UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: February 28, 2009
Date of reporting period: August 31, 2008
ITEM 1. REPORT TO SHAREHOLDERS
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52 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
CORPORATE BONDS & NOTES: 21.01%
AGRICULTURAL SERVICES: 0.02%
$ 150,000 BUNGE LIMITED FINANCE CORPORATION 5.10% 07/15/2015 $ 129,916
--------------
APPAREL & ACCESSORY STORES: 0.06%
150,000 JCPENNEY CORPORATION INCORPORATED 6.38 10/15/2036 121,885
250,000 JCPENNEY CORPORATION INCORPORATED 7.95 04/01/2017 252,134
65,000 KOHL'S CORPORATION 6.00 01/15/2033 51,493
65,000 LIMITED BRANDS 5.25 11/01/2014 54,736
480,248
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS: 0.01%
100,000 VF CORPORATION 5.95 11/01/2017 99,573
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.04%
100,000 AUTOZONE INCORPORATED 6.50 01/15/2014 101,261
250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 243,091
344,352
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01%
100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 96,835
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.01%
65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 58,987
65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 55,081
114,068
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.26%
150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 151,949
180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 166,534
100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 96,943
50,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 44,652
200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 203,982
180,000 HOME DEPOT INCORPORATED<< 4.63 08/15/2010 179,085
100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 99,813
50,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 47,433
680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 615,291
250,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 197,231
400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 395,954
75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 73,658
2,272,525
--------------
BUSINESS SERVICES: 0.34%
150,000 COMPUTER SCIENCES CORPORATION++ 6.50 03/15/2018 151,906
180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 188,616
100,000 FISERV INCORPORATED 6.13 11/20/2012 101,486
100,000 FISERV INCORPORATED 6.80 11/20/2017 101,626
1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,790,234
130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 108,944
250,000 ORACLE CORPORATION 5.75 04/15/2018 250,713
250,000 ORACLE CORPORATION 6.50 04/15/2038 252,611
2,946,136
--------------
Wells Fargo Advantage Master Portfolios 53
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
CHEMICALS & ALLIED PRODUCTS: 1.05%
$ 150,000 ABBOTT LABORATORIES 5.60% 05/15/2011 $ 157,565
1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,017,946
150,000 ABBOTT LABORATORIES 5.88 05/15/2016 155,441
100,000 AMGEN INCORPORATED 6.38 06/01/2037 97,482
250,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 236,355
150,000 CLOROX COMPANY 5.00 03/01/2013 148,516
300,000 CLOROX COMPANY 5.00 01/15/2015 286,389
100,000 CLOROX COMPANY 5.45 10/15/2012 100,836
90,000 CLOROX COMPANY 5.95 10/15/2017 89,931
100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 101,254
100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 103,195
100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 101,654
565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 561,336
200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 201,711
50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 48,978
25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 22,488
250,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 254,834
180,000 E.I. DU PONT DE NEMOURS & COMPANY 6.88 10/15/2009 185,953
200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 203,562
400,000 ELI LILLY & COMPANY 5.50 03/15/2027 388,072
125,000 GENENTECH INCORPORATED 4.40 07/15/2010 126,940
250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 244,316
250,000 JOHNSON & JOHNSON 5.55 08/15/2017 264,060
65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 62,461
150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 143,737
65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 64,293
100,000 MONSANTO COMPANY 5.50 08/15/2025 93,513
300,000 PFIZER INCORPORATED 4.50 02/15/2014 302,294
50,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 50,754
100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 102,046
75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 74,117
150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 159,804
500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 513,385
100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 100,666
150,000 PROCTER & GAMBLE COMPANY 6.88 09/15/2009 155,431
75,000 ROHM & HAAS COMPANY 7.85 07/15/2029 80,044
225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 214,686
120,000 SCHERING-PLOUGH CORPORATION 6.75 12/01/2033 119,007
200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 180,098
500,000 WYETH 5.45 04/01/2017 501,335
180,000 WYETH 5.50 02/15/2016 182,100
625,000 WYETH 6.00 02/15/2036 614,246
300,000 WYETH 6.95 03/15/2011 318,558
9,131,389
--------------
COMMUNICATIONS: 2.00%
65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 62,412
300,000 AT&T INCORPORATED 4.13 09/15/2009 301,691
325,000 AT&T INCORPORATED 5.10 09/15/2014 321,445
500,000 AT&T INCORPORATED<< 5.60 05/15/2018 489,932
300,000 AT&T INCORPORATED 6.25 03/15/2011 311,533
570,000 AT&T INCORPORATED 6.50 09/01/2037 548,606
550,000 AT&T INCORPORATED 8.00 11/15/2031 628,653
360,000 AT&T WIRELESS 7.88 03/01/2011 385,077
1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,098,921
54 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
COMMUNICATIONS (continued)
$ 225,000 AT&T WIRELESS 8.75% 03/01/2031 $ 268,757
250,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 269,197
325,000 BELLSOUTH CORPORATION 4.20 09/15/2009 327,076
325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 322,278
180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 163,125
180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 174,157
180,000 BRITISH TELEPHONE PLC 8.63 12/15/2010 193,226
180,000 CBS CORPORATION 4.63 05/15/2018 149,468
100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 88,033
240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 216,613
350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 341,192
100,000 COMCAST CORPORATION 4.95 06/15/2016 92,285
300,000 COMCAST CORPORATION 5.30 01/15/2014 292,582
200,000 COMCAST CORPORATION 5.45 11/15/2010 203,952
75,000 COMCAST CORPORATION 5.88 02/15/2018 72,217
225,000 COMCAST CORPORATION 5.90 03/15/2016 219,873
500,000 COMCAST CORPORATION 6.30 11/15/2017 496,026
150,000 COMCAST CORPORATION 6.45 03/15/2037 138,344
200,000 COMCAST CORPORATION 6.50 11/15/2035 188,163
400,000 COMCAST CORPORATION 6.95 08/15/2037 390,348
180,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 178,772
180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 175,587
300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 315,111
100,000 EMBARQ CORPORATION 6.74 06/01/2013 95,757
350,000 EMBARQ CORPORATION 7.08 06/01/2016 324,738
120,000 MOTOROLA INCORPORATED 7.63 11/15/2010 121,334
300,000 QWEST CORPORATION 6.88 09/15/2033 222,000
500,000 QWEST CORPORATION 7.50 06/15/2023 417,500
65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 63,186
415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 388,012
150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 143,186
250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 230,428
250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 253,200
150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 160,803
50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 44,173
360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 369,910
325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 325,203
300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 302,632
300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 305,034
250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 229,590
500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 495,092
325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 308,949
100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 87,785
500,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 529,924
1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,083,025
350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 372,425
200,000 VIACOM INCORPORATED 5.50 05/15/2033 148,181
180,000 VIACOM INCORPORATED 5.75 04/30/2011 178,581
180,000 VIACOM INCORPORATED 6.25 04/30/2016 171,428
50,000 VIACOM INCORPORATED 6.75 10/05/2037 44,946
180,000 VIACOM INCORPORATED 6.88 04/30/2036 162,547
300,000 VODAFONE GROUP PLC 7.75 02/15/2010 313,880
17,318,101
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Wells Fargo Advantage Master Portfolios 55
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
DEPOSITORY INSTITUTIONS: 3.29%
$ 150,000 ABBEY NATIONAL CAPITAL TRUST I+/- 8.96% 12/31/2049 $ 162,833
180,000 BAC CAPITAL TRUST VI 5.63 03/08/2035 144,515
200,000 BAC CAPITAL TRUST XI 6.63 05/23/2036 177,181
50,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 34,623
1,250,000 BANK OF AMERICA CORPORATION 4.50 08/01/2010 1,257,654
250,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 231,992
1,500,000 BANK OF AMERICA CORPORATION 5.38 09/11/2012 1,491,209
700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 678,149
250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 222,997
100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 93,274
500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 466,431
1,000,000 BANK OF AMERICA CORPORATION 7.80 02/15/2010 1,042,143
500,000 BANK OF AMERICA NA SERIES BKNT 6.00 10/15/2036 431,766
450,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 01/14/2011 455,264
150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 149,810
500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40 06/15/2011 529,146
240,000 BANK ONE CORPORATION 7.63 10/15/2026 252,201
250,000 BANK ONE CORPORATION 8.00 04/29/2027 244,290
100,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2049 77,949
250,000 BB&T CORPORATION 5.20 12/23/2015 220,884
900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 805,316
1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 874,841
750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 715,279
1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 934,952
625,000 CITIGROUP INCORPORATED 6.50 01/18/2011 641,481
250,000 CITIGROUP INCORPORATED 6.50 08/19/2013 250,273
500,000 CITIGROUP INCORPORATED 6.88 03/05/2038 482,001
500,000 COMERCIA BANK SERIES BKNT 5.75 11/21/2016 398,839
100,000 COMERICA CAPITAL TRUST II+/- 6.58 02/20/2037 51,958
100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 96,412
500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 369,798
200,000 HSBC BANK USA NA NEW YORK<< 4.63 04/01/2014 188,223
225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 189,626
250,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 240,996
2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 1,984,362
600,000 JPMORGAN CHASE & COMPANY 5.60 06/01/2011 615,991
1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 968,382
800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 828,766
350,000 KEYBANK NA 5.80 07/01/2014 275,437
250,000 LEHMAN BROTHERS HOLDINGS 6.88 07/17/2037 204,707
250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 189,918
200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 185,953
100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 98,087
360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 221,257
450,000 PNC FUNDING CORPORATION 5.13 12/14/2010 451,290
250,000 REGIONS BANK 6.45 06/26/2037 152,422
150,000 SUNTRUST BANK 5.00 09/01/2015 129,777
250,000 SUNTRUST CAPITAL VIII+/- 6.10 12/15/2049 170,393
200,000 UBS AG STAMFORD CT 5.88 07/15/2016 192,218
360,000 UBS PREFERRED FUNDING TRUST I+/- 8.62 12/31/2049 346,657
200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 179,218
275,000 US BANK NA SERIES BKNT 4.95 10/30/2014 266,677
50,000 USB CAPITAL IX+/- 6.19 12/31/2049 32,750
250,000 WACHOVIA BANK NA 5.85 02/01/2037 180,587
150,000 WACHOVIA CAPITAL TRUST I+/- 5.80 03/15/2042 81,000
56 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
$ 300,000 WACHOVIA CORPORATION 5.25% 08/01/2014 $ 255,386
400,000 WACHOVIA CORPORATION 5.50 08/01/2035 274,131
500,000 WACHOVIA CORPORATION 5.63 10/15/2016 412,795
1,000,000 WACHOVIA CORPORATION 5.75 02/01/2018 848,163
325,000 WASHINGTON MUTUAL INCORPORATED 5.25 09/15/2017 193,375
900,000 WELLS FARGO & COMPANY(L) 4.20 01/15/2010 905,418
1,000,000 WELLS FARGO & COMPANY(L) 5.25 10/23/2012 999,430
1,500,000 WELLS FARGO & COMPANY(L) 5.30 08/26/2011 1,527,921
500,000 WELLS FARGO BANK NA(L) 4.75 02/09/2015 468,230
150,000 WELLS FARGO BANK NA(L) 5.95 08/26/2036 134,652
75,000 WESTERN UNION COMPANY 5.40 11/17/2011 75,558
75,000 WESTERN UNION COMPANY 5.93 10/01/2016 73,306
75,000 WESTERN UNION COMPANY 6.20 11/17/2036 66,646
28,595,166
--------------
EATING & DRINKING PLACES: 0.13%
250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 243,332
105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 97,333
20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 17,464
100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 102,843
150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 149,194
100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 99,717
100,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 98,974
100,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 99,073
50,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 48,398
50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 46,201
120,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 128,953
1,131,482
--------------
ELECTRIC, GAS & SANITARY SERVICES: 2.19%
105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 105,808
100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 97,178
100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 96,374
75,000 AMERENUE 5.40 02/01/2016 70,356
100,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED SERIES C 5.38 03/15/2010 101,113
750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 725,784
100,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 99,769
315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 270,444
500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 506,315
100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 93,403
50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 49,288
180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 181,240
450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 454,058
150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 144,507
50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 45,288
100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 95,096
250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 223,061
65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 58,108
50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 50,546
100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 99,815
180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 4.88 02/01/2013 180,013
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 5.85 04/01/2018 100,987
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 6.75 04/01/2038 103,690
100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES 06-C 5.50 09/15/2016 99,269
50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES D 5.30 12/01/2016 48,810
Wells Fargo Advantage Master Portfolios 57
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (ccontinued)
$ 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES E 5.70% 12/01/2036 $ 45,041
100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 95,781
200,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.00 04/01/2012 205,227
150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 147,588
150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 149,706
100,000 DOMINION RESOURCES INCORPORATED 4.75 12/15/2010 100,396
180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 182,438
50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 48,987
125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 113,849
350,000 DTE ENERGY COMPANY 6.35 06/01/2016 348,606
150,000 DTE ENERGY COMPANY 7.05 06/01/2011 155,933
125,000 DUKE CAPITAL LLC 5.67 08/15/2014 122,539
100,000 DUKE CAPITAL LLC 8.00 10/01/2019 107,765
75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 75,746
500,000 DUKE ENERGY CORPORATION SERIES D 7.38 03/01/2010 524,110
120,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 126,302
100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 99,106
55,000 ENERGY TRANSFER PARTNERS 6.13 02/15/2017 53,569
30,000 ENERGY TRANSFER PARTNERS 6.63 10/15/2036 28,100
250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 252,368
100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 100,990
100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 101,545
100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 100,339
100,000 ENTERGY LOUISIANA LLC++ 6.00 05/01/2018 96,033
125,000 EXELON CORPORATION 4.90 06/15/2015 115,685
65,000 EXELON CORPORATION 5.63 06/15/2035 55,862
150,000 EXELON GENERATION COMPANY LLC 6.95 06/15/2011 155,787
150,000 FIRST ENERGY CORPORATION SERIES B 6.45 11/15/2011 154,102
430,000 FIRST ENERGY CORPORATION SERIES C 7.38 11/15/2031 461,322
100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 100,916
150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 142,347
100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 97,709
50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 49,531
800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 828,957
200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 199,025
100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 102,662
250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 249,313
100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 95,533
50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 48,037
100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 96,150
125,000 KEYSPAN CORPORATION 5.80 04/01/2035 104,851
100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 100,134
250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 243,363
75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 68,093
180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 184,587
100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 92,657
250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 237,482
1,000,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 1,072,334
180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 158,725
65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 55,503
90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 87,533
100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 99,087
170,000 NORTHWEST PIPELINE CORPORATION++ 6.05 06/15/2018 166,779
65,000 ONEOK INCORPORATED 5.20 06/15/2015 61,323
200,000 ONEOK PARTNERS LP 6.15 10/01/2016 197,318
125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 122,556
58 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
$ 250,000 PACIFIC GAS & ELECTRIC COMPANY 5.80% 03/01/2037 $ 232,985
200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 192,031
100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 99,757
100,000 PACIFICORP 5.65 07/15/2018 99,888
720,000 PACIFICORP 6.25 10/15/2037 699,473
200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 198,218
500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 486,145
50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 50,278
180,000 PROGRESS ENERGY INCORPORATED 7.10 03/01/2011 188,443
120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 135,017
150,000 PSEG POWER LLC 7.75 04/15/2011 158,391
75,000 PSEG POWER LLC 8.63 04/15/2031 91,001
150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 166,751
100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 95,717
100,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 91,794
100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 99,302
180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 164,291
75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 71,548
100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 102,868
250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 238,211
100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 94,775
100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 92,755
75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 67,847
200,000 TENNESSEE VALLEY AUTHORITY<< 4.50 04/01/2018 197,635
150,000 TENNESSEE VALLEY AUTHORITY<< 5.50 07/18/2017 159,466
50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 43,294
105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION++ 6.05 06/15/2018 102,988
75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 75,973
75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 72,735
75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 74,837
100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 99,314
105,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 99,266
65,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 60,186
150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 148,053
100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 91,965
50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 46,256
125,000 WISCONSIN ENERGY CORPORATION+/- 6.25 05/15/2049 103,465
100,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 99,433
100,000 XCEL ENERGY INCORPORATED 7.00 12/01/2010 104,263
18,984,262
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 0.03%
50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 49,881
120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 109,198
100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 95,505
254,584
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.01%
100,000 QUEST DIAGNOSTICS INCORPORATED 5.13 11/01/2010 100,597
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT:
0.02%
200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 182,517
--------------
FOOD & KINDRED PRODUCTS: 0.71%
180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 172,429
50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 47,379
250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 205,010
Wells Fargo Advantage Master Portfolios 59
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FOOD & KINDRED PRODUCTS (continued)
$ 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38% 09/15/2035 $ 292,811
100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 98,107
100,000 BOTTLING GROUP LLC 4.63 11/15/2012 102,116
180,000 COCA-COLA ENTERPRISES INCORPORATED 4.38 09/15/2009 181,512
100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 101,569
180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 190,410
200,000 COCA-COLA ENTERPRISES INCORPORATED 8.00 09/15/2022 236,313
120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 145,736
150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 155,498
120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 136,128
150,000 DR. PEPPER SNAPPLE GROUP INCORPORATED++ 6.82 05/01/2018 152,740
100,000 DR. PEPPER SNAPPLE GROUP INCORPORATED++ 7.45 05/01/2038 102,782
200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 201,285
100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 99,270
225,000 GENERAL MILLS INCORPORATED 6.00 02/15/2012 232,594
150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 164,905
100,000 HJ HEINZ COMPANY 5.35 07/15/2013 100,460
975,000 HJ HEINZ COMPANY 6.63 07/15/2011 1,025,608
350,000 KELLOGG COMPANY SERIES B 6.60 04/01/2011 370,071
125,000 KRAFT FOODS INCORPORATED 4.13 11/12/2009 124,496
350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 346,739
275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 279,277
250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 252,853
75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 70,397
100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 97,900
60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 59,701
100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 110,947
250,000 SARA LEE CORPORATION 6.25 09/15/2011 256,063
75,000 WM. WRIGLEY JR. COMPANY 4.30 07/15/2010 74,007
6,187,113
--------------
FOOD STORES: 0.09%
100,000 KROGER COMPANY 4.95 01/15/2015 95,201
50,000 KROGER COMPANY 6.15 01/15/2020 49,713
350,000 KROGER COMPANY 6.75 04/15/2012 367,824
75,000 KROGER COMPANY 7.50 04/01/2031 81,191
100,000 SAFEWAY INCORPORATED 4.95 08/16/2010 100,345
75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 79,563
773,837
--------------
FORESTRY: 0.05%
180,000 WEYERHAEUSER COMPANY 6.75 03/15/2012 184,989
225,000 WEYERHAEUSER COMPANY 7.38 03/15/2032 215,562
400,551
--------------
FURNITURE & FIXTURES: 0.10%
50,000 CINTAS CORPORATION #2 6.15 08/15/2036 45,839
180,000 MASCO CORPORATION 5.88 07/15/2012 167,876
350,000 MASCO CORPORATION 6.13 10/03/2016 306,613
200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 193,119
165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 149,298
862,745
--------------
GENERAL MERCHANDISE STORES: 0.36%
100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 104,648
200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 203,950
60 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
GENERAL MERCHANDISE STORES (continued)
$ 405,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.35% 03/15/2012 $ 379,146
100,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.90 12/01/2016 86,346
350,000 TARGET CORPORATION 5.38 05/01/2017 339,573
100,000 TARGET CORPORATION 6.50 10/15/2037 98,450
150,000 TARGET CORPORATION 7.00 07/15/2031 155,435
500,000 WAL-MART STORES INCORPORATED 4.13 02/15/2011 507,085
180,000 WAL-MART STORES INCORPORATED 4.55 05/01/2013 183,375
325,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 282,494
100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 97,556
650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 665,425
3,103,483
--------------
HEALTH SERVICES: 0.34%
350,000 AETNA INCORPORATED 5.75 06/15/2011 354,968
350,000 AMGEN INCORPORATED<< 5.85 06/01/2017 351,865
350,000 ANTHEM INCORPORATED 6.80 08/01/2012 365,772
180,000 CARDINAL HEALTH INCORPORATED 5.85 12/15/2017 173,619
500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 501,432
750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 792,863
225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 224,120
100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 100,111
100,000 SCHERING-PLOUGH CORPORATION 5.55 12/01/2013 101,478
2,966,228
--------------
HOLDING & OTHER INVESTMENT OFFICES: 0.60%
50,000 ALLIED CAPITAL CORPORATION 6.63 07/15/2011 48,314
100,000 AMERIPRISE FINANCIAL INCORPORATED 5.35 11/15/2010 99,395
350,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 348,143
500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 498,433
100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 100,797
65,000 COLONIAL REALTY LP 5.50 10/01/2015 57,702
1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,402,296
50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 41,609
180,000 ERP OPERATING LP 5.25 09/15/2014 166,007
1,000,000 ERP OPERATING LP<< 5.50 10/01/2012 959,530
75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 70,341
360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 344,244
100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 82,525
180,000 ISTAR FINANCIAL INCORPORATED 5.15 03/01/2012 131,400
350,000 ISTAR FINANCIAL INCORPORATED SERIES 1 5.88 03/15/2016 245,000
140,000 LEHMAN BROTHERS HOLDINGS 7.50 05/11/2038 123,982
150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 140,009
100,000 MACK-CALI REALTY LP 7.75 02/15/2011 104,363
100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 95,353
100,000 SIMON PROPERTY GROUP INCORPORATED 5.30 05/30/2013 96,063
100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 93,813
5,249,319
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.04%
75,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 67,200
100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 94,571
100,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 6.25 02/15/2013 94,721
50,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 7.38 11/15/2015 47,615
50,000 WYNDHAM WORLDWIDE CORPORATION 6.00 12/01/2016 43,064
347,171
--------------
Wells Fargo Advantage Master Portfolios 61
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.41%
$ 250,000 CATERPILLAR INCORPORATED 6.05% 08/15/2036 $ 248,655
75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 79,479
500,000 DEERE & COMPANY 7.85 05/15/2010 533,022
100,000 DELL INCORPORATED++ 6.50 04/15/2038 95,334
200,000 DELL INCORPORATED 7.10 04/15/2028 205,986
100,000 DOVER CORPORATION 5.45 03/15/2018 99,924
60,000 DOVER CORPORATION 6.60 03/15/2038 62,896
180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 193,532
200,000 IBM CORPORATION 4.75 11/29/2012 205,231
500,000 IBM CORPORATION 5.70 09/14/2017 509,882
250,000 IBM CORPORATION 5.88 11/29/2032 246,951
100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 98,242
100,000 ORACLE CORPORATION 5.00 01/15/2011 102,484
350,000 ORACLE CORPORATION 5.25 01/15/2016 348,754
135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 135,955
60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 61,221
250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 238,640
100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 98,959
3,565,147
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.12%
500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 499,383
75,000 AON CORPORATION 8.21 01/01/2027 70,073
100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 95,604
75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 65,617
200,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.15 09/15/2010 200,055
75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 68,219
998,951
--------------
INSURANCE CARRIERS: 0.98%
75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 75,555
75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 66,347
150,000 AETNA INCORPORATED 6.63 06/15/2036 141,150
330,000 ALLSTATE CORPORATION 5.55 05/09/2035 277,938
500,000 AMERICAN INTERNATIONAL GROUP+++/- 8.18 05/15/2049 386,191
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED<< 5.05 10/01/2015 210,290
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 189,842
50,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 03/15/2037 33,175
250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED++ 8.25 08/15/2018 246,455
600,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 505,199
75,000 ASSURANT INCORPORATED 6.75 02/15/2034 61,944
275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION++ 5.00 08/15/2013 278,302
150,000 CHUBB CORPORATION 5.75 05/15/2018 143,922
80,000 CHUBB CORPORATION 6.00 05/11/2037 70,866
350,000 CHUBB CORPORATION+/- 6.38 03/29/2049 309,805
100,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 94,720
50,000 CIGNA CORPORATION 6.15 11/15/2036 43,575
75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 70,497
65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 62,555
50,000 CNA FINANCIAL CORPORATION 6.00 08/15/2011 50,696
50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 48,091
180,000 GE GLOBAL INSURANCE HOLDINGS 7.00 02/15/2026 174,298
100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 86,456
350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75 05/15/2013 333,105
250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 237,522
100,000 LOEWS CORPORATION 5.25 03/15/2016 95,944
62 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
INSURANCE CARRIERS (continued)
$ 65,000 MBIA INCORPORATED 5.70% 12/01/2034 $ 35,173
250,000 METLIFE INCORPORATED 5.00 11/24/2013 243,653
100,000 METLIFE INCORPORATED 6.13 12/01/2011 102,248
280,000 METLIFE INCORPORATED 6.38 06/15/2034 265,461
75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 75,469
75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 66,777
100,000 PROTECTIVE LIFE SECURED TRUST 4.85 08/16/2010 100,738
105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 105,194
65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 61,056
500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 437,928
180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 141,398
75,000 SAFECO CORPORATION 4.88 02/01/2010 74,134
180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 179,124
100,000 THE TRAVELERS COMPANIES INCORPORATED 5.38 06/15/2012 101,581
150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 144,019
65,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 60,348
75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 71,510
250,000 TRAVELERS COS INCORPORATED+/- 6.25 03/15/2037 212,911
125,000 UNITEDHEALTH GROUP INCORPORATED 4.88 03/15/2015 115,418
250,000 UNITEDHEALTH GROUP INCORPORATED 5.25 03/15/2011 249,169
250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 202,755
100,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 95,635
150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 133,392
100,000 UNITRIN INCORPORATED 6.00 05/15/2017 83,949
100,000 WELLPOINT INCORPORATED 5.00 01/15/2011 99,559
100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 93,557
75,000 WELLPOINT INCORPORATED 5.85 01/15/2036 63,587
500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 482,192
100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 81,287
8,473,662
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 0.12%
60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 58,941
50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 51,736
350,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 349,011
125,000 MEDTRONIC INCORPORATED SERIES B 4.38 09/15/2010 126,844
225,000 RAYTHEON COMPANY 4.85 01/15/2011 227,047
100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 101,905
150,000 XEROX CORPORATION 6.35 05/15/2018 145,100
1,060,584
--------------
METAL MINING: 0.14%
1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,060,000
150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 144,332
1,204,332
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.02%
100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 97,537
50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 45,112
142,649
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.07%
75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 76,927
360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 364,061
200,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 200,557
641,545
--------------
Wells Fargo Advantage Master Portfolios 63
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
MISCELLANEOUS RETAIL: 0.11%
$ 65,000 CVS CAREMARK CORPORATION 4.00% 09/15/2009 $ 64,542
200,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 195,819
250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 249,725
65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 61,763
180,000 FEDERATED DEPARTMENT STORES INCORPORATED 6.90 04/01/2029 151,602
250,000 WALGREEN COMPANY 4.88 08/01/2013 252,315
975,766
--------------
MOTION PICTURES: 0.13%
180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 177,862
450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 416,396
180,000 WALT DISNEY COMPANY 6.38 03/01/2012 192,633
75,000 WALT DISNEY COMPANY 7.00 03/01/2032 85,207
250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 256,741
1,128,839
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.03%
100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 101,141
100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 102,493
70,000 UNITED PARCEL SERVICE INCORPORATED 6.20 01/15/2038 70,466
274,100
--------------
NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.01%
75,000 GOODRICH CORPORATION 7.63 12/15/2012 82,282
--------------
NETWORKING PRODUCTS: 0.05%
180,000 CISCO SYSTEMS INCORPORATED 5.25 02/22/2011 185,923
275,000 CISCO SYSTEMS INCORPORATED<< 5.50 02/22/2016 279,420
465,343
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.03%
100,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 4.25 02/26/2010 100,683
200,000 AMERICAN EXPRESS+/- 6.80 09/01/2049 173,616
250,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 242,127
500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00 09/13/2017 459,348
500,000 AMERICAN EXPRESS COMPANY<< 7.00 03/19/2018 491,032
100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 91,907
180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTN 4.88 05/15/2010 167,901
1,000,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNH 5.38 10/01/2012 867,659
180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNI 5.40 12/01/2015 132,411
300,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 314,863
100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 90,951
200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 143,930
50,000 CAPITAL ONE CAPITAL IV+/- 6.75 02/17/2037 34,478
115,000 CAPITAL ONE FINANCIAL COMPANY SERIES MTN 5.70 09/15/2011 107,951
300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 268,794
180,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 4.30 06/01/2010 182,077
275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 277,209
65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES
MTNF 4.75 02/17/2015 62,620
90,000 CIT GROUP INCORPORATED 5.40 02/13/2012 68,137
500,000 CIT GROUP INCORPORATED+/- 6.10 03/15/2049 194,873
275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 223,328
125,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 119,932
1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 4.80 05/01/2013 988,806
525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 536,211
64 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
NON-DEPOSITORY CREDIT INSTITUTIONS (continued)
$ 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88% 01/14/2038 $ 450,218
300,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 284,501
500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 489,150
1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.63 09/15/2017 1,466,096
450,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.13 09/01/2009 453,992
1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,189,674
400,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 6.75 03/15/2032 404,236
200,000 HSBC FINANCE CAPITAL TRUST IX+/- 5.91 11/30/2035 159,294
1,000,000 HSBC FINANCE CORPORATION 4.13 11/16/2009 997,084
300,000 HSBC FINANCE CORPORATION 4.63 09/15/2010 299,241
325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 309,820
450,000 HSBC FINANCE CORPORATION 5.25 01/14/2011 450,465
800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 817,872
1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,029,218
250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 269,746
100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 98,866
500,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 483,998
180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 139,469
150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 02/02/2037 122,386
150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION<< 5.50 07/01/2013 153,349
180,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION SERIES MTNC 7.25 03/01/2012 192,282
150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE
CORPORATION SERIES MTNC 8.00 03/01/2032 170,620
65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 48,222
300,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 245,420
180,000 TEXTRON FINANCIAL CORPORATION 4.60 05/03/2010 179,363
175,000 TOYOTA MOTOR CREDIT CORPORATION 4.25 03/15/2010 178,274
100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 96,765
100,000 UNILEVER CAPITAL CORPORATION 7.13 11/01/2010 107,397
17,627,862
--------------
OFFICE EQUIPMENT: 0.04%
70,000 XEROX CORPORATION 5.50 05/15/2012 69,528
250,000 XEROX CORPORATION 6.75 02/01/2017 252,788
322,316
--------------
OIL & GAS EXTRACTION: 0.66%
100,000 ANADARKO PETROLEUM CORPORATION 5.95 09/15/2016 97,450
100,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 91,911
100,000 APACHE CORPORATION 5.25 04/15/2013 102,045
30,000 APACHE CORPORATION 5.63 01/15/2017 30,367
100,000 APACHE CORPORATION 6.00 01/15/2037 95,668
100,000 APACHE CORPORATION 6.25 04/15/2012 105,962
150,000 BJ SERVICES COMPANY 6.00 06/01/2018 152,636
65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 57,123
300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 328,172
750,000 CONOCOPHILLIPS COMPANY 8.75 05/25/2010 814,675
1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,253,574
120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 138,462
500,000 EL PASO ENERGY CORPORATION++ 5.90 04/01/2017 473,759
150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 142,582
150,000 HALLIBURTON COMPANY 5.50 10/15/2010 155,550
180,000 HESS CORPORATION 7.88 10/01/2029 202,143
120,000 NEXEN INCORPORATED 7.88 03/15/2032 129,001
180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 193,113
150,000 PANHANDLE EAST PIPE LINE 6.20 11/01/2017 140,870
Wells Fargo Advantage Master Portfolios 65
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
OIL & GAS EXTRACTION (continued)
$ 250,000 PC FINANCIAL PARTNERSHIP 5.00% 11/15/2014 $ 234,562
50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 48,802
65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 61,232
125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 119,135
125,000 XTO ENERGY INCORPORATED 6.10 04/01/2036 110,916
500,000 XTO ENERGY INCORPORATED 6.75 08/01/2037 471,596
5,751,306
--------------
PAPER & ALLIED PRODUCTS: 0.17%
125,000 INTERNATIONAL PAPER COMPANY 4.00 04/01/2010 121,452
180,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 158,598
500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 508,020
300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 308,723
200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 210,791
200,000 PACTIV CORPORATION 6.40 01/15/2018 197,161
1,504,745
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.19%
150,000 CONOCOPHILLIPS 4.40 05/15/2013 148,611
100,000 CONOCOPHILLIPS 5.90 05/15/2038 98,610
125,000 ENTERPRISE PRODUCTS OPERATING LP 4.95 06/01/2010 124,844
65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 63,818
120,000 HESS CORPORATION 7.30 08/15/2031 126,626
150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 152,835
125,000 MARATHON OIL CORPORATION 6.00 10/01/2017 123,618
50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 46,534
100,000 SEMPRA ENERGY 6.00 02/01/2013 103,102
100,000 SUNOCO INCORPORATED 5.75 01/15/2017 92,834
500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 473,863
100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 96,564
1,651,859
--------------
PHARMACEUTICALS: 0.03%
300,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 300,162
--------------
PIPELINES: 0.27%
100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 97,114
100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 98,173
75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 79,712
65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 62,890
75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 72,046
100,000 EQUITABLE RESOURCES INCORPORATED 6.50 04/01/2018 101,315
100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 97,473
100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 97,244
500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 479,341
100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 85,193
50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 48,769
150,000 PLAINS ALL AMERICAN PIPELINE LP++ 6.50 05/01/2018 147,559
200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 180,764
250,000 TEPPCO PARTNERS LP 5.90 04/15/2013 250,276
250,000 TEPPCO PARTNERS LP 6.65 04/15/2018 251,556
100,000 TEPPCO PARTNERS LP 7.55 04/15/2038 100,457
75,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 71,895
2,321,777
--------------
66 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
PRIMARY METAL INDUSTRIES: 0.15%
$ 25,000 ALCOA INCORPORATED 5.55% 02/01/2017 $ 23,158
300,000 ALCOA INCORPORATED 5.90 02/01/2027 255,393
25,000 ALCOA INCORPORATED 5.95 02/01/2037 21,187
200,000 ALCOA INCORPORATED 6.00 07/15/2013 200,233
250,000 ALCOA INCORPORATED 6.50 06/01/2011 258,688
50,000 ALCOA INCORPORATED 6.75 07/15/2018 49,781
75,000 ALCOA INCORPORATED 6.75 01/15/2028 70,602
50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 48,492
100,000 NUCOR CORPORATION 5.00 06/01/2013 101,382
150,000 NUCOR CORPORATION 5.85 06/01/2018 151,314
50,000 NUCOR CORPORATION 6.40 12/01/2037 49,343
100,000 US STEEL CORPORATION 6.05 06/01/2017 91,952
1,321,525
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.06%
100,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 96,404
75,000 RR DONNELLEY & SONS COMPANY 4.95 05/15/2010 74,466
65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 59,853
20,000 RR DONNELLEY & SONS COMPANY 5.63 01/15/2012 19,724
50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 45,896
250,000 VIACOM CORPORATION 7.70 07/30/2010 258,691
555,034
--------------
RAILROAD TRANSPORTATION: 0.29%
500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 485,384
60,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 59,229
50,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 47,485
100,000 CSX CORPORATION 5.60 05/01/2017 90,651
100,000 CSX CORPORATION 6.00 10/01/2036 81,338
70,000 CSX CORPORATION 6.15 05/01/2037 57,380
250,000 CSX CORPORATION 6.25 04/01/2015 244,957
300,000 CSX CORPORATION 6.30 03/15/2012 301,700
200,000 CSX CORPORATION 7.45 04/01/2038 192,608
275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 249,252
100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 99,210
360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 341,394
200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 194,970
40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 36,641
2,482,199
--------------
REAL ESTATE: 0.02%
200,000 DUKE REALTY LP 6.25 05/15/2013 197,226
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.27%
100,000 CAMDEN PROPERTY TRUST 5.70 05/15/2017 90,067
200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 168,918
75,000 HEALTHCARE REALTY TRUST INCORPORATED 8.13 05/01/2011 77,778
75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 58,145
325,000 INTERNATIONAL LEASE FINANCE CORPORATION 5.00 04/15/2010 310,467
100,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.40 02/15/2012 88,777
250,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.55 09/05/2012 217,458
125,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 114,275
75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 65,046
100,000 PROLOGIS 5.25 11/15/2010 100,043
300,000 PROLOGIS TRUST 5.63 11/15/2016 264,040
Wells Fargo Advantage Master Portfolios 67
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
$ 100,000 PROLOGIS TRUST<< 6.63% 05/15/2018 $ 92,121
100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 90,213
100,000 REGENCY CENTERS LP 5.88 06/15/2017 91,159
50,000 SIMON PROPERTY GROUP LP 5.00 03/01/2012 48,319
50,000 SIMON PROPERTY GROUP LP<< 5.25 12/01/2016 44,903
300,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 296,738
125,000 SIMON PROPERTY GROUP LP 5.75 12/01/2015 123,245
2,341,712
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.01%
100,000 COOPER US INCORPORATED 6.10 07/01/2017 101,970
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.18%
180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 168,803
600,000 BEAR STEARNS COMPANIES INCORPORATED 5.50 08/15/2011 598,172
25,000 BEAR STEARNS COMPANIES INCORPORATED<< 5.55 01/22/2017 23,328
120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 117,964
500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 519,341
225,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTNB 4.55 06/23/2010 225,741
750,000 CITIGROUP CAPITAL XXI+/- 8.30 12/21/2049 677,007
500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 497,793
250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 264,118
50,000 EATON VANCE CORPORATION 6.50 10/02/2017 49,034
200,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/31/2049 123,958
700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 672,585
275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 255,917
100,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 99,580
500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 474,784
70,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 58,962
100,000 GOLDMAN SACHS GROUP INCORPORATED<< 6.15 04/01/2018 95,657
1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,209,946
450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 373,957
725,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 750,253
325,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 285,952
1,000,000 GOLDMAN SACHS GROUP INCORPORATED 6.88 01/15/2011 1,037,678
150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 115,400
50,000 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST V SERIES
MTN+/- 5.86 12/31/2049 26,125
200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 5.50 04/04/2016 176,035
500,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 6.50 07/19/2017 442,606
1,000,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 6.75 12/28/2017 896,856
500,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.00 07/19/2012 472,482
95,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.20 09/26/2014 88,990
125,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.88 05/02/2018 116,378
35,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 7.00 09/27/2027 31,209
200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTNG 4.80 03/13/2014 173,330
450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 407,174
500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 423,222
1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 08/15/2012 958,575
250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 226,464
300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 225,106
100,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 79,455
500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 453,563
500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 5.77 07/25/2011 491,315
190,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN<< 6.88 04/25/2018 174,992
525,000 MORGAN STANLEY 5.38 10/15/2015 471,148
500,000 MORGAN STANLEY 6.60 04/01/2012 502,446
68 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
$ 120,000 MORGAN STANLEY 7.25% 04/01/2032 $ 113,044
500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 435,535
1,500,000 MORGAN STANLEY SERIES MTN<< 5.25 11/02/2012 1,445,291
500,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 438,932
1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 929,123
18,895,326
--------------
TOBACCO PRODUCTS: 0.08%
125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 123,829
150,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 147,571
100,000 PHILIP MORRIS INTERNATIONAL INCORPORATED<< 6.38 05/16/2038 98,352
200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 197,117
100,000 UST INCORPORATED 5.75 03/01/2018 98,494
665,363
--------------
TRANSPORTATION BY AIR: 0.07%
75,000 CONTINENTAL AIRLINES INCORPORATED SERIES A 5.98 04/19/2022 61,313
107,518 DELTA AIR LINES INCORPORATED 6.82 08/10/2022 87,853
120,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 144,733
200,000 NORTHWEST AIRLINES INCORPORATED 7.03 11/01/2019 158,000
120,000 RAYTHEON COMPANY 7.20 08/15/2027 131,861
583,760
--------------
TRANSPORTATION EQUIPMENT: 0.47%
180,000 BOEING COMPANY 6.13 02/15/2033 181,245
100,000 DAIMLER FINANCE NA LLC 5.88 03/15/2011 100,705
330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 327,846
200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 209,143
500,000 DAIMLER FINANCE NA LLC 8.00 06/15/2010 525,538
225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 231,364
100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 99,314
100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 99,191
250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 232,734
150,000 HONEYWELL INTERNATIONAL INCORPORATED<< 7.50 03/01/2010 159,207
150,000 JOHNSON CONTROLS INCORPORATED 5.25 01/15/2011 151,991
350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 345,398
520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 604,279
180,000 UNITED TECHNOLOGIES CORPORATION 4.38 05/01/2010 184,084
100,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 100,414
430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 494,072
4,046,525
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.03%
300,000 MCKESSON HBOC INCORPORATED 5.25 03/01/2013 297,401
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.04%
180,000 JOHNSON & JOHNSON 4.95 05/15/2033 164,433
25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25 05/01/2037 20,510
125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 122,363
307,306
--------------
TOTAL CORPORATE BONDS & NOTES (COST $189,190,264) 182,360,772
--------------
Wells Fargo Advantage Master Portfolios 69
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FOREIGN CORPORATE BONDS@: 2.83%
$ 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13% 09/15/2030 $ 170,501
180,000 ALCAN INCORPORATED 5.00 06/01/2015 167,517
100,000 ALCAN INCORPORATED 6.13 12/15/2033 89,791
100,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 96,930
100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 91,130
100,000 AMVESCAP PLC 5.63 04/17/2012 96,558
75,000 ANADARKO FINANCE COMPANY SERIES B 6.75 05/01/2011 77,643
325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 337,997
750,000 ARCELORMITTAL++ 5.38 06/01/2013 735,602
75,000 ASTRAZENECA PLC 5.40 06/01/2014 77,100
500,000 ASTRAZENECA PLC 5.90 09/15/2017 519,337
350,000 ASTRAZENECA PLC 6.45 09/15/2037 358,933
150,000 AXA SA 8.60 12/15/2030 142,612
65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 59,695
300,000 BARCLAYS BANK PLC 5.45 09/12/2012 299,749
250,000 BHP BILLITON FINANCE LIMITED 5.00 12/15/2010 253,827
150,000 BHP BILLITON FINANCE LIMITED 5.25 12/15/2015 144,953
200,000 BHP BILLITON FINANCE LIMITED 5.40 03/29/2017 191,280
300,000 BRITISH TELECOMMUNICATIONS PLC 9.13 12/15/2030 353,507
125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 109,881
100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 107,012
500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 549,671
350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 362,132
65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 61,758
150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 144,766
200,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 184,212
360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75 03/15/2033 296,083
65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 53,719
65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 63,733
275,000 CIT GROUP FUNDING COMPANY OF CANADA 4.65 07/01/2010 237,148
275,000 CIT GROUP FUNDING COMPANY OF CANADA 5.20 06/01/2015 193,504
25,000 CIT GROUP FUNDING COMPANY OF CANADA 5.60 11/02/2011 19,835
325,000 CONOCO FUNDING COMPANY 6.35 10/15/2011 346,539
150,000 CONOCOPHILLIPS CANADA 5.63 10/15/2016 154,067
100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 101,567
100,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 101,365
50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 50,860
1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 980,910
500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 503,432
275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 264,191
325,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.50 06/15/2010 343,964
330,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 363,717
175,000 DIAGEO CAPITAL PLC 4.38 05/03/2010 176,077
50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 50,583
50,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 49,555
75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 69,877
125,000 DIAGEO FINANCE BV 5.30 10/28/2015 123,329
100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 94,878
100,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 99,592
100,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 94,815
250,000 FRANCE TELECOM SA 7.75 03/01/2011 266,388
225,000 FRANCE TELECOM SA 8.50 03/01/2031 269,691
250,000 GRUPO TELEVISA SA 6.00 05/15/2018 244,520
100,000 HANSON PLC 6.13 08/15/2016 93,266
850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 775,067
70 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FOREIGN CORPORATE BONDS@ (continued)
$ 100,000 HUSKY ENERGY INCORPORATED 6.80% 09/15/2037 $ 93,797
180,000 ING GROEP NV+/- 5.78 12/31/2049 148,142
100,000 LAFARGE SA 6.15 07/15/2011 98,905
75,000 LAFARGE SA<< 6.50 07/15/2016 70,367
100,000 NEXEN INCORPORATED 5.65 05/15/2017 95,598
100,000 NEXEN INCORPORATED 6.40 05/15/2037 89,693
250,000 NORSK HYDRO ASA 6.80 01/15/2028 264,771
75,000 ORIX CORPORATION 5.48 11/22/2011 70,585
100,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 103,845
75,000 POTASH CORPORATION SASKATCHEWAN 5.88 12/01/2036 69,073
750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 754,586
500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 532,144
200,000 ROYAL BANK OF CANADA 5.65 07/20/2011 206,940
360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 349,902
100,000 ROYAL BANK OF SCOTLAND GROUP PLC+/- 7.65 12/31/2049 94,345
120,000 ROYAL KPN NV 8.00 10/01/2010 127,097
75,000 ROYAL KPN NV 8.38 10/01/2030 85,869
225,000 SANTANDER CENTRAL HISPANO ISSUANCES LIMITED 7.63 09/14/2010 237,735
500,000 SHELL INTERNATIONAL FINANCE 4.95 03/22/2012 517,037
75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 70,384
150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 143,567
100,000 TALISMAN ENERGY 6.25 02/01/2038 86,200
65,000 TECK COMINCO LIMITED 6.13 10/01/2035 52,561
300,000 TELECOM ITALIA CAPITAL SA 4.00 01/15/2010 295,643
200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 180,263
150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 122,235
350,000 TELECOM ITALIA CAPITAL SA 6.20 07/18/2011 357,685
50,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 50,780
150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 150,958
550,000 TELEFONICA EMISIONES SAU<< 7.05 06/20/2036 558,493
180,000 TELEFONICA EUROPE BV 7.75 09/15/2010 189,754
120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 135,719
65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 63,075
180,000 TELUS CORPORATION 8.00 06/01/2011 192,692
200,000 THOMSON CORPORATION 5.70 10/01/2014 199,240
65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 60,867
100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 83,768
585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 527,908
120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 129,471
500,000 TYCO ELECTRONICS GROUP SA 6.00 10/01/2012 496,206
400,000 TYCO INTERNATIONAL GROUP SA 6.00 11/15/2013 397,637
75,000 TYCO INTERNATIONAL GROUP SA 6.88 01/15/2029 61,618
1,000,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 974,864
355,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 355,108
210,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 205,797
180,000 VODAFONE GROUP PLC 4.63 07/15/2018 159,495
1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 985,258
75,000 VODAFONE GROUP PLC 5.38 01/30/2015 72,672
250,000 VODAFONE GROUP PLC 7.88 02/15/2030 267,766
100,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 97,593
300,000 WEATHERFORD INTERNATIONAL LIMITED 6.50 08/01/2036 289,151
50,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 49,813
100,000 XL CAPITAL LIMITED 5.25 09/15/2014 90,473
100,000 XL CAPITAL LIMITED 6.25 05/15/2027 80,927
TOTAL FOREIGN CORPORATE BONDS (COST $25,282,178) 24,512,438
--------------
Wells Fargo Advantage Master Portfolios 71
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FOREIGN GOVERNMENT BONDS@: 24.21%
$ 193,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00% 02/15/2017 $ 168,693
98,000 AUSTRALIA GOVERNMENT BOND SERIES 513 (AUD) 6.50 05/15/2013 86,926
448,000 AUSTRALIA GOVERNMENT BOND SERIES 611 (AUD) 5.75 06/15/2011 385,644
98,000 AUSTRALIA GOVERNMENT BOND SERIES 909 (AUD) 7.50 09/15/2009 85,482
385,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 612,016
1,000,000 BELGIUM GOVERNMENT BOND SERIES 35 (EUR) 5.75 09/28/2010 1,509,595
1,364,000 BELGIUM GOVERNMENT BOND SERIES 38 (EUR) 5.00 09/28/2012 2,049,302
700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,103,781
1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,458,380
80,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 120,392
600,000 BELGIUM GOVERNMENT BOND SERIES 45 (EUR) 3.00 03/28/2010 863,699
250,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 353,555
745,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.25 01/04/2011 1,121,653
1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,778,079
1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 2,110,208
1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,512,529
1,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 1,686,402
2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,275,374
660,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 986,882
1,010,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 1,453,701
1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,408,133
1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,466,936
1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00 07/04/2016 2,468,546
1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 1,769,702
655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,139,994
100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 164,996
1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,277,325
200,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 219,815
700,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 723,265
1,300,000 CANADIAN GOVERNMENT BOND (CAD) 5.50 06/01/2010 1,282,296
450,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 536,165
95,000 CANADIAN GOVERNMENT BOND SERIES A55 (CAD) 8.00 06/01/2023 130,013
593,000 CANADIAN GOVERNMENT BOND SERIES VW17 (CAD) 8.00 06/01/2027 845,223
1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2010 195,143
925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 177,341
1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 189,939
2,500,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 506,044
700,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2009 140,006
1,420,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 292,487
473,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 116,682
1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,360,880
500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2009 730,576
2,200,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 3,192,427
300,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 434,077
2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 3,139,864
1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 2,218,840
2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 3,010,269
800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,227,627
950,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50 04/25/2010 1,420,345
570,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 966,016
1,800,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 3,564,720
1,155,000 FRENCH TREASURY NOTE BTAN (EUR) 3.00 01/12/2011 1,651,184
1,024,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.00 01/15/2010 1,475,895
1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 1,972,995
1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,844,500
500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 11/01/2009 732,366
72 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FOREIGN GOVERNMENT BONDS@ (continued)
$ 1,047,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25% 02/01/2015 $ 1,509,644
2,750,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 3,879,750
1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 1,925,188
1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 1,962,922
2,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.50 11/01/2010 4,350,213
1,475,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,429,993
1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,592,431
230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 481,308
467,700,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 43 (JPY) 0.50 12/20/2009 4,289,869
1,150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 47 (JPY) 0.50 06/20/2010 10,541,006
437,850,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 220 (JPY) 1.70 03/22/2010 4,087,992
800,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 226 (JPY) 1.80 12/20/2010 7,528,557
270,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 2,533,130
215,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 2,018,657
400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 3,730,760
410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 3,794,601
670,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,087,159
600,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 5,681,737
180,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 1,697,880
50,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 472,521
279,650,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 2,612,238
370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 3,525,790
480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 4,589,845
700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 6,669,384
140,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 1,304,076
100,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 946,203
140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,280,713
150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 1,373,252
253,250,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 2,733,713
391,850,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 3,594,369
94,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 921,584
230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,130,636
150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,416,343
190,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 1,753,920
500,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 4,585,821
1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 1,433,675
850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,221,516
95,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 125,252
2,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 07/15/2010 3,752,201
410,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 662,494
85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 162,670
862,000 SPAIN GOVERNMENT BOND (EUR) 4.00 01/31/2010 1,258,350
350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 462,152
752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,106,134
1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 1,577,834
442,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 694,397
750,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 1,237,042
650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 1,023,652
2,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 402,938
1,520,000 SWEDEN GOVERNMENT BOND SERIES 1045 (SEK) 5.25 03/15/2011 240,699
1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 276,558
3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 503,023
1,000,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 1,769,227
675,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,174,689
600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 1,077,253
1,700,000 UNITED KINGDOM GILT (GBP) 4.75 06/07/2010 3,111,466
575,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 1,066,254
Wells Fargo Advantage Master Portfolios 73
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- -------------
FOREIGN GOVERNMENT BONDS@ (continued)
$ 500,000 UNITED KINGDOM GILT (GBP) 4.75% 03/07/2020 $ 921,234
1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 2,127,755
250,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 464,076
585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 1,098,575
350,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 663,424
1,100,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 2,357,684
200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 474,828
TOTAL FOREIGN GOVERNMENT BONDS (COST $201,213,941) 210,195,182
-------------
AGENCY NOTES - INTEREST BEARING: 6.75%
FEDERAL FARM CREDIT BANK: 0.01%
100,000 FFCB<< 5.00 10/23/2009 102,198
-------------
FEDERAL HOME LOAN BANK: 1.98%
6,000,000 FHLB<< 2.75 06/18/2010 5,963,190
1,500,000 FHLB 3.38 02/27/2013 1,466,982
1,000,000 FHLB<< 4.38 03/17/2010 1,019,667
1,000,000 FHLB 4.88 09/08/2017 1,020,723
1,500,000 FHLB 5.00 09/18/2009 1,527,650
2,050,000 FHLB<< 5.00 10/16/2009 2,054,883
1,000,000 FHLB<< 5.00 11/17/2017 1,029,449
100,000 FHLB 5.13 08/14/2013 104,995
1,200,000 FHLB<< 5.38 08/19/2011 1,256,340
100,000 FHLB 5.38 09/30/2022 104,561
100,000 FHLB<< 5.50 10/19/2016 101,669
800,000 FHLB SERIES 363<< 4.50 11/15/2012 819,630
400,000 FHLB SERIES 467<< 5.25 06/18/2014 422,848
250,000 FHLB SERIES 656 5.38 05/18/2016 264,976
17,157,563
-------------
FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.78%
2,000,000 FHLMC<< 2.88 04/30/2010 1,989,030
5,000,000 FHLMC<< 2.88 06/28/2010 4,977,690
2,000,000 FHLMC<< 3.75 06/28/2013 1,980,596
800,000 FHLMC<< 4.50 07/15/2013 818,254
650,000 FHLMC 4.75 01/19/2016 664,240
1,500,000 FHLMC 4.88 06/13/2018 1,533,858
1,000,000 FHLMC<< 5.13 04/18/2011 1,042,952
1,200,000 FHLMC<< 5.13 07/15/2012 1,255,991
250,000 FHLMC<< 5.20 03/05/2019 248,424
150,000 FHLMC<< 5.25 10/06/2011 150,212
650,000 FHLMC<< 5.25 04/18/2016 683,916
1,000,000 FHLMC<< 5.38 01/09/2014 1,005,760
250,000 FHLMC 5.45 09/02/2011 249,836
150,000 FHLMC 5.55 10/04/2016 154,851
250,000 FHLMC 5.60 09/26/2013 250,402
100,000 FHLMC 5.60 10/17/2013 100,309
2,000,000 FHLMC<< 6.00 07/06/2017 2,036,088
100,000 FHLMC 6.00 10/20/2021 100,813
1,000,000 FHLMC<< 6.00 03/30/2022 1,004,852
1,000,000 FHLMC 6.00 04/16/2037 984,409
200,000 FHLMC<< 6.25 07/15/2032 231,833
300,000 FHLMC 6.75 03/15/2031 367,022
1,700,000 FHLMC<< 6.88 09/15/2010 1,818,801
650,000 FHLMC SERIES MTN 5.00 12/14/2018 529,192
24,179,331
-------------
74 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 1.98%
$ 1,500,000 FNMA<< 4.38% 09/15/2012 $ 1,530,348
3,500,000 FNMA<< 4.38 03/15/2013 3,565,107
3,500,000 FNMA<< 4.63 12/15/2009 3,568,597
950,000 FNMA<< 5.00 03/15/2016 985,221
500,000 FNMA 5.00 02/13/2017 515,601
1,200,000 FNMA<< 5.00 05/11/2017 1,237,740
2,200,000 FNMA<< 5.25 08/01/2012 2,032,342
1,000,000 FNMA<< 5.38 04/11/2022 995,832
200,000 FNMA 5.45 10/18/2021 202,107
75,000 FNMA 5.63 11/15/2021 75,361
150,000 FNMA 5.63 07/15/2037 158,564
200,000 FNMA 6.21 08/06/2038 225,843
1,000,000 FNMA<< 6.63 09/15/2009 1,034,502
300,000 FNMA 6.63 11/15/2030 360,803
500,000 FNMA 7.25 05/15/2030 641,075
50,000 FNMA SERIES 1 5.50 11/17/2016 50,605
17,179,648
--------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $58,195,114) 58,618,740
--------------
AGENCY SECURITIES: 25.98%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.49%
800,000 FHLMC 4.88 11/15/2013 830,919
1,000,000 FHLMC 6.63 09/15/2009 1,036,165
3,541,444 FHLMC #1J1139<< 4.74 06/01/2038 3,500,056
1,355,765 FHLMC #1J1368 5.91 10/01/2036 1,383,255
783,482 FHLMC #783191+/- 5.66 04/01/2037 776,725
6,229,548 FHLMC #A11964<< 5.00 08/01/2033 6,026,617
1,256,729 FHLMC #A15183 6.00 11/01/2033 1,274,050
1,029,123 FHLMC #A15966 5.00 11/01/2033 995,599
1,520,468 FHLMC #A16693 5.50 12/01/2033 1,507,688
1,186,144 FHLMC #A19717 5.00 03/01/2034 1,145,651
2,299,656 FHLMC #A24888 6.00 07/01/2034 2,327,757
2,312,112 FHLMC #A29757 5.50 01/01/2035 2,287,259
1,613,736 FHLMC #A35253 5.50 06/01/2035 1,596,390
1,086,621 FHLMC #A36541 5.00 08/01/2035 1,047,489
1,313,118 FHLMC #A41694 5.50 01/01/2036 1,299,003
3,171,782 FHLMC #A43030<< 6.00 02/01/2036 3,202,612
2,797,717 FHLMC #A47041 5.00 09/01/2035 2,696,963
658,317 FHLMC #A54804 6.50 06/01/2036 677,130
1,872,837 FHLMC #A56988 5.50 02/01/2037 1,848,317
997,536 FHLMC #A80659 5.00 02/01/2037 960,677
4,563,247 FHLMC #E01425<< 4.50 08/01/2018 4,490,074
12,672 FHLMC #E63170 6.00 03/01/2011 12,976
446,795 FHLMC #E95352 4.50 04/01/2018 440,180
1,811,467 FHLMC #G01740 5.50 12/01/2034 1,797,373
1,307,472 FHLMC #G02074 5.50 02/01/2036 1,293,418
508,714 FHLMC #G02184 5.00 04/01/2036 490,394
1,492,474 FHLMC #G02386 6.00 11/01/2036 1,506,981
607,054 FHLMC #G02422 6.00 12/01/2036 612,955
2,428,611 FHLMC #G02478 5.50 12/01/2036 2,398,331
829,943 FHLMC #G03303 4.50 09/01/2035 773,161
5,232,566 FHLMC #G03616<< 6.00 12/01/2037 5,280,155
962,727 FHLMC #G04173 6.50 12/01/2037 989,938
3,000,154 FHLMC #G04385 5.50 07/01/2038 2,960,874
Wells Fargo Advantage Master Portfolios 75
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)
$ 475,645 FHLMC #G08190 4.50% 01/01/2037 $ 441,664
432,342 FHLMC #G08192 5.50 04/01/2037 426,681
956,280 FHLMC #G11950 4.50 10/01/2018 942,121
442,843 FHLMC #G12697 5.50 05/01/2022 446,781
496,722 FHLMC #G13223 4.00 05/01/2023 466,779
14,108 FHLMC #J02886 6.00 06/01/2021 14,450
780,655 FHLMC #J04533 6.00 03/01/2022 799,433
16,297 FHLMC #J04871 6.00 05/01/2022 16,689
431,950 FHLMC #J05191 6.00 07/01/2022 442,341
66,330 FHLMC #J05194 5.00 07/01/2022 65,748
354,803 FHLMC #J05195 5.00 07/01/2022 352,100
862,469 FHLMC #J05228 5.00 07/01/2022 854,907
416,254 FHLMC #J05243 5.00 07/01/2022 412,604
399,264 FHLMC #J05408 5.00 08/01/2022 395,763
460,712 FHLMC #J05455 5.00 09/01/2022 456,672
1,000,000 FHLMC TBA%% 5.00 09/01/2021 990,000
1,000,000 FHLMC TBA%% 5.50 09/01/2022 1,007,500
4,000,000 FHLMC TBA%% 5.50 09/01/2037 3,943,752
4,000,000 FHLMC TBA%% 6.00 09/01/2021 4,090,000
2,250,000 FHLMC TBA%% 6.00 09/01/2036 2,268,281
4,000,000 FHLMC TBA%% 6.50 09/01/2037 4,108,752
82,410,150
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 13.86%
300,000 FNMA## 4.47 06/01/2017 203,775
600,000 FNMA 4.63 10/15/2013 616,149
1,000,000 FNMA<< 6.00 05/15/2011 1,065,392
700,000 FNMA 6.13 03/15/2012 753,983
500,000 FNMA 7.13 01/15/2030 632,045
1,000,000 FNMA<< 7.25 01/15/2010 1,055,758
200,000 FNMA## 7.69 10/09/2019 86,516
558,129 FNMA #190360 5.00 08/01/2035 538,378
1,181,053 FNMA #254950 5.50 11/01/2033 1,172,971
595,200 FNMA #255407 5.00 09/01/2024 582,603
628,065 FNMA #255857 5.50 08/01/2025 628,027
269,781 FNMA #256758 4.50 05/01/2022 261,555
544,383 FNMA #256851 7.00 08/01/2037 570,025
388,009 FNMA #535733 6.50 08/01/2015 403,180
1,099,080 FNMA #545414 5.50 01/01/2017 1,120,422
763,530 FNMA #725690 6.00 08/01/2034 773,815
521,569 FNMA #725773<< 5.50 09/01/2034 517,348
1,390,389 FNMA #729333 5.50 07/01/2033 1,380,875
940,633 FNMA #745627+/- 5.50 04/01/2036 951,425
170,036 FNMA #753669 6.00 11/01/2033 172,592
1,946,143 FNMA #767097 4.00 06/01/2019 1,845,250
916,797 FNMA #775199+/- 4.27 05/01/2034 908,499
871,708 FNMA #776966 5.00 04/01/2034 842,495
2,982,182 FNMA #777075 5.00 04/01/2034 2,886,900
588,220 FNMA #779510 5.00 06/01/2019 589,253
3,019,412 FNMA #793607 5.00 09/01/2019 3,024,716
711,113 FNMA #793675 6.00 09/01/2034 720,691
751,188 FNMA #794514 5.00 10/01/2019 752,508
616,439 FNMA #795047 5.50 10/01/2034 611,450
606,877 FNMA #796334 6.00 10/01/2034 615,052
838,328 FNMA #804666 6.00 11/01/2034 849,620
2,142,599 FNMA #805412 5.50 01/01/2035 2,122,916
76 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 750,921 FNMA #811460 5.00% 06/01/2020 $ 748,251
464,985 FNMA #812338 6.00 03/01/2035 470,667
92,061 FNMA #821030 4.50 05/01/2035 85,763
260,261 FNMA #822651 4.50 04/01/2035 242,455
3,285,439 FNMA #824601 5.50 12/01/2034 3,258,851
634,504 FNMA #828346 5.00 07/01/2035 612,051
169,066 FNMA #828698 5.00 07/01/2035 163,083
659,365 FNMA #829190 5.00 07/01/2035 636,032
608,327 FNMA #830957 5.50 08/01/2035 602,738
622,213 FNMA #831406 6.00 03/01/2036 629,136
1,084,525 FNMA #831625 7.00 06/01/2036 1,136,137
51,162 FNMA #832199 4.50 07/01/2035 47,661
1,330,362 FNMA #834657 5.50 08/01/2035 1,318,140
2,333,785 FNMA #835284 5.50 09/01/2035 2,312,345
2,865,810 FNMA #835331 5.50 08/01/2035 2,839,483
365,127 FNMA #836068 4.50 10/01/2020 357,722
528,581 FNMA #836958 4.50 10/01/2035 492,418
2,936,981 FNMA #839064<< 6.00 01/01/2036 2,972,870
1,294,373 FNMA #843901 4.50 09/01/2035 1,205,817
4,914,987 FNMA #844158<< 5.00 11/01/2035 4,741,056
5,362,594 FNMA #844703<< 5.50 12/01/2035 5,313,331
244,343 FNMA #845782 4.50 10/01/2020 239,388
462,007 FNMA #847926 4.50 12/01/2020 452,637
1,327,577 FNMA #851264 5.50 05/01/2021 1,340,910
4,538,073 FNMA #865283<< 5.50 02/01/2036 4,490,003
1,534,342 FNMA #868424+/- 5.74 03/01/2036 1,561,580
705,969 FNMA #878198 5.50 09/01/2036 698,490
1,663,561 FNMA #879094+/- 5.35 05/01/2036 1,687,716
859,834 FNMA #888221 5.50 03/01/2037 850,726
4,090,993 FNMA #888645<< 5.00 08/01/2037 3,936,403
683,649 FNMA #888815 4.50 11/01/2022 663,162
2,440,962 FNMA #895995 6.50 07/01/2036 2,513,770
1,123,563 FNMA #897130 6.50 09/01/2036 1,157,030
2,533,513 FNMA #902738 5.00 11/01/2036 2,441,482
225,588 FNMA #904767+/- 5.51 12/01/2036 228,203
602,328 FNMA #907860+/- 5.52 02/01/2037 609,854
680,546 FNMA #908182 5.50 12/01/2021 687,381
1,619,609 FNMA #908249 6.50 12/01/2036 1,667,918
852,632 FNMA #909855 5.50 02/01/2037 842,887
872,410 FNMA #910093+/- 5.77 03/01/2037 889,206
233,352 FNMA #910535+/- 5.54 01/01/2037 235,985
453,506 FNMA #914224+/- 5.46 03/01/2037 458,945
827,572 FNMA #917101 5.00 05/01/2037 796,300
1,930,600 FNMA #917882 5.00 05/01/2037 1,857,646
464,107 FNMA #918049 6.50 05/01/2037 477,852
1,313,191 FNMA #918619 5.50 06/01/2037 1,298,181
3,826,615 FNMA #919640<< 6.00 09/01/2037 3,867,779
1,814,834 FNMA #922674+/- 4.78 04/01/2036 1,843,364
1,155,459 FNMA #922675+/- 4.80 06/01/2035 1,160,114
746,127 FNMA #928433 7.00 05/01/2037 781,272
509,316 FNMA #928507 6.50 06/01/2037 524,399
2,009,867 FNMA #933465 5.50 02/01/2038 1,986,894
5,387,454 FNMA #941164<< 6.00 10/01/2037 5,445,409
717,218 FNMA #949594 6.00 08/01/2022 735,476
1,008,776 FNMA #950300 6.00 08/01/2037 1,021,103
1,327,222 FNMA #955801 6.00 10/01/2037 1,341,499
Wells Fargo Advantage Master Portfolios 77
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 634,885 FNMA #974886+/- 4.38% 04/01/2038 $ 618,058
1,750,000 FNMA TBA%% 4.50 09/01/2023 1,694,767
1,000,000 FNMA TBA%% 5.00 09/01/2021 990,625
1,000,000 FNMA TBA%% 5.00 09/01/2036 961,250
2,000,000 FNMA TBA%% 5.50 09/01/2037 1,975,000
3,000,000 FNMA TBA%% 6.00 09/01/2036 3,029,064
750,000 FNMA TBA%% 7.00 09/01/2037 784,454
120,286,373
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 2.63%
1,859 GNMA #337120 6.50 11/15/2023 1,923
2,021 GNMA #379192 6.50 12/15/2023 2,091
2,057,606 GNMA #520782<< 5.00 03/15/2035 2,014,905
1,139,491 GNMA #605373<< 5.50 09/15/2034 1,141,530
213,286 GNMA #617417 6.50 02/15/2037 220,109
703,939 GNMA #632007 6.50 10/15/2036 726,668
1,611,322 GNMA #633305<< 5.50 12/15/2035 1,613,199
1,129,398 GNMA #648391<< 5.50 11/15/2035 1,130,713
783,454 GNMA #653068 5.50 03/15/2036 783,877
897,313 GNMA #654920 6.00 06/15/2036 912,367
245,120 GNMA #658328 4.50 03/15/2037 230,218
346,925 GNMA #663342 6.50 12/15/2036 358,127
173,811 GNMA #664629 7.00 03/15/2037 182,799
187,191 GNMA #667470 6.00 05/15/2037 190,276
695,371 GNMA #668585 6.00 08/15/2037 706,829
677,348 GNMA #669078 6.00 06/15/2037 688,509
432,666 GNMA #671433 6.00 07/15/2037 439,795
187,604 GNMA #782167 6.00 06/15/2037 190,644
1,750,000 GNMA TBA%% 5.00 09/01/2036 1,707,892
4,250,000 GNMA TBA%% 5.50 09/01/2036 4,242,031
3,750,000 GNMA TBA%% 6.00 09/01/2036 3,805,080
1,500,000 GNMA TBA%% 6.50 09/01/2036 1,545,000
22,834,582
--------------
TOTAL AGENCY SECURITIES (COST $223,091,906) 225,531,105
--------------
US TREASURY SECURITIES: 17.66%
US TREASURY BONDS: 5.72%
3,250,000 US TREASURY BOND<< 4.38 02/15/2038 3,226,896
450,000 US TREASURY BOND<< 4.50 02/15/2036 454,500
1,200,000 US TREASURY BOND<< 4.75 02/15/2037 1,261,126
4,000,000 US TREASURY BOND<< 5.50 08/15/2028 4,538,124
1,150,000 US TREASURY BOND<< 6.00 02/15/2026 1,367,871
1,000,000 US TREASURY BOND 6.25 08/15/2023 1,205,781
1,500,000 US TREASURY BOND<< 6.25 05/15/2030 1,871,016
1,700,000 US TREASURY BOND 6.38 08/15/2027 2,116,500
950,000 US TREASURY BOND 6.63 02/15/2027 1,209,617
1,500,000 US TREASURY BOND 6.88 08/15/2025 1,941,093
2,000,000 US TREASURY BOND<< 7.50 11/15/2016 2,528,594
1,100,000 US TREASURY BOND<< 8.00 11/15/2021 1,511,125
4,000,000 US TREASURY BOND<< 8.13 08/15/2019 5,414,064
1,700,000 US TREASURY BOND 8.50 02/15/2020 2,371,367
2,500,000 US TREASURY BOND<< 8.75 05/15/2017 3,406,055
2,900,000 US TREASURY BOND<< 8.75 08/15/2020 4,136,351
1,275,000 US TREASURY BOND 8.88 08/15/2017 1,756,412
78 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
US TREASURY BONDS (continued)
$ 2,700,000 US TREASURY BOND<< 8.88% 02/15/2019 $ 3,802,359
3,900,000 US TREASURY BOND<< 9.13 05/15/2018 5,530,688
49,649,539
--------------
US TREASURY NOTES: 11.94%
5,000,000 US TREASURY NOTE<< 2.88 06/30/2010 5,052,735
1,000,000 US TREASURY NOTE<< 3.13 11/30/2009 1,011,484
550,000 US TREASURY NOTE<< 3.13 04/30/2013 552,191
4,300,000 US TREASURY NOTE<< 3.38 09/15/2009 4,353,415
3,000,000 US TREASURY NOTE<< 3.38 10/15/2009 3,040,782
3,500,000 US TREASURY NOTE<< 3.38 06/30/2013 3,549,217
3,500,000 US TREASURY NOTE<< 3.50 12/15/2009 3,562,342
2,000,000 US TREASURY NOTE 3.50 05/31/2013 2,039,532
4,300,000 US TREASURY NOTE<< 3.63 06/15/2010 4,406,158
5,000,000 US TREASURY NOTE<< 3.88 09/15/2010 5,159,765
8,500,000 US TREASURY NOTE<< 3.88 10/31/2012 8,822,737
6,750,000 US TREASURY NOTE<< 3.88 02/15/2013 6,997,327
2,700,000 US TREASURY NOTE<< 3.88 05/15/2018 2,715,819
5,500,000 US TREASURY NOTE<< 4.00 03/15/2010 5,655,975
4,300,000 US TREASURY NOTE<< 4.25 01/15/2011 4,485,773
9,700,000 US TREASURY NOTE<< 4.25 08/15/2013 10,221,375
4,000,000 US TREASURY NOTE<< 4.25 11/15/2013 4,220,624
1,870,000 US TREASURY NOTE<< 4.25 11/15/2014 1,979,425
3,800,000 US TREASURY NOTE<< 4.50 04/30/2012 4,024,139
2,000,000 US TREASURY NOTE<< 4.50 05/15/2017 2,117,812
3,000,000 US TREASURY NOTE<< 4.63 10/31/2011 3,177,186
3,000,000 US TREASURY NOTE 4.63 02/29/2012 3,184,686
4,000,000 US TREASURY NOTE<< 4.63 07/31/2012 4,260,312
2,500,000 US TREASURY NOTE<< 4.75 03/31/2011 2,639,063
2,500,000 US TREASURY NOTE<< 5.00 08/15/2011 2,671,875
3,500,000 US TREASURY NOTE<< 6.50 02/15/2010 3,718,204
103,619,953
--------------
TOTAL US TREASURY SECURITIES (COST $150,211,670) 153,269,492
--------------
SHARES
- -----------------
COLLATERAL FOR SECURITIES LENDING: 29.56%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.23%
4,831,739 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 4,831,739
4,831,739 DAILY ASSETS FUND INSTITUTIONAL 4,831,739
4,831,739 DREYFUS CASH MANAGEMENT FUND 4,831,739
4,831,739 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 4,831,739
19,326,956
--------------
PRINCIPAL
- -----------------
COLLATERAL INVESTED IN OTHER ASSETS: 27.33%
$ 4,026,449 ALPINE SECURITIZATION CORPORATION++ 2.47 09/18/2008 4,021,200
715,813 AMSTEL FUNDING CORPORATION++ 2.50 09/02/2008 715,664
4,115,926 AMSTEL FUNDING CORPORATION++ 2.70 09/03/2008 4,114,691
1,521,103 ASPEN FUNDING CORPORATION++ 2.12 09/02/2008 1,520,834
1,655,318 ASPEN FUNDING CORPORATION++ 2.48 09/25/2008 1,652,353
3,668,542 ATLANTIS ONE FUNDING CORPORATION++ 2.55 09/26/2008 3,661,526
Wells Fargo Advantage Master Portfolios 79
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 29,258,862 BANK OF AMERICA REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $29,265,787) 2.13% 09/02/2008 $ 29,258,862
4,473,832 BASF FINANCE EUROPE NV+++/- 2.80 10/17/2008 4,472,111
4,026,449 CAFCO LLC++ 2.40 09/22/2008 4,020,275
1,610,580 CANCARA ASSET SECURITIZATION LIMITED++ 2.50 09/04/2008 1,610,020
1,610,580 CBA (DELAWARE) FINANCE INCORPORATED 2.35 09/02/2008 1,610,264
1,001,622 CHEYNE FINANCE LLC+++/-####(a)(i) 1.99 02/25/2008 16,527
3,489,589 CRC FUNDING LLC++ 2.42 09/23/2008 3,483,959
6,173,888 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT -
102% COLLATERALIZED BY MONEY MARKET SECURITIES
(MATURITY VALUE $6,175,397) 2.20 09/02/2008 6,173,888
4,294,521 DANSKE BANK A/S COPENHAGEN 1.88 09/02/2008 4,294,521
6,442,318 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 6,442,318
2,594,823 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 2,594,823
5,637,028 DANSKE BANK A/S COPENHAGEN 2.15 09/02/2008 5,637,028
5,189,645 DANSKE BANK A/S COPENHAGEN 2.18 09/02/2008 5,189,645
5,189,645 DANSKE BANK A/S COPENHAGEN 2.20 09/02/2008 5,189,645
5,815,982 DANSKE BANK A/S COPENHAGEN 2.23 09/02/2008 5,815,982
1,252,673 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MONEY MARKET SECURITIES
(MATURITY VALUE $1,252,976) 2.18 09/02/2008 1,252,673
21,921,777 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $21,926,990) 2.14 09/02/2008 21,921,777
3,131,682 ERASMUS CAPITAL CORPORATION++ 2.48 09/02/2008 3,131,035
4,026,449 FAIRWAY FINANCE CORPORATION++ 2.54 09/16/2008 4,021,619
2,073,084 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/22/2008 2,069,839
2,594,823 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/25/2008 2,590,231
1,089,557 FORTIS BANQUE LUXEMBOURG 2.47 09/18/2008 1,088,137
984,243 GEMINI SECURITIZATION INCORPORATED++ 2.47 09/26/2008 982,420
2,236,916 GRAMPIAN FUNDING LIMITED++ 2.56 09/24/2008 2,232,939
2,152,290 GRYPHON FUNDING LIMITED+/-(a)(i) 0.00 08/23/2009 957,124
3,131,682 ING USA ANNUITY & LIFE INSURANCE+/-(a)(i) 2.55 10/16/2008 3,131,682
1,789,533 JPMORGAN CHASE REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MONEY MARKET SECURITIES
(MATURITY VALUE $1,789,970) 2.20 09/02/2008 1,789,533
24,158,693 JPMORGAN CHASE REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $24,164,411) 2.13 09/02/2008 24,158,693
1,700,056 JUPITER SECURITIZATION CORPORATION++ 2.45 09/25/2008 1,697,048
1,879,009 LIBERTY STREET FUNDING CORPORATION++ 2.47 09/17/2008 1,876,689
1,275,042 LIBERTY STREET FUNDING CORPORATION++ 2.48 09/19/2008 1,273,285
1,207,935 LMA AMERICAS LLC++ 2.58 09/23/2008 1,205,857
4,026,449 MAZARIN FUNDING CORPORATION++ 2.50 09/26/2008 4,018,899
2,236,916 METLIFE GLOBAL FUNDING I+++/- 2.47 10/21/2008 2,236,545
1,179,034 MONT BLANC CAPITAL CORPORATION 2.55 09/05/2008 1,178,533
715,813 MONT BLANC CAPITAL CORPORATION++ 2.55 09/08/2008 715,357
1,375,703 MORGAN STANLEY+/- 2.62 10/15/2008 1,375,703
2,236,916 NATEXIS BANQUES POPULAIRES+++/- 2.80 09/08/2008 2,236,863
447,383 NORDEA NORTH AMERICA INCORPORATED 2.39 09/16/2008 446,878
671,075 OLD LINE FUNDING CORPORATION++ 2.50 09/08/2008 670,655
3,489,589 PRUDENTIAL PLC++ 2.42 09/10/2008 3,487,009
4,026,449 RANGER FUNDING CORPORATION++ 2.45 09/24/2008 4,019,598
2,952,729 SALISBURY RECEIVABLES COMPANY++ 2.50 09/10/2008 2,950,474
2,684,299 SCALDIS CAPITAL LIMITED++ 2.60 09/24/2008 2,679,453
3,972,763 SHEFFIELD RECEIVABLES CORPORATION++ 2.48 09/09/2008 3,970,026
4,026,449 SOLITAIRE FUNDING LLC++ 2.45 09/26/2008 4,019,050
3,579,066 STANFIELD VICTORIA FUNDING LLC+++/-####(a)(i) 2.79 04/03/2008 2,863,253
2,013,224 STARBIRD FUNDING CORPORATION++ 2.70 09/23/2008 2,009,601
2,147,439 STARBIRD FUNDING CORPORATION++ 2.76 09/24/2008 2,143,338
80 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------------- ----------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 3,847,496 SWEDBANK MORTGAGE AB 2.48% 09/19/2008 $ 3,842,195
8,947,664 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/-(a)(i) 2.32 10/31/2008 8,947,664
805,290 TULIP FUNDING CORPORATION++ 2.45 09/26/2008 803,810
2,236,916 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- 2.49 10/08/2008 2,236,648
2,236,916 VICTORIA FINANCE LLC+/-####(a)(i) 2.48 05/02/2008 1,789,533
2,236,916 VICTORIA FINANCE LLC+++/-####(a)(i) 2.22 08/07/2008 1,789,531
237,307,333
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $258,859,069) 256,634,289
--------------
SHORT-TERM INVESTMENTS: 5.84%
50,718,476 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 2.25 09/02/2008 50,718,476
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $50,718,476) 50,718,476
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,156,762,618)* 133.84% $1,161,840,494
OTHER ASSETS AND LIABILITIES, NET 133.84% (293,740,415)
------ --------------
TOTAL NET ASSETS 100.00% $ 868,100,079
------ --------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
(l) Long-term security of an affiliate of the fund with a cost of $4,037,157.
@ Foreign bond principal is denominated in US dollars.
%% Securities issued on a when-issued (TBA) basis. (See Note 2)
## Zero coupon bond. Interest rate presented is yield to maturity.
#### 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 $50,718,476.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 81
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
COMMON STOCKS: 98.92%
ADMINISTRATION OF ECONOMIC PROGRAMS: 0.02%
59,505 HINDUSTAN UNILEVER LIMITED $ 330,831
--------------
ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS: 0.01%
4,900 KURITA WATER INDUSTRIES LIMITED 159,449
2,200 TOMRA SYSTEMS ASA 14,891
174,340
--------------
AEROSPACE, DEFENSE: 0.07%
39,567 BE AEROSPACE INCORPORATED+ 947,630
29,073 ROLLS ROYCE GROUP PLC 209,830
1,157,460
--------------
AGRICULTURAL PRODUCTION CROPS: 0.00%
1,105 EBRO PULEVA SA 19,059
54,500 SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK PT 21,443
40,502
--------------
AGRICULTURAL SERVICES: 0.13%
4,978 ABB GRAIN LIMITED 35,081
31,900 ASIATIC DEVELOPMENT BHD 52,424
14,500 ASTRA AGRO LESTARI TBK PT 28,224
5,199 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 13,987
11,455 AWB LIMITED 28,683
52,400 CHAODA MODERN AGRICULTURE LIMITED 55,648
15,000 CHINA GREEN HOLDINGS LIMITED 13,272
2,456 CRESUD SACIFYA 27,016
154,000 GOLDEN AGRI-RESOURCES LIMITED 68,431
1,909 GRAIN CORPORATION LIMITED 14,335
900 HOKUTO CORPORATION 20,321
140,200 IOI CORPORATION BHD 209,863
22,500 KUALA LUMPUR KEPONG BHD 78,633
43,600 OLAM INTERNATIONAL LIMITED 64,024
1,400 SAKATA SEED CORPORATION 20,819
3,600 UNITED PLANTATIONS BHD 12,613
35,785 VCA ANTECH INCORPORATED+ 1,100,031
3,000 YARA INTERNATIONAL ASA 185,752
2,029,157
--------------
AIRPORT DEVELOPMENT, MAINTENANCE: 0.01%
30,262 AUCKLAND INTERNATIONAL AIRPORT LIMITED 44,815
22,746 EMPRESA BRASILEIRA DE AERONAUTICA SA 192,992
237,807
--------------
AMUSEMENT & RECREATION SERVICES: 0.32%
20 ACCORDIA GOLF COMPANY LIMITED 20,531
19,611 ARISTOCRAT LEISURE LIMITED 98,506
500 ARUZE CORPORATION 12,946
1,500 AVEX GROUP HOLDINGS INCORPORATED 15,433
21,800 BALLY TECHNOLOGIES INCORPORATED+ 746,214
44,700 BEC WORLD PCL 29,110
31,200 BERJAYA SPORTS TOTO BHD 41,821
60,000 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED 13,088
1,141 CLUB MEDITERRANEE+ 51,466
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
AMUSEMENT & RECREATION SERVICES (continued)
1,500 DAIICHIKOSHO COMPANY LIMITED $ 15,423
1,861 FLIGHT CENTRE LIMITED 30,297
11 FUJI TELEVISION NETWORK INCORPORATED 15,789
917 GESTEVISION TELECINCO SA 11,797
1,414 GREAT CANADIAN GAMING CORPORATION+ 11,399
1,200 H.I.S COMPANY LIMITED 14,788
1,900 HEIWA CORPORATION 16,930
6,777 INFORMA PLC 52,474
14,128 INTERNATIONAL GAME TECHNOLOGY 302,763
13,233 INTERNATIONAL SPEEDWAY CORPORATION CLASS A 524,953
1,614 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES 20,257
5,760 KANGWON LAND INCORPORATED 101,115
74 KUONI REISEN HOLDING 35,178
10,365 LADBROKERS PLC 42,602
15,000 LI NING COMPANY LIMITED 37,263
14,795 LIFE TIME FITNESS INCORPORATED+<< 523,003
2,636 Lottomatica SpA 81,109
72,300 MEDIA PRIMA BHD 32,102
8,400 NAMCO BANDAI HOLDINGS INCORPORATED 103,310
140 NIPPON TELEVISION NETWORK CORPORATION 13,931
4,627 OPAP SA 162,039
2,100 ORIENTAL LAND COMPANY LIMITED 138,083
14 PACIFIC GOLF GROUP INTERNATIONAL 12,990
664 PADDY POWER PLC 15,537
1,797 PARTYGAMING PLC 6,815
25,577 PINNACLE ENTERTAINMENT INCORPORATED+<< 283,649
147,415 RESORTS WORLD BHD 117,098
2,880 RESORTTRUST INCORPORATED 31,008
12 ROUND ONE CORPORATION 9,840
7,100 SEGA SAMMY HOLDINGS INCORPORATED 67,343
3,000 SHOCHIKU COMPANY LIMITED 16,619
18,880 TABCORP HOLDINGS LIMITED 137,919
47,996 TATTERSALL'S LIMITED 107,444
10,167 TEN NETWORK HOLDINGS LIMITED 14,659
7,540 TICKETMASTER+<< 161,578
3,000 TOEI COMPANY LIMITED 16,415
11,000 TOKYO DOME CORPORATION 50,284
12,000 TOKYOTOKEIBA COMPANY LIMITED 19,415
30 USJ COMPANY LIMITED 17,923
5,631 WILLIAM HILL PLC 28,967
19,959 WMS INDUSTRIES INCORPORATED<< 670,622
1,200 YOSHIMOTO KOGYO COMPANY LIMITED 11,936
5,113,781
--------------
APPAREL: 0.00%
37,000 China Hongxing Sports Limited 9,739
--------------
APPAREL & ACCESSORY STORES: 0.83%
13,448 ABERCROMBIE & FITCH COMPANY CLASS A 705,348
1,100 ADERANS COMPANY LIMITED 17,537
3,388 ADIDAS-SALOMON AG 198,342
28,768 AEROPOSTALE INCORPORATED+<< 1,002,852
3,300 AOKI HOLDINGS INCORPORATED 43,447
3,400 AOYAMA TRADING COMPANY LIMITED 61,545
1,272 BEIERSDORF AG 73,879
144,000 BELLE INTERNATIONAL HOLDINGS LIMITED 144,609
Wells Fargo Advantage Master Portfolios 83
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
APPAREL & ACCESSORY STORES (continued)
2,512 BULGARI SPA $ 25,690
18,938 CATO CORPORATION 333,498
461 CHARLES VOEGELE HOLDING AG 23,937
74,978 CHARMING SHOPPES INCORPORATED+<< 404,881
118,841 CHICO'S FAS INCORPORATED+ 682,147
58,000 CHINA DONGXIANG GROUP COMPANY 23,258
2,000 CHIYODA COMPANY LIMITED 29,185
22,845 CHRISTOPHER & BANKS CORPORATION<< 219,769
11,400 CITIZEN HOLDINGS COMPANY LIMITED 78,725
181,689 COMPAL ELECTRONIC INCORPORATED 162,984
2,549 DEBENHAMS PLC 2,300
356 DOUGLAS HOLDING AG 15,839
28,491 DRESS BARN INCORPORATED+<< 463,264
3,000 FAST RETAILING COMPANY LIMITED 302,808
3,183 FINISH LINE INCORPORATED CLASS A 38,482
950 GEOX SPA 11,541
48,000 GIORDANO INTERNATIONAL LIMITED 17,416
9,000 HANKYU DEPARTMENT STORES 55,370
6,422 HMV GROUP PLC 15,445
3,755 INDUSTRIA DE DISENO TEXTIL SA 174,633
21,284 J.CREW GROUP INCORPORATED+<< 562,110
12,791 KOHL'S CORPORATION+ 628,933
4,180 L'OREAL SA 414,905
58,500 LIMITED BRANDS 1,216,800
519 LOTTE SHOPPING COMPANY LIMITED 141,226
12,300 MARUI COMPANY LIMITED 89,886
3,051 NEXT PLC 58,870
2,400 NISHIMATSUYA CHAIN COMPANY LIMITED 21,313
26,809 NORDSTROM INCORPORATED 833,760
653 ORIFLAME COSMETICS SA 37,749
48,028 PACIFIC SUNWEAR OF CALIFORNIA+ 304,017
1,430 PINAULT-PRINTEMPTS-REDOUTE SA 166,293
730 POINT INCORPORATED 24,409
122 PUMA AG RUDOLF DASSLER SPORT 38,326
142,531 QUANTA COMPUTER INCORPORATED 214,214
2,386 REITMAN'S CANADA LIMITED CLASS A 36,741
1,000 RIGHT ON COMPANY LIMITED 11,056
26,430 ROSS STORES INCORPORATED 1,062,750
3,000 SEIKO HOLDINGS CORPORATION CLASS C 11,195
900 SHIMANURA COMPANY LIMITED 50,403
13,000 SHISEIDO COMPANY LIMITED 304,379
25,236 SIGNET GROUP PLC 28,812
816 SWATCH GROUP AG 36,657
504 SWATCH GROUP AG CLASS B 118,455
11,000 TAKASHIMAYA COMPANY LIMITED 94,035
18,357 TRUWORTHS INTERNATIONAL LIMITED 74,388
14,419 UNDER ARMOUR INCORPORATED+ 486,064
1,900 UNI-CHARM CORPORATION 141,350
1,900 UNITED ARROWS LIMITED 13,177
18,368 URBAN OUTFITTERS INCORPORATED+<< 654,268
17,500 Yue Yuen Industrial Holdings Limited 48,484
13,253,756
--------------
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS: 0.49%
7,091 BILLABONG INTERNATIONAL LIMITED $ 77,602
96,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 15,167
6,414 BURBERRY GROUP PLC 52,208
9,076 GUESS? INCORPORATED<< 338,263
5,000 GUNZE LIMITED 21,155
7,951 HENNES & Mauritz AB Class B 394,017
1,094 HERMES INTERNATIONAL 155,363
2,749 INFOSYS TECHNOLOGIES LIMITED 108,770
57,500 JONES APPAREL GROUP INCORPORATED 1,141,950
1,000 KATAKURA INDUSTRIES COMPANY LIMITED 12,472
64,100 LIZ CLAIBORNE INCORPORATED 1,039,061
43 LPP SA+ 26,532
3,000 MIZUNO CORPORATION 15,022
1,650 NOBEL BIOCARE HOLDING AG 55,340
5,000 ONWARD KASHIYAMA COMPANY LIMITED 54,300
24,269 PHILLIPS-VAN HEUSEN CORPORATION 923,678
9,294 POLO RALPH LAUREN CORPORATION 705,229
11,500 PORTS DESIGN LIMITED 28,745
113,304 POU CHEN CORPORATION 86,232
82,994 QUIKSILVER INCORPORATED+<< 639,884
3,000 SANYO SHOKAI LIMITED 14,296
12,706 THE GYMBOREE CORPORATION+<< 498,711
3,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 24,745
4,000 TOKYO STYLE COMPANY LIMITED 33,284
17,500 VF CORPORATION 1,386,875
5,000 WACOAL CORPORATION 58,798
34,000 YGM TRADING LIMITED 23,263
7,930,962
--------------
APPLICATIONS SOFTWARE: 0.01%
17,158 Wipro Limited<< 198,690
AUTO PARTS & EQUIPMENT: 0.01%
4,240 Hyundai Autonet Company Limited 14,846
96,200 Somboon Advance Technology PCL 35,682
1,551,500 Yarnapund PCL 38,969
89,497
--------------
AUTO PARTS - ORIGINAL EQUIPMENT: 0.00%
1,800 Tokai Rika Company Limited 26,098
--------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.67%
108,714 Toyota Motor Corporation 4,850,644
19,075 Advance Auto Parts Incorporated 820,988
1,200 Autobacs Seven Company Limited 33,347
25,855 AutoNation Incorporated+<< 293,454
6,800 AutoZone Incorporated+<< 933,164
5,118 Bayerische Motoren Werke AG 209,379
11,200 Bridgestone Corporation 188,420
1,200 Canadian Tire Corporate Limited Class A 60,995
31,982 CarMax Incorporated+<< 473,334
28,439 Copart Incorporated+ 1,251,600
24 D'ieteren SA 6,038
9,616 Freeworld Coatings Limited 9,359
22,000 Hotai Motor Company Limited 55,269
92,300 Nissan Motor Company Limited 701,119
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS (continued)
20,500 O'REILLY AUTOMOTIVE INCORPORATED+ $ 596,960
3,010 PEUGEOT SA 143,010
1,420 USS COMPANY LIMITED 97,681
10,724,761
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.05%
3,749 BAJAJ AUTO LIMITED 41,320
3,188 GHABBOUR AUTO+ 26,570
11,340 RYDER SYSTEM INCORPORATED 731,657
799,547
--------------
BANKING: 0.00%
569 EFG INTERNATIONAL 17,255
40 ST. GALLER KANTONALBANK 17,033
5 YACHIYO BANK LIMITED 12,130
46,418
--------------
BEVERAGES: 0.00%
2,737 COCA-COLA ICECEK URETIM AS+ 24,811
--------------
BIOPHARMACEUTICALS: 0.02%
22,743 THERAVANCE INCORPORATED+<< 309,987
--------------
BUILDING: 0.00%
1,216 BOVIS HOMES GROUP PLC 9,665
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.61%
4,977 AMEC PLC 76,343
6,846 BALFOUR BEATTY PLC 51,271
3,720 BARRATT DEVELOPMENTS PLC 9,918
1,697 BELLWAY PLC 18,920
1,204 BERKELEY GROUP HOLDINGS PLC 18,581
958 BILFINGER BERGER AG 67,365
5,799 CARILLION PLC 34,655
18,100 CENTEX CORPORATION 293,582
184,900 CH KARNCHANG PCL 23,653
200,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 339,425
5,000 COMSYS HOLDINGS CORPORATION 44,282
35,000 CONTINENTAL ENGINEERING CORPORATION+ 15,816
35,602 CSR LIMITED 80,790
1,283 DAELIM INDUSTRIAL COMPANY LIMITED 79,078
4,234 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED 44,966
23,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 226,013
59,800 DIALOG GROUP BHD 19,801
53,310 DR HORTON INCORPORATED 664,243
1,172 EIFFAGE SA 77,855
7,293 ENKA INSAAT VE SANAYI AS 64,651
1,422 FLEETWOOD CORPORATION LIMITED 11,175
147,600 GAMUDA BHD 111,737
5,412 GLOBE TRADE CENTRE SA+ 59,248
1,860 GS ENGINEERING & CONSTRUCTION CORPORATION 142,823
500 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY
LIMITED 7,717
45,000 HASEKO CORPORATION 45,674
5,153 HASTIE GROUP LIMITED 12,101
673 HOCHTIEF AG 56,680
3,639 HOLCIM LIMITED 261,647
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS (continued)
2,963 HYUNDAI DEVELOPMENT COMPANY $ 111,909
2,554 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED 130,894
33,000 IJM CORPORATION BHD 48,849
13,306 IMPREGILO SPA 71,018
82,400 ITALIAN-THAI DEVELOPMENT PCL 10,493
9,000 JGC CORPORATION 172,344
2,686 JM AB 32,168
49,000 KAJIMA CORPORATION 150,839
589 KIER GROUP PLC 12,368
6,000 KINDEN CORPORATION 57,317
1,860 KONINKLIJKE BAM GROEP NV 32,808
1,172 KUMHO INDUSTRIAL COMPANY LIMITED 15,748
151,700 LAND & HOUSES PCL 29,182
5,243 LEIGHTON HOLDINGS LIMITED 206,898
826 LENNAR CORPORATION CLASS B 9,317
5,000 MAEDA CORPORATION 15,248
2,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 12,813
25,900 MALAYSIAN RESOURCES CORPORATION BHD+ 5,820
5,300 MDC HOLDINGS INCORPORATED 219,685
1,000 NCC AB 13,082
90,747 NEW WORLD DEVELOPMENT LIMITED 137,732
7,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 15,477
23,000 OBAYASHI CORPORATION 106,387
9,000 OKUMURA CORPORATION 32,410
406 PBG SA+ 42,310
4,800 PEAB AB 32,530
8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED+ 9,713
4,747 PERSIMMON PLC 32,132
625 POLNORD SA+ 12,828
34,558 PYI CORPORATION LIMITED 3,356
100 ROCKWOOL INTERNATIONAL AS 9,693
18,751 RYLAND GROUP INCORPORATED 434,648
16,000 SEKISUI CHEMICAL COMPANY LIMITED 99,096
21,000 SEKISUI HOUSE LIMITED 198,469
30,000 SEMBCORP INDUSTRIES LIMITED 87,082
26,000 SHIMIZU CORPORATION 109,682
46,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 90,868
291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL 28,756
446 STRABAG SE 27,479
48,000 TAISEI CORPORATION 109,267
16,685 TAYLOR WOODROW PLC 16,398
11,000 TODA CORPORATION 39,586
25,836 TOLL BROTHERS INCORPORATED+ 642,800
8,065 UNITED CONSTRUCTION GROUP LIMITED 94,660
5,000 UNITED ENGINEERS 9,474
51,000 UNITED FIBER SYSTEM LIMITED 3,043
40,191 URBI DESARROLLOS URBANOS SA DE CV+ 112,645
4,564 VINCI SA 790,418
21,871 WALTER INDUSTRIES INCORPORATED 2,051,500
11,000 YANLORD LAND GROUP LIMITED 12,282
1,878 YIT OYJ 29,212
27,700 YTL CORPORATION BHD 52,042
10,000 ZELAN BHD 5,094
182 ZPH STALPRODUKT SA 42,929
9,840,808
--------------
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.43%
42,000 ASAHI GLASS COMPANY LIMITED $ 445,873
7,000 CENTRAL GLASS COMPANY LIMITED 27,284
10,600 DAIKIN INDUSTRIES LIMITED 357,309
4,800 DCM JAPAN HOLDINGS COMPANY LIMITED 35,032
22,202 FASTENAL COMPANY<< 1,152,950
19,969 FLETCHER BUILDING LIMITED 104,010
800 FLSMIDTH & COMPANY A/S 64,142
21,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 49,455
622 GEBERIT AG 90,533
1,859 GRAFTON GROUP PLC 10,417
58,230 HOME DEPOT INCORPORATED 1,579,198
1,000 KCI KONECRANES OYJ 33,006
2,000 KEIYO COMPANY LIMITED 9,973
34,665 KINGFISHER PLC 83,734
1,140 KINGSPAN GROUP PLC 12,978
2,600 KOMERI COMPANY LIMITED 75,914
66,794 LOWE'S COMPANIES INCORPORATED 1,645,804
13,000 MATSUSHITA ELECTRIC WORKS LIMITED 120,161
23,000 NIPPON SHEET GLASS COMPANY LIMITED 117,783
1,435 REECE AUSTRALIA LIMITED 24,592
1,300 RINNAI CORPORATION 47,078
1,161 RONA INCORPORATED+ 14,761
18,607 SANDVIK AB 230,602
9,000 SANWA SHUTTER CORPORATION 33,508
805 SCHINDLER HOLDING AG 55,302
4,140 SCHNEIDER ELECTRIC SA 416,148
89,000 TECHTRONIC INDUSTRIES COMPANY 82,856
484 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 30,113
1,242 WIENERBERGER AG 32,592
6,983,108
--------------
BUSINESS SERVICES: 5.98%
266,760 3COM CORPORATION+ 565,531
15,371 ACI WORLDWIDE INCORPORATED+<< 278,523
48,496 ACTIVISION BLIZZARD INCORPORATED+ 1,591,639
2,517 ADECCO SA 118,103
10,166 ADMINISTAFF INCORPORATED 278,548
24,944 ADOBE SYSTEMS INCORPORATED+ 1,068,352
7,745 ADVENT SOFTWARE INCORPORATED+<< 358,206
8,857 AEGIS GROUP PLC 18,036
13,792 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 734,286
25,642 AKAMAI TECHNOLOGIES INCORPORATED+ 587,202
12,607 ALLIANCE DATA SYSTEMS CORPORATION+<< 809,874
336 ALTRAN+ 2,948
1,596 ALTRAN TECHNOLOGIES SA+ 13,942
38,229 ANSYS INCORPORATED+ 1,695,456
12,377 ARBITRON INCORPORATED<< 593,601
56,678 ARIBA INCORPORATED+<< 834,867
3,691 ASIAN PAINTS LIMITED 102,853
1,947 ASSECO POLAND SA 52,974
5,982 ASX LIMITED 179,477
916 ATOS ORIGIN SA+ 49,229
5,644 AUSDRILL LIMITED 12,309
37,607 AUTODESK INCORPORATED+ 1,336,177
2,848 AUTONOMY CORPORATION PLC+ 59,475
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUSINESS SERVICES (continued)
65,330 AVIS BUDGET GROUP INCORPORATED+ $ 497,815
32,114 AVOCENT CORPORATION+ 753,716
30,700 BMC SOFTWARE INCORPORATED+<< 999,592
985 BOLSAS Y MARCADOS ESPANOLES 29,389
51,706 BRAMBLES LIMITED 339,265
18,700 CA INCORPORATED 447,117
13,268 CACI INTERNATIONAL INCORPORATED CLASS A+ 672,024
41,100 CADENCE DESIGN SYSTEMS INCORPORATED+ 328,389
9,628 CAPITA GROUP PLC 123,876
9,841 CERNER CORPORATION+<< 453,178
4,600 CGI GROUP INCORPORATED+ 50,211
37,784 CHECK POINT SOFTWARE TECHNOLOGIES+ 925,330
37,000 CHINA EVERBRIGHT INTERNATIONAL LIMITED 7,637
234,000 CHINA UNICOM LIMITED 370,188
10,462 CHOICEPOINT INCORPORATED+ 509,081
29,600 CITRIX SYSTEMS INCORPORATED+ 895,992
25,402 COGNEX CORPORATION 513,882
48,148 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,411,699
31,766 COMPUTER SCIENCES CORPORATION+ 1,493,955
16,393 COMPUTERSHARE LIMITED 126,321
55,883 COMPUWARE CORPORATION+ 638,743
25,377 CONVERGYS CORPORATION+ 374,311
22,627 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 427,650
2,600 CSK HOLDINGS CORPORATION 41,020
15 CYBERAGENT INCORPORATED 14,333
1,600 DAISEKI COMPANY LIMITED 51,781
1,850 DAVIS SERVICE GROUP PLC 11,465
2,629 DCC PLC 63,594
2,478 DE LA RUE 39,650
34,699 DELUXE CORPORATION 572,880
17 DENA COMPANY LIMITED 82,941
74 DENTSU INCORPORATED 148,807
17,723 DIGITAL RIVER INCORPORATED+<< 775,381
19,745 DIMENSION DATA HOLDINGS PLC 18,977
743 DISCOUNT INVESTMENT CORPORATION 16,618
7,045 DST SYSTEMS INCORPORATED+<< 435,029
800 DTS CORPORATION 11,181
74,768 EARTHLINK INCORPORATED+<< 696,838
53,608 EBAY INCORPORATED+ 1,336,447
14,332 ELECTRONIC ARTS INCORPORATED+ 699,545
36,821 ELECTRONICS FOR IMAGING INCORPORATED+<< 610,860
17,023 EXPERIAN GROUP LIMITED 128,224
35,448 F5 NETWORKS INCORPORATED+ 1,209,131
7,132 FACTSET RESEARCH SYSTEMS INCORPORATED 447,248
31,174 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 681,152
1,415 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 45,605
26,314 FISERV INCORPORATED+ 1,364,644
7,014 FOCUS MEDIA HOLDING LIMITED+<< 229,498
6,081 FORRESTER RESEARCH INCORPORATED+<< 210,342
21,000 GALLANT VENTURE LIMITED+ 9,672
1,693 GARDA WORLD SECURITY CORPORATION CLASS A+ 20,282
2,863 GEMALTO NV+ 122,360
40,073 GLG PARTNERS INCORPORATED+<< 332,205
12,087 GLOBAL PAYMENTS INCORPORATED 582,714
10,785 GOOGLE INCORPORATED CLASS A+ 4,996,583
24,931 GREATEK ELECTRONIC INCORPORATED 26,641
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUSINESS SERVICES (continued)
84,000 GUANGDONG INVESTMENT LIMITED $ 28,521
4,345 HAVAS SA 16,844
4,000 HAW PAR CORPORATION LIMITED 17,938
53,636 HENRY JACK & ASSOCIATES INCORPORATED 1,074,329
700 HITACHI INFORMATION SYSTEMS LIMITED 15,245
29,075 HLTH CORPORATION+<< 361,984
687 HOMESERVE PLC 18,020
38,500 HONG KONG EXCHANGES & CLEARING LIMITED 497,324
13,130 HOUSING DEVELOPMENT FINANCE CORPORATION 692,852
9,000 HYFLUX LIMITED 17,939
717 I-FLEX SOLUTIONS LIMITED 19,454
237 ILIAD SA 24,434
24,915 INDUSTREA LIMITED 11,554
13,463 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 25,378
38,226 INFORMATICA CORPORATION+ 644,873
24,277 INFOSYS TECHNOLOGIES LIMITED ADR<< 1,002,155
33,267 ITAUSA INVESTIMENTOS ITAU SA 316,343
94,683 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 890,020
5,289 INTERSERVE PLC 40,416
19,947 INTERWOVEN INCORPORATED+ 293,620
1,200 INTRUM JUSTITIA AB 18,731
48,042 INTUIT INCORPORATED+<< 1,444,623
2,831 INVOCARE LIMITED 12,763
407 IPSOS 13,684
2,812 IRESS MARKET TECHNOLOGY LIMITED 15,378
29,187 IRON MOUNTAIN INCORPORATED+ 843,796
718 JC DECAUX SA 15,901
23,684 JUNIPER NETWORKS INCORPORATED+<< 608,679
795 JYSKE BANK+ 44,516
12 KABU.COM SECURITIES COMPANY LIMITED 10,955
16 KAKAKU.COM INCORPORATED 46,473
22 KENEDIX INCORPORATED 12,531
45,138 KEPPEL CORPORATION LIMITED 313,465
900 KOEI COMPANY LIMITED 12,643
2,384 KONE OYJ 73,836
4,000 KYOWA EXEO CORPORATION 39,108
9,807 LAMAR ADVERTISING COMPANY+<< 364,330
15,636 LENDER PROCESSING SERVICES INCORPORATED 520,679
1,470 LG DACOM CORPORATION 27,525
23,209 LOGICACMG PLC 56,482
452 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 12,707
30,166 MAN GROUP PLC 310,848
63,000 MARUBENI CORPORATION 389,805
3,259 MASTERCARD INCORPORATED CLASS A 790,470
26,012 MCAFEE INCORPORATED+ 1,029,035
39,600 MENTOR GRAPHICS CORPORATION+<< 483,120
3,363 MICHAEL PAGE INTERNATIONAL PLC 22,406
383,071 MICROSOFT CORPORATION 10,454,008
56,100 MITSUBISHI CORPORATION 1,541,015
3,000 MITSUI-SOKO COMPANY LIMITED 14,756
44 MONEX BEANS HOLDINGS INCORPORATED 21,786
51,000 MONEYGRAM INTERNATIONAL INCORPORATED+<< 86,700
18,445 MONSTER WORLDWIDE INCORPORATED+<< 360,415
700 MOSHI MOSHI HOTLINE INCORPORATED 18,825
64,677 MPS GROUP INCORPORATED+ 745,079
26,285 NCR CORPORATION+ 695,501
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUSINESS SERVICES (continued)
8,300 NETEASE.COM INCORPORATED ADR+<< $ 216,713
22,894 NETFLIX INCORPORATED+<< 706,051
500 NIPPON KANZAI COMPANY LIMITED 13,452
1,400 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 15,480
68,150 NOVELL INCORPORATED+ 438,205
600 NS SOLUTIONS CORPORATION 9,656
14,485 NWS HOLDINGS LIMITED 31,982
600 OPEN TEXT CORPORATION+ 21,332
179,815 ORACLE CORPORATION+ 3,943,343
78,446 PARAMETRIC TECHNOLOGY CORPORATION+ 1,575,196
3,458 PATNI COMPUTER SYSTEMS LIMITED 18,014
57,463 PEROT SYSTEMS CORPORATION CLASS A+ 1,022,841
1,297 PERPETUAL TRUSTEES AUSTRALIA LIMITED 49,532
24,488 PSION PLC 41,143
47,790 QUEST SOFTWARE INCORPORATED+<< 706,814
65,248 REALNETWORKS INCORPORATED+ 432,594
29,417 RED HAT INCORPORATED+ 617,757
44,457 RENT-A-CENTER INCORPORATED+ 1,007,396
1,500 RITCHIE BROS AUCTIONEERS INCORPORATED 39,979
24,540 ROBERT HALF INTERNATIONAL INCORPORATED 628,224
3,331 RPS GROUP PLC 18,167
34,381 S1 CORPORATION+ 262,327
983 S1 CORPORATION INCORPORATED (KOREA) 53,992
16,093 SALESFORCE.COM INCORPORATED+ 901,530
15,385 SAP AG 862,016
16,451 SATYAM COMPUTER SERVICES LIMITED<< 366,199
4,800 SECURITAS AB 64,860
5,403 SECURITAS SYSTEMS AB CLASS B 9,719
7,640 SEEK LIMITED 34,252
117 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 149,915
197,500 SHENZHEN INTERNATIONAL HOLDINGS 15,564
1,020 SHREE CEMENT LIMITED 13,614
4,000 SIA ENGINEERING COMPANY 7,129
37,000 SINGAPORE EXCHANGE LIMITED 163,386
4 SO-NET ENTERTAINMENT CORPORATION 11,342
216 SOFTWARE AG 15,800
1,700 SOHGO SECURITY SERVICES COMPANY LIMITED 19,346
39,900 SONICWALL INCORPORATED+ 260,946
29,364 SOTHEBY'S HOLDINGS INCORPORATED 791,066
37,863 SPHERION CORPORATION+ 196,130
2,200 SQUARE ENIX COMPANY LIMITED 72,521
18,906 SRA INTERNATIONAL INCORPORATED CLASS A+ 443,913
7,000 STELLA INTERNATIONAL 11,134
900 SUMISHO COMPUTER SYSTEMS 16,017
4,000 SUMITOMO WAREHOUSE COMPANY LIMITED 14,695
26,500 SWIRE PACIFIC LIMITED 264,699
38,368 SYMANTEC CORPORATION+<< 855,990
16,000 TAIWAN SECOM+ 27,834
32,815 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 822,672
4,846 TAYLOR NELSON SOFRES PLC 24,163
559 TELEPERFORMANCE 19,964
17,207 TELETECH HOLDINGS INCORPORATED+ 265,332
309,736 TELMEX INTERNACIONAL SAB DE CV+ 219,890
863 TEMENOS GROUP AG+ 22,645
17,450 THE BRINK'S COMPANY 1,217,661
187 THOMSON REUTERS ADR<< 31,440
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
BUSINESS SERVICES (continued)
126,102 TIBCO SOFTWARE INCORPORATED+ $ 1,032,775
800 TKC AS 14,242
600 TOKYU LIVABLE INCORPORATED 3,845
14,076 TOMKINS PLC 38,024
929 TOMTOM NV+ 22,946
1,700 TOPPAN FORMS COMPANY LIMITED 20,434
39,741 TOTAL SYSTEM SERVICES INCORPORATED 791,641
7,659 TOWER AUSTRALIA GROUP LIMITED 19,460
8,100 TOYOTA TSUSHO CORPORATION 138,502
1,810 TRAVIS PERKINS PLC 22,043
231,602 UNISYS CORPORATION+ 947,252
49,900 UNITED ONLINE INCORPORATED<< 525,447
876 USG PEOPLE NV 15,854
44,020 VALUECLICK INCORPORATED+<< 567,418
31,500 VERISIGN INCORPORATED+<< 1,007,055
12,488 VIAD CORPORATION 390,625
4,200 VIGNETTE CORPORATION+ 57,246
1,430 VIOHALCO SA 11,708
6,234 VMWARE INCORPORATED+<< 247,490
19,264 WEBSENSE INCORPORATED+<< 436,137
53,500 WHARF HOLDINGS LIMITED 193,348
52,800 WIND RIVER SYSTEMS INCORPORATED+<< 583,440
13 WORKS APPLICATIONS COMPANY LIMITED+ 14,696
18,868 WPP GROUP PLC 183,651
1,726 WS ATKINS PLC 29,153
58,250 YAHOO! INCORPORATED+ 1,128,885
520 YAHOO! JAPAN CORPORATION 199,290
700 ZENRIN COMPANY LIMITED 10,256
95,982,871
--------------
CASINO & GAMING: 0.05%
4,328 MGM MIRAGE+<< 152,302
11,856 PENN NATIONAL GAMING INCORPORATED+ 400,970
2,799 WYNN RESORTS LIMITED+<< 267,081
820,353
--------------
CHEMICALS & ALLIED PRODUCTS: 7.38%
53,694 ABBOTT LABORATORIES 3,083,646
2,458 ACTELION LIMITED+ 141,092
2,300 ADEKA CORPORATION 16,653
2,600 AGRIUM INCORPORATED 219,915
1,900 AICA KOGYO COMPANY LIMITED 16,776
4,544 AIR LIQUIDE SA 551,916
6,740 AIR PRODUCTS & CHEMICALS INCORPORATED 619,069
6,000 AIR WATER INCORPORATED 74,120
4,882 AKZO NOBEL NV 297,914
14,650 ALBEMARLE CORPORATION 582,191
18,309 ALBERTO-CULVER COMPANY 478,963
31,922 ALEXION PHARMACEUTICALS INCORPORATED+<< 1,439,044
44,552 ALKERMES INCORPORATED+<< 595,660
180 AMOREPACIFIC CORPORATION 106,823
4,573 APP PHARMACEUTICALS INCORPORATED+ 108,243
3,400 ARISAWA MANUFACTURING COMPANY LIMITED 21,620
49,000 ASAHI KASEI CORPORATION 230,128
18,300 ASTELLAS PHARMA INCORPORATED 824,265
25,260 ASTRAZENECA PLC 1,231,476
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
18,900 AVERY DENNISON CORPORATION $ 911,736
17,107 BARR PHARMACEUTICALS INCORPORATED+ 1,155,407
16,318 BASF AG 941,452
20,600 BATU KAWAN BHD 50,212
13,407 BIOGEN IDEC INCORPORATED+ 682,819
41,089 BIOMARIN PHARMACEUTICAL INCORPORATED+<< 1,238,422
1,400 BIOVAIL CORPORATION 15,295
68,125 BRISTOL-MYERS SQUIBB COMPANY 1,453,788
9,497 CABOT CORPORATION 262,782
3,906 CARDIOME PHARMA CORPORATION+ 34,469
30,222 CELANESE CORPORATION CLASS A 1,165,360
8,993 CF INDUSTRIES HOLDINGS INCORPORATED 1,370,533
10,473 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+<< 687,134
417 CHEMRING GROUP PLC 17,680
46,772 CHEMTURA CORPORATION 308,227
36,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED+ 24,352
85,000 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION+ 30,545
16,000 CHINA PHARMACEUTICAL GROUP LIMITED+ 5,262
1,181 CHRISTIAN DIOR SA 125,630
8,600 CHUGAI PHARMACEUTICAL COMPANY LIMITED 142,054
2,000 CHUGOKU MARINE PAINTS LIMITED+ 14,561
27,617 CHURCH & DWIGHT COMPANY INCORPORATED 1,726,063
1,144 CIBA SPECIALTY CHEMICALS AG 28,178
645 CIECH SA 15,981
3,406 CLARIANT AG 30,590
207 CLARINS 16,824
22,100 CLOROX COMPANY 1,306,110
23,676 COLGATE-PALMOLIVE COMPANY 1,800,086
1,741 CRODA INTERNATIONAL 21,925
20,210 CSL LIMITED 705,336
23,762 CUBIST PHARMACEUTICALS INCORPORATED+<< 523,477
19,989 CYTEC INDUSTRIES INCORPORATED 1,015,441
11,000 DAICEL CHEMICAL INDUSTRIES LIMITED 55,781
24,000 DAIICHI SANKYO COMPANY LIMITED 722,039
25,000 DAINIPPON INK & CHEMICALS INCORPORATED 55,405
6,000 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 53,170
608 DC CHEMICAL COMPANY LIMITED 164,284
15,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 42,294
31,844 DOW CHEMICAL COMPANY 1,086,836
5,130 DR. REDDYS LABORATORIES LIMITED 67,488
500 EARTH CHEMICAL COMPANY LIMITED 12,756
15,467 EASTMAN CHEMICAL COMPANY 932,969
29,538 ECOLAB INCORPORATED 1,351,068
31,191 EI DU PONT DE NEMOURS & COMPANY 1,386,128
10,100 EISAI COMPANY LIMITED 401,666
7,369 ELAN CORPORATION PLC+ 101,411
33,400 ELI LILLY & COMPANY 1,558,110
28,336 ETERNAL CHEMICAL COMPANY LIMITED 21,744
1,500 FANCL CORPORATION 17,731
29,614 FERRO CORPORATION 652,693
20,000 FIBRECHEM TECHNOLOGIES LIMITED 6,621
12,017 FMC CORPORATION 883,730
13,969 FOREST LABORATORIES INCORPORATED+<< 498,554
205,000 FORMOSA CHEMICALS & FIBRE CORPORATION 352,022
231,000 FORMOSA PLASTICS CORPORATION 450,139
1,818 FRUTAROM INDUSTRIES LIMITED 17,695
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
21,203 GENENTECH INCORPORATED+ $ 2,093,796
11,953 GENZYME CORPORATION+ 935,920
42,502 GILEAD SCIENCES INCORPORATED+ 2,239,005
95 GIVAUDAN SA 79,053
93,029 GLAXOSMITHKLINE PLC 2,189,056
672 H LUNDBECK AS 15,610
4,453 HANWHA CHEMICAL CORPORATION 41,977
36,872 HB FULLER COMPANY 961,253
2,007 HENKEL KGAA 70,130
3,542 HENKEL KGAA PREFERRED 138,820
2,070 HIKMA PHARMACEUTICALS PLC 15,743
3,500 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 155,458
5,100 HITACHI CHEMICAL COMPANY LIMITED 92,778
569 HONAM PETROCHEMICAL CORPORATION 33,646
18,707 HUNTSMAN CORPORATION 244,126
26,315 IDEXX LABORATORIES INCORPORATED+ 1,481,535
9,806 IMCLONE SYSTEMS INCORPORATED+ 631,506
30,763 IMMUCOR INCORPORATED+<< 990,876
2,538 INCITEC PIVOT LIMITED 345,227
490 INTERCELL AG+ 21,443
12,772 INTERMUNE INCORPORATED+<< 242,285
16,015 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 643,963
33,129 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 1,176,742
13,706 INVITROGEN CORPORATION+ 581,957
346 IPSEN 18,742
363,121 IRPC PCL 41,784
10,000 ISHIHARA SANGYO KAISHA LIMITED+ 16,696
21,807 ISRAEL CHEMICALS LIMITED 361,988
3,656 JOHNSON MATTHEY PLC 108,182
8,600 JSR CORPORATION 148,158
2,252 K+S AG 271,788
3,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 26,871
368,000 KALBE FARMA TBK PT 29,963
12,000 KANEKA CORPORATION 75,366
9,000 KANSAI PAINT COMPANY LIMITED 56,779
19,000 KAO CORPORATION 537,947
301 KCC CORPORATION 98,734
1,400 KEMIRA OYJ 17,498
49,686 KING PHARMACEUTICALS INCORPORATED+ 568,408
20,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 92,250
2,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 43,509
700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 23,722
2,897 KONINKLIJKE DSM NV 166,736
2,000 KYORIN COMPANY LIMITED 26,979
15,000 KYOWA HAKKO KOGYO COMPANY LIMITED 164,037
8,346 LA SEDA DE BARCELONA SA+ 11,459
1,325 LANXESS 50,948
431 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H 74,517
1,100 LINTEC CORPORATION 19,478
9,000 LION CORPORATION 43,677
705 LONZA GROUP AG 99,522
13,842 LUBRIZOL CORPORATION 733,488
12,486 MAKHTESHIM-AGAN INDUSTRIES LIMITED 84,303
600 MANDOM CORPORATION 16,076
55,529 MEDAREX INCORPORATED+ 409,804
22,223 MEDICINES COMPANY+ 541,352
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
74,913 MERCK & COMPANY INCORPORATED $ 2,672,147
1,271 MERCK KGAA 145,638
1,400 METHANEX CORPORATION 35,508
8,427 MINERALS TECHNOLOGIES INCORPORATED 553,485
1,900 MIRACA HOLDINGS INCORPORATED 42,377
47,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 268,730
16,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 90,622
31,000 MITSUI CHEMICALS INCORPORATED 153,005
24,808 MONSANTO COMPANY 2,834,314
300 MURAMOTO ELECTRON THAILAND PCL 981
60,672 MYLAN LABORATORIES INCORPORATED+<< 782,062
22,639 NALCO HOLDING COMPANY 517,754
313,000 NAN YA PLASTICS CORPORATION 489,671
26,657 NBTY INCORPORATED+ 886,079
800 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 21,646
2,000 NIHON PARKERIZING COMPANY LIMITED 27,901
6,000 NIPPON KAYAKU COMPANY LIMITED 38,182
9,000 NIPPON PAINT COMPANY LIMITED 32,346
2,000 NIPPON SHINYAKU COMPANY LIMITED 24,918
6,000 NIPPON SHOKUBAI COMPANY LIMITED 38,479
5,000 NIPPON SODA COMPANY LIMITED 24,340
6,000 NISSAN CHEMICAL INDUSTRIES LIMITED 65,734
5,800 NITTO DENKO CORPORATION 174,101
6,000 NOF CORPORATION 24,963
1,400 NOVA CHEMICALS CORPORATION 40,610
42,487 NOVARTIS AG 2,366,888
6,840 NOVO NORDISK AS CLASS B 381,822
2,637 NUFARM LIMITED 37,288
45,255 OLIN CORPORATION 1,217,812
13,400 OM GROUP INCORPORATED+ 497,140
289 OMEGA PHARMA SA 14,627
4,300 ONO PHARMACEUTICAL COMPANY LIMITED 225,161
23,490 ONYX PHARMACEUTICALS INCORPORATED+<< 960,036
33,660 ORIENTAL UNION CHEMICAL CORPORATION+ 24,540
844 ORION OYJ 15,890
8,961 OSI PHARMACEUTICALS INCORPORATED+<< 452,531
23,374 PAR PHARMACEUTICAL COMPANIES INCORPORATED+<< 332,846
24,153 PAREXEL INTERNATIONAL CORPORATION+ 767,341
173 PAZ OIL COMPANY LIMITED 25,526
48,409 PDL BIOPHARMA INCORPORATED+ 584,297
2,943 PETKIM PETROKIMYA HOLDING SA 13,417
239,848 PFIZER INCORPORATED 4,583,495
11,540 PHARMERICA CORPORATION+<< 273,152
5,628 PPG INDUSTRIES INCORPORATED 353,776
14,402 PRAXAIR INCORPORATED 1,293,876
141,420 PROCTER & GAMBLE COMPANY 9,866,873
37,895 PT TEMPO SCAN PACIFIC TBK 2,236
20,400 PTT CHEMICAL PCL 40,812
3,917 PZ CUSSONS PLC 12,426
10,241 RANBAXY LABORATORIES LIMITED 120,093
10,691 RECKITT BENCKISER GROUP 540,478
6,569 RECORDATI SPA 45,965
2,099 RHODIA SA 40,822
638 RICHTER GEDEON PLC 126,434
44 RIETER HOLDING AG 14,254
24,853 ROHM & HAAS COMPANY 1,865,218
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
4,000 ROHTO PHARMACEUTICAL COMPANY LIMITED $ 47,749
82,088 RPM INTERNATIONAL INCORPORATED 1,773,101
3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 9,168
8,883 SANOFI-AVENTIS SA 630,209
17,805 SANOFI-AVENTIS SA ADR 631,187
3,200 SANTEN PHARMACEUTICAL COMPANY LIMITED 86,606
3,000 SANYO CHEMICAL INDUSTRIES LIMITED 14,683
400 SAWAI PHARMACEUTICAL COMPANY LIMITED 17,650
120 SCHERING AG 18,438
74,024 SCHERING-PLOUGH CORPORATION 1,436,066
1,400 SEIKAGAKU CORPORATION 14,586
31,654 SENSIENT TECHNOLOGIES CORPORATION 924,613
16,229 SEPRACOR INCORPORATED+ 298,614
1,010 SGL CARBON AG+ 60,614
14,900 SHIN-ETSU CHEMICAL COMPANY LIMITED 828,890
11,000 SHIONOGI & COMPANY LIMITED 247,983
10,492 SHIRE LIMITED 184,844
333 SHISEIDO COMPANY LIMITED 7,886
44,000 SHOWA DENKO KK 116,979
9,866 SIDI KERIR PETROCHEMCIALS COMPANY 30,309
42,051 SIGMA PHARMACEUTICALS LIMITED 46,679
17,644 SIGMA-ALDRICH CORPORATION 1,001,473
114,000 SINOCHEM HONG KONG HOLDING LIMITED 74,097
14,771 SMITH & NEPHEW PLC 177,259
4,995 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 191,909
1,193 SOLVAY SA 146,065
867 STADA ARZNEIMITTEL AG 47,216
10,468 STERLITE INDUSTRIES INDIA LIMITED ADR 41,313
700 SUMIDA ELECTRIC 13,541
7,000 SUMITOMO BAKELITE COMPANY LIMITED 36,113
61,000 SUMITOMO CHEMICAL COMPANY LIMITED 374,303
1,646 SYMRISE AG 28,356
1,758 SYNGENTA AG 471,688
35,000 TAIWAN FERTILIZER COMPANY LIMITED 107,670
14,000 TAIYO NIPPON SANSO CORPORATION 124,905
3,000 TAKASAGO INTERNATIONAL CORPORATION 16,693
28,600 TAKEDA PHARMACEUTICAL COMPANY LIMITED 1,494,072
7,000 TANABE SEIYAKU COMPANY LIMITED 98,073
332 TESSENDERLO CHEMIE NV 18,358
7,045 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 333,685
34,292 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR<< 1,623,383
611,100 THAI PETROCHEM 72,764
6,700 THE MOSAIC COMPANY 715,158
72,700 TITAN CHEMICALS CORPORATION 22,234
6,000 TOAGOSEI COMPANY LIMITED 22,630
8,000 TOKAI CARBON COMPANY LIMITED 82,019
9,000 TOKUYAMA CORPORATION 60,872
1,000 TOKYO OHKA KOKYO 18,126
22,000 TOSOH CORPORATION 79,912
6,000 TOYO INK MANUFACTURING COMPANY LIMITED 19,659
3,609 TRANSPORTADORA DE GAS DEL SUR SA<< 12,992
2,000 TSUMURA & COMPANY 55,749
13,969 TURK SISE VE CAM FABRIKALARI AS 18,846
36,000 UBE INDUSTRIES LIMITED JAPAN 128,699
2,614 UCB SA 102,220
161,000 UNILEVER INDONESIA TBK PT 126,844
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ---------------------------------------------------- --------------
CHEMICALS & ALLIED PRODUCTS (continued)
9,501 UNITED THERAPEUTICS CORPORATION+<< $ 1,008,341
48,402 USEC INCORPORATED+<< 278,796
62,912 VALSPAR CORPORATION 1,488,498
21,500 VERTEX PHARMACEUTICALS INCORPORATED+ 577,490
3,441 VICTREX PLC 51,014
259 WACKER CHEMIE AG 47,589
25,800 WR GRACE & COMPANY+ 678,282
46,591 WYETH 2,016,458
8,000 ZEON CORPORATION 32,163
9,144 ZEP INCORPORATED 179,131
1,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 10,034
118,598,456
--------------
COAL MINING: 0.92%
29,650 ALPHA NATURAL RESOURCES INCORPORATED+ 2,938,315
22,844 ARCH COAL INCORPORATED 1,239,059
39,170 BHP BILLITON PLC 1,219,988
837,000 BUMI RESOURCES TBK PT 497,573
11,086 CENTENNIAL COAL COMPANY LIMITED 53,997
173,962 CHINA COAL ENERGY COMPANY 291,236
172,500 CHINA SHENHUA ENERGY COMPANY LIMITED 589,047
8,221 CONSOL ENERGY INCORPORATED 556,644
621 CUDECO LIMITED+ 1,434
2,529 FELIX RESOURCES LIMITED 43,350
1,770 FORDING CANADIAN COAL TRUST 157,446
19,513 FOUNDATION COAL HOLDINGS INCORPORATED 1,154,194
30,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED+ 16,267
2,693 GLOUCESTER COAL LIMITED 26,873
32,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 37,102
3,755 KUMBA IRON ORE LIMITED 122,526
4,158 MACARTHUR COAL LIMITED 47,502
6,099 MINERAL DEPOSIT LIMITED+ 2,693
4,901 NEYVELI LIGNITE CORPORATION LIMITED 12,589
33,140 PATRIOT COAL CORPORATION+<< 1,987,074
12,519 PEABODY ENERGY CORPORATION 788,071
17,508 PENN VIRGINIA CORPORATION<< 1,158,679
89,000 PT ASTRA INTERNATIONAL INCORPORATED 200,426
36,500 PT TAMBANG BATUBARA BUKIT ASAM TBK 57,405
23,584 SASOL LIMITED 1,298,189
7,118 SINO GOLD MINING LIMITED+ 25,954
10,000 STRAITS ASIA RESOURCES LIMITED 17,793
2,322 UK COAL PLC+ 18,255
5,002 WHITEHAVEN COAL LIMITED 15,499
88,000 YANZHOU COAL MINING COMPANY LIMITED 152,099
14,727,279
COMMERCIAL SERVICES: 0.00%
--------------
4,000 PARK24 COMPANY LIMITED 20,803
--------------
COMMUNICATIONS: 4.20%
53,900 ADVANCED INFO SERVICE PCL THB 141,676
2,110 AGORA SA 26,994
36,888 ALCATEL SA 224,259
2,211 ALVARION LIMITED+ 14,118
834,565 AMERICA MOVIL SA DE CV 2,146,726
11,397 AMERICA MOVIL SA DE CV CLASS A+ 29,205
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
COMMUNICATIONS (continued)
18,538 AMERICAN TOWER CORPORATION CLASS A+ $ 766,176
14,102 ANIXTER INTERNATIONAL INCORPORATED+<< 1,040,869
9,685 APN NEWS & MEDIA LIMITED 27,412
1,753 ARNOLDO MONDADORI EDITORE SPA 9,594
1,300 ASATSU-DK INCORPORATED 33,766
87,800 ASTRO ALL ASIA NETWORKS PLC 87,182
207,205 AT&T INCORPORATED 6,628,488
15,840 AUSTAR UNITED COMMUNICATIONS LIMITED+ 15,960
14,200 BCE INCORPORATED+ 538,017
2,508 BELGACOM SA 99,866
729 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 19,100
44,555 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED+ 79,395
33,778 BHARTI AIRTEL LIMITED+ 638,727
3,100 BRASIL TELECOM PARTICIPACOES SA+ 101,558
32,305 BRIGHTPOINT INCORPORATED+ 278,146
19,725 BRITISH SKY BROADCASTING PLC 167,128
133,256 BT GROUP PLC 418,229
51,297 CABLE & WIRELESS PLC 165,379
37,259 CABLEVISION SYSTEMS CORPORATION 1,202,348
176,500 CARSO GLOBAL TELECOM SA DE CV+ 899,429
21,214 CENTURYTEL INCORPORATED 819,497
46,392 CHAMPION TECHNOLOGY HOLDINGS LIMITED 4,844
154,176 CHARTER COMMUNICATIONS INCORPORATED+<< 161,885
152,000 CHINA MOBILE LIMITED 1,725,504
76,500 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED 180,987
656,000 CHINA TELECOM CORPORATION LIMITED 333,831
219,000 CHUNGHWA TELECOM COMPANY LIMITED 542,911
23,072 CIA DE TELECOMUNICACIONES DE CHILE SA CLASS A 32,848
165,870 CINCINNATI BELL INCORPORATED+<< 646,893
1 CITADEL BROADCASTING CORPORATION<< 1
350 CITIC 1616 HOLDINGS LIMITED 79
394 COGECO CABLE INCORPORATED+ 16,327
4,296 COLT TELECOM GROUP SA+ 10,091
87,509 COMCAST CORPORATION CLASS A 1,853,441
43,000 COMCAST CORPORATION CLASS A SPECIAL (NON VOTING) 909,020
11,025 COMPAL COMMUNICATIONS INCORPORATED 15,067
896 CORUS ENTERTAINMENT INCORPORATED CLASS B 16,480
39,874 CROWN CASTLE INTERNATIONAL CORPORATION+ 1,491,288
7,803 CTC MEDIA INCORPORATED+ 151,378
11,824 CYBERTAN TECHNOLOGY INCORPORATED 17,114
3,713 CYFROWY POLSAT SA+ 23,705
36,622 D-LINK CORPORATION 44,130
3,066 DAILY MAIL & GENERAL TRUST CLASS A NV 20,699
1,000 DAIMEI TELECOM ENGINEERING CORPORATION 7,781
2,000 DENKI KOGYO COMPANY LIMITED 11,670
51,654 DEUTSCHE TELEKOM AG 855,287
17,500 DIGI.COM BHD 118,438
32,043 DIRECTV GROUP INCORPORATED+ 903,933
33,673 DISH NETWORK CORPORATION+ 949,915
11,582 DISH TV INDIA LIMITED+ 9,684
18,527 ECHOSTAR CORPORATION+ 580,636
1,150 EGYPTIAN COMPANY FOR MOBILE SERVICES 26,760
2,200 ELISA OYJ 46,930
29,608 EMBARQ CORPORATION 1,396,313
9,059 EMPRESA NACIONAL DE TELECOMUNICACIONES SA 118,372
1,800 ENIRO AB 7,821
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
COMMUNICATIONS (continued)
16,874 ENTERCOM COMMUNICATIONS CORPORATION<< $ 103,100
13,493 EQUINIX INCORPORATED+<< 1,086,187
1,544 EUTELSAT COMMUNICATIONS+ 42,802
76,343 EXTREME NETWORKS+ 267,201
43,981 FAIRFAX MEDIA LIMITED 105,758
1,757 FAIRPOINT COMMUNICATIONS INCORPORATED<< 15,553
93,723 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 136,295
25,257 FOUNDRY NETWORKS INCORPORATED+ 464,476
22,053 FRANCE TELECOM SA 650,232
11,057 FRANCE TELECOM SA ADR 325,297
970 GLOBE TELECOM INCORPORATED 23,124
123,902 GRUPO TELEVISA SA 573,556
5,840 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 124,828
2,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 13,801
8,346 HURRIYET GAZETECILIK VE MATBAACILIK AS 11,724
18,850 IAC INTERACTIVECORP+ 312,902
50,926 IDEA CELLULAR LIMITED+ 94,874
27,700 IDT CORPORATION+<< 42,935
4,997 INDEPENDENT NEWS & MEDIA PLC 10,854
6,770 INMARSAT PLC 63,018
47,251 ITV PLC 38,430
21,381 J2 GLOBAL COMMUNICATIONS INCORPORATED+<< 527,469
4,000 JAPAN RADIO COMPANY LIMITED+ 9,118
46 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 34,916
106 KDDI CORPORATION 617,260
3,000 KEPPEL TELECOMMUNICATIONS & TRANSPORTATION LIMITED 11,171
19,114 KINGSTON COMMUNICATIONS (HULL) PLC 13,604
5,139 KT CORPORATION 210,724
3,740 KT FREETEL COMPANY LIMITED 98,128
1,998 LAGARDERE SCA 111,532
7,713 LEAP WIRELESS INTERNATIONAL INCORPORATED+<< 344,463
7,535 LIBERTY GLOBAL INCORPORATED+ 250,313
7,710 LIBERTY GLOBAL INCORPORATED SERIES A+ 271,238
26,331 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES
A+ 357,838
777 M6 METROPOLE TELEVISION 17,302
19,843 MAGYAR TELEKOM PLC 101,725
8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 18,070
1,079 MANITOBA TELECOM SERVICES INCORPORATED 42,375
20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED 14,351
10,697 MEDIASET SPA 77,664
21,400 MOBILONE LIMITED 28,852
580 MOBISTAR SA 42,941
5,673 MPHASIS LIMITED 31,042
70,261 MTN GROUP LIMITED 1,080,230
11,178 NEUSTAR INCORPORATED CLASS A+ 268,384
2,686 NICE SYSTEMS LIMITED+ 81,965
27,947 NII HOLDINGS INCORPORATED+ 1,467,776
166 NIPPON TELEGRAPH & TELEPHONE CORPORATION 816,079
5,940 NORTEL NETWORKS CORPORATION+ 35,915
298 NTT DOCOMO INCORPORATED 469,653
30,114 NTT DOCOMO INCORPORATED ADR<< 471,284
25,402 ORASCOM TELECOM HOLDING SAE 259,412
3,554 PARTNER COMMUNICATIONS 76,867
136,000 PCCW LIMITED 85,090
3,370 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 198,060
11,676 PORTUGAL TELECOM SGPS SA 121,988
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
COMMUNICATIONS (continued)
25,190 POWER GRID CORPORATION OF INDIA LIMITED $ 52,871
786 PROSIEBENSAT.1 MEDIA AG 8,024
109,000 PT INDONESIAN SATELLITE CORPORATION TBK 71,946
2,716 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES
E MULTIMEDIA SGPS SA 21,342
2,081 PUBLICIS GROUPE 69,748
249 RAKUTEN INCORPORATED 138,690
15,580 RCN CORPORATION+<< 215,939
10,887 REED ELSEVIER NV 182,032
20,458 REED ELSEVIER PLC 233,816
32,828 RELIANCE COMMUNICATIONS LIMITED++ 295,291
23,396 RELIANCE INDUSTRIES LIMITED++ 2,253,035
26,855 RENTOKIL INITIAL PLC 35,506
8,400 ROGERS COMMUNICATIONS INCORPORATED 304,419
30,284 ROYAL KPN NV 513,832
543 RTL GROUP 50,920
379,400 SAMART CORPORATION PCL 74,794
16,135 SAVVIS INCORPORATED+<< 256,224
42,546 SBA COMMUNICATIONS CORPORATION+<< 1,486,132
51,873 SEAT PAGINE GIALLE SPA 7,884
5,891 SES FDR 142,174
6,200 SHAW COMMUNICATIONS INCORPORATED CLASS B 133,716
188,600 SHIN SATELLITE PCL+ 29,193
33,937 SINCLAIR BROADCAST GROUP INCORPORATED 240,613
244,100 SINGAPORE TELECOMMUNICATIONS LIMITED 602,455
1,760 SK TELECOM COMPANY LIMITED 324,269
4,812 SKY NETWORK TELEVISION LIMITED 16,304
33 SKY PERFECT JSAT HOLDINGS INCORPORATED 12,440
1,941 SOCIETE TELEVISION FRANCAISE 1 33,724
96,927 SPRINT NEXTEL CORPORATION+ 845,203
19,000 STARHUB LIMITED 36,128
371 SWISSCOM AG 118,881
145,448 TAIWAN MOBILE COMPANY LIMITED 260,036
2,337 TATA COMMUNICATIONS LIMITED 21,824
26,492 TATA TELESERVICES MAHARASHTRA LIMITED+ 15,801
447 TDC AS 24,648
4,654 TELE NORTE LESTE PARTICIPACOES SA 115,522
5,189 TELE2 AB 79,813
2,951 TELECOM ARGENTINA SA ADR 39,248
66,271 TELECOM CORPORATION OF NEW ZEALAND LIMITED 151,683
12,733 TELECOM EGYPT 39,205
97,374 TELECOM ITALIA RNC SPA 123,420
177,566 TELECOM ITALIA SPA 285,590
60,000 TELECOM MALAYSIA BHD 63,037
3,803 TELECOMUNICACOES DE SAO PAULO SA 108,724
1,200 TELEFONAKTIEBOLAGET LM ERICSSON 13,520
49,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 568,229
39,044 TELEFONICA DEL PERU SAA+ 39,950
72,583 TELEFONICA SA 1,793,419
309,736 TELEFONOS DE MEXICO SA DE CV 379,837
5,281 TELEKOM AUSTRIA AG 113,513
32,978 TELEKOMUNIKACJA POLSKA SA+ 330,873
1,178 TELEMAR NORTE LESTE SA 61,278
678 TELENET GROUP HOLDING NV+ 15,443
12,400 TELENOR ASA 194,889
8,493 TELEPHONE & DATA SYSTEMS INCORPORATED 326,131
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
COMMUNICATIONS (continued)
36,651 TELIASONERA AB $ 255,419
9,578 TELKOM SOUTH AFRICA LIMITED 173,158
133,703 TELSTRA CORPORATION LIMITED 496,317
3,543 TELUS CORPORATION 142,314
2,400 TELUS CORPORATION (NON-VOTING) 94,911
30,000 TENCENT HOLDINGS LIMITED 254,590
26,600 TIM PARTICIPACOES SA 59,238
5,886 TISCALI SPA+ 13,103
60,000 TM INTERNATIONAL SDN BHD+ 110,505
2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 36,040
2,973 TRINITY MIRROR PLC 5,808
262,500 TRUE CORPORATION PCL+ 21,466
270,800 TT&T PCL+ 5,773
28,738 TURKCELL ILETISIM HIZMETLERI AS 190,116
300 TV TOKYO CORPORATION 11,285
21,369 TW TELECOM INCORPORATED+<< 327,800
4,035 UNITED BUSINESS MEDIA LIMITED 43,614
1,385 UNITED INTERNET AG 20,156
2,282 UNITED STATES CELLULAR CORPORATION+ 119,349
99,724 VERIZON COMMUNICATIONS INCORPORATED 3,502,307
341 VIACOM INCORPORATED+ 10,097
20,215 VIVENDI SA 780,966
23,800 VIVO PARTICIPACOES SA 124,110
543,726 VODAFONE GROUP PLC 1,389,519
39,382 VODAFONE GROUP PLC ADR 1,006,210
4,000 VTECH HOLDINGS LIMITED 23,867
92,623 WINDSTREAM CORPORATION 1,150,378
11,533 YELL GROUP PLC 22,605
9,447 ZINWELL CORPORATION+ 17,790
18,360 ZYXEL COMMUNICATIONS CORPORATION 14,970
67,420,012
--------------
COMPUTER TECHNOLOGIES: 0.04%
21,618 METAVANTE TECHNOLOGIES INCORPORATED+ 511,050
521 UBISOFT ENTERTAINMENT+ 48,599
559,649
--------------
COMPUTERS & OFFICE EQUIPMENT: 0.01%
14,214 AGILYSYS INCORPORATED 184,924
243,600 CALCOMP ELECTRONICS PCL THB 29,739
214,663
--------------
CONSTRUCTION: 0.00%
489 BUDIMEX SA+ 18,586
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.20%
1,497 BOSKALIS WESTMINSTER 88,421
10,478 CHEMED CORPORATION 458,308
28,257 EMCOR GROUP INCORPORATED+ 962,716
155 FLUGHAFEN WIEN AG 12,572
142,000 HKC HOLDINGS LIMITED 23,844
17,386 INSITUFORM TECHNOLOGY INCORPORATED+<< 319,207
5,899 IVRCL INFRASTRUCTURES & PROJECTS LIMITED 40,703
11 KOBENHAVNS LUFTHAVNE 3,530
3,769 ORASCOM CONSTRUCTION INDUSTRIES 237,773
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS (CONTINUED)
27,300 QUANTA SERVICES INCORPORATED+ $ 871,962
63,108 STEINHOFF INTERNATIONAL HOLDINGS LIMITED 150,899
1,110 WELLSTREAM HOLDINGS PLC 25,224
3,195,159
--------------
CONSUMER SERVICES: 0.03%
1,040 HAKUHODO DY HOLDINGS INCORPORATED 53,006
4,382 LVMH MOET HENNESSY LOUIS VUITTON SA 465,360
518,366
--------------
DEPOSITORY INSTITUTIONS: 8.07%
14,000 77 BANK LIMITED 79,899
28,302 ABSA GROUP LIMITED 399,560
27,900 AFFIN HOLDINGS BHD 15,150
33,916 AFRICAN BANK INVESTMENTS LIMITED 122,002
3,420 AGRICULTURAL BANK OF GREECE 11,863
53,373 AKBANK TAS 273,852
7,938 ALLAHABAD BANK 11,223
5,637 ALLIANCE & LEICESTER PLC 33,429
16,090 ALLIED IRISH BANKS PLC 202,774
6,430 ALPHA BANK AE 163,617
14,470 AMCORE FINANCIAL INCORPORATED 127,192
87,300 AMMB HOLDINGS BHD 78,309
12,830 ANCHOR BANCORP WISCONSIN INCORPORATED<< 98,534
10,732 ANDHRA BANK 13,585
11,483 ANGLO IRISH BANK CORPORATION PLC 99,469
14,000 AOZORA BANK LIMITED 27,283
23,123 ASSOCIATED BANC-CORP<< 404,653
17,337 ASTORIA FINANCIAL CORPORATION 378,813
30,351 ASYA KATILIM BANKASI AS+ 65,893
70,049 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 986,405
10,168 AXIS BANK LIMITED 165,494
10,613 BANCA CARIGE SPA 35,440
55,229 BANCA MONTE DEI PASCHI DI SIENA SPA 145,075
1,746 BANCA PICCOLO CREDITO VALTELLINESE SCARL 17,261
6,183 BANCA POPOLARE DI MILANO SCARL 61,579
52,376 BANCO BILBAO VIZCAYA ARGENTARIA SA 883,784
9,665 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 162,662
4,656 BANCO BPI SA 15,646
20,566 BANCO BRADESCO SA 334,599
66,015 BANCO COMERCIAL PORTUGUES SA 114,053
1,001,489 BANCO DE CHILE 73,244
1,619 BANCO DE CREDITO DEL PERU 4,992
4,433 BANCO DE CREDITO E INVERSIONES 126,225
33,466 BANCO DE ORO+ 30,003
9,008 BANCO DE SABADE 70,136
6,804 BANCO DE VALENCIA SA(A) 77,863
31,968 BANCO DO BRASIL SA 465,399
1,017 BANCO ESPANOL DE CREDITO SA 13,898
3,640 BANCO ESPIRITO SANTO SA 47,033
1,141 BANCO GUIPUZCOANO SA 12,713
9,933 BANCO ITAU HOLDING FINANCEIRA SA 166,963
2,243 BANCO MACRO SA 44,950
1,704 BANCO PASTOR SA 16,500
10,595 BANCO POPOLARE SPA+ 201,820
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
12,089 BANCO POPULAR ESPANOL SA $ 127,750
9,388 BANCO SABADELL SA 461,109
80,772 BANCO SANTANDER CENTRAL HISPANO SA 1,373,074
27,707 BANCO SANTANDER CENTRAL HISPANO SA ADR 470,465
4,041,047 BANCO SANTANDER CHILE SA 170,863
51,523 BANCORPSOUTH INCORPORATED<< 1,186,059
18,000 BANGKOK BANK PCL (NON VOTING DEPOSITORY
RECEIPT) 61,048
565,000 BANK CENTRAL ASIA TBK PT 194,248
1,486 BANK HANDLOWY W WARSZAWIE SA 41,266
43,193 BANK LEUMI LE-ISRAEL 178,145
287,000 BANK MANDIRI PERSERO TBK PT 87,745
13,321 BANK MILLENNIUM SA 40,484
210,000 BANK NIAGA 20,231
173,010 BANK OF AMERICA CORPORATION 5,387,531
65,500 BANK OF AYUDHYA PCL 38,908
7,611 BANK OF BARODA 48,618
1,580,000 BANK OF CHINA LIMITED 679,165
56,181 BANK OF EAST ASIA LIMITED 222,081
236 BANK OF GREECE 21,721
6,796 BANK OF INDIA 41,109
18,414 BANK OF IRELAND 147,608
15,000 BANK OF KYOTO LIMITED 156,442
8,700 BANK OF MONTREAL 381,250
39,443 BANK OF NEW YORK MELLON CORPORATION 1,365,122
17,300 BANK OF NOVA SCOTIA 799,176
7,491 BANK OF QUEENSLAND LIMITED 101,262
49,200 BANK OF THE PHILIPPINE ISLANDS 49,380
1,400 BANK OF THE RYUKYUS LIMITED+ 11,185
52,000 BANK OF YOKOHAMA LIMITED 278,534
5,042 BANK PEKAO SA 400,586
309 BANK PRZEMYSLOWO HANDLOWY PBK 9,866
225,000 BANK RAKYAT INDONESIA 142,366
400 BANK SARASIN & CIE AG 17,238
1,007 BANK ZACHODNI WBK SA 77,505
5,808 BANKINTER SA 61,675
42 BANQUE CANTONALE VAUDOISE WAADTLAENDER
KANTONALBANK 12,712
3 BANQUE NATIONALE DE BELGIQUE 13,195
138,428 BARCLAYS PLC 885,787
18,586 BB&T CORPORATION<< 557,580
5,903 BBVA BANCO FRANCES SA+ 34,001
7,122 BENDIGO BANK LIMITED 70,093
15,636 BNP PARIBAS ADR 707,640
7,149 BNP PARIBAS SA 641,302
124,500 BOC HONG KONG HOLDINGS LIMITED 276,858
4,203 BOK FINANCIAL CORPORATION 183,083
1,396 BRE BANK SA+ 217,079
99,500 BUMIPUTRA COMMERCE HOLDINGS BHD 243,487
6,200 CANADIAN IMPERIAL BANK OF COMMERCE 374,698
739 CANADIAN WESTERN BANK 16,634
5,024 CANARA BANK 24,366
33,424 CATHAY GENERAL BANCORP<< 647,089
5,000 CENTRAL FINANCE COMPANY LIMITED 10,493
189,000 CHANG HWA COMMERCIAL BANK 111,838
31,000 CHIBA BANK LIMITED 169,876
7,202 CHINA BANKING CORPORATION 86,745
288,000 CHINA CITIC BANK 165,082
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
496,162 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION $ 156,378
24,000 CHINA EVERBRIGHT LIMITED+ 43,088
134,800 CHINA MERCHANTS BANK COMPANY LIMITED 449,478
5,000 CHUKYO BANK LIMITED THE+ 13,813
191,200 CITIGROUP INCORPORATED 3,630,888
46,249 CITIZENS REPUBLIC BANCORP INCORPORATED+<< 169,734
7,732 CITY NATIONAL CORPORATION 382,657
136,610 COLONIAL BANCGROUP INCORPORATED<< 863,375
30,298 COMERICA INCORPORATED 851,071
13,180 COMMERCE BANCSHARES INCORPORATED 593,102
11,816 COMMERCIAL INTERNATIONAL BANK 102,059
10,540 COMMERZBANK AG 308,738
48,013 COMMONWEALTH BANK OF AUSTRALIA 1,727,947
51,100 COSMOS BANK TAIWAN(A) 2,625
17,616 CREDIT AGRICOLE SA 373,472
1,169 CREDITO EMILIANO SPA 10,971
11,348 CULLEN FROST BANKERS INCORPORATED 631,857
5,070 DAEGU BANK 56,206
8,000 DAH SING BANKING GROUP LIMITED 11,198
2,831 DAH SING FINANCIAL HOLDINGS LIMITED 17,347
7,340 DANSKE BANK 206,545
39,000 DBS GROUP HOLDINGS LIMITED 493,135
9,255 DEUTSCHE BANK AG 785,997
1,633 DEUTSCHE POSTBANK AG 106,524
10,135 DEXIA 143,232
19,709 DIME COMMUNITY BANCSHARES 323,622
13,800 DNB NOR ASA 159,991
151,840 E.SUN FINANCIAL HOLDING COMPANY LIMITED 58,486
5,440 EFG EUROBANK ERGASIAS SA 109,434
12,923 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING 113,306
640 EMPORIKI BANK OF GREECE SA+ 12,442
5,140 ENERGY SAVINGS ESCROW SHARES+(A) 0
143,000 ENTIE COMMERCIAL BANK+(A) 23,351
16,500 EON CAPITAL BHD 21,419
3,503 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 209,340
87,000 FAR EASTERN INTERNATIONAL BANK 22,062
16,000 FERROCHINA LIMITED 10,170
15,729 FIFTH THIRD BANCORP<< 248,204
49,460 FIRST BANCORP (PUERTO RICO)<< 467,397
123,940 FIRST HORIZON NATIONAL CORPORATION+<< 1,391,846
32,886 FIRST MIDWEST BANCORP INCORPORATED<< 735,989
74,183 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 1,109,778
9,114 FIRSTFED FINANCIAL CORPORATION+ 143,090
49,910 FIRSTMERIT CORPORATION 1,010,178
216,714 FIRSTRAND LIMITED 461,492
58,081 FNB CORPORATION PA 678,967
48,791 FORTIS+ 541,789
31,807 FRONTIER FINANCIAL CORPORATION<< 354,648
240,000 FUBON FINANCIAL HOLDING COMPANY LIMITED 202,137
30,000 FUKUOKA FINANCIAL GROUP INCORPORATED 105,526
115,217 FULTON FINANCIAL CORPORATION<< 1,228,213
14,429 GETIN HOLDING SA+ 61,469
813 GREEK POSTAL SAVINGS BANK 10,917
79,679 GRUPO SECURITY SA 24,863
18,000 GUNMA BANK LIMITED 101,323
10,004 HANA FINANCIAL GROUP INCORPORATED 354,396
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
25,000 HANG SENG BANK LIMITED $ 493,082
68,394 HBOS PLC 391,485
23,312 HBOS PLC ADR<< 134,256
2,182 HDFC BANK LIMITED 63,023
4,397 HDFC BANK LIMITED ADR<< 397,885
5,000 HIGASHI-NIPPON BANK LIMITED 16,103
49,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 117,144
479 HOME CAPITAL GROUP INCORPORATED 15,586
66,300 HONG LEONG BANK BHD 112,004
6,000 HONG LEONG SINGAPORE FINANCE LIMITED 13,851
68,900 HONG LOENG FINANCIAL GROUP BHD 98,381
209,415 HSBC HOLDINGS PLC 3,295,096
195,840 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 145,537
96,303 HUDSON CITY BANCORP INCORPORATED 1,775,827
73,996 HUNTINGTON BANCSHARES INCORPORATED<< 541,651
2,090 HYPO REAL ESTATE HOLDING AG 50,868
3,660 ICICI BANK LIMITED 55,723
17,440 ICICI BANK LIMITED ADR 540,989
3,899 INDIAN BANK 11,118
9,647 INDIAN OVERSEAS BANK 19,528
3,486,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA
CLASS H 2,386,980
5,970 INDUSTRIAL BANK OF KOREA 84,793
152 ING BANK SLASKI SA 32,789
33,069 INTERNATIONAL BANCSHARES CORPORATION<< 854,503
152,594 INTESA SANPAOLO 819,103
20,149 INTESA SANPAOLO RNC 97,512
18,129 ISRAEL DISCOUNT BANK LIMITED+ 29,793
5,000 JACCS COMPANY LIMITED 12,191
7,532 JARDINE STRATEGIC HOLDINGS LIMITED 119,156
27,000 JOYO BANK LIMITED 124,310
121,277 JPMORGAN CHASE & COMPANY 4,667,952
3,344 JULIUS BAER HOLDING AG 203,500
6,000 KANSAI URBAN BANKING CORPORATION 8,213
27,000 KASIKORNBANK PCL THB 56,312
2,822 KBC GROEP NV 268,113
92,650 KEYCORP 1,112,723
6,000 KIATNAKIN FINANCE 3,329
26,000 KIYO HOLDINGS 40,351
6,200 KOREA EXCHANGE BANK 77,649
1,740 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 56,949
8,334 KOTAK MAHINDRA BANK LIMITED 113,802
1,838 KREDYT BANK SA 11,309
127,400 KRUNG THAI BANK PCL 26,976
377 LAURENTIAN BANK OF CANADA+ 14,273
178 LIECHTENSTEIN LANDESBANK 12,779
93,576 LLOYDS TSB GROUP PLC 516,442
15,714 M&T BANK CORPORATION<< 1,121,037
9,929 MACQUARIE GROUP LIMITED 368,183
97,125 MALAYAN BANKING BHD 223,805
134,800 MALAYSIAN PLANTATIONS BHD 107,313
48,302 MARSHALL & ILSLEY CORPORATION+ 743,851
8,588 MEDIOBANCA SPA 122,335
371,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 233,285
396,470 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,013,593
41,000 MITSUI TRUST HOLDINGS INCORPORATED 226,041
5,000 MIYAZAKI BANK LIMITED 12,808
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
422 MIZUHO FINANCIAL GROUP INCORPORATED $ 1,796,415
54,000 MIZUHO TRUST & BANKING COMPANY LIMITED 77,761
59,826 NATIONAL AUSTRALIA BANK LIMITED 1,241,398
2,600 NATIONAL BANK OF CANADA 122,483
3,333 NATIONAL BANK OF GREECE SA 146,931
24,348 NATIONAL BANK OF GREECE SA ADR 214,506
127,773 NATIONAL CITY CORPORATION<< 643,976
8,355 NATIXIS 70,187
10,227 NEDBANK GROUP LIMITED 138,148
68,759 NEW YORK COMMUNITY BANCORP INCORPORATED<< 1,133,836
67,760 NEWALLIANCE BANCSHARES INCORPORATED 928,990
1,100 NIS GROUP COMPANY LIMITED 1,344
28,000 NISHI-NIPPON CITY BANK LIMITED 73,147
30,290 NORDEA BANK AB 402,346
4,039 NORTHERN ROCK PLC(A) 6,626
1,400 OKO BANK 22,594
44,938 OLD NATIONAL BANCORP<< 783,269
14,000 ORIENT CORPORATION 20,080
4,403 ORIENTAL BANK OF COMMERCE 16,427
12,788 OTP BANK NYRT+ 573,520
86,000 OVERSEA-CHINESE BANKING CORPORATION LIMITED 487,344
31,560 PACIFIC CAPITAL BANCORP<< 464,248
16,869 PACWEST BANCORP 382,589
4,960 PARK NATIONAL CORPORATION<< 304,048
33,100 PHATRA SECURITIES PCL 26,343
5,110 PIRAEUS BANK SA 137,729
23,973 PKO BANK POLSKI SA 515,335
11,991 PNC FINANCIAL SERVICES GROUP<< 862,752
49,495 POPULAR INCORPORATED<< 403,384
29,378 PROSPERITY BANCSHARES INCORPORATED<< 939,215
18,969 PROVIDENT BANKSHARES CORPORATION<< 146,820
37,927 PROVIDENT FINANCIAL SERVICES INCORPORATED 578,387
69,581 PT BANK DANAMON INDONESIA TBK 40,693
821,500 PT BANK INTERNASIONAL INDONESIA TBK 41,299
264,000 PT BANK PAN INDONESIA TBK 26,586
84,300 PUBLIC BANK BHD 252,671
6,035 PUNJAB NATIONAL BANK LIMITED 65,389
6,120 PUSAN BANK 68,060
1,008 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 110,187
23,430 REGIONS FINANCIAL CORPORATION<< 217,196
210 RESONA HOLDINGS INCORPORATED 244,422
73,600 RHB CAPITAL BHD 90,246
48,041 RMB HOLDINGS LIMITED 163,012
22,900 ROYAL BANK OF CANADA 1,051,399
280,199 ROYAL BANK OF SCOTLAND GROUP PLC 1,191,709
10 SAPPORO HOLDINGS 53,823
3,823 SBERBANK 900,317
1,689 SCOTIABANK PERU SA+ 54,947
18,346 SEKERBANK TAS 34,769
10,000 SENSHU BANK LIMITED 18,188
8,750 SESA GOA LIMITED+ 31,567
24 SEVEN BANK LIMITED 60,975
8,000 SHIGA BANK 52,557
300 SHIMIZU BANK LIMITED THE 11,457
246,876 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED 135,635
43,000 SHINSEI BANK LIMITED 146,215
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
27,000 SHIZUOKA BANK LIMITED $ 270,524
107,800 SIAM CITY BANK PCL 41,873
21,500 SIAM COMMERCIAL BANK PCL 47,094
334,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 116,324
8,150 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 145,737
1,713 SNS REAAL 28,465
490,509 SOCIEDAD MATRIZ BANCO DE CHILE CLASS B 51,667
5,778 SOCIETE GENERALE 557,360
19,202 SOCIETE GENERALE ADR 373,732
49,354 SOUTH FINANCIAL GROUP INCORPORATED<< 335,607
97,734 SOVEREIGN BANCORP INCORPORATED+ 944,113
20,110 ST. GEORGE BANK LIMITED 518,622
56,506 STANDARD BANK GROUP LIMITED 659,245
24,639 STANDARD CHARTERED PLC 666,330
6,577 STATE BANK OF INDIA LIMITED++ 348,227
49,681 STERLING BANCSHARES INCORPORATED (TEXAS) 488,861
31,158 STERLING FINANCIAL CORPORATION<< 317,500
282 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 1,707,218
61,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 364,124
35,048 SUNCORP-METWAY LIMITED 340,280
11,790 SUNTRUST BANKS INCORPORATED 493,883
9,000 SURUGA BANK LIMITED 96,433
57,034 SUSQUEHANNA BANCSHARES INCORPORATED<< 911,403
14,625 SVB FINANCIAL GROUP+<< 819,731
7,800 SVENSKA HANDELSBANKEN 187,681
6,800 SWEDBANK AB 119,495
1,010 SYDBANK AG 32,909
7,938 SYNDICATE BANK 10,596
16,000 SYNEAR FOOD HOLDINGS LIMITED 4,338
55,317 SYNOVUS FINANCIAL CORPORATION<< 508,916
91,000 TA CHONG BANK LIMITED 23,636
258,000 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 79,181
78,000 TAIWAN BUSINESS BANK+ 24,586
24,222 TCF FINANCIAL CORPORATION<< 381,497
15,516 THANACHART CAPITAL PCL 5,166
400 THE AICHI BANK LIMITED 27,541
5,000 THE AKITA BANK LIMITED 19,254
5,000 THE AOMORI BANK LIMITED 19,173
8,000 THE AWA BANK LIMITED 42,311
600 THE BANK OF IKEDA LIMITED 20,672
700 THE BANK OF IWATE LIMITED 39,586
7,000 THE BANK OF NAGOYA LIMITED 38,105
600 THE BANK OF OKINAWA LIMITED 21,062
6,000 THE BANK OF SAGA LIMITED 17,274
1,400 THE CHIBA KOGYO BANK LIMITED+ 16,832
8,000 THE CHUGOKU BANK LIMITED 104,600
5,000 THE DAISAN BANK LIMITED 16,779
12,000 THE DAISHI BANK LIMITED 47,800
5,000 THE EHIME BANK LIMITED 14,594
6,000 THE EIGHTEENTH BANK LIMITED 15,879
7,000 THE FUKUI BANK LIMITED 21,956
23,000 THE HACHIJUNI BANK LIMITED 133,383
14,000 THE HIGO BANK LIMITED 80,856
22,000 THE HIROSHIMA BANK LIMITED 82,379
11,000 THE HOKKOKU BANK LIMITED 40,347
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
8,000 THE HOKUETSU BANK LIMITED $ 17,196
8,000 THE HYAKUGO BANK LIMITED 45,084
14,000 THE HYAKUJUSHI BANK LIMITED 73,933
11,000 THE IYO BANK LIMITED 116,728
11,000 THE JUROKU BANK LIMITED 45,576
3,000 THE KAGAWA BANK LIMITED 15,555
7,000 THE KAGOSHIMA BANK LIMITED 46,332
10,000 THE KEIYO BANK LIMITED 46,724
5,000 THE MICHINOKU BANK LIMITED 12,083
4,000 THE MIE BANK LIMITED 17,296
7,000 THE MINATO BANK LIMITED 10,419
1,100 THE MUSASHINO BANK LIMITED 32,089
10,000 THE NANTO BANK LIMITED 53,945
9,000 THE OGAKI KYORITSU BANK LIMITED 46,204
4,000 THE OITA BANK LIMITED 21,042
5,000 THE SAN-IN GODO BANK LIMITED 38,677
6,000 THE SHIKOKU BANK LIMITED 21,060
3,000 THE TOCHIGI BANK LIMITED 16,435
6,000 THE TOHO BANK LIMITED 23,988
3,000 THE TOKUSHIMA BANK LIMITED 12,533
6,200 TISCO BANK PCL 3,258
2,682,766 TMB BANK PCL+ 87,754
800 TOKYO TOMIN BANK LIMITED 12,876
12,131 TORONTO-DOMINION BANK 709,831
1,801 TORONTO-DOMINION BANK ADR 104,908
47,646 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 465,978
34,170 TRUSTMARK CORPORATION 655,722
110,007 TURKIYE GARANTI BANKASI AS 325,676
40,814 TURKIYE IS BANKASI 193,903
23,212 TURKIYE VAKIFLAR BANKASI TAO 43,873
73,754 UCBH HOLDINGS INCORPORATED<< 431,461
40,571 UMPQUA HOLDINGS CORPORATION<< 566,371
42,354 UNIBANCO - UNIAO DE BANCOS BRASILEIROS SA 228,140
231,501 UNICREDITO ITALIANO SPA 1,245,630
10,301 UNION BANK OF HONG KONG 22,566
10,211 UNION BANK OF INDIA 32,881
10,356 UNIONBANCAL CORPORATION<< 763,030
11,398 UNIONE DI BANCHE SCPA 254,786
29,152 UNITED BANKSHARES INCORPORATED<< 750,664
30,547 UNITED COMMUNITY BANKS INCORPORATED<< 359,233
4,444 UNITED MIZRAHI BANK LIMITED 28,257
43,000 UNITED OVERSEAS BANK LIMITED 572,342
59,763 US BANCORP 1,904,049
250 VALIANT HOLDING AG 44,518
24,806 VALLEY NATIONAL BANCORP<< 496,368
62 VERWALTUNGS-UND PRIVAT-BANK AG 12,049
361 VONTOBEL HOLDINGS AG 12,014
75,934 WACHOVIA CORPORATION 1,206,591
57,817 WASHINGTON FEDERAL INCORPORATED<< 996,187
29,392 WASHINGTON MUTUAL INCORPORATED<< 119,038
35,518 WEBSTER FINANCIAL CORPORATION 757,244
108,365 WELLS FARGO & COMPANY(L) 3,280,209
34,393 WESTERN UNION COMPANY 949,935
68,319 WESTPAC BANKING CORPORATION 1,365,338
43,382 WHITNEY HOLDING CORPORATION<< 939,220
13,237 WILMINGTON TRUST CORPORATION<< 310,672
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
DEPOSITORY INSTITUTIONS (continued)
7,000 WING HANG BANK LIMITED $ 79,567
3,800 WING LUNG BANK LIMITED 72,418
15,015 WINTRUST FINANCIAL CORPORATION 349,099
4,000 YAMAGATA BANK LIMITED 21,133
9,000 YAMAGUCHI FINANCIAL GROUP 103,317
8,719 YES BANK LIMITED+ 26,381
20,900 ZIONS BANCORPORATION<< 560,956
129,568,338
--------------
DIVERSIFIED OPERATIONS: 0.05%
7,785 BOUSTEAD HOLDINGS BHD 11,412
2,686 CHARTER PLC 46,410
278,043 CHINA RARE EARTH HOLDINGS LIMITED 42,505
78,000 HUTCHISON WHAMPOA LIMITED 724,109
20,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 11,840
836,276
--------------
DURABLE GOODS - CONSUMER: 0.00%
29,743 GOODMAN FIELDER LIMITED 37,503
--------------
E-COMMERCE/SERVICES: 0.07%
13,627 AMAZON.COM INCORPORATED+ 1,101,198
--------------
EATING & DRINKING PLACES: 0.53%
836 AUTOGRILL SPA 10,403
21,267 BOB EVANS FARMS INCORPORATED 596,965
19,741 BRINKER INTERNATIONAL INCORPORATED 373,500
5,271 C&C GROUP PLC 19,010
1,100 CBRL GROUP INCORPORATED 28,424
30,125 CHEESECAKE FACTORY INCORPORATED+<< 463,021
2,100 CHIPOTLE MEXICAN GRILL INCORPORATED+ 145,572
25,700 DARDEN RESTAURANTS INCORPORATED 752,753
7,268 DINEEQUITY INCORPORATED<< 144,342
11,982 ENTERPRISE INNS PLC 65,920
16,692 FU JI FOOD & CATERING SERVICES HOLDINGS
LIMITED 19,093
3,909 HEINEKEN NV 183,265
2,300 ITO EN LIMITED 35,197
26,100 JACK IN THE BOX INCORPORATED+<< 619,353
800 KISOJI COMPANY LIMITED 15,996
2,914 MARSTON'S PLC 10,390
39,514 MCDONALD'S CORPORATION 2,451,844
4,377 MITCHELLS & BUTLERS PLC 22,796
547 OBRASCON HUARTE LAIN SA 15,434
11,386 PF CHANG'S CHINA BISTRO INCORPORATED+ 295,808
4,791 PUNCH TAVERNS PLC 25,295
33,204 RUBY TUESDAY INCORPORATED 232,096
14,915 SABMILLER PLC 320,375
2,000 SAIZERIYA COMPANY LIMITED 19,953
14,000 SAPPORO HOLDINGS LIMITED 102,068
8,000 TAKARA HOLDINGS INCORPORATED 55,025
2,804 TIM HORTONS INCORPORATION 88,572
30,935 TRIARC COMPANIES INCORPORATED CLASS B<< 179,732
16,900 WENDY'S INTERNATIONAL INCORPORATED 410,163
4,182 WHITBREAD PLC 85,800
21,872 YUM! BRANDS INCORPORATED 780,393
8,568,558
--------------
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
EDUCATIONAL SERVICES: 0.29%
21,752 APOLLO GROUP INCORPORATED CLASS A+<< $ 1,385,167
3,000 BENESSE CORPORATION 131,529
57,299 CORINTHIAN COLLEGES INCORPORATED+<< 760,358
9,557 DEVRY INCORPORATED+<< 492,950
6,196 ITT EDUCATIONAL SERVICES INCORPORATED+ 550,886
6,704 NAVITAS LIMITED 13,685
6,129 STRAYER EDUCATION INCORPORATED 1,286,109
4,620,684
--------------
ELECTRIC, GAS & SANITARY SERVICES: 5.77%
1,091 ACEA SPA 19,225
22,545 AEM SPA 70,464
30,369 AES CORPORATION+<< 463,431
15,363 AGL ENERGY LIMITED 201,547
51,749 AGL RESOURCES INCORPORATED 1,710,822
26,713 ALLEGHENY ENERGY INCORPORATED 1,210,900
17,082 ALLETE INCORPORATED 721,202
17,023 ALLIANT ENERGY CORPORATION 594,954
76,091 ALLIED WASTE INDUSTRIES INCORPORATED+ 1,022,663
552,035 ALMENDRAL SA 50,601
1,019 ALSTOM PROJECTS INDIA LIMITED 8,726
42,006 AMEREN CORPORATION 1,758,371
13,998 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 546,482
25,734 AQUA AMERICA INCORPORATED<< 470,675
395,800 ASIAN INSULATORS PCL 72,247
447 ATCO LIMITED 20,418
59,953 ATMOS ENERGY CORPORATION 1,651,106
339,271 AU OPTRONICS CORPORATION 402,806
35,171 AVISTA CORPORATION 784,313
15,992 BABCOCK & BROWN POWER 2,587
7,217 BHARAT HEAVY ELECTRICAL LIMITED 277,957
177 BKW FMB ENERGIE AG 19,920
25,523 BLACK HILLS CORPORATION 862,933
2,500 BRADESPAR SA 49,555
18,774 BRITISH ENERGY GROUP PLC 250,711
306 BROOKFIELD INFRASTRUCTURE PARTNERS LP 5,508
58,410 CENTERPOINT ENERGY INCORPORATED 927,551
9,200 CENTRAIS ELECTRICAS BRASILEIRAS SA 165,939
8,700 CENTRAIS ELECTRICAS BRASILEIRAS SA
PREFERRED B 131,941
63,745 CENTRICA PLC 379,471
7,540 CEZ AS 567,121
45,000 CHINA POWER INTERNATIONAL DEVELOPMENT
LIMITED 13,801
40,000 CHINA RESOURCES POWER HOLDINGS COMPANY 98,329
27,100 CHUBU ELECTRIC POWER COMPANY INCORPORATED 645,770
10,592 CIA GENERAL DE ELECTRICIDAD SA 61,765
39,852 CLECO CORPORATION 1,004,669
57,000 CLP HOLDINGS LIMITED 462,410
45,243 CMS ENERGY CORPORATION<< 613,948
956,543 COLBUN SA 201,476
1,202 COMPANIA CERVECERIAS UNIDAS SA ADR 48,791
9,115 CONSOLIDATED EDISON INCORPORATED 372,804
10,055 CONTACT ENERGY LIMITED 58,704
19,578 COVANTA HOLDING CORPORATION+ 544,660
4,954 CPFL ENERGIA SA 103,365
20,339 CROSSTEX ENERGY INCORPORATED<< 662,441
20,086 DOMINION RESOURCES INCORPORATED 874,344
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
22,820 DPL INCORPORATED<< $ 566,392
5,365 DRAX GROUP PLC 72,776
32,874 DTE ENERGY COMPANY<< 1,385,968
43,766 DUKE ENERGY CORPORATION 763,279
1,600 DUSKIN COMPANY LIMITED 25,831
99,107 DYNEGY INCORPORATED CLASS A+ 590,678
32,893 E.ON AG 1,920,936
10,068 EDISON INTERNATIONAL 462,323
19,099 EDISON SPA 35,470
142,472 EL PASO CORPORATION<< 2,387,831
29,577 EL PASO ELECTRIC COMPANY 629,694
5,500 ELECTRIC POWER DEVELOPMENT COMPANY 202,205
4,580 ELECTRICITE DE FRANCE 391,701
10,700 ELECTRICITY GENERATING PCL 23,053
1,846 EMERA INCORPORATED 40,960
149,915 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 228,052
2,452 ENAGAS 62,334
6,000 ENBRIDGE INCORPORATED 251,629
390 ENBW ENERGIE BADEN-WUERTTEMBERG AG 24,976
1,351 ENDESA SA 58,333
73,773 ENEL SPA 677,367
9,984 ENERGEN CORPORATION 557,507
31,913 ENERGY EAST CORPORATION 868,034
814 ENERGY SAVINGS INCOME FUND 10,729
587,564 ENERSIS SA (CHILE) 202,814
6,639 ENTERGY CORPORATION 686,406
15,239 ENVESTRA LIMITED 9,108
23,063 EXELON CORPORATION 1,751,865
80,100 FIRST PHILIPPINE HOLDINGS CORPORATION 47,628
10,584 FIRSTENERGY CORPORATION 768,822
2,546 FORTIS INCORPORATED 62,535
7,329 FORTUM OYJ 300,825
13,013 FPL GROUP INCORPORATED 781,561
63,606 FRONTIER COMMUNICATIONS CORPORATION<< 799,527
3,194 GAMESA CORPORATION TECNOLOGICA SA 151,061
1,893 GAS NATURAL SDG SA 87,699
44,288 GREAT PLAINS ENERGY INCORPORATED 1,038,556
56,529 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED<< 1,495,192
5,474 HERA SPA 18,421
7,200 HOKURIKU ELECTRIC POWER COMPANY 179,474
45,605 HONG KONG ELECTRIC HOLDINGS LIMITED 289,557
204,000 HUANENG POWER INTERNATIONAL INCORPORATED 151,737
73,126 IBERDROLA SA 881,120
30,043 IDACORP INCORPORATED<< 895,281
15,433 INTEGRYS ENERGY GROUP INCORPORATED 806,683
23,930 INTERNATIONAL POWER PLC 171,779
20,785 ITC HOLDINGS CORPORATION 1,164,168
31,100 KANSAI ELECTRIC POWER COMPANY INCORPORATED 763,155
12,665 KOREA ELECTRIC POWER CORPORATION 383,192
1,080 KOREA GAS CORPORATION 77,754
16,500 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 363,325
2,314 LINDE AG 291,065
22,000 MANILA ELECTRIC COMPANY 26,631
33,747 MDU RESOURCES GROUP INCORPORATED 1,115,001
13,710 NATIONAL FUEL GAS COMPANY 648,620
29,988 NICOR INCORPORATED<< 1,376,149
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
54,983 NISOURCE INCORPORATED $ 906,120
816 NORDEX AG+ 29,531
31,384 NORTHEAST UTILITIES 843,916
17,748 NORTHWEST NATURAL GAS COMPANY<< 864,860
25,570 NORTHWESTERN CORPORATION 672,491
39,742 NRG ENERGY INCORPORATED+<< 1,495,889
21,056 NSTAR 712,535
18,491 OGE ENERGY CORPORATION 623,147
19,472 ONEOK INCORPORATED 851,121
74,000 OSAKA GAS COMPANY LIMITED 269,237
5,271 PENNON GROUP PLC 58,781
40,188 PEPCO HOLDINGS INCORPORATED 1,018,766
505,000 PERUSAHAAN GAS NEGARA PT 139,609
11,200 PETRONAS GAS BHD 32,913
11,965 PG&E CORPORATION 494,513
46,620 PIEDMONT NATURAL GAS COMPANY INCORPORATED<< 1,344,987
20,191 PINNACLE WEST CAPITAL CORPORATION 710,521
47,201 PNM RESOURCES INCORPORATED 556,500
187,000 PNOC ENERGY DEVELOPMENT CORPORATION 18,406
41,731 PORTLAND GENERAL ELECTRIC COMPANY 1,069,148
12,566 PPL CORPORATION 550,014
8,729 PROGRESS ENERGY INCORPORATED 381,283
1,690 PUBLIC POWER CORPORATION SA 42,591
17,702 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 721,711
23,663 PUGET ENERGY INCORPORATED 660,198
1,227 Q-CELLS AG+ 123,595
28,822 QUESTAR CORPORATION 1,495,574
16,600 RATCHABURI ELECTRICITY GENERATING HOLDING
PCL 18,059
1,710 RED ELECTRICA DE ESPANA 100,890
5,599 RELIANCE ENERGY LIMITED 124,872
69,293 RELIANT ENERGY INCORPORATED+ 1,180,060
2,142 RENEWABLE ENERGY CORPORATION AS+ 65,855
32,491 REPUBLIC SERVICES INCORPORATED 1,067,979
7 ROMANDE ENERGIE HOLDING SA 18,416
7,315 RWE AG 789,093
9,000 SAIBU GAS COMPANY LIMITED 21,015
21,266 SCANA CORPORATION 833,627
14,313 SCOTTISH & SOUTHERN ENERGY PLC 376,996
7,809 SEMPRA ENERGY 452,297
3,708 SEVERN TRENT PLC 91,936
3,771 SHANKS GROUP PLC 15,059
8,300 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 221,712
2,500 SHIZUOKA GAS COMPANY LIMITED 8,381
47,195 SIERRA PACIFIC RESOURCES 530,472
26,638 SOUTHERN COMPANY 999,191
16,101 SOUTHERN UNION COMPANY 419,592
29,134 SOUTHWEST GAS CORPORATION 884,217
21,824 SP AUSNET 21,443
21,137 SPECTRA ENERGY CORPORATION 559,285
13,757 STERICYCLE INCORPORATED+ 815,790
4,897 SUEZ ENVIRONNEMENT SA+ 140,673
40,712 TECO ENERGY INCORPORATED 726,302
80,900 TENAGA NASIONAL BHD 187,471
19,033 TERNA SPA 76,474
10,200 THE CHUGOKU ELECTRIC POWER COMPANY
INCORPORATED 229,526
400 THE OKINAWA ELECTRIC POWER COMPANY
INCORPORATED 21,255
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
18,200 TOHOKU ELECTRIC POWER COMPANY INCORPORATED $ 433,648
49,300 TOKYO ELECTRIC POWER COMPANY INCORPORATED 1,406,553
82,000 TOKYO GAS COMPANY LIMITED 342,126
7,429 TRACTEBEL ENERGIA SA 90,743
3,200 TRANSALTA CORPORATION 111,961
4,899 TRANSPACIFIC INDUSTRIES GROUP LIMITED 29,352
3,817 TRUSTPOWER LIMITED 21,096
71,052 UGI CORPORATION 1,953,930
6,012 UNION FENOSA SA 152,344
23,413 UNISOURCE ENERGY CORPORATION<< 752,260
12,594 UNITED UTILITIES GROUP PLC 163,866
51,420 VECTREN CORPORATION 1,426,391
6,465 VEOLIA ENVIRONNEMENT 346,761
1,003 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 75,626
29,394 WASTE CONNECTIONS INCORPORATED+<< 1,067,296
17,253 WASTE MANAGEMENT INCORPORATED 606,961
32,663 WGL HOLDINGS INCORPORATED 1,051,749
26,700 WILLIAMS COMPANIES INCORPORATED 824,763
23,472 WISCONSIN ENERGY CORPORATION 1,097,785
2,000 WOONGJIN COWAY COMPANY LIMITED 60,878
85,738 XCEL ENERGY INCORPORATED 1,758,486
20,000 XINAO GAS HOLDINGS LIMITED 31,728
92,706,391
--------------
ELECTRICAL PRODUCTS: 0.00%
10,395 INVENTEC APPLIANCES CORPORATION 16,284
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.13%
16,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS
INCORPORATED+ 12,771
114,142 ACER INCORPORATED 227,728
16,737 ACTEL CORPORATION+ 230,636
18,249 ACUITY BRANDS INCORPORATED 794,014
64,319 ADAPTEC INCORPORATED+ 243,769
77,900 ADC TELECOMMUNICATIONS INCORPORATED+ 798,475
88,480 ADVANCED MICRO DEVICES INCORPORATED+<< 556,539
206,283 ADVANCED SEMICONDUCTOR ENGINEERING
INCORPORATED+ 148,736
6,800 ADVANTEST CORPORATION 142,063
1,171 AIXTRON AG+ 12,309
42,534 ALCO HOLDINGS LIMITED 8,720
1,200 ALPINE ELECTRONICS INCORPORATED 12,084
8,900 ALPS ELECTRIC COMPANY LIMITED 80,438
47,816 ALTERA CORPORATION 1,082,554
16,993 AMETEK INCORPORATED 824,840
71,141 AMKOR TECHNOLOGY INCORPORATED+ 534,269
27,935 AMPHENOL CORPORATION CLASS A 1,327,471
9,000 ANRITSU CORPORATION 24,660
3,169 ARCELIK AS 12,286
35,433 ARM HOLDINGS PLC 71,572
59,200 ARRIS GROUP INCORPORATED+ 560,033
5,100 ASIA OPTICAL COMPANY INCORPORATED 9,211
688 ASM INTERNATIONAL NV+ 17,050
6,500 ASM PACIFIC TECHNOLOGY 43,793
189,550 ASUSTEK COMPUTER INCORPORATED 435,771
24,800 ATHEROS COMMUNICATIONS INCORPORATED+<< 808,728
14,764 ATMI INCORPORATED+ 360,094
14 AXELL CORPORATION 46,779
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
82 BANG & OLUFSEN AS $ 3,734
712,000 BANK OF COMMUNICATIONS LIMITED 816,403
99 BARCO NV 4,623
46,243 BENCHMARK ELECTRONICS INCORPORATED+ 762,547
1,435 BF UTILITIES LIMITED+ 71,525
21,246 BROADCOM CORPORATION CLASS A+ 511,179
9,100 BROTHER INDUSTRIES LIMITED 101,862
26,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED 9,969
2,400 CANON ELECTRONICS INCORPORATED 43,761
43,700 CANON INCORPORATED 1,959,672
7 CANON INCORPORATED ADR 313
7,738 CELESTICA INCORPORATED+<< 64,999
10,845 CERADYNE INCORPORATED+ 488,676
27,000 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 9,188
82 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED ADR+ 280
26,900 CHECKPOINT SYSTEMS INCORPORATED+ 572,701
17,640 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 36,941
305,844 CHI MEI OPTOELECTRONICS CORPORATION 256,872
30,000 CHINA WATER AFFAIRS GROUP LIMITED+ 6,184
1,900 CHIYODA INTEGRE COMPANY LIMITED 26,393
4,245 CHLORIDE GROUP 19,322
269,000 CHUNGHWA PICTURE TUBES LIMITED 56,204
1,304 CIA ENERGETICA DE MINAS GERAIS 23,989
37,281 CIENA CORPORATION+ 647,944
274,749 CISCO SYSTEMS INCORPORATED+ 6,607,713
8,000 CLARION COMPANY LIMITED+ 11,432
2,200 CMK CORPORATION 13,574
28,730 CONEXANT SYSTEMS INCORPORATED+ 169,220
2,000 CORONA CORPORATION 25,847
34,200 CREE INCORPORATED+<< 797,202
23,054 CTS CORPORATION 305,235
13,137 CYMER INCORPORATED+<< 393,322
23,600 CYPRESS SEMICONDUCTOR CORPORATION+ 765,112
16,000 DAIDO STEEL COMPANY LIMITED 88,749
9,000 DAINIPPON SCREEN MANUFACTURING COMPANY
LIMITED 38,132
6,000 DAISHINKU CORPORATION 25,245
9,900 DARFON ELECTRONICS CORPORATION 18,914
22,600 DELTA ELECTRONICS (THAILAND) PCL 11,155
8,414 DIONEX CORPORATION+ 548,509
8,156 DOLBY LABORATORIES INCORPORATED CLASS A+ 331,949
19,590 DSP GROUP INCORPORATED+ 151,823
1,900 EIZO NANAO CORPORATION 38,458
6,393 ELECTROCOMPONENTS PLC 20,091
3,662 ELECTROLUX AB CLASS B 46,985
43,000 ELITEGROUP COMPUTER SYSTEMS 15,052
37,537 ENERGIAS DE PORTUGAL SA 190,648
8,790 ENERGIZER HOLDINGS INCORPORATED+ 746,623
3,900 ENPLAS CORPORATION 37,656
1,042 EPCOS AG+ 26,898
28,210 EPISTAR CORPORATION 50,483
17,584 EVERLIGHT ELECTRONICS COMPANY LIMITED 41,573
796 EVERTZ TECHNOLOGIES LIMITED 15,106
180 EVS BROADCAST EQUIPMENT SA 15,555
6,700 FANUC LIMITED 498,469
10,300 FARADAY TECHNOLOGY CORPORATION 17,587
2,016 FIRST SOLAR INCORPORATED+ 557,726
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
140,700 FLEXTRONICS INTERNATIONAL LIMITED+ $ 1,255,046
2,400 FOSTER ELECTRIC COMPANY LIMITED 47,192
1,000 FUNAI ELECTRIC COMPANY LIMITED 21,530
1,300 FUTABA CORPORATION CHIBA 21,831
348,307 GENERAL ELECTRIC COMPANY 9,787,427
27,796 GENTEX CORPORATION 442,790
4,219 GLOBAL UNICHIP CORPORATION 28,607
1,963 GN STORE NORD 10,966
70,579 GRAFTECH INTERNATIONAL LIMITED+ 1,434,165
25,000 GS YUASA CORPORATION 127,837
2,300 HAMAMATSU PHOTONICS 57,033
194,800 HANA MICROELECTRONICS PCL 100,700
190,963 HANNSTAR DISPLAY CORPORATION 50,218
8,786 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 298,988
63,101 HARMONIC INCORPORATED+ 555,289
21,567 HARRIS CORPORATION 1,129,248
1,100 HI-LEX CORPORATION 13,916
900 HIOKI EE CORPORATION 16,246
1,500 HIROSE ELECTRIC COMPANY LIMITED 145,489
7,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 156,417
1,400 HORIBA LIMITED 27,633
2,200 HOSIDEN CORPORATION 36,604
17,206 HUTCHINSON TECHNOLOGY INCORPORATED+ 249,315
15,307 HYNIX SEMICONDUCTOR INCORPORATED+ 269,396
5,200 IBIDEN COMPANY LIMITED 153,363
1,100 IDEC CORPORATION 12,405
21,151 IMATION CORPORATION 449,247
510 INDESIT COMPANY SPA 5,815
12,084 INFINEON TECHNOLOGIES AG+ 103,009
134,713 INNOLUX DISPLAY CORPORATION 219,004
95,400 INOTERA MEMORIES INCORPORATED 36,684
264,834 INTEL CORPORATION 6,056,754
20,153 INTERDIGITAL INCORPORATED+<< 534,861
29,801 INTERNATIONAL RECTIFIER CORPORATION+ 622,841
24,589 INTERSIL CORPORATION CLASS A 576,120
35,700 JABIL CIRCUIT INCORPORATED 601,902
34,422 JDS UNIPHASE CORPORATION+ 349,728
3,000 JEOL LIMITED 10,792
7,000 JUKI CORPORATION 12,880
51 KABA HOLDING 13,753
56,056 KEMET CORPORATION+ 90,811
19,000 KENWOOD CORPORATION 16,543
5,831 KESA ELECTRICALS PLC 17,124
1,300 KEYENCE CORPORATION 262,965
16,583 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 31,870
27,138 KLA-TENCOR CORPORATION 1,005,734
3,700 KOA CORPORATION 21,313
17,756 KONINKLIJKE PHILIPS ELECTRONICS NV 576,895
3,147 KONTRON AG 40,054
2,324 KUDELSKI SA 29,716
6,900 KYOCERA CORPORATION 578,290
20,259 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,105,720
7,493 LAIRD GROUP PLC 51,765
73,730 LATTICE SEMICONDUCTOR CORPORATION+ 172,528
1,528 LEGRAND SA 39,064
4,571 LG ELECTRONICS INCORPORATED 421,112
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
17,433 LINCOLN ELECTRIC HOLDINGS INCORPORATED $ 1,408,063
32,882 LINEAR TECHNOLOGY CORPORATION 1,073,268
9,451 LITTELFUSE INCORPORATED+ 335,321
1,515 LS CABLE LIMITED 109,785
1,600 MABUCHI MOTOR COMPANY LIMITED 74,708
148,683 MACRONIX INTERNATIONAL 58,948
5,701 MAKITA CORPORATION 147,368
8,700 MALAYSIAN PACIFIC INDUSTRIES 18,053
3,800 MARUBUN CORPORATION 23,903
48,935 MEDIATEK INCORPORATED 561,896
187 MELEXIS NV 2,863
10,493 MEMC ELECTRONIC MATERIALS INCORPORATED+ 515,101
23,476 METHODE ELECTRONICS INCORPORATED 258,001
35,335 MICREL INCORPORATED 325,435
2,113 MICRO-STAR INTERNATIONAL COMPANY LIMITED 1,466
116,400 MICRON TECHNOLOGY INCORPORATED+ 493,536
1,369 MICRONAS SEMICONDUCTOR HOLDING 8,622
600 MICRONICS JAPAN COMPANY LIMITED 12,419
30,657 MICROSEMI CORPORATION+ 843,068
600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 8,669
14,000 MINEBEA COMPANY LIMITED 61,392
2,700 MITSUMI ELECTRIC COMPANY LIMITED 72,001
13,121 MOLEX INCORPORATED 316,479
14,401 MOLEX INCORPORATED CLASS A 332,087
17,073 MOOG INCORPORATED CLASS A+<< 809,260
50,780 MOSEL VITELIC INCORPORATED 32,810
8,100 MURATA MANUFACTURING COMPANY LIMITED 355,929
10,132 NAN YA PRINTED CIRCUIT BOARD CORPORATION 47,194
115,516 NANYA TECHNOLOGY CORPORATION 38,885
43,317 NATIONAL GRID PLC 563,851
71,000 NEC CORPORATION 327,200
800 NEC ELECTRONICS CORPORATION+ 20,260
8,000 NEC TOKIN CORPORATION 26,895
54,983 NETAPP INCORPORATED+ 1,400,967
408 NEXANS SA 51,413
11,000 NGK INSULATORS LIMITED 132,017
1,700 NICHICON CORPORATION 13,836
1,000 NIDEC COPAL CORPORATION 12,482
7,000 NIDEC COPAL ELECTRONICS CORPORATION 36,623
3,000 NIDEC SANKYO CORPORATION 15,938
300 NIHON DEMPA KOGYO COMPANY LIMITED 6,297
4,200 NINTENDO COMPANY LIMITED 1,971,732
11,000 NIPPON CARBON COMPANY LIMITED 51,469
3,000 NIPPON CHEMI-CON CORPORATION 10,603
8,000 NISSIN ELECTRIC COMPANY LIMITED 34,995
1,300 NITTO KOGYO CORPORATION 12,094
66,313 NOKIA OYJ 1,660,304
557 NORDDEUTSCHE AFFINERIE AG 25,781
1,600 NORITZ CORPORATION 14,964
21,623 NOVATEK MICROELECTRONICS CORPORATION LIMITED 46,437
16,900 NOVELLUS SYSTEMS INCORPORATED+<< 383,123
39,543 NTPC LIMITED 156,159
45 NTT DATA CORPORATION 184,706
24,973 NVIDIA CORPORATION+ 315,659
111 OC OERLIKON CORPORATION AG+ 25,961
34,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED 46,109
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
3,000 OLYMPUS CORPORATION $ 97,469
8,104 OMRON CORPORATION 142,450
63,099 ON SEMICONDUCTOR CORPORATION+<< 597,548
1,600 ONEX CORPORATION 43,021
14,000 OPENWAVE SYSTEMS INCORPORATED+<< 20,160
2,730 OPTEX COMPANY LIMITED 30,674
21,398 PAN-INTERNATIONAL INDUSTRIAL 38,881
7,772 PARK ELECTROCHEMICAL CORPORATION 217,771
11 PHOENIX MECANO AG 4,923
23,214 PHOENIX PRECISION TECHNOLOGY CORPORATION 12,959
25,063 PHOTRONICS INCORPORATED+ 81,956
32,604 PLANTRONICS INCORPORATED 841,183
20,500 PLEXUS CORPORATION+ 574,615
144,256 PMC-SIERRA INCORPORATED+ 1,298,304
13,504 POLYCOM INCORPORATED+ 378,652
24,035 POWERTECH TECHNOLOGY INCORPORATED 74,515
18,366 PREMIER FARNELL PLC 65,253
1,708 PRYSMIAN SPA 41,806
26,700 QLOGIC CORPORATION+<< 498,756
73,997 QUALCOMM INCORPORATED 3,895,942
21,076 RAMBUS INCORPORATED+ 370,727
18,207 REALTEK SEMICONDUCTOR CORPORATION 36,786
14,110 REGAL-BELOIT CORPORATION 662,465
8,285 RESEARCH IN MOTION LIMITED+ 1,009,447
7,040 REUNERT LIMITED 53,063
1,070 REXEL SA 16,187
180,127 RF MICRO DEVICES INCORPORATED+<< 698,893
5,995 RICHTEK TECHNOLOGY CORPORATION 49,389
25,565 RICOH COMPANY LIMITED 421,992
25,648 ROCKWELL COLLINS INCORPORATED 1,348,828
3,700 ROHM COMPANY LIMITED 213,020
800 ROLAND CORPORATION 13,015
1,094 ROTORK PLC 21,807
700 RYOSAN COMPANY LIMITED 15,039
3,839 SAFRAN SA 68,226
2,670 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED 79,190
6,200 SAMSUNG ELECTRONICS COMPANY LIMITED 2,908,245
1,707 SAMSUNG SDI COMPANY LIMITED 129,673
2,686 SAMSUNG TECHWIN COMPANY LIMITED 76,630
7,000 SANKEN ELECTRIC COMPANY LIMITED 36,041
360,264 SANMINA-SCI CORPORATION+ 846,620
900 SANSHIN ELECTRONICS COMPANY LIMITED 8,015
6,000 SANYO DENKI COMPANY LIMITED 22,651
348 SEB SA 18,884
8,200 SECOM COMPANY LIMITED 377,742
5,800 SEIKO EPSON CORPORATION 167,328
589,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 27,503
41,265 SEMTECH CORPORATION+<< 610,309
38,000 SHARP CORPORATION 483,476
9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 18,985
2,200 SHINKAWA LIMITED 27,046
3,100 SHINKO ELECTRIC INDUSTRIES 43,151
54,100 SILICON IMAGE INCORPORATED+ 374,913
49,000 SILICON INTEGRATED SYSTEMS CORPORATION 12,042
23,205 SILICON LABORATORIES INCORPORATED+ 782,241
216,140 SIRIUS XM RADIO INCORPORATED+<< 287,466
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
107,730 SKYWORKS SOLUTIONS INCORPORATED<< $ 1,044,981
7,846 SMITHS GROUP PLC 163,138
11,000 SMK CORPORATION 47,448
36,294 SONY CORPORATION 1,387,443
1,237 SPECTRIS PLC 18,677
2,000 STAR MICRONICS COMPANY LIMITED 24,881
14,112 STERLITE INDUSTRIES INDIA LIMITED 199,702
13,769 STMICROELECTRONICS NV 179,816
1,500 SUMIDA ELECTRIC CORPORATION 13,877
11,564 SUNPLUS TECHNOLOGY COMPANY LIMITED 10,140
6,404 SUNPOWER CORPORATION+<< 624,710
829 TAIHAN ELECTRIC WIRE COMPANY LIMITED 23,979
7,000 TAIYO YUDEN COMPANY LIMITED 77,148
16,000 TAMURA CORPORATION 43,170
1,100 TANBERG ASA 23,796
5,750 TATA POWER COMPANY LIMITED 135,848
193,000 TATUNG COMPANY LIMITED 70,423
618,000 TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED+ 16,870
93,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 40,795
2,000 TEIKOKY TSUSHIN KOGYO COMPANY 5,759
38,680 TEKELEC+ 634,739
16,482 TELEFLEX INCORPORATED 1,064,243
4,469 TELEFONICA O2 CZECH REPUBLIC AS 138,013
73,964 TELLABS INCORPORATED+ 385,352
20,202 TESSERA TECHNOLOGIES INCORPORATED+<< 470,101
60,610 TEXAS INSTRUMENTS INCORPORATED 1,485,551
9,391 THOMAS & BETTS CORPORATION+ 432,737
3,226 THOMSON REUTERS PLC 90,127
1,000 TOA CORPORATION 5,834
14,000 TOKO INCORPORATED 19,704
6,100 TOKYO ELECTRON LIMITED 345,123
29,000 TOKYO ROPE MANUFACTURING 80,854
800 TOKYO SEIMITSU COMPANY LIMITED 10,392
5,000 TOSHIBA TEC CORPORATION 25,119
300 TOYO TANSO COMPANY LIMITED 18,146
15,148 TRANSCEND INFORMATION INCORPORATED 39,415
24,612 TRIDENT MICROSYSTEMS INCORPORATED+<< 77,528
18,126 TRIPOD TECHNOLOGY CORPORATION 40,061
95,707 TRIQUINT SEMICONDUCTOR INCORPORATED+<< 601,997
4,000 TRULY INTERNATIONAL 3,432
876 ULTRA ELECTRONICS HOLDINGS 22,014
1,200 ULVAC INCORPORATED 41,563
43,511 UNIVERSAL SCIENTIFIC+ 22,640
32,511 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES
INCORPORATED+<< 1,050,105
8,821 VECTOR LIMITED 14,289
7,000 VENTURE CORPORATION LIMITED 49,165
53,000 VIA TECHNOLOGIES INCORPORATED+ 36,405
8,000 VICTOR COMPANY OF JAPAN LIMITED+ 13,451
114,836 VISHAY INTERTECHNOLOGY INCORPORATED+ 1,020,892
13 WACOM COMPANY LIMITED 23,521
134,000 WALSIN LIHWA CORPORATION 46,394
4,000 WEARNE BROTHERS 13,253
70,904 WESTAR ENERGY INCORPORATED 1,605,976
15,300 WHIRLPOOL CORPORATION 1,244,808
146,000 WINDBOND ELECTRONICS CORPORATION 26,255
37,000 WINTEK CORPORATION 23,036
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (continued)
57,400 XILINX INCORPORATED<< $ 1,491,252
40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(A) 0
118,000 YAGEO CORPORATION 34,961
5,000 YAMAICHI ELECTRONICS COMPANY LIMITED 23,018
9,000 YASKAWA ELECTRIC CORPORATION 62,866
9,700 YOKOGAWA ELECTRIC CORPORATION 70,482
3,200 YOKOWO COMPANY LIMITED 19,392
32,920 ZORAN CORPORATION+ 292,988
114,607,335
--------------
ELECTRONICS: 0.00%
4,008 CARPHONE WAREHOUSE PLC 14,488
--------------
ENERGY: 0.01%
57 ATEL HOLDING AG 34,539
665 BAYTEX ENERGY TRUST+ 20,355
444 SECHILIENNE SA 32,499
1,240 SOLARWORLD AG 64,281
151,674
--------------
ENERGY - EXPLORATION & PRODUCTION: 0.01%
39,234 RELIANCE NATURAL RESOURCES LIMITED+ 83,645
--------------
ENGINEERING CONSTRUCTION: 0.01%
2,422 AKER KVAERNER ASA 55,413
20,000 ANHUI CONCH CEMENT COMPANY LIMITED 103,397
10,000 PEACE MARK HOLDINGS LIMITED 1,922
160,732
--------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.52%
27,437 ACCENTURE LIMITED CLASS A 1,134,794
2,885 ACERGY SA 49,638
11,000 AECOM TECHNOLOGY CORPORATION+ 351,560
21,139 AMYLIN PHARMACEUTICALS INCORPORATED+<< 464,635
1,876 AUSENCO LIMITED 25,222
11,467 AVENG LIMITED 98,523
134,920 BEARINGPOINT INCORPORATED+<< 153,809
46,000 BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED
CLASS H 36,186
874 BHARAT EARTH MOVERS LIMITED 14,631
5,017 BOUYGUES SA 302,381
19,436 CELGENE CORPORATION+ 1,346,915
10,844 CEPHALON INCORPORATED+<< 830,867
6,000 CHIYODA CORPORATION 50,148
1,100 CHUDENKO CORPORATION+ 15,839
10,042 CORE LABORATORIES NV 1,246,614
14,152 CORPORATE EXECUTIVE BOARD COMPANY 515,133
22,840 CV THERAPEUTICS INCORPORATED+ 262,432
10,243 DOWNER EDI LIMITED 64,803
7,860 FLUOR CORPORATION 629,822
557 FRAPORT AG 35,824
23,121 GEN-PROBE INCORPORATED+ 1,381,480
3,341 GROUPE AEROPLAN INCORPORATED 52,229
9,836 HCL TECHNOLOGIES LIMITED 51,692
13,603 HEWITT ASSOCIATES INCORPORATED+<< 546,977
1,600 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED 17,815
6,912 IHS INCORPORATED+ 443,474
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES
(continued)
1,336 IMTECH NV $ 34,276
39,232 INCYTE CORPORATION+<< 401,343
38,400 ISIS PHARMACEUTICALS INCORPORATED+<< 678,912
20,093 JACOBS ENGINEERING GROUP INCORPORATED+ 1,483,265
33,163 JAIPRAKASH ASSOCIATES LIMITED 122,854
3,000 JAPAN AIRPORT TERMINAL COMPANY LIMITED 38,007
3,000 KANDENKO COMPANY LIMITED 18,038
375 KBC ANCORA 27,139
2,000 KYUDENKO CORPORATION 12,994
50,200 MALAYSIA AIRPORTS HOLDINGS BHD 39,514
3,059 MONADELPHOUS GROUP LIMITED 42,840
9,910 MOODY'S CORPORATION<< 402,941
19,222 MYRIAD GENETICS INCORPORATED+<< 1,310,940
10,448 NAGARJUNA CONSTRUCTION COMPANY 29,467
2,000 NAVIGANT CONSULTING INCORPORATED+<< 34,620
14,594 PAYCHEX INCORPORATED 497,364
16,262 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 663,490
552 POL-AQUA SA+ 12,087
244,400 POWER LINE ENGINEERING PCL 17,131
9,437 PUNJ LLOYD LIMITED 64,016
6,817 QINETIQ PLC 27,867
6,721 QUEST DIAGNOSTICS INCORPORATED<< 363,270
32,977 REGENERON PHARMACEUTICAL INCORPORATED+ 716,260
20,819 RESOURCES GLOBAL PROFESSIONALS+<< 503,403
124,696 SAIC INCORPORATED+<< 2,500,155
1,530 SAMSUNG ENGINEERING COMPANY LIMITED 97,246
2,000 SANKI ENGINEERING COMPANY LIMITED 14,664
1,300 SHINKO PLANTECH COMPANY LIMITED 13,203
2,400 SNC-LAVALIN GROUP INCORPORATED 119,797
391,200 SOLARTRON PCL 17,024
578 STANTEC INCORPORATED+ 16,712
1,200 TAIKISHA 16,315
2,000 TAKASAGO THERMAL ENGINEERING COMPANY 19,572
38,663 TETRA TECH INCORPORATED+<< 1,104,989
3,000 TOYO ENGINEERING CORPORATION 15,638
4,865 TRANSFIELD SERVICES LIMITED 34,972
20,000 TRANSMILE GROUP BHD 6,679
35,359 URS CORPORATION+ 1,695,818
10,268 VOLTAS LIMITED 28,681
18,217 WATSON WYATT & COMPANY HOLDINGS 1,067,334
16,400 WCT ENGINEERING BHD 14,931
24,449,211
--------------
ENTERTAINMENT: 0.01%
15,258 CROWN LIMITED 119,266
1,189 PREMIERE AG+ 22,041
141,307
--------------
ENVIRONMENTAL CONTROL: 0.00%
672 BUREAU VERITAS SA+ 38,127
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT:
0.57%
2,103 ACERINOX SA 39,747
14,056 ALLIANT TECHSYSTEMS INCORPORATED+<< 1,479,113
27,512 APTARGROUP INCORPORATED 1,111,210
14,325 ARCELOR SA 1,123,824
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT
(continued)
5,200 ASSA ABLOY AB CLASS B $ 74,274
160 BOEHLER-UDDEHOLM AG 17,227
424 CCL INDUSTRIES INCORPORATED CLASS B+ 14,036
22,850 COMMERCIAL METALS COMPANY 594,786
46,763 ECM LIBRA BHD(A) 0
5,200 FORTUNE BRANDS INCORPORATED 305,864
200 FP CORPORATION 5,434
400 FUJI SEAL INTERNATIONAL INCORPORATED 7,295
156 HOGANAS AB 2,979
1,450 HUHTAMAKI OYJ 14,600
2,000 HULAMIN LIMITED 5,173
5,269 JINDAL STEEL & POWER LIMITED 226,501
114,000 KOBE STEEL LIMITED 272,635
1,237 MERCATOR MINERALS LIMITED+ 9,588
26,936 NAMPAK LIMITED 51,386
8,550 NCI BUILDING SYSTEMS INCORPORATED+<< 327,294
41,000 NISSHIN STEEL COMPANY LIMITED 109,541
17,000 NTN CORPORATION 94,505
11,940 SHAW GROUP INCORPORATED+ 591,508
5,500 SKF AB CLASS B 83,293
24,950 SNAP-ON INCORPORATED 1,422,649
2,651 SSAB SVENSKT STAL AB CLASS A 64,632
1,350 SSAB SVENSKT STAL AB CLASS B 29,265
156,000 SUMITOMO METAL INDUSTRIES LIMITED 689,139
2,800 VALMONT INDUSTRIES INCORPORATED 298,872
1,806 VOESTALPINE AG 97,761
9,164,131
--------------
FINANCE & FINANCIAL SERVICES: 0.18%
636,000 ASIA PLUS SECURITIES PCL 38,636
18,644 AUSTRALIAN WEALTH MANAGEMENT LIMITED 22,885
9,954 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 22,999
2,373,000 CHINA CONSTRUCTION BANK 1,923,277
33,145 JANUS CAPITAL GROUP INCORPORATED 893,921
848,000 KGI SECURITIES COMPANY LIMITED 34,836
2,936,554
--------------
FINANCIAL: 0.00%
3,313 LONDON STOCK EXCHANGE GROUP PLC 47,609
--------------
FINANCIAL SERVICES: 0.28%
186,000 AYALA LAND INCORPORATED 41,126
4,300 BANGKOK BANK PCL 14,706
43,866 BANK HAPOALIM LIMITED 170,629
27,887 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 556,903
362,000 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 232,917
4,125 GRUPO FINANCIERO GALICIA SA ADR+ 19,800
34,662 ING GROEP NV 1,079,872
676 KOMERCNI BANKA AS 148,836
17,010 KOOKMIN BANK 930,587
17,852 SHINHAN FINANCIAL GROUP COMPANY LIMITED 809,953
9,770 WOORI FINANCE HOLDINGS COMPANY LIMITED 128,604
1,174 ZURICH FINANCIAL SERVICES AG 306,492
4,440,425
--------------
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FISHING, HUNTING & TRAPPING: 0.00%
214 LIGHTHOUSE CALEDONIA ASA+ $ 212
25,200 MARINE HARVEST+ 17,552
9,700 NIPPON SUISAN KAISHA LIMITED 33,654
51,418
--------------
FOOD & BEVERAGE: 0.00%
2,959 BRITVIC PLC 12,630
--------------
FOOD & KINDRED PRODUCTS: 2.64%
25,000 AJINOMOTO COMPANY INCORPORATED 227,788
31,963 ALICORP SA 25,991
24,736 ANHEUSER-BUSCH COMPANIES INCORPORATED 1,678,585
26,800 ARCHER-DANIELS-MIDLAND COMPANY 682,328
1,015 ARYZTA AG+ 49,437
16,500 ASAHI BREWERIES LIMITED 305,626
30,000 ASIA FOOD & PROPERTIES LIMITED 10,297
5,000 ASIA PACIFIC BREWERIES LIMITED 45,625
5,244 ASSOCIATED BRITISH FOODS PLC 76,933
450 AXFOOD AB 14,135
27 BARRY CALLEBAUT AG 17,725
13,802 BIDVEST GROUP LIMITED 203,911
1,722 BIM BIRLESIK MAGAZALAR AS+ 66,515
1,841 BIOCON LIMITED 16,331
23,287 CADBURY PLC 267,246
1,800 CARLSBERG AS 159,790
15,047 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+<< 868,061
49,000 CHINA MENGNIU DAIRY COMPANY 147,889
26,000 CHINA YURUN FOOD GROUP LIMITED 44,364
4,944 CIA CERVECERIAS UNIDAS SA 34,712
2,100 CIA DE BEBIDAS DAS AMERICAS 113,774
332 CJ CHEILJEDANG CORPORATION+ 72,037
889 CJ CORPORATION 46,543
17,114 COCA-COLA AMATIL LIMITED 124,999
2 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 13,585
74,233 COCA-COLA COMPANY 3,865,312
2,615 COCA-COLA HELLENIC BOTTLING COMPANY SA 64,402
3,900 COCA-COLA WEST JAPAN COMPANY LIMITED 90,195
20,000 COFCO INTERNATIONAL LIMITED 7,924
34,511 COMPASS GROUP PLC 229,668
16,514 CONAGRA FOODS INCORPORATED 351,253
38,426 CONSTELLATION BRANDS INCORPORATED CLASS A+<< 811,173
31,811 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,424,815
724 CSM 19,389
1,680 DAIRY CREST GROUP PLC 14,312
750 DANISCO AS 50,356
2,056 DAVID CAMPARI-MILANO SPA 17,162
37,371 DEL MONTE FOODS COMPANY 318,401
44,555 DIAGEO PLC 822,893
400 DYDO DRINCO INCORPORATED 11,508
250 EAST ASIATIC COMPANY LIMITED A/S 15,122
4,000 EZAKI GLICO COMPANY LIMITED 40,373
73,205 FOSTER'S GROUP LIMITED 349,395
2,200 FUJI OIL COMPANY LIMITED 23,578
11,733 GENERAL MILLS INCORPORATED 776,490
400 GENMAB A/S+ 25,817
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FOOD & KINDRED PRODUCTS (continued)
5,161 GLENMARK PHARMACEUTICALS LIMITED $ 73,666
1,518 GREENE KING PLC 14,784
168 GREGGS PLC 10,848
8,497 GROUPE DANONE 592,297
29,600 GRUPO BIMBO SAB DE CV 197,760
29,700 GRUPO MODELO SA DE CV 142,308
10,100 H.J. HEINZ COMPANY 508,232
11,874 HANSEN NATURAL CORPORATION+<< 326,298
1,495 HEINEKEN HOLDING NV 66,310
76,021 HERCULES INCORPORATED 1,638,253
24,789 HERSHEY COMPANY 894,635
261 HITE BREWERY COMPANY LIMITED+ 50,138
328 HITE HOLDINGS COMPANY LIMITED 10,338
14,243 HORMEL FOODS CORPORATION 507,905
3,200 HOUSE FOODS CORPORATION 52,086
3,507 INBEV NA 243,114
188,424 INDOFOOD SUKSES MAKMUR TBK PT 45,888
5,000 ITOHAM FOODS INCORPORATED 26,081
31,461 J SAINSBURY PLC 198,990
521,200 JG SUMMIT HOLDINGS 80,432
11,088 JM SMUCKER COMPANY 601,302
3,100 KAGOME COMPANY LIMITED 49,697
1,997 KERRY GROUP PLC 54,157
6,000 KIKKOMAN CORPORATION 74,241
34,000 KIRIN BREWERY COMPANY LIMITED 508,703
1,159 KONINKLIJKE WESSANEN NV 11,067
45,720 KRAFT FOODS INCORPORATED CLASS A 1,440,637
7,100 KULIM (MALAYSIA) BERHAD 15,826
2 LINDT & SPRUENGLI AG 55,253
14 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) 35,881
10,129 LION NATHAN LIMITED 77,468
24 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 21,441
38 LOTTE CONFECTIONERY COMPANY LIMITED 45,716
836 MARTSON PLC 27,644
14,000 MARUHA NICHIRO HOLDINGS INCORPORATED 25,699
21,404 MCCORMICK & COMPANY INCORPORATED 865,792
10,000 MEIJI DAIRIES CORPORATION 57,104
12,000 MEIJI SEIKA KAISHA LIMITED 56,502
600 MEITO SANGYO COMPANY LIMITED 12,626
9,000 MORINAGA & COMPANY LIMITED 17,142
6,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 17,635
1,680 NESTLE INDIA LIMITED 67,701
2,000 NESTLE MALAYSIA BHD 15,913
68,214 NESTLE SA 3,005,483
15 NESTLE SA ADR 664
10,000 NICHIREI CORPORATION 57,043
7,421 NICHOLAS PIRAMAL INDIA LIMITED 56,649
5,000 NIPPON FLOUR MILLS COMPANY LIMITED 23,902
7,000 NIPPON MEAT PACKERS INCORPORATED 113,647
8,000 NISSHIN SEIFUN GROUP INCORPORATED 110,382
3,800 NISSIN FOOD PRODUCTS COMPANY LIMITED 125,494
24,790 NORTHERN FOODS PLC 29,363
6,355 NORTHUMBRIAN WATER GROUP PLC 35,653
338 NUTRECO HOLDING NV 20,866
764 OPG GROEP NV 12,772
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FOOD & KINDRED PRODUCTS (continued)
179 ORION CORPORATION $ 35,890
2,336 OSEM INVESTMENT LIMITED 29,565
26,309 PARMALAT SPA 72,391
21,000 PEOPLES FOOD HOLDINGS LIMITED 13,532
26,850 PEPSI BOTTLING GROUP INCORPORATED 794,223
12,079 PEPSIAMERICAS INCORPORATED 283,011
73,723 PEPSICO INCORPORATED 5,048,551
3,043 PERNOD-RICARD 284,478
32,700 PPB GROUP BHD 90,261
4,500 QP CORPORATION 42,597
24,572 RALCORP HOLDINGS INCORPORATED+<< 1,508,701
252 REMY COINTREAU SA 13,281
10,456 RIDLEY CORPORATION LIMITED 10,107
600 RIKEN VITAMIN COMPANY LIMITED 17,471
38,100 SAN MIGUEL CORPORATION 37,090
2,152 SAPUTO INCORPORATED 55,857
24,000 SARA LEE CORPORATION<< 324,000
5,000 SHOWA SANGYO COMPANY LIMITED 14,076
25,276 SMITHFIELD FOODS INCORPORATED+<< 508,300
6,500 SNOW BRAND MILK PRODUCTS COMPANY LIMITED 19,755
1,497 SODEXHO ALLIANCE SA 101,013
857 SUEDZUCKER AG 14,526
3,964 SUN PHARMACEUTICAL INDUSTRIES LIMITED 132,040
7,036 TATE & LYLE PLC 56,706
205,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 32,410
4,000 THE NISSHIN OILLIO GROUP LIMITED 22,168
7,423 TIGER BRANDS LIMITED 130,560
156,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 186,659
1,910 TONGAAT-HULETT 19,344
14,948 TOOTSIE ROLL INDUSTRIES INCORPORATED<< 425,719
4,000 TOYO SUISAN KAISHA LIMITED 99,753
13,800 TREEHOUSE FOODS INCORPORATED+ 383,088
57,350 TYSON FOODS INCORPORATED CLASS A 832,722
600 UNICHARM PETCARE CORPORATION 19,135
26,711 UNILEVER NV 737,032
22,055 UNILEVER PLC 591,562
5,468 UNITED BREWERIES LIMITED 21,168
18,387 VINA CONCHA Y TORO SA 36,756
30,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 14,245
35,318 WILLIAM MORRISON SUPERMARKETS PLC 181,314
38,930 WILMAR INTERNATIONAL LIMITED 103,103
10,000 WM. WRIGLEY JR. COMPANY 794,800
5,700 YAKULT HONSHA COMPANY LIMITED 162,206
7,000 YAMAZAKI BAKING COMPANY LIMITED 82,585
42,454,944
--------------
FOOD STORES: 0.46%
13,200 AJISEN CHINA HOLDINGS LIMITED 11,057
1,581 ALIMENTATION COUCHE TARD INCORPORATED CLASS B 19,357
277,000 C.P. SEVEN ELEVEN PCL 84,945
4,000 CAFE DE CORAL HOLDINGS LIMITED 7,689
10,982 CARREFOUR SA 580,507
1,010 CASINO GUICHARD PERRACHON SA 98,974
213 COLRUYT SA 58,072
1,987 DELHAIZE GROUP 128,189
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FOOD STORES (continued)
107,244 DISTRIBUCION Y SERVICIO D&S SA $ 40,994
468 EMPIRE COMPANY LIMITED+ 20,570
800 GEORGE WESTON LIMITED 35,510
15,100 JOLLIBEE FOODS CORPORATION 14,239
2,100 KAPPA CREATE COMPANY LIMITED 39,091
2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 33,349
300 KESKO OYJ A SHARES 11,224
1,100 KESKO OYJ B SHARES 33,886
19,826 KONINKLIJKE AHOLD NV+ 247,883
1,600 LOBLAW COMPANIES LIMITED 45,643
392 LUMINAR GROUP HOLDINGS PLC 1,704
2,200 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED 30,406
1,579 METRO AG 87,784
4,329 MIGROS TURK TAS 78,461
500 MINISTOP COMPANY LIMITED 9,662
1,100 MOS FOOD SERVICES INCORPORATED 13,857
800 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 8,856
12,695 PANERA BREAD COMPANY+<< 682,229
2,000 PLENUS COMPANY LIMITED 29,472
24,000 PRESIDENT CHAIN STORE CORPORATION 70,511
12,307 RIPLEY CORPORATION SA 8,353
1,300 ROYAL HOLDINGS COMPANY LIMITED 11,731
14,916 SAFEWAY INCORPORATED 392,887
31,980 SEVEN & I HOLDINGS COMPANY LIMITED 931,499
23,782 SHOPRITE HOLDINGS LIMITED 141,770
453 SLIGRO FOOD GROUP NV 15,616
300 ST. MARC HOLDINGS COMPANY LIMITED 10,634
34,770 STARBUCKS CORPORATION+<< 541,021
136,158 TESCO PLC 943,764
13,600 THE PANTRY INCORPORATED+<< 249,424
1,000 WATAMI FOOD SERVICE COMPANY 16,446
22,276 WHOLE FOODS MARKET INCORPORATED+<< 407,874
44,612 WOOLWORTHS LIMITED 1,077,046
400 YAOKO COMPANY LIMITED 13,853
37 YOSHINOYA D&C COMPANY LIMITED 39,367
2,200 ZENSHO COMPANY LIMITED 8,149
7,333,555
--------------
FOOTWEAR: 0.05%
7,000 ASICS CORPORATION 61,672
34,264 CROCS INCORPORATED+<< 142,196
5,700 DECKERS OUTDOOR CORPORATION+ 648,033
851,901
--------------
FORESTRY: 0.03%
8,791 GUNNS LIMITED 12,644
5,700 SUMITOMO FORESTING 40,714
7,024 WEYERHAEUSER COMPANY 389,762
443,120
--------------
FURNITURE & FIXTURES: 0.39%
3,110 CERSANIT-KRASNYSTAW SA 21,869
480 DOREL INDUSTRIES INCORPORATED CLASS B+ 15,275
18,565 ETHAN ALLEN INTERIORS INCORPORATED<< 503,854
30,361 FURNITURE BRANDS INTERNATIONAL INCORPORATED 271,731
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
FURNITURE & FIXTURES (continued)
23,525 HERMAN MILLER INCORPORATED $ 661,994
24,332 HNI CORPORATION<< 563,042
6,141 HOUSEWARES INTERNATIONAL LIMITED 6,809
1,000 ITOKI CORPORATION 3,638
7,772 KINETIC CONCEPTS INCORPORATED+ 273,264
29,000 KINGBOARD LAMINATES HOLDINGS LIMITED 15,408
34,624 LA-Z-BOY INCORPORATED 262,104
33,846 LEGGETT & PLATT INCORPORATED<< 755,104
73,178 MASCO CORPORATION 1,394,773
56,019 NEWELL RUBBERMAID INCORPORATED 1,013,944
5,775 NOBIA AB 30,985
4,000 NORITAKE COMPANY LIMITED 15,057
3,000 OKAMURA CORPORATION 19,090
1,000 SANGETSU COMPANY LIMITED 18,644
16,944 SELECT COMFORT CORPORATION+<< 40,666
27,044 STEELCASE INCORPORATED 300,188
3,600 TOKYO STEEL MANUFACTURING COMPANY LIMITED 38,010
6,225,449
--------------
GAMING: 0.00%
471 BWIN INTERACTIVE ENTERTAINMENT AG+ 13,059
--------------
GAS DISTRIBUTION: 0.09%
6,312 AYGAZ AS 16,833
14,020 GAIL INDIA LIMITED 125,095
22,556 GAZ DE FRANCE 1,298,488
1,440,416
--------------
GENERAL MERCHANDISE STORES: 1.14%
34,533 99 CENTS ONLY STORES+ 295,602
1,711 ARCANDOR AG 13,543
2,300 ASKUL CORPORATION 34,094
3,000 BELLUNA COMPANY LIMITED 15,206
33,600 BIG C SUPERCENTER PCL 48,496
38,857 BIG LOTS INCORPORATED+ 1,149,001
12,633 BJ'S WHOLESALE CLUB INCORPORATED+ 480,433
33,819 CASEY'S GENERAL STORES INCORPORATED<< 980,751
2,100 CAWACHI LIMITED 44,366
61,805 CENCOSUD SA 180,202
2,900 CIRCLE K SUNKUS COMPANY LIMITED 47,505
8,869 COMPAGNIE FINANCIERE RICHEMONT AG 516,042
13,371 DAVID JONES LIMITED 49,530
1,100 DON QUIJOTE COMPANY LIMITED 19,307
23,706 DSG INTERNATIONAL PLC 21,301
26,801 FAMILY DOLLAR STORES INCORPORATED 667,881
3,600 FAMILYMART COMPANY LIMITED 145,810
33,600 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED+ 24,628
30,536 FOOT LOCKER INCORPORATED 497,431
23,953 FRED'S INCORPORATED 335,821
15,000 GOLDEN EAGLE RETAIL GROUP LIMITED 13,882
42,895 HARVEY NORMAN HOLDINGS LIMITED 135,369
221 HELLENIC DUTY FREE SHOPS SA 3,489
15,010 HOME RETAIL GROUP 69,106
679 HYUNDAI DEPARTMENT STORE COMPANY LIMITED 55,451
24,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 11,639
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
GENERAL MERCHANDISE STORES (continued)
5,000 IZUMIYA COMPANY LIMITED $ 28,331
38,900 JCPENNEY COMPANY INCORPORATED 1,515,933
7 JELMOLI HOLDING AG 17,122
3,400 LAWSON INCORPORATED 155,837
19,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 24,154
14,148 MACY'S INCORPORATED 294,561
26,993 MARKS & SPENCER GROUP PLC 128,640
1,800 MATSUYA COMPANY LIMITED 32,189
14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED+ 10,419
11,550 ORGANIZACION SORIANA SAB DE CV CLASS B 35,944
11,335 PACIFIC BRANDS LIMITED 21,520
1,800 PARCO COMPANY LIMITED 20,554
14,348 PICK'N PAY STORES LIMITED 54,966
290 RALLYE SA 13,173
77,699 SACI FALABELLA 301,249
83,769 SAKS INCORPORATED+<< 954,967
655 SEARS CANADA INCORPORATED+ 13,565
2,520 SEARS HOLDINGS CORPORATION+<< 231,719
690 SHINSEGAE COMPANY LIMITED 342,625
12,000 SIAM MAKRO PLC 29,264
1,091 SONAE CAPITAL+ 1,311
8,731 SONAE SGPS SA 8,883
2,200 SUGI PHARMACY COMPANY LIMITED 63,379
2,400 SUNDRUG COMPANY LIMITED 49,758
33,931 TARGET CORPORATION 1,799,022
20,200 TJX COMPANIES INCORPORATED 732,048
600 TSURUHA HOLDINGS INCORPORATED 19,861
22,122 UNION DE CERVECERIAS PERUANAS BACKUS & JOHNSTON SAA 19,487
55 VALORA HOLDING AG 13,038
137,250 WAL-MART DE MEXICO SA DE CV SERIES V 500,535
85,128 WAL-MART STORES INCORPORATED 5,028,511
3,951 WAREHOUSE GROUP LIMITED 9,210
56,000 WUMART STORES INCORPORATED 57,190
18,384,851
--------------
HEALTH SERVICES: 1.34%
602 ABENGOA SA 16,100
29,433 APRIA HEALTHCARE GROUP INCORPORATED+ 582,185
82,500 BANGKOK DUSIT MEDICAL SERVICE PCL THB 85,536
27,400 BANGKOK DUSIT MEDICAL SERVICES PCL 29,134
99 BASILEA PHARMACEUTICA+ 15,257
184 BIOMERIEUX 20,016
57,733 BIOTON SA+ 10,611
6,414 BROOKDALE SENIOR LIVING INCORPORATED<< 141,429
47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 33,469
702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS
INCORPORATED+ 38,096
19,208 COMMUNITY HEALTH SYSTEMS INCORPORATED+<< 662,868
10,173 COVANCE INCORPORATED+ 959,721
936 CRUCELL NV+ 15,082
16,907 DAVITA INCORPORATED+ 970,293
1,438 DIVI'S LABORATORIES LIMITED 49,503
24,371 EDWARDS LIFESCIENCES CORPORATION+<< 1,443,007
28,264 ENZON PHARMACEUTICALS INCORPORATED+<< 255,789
2,941 FRESENIUS MEDICAL CARE AG & COMPANY 157,706
256 FRESENIUS SE 21,424
1,914 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED 50,758
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HEALTH SERVICES (continued)
2,262 GRIFOLS SA $ 67,144
165,253 HEALTH MANAGEMENT ASSOCIATION INCORPORATED
CLASS A 960,120
16,347 HEALTHSCOPE LIMITED 58,759
36,667 HEALTHSOUTH REHABILITATION CORPORATION+<< 659,639
15,315 HEALTHWAYS INCORPORATED+ 291,751
57,686 HUMAN GENOME SCIENCES INCORPORATED+ 427,453
7,540 INTERVAL LEISURE GROUP INCORPORATED+<< 97,942
17,671 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,292,634
36,860 LIFEPOINT HOSPITALS INCORPORATED+ 1,243,656
14,300 LINCARE HOLDINGS INCORPORATED+<< 471,900
17,206 MAGELLAN HEALTH SERVICES INCORPORATED+<< 749,493
2,000 MDS INCORPORATED+ 30,646
22,118 MEDI-CLINIC CORPORATION 52,762
38,489 NEKTAR THERAPEUTICS+<< 152,801
69,244 NETWORK HEALTHCARE HOLDINGS LIMITED 77,199
700 NOVOZYMES A/S CLASS B 70,296
20,166 ODYSSEY HEALTHCARE INCORPORATED+ 196,417
315 ORPEA+ 18,277
19,065 PARKWAY HOLDINGS LIMITED 29,872
20,799 PEDIATRIX MEDICAL GROUP INCORPORATED+<< 1,184,503
9,326 PRIMARY HEALTH CARE LIMITED 41,805
23,867 PSYCHIATRIC SOLUTIONS INCORPORATED+<< 900,979
2,775 QIAGEN NV+ 58,852
2,445 RAMSAY HEALTH CARE LIMITED 22,581
1,387 RHOEN KLINIKUM AG 46,387
12,188 ROCHE HOLDING AG 2,050,977
11,720 RYMAN HEALTHCARE LIMITED 14,056
10,777 SONIC HEALTHCARE LIMITED 132,976
2,071 SOUTHERN CROSS HEALTHCARE LIMITED 5,724
18,838 SUNRISE SENIOR LIVING INCORPORATED+ 382,977
2 TAKARA BIO INCORPORATED+ 4,525
320,134 TENET HEALTHCARE CORPORATION+<< 1,930,408
7,101 UNIVERSAL HEALTH SERVICES CLASS B 438,700
50,463 VALEANT PHARMACEUTICALS INTERNATIONAL+<< 923,978
855 VALLOUREC SA 237,853
20,630 WATSON PHARMACEUTICALS INCORPORATED+ 625,295
2,266 ZELTIA SA 17,737
21,527,058
--------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.30%
3,491 ABB LIMITED INDIA 69,118
404 ACCIONA SA 80,337
2,955 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 130,846
2,240 AUTOSTRADA TORINO-MILANO SPA 37,339
1,563 AWILCO OFFSHORE ASA+ 24,205
10,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 43,370
6,555 CIA DE CONCESSOES RODOVIARIAS 121,408
4,420 DAEWOO SHIPBUILDING & MARINE ENGINEERING
COMPANY LIMITED 139,829
676 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA 33,862
24,228 FOSTER WHEELER LIMITED+ 1,203,889
14,698 GMR INFRASTRUCTURE LIMITED+ 34,112
1,360 GRUPO FERROVIAL SA 67,953
1,350 HANJIN HEAVY INDUSTRIES & CONSTRUCTION
COMPANY LIMITED 37,025
2,540 HELLENIC TECHNODOMIKI TEV SA 24,912
28,000 HITACHI ZOSEN CORPORATION+ 29,944
11,000 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 8,339
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS (continued)
2,414 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED $ 524,661
8,699 LANCO INFRATECH LIMITED+ 57,114
37,796 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,312,655
1,000 NAMURA SHIPBUILDING COMPANY LIMITED 3,842
136,500 PLUS EXPRESSWAYS BHD 114,489
8,980 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 255,406
4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED+ 8,179
7,789 SKANSKA AB 98,000
14,631 TECHNICAL OLYMPIC SA 12,879
335,000 TRUBA ALAM MANUNGGAL ENGINEERING PT+ 17,330
31,371 UNITECH LIMITED 112,470
3,806 VINCI SA 216,125
2,919 VT GROUP PLC 32,767
4,852,405
--------------
HOLDING & OTHER INVESTMENT OFFICES: 3.64%
5,778 3I GROUP PLC 96,550
40,201 ABB LIMITED 986,039
372 ACKERMANS & VAN HAAREN NV 36,870
8,025 ADANI ENTERPRISES LIMITED 106,405
7,423 ADCOCK INGRAM HOLDINGS LIMITED+ 36,163
6,228 AFFILIATED MANAGERS GROUP INCORPORATED+<< 593,030
445 AFRICA ISRAEL INVESTMENTS LIMITED 16,797
23,332 ALAPIS HOLDING INDUSTRIAL AND COMMERCIAL SA
OF PHARMACEUTICAL & ORGANIC PRODUCTS 58,210
3,660 ALCON INCORPORATED 623,261
13,701 ALEXANDRIA REAL ESTATE EQUITIES
INCORPORATED<< 1,475,735
6,000 ALLIED GROUP LIMITED 20,075
3,479 AMALGAMATED HOLDINGS 14,016
15,621 AMB PROPERTY CORPORATION<< 709,037
8,981 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 96,326
108,520 ANNALY CAPITAL MANAGEMENT INCORPORATED<< 1,623,459
21,153 ANTARCHILE SA 334,158
1,668 ARC ENERGY TRUST 47,457
8,096 ASHMORE GROUP PLC 37,594
14,484 ASPEN INSURANCE HOLDINGS LIMITED 392,516
14,585 ASPEN PHARMACARE HOLDINGS LIMITED 88,407
12,254 AVALONBAY COMMUNITIES INCORPORATED 1,225,400
997 AVEVA GROUP PLC 26,603
8,734 AYALA CORPORATION CLASS A 56,607
104,259 BABCOCK & BROWN INFRASTRUCTURE GROUP 48,331
9,616 BARLOWORLD LIMITED 85,166
16,000 BEIJING ENTERPRISES HOLDINGS LIMITED 59,391
48,204 BIOMED REALTY TRUST INCORPORATED 1,290,903
400 BOARDWALK REAL ESTATE INVESTMENT TRUST+ 14,692
4,786 BODYCOTE PLC 20,230
98 BOLLORE INVESTISSEMENT 17,406
5,389 BOSTON PROPERTIES INCORPORATED<< 552,211
11,200 BRADESPAR SA 221,939
21,977 BRE PROPERTIES INCORPORATED 1,059,951
9,650 BROOKFIELD ASSET MANAGEMENT INCORPORATED 299,461
8,408 CAMDEN PROPERTY TRUST 410,394
491 CANADIAN REAL ESTATE INVESTMENT TRUST+ 13,752
44,068 CBL & ASSOCIATES PROPERTIES INCORPORATED 955,835
869 CI FINANCIAL INCOME FUND 19,028
53,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED+ 42,514
41,400 CITIC RESOURCES HOLDINGS LIMITED+ 9,849
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
2,926 CLAL INDUSTRIES AND INVESTMENTS+ $ 11,405
832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED 14,366
1,302 CLOSE BROTHERS GROUP PLC 14,920
29,520 COLONIAL PROPERTIES TRUST<< 558,223
42,837 CONNECTEAST GROUP 29,935
20,947 CORPORATE OFFICE PROPERTIES TRUST<< 819,028
549 CORPORATION FINANCIERA ALBA 28,874
1,000 D CARNEGIE & COMPANY AB 12,525
51,000 DAIWA SECURITIES GROUP INCORPORATED 393,742
116,212 DCT INDUSTRIAL TRUST INCORPORATED 866,942
3,279 DEERFIELD CAPITAL CORPORATION<< 2,787
181 DELEK GROUP LIMITED 21,765
24,121 DEVELOPERS DIVERSIFIED REALTY CORPORATION 808,295
64,663 DIAMONDROCK HOSPITALITY 595,546
25,479 DIGITAL REALITY TRUST INCORPORATED<< 1,168,722
19,241 DOGAN SIRKETLER GRUBU HOLDINGS 27,970
7,934 DOGAN YAYIN HOLDING+ 13,205
1,100 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 18,105
29,213 DUKE REALTY CORPORATION 731,201
11,000 E-REVOLUTION COMPANY LIMITED+ 1,415
30,069 EMECO HOLDINGS LIMITED 25,666
25,624 EMPRESAS COPEC SA 311,336
5,946 ENODIS PLC 34,788
8,852 EQSTRA HOLDINGS LIMITED+ 16,387
9,624 EQUITY LIFESTYLE PROPERTIES INCORPORATED 478,120
9,200 EQUITY RESIDENTIAL 388,240
10,814 ESSEX PROPERTY TRUST INCORPORATED 1,269,023
848 EURAZEO 83,340
10,173 EXTERRAN HOLDINGS INCORPORATED+ 465,008
40,000 FELCOR LODGING TRUST INCORPORATED 320,400
970 FIBI HOLDINGS LIMITED 15,609
72,600 FIRST GEN CORPORATION 39,220
43,290 FRANKLIN STREET PROPERTIES CORPORATION<< 551,082
956 GAGFAH SA 13,239
2,283 GEA GROUP AG 71,764
10,922 GEMINA SPA 13,568
111,500 GENTING BHD 191,161
145 GIMV NV 8,812
171,440 GOME ELECTRICAL APPLIANCES HOLDINGS LIMITED 70,396
23,126 GOODMAN PROPERTY TRUST 18,271
2,000 GREAT EASTERN HOLDINGS LIMITED 21,575
25,473 GRUPO CARSO SA DE CV+ 99,833
2,050 GS HOLDINGS CORPORATION 51,642
86,000 GUANGZHOU INVESTMENT COMPANY LIMITED 11,438
971 H&R REAL ESTATE INVESTMENT TRUST 16,808
20,411 HACI OMER SABANCI HOLDING AS 85,390
47,435 HCP INCORPORATED 1,718,096
7,256 HENDERSON GROUP PLC 17,135
5,600 HKR INTERNATIONAL LIMITED 2,661
14,456 HOME PROPERTIES INCORPORATED<< 762,554
18,209 HOSPITALITY PROPERTIES TRUST 412,980
104,100 HOST HOTELS & RESORTS INCORPORATED<< 1,488,630
149,840 HRPT PROPERTIES TRUST<< 1,135,787
5,000 HUFVUDSTADEN AB 42,211
1,661 HUNTING PLC 26,948
8,170 ICAP PLC 70,349
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
251 IDB DEVELOPMENT CORPORATION LIMITED+ $ 5,477
5,448 IG GROUP HOLDINGS PLC 34,275
8,852 IMPERIAL HOLDING LIMITED 61,962
134,610 IMPULSORA DEL DESARROLLO Y EL EMPLEO EN
AMERICA LATINA SA DE CV+ 183,403
3,200 INDUSTRIVARDEN AB CLASS A 43,024
1,200 INDUSTRIVARDEN AB CLASS C 14,371
11,580 INFRATIL LIMITED 18,585
4,745 INVERCAP SA 56,912
6,151 INVESTEC PLC 44,970
96,123 INVESTIMENTOS ITAU SA 566,121
8,121 INVESTOR AB 170,986
4,600 INVESTOR AB A SHARES 93,795
10,000 IOI PROPERTIES BHD 13,758
25,987 ISTAR FINANCIAL INCORPORATED<< 145,267
518 ISTITUTO FINANZIARIO INDUSTRIALE SPA+ 11,162
18,800 J FRONT RETAILING COMPANY LIMITED 101,638
1,100 JAFCO COMPANY LIMITED 37,741
3,000 JAPAN ASIA INVESTMENT COMPANY LIMITED 10,204
10,988 JARDINE MATHESON HOLDINGS LIMITED 317,333
603 JM FINANCIAL LIMITED 18,344
14,321 KILROY REALTY CORPORATION 716,766
43,842 KIMCO REALTY CORPORATION<< 1,628,292
1,586 KKR FINANCIAL CORPORATION 14,877
157,800 KNM GROUP BHD 68,968
15,148 KOC HOLDING AS 52,402
17,672 LASALLE HOTEL PROPERTIES 460,709
7,649 LG CORPORATION 436,580
18,603 LIBERTY PROPERTY TRUST 702,449
26,000 LION DIVERSIFIED HOLDINGS BHD 6,242
11,926 MACERICH COMPANY 738,577
12,743 MACK-CALI REALTY CORPORATION 515,072
22,890 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP 58,420
87,790 MACQUARIE INFRASTRUCTURE GROUP 163,605
6,568 MACQUARIE LEISURE TRUST GROUP 10,672
3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 69,646
20,400 METROPOLITAN BANK & TRUST COMPANY 16,698
11,134 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 558,481
10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED 12,553
4,072 MITIE GROUP 16,572
440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,362
1,057 MLP AG 21,442
109,200 MMC CORPORATION BHD 67,237
222,700 MULPHA INTERNATIONAL BHD+ 76,531
42,700 MULTI-PURPOSE HOLDINGS BHD 18,268
13,385 MURRAY & ROBERTS HOLDINGS LIMITED 180,648
49,359 NATIONAL RETAIL PROPERTIES INCORPORATED<< 1,119,956
1,128 NATIONALE A PORTEFEUILLE 82,209
65,221 NATIONWIDE HEALTH PROPERTIES INCORPORATED 2,244,907
33,905 NEWCASTLE INVESTMENT CORPORATION<< 235,301
3 NIPPON ACCOMMODATIONS FUND INCORPORATED 13,553
742 NPIL RESEARCH & DEVELOPMEN+ 2,850
429 PARGESA HOLDING SA 44,296
36,691 PETROBRAS ENERGIA PARTICIPACIONES SA+<< 416,076
34,426 PLUM CREEK TIMBER COMPANY 1,708,218
19,100 POST PROPERTIES INCORPORATED 600,695
5,848 PUBLIC STORAGE INCORPORATED CLASS D 516,495
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HOLDING & OTHER INVESTMENT OFFICES (continued)
39,104 RAIT FINANCIAL TRUST<< $ 231,887
2,500 RATOS AB B SHARES 68,218
68,367 REALTY INCORPORATEDOME CORPORATION 1,755,665
20,623 REDWOOD TRUST INCORPORATED<< 386,681
11,093 REGENCY CENTERS CORPORATION 687,433
20,838 REMGRO LIMITED 505,422
1,117 RHJ INTERNATIONAL+ 11,269
859 SBI HOLDINGS INCORPORATED 154,014
2,049 SCHRODERS PLC 37,784
14,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 37,786
5,982 SIEMENS INDIA LIMITED 74,190
119,440 SIME DARBY BHD 238,382
10,198 SIMON PROPERTY GROUP INCORPORATED 967,586
83,500 SINO-OCEAN LAND HOLDINGS LIMITED 41,134
9,335 SL GREEN REALTY CORPORATION<< 802,810
4,996 SM INVESTMENTS CORPORATION 30,534
313 SOFINA SA 35,417
25,900 SOFTBANK CORPORATION 427,531
154 SOLVAC SA 21,903
52 SONY FINANCIAL HOLDINGS INCORPORATED 193,029
47,957 STRATEGIC HOTEL & RESORTS INCORPORATED<< 442,164
608 STX CORPORATION 16,893
16,799 SUN HUNG KAI PROPERTIES LIMITED<< 231,599
4,109 SUN INTERNATIONAL LIMITED 50,287
38,436 SUNSTONE HOTEL INVESTORS INCORPORATED<< 545,022
35,000 SWIRE PACIFIC LIMITED B SHARES 69,600
3,970 TAKEFUJI CORPORATION 52,583
22,612 TAUBMAN CENTERS INCORPORATED<< 1,097,586
26,000 TCC INTERNATIONAL HOLDINGS LIMITED+ 9,360
4,886 TEKFEN HOLDING AS 33,614
121 THE ISRAEL CORPORATION LIMITED+ 122,751
25,772 UDR INCORPORATED 638,630
34,600 UEM WORLD BHD 25,345
216,000 UNITED ENERGY GROUP LIMITED+ 20,130
25,000 VALUE PARTNERS GROUP LIMITED 18,677
27,598 VENTAS INCORPORATED 1,253,501
46,646 VIRGIN MEDIA INCORPORATED 531,764
200 VORNADO REALTY TRUST 19,892
227,000 WANT WANT CHINA HOLDINGS LIMITED 101,036
4,884 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 46,894
83,640 WATERLAND FINANCIAL HOLDINGS 24,033
15,088 WEINGARTEN REALTY INVESTORS 498,658
475 WENDEL INVESTISSEMENT 52,372
110,442 YTL POWER INTERNATIONAL BHD 61,114
58,531,339
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.37%
900 AMER SPORTS OYJ 12,119
44,042 BED BATH & BEYOND INCORPORATED+ 1,350,328
15,450 BEST BUY COMPANY INCORPORATED 691,697
8,000 BEST DENKI COMPANY LIMITED 38,265
100,996 CIRCUIT CITY STORES INCORPORATED+<< 181,793
8,178 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED 10,042
570 FOURLIS HOLDINGS SA 12,068
10,092 GALIFORM PLC 6,143
4,347 GAME GROUP PLC 21,333
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES (continued)
2,714 JB HI-FI LIMITED $ 31,986
8,526 JD GROUP LIMITED 33,267
2,000 JOSHIN DENKI COMPANY LIMITED 16,131
1,600 K'S HOLDINGS CORPORATION 29,051
3,900 KOKUYO COMPANY LIMITED 31,459
77,310 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 1,589,018
1,400 NAFCO COMPANY LIMITED 19,542
1,700 NITORI COMPANY LIMITED 94,408
51,819 PIER 1 IMPORTS INCORPORATED+<< 229,040
6,700 PIONEER CORPORATION 50,858
25,608 RADIOSHACK CORPORATION<< 486,808
3,000 SHIMANO INCORPORATED 121,287
8,586 THOMSON 39,830
11,000 TOTO LIMITED 81,563
16,703 WILLIAMS-SONOMA INCORPORATED<< 295,476
1,800 XEBIO COMPANY LIMITED 33,163
3,340 YAMADA DENKI COMPANY LIMITED 239,950
7,200 YAMAHA CORPORATION 126,407
5,873,032
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.32%
6,000 ASSOCIATED INTERNATIONAL HOTELS+ 13,129
13,000 BANYAN TREE HOLDINGS LIMITED 9,092
23,974 BOYD GAMING CORPORATION+<< 292,243
5,169 CHOICE HOTELS INTERNATIONAL INCORPORATED 139,511
16,983 EGYPTIAN FOR TOURISM RESORTS+ 10,239
12,352 EIH LIMITED 41,133
2,200 FORMOSA INTERNATIONAL HOTELS CORPORATION 35,194
2,000 FUJITA KANKO INCORPORATED 14,769
18,065 GAYLORD ENTERTAINMENT COMPANY+<< 625,952
22,238 HONGKONG & SHANGHAI HOTELS LIMITED 31,683
450 IMPERIAL HOTEL LIMITED 10,989
20,653 INDIAN HOTELS COMPANY LIMITED 35,828
4,460 INTERCONTINENTAL HOTELS GROUP PLC 60,193
29,000 KLCC PROPERTY HOLDINGS BHD 23,088
4,691 LAS VEGAS SANDS CORPORATION+<< 222,400
13,809 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 389,552
2,220 MILLENNIUM & COPTHORNE HOTELS PLC 12,491
72,600 MINOR INTERNATIONAL PCL 25,232
1,136 ORBIS SA 26,933
18,719 ORIENT EXPRESS HOTELS LIMITED CLASS A<< 672,012
52,000 SHANGRI-LA ASIA LIMITED 99,850
14,533 SINO HOTELS HOLDINGS LIMITED 6,690
14,482 SKY CITY ENTERTAINMENT GROUP LIMITED 36,434
27,501 STARWOOD HOTELS & RESORTS WORLDWIDE
INCORPORATED<< 996,911
8,724 TUI TRAVEL PLC 33,393
13,552 VAIL RESORTS INCORPORATED+<< 596,152
36,065 WYNDHAM WORLDWIDE CORPORATION 695,333
5,156,426
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.33%
22,500 3M COMPANY 1,611,000
83,500 A-MAX HOLDINGS LIMITED+ 2,917
23,866 ACTUANT CORPORATION CLASS A<< 752,972
20,948 ADVANTECH COMPANY LIMITED 47,115
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
3,452 ALSTOM RGPT $ 350,662
14,000 AMADA COMPANY LIMITED 84,798
638 ANDRITZ AG 39,126
40,388 APPLE INCORPORATED+ 6,846,978
61,781 APPLIED MATERIALS INCORPORATED 1,107,116
2,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 13,511
7,175 ASTEC INDUSTRIES INCORPORATED+<< 246,820
10,638 ATLAS COPCO AB CLASS A 148,492
5,775 ATLAS COPCO AB CLASS B 73,893
65,762 AXCELIS TECHNOLOGIES INCORPORATED+ 311,054
14,033 BAKER HUGHES INCORPORATED 1,122,780
76,032 BENQ CORPORATION 38,274
11,153 BLACK BOX CORPORATION 399,724
826 BNK PETROLEUM INCORPORATED+ 1,376
150 BOBST GROUP AG 10,565
33,424 BRIGGS & STRATTON CORPORATION<< 501,360
76,030 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 564,143
42,498 BROOKS AUTOMATION INCORPORATED+ 408,406
80 BUCHER INDUSTRIES AG 16,402
11,947 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 834,498
36,238 CAMERON INTERNATIONAL CORPORATION+ 1,688,328
3,700 CANON FINETECH INCORPORATED 44,829
2,869 CAP GEMINI SA 169,387
1,700 CAPCOM COMPANY LIMITED 51,968
26,959 CARLISLE COMPANIES INCORPORATED 873,202
9,700 CASIO COMPUTER COMPANY LIMITED 107,950
23,400 CATCHER TECHNOLOGY COMPANY LIMITED 78,528
6,000 CHEN HSONG HOLDINGS 1,815
18,832 CHICONY ELECTRONICS COMPANY LIMITED 33,813
21,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 18,229
3,000 CHUGAI RO COMPANY LIMITED+ 14,337
2,400 CKD CORPORATION 11,734
28,350 CLEVO COMPANY+ 36,279
1,514 CRANE GROUP LIMITED 17,945
10,191 CROMPTON GREAVES LIMITED 62,393
30,240 CUMMINS INCORPORATED 1,970,438
8,000 DAIHEN CORPORATION 30,985
1,169 DASSAULT SYSTEMES SA 70,651
80,188 DELL INCORPORATED+ 1,742,485
89,403 DELTA ELECTRONICS INCORPORATED 239,460
12,737 DIEBOLD INCORPORATED 505,022
1,100 DISCO CORPORATION 40,909
29,921 DONALDSON COMPANY INCORPORATED 1,313,831
2,155 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 153,218
4,360 DOOSAN INFRACORE COMPANY LIMITED 84,227
38,200 DOVER CORPORATION 1,886,316
13,695 DRESSER RAND GROUP INCORPORATED+ 555,469
13,012 DRIL-QUIP INCORPORATED+ 715,790
34 EACCESS LIMITED 19,916
32,800 EATON CORPORATION 2,400,304
16,000 EBARA CORPORATION 37,431
95,920 EMC CORPORATION+ 1,465,658
74,246 ENTEGRIS INCORPORATED+ 457,355
9,194 FLOWSERVE CORPORATION 1,214,711
20,433 FMC TECHNOLOGIES INCORPORATED+<< 1,094,391
90,000 FONG'S INDUSTRIES COMPANY LIMITED 29,521
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
30,600 FOXCONN TECHNOLOGY COMPANY LIMITED $ 151,039
23,000 FUJI HEAVY INDUSTRIES LIMITED 131,482
1,600 FUJI MACHINE MANUFACTURING COMPANY LIMITED 23,083
1,100 FUJI SOFT INCORPORATED 19,695
75,000 FUJITSU LIMITED 518,389
10,000 FURUKAWA COMPANY LIMITED 16,979
24,346 GAMESTOP CORPORATION CLASS A+ 1,068,059
22,501 GARDNER DENVER INCORPORATED+ 1,015,695
689 GILDEMEISTER AG 16,599
113,815 HEWLETT-PACKARD COMPANY 5,340,200
3,200 HEXAGON AB 51,575
32,370 HIGH TECH COMPUTER CORPORATION 599,779
1,000 HISAKA WORKS LIMITED 20,724
3,200 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED 74,806
5,000 HITACHI KOKI COMPANY LIMITED 58,771
122,000 HITACHI LIMITED 898,523
900 HITACHI SOFTWARE ENGINEERING COMPANY LIMITED 18,300
250,000 HON HAI PRECISION INDUSTRY COMPANY LIMITED 1,254,134
4,000 HOSOKAWA MICRON CORPORATION 18,428
34,573 IDEX CORPORATION 1,281,621
1,249 INDRA SISTEMAS SA 31,973
10,672 INGERSOLL-RAND COMPANY LIMITED CLASS A 394,117
20,325 INTERMEC INCORPORATED+<< 408,329
48,246 INTERNATIONAL BUSINESS MACHINES CORPORATION 5,872,986
105,840 INVENTEC COMPANY LIMITED 62,093
8,000 ISEKI & COMPANY LIMITED 21,150
3,006 IT HOLDINGS CORPORATION+ 47,297
1,300 ITOCHU TECHNO-SCIENCE CORPORATION 35,673
15,785 JOHN BEAN TECHNOLOGIES CORPORATION+ 205,206
52,000 JOHNSON ELECTRIC HOLDINGS LIMITED 21,068
17,240 JOY GLOBAL INCORPORATED 1,224,730
12,356 KAYDON CORPORATION 688,600
5,000 KITZ CORPORATION 22,479
33,030 KOMATSU LIMITED 691,301
3,500 KONAMI CORPORATION 106,879
39,865 KUBOTA CORPORATION 278,344
32,759 KULICKE & SOFFA INDUSTRIES INCORPORATED+<< 168,381
20,031 LAM RESEARCH CORPORATION+ 736,340
10,297 LARSEN & TOUBRO LIMITED 601,345
126,000 LENOVO GROUP LIMITED 84,451
19,100 LEXMARK INTERNATIONAL INCORPORATED+ 687,027
8,380 LG PHILLIPS LCD COMPANY LIMITED 206,495
98,882 LITE-ON TECHNOLOGY CORPORATION 97,146
3,810 LOGITECH INTERNATIONAL SA+ 101,565
2,251 MAHARASHTRA SEAMLESS LIMITED 14,656
4,000 MAKINO MILLING MACHINE COMPANY LIMITED 18,296
1 MAKITA CORPORATION 26
1,767 MAN AG 172,417
20,715 MANITOWOC COMPANY INCORPORATED 521,604
1,000 MARUYAMA MANUFACTURING COMPANY INCORPORATED 1,932
2,000 MAX COMPANY LIMITED 19,159
8,000 MEIDENSHA CORPORATION 21,180
800 MEITEC CORPORATION 22,079
2,000 MELCO HOLDINGS INCORPORATED 45,432
2,085 METSO OYJ 81,034
35,363 MICROS SYSTEMS INCORPORATED+<< 1,089,888
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
2,700 MISUMI GROUP INCORPORATED $ 46,718
4,996 MISYS PLC 15,218
62,132 MITAC INTERNATIONAL CORPORATION 34,830
76,000 MITSUBISHI ELECTRIC CORPORATION 644,548
6,300 MITSUI HIGH-TEC INCORPORATED 43,020
3,000 MIURA COMPANY LIMITED 65,890
500 MODEC INCORPORATED 15,842
19,026 MODINE MANUFACTURING COMPANY 300,991
3,400 MORI SEIKI COMPANY LIMITED 43,955
4,000 NABTESCO CORPORATION 41,498
8,000 NACHI-FUJIKOSHI CORPORATION 25,500
18,848 NATIONAL OILWELL VARCO INCORPORATED+ 1,389,663
601 NCSOFT CORPORATION 28,651
149 NEC CORPORATION ADR(A) 656
897 NEOPOST SA 93,517
17 NET ONE SYSTEMS COMPANY LIMITED 22,706
900 NETUREN COMPANY LIMITED 6,658
1,900 NIHON UNISYS LIMITED 29,685
2,000 NIPPON THOMPSON COMPANY LIMITED 10,581
5,600 NOMURA RESEARCH INSTITUTE LIMITED 127,073
12,967 NORDSON CORPORATION 695,420
27,785 NUANCE COMMUNICATIONS INCORPORATED+<< 439,003
270 OBIC COMPANY LIMITED 47,695
1,107 OCE NV 10,749
900 OILES CORPORATION 15,531
1,500 OKAYA & COMPANY LIMITED 17,583
1,000 ORACLE CORPORATION JAPAN 43,575
1,000 ORGANO CORPORATION 7,172
3,095 ORMAT INDUSTRIES 34,475
700 OTSUKA CORPORATION 50,211
679 OUTOTEC OYJ 30,845
24,669 PALL CORPORATION 1,001,808
63,484 PALM INCORPORATED+<< 540,249
28,000 PARKER HANNIFIN CORPORATION 1,793,960
956 PASON SYSTEMS INCORPORATED+ 13,938
20,135 PENTAIR INCORPORATED<< 739,961
42,400 PITNEY BOWES INCORPORATED 1,447,960
588 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 8,787
124,567 QUANTUM CORPORATION+<< 220,484
1,108 RAMIRENT OYJ 7,702
3,700 RISO KAGAKU CORPORATION 48,077
119,000 RITEK CORPORATION+ 23,203
8,000 RYOBI LIMITED 26,407
19,416 SAGE GROUP PLC 74,029
98,000 SANYO ELECTRIC COMPANY LIMITED+ 195,406
292 SCHINDLER HOLDING SA 20,872
10,203 SCIENTIFIC GAMES CORPORATION CLASS A+ 307,212
668 SHAW INDUSTRIES LIMITED CLASS A+ 18,553
21,000 SHIHLIN ELECTRIC+ 22,615
900 SHIMA SEIKI MANUFACTURING LIMITED 20,943
4,954 SIMS GROUP LIMITED 145,222
1,900 SINTOKOGIO LIMITED 14,939
976 SKF AB 15,611
2,200 SMC CORPORATION 226,188
16,978 SMITH INTERNATIONAL INCORPORATED 1,183,335
118,500 SONUS NETWORKS INCORPORATED+<< 400,530
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
1,061 SPIRAX-SARCO ENGINEERING PLC $ 21,390
8,500 SPX CORPORATION 1,013,625
7,500 STANLEY ELECTRIC COMPANY LIMITED 151,091
15,730 STANLEY WORKS 754,254
750 SULZER AG 92,152
21,000 SUMITOMO HEAVY INDUSTRIES LIMITED 102,113
4,000 TADANO LIMITED 30,779
10,052 TATA CONSULTANCY SERVICES LIMITED 184,551
1,665 TATA TEA LIMITED 26,680
4,500 TDK CORPORATION 260,683
27,854 TERADATA CORPORATION+ 684,373
16,211 TEREX CORPORATION 815,251
2,505 THERMAX INDIA LIMITED 27,762
4,600 THK COMPANY LIMITED 74,741
760 TIETOENATOR OYJ 14,922
15,303 TIMKEN COMPANY 494,593
12,000 TORI HOLDINGS COMPANY LIMITED 767
16,899 TORO COMPANY<< 690,662
114,000 TOSHIBA CORPORATION 635,873
3,000 TOSHIBA MACHINE COMPANY LIMITED 13,160
32,000 TPV TECHNOLOGY LIMITED 15,582
3,500 TREND MICRO INCORPORATED 118,452
11,000 TSUBAKIMOTO CHAIN COMPANY 56,009
500 UNION TOOL COMPANY+ 12,034
11,000 UNISTEEL TECHNOLOGY LIMITED 14,971
20,076 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,268,000
29,235 VERIFONE HOLDINGS INCORPORATED+<< 589,378
10,490 WATSCO INCORPORATED<< 536,983
5,496 WEIR GROUP PLC 92,172
44,281 WESTERN DIGITAL CORPORATION+ 1,207,100
528 WINCOR NIXDORF AG 38,864
51,151 WISTRON CORPORATION 74,059
2,900 YAMAZEN CORPORATION 10,003
70,000 YIEH PHUI ENTERPRISE+ 28,096
1,925 ZARDOYA-OTIS SA 38,901
9,950 ZEBRA TECHNOLOGIES CORPORATION+ 310,639
85,551,481
--------------
INDUSTRIAL MACHINERY, COMPONENTS: 0.00%
338 DEMAG CRANES AG 18,405
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.50%
9,112 AON CORPORATION 432,729
17,958 ARTHUR J. GALLAGHER & COMPANY 475,528
759 BALOISE HOLDING AG 64,935
2,773 BENFIELD GROUP LIMITED 17,333
378,000 CATHAY FINANCIAL HOLDING COMPANY LIMITED 722,724
568 CNP ASSURANCES 68,179
670 GRUPO CATALANA OCCIDENTE SA 19,096
438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED 19,068
15,710 HILB ROGAL & HOBBS COMPANY 715,591
28,524 HUMANA INCORPORATED+ 1,323,514
2,365 JARDINE LLOYD THOMPSON GROUP PLC 19,457
17,509 MARSH & MCLENNAN COMPANIES INCORPORATED 559,062
3,200 MATSUI SECURITIES COMPANY LIMITED 22,575
26,737 NATIONAL FINANCIAL PARTNERS CORPORATION<< 539,285
41,904 STANDARD LIFE PLC 190,903
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INSURANCE AGENTS, BROKERS & SERVICE (continued)
10,000 TOKYO TATEMONO COMPANY LIMITED $ 48,014
70,353 UNUM GROUP 1,787,670
27,981 WILLIS GROUP HOLDINGS LIMITED 963,106
7,988,769
--------------
INSURANCE CARRIERS: 3.89%
11,568 ACE LIMITED 608,592
2,965 ADMIRAL GROUP PLC 52,358
21,769 AEGON NV 256,439
22,794 AETNA INCORPORATED 983,333
17,000 AIOI INSURANCE COMPANY LIMITED 83,692
4,510 AKSIGORTA AS 19,165
6,639 ALLEANZA ASSICURAZIONI SPA 63,011
901 ALLEGHANY CORPORATION 288,320
7,847 ALLIANZ AG 1,307,109
5 ALLIANZ AG ADR 83
9,386 ALLIED WORLD ASSURANCE HOLDINGS 362,487
18,927 ALLSTATE CORPORATION 854,176
127 AMB GENERALI HOLDING AG 21,483
185,149 AMBAC FINANCIAL GROUP INCORPORATED<< 1,325,667
14,981 AMERICAN FINANCIAL GROUP INCORPORATED 427,408
82,109 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,764,522
3,093 AMERICAN NATIONAL INSURANCE COMPANY 295,227
23,094 AMERIGROUP CORPORATION+ 597,673
5,039 AMLIN PLC 26,579
67,931 AMP LIMITED 402,170
10,514 ARCH CAPITAL GROUP LIMITED+ 733,457
20,364 ASSICURAZIONI GENERALI SPA 678,499
19,766 ASSURANT INCORPORATED 1,154,927
40,315 ASSURED GUARANTY LIMITED<< 655,522
44,271 AVIVA PLC 413,251
30,681 AXA ASIA PACIFIC HOLDINGS LIMITED 135,302
30,616 AXA SA 976,879
29,069 AXIS CAPITAL HOLDINGS LIMITED 971,777
5,842 BEAZLEY GROUP PLC 11,816
3,585 BRIT INSURANCE HOLDINGS PLC 12,624
2,598 CATLIN GROUP LIMITED 15,443
29,423 CENTENE CORPORATION+ 664,371
20,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED+ 41,406
355,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 1,349,321
12,936 CHUBB CORPORATION 621,057
9,380 CIGNA CORPORATION 392,834
30,034 CINCINNATI FINANCIAL CORPORATION 890,208
36,813 CONSECO INCORPORATED+ 330,213
27,334 DELPHI FINANCIAL GROUP CLASS A 733,371
18,724 DISCOVERY HOLDINGS LIMITED 53,953
540 DONGBU INSURANCE COMPANY LIMITED 15,119
10,568 ENDURANCE SPECIALTY HOLDINGS LIMITED 344,728
8,548 ERIE INDEMNITY COMPANY 395,345
155 EULER HERMES SA 12,405
12,347 EVEREST REINSURANCE GROUP LIMITED 1,014,059
300 FAIRFAX FINANCIAL HOLDINGS LIMITED 65,832
424 FBD HOLDINGS PLC 8,840
43,556 FIDELITY NATIONAL TITLE GROUP INCORPORATED<< 611,091
15,564 FIRST AMERICAN CORPORATION 393,302
1,309 FONDIARIA-SAI SPA 24,477
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INSURANCE CARRIERS (continued)
37,272 FRIENDS PROVIDENT PLC $ 66,867
6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 16,320
14,584 GENWORTH FINANCIAL INCORPORATED<< 234,073
4,100 GREAT-WEST LIFECO INCORPORATED 123,950
959 HANNOVER RUECKVERSICHERUNG AG 40,918
10,682 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 673,821
22,297 HCC INSURANCE HOLDINGS INCORPORATED 561,438
17,199 HEALTH NET INCORPORATED+ 475,552
64 HELVETIA HOLDING AG 19,836
27,084 HORACE MANN EDUCATORS CORPORATION 403,552
1,272 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES
INCORPORATED 44,265
478 ING CANADA INCORPORATED 18,007
66,922 INSURANCE AUSTRALIA GROUP LIMITED 226,219
11,817 IPC HOLDINGS LIMITED 374,244
3,397 KOREA REINSURANCE COMPANY 31,171
102,655 LEGAL & GENERAL GROUP PLC 187,289
5,960 LIBERTY GROUP LIMITED 54,378
9,160 LINCOLN NATIONAL CORPORATION 464,943
15,094 LOEWS CORPORATION 655,532
26,000 MANULIFE FINANCIAL CORPORATION 933,189
10,365 MAPFRE SA 49,569
1,525 MARKEL CORPORATION+ 564,250
31,509 MAX CAPITAL GROUP LIMITED 819,234
47,005 MBIA INCORPORATED+<< 762,421
2,596 MEDIOLANUM SPA 11,260
4,916 MERCURY GENERAL CORPORATION 250,421
1,194 MERITZ FIRE MARINE INSURANCE 10,298
15,120 METLIFE INCORPORATED 819,504
51,239 MGIC INVESTMENT CORPORATION<< 430,920
2,804 MILANO ASSICURAZIONI SPA 14,284
30,300 MILLEA HOLDINGS INCORPORATED 1,027,692
14,800 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 485,427
58,646 MONTPELIER RE HOLDINGS LIMITED 949,479
3,601 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 559,080
226 MUTUAL & FEDERAL INSURANCE COMPANY LIMITED 519
31,216 NATIONWIDE FINANCIAL SERVICES 1,605,751
28,000 NIPPONKOA INSURANCE COMPANY LIMITED 183,706
9,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED 46,879
88,654 OLD MUTUAL PLC 156,793
44,885 OLD REPUBLIC INTERNATIONAL CORPORATION 490,593
10,845 PARTNERRE LIMITED 747,329
25,740 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 1,537,450
72,972 PHOENIX COMPANIES INCORPORATED 869,097
120,000 PICC PROPERTY & CASUALTY COMPANY LIMITED 67,753
67,500 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED 492,556
33,089 PLATINUM UNDERWRITERS HOLDINGS LIMITED 1,196,167
49,577 PMI GROUP INCORPORATED<< 177,981
6,000 POWER CORPORATION OF CANADA 185,798
3,700 POWER FINANCIAL CORPORATION 120,673
8,709 PRINCIPAL FINANCIAL GROUP INCORPORATED 398,785
13,436 PROASSURANCE CORPORATION+ 724,200
13,508 PROTECTIVE LIFE CORPORATION 490,205
14,962 PRUDENTIAL FINANCIAL INCORPORATED 1,102,849
41,615 PRUDENTIAL PLC 413,265
31,802 QBE INSURANCE GROUP LIMITED 646,791
49,013 RADIAN GROUP INCORPORATED<< 187,720
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
INSURANCE CARRIERS (continued)
5,552 REINSURANCE GROUP OF AMERICA INCORPORATED<< $ 267,384
12,892 RENAISSANCERE HOLDINGS LIMITED 653,753
8,986 RLI CORPORATION 502,407
63,924 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 175,007
18,009 SAFECO CORPORATION 1,217,408
2,082 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED 378,113
103,022 SANLAM LIMITED 237,662
2,513 SCOR REGROUPE 57,896
36,167 SELECTIVE INSURANCE GROUP INCORPORATED 873,071
515 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL 24,385
34,000 SOMPO JAPAN INSURANCE INCORPORATED 306,561
3,034 ST. JAMES'S PLACE PLC 12,297
1 STANCORP FINANCIAL GROUP INCORPORATED 27
7,000 STOREBRAND ASA 54,409
9,700 SUN LIFE FINANCIAL INCORPORATED 374,096
671 SWISS LIFE HOLDING 122,071
6,025 SWISS REINSURANCE 370,588
8,950 T&D HOLDINGS INCORPORATED 469,617
10,000 TAIWAN LIFE INSURANCE COMPANY LIMITED 10,053
20,910 THE TRAVELERS COMPANIES INCORPORATED 923,386
200 TOPDANMARK AS+ 29,498
17,999 TORCHMARK CORPORATION 1,075,260
12,124 UNIPOL SPA 30,227
57,202 UNITEDHEALTH GROUP INCORPORATED 1,741,801
9,420 UNITRIN INCORPORATED 240,493
30,163 W.R. BERKLEY CORPORATION 710,640
6,016 WELLCARE HEALTH PLANS INCORPORATED+ 251,228
18,300 WELLPOINT INCORPORATED+ 966,057
1,199 WHITE MOUNTAIN INSURANCE GROUP LIMITED 567,007
35,444 XL CAPITAL LIMITED CLASS A 712,424
61,882 YAPI VE KREDI BANKASI AS 137,551
24,882 ZENITH NATIONAL INSURANCE CORPORATION 950,244
12,540 ZURICH FINANCIAL SERVICES AG 329,384
62,435,191
--------------
INSURANCE-MULTI LINE: 0.00%
1,751 FONDIARIA SAI SPA 48,516
--------------
INTERNET SOFTWARE: 0.00%
6 ACCESS COMPANY LIMITED+ 11,647
732 FREENET AG 10,648
22,295
--------------
INVESTMENT COMPANIES: 0.00%
260 BB BIOTECH AG 22,159
--------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.01%
104,000 ABOITIZ EQUITY VENTURES INCORPORATED 16,470
48,500 BERJAYA CORPORATION BHD 10,873
1,319 GROUPE BRUXELLES LAMBERT SA 137,151
2,719 TULLETT PREBON PLC 21,832
186,326
--------------
JUSTICE, PUBLIC ORDER & SAFETY: 0.09%
52,471 CORRECTIONS CORPORATION OF AMERICA+ 1,395,729
--------------
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
LEATHER & LEATHER PRODUCTS: 0.11%
28,217 BROWN SHOE COMPANY INCORPORATED<< $ 428,898
15,786 COACH INCORPORATED+ 457,636
9,364 GENESCO INCORPORATED+<< 342,816
31,014 TIMBERLAND COMPANY+ 522,896
1,752,246
--------------
LEGAL SERVICES: 0.15%
21,152 FTI CONSULTING INCORPORATED+ 1,552,557
3,699 PRE-PAID LEGAL SERVICES INCORPORATED<< 165,123
15,669 RAYONIER INCORPORATED 704,948
2,422,628
--------------
LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION: 0.01%
18 AP MOLLER-MAERSK AS 201,379
14,482 MACMAHON HOLDINGS LIMITED 21,667
223,046
--------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.07%
3,799 BABCOCK INTERNATIONAL GROUP 41,462
162,500 BARITO PACIFIC TBK PT+ 27,213
1,859 CANFOR CORPORATION+ 19,014
33,500 CHAMPION ENTERPRISES INCORPORATED+<< 163,815
70,495 LOUISIANA-PACIFIC CORPORATION+ 686,621
694 PFLEIDERER AG 10,412
2,276 SINO-FOREST CORPORATION+ 42,871
325 TECNICAS REUNIDAS SA 21,445
120,930 TERRANOVA SA 19,693
504 WEST FRASER TIMBER COMPANY LIMITED+ 18,607
1,051,153
--------------
MACHINERY: 0.03%
3,500 DAIFUKU COMPANY LIMITED 28,648
1 HUSQVARNA AB 6
4,105 HUSQVARNA AB B SHARES 33,119
14,000 JAPAN STEEL WORKS 241,107
5,000 OKUMA CORPORATION 35,939
3,400 OSG CORPORATION 29,131
575 RHEINMETALL BERLIN 36,602
2,589 SEVAN MARINE ASA+ 26,599
431,151
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 2.98%
2,200 A&D COMPANY LIMITED 16,198
26,185 ADVANCED MEDICAL OPTICS INCORPORATED+<< 566,382
30,318 AFFYMETRIX INCORPORATED+<< 260,128
2,819 AGFA-GEVAERT NV 22,449
16,663 AGILENT TECHNOLOGIES INCORPORATED+ 579,206
10,300 ALFA LAVAL AB 140,563
13,804 ALLERGAN INCORPORATED 771,229
708 ALTANA AG 11,294
30,959 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+<< 551,070
33,745 APPLIED BIOSYSTEMS 1,231,355
11,808 ARTHROCARE CORPORATION+<< 302,757
13,310 BAYER AG 1,051,921
9,662 BECKMAN COULTER INCORPORATED 713,249
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
10,482 BECTON DICKINSON & COMPANY $ 915,917
201 BEKAERT SA 35,051
8,043 BIO-RAD LABORATORIES INCORPORATED+ 865,427
26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ 11,276
65,653 BOSTON SCIENTIFIC CORPORATION+ 824,602
15,789 CELERA CORPORATION+ 221,046
24,100 CEPHEID INCORPORATED+<< 448,260
2,298 COCHLEAR LIMITED 107,817
14,610 COHU INCORPORATED 243,987
412 COLOPLAST AS CLASS B 29,497
1,365 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 56,046
2,700 COSEL COMPANY LIMITED 24,288
16,594 CR BARD INCORPORATED 1,550,709
11,197 DANAHER CORPORATION 913,339
22,262 DENTSPLY INTERNATIONAL INCORPORATED<< 872,448
17,643 DRS TECHNOLOGIES INCORPORATED 1,404,736
57,802 EASTMAN KODAK COMPANY<< 935,814
1,156 ELEKTA AB CLASS B 24,538
17,133 ENERGY CONVERSION DEVICES INCORPORATED+<< 1,287,888
11,126 ESCO TECHNOLOGIES INCORPORATED+<< 529,709
3,600 ESPEC CORPORATION 25,224
3,852 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 204,917
12,898 ESTERLINE TECHNOLOGIES CORPORATION+ 728,608
17,941 FISHER & PAYKEL HEALTHCARE CORPORATION 39,450
21,900 FLIR SYSTEMS INCORPORATED+ 781,830
20,886 FORMFACTOR INCORPORATED+<< 400,802
21,700 FOSSIL INCORPORATED+ 649,264
1,153 FRESENIUS AG 93,911
18,000 FUJIFILM HOLDINGS CORPORATION 495,288
13,000 FUJIKURA LIMITED 60,512
500 FUKUDA DENSHI COMPANY LIMITED 11,014
25,000 FURUKAWA ELECTRIC COMPANY LIMITED 128,914
5,792 GARMIN LIMITED<< 201,330
2,800 GETINGE AB 63,796
40,000 GOLDEN MEDITECH COMPANY LIMITED 11,922
11,156 HAEMONETICS CORPORATION+<< 699,704
4,905 HALMA PLC 17,981
6,000 HITACHI CABLE LIMITED 21,611
400 HOGY MEDICAL COMPANY LIMITED 19,209
40,915 HOLOGIC INCORPORATED+<< 868,216
15,900 HOYA CORPORATION 324,124
6,331 INTUITIVE SURGICAL INCORPORATED+ 1,869,354
36,600 ION GEOPHYSICAL CORPORATION+<< 589,992
14,311 ITRON INCORPORATED+<< 1,482,333
18,500 KONICA MINOLTA HOLDINGS INCORPORATED 254,982
4,162 LARGAN PRECISION COMPANY LIMITED 56,165
2,058 LUXOTTICA GROUP SPA 51,642
52,123 MEDTRONIC INCORPORATED 2,845,916
14,529 MENTOR CORPORATION<< 358,576
5,567 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 585,648
8,422 MILLIPORE CORPORATION+ 631,734
9,571 MINE SAFETY APPLIANCES COMPANY<< 347,714
3,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 36,454
25,843 NATIONAL INSTRUMENTS CORPORATION 834,212
14,632 NEWPORT CORPORATION+ 137,102
1,500 NIHON KOHDEN CORPORATION 32,706
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS (continued)
13,000 NIKON CORPORATION $ 421,930
1,000 NIPRO CORPORATION 18,251
5,932 OLYMPUS CORPORATION ADR<< 195,137
21,244 ORBOTECH LIMITED 229,435
951 ORION OYJ 17,900
5,000 OSAKI ELECTRIC COMPANY LIMITED 28,487
69,000 OSIM INTERNATIONAL LIMITED 12,173
3,500 PARIS MIKI INCORPORATED 29,471
5,016 PHARMAXIS LIMITED+ 9,456
692 PHONAK HOLDING AG 50,054
11,929 RESMED INCORPORATED+<< 558,277
20,951 ROCKWELL AUTOMATION INCORPORATED 989,097
14,266 ROPER INDUSTRIES INCORPORATED<< 842,835
9,000 SHIMADZU CORPORATION 84,349
5,002 SILEX SYSTEMS LIMITED+ 30,648
41,090 SIRF TECHNOLOGY HOLDINGS INCORPORATED+<< 76,017
2,425 SSL INTERNATIONAL PLC 20,887
15,306 ST. JUDE MEDICAL INCORPORATED+ 701,474
41,978 STERIS CORPORATION<< 1,543,531
84 STRAUMANN HOLDING AG 22,511
14,308 STRYKER CORPORATION 961,355
27,700 SUMITOMO ELECTRIC INDUSTRIES LIMITED 317,873
3,300 SUZUKEN COMPANY LIMITED 118,546
1,153 SYNTHES INCORPORATED 159,551
8,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 169,692
600 TAMRON COMPANY LIMITED 10,960
201 TECAN GROUP AG 11,390
16,922 TECHNE CORPORATION+ 1,305,871
13,984 TELEDYNE TECHNOLOGIES INCORPORATED+ 871,623
33,908 TERADYNE INCORPORATED+<< 316,362
6,900 TERUMO CORPORATION 383,863
1,200 TGS NOPEC GEOPHYSICAL COMPANY ASA+ 16,024
970 TITAN INDUSTRIES LIMITED 27,777
1,200 TOA MEDICAL ELECTRONICS COMPANY 52,333
1,400 TOPCON CORPORATION 9,304
18,543 TRIMBLE NAVIGATION LIMITED+ 627,681
4,300 USHIO INCORPORATED 65,124
13,387 VARIAN INCORPORATED+<< 665,468
3,191 VESTAS WIND SYSTEMS AS+ 432,998
15,965 WATERS CORPORATION+ 1,089,611
396 WILLIAM DEMANT HOLDING+ 19,116
4,100 YAMATAKE CORPORATION 79,538
10,955 ZIMMER HOLDINGS INCORPORATED+ 793,032
47,869,365
--------------
MEDIA: 0.00%
820 MODERN TIMES GROUP MTG B SHARES 43,402
977 VOCENTO SA 10,733
54,135
--------------
MEDICAL EQUIPMENT & SUPPLIES: 0.08%
19,831 INVACARE CORPORATION<< 504,302
15,300 NUVASIVE INCORPORATED+<< 729,198
1,233,500
--------------
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MEDICAL MANAGEMENT SERVICES: 0.06%
281,100 BANGKOK CHAIN HOSPITAL PCL $ 60,341
24,199 COVENTRY HEALTH CARE INCORPORATED+ 847,449
907,790
--------------
MEDICAL PRODUCTS: 0.18%
29,000 BAXTER INTERNATIONAL INCORPORATED 1,965,040
8,975 ILLUMINA INCORPORATED+<< 773,017
397 ROCHE HOLDINGS AG - BEARER SHARES 72,915
2,810,972
--------------
METAL MINING: 1.10%
3,793 ACCOR SA 250,835
5,420 ADITYA BIRLA MINERALS LIMITED 7,531
3,611 AFRICAN RAINBOW MINERALS LIMITED 121,248
2,222 AGNICO EAGLE MINES LIMITED 127,548
40,215 ALUMINA LIMITED(A) 165,951
8,931 ANDEAN RESOURCES LIMITED+ 9,767
152,174 ANEKA TAMBANG TBK PT 31,109
23,311 ANGLO AMERICAN PLC 1,239,108
3,120 ANGLO PLATINUM LIMITED 393,010
15,923 ANGLOGOLD ASHANTI LIMITED 428,042
5,164 AQUILA RESOURCES LIMITED+ 71,575
2,262 AURIZON MINES LIMITED+ 7,030
6,457 AVOCA RESOURCES LIMITED+ 10,228
5,200 BANPU PCL 59,067
3,268 BANRO CORPORATION+ 11,326
14,400 BARRICK GOLD CORPORATION 501,111
9,025 BHARAT FORGE LIMITED 54,337
4,500 BOLIDEN AB 28,349
5,200 CAMECO CORPORATION 156,421
19,141 CENTAMIN EGYPT LIMITED+ 17,883
156,000 CHINA MINING RESOURCES GROUP LIMITED+ 8,545
8,246 CIA DE MINAS BUENAVENTURA SA 192,775
29,894 CIA MINERA MILPO SA 79,002
62,246 CIA VALE DO RIO DOCE 1,652,383
15,156 CLEVELAND CLIFFS INCORPORATED 1,534,090
9,842 COAL OF AFRICA LIMITED+ 25,654
243,200 COEUR D'ALENE MINES CORPORATION+<< 435,328
629 COMPASS RESOURCES NL+ 339
1,265 DENISON MINES CORPORATION+ 7,160
8,467 EASTERN PLATINUM LIMITED+ 12,519
4,392 ELDORADO GOLD CORPORATION+ 34,911
9,374 EQUINOX MINERALS LIMITED+ 35,314
191 ERAMET 104,586
5,033 EURASIAN NATURAL RESOURCES CORPORATION 91,955
2,612 EUROPEAN GOLDFIELDS LIMITED+ 10,430
1,084 FIRST QUANTUM MINERALS LIMITED 69,932
842 FNX MINING COMPANY INCORPORATED+ 12,291
75,806 FORTESCUE METALS GROUP LIMITED+ 492,487
1,514 FRANCO-NEVADA CORPORATION 30,157
6,162 GABRIEL RESOURCES LIMITED+ 13,000
1,892 GAMMON LAKE RESOURCES INCORPORATED+ 17,605
14,745 GINDALBIE METALS LIMITED+ 11,365
30,510 GOLD FIELDS LIMITED 279,181
11,936 GOLDCORP INCORPORATED 406,035
197,591 GRUPO MEXICO SAB DE CV 329,167
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
METAL MINING (continued)
1,859 GUYANA GOLDFIELDS INCORPORATED+ $ 5,935
15,239 HARMONY GOLD MINING COMPANY LIMITED+ 132,894
3,616 HINDALCO INDUSTRIES LIMITED 10,008
6,787 HINDUSTAN ZINC LIMITED 87,863
2,100 HUDBAY MINERALS INCORPORATED+ 21,241
4,701 IAMGOLD CORPORATION 30,992
29,966 IMPALA PLATINUM HOLDINGS LIMITED 845,507
4,101 INDEPENDENCE GROUP NL 11,514
13,243 INDOPHIL RESOURCES NL+ 13,733
676 INMET MINING CORPORATION 40,714
95,928 INTERNATIONAL NICKEL INDONESIA TBK 38,755
4,042 IVANHOE MINES LIMITED+ 45,491
12,681 KAGARA ZINC LIMITED 33,740
2,214 KATANGA MINING LIMITED+ 23,979
4,511 KAZAKHMYS PLC 105,857
5,753 KGHM POLSKA MIEDZ SA 193,691
3,013 KINGSGATE CONSOLIDATED LIMITED 12,764
9,769 KINROSS GOLD CORPORATION 161,007
587 KOREA ZINC COMPANY LIMITED 67,856
260 LABRADOR IRON ORE ROYALTY INCOME FUND+ 13,644
2,540 LONMIN PLC 160,425
4,655 LUNDIN MINING CORPORATION+ 22,271
6,401 MINARA RESOURCES LIMITED 8,454
5,400 MINCOR RESOURCES NL 8,708
4,880 MINEFINDERS CORPORATION+ 38,606
3,262 MIRABELA NICKEL LIMITED+ 13,929
22,000 MITSUI MINING & SMELTING COMPANY LIMITED 58,619
12,447 MURCHISON METALS LIMITED+ 23,501
15,826 NEWCREST MINING LIMITED 371,129
19,764 NEWMONT MINING CORPORATION 891,356
926 NEWMONT MINING CORPORATION OF CANADA LIMITED 41,582
3,000 NIPPON DENKO COMPANY LIMITED 25,818
19,000 NIPPON LIGHT METAL COMPANY LIMITED 28,667
6,396 NORTHAM PLATINUM LIMITED 44,513
306,000 OCEAN GRAND HOLDINGS LIMITED 39,600
28,126 OM HOLDINGS LIMITED 57,837
700 ONOKEN COMPANY LIMITED 10,427
1,618 OUTOKUMPU OYJ 38,744
5,000 PACIFIC METALS COMPANY LIMITED 31,998
1,279 PAN AMERICAN SILVER CORPORATION+ 34,330
46,179 PAN AUSTRALIAN RESOURCES LIMITED+ 34,137
12,593 QUEST CAPITAL CORPORATION 20,399
2,243 RED BACK MINING INCORPORATED+ 14,470
8,671 RESOLUTE MINING LIMITED+ 11,854
10,210 RIO TINTO LIMITED 1,107,003
17,318 RIO TINTO PLC 1,643,981
6,431 RIVERSDALE MINING LIMITED 56,984
5,152 SALLY MALAY MINING LIMITED 9,604
8,750 SESA GOA LIMITED 31,355
4,146 SHERRITT INTERNATIONAL CORPORATION 37,290
680 SILVER STANDARD RESOURCES INCORPORATED+ 17,272
1,187 SILVER WHEATON CORPORATION+ 13,750
1,891 SILVERCORP METALS INCORPORATED 7,907
944 SOCIEDAD MINERA CERRO VERDE SA+ 21,004
3,920 SOCIEDAD MINERA EL BROCAL SA+ 52,063
5,760 SOUTHERN COPPER CORPORATION<< 147,053
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
METAL MINING (continued)
28,404 STILLWATER MINING COMPANY+<< $ 211,610
11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 11,783
42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 9,200
5,907 SXR URANIUM ONE INCORPORATED+ 25,313
6,222 SYLVANIA RESOURCES LIMITED+ 7,548
7,175 TECK COMINCO INCORPORATED LIMITED 299,777
1,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 29,449
80,000 TIMAH TBK PT 22,347
1,200 TOHO TITANIUM COMPANY LIMITED 17,754
54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL 10,824
8,018 UNITED PHOSPHORUS LIMITED 60,867
1,983 VEDANTA RESOURCES PLC 65,475
26,014 VOLCAN CIA MINERA SAA+ 30,849
4,171 WESTERN AREAS NL+ 33,099
11,308 YAMANA GOLD INCORPORATED 122,798
176,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 119,059
17,729,264
--------------
MINING: 0.01%
947 ASSORE LIMITED 92,233
1,908 AURELIAN RESOURCES INCORPORATED+ 10,872
103,105
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.53%
588 ABER DIAMOND CORPORATION 11,519
5,780 ANTOFAGASTA PLC 64,968
122,403 BHP BILLITON LIMITED 4,299,017
53,023 BOART LONGYEAR GROUP 88,695
2,604 BRADKEN LIMITED 24,403
43,000 CHINA MOLYBDENUM COMPANY LIMITED 27,988
11,000 DOWA MINING COMPANY LIMITED 61,282
22,086 ILUKA RESOURCES LIMITED 84,196
65,000 JIANGXI COPPER COMPANY LIMITED 103,159
82,553 LIHIR GOLD LIMITED+ 167,387
17,759 LYNAS CORPORATION LIMITED+ 17,364
14,182 MINSUR SA 32,866
45,000 MITSUBISHI MATERIALS CORPORATION 159,682
40,000 MONGOLIA ENERGY COMPANY LIMITED+ 36,948
18,676 MOUNT GIBSON IRON LIMITED 38,225
118,707 OXIANA LIMITED 176,731
16,220 PALADIN RESOURCES LIMITED+ 80,024
5,100 POTASH CORPORATION OF SASKATCHEWAN 887,433
813 QUADRA MINING LIMITED+ 12,978
1,115 RANDGOLD RESOURCES LIMITED 49,440
22,281 ST BARBARA LIMITED+ 4,084
3,800 STRAITS RESOURCES LIMITED 17,930
21,000 SUMITOMO METAL MINING COMPANY LIMITED 267,551
1,850 UMICORE 81,069
14,545 VULCAN MATERIALS COMPANY<< 1,088,555
11,144 XSTRATA PLC 621,315
8,504,809
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.14%
901 AALBERTS INDUSTRIES NV 13,856
307 ADVANCED METALLURGICAL GROUP NV+ 18,418
6,434 AFRICAN OXYGEN LIMITED 22,546
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
180,000 ALLIANCE GLOBAL GROUP INCORPORATED+ $ 18,117
1,800 AMANO CORPORATION 15,499
21,000 ANTA SPORTS PRODUCTS LIMITED 14,874
608 AREVA T&D INDIA LIMITED 20,941
882 BHARAT ELECTRONICS LIMITED 18,376
26,491 BLUESCOPE STEEL LIMITED 208,300
17,441 BLYTH INCORPORATED 275,742
5,263 BUNZL PLC 68,411
43,491 CALLAWAY GOLF COMPANY 590,608
1,859 CAMPBELL BROTHERS LIMITED 55,820
2,353 CHEIL INDUSTRIES INCORPORATED 111,487
25,200 CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED+ 2,180
26,356 CIPLA LIMITED INDIA 143,471
2,628 COLGATE PALMOLIVE INDIA LIMITED 24,356
5,789 COOKSON GROUP PLC 68,335
4,431 CUMMINS INDIA LIMITED 31,819
11,414 DABUR INDIA LIMITED 23,592
903 DOOSAN CORPORATION+ 101,299
2,181 ELSWEDY CABLES HOLDING COMPANY+ 55,198
64,000 FIRST PACIFIC COMPANY LIMITED 39,504
32,000 FOSUN INTERNATIONAL+ 17,885
65,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 48,238
26,966 FUTURIS CORPORATION LIMITED 31,798
47,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 18,145
7,800 GINTECH ENERGY CORPORATION+ 59,248
4,300 GLORY LIMITED 91,735
3,402 GRASIM INDUSTRIES LIMITED 148,191
6,598 GWA INTERNATIONAL LIMITED+ 16,025
25,025 HASBRO INCORPORATED 935,935
32,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 107,046
41,318 HILLENBRAND INCORPORATED 982,542
4,142 HILLS INDUSTRIES LIMITED 15,049
47,917 HINDALCO INDUSTRIES LIMITED++ 139,438
700 HITACHI MAXELL LIMITED 7,820
237,835 IDT INTERNATIONAL LIMITED+ 8,461
5,387 IMI PLC 48,942
4,223 INDUSTRIAS PENOLES SA DE CV 69,776
11,785 INVENSYS PLC+ 60,134
51,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 87,300
261 ITALMOBILIARE SPA 13,723
19,106 JAKKS PACIFIC INCORPORATED+<< 476,695
2,900 JAPAN CASH MACHINE COMPANY LIMITED 24,969
98,763 JOHNSON & JOHNSON 6,955,878
12,000 JS GROUP CORPORATION 162,903
70,000 KAWASAKI HEAVY INDUSTRIES LIMITED 154,340
332 KOOR INDUSTRIES LIMITED 14,597
2,100 KOSE CORPORATION 57,096
626 KRONES AG 45,800
469 LEONI AG 20,808
21,105 LITE-ON IT CORPORATION+ 16,287
2,025 LUPIN LIMITED 33,482
72,495 MATTEL INCORPORATED 1,401,328
2,109 MELROSE PLC 6,206
117,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 558,787
1,200 MITSUBISHI PENCIL COMPANY LIMITED 15,383
5,500 MITSUI MINING COMPANY LIMITED 18,752
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
11,505 MORGAN CRUCIBLE COMPANY $ 48,085
7,106 MOSER BAER INDIA LIMITED 16,303
100 NAKANISHI INCORPORATED 9,151
3,781 NATIONAL ALUMINIUM COMPANY LIMITED 33,035
5,937 NEW HOPE CORPORATION LIMITED 23,666
2,000 NIKKISO COMPANY LIMITED 12,284
2,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 16,082
15,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 200,085
431 NKT HOLDING AS 24,456
63,600 NOBLE GROUP LIMITED 85,937
14,333 ORICA LIMITED 303,549
8,000 RELIANCE INDUSTRIES LIMITED<<++ 777,950
386 RHI AG+ 17,485
100 ROCKWOOL INTERNATIONAL AS 9,828
2,100 SANRIO COMPANY LIMITED 23,891
5,402 SHREE PRECOATED STEELS LIMITED 11,591
60,000 SINGAMAS CONTAINER HOLDING 14,463
57,472 SUZLON ENERGY LIMITED 282,942
2,700 TOMY COMPANY LIMITED 17,773
823 TRELLEBORG AB CLASS B 14,266
16,924 TYCO INTERNATIONAL LIMITED 725,701
40,824 UNIMICRON TECHNOLOGY CORPORATION 45,337
2,771 UNITED SPIRITS LIMITED 84,715
10,093 VIDEOCON INDUSTRIES LIMITED 62,162
1,339 WARTSILA OYJ CLASS B 76,898
21,664 WESFARMERS LIMITED 567,995
55,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 23,179
351 ZAKLADY AZOTOWE PULAWY SA+ 15,299
18,357,599
--------------
MISCELLANEOUS RETAIL: 1.01%
28,000 AEON COMPANY LIMITED 321,117
309 AKER ASA CLASS A 14,259
24,000 ALIBABA.COM LIMITED+ 30,208
3,800 ARCS COMPANY LIMITED 53,036
73,646 BLOCKBUSTER INCORPORATED+<< 176,750
37,777 BORDERS GROUP INCORPORATED+<< 264,439
38,000 CHINA RESOURCES ENTERPRISE LIMITED 102,836
50,000 CITIC PACIFIC LIMITED 173,465
9,434 COMERCIAL SIGLO XXL SA 35,326
20,027 COSTCO WHOLESALE CORPORATION 1,343,011
5,800 CREDIT SAISON COMPANY LIMITED 116,847
3,800 CULTURE CONVENIENCE CLUB COMPANY LIMITED 23,648
65,476 CVS CORPORATION 2,396,422
36,131 DICK'S SPORTING GOODS INCORPORATED+ 827,039
36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 21,075
39,755 DILLARD'S INCORPORATED<< 507,671
9,710 EXPRESS SCRIPTS INCORPORATED+ 712,811
2,723 FAES FARMA SA 22,229
8,378 FOSCHINI LIMITED 46,163
500 FUJI COMPANY LIMITED 7,992
22 GEO COMPANY LIMITED 21,420
4,400 HEIWADO COMPANY LIMITED 70,075
900 HIKARI TSUSHIN INCORPORATED 22,911
7,540 HSN INCORPORATED+<< 110,458
7,634 INDIABULLS FINANCIAL SERVICES LIMITED 42,963
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MISCELLANEOUS RETAIL (continued)
4,706 INMOBILIARIA COLONIAL SA $ 2,601
13,500 ISETAN MITSUKOSHI HOLDINGS LIMITED 150,470
4,200 IZUMI COMPANY LIMITED 61,199
1,094 JEAN COUTU GROUP INCORPORATED CLASS A 8,706
10,000 KASUMI COMPANY LIMITED 60,688
4,000 LIFE CORPORATION 61,049
14,418 LONGS DRUG STORES CORPORATION 1,033,050
10,124 MARVEL ENTERTAINMENT INCORPORATED+<< 342,900
9,114 MASSMART HOLDINGS LIMITED 98,218
136,000 METRO HOLDINGS LIMITED 64,847
20,483 MSC INDUSTRIAL DIRECT COMPANY<< 1,043,199
5,988 NATURA COSMETICOS SA 69,909
14,241 NUTRI SYSTEM INCORPORATED<< 282,969
3,190 ORIX CORPORATION 388,613
15,302 ORKLA ASA 196,301
20,406 PETSMART INCORPORATED 550,350
5,337 PRICELINE.COM INCORPORATED+<< 496,234
107,964 RITE AID CORPORATION+<< 130,636
800 RYOHIN KEIKAKU COMPANY LIMITED 42,927
14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 5,488
940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 24,478
1,700 SHIMACHU COMPANY LIMITED 40,878
4,000 SHOPPERS DRUG MART CORPORATION 208,702
2,930 SK NETWORKS COMPANY LIMITED+ 44,854
32,402 STAPLES INCORPORATED 784,128
450 STOCKMANN OYJ ABP 12,686
2,400 THE DAIEI INCORPORATED+ 18,972
8,000 UNY COMPANY LIMITED 88,192
45,281 WALGREEN COMPANY 1,649,587
37,659 WOOLWORTHS HOLDINGS LIMITED 61,398
28,771 ZALE CORPORATION+<< 785,736
16,274,136
--------------
MISCELLANEOUS SERVICES: 0.06%
9,077 DUN & BRADSTREET CORPORATION 834,812
48,000 GLOBAL BIO-CHEM TECHNOLOGY 18,229
4,636 IFIL INVESTMENTS SPA 30,201
47,471 INVERSIONES AGUAS METROPOLITANAS SA 49,068
932,310
--------------
MOTION PICTURES: 0.47%
549 ASTRAL MEDIA INCORPORATED 17,187
17,619 AVID TECHNOLOGY INCORPORATED+<< 409,466
3,000 ESUN HOLDINGS LIMITED+ 562
484,500 GLOBAL MEDIACOM TBK PT 20,235
82,941 NEWS CORPORATION CLASS A 1,174,445
19,787 NEWS CORPORATION CLASS B 284,141
10,000 TELEVISION BROADCASTS LIMITED 55,816
165,189 TIME WARNER INCORPORATED 2,704,144
4,800 TOHO COMPANY LIMITED TOKYO 101,464
6,370 TVN SA PLN 49,999
80,700 WALT DISNEY COMPANY 2,610,645
13,569 ZEE ENTERTAINMENT ENTERPRISES LIMITED 66,689
7,494,793
--------------
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.34%
15,206 ARKANSAS BEST CORPORATION $ 526,432
36,788 CHINA MERCHANTS HOLDINGS INTERNATIONAL
COMPANY LIMITED 135,621
8,754 CON-WAY INCORPORATED 429,821
2,176 CONTAINER CORPORATION OF INDIA 43,272
32,000 COSCO PACIFIC LIMITED 48,675
2,980 DSV A/S 57,591
28,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT
CORPORATION+ 18,168
2,389 FORD OTOMOTIV SANAYI AS 18,416
12,658 FORWARD AIR CORPORATION 446,701
5,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 17,015
1,400 HITACHI TRANSPORT SYSTEM LIMITED 18,952
23,105 LANDSTAR SYSTEM INCORPORATED<< 1,132,607
3,167 MAINFREIGHT LIMITED 15,624
5,000 MITSUBISHI LOGISTICS CORPORATION 56,705
18,734 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 243,987
39,000 NIPPON EXPRESS COMPANY LIMITED 182,354
2,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 20,255
13,030 OLD DOMINION FREIGHT LINE+ 433,508
9,000 SANKYU INCORPORATED 42,598
700 SCANIA AB 10,410
6,000 SEINO HOLDINGS COMPANY LIMITED 35,082
2,000 SHIBUSAWA WAREHOUSE COMPANY LIMITED THE 10,917
47,300 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 91,418
34,580 WERNER ENTERPRISES INCORPORATED<< 788,770
38,592 YRC WORLDWIDE INCORPORATED+<< 698,515
5,523,414
--------------
MULTI MEDIA: 0.00%
1,710 SANOMAWSOY OYJ 33,936
--------------
MULTI-INDUSTRY COMPANIES: 0.01%
38,000 FRASER & NEAVE LIMITED 116,530
--------------
NEWSPAPERS: 0.00%
105 AXEL SPRINGER AG 10,985
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
2,820 ACOM COMPANY LIMITED 78,543
3,000 AEON CREDIT SERVICE COMPANY LIMITED 34,121
2,600 AIFUL CORPORATION 21,014
46,780 AMERICAN EXPRESS COMPANY 1,856,230
77,440 AMERICREDIT CORPORATION+<< 819,315
1 APOLLO INVESTMENT CORPORATION<< 18
462 BANCA ITALEASE SPA 3,990
1,251 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO 12,360
7,122 BRADFORD & BINGLEY PLC 6,354
12,573 CAPITAL ONE FINANCIAL CORPORATION<< 554,972
42,650 CAPITAL SOURCE INCORPORATED<< 536,537
8,749 CATTLES PLC 18,980
1,200 CENTURY LEASING SYSTEM INCORPORATED 12,378
53,979 CIT GROUP INCORPORATED<< 556,523
19,607 COMPUCREDIT CORPORATION+ 101,760
17,759 CREDIT SUISSE GROUP 823,710
33,007 FANNIE MAE+<< 225,768
10,849 FINANSBANK AS TURKEY 54,743
217,803 FIRST FINANCIAL HOLDING COMPANY LIMITED 164,431
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
NON-DEPOSITORY CREDIT INSTITUTIONS (continued)
39,079 FIRST MARBLEHEAD CORPORATION+<< $ 161,005
110,100 FOMENTO ECONOMICO MEXICANO SAB DE CV 488,251
700 FUYO GENERAL LEASE COMPANY LIMITED 20,844
4,600 HITACHI CAPITAL CORPORATION 69,652
4,265 HOLDING DI PARTECIPAZIONI INDUSTRIALI SPA 9,657
2,700 IBJ LEASING COMPANY LIMITED 49,727
26,947 IFCI LIMITED 27,039
45,372 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY
LIMITED 93,789
4,261 INTERNATIONAL PERSONAL FINANCE PLC 24,035
6,011 IRISH LIFE & PERMANENT PLC 55,969
2,530 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 88,581
263 ORIX CORPORATION ADR 16,159
34,591 PEOPLE'S UNITED FINANCIAL INCORPORATED 619,871
5,321 POWER FINANCE CORPORATION LIMITED 16,095
3,150 PROMISE COMPANY LIMITED 70,597
1,666 PROVIDENT FINANCIAL PLC 27,504
11,518 REDECARD SA 209,303
600 RICOH LEASING COMPANY LIMITED 12,012
7,952 SAMPO OYJ 200,052
447 SAMSUNG CARD COMPANY LIMITED 16,291
11 SHINKIN CENTRAL BANK 43,192
4,640 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED 35,718
8,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 28,359
3,100 TOKYO LEASING COMPANY 29,098
161,069 TRANSCEND INFORMATION INCORPORATED 118,593
1,256 TREE.COM INCORPORATED+<< 9,546
14,611 TURKIYE HALK BANKASI AS 80,492
8,503,178
--------------
NON-FERROUS METALS: 0.00%
800 SUMITOMO TITANIUM CORPORATION 30,660
--------------
OFFICE EQUIPMENT: 0.04%
42,100 XEROX CORPORATION 586,453
--------------
OIL & GAS EXTRACTION: 5.43%
845 ABAN OFFSHORE LIMITED 39,711
1,639 ADDAX PETROLEUM CORPORATION 62,624
1,122 ADVANTAGE ENERGY+ 12,818
520 ALTAGAS INCORPORATEDOME TRUST+ 12,469
16,256 ANADARKO PETROLEUM CORPORATION 1,003,483
2,300 AOC HOLDINGS INCORPORATED 23,891
11,493 APACHE CORPORATION 1,314,569
11,177 ARC ENERGY LIMITED+(A) 12,381
879 ARKEMA 42,399
19,379 ARROW ENERGY NL+ 57,465
23,630 ATWOOD OCEANICS INCORPORATED+ 960,796
15,833 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 47,273
2,755 BANKERS PETROLEUM LIMITED+ 12,586
24,795 BEACH PETROLEUM LIMITED 24,302
58,027 BG GROUP PLC 1,287,119
5,902 BHARAT PETROLEUM CORPORATION LIMITED 40,300
1,758 BIRCHCLIFF ENERGY LIMITED+ 21,143
58,600 BJ SERVICES COMPANY 1,573,410
617 BONAVISTA ENERGY TRUST+ 19,071
680 BOURBON SA 38,713
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
OIL & GAS EXTRACTION (continued)
326,855 BP PLC $ 3,141,600
15,006 CABOT OIL & GAS CORPORATION 666,867
2,068 CAIRN ENERGY PLC+ 111,885
59,664 CAIRN INDIA LIMITED+ 334,953
425 CALFRAC WELL SERVICES LIMITED+ 10,215
9,327 CANADIAN NATURAL RESOURCES LIMITED 796,194
3,818 CANADIAN OIL SANDS TRUST 185,039
19,608 CHENIERE ENERGY INCORPORATED+<< 73,726
22,770 CHESAPEAKE ENERGY CORPORATION 1,102,068
852,000 CHINA PETROLEUM & CHEMICAL CORPORATION 820,492
255 CIA ESPANOLA DE PETROLEOS SA 26,347
2,838 CIMAREX ENERGY COMPANY 157,623
80,000 CNPC (HONG KONG) LIMITED 30,668
1,801 COMPTON PETROLEUM CORPORATION+ 15,333
3,414 CONNACHER OIL & GAS LIMITED+ 13,183
1,363 CORRIDOR RESOURCES INCORPORATED+ 7,445
30,000 COSMO OIL COMPANY LIMITED 87,622
745 CRESCENT POINT ENERGY TRUST 27,532
839 CREW ENERGY INCORPORATED+ 11,853
1,383 DANA PETROLEUM PLC+ 37,863
29,053 DELTA PETROLEUM CORPORATION+<< 521,792
38,976 DENBURY RESOURCES INCORPORATED+<< 970,113
14,505 DEVON ENERGY CORPORATION 1,480,235
2,934 DIAMOND OFFSHORE DRILLING INCORPORATED 322,476
11,000 DNO ASA 17,667
3,983 DRAGON OIL PLC+ 22,497
13,067 ENCANA CORPORATION 982,179
277,500 ENERGI MEGA PERSADA 21,359
2,124 ENERGY RESOURCES OF AUSTRALIA LIMITED+ 36,509
25,459 ENERGY WORLD CORPORATION LIMITED+ 20,718
1,978 ENERPLUS RESOURCES 85,767
9,439 ENI SPA<< 614,007
24,142 ENSCO INTERNATIONAL INCORPORATED 1,636,345
2,021 ENSIGN ENERGY SERVICES INCORPORATED 45,510
11,248 EOG RESOURCES INCORPORATED 1,174,516
20,727 EQUITABLE RESOURCES INCORPORATED 1,034,485
48,461 ESSAR OIL LIMITED 228,972
1,056 ESTABLISSEMENTS MAUREL ET PROM 21,828
57,043 EXCO RESOURCES INCORPORATED+<< 1,510,499
12,361 FOREST OIL CORPORATION+<< 703,588
397 FRED OLSEN ENERGY ASA+ 20,978
1,079 GALLEON ENERGY INCORPORATED A+ 14,369
3,647 GALP ENERGIA SGPS SA 73,333
164,551 GAZPROM ADR 6,417,489
38,562 GLOBAL INDUSTRIES LIMITED+ 372,895
121,048 GREY WOLF INCORPORATED+<< 1,054,328
5,054 GRUPA LOTOS SA+ 60,286
40,238 HALLIBURTON COMPANY 1,768,053
932 HARVEST ENERGY TRUST 19,091
12,868 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 395,948
1,450 HELLENIC PETROLEUM SA 18,219
15,321 HELMERICH & PAYNE INCORPORATED 875,136
983 HIGHPINE OIL & GAS LIMITED+ 12,591
147,189 HONG KONG & CHINA GAS COMPANY LIMITED 330,244
61,794 HORIZON OIL LIMITED+ 16,853
4,700 HUSKY ENERGY INCORPORATED 207,777
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
OIL & GAS EXTRACTION (continued)
900 IDEMITSU KOSAN COMPANY LIMITED $ 79,927
1,591 IMPERIAL ENERGY CORPORATION PLC+ 33,855
5,244 INDIAN OIL CORPORATION LIMITED 47,494
1,000 JAPAN PETROLEUM EXPLORATION COMPANY 66,389
6,158 JOHN WOOD GROUP PLC 53,397
37,939 LUKOIL ADR<< 2,835,940
3,959 LUNDIN PETROLEUM AB+ 43,185
303 MAJOR DRILLING GROUP INTERNATIONAL+ 12,271
9,088 MANGALORE REFINERY & PETROCHEMICALS LIMITED 12,745
54,334 MARINER ENERGY INCORPORATED+ 1,580,576
174,000 MEDCO ENERGI INTERNASIONAL TBK PT 92,375
2,619 MOL HUNGARIAN OIL & GAS PLC 281,346
1,893 NESTE OIL OYJ LIMITED 45,138
8,600 NEXEN INCORPORATED 269,550
14,594 NEXUS ENERGY LIMITED+ 17,241
604 NIKO RESOURCES LIMITED 43,858
37,000 NIPPON MINING HOLDINGS INCORPORATED 205,520
54,000 NIPPON OIL CORPORATION 336,793
12,004 NOBLE CORPORATION 603,681
7,593 NOBLE ENERGY INCORPORATED 544,646
11,687 NORSK HYDRO ASA 124,544
1,005 NUVISTA ENERGY LIMITED+ 14,198
28,462 OCCIDENTAL PETROLEUM CORPORATION 2,258,744
8,443 OCEANEERING INTERNATIONAL INCORPORATED+ 526,928
17,887 OIL & NATURAL GAS CORPORATION LIMITED 414,165
37,539 OIL REFINERIES LIMITED 23,620
32,207 OIL SEARCH LIMITED 164,546
3,636 OILEXCO INCORPORATED+ 51,537
2,895 OMV AG 185,473
2,891 OPTI CANADA INCORPORATED+ 52,413
30,849 ORIGIN ENERGY LIMITED 425,561
3,013 PACIFIC RUBIALES ENERGY CORPORATION+ 29,341
75,554 PARKER DRILLING COMPANY+<< 700,386
2,004 PENGROWTH ENERGY TRUST 35,577
3,356 PENN WEST ENERGY TRUST 98,504
8,400 PETRO-CANADA 371,426
1,232 PETROBANK ENERGY & RESOURCES LIMITED+ 54,418
1,072,000 PETROCHINA COMPANY LIMITED 1,374,312
3,921 PETROFAC LIMITED 46,507
113,562 PETROLEO BRASILEIRO SA 2,994,414
2,756 PETROLEUM GEO-SERVICES ASA+ 59,196
823 PEYTO ENERGY TRUST+ 13,463
910 PRECISION DRILLING TRUST 19,318
1,318 PREMIER OIL PLC+ 30,149
26,559 PRIDE INTERNATIONAL INCORPORATED+ 1,020,131
845 PROEX ENERGY LIMITED+ 16,155
1,900 PROSAFE ASA 17,108
4,255 PROVIDENT ENERGY TRUST+ 45,443
102,181 PTT AROMATICS & REFINING PCL 63,925
92 PTT AROMATICS & REFINING PCL (FOREIGN) 57
65,100 PTT EXPLORATION & PRODUCTION PCL 281,814
7,700 PTT PCL 59,441
31,800 PTT PCL (FOREIGN) 224,755
15,191 QUEENSLAND GAS COMPANY LIMITED+ 54,963
17,113 QUICKSILVER RESOURCES INCORPORATED+<< 413,963
24,624 RANGE RESOURCES CORPORATION 1,143,046
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
OIL & GAS EXTRACTION (continued)
1,475 REAL RESOURCES INCORPORATED+ $ 29,575
13,472 REPSOL YPF SA 416,696
8,115 ROC OIL COMPANY LIMITED+ 8,248
22,506 ROWAN COMPANIES INCORPORATED 831,372
47,554 ROYAL DUTCH SHELL PLC CLASS B 1,635,220
4,788 SAIPEM SPA 189,460
22,455 SANTOS LIMITED 384,127
44,700 SAPURACREST PETROLEUM BHD 17,123
3,882 SARAS SPA 20,793
839 SAVANNA ENERGY SERVICES CORPORATION+ 15,851
54,600 SCHLUMBERGER LIMITED 5,144,412
10,281 SEACOR HOLDINGS INCORPORATED+<< 906,270
6,300 SHOWA SHELL SEKIYU KK 71,222
12,355 SNAM RETE GAS SPA 77,182
834 SOCO INTERNATIONAL+ 22,856
56,684 SOUTHWESTERN ENERGY COMPANY+ 2,174,965
26,974 ST. MARY LAND & EXPLORATION COMPANY 1,138,842
9,340 SUNSHINE GAS LIMITED+ 22,621
33,897 SUPERIOR ENERGY SERVICES INCORPORATED+<< 1,594,515
44,120 SURGUTNEFTEGAZ<< 163,244
127,200 SURGUTNEFTEGAZ ADR<< 896,760
16,900 TALISMAN ENERGY INCORPORATED 298,750
2,122 TECHNIP SA+ 174,152
501 TESCO CORPORATION+(A) 14,844
32,721 TETRA TECHNOLOGIES INCORPORATED+ 724,443
10,613 TIDEWATER INCORPORATED 643,891
9,000 TONENGENERAL SEKIYU KK 72,415
36,745 TOTAL SA 2,639,619
14,439 TRANSOCEAN INCORPORATED 1,836,641
1,946 TRICAN WELL SERVICE LIMITED 39,294
11,374 TULLOW OIL PLC 170,482
25,290 ULTRA PETROLEUM CORPORATION+ 1,723,514
7,531 UTS ENERGY CORPORATION+ 29,080
2,097 VENTURE PRODUCTION PLC+ 31,481
485 VERMILION ENERGY TRUST 19,641
30,932 WEATHERFORD INTERNATIONAL LIMITED+ 1,193,357
1,617 WESTERNZAGROS RESOURCES LIMITED+ 3,792
18,258 WHITING PETROLEUM CORPORATION+ 1,757,150
16,583 WOODSIDE PETROLEUM LIMITED 890,722
23,213 XTO ENERGY INCORPORATED 1,170,167
87,183,940
--------------
OIL FIELD SERVICES: 0.00%
879 FUGRO NV 67,789
--------------
PAPER & ALLIED PRODUCTS: 0.47%
25,300 ABITIBIBOWATER INCORPORATED+<< 166,474
1,791 AHLSTROM OYJ 38,089
19,504 BEMIS COMPANY INCORPORATED 544,552
10,000 C C LAND HOLDINGS LIMITED 4,217
4,969 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA 151,178
2,817 CORPORATE EXPRESS AUSTRALIA LIMITED 12,035
3,000 DAIO PAPER CORPORATION 25,872
98,115 DOMTAR CORPORATION+ 560,237
4,990 DS SMITH PLC 11,648
3,400 GREIF INCORPORATED CLASS A 234,974
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
PAPER & ALLIED PRODUCTS (continued)
5,000 HOKUETSU PAPER MILLS LIMITED $ 21,755
600 HOLMEN AB CLASS B 19,141
14,500 INTERNATIONAL PAPER COMPANY 392,225
14,316 KIMBERLY-CLARK CORPORATION 883,011
12,000 LEE & MAN PAPER MANUFACTURING LIMITED 11,983
33,758 MEADWESTVACO CORPORATION 893,912
9,000 MITSUBISHI PAPER MILLS LIMITED 21,434
5,436 MONDI PLC 32,271
682 MONDI SWIECIE SA 11,058
6,201 NEENAH PAPER INCORPORATED 120,423
33,000 NINE DRAGONS PAPER HOLDINGS LIMITED 20,205
38 NIPPON PAPER GROUP INCORPORATED 108,523
500 NORSKE SKOGINDUSTRIER ASA 2,726
50,682 OFFICEMAX INCORPORATED 620,348
35,000 OJI PAPER COMPANY LIMITED 182,845
20,716 PACKAGING CORPORATION OF AMERICA 533,437
15,985 PAPERLINX LIMITED 26,574
516 POTLATCH CORPORATION 24,092
8,000 RENGO COMPANY LIMITED 57,779
8,799 SAPPI LIMITED 92,641
1,521 SMURFIT KAPPA GROUP PLC 9,814
306 SOCIETE BIC SA 18,462
20,066 SONOCO PRODUCTS COMPANY 693,481
9,100 STORA ENSO OYJ 91,178
1,000 SVENSKA CELLULOSA AB CLASS A 11,446
11,200 SVENSKA CELLULOSA AB CLASS B 380,587
8,361 UPM-KYMMENE OYJ 142,853
32,782 WAUSAU PAPER CORPORATION 282,253
80,580 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED+ 26,377
7,482,110
--------------
PERSONAL SERVICES: 0.36%
26,600 CINTAS CORPORATION 819,280
65,411 H & R BLOCK INCORPORATED 1,670,597
3,350 PANTALOON RETAIL INDIA LIMITED 25,708
18,965 REGIS CORPORATION 520,779
53,978 SALLY BEAUTY HOLDINGS INCORPORATED+<< 460,972
178,643 SERVICE CORPORATION INTERNATIONAL US 1,823,945
5,325 WEIGHT WATCHERS INTERNATIONAL INCORPORATED<< 210,870
6,932 WORLEYPARSONS LIMITED 218,212
5,750,363
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.48%
41,013 POLISH OIL & GAS 61,506
10,872 ASHLAND INCORPORATED 444,991
4,220 CALTEX AUSTRALIA LIMITED 45,139
72,466 CHEVRON CORPORATION 6,255,265
58,000 CHINA SHIPPING DEVELOPMENT COMPANY LIMITED CLASS H 137,043
533,000 CNOOC LIMITED 828,709
689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+ 28,318
49,794 CONOCOPHILLIPS 4,108,503
23,135 ENI SPA 750,437
890 ERG SPA 18,072
187,722 EXXON MOBIL CORPORATION 15,019,637
89,000 FORMOSA PETROCHEMICAL CORPORATION 213,896
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
PETROLEUM REFINING & RELATED INDUSTRIES (continued)
15,300 FRONTIER OIL CORPORATION $ 296,361
27,018 HEADWATERS INCORPORATED+<< 415,807
4,030 HINDUSTAN PETROLEUM CORPORATION LIMITED 18,319
20,249 HOLLY CORPORATION 647,968
5,000 IMPERIAL OIL LIMITED 257,158
35 INPEX HOLDINGS INCORPORATED 381,121
24,561 MARATHON OIL CORPORATION 1,106,953
681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 12,932
8,446 MURPHY OIL CORPORATION 663,264
6,240 PETROL OFISI 32,506
45,300 PETRONAS DAGANGAN BHD 89,221
1,138 PETROPLUS HOLDINGS AG+ 52,090
14,648 POLSKI KONCERN NAFTOWY ORLEN SA 211,650
1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA 10,625
41,106 RELIANCE PETROLEUM LIMITED+ 145,732
61,620 ROYAL DUTCH SHELL PLC CLASS A 2,144,449
3,283 S-OIL CORPORATION 194,684
2,137 SBM OFFSHORE NV 51,702
4,137 SEADRILL LIMITED 112,901
14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 45,980
10,000 SINGAPORE PETROLEUM COMPANY LIMITED 37,572
1,860 SK CORPORATION 185,265
3,645 SK ENERGY COMPANY LIMITED 284,862
15,475 STATOIL ASA 474,707
16,000 SUNCOR ENERGY INCORPORATED 916,180
23,592 SUNOCO INCORPORATED 1,047,013
27,592 TESORO CORPORATION 511,832
37,200 THAI OIL PCL 50,791
17,000 TOHO GAS COMPANY LIMITED 95,663
5,604 TUPRAS TURKIYE PETROL RAFINERILERI AS 131,263
18,551 VALERO ENERGY CORPORATION 644,833
10,188 WD-40 COMPANY<< 355,459
12,286 WORLD FUEL SERVICES CORPORATION 353,960
39,892,339
--------------
PHARMACEUTICALS: 0.03%
22,108 SAVIENT PHARMACEUTICALS INCORPORATED+<< 502,515
--------------
PIPELINES: 0.03%
11,896 APA GROUP 36,975
64,000 CHINA GAS HOLDINGS LIMITED+ 15,146
1,727 INTER PIPELINE+ 16,053
1,032 PEMBINA PIPELINE+ 17,884
9,400 TRANSCANADA CORPORATION 356,506
442,564
--------------
PRIMARY METAL INDUSTRIES: 1.67%
4,000 AICHI STEEL CORPORATION 16,353
17,871 AK STEEL HOLDING CORPORATION<< 940,193
28,365 ALCOA INCORPORATED 911,367
14,684 ALLEGHENY TECHNOLOGIES INCORPORATED 719,516
186,000 ALUMINUM CORPORATION OF CHINA LIMITED 164,019
9,419 AQUARIUS PLATINUM LIMITED 85,918
1,700 ASAHI PRETEC CORPORATION 43,155
31,298 ASHOK LEYLAND LIMITED 23,664
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
PRIMARY METAL INDUSTRIES (continued)
19,925 BELDEN CDT INCORPORATED<< $ 732,045
578 BOSCH LIMITED 54,286
4,118 CAP SA 148,979
21,124 CARPENTER TECHNOLOGY CORPORATION 819,822
422,856 CHINA STEEL CORPORATION 517,570
2,600 CHUBU STEEL PLATE COMPANY LIMITED 20,203
53,000 CHUNG HUNG STEEL CORPORATION 32,008
19,039 CIA SIDERURGICA NACIONAL SA 663,445
29,257 COMMSCOPE INCORPORATED+ 1,432,715
19,019 CURTISS-WRIGHT CORPORATION<< 1,024,554
2,370 DONGKUK STEEL MILL COMPANY LIMITED 84,453
164 EL EZZ ALDEKHELA STEEL ALEXANDRIA 43,385
2,964 EL EZZ STEEL COMPANY 14,299
27,031 EREGLI DEMIR VE CELIK FABRIKALARI TAS 181,571
3,309 EXXARO RESOURCES LIMITED 49,330
23,690 FENG HSIN IRON & STEEL COMPANY 45,534
22,461 GENERAL CABLE CORPORATION+ 1,105,530
1,742 GERDAU AMERISTEEL CORPORATION 24,609
19,467 GERDAU SA 296,185
2,000 GODO STEEL LIMITED 5,980
8,000 HITACHI METALS LIMITED 118,789
9,683 HUBBELL INCORPORATED CLASS B 421,307
2,650 HYUNDAI STEEL COMPANY 122,647
20,800 JFE HOLDINGS INCORPORATED 879,008
80,880 JSC MMC NORILSK NICKEL ADR<< 1,601,424
6,047 JSW STEEL LIMITED 104,582
24,000 KURIMOTO LIMITED 22,945
700 KYOEI STEEL LIMITED 14,496
903 LINDAB INTERNATIONAL AB 14,789
3,200 MARUICHI STEEL TUBE LIMITED 95,385
13,941 MATTHEWS INTERNATIONAL CORPORATION 700,675
65,000 MIDAS HOLDINGS LIMITED 23,892
10,000 MITSUBISHI STEEL MANUFACTURING COMPANY
LIMITED 37,228
9,306 MITTAL STEEL SOUTH AFRICA LIMITED 219,217
24,727 MUELLER INDUSTRIES INCORPORATED 693,592
1,152 MYTILINEOS HOLDINGS SA 13,350
14,000 NAKAYAMA STEEL WORKS LIMITED 44,921
5,418,300 NAKORNTHAI STRIP MILL PCL+ 49,056
19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 44,969
240,000 NIPPON STEEL CORPORATION 1,138,470
4,500 NIPPON YAKIN KOGYO COMPANY LIMITED 22,156
17,000 NSK LIMITED 121,610
12,400 NUCOR CORPORATION 651,000
35,275 ONESTEEL LIMITED 206,101
33,800 PARKSON HOLDINGS BHD 46,288
39,075 POLIMEX MOSTOSTAL SA 88,719
1,192 PORTMAN LIMITED+ 19,030
3,612 POSCO 1,553,657
6,280 PRECISION CASTPARTS CORPORATION 648,473
2,052 RAUTARUUKKI OYJ 69,602
10,178 RTI INTERNATIONAL METALS INCORPORATED+ 344,118
9,000 SANYO SPECIAL STEEL COMPANY LIMITED 49,447
54,000 SHOUGANG CONCORD INTERNATIONAL ENTERPRISES
COMPANY LIMITED 12,793
26,750 STEEL AUTHORITY OF INDIA LIMITED 94,061
22,094 TATA STEEL LIMITED 299,030
7,667 TENARIS SA 209,042
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
PRIMARY METAL INDUSTRIES (continued)
12,042 TEXAS INDUSTRIES INCORPORATED<< $ 634,252
6,271 THYSSENKRUPP AG 312,865
684 TIMMINCO LIMITED+ 9,598
15,191 TITANIUM METALS CORPORATION<< 218,902
3,000 TOHO ZINC COMPANY LIMITED 9,987
1,800 TOPRE CORPORATION 14,878
4,000 TOPY INDUSTRIES LIMITED 11,342
17,256 TREDEGAR CORPORATION 341,669
36,000 TUNG HO STEEL ENTERPRISE CORPORATION 47,403
23,910 UNITED STATES STEEL CORPORATION 3,181,704
6,794 USINAS SIDERURGICAS DE MINAS GERAIS SA 230,871
7,024 WELSPUN-GUJARAT STAHL LIMITED 50,578
42,309 WORTHINGTON INDUSTRIES<< 744,638
1,700 YAMATO KOGYO COMPANY LIMITED 61,957
6,000 YODOGAWA STEEL WORKS LIMITED 30,646
26,897,847
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.74%
34,567 ACCO BRANDS CORPORATION+ 293,474
6,597 AGGREKO PLC 86,438
10,623 AH BELO CORPORATION 51,522
31,440 AMERICAN GREETINGS CORPORATION CLASS A 505,555
56,199 BELO CORPORATION CLASS A 411,939
17,150 BOWNE & COMPANY INCORPORATED 207,515
19,695 CBS CORPORATION CLASS B 318,665
5,850 COMPAGNIE INDUSTRIALI RIUNITE 14,927
24,000 DAI NIPPON PRINTING COMPANY LIMITED 338,844
46,418 GANNETT COMPANY INCORPORATED<< 825,776
30,066 HARTE HANKS INCORPORATED 371,315
22,001 HAYS PLC 38,169
783 HEIDELBERGER DRUCKMASCHINEN AG 16,018
93,124 IDEARC INCORPORATED+<< 153,655
2,506 INTERTEK GROUP PLC 44,795
20,687 JOHN WILEY & SONS INCORPORATED 984,287
2,905 JOHNSTON PRESS PLC 2,478
600 KADOKAWA GROUP HOLDINGS INCORPORATED 14,128
4,000 KOMORI CORPORATION 58,365
26,521 LEE ENTERPRISES INCORPORATED<< 99,454
36,614 MCCLATCHY COMPANY CLASS A<< 132,909
15,614 MCGRAW-HILL COMPANIES INCORPORATED 668,904
12,689 MEDIA GENERAL INCORPORATED CLASS A<< 156,075
16,991 MEREDITH CORPORATION 482,205
13,946 NASPERS LIMITED 350,235
24,968 NEW YORK TIMES COMPANY CLASS A 324,334
1,300 NISSHA PRINTING COMPANY LIMITED 70,210
2,104 PAGESJAUNES SA 30,099
13,392 PEARSON PLC 165,408
1,137 PROMOTORA DE INFORMACIONES SA 9,902
12,441 PUBLISHING & BROADCASTING LIMITED 34,561
541 QUEBECOR INCORPORATED+ 14,434
1,462 RANDSTAD HOLDINGS NV 44,830
43,048 RH DONNELLEY CORPORATION+<< 161,430
42,829 RR DONNELLEY & SONS COMPANY 1,194,073
600 SCHIBSTED ASA 15,410
7,208 SERCO GROUP PLC 56,390
7,526 SEVEN NETWORK LIMITED 50,359
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
63,000 SINGAPORE PRESS HOLDINGS LIMITED $ 182,238
33,600 STAR PUBLICATIONS LIMITED 32,624
503 TELEGRAAF MEDIA GROEP NV 13,293
3,900 THOMSON CORPORATION 131,310
23,000 TOPPAN PRINTING COMPANY LIMITED 207,302
1,036 TORSTAR CORPORATION+ 14,928
1,052 TRANSCONTINENTAL INCORPORATED+ 16,348
32,208 VALASSIS COMMUNICATIONS INCORPORATED+<< 303,077
25,729 VIACOM INCORPORATED CLASS B+<< 758,491
18,044 VISTAPRINT LIMITED+<< 599,783
953 WASHINGTON POST COMPANY CLASS B 568,465
4,997 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED 38,820
4,738 WOLTERS KLUWER NV 115,315
4,067 YELLOW PAGES INCOME FUND 38,533
11,819,614
--------------
RAILROAD TRANSPORTATION: 0.63%
78,069 ALL AMERICA LATINA LOGISTICA 143,685
10,500 BURLINGTON NORTHERN SANTA FE CORPORATION 1,127,700
7,900 CANADIAN NATIONAL RAILWAY COMPANY 414,493
2,800 CANADIAN PACIFIC RAILWAY LIMITED 170,827
72 CENTRAL JAPAN RAILWAY COMPANY 747,927
184,000 CHINA RAILWAY GROUP LIMITED CLASS H+ 141,186
18,400 CSX CORPORATION 1,190,112
147 EAST JAPAN RAILWAY COMPANY 1,169,248
13,800 GENESEE & WYOMING INCORPORATED+<< 593,538
50,000 HANKYU HANSHIN HOLDINGS INCORPORATED 220,225
18,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 76,496
21,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 134,355
20,000 KEIO CORPORATION 111,223
11,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 60,809
66,000 KINTETSU CORPORATION 205,095
53,692 MTR CORPORATION LIMITED 172,861
28,000 NAGOYA RAILROAD COMPANY LIMITED 78,410
17,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 69,133
12,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 41,762
13,100 NORFOLK SOUTHERN CORPORATION 963,243
22,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 151,724
14,000 SAGAMI RAILWAY COMPANY LIMITED 52,124
30,000 TOBU RAILWAY COMPANY LIMITED 136,234
18,010 UNION PACIFIC CORPORATION 1,511,039
89,250 WAN HAI LINES LIMITED 48,334
70 WEST JAPAN RAILWAY COMPANY 338,261
10,070,044
--------------
REAL ESTATE: 1.00%
433 AAREAL BANK AG+ 10,381
14,959 ABACUS PROPERTY GROUP 16,132
2,800 AEON MALL COMPANY LIMITED 80,252
44,000 AGILE PROPERTY HOLDINGS LIMITED 32,410
18,000 ALLGREEN PROPERTIES LIMITED 10,127
13,849 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A<< 490,809
17,000 ASCENDAS INDIA TRUST 8,578
200 ATRIUM COMPANY LIMITED 1,053
10,515 AUSTRALAND PROPERTY GROUP 5,704
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
REAL ESTATE (continued)
16,393 BABCOCK & BROWN JAPAN PROPERTY TRUST $ 11,452
162 BEFIMMO SCA SICAFI 18,003
8,650 BRITISH LAND COMPANY PLC 120,044
2,419 BRIXTON PLC 10,478
40,600 BROOKFIELD PROPERTIES CORPORATION 853,831
2,000 BUKIT SEMBAWANG ESTATES LIMITED 9,691
5,168 BUNNINGS WAREHOUSE PROPERTY TRUST 8,352
1,016 CA IMMOBILIEN ANLAGEN AG+ 14,660
27,000 CAPITACOMMERICAL TRUST 32,056
66,000 CAPITALAND LIMITED 201,590
1,600 CASTELLUM AB 16,378
55,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 23,230
30,072 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+<< 393,041
13,000 CDL HOSPITALITY TRUSTS 10,502
24,714 CENTRO PROPERTIES GROUP 3,641
35,798 CENTRO RETAIL GROUP 7,450
61,146 CFS RETAIL PROPERTY TRUST 112,711
38,000 CHAMPION REIT 18,711
5,198 CHARTER HALL GROUP 3,932
53,000 CHEUNG KONG HOLDINGS LIMITED 753,340
134,000 CHINA OVERSEAS LAND & INVESTMENT LIMITED 222,576
52,000 CHINA RESOURCES LAND LIMITED 60,879
80 CHINA VANKE COMPANY LIMITED CLASS B 71
43,164 CHINESE ESTATES HOLDINGS LIMITED 60,387
20,000 CITY DEVELOPMENTS LIMITED 145,070
52,962 COMMONWEALTH PROPERTY OFFICE FUND 62,968
1,137 CONWERT IMMOBILIEN INVEST SE+ 16,641
239,000 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 106,741
19,063 CROMWELL GROUP 11,416
5 DA OFFICE INVESTMENT CORPORATION 21,334
5,400 DAIBIRU CORPORATION 50,792
7,000 DAIKYO INCORPORATED+ 9,885
3,200 DAITO TRUST CONSTRUCTION COMPANY LIMITED 132,659
117,854 DB RREEF TRUST 148,305
2,531 DERWENT VALLEY HOLDINGS PLC 50,313
33,225 DLF LIMITED 368,833
11,760 ECHO INVESTMENT 23,126
390 EUROCOMMERCIAL PROPERTIES NV 16,367
2,000 FABEGE AB 14,381
36,446 FAR EAST CONSORTIUM 7,942
20,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 37,002
29,446 FIRST INDUSTRIAL REALTY TRUST INCORPORATED<< 694,631
8,649 FKP PROPERTY GROUP 33,117
333 FONCIERE DES REGIONS 37,966
10,488 FOREST CITY ENTERPRISES INCORPORATED 301,635
14,033 FORESTAR REAL ESTATE GROUP INCORPORATED+ 282,905
40,000 FRANSHION PROPERTIES CHINA LIMITED 14,497
2 FRONTIER REAL ESTATE INVESTMENT CORPORATION 11,528
2,050 GAZIT GLOBE LIMITED 16,416
252 GECINA SA 31,086
116,600 GENTING INTERNATIONAL PLC+ 41,965
4 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 42,087
310 GOLDCREST COMPANY LIMITED 5,078
273,900 GOLDEN LAND PROPERTY PCL 44,397
76,700 GPT GROUP 113,163
10,236 GREAT EAGLE HOLDINGS LIMITED 28,357
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
REAL ESTATE (continued)
1,892 GREAT PORTLAND ESTATES PLC $ 12,602
12,000 GREENTOWN CHINA HOLDINGS LIMITED 9,195
40,000 GUANGZHOU R&F PROPERTIES 69,217
14,666 GUOCOLAND LIMITED 19,563
4,593 HAMMERSON PLC 79,239
27,000 HANG LUNG GROUP LIMITED 115,014
64,000 HANG LUNG PROPERTIES LIMITED 202,581
3,000 HEIWA REAL ESTATE COMPANY LIMITED 12,008
945 HELIOPOLIS HOUSING 8,613
18,000 HENDERSON INVESTMENTS LIMITED 1,194
35,762 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 215,574
43,000 HONGKONG LAND HOLDINGS LIMITED 155,660
30,000 HOPEWELL HOLDINGS 114,313
10,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 9,912
6,000 HOTEL PROPERTIES LIMITED 7,490
8,868 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED 57,612
19,703 HYSAN DEVELOPMENT COMPANY LIMITED 53,844
314 ICADE 29,279
56,200 IGB CORPORATION BHD 22,229
6,108 IMMOEAST IMMOBILIEN ANLAGEN AG+ 39,131
6,839 IMMOFINANZ IMMOBILIEN ANLAGEN AG 62,118
7,280 INDIABULLS REAL ESTATE LIMITED 47,308
40,170 ING INDUSTRIAL FUND 54,673
39,341 ING OFFICE FUND 48,386
855 IRSA INVERSIONES Y REPRESENTACIONES SA ADR 7,798
1,008 IVG IMMOBILIEN AG 18,517
3 JAPAN EXCELLENT INCORPORATED 14,140
4 JAPAN LOGISTICS FUND INCORPORATED 21,784
300 JOINT CORPORATION 525
4,644 JONES LANG LASALLE INCORPORATED 231,271
6 KENEDIX REALTY INVESTMENT 27,011
10,000 KEPPEL LAND LIMITED 27,163
21,856 KERRY PROPERTIES LIMITED 104,220
20,993 KIWI INCOME PROPERTY TRUST 16,276
1,056 KLEPIERRE 42,095
12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 18,529
1,731 KUNGSLEDEN 13,357
18,000 KWG PROPERTY HOLDING LIMITED+ 8,224
7,588 LAND SECURITIES GROUP PLC 187,470
12,206 LEND LEASE CORPORATION LIMITED 100,337
4,000 LEOPALACE21 CORPORATION 40,717
4,742 LIBERTY INTERNATIONAL PLC 84,696
644,500 LIPPO KARAWACI TBK PT 54,107
350 LUNDBERGFORETAGEN AB 16,816
128,255 MACQUAIRE OFFICE TRUST 113,625
51,572 MACQUARIE COUNTRYWIDE TRUST 45,719
22,034 MACQUARIE DDR TRUST 6,558
58,285 MACQUARIE GOODMAN GROUP 157,075
71,000 MAPLETREE LOGISTICS TRUST 33,366
257,000 MEGAWORLD CORPORATION 8,056
4,470 MEINL EUROPEAN LAND LIMITED+ 45,287
700 MI DEVELOPMENTS INCORPORATED+ 14,833
5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 9,996
24,000 MIDLAND HOLDINGS LIMITED 12,163
9,000 MIRAMAR HOTEL & INVESTMENT 11,180
46,944 MIRVAC GROUP 115,178
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
REAL ESTATE (continued)
17,147 MIRVAC REAL ESTATE INVESTMENT TRUST $ 7,897
49,000 MITSUBISHI ESTATE COMPANY LIMITED 1,082,356
31,000 MITSUI FUDOSAN COMPANY LIMITED 646,016
35,000 NEO-CHINA GROUP HOLDINGS LIMITED(A) 22,826
4 NEW CITY RESIDENCE INVESTMENT CORPORATION 5,768
31,600 NEW WORLD CHINA LAND LIMITED 11,607
429 NEXITY SA 9,918
9 NIPPON COMMERCIAL INVESTMENT CORPORATION 18,381
9 NIPPON RESIDENTIAL INVESTMENT CORPORATION 23,885
1,600 NOMURA REAL ESTATE HOLDING INCORPORATED 32,789
40 NTT URBAN DEVELOPMENT CORPORATION 53,379
7 ORIX JREIT INCORPORATED 37,916
36,602 PHH CORPORATION+ 558,181
4 PREMIER INVESTMENT COMPANY 17,529
597 PSP SWISS PROPERTY AG 36,157
1,378 QUINTAIN ESTATES & DEVELOPMENT PLC 4,746
9,839 REGUS GROUP PLC+ 13,323
28,000 RUENTEX DEVELOPMENT COMPANY LIMITED 22,241
1,177 SACYR VALLEHERMOSO SA 21,289
6,561 SEGRO PLC 52,186
1,988 SHAFTESBURY PLC 15,307
30,000 SHENZHEN INVESTMENT LIMITED 7,973
34,000 SHIMAO PROPERTY HOLDING LIMITED 38,057
1,300 SHOEI 12,778
52,000 SHUI ON LAND LIMITED 39,459
60,000 SHUN TAK HOLDINGS LIMITED 34,921
151 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE
ET LE COMMERCE 19,480
4,000 SINGAPORE LAND LIMITED 15,466
64,827 SINO LAND COMPANY 113,476
186,563 SM PRIME HOLDINGS INCORPORATED 32,679
53,500 SOHO CHINA LIMITED 27,875
46,050 SP SETIA BHD 45,690
58,229 STEWART ENTERPRISES INCORPORATED<< 545,023
52,002 STOCKLAND 232,726
40 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 1,176
17,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 338,406
33,000 SUN HUNG KAI PROPERTIES LIMITED 449,970
5,777 SUNLAND GROUP LIMITED 11,830
600 SURUGA CORPORATION(A) 303
342 SWISS PRIME SITE AG 20,144
40,300 TALAAT MOUSTAFA GROUP+ 48,585
23,399 TIAN AN CHINA INVESTMENT 13,406
11,023 TISHMAN SPEYER OFFICE FUND 10,507
2,500 TOC COMPANY LIMITED 9,666
21,000 TOKYU LAND CORPORATION 88,593
4,500 TOWA REAL ESTATE DEVELOPMENT COMPANY LIMITED 3,373
1,424 UNIBAIL 295,665
40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD 67,855
16,000 UNITED OVERSEAS LAND LIMITED 32,348
6 UNITED URBAN INVESTMENT CORPORATION 25,207
4,800 URBAN CORPORATION 87
52,951 VALAD PROPERTY GROUP 23,331
218 VASTNED RETAIL NV 16,921
68,136 WESTFIELD GROUP 999,844
33,000 WHEELOCK & COMPANY 78,267
10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED 9,207
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
REAL ESTATE (continued)
20,000 WHEELOCK PROPERTIES LIMITED $ 14,702
7,000 WING TAI HOLDINGS LIMITED 6,598
2 ZEPHYR COMPANY LIMITED(A) 1
16,025,191
--------------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.00%
18,718 AMP NZ OFFICE TRUST 13,606
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.47%
30,000 ASCENDAS REIT 48,118
58,292 BRANDYWINE REALTY TRUST 1,014,281
341 CALLOWAY REAL ESTATE INVESTMENT TRUST 6,808
36,019 CAPITAMALL TRUST 69,215
107 COFINIMMO SA 19,376
983 CORIO NV 72,298
9,375 FEDERAL REALTY INVESTMENT TRUST<< 711,375
3 FUKUOKA REIT CORPORATION 14,941
3 HANKYU REIT INCORPORATED 12,349
17,881 HEALTH CARE REIT INCORPORATED<< 927,487
33,841 HEALTHCARE REALTY TRUST INCORPORATED 970,221
18 JAPAN PRIME REALTY INVESTMENT CORPORATION 38,980
14 JAPAN REAL ESTATE INVESTMENT CORPORATION 130,575
14 JAPAN RETAIL FUND INVESTMENT CORPORATION 57,948
13,000 K-REIT ASIA 11,587
38,966 LEXINGTON CORPORATE PROPERTIES TRUST<< 580,983
23,000 MACQUARIE MEAG PRIME REIT 17,012
2 MORI HILLS REIT INVESTMENT CORPORATION 7,699
4 MORI TRUST SOGO REIT INCORPORATED+ 34,435
20 NIPPON BUILDING FUND INCORPORATED 216,411
9 NOMURA REAL ESTATE OFFICE FUND 64,606
26,258 PENNSYLVANIA REIT 521,221
1,702 RIOCAN REIT 34,527
75,766 SENIOR HOUSING PROPERTIES TRUST<< 1,642,607
44,000 SUNTEC REIT 45,040
59,556 THE LINK REIT 140,008
5 TOKYU REIT INCORPORATED 36,268
3 TOP REIT INCORPORATED 10,972
264 WERELDHAVE NV 29,443
7,486,791
--------------
RENTAL AUTO/EQUIPMENT: 0.04%
36,854 UNITED RENTALS INCORPORATED+<< 596,666
--------------
RETAIL: 0.00%
2,451 WH SMITH PLC 16,508
--------------
RETAIL DEPARTMENT STORES: 0.04%
3,200 EDION CORPORATION 25,174
20,849 MEN'S WEARHOUSE INCORPORATED<< 456,593
65,000 PARKSON RETAIL GROUP LIMITED 93,236
188,400 ROBINSON DEPARTMENT STORE PCL 54,473
629,476
--------------
RETAIL-GROCERY: 0.00%
4,153 SUPER-SOL LIMITED 19,093
--------------
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.22%
16,064 A SCHULMAN INCORPORATED $ 389,070
30,637 AMCOR LIMITED 143,792
4,835 ANSELL LIMITED 50,920
3,000 BANDO CHEMICAL INDUSTRIES LIMITED 8,989
7,323 BRIDGESTONE CORPORATION 251,016
44,298 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 58,844
2,298 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN
CLASS B 148,956
2,690 CONTINENTAL AG 291,625
38,278 COOPER TIRE & RUBBER COMPANY 365,938
4,510 HANKOOK TIRE COMPANY LIMITED 65,871
320 HEXPOL AB+ 2,679
4,000 KUREHA CORPORATION 22,447
3,000 MITSUBOSHI BELTING COMPANY LIMITED 15,586
33,772 NAN KANG RUBBER TIRE COMPANY LIMITED+ 31,290
900 NITTA CORPORATION 13,751
31,500 SEALED AIR CORPORATION 763,245
1,200 TOKAI RUBBER INDUSTRIES INCORPORATED 13,384
5,000 TOYO TIRE & RUBBER COMPANY LIMITED 12,913
21,000 TSRC CORPORATION+ 25,345
700 UPONOR OYJ 9,625
14,601 WEST PHARMACEUTICAL SERVICES INCORPORATED<< 712,675
15,000 YOKOHAMA RUBBER COMPANY LIMITED 78,479
3,476,440
--------------
SCHOOLS: 0.00%
9,288 ABC LEARNING CENTRES LIMITED 4,307
40,000 RAFFLES EDUCATION CORPORATION LIMITED 23,510
27,817
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.69%
8,137 ABERDEEN ASSET MANAGEMENT PLC 21,256
780 AGF MANAGEMENT LIMITED 17,976
7,850 ALLCO FINANCE GROUP LIMITED 2,539
7,675 AMERIPRISE FINANCIAL INCORPORATED 344,991
1,647 AZIMUT HOLDING SPA 14,397
10,476 BABCOCK & BROWN LIMITED 21,852
900 BLACKROCK INCORPORATED NEW YORK SHARES 195,525
91,614 BMF BOVESPA SA+ 701,438
20,100 BURSA MALAYSIA BHD 40,617
2,587 CABCHARGE AUSTRALIA LIMITED 15,280
66,990 CAPITAL SECURITIES CORPORATION 33,071
42,990 CHARLES SCHWAB CORPORATION 1,031,330
3,296 CME GROUP INCORPORATED 1,105,579
10,529 CRITERIA CAIXACORP SA 53,417
4,830 DAEWOO SECURITIES COMPANY LIMITED 72,376
3,253 DEUTSCHE BOERSE AG 307,325
1,056 DUNDEE CORPORATION CLASS A+ 14,073
281,666 E*TRADE FINANCIAL CORPORATION+<< 901,331
19,353 FEDERATED INVESTORS INCORPORATED CLASS B 647,164
7,440 FRANKLIN RESOURCES INCORPORATED 777,480
82,408 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A+ 150,807
370,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 211,983
12,443 GOLDMAN SACHS GROUP INCORPORATED 2,040,279
37,584 GRUPO FINANCIERO BANORTE SA DE CV 150,588
42,110 GRUPO FINANCIERO INBURSA SA DE CV 147,182
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
3,000 GUOCO GROUP LIMITED $ 31,449
820 HELLENIC EXCHANGES SA HOLDING 9,678
2,756 HYUNDAI SECURITIES COMPANY 27,875
1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 14,656
1,700 IGM FINANCIAL INCORPORATED 71,071
8,280 INDIA INFOLINE LIMITED 23,988
11,204 INTERCONTINENTAL EXCHANGE INCORPORATED+ 986,288
1,274 INTERMEDIATE CAPITAL GROUP PLC 32,009
64,634 INVESCO LIMITED+ 1,656,569
9,235 INVESTEC LIMITED 68,803
18,680 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 597,760
3,500 JAPAN SECURITIES FINANCE COMPANY LIMITED 24,274
23,028 JEFFERIES GROUP INCORPORATED<< 442,368
12,000 KIM ENG HOLDINGS LIMITED 10,795
86,600 KIM ENG SECURITIES THAILAND PCL 39,203
4,103 KINNEVIK INVESTMENT AB 60,865
62,258 KNIGHT CAPITAL GROUP INCORPORATED+ 1,073,328
27,500 LEGG MASON INCORPORATED 1,224,575
24,477 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 393,835
48,561 MACQUARIE AIRPORTS GROUP 132,188
2,000 MARUSAN SECURITIES COMPANY LIMITED+ 11,420
61,000 MASTERLINK SECURITIES CORPORATION+ 20,690
1,300 MIRAE ASSET SECURITIES COMPANY LIMITED 105,764
12,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 12,505
34,852 MORGAN STANLEY 1,423,007
25,173 NASDAQ STOCK MARKET INCORPORATED+ 822,905
37,400 NOMURA HOLDINGS INCORPORATED 495,983
30,500 NOMURA HOLDINGS INCORPORATED ADR<< 406,260
10,203 NYSE EURONEXT (PARIS) INCORPORATED 414,140
137 NYSE EURONEXT INCORPORATED 5,401
7,000 OKASAN HOLDINGS INCORPORATED 34,695
21,700 OPTIONSXPRESS HOLDINGS INCORPORATED 500,619
12 PACIFIC MANAGEMENT CORPORATION 1,423
178 PARTNERS GROUP 23,692
7,520 PIPER JAFFRAY COMPANIES INCORPORATED+ 285,835
4,384 PLATINUM ASSET MANAGEMENT LIMITED 13,449
86,828 POLARIS SECURITIES COMPANY LIMITED 39,801
100,000 POLYTEC ASSET HOLDINGS LIMITED 17,303
50,250 PRESIDENT SECURITIES CORPORATION 28,563
710 RATHBONE BROTHERS 11,688
18,981 RAYMOND JAMES FINANCIAL INCORPORATED<< 585,184
5,085 RELIANCE CAPITAL LIMITED 157,473
150,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED+ 10,674
4 RISA PARTNERS INCORPORATED 3,529
2,747 SAMSUNG SECURITIES COMPANY LIMITED 148,847
1,063 SCHRODERS PLC 17,419
22,394 SEI INVESTMENTS COMPANY 528,946
140 SFCG COMPANY LIMITED 11,394
21,000 SHINKO SECURITIES COMPANY LIMITED 61,020
45,800 SUMITOMO CORPORATION 570,613
18,762 SWS GROUP INCORPORATED 378,617
42,736 T. ROWE PRICE GROUP INCORPORATED 2,536,809
10,857 TD AMERITRADE HOLDING CORPORATION+<< 221,809
5,234 TONG YANG INVESTMENT BANK 46,900
1,321 TSX GROUP INCORPORATED 43,084
48,571 UBS AG 1,055,740
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
11,000 UOB-KAY HIAN HOLDINGS LIMITED $ 10,030
189 VAN LANSCHOT NV 13,852
6,230 WOORI INVESTMENT & SECURITIES COMPANY LIMITED 108,141
7,000 YAMANASHI CHOU BANK LIMITED 37,037
27,163,694
--------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 0.04%
8,439 ASML HOLDING NV+ 199,014
10,275 CABOT MICROELECTRONICS CORPORATION+<< 396,821
2,200 CSR PLC+ 13,148
608,983
--------------
SEMICONDUCTORS: 0.15%
135,471 SILICONWARE PRECISION INDUSTRIES COMPANY 185,247
1,049,120 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1,932,305
606,302 UNITED MICROELECTRONICS CORPORATION 252,760
2,370,312
--------------
SOCIAL SERVICES: 0.03%
5,568 ABERTIS INFRAESTRUCTURAS SA 115,011
3,631 ATLANTIA SPA 96,120
4,616 BRISA-AUTO ESTRADAS DE PORTUGAL SA 42,916
16,407 G4S PLC 69,626
35,855 TRANSURBAN GROUP 165,828
489,501
--------------
STEEL PRODUCERS, PRODUCTS: 0.01%
632 SALZGITTER AG 96,870
--------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.48%
11,567 ADELAIDE BRIGHTON LIMITED 35,752
59,156 AMBUJA CEMENTS LIMITED 107,560
94,170 ASIA CEMENT CORPORATION 103,803
5,289 ASSOCIATED CEMENT COMPANIES LIMITED 67,207
26,242 BORAL LIMITED 144,176
1,819 BRICKWORKS LIMITED 18,534
751 BUZZI UNICEM SPA 14,868
11,173 CEMENTOS BIO-BIO SA 23,969
2,855 CEMENTOS LIMA SA 33,372
410,126 CEMEX SAB DE CV 822,027
29,980 CHINA INTERNATIONAL MARINE CONTAINERS COMPANY LIMITED
CLASS B 24,823
800 CHOFU SEISAKUSHO COMPANY LIMITED 14,418
116 CIMENTS FRANCAIS SA 15,988
3,113 CIMPOR CIMENTOS DE PORTUGAL SA 19,552
5,200 CLEANUP CORPORATION 19,768
5,166 COMPAGNIE DE SAINT-GOBAIN 315,622
71,476 CORNING INCORPORATED 1,468,117
8,811 CRH PLC 229,843
101,100 DYNASTY CERAMIC PCL 48,424
19,457 EAGLE MATERIALS INCORPORATED<< 594,022
3,000 FUJITEC COMPANY LIMITED 15,394
375 GERRESHEIMER AG 18,857
60,344 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 25,350
273 HEIDELBERGCEMENT AG 30,738
480 IMERYS SA 30,741
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS (continued)
8,370 INDIA CEMENTS LIMITED $ 26,181
40,000 INDOCEMENT TUNGGAL PRAKARSA TBK PT 27,799
888 ITALCEMENTI SPA 12,436
1,337 ITALCEMENTI SPA RNC 15,320
16,454 JAMES HARDIE INDUSTRIES NV 65,233
33,000 K WAH INTERNATIONAL HOLDINGS LIMITED 10,088
30,270 LAFARGE MALAYAN CEMENT BHD 40,886
2,381 LAFARGE SA 287,239
365 MADRAS CEMENTS LIMITED 20,944
3,000 NICHIAS CORPORATION 8,431
2,000 NIHON YAMAMURA GLASS COMPANY LIMITED 3,606
17,250 OWENS CORNING INCORPORATED+<< 417,278
33,669 OWENS-ILLINOIS INCORPORATED+ 1,501,637
3,000 PANAHOME CORPORATION 17,512
25,992 PRETORIA PORTLAND CEMENT COMPANY LIMITED 114,590
9,903 REXAM PLC 73,088
250 SA DES CIMENTS VICAT 15,284
65,000 SEMEN GRESIK PERSERO TBK PT 28,541
14,100 SIAM CEMENT PCL 67,663
2,155 SIG PLC 21,237
51 SIKA AG 64,684
4,510 SUEZ CEMENT COMPANY 30,090
9,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 15,114
33,000 TAIHEIYO CEMENT CORPORATION 54,119
144,854 TAIWAN CEMENT CORPORATION 141,578
80,490 TAIWAN GLASS INDUSTRIAL CORPORATION 59,968
4,000 TAKARA STANDARD COMPANY LIMITED 19,862
5,677 TATA CHEMICALS LIMITED 42,317
960 TITAN CEMENT COMPANY SA 35,551
6,700 TOYO SEIKAN KAISHA LIMITED 121,428
2,000 ULTRA TECH CEMENT LIMITED 26,608
105,500 UNITED TRACTORS TBK PT 118,306
331,800 VANACHAI GROUP PCL 29,071
7,776,614
--------------
TELECOMMUNICATIONS: 0.03%
10,500 BRASIL TELECOM PARTICIPACOES SA 137,466
3,084 FIRST QUANTUM MINERALS LIMITED<< 198,958
1,224 HOT TELECOMMUNICATION SYSTEM LIMITED 12,961
58,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED+ 72,383
421,768
--------------
TEXTILE MILL PRODUCTS: 0.23%
2,920 ADITYA BIRLA NUVO LIMITED 85,880
17,794 ALBANY INTERNATIONAL CORPORATION CLASS A<< 545,742
2,687 CENTURY TEXTILE & INDUSTRIES LIMITED 28,442
86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 5,568
161,272 FAR EASTERN TEXTILE COMPANY LIMITED 147,936
43,000 FORMOSA TAFFETA COMPANY LIMITED 32,497
1,637 GILDAN ACTIVEWEAR INCORPORATED+ 38,420
23,663 INTERFACE INCORPORATED 311,642
8,000 KURABO INDUSTRIES LIMITED 13,556
13,000 KURARAY COMPANY LIMITED 135,469
406 LAKSHMI MACHINE WORKS LIMITED 9,872
21,000 MITSUBISHI RAYON COMPANY LIMITED 56,671
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
TEXTILE MILL PRODUCTS (continued)
11,079 MOHAWK INDUSTRIES INCORPORATED+<< $ 765,005
6,000 NISSHINBO INDUSTRIES INCORPORATED 66,061
9,000 NITTO BOSEKI COMPANY LIMITED 17,732
1,360 NYRSTAR 12,112
2,100 SEIREN COMPANY LIMITED 11,082
6,092 SPOTLESS GROUP LIMITED 18,916
62,000 TAINAN SPINNING COMPANY LIMITED 21,236
41,000 TEIJIN LIMITED 131,373
22,000 TEXWINCA HOLDINGS LIMITED 18,886
52,000 TORAY INDUSTRIES INCORPORATED 228,916
40,000 TOYOBO COMPANY LIMITED 66,601
17,000 UNITIKA 15,468
298,300 UNIVERSAL ROBINA CORPORATION 67,825
33,506 WOLVERINE WORLD WIDE INCORPORATED 882,213
3,735,121
--------------
THEATERS & ENTERTAINMENT: 0.05%
52,254 REGAL ENTERTAINMENT GROUP CLASS A<< 875,777
--------------
TOBACCO PRODUCTS: 0.71%
72,412 ALTRIA GROUP INCORPORATED 1,522,824
14,000 AMVIG HOLDINGS LIMITED 12,530
6,700 BRITISH AMERICAN TOBACCO MALAYSIA BHD 77,798
24,921 BRITISH AMERICAN TOBACCO PLC 841,938
518 EASTERN TOBACCO 28,335
25,000 HUABAO INTERNATIONAL HOLDINGS LIMITED 18,340
17,178 IMPERIAL TOBACCO GROUP PLC 566,375
105,978 ITC LIMITED 451,630
176 JAPAN TOBACCO INCORPORATED 835,280
73,193 PHILIP MORRIS INTERNATIONAL 3,930,464
68,500 PT GUDANG GARAM TBK 48,084
5,772 REYNOLDS AMERICAN INCORPORATED 305,801
861 ROTHMANS INCORPORATED+ 24,164
3,500 SOUZA CRUZ SA 92,052
4,000 SWEDISH MATCH AB 78,876
486,000 TELEKOMUNIKASI INDONESIA TBK PT 425,886
12,046 UNIVERSAL CORPORATION 625,428
29,160 UST INCORPORATED 1,562,684
11,448,489
--------------
TRANSPORTATION BY AIR: 0.47%
30 ACE AVIATION HOLDINGS INCORPORATED+ 311
463 AEROPORTS DE PARIS 40,352
116,000 AIR CHINA 59,139
4,507 AIR FRANCE-KLM 108,434
58,400 AIRASIA BHD+ 18,499
53,200 AIRPORTS OF THAILAND PCL 56,323
24,397 ALASKA AIR GROUP INCORPORATED+<< 512,581
32,900 ALITALIA SPA+ 21,478
20,000 ALL NIPPON AIRWAYS COMPANY LIMITED 73,983
49,734 AMR CORPORATION+<< 513,752
1,917 ARRIVA PLC 27,654
62,440 BAE SYSTEMS PLC 544,953
6,732 BRITISH AIRWAYS PLC+ 30,616
34,000 CATHAY PACIFIC AIRWAYS LIMITED 63,049
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
TRANSPORTATION BY AIR (continued)
591 CHC HELICOPTER CORPORATION+ $ 16,943
54,582 CHINA AIRLINES 18,453
15,943 COBHAM PLC 66,643
21,866 CONTINENTAL AIRLINES INCORPORATED CLASS B+ 355,323
3,411 DEUTSCHE LUFTHANSA AG 73,246
2,133 EASYJET PLC+ 12,731
1,099 ELBIT SYSTEMS LIMITED 60,354
6,450 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 144,393
128,000 EVA AIRWAYS CORPORATION+ 46,855
10,000 FEDEX CORPORATION 828,200
4,249 FINMECCANICA SPA 113,645
52 FLUGHAFEN ZUERICH AG 18,936
10,277 IBERIA LINEAS AEREAS DE ESPANA SA 30,468
28,000 JAPAN AIRLINES CORPORATION+ 59,433
63 JAZZ AIR INCOME FUND 350
122,943 JETBLUE AIRWAYS CORPORATION+<< 746,264
740 KLOECKNER & COMPANY 29,501
1,500 KOREAN AIR LINES COMPANY LIMITED 52,765
5,565 LAN AIRLINES SA 65,716
23,067 MALAYSIAN AIRLINE SYSTEM BHD 22,871
16,312 MEGGITT PLC 68,196
33,414 QANTAS AIRWAYS LIMITED 96,196
5,200 RYANAIR HOLDINGS PLC ADR+<< 118,352
39,272 SKYWEST INCORPORATED 671,158
33,300 SOUTHWEST AIRLINES COMPANY 507,159
8,860 TAV HAVALIMANLARI HOLDING AS+ 54,224
76,300 THAI AIRWAYS INTERNATIONAL PCL 32,312
1,403 THALES SA 79,072
2,957 TUI AG 58,808
3,565 TURK HAVA YOLLARI ANONIM ORTAKLIGI+ 19,424
25,013 UAL CORPORATION+<< 277,894
68,905 US AIRWAYS GROUP INCORPORATED+<< 585,003
25,119 VIRGIN BLUE HOLDINGS LIMITED+ 12,320
1,900 WESTJET AIRLINES LIMITED+ 26,716
734 ZODIAC SA 36,805
7,477,853
--------------
TRANSPORTATION EQUIPMENT: 2.10%
123,000 AAPICO HITECH PCL 32,583
16,244 AAR CORPORATION+<< 257,792
7,100 AISIN SEIKI COMPANY LIMITED 186,916
2,600 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 17,405
28,534 AMERICAN AXLE & MANUFACTURING HOLDINGS<< 138,675
5,547 AMTEK AUTO LIMITED 22,310
48,917 ARVIN INDUSTRIES INCORPORATED 734,244
9,293 ASHTEAD GROUP PLC 12,830
3,749 BAJAJ AUTO+ 50,191
3,749 BAJAJ FINSERV+ 45,848
664 BAYERISCHE MOTOREN WERKE AG 22,715
4,521 BBA AVIATION PLC 10,929
31,214 BOEING COMPANY 2,046,390
28,658 BOMBARDIER INCORPORATED CLASS B 222,668
13,000 BOSCH CORPORATION 71,018
59,279 BRUNSWICK CORPORATION<< 817,457
4,000 CAE INCORPORATED 42,193
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
TRANSPORTATION EQUIPMENT (continued)
7,000 CALSONIC KANSEI CORPORATION $ 23,274
30,150 CHINA MOTOR COMPANY LIMITED 17,597
24 CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED+ 7
21,534 CLARCOR INCORPORATED 859,853
45 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 18,725
10,000 DAIHATSU MOTOR COMPANY LIMITED 123,099
15,561 DAIMLERCHRYSLER AG 907,057
18,100 DENSO CORPORATION 469,215
166,000 DENWAY MOTORS LIMITED 59,142
94,900 DRB-HICOM BHD 27,524
1,300 EXEDY CORPORATION 29,354
1,100 FCC COMPANY LIMITED 18,020
13,038 FIAT SPA (COMMON) 201,565
1,014 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES)+ 10,716
1,069 FIAT SPA (PREFERRED)+ 11,367
97,679 FORD MOTOR COMPANY+<< 435,648
1,900 FUTABA INDUSTRIAL COMPANY LIMITED 30,570
11,721 GENERAL DYNAMICS CORPORATION 1,081,848
16,602 GENERAL MOTORS CORPORATION+<< 166,020
32,779 GENUINE PARTS COMPANY 1,390,485
115 GEORG FISCHER AG 43,652
10,427 GKN PLC 46,507
19,907 GOODRICH CORPORATION 1,020,234
14,605 GROUP 1 AUTOMOTIVE INCORPORATED 309,042
899 GUD HOLDINGS LIMITED 5,135
48,200 HARLEY-DAVIDSON INCORPORATED 1,917,396
12,964 HARSCO CORPORATION 682,425
4,377 HERO HONDA MOTORS LIMITED 82,086
16,000 HINO MOTORS LIMITED 77,929
66,700 HONDA MOTOR COMPANY LIMITED 2,166,260
25 HONDA MOTOR COMPANY LIMITED ADR<< 814
23,710 HONEYWELL INTERNATIONAL INCORPORATED 1,189,531
527 HYUNDAI MIPO DOCKYARD COMPANY LIMITED 75,387
3,050 HYUNDAI MOBIS 253,263
6,730 HYUNDAI MOTOR COMPANY LIMITED 439,705
46,000 ISUZU MOTORS LIMITED 172,317
30,084 ITT CORPORATION 1,917,855
2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 12,421
19,886 JOHNSON CONTROLS INCORPORATED 614,875
8,500 JTEKT CORPORATION 108,363
1,200 KANTO AUTO WORKS LIMITED 15,452
5,000 KAYABA INDUSTRY COMPANY LIMITED 18,263
2,100 KEIHIN CORPORATION 34,801
11,580 KIA MOTORS CORPORATION 138,095
28,870 KING YUAN ELECTRONICS COMPANY LIMITED 12,645
4,000 KOITO MANUFACTURING COMPANY LIMITED 48,142
43,724 LEAR CORPORATION+ 549,173
924 LINAMAR CORPORATION+ 10,277
1,900 MAGNA INTERNATIONAL INCORPORATED CLASS A 168,581
10,072 MAHINDRA & MAHINDRA LIMITED 133,958
4,971 MARUTI SUZUKI INDIA LIMITED 72,644
33,000 MAZDA MOTOR CORPORATION 175,653
136,000 MITSUBISHI MOTORS CORPORATION+ 203,150
24,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 48,216
558 MTU AERO ENGINES HOLDINGS 19,405
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
TRANSPORTATION EQUIPMENT (continued)
800 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED $ 17,636
7,000 NGK SPARK PLUG COMPANY LIMITED 77,356
6,000 NHK SPRING COMPANY LIMITED 40,342
1,700 NIFCO INCORPORATED 36,642
2,000 NIPPON SEIKI COMPANY LIMITED 25,002
5,000 NIPPON SHARYO LIMITED 15,478
6,000 NISSAN SHATAI COMPANY LIMITED 44,673
900 NISSIN KOGYO COMPANY LIMITED 16,074
4,400 NOK CORPORATION 63,055
1,960 NOKIAN RENKAAT OYJ 69,801
11,056 NORTHROP GRUMMAN CORPORATION 761,206
23,600 ORIENTAL HOLDINGS BHD 38,994
10,782 OSHKOSH TRUCK CORPORATION 166,258
28,055 PIRELLI & COMPANY SPA 18,945
1,396 PORSCHE AG 195,961
4,000 PRESS KOGYO COMPANY LIMITED 15,440
1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 8,759
12,700 PROTON HOLDINGS BHD 11,186
3,304 RENAULT SA 275,895
4,000 RIKEN CORPORATION 13,593
800 SAAB AB 19,279
4,000 SANDEN CORPORATION 15,477
36,758 SANYANG INDUSTRIAL COMPANY LIMITED 13,956
5,320 SCANIA AB CLASS B 76,080
27,200 SEMBCORP MARINE LIMITED 72,091
11,000 SHINMAYWA INDUSTRIES LIMITED 36,354
1,800 SHOWA CORPORATION 12,803
62,500 SINOTRUK HONG KONG LIMITED 52,751
44,054 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,004,431
1,879 STX SHIPBUILDING COMPANY LIMITED 31,605
6,900 SUMITOMO RUBBER INDUSTRIES 55,046
13,919 SUPERIOR INDUSTRIES INTERNATIONAL
INCORPORATED<< 244,557
16,500 SUZUKI MOTOR CORPORATION 347,746
700 TACHI-S COMPANY LIMITED 8,073
900 TAKATA CORPORATION 15,445
10,088 TATA MOTORS LIMITED<< 99,468
8,400 TEXTRON INCORPORATED 345,240
13,600 THAI STANLEY ELECTRIC PCL 47,664
4,538 TOFAS TURK OTOMOBIL FABRIKASI AS 15,167
2,400 TOYODA GOSEI COMPANY LIMITED 53,484
1,500 TOYOTA AUTO BODY COMPANY LIMITED 26,286
4,300 TOYOTA BOSHOKU CORPORATION 69,514
8,200 TOYOTA INDUSTRIES CORPORATION 236,199
12,988 TRINITY INDUSTRIES INCORPORATED<< 467,308
10,000 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 191,800
1,200 TS TECH COMPANY LIMITED 17,464
46,800 UMW HOLDINGS BHD 84,559
31,361 UNITED TECHNOLOGIES CORPORATION 2,056,968
1,133 VALEO SA 40,398
2,495 VOLKSWAGEN AG 745,089
7,800 VOLVO AB CLASS A 85,153
16,980 VOLVO AB CLASS B 192,460
158 VOSSLOH AG 20,548
20,488 WABTEC CORPORATION 1,210,226
18,100 WINNEBAGO INDUSTRIES INCORPORATED<< 205,435
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
TRANSPORTATION EQUIPMENT (continued)
20,000 XINYI GLASS HOLDING COMPANY LIMITED $ 10,528
7,600 YAMAHA MOTOR COMPANY LIMITED 117,079
65,416 YANG MING MARINE TRANSPORT 31,750
31,930 YUE LOONG MOTOR 25,617
33,710,296
--------------
TRANSPORTATION SERVICES: 0.50%
20,968 ASCIANO GROUP 87,079
48,400 BANGKOK EXPRESSWAY PCL 24,737
104,000 BERLIAN LAJU TANKER 19,886
394 CARGOTEC CORPORATION 12,079
28,410 CH ROBINSON WORLDWIDE INCORPORATED<< 1,480,445
15,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT
GROUP COMPANY LIMITED 29,176
3,274 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE
TRANSPORTE SA 37,900
63,000 COMFORTDELGRO CORPORATION LIMITED 66,622
1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 15,271
14,423 DEUTSCHE POST AG 337,787
41,889 EXPEDIA INCORPORATED+ 739,760
34,056 EXPEDITORS INTERNATIONAL WASHINGTON
INCORPORATED 1,229,081
6,997 FIRSTGROUP PLC 77,114
27,555 GATX CORPORATION 1,207,736
291 GLOVIS COMPANY LIMITED 17,988
462 GO-AHEAD GROUP PLC 16,352
11,000 GOODPACK LIMITED 10,991
348 HAMBURGER HAFEN UND LOGISTIK AG 21,763
24,900 HERTZ GLOBAL HOLDINGS INCORPORATED+ 236,799
9,000 KAMIGUMI COMPANY LIMITED 69,464
700 KINTETSU WORLD EXPRESS INCORPORATED 12,709
547 KONINKLIJKE VOPAK NV 32,207
554 KOREA EXPRESS COMPANY LIMITED+ 48,652
786 KUEHNE & NAGEL INTERNATIONAL AG 62,227
2,184 NATIONAL EXPRESS GROUP PLC 41,250
508 OESTERREICHISCHE POST AG 20,075
23,393 PACER INTERNATIONAL INCORPORATED 493,124
143 PANALPINA WELTTRANSPORT HOLDINGS AG 11,368
41,000 POS MALAYSIA & SERVICES HOLDINGS BHD+ 22,294
1,684 SBS TRANSIT LIMITED 2,480
20,200 SINGAPORE AIRLINES LIMITED 216,024
50,000 SINGAPORE POST LIMITED 35,848
101,500 SINOTRANS SHIPPING LIMITED 40,717
19,000 SMRT CORPORATION LIMITED 24,566
299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 25,888
8,599 STAGECOACH GROUP PLC 49,917
5,854 THE GREAT EASTERN SHIPPING COMPANY LIMITED 50,768
7,473 THOMAS COOK GROUP PLC 31,119
6,847 TNT NV 255,403
1,085 TOGNUM AG 23,724
37,000 TOKYU CORPORATION 189,831
25,119 TOLL HOLDINGS LIMITED 148,725
7,600 TRANSPORT INTERNATIONAL HOLDINGS LIMITED 27,633
13,114 UTI WORLDWIDE INCORPORATED 263,591
17,000 YAMATO HOLDINGS COMPANY LIMITED 200,511
8,068,681
--------------
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
WATER TRANSPORTATION: 0.39%
17 A.P. MOLLER-MAERSK A/S+ $ 190,496
14,200 CARNIVAL CORPORATION 526,252
2,700 CARNIVAL PLC 92,563
45,650 CHINA SHIPPING CONTAINER LINES COMPANY LIMITED CLASS H 11,144
29,545 CIA SUDAMERICANA DE VAPORES SA+ 39,758
227 COMPAGNIE MARITIME BELGE SA 12,078
28,000 COSCO CORPORATION SINGAPORE LIMITED 44,754
123,500 COSCO HOLDINGS 234,291
340 D S NORDEN 32,124
4,000 DAIICHI CHUO KISEN KAISHA 23,800
524 DS TORM AS 17,995
133,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 75,369
30,000 EZRA HOLDINGS LIMITED 37,982
578 FORTH PORTS PLC 18,122
17,601 GENERAL MARITIME CORPORATION<< 434,745
3,210 HANJIN SHIPPING COMPANY LIMITED 81,552
2,670 HYUNDAI MERCHANT MARINE COMPANY LIMITED 94,566
2,200 IINO KAIUN KAISHA LIMITED 16,789
134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 82,915
61,000 JAYA HOLDINGS LIMITED 53,113
22,000 KAWASAKI KISEN KAISHA LIMITED 155,974
8,290 KIRBY CORPORATION+ 379,599
14,000 MALAYSIAN BULK CARRIERS BHD 14,318
33,900 MISC BHD 86,552
42,000 MITSUI OSK LINES LIMITED 497,787
16,000 NEPTUNE ORIENT LINES LIMITED 25,215
45,000 NIPPON YUSEN KABUSHIKI KAISHA 359,112
7,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 23,977
16,687 OVERSEAS SHIPHOLDING GROUP INCORPORATED<< 1,197,125
52,000 PACIFIC BASIN SHIPPING LIMITED 70,495
17,127 PETRONET LNG LIMITED 23,017
73,800 REGIONAL CONTAINER LINES PCL 32,546
26,216 ROYAL CARIBBEAN CRUISES LIMITED<< 712,551
266 SCHMITT INDUSTRIES INCORPORATED 20,496
10,900 SCOMI MARINE BHD 1,594
2,000 SHINWA KAIUN KAISHA LIMITED 9,840
18,800 SINCERE NAVIGATION CORPORATION 24,948
30,000 STX PAN OCEAN COMPANY LIMITED 52,342
8,332 TEEKAY CORPORATION 296,286
74,400 THORESEN THAI AGENCIES PCL 69,533
22,000 U-MING TRANSPORT CORPORATION 57,991
6,231,706
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.00%
11,314 AIRGAS INCORPORATED 670,241
25,072 ALFA SA DE CV 130,691
1,300 ALFRESA HOLDINGS CORPORATION 84,540
27,223 AMERISOURCEBERGEN CORPORATION 1,116,415
8,561 BROWN-FORMAN CORPORATION CLASS B<< 616,478
30,400 DEAN FOODS COMPANY+<< 765,168
131 EMS-CHEMIE HOLDINGS AG 16,107
19,358 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+<< 439,814
39,500 ESPRIT HOLDINGS LIMITED 326,083
30,295 FRESH DEL MONTE PRODUCE INCORPORATED+<< 703,147
77 GALENICA AG 30,493
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
WHOLESALE TRADE NON-DURABLE GOODS (continued)
14,374 HENRY SCHEIN INCORPORATED+ $ 840,592
10,313 HERBALIFE LIMITED 485,743
2,500 HITACHI HIGH-TECHNOLOGIES CORPORATION 46,103
7,084 INCHCAPE PLC 33,256
172,900 IT CITY PCL 29,952
57,000 ITOCHU CORPORATION 458,552
8,439 JARDINE CYCLE & CARRIAGE LIMITED 105,250
2,722 JERONIMO MARTINS 23,317
5,700 KT&G CORPORATION 479,087
2,579 LG CHEM LIMITED 223,261
78,000 LI & FUNG LIMITED 237,181
13,242 MCKESSON CORPORATION 765,123
3,448 MEDA AB CLASS A 42,381
24,362 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,141,360
7,400 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 111,234
1,581 METRO INCORPORATED CLASS A 43,925
35,323 NU SKIN ENTERPRISES INCORPORATED 591,660
24,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 12,300
2,200 SANKYO COMPANY LIMITED 104,167
3,300 SASKATCHEWAN WHEAT POOL+ 38,072
4,000 SATORI ELECTRIC COMPANY LIMITED 25,128
14,983 SIEMENS AG 1,626,369
47,457 SMURFIT-STONE CONTAINER CORPORATION+ 239,658
50,900 SOJITZ CORPORATION 145,231
630 SOS CUETARA SA 12,574
42,539 SUPERVALU INCORPORATED 986,479
27,948 SYSCO CORPORATION 889,585
1,400 TOHO PHARMACEUTICAL 24,610
14,969 TRACTOR SUPPLY COMPANY+ 637,979
175,770 UNI-PRESIDENT ENTERPRISES CORPORATION 189,012
3,158 UNITED DRUG PLC 18,300
10,966 UNITED STATIONERS INCORPORATED<< 543,694
9,784 WOLSELEY PLC 78,944
16,129,256
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.94%
1,800 ABC-MART INCORPORATED 44,808
3,176 ALESCO CORPORATION LIMITED 18,726
600 AS ONE CORPORATION 12,804
23,065 AVNET INCORPORATED+ 676,958
18,518 BORGWARNER INCORPORATED<< 765,719
2,500 CANON MARKETING JAPAN INCORPORATED 41,030
1,194 CELESIO AG 45,675
135,000 CMC MAGNETICS CORPORATION 34,741
4,440 DAEWOO INTERNATIONAL CORPORATION 132,396
12,180 DIGITAL CHINA HOLDINGS LIMITED 6,174
2,700 FINNING INTERNATIONAL INCORPORATED 61,435
3,100 FUJI ELECTRONICS COMPANY LIMITED 26,270
4,800 HAKUTO COMPANY LIMITED 42,325
3,309 HALFORDS GROUP 17,713
2,640 HANWHA CHEMICAL (KOREA) CORPORATION 89,554
12,000 HANWHA CHEMICAL CORPORATION 53,665
41,318 HILL-ROM HOLDINGS INCORPORATED+<< 1,237,061
1,526 HYOSUNG CORPORATION 102,498
44,221 IKON OFFICE SOLUTIONS INCORPORATED 765,466
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE
- ----------------- ----------------------------------------------------- --------------
WHOLESALE TRADE-DURABLE GOODS (continued)
2,200 INABA DENKI SANGYO COMPANY LIMITED $ 55,705
29,319 INGRAM MICRO INCORPORATED+ 554,422
31,055 INSIGHT ENTERPRISES INCORPORATED+ 516,755
2,000 ITOCHU ENEX COMPANY LIMITED 12,356
7,000 IWATANI INTERNATIONAL CORPORATION 19,105
4,000 JAPAN PULP & PAPER COMPANY LIMITED 13,777
9,000 JFE SHOJI HOLDINGS INCORPORATED 51,697
3,800 KAGA ELECTRONICS COMPANY LIMITED 47,017
12,000 KANEMATSU CORPORATION+ 13,510
3,500 KATO SANGYO COMPANY LIMITED 46,847
3,100 KURODA ELECTRIC COMPANY LIMITED 35,759
30 KYOCERA CORPORATION 2,511
1,600 LG INTERNATIONAL CORPORATION 33,413
20,276 LKQ CORPORATION+ 379,769
1,300 MACNICA INCORPORATED 16,323
6,612 MARTIN MARIETTA MATERIALS INCORPORATED<< 746,495
23,972 METCASH LIMITED 80,672
33 MITSUBISHI CORPORATION 1,843
61,000 MITSUI & COMPANY LIMITED 1,040,010
263 MITSUI & COMPANY LIMITED ADR 89,444
6,000 NAGASE & COMPANY LIMITED 56,819
4,600 NIDEC CORPORATION 309,202
23,508 OMNICARE INCORPORATED 758,133
19,089 PATTERSON COMPANIES INCORPORATED+ 621,156
23,926 PEP BOYS-MANNY, MOE & JACK<< 210,549
20,417 POOL CORPORATION<< 495,316
8,092 PREMIER FOODS PLC 12,789
14,773 RELIANCE STEEL & ALUMINUM COMPANY 842,209
807 RUSSEL METALS INCORPORATED 23,341
700 RYOSHOKU LIMITED 13,296
800 RYOYO ELECTRO CORPORATION 7,721
6,831 SAMSUNG CORPORATION 296,553
1,291 STRAUSS GROUP LIMITED 15,897
988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 6,100
120,494 SYCAMORE NETWORKS INCORPORATED+ 421,729
7,000 TAT HONG HOLDINGS LIMITED+ 6,139
35,246 TECH DATA CORPORATION+ 1,203,298
2,600 TOMEN ELECTRONICS CORPORATION 29,858
818 TOROMONT INDUSTRIES LIMITED+ 25,038
3,700 TOYO CORPORATION 39,676
900 TRUSCO NAKAYAMA CORPORATION 12,302
451 TRYGVESTA A/S 30,622
2,100 VALOR COMPANY LIMITED 18,600
18,717 WESCO INTERNATIONAL INCORPORATED+ 719,481
31,945 WPG HOLDINGS COMPANY LIMITED 34,377
10,380 WW GRAINGER INCORPORATED 934,469
15,077,118
--------------
TOTAL COMMON STOCKS (COST $1,696,267,931) 1,588,958,776
--------------
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
EXPIRATION
SHARES SECURITY NAME DATE VALUE
- ----------------- ----------------------------------------------------- ------------- --------------
RIGHTS: 0.00%
21,769 AEGON NV RIGHTS+(A) 09/15/2008 $ 0
1,052 CENTROS COMERCIALES SUDAMERICANOS SA RIGHTS+(A) 09/17/2008 0
29,545 CIA SUDAMERICANA DE VAPORES SA RIGHTS+(A) 09/17/2008 246
5,928 EL EZZ STEEL REBARS RIGHTS+(A) 09/25/2008 21,374
1,550 HINDALCO INDUSTRIES RIGHTS+(A) 09/25/2008 1,083
83 KOOR INDUSTRIES LIMITED RIGHTS+(A) 08/31/2008 250
375 LEIGHTON HOLDINGS RIGHTS+(A) 09/11/2008 3,242
53,250 MAPLETREE LOGISTICS TRUST RIGHTS+ 10/03/2008 188
13,600 METRO HOLDINGS LIMITED RIGHTS+(A) 09/12/2008 5,566
10,887 REED ELSEVIER RIGHTS+(A) 08/29/2008 0
61,620 ROYAL DUTCH SHELL RIGHTS+(A) 09/10/2008 0
17,583 UNITED TRACTORS RIGHTS+(A) 09/08/2008 5,517
TOTAL RIGHTS (COST $31,195) 37,466
--------------
WARRANTS: 0.00%
2,479 BEACH PETROLEUM LIMITED WARRANTS+ 06/10/2010 211
107,854 CHAMPION TECHNOLOGY HOLDINGS LIMITED
WARRANTS+ 04/16/2009 166
6,000 CHINA OVERSEAS LAND & INVESTMENTS WARRANTS+ 08/27/2008 28
3,300 IJM LAND BHD WARRANTS+(A) 09/11/2013 0
1,111 INDUSTRIAL & COMMERCIAL BANK OF CHINA ASIA
LIMITED WARRANTS+ 11/06/2008 41
203,875 MATAHARI PUTRA WARRANTS+ 07/12/2010 602
17,250 OSIM WARRANTS+(A) 06/23/2011 0
700 TAT HONG HOLDINGS LIMITED WARRANTS+ 08/02/2013 69
TOTAL WARRANTS (COST $1,132) 1,117
--------------
PREFERRED STOCKS: 0.67%
23,200 ARACRUZ CELULOSE SA PREFERRED CLASS B 127,813
75,279 BANCO BRADESCO SA 1,381,355
58,863 BANCO ITAU HOLDING FINANCEIRA SA 1,115,137
557 CASINO GUICHARD PERRACHON SA PREFERRED 40,230
7,654 CIA DE BEBIDAS DAS AMERICAS PREFERRED SHARES 474,642
13,147 CIA ENERGETICA DE MINAS GERAIS PREFERRED 282,871
97,030 COMPANHIA VALE DO RIO DOCE CLASS A 2,267,407
8,213 EMBOTELLADORA ANDINA SA A SHARES PREFERRED+ 22,202
7,326 EMBOTELLADORA ANDINA SA B SHARES PREFERRED 22,289
21,702 GERDAU SA PREFERRED 405,282
5,767 MALAYSIAN AIRLINE PREFERRED SHARES 1,385
5,256 METALURGICA GERDAU SA 133,206
156,604 PETROLEO BRASILEIRO SA 3,371,309
597 RWE AG PREFERRED 52,000
12,177 TELE NORTE LESTE PARTICIPACOES SA 281,416
9,782 UNIPOL PREFERRED 18,232
12,402 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A 435,896
1,861 VOLKSWAGEN AG PREFERRED 286,621
TOTAL PREFERRED STOCKS (COST $8,136,829) 10,719,293
--------------
COLLATERAL FOR SECURITIES LENDING: 14.58%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.28%
5,148,658 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 5,148,658
5,148,658 DAILY ASSETS FUND INSTITUTIONAL 5,148,658
5,148,658 DREYFUS CASH MANAGEMENT FUND 5,148,658
5,148,658 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 5,148,658
20,594,632
--------------
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS: 13.30%
$ 3,775,682 ALPINE SECURITIZATION CORPORATION++ 2.47% 09/18/2008 $ 3,770,760
686,488 AMSTEL FUNDING CORPORATION++ 2.50 09/02/2008 686,345
3,844,331 AMSTEL FUNDING CORPORATION++ 2.70 09/03/2008 3,843,178
1,510,273 ASPEN FUNDING CORPORATION++ 2.12 09/02/2008 1,510,006
1,699,057 ASPEN FUNDING CORPORATION++ 2.48 09/25/2008 1,696,014
3,089,195 ATLANTIS ONE FUNDING CORPORATION++ 2.55 09/26/2008 3,083,287
1,716,219 BANCO SANTANDER TOTTA LOAN+++/- 2.49 10/15/2008 1,715,857
25,400,045 BANK OF AMERICA REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $25,406,056) 2.13 09/02/2008 25,400,045
1,716,219 BANK OF IRELAND+++/- 2.80 10/14/2008 1,716,074
3,775,682 CAFCO LLC++ 2.40 09/22/2008 3,769,893
1,372,975 CANCARA ASSET SECURITIZATION LIMITED++ 2.50 09/04/2008 1,372,499
1,510,273 CBA (DELAWARE) FINANCE INCORPORATED 2.35 09/02/2008 1,509,977
1,752,652 CHEYNE FINANCE LLC++(A)+/-####(I) 1.99 02/25/2008 28,919
1,349,363 CHEYNE FINANCE LLC(A)+/-####(I) 2.17 05/19/2008 22,264
3,226,492 CRC FUNDING LLC++ 2.42 09/23/2008 3,221,287
5,560,550 CREDIT SUISSE FIRST BOSTON REPURCHASE
AGREEMENT - 102% COLLATERALIZED BY MONEY
MARKET SECURITIES
(MATURITY VALUE $5,561,909) 2.20 09/02/2008 5,560,550
3,241,869 DANSKE BANK A/S COPENHAGEN 1.88 09/02/2008 3,241,869
5,903,794 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 5,903,794
2,402,707 DANSKE BANK A/S COPENHAGEN 2.03 09/02/2008 2,402,707
5,148,658 DANSKE BANK A/S COPENHAGEN 2.15 09/02/2008 5,148,658
4,736,765 DANSKE BANK A/S COPENHAGEN 2.18 09/02/2008 4,736,765
4,736,765 DANSKE BANK A/S COPENHAGEN 2.20 09/02/2008 4,736,765
3,569,736 DANSKE BANK A/S COPENHAGEN 2.23 09/02/2008 3,569,736
1,167,029 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MONEY MARKET
SECURITIES (MATURITY VALUE $1,167,312) 2.18 09/02/2008 1,167,029
19,084,358 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $19,088,896) 2.14 09/02/2008 19,084,358
3,020,546 ERASMUS CAPITAL CORPORATION++ 2.48 09/02/2008 3,019,922
3,775,682 FAIRWAY FINANCE CORPORATION++ 2.54 09/16/2008 3,771,154
1,922,166 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/22/2008 1,919,157
2,402,707 FALCON ASSET SECURITIZATION CORPORATION++ 2.45 09/25/2008 2,398,455
1,201,353 FORTIS BANQUE LUXEMBOURG 2.47 09/18/2008 1,199,787
1,029,732 GEMINI SECURITIZATION INCORPORATED++ 2.47 09/26/2008 1,027,824
2,402,707 GRAMPIAN FUNDING LIMITED++ 2.56 09/24/2008 2,398,435
6,667,831 GRYPHON FUNDING LIMITED(A)+/-(I) 0.00 08/23/2009 2,965,185
4,462,170 ING USA ANNUITY & LIFE INSURANCE(A)+/-(I) 2.55 10/16/2008 4,462,170
1,578,922 JPMORGAN CHASE REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MONEY MARKET
SECURITIES (MATURITY VALUE $1,579,308) 2.20 09/02/2008 1,578,922
19,564,899 JPMORGAN CHASE REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $19,569,529) 2.13 09/02/2008 19,564,899
1,722,810 JUPITER SECURITIZATION CORPORATION++ 2.45 09/25/2008 1,719,761
1,578,922 LIBERTY STREET FUNDING CORPORATION++ 2.47 09/17/2008 1,576,972
1,321,489 LIBERTY STREET FUNDING CORPORATION++ 2.48 09/19/2008 1,319,668
1,132,705 LMA AMERICAS LLC++ 2.58 09/23/2008 1,130,756
3,775,682 MAZARIN FUNDING CORPORATION++ 2.50 09/26/2008 3,768,603
1,270,002 MONT BLANC CAPITAL CORPORATION 2.55 09/05/2008 1,269,462
823,785 MONT BLANC CAPITAL CORPORATION++ 2.55 09/08/2008 823,260
317,501 MORGAN STANLEY+/- 2.62 10/15/2008 317,501
515,896 MORGAN STANLEY REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MONEY MARKET
SECURITIES (MATURITY VALUE $516,005) 1.90 09/02/2008 515,896
514,866 NORDEA NORTH AMERICA INCORPORATED 2.39 09/16/2008 514,285
3,432,438 NORTHERN ROCK PLC+++/- 2.49 10/03/2008 3,428,775
626,557 OLD LINE FUNDING CORPORATION++ 2.50 09/08/2008 626,166
3,226,492 PRUDENTIAL PLC++ 2.42 09/10/2008 3,224,106
Wells Fargo Advantage Master Portfolios 177
Portfolio of Investments--August 31, 2008 (Unaudited)
DIVERSIFIED STOCK PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 3,775,682 RANGER FUNDING CORPORATION++ ................ 2.45% 09/24/2008 $ 3,769,258
2,883,248 SALISBURY RECEIVABLES COMPANY++ ............. 2.50 09/10/2008 2,881,046
3,089,195 SCALDIS CAPITAL LIMITED++ ................... 2.60 09/24/2008 3,083,617
3,707,034 SHEFFIELD RECEIVABLES CORPORATION++ ......... 2.48 09/09/2008 3,704,480
3,775,682 SOLITAIRE FUNDING LLC++ ..................... 2.45 09/26/2008 3,768,744
3,432,438 STANFIELD VICTORIA FUNDING
LLC++(A)+/-####(I) .......................... 2.81 02/15/2008 2,745,951
2,128,112 STANFIELD VICTORIA FUNDING
LLC++(A)+/-####(I) .......................... 2.79 04/03/2008 1,702,489
1,887,841 STARBIRD FUNDING CORPORATION++ .............. 2.70 09/23/2008 1,884,443
1,922,166 STARBIRD FUNDING CORPORATION++ .............. 2.76 09/24/2008 1,918,495
3,569,736 SWEDBANK MORTGAGE AB ........................ 2.48 09/19/2008 3,564,818
851,107 TULIP FUNDING CORPORATION++ ................. 2.45 09/26/2008 849,544
1,716,219 UNICREDITO ITALIANO BANK (IRELAND)+++/- ..... 2.50 10/14/2008 1,715,982
1,716,219 UNICREDITO ITALIANO BANK (IRELAND)
SERIES LIB+++/- ............................. 2.49 10/08/2008 1,716,013
2,951,897 VICTORIA FINANCE LLC++(A)+/-####(I) ......... 2.20 07/28/2008 2,361,518
1,716,219 VICTORIA FINANCE LLC++(A)+/-####(I) ......... 2.22 08/07/2008 1,372,975
3,432,438 WHITE PINE FINANCE LLC++(A)+/-####(I) ....... 2.85 02/22/2008 3,147,544
213,626,674
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING
(COST $239,065,119) 234,221,306
--------------
SHARES
SHORT-TERM INVESTMENTS: 0.48%
7,768,252 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 7,768,252
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,768,252) 7,768,252
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,951,270,458)* 114.65% $1,841,706,210
OTHER ASSETS AND LIABILITIES, NET (14.65) (235,312,402)
------- --------------
TOTAL NET ASSETS 100.00% $1,606,393,808
------- --------------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(l) Long-term security of an affiliate of the fund with a cost of $3,541,312.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
+/- Variable rate investments.
#### This security is currently in default with regards to scheduled interest
and/or principal payments.
(i) Illiquid security.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund
does not pay an investment advisory fee for such investments.
++ Security of an affiliate of the fund with a cost of $7,768,252.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
AGENCY NOTES - INTEREST BEARING: 1.52%
FEDERAL HOME LOAN BANK: 1.52%
$ 1,000,000 FHLB+/- 2.49% 01/28/2009 $ 1,000,000
1,000,000 FHLB+/- 2.49 01/30/2009 1,000,000
2,000,000
--------------
TOTAL AGENCY NOTES - INTEREST BEARING (COST $2,000,000) 2,000,000
--------------
CORPORATE BONDS & NOTES: 4.20%
BANKING: 0.61%
800,000 ALLIED IRISH BANKS PLC+++/- 2.47 11/18/2008 800,000
--------------
DOMESTIC BANKS: 0.39%
260,000 MORGAN STANLEY+/- 2.19 09/15/2008 259,950
250,000 WACHOVIA BANK NA+/- 3.00 05/01/2009 250,000
509,950
--------------
FINANCIAL SERVICES: 0.76%
1,000,000 IRISH LIFE & PERMANENT+++/- 2.50 03/20/2009 1,000,000
--------------
FOREIGN BANKS: 1.30%
700,000 BES FINANCE LIMITED+++/- 2.52 03/02/2009 700,000
1,000,000 INTESA BANK IRELAND PLC+++/- 2.49 03/25/2009 1,000,000
1,700,000
--------------
MUNICIPAL: 1.14%
1,500,000 FLORIDA HURRICANE CATASTROPHE+/- 2.69 12/12/2008 1,500,000
--------------
TOTAL CORPORATE BONDS & NOTES (COST $5,509,950) 5,509,950
--------------
MUNICIPAL BONDS & NOTES: 1.49%
COLORADO: 0.19%
250,000 COLORADO HOUSING & FINANCE AUTHORITY TAXABLE
MULTIFAMILY PROJECT B II (HOUSING REVENUE,
FNMA INSURED)+/-ss 3.00 05/01/2049 250,000
--------------
MINNESOTA: 0.20%
260,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING
SERIES T (HOUSING REVENUE, GENERAL
OBLIGATION OF AUTHORITY)+/-ss 2.70 07/01/2048 260,000
--------------
NEW JERSEY: 0.15%
200,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE
AGENCY TAXABLE SERIES 4 (HOUSING REVENUE,
DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 2.60 11/01/2037 200,000
--------------
OHIO: 0.19%
250,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT
TAXABLE SERIES I (HOUSING REVENUE,
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION)+/-ss
2.70 09/01/2039 250,000
--------------
TENNESSEE: 0.76%
1,000,000 JOHNSON CITY TN HEALTH & EDUCATIONAL
FACILITIES SERIES B (EDUCATIONAL FACILITIES
REVENUE, REGIONS BANK)+/-ss 2.55 07/01/2033 1,000,000
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $1,960,000) 1,960,000
--------------
Wells Fargo Advantage Master Portfolios 179
Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
COMMERCIAL PAPER: 50.48%
$ 1,000,000 ACTS RETIREMENT-LIFE## 2.92% 09/09/2008 $ 999,432
1,000,000 ALPINE SECURITIZATION++## 2.47 09/25/2008 998,422
800,000 AMSTEL FUNDING CORPORATION++## 2.73 09/09/2008 799,571
1,000,000 AMSTEL FUNDING CORPORATION++## 2.73 09/22/2008 998,483
450,000 AMSTEL FUNDING CORPORATION++## 2.75 09/12/2008 449,656
500,000 ANZ NATIONAL (INTERNATIONAL) LIMITED++## 3.04 04/20/2009 490,289
250,000 ASB FINANCE LIMITED (LONDON)++## 3.01 05/07/2009 244,837
500,000 ATLANTIC ASSET SECURITIZATION
CORPORATION++## 2.49 09/04/2008 499,931
500,000 BEAGLE FUNDING LLC++## 2.72 09/17/2008 499,433
1,000,000 BELMONT FUNDING LLC++## 2.75 09/04/2008 999,847
500,000 BRYANT PARK FUNDING LLC++## 2.75 09/08/2008 499,771
500,000 CAFCO LLC++## 2.67 09/04/2008 499,926
750,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET
DE PREVOYANCE++## 2.71 09/12/2008 749,435
500,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET
DE PREVOYANCE++## 2.97 10/21/2008 497,979
550,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/10/2008 549,690
950,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/15/2008 949,129
600,000 CANCARA ASSET SECURITISATION LLC++## 2.54 09/18/2008 599,323
1,500,000 CHARTA LLC++## 2.60 09/02/2008 1,500,000
300,000 CHARTA LLC++## 2.70 10/20/2008 298,920
500,000 CHARTA LLC++## 2.80 09/17/2008 499,417
750,000 CIESCO LLC++## 2.80 09/18/2008 749,067
1,250,000 CITIBANK CREDIT CARD ISSUANCE TRUST++## 2.49 09/11/2008 1,249,222
1,250,000 CITIBANK CREDIT CARD ISSUANCE TRUST++## 2.80 09/12/2008 1,249,028
900,000 CITIBANK OMNI MASTER TRUST++## 2.75 09/19/2008 898,831
500,000 CITIBANK OMNI MASTER TRUST++## 3.08 12/10/2008 495,765
1,000,000 CLIPPER RECEIVABLES COMPANY LLC++## 2.57 09/02/2008 1,000,000
1,000,000 CLIPPER RECEIVABLES COMPANY LLC++## 2.57 09/03/2008 999,929
450,000 EBBETS FUNDING LLC++## 2.70 09/04/2008 449,933
1,000,000 EBBETS FUNDING LLC++## 2.70 09/18/2008 998,800
1,000,000 EBBETS FUNDING LLC++## 2.75 09/08/2008 999,542
1,000,000 ELYSIAN FUNDING LLC++## 2.60 09/05/2008 999,783
1,500,000 ENTERPRISE FUNDING LLC++## 2.48 09/08/2008 1,499,380
500,000 ENTERPRISE FUNDING LLC++## 2.49 09/08/2008 499,793
800,000 ERASMUS CAPITAL CORPORATION++## 2.60 09/09/2008 799,596
1,000,000 ERASMUS CAPITAL CORPORATION++## 2.60 09/15/2008 999,061
500,000 EUREKA SECURITIZATION++## 2.62 09/16/2008 499,492
1,000,000 FAIRWAY FINANCE CORPORATION++## 2.51 09/18/2008 998,884
1,000,000 FAIRWAY FINANCE CORPORATION++## 2.53 09/08/2008 999,578
1,000,000 FALCON ASSET SECURITIES COMPANY LLC++## 2.48 09/11/2008 999,380
1,000,000 FORTIS FUNDING LLC++## 2.52 09/12/2008 999,300
750,000 FORTIS FUNDING LLC++## 2.67 10/07/2008 748,057
650,000 GALLEON CAPITAL LLC++## 2.57 09/04/2008 649,907
1,000,000 GALLEON CAPITAL LLC++## 2.60 09/02/2008 1,000,000
550,000 GALLEON CAPITAL LLC++## 2.60 09/03/2008 549,960
750,000 GEMINI SECURITIZATION CORPORATION LLC++## 2.68 09/02/2008 750,000
500,000 GEMINI SECURITIZATION CORPORATION LLC++## 2.68 09/04/2008 499,926
500,000 GOVCO LLC++## 2.72 11/17/2008 497,129
500,000 IRISH LIFE & PERMANENT++## 2.76 09/30/2008 498,927
1,000,000 KBC FINANCIAL PRODUCTS INTERNATIONAL
LIMITED++## 2.72 09/17/2008 998,867
450,000 LIBERTY STREET FUNDING LLC++## 2.58 09/09/2008 449,774
1,250,000 LIBERTY STREET FUNDING LLC++## 2.59 09/15/2008 1,248,831
250,000 LIBERTY STREET FUNDING LLC++## 2.87 12/01/2008 248,206
500,000 MAZARIN FUNDING CORPORATION++## 2.60 09/02/2008 500,000
1,000,000 MAZARIN FUNDING CORPORATION++## 2.62 09/09/2008 999,491
700,000 METLIFE SHORT TERM FUND++## 2.56 09/15/2008 699,353
1,000,000 METLIFE SHORT TERM FUND++## 2.65 10/01/2008 997,865
1,000,000 METLIFE SHORT TERM FUND++## 2.93 12/09/2008 992,024
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
COMMERCIAL PAPER (continued)
$ 250,000 MONT BLANC CAPITAL CORPORATION++## 2.50% 09/03/2008 $ 249,983
500,000 MONT BLANC CAPITAL CORPORATION++## 2.62 09/04/2008 499,927
1,000,000 NATIONWIDE BUILDING SOCIETY++## 2.40 09/04/2008 999,867
1,000,000 NIEUW AMSTERDAM RECEIVABLES++## 2.60 09/02/2008 1,000,000
2,000,000 OLD LINE FUNDING LLC++## 2.50 09/12/2008 1,998,611
500,000 PARK AVENUE RECEIVABLES++## 2.47 09/05/2008 499,897
1,000,000 PARK AVENUE RECEIVABLES++## 2.48 09/05/2008 999,793
500,000 PICAROS FUNDING LLC++## 2.53 09/15/2008 499,543
2,000,000 PICAROS FUNDING LLC++## 2.54 09/04/2008 1,999,718
750,000 REGENCY MARKETS #1 LLC++## 2.59 09/15/2008 749,298
1,500,000 SCALDIS CAPITAL LLC++## 2.59 09/22/2008 1,497,842
250,000 SCALDIS CAPITAL LLC++## 2.78 10/30/2008 248,880
1,000,000 STARBIRD FUNDING CORPORATION++## 2.70 09/25/2008 998,275
400,000 STARBIRD FUNDING CORPORATION++## 2.80 10/03/2008 399,036
500,000 STARBIRD FUNDING CORPORATION++## 2.95 10/17/2008 498,156
600,000 SURREY FUNDING CORPORATION++## 2.63 09/09/2008 599,693
500,000 SURREY FUNDING CORPORATION++## 2.64 09/12/2008 499,633
1,000,000 SWEDBANK## 2.74 10/24/2008 996,042
500,000 SWEDBANK## 2.81 09/08/2008 499,766
1,000,000 SWEDBANK## 2.96 11/25/2008 993,093
1,000,000 SWEDBANK## 3.00 11/26/2008 992,917
300,000 THAMES ASSET GLOBAL SECURITIES++## 2.55 09/10/2008 299,830
400,000 THAMES ASSET GLOBAL SECURITIES++## 2.55 09/15/2008 399,632
700,000 THAMES ASSET GLOBAL SECURITIES++## 2.57 09/09/2008 699,650
500,000 UNICRED INTERNATIONAL BANK IRELAND++## 2.93 11/25/2008 496,582
500,000 VARIABLE FUNDING CAPITAL++## 2.83 11/25/2008 496,698
1,000,000 VERSAILLES COMMERCIAL PAPER LLC++## 2.55 09/05/2008 999,788
1,000,000 VICTORIA FINANCE LLC+++/-####(A)(I) 4.82 01/17/2008 800,000
TOTAL COMMERCIAL PAPER (COST $66,448,317) 66,248,322
--------------
EXTENDABLE BONDS: 5.98%
700,000 BASF FINANCE EUROPE NV+++/- 2.80 09/18/2009 700,000
750,000 CAISSE NATIONALE DES CAISSES D'EPARGNE ET
DE PREVOYANCE+++/- 2.77 09/10/2009 750,000
500,000 COMMONWEALTH BANK AUSTRALIA+++/- 2.99 08/03/2009 500,000
1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 2.48 09/09/2009 1,500,000
500,000 HSBC USA INCORPORATED+/- 3.19 08/14/2009 500,000
750,000 IBM INTERNATIONAL GROUP CAPITAL+++/- 3.03 09/25/2009 750,000
750,000 ING USA GLOBAL FUNDING+/- 3.14 09/18/2009 750,000
1,400,000 RABOBANK NEDERLAND+++/- 2.99 09/09/2009 1,400,000
500,000 ROYAL BANK OF CANADA+++/- 2.77 09/15/2009 500,000
500,000 SVENSKA HANDELSBANKEN+++/- 3.15 08/25/2009 500,000
TOTAL EXTENDABLE BONDS (COST $7,850,000) 7,850,000
--------------
MEDIUM TERM NOTES: 3.43%
1,000,000 BNP PARIBAS+/- 2.77 09/16/2008 1,000,000
1,000,000 MBIA GLOBAL FUNDING LLC+++/- 3.01 11/18/2008 1,000,000
1,000,000 MERRILL LYNCH & COMPANY+/- 2.61 03/24/2009 1,000,000
500,000 ROYAL BANK SCOTLAND GROUP PLC+++/- 2.96 09/18/2008 500,000
1,000,000 TOTTA IRELAND PLC+++/- 2.47 09/05/2008 1,000,000
TOTAL MEDIUM TERM NOTES (COST $4,500,000) 4,500,000
--------------
SECURED MASTER NOTE AGREEMENT: 3.45%
2,167,000 BANK OF AMERICA SECURITIES+++/-ss (E) 2.26 -- 2,167,000
2,354,000 CITIGROUP GLOBAL+++/-ss (E) 2.25 -- 2,354,000
TOTAL SECURED MASTER NOTE AGREEMENT (COST $4,521,000) 4,521,000
--------------
Wells Fargo Advantage Master Portfolios 181
Portfolio of Investments--August 31, 2008 (Unaudited)
MONEY MARKET PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ----------- -------------------------------------------- ------------- ------------- --------------
TIME DEPOSITS: 12.19%
$ 2,000,000 ALLIED IRISH BANKS PLC ..................... 2.15% 09/02/2008 $ 2,000,000
2,000,000 BANCO BILBAO VIZCAYA ARGENTINA ............. 2.20 09/02/2008 2,000,000
2,000,000 BANK OF IRELAND ............................ 2.23 09/02/2008 2,000,000
1,000,000 BNP PARIBAS PARIS .......................... 2.15 09/02/2008 1,000,000
2,000,000 DANSKE BANK A/S COPENHAGEN ................. 2.15 09/02/2008 2,000,000
2,000,000 DEXIA CREDIT LOCAL DE FRANCE ............... 2.18 09/02/2008 2,000,000
3,000,000 KBC BANK NV BRUSSELS ....................... 1.88 09/02/2008 3,000,000
2,000,000 SOCIETE GENERALE PARIS ..................... 2.18 09/02/2008 2,000,000
TOTAL TIME DEPOSITS (COST $16,000,000) ................... 16,000,000
--------------
CERTIFICATES OF DEPOSIT: 8.53%
1,000,000 ABN AMRO BANK (LONDON) ..................... 2.85 09/10/2008 1,000,000
1,000,000 ALLIED IRISH BANKS (NEW YORK) .............. 2.86 09/09/2008 1,000,000
1,000,000 BANCO BILBOA VIZCAYA ARGENTINA (NEW YORK) .. 2.70 09/04/2008 1,000,002
2,000,000 BANK OF SOCTLAND PLC (NEW YORK)+/- ......... 3.22 08/14/2009 2,000,000
750,000 BARCLAYS BANK PLC (NEW YORK)+/- ............ 2.97 02/27/2009 750,000
1,000,000 BNP PARIBAS NY BRANCH ...................... 3.12 02/20/2009 1,000,000
750,000 FORTIS BANK (NEW YORK) ..................... 2.80 10/17/2008 750,000
1,000,000 INTESA SANPAOLO SPA LOND ................... 2.53 09/08/2008 1,000,000
700,000 NATIXIS NY BRANCH .......................... 2.92 12/01/2008 700,000
500,000 NATIXIS NY BRANCH+/-ss ................ 2.99 04/01/2010 500,000
1,000,000 UNICREDITO ITALIANO NY ..................... 3.00 12/08/2008 1,000,000
500,000 US BANK NATIONAL ASSOCIATION ............... 2.86 04/20/2009 500,000
TOTAL CERTIFICATES OF DEPOSIT (COST $11,200,002) ......... 11,200,002
--------------
REPURCHASE AGREEMENTS: 9.37%
2,301,419 BARCLAYS CAPITAL INCORPORATED - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $2,301,966) ................ 2.14 09/02/2008 2,301,419
3,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION -
102% COLLATERALIZED BY US GOVERNMENT
SECURITIES (MATURITY VALUE $3,000,733) ..... 2.20 09/02/2008 3,000,000
1,000,000 DEUTSCHE BANK SECURITIES - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $1,000,242) ................ 2.18 09/02/2008 1,000,000
1,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED
BY US GOVERNMENT SECURITIES
(MATURITY VALUE $1,000,244) ................ 2.20 09/02/2008 1,000,000
3,000,000 LEHMAN BROTHERS COMMERCIAL - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $3,000,833) ................ 2.50 09/02/2008 3,000,000
2,000,000 MERRILL PIERCE FENNER & SMITH - 102%
COLLATERALIZED BY US GOVERNMENT SECURITIES
(MATURITY VALUE $2,000,489) ................ 2.20 09/02/2008 2,000,000
TOTAL REPURCHASE AGREEMENTS (COST $12,301,419) 12,301,419
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $132,290,688)* 100.64% $ 132,090,693
OTHER ASSETS AND LIABILITIES, NET (0.64) (844,580)
------ --------------
TOTAL NET ASSETS 100.00% $ 131,246,113
------ --------------
- ----------
++ 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.
## Zero coupon bond. Interest rate presented is yield to maturity.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
#### 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.
(e) The security is a private placement with no stated maturity date.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
182 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--August 31, 2008 (Unaudited)
Diversified Fixed Diversified Money Market
Income Portfolio Stock Portfolio Portfolio
----------------- --------------- -------------
ASSETS
Investments
In securities, at market value (including securities on
loan) .................................................... $ 850,452,078 $1,596,436,443 $ 119,789,274
Collateral received for securities loaned (Note 2) .......... 256,634,289 234,221,306 0
Investments in affiliates ................................... 54,754,127 11,048,461 0
Repurchase Agreements ....................................... 0 0 12,301,419
-------------- -------------- -------------
Total investments at market value (see cost below) ............. 1,161,840,494 1,841,706,210 132,090,693
-------------- -------------- -------------
Cash 0 0 50,000
Foreign currency, at value ..................................... 350,720 4,636,974 0
Receivable for investments sold ................................ 8,557,440 22,786 0
Receivables for dividends and interest ......................... 9,831,239 3,179,173 126,628
Prepaid expenses and other assets .............................. 5,961 47,473 0
-------------- -------------- -------------
Total assets 1,180,585,854 1,849,592,616 132,267,321
-------------- -------------- -------------
LIABILITIES
Payable for daily variation margin on futures contracts ........ 0 336,039 0
Foreign taxes payable .......................................... 195 0 0
Payable for investments purchased .............................. 53,171,499 3,217,552 1,000,000
Unrealized depreciation on forward foreign currency contracts .. 195,763 0 0
Payable upon receipt of securities loaned (Note 2) ............. 258,859,069 239,065,119 0
Payable to investment advisor and affiliates (Note 3) .......... 256,464 575,668 13,753
Accrued expenses and other liabilities .......................... 2,785 4,430 7,455
-------------- -------------- -------------
Total liabilities ................................................. 312,485,775 243,198,808 1,021,208
-------------- -------------- -------------
TOTAL NET ASSETS .................................................. $ 868,100,079 $1,606,393,808 $ 131,246,113
============== ============== =============
Investments at cost ............................................... $1,156,762,618 $1,951,270,458 $ 132,290,688
-------------- -------------- -------------
Foreign currencies at cost ........................................ $ 361,813 $ 4,715,777 $ 0
-------------- -------------- -------------
Securities on loan, at market value (Note 2) ...................... $ 255,114,613 $ 228,531,646 $ 0
-------------- -------------- -------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 183
Statements of Operations--For the Six Months Ended August 31, 2008 (Unaudited)
Diversified Fixed Diversified Money Market
Income Portfolio Stock Portfolio Portfolio
----------------- --------------- ------------
INVESTMENT INCOME
Dividends(1)..................................................... $ 0 $ 19,413,944 $ 0
Interest......................................................... 18,253,170 0 1,856,030
Interest from affiliated securities.............................. 483,289 124,099 0
Securities lending income, net................................... 405,169 725,951 0
------------ ------------ ------------
Total investment income............................................. 19,141,628 20,263,994 1,856,030
------------ ------------ ------------
EXPENSES
Advisory fees.................................................... 1,249,638 2,769,512 66,030
Custody fees..................................................... 166,618 569,513 13,206
Accounting fees.................................................. 9,512 9,284 7,522
Professional fees................................................ 34,270 35,070 25,756
Shareholder reports.............................................. 802 1,201 652
Trustees' fees................................................... 4,323 4,323 4,323
Other fees and expenses.......................................... 3,919 32,375 1,565
------------ ------------ ------------
Total expenses...................................................... 1,469,082 3,421,278 119,054
------------ ------------ ------------
LESS
Waived fees and reimbursed expenses (Note 3)..................... (3,054) (1,066) (4,609)
Net expenses..................................................... 1,466,028 3,420,212 114,445
------------ ------------ ------------
Net investment income (loss)........................................ 17,675,600 16,843,782 1,741,585
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency
translation...................................................... 1,605,873 10,180,012 (15,354)
Futures transactions............................................. 0 (210,492) 0
Affiliated Securities............................................ 0 (11,042) 0
------------ ------------ ------------
Net realized gain and loss from investments......................... 1,605,873 9,958,478 (15,354)
------------ ------------ ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency
translation...................................................... (32,081,013) (81,036,666) (91,600)
Forward foreign currency contracts............................... (389,715) 0 0
Futures transactions 0 (515,770) 0
------------ ------------ ------------
Net change in unrealized appreciation (depreciation) of
investments...................................................... (32,470,728) (81,552,436) (91,600)
------------ ------------ ------------
Net realized and unrealized gain (loss) on investments.............. (30,864,855) (71,593,958) (106,954)
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS..... $(13,189,255) $(54,750,176) $ 1,634,631
============ ============ ============
(1) Net of foreign withholding taxes of............................. $ 0 $ 1,091,986 $ 0
The accompanying notes are an integral part of these financial statements.
184 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
DIVERSIFIED FIXED INCOME
PORTFOLIO
--------------------------------
For the For the
Six Months Ended Year Ended
August 31, 2008 February 29,
(Unaudited) 2008
---------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................ $747,540,015 $ 511,061,689
OPERATIONS
Net investment income (loss) ........................ 17,675,600 29,765,957
Net realized gain (loss) on investments ............. 1,605,873 8,403,026
Net change in unrealized appreciation
(depreciation) of investments .................... (32,470,728) 27,138,722
------------ -------------
Net increase (decrease) in net assets resulting from
operations .......................................... (13,189,255) 65,307,705
------------ -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ....................................... 200,946,962 497,469,524
Withdrawals ......................................... (67,197,643) (326,298,903)
------------ -------------
Net increase (decrease) from transactions in investors'
beneficial interests ................................ 133,749,319 171,170,621
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS .................. 120,560,064 236,478,326
============ =============
ENDING NET ASSETS ...................................... $868,100,079 $ 747,540,015
============ =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 185
Statements of Changes in Net Assets
DIVERSIFIED STOCK PORTFOLIO MONEY MARKET PORTFOLIO
- --------------------------------- ---------------------------------
For the For the For the For the
Six Months Ended Year Ended Six Months Ended Year Ended
August 31, 2008 February 29, August 31, 2008 February 29,
(Unaudited) 2008 (Unaudited) 2008
- ---------------- -------------- ---------------- --------------
$1,472,810,890 $ 876,896,308 $124,923,826 $ 152,041,503
16,843,782 20,075,836 1,741,585 6,417,043
9,958,478 60,160,849 (15,354) 7,006
(81,552,436) (142,485,632) (91,600) (108,395)
-------------- -------------- ------------ --------------
(54,750,176) (62,248,947) 1,634,631 6,315,654
-------------- -------------- ------------ --------------
309,988,247 859,258,927 34,758,135 88,952,041
(121,655,153) (201,095,398) (30,070,479) (122,385,372)
-------------- -------------- ------------ --------------
188,333,094 658,163,529 4,687,656 (33,433,331)
-------------- -------------- ------------ --------------
133,582,918 595,914,582 6,322,287 (27,117,677)
============== ============== ============ ==============
$1,606,393,808 $1,472,810,890 $131,246,113 $ 124,923,826
============== ============== ============ ==============
186 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(4)
-------------- -------- -------- -------- --------- ---------
DIVERSIFIED FIXED INCOME PORTFOLIO
March 1, 2008 to August 31, 2008
(Unaudited) ............................. 4.25% 0.35% 0.00%(5) 0.35% (1.63)% 31%
March 1, 2007 to February 29, 2008 ......... 4.54% 0.35% 0.00%(5) 0.35% 9.56% 84%
June 26, 2006(3) to February 28, 2007 ...... 4.52% 0.37% (0.01)% 0.36% 6.70% 165%
DIVERSIFIED STOCK PORTFOLIO
March 1, 2008 to August 31, 2008
(Unaudited) ............................. 2.08% 0.42% 0.00%(5) 0.42% (3.51)% 13%
March 1, 2007 to February 29, 2008 ......... 1.66% 0.43% 0.00%(5) 0.43% (2.23)% 29%
June 26, 2006(3) to February 28, 2007 ...... 1.25% 0.44% (0.01)% 0.43% 16.12% 87%
MONEY MARKET PORTFOLIO
March 1, 2008 to August 31, 2008
(Unaudited) ............................. 2.64% 0.18% (0.01)% 0.17% 0.92% NA
March 1, 2007 to February 29, 2008 ......... 4.99% 0.17% (0.01)% 0.16% 4.81% NA
June 26, 2006(3) to February 28, 2007 ...... 5.21% 0.18% (0.01)% 0.17% 4.00% NA
(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) Portfolio turnover rates presented for periods of less than one year are
not annualized.
(5) Amount calculated is less than .005%.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 187
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 three of those portfolios as follows: the
Diversified Fixed Income Portfolio, Diversified Stock Portfolio and Money Market
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.
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. In the absence of any sale of securities listed on the NASDAQ, and in the
case of other securities, including U.S. Government obligations, but excluding
debt securities maturing in 60 days or less, the price will be deemed "stale"
and the valuations will be determined in accordance with the Funds' Fair
Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities with original maturities of 60 days or less and other short-term
debt securities in which cash collateral received for securities loaned may be
invested, 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.
188 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Money Market Portfolio invests only in securities with remaining maturities not
exceeding 397 days (13 months). Certain floating- and variable-rate instruments
in the portfolio may have maturities in excess of 397 days provided that these
variable rate instruments are either Government Securities or carry a demand
feature that permits the holder to tender the instruments back to the issuer at
par value prior to maturity.
The amortized cost method is used to value portfolio securities, which
approximates fair value. The amortized cost method involves valuing a security
at its cost, plus accretion of discount or minus amortization of premium over
the period until maturity, which approximates market value. Money Market
Portfolio maintains an accumulating net asset value.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures approved by the Board of
Trustees.
FAIR VALUATION MEASUREMENTS
The Funds adopted Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with
FAS 157, fair value is defined as the price that a Fund would receive upon
selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. FAS 157 established a
three-tier hierarchy to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability, including
assumptions about risk. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own assumptions regarding the assumptions market
participants would use in pricing the asset or liability, based on the best
information available in the circumstances. The three-tier hierarchy of inputs
is summarized in the three broad Levels listed below.
- - Level 1 - quoted prices in active markets for identical investments
- - Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- - Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of August 31, 2008 in valuing
the Funds' investments in securities:
Total Fair Value
MASTER PORTFOLIOS Level 1 Level 2 Level 3 as of 08/31/2008
- ---------------------------------- -------------- -------------- ----------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO $ 0 $1,142,099,327 $19,741,167 $1,161,840,494
DIVERSIFIED STOCK PORTFOLIO 1,203,602,551 618,675,333 19,428,326 1,841,706,210
MONEY MARKET PORTFOLIO 0 131,290,693 800,000 132,090,693
The following is a summary of the inputs used as of August 31, 2008 in valuing
the Funds' investments in other financial instruments:*
Total Unrealized
Appreciation/
MASTER PORTFOLIOS Level 1 Level 2 Level 3 (Depreciation)
- ---------------------------------- --------- ------- ------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO $(884,866) $0 $0 $(884,866)
DIVERSIFIED STOCK PORTFOLIO 20,379 0 0 20,379
MONEY MARKET PORTFOLIO 0 0 0 0
* Other financial instruments include: futures, options, sale commitments,
and swaps.
Wells Fargo Advantage Master Portfolios 189
Notes to Financial Statements
Following is a reconciliation of investments in which significant unobservable
inputs (Level 3) were used in determing value:
Diversified Fixed Diversified Money Market
Income Portfolio Stock Portfolio Portfolio
----------------- --------------- ------------
BALANCE AS OF 02/29/2008 $22,011,439 $23,131,367 $891,600
Accrued discounts (premiums) 21 0 0
Realized gain (loss) (1,076,028) (3,200,220) 0
Unrealized appreciation (depreciation) (326,207) 9,020 (91,600)
Net purchases (sales) 56,610 (1,049,754) 0
Net transfer in (out) of level 3 (924,668) 537,913 0
BALANCE AS OF 08/31/2008 $19,741,167 $19,428,326 $800,000
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for U.S. federal income
tax purposes. The Funds of the Trust are not required to pay U.S. federal income
taxes on their net investment income and net capital gain as they are treated as
partnerships for U.S. 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 Funds' tax positions taken on federal income tax
returns for all open tax years and has concluded that as of August 31, 2008, no
provision for income tax would be required in the Funds' financial statements.
The Funds' 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: February 28, 2007; February 29, 2008) are subject to examination by the
Internal Revenue Service and state departments of revenue.
190 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
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 August 31, 2008, outstanding forward contracts were as follows:
Net Unrealized
Currency Amount Type of Currency Amount Appreciation
PORTFOLIO to be Received Currency Settlement Date to be Delivered (Depreciation)
- ---------------------------------- --------------- ------------- --------------- --------------- --------------
DIVERSIFIED FIXED INCOME PORTFOLIO 300,000 British Pound 12/5/08 $ 547,380 $ (524)
1,750,000 Euro 12/5/08 2,549,664 17,674
130,000,000 Japanese Yen 12/5/08 1,191,349 3,229
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
August 31, 2008, the following Fund held futures contracts:
Notional Net Unrealized
Contract Appreciation
PORTFOLIO Contracts Type Expiration Date Amount (Depreciation)
- --------------------------- --------- ------------- --------------- ---------- --------------
DIVERSIFIED STOCK PORTFOLIO 9 Long Midcap 400 September 2008 $ 781,095 $ (46,155)
10 Long Russell Mini September 2008 733,984 (715,084)
32 Long S&P 500 Index September 2008 2,175,627 (123,627)
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC. The repurchase agreements must be fully collateralized based on
values that are marked to market daily. The collateral may be held by an agent
bank under a tri-party agreement. It is the custodian's responsibility to value
collateral daily and to take action to obtain additional collateral as necessary
to maintain market value equal to or greater than the resale price. The
repurchase agreements are collateralized by instruments such as U.S. Treasury,
federal agency, or high-grade corporate obligations. There could be potential
loss to a Fund in the event that such Fund is delayed or prevented from
exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received
Wells Fargo Advantage Master Portfolios 191
Notes to Financial Statements
as collateral (after payment of a "broker rebate fee" to the borrower). A Fund
also continues to receive interest or dividends on the securities loaned.
Security loans are secured at all times by collateral, although the loans may
not be fully supported at all times if, for example, the instruments in which
cash collateral is invested decline in value or the borrower fails to provide
additional collateral when required in a timely manner or at all. The collateral
is equal to at least 102% of the market value of the securities loaned plus
accrued interest when the transaction is entered into. The collateral supporting
loans of domestic and foreign equity securities and corporate bonds is remarked
to at least 102% of the marked value of the securities loaned (including any
accrued interest) on a daily basis, without taking into account any increase or
decrease in the value of instruments in which cash collateral is invested.
Collateral supporting loans of U.S. Government Securities is remarked to 102% of
the loaned securities' market value, without taking into account any increase or
decrease in the value of instruments in which cash collateral is invested, 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 generally is invested on behalf of the Fund by the securities
lending agent in high-quality short-term debt investments (including money
market instruments) that have been evaluated and approved by the Fund's adviser
and are permissible investments for the Fund. Cash collateral is invested on
behalf of a Fund in a manner similar to the Fund's investment of its cash
reserves and the Fund bears all of the gains and losses on such investments. The
net asset value of a Fund will be affected by an increase or decrease in the
value of the securities loaned and by an increase or decrease in the value of
instruments in which cash collateral is invested. Another risk from securities
lending is that the borrower may not provide additional collateral when required
or return the securities when due or when called for by the Fund. In either
case, a Fund could experience delays in recovering securities or collateral or
could lose all or part of the value of the loaned securities. Wells Fargo Bank,
N.A., 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. The securities lending agent may make payments to borrowers and
placing brokers, who may not be affiliated, directly or indirectly, with the
Trust, the adviser or the distributor. 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, the related collateral and the liability to return the collateral at
August 31, 2008, are shown on the Statements of Assets and Liabilities.
STRUCTURED INVESTMENT VEHICLES
The Portfolios 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 August 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 ($MV) % of Net Assets
- ---------------------------------- -------------------- ---------------
DIVERSIFIED FIXED INCOME PORTFOLIO $ 6,458,844 0.74
DIVERSIFIED STOCK PORTFOLIO 11,381,660 0.71
MONEY MARKET PORTFOLIO 800,000 0.61
192 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
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
sub-adviser, 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
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ---------------------------------- ---------------- ------------- ------------- ---------------- -------------
DIVERSIFIED FIXED INCOME PORTFOLIO First $1 billion 0.300 SSgA Funds First $1 billion 0.100
Next $4 billion 0.275 Management Over $1 billion 0.080
Over $5 billion 0.250 Incorporated
DIVERSIFIED STOCK PORTFOLIO First $1 billion 0.350 SSgA Funds First $1 billion 0.100
Next $4 billion 0.325 Management Over $1 billion 0.080
Over $5 billion 0.300 Incorporated
MONEY MARKET PORTFOLIO All asset levels 0.100 Wells Capital First $1 billion 0.050
Management Next $2 billion 0.030
Incorporated Next $3 billion 0.020
Over $6 billion 0.010
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
rates:
% of Average
PORTFOLIO Daily Net Assets
- ---------------------------------- ----------------
DIVERSIFIED FIXED INCOME PORTFOLIO 0.04
DIVERSIFIED STOCK PORTFOLIO 0.07
MONEY MARKET PORTFOLIO 0.02
OTHER FEES
PNC Global Investment Servicing ("PNC") serves as fund accountant for the Trust
and is entitled to receive an annual fixed fee from each Fund. PNC 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 on the Statements of
Operations, for the six-month period ended August 31, 2008, were waived by Funds
Management, first from advisory fees, and then any remaining amount
consecutively from custody fees collected, if any.
Wells Fargo Advantage Master Portfolios 193
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) and U.S.
Government obligations for the six-month period ended August 31, 2008, were as
follows:
PORTFOLIO Purchases at Cost Sales Proceeds
- ---------------------------------- ----------------- --------------
DIVERSIFIED FIXED INCOME PORTFOLIO $410,520,295 $250,682,726
DIVERSIFIED STOCK PORTFOLIO 419,694,071 210,412,752
5. NEW ACCOUNTING PRONOUNCEMENTS
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 August 31, 2008, Management is continuing to
evaluate the impact, if any, that adoption of FAS 161 may have on the financial
statements.
ITEM 2. CODE OF ETHICS
=======================
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
===============================================
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
===============================
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
=============================================================================
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT
INVESTMENT COMPANY AND AFFILIATED PURCHASES
===================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================
Not applicable.
ITEM 11. CONTROLS AND PROCEDURES
=================================
(a) The President and Treasurer have concluded that the Wells Fargo 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 Master Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: October 13, 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: October 13, 2008
By: /s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Date: October 13, 2008
CERTIFICATION
-------------
I, Karla M. Rabusch, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Master Trust on
behalf of the following series: Wells Fargo Advantage Diversified Fixed Income
Portfolio, Wells Fargo Advantage Diversified Stock Portfolio and Wells Fargo
Advantage Money Market Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the
period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing of
this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design
or operation of internal controls over financial reporting which
are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information;
and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: October 13, 2008
/s/ Karla M. Rabusch
- ------------------------
Karla M. Rabusch
President
Wells Fargo Master Trust
Exhibit 99.CERT
CERTIFICATION
-------------
I, Stephen W. Leonhardt, certify that:
1. I have reviewed this report on Form N-CSR of Wells Fargo Master Trust on
behalf of the following series: Wells Fargo Advantage Diversified Fixed Income
Portfolio, Wells Fargo Advantage Diversified Stock Portfolio and Wells Fargo
Advantage Money Market Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the
period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure
controls and procedures and presented in this report our
conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing of
this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material weaknesses in the design
or operation of internal controls over financial reporting which
are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information;
and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls over financial reporting.
Date: October 13, 2008
/s/ Stephen W. Leonhardt
- ------------------------
Stephen W. Leonhardt
Treasurer
Wells Fargo Master Trust
Exhibit 99.CERT
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Master Trust (the "Trust"), hereby certifies, to the best of her knowledge, that
the Trust's report on Form N-CSR for the period ended August 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: October 13, 2008
/s/ Karla M. Rabusch
Karla M. Rabusch
President
Wells Fargo Master Trust
SECTION 906 CERTIFICATION
-------------------------
Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo
Master Trust (the "Trust"), hereby certifies, to the best of his knowledge, that
the Trust's report on Form N-CSR for the period ended August 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: October 13, 2008
/s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Wells Fargo Master Trust