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: May 31, 2009 Date of reporting period: November 30, 2008 ITEM 1. REPORT TO SHAREHOLDERS =============================== Wells Fargo Advantage Master Portfolios 75 Portfolio of Investments--November 30, 2008 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- US TREASURY SECURITIES: 96.89% US TREASURY BONDS: 51.11% $ 3,784,533 US TREASURY BOND - INFLATION PROTECTED&<< 1.38% 07/15/2018 $ 3,389,227 5,112,240 US TREASURY BOND - INFLATION PROTECTED&<< 1.63 01/15/2018 4,547,097 3,686,661 US TREASURY BOND - INFLATION PROTECTED&<< 1.75 01/15/2028 3,039,191 5,258,627 US TREASURY BOND - INFLATION PROTECTED&<< 1.88 07/15/2015 4,660,458 7,794,302 US TREASURY BOND - INFLATION PROTECTED&<< 2.00 07/15/2014 6,949,103 5,682,666 US TREASURY BOND - INFLATION PROTECTED&<< 2.00 01/15/2016 5,060,681 5,963,768 US TREASURY BOND - INFLATION PROTECTED&<< 2.00 01/15/2026 4,988,596 4,752,037 US TREASURY BOND - INFLATION PROTECTED&<< 2.38 01/15/2017 4,364,822 8,293,416 US TREASURY BOND - INFLATION PROTECTED&<< 2.38 01/15/2025 7,388,919 4,795,435 US TREASURY BOND - INFLATION PROTECTED&<< 2.38 01/15/2027 4,303,529 4,196,249 US TREASURY BOND - INFLATION PROTECTED& 2.63 07/15/2017 3,982,500 1,738,022 US TREASURY BOND - INFLATION PROTECTED& 3.38 04/15/2032 1,843,661 5,911,518 US TREASURY BOND - INFLATION PROTECTED& 3.63 04/15/2028 6,276,370 6,741,059 US TREASURY BOND - INFLATION PROTECTED& 3.88 04/15/2029 7,432,544 68,226,698 ---------------- US TREASURY NOTES: 45.78% 1,293,925 US TREASURY NOTE - INFLATION PROTECTED&<< 0.63 04/15/2013 1,204,159 8,644,576 US TREASURY NOTE - INFLATION PROTECTED&<< 0.88 04/15/2010 8,037,433 7,127,125 US TREASURY NOTE - INFLATION PROTECTED&<< 1.63 01/15/2015 6,246,255 7,272,642 US TREASURY NOTE - INFLATION PROTECTED&<< 1.88 07/15/2013 6,576,629 3,849,245 US TREASURY NOTE - INFLATION PROTECTED& 2.00 04/15/2012 3,653,477 7,673,033 US TREASURY NOTE - INFLATION PROTECTED& 2.00 01/15/2014 6,908,730 6,272,144 US TREASURY NOTE - INFLATION PROTECTED&<< 2.38 04/15/2011 5,897,283 5,850,306 US TREASURY NOTE - INFLATION PROTECTED&<< 2.50 07/15/2016 5,375,425 7,958,330 US TREASURY NOTE - INFLATION PROTECTED&<< 3.00 07/15/2012 7,607,670 1,743,549 US TREASURY NOTE - INFLATION PROTECTED& 3.38 01/15/2012 1,689,335 3,865,613 US TREASURY NOTE - INFLATION PROTECTED&<< 3.50 01/15/2011 3,719,748 4,297,954 US TREASURY NOTE - INFLATION PROTECTED&<< 4.25 01/15/2010 4,205,118 61,121,262 ---------------- TOTAL US TREASURY SECURITIES (COST $144,427,396) 129,347,960 ---------------- SHARES - --------------- COLLATERAL FOR SECURITIES LENDING: 46.19% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 8.85% 2,954,259 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 2,954,259 2,954,259 DAILY ASSETS FUND INSTITUTIONAL 2,954,259 2,954,259 DREYFUS CASH MANAGEMENT FUND 2,954,259 2,954,259 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 2,954,259 11,817,036 ---------------- PRINCIPAL - --------------- COLLATERAL INVESTED IN OTHER ASSETS: 37.34% $ 548,213 BANK OF AMERICA NT & SA (CAYMAN ISLANDS) 1.25 12/01/2008 548,213 16,750,953 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $16,751,344) 0.28 12/01/2008 16,750,953 1,185,237 BANK OF IRELAND 0.30 12/01/2008 1,185,237 548,213 BNP PARIBAS PARIS 1.00 12/01/2008 548,213 340,935 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 5,625 1,065,970 CITIBANK CREDIT CARD ISSUANCE TRUST++ 1.20 12/01/2008 1,065,899 76 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 18,273,767 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $18,274,224) 0.30% 12/01/2008 $ 18,273,767 822,320 DEXIA CREDIT LOCAL DE FRANCE SA 1.70 12/01/2008 822,320 1,096,426 FORTIS BANK (GRAND CAYMAN) 1.05 12/01/2008 1,096,426 715,610 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 303,633 1,157,339 MONT BLANC CAPITAL CORPORATION++ 1.25 12/01/2008 1,157,258 548,213 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $548,270) 1.25 12/01/2008 548,213 3,532,928 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,533,002) 0.25 12/01/2008 3,532,928 548,213 NATIXIS 1.00 12/01/2008 548,213 609,126 SCALDIS CAPITAL LLC++ 1.65 12/01/2008 609,070 1,014,194 SOCIETE GENERALE (CAYMAN LSLANDS) 0.75 12/01/2008 1,014,194 761,407 VICTORIA FINANCE LLC+++/-####(a)(i) 0.85 08/07/2008 510,143 761,407 VICTORIA FINANCE LLC+++/-####(a)(i) 1.92 05/02/2008 510,143 1,218,251 VICTORIA FUNDING LLC+++/-####(a)(i) 2.22 04/03/2008 816,228 49,846,676 ---------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $62,628,023) 61,663,712 ---------------- SHARES - --------------- SHORT-TERM INVESTMENTS: 3.16% 4,122,740 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 4,122,740 ---------------- PRINCIPAL - --------------- US TREASURY BILLS: 0.07% 100,000 US TREASURY BILL## 0.25 12/26/2008 99,965 ---------------- TOTAL SHORT-TERM INVESTMENTS (COST $4,222,723) 4,222,705 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $211,278,142)* 146.24% $ 195,234,377 OTHER ASSETS AND LIABILITIES, NET (46.24) (61,734,610) ------ ---------------- TOTAL NET ASSETS 100.00% $ 133,499,767 ------ ---------------- & U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semi-annual interest payments equal a fixed percentage of the inflation-adjusted principal amount. << 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. #### 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 casg balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund does not pay an investment advisory fee for such investments. ++ Short-term security of an affiliate of the Fund with a cost of $4,122,740. ## Zero coupon bond. Interest rate presented is yield to maturity. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 77 Portfolio of Investments--November 30, 2008 (Unaudited) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- AGENCY SECURITIES: 19.19% FEDERAL HOME LOAN MORTGAGE CORPORATION: 3.39% $ 4,432,174 FHLMC #1G0157+/- 4.44% 03/01/2035 $ 4,434,536 10,592 FHLMC #410425+/- 5.13 09/01/2026 10,498 5,625 FHLMC #410464+/- 7.13 11/01/2026 5,578 76,895 FHLMC #606279+/- 5.16 02/01/2015 78,194 35,894 FHLMC #846367+/- 5.85 04/01/2029 35,484 1,064,444 FHLMC #A15838 5.50 12/01/2033 1,082,394 2,176,198 FHLMC #A16678 5.50 12/01/2033 2,212,897 8,526,308 FHLMC #E01653 4.50 06/01/2019 8,541,273 783,974 FHLMC #E90248 6.00 06/01/2017 799,513 757,865 FHLMC #E90573 6.00 07/01/2017 772,886 17,973,253 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 15.51% 10,719 FNMA #342042+/- 5.24 06/01/2025 10,650 3,538 FNMA #344689+/- 5.14 11/01/2025 3,552 27,321 FNMA #344692+/- 5.04 10/01/2025 27,185 38,803 FNMA #347712+/- 5.13 06/01/2026 38,497 4,470,869 FNMA #386890 3.99 04/01/2011 4,450,309 246,824 FNMA #557072+/- 4.06 06/01/2040 243,427 825,609 FNMA #656566 5.50 04/01/2018 840,536 2,247,327 FNMA #678939<< 5.50 02/01/2018 2,287,959 319,404 FNMA #701350 5.50 04/01/2018 325,179 2,524,696 FNMA #725772 5.00 09/01/2034 2,542,505 1,504,205 FNMA #731996+/- 4.75 09/01/2033 1,507,804 1,651,587 FNMA #739757<<+/- 4.53 08/01/2033 1,657,573 1,415,001 FNMA #741458+/- 3.91 10/01/2033 1,380,174 491,697 FNMA #783245+/- 3.86 04/01/2034 486,231 1,578,507 FNMA #783251+/- 3.86 04/01/2044 1,560,982 5,696,071 FNMA #789463<<+/- 4.35 06/01/2034 5,710,635 3,215,399 FNMA #834933<<+/- 5.03 07/01/2035 3,223,800 5,000,000 FNMA #874331 5.07 02/01/2037 5,077,504 1,000,000 FNMA #874479 5.19 04/01/2017 1,003,035 5,702,700 FNMA #874542 5.60 06/01/2017 5,779,935 6,059,371 FNMA #880156 5.50 02/01/2036 6,057,410 3,568,890 FNMA #901922<<+/- 5.77 10/01/2036 3,630,044 33,750,000 FNMA%% 5.50 12/01/2032 34,308,968 82,153,894 ---------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 0.29% 129,261 GNMA #345066 6.50 10/15/2023 132,699 93,091 GNMA #346960 6.50 12/15/2023 95,567 83,868 GNMA #354692 6.50 11/15/2023 86,099 156,190 GNMA #361398 6.50 01/15/2024 161,117 121,492 GNMA #366641 6.50 11/15/2023 124,723 75,208 GNMA #473918 7.00 04/15/2028 77,760 413,330 GNMA #531436 7.00 06/15/2042 425,110 8,742 GNMA #531965 7.72 12/15/2041 9,057 385,365 GNMA #780626 7.00 08/15/2027 397,208 1,509,340 ---------------- TOTAL AGENCY SECURITIES (COST $100,349,128) 101,636,487 ---------------- 78 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- ASSET BACKED SECURITIES: 9.19% $ 3,287,821 CHASE FUNDING MORTGAGE LOAN SERIES 2002-1 CLASS 1A5 6.60% 02/25/2032 $ 3,293,194 3,500,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES SERIES 2007-2 CLASS A6 6.27 06/25/2037 3,083,218 5,000,000 COLLEGE LOAN CORPORATION TRUST SERIES 2006-A CLASS A3+/- 3.63 10/25/2025 4,401,716 3,968,522 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2006-S4 CLASS A6+/- 5.83 07/25/2034 2,108,926 1,947,102 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2007-S2 CLASS A6+/-(i) 5.78 05/25/2037 974,199 1,318,135 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2005-G CLASS2A+/- 1.65 12/15/2035 532,743 4,999,999 CPS AUTO TRUST SERIES 2006-D CLASS A4++ 5.12 08/15/2013 4,296,874 2,310,000 CROWN CASTLE TOWERS LLC SERIES 2005-1A CLASS AFX++ 4.64 06/15/2035 2,079,000 466,329 GMAC MORTGAGE CORPORATION LOAN TRUST SERIES 2005-HE1 CLASS A1VN+/-(i) 1.62 08/25/2035 438,350 1,187,361 GREEN TREE FINANCIAL CORPORATION SERIES 1997-7 CLASS A8+/- 6.86 07/15/2029 985,219 257,605 GSAMP TRUST SERIES 2005-SEA1 CLASS A+++/-(i) 1.74 04/25/2035 251,470 2,459,401 HFC HOME EQUITY LOAN ASSET BACKED CERTIFICATES SERIES 2005-2 CLASS A1+/- 1.72 01/20/2035 1,751,930 1,325,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-2 CLASS A4+/- 1.75 07/20/2036 519,372 2,000,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-3 CLASS A3+/- 2.60 11/20/2036 1,135,296 3,800,000 KEYCORP STUDENT LOAN TRUST SERIES 1999-B CLASS CTFS+/- 2.88 11/25/2036 2,047,820 3,270,000 KEYCORP STUDENT LOAN TRUST SERIES 2006-A CLASS 2A2+/- 3.85 06/27/2025 2,812,200 5,000,000 NATIONAL COLLEGIATE STUDENT LOAN TRUST SERIES 2006-2 CLASS AIO(C) 6.00 08/25/2011 627,000 3,698,259 ONYX ACCEPTANCE GRANTOR TRUST SERIES 2005-B CLASS A4 4.34 05/15/2012 3,289,490 2,723,696 RAAC SERIES 2007-RP4 CLASS A+++/-(i) 1.75 06/25/2037 1,788,379 3,000,000 SLM STUDENT LOAN TRUST SERIES 2003-1 CLASS A5B+++/- 3.27 12/15/2032 2,377,968 4,000,000 SLM STUDENT LOAN TRUST SERIES 2006-C CLASS A2+/- 2.87 09/15/2020 3,592,617 1,380,968 TERWIN MORTGAGE TRUST SERIES 2006-2HGS CLASS A1+++/- 4.50 02/28/2036 276,358 6,000,000 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-A CLASS A4 4.88 04/12/2013 5,058,407 1,834,520 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES 2007-HE2A CLASS A+++/-(l) 1.53 07/25/2037 940,559 TOTAL ASSET BACKED SECURITIES (COST $64,525,266) 48,662,305 ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 18.57% 4,742,136 ADJUSTABLE RATE MORTGAGE TRUST SERIES 2007-2 CLASS 2A1+/- 1.61 06/25/2037 2,350,159 4,000,000 BANC OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2005-6 CLASS A4+/- 5.35 09/10/2047 2,936,138 3,400,000 CITIGROUP DEUTSCHE BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-CD1 CLASS A4+/- 5.40 07/15/2044 2,530,133 3,000,000 CITIGROUP DEUTSCHE BANK COMMERCIAL MORTGAGE TRUST SERIES 2007-CD4 CLASS ASB 5.28 12/11/2049 2,102,324 1,611,739 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-27 CLASS 3A1+/- 4.05 08/25/2035 1,330,652 1,608,923 COUNTRYWIDE HOME LOANS SERIES 2004-R1 CLASS 2A++ 6.50 11/25/2034 1,281,388 3,867,253 COUNTRYWIDE HOME LOANS SERIES 2005-R1 CLASS 1AF1+++/- 1.76 03/25/2035 3,748,337 3,152,152 COUNTRYWIDE HOME LOANS SERIES 2005-R3 CLASS AF+++/- 1.80 09/25/2035 2,457,027 2,112,805 COUNTRYWIDE HOME LOANS SERIES 2006-OA5 CLASS 1A1+/- 1.60 04/25/2036 909,443 1,691,398 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2004-AR5 CLASS 10A1+/- 5.01 05/01/2034 872,771 4,500,000 CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATION SERIES 2007-C1 CLASS AAB 5.34 02/15/2040 3,171,218 3,225,000 FANNIE MAE-ACES SERIES 2006-M2 CLASS A2F+/- 5.26 05/25/2020 3,179,004 3,707,136 FHLMC SERIES 2416 CLASS PE 6.00 10/15/2021 3,821,404 612,515 FHLMC SERIES 2439 CLASS LG 6.00 09/15/2030 617,316 789,460 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-20 CLASS A6 7.99 09/25/2029 786,893 2,342,263 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-58 CLASS 4A 7.50 09/25/2043 2,433,759 517,978 FNMA GRANTOR TRUST SERIES 2002-T4 CLASS A2 7.00 12/25/2041 530,119 2,509,136 FNMA GRANTOR TRUST SERIES 2004-T2 CLASS 1A1 6.00 11/25/2034 2,521,715 3,258,486 FNMA GRANTOR TRUST SERIES 2004-T3 CLASS A1 6.00 02/25/2044 3,330,786 8,638 FNMA SERIES 1988-5 CLASS Z 9.20 03/25/2018 9,047 112,362 FNMA SERIES 2002-6 CLASS PD 6.00 02/25/2017 117,147 49,223 FNMA SERIES 2002-9 CLASS PC 6.00 03/25/2017 51,340 1,093,077 FNMA SERIES 2002-90 CLASS A2 6.50 11/25/2042 1,148,117 2,494,495 FNMA SERIES 2003-86 CLASS PT 4.50 09/25/2018 2,505,083 4,482,175 FNMA SERIES 2003-97 CLASS CA<< 5.00 10/25/2018 4,528,993 856,228 FNMA SERIES 2003-W4 CLASS 3A 7.00 10/25/2042 876,296 526,394 FNMA SERIES 2004-W1 CLASS 2A2 7.00 12/25/2033 531,955 4,954,397 FNMA WHOLE LOAN SERIES 2002-W4 CLASS A4 6.25 05/25/2042 5,017,877 WELLS FARGO ADVANTAGE MASTER PORTFOLIOS 79 PORTFOLIO OF INVESTMENTS--NOVEMBER 30, 2008 (UNAUDITED) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 2,840,078 FNMA WHOLE LOAN SERIES 2004-W11 CLASS 1A3 7.00% 05/25/2044 $ 2,906,644 1,496,718 FNMA WHOLE LOAN SERIES 2004-W8 CLASS 3A 7.50 06/25/2044 1,558,926 10,733,320 GNMA SERIES 2003-38 CLASS JC+/- 7.00 08/16/2042 11,403,224 60,497 HARBORVIEW MORTGAGE LOAN TRUST SERIES 2004-11 CLASS 3A2A+/- 1.81 01/19/2035 29,639 2,720,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-LDP7 CLASS ASB+/- 5.88 04/15/2045 2,111,467 686,057 LEHMAN BROTHERS SMALL BALANCE COMMERCIAL SERIES 2006-1A CLASS 3A1+++/- 5.68 04/25/2031 683,793 3,620,221 LEHMAN XS TRUST SERIES 2007-5 CLASS P3+/- 6.45 05/25/2037 1,520,272 3,145,991 LEHMAN XS TRUST SERIES 2007-6W CLASS A3+/-(i) 1.72 05/25/2037 1,262,486 44,778 LF ROTHSCHILD MORTGAGE TRUST SERIES 2 CLASS Z 9.95 08/01/2017 48,010 74,314 NATIONSLINK FUNDING CORPORATION SERIES 1999-SI CLASS D+/- 7.56 11/10/2030 74,120 2,438,073 NOMURA ASSET ACCEPTANCE CORPORATION SERIES 2004-R2 CLASS A1+++/-(i) 6.50 10/25/2034 2,260,287 917,203 SEQUOIA MORTGAGE TRUST SERIES 10 CLASS 1A+/- 1.85 10/20/2027 764,564 465,598 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2003-P10A CLASS 1 4.52 02/10/2013 459,781 1,205,217 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2006-20H CLASS 1 5.70 08/01/2026 1,239,243 3,125,000 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2006-P10A CLASS 1 5.41 02/10/2016 3,128,402 3,043,382 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2007-RM1 CLASS A1+++/-(i) 1.68 05/25/2047 2,060,942 4,000,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C16 CLASS A4+/-(l) 4.85 10/15/2041 2,905,414 3,341,273 WASHINGTON MUTUAL COMMERCIAL MORTGAGE SECURITIES TRUST SERIES 2007-SL3 CLASS A1+++/- 5.94 03/23/2045 2,656,646 1,191,397 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-AR6 CLASS 2A1A+/- 1.63 04/25/2045 481,278 4,389,903 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C3 CLASS A4+/- 3.94 07/25/2047 2,151,053 2,761,770 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR13 CLASS 1A+/- 3.55 10/25/2046 976,497 2,634,946 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR3 CLASS A1A+/- 3.67 02/25/2046 1,109,489 2,001,828 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR4 CLASS DA+/- 3.83 06/25/2046 880,804 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $124,155,434) 98,369,422 ---------------- CORPORATE BONDS & NOTES: 28.55% APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.14% 675,000 PHILLIPS-VAN HEUSEN 7.75 11/15/2023 737,226 ---------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.36% 2,500,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 1,916,203 ---------------- BUSINESS SERVICES: 1.09% 1,000,000 FISERV INCORPORATED 6.13 11/20/2012 925,440 375,000 IRON MOUNTAIN INCORPORATED 8.63 04/01/2013 338,438 2,350,000 NCR CORPORATION 7.13 06/15/2009 2,355,837 150,000 SUNGARD DATA SYSTEMS INCORPORATED 4.88 01/15/2014 112,500 2,120,000 THOMPSON CORPORATION 6.20 01/05/2012 2,064,770 5,796,985 ---------------- CHEMICALS & ALLIED PRODUCTS: 0.42% 794,000 OLIN CORPORATION 6.75 06/15/2016 788,045 1,500,000 VALSPAR CORPORATION 5.10 08/01/2015 1,413,666 2,201,711 ---------------- COMMUNICATIONS: 0.18% 1,000,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 938,629 ---------------- DEPOSITORY INSTITUTIONS: 7.62% 4,400,000 ASSOCIATED BANCORP 6.75 08/15/2011 4,765,693 2,100,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 883,418 6,839,000 BANK AMERICA CAPITAL III+/- 5.32 01/15/2027 4,880,509 2,000,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2049 1,166,356 2,000,000 BNP PARIBAS CAPITAL TRUST+++/- 9.00 12/30/2049 1,711,966 80 WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS--NOVEMBER 30, 2008 (UNAUDITED) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- DEPOSITORY INSTITUTIONS (CONTINUED) $ 2,000,000 CHASE CAPITAL VI+/- 3.82% 08/01/2028 $ 1,155,412 1,860,000 CHEVY CHASE BANK FSB 6.88 12/01/2013 1,120,650 1,685,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,540,151 4,000,000 CITY NATIONAL BANK 6.75 09/01/2011 3,932,832 2,778,000 COLONIAL BANK NA MONTGOMERY AL 6.38 12/01/2015 1,706,731 750,000 CORESTATES CAPITAL TRUST II+++/- 5.40 01/15/2027 568,669 2,250,000 DEUTSCHE BANK CAPITAL FUNDING TRUST VII<<+++/- 5.63 12/31/2049 1,430,406 500,000 FIRST CITIZENS BANCORP++(i) 6.80 04/01/2015 489,316 2,100,000 HSBC CAPITAL FUNDING LP+++/- 4.61 12/29/2049 1,331,026 1,000,000 JPMORGAN CHASE CAPITAL XVIII 6.95 08/17/2036 714,332 2,900,000 NATIONAL CAPITAL COMMERCE INCORPORATED+/- 4.86 04/01/2027 2,134,719 450,000 NTC CAPITAL TRUST SERIES A+/- 5.27 01/15/2027 412,829 2,500,000 PNC FUNDING CORPORATION 7.50 11/01/2009 2,475,605 1,625,000 RABOBANK CAPITAL FUNDING II+++/- 5.26 12/29/2049 1,049,861 2,350,000 RBS CAPITAL TRUST+/- 5.51 09/29/2049 1,084,603 2,875,000 TCF NATIONAL BANK+/- 5.00 06/15/2014 2,795,857 4,000,000 UBS PREFERRED FUNDING TRUST V SERIES 1+/- 6.24 05/15/2049 3,003,316 40,354,257 ---------------- EDUCATIONAL SERVICES: 0.51% 2,235,000 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 7.25 11/02/2049 2,697,875 ---------------- ELECTRIC, GAS & SANITARY SERVICES: 2.11% 1,000,000 CONNECTICUT LIGHT & POWER 5.38 03/01/2017 919,131 2,600,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 2,516,259 2,619,183 GREAT RIVER ENERGY++ 5.83 07/01/2017 2,075,729 1,875,000 NEVADA POWER COMPANY SERIES O 6.50 05/15/2018 1,724,128 750,000 NGPL PIPECO LLC++ 6.51 12/15/2012 698,738 3,000,000 PEOPLES ENERGY CORPORATION 6.90 01/15/2011 3,014,163 375,000 QUICKSILVER RESOURCES INCORPORATED 7.75 08/01/2015 241,875 11,190,023 ---------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.30% 2,500,000 BAE SYSTEMS HOLDINGS INCORPORATED++ 6.40 12/15/2011 2,526,475 350,000 FLEXTRONICS INTERNATIONAL 6.25 11/15/2014 259,000 2,500,000 METTLER TOLEDO INTERNATIONAL INCORPORATED 4.85 11/15/2010 2,585,145 275,000 MOOG INCORPORATED 6.25 01/15/2015 214,500 1,695,504 TENASKA ALABAMA II PARTNERS LP++ 7.00 06/30/2021 1,294,237 6,879,357 ---------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.08% 525,000 VALMONT INDUSTRIES INCORPORATED 6.88 05/01/2014 422,625 ---------------- FOOD & KINDRED PRODUCTS: 0.77% 1,764,000 CONAGRA FOODS INCORPORATED 7.88 09/15/2010 1,791,125 1,600,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 1,588,210 750,000 MCCORMICK & COMPANY 5.76 12/15/2017 724,299 4,103,634 ---------------- FURNITURE & FIXTURES: 0.26% 1,450,000 STEELCASE INCORPORATED 6.50 08/15/2011 1,362,073 ---------------- HEALTH SERVICES: 1.18% 3,650,000 AMERICAN ASSOCIATION OF RETIRED PERSONS++ 7.50 05/01/2031 4,396,447 2,000,000 SCHERING-PLOUGH CORPORATION 6.00 09/15/2017 1,874,644 6,271,091 ---------------- WELLS FARGO ADVANTAGE MASTER PORTFOLIOS 81 PORTFOLIO OF INVESTMENTS--NOVEMBER 30, 2008 (UNAUDITED) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- HOLDING & OTHER INVESTMENT OFFICES: 1.12% $ 400,000 LIBERTY PROPERTY LP<< 6.63% 10/01/2017 $ 283,727 3,008,000 MANUFACTURERS & TRADERS TRUST COMPANY+/- 5.59 12/28/2020 2,416,122 2,250,000 NATIONAL CITY BANK OF COLUMBUS SERIES 4 7.25 07/15/2010 2,176,691 250,000 NATIONAL CITY BANK OF KENTUCKY SERIES BKNT 6.30 02/15/2011 233,769 1,275,000 REALTY INCOME CORPORATION 6.75 08/15/2019 852,394 5,962,703 ---------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.53% 1,100,000 ACTUANT CORPORATION 6.88 06/15/2017 863,500 1,425,000 BLACK & DECKER 5.75 11/15/2016 1,213,717 625,000 SCIENTIFIC GAMES CORPORATION 6.25 12/15/2012 478,125 625,000 UNISYS CORPORATION<< 6.88 03/15/2010 256,250 2,811,592 ---------------- INSURANCE AGENTS, BROKERS & SERVICE: 1.13% 1,520,000 AEGON NV 4.75 06/01/2013 1,315,691 1,800,000 ALLSTATE FINANCIAL GLOBAL FUNDING++ 6.50 06/14/2011 1,824,356 2,670,000 NLV FINANCIAL CORPORATION++ 7.50 08/15/2033 2,829,642 5,969,689 ---------------- INSURANCE CARRIERS: 3.70% 2,675,000 BLUE CROSS & BLUE SHIELD OF FLORIDA++ 8.25 11/15/2011 2,961,669 750,000 LINCOLN NATIONAL CORPORATION 6.20 12/15/2011 693,539 1,700,000 METLIFE GLOBAL FUNDING++ 5.13 11/09/2011 1,611,097 4,450,000 MINNESOTA LIFE INSURANCE COMPANY++ 8.25 09/15/2025 3,888,681 2,730,000 MONUMENTAL GLOBAL FUNDING II++ 4.63 03/15/2010 2,698,892 2,900,000 NEW YORK LIFE GLOBAL FUNDING++ 5.38 09/15/2013 2,827,457 2,145,000 PRINCIPAL LIFE GLOBAL FUNDING I++ 6.25 02/15/2012 2,126,952 1,385,000 SAFECO CORPORATION 4.88 02/01/2010 1,357,634 1,415,000 WR BERKLEY CORPORATION 5.13 09/30/2010 1,420,333 19,586,254 ---------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.09% 589,000 BIO-RAD LABORATORIES INCORPORATED 6.13 12/15/2014 465,310 ---------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.61% 3,300,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 3,234,007 ---------------- MISCELLANEOUS RETAIL: 0.07% 545,000 LAMAR MEDIA CORPORATION<< 6.63 08/15/2015 395,125 ---------------- MOTION PICTURES: 1.14% 3,000,000 TIME WARNER INCORPORATED 6.75 04/15/2011 2,834,178 2,500,000 TIME WARNER INCORPORATED 6.20 07/01/2013 2,294,108 985,000 VIACOM INCORPORATED 7.70 07/30/2010 921,251 6,049,537 ---------------- MUTUAL FUNDS: 0.05% 350,000 JABIL CIRCUIT INCORPORATED 8.25 03/15/2018 245,000 ---------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.33% 2,750,000 FORD MOTOR CREDIT COMPANY 7.38 10/28/2009 1,679,048 200,000 GENERAL MOTORS ACCEPTANCE CORPORATION+/- 5.01 12/01/2014 60,000 1,739,048 ---------------- 82 WELLS FARGO ADVANTAGE MASTER PORTFOLIOS PORTFOLIO OF INVESTMENTS--NOVEMBER 30, 2008 (UNAUDITED) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- OIL & GAS EXTRACTION: 0.45% $ 1,350,000 CHESAPEAKE ENERGY CORPORATION 7.50% 06/15/2014 $ 1,053,000 150,000 CHESAPEAKE ENERGY CORPORATION 6.38 06/15/2015 105,000 400,000 MARKWEST ENERGY PARTNERS/FINANCE CORPORATION 6.88 11/01/2014 264,000 700,000 PARKER DRILLING COMPANY 9.63 10/01/2013 577,500 440,000 RANGE RESOURCES CORPORATION 7.38 07/15/2013 387,200 2,386,700 ---------------- PAPER & ALLIED PRODUCTS: 0.12% 680,000 ROCKTENN COMPANY 8.20 08/15/2011 625,600 ---------------- PERSONAL SERVICES: 0.06% 400,000 SERVICES CORPORATE INTERNATIONAL 7.38 10/01/2014 324,000 ---------------- PETROLEUM REFINING & RELATED INDUSTRIES: 0.03% 225,000 TESORO CORPORATION 6.63 11/01/2015 139,500 ---------------- PRIMARY METAL INDUSTRIES: 0.09% 275,000 CENTURY ALUMINUM COMPANY 7.50 08/15/2014 158,125 100,000 INTERNATIONAL STEEL GROUP 6.50 04/15/2014 81,544 295,000 STEEL DYNAMICS 7.38 11/01/2012 218,300 457,969 ---------------- REAL ESTATE: 0.59% 1,300,000 HOUSING URBAN DEVELOPMENT SERIES 04-A 5.08 08/01/2013 1,407,491 500,000 REALTY INCOME CORPORATION 5.50 11/15/2015 375,677 500,000 ROUSE COMPANY 5.38 11/26/2013 110,000 1,250,000 SHURGARD STORAGE CENTERS 7.75 02/22/2011 1,249,453 3,142,621 ---------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.78% 2,500,000 DEVELOPERS DIVERSIFIED REALTY CORPORATION 3.88 01/30/2009 2,446,348 800,000 PROLOGIS TRUST 5.25 11/15/2010 535,172 1,500,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 1,171,362 4,152,882 ---------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.76% 2,750,000 CHARLES SCHWAB CORPORATION 6.38 09/01/2017 2,560,781 1,500,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/29/2049 563,288 500,000 MERRILL LYNCH & COMPANY 6.05 08/15/2012 474,669 500,000 MERRILL LYNCH & COMPANY 6.05 05/16/2016 429,813 4,028,551 ---------------- SOCIAL SERVICES: 0.02% 100,000 SERVICE CORPORATION INTERNATIONAL 7.88 02/01/2013 92,000 ---------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.01% 72,000 OWENS-BROCKWAY GLASS CONTAINER INCORPORATED 8.25 05/15/2013 67,680 ---------------- TRANSPORTATION BY AIR: 0.54% 2,879,790 FEDEX CORPORATION SERIES 97-B 7.52 01/15/2018 2,854,404 ---------------- TRANSPORTATION EQUIPMENT: 0.16% 860,000 NAVISTAR INTERNATIONAL CORPORATION(i) 7.50 06/15/2011 870,578 ---------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.08% 525,000 STEWART ENTERPRISES 6.25 02/15/2013 425,250 ---------------- Wells Fargo Advantage Master Portfolios 83 Portfolio of Investments--November 30, 2008 (Unaudited) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------- ------------- ------------- ---------------- WHOLESALE TRADE-DURABLE GOODS: 0.07% $ 500,000 ACE HARDWARE CORPORATION++ 9.13% 06/01/2016 $ 365,000 ---------------- TOTAL CORPORATE BONDS & NOTES (COST $174,333,072) 151,262,689 ---------------- FOREIGN CORPORATE BONDS: 1.27% 2,000,000 BARCLAYS BANK PLC+++/- 5.93 12/15/2016 1,139,638 750,000 CONOCOPHILLIPS (CANADA) 5.63 10/15/2016 724,180 1,229,000 DELHAIZE GROUP 6.50 06/15/2017 1,101,802 200,000 ISPAT INLAND INCORPORATED 9.75 04/01/2014 192,650 1,100,000 PEARSON PLC (UK) PRIVATE PLACEMENT++ 7.00 06/15/2011 1,105,584 2,500,000 SABMILLER PLC++ 6.20 07/01/2011 2,455,478 TOTAL FOREIGN CORPORATE BONDS@ (COST $7,821,933) 6,719,332 ---------------- MUNICIPAL BONDS & NOTES: 11.08% 1,000,000 CITY OF CHICAGO IL SERIES C (PROPERTY TAX REVENUE LOC) 4.88 01/01/2015 1,009,940 1,000,000 CITY OF CHICAGO IL TAXABLE SERIES D (MBIA INSURED) 5.44 01/01/2024 960,350 2,500,000 DUKE UNIVERSITY TAXABLE SERIES A (GO OF UNIVERSITY) 5.85 04/01/2037 2,297,875 5,030,000 HUDSON COUNTY NJ IMPROVEMENT AUTHORITY FACILITIES LEASING REVENUE (FSA INSURED) 7.40 12/01/2025 5,522,739 5,160,000 INDIANA BOND BANK STATE REVENUE SCHOOL SEVERANCE FUND 8-A (FGIC INSURED) 4.73 01/15/2014 5,033,580 1,110,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT AUTHORITY SERIES A-2 (SFMR) 5.51 01/01/2039 1,095,071 4,770,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT AUTHORITY SFMR SERIES D-2 (HOUSING REVENUE, GNMA/FNMA INSURED) 5.41 07/01/2038 4,117,464 440,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES D 5.21 01/01/2014 444,088 905,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES D 5.75 07/01/2037 900,665 950,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES J 5.92 07/01/2034 952,461 2,210,000 LOYOLA UNIVERSITY ILLINOIS SERIES C REVENUE BONDS 4.80 07/01/2013 2,231,415 1,890,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING FINANCE SERIES H 5.85 07/01/2036 1,960,610 4,270,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING FINANCE SERIES J 6.13 07/01/2038 4,278,882 2,455,000 NEW YORK STATE ENVIRONMENTAL FACILITIES CORPORATION STATE PERSONAL INCOME TAX REVENUE SERIES B 4.90 12/15/2011 2,499,116 1,500,000 OHIO COUNTY WEST VIRGINIA COUNTY COMMON SPECIAL DISTRICT EXCISE TAX REVENUE SERIES A 8.25 03/01/2035 1,478,115 4,000,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE REVENUE SERIES K 5.97 03/01/2029 3,998,920 2,280,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE REVENUE SERIES O (GNMA/FNMA INSURED) 5.47 09/01/2025 2,257,519 2,630,000 PENNSYLVANIA HOUSING FINANCE AGENCY SFMR SERIES 93C 5.84 04/01/2037 2,638,206 1,920,000 STATE OF NEW HAMPSHIRE HFA SFMR SERIES D 5.53 07/01/2037 1,903,373 7,700,000 STATE OF TEXAS BRAZOS HIGHER EDUCATION AUTHORITY INCORPORATED SERIES 2005-4 CLASS A5+/-SS 4.91 12/01/2040 7,161,000 3,855,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY HOME OWNERSHIP REVENUE SERIES D 5.81 03/01/2037 3,940,620 1,980,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY HOME OWNERSHIP REVENUE SERIES F 5.73 09/01/2037 2,021,818 TOTAL MUNICIPAL BONDS & NOTES (COST $59,638,474) 58,703,827 ---------------- PRIVATE INVESTMENT PARTNERSHIPS: 0.32% 263 PPM AMERICA CBO II LP+(i) 1,595 2,500,000 TOLL ROAD INVESTMENT PARTNERSHIP II LP++# 1,702,465 TOTAL PRIVATE INVESTMENT PARTNERSHIPS (COST $2,010,198) 1,704,060 ---------------- TERM LOANS: 0.65% 414,555 ARAMARK CORPORATION TERM LOAN B 5.64 01/26/2014 328,535 29,629 ARAMARK CORPORATION TERM LOAN C 2.03 01/26/2014 23,481 157,500 BOSTON SCIENTIFIC CORPORATION TERM LOAN 4.43 04/21/2011 137,025 690,000 BSC INTERNATIONAL HOLDING TERM LOAN+/- 4.48 04/21/2011 621,000 84 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) MANAGED FIXED INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------- ------------- ------------- ---------------- TERM LOANS (continued) $ 1,485,000 FLEXTRONICS INTERNATIONAL TERM LOAN 7.46% 10/01/2012 $ 1,046,925 468,821 GEORGIA PACIFIC CORPORATION 1ST LIEN TERM LOAN B+/- 8.35 12/20/2012 371,541 1,331,250 OSHKOSH TRUCK CORPORATION TERM LOAN 6.90 12/06/2013 896,597 TOTAL TERM LOANS (COST $4,567,101) 3,425,104 ---------------- US TREASURY SECURITIES: 5.17% US TREASURY BONDS: 5.17% 6,300,000 US TREASURY BOND<< 5.50 08/15/2028 7,821,841 10,000,000 US TREASURY BOND<< 4.38 02/15/2038 11,585,160 6,100,000 US TREASURY BOND - INFLATION PROTECTED<<& 3.38 04/15/2032 7,976,105 27,383,106 ---------------- TOTAL US TREASURY SECURITIES (COST $25,085,210) 27,383,106 ---------------- SHARES - --------------- COLLATERAL FOR SECURITIES LENDING: 9.14% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.75% 2,319,492 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 2,319,492 2,319,492 DAILY ASSETS FUND INSTITUTIONAL 2,319,492 2,319,492 DREYFUS CASH MANAGEMENT FUND 2,319,492 2,319,492 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 2,319,492 9,277,968 ---------------- PRINCIPAL - --------------- COLLATERAL INVESTED IN OTHER ASSETS: 7.39% $ 430,421 BANK OF AMERICA NT & SA (CAYMAN ISLANDS) 1.25 12/01/2008 430,421 13,151,758 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $13,152,065) 0.28 12/01/2008 13,151,758 930,571 BANK OF IRELAND 0.30 12/01/2008 930,571 430,421 BNP PARIBAS PARIS 1.00 12/01/2008 430,421 267,680 CHEYNE FINANCE LLC+++/-##(a)(i) 0.00 02/25/2008 4,417 836,930 CITIBANK CREDIT CARD ISSUANCE TRUST++ 1.20 12/01/2008 836,874 14,347,372 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $14,347,731) 0.30 12/01/2008 14,347,372 645,632 DEXIA CREDIT LOCAL DE FRANCE SA 1.70 12/01/2008 645,632 860,842 FORTIS BANK (GRAND CAYMAN) 1.05 12/01/2008 860,842 561,850 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 238,393 908,667 MONT BLANC CAPITAL CORPORATION++ 1.25 12/01/2008 908,604 430,421 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $430,466) 1.25 12/01/2008 430,421 2,773,825 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,773,883) 0.25 12/01/2008 2,773,825 430,421 NATIXIS 1.00 12/01/2008 430,421 478,246 SCALDIS CAPITAL LLC++ 1.65 12/01/2008 478,202 796,279 SOCIETE GENERALE (CAYMAN LSLANDS) 0.75 12/01/2008 796,279 956,491 VICTORIA FINANCE LLC+++/-##(a)(i) 2.22 04/03/2008 640,849 597,807 VICTORIA FINANCE LLC+++/-##(a)(i) 1.92 05/02/2008 400,531 597,807 VICTORIA FINANCE LLC+++/-##(a)(i) 0.85 08/07/2008 400,531 39,136,364 ---------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $49,903,032) 48,414,332 ---------------- Wells Fargo Advantage Master Portfolios 85 Portfolio of Investments--November 30, 2008 (Unaudited) MANAGED FIXED INCOME PORTFOLIO SHARES SECURITY NAME VALUE - --------------- ------------------------------------------------------------- ---------------- SHORT-TERM INVESTMENTS: 11.41% 60,455,403 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ $ 60,455,403 ---------------- TOTAL SHORT-TERM INVESTMENTS (COST $60,455,403) 60,455,403 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $672,844,251)* 114.54% $ 606,736,067 OTHER ASSETS AND LIABILITIES, NET (14.54) (77,021,607) ---------------- TOTAL NET ASSETS 100.00% $ 529,714,460 ------ ---------------- << All or a portion of this security is on loan. (See Note 2) %% Securities issued on a when-issued (TBA) basis. (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. (c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate. +/- Variable rate investments. @ Foreign bond principal is denominated in US dollars. ss These securities are subject to a demand feature which reduces the effective maturity. + Non-income earning securities. # Zero coupon bond. Interest rate presented is yield to maturity. & U.S. Treasury inflation-protection securities (TIPS) are securities in which the principal amount is adjusted for inflation and the semi-annual interest payments equal a fixed percentage of the inflation-adjusted principal amount. ## 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. (l) Long-term security of an affiliate of the Fund with a cost of $5,716,438. ++ Short-term security of an affiliate of the Fund with a cost of $60,455,403. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. 86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------- ------------- ------------- ---------------- AGENCY SECURITIES: 24.65% FEDERAL HOME LOAN MORTGAGE CORPORATION: 6.04% $ 5,889,741 FHLMC #1B4052+/- 4.63% 04/01/2038 $ 5,827,929 3,977,504 FHLMC #1G0052+/- 4.78 02/01/2035 3,979,896 108,866 FHLMC #786614+/- 5.72 08/01/2025 110,220 78,402 FHLMC #845151+/- 5.01 06/01/2022 78,386 12,026 FHLMC #846367+/- 6.13 04/01/2029 11,889 2,944,778 FHLMC #E02227 6.00 11/01/2021 3,003,608 928,691 FHLMC #E90573 6.00 07/01/2017 947,099 3,832,149 FHLMC #G11693 5.00 05/15/2020 3,935,311 6,207,947 FHLMC #G11696 5.50 05/15/2020 6,302,730 1,120,685 FHLMC #G90030 7.50 07/17/2017 1,169,708 25,366,776 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 18.51% 154,667 FNMA #155506+/- 5.06 04/01/2022 153,716 308,336 FNMA #190815+/- 3.61 07/01/2017 306,755 139,228 FNMA #253482 8.50 10/01/2030 148,675 1,931,933 FNMA #289517<<+/- 4.08 04/01/2034 1,924,997 4,368,947 FNMA #295541+/- 4.56 10/01/2032 4,362,412 53,923 FNMA #331866+/- 5.80 12/01/2025 54,015 2,366,270 FNMA #420263+/- 4.17 10/01/2024 2,355,235 2,148,699 FNMA #420264+/- 4.17 07/01/2034 2,138,678 357,374 FNMA #460223 5.95 01/01/2009 356,495 3,689,438 FNMA #462209+/- 5.90 04/01/2036 3,744,615 22,784 FNMA #46698+/- 5.80 12/01/2015 22,879 1,087,505 FNMA #545927 6.50 12/01/2015 1,118,625 1,799,272 FNMA #631367<< 5.50 02/01/2017 1,831,803 2,043,700 FNMA #686043+/- 4.05 07/01/2033 2,047,678 1,094,995 FNMA #693015+/- 4.39 06/01/2033 1,118,991 5,419,585 FNMA #725802 4.44 08/01/2034 5,510,898 778,090 FNMA #732003+/- 4.06 09/01/2033 768,296 1,830,990 FNMA #734329+/- 4.51 06/01/2033 1,839,474 1,767,953 FNMA #735572 5.00 04/01/2014 1,813,746 2,999,236 FNMA #735977+/- 4.68 08/01/2035 3,002,272 2,733,662 FNMA #739757+/- 4.53 08/01/2033 2,743,569 1,874,945 FNMA #741447+/- 4.00 10/01/2033 1,879,041 2,055,074 FNMA #741454<<+/- 3.88 10/01/2033 2,030,180 3,546,509 FNMA #745649<<+/- 4.55 11/01/2035 3,557,737 1,707,986 FNMA #750805<<+/- 4.67 11/25/2033 1,737,625 2,352,862 FNMA #764265+/- 4.22 05/01/2034 2,372,411 999,053 FNMA #783249+/- 4.06 04/01/2044 987,968 3,871,131 FNMA #783251+/- 4.06 04/01/2044 3,828,152 7,120,089 FNMA #789463<<+/- 4.35 06/01/2034 7,138,294 1,399,161 FNMA #806504+/- 3.86 10/01/2034 1,383,637 1,544,920 FNMA #806505+/- 3.86 10/01/2044 1,527,789 3,527,685 FNMA #826179+/- 4.67 07/01/2035 3,535,128 3,215,399 FNMA #834933<<+/- 5.03 07/01/2035 3,223,800 2,277,395 FNMA #849014+/- 5.52 01/01/2036 2,305,036 1,250,000 FNMA #874245 5.48 01/01/2011 1,262,900 3,569,465 FNMA #936591<<+/- 5.69 04/01/2037 3,687,479 77,821,001 ---------------- Wells Fargo Advantage Master Portfolios 87 Portfolio of Investments--november 30, 2008 (Unaudited) Stable Income Portfolio PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- Small Business Administration: 0.10% $ 68,178 Sba #501224+/- 6.50% 06/25/2015 $ 68,069 13,289 Sba #502966+/- 6.22 05/25/2015 13,464 91,738 Sba #503405+/- 5.38 05/25/2016 93,476 243,135 Sba #503611+/- 4.88 12/25/2021 247,022 422,031 ---------------- Total Agency Securities (Cost $103,133,645) 103,609,808 ---------------- Asset Backed Securities: 20.04% 108,109 Asset Backed Securities Corporation Home Equity Series 2001-He2 Class A1+/- 1.94 06/15/2031 89,348 4,300,000 Bank of America Securities Auto Trust Series 2006-G1 Class A4 5.17 12/20/2010 4,181,958 3,000,000 Caterpillar Financial Asset Trust Series 2007-A Class A3b+/- 1.87 06/25/2012 2,895,289 2,000,000 Caterpillar Financial Asset Trust Series 2008-A Class A2b+/- 2.55 12/27/2010 1,975,231 3,000,000 Chase Issuance Trust Series 2005-A8 Class A8+/- 1.46 10/15/2012 2,724,517 2,850,000 College Loan Corporation Trust Series 2006-A Class A3+/- 3.63 10/25/2025 2,508,978 1,109,186 Countrywide Asset Backed Certificates Series 2003-Bc1 Class A1+/- 1.80 03/25/2033 867,436 208,801 Countrywide Asset Backed Certificates Series 2003-Sd2 Class A1+++/- 1.90 09/25/2032 171,677 663,419 Countrywide Asset Backed Certificates Series 2004-Sd2 Class A1+++/- 1.77 11/25/2033 494,753 800,151 Countrywide Asset Backed Certificates Series 2006-Sd2 Class 1A1+++/- 1.75 11/25/2036 553,064 279,280 Countrywide Home Equity Loan Trust Series 2002-G Class A+/- 1.79 12/15/2028 206,437 1,753,525 Countrywide Home Equity Loan Trust Series 2005-M Class A1+/- 1.66 02/15/2035 837,727 2,218,115 Fifth Third Home Equity Loan Trust Series 2003-1 Class A+/- 1.70 09/20/2023 1,638,912 204,701 First Horizon Abs Trust Series 2004-He1 Class A+/- 1.61 01/25/2024 108,773 829,921 First Horizon Abs Trust Series 2004-He3 Class A+/- 1.69 10/25/2034 414,571 1,348,669 First Horizon Abs Trust Series 2006-He1 Class A+/- 1.56 10/25/2034 648,155 3,445,823 First Horizon Abs Trust Series 2007-He1 Class A+/- 3.39 09/25/2029 1,980,601 1,423,594 Fleet Home Equity Loan Trust Series 2003-1 Class A+/- 4.05 01/20/2033 887,507 3,719,397 Gco Education Loan Funding Trust Series 2007-1A Class A4l+++/- 2.83 05/26/2020 3,692,245 4,000,000 Ge Corporate Aircraft Financing Llc Series 2005-1A Class A3+++/- 1.66 08/26/2019 3,550,800 341,573 Greenpoint Home Equity Loan Trust Series 2004-1 Class A+/- 1.86 07/25/2029 238,254 188,156 Greenpoint Home Equity Loan Trust Series 2004-3 Class A+/- 1.88 03/15/2035 142,037 390,936 Gs Auto Loan Trust Series 2005-1 Class A3 4.45 05/17/2010 390,390 2,314,174 Gsamp Trust Series 2005-Sea2 Class A1+/- 1.75 01/25/2045 1,096,182 934,892 Gsamp Trust Series 2006-Sd2 Class A1+++/- 1.51 05/25/2046 849,542 1,844,551 Hfc Home Equity Loan Asset Backed Certificates Series 2005-2 Class A1+/- 1.72 01/20/2035 1,313,947 2,990,067 Household Home Equity Loan Trust Series 2006-1 Class A1+/- 4.44 01/20/2036 2,168,892 2,500,000 Hyundai Auto Receivables Trust Series 2007-A Class A4 5.21 03/17/2014 2,264,739 2,000,000 Keycorp Student Loan Trust Series 2006-A Class 2A2+/- 3.85 06/27/2025 1,720,000 97,638 Lehman Asset Backed Securities Corporation Series 2004-2 Class A+/- 1.84 12/25/2033 77,509 1,428,404 Mellon Residential Funding Corporation Series 1999-Tbc3 Class A2+/- 4.38 10/20/2029 1,272,813 836,678 Mellon Residential Funding Corporation Series 2001-Tbc1 Class A1+/- 1.77 11/15/2031 645,144 2,500,000 Merrill Auto Trust Securitization Series 2007-1 Class A3+/- 4.61 03/15/2011 2,407,743 365,667 Morgan Stanley Dean Witter & Company Corporation Heloc Trust Series 2003-2 Class A+/- 1.66 04/25/2016 275,412 3,945,954 Mortgage Equity Conversion Asset Trust Series 2007-FF1 Class A+++/- 2.61 02/25/2042 3,809,424 4,907,299 Mortgage Equity Conversion Asset Trust Series 2007-FF2 Class A+++/- 2.64 02/25/2042 4,737,507 3,750,001 National Collegiate Student Loan Trust Series 2006-2 Class AIO(c) 6.00 08/25/2011 470,250 40,694 Navistar Financial Corporation Owner Trust Series 2005-A Class A3 4.22 02/15/2010 40,653 1,967,932 Nissan Auto Lease Trust Series 2006-A Class A3 5.11 03/15/2010 1,960,736 1,698,791 Renaissance Home Equity Loan Trust Series 2003-3 Class A+/- 1.90 12/25/2033 1,311,515 2,062,903 Residential Asset Securities Corporation Series 2002-KS8 Class A6 4.86 12/25/2032 1,460,258 3,000,000 Riverview HECM Trust Series 2007-1 Class A+++/- 2.83 06/25/2037 2,802,900 1,040,471 SASC Series 2006-GEL3 Class A1+++/- 1.52 07/25/2036 881,391 1,622,231 SBI Heloc Trust Series 2005-HE1 Class 1A+++/- 1.59 11/25/2035 689,826 1,500,000 SLC Student Loan Trust Series 2006-A Class A+/- 2.86 04/16/2018 1,451,720 2,500,000 SLM Student Loan Trust Series 2006-C Class A2+/- 2.87 09/15/2020 2,245,386 88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- ASSET BACKED SECURITIES (continued) $ 263,242 SSB RV Trust Series 2001-1 Class A5 6.30% 04/15/2016 $ 262,656 247,419 Triad Auto Receivables Owner Trust Series 2006-B Class A3 5.41 08/12/2011 238,593 2,500,000 Turquoise Card Backed Securities plc Series 2006-1A Class B+++/- 1.63 05/16/2011 2,349,610 3,000,000 Turquoise Card Backed Securities plc Series 2007-1 Class A+/- 1.46 06/15/2012 2,733,750 3,000,000 US Education Loan Trust LLC Series 2007-1A Class A2+++/- 3.16 09/01/2019 2,766,093 889,161 USXL Funding LLC Series 2006-1A Class A++ 5.38 04/15/2014 808,093 79,429 Wachovia Asset Securitization Incorporated Series 2002-HE2 Class A+/-(l) 1.83 12/25/2032 61,884 626,657 Wachovia Asset Securitization Incorporated Series 2003-HE2 Class AII1+/-(l) 1.66 07/02/2018 483,152 778,819 Wachovia Asset Securitization Incorporated Series 2004-HE1 Class A+/-(l) 1.62 06/25/2034 660,929 3,669,041 Wachovia Asset Securitization Incorporated Series 2007-HE2A Class A+++/-(l) 1.53 07/25/2037 1,881,117 2,500,000 Washington Mutual Master Note Trust Series 2007-A2 Class A2+++/- 1.45 05/15/2014 2,041,668 3,000,000 World Omni Auto Receivables Trust Series 2007-B Class A4 5.39 05/15/2013 2,808,065 TOTAL ASSET BACKED SECURITIES (COST $101,939,909) 84,247,759 COLLATERALIZED MORTGAGE OBLIGATIONS: 24.04% 2,406,990 Adjustable Rate Mortgage Trust Series 2007-2 Class 2A1+/- 1.61 06/25/2037 1,192,883 2,624,526 Bank of America Commercial Mortgage Incorporated Series 2005-1 Class A3 4.88 11/10/2042 2,440,347 59,179 Bank of America Mortgage Securities Series 2002-G Class 2A1+/- 5.93 07/20/2032 49,076 328,840 Bank of America Mortgage Securities Series 2003-A Class 2A2+/- 6.86 02/25/2033 255,848 1,755,000 Bear Stearns Commercial Mortgage Securities Series 2005-PWR9 Class A2 4.74 09/11/2042 1,573,422 1,070,694 Countrywide Alternative Loan Trust Series 2005-14 Class 2A1+/- 1.61 05/25/2035 470,705 1,556,885 Countrywide Alternative Loan Trust Series 2005-24 Class 2A1B+/- 3.79 07/20/2035 756,532 844,765 Countrywide Alternative Loan Trust Series 2005-27 Class 3A1+/-(i) 4.05 06/30/2035 697,438 4,038,924 Countrywide Alternative Loan Trust Series 2006-0A10 Class 1A1+/- 3.63 08/25/2046 1,720,244 3,122,532 Countrywide Alternative Loan Trust Series 2007-0A3 Class 1A1+/- 1.54 04/25/2047 1,082,884 1,652,039 Countrywide Home Loans Series 2004-25 Class 1A3 5.23 04/25/2025 696,725 1,563,659 Countrywide Home Loans Series 2004-29 Class 2A1(i) 5.65 12/29/2034 721,383 2,645,146 Countrywide Home Loans Series 2004-R1 Class 1AF+++/- 1.80 11/25/2034 2,596,545 2,000,000 Credit Suisse First Boston Mortgage Securities Corporation Series 2001-CP4 Class A4 6.18 12/15/2035 1,846,066 269,227 Credit Suisse First Boston Mortgage Securities Corporation Series 2002-AR17 Class 2A1+/- 6.16 12/19/2039 212,700 91,177 Credit Suisse First Boston Mortgage Securities Corporation Series 2003-AR2 Class 2A1+/- 6.75 02/25/2033 77,112 895,210 EquiFirst Mortgage Loan Trust Series 2003-2 Class 3A3+/- 3.24 09/25/2033 744,660 123,950 FHLMC Structured Pass-Through Securities Series T-31 Class A7+/- 1.65 05/25/2031 84,955 326,921 FHLMC Structured Pass-Through Securities Series T-35 Class A+/- 1.68 09/25/2031 304,881 1,728,925 FHLMC Structured Pass-Through Securities Series T-54 Class 3A 7.00 02/25/2043 1,753,778 1,976,446 FHLMC Structured Pass-Through Securities Series T-54 Class 4A+/- 5.78 02/25/2043 1,925,136 3,038,321 FHLMC Structured Pass-Through Securities Series T-55 Class 1A2 7.00 03/25/2043 3,150,360 2,440,094 FHLMC Structured Pass-Through Securities Series T-57 Class 1A2 7.00 07/25/2043 2,493,471 2,927,829 FHLMC Structured Pass-Through Securities Series T-58 Class 4A 7.50 09/25/2043 3,042,198 1,871,282 FHLMC Structured Pass-Through Securities Series T-63 Class 1A1+/- 4.06 02/25/2045 1,670,238 177,331 Fifth Third Mortgage Loan Trust Series 2002-FTB1 Class 4A1+/- 6.57 11/19/2032 153,616 42,900 First Plus Home Loan Trust Series 1997-3 Class A8 7.55 11/10/2023 42,878 580,517 FNMA Grantor Trust Series 2002-T12 Class A3 7.50 05/25/2042 608,999 292,141 FNMA Grantor Trust Series 2003-T4 Class 1A+/- 1.51 09/26/2033 257,617 710,944 FNMA Series 2002-90 Class A2 6.50 11/25/2042 746,743 1,522,183 FNMA Series 2003-W4 Class 3A 7.00 10/25/2042 1,557,860 1,575,826 FNMA Series 2004-W2 Class 2A2 7.00 02/25/2044 1,616,700 3,338,100 FNMA Series 2007-88 Class HC+/- 5.24 09/25/2037 2,919,078 38,737 FNMA Whole Loan Series 2001-W1 Class AV1+/- 1.61 08/25/2031 34,469 696,537 FNMA Whole Loan Series 2002-W10 Class A6 7.50 08/25/2042 730,712 99,493 FNMA Whole Loan Series 2002-W12 Class AV1+/- 1.76 02/25/2033 88,188 2,829,230 GE Capital Commercial Mortgage Corporation Series 2005-C2 Class A2 4.71 05/10/2043 2,611,666 3,000,000 GE Capital Commercial Mortgage Corporation Series 2005-C3 Class A4+/- 5.05 07/10/2045 2,772,467 2,896,602 GMAC Commercial Mortgage Securities Incorporated Series 2005-C1 Class A2 4.47 05/10/2043 2,672,676 362,738 GMAC Mortgage Corporation Loan Trust Series 2001-HE3 Class A2+/- 1.96 03/25/2027 225,759 Wells Fargo Advantage Master Portfolios 89 Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 4,000,000 GMAC Mortgage Corporation Loan Trust Series 2005-HE3 Class A2+/- 1.55% 02/25/2036 $ 1,763,182 2,513,412 Greenpoint Mortgage Funding Trust Series 2006-AR1 Class A1A+/- 1.69 02/25/2036 1,130,373 3,559,423 Greenwich Capital Commercial Funding Corporation Series 2003-C2 Class A2 4.02 01/05/2036 3,447,775 6,359,508 GSMPS Mortgage Loan Trust Series 2004-4 Class 1AF+++/- 1.80 10/25/2034 4,793,000 4,001,648 GSMPS Mortgage Loan Trust Series 2005-RP2 Class 1AF+++/- 1.75 03/25/2035 3,112,868 3,821,033 GSMPS Mortgage Loan Trust Series 2005-RP3 Class 1AF+++/- 1.75 09/25/2035 3,012,204 1,505,473 GSMPS Mortgage Loan Trust Series 2006-1 Class A1+++/-(i) 1.70 03/25/2035 1,294,446 1,512,417 Harborview Mortgage Loan Trust Series 2004-11 Class 3A2A+/- 1.81 01/19/2035 740,975 611,025 INDYMAC Loan Trust Series 2005-L2 Class A1+/-(i) 1.62 09/16/2035 395,041 2,397,831 Lehman XS Trust Series 2007-5 Class P3+/- 6.45 05/25/2037 1,006,943 801,710 Lehman XS Trust Series 2007-6W Class A3+/-(i) 1.72 05/25/2037 321,726 573,394 Merrill Lynch Mortgage Investors Incorporated Series 2003-A2 Class 2A2+/- 4.61 02/25/2033 578,216 1,600,902 MLCC Mortgage Investors Incorporated Series 1999-A Class A+/- 1.80 03/15/2025 1,279,184 1,036,555 MLCC Mortgage Investors Incorporated Series 2003-A Class 2A2+/- 3.51 03/25/2028 645,471 1,010,654 MLCC Mortgage Investors Incorporated Series 2003-B Class A1+/- 1.74 04/25/2028 693,860 774,756 MLCC Mortgage Investors Incorporated Series 2004-A Class A1+/- 1.63 04/25/2029 535,293 1,383,036 Morgan Stanley Dean Witter Capital I Series 2003-HYB1 Class A3+/- 4.45 03/25/2033 1,060,599 1,155,064 Morgan Stanley Dean Witter Credit Corporation Heloc Trust Series 2003-1 Class A+/- 1.67 11/25/2015 911,489 38,773 NationsLink Funding Corporation Series 1999-SI Class D+/- 7.56 11/10/2030 38,671 424,235 Option One Mortgage Loan Trust Series 2003-1 Class A2+/- 2.24 02/25/2033 278,585 291,078 Residential Funding Mortgage Securities Incorporated Series 2002-HS3 Class 2A+/- 1.74 08/25/2032 124,831 339,326 Residential Funding Mortgage Securities Incorporated Series 2003-HS1 Class AII+/- 1.69 12/25/2032 259,793 642,617 Residential Funding Mortgage Securities Incorporated Series 2004-HS3 Class A+/- 1.66 09/25/2029 376,866 1,528,672 Sequoia Mortgage Trust Series 10 Class 1A+/- 1.85 10/20/2027 1,274,273 487,482 Sequoia Mortgage Trust Series 2003-2 Class A1+/- 2.11 06/20/2033 346,230 1,346,589 Sequoia Mortgage Trust Series 2003-8 Class A1+/- 1.77 12/20/2033 902,492 585,545 Sequoia Mortgage Trust Series 5 Class A+/- 1.82 10/19/2026 467,327 3,499,582 Small Business Administration Participation Certificates Series 1999-20B Class 1 5.95 02/01/2019 3,577,584 92,355 Small Business Administration Participation Certificates Series 2000-10C Class 1 7.88 05/01/2010 93,532 565,620 Structured Asset Securities Corporation Series 2003-9A Class 2A1+/- 5.16 03/25/2033 434,647 1,290,234 Structured Asset Securities Corporation Series 2004-NP2 Class A+++/- 1.75 11/30/2034 1,152,050 1,178,235 Structured Asset Securities Corporation Series 2005-GEL4 Class A+/- 1.75 09/25/2025 772,566 3,688,941 Structured Asset Securities Corporation Series 2006-RF3 Class 1A1++(i) 6.00 11/25/2036 3,860,984 763,415 Structured Asset Securities Corporation Series 2006-RM1 Class A1+++/-(i) 1.65 08/25/2046 567,065 2,173,844 Structured Asset Securities Corporation Series 2007-RM1 Class A1+++/-(i) 1.68 05/25/2047 1,472,101 2,500,000 Wachovia Bank Commercial Mortgage Trust Series 2005-C20 Class A4+/-(l) 5.29 07/15/2042 2,294,319 700,384 Washington Mutual Mortgage Pass-Through Certificates Series 2003-AR1 Class A6+/- 5.76 03/25/2033 573,673 2,116,375 Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR1 Class A1A+/- 1.72 01/25/2035 878,572 841,757 Washington Mutual Mortgage Pass-Through Certificates Series 2005-AR6 Class 2A1A+/- 1.63 04/25/2035 340,037 2,197,781 Washington Mutual Mortgage Pass-Through Certificates Series 2005-C3 Class A4+/- 3.94 07/25/2047 1,076,913 4,371,730 Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR11 Class 3A1A+/- 3.59 09/25/2046 1,561,466 1,774,632 Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR3 Class A1A+/- 3.67 02/25/2046 747,239 2,001,828 Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR4 Class DA+/- 3.64 06/25/2046 880,804 3,170,081 Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR5 Class 5A+/- 3.66 06/25/2046 1,356,109 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $137,456,726) 101,030,389 ---------------- CORPORATE BONDS & NOTES: 7.33% COMMUNICATIONS: 0.09% 400,000 Viacom Incorporated+/- 3.17 06/16/2009 382,420 ---------------- DEPOSITORY INSTITUTIONS: 0.69% 2,000,000 Roslyn Bancorp Incorporated 7.50 12/01/2008 2,000,000 1,500,000 Sovereign Bank+/- 4.90 08/01/2013 914,502 2,914,502 ---------------- 90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- ELECTRIC, GAS & SANITARY SERVICES: 0.87% $ 1,700,000 Duke Energy Field Services LLC 7.88% 08/16/2010 $ 1,645,246 2,000,000 Southwestern Public Service 6.20 03/01/2009 1,997,998 3,643,244 ---------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.53% 2,250,000 BAE Systems Holdings Incorporated++ 4.75 08/15/2010 2,227,059 FOOD & KINDRED PRODUCTS: 1.35% 3,450,000 General Mills Incorporated+/- 4.19 01/22/2010 3,173,113 2,500,000 PepsiAmericas Incorporated 6.38 05/01/2009 2,506,215 5,679,328 ---------------- GENERAL MERCHANDISE STORES: 0.43% 2,000,000 CVS Caremark Corporation+/- 3.11 06/01/2010 1,788,982 ---------------- HOLDING & OTHER INVESTMENT OFFICES: 0.59% 2,550,000 CPG Partners LP 3.50 03/15/2009 2,482,553 ---------------- INSURANCE CARRIERS: 0.99% 2,840,000 Hartford Life Global Fund+/- 2.99 09/15/2009 2,593,593 2,000,000 Metropolitan Life Global Funding I+++/- 3.07 03/15/2012 1,572,372 4,165,965 ---------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.05% 229,895 3M Employee Stock Ownership Plan Trust++ 5.62 07/15/2009 231,159 ---------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.45% 2,150,000 American Express Credit Corporation Series MTN+/- 2.83 05/27/2010 1,870,371 ---------------- REAL ESTATE: 0.43% 1,950,000 Duke-Weeks Realty 7.75 11/15/2009 1,815,883 ---------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.40% 2,500,000 ProLogis Trust 5.25 11/15/2010 1,672,413 ---------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.46% 2,000,000 Western Financial Bank 9.63 05/15/2012 1,950,100 ---------------- TOTAL CORPORATE BONDS & NOTES (COST $34,114,674) 30,823,979 FOREIGN CORPORATE BONDS: 1.31% 3,970,000 SABMiller plc+++/- 4.18 07/01/2009 3,962,124 1,550,000 Thomson Corporation 4.25 08/15/2009 1,531,214 TOTAL FOREIGN CORPORATE BONDS@ (COST $5,542,437) 5,493,338 ---------------- LOAN PARTICIPATION: 0.53% 648,634 United States Department of Agriculture Loan+/- 5.34 10/15/2020 672,115 911,831 United States Department of Agriculture Loan - PVT+/- 3.61 06/25/2016 943,471 607,884 United States Department of Agriculture Loan - PVT SBA GP Series D#66 5.37 09/08/2019 600,528 TOTAL LOAN PARTICIPATION (COST $2,169,793) 2,216,114 ---------------- MUNICIPAL BONDS & NOTES: 4.77% 4,450,000 Colorado Student Obligation Bond Authority Student Loan Revenue Series VIII-A2+/-ss.(i) 3.37 12/01/2032 4,450,000 2,345,000 Mississippi Development Bank Special Obligation 5.24 07/01/2011 2,365,683 1,950,000 Ohio State HFA Mortgage Backed Series G (Housing Revenue, GNMA Insured) 5.57 09/01/2016 1,964,859 2,415,000 Ohio State HFA Residential Series K (Housing Revenue) 5.84 09/01/2016 2,418,405 Wells Fargo Advantage Master Portfolios 91 Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- MUNICIPAL BONDS & NOTES (continued) $ 3,000,000 OREGON SCHOOL BOARD ASSOCIATION TAXABLE PENSION DEFERRED INTEREST SERIES A (PROPERTY TAX REVENUE, FGIC INSURED)## 3.05% 06/30/2010 $ 2,859,450 2,365,000 PENNSYLVANIA HFA SERIES 94-C (HOUSING REVENUE) 6.04 10/01/2030 2,364,834 3,680,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT AUTHORITY MORTGAGE REVENUE TAXABLE SERIES C-3 (HOUSING REVENUE, FIRST SECURITY BANK LOC) 5.50 07/01/2026 3,644,413 TOTAL MUNICIPAL BONDS & NOTES (COST $19,959,401) 20,067,644 ---------------- SHARES - --------------- COLLATERAL FOR SECURITIES LENDING: 5.95% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.14% 1,198,820 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 1,198,820 1,198,820 DAILY ASSETS FUND INSTITUTIONAL 1,198,820 1,198,820 DREYFUS CASH MANAGEMENT FUND 1,198,820 1,198,820 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 1,198,820 4,795,280 ---------------- PRINCIPAL - --------------- COLLATERAL INVESTED IN OTHER ASSETS: 4.81% $ 222,461 BANK OF AMERICA NT & SA (CAYMAN ISLANDS) 1.25 12/01/2008 222,461 6,797,434 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $6,797,593) 0.28 12/01/2008 6,797,434 480,962 BANK OF IRELAND 0.30 12/01/2008 480,962 222,461 BNP PARIBAS PARIS 1.00 12/01/2008 222,461 138,349 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 2,283 432,564 CITIBANK CREDIT CARD ISSUANCE TRUST++ 1.20 12/01/2008 432,535 7,415,383 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $7,415,568) 0.30 12/01/2008 7,415,383 333,692 DEXIA CREDIT LOCAL DE FRANCE SA 1.70 12/01/2008 333,692 444,923 FORTIS BANK (GRAND CAYMAN) 1.05 12/01/2008 444,923 290,390 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 123,213 469,641 MONT BLANC CAPITAL CORPORATION++ 1.25 12/01/2008 469,608 222,461 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $222,484) 1.25 12/01/2008 222,461 1,433,641 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,433,671) 0.25 12/01/2008 1,433,641 222,461 NATIXIS 1.00 12/01/2008 222,461 247,179 SCALDIS CAPITAL LLC++ 1.65 12/01/2008 247,157 411,554 SOCIETE GENERALE (CAYMAN LSLANDS) 0.75 12/01/2008 411,554 494,359 VICTORIA FINANCE LLC+++/-####(a)(i) 2.22 04/03/2008 331,220 308,974 VICTORIA FINANCE LLC+++/-####(a)(i) 1.92 05/02/2008 207,013 308,974 VICTORIA FINANCE LLC+++/-####(a)(i) 0.85 08/07/2008 207,014 20,227,476 ---------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $26,117,569) 25,022,756 ---------------- 92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) STABLE INCOME PORTFOLIO SHARES SECURITY NAME VALUE - --------------- ------------------------------------------------------------ ---------------- SHORT-TERM INVESTMENTS: 17.00% 71,439,160 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 71,439,160 ---------------- TOTAL SHORT-TERM INVESTMENTS (COST $71,439,160) 71,439,160 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $501,873,314)* 105.62% $ 443,950,947 OTHER ASSETS AND LIABILITIES, NET (5.62) (23,613,818) ------ ---------------- TOTAL NET ASSETS 100.00% $ 420,337,129 ------ ---------------- << 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. (c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate. @ Foreign bond principal is denominated in US dollars. ss These securities are subject to a demand feature which reduces the effective maturity. ## Zero coupon bond. Interest rate presented is yield to maturity. #### This 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. (l) Long-term security of an affiliate of the Fund with a cost of $7,662,650. +++ Short-term security of an affiliate of the Fund with a cost of $71,439,160. * 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 93 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- AGENCY SECURITIES: 52.61% FEDERAL HOME LOAN MORTGAGE CORPORATION: 17.40% $ 2,000,000 FHLMC%% 5.50% 12/01/2023 $ 2,028,750 51,200,000 FHLMC%% 5.50 01/01/2039 51,872,000 4,672,269 FHLMC #1B3391+/- 5.73 05/01/2037 4,745,158 13,825 FHLMC #1B7562+/- 6.03 11/01/2037 14,070 722,643 FHLMC #1G1619+/- 5.94 03/01/2037 726,911 1,438,580 FHLMC #1G1919<<+/- 5.94 05/01/2037 1,440,468 944,204 FHLMC #1G1949+/- 5.93 05/01/2037 942,323 1,691,272 FHLMC #1G2254<<+/- 6.37 10/01/2037 1,725,569 2,128,064 FHLMC #1J1409<<+/- 5.86 12/01/2036 2,173,786 5,455,557 FHLMC #1J1581<<+/- 5.92 04/01/2037 5,556,918 5,148,046 FHLMC #1J2842<<+/- 6.15 09/01/2037 5,282,875 625,190 FHLMC #1N0166+/- 6.31 06/01/2036 636,383 2,094,378 FHLMC #1Q0251+/- 6.31 04/01/2037 2,148,476 274,558 FHLMC #A11745 4.50 08/01/2033 269,940 140,539 FHLMC #A61082 4.50 08/01/2033 138,307 3,843,125 FHLMC #A79090 6.50 07/01/2034 3,987,156 2,359,911 FHLMC #A80415<< 4.50 03/01/2035 2,320,219 2,151,959 FHLMC #A81215 6.50 08/01/2038 2,216,470 1,834,478 FHLMC #B15688 5.50 07/01/2019 1,868,219 1,704,319 FHLMC #E01279<< 5.50 01/01/2018 1,741,445 4,374,901 FHLMC #E01445 4.00 09/01/2018 4,340,032 4,341,087 FHLMC #E01497<< 5.50 11/01/2018 4,430,887 2,557,959 FHLMC #E01539 5.50 12/01/2018 2,610,536 1,462,737 FHLMC #E01655 5.50 06/01/2019 1,491,284 5,680,310 FHLMC #G02455 5.50 10/01/2030 5,788,750 1,912,076 FHLMC #G03316 4.50 03/01/2036 1,877,526 1,189,684 FHLMC #G11295 5.50 09/01/2017 1,215,284 1,867,757 FHLMC #G11594<< 5.50 08/01/2019 1,905,028 52,748 FHLMC #G11653 5.50 12/01/2019 53,800 4,786,251 FHLMC #G11658<< 5.50 01/01/2020 4,874,284 15,150,651 FHLMC #G11713 5.50 06/01/2020 15,452,987 11,366,938 FHLMC #G11728 5.50 02/01/2020 11,576,008 1,911,695 FHLMC #G11767 5.50 08/01/2020 1,949,844 3,017,768 FHLMC #G11786 5.00 10/01/2014 3,102,204 3,134,778 FHLMC #G11850<< 5.50 07/01/2020 3,192,435 3,925,568 FHLMC #G11940 5.50 05/01/2020 3,997,770 3,002,679 FHLMC #G11944 5.50 07/01/2020 3,057,907 3,696,988 FHLMC #G11983 5.50 01/01/2020 3,764,987 1,265,247 FHLMC #G12258<< 6.00 08/01/2016 1,290,434 3,213,371 FHLMC #G12277 6.00 08/01/2021 3,277,566 2,497,771 FHLMC #G12474 5.50 01/01/2017 2,554,640 3,484,939 FHLMC #G12827 5.50 02/01/2021 3,559,928 2,666,617 FHLMC #G12888<< 5.50 07/01/2018 2,723,997 1,307,065 FHLMC #G13169<< 5.50 06/01/2020 1,336,824 12,899,628 FHLMC #G13299 6.00 07/01/2023 13,157,332 3,147,220 FHLMC #G13330 6.00 10/01/2019 3,209,871 4,360,000 FHLMC #G13333 6.00 11/01/2022 4,447,041 3,655,264 FHLMC #G13367 5.50 12/01/2038 3,719,802 1,854,472 FHLMC #G18003 5.50 07/01/2019 1,888,581 3,549,270 FHLMC #G30391 4.50 04/01/2028 3,510,648 23,523,233 FHLMC #H09079 5.50 06/01/2037 23,471,514 6,362,000 FHLMC #H09175 6.50 09/01/2038 6,312,297 11,922,088 FHLMC #H19011 5.50 08/01/2037 11,922,088 1,231,691 FHLMC #J02372<< 5.50 05/01/2020 1,256,270 94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 1,142,990 FHLMC #J02373 5.50% 05/01/2020 $ 1,165,799 1,655,505 FHLMC #J02376<< 6.00 05/01/2020 1,688,508 1,159,969 FHLMC #J04514 5.50 03/01/2017 1,184,929 3,057,000 FHLMC SERIES 2695 CLASS BG 4.50 04/15/2032 3,005,731 2,664,000 FHLMC SERIES 2702 CLASS AD 4.50 08/15/2032 2,612,912 1,231,000 FHLMC SERIES 3320 CLASS TB 5.50 06/15/2030 1,264,925 265,078,633 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 30.73% 1,000,000 FNMA<< 3.38 05/19/2011 1,021,055 11,200,000 FNMA%% 5.00 01/01/2023 11,312,000 5,400,000 FNMA%% 5.50 01/01/2023 5,484,375 3,500,000 FNMA%% 6.00 01/01/2023 3,567,813 16,500,000 FNMA%% 5.50 12/01/2033 16,773,273 6,500,000 FNMA%% 5.50 01/01/2034 6,597,500 19,100,000 FNMA%% 5.50 12/01/2035 19,428,291 40,500,000 FNMA%% 6.50 01/01/2036 41,537,813 9,000,000 FNMA%% 7.00 01/01/2039 9,320,625 2,288,563 FNMA #190129 6.00 11/01/2023 2,355,364 3,108,988 FNMA #254758 4.50 06/01/2013 3,158,934 3,285,256 FNMA #254918<< 4.50 09/01/2033 3,243,347 1,586,733 FNMA #255895<< 4.50 09/01/2035 1,564,508 8,688,205 FNMA #256687 5.50 04/01/2037 8,685,393 2,330,996 FNMA #357425 4.50 09/01/2033 2,301,260 2,155,944 FNMA #462361+/- 6.34 07/01/2037 2,186,794 5,995,429 FNMA #462404+/- 6.28 09/01/2037 6,070,370 1,197,414 FNMA #725068 5.50 01/01/2019 1,226,548 941,382 FNMA #725866 4.50 09/01/2034 928,785 2,153,593 FNMA #726874 4.50 07/01/2033 2,126,121 2,560,223 FNMA #735421 7.00 01/01/2035 2,682,854 14,738,734 FNMA #735651<< 4.50 06/01/2035 14,532,293 4,444,370 FNMA #745044 4.50 08/01/2035 4,382,119 10,400,206 FNMA #745314<< 4.00 05/01/2034 9,841,394 2,880,753 FNMA #745526<< 6.00 05/01/2021 2,946,020 950,571 FNMA #745914 7.00 08/01/2028 997,664 538,460 FNMA #745954 7.00 07/01/2032 564,268 1,803,918 FNMA #772100 4.50 10/01/2033 1,780,906 4,181,011 FNMA #819357 4.50 03/01/2035 4,122,449 12,830,710 FNMA #835760 4.50 09/01/2035 12,650,994 2,151,493 FNMA #887689 5.50 06/01/2036 2,150,797 12,200,892 FNMA #888091<< 5.50 12/01/2030 12,472,416 5,285,424 FNMA #888307+/- 5.91 04/01/2037 5,383,606 6,447,740 FNMA #888482<< 4.50 05/01/2035 6,365,488 1,732,632 FNMA #888911<<+/- 6.11 11/01/2037 1,735,450 40,236,233 FNMA #889069<< 5.50 01/01/2021 41,215,195 5,412,051 FNMA #889115 5.50 12/01/2019 5,557,258 4,834,599 FNMA #889183 5.50 09/01/2021 4,952,226 18,218,802 FNMA #889201<< 4.50 07/01/2037 17,975,004 7,241,516 FNMA #889213<< 5.50 10/01/2020 7,406,390 15,322,982 FNMA #889318<< 5.50 07/01/2020 15,695,796 3,852,538 FNMA #889453<< 4.50 04/01/2028 3,813,014 5,288,617 FNMA #889495<< 6.50 03/01/2038 5,442,079 6,487,293 FNMA #889514 6.50 04/01/2038 6,679,884 7,119,237 FNMA #889568<< 5.50 03/01/2020 7,292,451 43,102,361 FNMA #889657 4.50 09/01/2037 42,552,517 1,371,457 FNMA #889688 5.50 12/01/2019 1,396,253 Wells Fargo Advantage Master Portfolios 95 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 11,600,788 FNMA #889835<< 4.50% 04/01/2036 $ 11,445,549 21,644,416 FNMA #889836 4.50 12/01/2033 21,388,596 2,307,875 FNMA #905215 5.50 11/01/2036 2,307,128 1,284,079 FNMA #905629<<+/- 6.12 12/01/2036 1,292,094 5,360,388 FNMA #906216+/- 5.92 01/01/2037 5,469,245 1,541,517 FNMA #906403<<+/- 6.02 01/01/2037 1,564,269 1,988,499 FNMA #906404<<+/- 5.95 01/01/2037 2,005,123 1,316,544 FNMA #909569<<+/- 5.88 02/01/2037 1,317,869 1,606,856 FNMA #914819<<+/- 5.98 04/01/2037 1,616,379 1,098,359 FNMA #914820+/- 6.00 04/01/2037 1,106,709 2,359,469 FNMA #917894+/- 5.75 05/01/2037 2,400,260 3,221,813 FNMA #940518 5.50 07/01/2037 3,220,770 3,432,520 FNMA #944275 5.50 07/01/2037 3,431,409 1,294,284 FNMA #944357<< 6.00 06/01/2022 1,323,535 3,419,862 FNMA #944856 5.50 07/01/2037 3,418,755 3,520,936 FNMA #945032+/- 5.77 08/01/2037 3,581,783 88,361 FNMA #945657+/- 6.23 09/01/2037 90,283 2,343,856 FNMA #949593<< 6.00 08/01/2022 2,396,827 7,386,000 FNMA #995092 6.50 12/01/2037 7,325,989 468,179,526 ---------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 4.48% 34,500,000 GNMA%% 6.00 01/01/2037 35,136,094 15,500,000 GNMA%% 5.50 01/01/2039 15,701,016 7,926,725 GNMA #781840 4.50 09/15/2034 7,831,882 9,269,289 GNMA #782044<< 6.50 12/15/2032 9,551,393 68,220,385 ---------------- TOTAL AGENCY SECURITIES (COST $782,376,506) 801,478,544 ---------------- ASSET BACKED SECURITIES: 10.74% 3,908,000 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST SERIES 2007-1 CLASS A3 5.27 10/08/2009 3,852,772 2,592,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2005-A10 CLASS A+/- 1.50 09/15/2015 1,858,095 2,289,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2005-A6 CLASS A6+/- 4.80 07/15/2015 1,796,425 11,091,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2006-A11 CLASS A11+/- 1.51 06/17/2019 6,803,734 2,571,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2006-A5 CLASS A5+/- 1.48 01/15/2016 1,937,677 867,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2006-A7 CLASS A7+/- 1.45 03/17/2014 738,689 4,747,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2007-A4 CLASS A4+/- 1.45 03/16/2015 3,607,110 3,035,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2007-A6 CLASS A6+/- 1.49 05/15/2013 2,727,566 23,886,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2008-A3 CLASS A3 5.05 02/16/2016 20,304,457 1,703,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2008-A5 CLASS A5 4.85 02/18/2014 1,552,959 150,419 CITICORP RESIDENTIAL MORTGAGE SECURITIES INCORPORATED SERIES 2006-1 CLASS A1 5.96 07/25/2036 150,578 2,337,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES INCORPORATED SERIES 2006-1 CLASS A2 5.68 07/25/2036 2,348,461 2,283,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES INCORPORATED SERIES 2006-2 CLASS A2 5.56 09/25/2036 2,264,243 1,234,788 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2007-AHL1 CLASS A2A+/- 1.44 12/25/2036 1,075,939 6,468,000 COMET SERIES 2007-A7 CLASS A7 5.75 07/15/2020 4,831,680 2,536,686 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2006-S1 CLASS A2 5.55 08/25/2021 2,171,728 6,401,000 DAIMLER CHRYSLER MASTER OWNER TRUST SERIES 2006-A Class A+/-(i) 1.45 11/15/2011 5,923,240 683,000 DISCOVER CARD MASTER TRUST I SERIES 2005-4 CLASS A2+/- 1.51 06/16/2015 493,656 6,055,000 DISCOVER CARD MASTER TRUST I SERIES 2006-2 CLASS A3+/- 1.50 01/19/2016 4,472,268 4,555,000 DISCOVER CARD MASTER TRUST SERIES 2007-A1 CLASS A1 5.65 03/16/2020 3,429,534 4,046,000 DISCOVER CARD MASTER TRUST SERIES 2007-A2 CLASS A2+/- 3.16 06/15/2015 3,148,564 4,274,000 DISCOVER CARD MASTER TRUST SERIES 2008-A3 CLASS A3 5.10 10/15/2013 3,949,790 11,958,000 DISCOVER CARD MASTER TRUST SERIES 2008-A4 CLASS A4 5.65 12/15/2015 10,340,333 3,607,000 DOMINOS PIZZA MASTER ISSUER LLC SERIES 2007-1 CLASS A2++(i) 5.26 04/25/2037 2,522,059 2,790,000 FORD CREDIT AUTO OWNER TRUST SERIES 2006-C CLASS A4A 5.15 02/15/2012 2,626,436 96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- ASSET BACKED SECURITIES (continued) $ 267,000 FORD CREDIT AUTO OWNER TRUST SERIES 2007-B CLASS A4A 5.24% 07/15/2012 $ 241,301 4,834,000 FORD CREDIT FLOORPLAN MASTER OWNER TRUST SERIES 2006-4 CLASS A+/-(i) 1.67 06/15/2013 3,907,424 1,410,134 GREAT AMERICA LEASING RECEIVABLES SERIES 2006-1 CLASS A3++ 5.34 01/15/2010 1,407,453 902,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2007-2 CLASS A4 5.12 08/15/2013 857,293 3,640,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2008-1 CLASS A3A 4.25 02/15/2013 3,473,112 187,000 HONDA AUTO RECEIVABLES OWNER TRUST SERIES 2008-1 CLASS A4 4.88 08/18/2011 167,035 7,068,000 HUNTINGTON AUTO TRUST SERIES 2008-1 CLASS A3A++(i) 4.81 04/16/2012 6,433,697 7,750,000 HUNTINGTON AUTO TRUST SERIES 2008-1 CLASS A4++(i) 5.64 02/15/2013 6,720,772 1,303,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2008-A CLASS A4 5.48 11/17/2014 1,103,288 792,308 MORGAN STANLEY ABS CAPITAL I SERIES 2007-HE2 CLASS A2A+/- 1.44 01/25/2037 731,756 741,023 MORGAN STANLEY HOME EQUITY LOANS SERIES 2007-1 CLASS A1+/- 1.45 12/25/2036 676,903 996,266 MORGAN STANLEY MORTGAGE LOAN TRUST SERIES 2007-6XS CLASS 2A1S+/- 1.51 02/25/2047 944,189 3,152,000 NISSAN AUTO RECEIVABLES OWNER TRUST SERIES 2007-B CLASS A4 5.16 03/17/2014 2,944,492 73,739 OWNIT MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 2006-1 CLASS AF1 5.42 12/25/2036 73,739 7,940,000 SLM STUDENT LOAN TRUST SERIES 2005-6 CLASS A5B+/- 4.74 07/27/2026 7,463,600 3,772,000 SLM STUDENT LOAN TRUST SERIES 2006-5 CLASS A4+/- 3.62 04/25/2023 3,305,044 1,522,000 SLM STUDENT LOAN TRUST SERIES 2008-4 CLASS A4+/- 5.19 07/25/2022 1,324,140 8,040,000 SLM STUDENT LOAN TRUST SERIES 2008-6 CLASS A4+/- 4.64 10/25/2014 6,807,305 8,811,000 SLM STUDENT LOAN TRUST SERIES 2008-8 CLASS A4+/- 5.04 04/25/2023 7,648,361 1,767,000 SWIFT MASTER AUTO RECEIVABLES TRUST SERIES 2007-1 CLASS A+/-(i) 1.52 06/15/2012 1,499,993 3,549,740 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B CLASS A3 5.41 08/12/2011 3,423,119 1,970,022 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-C CLASS A3 5.26 11/14/2011 1,895,076 2,677,000 VOLKSWAGEN AUTO LOAN ENHANCED TRUST SERIES 2008-1 CLASS A3 4.50 07/20/2012 2,507,681 3,318,000 WASHINGTON MUTUAL MASTER NOTE TRUST SERIES 2006-A2A CLASS A+++/-(i) 1.47 06/15/2015 2,654,400 612,000 WASHINGTON MUTUAL MASTER NOTE TRUST SERIES 2007-A2 CLASS A2+++/-(i) 1.45 05/15/2014 499,800 TOTAL ASSET BACKED SECURITIES (COST $186,812,742) 163,638,966 ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 25.62% 3,739,000 AMERICAN TOWER TRUST SERIES 2007-1A CLASS AFX++ 5.42 04/15/2037 2,857,718 2,554,261 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2000-1 CLASS A2A+/- 7.33 11/15/2031 2,511,481 1,172,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2002-PB2 CLASS B 6.31 06/11/2035 1,052,166 1,313,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2003-1 CLASS A2 4.65 09/11/2036 1,081,082 393,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2004-2 CLASS A5 4.58 11/10/2038 303,189 3,383,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2008-1 CLASS A4+/- 6.16 02/10/2049 2,251,885 8,944,276 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-WF1 CLASS A2+/- 7.78 02/15/2032 8,776,189 2,117,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2001-TOP2 CLASS A2 6.48 02/15/2035 1,975,715 1,040,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2001-TOP4 CLASS A3 5.61 11/15/2033 940,714 2,657,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-PBW1 CLASS A2+/- 4.72 11/11/2035 2,235,534 4,661,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-ESA CLASS C++ 4.94 05/14/2016 4,640,345 649,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-PWR6 CLASS A6 4.83 11/11/2041 513,251 4,142,000 CITIGROUP COMMERCIAL MORTGAGE TRUST SERIES 2008-C7 CLASS A4+/- 6.10 04/01/2038 2,759,242 3,198,939 CITIMORTGAGE ALTERNATIVE LOAN TRUST SERIES 2006-A1 CLASS 1A6(i) 6.00 04/25/2036 1,670,447 2,399,000 COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1 CLASS A4+/- 6.98 01/17/2032 2,157,614 5,791,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2001-J2A CLASS A2++ 6.10 07/16/2034 5,277,909 2,376,918 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2006-0C6 CLASS 2A1+/- 1.47 07/25/2036 2,122,246 1,960,578 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CF2 CLASS A4 6.51 02/15/2034 1,845,854 1,125,374 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CK1 CLASS A3 6.38 12/18/2035 1,060,037 3,284,468 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CKN5 CLASS A4 5.44 09/15/2034 2,969,161 907,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CKN2 CLASS A3 6.13 04/15/2037 810,714 943,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CP5 CLASS A2 4.94 12/15/2035 787,006 2,602,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-C4 CLASS A4+/- 5.14 08/15/2036 2,127,617 2,159,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-C5 CLASS A4+/- 4.90 12/15/2036 1,722,105 1,249,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-CK2 CLASS A4 4.80 03/15/2036 1,024,735 831,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-CPN1 CLASS A2 4.60 03/15/2035 674,015 3,560,000 CS FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CK3 CLASS A4 6.53 06/15/2034 3,322,978 Wells Fargo Advantage Master Portfolios 97 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 2,556,659 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 1999-CG2 CLASS A1B+/- 7.30% 06/10/2032 $ 2,529,162 2,771,290 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 1999-CG3 CLASS A1B 7.34 10/10/2032 2,723,514 2,387,921 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 2000-CKP1 CLASS A1B 7.18 11/10/2033 2,300,441 7,206,879 FHLB SERIES I7-2014 CLASS 1 5.34 03/20/2014 7,532,314 14,144,856 FHLB SERIES VN-2015 CLASS A 5.46 11/27/2015 14,419,465 4,798,000 FHLMC SERIES 2542 CLASS ES<< 5.00 12/15/2017 4,811,739 3,954,000 FHLMC SERIES 2558 CLASS BD<< 5.00 01/15/2018 3,966,610 2,534,415 FHLMC SERIES 2564 CLASS BQ 5.50 10/15/2017 2,635,817 7,216,000 FHLMC SERIES 2590 CLASS BY 5.00 03/15/2018 7,234,139 2,815,000 FHLMC SERIES 2590 CLASS NU 5.00 06/15/2017 2,863,928 2,565,000 FHLMC SERIES 2623 CLASS AJ 4.50 07/15/2016 2,574,423 347,000 FHLMC SERIES 2694 CLASS QG 4.50 01/15/2029 350,839 1,217,532 FHLMC SERIES 2727 CLASS PW 3.57 06/15/2029 1,207,466 735,734 FHLMC SERIES 2780 CLASS TB 3.00 12/15/2024 733,991 2,808,000 FHLMC SERIES 2790 CLASS TN 4.00 05/15/2024 2,592,093 2,932,000 FHLMC SERIES 2843 CLASS BC 5.00 08/15/2019 2,931,155 247,433 FHLMC SERIES 3000 CLASS PA 3.90 01/15/2023 245,388 25,000 FHLMC SERIES 3008 CLASS JM 4.50 07/15/2025 23,360 3,509,876 FHLMC SERIES 3017 CLASS TA<< 4.50 08/15/2035 3,540,714 1,748,500 FHLMC SERIES 3104 CLASS QC 5.00 09/15/2031 1,750,075 2,780,196 FHLMC SERIES 3253 CLASS A 5.00 08/15/2020 2,797,044 1,900,000 FHLMC SERIES 3268 CLASS HC 5.00 12/15/2032 1,844,152 2,687,000 FHLMC SERIES 3289 CLASS PB 5.00 11/15/2029 2,680,929 2,053,000 FHLMC SERIES 3298 CLASS VB 5.00 11/15/2025 1,966,231 1,985,833 FHLMC SERIES 3313 CLASS GA 5.00 06/15/2033 1,997,393 6,643,386 FHLMC SERIES 3316 CLASS HA<< 5.00 07/15/2035 6,594,699 1,685,000 FHLMC SERIES 3317 CLASS PG 5.00 04/15/2036 1,629,913 4,465,643 FHLMC SERIES 3325 CLASS JL 5.50 06/15/2037 4,625,868 2,607,000 FHLMC SERIES 3372 CLASS BD 4.50 10/15/2022 2,447,994 1,090,000 FHLMC SERIES 3460 CLASS PB 5.00 06/15/2031 1,105,469 4,881,000 FHLMC SERIES 3460 CLASS PC<< 5.00 08/15/2034 4,857,411 1,702,248 FHLMC SERIES 3465 CLASS HA 4.00 07/15/2017 1,683,058 1,767,438 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITY SERIES 2006-FA6 CLASS 2A10(i) 6.00 11/25/2036 1,593,233 3,120,808 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITY SERIES 2006-RE1 CLASS A1(i) 5.50 05/25/2035 1,612,094 2,274,819 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 1999-C4 CLASS A2 7.39 12/15/2031 2,227,377 1,629,768 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2000-C2 CLASS A2 7.20 10/15/2032 1,564,300 1,574,000 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2001-C4 CLASS B 6.42 12/12/2033 1,427,631 43,862,146 FNMA SERIES 2001-81 CLASS HE 6.50 01/25/2032 46,011,383 438,627 FNMA SERIES 2003-108 CLASS BE 4.00 11/25/2018 421,472 63,278 FNMA SERIES 2003-113 CLASS PN 3.50 02/25/2013 63,176 1,056,793 FNMA SERIES 2003-15 CLASS CH 4.00 02/25/2017 1,054,438 1,254,984 FNMA SERIES 2003-16 CLASS PN 4.50 10/25/2015 1,258,697 2,952,000 FNMA SERIES 2003-3 CLASS HJ 5.00 02/25/2018 2,955,129 693,143 FNMA SERIES 2004-34 CLASS PI 3.50 05/25/2014 692,949 1,797,098 FNMA SERIES 2004-60 CLASS PA 5.50 04/25/2034 1,821,514 1,628,590 FNMA SERIES 2005-58 CLASS MA 5.50 07/25/2035 1,701,476 3,147,000 FNMA SERIES 2007-113 CLASS DB<< 4.50 12/25/2022 2,936,736 847,000 FNMA SERIES 2007-26 CLASS BA 5.50 05/25/2029 853,159 6,486,435 FNMA SERIES 2007-30 CLASS MA 4.25 02/25/2037 6,414,332 6,508,751 FNMA SERIES 2007-39 CLASS NA 4.25 01/25/2037 6,447,636 3,177 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-2 CLASS A3 6.03 08/11/2033 3,065 1,562,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2002-1A CLASS A3 6.27 12/10/2035 1,378,957 4,214,730 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED+/- 7.72 03/15/2033 4,132,032 3,071,051 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-C2 CLASS A2+/- 7.46 08/16/2033 2,976,148 7,256,845 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-C3 CLASS A2 6.96 09/15/2035 6,907,842 98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 20,041,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2001-C2 CLASS A2 6.70% 04/15/2034 $ 18,733,261 3,712,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-C3 CLASS A2 4.93 07/10/2039 3,117,941 1,228,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-C2 CLASS A2+/- 5.48 05/10/2040 1,012,352 1,528,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-C3 CLASS A4 5.02 04/10/2040 1,223,313 136,518 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-C1 CLASS A1 3.12 03/10/2038 135,573 158,163 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-C2 CLASS A1 3.90 08/10/2038 155,877 1,195,889 GNMA SERIES 2006-3 CLASS A 4.21 01/16/2028 1,176,744 1,693,000 GNMA SERIES 2006-37 CLASS JG 5.00 07/20/2036 1,648,427 5,248,000 GS MORTGAGE SECURITIES CORPORATION II SERIES 2001-GL3A CLASS A2+++/- 6.45 08/05/2018 4,841,152 8,374,468 GSR MORTGAGE LOAN TRUST SERIES 2006-8F CLASS 3A5(i) 6.25 09/25/2036 8,271,195 594,000 HELLER FINANCIAL COMMERCIAL MORTGAGE ASSET SERIES 1999-PH1 CLASS C+/- 6.96 05/15/2031 589,171 1,014,269 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2000-C10 CLASS A2+/- 7.37 08/15/2032 990,782 5,636,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2001-CIB3 CLASS A3 6.47 11/15/2035 5,158,844 1,152,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2002-CIB5 CLASS A2 5.16 10/12/2037 975,524 12,176,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2003-CB7 CLASS A4+/- 4.88 01/12/2038 9,363,310 64,907 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2004-C3 CLASS A1 3.77 01/15/2042 63,256 513,222 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-LDP2 CLASS A1 4.33 07/15/2042 500,725 443,312 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-LDP3 CLASS A1 4.66 08/15/2042 420,783 1,995,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-CB15 CLASS ASB+/- 5.79 06/12/2043 1,524,343 910,911 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C4 CLASS A2 7.37 08/15/2026 885,050 397,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 1999-C2 CLASS B 7.43 10/15/2032 388,520 3,040,081 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C5 CLASS A2 6.51 12/15/2026 2,879,578 1,368,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2001-C2 CLASS A2 6.65 11/15/2027 1,283,456 4,857,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C2 CLASS A4 5.59 06/15/2031 4,246,583 24,015 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2003-C5 CLASS A2 3.48 07/15/2027 23,722 2,590,000 MERRILL LYNCH MORTGAGE TRUST SERIES 2004-KEY2 CLASS A4+/- 4.86 08/12/2039 1,968,583 416,699 MORGAN STANLEY CAPITAL I SERIES 2002-IQ2 CLASS A3 5.52 12/15/2035 412,550 4,079,000 MORGAN STANLEY CAPITAL I SERIES 2003-IQ5 CLASS A4 5.01 04/15/2038 3,420,575 2,332,000 MORGAN STANLEY CAPITAL I SERIES 2004-HQ3 CLASS A4 4.80 01/13/2041 1,830,976 3,736,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ5 CLASS AAB 5.04 01/14/2042 3,103,487 3,526,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ7 CLASS AAB+/- 5.18 11/14/2042 2,863,315 2,738,135 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP1 CLASS A4 6.66 02/15/2033 2,591,263 3,312,900 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP3 CLASS A4 6.39 07/15/2033 3,063,022 6,199,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP5 CLASS A4 6.39 10/15/2035 5,662,894 3,800,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-HQ2 CLASS A2 4.92 03/12/2035 3,130,426 2,818,000 NOMURA ASSET SECURITIES CORPORATION SERIES 1998-D6 CLASS A1C 6.69 03/15/2030 2,631,014 1,728,355 SALOMON BROTHERS MORTGAGE SECURITIES SERIES 2000-C3 CLASS A2 6.59 12/18/2033 1,643,201 2,170,821 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 2002-KEY2 CLASS A2 4.47 03/18/2036 1,919,694 100,225 STRUCTURED ASSET SECURITIES CORPORATION SERIES 1998-2 CLASS A+/- 1.92 02/25/2028 91,126 5,436,726 US BANK NA SERIES 2007-1 CLASS A 5.92 05/25/2012 5,830,835 2,686,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C1 CLASS A4(l) 6.29 04/15/2034 2,374,589 8,334,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C2 CLASS A4(l) 4.98 11/15/2034 6,866,028 1,926,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C5 CLASS A2(l) 3.99 06/15/2035 1,518,176 4,815,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C6 CLASS A3+/-(l) 4.96 08/15/2035 4,311,504 455,535 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C7 CLASS A1++(l) 4.24 10/15/2035 416,053 1,678,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C8 CLASS A3(l) 4.45 11/15/2035 1,530,199 533,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C10 CLASS A4(l) 4.75 02/15/2041 404,350 1,546,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C11 CLASS A4(l) 5.03 01/15/2041 1,276,552 Wells Fargo Advantage Master Portfolios 99 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 3,031,000 Wachovia Bank Commercial Mortgage Trust Series 2006-C26 Class A3+/-(l) 6.01% 06/15/2045 $ 1,944,292 1,886,000 Wachovia Bank Commercial Mortgage Trust Series 2006-C26 Class APB(l) 6.00 06/15/2045 1,415,045 1,631,800 Washington Mutual Mortgage Pass-Through Certificates Series 2006-AR12 Class 1A1+/-(i) 6.07 10/25/2036 1,352,347 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $416,768,732) 390,304,097 ---------------- CORPORATE BONDS & NOTES: 15.14% APPAREL & ACCESSORY STORES: 0.07% 1,570,000 Nordstrom Incorporated 7.00 01/15/2038 997,526 ---------------- BUSINESS SERVICES: 0.18% 2,995,000 Oracle Corporation 5.75 04/15/2018 2,807,040 ---------------- CHEMICALS & ALLIED PRODUCTS: 0.16% 2,800,000 Schering-Plough Corporation 6.55 09/15/2037 2,471,770 ---------------- COMMUNICATIONS: 1.86% 1,229,000 AT&T Incorporated 6.40 05/15/2038 1,007,174 10,218,000 Comcast Cable Communications Holdings Incorporated 8.38 03/15/2013 10,206,086 3,805,000 Qwest Corporation 7.50 10/01/2014 2,929,850 2,120,000 SBC Communications 5.10 09/15/2014 1,901,602 1,135,000 Time Warner Entertainment Company LP 8.38 07/15/2033 975,885 950,000 Verizon Communications Incorporated 8.75 11/01/2018 950,243 925,000 Verizon Communications Incorporated 8.95 03/01/2039 949,036 4,690,000 Verizon Wireless++ 7.38 11/15/2013 4,646,467 4,690,000 Verizon Wireless++ 8.50 11/15/2018 4,732,149 28,298,492 ---------------- DEPOSITORY INSTITUTIONS: 1.90% 3,850,000 American Express Bank FSB Series BKNT 5.50 04/16/2013 3,412,490 1,125,000 Bank of America Corporation 5.38 06/15/2014 1,068,577 2,640,000 Bank of America Corporation 5.65 05/01/2018 2,447,056 2,455,000 Citigroup Incorporated 3.63 02/09/2009 2,431,152 10,555,000 Citigroup Incorporated 6.50 08/19/2013 10,052,519 3,370,000 Citigroup Incorporated<< 6.13 05/15/2018 3,080,129 2,890,000 Citigroup Incorporated+/- 8.40 04/29/2049 1,706,401 2,640,000 JPMorgan Chase & Company 6.40 05/15/2038 2,588,480 2,380,000 PNC Funding Corporation 5.25 11/15/2015 2,187,820 28,974,624 ---------------- EATING & DRINKING PLACES: 0.10% 2,175,000 Yum! Brands Incorporated 6.88 11/15/2037 1,520,414 ---------------- ELECTRIC UTILITIES: 0.09% 1,320,000 Progress Energy Incorporated 6.85 04/15/2012 1,308,103 ---------------- ELECTRIC, GAS & SANITARY SERVICES: 1.98% 1,900,000 Allegheny Energy Supply++ 8.25 04/15/2012 1,786,000 1,510,000 CMS Energy Corporation 6.55 07/17/2017 1,175,053 1,480,000 Commonwealth Edison Company 6.15 09/15/2017 1,291,263 4,791,000 DPL Incorporated 6.88 09/01/2011 4,670,904 2,195,000 Florida Power Corporation 6.40 06/15/2038 2,109,863 4,035,000 Nevada Power Company Series A 8.25 06/01/2011 4,047,226 2,335,000 PacifiCorp 6.25 10/15/2037 2,158,677 1,750,000 Spectra Energy Capital LLC 7.50 09/15/2038 1,335,185 100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- ELECTRIC, GAS & SANITARY SERVICES (continued) $ 7,934,000 Taqa Abu Dhabi National Energy Company++ 5.62% 10/25/2012 $ 6,914,759 1,675,000 Virginia Electric & Power Company 8.88 11/15/2038 1,819,666 30,106,256 ---------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.06% 1,050,000 Duke Energy Carolinas LLC 6.00 01/15/2038 962,177 ---------------- FOOD & KINDRED PRODUCTS: 0.34% 5,330,000 Kraft Foods Incorporated 6.13 02/01/2018 4,912,922 335,000 Kraft Foods Incorporated 6.13 08/23/2018 307,588 5,220,510 ---------------- HEALTH SERVICES: 0.12% 3,580,000 Coventry Health Care Incorporated 5.95 03/15/2017 1,868,445 ---------------- HOLDING & OTHER INVESTMENT OFFICES: 0.49% 6,880,000 Allied Capital Corporation(i) 6.63 07/15/2011 5,211,703 2,640,000 Goldman Sachs Group Incorporated 5.15 01/15/2014 2,253,388 7,465,091 ---------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.16% 2,290,000 International Business Machines Corporation 7.63 10/15/2018 2,461,407 ---------------- INSURANCE CARRIERS: 0.32% 1,285,000 ACE INA Holdings Incorporated 5.70 02/15/2017 1,081,939 600,000 ACE INA Holdings Incorporated 6.70 05/15/2036 466,727 2,475,000 Liberty Mutual Group++(i) 7.50 08/15/2036 1,583,010 2,170,000 UnitedHealth Group Incorporated 6.88 02/15/2038 1,678,491 4,810,167 ---------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.82% 1,000,000 American Express 8.15 03/19/2038 928,014 3,940,000 Credit Suisse New York 6.00 02/15/2018 3,331,629 3,320,000 General Electric Capital Corporation Series MTNA 3.75 12/15/2009 3,283,892 2,650,000 JPMorgan Chase Bank National Series BKNT 6.00 10/01/2017 2,459,253 3,450,000 JPMorgan Chase Capital XXV 6.80 10/01/2037 2,535,605 12,538,393 ---------------- OFFICE EQUIPMENT: 0.24% 1,810,000 Xerox Corporation 5.50 05/15/2012 1,446,033 3,145,000 Xerox Corporation 6.35 05/15/2018 2,255,490 3,701,523 ---------------- OIL & GAS EXTRACTION: 1.10% 4,666,000 Devon Financing Corporation 6.88 09/30/2011 4,682,756 885,000 El Paso Natural Gas Company 5.95 04/15/2017 678,029 2,200,000 Southern Natural Gas Company++ 5.90 04/01/2017 1,683,000 1,335,000 Weatherford International Incorporated 5.95 06/15/2012 1,229,982 1,655,000 Weatherford International Incorporated 6.35 06/15/2017 1,429,410 4,760,000 XTO Energy Incorporated 5.75 12/15/2013 4,474,262 2,710,000 XTO Energy Incorporated 6.50 12/15/2018 2,501,514 16,678,953 ---------------- Wells Fargo Advantage Master Portfolios 101 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- PHARMACEUTICALS: 0.59% $ 2,335,000 GlaxoSmithKline Capital Incorporated 6.38% 05/15/2038 $ 2,209,316 6,604,000 Wyeth 6.95 03/15/2011 6,830,550 9,039,866 ---------------- PIPELINES: 0.53% 7,450,000 Kinder Morgan Incorporated 6.50 09/01/2012 5,960,000 2,744,000 Plains All American Pipeline LP 6.50 05/01/2018 2,109,609 8,069,609 ---------------- PRIMARY METAL INDUSTRIES: 0.16% 1,955,000 Alcoa Incorporated 6.00 07/15/2013 1,677,584 920,000 Corning Incorporated(i) 7.25 08/15/2036 683,757 2,361,341 ---------------- RAILROAD TRANSPORTATION: 0.11% 1,785,000 Burlington Northern Santa Fe Corporation 5.75 03/15/2018 1,627,501 ---------------- REAL ESTATE: 0.30% 6,710,000 WEA Finance LLC++ 7.13 04/15/2018 4,584,903 ---------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.14% 3,640,000 Health Care Properties Investors Incorporated 5.65 12/15/2013 2,174,703 ---------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.13% 4,852,000 Goldman Sachs Capital II+/- 5.79 12/29/2049 1,822,047 2,235,000 Goldman Sachs Group Incorporated 5.13 01/15/2015 1,827,197 5,650,000 Goldman Sachs Group Incorporated 6.75 10/01/2037 3,622,108 4,642,000 Lazard Group LLC 7.13 05/15/2015 2,882,803 3,410,000 Lazard Group LLC 6.85 06/15/2017 2,026,768 6,560,000 Merrill Lynch & Company Incorporated Series MTN 6.88 04/25/2018 6,177,145 2,180,000 Morgan Stanley 5.30 03/01/2013 1,862,575 2,665,000 Morgan Stanley Series MTN 6.25 08/28/2017 2,179,946 3,385,000 Morgan Stanley Series MTN 5.95 12/28/2017 2,723,679 8,755,000 Morgan Stanley Series MTN 6.63 04/01/2018 7,261,099 32,385,367 ---------------- TOBACCO PRODUCTS: 0.56% 5,120,000 Altria Group Incorporated 9.70 11/10/2018 5,181,015 3,425,000 Altria Group Incorporated 9.95 11/10/2038 3,392,267 8,573,282 ---------------- TRANSPORTATION EQUIPMENT: 0.63% 5,545,000 Daimler NA Holding Corporation 6.50 11/15/2013 4,165,459 865,000 Daimler NA Holding Corporation 8.50 01/18/2031 642,038 5,015,000 Daimler NA Holding Corporation Series MTN+/- 3.17 03/13/2009 4,782,334 9,589,831 ---------------- TOTAL CORPORATE BONDS & NOTES (COST $265,519,655) 230,597,294 ---------------- FOREIGN CORPORATE BONDS: 3.54% 2,175,000 AstraZeneca plc 5.40 09/15/2012 2,250,503 2,285,000 British Sky Broadcasting Group plc++ 9.50 11/15/2018 2,297,293 2,525,000 British Telecom plc 9.13 12/15/2030 2,371,392 2,910,000 Credit Suisse New York 5.00 05/15/2013 2,743,822 1,485,000 Diageo Capital plc 5.20 01/30/2013 1,422,857 102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- FOREIGN CORPORATE BONDS (continued) $ 885,000 Diageo Capital plc 5.75% 10/23/2017 $ 799,793 3,405,000 Export-Import Bank of Korea Eibkor 5.50 10/17/2012 3,011,757 2,550,000 France Telecom SA 7.75 03/01/2011 2,593,840 1,940,000 HSBC Holdings plc 6.80 06/01/2038 1,623,066 930,000 Husky Energy Incorporated 6.80 09/15/2037 680,076 1,211,000 Husky Oil Company 7.55 11/15/2016 1,112,446 1,490,000 Hutchison Whampoa International Limited++ 7.45 11/24/2033 1,215,274 1,845,000 Petro Canada 6.80 05/15/2038 1,312,098 4,725,000 Petrobras International Finance Company 5.88 03/01/2018 4,089,823 2,395,000 Ras Laffan Liquefied Natural Gas Company Limited III++ 6.33 09/30/2027 1,721,478 4,760,000 Rio Tinto Finance USA Limited 5.88 07/15/2013 3,699,924 2,655,000 Rio Tinto Finance USA Limited 6.50 07/15/2018 1,824,657 1,220,000 Rogers Cable Incorporated 5.50 03/15/2014 1,106,890 5,592,000 Rogers Wireless Incorporated 6.38 03/01/2014 5,008,972 1,155,000 Telefonica Emisiones SAU 5.86 02/04/2013 1,062,638 4,555,000 Telefonica Emisiones SAU 5.98 06/20/2011 4,356,712 1,755,000 Thomson Reuters Corporation 5.95 07/15/2013 1,666,525 1,380,000 Transcanada Pipelines Limited 7.25 08/15/2038 1,188,295 2,292,000 Transocean Incorporated 6.00 03/15/2018 2,029,078 910,000 Weatherford International Limited 7.00 03/15/2038 700,481 2,720,000 Westfield Group++ 5.40 10/01/2012 2,128,305 TOTAL FOREIGN CORPORATE BONDS@ (COST $62,429,672) 54,017,995 ---------------- FOREIGN GOVERNMENT BONDS: 0.06% 915,000 United Mexican States Series MTNA 5.88 01/15/2014 869,250 TOTAL FOREIGN GOVERNMENT BONDS@ (COST $914,113) 869,250 ---------------- US TREASURY SECURITIES: 5.70% US TREASURY BONDS: 4.55% 1,434,000 US Treasury Bond<< 8.88 02/15/2019 2,091,736 2,950,000 US Treasury Bond<< 7.13 02/15/2023 4,023,523 13,945,000 US Treasury Bond<< 6.25 05/15/2030 19,058,896 21,309,000 US Treasury Bond<< 5.38 02/15/2031 26,491,413 1,194,300 US Treasury Bond<< 4.75 02/15/2037 1,450,328 786,100 US Treasury Bond<< 5.00 05/15/2037 990,609 13,093,000 US Treasury Bond<< 4.38 02/15/2038 15,168,450 69,274,955 ---------------- US TREASURY NOTES: 1.15% 20,000 US Treasury Note 4.63 10/31/2011 21,980 1,400,000 US Treasury Note<< 3.13 09/30/2013 1,481,703 1,212,000 US Treasury Note<< 4.75 08/15/2017 1,378,555 2,949,000 US Treasury Note<< 3.50 02/15/2018 3,083,778 3,203,000 US Treasury Note<< 4.00 08/15/2018 3,491,770 2,617,000 US Treasury Note<< 3.75 11/15/2018 2,793,239 10,967,000 US Treasury Note<<## 3.89 11/15/2027 5,280,616 17,531,641 ---------------- TOTAL US TREASURY SECURITIES (COST $79,373,059) 86,806,596 ---------------- Wells Fargo Advantage Master Portfolios 103 Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO SHARES SECURITY NAME VALUE - --------------- ------------------------------------------------------------ ---------------- COLLATERAL FOR SECURITIES LENDING: 18.88% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.62% 13,782,138 BLACKROCK TEMPORARY #24 MONEY MARKET FUND $ 13,782,138 13,782,138 DAILY ASSETS FUND INSTITUTIONAL 13,782,138 13,782,138 DREYFUS CASH MANAGEMENT FUND 13,782,138 13,782,138 SHORT-TERM INVESTMENT COMPANY MONEY MARKET FUND 13,782,138 55,128,552 ---------------- PRINCIPAL INTEREST RATE MATURITY DATE - --------------- ------------- ------------- COLLATERAL INVESTED IN OTHER ASSETS: 15.26% $ 2,557,510 BANK OF AMERICA NT & SA (CAYMAN ISLANDS) 1.25% 12/01/2008 2,557,510 78,146,142 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $78,147,965) 0.28 12/01/2008 78,146,142 5,529,337 BANK OF IRELAND 0.30 12/01/2008 5,529,337 2,557,510 BNP PARIBAS PARIS 1.00 12/01/2008 2,557,510 1,590,520 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 26,244 4,972,936 CITIBANK CREDIT CARD ISSUANCE TRUST++ 1.20 12/01/2008 4,972,605 85,250,337 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $85,252,468) 0.30 12/01/2008 85,250,337 3,836,265 DEXIA CREDIT LOCAL DE FRANCE SA 1.70 12/01/2008 3,836,265 5,115,020 FORTIS BANK (GRAND CAYMAN) 1.05 12/01/2008 5,115,020 3,338,447 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 1,416,503 5,399,188 MONT BLANC CAPITAL CORPORATION++ 1.25 12/01/2008 5,398,813 2,557,510 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY MARKET SECURITIES (MATURITY VALUE $2,557,776) 1.25 12/01/2008 2,557,510 16,481,732 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $16,482,075) 0.25 12/01/2008 16,481,732 2,557,510 NATIXIS 1.00 12/01/2008 2,557,510 2,841,678 SCALDIS CAPITAL LLC++ 1.65 12/01/2008 2,841,417 4,731,394 SOCIETE GENERALE (CAYMAN LSLANDS) 0.75 12/01/2008 4,731,394 3,552,097 VICTORIA FINANCE LLC+++/-####(a)(i) 1.92 05/02/2008 2,379,905 3,552,097 VICTORIA FINANCE LLC+++/-####(a)(i) 0.85 08/07/2008 2,379,905 5,683,356 VICTORIA FUNDING LLC+++/-####(a)(i) 2.22 04/03/2008 3,807,848 232,543,507 ---------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $295,113,697) 287,672,059 ---------------- SHARES - --------------- SHORT-TERM INVESTMENTS: 4.09% 62,358,287 WELLS FARGO ADVANTAGE CASH INVESTMENT FUND~++ 62,358,287 ---------------- TOTAL SHORT-TERM INVESTMENTS (COST $62,358,287) 62,358,287 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $2,151,666,463)* 136.38% $ 2,077,743,088 OTHER ASSETS AND LIABILITIES, NET (36.38) (554,250,067) ------ ---------------- TOTAL NET ASSETS 100.00% $ 1,523,493,021 ------ ---------------- 104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2008 (Unaudited) TOTAL RETURN BOND PORTFOLIO PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE - --------------- ------------------------------------------------------------ ------------- ------------- ---------------- SCHEDULE OF SECURITIES SOLD SHORT: (2.64%) FEDERAL HOME LOAN MORTGAGE CORPORATION: (0.27%) $ (2,000,000) FHLMC%% 5.50% 01/01/2009 $ (2,026,250) (2,000,000) FHLMC%% 5.50 12/01/2009 (2,028,750) (4,055,000) ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: (2.38%) (19,100,000) FNMA%% 5.50 12/01/2009 (19,428,291) (16,500,000) FNMA%% 5.50 12/01/2009 (16,773,273) (36,201,564) ---------------- TOTAL SHORT SALES (PREMIUM RECEIVED $(39,600,438)) (40,256,564) ---------------- - --------- << All or a portion of this security is on loan. (See Note 2) %% Securities issued on a when-issued (TBA) basis. (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. @ Foreign bond principal is denominated in US dollars. ## 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. ss These securities are subject to a demand feature which reduces the effective maturity. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund does not pay an investment advisory fee for such investments. (l) Long-term security of an affiliate of the Fund with a cost of $26,372,066. ++ Short-term security of an affiliate of the Fund with a cost of $62,358,287. * Cost for federal income tax purposes is substantially the same as for financial reporting purposes. The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 106 Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities--November 30, 2008 (Unaudited) Inflation- Managed Total Protected Fixed Stable Return Bond Income Income Bond Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ -------------- ASSETS Investments In securities, at market value (including securities on loan) ...................................................... $ 129,447,925 $494,020,359 $342,107,630 $1,705,655,954 Collateral received for securities loaned (Note 2) ......... 61,663,712 48,414,332 25,022,756 287,672,059 In affiliates .............................................. 4,122,740 64,301,376 76,820,561 84,415,075 ------------ ------------ ------------ -------------- Total investments at market value (see cost below) ............ 195,234,377 606,736,067 443,950,947 2,077,743,088 ------------ ------------ ------------ -------------- Cash .......................................................... 0 661,500 0 100,000 Variation margin receivable on futures contracts .............. 0 103,359 0 0 Receivable for investments sold ............................... 0 43,921,047 548,747 540,083,414 Receivables for dividends and interest ........................ 1,013,932 5,868,819 2,201,460 20,332,600 ------------ ------------ ------------ -------------- Total assets .................................................. 196,248,309 657,290,792 446,701,154 2,638,259,102 ------------ ------------ ------------ -------------- LIABILITIES Securities sold short, at fair value .......................... 0 0 0 40,256,564 Payable for investments purchased ............................. 0 77,346,714 0 778,038,573 Payable upon receipt of securities loaned (Note 2) ............ 62,702,650 50,069,107 26,201,491 295,964,766 Payable to investment advisor and affiliates (Note 3) ......... 8,906 145,161 147,379 489,429 Accrued expenses and other liabilities ........................ 36,986 15,350 15,155 16,749 ------------ ------------ ------------ -------------- Total liabilities ................................................ 62,748,542 127,576,332 26,364,025 1,114,766,081 ------------ ------------ ------------ -------------- TOTAL NET ASSETS ................................................. $133,499,767 $529,714,460 $420,337,129 $1,523,493,021 ============ ============ ============ ============== Investments at cost .............................................. $211,278,142 $672,844,251 $501,873,314 $2,151,666,463 ------------ ------------ ------------ -------------- Securities on loan, at market value (Note 2) ..................... $ 61,604,923 $ 48,788,747 $ 25,043,866 $ 288,461,398 ------------ ------------ ------------ -------------- The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 107 Statements of Operations--For the Six Months Ended November 30, 2008 (Unaudited) Inflation- Managed Total Protected Fixed Stable Return Bond Income Income Bond Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ ------------ INVESTMENT INCOME Interest ....................................................... $ 5,505,817 $ 17,843,311 $ 9,241,172 $ 44,674,200 Income from affiliated securities .............................. 14,880 532,994 957,167 1,048,371 Securities lending income ...................................... 132,341 124,764 29,512 632,299 ------------ ------------ ------------ ------------ Total investment income ........................................... 5,653,038 18,501,069 10,227,851 46,354,870 ------------ ------------ ------------ ------------ EXPENSES Advisory fees .................................................. 315,063 1,342,105 945,042 3,157,274 Custody fees ................................................... 15,753 68,255 47,257 169,731 Professional fees .............................................. 15,490 19,859 16,473 19,971 Shareholder reports ............................................ 3,361 2,133 1,889 4,114 Trustees' fees ................................................. 4,323 4,323 4,323 4,323 Other fees and expenses ........................................ 1,062 2,515 1,428 7,097 ------------ ------------ ------------ ------------ Total expenses .................................................... 355,052 1,439,190 1,016,412 3,362,510 ------------ ------------ ------------ ------------ LESS Waived fees and reimbursed expenses (Note 3) ................... (73,160) (270,501) (40,483) (8,067) Net expenses ................................................... 281,892 1,168,689 975,929 3,354,443 ------------ ------------ ------------ ------------ Net investment income (loss) ...................................... 5,371,146 17,332,380 9,251,922 43,000,427 ------------ ------------ ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities, foreign currencies and foreign currency translation .................................................... (1,205,876) (7,054,828) (1,752) (14,429,526) Collateral received for securities loaned ...................... (74,627) (166,075) (83,922) (851,069) Futures transactions ........................................... 117,294 3,104,256 0 0 Options, swap agreements and short sale transactions ........... 0 414,069 0 0 ------------ ------------ ------------ ------------ Net realized gain and loss from investments ....................... (1,163,209) (3,702,578) (85,674) (15,280,595) ------------ ------------ ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities, foreign currencies and foreign currency translation .................................................... (19,180,216) (42,116,511) (32,877,174) (58,052,490) Collateral received for securities loaned ...................... (351,647) (468,981) (284,496) (2,358,728) Futures transactions ........................................... 0 1,148,195 0 0 Options, swap agreements and short sale transactions ........... 0 198,700 0 (656,126) ------------ ------------ ------------ ------------ Net change in unrealized appreciation (depreciation) of investments .................................................... (19,531,863) (41,238,597) (33,161,670) (61,067,344) ------------ ------------ ------------ ------------ Net realized and unrealized gain (loss) on investments ............ (20,695,072) (44,941,175) (33,247,344) (76,347,939) ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... $(15,323,926) $(27,608,795) $(23,995,422) $(33,347,512) ============ ============ ============ ============ The accompanying notes are an integral part of these financial statements. 108 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets INFLATION-PROTECTED BOND PORTFOLIO ---------------------------------- For the Six Months Ended For the November 30, 2008 Year Ended (Unaudited) May 31, 2008 ----------------- -------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets .................................................... $167,675,358 $ 195,213,636 OPERATIONS Net investment income (loss) ............................................ 5,371,146 10,089,712 Net realized gain (loss) on investments ................................. (1,163,209) 1,935,040 Net change in unrealized appreciation (depreciation) of investments ..... (19,531,863) 9,638,550 ------------ ------------- Net increase (decrease) in net assets resulting from operations ............ (15,323,926) 21,663,302 ------------ ------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ........................................................... 41,601,925 68,293,725 Withdrawals ............................................................. (60,453,590) (117,495,305) ------------ ------------- Net increase (decrease) from transactions in investors' beneficial interests ............................................................... (18,851,665) (49,201,580) ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS ...................................... (34,175,591) (27,538,278) ============ ============= ENDING NET ASSETS .......................................................... $133,499,767 $ 167,675,358 ============ ============= The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 109 Statements of Changes in Net Assets MANAGED FIXED INCOME PORTFOLIO STABLE INCOME PORTFOLIO TOTAL RETURN BOND PORTFOLIO - --------------------------------- --------------------------------- ---------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the November 30, 2008 Year Ended November 30, 2008 Year Ended November 30, 2008 Year Ended (Unaudited) May 31, 2008 (Unaudited) May 31, 2008 (Unaudited) May 31, 2008 - ----------------- ------------- ----------------- ------------- ----------------- -------------- $ 774,310,509 $ 997,987,402 $ 511,549,484 $ 600,278,127 $1,816,941,206 $1,878,845,069 17,332,380 46,634,496 9,251,922 26,761,594 43,000,427 94,870,948 (3,702,578) 13,119,597 (85,674) 1,293,444 (15,280,595) 27,408,655 (41,238,597) (16,736,169) (33,161,670) (22,133,282) (61,067,344) 3,113,584 ------------- ------------- ------------- ------------- -------------- -------------- (27,608,795) 43,017,924 (23,995,422) 5,921,756 (33,347,512) 125,393,187 ------------- ------------- ------------- ------------- -------------- -------------- 142,404,599 258,697,887 28,826,451 109,900,777 157,115,856 438,744,029 (359,391,853) (525,392,704) (96,043,384) (204,551,176) (417,216,529) (626,041,079) ------------- ------------- ------------- ------------- -------------- -------------- (216,987,254) (266,694,817) (67,216,933) (94,650,399) (260,100,673) (187,297,050) ------------- ------------- ------------- ------------- -------------- -------------- (244,596,049) (223,676,893) (91,212,355) (88,728,643) (293,448,185) (61,903,863) ============= ============= ============= ============= ============== ============== $ 529,714,460 $ 774,310,509 $ 420,337,129 $ 511,549,484 $1,523,493,021 $1,816,941,206 ============= ============= ============= ============= ============== ============== 110 Wells Fargo Advantage Master Portfolios Financial Highlights Ratio to Average Net Assets (Annualized)(1) ---------------------------------------- Net Investment Portfolio Income Gross Expenses Net Total Turnover (Loss) Expenses Waived Expenses Return(2) Rate(9) ---------- -------- -------- -------- --------- --------- INFLATION-PROTECTED BOND PORTFOLIO June 1, 2008 to November 30, 2008 (Unaudited) ............ 6.82% 0.45% (0.09)% 0.36% (10.08)% 26% June 1, 2007 to May 31, 2008 ............................. 5.78% 0.48% (0.08)% 0.40% 12.78% 40% June 1, 2006 to May 31, 2007 ............................. 4.39% 0.49% (0.15)% 0.34% 4.31% 37% July 25, 2005(3) to May 31, 2006 ......................... 4.29% 0.52% 0.00% 0.52% (1.77)% 47% MANAGED FIXED INCOME PORTFOLIO June 1, 2008 to November 30, 2008 (Unaudited) ............ 5.08% 0.42% (0.08)% 0.34% (4.33)% 73% June 1, 2007 to May 31, 2008 ............................. 5.23% 0.46% (0.16)% 0.30% 4.24% 32% June 1, 2006 to May 31, 2007 ............................. 5.23% 0.45% (0.18)% 0.27% 6.72% 30% June 1, 2005 to May 31, 2006 ............................. 5.02% 0.45% (0.27)% 0.19% 0.12% 25% June 1, 2004 to May 31, 2005 ............................. 4.70% 0.49% (0.14)% 0.35% 7.02% 53% June 1, 2003 to May 31, 2004 ............................. 5.10% 0.53% (0.28)% 0.25% 1.45% 50% STABLE INCOME PORTFOLIO June 1, 2008 to November 30, 2008 (Unaudited) ............ 3.92% 0.43% (0.02)% 0.41% (5.13)% 1% June 1, 2007 to May 31, 2008 ............................. 4.67% 0.47% (0.14)% 0.33% 0.78% 22% June 1, 2006 to May 31, 2007 ............................. 4.67% 0.47% (0.10)% 0.37% 5.30% 21% June 1, 2005 to May 31, 2006 ............................. 4.29% 0.47% (0.03)% 0.44% 2.91% 23% June 1, 2004 to May 31, 2005 ............................. 2.06% 0.48% (0.12)% 0.36% 2.47% 43% June 1, 2003 to May 31, 2004 ............................. 2.00% 0.52% (0.13)% 0.39% 0.88% 92% TOTAL RETURN BOND PORTFOLIO June 1, 2008 to November 30, 2008 (Unaudited) ............ 5.07% 0.40% 0.00%(8) 0.40% (2.00)% 317%(7) June 1, 2007 to May 31, 2008 ............................. 5.05% 0.42% (0.02)% 0.40% 6.72% 572%(6) June 1, 2006 to May 31, 2007 ............................. 5.02% 0.42% (0.03)% 0.39% 6.76% 665%(5) July 25, 2005(3) to May 31, 2006 ......................... 4.44% 0.43% 0.00% 0.43% (0.16)% 704%(4) - ---------- (1.) During each period, various fees and expenses were waived and reimbursed, as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 3). (2.) Total return calculations do not include any sales charges, and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized. (3.) Commencement of operations. (4.) Portfolio turnover ratio excluding TBAs is 431%. (5.) Portfolio turnover ratio excluding TBAs is 335%. (6.) Portfolio turnover ratio excluding TBAs is 316%. (7.) Portfolio turnover ratio excluding TBAs is 123%. (8.) Amount calculated is less than .005%. (9.) Portfolio turnover rates presented for periods of less than one year are not annualized. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 111 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"). As of November 30, 2008, the Trust has 23 separate investment portfolios. These financial statements present the Inflation-Protected Bond Portfolio, Managed Fixed Income Portfolio, Stable Income Portfolio, and Total Return Bond Portfolio (each, a "Fund" or a "Portfolio" and collectively, the "Funds" or the "Portfolios"). Interests in the Funds are sold without any sales charge solely in private placement transactions to qualified investors, including open-end management investment companies. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Under the Trust's organizational documents, their officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote. SECURITY VALUATION Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price. Securities listed on The NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing Price ("NOCP"), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the NASDAQ, the bid price will be used. In the absence of any sale of securities listed on the NASDAQ, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed "stale" and the valuations will be determined in accordance with the Funds' Fair Valuation Procedures. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. The service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' market values. For some securities, such prices are not readily available. These securities will generally be fair valued using methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, indications as to values from dealers in securities, trading characteristics and general market conditions. Debt securities 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. Investments which are not valued using any of the methods discussed above are valued at their fair value as determined by procedures established in good faith and approved by the Board of Trustees. 112 Wells Fargo Advantage Master Portfolios Notes to Financial Statements 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 November 30, 2008 in valuing the Funds' investments in securities: Total Fair Value Level 1 Level 2 Level 3 as of 11/30/2008 ------------ -------------- ------------ ---------------- INFLATION PROTECTED BOND PORTFOLIO $ 15,939,776 $ 177,148,829 $ 2,145,772 $ 195,234,377 MANAGED FIXED INCOME PORTFOLIO 69,733,371 518,243,053 18,759,643 606,736,067 STABLE INCOME PORTFOLIO 76,234,440 338,904,456 28,812,051 443,950,947 TOTAL RETURN BOND PORTFOLIO 117,486,839 1,843,958,720 116,297,529 2,077,743,088 The following is a summary of the inputs used as of November 30, 2008 in valuing the Funds' investments in other financial instruments:* Total Unrealized Appreciation/ Level 1 Level 2 Level 3 (Depreciation) --------- ------- ------- ---------------- INFLATION PROTECTED BOND PORTFOLIO $ 0 $0 $0 $ 0 MANAGED FIXED INCOME PORTFOLIO 706,289 0 0 706,289 STABLE INCOME PORTFOLIO 0 0 0 0 TOTAL RETURN BOND PORTFOLIO (656,126) 0 0 (656,126) * Other financial instruments include: futures, options, sale commitments, and swaps. The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value: INFLATION MANAGED STABLE PROTECTED FIXED INCOME INCOME TOTAL RETURN PORTFOLIO PORTFOLIO PORTFOLIO BOND PORTFOLIO ----------- ------------ ----------- -------------- Balance as of 05/31/2008 $ 6,604,921 $30,717,480 $35,588,953 $ 63,481,391 Accrued discounts (premiums) 0 105,469 87,237 5,855 Realized gain (loss) (74,626) (164,837) (83,948) (1,163,214) Unrealized appreciation (depreciation) (351,648) (5,202,109) (2,111,276) (3,598,086) Net purchases (sales) (4,032,875) (6,696,360) (4,668,915) 57,571,583 Transfer in (out) of Level 3 0 0 0 0 Balance as of 11/30/2008 $ 2,145,772 $18,759,643 $28,812,051 $116,297,529 Wells Fargo Advantage Master Portfolios 113 Notes to Financial Statements SECURITY TRANSACTIONS AND INCOME RECOGNITION Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily using the interest method. FEDERAL INCOME TAXES Each Fund of the Trust is treated as a separate entity for federal income tax purposes. The Funds of the Trust are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Fund are deemed to have been "passed through" to the interestholders in proportion to their holdings of the Fund regardless of whether such interest, dividends, or gains have been distributed by the Fund. Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years and has concluded that as of November 30, 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: May 31, 2005; May 31, 2006; May 31, 2007; May 31, 2008) are subject to examination by the Internal Revenue Service and state departments of revenue. 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 entire 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. As of November 30, 2008, the Fund listed below held the following future contracts: Net Unrealized Expiration Notional Appreciation PORTFOLIO Contracts Type Date Amount (Depreciation) - --------- --------- -------------- ---------- ----------- -------------- MANAGED FIXED INCOME PORTFOLIO 245 Long U.S. Long Bond March 2009 $30,527,383 $706,289 TBA SALE COMMITMENTS A Fund may enter into To Be Announced ("TBA") sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security valuation" above. The contract is "marked-to-market" daily and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. TBA sale commitments outstanding at six-month period ended November 30, 2008, are listed after the Fund's Portfolio of Investments. 114 Wells Fargo Advantage Master Portfolios Notes to Financial Statements SWAP CONTRACTS The Funds may enter into various hedging transactions, such as interest rate swaps to preserve a return or spread on a particular investment or portion of its portfolio, to create synthetic adjustable-rate mortgage securities or for other purposes. Swaps involve the exchange of commitments to make or receive payments, e.g., an exchange of floating-rate payments for fixed rate payments. The Funds record as an increase or decrease to realized gain/loss, the amount due or owed by the Funds at termination or settlement. Swaps are valued based on prices quoted by independent brokers. These valuations represent the net present value of all future cash settlement amounts based on implied forward interest rates or index values. At November 30, 2008 the Funds had no open swap contracts. MORTGAGE DOLLAR ROLL TRANSACTIONS The Funds may engage in mortgage dollar roll transactions with respect to mortgage-backed securities issued by Government National Mortgage Association (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). In a mortgage dollar roll transaction, a Fund sells a mortgage-backed security to a financial institution, such as a bank or broker-dealer and simultaneously agrees to repurchase a substantially similar security from the institution at a later date at an agreed upon price. The mortgage-backed securities that are repurchased will bear the same interest rate as those sold, but generally will be collateralized by different pools of mortgages with different pre-payment histories. During the roll period, a Fund foregoes principal and interest paid on the securities. A Fund is compensated by the difference between the current sales price and the forward price for the future purchase as well as by the earnings on the cash proceeds of the initial sale. Mortgage dollar rolls may be renewed without physical delivery of the securities subject to the contract. The Funds account for the dollar roll transactions as purchases and sales. 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 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 is generally invested on behalf of the Fund by the securities lending agent in high-quality short-term debt investments (including money Wells Fargo Advantage Master Portfolios 115 Notes to Financial Statements 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 the six-month period ended November 30, 2008, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. The value of the securities on loan, the related collateral and the liability to return the collateral at November 30, 2008, are shown on the Statements of Assets and Liabilities. WHEN-ISSUED TRANSACTIONS Each Fund may purchase securities on a forward commitment or `when-issued' basis. A Fund records a when-issued transaction on the trade date and will segregate with the custodian qualifying assets having a value sufficient to make payment for the securities purchased. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. STRUCTURED INVESTMENT VEHICLES The Funds may invest in structured debt securities, such as those issued by Structured Investment Vehicles, ("SIVs"). SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt. As of November 30, 2008, the following Funds owned certain of these types of SIVs which are currently in default and valued at fair value in the Portfolio of Investments or have been restructured following default, including the percentage of each Fund's net assets invested in these securities: Defaulted SIVs PORTFOLIO ($Market Value) % of Net Assets - --------- --------------- --------------- INFLATION-PROTECTED PORTFOLIO $1,842,139 1.38% MANAGED FIXED INCOME PORTFOLIO 1,446,328 0.27% STABLE INCOME PORTFOLIO 747,530 0.18% TOTAL RETURN PORTFOLIO 8,593,902 0.56% 3. EXPENSES ADVISORY FEES The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC ("Funds Management"). Funds Management is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management. 116 Wells Fargo Advantage Master Portfolios Notes to Financial Statements 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. As of November 30, 2008, Funds Management and the investment subadviser(s) are entitled to be paid a monthly fee at the following annual rates: Advisory Fees Subadvisory (% of Average Fees (% of Average Daily Daily Average Daily Average Daily PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets) - --------- ------------------ ------------- ---------------- ------------------ ------------- INFLATION-PROTECTED BOND PORTFOLIO(1) First $500 million 0.400 Wells Capital First $100 million 0.200 Next $500 million 0.375 Management Next $200 million 0.175 Next $2 billion 0.350 Incorporated Next $200 million 0.150 Next $2 billion 0.325 Over $500 million 0.100 Over $5 billion 0.300 MANAGED FIXED INCOME PORTFOLIO(1, 2) First $500 million 0.400 Galliard Capital First $500 million 0.100 Next $500 million 0.375 Management Next $1 billion 0.050 Next $2 billion 0.350 Incorporated Over $1.5 billion 0.030 Next $2 billion 0.325 Over $5 billion 0.300 STABLE INCOME PORTFOLIO(1, 2) First $500 million 0.400 Galliard Capital First $500 million 0.100 Next $500 million 0.375 Management Next $1 billion 0.050 Next $2 billion 0.350 Incorporated Over $1.5 billion 0.030 Next $2 billion 0.325 Over $5 billion 0.300 TOTAL RETURN BOND PORTFOLIO(1) First $500 million 0.400 Wells Capital First $100 million 0.200 Next $500 million 0.375 Management Next $200 million 0.175 Next $2 billion 0.350 Incorporated Next $200 million 0.150 Next $2 billion 0.325 Over $500 million 0.100 Over $5 billion 0.300 (1.) Prior to June 1, 2008, the following advisory fee schedule was charged to the Portfolio as a percentage of the Portfolio's daily net assets: 0.45% for the first $500 million; 0.40% for the next $500 million; 0.35% for the next $2 billion; 0.325% for the next $2 billion; and 0.30% for assets over $5 billion. (2.) Assets of the Managed Fixed Income Portfolio and Stable Income Portfolio are combined for purposes of determining the appropriate sub-advisory fee payable to Galliard Capital Management Incorporated for such Portfolios, and the breakpoints set forth above are based on the combined assets of such Portfolios. ADMINISTRATION AND TRANSFER AGENT FEES Currently, there are no administration or transfer agency fees charged to the Trust. CUSTODY FEES The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"), whereby WFB is responsible for providing custody services. Pursuant to the contract, WFB is entitled to a monthly fee for custody services at the following annual rates: % of Average PORTFOLIO Daily Net Assets - --------- ---------------- All Portfolios 0.02 OTHER FEES AND EXPENSES PNC Global Investment Servicing ("PNC") serves as fund accountant for the Trust. PNC currently does not receive a fee for its services for the Income Master Portfolios, but is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, 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. Wells Fargo Advantage Master Portfolios 117 Notes to Financial Statements WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses on each Fund's Statement of Operations, for the six-month period ended November 30, 2008, were waived by Funds Management, first from advisory fees, and then any remaining amount from custody fees collected. 4. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) for the six-month period ended November 30, 2008, were as follows: PORTFOLIO Purchases at Cost Sales Proceeds - --------- ----------------- -------------- INFLATION-PROTECTED BOND PORTFOLIO $ 40,354,487 $ 60,378,194 MANAGED FIXED INCOME PORTFOLIO 490,439,656 681,118,857 STABLE INCOME PORTFOLIO 5,161,219 7,066,451 TOTAL RETURN BOND PORTFOLIO 5,777,504,085 5,871,750,658 5. NEW ACCOUNTING PRONOUNCEMENTS In March 2008, the FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133" ("SFAS 161"). SFAS 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. SFAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of November 30, 2008, Management is continuing to evaluate the impact, if any, that adoption of SFAS 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 ============================================================ The Governance Committee (the "Committee") of the Board of Trustees of the registrant (the "Trust") has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee's consideration. The shareholder must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered. The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the "candidate"); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Trust's books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust. 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: January 23, 2009 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: January 23, 2009 By: /s/ Stephen W. Leonhardt ------------------------ Stephen W. Leonhardt Treasurer Date: January 23, 2009 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 Managed Fixed Income Portfolio, Wells Fargo Advantage Stable Income Portfolio, Wells Fargo Advantage Inflation Protected Bond Portfolio and Wells Fargo Advantage Total Return Bond 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: January 23, 2009 /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 Managed Fixed Income Portfolio, Wells Fargo Advantage Stable Income Portfolio, Wells Fargo Advantage Inflation Protected Bond Portfolio and Wells Fargo Advantage Total Return Bond 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: January 23, 2009 /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 November 30, 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: January 23, 2009 /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 November 30, 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: January 23, 2009 /s/ Stephen W. Leonhardt ------------------------ Stephen W. Leonhardt Treasurer Wells Fargo Master Trust