40% (0.15)% 2.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 16.54 1.38% 6.29% (4.15)% 2.14%
April 11, 2005 9 to September 30, 2005 ............. 0.00 $ 14.09 1.84% 20.85% (18.62)% 2.23%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 16.41 2.18% 1.59% (0.34)% 1.25%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 20.23 2.29% 1.47% (0.22)% 1.25%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 16.65 1.94% 1.61% (0.37)% 1.24%
April 11, 2005 9 to September 30, 2005 ............. 0.00 $ 14.15 3.07% 20.19% (18.94)% 1.25%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 16.44 2.11% 1.34% (0.29)% 1.05%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 20.28 2.40% 1.20% (0.15)% 1.05%
August 31, 2006 9 to September 30, 2006 ............ 0.00 $ 16.67 1.08% 1.24% (0.30)% 0.94%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ----------------------------------------------------------------------------------------------
GROWTH EQUITY FUND (continued)
- ----------------------------------------------------------------------------------------------
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... (16.05)% 17% 6 $ 4,643
October 1, 2006 to September 30, 2007 ............... 17.06% 42% 6 $ 7,276
October 1, 2005 to September 30, 2006 ............... 7.01% 39% 6 $ 7,941
October 1, 2004 to September 30, 2005 ............... 16.40% 50% 6 $ 8,811
October 1, 2003 to September 30, 2004 ............... 11.60% 44% 6 $ 11,700
October 1, 2002 to September 30, 2003 ............... 25.31% 58% 6 $ 14,379
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... (16.05)% 17% 6 $ 886
October 1, 2006 to September 30, 2007 ............... 17.01% 42% 6 $ 1,198
October 1, 2005 to September 30, 2006 ............... 7.03% 39% 6 $ 989
October 1, 2004 to September 30, 2005 ............... 16.47% 50% 6 $ 844
October 1, 2003 to September 30, 2004 ............... 11.52% 44% 6 $ 1,097
October 1, 2002 to September 30, 2003 ............... 25.37% 58% 6 $ 2,980
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.66)% 17% 6 $ 250,165
October 1, 2006 to September 30, 2007 ............... 18.19% 42% 6 $ 341,631
October 1, 2005 to September 30, 2006 ............... 8.09% 39% 6 $ 383,616
October 1, 2004 to September 30, 2005 ............... 17.60% 50% 6 $ 396,865
October 1, 2003 to September 30, 2004 ............... 12.69% 44% 6 $ 493,899
October 1, 2002 to September 30, 2003 ............... 26.62% 58% 6 $ 450,480
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.54)% 17% 6 $ 5,864
October 1, 2006 to September 30, 2007 ............... 18.44% 42% 6 $ 158,895
October 1, 2005 to September 30, 2006 ............... 8.30% 39% 6 $ 140,423
April 11, 2005 9 to September 30, 2005 ............. 9.44% 50% 6 $ 131,489
INTERNATIONAL VALUE FUND
- ----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.23)% 6% 5 $ 20,368
October 1, 2006 to September 30, 2007 ............... 21.20% 19% 5 $ 25,445
October 1, 2005 to September 30, 2006 ............... 18.93% 31% 5 $ 1,900
October 1, 2004 to September 30, 2005 ............... 24.00% 14% 5 $ 493
October 31, 2003 9 to September 30, 2004 ........... 19.40% 24% 5 $ 23
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.52)% 6% 5 $ 1,755
October 1, 2006 to September 30, 2007 ............... 20.32% 19% 5 $ 2,512
October 1, 2005 to September 30, 2006 ............... 17.85% 31% 5 $ 1,110
April 11, 2005 9 to September 30, 2005 ............. 6.18% 14% 5 $ 184
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.53)% 6% 5 $ 969
October 1, 2006 to September 30, 2007 ............... 20.36% 19% 5 $ 1,305
October 1, 2005 to September 30, 2006 ............... 17.78% 31% 5 $ 312
April 11, 2005 9 to September 30, 2005 ............. 6.18% 14% 5 $ 59
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.09)% 6% 5 $ 259,098
October 1, 2006 to September 30, 2007 ............... 21.55% 19% 5 $ 263,305
October 1, 2005 to September 30, 2006 ............... 18.98% 31% 5 $ 138,269
April 11, 2005 9 to September 30, 2005 ............. 6.63% 14% 5 $ 207
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (14.98)% 6% 5 $ 764
October 1, 2006 to September 30, 2007 ............... 21.70% 19% 5 $ 12
August 31, 2006 9 to September 30, 2006 ............ 0.91% 31% 5 $ 10
70 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ---------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.75 0.00 7 (1.38) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............. $ 11.31 0.00 7 2.28 (0.01) (0.83)
October 1, 2005 to September 30, 2006 ............. $ 11.54 0.01 7 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............. $ 9.80 0.03 7 1.87 (0.04) (0.12)
October 1, 2003 to September 30, 2004 ............. $ 8.92 0.00 7 0.88 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 7.53 (0.01) 1.40 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.18 (0.04) 7 (1.31) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............. $ 10.91 (0.08) 7 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............. $ 11.22 (0.07) 7 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............. $ 9.57 (0.05) 7 1.82 0.00 (0.12)
October 1, 2003 to September 30, 2004 ............. $ 8.78 (0.21) 7 1.00 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 7.47 (0.06) 1.37 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.18 (0.04) 7 (1.31) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............. $ 10.91 (0.08) 7 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............. $ 11.23 (0.07) 7 0.37 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............. $ 9.58 (0.05) 7 1.82 0.00 (0.12)
October 1, 2003 to September 30, 2004 ............. $ 8.79 (0.15) 7 0.94 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 7.47 (0.03) 1.35 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.89 0.02 7 (1.41) (0.01) (0.84)
October 1, 2006 to September 30, 2007 ............. $ 11.42 0.03 7 2.31 (0.04) (0.83)
October 1, 2005 to September 30, 2006 ............. $ 11.64 0.05 7 0.37 (0.02) (0.62)
October 1, 2004 to September 30, 2005 ............. $ 9.87 0.06 7 1.87 (0.04) (0.12)
October 1, 2003 to September 30, 2004 ............. $ 8.96 0.02 7 0.89 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 7.55 0.00 1.41 0.00 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 12.91 0.03 7 (1.39) (0.04) (0.84)
October 1, 2006 to September 30, 2007 ............. $ 11.43 0.06 7 2.30 (0.05) (0.83)
August 31, 2006 9 to September 30, 2006 ........... $ 11.18 0.01 7 0.24 0.00 0.00
LARGE COMPANY GROWTH FUND
- ---------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 58.65 (0.06) 7 (9.86) 0.00 0.00
October 1, 2006 to September 30, 2007 ............. $ 50.04 (0.03) 7 8.64 0.00 0.00
October 1, 2005 to September 30, 2006 ............. $ 49.67 (0.22) 7 0.66 (0.07) 0.00
October 1, 2004 to September 30, 2005 ............. $ 44.97 0.06 7 4.64 0.00 0.00
October 1, 2003 to September 30, 2004 ............. $ 43.96 (0.28) 7 1.29 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 34.52 (0.46) 9.90 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 51.98 (0.23) 7 (8.68) 0.00 0.00
October 1, 2006 to September 30, 2007 ............. $ 44.69 (0.40) 7 7.69 0.00 0.00
October 1, 2005 to September 30, 2006 ............. $ 44.64 (0.54) 7 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............. $ 40.72 (0.23) 7 4.15 0.00 0.00
October 1, 2003 to September 30, 2004 ............. $ 40.11 (0.58) 7 1.19 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 31.72 (0.68) 9.07 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 52.09 (0.23) 7 (8.70) 0.00 0.00
October 1, 2006 to September 30, 2007 ............. $ 44.77 (0.39) 7 7.71 0.00 0.00
October 1, 2005 to September 30, 2006 ............. $ 44.72 (0.54) 7 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............. $ 40.80 (0.20) 7 4.12 0.00 0.00
October 1, 2003 to September 30, 2004 ............. $ 40.18 (0.58) 7 1.20 0.00 0.00
October 1, 2002 to September 30, 2003 ............. $ 31.76 (0.62) 9.04 0.00 0.00
Class Z
October 1, 2007 to March 31, 2008 (Unaudited) ..... $ 55.40 (0.09) 7 (9.29) 0.00 0.00
October 1, 2006 to September 30, 2007 ............. $ 47.35 (0.11) 7 8.16 0.00 0.00
October 1, 2005 to September 30, 2006 ............. $ 47.14 (0.29) 7 0.63 (0.13) 0.00
April 11, 2005 9 to September 30, 2005 ............ $ 42.80 (0.17) 7 4.51 0.00 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 71
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ---------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 10.53 0.05% 1.41% (0.18)% 1.23% 10
October 1, 2006 to September 30, 2007 ............. 0.00 $ 12.75 0.01% 1.37% (0.14)% 1.23% 10
October 1, 2005 to September 30, 2006 ............. 0.00 $ 11.31 0.12% 1.42% (0.17)% 1.25%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 11.54 0.27% 1.42% (0.17)% 1.25%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 9.80 (0.11)% 1.42% (0.17)% 1.25%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 8.92 (0.19)% 2.45% (1.24)% 1.21%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 9.99 (0.70)% 2.15% (0.17)% 1.98% 10
October 1, 2006 to September 30, 2007 ............. 0.00 $ 12.18 (0.73)% 2.12% (0.14)% 1.98% 10
October 1, 2005 to September 30, 2006 ............. 0.00 $ 10.91 (0.63)% 2.17% (0.17)% 2.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 11.22 (0.51)% 2.17% (0.17)% 2.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 9.57 (0.88)% 2.16% (0.16)% 2.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 8.78 (0.95)% 3.11% (1.16)% 1.95%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 9.99 (0.71)% 2.14% (0.16)% 1.98% 10
October 1, 2006 to September 30, 2007 ............. 0.00 $ 12.18 (0.74)% 2.12% (0.14)% 1.98% 10
October 1, 2005 to September 30, 2006 ............. 0.00 $ 10.91 (0.63)% 2.17% (0.17)% 2.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 11.23 (0.44)% 2.17% (0.17)% 2.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 9.58 (0.88)% 2.16% (0.16)% 2.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 8.79 (0.94)% 3.96% (2.01)% 1.95%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 10.65 (0.28)% 1.23% (0.23)% 1.00%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 12.89 0.25% 1.19% (0.19)% 1.00%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 11.42 0.45% 1.24% (0.24)% 1.00%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 11.64 0.56% 1.16% (0.16)% 1.00%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 9.87 0.12% 1.08% (0.08)% 1.00%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 8.96 (0.06)% 1.61% (0.66)% 0.95%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 10.67 0.58% 0.96% (0.26)% 0.70%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 12.91 0.52% 0.90% (0.20)% 0.70%
August 31, 2006 9 to September 30, 2006 ........... 0.00 $ 11.43 0.62% 0.91% (0.29)% 0.62%
LARGE COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 48.73 (0.21)% 1.36% (0.16)% 1.20%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 58.65 (0.05)% 1.31% (0.11)% 1.20%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 50.04 (0.44)% 1.22% (0.02)% 1.20%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 49.67 0.12% 1.27% (0.07)% 1.20%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 44.97 (0.61)% 1.28% (0.08)% 1.20%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 43.96 (0.69)% 1.41% (0.21)% 1.20%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 43.07 (0.96)% 2.05% (0.10)% 1.95%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 51.98 (0.83)% 2.06% (0.11)% 1.95%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 44.69 (1.20)% 1.97% (0.02)% 1.95%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 44.64 (0.53)% 2.02% (0.07)% 1.95%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 40.72 (1.36)% 2.03% (0.08)% 1.95%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 40.11 (1.35)% 2.33% (0.45)% 1.88%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 43.16 (0.96)% 2.05% (0.10)% 1.95%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 52.09 (0.81)% 2.06% (0.11)% 1.95%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 44.77 (1.20)% 1.97% (0.02)% 1.95%
October 1, 2004 to September 30, 2005 ............. 0.00 $ 44.72 (0.46)% 2.02% (0.07)% 1.95%
October 1, 2003 to September 30, 2004 ............. 0.00 $ 40.80 (1.36)% 2.03% (0.08)% 1.95%
October 1, 2002 to September 30, 2003 ............. 0.00 $ 40.18 (1.34)% 2.16% (0.30)% 1.86%
Class Z
October 1, 2007 to March 31, 2008 (Unaudited) ..... 0.00 $ 46.02 (0.35)% 1.46% (0.19)% 1.27%
October 1, 2006 to September 30, 2007 ............. 0.00 $ 55.40 (0.22)% 1.48% (0.11)% 1.37%
October 1, 2005 to September 30, 2006 ............. 0.00 $ 47.35 (0.61)% 1.39% (0.02)% 1.37%
April 11, 2005 9 to September 30, 2005 ............ 0.00 $ 47.14 (0.77)% 1.43% (0.06)% 1.37%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ---------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND
- ---------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... (11.66)% 69% 5 $ 28,662
October 1, 2006 to September 30, 2007 ............. 21.27% 145% 5 $ 34,270
October 1, 2005 to September 30, 2006 ............. 3.43% 155% 5 $ 36,400
October 1, 2004 to September 30, 2005 ............. 19.52% 133% 5 $ 32,048
October 1, 2003 to September 30, 2004 ............. 9.87% 149% 5 $ 20,393
October 1, 2002 to September 30, 2003 ............. 18.46% 153% 5 $ 1,033
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... (11.97)% 69% 5 $ 2,804
October 1, 2006 to September 30, 2007 ............. 20.36% 145% 5 $ 3,692
October 1, 2005 to September 30, 2006 ............. 2.79% 155% 5 $ 3,802
October 1, 2004 to September 30, 2005 ............. 18.60% 133% 5 $ 2,732
October 1, 2003 to September 30, 2004 ............. 9.00% 149% 5 $ 1,509
October 1, 2002 to September 30, 2003 ............. 17.54% 153% 5 $ 1,449
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... (11.97)% 69% 5 $ 599
October 1, 2006 to September 30, 2007 ............. 20.36% 145% 5 $ 791
October 1, 2005 to September 30, 2006 ............. 2.69% 155% 5 $ 879
October 1, 2004 to September 30, 2005 ............. 18.58% 133% 5 $ 771
October 1, 2003 to September 30, 2004 ............. 8.99% 149% 5 $ 669
October 1, 2002 to September 30, 2003 ............. 17.67% 153% 5 $ 499
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (11.59)% 69% 5 $ 45,918
October 1, 2006 to September 30, 2007 ............. 21.64% 145% 5 $ 52,580
October 1, 2005 to September 30, 2006 ............. 3.70% 155% 5 $ 50,711
October 1, 2004 to September 30, 2005 ............. 19.70% 133% 5 $ 18,060
October 1, 2003 to September 30, 2004 ............. 10.16% 149% 5 $ 14,830
October 1, 2002 to September 30, 2003 ............. 18.68% 153% 5 $ 16,905
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ..... (11.40)% 69% 5 $ 8,259
October 1, 2006 to September 30, 2007 ............. 21.90% 145% 5 $ 9,266
August 31, 2006 9 to September 30, 2006 ........... 2.24% 155% 5 $ 10
LARGE COMPANY GROWTH FUND
- ---------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ..... (16.91)% 3% 5 $ 353,708
October 1, 2006 to September 30, 2007 ............. 17.21% 10% 5 $ 456,116
October 1, 2005 to September 30, 2006 ............. 0.87% 6% 5 $ 484,767
October 1, 2004 to September 30, 2005 ............. 10.45% 18% 5 $ 524,323
October 1, 2003 to September 30, 2004 ............. 2.28% 14% 5 $ 454,499
October 1, 2002 to September 30, 2003 ............. 27.35% 13% 5 $ 364,406
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ..... (17.14)% 3% 5 $ 35,800
October 1, 2006 to September 30, 2007 ............. 16.31% 10% 5 $ 61,402
October 1, 2005 to September 30, 2006 ............. 0.11% 6% 5 $ 104,320
October 1, 2004 to September 30, 2005 ............. 9.63% 18% 5 $ 187,895
October 1, 2003 to September 30, 2004 ............. 1.52% 14% 5 $ 220,657
October 1, 2002 to September 30, 2003 ............. 26.45% 13% 5 $ 246,894
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ..... (17.14)% 3% 5 $ 8,099
October 1, 2006 to September 30, 2007 ............. 16.35% 10% 5 $ 12,012
October 1, 2005 to September 30, 2006 ............. 0.11% 6% 5 $ 14,451
October 1, 2004 to September 30, 2005 ............. 9.61% 18% 5 $ 21,211
October 1, 2003 to September 30, 2004 ............. 1.54% 14% 5 $ 31,937
October 1, 2002 to September 30, 2003 ............. 26.51% 13% 5 $ 40,436
Class Z
October 1, 2007 to March 31, 2008 (Unaudited) ..... (16.93)% 3% 5 $ 78,173
October 1, 2006 to September 30, 2007 ............. 17.00% 10% 5 $ 98,973
October 1, 2005 to September 30, 2006 ............. 0.71% 6% 5 $ 104,803
April 11, 2005 9 to September 30, 2005 ............ 10.14% 18% 5 $ 124,645
72 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (continued)
- ----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... $56.01 0.01 7 (9.40) (0.01) 0.00
October 1, 2006 to September 30, 2007 .............. $47.67 0.09 7 8.25 0.00 0.00
October 1, 2005 to September 30, 2006 .............. $47.24 (0.09) 7 0.63 (0.11) 0.00
October 1, 2004 to September 30, 2005 .............. $42.73 0.21 7 4.37 (0.07) 0.00
October 1, 2003 to September 30, 2004 .............. $41.67 (0.16) 7 1.22 0.00 0.00
October 1, 2002 to September 30, 2003 .............. $32.65 (0.16) 9.18 0.00 0.00
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... $56.23 0.06 7 (9.41) (0.04) 0.00
October 1, 2006 to September 30, 2007 .............. $47.76 0.25 7 8.22 0.00 0.00
October 1, 2005 to September 30, 2006 .............. $47.27 0.00 0.64 (0.15) 0.00
October 1, 2004 to September 30, 2005 .............. $42.75 0.24 7 4.44 (0.16) 0.00
June 30, 2004 9 to September 30, 2004 .............. $44.93 (0.02) 7 (2.16) 0.00 0.00
SMALL COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... $30.20 (0.13) 7 (5.84) 0.00 (4.34)
October 1, 2006 to September 30, 2007 .............. $30.50 (0.29) 7 5.04 0.00 (5.05)
October 1, 2005 to September 30, 2006 .............. $30.87 (0.28) 7 2.22 0.00 (2.31)
October 1, 2004 to September 30, 2005 .............. $26.78 (0.29) 7 4.55 0.00 (0.17)
January 30, 2004 9 to September 30, 2004 ........... $28.42 (0.21) 7 (1.43) 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... $29.24 (0.21) 7 (5.63) 0.00 (4.34)
October 1, 2006 to September 30, 2007 .............. $29.87 (0.50) 7 4.92 0.00 (5.05)
October 1, 2005 to September 30, 2006 .............. $30.51 (0.48) 7 2.15 0.00 (2.31)
October 1, 2004 to September 30, 2005 .............. $26.66 (0.50) 7 4.52 0.00 (0.17)
January 30, 2004 9 to September 30, 2004 ........... $28.42 (0.34) 7 (1.42) 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... $29.49 (0.21) 7 (5.69) 0.00 (4.34)
October 1, 2006 to September 30, 2007 .............. $30.08 (0.50) 7 4.96 0.00 (5.05)
October 1, 2005 to September 30, 2006 .............. $30.69 (0.48) 7 2.18 0.00 (2.31)
October 1, 2004 to September 30, 2005 .............. $26.82 (0.50) 7 4.54 0.00 (0.17)
January 30, 2004 9 to September 30, 2004 ........... $28.42 (0.34) 7 (1.26) 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... $30.54 (0.10) 7 (5.92) 0.00 (4.34)
October 1, 2006 to September 30, 2007 .............. $30.73 (0.22) 7 5.08 0.00 (5.05)
October 1, 2005 to September 30, 2006 .............. $31.01 (0.18) 7 2.21 0.00 (2.31)
October 1, 2004 to September 30, 2005 .............. $26.83 (0.21) 7 4.56 0.00 (0.17)
October 1, 2003 to September 30, 2004 .............. $23.87 (0.26) 7 3.22 0.00 0.00
October 1, 2002 to September 30, 2003 .............. $17.35 (0.13) 6.65 0.00 0.00
SMALL COMPANY VALUE FUND
- ----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... $15.35 0.02 7 (2.97) 0.00 (1.49)
October 1, 2006 to September 30, 2007 .............. $15.55 0.00 7 0.96 0.00 (1.16)
October 1, 2005 to September 30, 2006 .............. $15.95 0.01 7 0.92 (0.01) (1.32)
October 1, 2004 to September 30, 2005 .............. $13.66 0.00 3.17 0.00 (0.88)
October 1, 2003 to September 30, 2004 .............. $11.56 (0.01) 1.63 0.00 0.48
October 1, 2002 to September 30, 2003 .............. $ 8.43 0.00 3.13 0.00 0.00
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... $14.59 (0.02) 7 (2.82) 0.00 (1.49)
October 1, 2006 to September 30, 2007 .............. $14.94 (0.12) 7 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 .............. $15.48 (0.11) 7 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 .............. $13.38 (0.07) 3.05 0.00 (0.88)
October 1, 2003 to September 30, 2004 .............. $11.41 (0.08) 1.57 0.00 0.48
October 1, 2002 to September 30, 2003 .............. $ 8.38 (0.06) 3.09 0.00 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 73
Ending Ratio to Average Net Assets (Annualized) 1
Net Asset ---------------------------------------------------
Return Value Per Net Investment Gross Expenses Net
of Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- -----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (continued)
- -----------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $46.61 0.04% 1.12% (0.17)% 0.95%
October 1, 2006 to September 30, 2007 .............. 0.00 $56.01 0.18% 1.13% (0.18)% 0.95%
October 1, 2005 to September 30, 2006 .............. 0.00 $47.67 (0.20)% 1.04% (0.09)% 0.95%
October 1, 2004 to September 30, 2005 .............. 0.00 $47.24 0.46% 1.01% (0.06)% 0.95%
October 1, 2003 to September 30, 2004 .............. 0.00 $42.73 (0.35)% 0.95% (0.01)% 0.94%
October 1, 2002 to September 30, 2003 .............. 0.00 $41.67 (0.44)% 1.05% (0.09)% 0.96%
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $46.84 0.22% 0.85% (0.10)% 0.75%
October 1, 2006 to September 30, 2007 .............. 0.00 $56.23 0.48% 0.86% (0.11)% 0.75%
October 1, 2005 to September 30, 2006 .............. 0.00 $47.76 0.01% 0.77% (0.02)% 0.75%
October 1, 2004 to September 30, 2005 .............. 0.00 $47.27 0.53% 0.82% (0.07)% 0.75%
June 30, 2004 9 to September 30, 2004 .............. 0.00 $42.75 (0.04)% 0.85% (0.10)% 0.75%
SMALL COMPANY GROWTH FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $19.89 (1.03)% 1.55% (0.10)% 1.45%
October 1, 2006 to September 30, 2007 .............. 0.00 $30.20 (1.00)% 1.52% (0.07)% 1.45%
October 1, 2005 to September 30, 2006 .............. 0.00 $30.50 (0.89)% 1.52% (0.07)% 1.45%
October 1, 2004 to September 30, 2005 .............. 0.00 $30.87 (1.00)% 1.54% (0.09)% 1.45%
January 30, 2004 9 to September 30, 2004 ........... 0.00 $26.78 (0.80)% 1.55% (0.10)% 1.45%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $19.06 (1.79)% 2.30% (0.10)% 2.20%
October 1, 2006 to September 30, 2007 .............. 0.00 $29.24 (1.76)% 2.27% (0.07)% 2.20%
October 1, 2005 to September 30, 2006 .............. 0.00 $29.87 (1.58)% 2.27% (0.07)% 2.20%
October 1, 2004 to September 30, 2005 .............. 0.00 $30.51 (1.75)% 2.29% (0.09)% 2.20%
January 30, 2004 9 to September 30, 2004 ........... 0.00 $26.66 (1.29)% 2.29% (0.09)% 2.20%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $19.25 (1.78)% 2.30% (0.10)% 2.20%
October 1, 2006 to September 30, 2007 .............. 0.00 $29.49 (1.74)% 2.27% (0.07)% 2.20%
October 1, 2005 to September 30, 2006 .............. 0.00 $30.08 (1.58)% 2.27% (0.07)% 2.20%
October 1, 2004 to September 30, 2005 .............. 0.00 $30.69 (1.73)% 2.29% (0.09)% 2.20%
January 30, 2004 9 to September 30, 2004 ........... 0.00 $26.82 (1.29)% 2.27% (0.07)% 2.20%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $20.18 0.79% 1.36% (0.16)% 1.20%
October 1, 2006 to September 30, 2007 .............. 0.00 $30.54 (0.75)% 1.34% (0.14)% 1.20%
October 1, 2005 to September 30, 2006 .............. 0.00 $30.73 (0.58)% 1.33% (0.13)% 1.20%
October 1, 2004 to September 30, 2005 .............. 0.00 $31.01 (0.74)% 1.31% (0.11)% 1.20%
October 1, 2003 to September 30, 2004 .............. 0.00 $26.83 (0.97)% 1.25% (0.05)% 1.20%
October 1, 2002 to September 30, 2003 .............. 0.00 $23.87 (0.65)% 1.34% (0.13)% 1.21%
SMALL COMPANY VALUE FUND
- -----------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $10.91 0.35% 1.54% (0.09)% 1.45%
October 1, 2006 to September 30, 2007 .............. 0.00 $15.35 (0.02)% 1.55% (0.10)% 1.45%
October 1, 2005 to September 30, 2006 .............. 0.00 $15.55 0.04% 1.44% (0.03)% 1.41%
October 1, 2004 to September 30, 2005 .............. 0.00 $15.95 0.10% 1.44% (0.09)% 1.35%
October 1, 2003 to September 30, 2004 .............. 0.00 $13.66 (0.06)% 1.58% (0.13)% 1.45%
October 1, 2002 to September 30, 2003 .............. 0.00 $11.56 0.06% 1.43% 0.00% 1.43%
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... 0.00 $10.26 (0.40)% 2.34% (0.14)% 2.20%
October 1, 2006 to September 30, 2007 .............. 0.00 $14.59 (0.77)% 2.30% (0.10)% 2.20%
October 1, 2005 to September 30, 2006 .............. 0.00 $14.94 (0.71)% 2.18% (0.03)% 2.15%
October 1, 2004 to September 30, 2005 .............. 0.00 $15.48 (0.70)% 2.21% (0.09)% 2.12%
October 1, 2003 to September 30, 2004 .............. 0.00 $13.38 (0.85)% 2.36% (0.16)% 2.20%
October 1, 2002 to September 30, 2003 .............. 0.00 $11.41 (0.67)% 2.18% 0.00% 2.18%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ----------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (continued)
- ----------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (16.78)% 3% 5 $ 815,486
October 1, 2006 to September 30, 2007 .............. 17.50% 10% 5 $ 1,148,716
October 1, 2005 to September 30, 2006 .............. 1.12% 6% 5 $ 1,481,399
October 1, 2004 to September 30, 2005 .............. 10.73% 18% 5 $ 1,850,677
October 1, 2003 to September 30, 2004 .............. 2.57% 14% 5 $ 1,975,616
October 1, 2002 to September 30, 2003 .............. 27.60% 13% 5 $ 1,761,429
Institutional Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (16.70)% 3% 5 $ 121,403
October 1, 2006 to September 30, 2007 .............. 17.73% 10% 5 $ 194,138
October 1, 2005 to September 30, 2006 .............. 1.34% 6% 5 $ 109,216
October 1, 2004 to September 30, 2005 .............. 10.96% 18% 5 $ 104,469
June 30, 2004 9 to September 30, 2004 .............. (4.85)% 14% 5 $ 52,884
SMALL COMPANY GROWTH FUND
- ----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (21.99)% 65% 5 $ 2,499
October 1, 2006 to September 30, 2007 .............. 17.07% 138% 5 $ 3,270
October 1, 2005 to September 30, 2006 .............. 6.52% 125% 5 $ 3,208
October 1, 2004 to September 30, 2005 .............. 15.95% 142% 5 $ 2,317
January 30, 2004 9 to September 30, 2004 ........... (5.77)% 145% 5 $ 832
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... (22.29)% 65% 5 $ 487
October 1, 2006 to September 30, 2007 .............. 16.22% 138% 5 $ 750
October 1, 2005 to September 30, 2006 .............. 5.66% 125% 5 $ 899
October 1, 2004 to September 30, 2005 .............. 15.12% 142% 5 $ 554
January 30, 2004 9 to September 30, 2004 ........... (6.19)% 145% 5 $ 144
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ...... (22.31)% 65% 5 $ 230
October 1, 2006 to September 30, 2007 .............. 16.24% 138% 5 $ 324
October 1, 2005 to September 30, 2006 .............. 5.73% 125% 5 $ 213
October 1, 2004 to September 30, 2005 .............. 15.10% 142% 5 $ 77
January 30, 2004 9 to September 30, 2004 ........... (5.59)% 145% 5 $ 28
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ...... (21.90)% 65% 5 $ 356,867
October 1, 2006 to September 30, 2007 .............. 17.34% 138% 5 $ 487,994
October 1, 2005 to September 30, 2006 .............. 6.80% 125% 5 $ 518,506
October 1, 2004 to September 30, 2005 .............. 16.26% 142% 5 $ 523,190
October 1, 2003 to September 30, 2004 .............. 12.40% 145% 5 $ 486,285
October 1, 2002 to September 30, 2003 .............. 37.58% 163% 5 $ 432,328
SMALL COMPANY VALUE FUND
- ----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ...... (19.94)% 22% 5 $ 40,306
October 1, 2006 to September 30, 2007 .............. 5.95% 69% 5 $ 66,379
October 1, 2005 to September 30, 2006 .............. 6.06% 114% 5 $ 81,432
October 1, 2004 to September 30, 2005 .............. 23.97% 70% 5 $ 72,680
October 1, 2003 to September 30, 2004 .............. 22.75% 64% 5 $ 31,068
October 1, 2002 to September 30, 2003 .............. 37.20% 80% 5 $ 8,783
Class B
October 1, 2007 to March 31, 2008 (Unaudited) ...... (20.28)% 22% 5 $ 6,347
October 1, 2006 to September 30, 2007 .............. 5.15% 69% 5 $ 10,413
October 1, 2005 to September 30, 2006 .............. 5.24% 114% 5 $ 13,463
October 1, 2004 to September 30, 2005 .............. 23.01% 70% 5 $ 15,802
October 1, 2003 to September 30, 2004 .............. 21.89% 64% 5 $ 11,571
October 1, 2002 to September 30, 2003 .............. 36.23% 80% 5 $ 7,520
74 Wells Fargo Equity Gateway Funds Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 14.59 (0.02) 7 (2.82) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ............... $ 14.94 (0.12) 7 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 ............... $ 15.48 (0.11) 7 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 ............... $ 13.37 (0.04) 3.03 0.00 (0.88)
October 1, 2003 to September 30, 2004 ............... $ 11.41 (0.08) 1.56 0.00 0.48
October 1, 2002 to September 30, 2003 ............... $ 8.38 (0.04) 3.07 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 15.54 0.04 7 (3.01) (0.05) (1.49)
October 1, 2006 to September 30, 2007 ............... $ 15.69 0.04 7 0.98 (0.01) (1.16)
October 1, 2005 to September 30, 2006 ............... $ 16.08 0.04 7 0.92 (0.03) (1.32)
October 1, 2004 to September 30, 2005 ............... $ 13.74 0.02 3.20 0.00 (0.88)
October 1, 2003 to September 30, 2004 ............... $ 11.60 0.01 1.65 0.00 0.48
October 1, 2002 to September 30, 2003 ............... $ 8.44 0.01 3.15 0.00 0.00
STRATEGIC SMALL CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 10.34 0.01 7 (1.64) 0.00 (0.02)
October 31, 2006 9 to September 30, 2007 ............ $ 10.00 0.00 0.34 0.00 0.00
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 10.27 (0.02) 7 (1.64) 0.00 (0.02)
October 31, 2006 9 to September 30, 2007 ............ $ 10.00 (0.03) 0.30 0.00 0.00
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... $ 10.36 0.02 7 (1.61) (0.38) (0.02)
October 31, 2006 9 to September 30, 2007 ............ $ 10.00 0.02 0.34 0.00 0.00
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Equity Gateway Funds 75
Ending Ratio to Average Net Assets (Annualized) 1
Return Net Asset ------------------------------------------------------
of Value Per Net Investment Gross Expenses Net
Capital Share Income (Loss) Expenses 4 Waived Expenses 4
- ------------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND (continued)
- ------------------------------------------------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 10.26 (0.40)% 2.34% (0.14)% 2.20%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 14.59 (0.77)% 2.30% (0.10)% 2.20%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 14.94 (0.71)% 2.18% (0.03)% 2.15%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 15.48 (0.67)% 2.20% (0.09)% 2.11%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 13.37 (0.84)% 2.35% (0.15)% 2.20%
October 1, 2002 to September 30, 2003 ............... 0.00 $ 11.41 (0.80)% 2.18% 0.00% 2.18%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 11.03 0.61% 1.41% (0.21)% 1.20%
October 1, 2006 to September 30, 2007 ............... 0.00 $ 15.54 0.26% 1.37% (0.17)% 1.20%
October 1, 2005 to September 30, 2006 ............... 0.00 $ 15.69 0.26% 1.27% (0.08)% 1.19%
October 1, 2004 to September 30, 2005 ............... 0.00 $ 16.08 0.33% 1.22% (0.10)% 1.12%
October 1, 2003 to September 30, 2004 ............... 0.00 $ 13.74 0.15% 1.38% (0.18)% 1.20%
October 1, 2002 to September 30, 2003 0.00 $ 11.60 0.21% 1.21% 0.00% 1.21%
STRATEGIC SMALL CAP VALUE FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 8.69 0.25% 22.73% (21.28)% 1.45%
October 31, 2006 9 to September 30, 2007 ............ 0.00 $ 10.34 0.07% 63.76% (62.31)% 1.45%
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 8.59 (0.48)% 23.76% (21.56)% 2.20%
October 31, 2006 9 to September 30, 2007 ............ 0.00 $ 10.27 (0.69)% 60.62% (58.42)% 2.20%
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... 0.00 $ 8.37 0.46% 133.03% (131.83)% 1.20%
October 31, 2006 9 to September 30, 2007 ............ 0.00 $ 10.36 0.17% 84.15% (82.95)% 1.20%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
- ----------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND (continued)
- ----------------------------------------------------------------------------------------------
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... (20.27)% 22% 5 $ 2,186
October 1, 2006 to September 30, 2007 ............... 5.15% 69% 5 $ 3,754
October 1, 2005 to September 30, 2006 ............... 5.24% 114% 5 $ 4,711
October 1, 2004 to September 30, 2005 ............... 23.11% 70% 5 $ 4,847
October 1, 2003 to September 30, 2004 ............... 21.80% 64% 5 $ 2,769
October 1, 2002 to September 30, 2003 ............... 36.23% 80% 5 $ 1,497
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (19.86)% 22% 5 $ 227,119
October 1, 2006 to September 30, 2007 ............... 6.28% 69% 5 $ 327,372
October 1, 2005 to September 30, 2006 ............... 6.26% 114% 5 $ 272,787
October 1, 2004 to September 30, 2005 ............... 24.21% 70% 5 $ 140,337
October 1, 2003 to September 30, 2004 ............... 23.05% 64% 5 $ 59,797
October 1, 2002 to September 30, 2003 ............... 37.51% 80% 5 $ 33,583
STRATEGIC SMALL CAP VALUE FUND
- ----------------------------------------------------------------------------------------------
Class A
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.78)% 29% 5 $ 319
October 31, 2006 9 to September 30, 2007 ............ 3.40% 64% 5 $ 203
Class C
October 1, 2007 to March 31, 2008 (Unaudited) ....... (16.18)% 29% 5 $ 209
October 31, 2006 9 to September 30, 2007 ............ 2.70% 64% 5 $ 126
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ....... (15.74)% 29% 5 $ 9
October 31, 2006 9 to September 30, 2007 ............ 3.60% 64% 5 $ 15
76 Wells Fargo Equity Gateway Funds Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the C&B Large Cap Value Fund,
Diversified Equity Fund, Diversified Small Cap Fund, Emerging Growth Fund,
Equity Income Fund, Equity Value Fund, Growth Equity Fund, International Value
Fund, Large Cap Appreciation Fund, Large Company Growth Fund, Small Company
Growth Fund, Small Company Value Fund, and Strategic Small Cap Value Fund. These
Funds are each a diversified series of the Trust.
The separate classes of shares offered by each Fund differ principally in
applicable sales charges and distribution, shareholder servicing and
administration fees. Shareholders of each class bear certain expenses that
pertain to that particular class. All shareholders bear the common expenses of a
Fund, earn income from the portfolio, and are allocated unrealized gains and
losses pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are determined separately for each
class based on income and expenses allocable to each class. Realized gains and
losses are allocated to each class pro rata based upon the net assets of each
class on the date realized. Differences in per share dividend rates generally
result from the relative weightings of pro rata income and realized gain
allocations and from differences in separate class expenses, including
distribution, shareholder servicing, and administration fees.
The C&B Large Cap Value Fund, Diversified Equity Fund, Diversified Small Cap
Fund, Emerging Growth Fund, Equity Income Fund, Equity Value Fund, Growth Equity
Fund, International Value Fund, Large Cap Appreciation Fund, Large Company
Growth Fund, Small Company Growth Fund, Small Company Value Fund, and Strategic
Small Cap Value Fund each seek to achieve its investment objective by investing
all investable assets in one or more separate diversified portfolios (each, a
"Master Portfolio", collectively, the "Master Portfolios") of Wells Fargo Master
Trust, a registered open-end management investment company. Each Master
Portfolio directly acquires portfolio securities, and a Fund investing in a
Master Portfolio acquires an indirect interest in those securities. Each Fund
accounts for its investment in the Master Portfolios as partnership investments
and records daily its share of the Master Portfolio's income, expenses, and
realized and unrealized gains and losses. The financial statements of the Master
Portfolios for the six months period ended March 31, 2008, are in this report
and should be read in conjunction with each Fund's financial statements. As of
March 31, 2008, the C&B Large Cap Value Fund, Diversified Equity Fund,
Diversified Small Cap Fund, Emerging Growth Fund, Equity Income Fund, Equity
Value Fund, Growth Equity Fund, International Value Fund, Large Cap Appreciation
Fund, Large Company Growth Fund, Small Company Growth Fund, Small Company Value
Fund, and Strategic Small Cap Value Fund own the following percentages of the
Master Portfolio(s) in which each Fund invests:
- ----------------------------------------------------------------------------------------------------------------------
C&B LARGE DIVERSIFIED DIVERSIFIED EMERGING EQUITY EQUITY GROWTH
CAP VALUE EQUITY SMALL GROWTH INCOME VALUE EQUITY
FUND FUND CAP FUND FUND FUND FUND FUND
- ----------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO 100% 8% NA NA NA NA NA
- ----------------------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO NA 5% NA NA NA NA 5%
- ----------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO NA 1% 11% 100% NA NA 4%
- ----------------------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO NA 8% NA NA 100% NA NA
- ----------------------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO NA 8% NA NA NA 100% NA
- ----------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO NA 25% NA NA NA NA NA
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO NA 4% NA NA NA NA 7%
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO NA 4% NA NA NA NA 7%
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO NA 4% NA NA NA NA 7%
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO NA 4% NA NA NA NA 8%
- ----------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO NA 3% NA NA NA NA NA
- ----------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO NA 18% NA NA NA NA 30%
- ----------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO NA 3% 34% NA NA NA 12%
- ----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO NA 2% 22% NA NA NA 8%
- ----------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO NA 0%* 3% NA NA NA 1%
- ----------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO NA 3% 30% NA NA NA 11%
- ----------------------------------------------------------------------------------------------------------------------
* The amount invested is less than 1%.
Notes to Financial Statements Wells Fargo Equity Gateway Funds 77
- ---------------------------------------------------------------------------------------------------------------------------
LARGE CAP LARGE SMALL SMALL STRATEGIC
INTERNATIONAL APPRECIATION COMPANY COMPANY COMPANY SMALL CAP
VALUE FUND FUND GROWTH FUND GROWTH FUND VALUE FUND VALUE FUND
- ---------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
DISCIPLINED GROWTH PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL CORE PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL GROWTH PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO 100% NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION PORTFOLIO NA 100% NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH PORTFOLIO NA NA 100% NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
SMALL CAP INDEX PORTFOLIO NA NA NA NA NA NA
- ---------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH PORTFOLIO NA NA NA 100% NA NA
- ---------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE PORTFOLIO NA NA NA NA 100% NA
- ---------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE PORTFOLIO NA NA NA NA NA 100%
- ---------------------------------------------------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITIES VALUATION
Investments in the Master Portfolios are valued daily based upon each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in this report.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
78 Wells Fargo Equity Gateway Funds Notes to Financial Statements
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Equity Income Fund, for which net investment
income, if any, is declared and distributed quarterly. Distributions to
shareholders from net realized capital gains, if any, are declared and
distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue
Code, and to make distributions of substantially all of its investment company
taxable income and any net realized capital gains (after reduction for capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
federal income taxes. Accordingly, no provision for federal income taxes was
required at March 31, 2008.
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, 2004; October 31, 2004; May 31, 2005; May 31, 2006; May 31, 2007)
are subject to examination by the Internal Revenue Service and state departments
of revenue.
At September 30, 2007, net capital loss carryforwards, which are available to
offset future net realized capital gains, were:
- --------------------------------------------------------------------------------
Capital Loss
FUND Expiration Year Carryforwards
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 2008 $ 74,435
2009 10,803,602
2010 43,579,411
2011 162,908,821
2012 46,100,191
2013 10,507,524
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
For each Fund that invests substantially all of its assets in single Master
Portfolios, Funds Management does not currently receive investment advisory
fees. For each Fund that is invested in multiple Master Portfolios, Funds
Management is entitled to receive an investment advisory fee of 0.25% of each
Fund's average daily net assets for providing such advisory services, including
the determination of the asset allocations of each Fund's investments in the
various Master Portfolios. Funds Management acts as adviser to the Master
Portfolios, and is entitled to receive fees from the Master Portfolios for those
services.
Each Fund that invests its assets in one or more of the Master Portfolios may
withdraw its investments from its corresponding Master Portfolio(s) at any time
if the Board of Trustees determines that it is in the best interest of the Fund
to do so. Upon such redemption and subsequent direct investment in a portfolio
of securities, Funds Management (and the corresponding subadviser, if any) may
receive an investment advisory fee for the direct management of those assets.
Notes to Financial Statements Wells Fargo Equity Gateway Funds 79
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- --------------------------------------------------------------------------------
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
Fund level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
Class level
- --------------------------------------------------------------------------------
Class A All asset levels 0.28
- --------------------------------------------------------------------------------
Class B All asset levels 0.28
- --------------------------------------------------------------------------------
Class C All asset levels 0.28
- --------------------------------------------------------------------------------
Class D All asset levels 0.28
- --------------------------------------------------------------------------------
Class Z All asset levels 0.45*
- --------------------------------------------------------------------------------
Administrator Class All asset levels 0.10
- --------------------------------------------------------------------------------
Institutional Class All asset levels 0.08
- --------------------------------------------------------------------------------
Investor Class All asset levels 0.45*
- --------------------------------------------------------------------------------
* Effective February 1, 2008, the class-level administration fee for Class Z
and Investor Class was reduced by 0.05%, as shown in the table. Prior to
February 1, 2008, the class-level administration fee for Class Z and
Investor Class was 0.45%.
The Trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. Transfer agent fees are paid by
Funds Management and not by the Funds.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. WFB does not receive
a custodial fee for any Fund that invests its assets solely in one or more
Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby each Fund is charged the following annual fees:
- -------------------------------------------------------------------------------------------------------
% of Average
SHARE CLASS Daily Net Assets
- -------------------------------------------------------------------------------------------------------
Class A, Class B, Class C, Class D, Class Z, Administrator Class, Investor Class 0.25
- -------------------------------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees paid were as
follows:
- ---------------------------------------------------------------------------------------------------------------------------------
Administrator Institutional Investor
FUND Class A Class B Class C Class D Class Z Class Class Class
- ---------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 79,773 $ 26,136 $ 17,775 $ 652,189 NA $ 253,626 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 150,870 43,491 6,580 NA NA 1,210,068 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND NA NA NA NA NA 830,869 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND NA NA NA NA NA 26 NA 6,499
- ---------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND 190,696 23,632 4,317 NA NA 176,679 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND 7,638 3,414 1,056 NA NA 113,480 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND 37,506 7,446 1,202 NA NA 362,895 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 29,836 2,679 1,357 NA NA 320,554 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 39,727 4,121 860 NA NA 63,026 NA NA
- ---------------------------------------------------------------------------------------------------------------------------------
80 Wells Fargo Equity Gateway Funds Notes to Financial Statements
- ------------------------------------------------------------------------------------------------------------------------------
Administrator Institutional Investor
FUND Class A Class B Class C Class D Class Z Class Class Class
- ------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 630,341 59,644 12,855 NA $ 110,908 1,280,776 NA NA
- ------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 3,741 821 323 NA NA 500,109 NA NA
- ------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 50,402 10,000 3,567 NA NA 330,523 NA NA
- ------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 304 NA 211 NA NA 12 NA NA
- ------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class B and Class C shares of the
applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class B and Class C shares and paid to Wells Fargo Funds
Distributor, LLC at an annual rate of 0.75% of average daily net assets.
For the period ended March 31, 2008, distribution fees incurred are disclosed on
the Statements of Operations.
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset-based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
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 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 in the Statements of
Operations, for the period ended March 31, 2008, were waived by Funds Management
proportionately from all classes, first from advisory fees, and then from any
Class specific expenses, if applicable. Funds Management has contractually
committed through January 31, 2009, to waive fees and/or reimburse expenses to
the extent necessary to maintain a certain net operating expense ratio for the
Funds. Net operating expense ratios in effect for the period ended March 31,
2008, were as follows:
- ------------------------------------------------------------------------------------------------------------------------------
Net Operating Expense Ratios
----------------------------
Administrator Institutional Investor
FUND Class A Class B Class C Class D Class Z Class Class Class
- ------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND 1.20% 1.95% 1.95% 1.20% NA 0.95% 0.70% NA
- ------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 1.25% 2.00% 2.00% NA NA 1.00% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND NA NA NA NA NA 1.20% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND NA NA NA NA NA 1.20% NA 1.49%
- ------------------------------------------------------------------------------------------------------------------------------
EQUITY INCOME FUND 1.10% 1.85% 1.85% NA NA 0.85% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND 1.25% 2.00% 2.00% NA NA 1.00% 0.75% NA
- ------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND 1.50% 2.25% 2.25% NA NA 1.25% 1.05% NA
- ------------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 1.50% 2.25% 2.25% NA NA 1.25% 1.05% NA
- ------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 1.23% 1.98% 1.98% NA NA 1.00% 0.70% NA
- ------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 1.20% 1.95% 1.95% NA 1.27%* 0.95% 0.75% NA
- ------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 1.45% 2.20% 2.20% NA NA 1.20% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 1.45% 2.20% 2.20% NA NA 1.20% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 1.45% NA 2.20% NA NA 1.20% NA NA
- ------------------------------------------------------------------------------------------------------------------------------
* Effective February 1, 2008, the net operating expense ratio for the Large
Company Growth Fund Class Z decreased from 1.37% to 1.27%. The weighted
blended net operating expense ratio for the period ended March 31, 2008
for the Large Company Growth Fund Class Z is 1.34%.
Notes to Financial Statements Wells Fargo Equity Gateway Funds 81
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:
- --------------------------------------------------------------------------------
FUND* Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 80,950,112 $ 280,446,090
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND 209,357,435 328,818,181
- --------------------------------------------------------------------------------
DIVERSIFIED SMALL CAP FUND 268,389,278 310,308,280
- --------------------------------------------------------------------------------
EMERGING GROWTH FUND 5,666,817 3,824,343
- --------------------------------------------------------------------------------
EQUITY INCOME FUND 10,766,476 83,780,440
- --------------------------------------------------------------------------------
EQUITY VALUE FUND 178,015,611 130,316,801
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND 74,327,256 112,709,889
- --------------------------------------------------------------------------------
INTERNATIONAL VALUE FUND 62,330,444 40,547,267
- --------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND 65,872,065 75,395,811
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND 45,241,831 296,613,003
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND 282,483,574 350,950,846
- --------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND 70,324,498 102,207,705
- --------------------------------------------------------------------------------
STRATEGIC SMALL CAP VALUE FUND 173,639 213,499
- --------------------------------------------------------------------------------
* These Funds seek to achieve their investment objectives by investing some
or all of its investable assets in one or more Master Portfolios.
Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line.
For the period ended March 31, 2008, C&B Large Cap Value Fund paid a total of
$2,749 in interest on the following borrowings under the Agreement. There were
no outstanding loans under the Agreement as of March 31, 2008.
- --------------------------------------------------------------------------------
FUND Loan amount Weighted Average Interest Rate
- --------------------------------------------------------------------------------
C & B LARGE CAP VALUE FUND $ 7,000,000 4.71%
- --------------------------------------------------------------------------------
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement also imposed fee reductions across the predecessor Strong Fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. Funds Management has agreed to honor these fee
reductions for the benefit of shareholders across the successor funds. Although
civil litigation against Strong and certain predecessor Strong Funds relating to
these matters is continuing, neither the current adviser nor the successor funds
is a party to any such suit.
82 Wells Fargo Equity Gateway Funds Notes to Financial Statements
7. 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.
8. SUBSEQUENT EVENT
At its November 7, 2007 meeting, the Board unanimously approved the
reorganization of the Wells Fargo Advantage Value Fund (the "Target Fund") into
the Wells Fargo Advantage C&B Large Cap Value Fund (the "Acquiring Fund") (the
"Reorganization").
The Reorganization is subject to the satisfaction of certain conditions,
including approval by the Target Fund shareholders. A special meeting of the
shareholders of the Target Fund is expected to be held in the second quarter of
2008 for the purpose of enabling such shareholders to vote on whether to approve
their Reorganization. If shareholders of a Target Fund approve their
Reorganization, the Target Fund will transfer all of its assets and liabilities
to the corresponding Acquiring Fund in exchange for shares of the Acquiring Fund
in an amount equal to the then current value of the Target Fund shares.
Upon completion of the Reorganization, the Target Fund will liquidate by
distributing the Acquiring Fund shares to the Target Fund shareholders, so that
Target Fund shareholders would receive shares of a specified class of the
Acquiring Fund with a total value equal to the then current value of their
Target Fund shares, cease operations and dissolve. The Reorganization is
structured as a tax-free transaction and it is anticipated that no gain or loss
for federal income tax purposes would be recognized by shareholders as a result
of these Reorganizations. Shareholders should consult with their own tax
advisors regarding the application of tax laws and this transaction to their
particular situations. Additionally, Fund shareholders will not incur any sales
loads or similar transaction charges or bear any of the costs associated with
the Reorganizations. The proposed Reorganization, if approved by Target Fund
shareholders, is expected to occur by the end of the third quarter of 2008.
Additional information, including a detailed description of the Reorganization
and the Board's reasons for approving it will be provided in the Proxy
Statement/Prospectus that was mailed to record date shareholders of the Target
Fund in the second quarter of 2008. The Proxy Statement/Prospectus will also
confirm the date, time and location of the Target Fund special shareholder
meeting.
Notes to Financial Statements Wells Fargo Equity Gateway Funds 83
The Board also approved the closing of all WELLS FARGO ADVANTAGE FUNDS Class B
shares to new investors and additional investments from existing shareholders
effective on or about the close of business February 14, 2008, except in
connection with permitted exchanges, the reinvestment of any distributions and
the closing of certain reorganizations. Existing shareholders of Class B shares
may continue to exchange their Class B shares for Class B shares of other WELLS
FARGO ADVANTAGE FUNDS subject to the limitations described in the Fund's
prospectus. All Class B share features and attributes, including the 12b-1 fee,
contingent deferred sales charge and conversion after a number of years to Class
A shares, remain unchanged.
In addition, the Board also approved modifying certain share class names and
features. Class D shares and Class Z shares will each be renamed Investor Class
shares and will each be modified to assume the features and attributes
associated with Investor Class shares, including their exchange privileges.
These share class modifications are expected to take place by the end of the
third quarter of 2008. Additional information was provided to shareholders
approximately 60 days in advance of the modifications.
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
- --------------------------------------------------------------------------------
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.
Other Information Wells Fargo Equity Gateway Funds 235
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on
a monthly, 30-day or more delayed basis and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information 1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- -----------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- -----------------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None
65 University of Wake Forest University. Prior thereto,
the Thomas Goho Chair of Finance of Wake Forest
University, Calloway School of Business and
Accountancy, from 2006-2007 and Associate Professor of
Finance from 1999-2005.
- -----------------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water None
65 Chairman, since 2005 Company and President of Crystal Geyser Roxane Water
(Lead Trustee since 2001) Company.
- -----------------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
55 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging Research
Center. Research associate, National Bureau of Economic
Research.
- -----------------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
56 Foundation, a non-profit organization since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum at
the University of Minnesota since 1995
- -----------------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
67
- -----------------------------------------------------------------------------------------------------------------------------------
236 Wells Fargo Equity Gateway Funds Other Information
INTERESTED TRUSTEE 3
- -----------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- -----------------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None
63 Chairman of Whitepoint Capital, LLC until 2004.
- -----------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- -----------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- -----------------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
48 President of Wells Fargo Funds Management, LLC since
2003. Senior Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC from 2001
to 2003.
- -----------------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo None
47 Chief Legal Counsel, Funds Management, LLC since 2001. Vice President and
since 2003 Managing Senior Counsel of Wells Fargo Bank, N.A. since
1996.
- -----------------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, None
48 Reporting and Tax for Wells Fargo Funds Management, LLC
since 2007. Director of Fund Administration and SEC
Reporting for TIAA-CREF from 2005 to 2007. Chief
Operating Officer for UMB Fund Services, Inc. from 2004
to 2005. Controller for Sungard Transaction Networks
from 2002 to 2004.
- -----------------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None
43 since 2007 Management, LLC since 2007. Chief Compliance Officer of
Parnassus Investments from 2005 to 2007. Chief Financial
Officer of Parnassus Investments from 2004 to 2007 and
Senior Audit Manager of PricewaterhouseCoopers LLP from
1998 to 2004.
- -----------------------------------------------------------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
Other Information Wells Fargo Equity Gateway Funds 237
BOARD CONSIDERATION OF AND CONTINUATION OF
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
C&B LARGE CAP VALUE FUND, DIVERSIFIED EQUITY FUND, DIVERSIFIED SMALL CAP FUND,
EMERGING GROWTH FUND, EQUITY INCOME FUND, EQUITY VALUE FUND, GROWTH EQUITY FUND,
INTERNATIONAL VALUE FUND, LARGE CAP APPRECIATION FUND,
LARGE COMPANY GROWTH FUND, SMALL COMPANY GROWTH FUND, SMALL COMPANY VALUE FUND,
STRATEGIC SMALL CAP VALUE FUND, C&B LARGE CAP VALUE PORTFOLIO,
DISCIPLINED GROWTH PORTFOLIO, EMERGING GROWTH PORTFOLIO,
EQUITY INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO, INDEX PORTFOLIO,
INTERNATIONAL CORE PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO,
INTERNATIONAL INDEX PORTFOLIO, INTERNATIONAL VALUE PORTFOLIO,
LARGE CAP APPRECIATION PORTFOLIO, LARGE COMPANY GROWTH PORTFOLIO,
SMALL CAP INDEX PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO,
SMALL COMPANY VALUE PORTFOLIO AND STRATEGIC SMALL CAP VALUE PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master
Trust (collectively, the "Trusts"), including a majority of the Trustees who
have no direct or indirect interest in the investment advisory and sub-advisory
agreements and are not "interested persons" of each Trust, as defined in the
1940 Act (the "Independent Trustees"), will annually review and consider the
continuation of the investment advisory and sub-advisory agreements. In this
regard, the Boards reviewed and re-approved, during the six months covered by
this report: (i) investment advisory agreements with Funds Management for the
C&B Large Cap Value Fund, Diversified Equity Fund, Diversified Small Cap Fund,
Emerging Growth Fund, Equity Income Fund, Equity Value Fund, Growth Equity Fund,
International Value Fund, Large Cap Appreciation Fund, Large Company Growth
Fund, Small Company Growth Fund, Small Company Value Fund, Strategic Small Cap
Value Fund, C&B Large Cap Value Portfolio, Disciplined Growth Portfolio,
Emerging Growth Portfolio, Equity Income Portfolio, Equity Value Portfolio,
Index Portfolio, International Core Portfolio, International Growth Portfolio,
International Index Portfolio, International Value Portfolio, Large Cap
Appreciation Portfolio, Large Company Growth Portfolio, Small Cap Index
Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and
Strategic Small Cap Value Portfolio (the "Funds"); (ii) investment sub-advisory
agreements with Wells Capital Management for the Diversified Equity Fund,
Diversified Small Cap Fund, Emerging Growth Fund, Equity Income Fund, Growth
Equity Fund, Strategic Small Cap Value Fund, Emerging Growth Portfolio, Equity
Income Portfolio, Index Portfolio, Small Cap Index Portfolio and Strategic Small
Cap Value Portfolio; (iii) an investment sub-advisory agreement with Artisan
Partners Limited Partnership ("Artisan") for the International Growth Portfolio;
(iv) an investment sub-advisory agreement with Cadence Capital Management, LLC
("Cadence") for the Large Cap Appreciation Portfolio; (v) an investment
sub-advisory agreement with Cooke & Bieler, L.P. ("Cooke & Bieler") for the C&B
Large Cap Value Portfolio; (vi) investment sub-advisory agreements with LSV
Asset Management ("LSV") for the International Value Fund and International
Value Portfolio; (vii) an investment sub-advisory agreement with New Star
Institutional Managers Limited ("New Star") for the International Core
Portfolio; (viii) investment sub-advisory agreements with Peregrine Capital
Management, Inc. ("Peregrine") for the Diversified Equity Fund, Diversified
Small Cap Fund, Growth Equity Fund, Large Company Growth Fund, Small Company
Growth Fund, Small Company Value Fund, Large Company Growth Portfolio, Small
Company Growth Portfolio and Small Company Value Portfolio; (ix) investment
sub-advisory agreements with Smith Asset Management Group ("Smith") for the
Diversified Equity Fund, Growth Equity Fund and Disciplined Growth Portfolio;
(x) an investment sub-advisory agreement with SSgA Funds Management ("SSgA") for
the International Index Portfolio; and (xi) investment sub-advisory agreements
with Systematic Financial Management, L.P. ("Systematic") for the Equity Value
Fund and Equity Value Portfolio. The investment advisory agreements with Funds
Management and the investment sub-advisory agreements with Wells Capital
Management, Artisan, Cadence, Cooke & Bieler, LSV, New Star, Peregrine, Smith,
SSgA and Systematic (the "Sub-Advisers") are collectively referred to as the
"Advisory Agreements."
More specifically, at meetings held on March 28, 2008, the Boards, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and the Sub-Advisers and the continuation of the Advisory
Agreements. Prior to the March 28, 2008, meetings, the Trustees conferred
extensively among themselves and with representatives of Funds Management about
these matters. The Boards also met regularly throughout the year and received
information that was useful to them in considering the continuation of the
Advisory Agreements. The Independent Trustees were assisted in their
238 Wells Fargo Equity Gateway Funds Other Information
evaluation of the Advisory Agreements by independent legal counsel, from whom
they received separate legal advice and with whom they met separately from Funds
Management.
Because the Diversified Equity Fund, Diversified Small Cap Fund and Growth
Equity Fund are gateway blended funds that invest all of their assets in the
portfolios identified above and the C&B Large Cap Value Fund, Emerging Growth
Fund, Equity Income Fund, Equity Value Fund, International Value Fund, Large Cap
Appreciation Fund, Large Company Growth Fund, Small Company Growth Fund, Small
Company Value Fund and Strategic Small Cap Value Fund are gateway feeder funds
that invest all of their assets in one of the portfolios identified above, which
has a substantially similar investment objective and substantially similar
investment strategies to the respective Fund, information provided to the Boards
regarding these Funds is also applicable to the portfolios identified above, as
relevant.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and the Sub-Advisers under the Advisory Agreements. The Boards also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for day-to-day portfolio management services for the Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Boards further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers, and the appointment of a new Chief Compliance Officer for the
Funds. In addition, the Boards took into account the administrative services
provided, or anticipated to be provided, to the Funds by Funds Management and
its affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meetings, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below,
each of the Boards concluded that it was generally satisfied with the nature,
extent and quality of the investment advisory services provided to the Funds by
Funds Management and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for each of the Funds over various
time periods ended December 31, 2007. They also considered these results in
comparison to the median performance of a universe of relevant funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Fund (the "Universe"),
as well as to each Fund's benchmark index and to other comparative data. Lipper
is an independent provider of investment company data. The Boards were provided
with a description of the methodology used by Lipper to select the mutual funds
in the Universe.
The Boards noted that the performance of each Fund, except the C&B Large Cap
Value Fund, International Value Fund, Large Company Growth Fund, Small Company
Growth Fund and Small Company Value Fund, was better than, equal to, or not
appreciably below, the median performance of each Fund's Universe for most time
periods. The Boards noted that the performance of the C&B Large Cap Value Fund,
International Value Fund, Large Company Growth Fund, Small Company Growth Fund
and Small Company Value Fund was lower than the median performance of each
Fund's Universe for most time periods and required further review. As part of
their further review, the Boards received an analysis of, and discussed factors
contributing to, the underperformance of the C&B Large Cap Value Fund,
International Value Fund, Large Company Growth Fund, Small Company Growth Fund
and Small Company Value Fund. The Boards requested continued reports on the
performance of the C&B Large Cap Value Fund, International Value Fund, Large
Company Growth Fund, Small Company Growth Fund and Small Company Value Fund.
The Boards received and considered information regarding the Funds' contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Boards also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that
Other Information Wells Fargo Equity Gateway Funds 239
were determined by Lipper to be the most similar to the Funds (the "Peer Group")
and to other comparative data. The Boards were provided with a description of
the methodology used by Lipper to select the mutual funds in the Peer Group. The
Boards noted that the net operating expense ratios for each Fund were lower
than, equal to, or not appreciably higher than, each Fund's Peer Group's median
net operating expense ratios. The Board of Funds Trust also noted that, at its
regular meeting in November 2007, it had approved the reorganization of a fund
of Funds Trust (the "Acquired Fund") into the C&B Large Cap Value Fund, pending
shareholder approval, and that if the reorganization were approved by
shareholders of the Acquired Fund and consummated, the net operating expense
ratios for certain share classes of the Fund would be reduced upon completion of
the reorganization.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Boards took into account the
separate administrative and other services covered by the administration fee
rates. The Boards also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to the Sub-Advisers for
investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Boards reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Boards received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in each Fund's Peer
Group. The Boards noted that the Advisory Agreement Rates and the Net Advisory
Rates for each Fund were lower than, equal to, or not appreciably higher than,
the median rates of each Fund's respective Peer Group. In addition, the Boards
concluded that the combined investment advisory/administration fee rates for the
Funds (before and after waivers/caps and/or expense reimbursements) were
reasonable in relation to each Fund's respective Peer Group, and reasonable in
relation to the services provided. The Board of Funds Trust also considered and
approved Funds Management's recommendation to reduce administration fees for
certain share classes of certain Funds in coming to its conclusion,
The Boards also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on their consideration of the factors described above.
PROFITABILITY
The Boards received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and Net Advisory Rates, as well
as an analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Boards also considered related information provided
by Funds Management in a separate presentation on financial matters made at the
February 2008 meetings. The Boards concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
The Boards did not consider separate profitability information with respect to
Wells Capital Management, Peregrine and Smith, as their profitability from their
relationships with the Diversified Equity Fund, Diversified Small Cap Fund,
Emerging Growth Fund, Equity Income Fund, Growth Equity Fund, Large Company
Growth Fund, Small Company Growth Fund Small Company Value Fund, Strategic Small
Cap Value Fund, Disciplined Growth Portfolio, Emerging Growth Portfolio, Equity
Income Portfolio, Index Portfolio, Large Company Growth Portfolio, Small Cap
Index Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio
and Strategic Small Cap Value Portfolio was not a material factor in determining
whether to renew the agreements. The Boards did not consider separate
profitability information with respect to Artisan, Cadence, Cooke & Bieler, LSV,
New Star, SSgA and Systematic, which are not affiliated with Funds Management.
The Boards considered that the sub-advisory fees paid to Artisan, Cadence, Cooke
& Bieler, LSV, New Star, SSgA and Systematic, had been negotiated by Funds
Management on an arm's length basis and that Artisan's, Cadence's, Cooke &
Bieler's, LSV's, New Star's, SSgA's and Systematic's profitability from their
relationships with the Equity Value
240 Wells Fargo Equity Gateway Funds Other Information
Fund, International Value Fund, C&B Large Cap Value Portfolio, Equity Value
Portfolio, International Core Portfolio, International Growth Portfolio,
International Index Portfolio, International Value Portfolio and Large Cap
Appreciation Portfolio, was not a material factor in determining whether to
renew the agreements.
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of scale
made at the February 2008 board meetings. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and waivers/caps and/or expense reimbursements applicable to the
Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by the Sub-Advisers to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and the
Sub-Advisers, giving effect to differences in services covered by such fee
rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Such benefits
could include, among others, benefits directly attributable to the relationship
of Funds Management and the Sub-Advisers with the Funds and benefits potentially
derived from an increase in Funds Management's and the Sub-Advisers' business as
a result of their relationship with the Funds (such as the ability to market to
shareholders/interestholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Boards also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards also reviewed Funds
Management's and the Sub-Advisers' methods for allocating portfolio investment
opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares/interests are offered and
sold. The Boards noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution channels.
As discussed above, the Boards review detailed materials received from Funds
Management and the Sub-Advisers annually as part of the re-approval process
under Section 15(c) of the 1940 Act. The Boards also review and assess the
quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management at each of their
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Boards confer with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that the approval of the continuation of the Advisory Agreements for the Funds
was in the best interest of the Funds and their shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one-year period.
List of Abbreviations Wells Fargo Equity Gateway Funds 241
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
THIS PAGE IS INTENTIONALLY LEFT BLANK.
------------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
------------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
109402 05-08
SEGF/SAR111 03-08
----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED] Semi-Annual Report
March 31, 2008
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE INDEX FUND
WANT TO RECEIVE YOUR ANNUAL AND SEMI-ANNUAL REPORTS FASTER?
Sign up for e-delivery at www.wellsfargo.com/advantagefunds, Keyword: eDocs.
Contents
- --------------------------------------------------------------------------------
LETTER TO SHAREHOLDERS .................................................. 2
PERFORMANCE HIGHLIGHTS
Index Fund .............................................................. 4
FUND EXPENSES ........................................................... 6
PORTFOLIO OF INVESTMENTS
Index Fund .............................................................. 7
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ..................................... 8
Statement of Operations ................................................. 9
Statements of Changes in Net Assets ..................................... 10
Financial Highlights .................................................... 12
NOTES TO FINANCIAL STATEMENTS ........................................... 14
MASTER PORTFOLIO
PORTFOLIO OF INVESTMENTS
Index Portfolio ......................................................... 19
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ..................................... 34
Statement of Operations ................................................. 35
Statements of Changes in Net Assets ..................................... 36
Financial Highlights .................................................... 37
NOTES TO FINANCIAL STATEMENTS ........................................... 38
OTHER INFORMATION ....................................................... 42
LIST OF ABBREVIATIONS ................................................... 47
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
[GRAPHIC OMITTED]
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WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 120 FUNDS AND PLACING IT AMONG THE
TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
- --------------------------------------------------------------------------------
WELLS FARGO ADVANTAGE FUNDS(R)
Integrity. Expertise. Solutions.
- --------------------------------------------------------------------------------
GUIDED BY A DISTINGUISHED HERITAGE. Since 1852 Wells Fargo has distinguished
itself by safely delivering people and their valuables to distant destinations.
To meet the needs of a vibrant, expanding nation, the company successfully
forged partnerships with local specialists who knew the terrain.
Although much has changed since then, WELLS FARGO ADVANTAGE FUNDS continues to
put the same time and effort into selecting independent portfolio management
teams who oversee our Funds. It's our way of maintaining this early commitment
to integrity and expertise and to providing solutions that help you reach your
destination.
INDEPENDENT THINKING. With a primary focus on delivering long-term performance
and risk management, our approach offers investors access to the strategic
thinking of independent investment teams from 15 different management firms.
While each of our teams concentrates on a specific strategy, collectively they
provide in-depth knowledge and insight across distinct investment styles.
TIME-TESTED APPROACH. Our teams are chosen for their expertise in particular
investment styles and for their consistent, repeatable processes. All remain
independent and free to concentrate solely on managing money and producing
results. Our strict adherence to this approach provides a consistent focus on
long-term results and allows investors to tap into the expertise of leading
institutional investment managers to create fully diversified portfolios.
SOLUTIONS FOR EVERY STAGE. WELLS FARGO ADVANTAGE FUNDS provides investors with
strategic investment solutions that help navigate the complex and ever-changing
investment landscape. Our diverse family of mutual funds includes more than 120
Funds that cover a broad spectrum of investment styles and asset classes, and
each Fund has its own disciplined approach to investing.
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 120 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $156 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2008.
EQUITY FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
Asia Pacific Fund Equity Value Fund Opportunity Fund
C&B Large Cap Value Fund Growth and Income Fund Overseas Fund
C&B Mid Cap Value Fund Growth Fund Small Cap Disciplined Fund
Capital Growth Fund Growth Equity Fund Small Cap Growth Fund
Common Stock Fund Index Fund Small Cap Opportunities Fund
Discovery Fund International Core Fund Small Cap Value Fund
Diversified Equity Fund International Equity Fund Small Company Growth Fund
Diversified Small Cap Fund International Value Fund Small Company Value Fund
Emerging Growth Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Emerging Markets Equity Fund Large Cap Growth Fund Specialized Financial Services Fund
Endeavor Large Cap Fund Large Company Core Fund Specialized Technology Fund
Endeavor Select Fund Large Company Growth Fund Strategic Small Cap Value Fund
Enterprise Fund Large Company Value Fund U.S. Value Fund
Equity Income Fund Mid Cap Disciplined Fund Value Fund
Equity Index Fund Mid Cap Growth Fund
BOND FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
California Limited-Term Tax-Free Fund Intermediate Government Income Fund 1 Stable Income Fund
California Tax-Free Fund Intermediate Tax-Free Fund Strategic Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Total Return Bond Fund
Corporate Bond Fund Municipal Bond Fund Ultra Short-Term Income Fund
Diversified Bond Fund National Limited-Term Tax-Free Fund Ultra Short-Term Municipal Income Fund
Government Securities Fund 1 National Tax-Free Fund Ultra-Short Duration Bond Fund
High Income Fund Short Duration Government Bond Fund 1 Wisconsin Tax-Free Fund
High Yield Bond Fund Short-Term Bond Fund
Income Plus Fund Short-Term High Yield Bond Fund
Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
ASSET ALLOCATION FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
Aggressive Allocation Fund WealthBuilder Conservative Allocation Portfolio Target 2020 Fund 2
Asset Allocation Fund WealthBuilder Equity Portfolio Target 2025 Fund 2
Balanced Fund WealthBuilder Growth Allocation Portfolio Target 2030 Fund 2
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio Target 2035 Fund 2
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio Target 2040 Fund 2
Moderate Balanced Fund WealthBuilder Tactical Equity Portfolio Target 2045 Fund 2
Life Stage-Aggressive Portfolio Target Today Fund 2 Target 2050 Fund 2
Life Stage-Conservative Portfolio Target 2010 Fund 2
Life Stage-Moderate Portfolio Target 2015 Fund 2
MONEY MARKET FUNDS
- ---------------------------------------------------------------------------------------------------------------------------------
100% Treasury Money Market Fund 1 Heritage Money Market Fund National Tax-Free Money Market Fund
California Tax-Free Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Tax-Free Money Market Trust Money Market Fund Overland Express Sweep Fund
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund 1 Municipal Money Market Fund Treasury Plus Money Market Fund 1
VARIABLE TRUST FUNDS 3
- ---------------------------------------------------------------------------------------------------------------------------------
VT Asset Allocation Fund VT International Core Fund VT Opportunity Fund
VT C&B Large Cap Value Fund VT Large Company Core Fund VT Small Cap Growth Fund
VT Discovery Fund VT Large Company Growth Fund VT Small/Mid Cap Value Fund
VT Equity Income Fund VT Money Market Fund VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
- --------------------------------------------------------------------------------
1 The U.S. Government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2 The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3 The Variable Trust Funds are generally available only through insurance
company variable contracts.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Index Fund Letter to Shareholders
[PHOTO OMITTED]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
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THE LEHMAN BROTHERS TREASURY INDEX RETURNED 8.56%, COMPARED TO 5.23% FOR THE
BROAD BOND MARKET, AS MEASURED BY THE LEHMAN BROTHERS U.S. AGGREGATE INDEX.
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Dear Valued Shareholder,
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
INDEX FUND that covers the six-month period that ended March 31, 2008. During
the period, the economy struggled to absorb slower growth, high energy prices, a
continuing correction in the housing market, and tighter lending practices that
presented financial challenges to businesses and consumers.
Falling prices of new and existing homes especially affected subprime borrowers
who faltered when easy access to credit all but disappeared for them and
market-value equity on their homes declined. The price correction in the market
value of homes prevented many struggling borrowers from paying off their full
mortgage balances by selling their homes. Housing market woes also had a ripple
effect as financial markets began to assess the full impact of the subprime
loans that had been packaged and sold both in the United States and abroad. The
rapid collapse of investment bank Bear Stearns, due to high write-offs in its
mortgage-related assets, highlighted some of the more significant risks within
the market.
THE FED RESPONDED IN MANY WAYS
First, by lowering the federal funds rate (the rate at which member banks borrow
money from each other) by 250 basis points. (100 basis points equals 1.00%.)
Second, it lowered the discount rate (the rate at which banks borrow money
directly from the Fed) by 275 basis points. And, third, it agreed to make the
discount window available to non-bank dealers and to lend to banks for longer
than normal periods of time to help ease some of the constraints on liquidity.
In addition, the Fed launched several other new programs to provide liquidity to
financial institutions.
INVESTORS SOUGHT RELATIVE SAFETY IN MONEY MARKET FUNDS AND IN THE U.S. TREASURY
MARKET
During the six-month period, the Lehman Brothers U.S. Treasury Index 1 returned
8.56%, compared to 5.23% for the broad bond market, as measured by the Lehman
Brothers U.S. Aggregate Index 2. Mortgage-related securities declined on
continued housing-related turmoil. Corporate and high-yield bonds also trailed
as investors worried about the effect of a slowing economy on potential future
default rates. In the international credit markets, Europe and Britain
experienced some of the same concerns over liquidity that were felt in the U.S.
credit markets, which resulted in tighter lending practices overseas.
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1 The Lehman Brothers U.S. Treasury Index is composed of public obligations
of the U.S. Treasury. You cannot invest directly in an index.
2 The Lehman Brothers U.S. Aggregate Index includes bonds from the Treasury,
government-related, corporate, agency, mortgage-backed securities, and
asset-backed securities sectors. You cannot invest directly in an index.
Letter to Shareholders Wells Fargo Advantage Index Fund 3
THE STOCK MARKET STRUGGLED IN MOST AREAS
The S&P 500 Index declined 12.46% for the six-month period. Value stocks
underperformed, largely because of weakness in financial stocks, with the S&P
500 Financial Index 3 declining 26.29% for the period. Small cap stocks modestly
underperformed large caps. Most international markets also posted negative
returns, however, the U.S. dollar's decline partially offset these losses for
U.S.-based investors. The MSCI EAFE Index 4 was down 10.50% for the period in
U.S. dollar terms.
PLANNING AHEAD
The continued uncertainty surrounding the housing market, liquidity, and
inflation supports our belief that successful investing includes a balanced
approach of owning a diversified portfolio while keeping a long-term
perspective. While diversification may not prevent losses in a downturn, it may
help to reduce them and provide you with one way of managing risk. Our diverse
family of mutual funds may also help. We offer more than 120 Funds that cover a
broad spectrum of investment styles and asset classes. Each Fund is managed
according to a disciplined approach to investing that features the strategic
thinking of portfolio managers chosen for their in-depth knowledge and
methodology. We believe that our insistence on seeking investment teams who
share our dedication to pursuing consistent, long-term results offers you a way
to navigate changing market conditions and move forward with your financial
planning.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
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THE S&P 500 INDEX DECLINED 12.46% FOR THE SIX-MONTH PERIOD. ...
....THE MSCI EAFE INDEX WAS DOWN 10.50% FOR THE PERIOD IN U.S. DOLLAR TERMS.
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3 The S&P 500 Financial Index is a market-capitalization weighted index of
companies involved in activities such as banking, consumer finance,
investment banking and brokerage, asset management, insurance and
investment, and real estate, including REITS. You cannot invest directly
in an index.
4 The Morgan Stanley Capital International Europe, Australasia, and Far East
("MSCI EAFE") Stock Index is an unmanaged group of securities widely
regarded by investors to be representations of the stock markets of
Europe, Australasia, and the Far East. You cannot invest directly in an
index.
4 Wells Fargo Advantage Index Fund Performance Highlights
WELLS FARGO ADVANTAGE INDEX FUND
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INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INDEX FUND (the Fund) seeks to replicate the total
rate of return of the S&P 500 Index, before fees and expenses.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
Gregory T. Genung, CFA
FUND INCEPTION
January 31, 1987
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TEN LARGEST EQUITY HOLDINGS 1
(AS OF MARCH 31, 2008)
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Exxon Mobil Corporation 3.92%
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General Electric Company 3.20%
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AT&T Incorporated 2.00%
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Microsoft Corporation 1.97%
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Procter & Gamble Company 1.87%
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Johnson & Johnson 1.59%
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Chevron Corporation 1.54%
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Bank of America Corporation 1.46%
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International Business Machines Corporation 1.38%
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JPMorgan Chase & Company 1.26%
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SECTOR DISTRIBUTION 2
(AS OF MARCH 31, 2008)
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[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
Telecommunication Services (3%)
Utilities (4%)
Consumer Discretionary (9%)
Consumer Staples (11%)
Energy (13%)
Financials (16%)
Health Care (12%)
Industrials (12%)
Information Technology (16%)
Materials (4%)
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1 The Ten Largest Equity Holdings are calculated based on the market value
of the Master Trust portfolio securities allocable to the Fund divided by
total market value of the portfolio of investments of the Fund. See Notes
to Financial Statements for a discussion of the Master Trust.
2 Sector distribution is subject to change. Cash and cash equivalents are
not reflected in the calculations of sector distribution.
Performance Highlights Wells Fargo Advantage Index Fund 5
WELLS FARGO ADVANTAGE INDEX FUND (CONTINUED)
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AVERAGE ANNUAL TOTAL RETURN 3 (%) (AS OF MARCH 31, 2008)
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Expense Ratio
INDEX FUND 6 Months* 1 Year 5 Year 10 Year Gross 5 Net 6
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Administrator Class (NVINX) (12.65) (5.37) 11.03 3.30 0.38% 0.25%
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Investor Class (WFVEX) (12.73) (5.55) 10.81 3.09 0.88% 0.45%
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BENCHMARK
S&P 500 Index 4 (12.46) (5.08) 11.32 3.50
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* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE
- -WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES
CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
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3 The Fund is a gateway feeder Fund that invests substantially all of its
assets in a single master portfolio of the Master Trust with a
substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the master portfolio
in which it invests.
Prior to April 11, 2005, the WELLS FARGO ADVANTAGE INDEX FUND -
Administrator Class was named the Wells Fargo Index Fund - Institutional
Class. Performance shown for the Administrator Class shares for periods
prior to November 8, 1999, reflects the performance of the Institutional
Class shares of Norwest Advantage Index Fund, its predecessor fund.
Performance shown prior to the inception of the Investor Class shares on
April 11, 2005, reflects the performance of the Administrator Class shares
of the Fund, and includes expenses that are not applicable to and are
lower than those of the Investor Class shares.
4 The S&P 500 Index consists of 500 stocks chosen for market size,
liquidity, and industry group representation. It is a market value
weighted index with each stock's weight in the Index proportionate to its
market value. You cannot invest directly in an Index.
5 Reflects the gross expense ratio as stated in the February 1, 2008,
prospectus, includes gross expenses allocated from the master portfolio in
which the Fund invests, and is based on the Fund's previous fiscal year
expenses as reported in the Financial Highlights.
6 The investment adviser has contractually committed through January 31,
2009, to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying master
portfolio's fees and expenses, as shown. Without these reductions, the
Fund's returns would have been lower.
6 Wells Fargo Advantage Index Fund Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
six-month period and held for the entire six-month period, from October 1, 2007
to March 31, 2008.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
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Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
WELLS FARGO ADVANTAGE INDEX FUND 10-01-2007 03-31-2008 Period 1 Expense Ratio
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ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 873.50 $ 1.17 0.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,023.75 $ 1.26 0.25%
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INVESTOR CLASS
Actual $ 1,000.00 $ 872.70 $ 2.11 0.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,022.75 $ 2.28 0.45%
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1 Expenses are equal to the Fund's annualized expense ratio (including the
fees and expenses of the underlying master portfolio(s)) multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year divided by the number of days in the
fiscal year (to reflect the one-half year period.)
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Index Fund 7
INDEX FUND
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FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.97%
NA WELLS FARGO ADVANTAGE INDEX PORTFOLIO $ 1,747,591,234
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $1,347,418,919) 1,747,591,234
----------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,347,418,919) 99.97% $ 1,747,591,234
OTHER ASSETS AND LIABILITIES, NET 0.03 526,259
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TOTAL NET ASSETS 100.00% $ 1,748,117,493
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The accompanying notes are an integral part of these financial statements.
8 Wells Fargo Advantage Index Fund
Statement of Assets and Liabilities--March 31, 2008 (Unaudited)
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ASSETS
Investments
Investments in affiliated Master Portfolios ........................................................ $ 1,747,591,234
------------------
Total investments at market value (see cost below) .................................................... 1,747,591,234
------------------
Cash .................................................................................................. 25,000
Receivable for Fund shares issued ..................................................................... 850,282
Receivable from investment advisor and affiliates ..................................................... 1,155
------------------
Total assets ............................................................................................. 1,748,467,671
------------------
LIABILITIES
Payable for Fund shares redeemed ...................................................................... 135,765
Accrued expenses and other liabilities ................................................................ 214,413
------------------
Total liabilities ........................................................................................ 350,178
------------------
TOTAL NET ASSETS ......................................................................................... $ 1,748,117,493
==================
NET ASSETS CONSIST OF
Paid-in capital ....................................................................................... $ 1,332,169,239
Undistributed net investment income (loss) ............................................................ 8,699,597
Undistributed net realized gain (loss) on investments ................................................. 7,076,342
Net unrealized appreciation (depreciation) of investments, foreign currencies and
translation of assets and liabilities denominated in foreign currencies ............................ 400,172,315
------------------
TOTAL NET ASSETS ......................................................................................... $ 1,748,117,493
==================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE 1
Net assets - Administrator Class ...................................................................... $ 1,614,817,400
Shares outstanding - Administrator Class .............................................................. 32,004,334
Net asset value and offering price per share - Administrator Class .................................... $ 50.46
Net assets - Investor Class ........................................................................... $ 133,300,093
Shares outstanding - Investor Class ................................................................... 2,644,541
Net asset value and offering price per share - Investor Class ......................................... $ 50.41
------------------
Investments at cost ...................................................................................... $ 1,347,418,919
------------------
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1 Each Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
Statement of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage Index Fund 9
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INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios ................................................. $ 20,410,643
Interest Income allocated from affiliated Master Portfolios ........................................... 16,523
Expenses allocated from affiliated Master Portfolios .................................................. (1,040,397)
Waivers allocated from affiliated Master Portfolios ................................................... 7,265
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Total investment income .................................................................................. 19,394,034
------------------
EXPENSES
Administration fees
Fund Level ......................................................................................... 476,059
Administrator Class ................................................................................ 878,918
Investor Class ..................................................................................... 318,293
Shareholder servicing fees ............................................................................ 1,060,374
Accounting fees ....................................................................................... 60,822
Professional fees ..................................................................................... 7,686
Registration fees ..................................................................................... 21,625
Shareholder reports ................................................................................... 48,213
Trustees' fees ........................................................................................ 4,323
Other fees and expenses ............................................................................... 22,102
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Total expenses ........................................................................................... 2,898,415
------------------
LESS
Waived fees and reimbursed expenses (Note 3) .......................................................... (1,404,854)
Net expenses .......................................................................................... 1,493,561
------------------
Net investment income (loss) ............................................................................. 17,900,473
------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities transactions allocated from Master Portfolios .............................................. 33,204,979
Futures transactions allocated from Master Portfolios ................................................. (1,993,931)
------------------
Net realized gain and loss from investments .............................................................. 31,211,048
------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities transactions allocated from Master Portfolios .............................................. (307,163,582)
Forwards, futures, options, swaps and short sales allocated from Master Portfolios .................... (353,356)
------------------
Net change in unrealized appreciation (depreciation) of investments ...................................... (307,516,938)
------------------
Net realized and unrealized gain (loss) on investments ................................................... (276,305,890)
------------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .......................................... $ (258,405,417)
==================
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The accompanying notes are an integral part of these financial statements.
10 Wells Fargo Advantage Index Fund Statements of Changes in Net Assets
For the
Six Months Ended For the
March 31, 2008 Year Ended
(Unaudited) September 30, 2007
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INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................... $ 2,037,737,215 $ 1,730,217,897
OPERATIONS
Net investment income (loss) ....................................................... 17,900,473 33,349,911
Net realized gain (loss) on investments ............................................ 31,211,048 70,395,510
Net change in unrealized appreciation (depreciation) of investments ................ (307,516,938) 186,020,826
-------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... (258,405,417) 289,766,247
-------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Administrator Class ............................................................. (31,657,009) (26,351,986)
Investor Class .................................................................. (2,345,172) (1,876,799)
Net realized gain on sales of investments
Administrator Class ............................................................. (57,872,956) (39,206,299)
Investor Class .................................................................. (4,848,118) (3,232,846)
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Total distributions to shareholders ................................................... (96,723,255) (70,667,930)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Administrator Class .................................... 205,500,082 408,150,468
Reinvestment of distributions - Administrator Class ................................ 78,747,065 57,560,508
Cost of shares redeemed - Administrator Class ...................................... (220,398,316) (378,923,428)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class .............................................. 63,848,831 86,787,548
-------------------------------------
Proceeds from shares sold - Investor Class ......................................... 12,135,410 32,504,309
Reinvestment of distributions - Investor Class ..................................... 6,979,832 4,975,486
Cost of shares redeemed - Investor Class ........................................... (17,455,123) (35,846,342)
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ................................................... 1,660,119 1,633,453
-------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ............................................................... 65,508,950 88,421,001
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (289,619,722) 307,519,318
=====================================
ENDING NET ASSETS ..................................................................... $ 1,748,117,493 $ 2,037,737,215
=====================================
SHARES ISSUED AND REDEEMED
Shares sold - Administrator Class .................................................. 3,626,133 7,188,133
Shares issued in reinvestment of distributions - Administrator Class ............... 1,398,645 1,019,618
Shares redeemed - Administrator Class .............................................. (3,960,328) (6,586,223)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class ................ 1,064,450 1,621,528
-------------------------------------
Shares sold - Investor Class ....................................................... 221,374 566,168
Shares issued in reinvestment of distributions - Investor Class .................... 124,116 88,221
Shares redeemed - Investor Class ................................................... (321,097) (623,820)
-------------------------------------
Net increase (decrease) in shares outstanding - Investor Class ..................... 24,393 30,569
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE
TRANSACTIONS ....................................................................... $ 1,088,843 $ 1,652,097
=====================================
Ending balance of undistributed net investment income (loss) .......................... 8,699,597 24,801,305
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The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK
12 Wells Fargo Advantage Index Fund Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income (Loss) on Investments Income
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INDEX FUND
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Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 60.73 0.50 (7.92) (0.99)
October 1, 2006 to September 30, 2007 ....................... $ 54.23 0.99 6 7.60 (0.83)
October 1, 2005 to September 30, 2006 ....................... $ 49.80 0.88 4.31 (0.76)
October 1, 2004 to September 30, 2005 ....................... $ 45.21 0.89 4.50 (0.80)
October 1, 2003 to September 30, 2004 ....................... $ 40.33 0.65 4.81 (0.58)
October 1, 2002 to September 30, 2003 ....................... $ 32.98 0.55 7.37 (0.57)
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... $ 60.61 0.46 (7.92) (0.88)
October 1, 2006 to September 30, 2007 ....................... $ 54.13 0.87 6 7.59 (0.72)
October 1, 2005 to September 30, 2006 ....................... $ 49.75 0.78 4.30 (0.70)
April 11, 2005 5 to September 30, 2005 ...................... $ 47.52 0.34 1.89 0.00
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1 During each period, various fees and expenses were waived and reimbursed
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements (Note
3).
2 Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods of less than one year are not
annualized.
3 Portfolio turnover rate represents the activity from the Fund's investment
in a single Portfolio.
4 Includes net expenses allocated from the Portfolio in which the Fund
invests.
5 Commencement of operations.
6 Calculated based upon average shares outstanding.
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Index Fund 13
Ending Ratio to Average Net Assets (Annualized) 1
Distributions Net Asset ----------------------------------------------------
from Net Value Per Net Investment Gross Expenses Net
Realized Gains Share Income (Loss) Expenses 4 Waived Expenses 4
- ------------------------------------------------------------------------------------------------------------------------------------
INDEX FUND
- ------------------------------------------------------------------------------------------------------------------------------------
Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.86) $ 50.46 1.90% 0.38% (0.13)% 0.25%
October 1, 2006 to September 30, 2007 ........... (1.26) $ 60.73 1.71% 0.37% (0.12)% 0.25%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 54.23 1.72% 0.38% (0.13)% 0.25%
October 1, 2004 to September 30, 2005 ........... 0.00 $ 49.80 1.87% 0.31% (0.06)% 0.25%
October 1, 2003 to September 30, 2004 ........... 0.00 $ 45.21 1.49% 0.31% (0.06)% 0.25%
October 1, 2002 to September 30, 2003 ........... 0.00 $ 40.33 1.58% 0.44% (0.19)% 0.25%
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ... (1.86) $ 50.41 1.69% 0.86% (0.41)% 0.45%
October 1, 2006 to September 30, 2007 ........... (1.26) $ 60.61 1.51% 0.87% (0.42)% 0.45%
October 1, 2005 to September 30, 2006 ........... 0.00 $ 54.13 1.53% 0.88% (0.43)% 0.45%
April 11, 2005 5 to September 30, 2005 .......... 0.00 $ 49.75 1.36% 0.82% (0.37)% 0.45%
Portfolio Net Assets at
Total Turnover End of Period
Return 2 Rate 3 (000's omitted)
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INDEX FUND
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Administrator Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... (12.65)% 2% $ 1,614,817
October 1, 2006 to September 30, 2007 ....................... 16.16% 8% $ 1,878,932
October 1, 2005 to September 30, 2006 ....................... 10.52% 9% $ 1,590,045
October 1, 2004 to September 30, 2005 ....................... 11.99% 8% $ 1,211,916
October 1, 2003 to September 30, 2004 ....................... 13.57% 3% $ 1,087,212
October 1, 2002 to September 30, 2003 ....................... 24.22% 3% $ 839,581
Investor Class
October 1, 2007 to March 31, 2008 (Unaudited) ............... (12.73)% 2% $ 133,300
October 1, 2006 to September 30, 2007 ....................... 15.92% 8% $ 158,805
October 1, 2005 to September 30, 2006 ....................... 10.31% 9% $ 140,173
April 11, 2005 5 to September 30, 2005 ...................... 4.69% 8% $ 149,501
14 Wells Fargo Advantage Index Fund Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. The Trust commenced operations on November 8, 1999, and at March 31,
2008, was comprised of 111 separate series (each, a "Fund", collectively, the
"Funds"). These financial statements present the Index Fund. The Fund is a
diversified series of the Trust.
The separate classes of shares offered by the Fund differ principally in
applicable sales charges, shareholder servicing and administration fees.
Shareholders of each class bear certain expenses that pertain to that particular
class. All shareholders bear the common expenses of a Fund, earn income from the
portfolio, and are allocated unrealized gains and losses pro rata based on the
average daily net assets of each class, without distinction between share
classes. Dividends are determined separately for each class based on income and
expenses allocable to each class. Realized gains and losses are allocated to
each class pro rata based upon the net assets of each class on the date
realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
The Index Fund seeks to achieve its investment objective by investing all
investable assets in one or more separate diversified portfolios (each, a
"Master Portfolio", collectively, the "Master Portfolios") of Wells Fargo Master
Trust, a registered open-end management investment company. Each Master
Portfolio directly acquires portfolio securities, and a Fund investing in a
Master Portfolio acquires an indirect interest in those securities. Each Fund
accounts for its investment in the Master Portfolios as partnership investments
and records daily its share of the Master Portfolio income, expenses, and
realized and unrealized gains and losses. The financial statements of the Master
Portfolio for the six months period ended March 31, 2008, in which the Index
Fund invests are in this report and should be read in conjunction with the
Fund's financial statements. As of March 31, 2008, the Index Fund owns the
following percentage interest of the Master Portfolio in which it invests:
- --------------------------------------------------------------------------------
Index Fund
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 75%
- --------------------------------------------------------------------------------
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITIES VALUATION
Investments in the Master Portfolios are valued daily based upon each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in this report.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the interest method.
Notes to Financial Statements Wells Fargo Advantage Index Fund 15
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
For federal income tax purposes, a Fund may designate as capital gains
distributions the earnings and profits distributed to shareholders on the
redemption of fund shares during the year.
Distributions are based on amounts calculated in accordance with the applicable
federal income tax regulations, which may differ from GAAP. The timing and
character of distributions made during the period from net investment income or
net realized gains may also differ from their ultimate characterization for
federal income tax purposes. To the extent that these differences are permanent
in nature, such amounts are reclassified within the capital accounts based on
their federal tax-basis treatment. Temporary differences do not require
reclassifications.
FEDERAL INCOME TAXES
Each Fund is treated as a separate entity for U.S. federal income tax purposes.
It is the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by complying with the provisions applicable to regulated
investment companies, as defined under Subchapter M of the Internal Revenue
Code, and to make distributions of substantially all of its investment company
taxable income and any net realized capital gains (after reduction for capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
federal income taxes. Accordingly, no provision for federal income taxes was
required at March 31, 2008.
Management has analyzed the Index 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, 2004; May 31, 2005; May 31, 2006; May 31, 2007) are
subject to examination by the Internal Revenue Service and state departments of
revenue.
At September 30, 2007, net capital loss carryforwards, which are available to
offset future net realized capital gains, were:
- --------------------------------------------------------------------------------
Capital Loss
FUND Expiration Year Carryforwards
- --------------------------------------------------------------------------------
INDEX FUND 2009 $ 9,998,456
2010 2,154,234
2011 649,101
2012 2,439,923
- --------------------------------------------------------------------------------
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). Funds Management is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
For each Fund that invests substantially all of its assets in a single Master
Portfolio, Funds Management does not currently receive investment advisory fees.
Funds Management acts as adviser to the Master Portfolios, and is entitled to
receive fees from the Master Portfolios for those services.
Each Fund that invests its assets in one or more of the Master Portfolios may
withdraw its investments from its corresponding Master Portfolio(s) at any time
if the Board of Trustees determines that it is in the best interest of the Fund
to do so. Upon such redemption and subsequent direct investment in a portfolio
of securities, Funds Management (and the corresponding subadviser, if any) may
receive an investment advisory fee for the direct management of those assets.
16 Wells Fargo Advantage Index Fund Notes to Financial Statements
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive the following annual fees:
- --------------------------------------------------------------------------------
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- --------------------------------------------------------------------------------
Fund level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
- --------------------------------------------------------------------------------
Class level
- --------------------------------------------------------------------------------
Administrator Class All asset levels 0.10
- --------------------------------------------------------------------------------
Investor Class All asset levels 0.45*
- --------------------------------------------------------------------------------
* Effective February 1, 2008, the class-level administration fee for
Investor Class was reduced by 0.05%, as shown in the table. Prior to
February 1, 2008, the class-level administration fee for Investor Class
was 0.45%.
The Trust has entered into an agreement with Boston Financial Data Services
("BFDS") as the transfer agent for the Trust. Transfer agent fees are paid by
Funds Management and not by the Fund.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. WFB does not receive
a custodial fee for any Fund that invests its assets solely in one or more
Master Portfolios or other investment companies.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby the Fund is charged the following annual fees:
- --------------------------------------------------------------------------------
% of Average
Daily Net Assets
- --------------------------------------------------------------------------------
Administrator Class 0.10
- --------------------------------------------------------------------------------
Investor Class 0.25
- --------------------------------------------------------------------------------
For the period ended March 31, 2008, shareholder servicing fees paid were as
follows:
- --------------------------------------------------------------------------------
Administrator Investor
Fund Class Class
- --------------------------------------------------------------------------------
Index Fund $878,918 $181,456
- --------------------------------------------------------------------------------
OTHER FEES
PFPC, Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to
receive an annual asset-based fee and an annual fixed fee from each Fund. PFPC
is also entitled to be reimbursed for all out-of-pocket expenses reasonably
incurred in providing these services.
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 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 in the Statements of
Operations, for the period ended March 31, 2008, were waived by Funds Management
proportionately from all classes, first from advisory fees, and then from any
Class specific expenses, if applicable. Funds Management has contractually
committed through January 31, 2009, to waive fees and/or reimburse expenses to
the extent necessary to maintain a certain net operating expense ratio,
Notes to Financial Statements Wells Fargo Advantage Index Fund 17
including the underlying Master Portfolio's fees and expenses, for the Funds.
Net operating expense ratios in effect for the period ended March 31, 2008, were
as follows:
- --------------------------------------------------------------------------------
Net Operating Expense Ratios
----------------------------
FUND Administrator Class Investor Class
- --------------------------------------------------------------------------------
INDEX FUND 0.25% 0.45%
- --------------------------------------------------------------------------------
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2008, were as follows:
- --------------------------------------------------------------------------------
Fund Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
Index Fund* $46,833,598 $117,384,875
- --------------------------------------------------------------------------------
* The Fund seeks to achieve its investment objective by investing some or
all of its investable assets in one or more Master Portfolios. Purchases
and sales related to these investments have been calculated by aggregating
the results of multiplying such Fund's ownership percentage of the
respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
5. BANK BORROWINGS
Wells Fargo Funds Trust and Wells Fargo Variable Trust (excluding the money
market funds) share in a revolving Credit Agreement with The Bank of New York,
whereby the Funds are permitted to use bank borrowings for temporary or
emergency purposes, such as to fund shareholder redemption requests. The
agreement permits borrowings of up to $150 million, collectively. Interest is
charged to each Fund based on its borrowing at a rate equal to the Federal Funds
Rate plus 0.40%. In addition, the Funds pay a quarterly commitment fee equal to
0.1% per annum of the credit line. For the period ended March 31, 2008, there
were no borrowings under the agreement by the Index Fund.
6. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into agreements with certain regulators,
including the SEC and the New York Attorney General ("NYAG"), to settle
market-timing investigations. In the settlements, Strong agreed to pay investor
restoration and civil penalties. Although some portion of these payments is
likely to be distributed to predecessor Strong Fund shareholders, no
determination has yet been made as to the distribution of these amounts, and the
successor funds are not expected to receive any portion of these payments. The
NYAG settlement also imposed fee reductions across the predecessor strong fund
complex (excluding money market funds and very short-term income funds) totaling
at least $35 million by May 2009. Funds Management has agreed to honor these fee
reductions for the benefit of shareholders across the successor funds. Although
civil litigation against Strong and certain predecessor Strong Funds relating to
these matters is continuing, neither the current adviser nor the successor funds
is a party to any such suit.
7. NEW ACCOUNTING PRONOUNCEMENTS
In 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
18 Wells Fargo Advantage Index Fund Notes to Financial Statements
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.
8. SUBSEQUENT EVENT
At its November 7, 2007 meeting, the Board unanimously approved the
reorganization of the Wells Fargo Advantage Equity Index Fund (the "Target
Fund") into the Wells Fargo Advantage Index Fund (the "Acquiring Fund") (the
"Reorganization"). Shareholder approval of this Reorganization is not required
under applicable SEC rules and will not be sought.
In its approval of the Reorganization, the Board considered many factors,
including that the Target Fund and the Acquiring Fund have the same investment
adviser and sub-adviser, substantially the same investment objectives and
strategies and the same or similar net operating expenses. The Board also
considered that shareholders would not bear any expenses associated with, or
recognize gain or loss for federal income tax purposes as a result of the
Reorganization.
The Reorganization is subject to the satisfaction of certain conditions. At the
closing of the Reorganization, the Target Fund will transfer all of its assets
and liabilities to the corresponding Acquiring Fund in exchange for shares of
the Acquiring Fund in an amount equal to the then current value of the Target
Fund shares. Upon completion of the Reorganization, the Target Fund will
liquidate by distributing the Acquiring Fund shares to the Target Fund
shareholders, so that Target Fund shareholders would receive shares of a
specified class of the Acquiring Fund with a total value equal to the then
current value of their Target Fund shares, cease operations and dissolve. The
Reorganization is structured as a tax-free transaction and it is anticipated
that no gain or loss for federal income tax purposes would be recognized by
shareholders as a result of this Reorganization. Shareholders should consult
with their own tax advisors regarding the application of tax laws and this
transaction to their particular situations. Additionally, Fund shareholders will
not incur any sales loads or similar transaction charges or bear any of the
costs associated with the Reorganization.
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 19
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
20 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 21
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
-------------
22 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 23
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
24 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 25
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
-------------
26 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
-------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 27
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
-------------
28 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 29
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
30 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 31
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
32 Wells Fargo Advantage Master Portfolio
Portfolio of Investments--March 31, 2008 (Unaudited)
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
--------------
Portfolio of Investments--March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 33
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.
34 Wells Fargo Advantage Master Portfolio
Statement of Assets and Liabilities--March 31, 2008 (Unaudited)
Index
Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments
In securities, at market value (including securities on loan) .............................................. $ 2,317,103,484
Collateral received for securities loaned (Note 2) ......................................................... 425,644,282
Investments in affiliates .................................................................................. 25,784,728
---------------
Total investments at market value (see cost below) ............................................................ 2,768,532,494
---------------
Variation margin receivable on futures contracts .............................................................. 21,675
Receivable for investments sold ............................................................................... 1,518,079
Receivables for dividends and interest ........................................................................ 3,269,341
---------------
Total assets ..................................................................................................... 2,773,341,589
---------------
LIABILITIES
Payable for investments purchased ............................................................................. 1,567,798
Payable to investment advisor and affiliates (Note 3) ......................................................... 172,679
Payable upon receipt of securities loaned (Note 2) ............................................................ 428,961,515
Accrued expenses and other liabilities ........................................................................ 53,076
---------------
Total liabilities ................................................................................................ 430,755,068
---------------
TOTAL NET ASSETS ................................................................................................. $ 2,342,586,521
===============
Investments at cost .............................................................................................. $ 2,427,849,144
---------------
Securities on loan, at market value (Note 2) ..................................................................... $ 415,970,290
---------------
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Statement of Operations--For the Six Months Ended March 31, 2008 (Unaudited)
Wells Fargo Advantage Master Portfolio 35
Index
Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends 1 .................................................................................................. $ 26,465,069
Dividends from affiliated securities ......................................................................... 426,537
Interest ..................................................................................................... 24,979
Interest from affiliated securities .......................................................................... 397,017
Securities lending income, net ............................................................................... 476,667
---------------
Total investment income ......................................................................................... 27,790,269
---------------
EXPENSES
Advisory fees ................................................................................................ 1,097,284
Custody fees ................................................................................................. 259,276
Professional fees ............................................................................................ 11,559
Shareholder reports .......................................................................................... 16,985
Trustees' fees ............................................................................................... 4,323
Other fees and expenses ...................................................................................... 26,577
---------------
Total expenses .................................................................................................. 1,416,004
---------------
LESS
Waived fees and reimbursed expenses (Note 3) ................................................................. (9,780)
Net expenses ................................................................................................. 1,406,224
---------------
Net investment income (loss) .................................................................................... 26,384,045
---------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation .............................................. 56,158,240
Futures transactions ......................................................................................... (2,802,268)
Affiliated securities ........................................................................................ 689,547
---------------
Net realized gain and loss from investments ..................................................................... 54,045,519
---------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation .............................................. (428,773,027)
Futures transactions ......................................................................................... (538,092)
---------------
Net change in unrealized appreciation (depreciation) of investments ............................................. (429,311,119)
---------------
Net realized and unrealized gain (loss) on investments .......................................................... (375,265,600)
---------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................................................. $ (348,881,555)
===============
1 Net of foreign withholding taxes of ........................................................................... $ 0
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Master Portfolio
Statements of Changes in Net Assets
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
=====================================
- --------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Financial Highlights Wells Fargo Advantage Master Portfolio 37
Ratio to Average Net Assets (Annualized) 1
-------------------------------------------------- Portfolio
Net Investment Gross Expenses Net Total Turnover
Income (Loss) Expenses Waived Expenses Return 2 Rate
- -------------------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO
- -------------------------------------------------------------------------------------------------------------------------------
October 1, 2007 to March 31, 2008 (Unaudited) ... 2.04% 0.11% 0.00% 3 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%
- --------------------------------------------------------------------------------
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 Amount calculated is less than .005%.
The accompanying notes are an integral part of these financial statements.
38 Wells Fargo Advantage Master Portfolio 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 (each, a
"Fund" and collectively, the "Funds"). These financial statements are for the
Index Portfolio.
Interests in the Fund are sold without any sales charge in private placement
transactions to qualified investors, including open-end management investment
companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Trust, are in conformity
with accounting principles generally accepted in the United States of America
("GAAP") for investment companies.
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
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.
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.
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
Notes to Financial Statements Wells Fargo Advantage Master Portfolio 39
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.
FUTURES CONTRACTS
The Fund may purchase futures contracts to gain exposure to market changes,
which may be more efficient or cost effective than actually buying the
securities. A futures contract is an agreement between parties to buy or sell a
security at a set price on a future date. Upon entering into such a contract, a
Fund is required to pledge to the broker an amount of cash, U.S. Government
obligations or other high-quality debt securities equal to the minimum "initial
margin" requirements of the exchange on which the futures contract is traded.
Pursuant to the contract, the Fund agrees to receive from or pay to the broker
an amount of cash equal to the daily fluctuation in the value of the contract.
Such receipts or payments are known as "variation margin" and are recorded by
the Fund as unrealized gains or losses. When the contract is closed, the Fund
records a realized gain or loss equal to the difference between the value of the
contract at the time it was opened and the value at the time it was closed.
Pursuant to regulations and/or published positions of the Securities and
Exchange Commission (the "SEC") for long futures positions, the Fund is required
to segregate highly liquid securities as permitted by the SEC in connection with
futures transactions in an amount generally equal to the value of the underlying
contracts. Risks of entering into futures contracts include the possibility that
there may be an illiquid market and that a change in the value of the contract
may not correlate with changes in the value of the underlying securities. At
March 31, 2008, the Fund held the following open futures contract:
- --------------------------------------------------------------------------------------
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
- --------------------------------------------------------------------------------------
SECURITY LOANS
The Fund may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees or by retaining a portion of interest on the investment securities or
cash received as collateral. A Fund also continues to receive interest or
dividends on the securities loaned. Security loans are secured at all times by
collateral. The collateral is equal to at least 102% of the market value of the
securities loaned plus accrued interest when the transaction is entered into.
The collateral supporting loans of domestic and foreign equity securities and
corporate bonds 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 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 Fund. 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 Fund 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 Statement of
Operations. The value of the securities on loan and the value of the related
collateral at March 31, 2008, are shown on the Statement of Assets and
Liabilities.
40 Wells Fargo Advantage Master Portfolio Notes to Financial Statements
STRUCTURED INVESTMENT VEHICLES
The Fund 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 Fund 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 the Fund's net assets invested in these securities:
- --------------------------------------------------------------------------------
PORTFOLIO Defaulted SIVs ($Market Value) % of Net Assets
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 29,805,123 1.27%
- --------------------------------------------------------------------------------
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 the adviser. Funds Management and
the investment subadviser 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)
- ---------------------------------------------------------------------------------------------------------------------
INDEX PORTFOLIO First $500 million 0.100 Wells Capital First $100 million 0.050
Next $500 million 0.100 Management Next $100 million 0.030
Next $2 billion 0.075 Incorporated Over $200 million 0.020
Next $2 billion 0.075
Over $5 billion 0.050
- ---------------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to the
Master Trust.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rate:
- --------------------------------------------------------------------------------
% of Average
PORTFOLIO Daily Net Assets
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 0.02
- --------------------------------------------------------------------------------
Notes to Financial Statements Wells Fargo Advantage Master Portfolio 41
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 Statement 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 ratio for the Fund.
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the period ended March 31, 2008, were as follows:
- --------------------------------------------------------------------------------
PORTFOLIO Purchases at Cost Sales Proceeds
- --------------------------------------------------------------------------------
INDEX PORTFOLIO 62,778,603 157,349,827
- --------------------------------------------------------------------------------
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.
42 Wells Fargo Advantage Index Fund Other Information
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS, or visiting the SEC Web site at WWW.SEC.GOV.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS or by
visiting the SEC Web site at WWW.SEC.GOV.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (WWW.WELLSFARGO.COM/ADVANTAGEFUNDS) on
a monthly, 30-day or more delayed basis and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust"). This table
supplements, and should be read in conjunction with, the Prospectus and the
Statement of Additional Information 1 of each Fund. Each of the Trustees listed
below acts in identical capacities for each of the 146 funds comprising the
Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the
"Fund Complex"). All of the non-interested Trustees are also members of the
Audit and Governance Committees of each Trust in the Fund Complex. The address
of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA
94105. Each Trustee and Officer serves an indefinite term, however, each Trustee
serves such term until reaching the mandatory retirement age established by the
Trustees.
NON-INTERESTED TRUSTEES
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Thomas S. Goho Trustee, since 1987 Co-Director for the Calloway School of Stephens None
65 University of Wake Forest University. Prior thereto, the
Thomas Goho Chair of Finance of Wake Forest University,
Calloway School of Business and Accountancy, from
2006-2007 and Associate Professor of Finance from
1999-2005.
- ------------------------------------------------------------------------------------------------------------------------------------
Peter G. Gordon Trustee, since 1998; Chairman, CEO and Co-Founder of Crystal Geyser Water None
65 Chairman, since 2005 Company and President of Crystal Geyser Roxane Water
(Lead Trustee since Company.
2001)
- ------------------------------------------------------------------------------------------------------------------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
55 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging Research
Center. Research associate, National Bureau of Economic
Research.
- ------------------------------------------------------------------------------------------------------------------------------------
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
56 Foundation, a non-profit organization since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum at
the University of Minnesota since 1995
- ------------------------------------------------------------------------------------------------------------------------------------
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
67
- ------------------------------------------------------------------------------------------------------------------------------------
Other Information Wells Fargo Advantage Index Fund 43
INTERESTED TRUSTEE 3
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
J. Tucker Morse Trustee, since 1987 Private Investor/Real Estate Developer. Prior thereto, None
63 Chairman of Whitepoint Capital, LLC until 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
OFFICERS
- ------------------------------------------------------------------------------------------------------------------------------------
Position Held and
Name and Age Length of Service 2 Principal Occupations During Past Five Years Other Directorships
- ------------------------------------------------------------------------------------------------------------------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
48 President of Wells Fargo Funds Management, LLC since
2003. Senior Vice President and Chief Administrative
Officer of Wells Fargo Funds Management, LLC from 2001
to 2003.
- ------------------------------------------------------------------------------------------------------------------------------------
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
47 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
- ------------------------------------------------------------------------------------------------------------------------------------
Stephen W. Leonhardt Treasurer, since 2007 Vice President and Manager of Fund Accounting, Reporting None
48 and Tax for Wells Fargo Funds Management, LLC since
2007. Director of Fund Administration and SEC Reporting
for TIAA-CREF from 2005 to 2007. Chief Operating Officer
for UMB Fund Services, Inc. from 2004 to 2005.
Controller for Sungard Transaction Networks from 2002 to
2004.
- ------------------------------------------------------------------------------------------------------------------------------------
Debra Ann Early Chief Compliance Chief Compliance Officer of Wells Fargo Funds None
43 Officer, since 2007 Management, LLC since 2007. Chief Compliance Officer of
Parnassus Investments from 2005 to 2007. Chief Financial
Officer of Parnassus Investments from 2004 to 2007 and
Senior Audit Manager of PricewaterhouseCoopers LLP from
1998 to 2004.
- ------------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
1 The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2 Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3 As of March 31, 2008, one of the six Trustees is considered an "interested
person" of the Trusts as defined in the Investment Company Act of 1940.
The interested Trustee, J. Tucker Morse, is affiliated with a government
securities dealer that is registered under the Securities Exchange Act of
1934, which is not itself affiliated with Wells Fargo Funds Management,
LLC.
44 Wells Fargo Advantage Index Fund Other Information
BOARD CONSIDERATION OF AND CONTINUATION OF
INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
INDEX FUND AND INDEX PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Boards of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust and Wells Fargo Master Trust (collectively,
the "Trusts"), including a majority of the Trustees who have no direct or
indirect interest in the investment advisory and sub-advisory agreements and are
not "interested persons" of each Trust, as defined in the 1940 Act (the
"Independent Trustees"), will annually review and consider the continuation of
the investment advisory and sub-advisory agreements. In this regard, the Boards
reviewed and re-approved, during the six months covered by this report: (i)
investment advisory agreements with Wells Fargo Funds Management, LLC ("Funds
Management") for the Index Fund and Index Portfolio (the "Funds"); and (ii)
investment sub-advisory agreements with Wells Capital Management Incorporated
("Wells Capital Management") for the Funds. The investment advisory agreements
with Funds Management and the investment sub-advisory agreements with Wells
Capital Management are collectively referred to as the "Advisory Agreements."
More specifically, at meetings held on March 28, 2008, the Boards, including the
Independent Trustees advised by their independent legal counsel, considered the
factors and reached the conclusions described below relating to the selection of
Funds Management and Wells Capital Management and the continuation of the
Advisory Agreements. Prior to the March 28, 2008, meetings, the Trustees
conferred extensively among themselves and with representatives of Funds
Management about these matters. The Boards also met regularly throughout the
year and received information that was useful to them in considering the
continuation of the Advisory Agreements. The Independent Trustees were assisted
in their evaluation of the Advisory Agreements by independent legal counsel,
from whom they received separate legal advice and with whom they met separately
from Funds Management.
Because the Index Fund is a gateway feeder fund that invests all of its assets
in the Index Portfolio, which has a substantially similar investment objective
and substantially similar investment strategies as the Index Fund, information
provided to the Boards regarding the Index Fund is also applicable to the Index
Portfolio.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various data and information regarding the
nature, extent and quality of services provided to the Funds by Funds Management
and Wells Capital Management under the Advisory Agreements. The Boards also
received and considered information provided in response to a detailed set of
requests submitted by the Independent Trustees' independent legal counsel. The
Boards received and considered, among other things, information about the
background and experience of senior management of Funds Management and the
qualifications, backgrounds, tenures and responsibilities of the portfolio
managers primarily responsible for day-to-day portfolio management services for
the Funds.
The Boards evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Boards further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management, and the appointment of a new Chief Compliance
Officer for the Funds. In addition, the Boards took into account the
administrative services provided to the Funds by Funds Management and its
affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meetings, but also the knowledge
gained over the course of interacting with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. Based on the above factors, together with those referenced
below, each of the Boards concluded that it was generally satisfied with the
nature, extent and quality of the investment advisory services provided to the
Funds by Funds Management and Wells Capital Management.
Other Information Wells Fargo Advantage Index Fund 45
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for the Funds over various time
periods ended December 31, 2007. They also considered these results in
comparison to the median performance of a universe of relevant funds that was
determined by Lipper Inc. ("Lipper") to be similar to the Funds (the
"Universe"), as well as to the Funds' benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Boards
were provided with a description of the methodology used by Lipper to select the
mutual funds in the Universe. The Boards noted that the performance of the Funds
was better than or not appreciably below the median performance of the Universe
for all time periods.
The Boards received and considered information regarding the Funds' contractual
advisory fees, and net operating expense ratios and their various components,
including actual management fees, transfer agent, custodian and other
non-management fees, Rule 12b-1 and non-Rule 12b-1 service fees, fee
waivers/caps and/or expense reimbursements. The Boards also considered
comparisons of these fees to the respective median fees of narrower groups of
funds that were determined by Lipper to be the most similar to the Funds (the
"Peer Group") and to other comparative data. The Boards were provided with a
description of the methodology used by Lipper to select the mutual funds in the
Peer Group. The Boards noted that the net operating expense ratios of the Funds
were lower than the Peer Group's median net operating expense ratio.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense results supported the
re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
payable by the Funds to Funds Management for investment advisory services (the
"Advisory Agreement Rates"), both on a stand-alone basis and on a combined basis
with the Funds' administration fee rates. The Boards took into account the
separate administrative and other services covered by the administration fee
rates. The Boards also reviewed and considered the contractual investment
sub-advisory fee rates payable by Funds Management to Wells Capital Management
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Boards reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
The Boards received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of the other funds in the Peer Group.
The Boards noted that the Advisory Agreement Rates and the Net Advisory Rates
for the Funds were lower than, or not appreciably higher than, the median rates
of the Funds' Peer Group. In addition, the Boards concluded that the combined
investment advisory/administration fee rates for the Funds (before and after
waivers/caps and/or expense reimbursements) were reasonable in relation to the
Funds' Peer Group, and reasonable in relation to the services provided. The
Board of Funds Trust also considered and approved Funds Management's
recommendation to reduce administration fees for a share class of the Index Fund
in coming to its conclusion.
The Boards also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were fair and equitable, based
on their consideration of the factors described above.
PROFITABILITY
The Boards received and considered a detailed profitability analysis of Funds
Management based on the Advisory Agreement Rates and the Net Advisory Rates, as
well as an analysis of the profitability to other Wells Fargo businesses of
providing services to the Funds. The Boards also considered related information
provided by Funds Management in a separate presentation on financial matters
made at the February 2008 Board meetings. The Boards concluded that, in light of
the costs of providing investment management and other services to the Funds,
the profits and other ancillary benefits that Funds Management and its
affiliates received with regard to providing these services to the Funds were
not unreasonable. The Boards did not consider separate profitability information
with respect to Wells Capital Management, as its profitability from its
relationship with the Funds was not a material factor in determining whether to
renew the agreement.
46 Wells Fargo Advantage Index Fund Other Information
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of scale
made at the February 2008 board meetings. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and waivers/caps and/or expense reimbursements applicable to the
Funds.
INFORMATION ABOUT SERVICES TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to other similarly
situated series of the Trusts, and those offered by Wells Capital Management to
other clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within a reasonable
range of the fee rates offered to others by Funds Management and Wells Capital
Management, giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates (including
Wells Capital Management) as a result of their relationship with the Funds. Such
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Funds and
benefits potentially derived from an increase in Funds Management's and Wells
Capital Management's business as a result of their relationship with the Funds
(such as the ability to market to shareholders/interestholders other financial
products offered by Funds Management and its affiliates (including Wells Capital
Management)).
The Boards also considered the effectiveness of the policies of the Funds in
achieving the best execution of portfolio transactions, whether and to what
extent soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards also reviewed Funds
Management's and Wells Capital Management's methods for allocating portfolio
investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Funds, including
the principal channels through which the Funds' shares/interests are offered and
sold. The Boards noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution channels.
As discussed above, the Boards review detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Boards also review and assess
the quality of the services that the Funds receive throughout the year. In this
regard, the Boards have reviewed reports of Funds Management at each of their
quarterly meetings, which include, among other things, a portfolio review and
fund performance reports. In addition, the Boards confer with portfolio managers
at various times throughout the year.
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that approval of the continuation of the Advisory Agreements for the Funds was
in the best interest of the Funds and their shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one-year period.
List of Abbreviations Wells Fargo Advantage Index Fund 47
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Corporation
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MTN -- Medium Term Note
MUD -- Municipal Utility District
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
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----------------
[LOGO] WELLS ADVANTAGE
FARGO FUNDS
----------------
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRAI/SIPC, an affiliate of Wells Fargo &
Company.
-----------------------------------------------------
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
-----------------------------------------------------
- --------------------------------------------------------------------------------
(C) 2008 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
109403 05-08
SEGFNLD/SAR112 03-08
ITEM 2. CODE OF ETHICS
=======================
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
===============================================
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
===============================
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
=============================================================================
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT
COMPANY AND AFFILIATED PURCHASES
===================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES
=================================
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 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 Funds Trust on behalf
of the following series: Wells Fargo Advantage Asia Pacific Fund, Wells Fargo
Advantage Overseas Fund, Wells Fargo Advantage Emerging Markets Equity Fund,
Wells Fargo Advantage International Core Fund, Wells Fargo Advantage
International Equity Fund, Wells Fargo Advantage Aggressive Allocation Fund,
Wells Fargo Advantage Asset Allocation Fund, Wells Fargo Advantage Conservative
Allocation Fund, Wells Fargo Advantage Growth Balanced Fund, Wells Fargo
Advantage Moderate Balanced Fund, Wells Fargo Advantage Balanced Fund, Wells
Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified
Equity Fund, Wells Fargo Advantage Diversified Small Cap Fund, Wells Fargo
Advantage Emerging Growth Fund, Wells Fargo Advantage Equity Income Fund, Wells
Fargo Advantage Equity Value Fund, Wells Fargo Advantage Growth Equity Fund,
Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Large Cap
Appreciation Fund, Wells Fargo Advantage Large Company Growth Fund, Wells Fargo
Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value
Fund, Wells Fargo Advantage Strategic Small Cap Value Fund, and Wells Fargo
Advantage Index Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and
procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as
of a date within 90 days prior to the filing of this report
based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report
financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: May 22, 2008
/s/ Karla M. Rabusch
- -----------------------
Karla M. Rabusch
President
Wells Fargo Funds Trust
Exhibit 99.CERT
CERTIFICATION
I, Stephen W. Leonhardt, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Funds Trust on
behalf of the following series: Wells Fargo Advantage Asia Pacific Fund, Wells
Fargo Advantage Overseas Fund, Wells Fargo Advantage Emerging Markets Equity
Fund, Wells Fargo Advantage International Core Fund, Wells Fargo Advantage
International Equity Fund, Wells Fargo Advantage Aggressive Allocation Fund,
Wells Fargo Advantage Asset Allocation Fund, Wells Fargo Advantage Conservative
Allocation Fund, Wells Fargo Advantage Growth Balanced Fund, Wells Fargo
Advantage Moderate Balanced Fund, Wells Fargo Advantage Balanced Fund, Wells
Fargo Advantage C&B Large Cap Value Fund, Wells Fargo Advantage Diversified
Equity Fund, Wells Fargo Advantage Diversified Small Cap Fund, Wells Fargo
Advantage Emerging Growth Fund, Wells Fargo Advantage Equity Income Fund, Wells
Fargo Advantage Equity Value Fund, Wells Fargo Advantage Growth Equity Fund,
Wells Fargo Advantage International Value Fund, Wells Fargo Advantage Large Cap
Appreciation Fund, Wells Fargo Advantage Large Company Growth Fund, Wells Fargo
Advantage Small Company Growth Fund, Wells Fargo Advantage Small Company Value
Fund, Wells Fargo Advantage Strategic Small Cap Value Fund, and Wells Fargo
Advantage Index Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during
the period in which this report is being prepared;
b) designed such internal control over financial reporting, or
caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing
of this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material weaknesses in the
design or operation of internal controls over financial
reporting which are reasonably likely to adversely affect the
registrant's ability to record, process, summarize, and report
financial information; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: May 22, 2008
/s/ Stephen W. Leonhardt
- ------------------------
Stephen W. Leonhardt
Treasurer
Wells Fargo Funds Trust
Exhibit 99.CERT
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended March 31, 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 Funds Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Funds Trust (the "Trust"), hereby certifies, to the best of his knowledge, that
the Trust's report on Form N-CSR for the period ended March 31, 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 Funds Trust