UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2009
Date of reporting period: March 31, 2009
ITEM 1. REPORT TO SHAREHOLDERS
===============================
62 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 93.62%
APPAREL & ACCESSORY STORES: 3.94%
424,200 KOHL'S CORPORATION+ $ 17,952,144
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.77%
141,500 VF CORPORATION 8,081,065
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.43%
15,300 NVR INCORPORATED<< 6,544,575
---------------
BUSINESS SERVICES: 8.68%
144,000 FISERV INCORPORATED+<< 5,250,240
247,000 MANPOWER INCORPORATED 7,787,910
708,400 MICROSOFT CORPORATION 13,013,308
577,800 OMNICOM GROUP INCORPORATED 13,520,520
39,571,978
---------------
CHEMICALS & ALLIED PRODUCTS: 13.43%
349,400 AVERY DENNISON CORPORATION 7,805,596
387,000 AVON PRODUCTS INCORPORATED 7,442,010
259,600 COLGATE-PALMOLIVE COMPANY 15,311,208
176,000 HENKEL KGAA ADR 4,400,000
355,900 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED<< 10,840,714
293,400 JOHNSON & JOHNSON 15,432,840
61,232,368
---------------
COMMUNICATIONS: 3.00%
785,000 VODAFONE GROUP PLC ADR 13,674,700
---------------
DEPOSITORY INSTITUTIONS: 4.26%
446,400 BANK OF AMERICA CORPORATION 3,044,448
211,500 JPMORGAN CHASE & COMPANY 5,621,670
350,200 STATE STREET CORPORATION 10,779,156
19,445,274
---------------
EATING & DRINKING PLACES: 5.13%
314,100 DARDEN RESTAURANTS INCORPORATED 10,761,066
231,800 MCDONALD'S CORPORATION 12,649,326
23,410,392
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 5.52%
2,140,000 FLEXTRONICS INTERNATIONAL LIMITED+ 6,184,600
731,500 GENERAL ELECTRIC COMPANY<< 7,395,465
527,100 MOLEX INCORPORATED CLASS A 6,662,544
446,200 TYCO ELECTRONICS LIMITED 4,926,048
25,168,657
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.93%
285,200 ILLINOIS TOOL WORKS INCORPORATED 8,798,420
---------------
FOOD & KINDRED PRODUCTS: 2.26%
230,300 DIAGEO PLC ADR<< 10,305,925
---------------
HEALTH SERVICES: 2.40%
347,300 CARDINAL HEALTH INCORPORATED 10,933,004
---------------
HOLDING & OTHER INVESTMENT OFFICES: 2.01%
3,250 BERKSHIRE HATHAWAY INCORPORATED CLASS B+<< 9,165,000
---------------
Wells Fargo Advantage Master Portfolios 63
Portfolio of Investments--March 31, 2009 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 7.33%
297,000 Diebold Incorporated $ 6,340,950
372,900 Dover Corporation 9,837,102
200,600 Eaton Corporation 7,394,116
422,000 Pitney Bowes Incorporated<< 9,853,700
33,425,868
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 2.52%
523,400 Willis Group Holdings Limited 11,514,800
---------------
INSURANCE CARRIERS: 4.59%
489,200 Allstate Corporation<< 9,368,180
170,300 Axis Capital Holdings Limited 3,838,562
715,500 Old Republic International Corporation 7,741,710
20,948,452
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 6.81%
75,500 Becton Dickinson & Company 5,076,620
1,168,700 Boston Scientific Corporation+ 9,291,165
351,500 Quest Diagnostics Incorporated 16,689,220
31,057,005
---------------
MEDICAL PRODUCTS: 1.10%
98,100 Baxter International Incorporated 5,024,682
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.31%
304,500 Tyco International Limited<< 5,956,020
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.71%
158,200 United Parcel Service Incorporated Class B 7,786,604
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.23%
747,600 American Express Company 10,189,788
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 4.85%
325,200 Exxon Mobil Corporation 22,146,120
---------------
PRIMARY METAL INDUSTRIES: 1.00%
168,900 Hubbell Incorporated Class B 4,553,544
---------------
TRAVEL & RECREATION: 2.17%
457,500 Carnival Corporation+ 9,882,000
---------------
WHOLESALE TRADE-DURABLE GOODS: 2.24%
221,200 Kimberly-Clark Corporation 10,199,532
---------------
TOTAL COMMON STOCKS (COST $671,204,202) 426,967,917
---------------
PREFERRED STOCKS: 1.47%
246,900 Henkel KGaA ADR Preferred 6,690,990
TOTAL PREFERRED STOCKS (COST $11,143,238) 6,690,990
---------------
COLLATERAL FOR SECURITIES LENDING: 7.42%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.47%
1,679,861 AIM STIT-Liqud Assets Portfolio 1,679,861
1,679,861 BlackRock Liquidity Funds TempFund Porfolio 1,679,861
1,679,861 Dreyfus Cash Management Fund Institutional 1,679,861
1,679,861 DWS Money Market Series Institutional 1,679,861
6,719,444
---------------
64 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS: 5.95%
$ 409,722 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 $ 409,722
232,176 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 232,176
409,722 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 409,722
13,657 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 13,655
478,009 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 477,870
27,315 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 27,315
539,468 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 539,264
587,269 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 587,269
1,529,630 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,529,641) 0.25 04/01/2009 1,529,630
177,546 BANK OF IRELAND 0.60 04/01/2009 177,546
3,742,130 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $3,742,161) 0.30 04/01/2009 3,742,130
177,546 BNP PARIBAS (PARIS) 0.30 04/01/2009 177,546
546,296 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 546,161
587,269 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 587,269
204,861 CALYON (LONDON) 0.45 04/01/2009 204,861
368,750 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 368,707
576,459 CHEYNE FINANCe LLC+++/-####(a)(i) 0.00 02/25/2008 9,512
443,815 CHEYNE FINANCe LLC+++/-####(a)(i) 0.00 05/19/2008 7,323
382,407 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 382,407
122,917 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 122,911
36,465 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 36,465
245,833 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 245,833
655,556 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 655,556
518,981 E.ON AG++ 0.60 04/22/2009 518,800
136,574 EBBETS FUNDING LLC++ 0.60 04/06/2009 136,563
204,861 EBBETS FUNDING LLC++ 0.60 04/07/2009 204,841
102,431 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 102,402
27,315 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 27,313
54,630 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 54,630
136,574 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 136,560
239,005 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 238,988
68,287 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 68,268
409,722 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 409,641
740,300 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $740,303) 0.17 04/01/2009 740,300
40,972 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 40,969
2,101,904 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 753,323
22,535 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 22,535
27,315 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 27,315
1,365,741 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,365,750) 0.24 04/01/2009 1,365,741
40,972 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 40,972
409,722 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 409,653
174,269 LLOYDS TSB BANK PLC 0.50 04/06/2009 174,256
282,845 LLOYDS TSB BANK PLC 0.50 04/09/2009 282,813
10,926 LLOYDS TSB BANK PLC 0.50 04/14/2009 10,924
409,722 LMA AMERICAS LLC++ 0.57 04/29/2009 409,541
478,009 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 477,861
58,727 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 58,727
177,546 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $177,549) 0.66 04/01/2009 177,546
546,296 NATIXIS 0.38 04/02/2009 546,296
27,315 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 27,315
177,546 NORDEA BANK AB 0.30 04/01/2009 177,546
172,083 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 172,047
245,833 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 245,762
273,148 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 272,991
Wells Fargo Advantage Master Portfolios 65
Portfolio of Investments--March 31, 2009 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (Continued)
$ 136,574 ROMULUS FUNDING CORPORATION++(p) 1.00% 04/22/2009 $ 136,494
409,722 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 409,611
478,009 SOCIETE GENERALE NY 1.05 04/27/2009 478,233
494,398 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 494,159
136,574 STATE STREET CORPORATION 0.40 04/01/2009 136,574
409,722 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 409,691
546,296 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 546,143
478,009 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 477,848
478,009 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 477,916
505,324 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 505,154
478,009 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 477,768
204,861 VERSAILLES CP LLC++ 0.60 04/01/2009 204,861
799,316 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 367,685
464,172 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 213,519
568,724 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 261,613
923,142 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 424,645
890,296 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 744,822
81,944 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 81,940
464,352 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 464,204
27,136,169
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $35,288,128) 33,855,613
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 5.17%
23,550,449 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 23,550,449
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $23,550,449) 23,550,449
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $741,186,017)* 107.68% $ 491,064,969
OTHER ASSETS AND LIABILITIES, NET (7.68) (35,010,140)
------ ---------------
TOTAL NET ASSETS 100.00% $ 456,054,829
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $23,550,449.
* Cost for federal income tax purposes is $743,650,716 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 4,354,608
Gross unrealized depreciation (256,940,355)
-------------
Net unrealized appreciation (depreciation) $(252,585,747)
The accompanying notes are an integral part of these financial statements.
66 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 95.79%
AGRICULTURAL SERVICES: 1.78%
21,100 COMPASS MINERALS INTERNATIONAL INCORPORATED<< $ 1,189,407
---------------
BIOPHARMACEUTICALS: 3.89%
20,460 CEPHALON INCORPORATED<<+ 1,393,326
26,000 GILEAD SCIENCES INCORPORATED+ 1,204,320
2,597,646
---------------
BUSINESS SERVICES: 13.36%
53,500 BMC SOFTWARE INCORPORATED+ 1,765,500
75,600 CA INCORPORATED 1,331,316
36,035 GLOBAL PAYMENTS INCORPORATED<< 1,203,929
8,100 MASTERCARD INCORPORATED CLASS A 1,356,588
94,100 RED HAT INCORPORATED+ 1,678,744
106,500 SYMANTEC CORPORATION<<+ 1,591,110
8,927,187
---------------
CHEMICALS & ALLIED PRODUCTS: 12.47%
29,700 ABBOTT LABORATORIES 1,416,690
66,900 BRISTOL-MYERS SQUIBB COMPANY 1,466,448
24,800 CHURCH & DWIGHT COMPANY INCORPORATED<< 1,295,304
23,900 COLGATE-PALMOLIVE COMPANY 1,409,622
23,500 PROCTER & GAMBLE COMPANY 1,106,615
47,100 SCOTTS MIRACLE-GRO COMPANY<< 1,634,370
8,329,049
---------------
COMMUNICATIONS: 2.20%
48,300 AMERICAN TOWER CORPORATION CLASS A+ 1,469,769
---------------
EATING & DRINKING PLACES: 4.98%
126,300 BRINKER INTERNATIONAL INCORPORATED 1,907,130
26,000 MCDONALD'S CORPORATION 1,418,820
3,325,950
---------------
EDUCATIONAL SERVICES: 4.73%
21,100 APOLLO GROUP INCORPORATED CLASS A+ 1,652,763
12,400 ITT EDUCATIONAL SERVICES INCORPORATED<<+ 1,505,608
3,158,371
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.84%
32,100 PG&E CORPORATION 1,226,862
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT: 3.14%
35,900 HARRIS CORPORATION 1,038,946
25,630 SOHU.COM INCORPORATED<<+ 1,058,775
2,097,721
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 5.93%
48,200 ACCENTURE LIMITED CLASS A 1,325,018
31,000 GEN-PROBE INCORPORATED+ 1,412,980
65,600 SAIC INCORPORATED+ 1,224,752
3,962,750
---------------
FOOD & KINDRED PRODUCTS: 1.63%
21,100 PEPSICO INCORPORATED 1,086,228
---------------
Wells Fargo Advantage Master Portfolios 67
Portfolio of Investments--March 31, 2009 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
GENERAL MERCHANDISE STORES: 7.07%
47,100 BJ'S WHOLESALE CLUB INCORPORATED+ $ 1,506,729
48,300 FAMILY DOLLAR STORES INCORPORATED 1,611,771
30,800 WAL-MART STORES INCORPORATED 1,604,680
4,723,180
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.30%
44,600 HEWLETT-PACKARD COMPANY 1,429,876
14,900 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,443,661
2,873,537
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 1.25%
66,900 UNUMPROVIDENT CORPORATION 836,250
---------------
INSURANCE CARRIERS: 0.86%
29,700 AFLAC INCORPORATED 574,992
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL GOODS: 5.92%
23,500 BECTON DICKINSON & COMPANY 1,580,140
24,800 RAYTHEON COMPANY 965,712
39,600 THERMO FISHER SCIENTIFIC INCORPORATED+ 1,412,532
3,958,384
---------------
MEDICAL EQUIPMENT & SUPPLIES: 2.49%
45,800 ST. JUDE MEDICAL INCORPORATED+ 1,663,914
---------------
MEDICAL MANAGEMENT SERVICES: 1.88%
27,200 EXPRESS SCRIPTS INCORPORATED+ 1,255,824
---------------
MEDICAL PRODUCTS: 2.04%
26,600 BAXTER INTERNATIONAL INCORPORATED 1,362,452
---------------
MISCELLANEOUS SERVICES: 2.01%
17,485 D&B CORPORATION 1,346,345
---------------
PAPER & ALLIED PRODUCTS: 1.00%
45,800 PACTIV CORPORATION+ 668,222
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.52%
22,300 EXXON MOBIL CORPORATION 1,518,630
31,000 SUNOCO INCORPORATED<< 820,880
100,300 TESORO PETROLEUM CORPORATION<< 1,351,041
3,690,551
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.65%
74,800 KNIGHT CAPITAL GROUP INCORPORATED CLASS A<<+ 1,102,552
---------------
TRANSPORTATION BY AIR: 0.63%
132,500 AMR CORPORATION<<+ 422,675
---------------
TRANSPORTATION EQUIPMENT: 1.54%
24,800 GENERAL DYNAMICS CORPORATION 1,031,432
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.68%
45,800 OMNICARE INCORPORATED 1,121,643
---------------
TOTAL COMMON STOCKS (COST $72,130,404) 64,002,893
---------------
68 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COLLATERAL FOR SECURITIES LENDING: 18.11%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.72%
620,477 AIM STIT-LIQUID ASSETS PORTFOLIO $ 620,477
620,477 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 620,477
620,477 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 620,477
620,477 DWS MONEY MARKET SERIES INSTITUTIONAL 620,477
2,481,908
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 14.39%
$ 151,336 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 151,336
85,757 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 85,757
151,336 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 151,336
5,045 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 5,043
176,559 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 176,507
10,089 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 10,089
199,259 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 199,184
216,915 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 216,915
564,987 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $564,991) 0.25 04/01/2009 564,987
65,579 BANK OF IRELAND 0.60 04/01/2009 65,579
1,382,201 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $1,382,213) 0.30 04/01/2009 1,382,201
65,579 BNP PARIBAS (PARIS) 0.30 04/01/2009 65,579
201,781 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 201,731
216,915 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 216,915
75,668 CALYON (LONDON) 0.45 04/01/2009 75,668
136,202 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 136,186
128,570 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 2,121
98,986 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 1,633
141,247 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 141,247
45,401 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 45,399
13,469 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 13,469
90,802 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 90,802
242,137 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 242,137
191,692 E.ON AG++ 0.60 04/22/2009 191,625
50,445 EBBETS FUNDING LLC++ 0.60 04/06/2009 50,441
75,668 EBBETS FUNDING LLC++ 0.60 04/07/2009 75,660
37,834 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 37,823
10,089 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 10,088
20,178 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 20,178
50,445 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 50,440
88,279 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 88,273
25,223 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 25,216
151,336 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 151,306
273,439 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $273,440) 0.17 04/01/2009 273,439
15,134 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 15,132
468,796 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 168,017
8,323 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 8,323
10,089 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 10,089
504,453 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $504,456) 0.24 04/01/2009 504,453
15,134 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 15,134
151,336 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 151,310
Wells Fargo Advantage Master Portfolios 69
Portfolio of Investments--March 31, 2009 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 64,368 LLOYDS TSB BANK PLC 0.50% 04/06/2009 $ 64,364
104,472 LLOYDS TSB BANK PLC 0.50 04/09/2009 104,461
4,036 LLOYDS TSB BANK PLC 0.50 04/14/2009 4,035
151,336 LMA AMERICAS LLC++ 0.57 04/29/2009 151,269
176,559 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 176,504
21,691 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 21,691
65,579 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $65,580) 0.66 04/01/2009 65,579
201,781 NATIXIS 0.38 04/02/2009 201,781
10,089 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 10,089
65,579 NORDEA BANK AB 0.30 04/01/2009 65,579
63,561 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 63,547
90,802 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 90,775
100,891 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 100,833
50,445 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 50,416
151,336 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 151,295
176,559 SOCIETE GENERALE NY 1.05 04/27/2009 176,641
182,612 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 182,524
50,445 STATE STREET CORPORATION 0.40 04/01/2009 50,445
151,336 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 151,324
201,781 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 201,725
176,559 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 176,499
176,559 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 176,524
186,648 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 186,585
176,559 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 176,469
75,668 VERSAILLES CP LLC++ 0.60 04/01/2009 75,668
178,275 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 82,006
103,526 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 47,622
126,845 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 58,349
205,892 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 94,710
198,566 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 166,121
30,267 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 30,267
171,514 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 171,458
9,615,923
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,411,761) 12,097,831
---------------
70 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SHORT-TERM INVESTMENTS: 4.91%
3,278,680 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 3,278,680
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,278,680) 3,278,680
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $87,820,845)* 118.81% $ 79,379,404
OTHER ASSETS AND LIABILITIES, NET (18.81) (12,568,624)
------ ---------------
TOTAL NET ASSETS 100.00% $ 66,810,780
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Well
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $3,278,680.
* Cost for federal income tax purposes is $87,843,362 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 3,586,657
Gross unrealized depreciation (12,050,616)
------------
Net unrealized appreciation (depreciation) $ (8,463,959)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 71
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.90%
AMUSEMENT & RECREATION SERVICES: 1.97%
16,600 BALLY TECHNOLOGIES INCORPORATED+ $ 305,772
43,500 WMS INDUSTRIES INCORPORATED+<< 909,585
1,215,357
---------------
APPAREL & ACCESSORY STORES: 0.50%
9,600 THE BUCKLE INCORPORATED<< 306,528
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.55%
39,800 TRUE RELIGION APPAREL INCORPORATED+<< 470,038
20,200 WARNACO GROUP INCORPORATED+ 484,800
954,838
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.58%
19,700 WRIGHT EXPRESS CORPORATION+ 358,934
---------------
BIOPHARMACEUTICALS: 3.25%
42,500 ALEXION PHARMACEUTICALS INCORPORATED+ 1,600,550
6,200 UNITED THERAPEUTICS CORPORATION+<< 409,758
2,010,308
---------------
BUSINESS SERVICES: 19.82%
5,300 ANSYS INCORPORATED+ 133,030
46,600 ARIBA INCORPORATED+ 406,818
33,800 BANKRATE INCORPORATED+<< 843,310
18,600 BLACKBOARD INCORPORATED+<< 590,364
30,000 BLUE COAT SYSTEMS INCORPORATED+ 360,300
23,700 CAPELLA EDUCATION COMPANY+<< 1,256,100
9,000 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 187,110
44,800 COMPELLENT TECHNOLOGIES INCORPORATED+ 486,080
72,100 CONCUR TECHNOLOGIES INCORPORATED+<< 1,383,599
73,700 CYBERSOURCE CORPORATION+<< 1,091,497
25,400 F5 NETWORKS INCORPORATED+<< 532,130
9,400 FACTSET RESEARCH SYSTEMS INCORPORATED<< 469,906
21,000 LENDER PROCESSING SERVICES INCORPORATED 642,811
30,300 MEDASSETS INCORPORATED+ 431,775
31,100 MERCADOLIBRE INCORPORATED+<< 576,905
59,600 PROS HOLDINGS INCORPORATED+ 277,140
13,300 QUALITY SYSTEMS INCORPORATED<< 601,825
59,120 RISKMETRICS GROUP INCORPORATED+<< 844,825
4,800 SHANDA INTERACTIVE ENTERTAINMENT LIMITED ADR+ 189,744
27,850 VOCUS INCORPORATED+ 370,127
47,700 WEBSENSE INCORPORATED+ 572,400
12,247,796
---------------
CHEMICALS & ALLIED PRODUCTS: 2.13%
10,200 EMERGENT BIOSOLUTIONS INCORPORATED+ 137,802
64,600 MARTEK BIOSCIENCES CORPORATION+<< 1,178,950
1,316,752
---------------
COMMUNICATIONS: 5.14%
57,700 DG FASTCHANNEL INCORPORATED+<< 1,083,029
15,400 EQUINIX INCORPORATED+<< 864,710
87,700 LOOPNET INCORPORATED+<< 533,216
44,300 SYNIVERSE HOLDINGS INCORPORATED+ 698,168
3,179,123
---------------
72 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMUNICATIONS EQUIPMENT: 0.31%
9,600 GENERAL CABLE CORPORATION $ 190,272
---------------
E-COMMERCE/SERVICES: 2.30%
18,000 PRICELINE.COM INCORPORATED+<< 1,418,040
---------------
EATING & DRINKING PLACES: 3.37%
63,500 BURGER KING HOLDINGS INCORPORATED 1,457,325
124,700 WENDY'S ARBY'S GROUP INCORPORATED 627,241
2,084,566
---------------
EDUCATIONAL SERVICES: 5.94%
24,600 AMERICAN PUBLIC EDUCATION INCORPORATED+<< 1,034,676
48,400 CORINTHIAN COLLEGES INCORPORATED+<< 941,380
95,300 K12 INCORPORATED+ 1,324,670
7,300 NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INCORPORATED+<< 366,825
3,667,551
---------------
ELECTRIC, GAS & SANITARY SERVICES: 0.68%
8,800 CLEAN HARBORS INCORPORATED+ 422,400
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 12.35%
20,000 BALDOR ELECTRIC COMPANY 289,800
18,100 GREATBATCH INCORPORATED+ 350,235
181,800 HARMONIC INCORPORATED+ 1,181,700
14,700 MACROVISION SOLUTIONS CORPORATION+ 261,513
104,100 MONOLITHIC POWER SYSTEMS+ 1,613,550
16,400 POWELL INDUSTRIES INCORPORATED+ 579,084
17,100 REGAL-BELOIT CORPORATION 523,944
17,600 SOHU.COM INCORPORATED+<< 727,056
43,700 SOLERA HOLDINGS INCORPORATED+ 1,082,886
38,100 SYNAPTICS INCORPORATED+<< 1,019,556
7,629,324
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 2.78%
4,000 CORE LABORATORIES NV<< 292,640
17,400 MYRIAD GENETICS INCORPORATED+<< 791,178
12,700 SEQUENOM INCORPORATED+<< 180,594
22,200 TETRA TECH INCORPORATED+ 452,436
1,716,848
---------------
FOOD STORES: 1.19%
13,200 PANERA BREAD COMPANY+<< 737,880
---------------
HEALTH SERVICES: 3.48%
8,500 ATHENAHEALTH INCORPORATED+<< 204,935
16,100 CARDIONET INCORPORATED+ 451,766
94,831 CRYOLIFE INCORPORATED+ 491,225
36,800 GENOPTIX INCORPORATED+<< 1,003,904
2,151,830
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.75%
29,200 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 443,256
21,300 IDEX CORPORATION 465,831
15,400 WOODWARD GOVERNOR COMPANY 172,172
1,081,259
---------------
Wells Fargo Advantage Master Portfolios 73
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
INSURANCE CARRIERS: 0.65%
13,300 CATALYST HEALTH SOLUTIONS INCORPORATED+ $ 263,606
5,400 HCC INSURANCE HOLDINGS INCORPORATED 136,026
399,632
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 8.47%
47,800 ABIOMED INCORPORATED+<< 234,220
13,700 AXSYS TECHNOLOGIES INCORPORATED+ 575,948
19,800 BADGER METER INCORPORATED<< 572,022
65,300 BRUKER BIOSCIENCES CORPORATION+ 402,248
11,900 CONMED CORPORATION+ 171,479
62,100 ICON PLC ADR+ 1,002,915
56,800 MASIMO CORPORATION+ 1,646,064
4,500 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 230,985
6,200 NEOGEN CORPORATION+ 135,346
10,200 THORATEC CORPORATION+<< 262,038
5,233,265
---------------
MEDICAL EQUIPMENT & SUPPLIES: 2.03%
25,400 CONCEPTUS INCORPORATED+<< 298,450
30,560 NUVASIVE INCORPORATED+<< 958,973
1,257,423
---------------
MEDICAL PRODUCTS: 1.32%
10,800 ILLUMINA INCORPORATED+<< 402,192
28,300 VOLCANO CORPORATION+ 411,765
813,957
---------------
MISCELLANEOUS RETAIL: 0.29%
12,700 DICK'S SPORTING GOODS INCORPORATED+<< 181,229
---------------
OIL & GAS EXTRACTION: 4.74%
61,800 ARENA RESOURCES INCORPORATED+ 1,574,664
12,700 CNX GAS CORPORATION+ 301,117
25,500 COMSTOCK RESOURCES INCORPORATED+ 759,900
15,300 GOODRICH PETROLEUM CORPORATION+<< 296,208
2,931,889
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 3.41%
78,700 MSCI INCORPORATED+ 1,330,817
28,300 VISTAPRINT LIMITED+ 777,967
2,108,784
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.36%
6,800 WEST PHARMACEUTICAL SERVICES INCORPORATED 223,108
---------------
SOCIAL SERVICES: 0.83%
26,900 ALMOST FAMILY INCORPORATED+<< 513,521
---------------
SOFTWARE: 1.75%
60,100 EPIQ SYSTEMS INCORPORATED+<< 1,083,603
---------------
WATER TRANSPORTATION: 2.12%
78,200 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED<< 1,309,850
---------------
74 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.96%
25,900 AIRGAS INCORPORATED $ 875,679
9,300 TRACTOR SUPPLY COMPANY+<< 335,358
1,211,037
---------------
WHOLESALE TRADE-DURABLE GOODS: 2.88%
68,400 LKQ CORPORATION+ 976,068
32,800 OMNICARE INCORPORATED 803,270
1,779,338
---------------
TOTAL COMMON STOCKS (COST $70,892,313) 61,736,242
---------------
COLLATERAL FOR SECURITIES LENDING: 38.14%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 7.83%
1,209,401 AIM STIT-LIQUID ASSETS PORTFOLIO 1,209,401
1,209,401 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 1,209,401
1,209,401 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 1,209,401
1,209,401 DWS MONEY MARKET SERIES INSTITUTIONAL 1,209,401
4,837,604
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 30.31%
$ 294,976 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 294,976
167,153 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 167,153
294,976 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 294,976
9,833 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 9,830
344,139 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 344,038
19,665 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 19,665
388,385 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 388,238
422,799 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 422,799
1,101,243 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,101,251) 0.25 04/01/2009 1,101,243
127,823 BANK OF IRELAND 0.60 04/01/2009 127,823
2,694,113 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $2,694,135) 0.30 04/01/2009 2,694,113
127,823 BNP PARIBAS (PARIS) 0.30 04/01/2009 127,823
393,301 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 393,204
422,799 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 422,799
147,488 CALYON (LONDON) 0.45 04/01/2009 147,488
265,478 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 265,447
248,878 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 4,106
191,611 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 3,162
275,311 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 275,311
88,493 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 88,489
26,253 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 26,253
176,986 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 176,986
471,961 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 471,961
373,636 E.ON AG++ 0.60 04/22/2009 373,505
98,325 EBBETS FUNDING LLC++ 0.60 04/06/2009 98,317
147,488 EBBETS FUNDING LLC++ 0.60 04/07/2009 147,473
73,744 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 73,723
19,665 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 19,664
39,330 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 39,330
98,325 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 98,315
Wells Fargo Advantage Master Portfolios 75
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
INTEREST MATURITY
SHARES SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 172,069 ERASMUS CAPITAL CORPORATION++ 0.50% 04/06/2009 $ 172,057
49,163 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 49,149
294,976 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 294,917
532,972 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $532,975) 0.17 04/01/2009 532,972
29,498 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 29,495
907,466 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 325,236
16,224 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 16,224
19,665 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 19,665
983,253 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $983,260) 0.24 04/01/2009 983,253
29,498 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 29,498
294,976 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 294,926
125,463 LLOYDS TSB BANK PLC 0.50 04/06/2009 125,454
203,632 LLOYDS TSB BANK PLC 0.50 04/09/2009 203,609
7,866 LLOYDS TSB BANK PLC 0.50 04/14/2009 7,865
294,976 LMA AMERICAS LLC++ 0.57 04/29/2009 294,845
344,139 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 344,032
42,280 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 42,280
127,823 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $127,825) 0.66 04/01/2009 127,823
393,301 NATIXIS 0.38 04/02/2009 393,301
19,665 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 19,665
127,823 NORDEA BANK AB 0.30 04/01/2009 127,823
123,890 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 123,863
176,986 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 176,934
196,651 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 196,538
98,325 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 98,268
294,976 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 294,896
344,139 SOCIETE GENERALE NY 1.05 04/27/2009 344,300
355,938 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 355,765
98,325 STATE STREET CORPORATION 0.40 04/01/2009 98,325
294,976 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 294,953
393,301 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 393,191
344,139 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 344,022
344,139 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 344,072
363,804 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 363,681
344,139 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 343,965
147,488 VERSAILLES CP LLC++ 0.60 04/01/2009 147,488
345,093 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 158,743
200,399 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 92,184
245,538 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 112,948
398,553 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 183,334
384,372 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 321,566
58,995 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 58,994
334,306 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 334,197
18,734,526
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $24,354,033) 23,572,130
---------------
SHARES
- ------------
INVESTMENT COMPANIES: 1.52%
20,400 ISHARES RUSSELL 2000 GROWTH INDEX FUND 937,992
TOTAL INVESTMENT COMPANIES (COST $880,138) 937,992
---------------
76 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SHORT-TERM INVESTMENTS: 1.25%
768,238 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 768,238
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $768,238) 768,238
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $96,894,722)* 140.81% $ 87,014,602
OTHER ASSETS AND LIABILITIES, NET (40.81) (25,217,187)
------- ---------------
TOTAL NET ASSETS 100.00% $ 61,797,415
------- ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $768,238.
* Cost for federal income tax purposes is $97,922,840 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 3,227,317
Gross unrealized depreciation (14,135,555)
------------
Net unrealized appreciation (depreciation) $(10,908,238)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 77
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.95%
BUSINESS SERVICES: 3.30%
116,525 MICROSOFT CORPORATION $ 2,140,564
98,400 ORACLE CORPORATION 1,778,088
201,725 SYMANTEC CORPORATION<<+ 3,013,772
6,932,424
---------------
CHEMICALS & ALLIED PRODUCTS: 17.15%
97,750 ABBOTT LABORATORIES 4,662,675
53,047 AIR PRODUCTS & CHEMICALS INCORPORATED 2,983,894
170,525 BRISTOL-MYERS SQUIBB COMPANY 3,737,908
19,125 COLGATE-PALMOLIVE COMPANY 1,127,993
107,809 E.I. DU PONT DE NEMOURS & COMPANY 2,407,375
98,115 JOHNSON & JOHNSON 5,160,849
311,685 PFIZER INCORPORATED 4,245,150
128,060 PROCTER & GAMBLE COMPANY 6,030,345
19,331 ROHM & HAAS COMPANY 1,524,056
107,500 SCHERING-PLOUGH CORPORATION 2,531,625
38,700 WYETH 1,665,648
36,077,518
---------------
COMMUNICATIONS: 7.60%
355,840 AT&T INCORPORATED 8,967,168
17,901 TIME WARNER CABLE INCORPORATED+ 443,950
217,736 VERIZON COMMUNICATIONS INCORPORATED 6,575,627
15,986,745
---------------
DEPOSITORY INSTITUTIONS: 10.29%
301,696 BANK OF AMERICA CORPORATION<< 2,057,567
192,805 BANK OF NEW YORK MELLON CORPORATION 5,446,741
301,440 CITIGROUP INCORPORATED<<+ 762,643
313,490 JPMORGAN CHASE & COMPANY 8,332,564
67,350 STATE STREET CORPORATION 2,073,033
203,556 US BANCORP 2,973,953
21,646,501
---------------
EATING & DRINKING PLACES: 1.75%
67,320 MCDONALD'S CORPORATION 3,673,652
---------------
ELECTRIC, GAS & SANITARY SERVICES: 6.41%
83,166 DOMINION RESOURCES INCORPORATED 2,577,314
38,195 FIRSTENERGY CORPORATION 1,474,327
118,170 FPL GROUP INCORPORATED<< 5,994,764
43,775 MDU RESOURCES GROUP INCORPORATED 706,529
92,930 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,738,647
13,491,581
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 5.10%
123,800 CISCO SYSTEMS INCORPORATED+ 2,076,126
111,475 EMERSON ELECTRIC COMPANY 3,185,956
376,694 GENERAL ELECTRIC COMPANY 3,808,376
141,695 NOKIA OYJ ADR 1,653,581
10,724,039
---------------
78 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.26%
54,575 COMMERCIAL METALS COMPANY $ 630,341
82,460 FORTUNE BRANDS INCORPORATED<< 2,024,393
2,654,734
---------------
FOOD & KINDRED PRODUCTS: 2.83%
61,562 KRAFT FOODS INCORPORATED CLASS A 1,372,217
88,795 PEPSICO INCORPORATED 4,571,167
5,943,384
---------------
GENERAL MERCHANDISE STORES: 2.33%
142,195 TARGET CORPORATION 4,890,086
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 6.75%
62,816 3M COMPANY<< 3,123,212
145,570 HEWLETT-PACKARD COMPANY 4,666,974
186,250 INTEL CORPORATION 2,803,063
37,192 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,603,533
14,196,782
---------------
INSURANCE CARRIERS: 4.76%
130,305 METLIFE INCORPORATED<< 2,967,045
50,800 PRUDENTIAL FINANCIAL INCORPORATED<< 966,216
149,650 THE TRAVELERS COMPANIES INCORPORATED 6,081,776
10,015,037
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.34%
41,834 BECTON DICKINSON & COMPANY 2,812,918
---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.35%
96,475 MEDTRONIC INCORPORATED 2,843,118
---------------
MEDICAL PRODUCTS: 0.93%
73,275 MERCK & COMPANY INCORPORATED 1,960,106
---------------
MISCELLANEOUS RETAIL: 2.84%
44,000 COSTCO WHOLESALE CORPORATION<< 2,038,080
143,375 CVS CAREMARK CORPORATION 3,941,379
5,979,459
---------------
MOTION PICTURES: 1.46%
71,317 TIME WARNER INCORPORATED 1,376,412
93,215 WALT DISNEY COMPANY 1,692,784
3,069,196
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.83%
86,010 AMERICAN EXPRESS COMPANY 1,172,316
47,425 CAPITAL ONE FINANCIAL CORPORATION<< 580,482
1,752,798
---------------
OIL & GAS EXTRACTION: 1.66%
78,100 CHESAPEAKE ENERGY CORPORATION 1,332,386
140,075 HALLIBURTON COMPANY 2,166,960
3,499,346
---------------
Wells Fargo Advantage Master Portfolios 79
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 14.50%
138,070 CHEVRON CORPORATION $ 9,283,827
152,600 CONOCOPHILLIPS 5,975,816
192,436 EXXON MOBIL CORPORATION 13,104,892
80,950 MARATHON OIL CORPORATION 2,128,176
30,492,711
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.11%
11,272 AMERIPRISE FINANCIAL INCORPORATED 230,963
---------------
TOBACCO PRODUCTS: 0.89%
52,675 PHILIP MORRIS INTERNATIONAL 1,874,177
---------------
TRANSPORTATION EQUIPMENT: 3.36%
127,730 HONEYWELL INTERNATIONAL INCORPORATED 3,558,558
81,700 UNITED TECHNOLOGIES CORPORATION 3,511,463
7,070,021
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.15%
106,125 SYSCO CORPORATION 2,419,650
---------------
TOTAL COMMON STOCKS (COST $272,995,972) 210,236,946
---------------
COLLATERAL FOR SECURITIES LENDING: 6.71%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.41%
742,431 AIM STIT-LIQUID ASSETS PORTFOLIO 742,431
742,431 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 742,431
742,431 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 742,431
742,431 DWS MONEY MARKET SERIES INSTITUTIONAL 742,431
2,969,724
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 5.30%
$ 181,081 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 181,081
102,612 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 102,612
181,081 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 181,081
6,036 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 6,035
211,261 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 211,199
12,072 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 12,072
238,423 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 238,333
259,549 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 259,549
676,034 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $676,039) 0.25 04/01/2009 676,034
78,468 BANK OF IRELAND 0.60 04/01/2009 78,468
1,653,870 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $1,653,884) 0.30 04/01/2009 1,653,870
78,468 BNP PARIBAS (PARIS) 0.30 04/01/2009 78,468
241,441 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 241,381
259,549 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 259,549
90,540 CALYON (LONDON) 0.45 04/01/2009 90,540
162,973 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 162,954
80,647 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 1,331
62,090 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 1,024
169,009 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 169,009
80 Wells Fargo Advantage Master
Portfolios Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY INCOME PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 54,324 CLIPPER RECEIVABLES CORPORATION++ 0.85% 04/03/2009 $ 54,322
16,116 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 16,116
108,648 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 108,648
289,729 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 289,729
229,369 E.ON AG++ 0.60 04/22/2009 229,288
60,360 EBBETS FUNDING LLC++ 0.60 04/06/2009 60,355
90,540 EBBETS FUNDING LLC++ 0.60 04/07/2009 90,531
45,270 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 45,258
12,072 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 12,071
24,144 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 24,144
60,360 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 60,354
105,630 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 105,623
30,180 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 30,172
181,081 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 181,045
327,182 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $327,184) 0.17 04/01/2009 327,182
18,108 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 18,107
294,057 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 105,390
9,959 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 9,959
12,072 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 12,072
603,602 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $603,606) 0.24 04/01/2009 603,602
18,108 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 18,108
181,081 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 181,050
77,020 LLOYDS TSB BANK PLC 0.50 04/06/2009 77,014
125,006 LLOYDS TSB BANK PLC 0.50 04/09/2009 124,992
4,829 LLOYDS TSB BANK PLC 0.50 04/14/2009 4,828
181,081 LMA AMERICAS LLC++ 0.57 04/29/2009 181,000
211,261 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 211,195
25,955 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 25,955
78,468 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $78,469) 0.66 04/01/2009 78,468
241,441 NATIXIS 0.38 04/02/2009 241,441
12,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 12,072
78,468 NORDEA BANK AB 0.30 04/01/2009 78,468
76,054 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 76,038
108,648 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 108,617
120,720 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 120,651
60,360 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 60,325
181,081 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 181,031
211,261 SOCIETE GENERALE NY 1.05 04/27/2009 211,360
218,504 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 218,398
60,360 STATE STREET CORPORATION 0.40 04/01/2009 60,360
181,081 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 181,067
241,441 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 241,373
211,261 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 211,189
211,261 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 211,220
223,333 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 223,258
211,261 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 211,154
90,540 VERSAILLES CP LLC++ 0.60 04/01/2009 90,540
111,825 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 51,439
64,938 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 29,871
79,565 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 36,600
129,148 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 59,408
124,553 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 104,201
Wells Fargo Advantage Master Portfolios 81
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY INCOME PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
$ 36,216 WINDMILL FUNDING CORPORATION++ 0.40% 04/03/2009 $ 36,215
205,225 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 205,159
11,152,623
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $14,815,490) 14,122,347
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 0.52%
1,084,979 Wells Fargo Advantage Money Market Trust~+++ 1,084,979
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,084,979) 1,084,979
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $288,896,441)* 107.18% $ 225,444,272
OTHER ASSETS AND LIABILITIES, NET (7.18) (15,111,761)
------ ---------------
TOTAL NET ASSETS 100.00% $ 210,332,511
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $1,084,979.
* Cost for federal income tax purposes is $289,105,012 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 27,433,773
Gross unrealized depreciation (91,094,513)
------------
Net unrealized appreciation (depreciation) $(63,660,740)
The accompanying notes are an integral part of these financial statements.
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.30%
APPAREL & ACCESSORY STORES: 0.53%
50,000 KOHL'S CORPORATION+ $ 2,116,000
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.72%
121,000 VF CORPORATION<< 6,910,310
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 1.33%
130,300 ADVANCE AUTO PARTS INCORPORATED 5,352,724
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.71%
286,000 D.R. HORTON INCORPORATED 2,774,200
180,000 WALTER INDUSTRIES INCORPORATED<< 4,116,600
6,890,800
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.65%
281,300 HOME DEPOT INCORPORATED 6,627,428
---------------
BUSINESS SERVICES: 2.52%
207,500 CHECK POINT SOFTWARE TECHNOLOGIES LIMITED+ 4,608,575
33,000 MASTERCARD INCORPORATED CLASS A<< 5,526,840
10,135,415
---------------
CHEMICALS & ALLIED PRODUCTS: 18.19%
39,300 ABBOTT LABORATORIES 1,874,610
268,400 AMGEN INCORPORATED+ 13,291,168
190,200 BRISTOL-MYERS SQUIBB COMPANY 4,169,184
126,000 CELANESE CORPORATION CLASS A 1,684,620
70,200 CF INDUSTRIES HOLDINGS INCORPORATED 4,993,326
56,700 CLOROX COMPANY 2,918,916
170,100 ELI LILLY & COMPANY 5,683,041
200,000 JOHNSON & JOHNSON 10,520,000
257,000 LIFE TECHNOLOGIES CORPORATION+ 8,347,360
908,400 PFIZER INCORPORATED 12,372,408
260,000 TERRA INDUSTRIES INCORPORATED 7,303,400
73,158,033
---------------
COMMUNICATIONS: 6.61%
497,600 AT&T INCORPORATED 12,539,520
179,000 SHAW COMMUNICATIONS INCORPORATED CLASS B<< 2,711,850
559,000 SPRINT NEXTEL CORPORATION+ 1,995,630
309,000 VERIZON COMMUNICATIONS INCORPORATED 9,331,800
26,578,800
---------------
DEPOSITORY INSTITUTIONS: 8.80%
630,000 BANK OF AMERICA CORPORATION 4,296,600
120,800 BANK OF NEW YORK MELLON CORPORATION 3,412,600
451,700 JPMORGAN CHASE & COMPANY 12,006,186
355,034 STATE STREET CORPORATION 10,927,947
324,800 US BANCORP 4,745,328
35,388,661
---------------
EATING & DRINKING PLACES: 1.99%
129,600 DARDEN RESTAURANTS INCORPORATED 4,440,096
65,000 MCDONALD'S CORPORATION 3,547,050
7,987,146
---------------
Wells Fargo Advantage Master Portfolios 83
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.31%
278,800 NORTHEAST UTILITIES $ 6,019,292
305,000 NRG ENERGY INCORPORATED+ 5,368,000
136,000 SPECTRA ENERGY CORPORATION 1,923,040
13,310,332
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 0.83%
363,100 MARVELL TECHNOLOGY GROUP LIMITED+ 3,325,996
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.24%
267,000 SAIC INCORPORATED+ 4,984,890
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.61%
97,958 SNAP-ON INCORPORATED 2,458,746
---------------
FOOD & KINDRED PRODUCTS: 3.31%
242,600 ARCHER DANIELS MIDLAND COMPANY 6,739,428
266,200 COCA-COLA ENTERPRISES INCORPORATED 3,511,178
137,000 KRAFT FOODS INCORPORATED CLASS A 3,053,730
13,304,336
---------------
GENERAL MERCHANDISE STORES: 0.54%
41,500 WAL-MART STORES INCORPORATED 2,162,150
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.63%
67,000 BEST BUY COMPANY INCORPORATED<< 2,543,320
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.94%
78,800 CUMMINS INCORPORATED 2,005,460
460,700 EMC CORPORATION+<< 5,251,980
98,000 SPX CORPORATION 4,606,980
205,000 WESTERN DIGITAL CORPORATION+ 3,964,700
15,829,120
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 3.92%
179,200 AON CORPORATION 7,314,944
675,000 UNUMPROVIDENT CORPORATION 8,437,500
15,752,444
---------------
INSURANCE CARRIERS: 7.30%
167,100 AETNA INCORPORATED<< 4,065,543
168,000 AFLAC INCORPORATED 3,252,480
51,000 ARCH CAPITAL GROUP LIMITED+ 2,746,860
301,000 FIDELITY NATIONAL TITLE GROUP INCORPORATED 5,872,510
257,500 METLIFE INCORPORATED<< 5,863,275
118,200 THE TRAVELERS COMPANIES INCORPORATED 4,803,648
132,000 UNITEDHEALTH GROUP INCORPORATED 2,762,760
29,367,076
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.65%
66,900 RAYTHEON COMPANY 2,605,086
---------------
METAL MINING: 2.05%
216,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B+<< 8,231,760
---------------
MISCELLANEOUS RETAIL: 1.54%
226,100 CVS CAREMARK CORPORATION 6,215,489
---------------
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
OIL & GAS EXTRACTION: 3.16%
186,000 NOBLE CORPORATION $ 4,480,740
118,700 OCCIDENTAL PETROLEUM CORPORATION 6,605,655
63,000 WHITING PETROLEUM CORPORATION+ 1,628,550
12,714,945
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 11.84%
209,800 CHEVRON CORPORATION 14,106,952
135,000 CONOCOPHILLIPS 5,286,600
226,300 EXXON MOBIL CORPORATION 15,411,030
95,500 HESS CORPORATION<< 5,176,100
76,600 MARATHON OIL CORPORATION 2,013,814
313,000 VALERO ENERGY CORPORATION 5,602,700
47,597,196
---------------
RAILROAD TRANSPORTATION: 0.92%
109,300 NORFOLK SOUTHERN CORPORATION<< 3,688,875
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.75%
230,000 HEALTH CARE REIT INCORPORATED<< 7,035,700
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.34%
523,400 INVESCO LIMITED 7,254,324
158,800 MORGAN STANLEY 3,615,876
131,700 NASDAQ STOCK MARKET INCORPORATED+ 2,578,686
13,448,886
---------------
TOBACCO PRODUCTS: 2.42%
203,100 ALTRIA GROUP INCORPORATED 3,253,662
105,000 LORILLARD INCORPORATED 6,482,700
9,736,362
---------------
TRANSPORTATION BY AIR: 0.57%
405,100 DELTA AIR LINES INCORPORATED+ 2,280,712
---------------
TRANSPORTATION EQUIPMENT: 0.38%
37,000 GENERAL DYNAMICS CORPORATION 1,538,830
---------------
TOTAL COMMON STOCKS (COST $493,947,112) 399,277,568
---------------
COLLATERAL FOR SECURITIES LENDING: 10.25%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.11%
2,123,048 AIM STIT-LIQUID ASSETS PORTFOLIO 2,123,048
2,123,048 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 2,123,048
2,123,048 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 2,123,048
2,123,048 DWS MONEY MARKET SERIES INSTITUTIONAL 2,123,048
8,492,192
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 8.14%
$ 517,817 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 517,817
293,429 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 293,429
517,817 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 517,817
17,261 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 17,257
604,119 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 603,943
34,521 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 34,521
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY VALUE PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 681,792 ANTALIS US FUNDING CORPORATION++(p) 0.68% 04/21/2009 $ 681,534
742,204 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 742,204
1,933,182 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,933,195) 0.25 04/01/2009 1,933,182
224,387 BANK OF IRELAND 0.60 04/01/2009 224,387
4,729,392 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $4,729,431) 0.30 04/01/2009 4,729,392
224,387 BNP PARIBAS (PARIS) 0.30 04/01/2009 224,387
690,422 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 690,251
742,204 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 742,204
258,908 CALYON (LONDON) 0.45 04/01/2009 258,908
466,035 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 465,981
401,062 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 6,618
308,777 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 5,095
483,296 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 483,296
155,345 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 155,338
46,086 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 46,086
310,690 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 310,690
828,507 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 828,507
655,901 E.ON AG++ 0.60 04/22/2009 655,671
172,606 EBBETS FUNDING LLC++ 0.60 04/06/2009 172,591
258,908 EBBETS FUNDING LLC++ 0.60 04/07/2009 258,882
129,454 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 129,418
34,521 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 34,518
69,042 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 69,042
172,606 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 172,588
302,060 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 302,039
86,303 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 86,279
517,817 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 517,714
935,608 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $935,612) 0.17 04/01/2009 935,608
51,782 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 51,777
1,462,364 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 524,111
28,480 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 28,480
34,521 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 34,521
1,726,055 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,726,067) 0.24 04/01/2009 1,726,055
51,782 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 51,782
517,817 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 517,729
220,245 LLOYDS TSB BANK PLC 0.50 04/06/2009 220,229
357,466 LLOYDS TSB BANK PLC 0.50 04/09/2009 357,426
13,808 LLOYDS TSB BANK PLC 0.50 04/14/2009 13,806
517,817 LMA AMERICAS LLC++ 0.57 04/29/2009 517,587
604,119 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 603,932
74,220 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 74,220
224,387 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $224,391) 0.66 04/01/2009 224,387
690,422 NATIXIS 0.38 04/02/2009 690,422
34,521 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 34,521
224,387 NORDEA BANK AB 0.30 04/01/2009 224,387
217,483 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 217,436
310,690 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 310,600
345,211 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 345,013
172,606 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 172,505
517,817 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 517,676
604,119 SOCIETE GENERALE NY 1.05 04/27/2009 604,403
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
EQUITY VALUE PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 624,832 STARBIRD FUNDING CORPORATION++ 0.60% 04/30/2009 $ 624,530
172,606 STATE STREET CORPORATION 0.40 04/01/2009 172,606
517,817 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 517,777
690,422 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 690,229
604,119 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 603,916
604,119 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 604,002
638,641 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 638,426
604,119 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 603,814
258,908 VERSAILLES CP LLC++ 0.60 04/01/2009 258,908
556,110 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 255,811
322,940 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 148,552
395,680 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 182,013
642,260 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 295,440
619,408 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 518,197
103,563 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 103,561
586,859 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 586,671
32,714,652
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $42,425,344) 41,206,844
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 1.33%
5,343,968 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,343,968
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,343,968) 5,343,968
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $541,716,424)* 110.88% $ 445,828,380
OTHER ASSETS AND LIABILITIES, NET (10.88) (43,762,716)
------ ---------------
TOTAL NET ASSETS 100.00% $ 402,065,664
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $5,343,968.
* Cost for federal income tax purposes is $543,066,936 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,347,082
Gross unrealized depreciation (106,585,638)
-------------
Net unrealized appreciation (depreciation) $ (97,238,556)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.26%
AMUSEMENT & RECREATION SERVICES: 0.04%
62,032 INTERNATIONAL GAME TECHNOLOGY $ 571,935
---------------
APPAREL & ACCESSORY STORES: 0.37%
18,280 ABERCROMBIE & FITCH COMPANY CLASS A<< 435,064
97,916 GAP INCORPORATED 1,271,929
63,989 KOHL'S CORPORATION+ 2,708,014
56,821 LIMITED BRANDS INCORPORATED 494,343
33,470 NORDSTROM INCORPORATED<< 560,623
5,469,973
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.11%
11,862 POLO RALPH LAUREN CORPORATION 501,170
18,505 VF CORPORATION<< 1,056,821
1,557,991
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.18%
22,654 AUTONATION INCORPORATED<<+ 314,438
7,964 AUTOZONE INCORPORATED<<+ 1,295,106
28,340 O'REILLY AUTOMOTIVE INCORPORATED+ 992,183
2,601,727
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
11,683 RYDER SYSTEM INCORPORATED 330,746
---------------
BIOPHARMACEUTICALS: 1.20%
96,485 CELGENE CORPORATION+ 4,283,934
14,449 CEPHALON INCORPORATED<<+ 983,977
56,982 GENZYME CORPORATION+ 3,384,161
191,296 GILEAD SCIENCES INCORPORATED<<+ 8,860,831
17,512,903
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.11%
26,112 CENTEX CORPORATION+ 195,840
57,870 D.R. HORTON INCORPORATED 561,339
15,806 KB HOME<< 208,323
29,666 LENNAR CORPORATION CLASS A<< 222,792
45,070 PULTE HOMES INCORPORATED<<+ 492,615
1,680,909
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.09%
27,136 FASTENAL COMPANY<< 872,558
356,038 HOME DEPOT INCORPORATED 8,388,255
307,786 LOWE'S COMPANIES INCORPORATED 5,617,095
20,675 SHERWIN-WILLIAMS COMPANY 1,074,480
15,952,388
---------------
BUSINESS SERVICES: 7.12%
110,045 ADOBE SYSTEMS INCORPORATED+ 2,353,863
20,486 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A+ 981,075
35,802 AKAMAI TECHNOLOGIES INCORPORATED<<+ 694,559
47,519 AUTODESK INCORPORATED+ 798,794
106,024 AUTOMATIC DATA PROCESSING INCORPORATED 3,727,804
38,774 BMC SOFTWARE INCORPORATED+ 1,279,542
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
BUSINESS SERVICES (continued)
82,809 CA INCORPORATED $ 1,458,266
37,823 CITRIX SYSTEMS INCORPORATED<<+ 856,313
61,268 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,273,762
31,814 COMPUTER SCIENCES CORPORATION+ 1,172,028
51,787 COMPUWARE CORPORATION<<+ 341,276
25,660 CONVERGYS CORPORATION+ 207,333
226,310 EBAY INCORPORATED+ 2,842,454
67,580 ELECTRONIC ARTS INCORPORATED+ 1,229,280
26,559 EQUIFAX INCORPORATED 649,368
40,092 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 729,674
32,759 FISERV INCORPORATED+ 1,194,393
50,319 GOOGLE INCORPORATED CLASS A+ 17,514,031
38,135 IMS HEALTH INCORPORATED 475,543
100,046 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 412,190
67,455 INTUIT INCORPORATED<<+ 1,821,285
37,718 IRON MOUNTAIN INCORPORATED<<+ 836,208
109,646 JUNIPER NETWORKS INCORPORATED<<+ 1,651,269
15,213 MASTERCARD INCORPORATED CLASS A 2,547,873
32,360 MCAFEE INCORPORATED<<+ 1,084,060
1,605,602 MICROSOFT CORPORATION 29,494,909
26,871 MONSTER WORLDWIDE INCORPORATED+ 218,999
72,320 NOVELL INCORPORATED+ 308,083
65,294 OMNICOM GROUP INCORPORATED 1,527,880
805,353 ORACLE CORPORATION 14,552,729
31,784 ROBERT HALF INTERNATIONAL INCORPORATED 566,709
22,195 SALESFORCE.COM INCORPORATED+ 726,442
156,385 SUN MICROSYSTEMS INCORPORATED+ 1,144,736
172,403 SYMANTEC CORPORATION<<+ 2,575,701
41,426 TOTAL SYSTEM SERVICES INCORPORATED 572,093
40,388 VERISIGN INCORPORATED<<+ 762,122
292,776 YAHOO! INCORPORATED+ 3,750,461
104,333,107
---------------
CASINO & GAMING: 0.02%
14,046 WYNN RESORTS LIMITED<<+ 280,499
---------------
CHEMICALS & ALLIED PRODUCTS: 12.93%
324,523 ABBOTT LABORATORIES 15,479,747
44,026 AIR PRODUCTS & CHEMICALS INCORPORATED 2,476,463
217,127 AMGEN INCORPORATED+ 10,752,129
23,674 AVERY DENNISON CORPORATION 528,877
89,531 AVON PRODUCTS INCORPORATED 1,721,681
62,421 BIOGEN IDEC INCORPORATED+ 3,272,109
415,688 BRISTOL-MYERS SQUIBB COMPANY 9,111,881
10,162 CF INDUSTRIES HOLDINGS INCORPORATED 722,823
29,194 CLOROX COMPANY<< 1,502,907
105,274 COLGATE-PALMOLIVE COMPANY 6,209,061
194,108 DOW CHEMICAL COMPANY 1,636,330
189,527 E.I. DU PONT DE NEMOURS & COMPANY 4,232,138
15,234 EASTMAN CHEMICAL COMPANY<< 408,271
35,215 ECOLAB INCORPORATED 1,223,017
212,333 ELI LILLY & COMPANY 7,094,046
24,369 ESTEE LAUDER COMPANIES INCORPORATED CLASS A<< 600,696
63,337 FOREST LABORATORIES INCORPORATED+ 1,390,881
33,521 HOSPIRA INCORPORATED<<+ 1,034,458
16,525 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 503,352
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
CHEMICALS & ALLIED PRODUCTS (continued)
580,806 JOHNSON & JOHNSON $ 30,550,396
51,762 KING PHARMACEUTICALS INCORPORATED+ 365,957
36,497 LIFE TECHNOLOGIES CORPORATION+ 1,185,423
115,064 MONSANTO COMPANY 9,561,818
63,986 MYLAN LABORATORIES INCORPORATED<<+ 858,052
1,416,477 PFIZER INCORPORATED 19,292,417
34,488 PPG INDUSTRIES INCORPORATED 1,272,607
64,486 PRAXAIR INCORPORATED 4,339,263
615,461 PROCTER & GAMBLE COMPANY 28,982,058
26,234 ROHM & HAAS COMPANY 2,068,289
341,539 SCHERING-PLOUGH CORPORATION 8,043,243
25,646 SIGMA-ALDRICH CORPORATION 969,162
279,591 WYETH 12,033,597
189,423,149
---------------
COAL MINING: 0.17%
37,921 CONSOL ENERGY INCORPORATED 957,126
17,953 MASSEY ENERGY COMPANY 181,684
56,145 PEABODY ENERGY CORPORATION 1,405,871
2,544,681
---------------
COMMUNICATIONS: 4.80%
83,388 AMERICAN TOWER CORPORATION CLASS A+ 2,537,497
1,237,569 AT&T INCORPORATED 31,186,739
21,066 CENTURYTEL INCORPORATED<< 592,376
604,921 COMCAST CORPORATION CLASS A 8,251,122
111,086 DIRECTV GROUP INCORPORATED<<+ 2,531,650
29,942 EMBARQ CORPORATION 1,133,305
308,605 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 1,055,429
18,932 SCRIPPS NETWORKS INTERACTIVE INCORPORATED<< 426,159
601,630 SPRINT NEXTEL CORPORATION<<+ 2,147,819
73,542 TIME WARNER CABLE INCORPORATED+ 1,774,700
596,507 VERIZON COMMUNICATIONS INCORPORATED 18,014,511
92,628 WINDSTREAM CORPORATION 746,582
70,397,889
---------------
DEPOSITORY INSTITUTIONS: 5.22%
1,344,264 BANK OF AMERICA CORPORATION<< 9,167,878
241,282 BANK OF NEW YORK MELLON CORPORATION 6,816,217
117,450 BB&T CORPORATION<< 1,987,254
1,149,981 CITIGROUP INCORPORATED<<+ 2,909,452
31,753 COMERICA INCORPORATED 581,397
121,248 FIFTH THIRD BANCORP 354,044
44,314 FIRST HORIZON NATIONAL CORPORATION+ 475,927
109,689 HUDSON CITY BANCORP INCORPORATED 1,282,264
76,888 HUNTINGTON BANCSHARES INCORPORATED<< 127,634
789,147 JPMORGAN CHASE & COMPANY 20,975,527
103,885 KEYCORP<< 817,575
16,325 M&T BANK CORPORATION<< 738,543
55,718 MARSHALL & ILSLEY CORPORATION 313,692
46,925 NORTHERN TRUST CORPORATION 2,807,054
89,868 PNC FINANCIAL SERVICES GROUP 2,632,234
145,869 REGIONS FINANCIAL CORPORATION 621,402
90,710 STATE STREET CORPORATION 2,792,054
74,901 SUNTRUST BANKS INCORPORATED 879,338
368,572 US BANCORP 5,384,837
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
DEPOSITORY INSTITUTIONS (continued)
889,914 WELLS FARGO & COMPANY<<(l) $ 12,672,380
149,095 WESTERN UNION COMPANY 1,874,124
24,220 ZIONS BANCORPORATION<< 238,083
76,448,910
---------------
E-COMMERCE/SERVICES: 0.34%
67,500 AMAZON.COM INCORPORATED<<+ 4,957,200
---------------
EATING & DRINKING PLACES: 1.12%
28,766 DARDEN RESTAURANTS INCORPORATED 985,523
233,855 MCDONALD'S CORPORATION 12,761,467
96,583 YUM! BRANDS INCORPORATED 2,654,101
16,401,091
---------------
EDUCATIONAL SERVICES: 0.12%
22,446 APOLLO GROUP INCORPORATED CLASS A+ 1,758,195
---------------
ELECTRIC, GAS & SANITARY SERVICES: 4.77%
139,902 AES CORPORATION<<+ 812,831
35,576 ALLEGHENY ENERGY INCORPORATED 824,296
44,628 AMEREN CORPORATION 1,034,923
85,273 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 2,153,996
72,953 CENTERPOINT ENERGY INCORPORATED 760,900
47,589 CMS ENERGY CORPORATION<< 563,454
57,506 CONSOLIDATED EDISON INCORPORATED<< 2,277,813
41,816 CONSTELLATION ENERGY GROUP INCORPORATED 863,919
122,528 DOMINION RESOURCES INCORPORATED 3,797,143
34,283 DTE ENERGY COMPANY 949,639
269,036 DUKE ENERGY CORPORATION 3,852,596
106,299 DYNEGY INCORPORATED CLASS A+ 149,882
68,418 EDISON INTERNATIONAL 1,971,123
146,705 EL PASO CORPORATION<< 916,906
39,783 ENTERGY CORPORATION<< 2,708,824
138,227 EXELON CORPORATION 6,274,124
64,014 FIRSTENERGY CORPORATION 2,470,940
85,877 FPL GROUP INCORPORATED<< 4,356,540
65,373 FRONTIER COMMUNICATIONS CORPORATION 469,378
16,049 INTEGRYS ENERGY GROUP INCORPORATED 417,916
9,491 NICOR INCORPORATED 315,386
57,603 NISOURCE INCORPORATED 564,509
36,161 NORTHEAST UTILITIES 780,716
46,013 PEPCO HOLDINGS INCORPORATED 574,242
76,808 PG&E CORPORATION 2,935,602
21,207 PINNACLE WEST CAPITAL CORPORATION 563,258
78,814 PPL CORPORATION<< 2,262,750
57,872 PROGRESS ENERGY INCORPORATED<< 2,098,439
106,256 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 3,131,364
36,455 QUESTAR CORPORATION 1,072,871
67,611 REPUBLIC SERVICES INCORPORATED 1,159,529
25,447 SCANA CORPORATION 786,058
51,118 SEMPRA ENERGY<< 2,363,696
135,098 SPECTRA ENERGY CORPORATION 1,910,286
17,910 STERICYCLE INCORPORATED<<+ 854,844
44,714 TECO ENERGY INCORPORATED 498,561
163,297 THE SOUTHERN COMPANY<< 5,000,154
103,205 WASTE MANAGEMENT INCORPORATED 2,642,035
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
24,552 WISCONSIN ENERGY CORPORATION $ 1,010,806
95,384 XCEL ENERGY INCORPORATED 1,777,004
69,929,253
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.08%
117,565 ADVANCED MICRO DEVICES INCORPORATED<<+ 358,573
61,589 ALTERA CORPORATION 1,080,887
35,948 AMPHENOL CORPORATION CLASS A 1,024,159
61,156 ANALOG DEVICES INCORPORATED 1,178,476
89,338 BROADCOM CORPORATION CLASS A+ 1,784,973
19,043 CIENA CORPORATION<<+ 148,155
1,225,748 CISCO SYSTEMS INCORPORATED+ 20,555,794
35,092 COOPER INDUSTRIES LIMITED CLASS A<< 907,479
158,554 EMERSON ELECTRIC COMPANY 4,531,473
2,217,643 GENERAL ELECTRIC COMPANY<< 22,420,371
12,300 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 166,419
28,060 HARRIS CORPORATION 812,056
44,905 JABIL CIRCUIT INCORPORATED 249,672
45,175 JDS UNIPHASE CORPORATION+ 146,819
35,668 KLA-TENCOR CORPORATION 713,360
24,902 L-3 COMMUNICATIONS HOLDINGS INCORPORATED<< 1,688,356
46,589 LINEAR TECHNOLOGY CORPORATION<< 1,070,615
136,105 LSI LOGIC CORPORATION+ 413,759
46,928 MEMC ELECTRONIC MATERIALS INCORPORATED+ 773,843
38,246 MICROCHIP TECHNOLOGY INCORPORATED<< 810,433
160,393 MICRON TECHNOLOGY INCORPORATED<<+ 651,196
29,102 MOLEX INCORPORATED 399,861
478,069 MOTOROLA INCORPORATED+ 2,022,232
40,941 NATIONAL SEMICONDUCTOR CORPORATION 420,464
69,454 NETAPP INCORPORATED<<+ 1,030,697
20,385 NOVELLUS SYSTEMS INCORPORATED+ 339,003
112,780 NVIDIA CORPORATION+ 1,112,011
25,459 QLOGIC CORPORATION+ 283,104
346,377 QUALCOMM INCORPORATED 13,477,529
33,201 ROCKWELL COLLINS INCORPORATED 1,083,681
83,089 TELLABS INCORPORATED+ 380,548
268,071 TEXAS INSTRUMENTS INCORPORATED 4,425,852
96,180 TYCO ELECTRONICS LIMITED<< 1,061,827
15,444 WHIRLPOOL CORPORATION<< 456,988
57,561 XILINX INCORPORATED 1,102,869
89,083,534
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.34%
38,119 FLUOR CORPORATION 1,317,011
25,846 JACOBS ENGINEERING GROUP INCORPORATED+ 999,206
40,006 MOODY'S CORPORATION 916,938
67,435 PAYCHEX INCORPORATED 1,731,056
4,964,211
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.30%
19,692 BALL CORPORATION 854,633
31,531 FORTUNE BRANDS INCORPORATED<< 774,086
80,713 ILLINOIS TOOL WORKS INCORPORATED 2,489,996
12,066 SNAP-ON INCORPORATED 302,857
4,421,572
---------------
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
FINANCIAL SERVICES: 0.02%
33,204 JANUS CAPITAL GROUP INCORPORATED<< $ 220,807
---------------
FOOD & KINDRED PRODUCTS: 4.46%
134,794 ARCHER DANIELS MIDLAND COMPANY 3,744,577
43,011 CAMPBELL SOUP COMPANY 1,176,781
66,591 COCA-COLA ENTERPRISES INCORPORATED 878,335
93,890 CONAGRA FOODS INCORPORATED 1,583,924
40,890 CONSTELLATION BRANDS INCORPORATED CLASS A<<+ 486,591
53,272 DR PEPPER SNAPPLE GROUP INCORPORATED+ 900,830
68,847 GENERAL MILLS INCORPORATED 3,434,088
66,071 H.J. HEINZ COMPANY 2,184,307
14,662 HORMEL FOODS CORPORATION<< 464,932
24,869 JM SMUCKER COMPANY 926,868
52,935 KELLOGG COMPANY<< 1,939,009
308,566 KRAFT FOODS INCORPORATED CLASS A 6,877,936
27,322 MCCORMICK & COMPANY INCORPORATED 807,912
31,469 MOLSON COORS BREWING COMPANY 1,078,757
28,436 PEPSI BOTTLING GROUP INCORPORATED 629,573
326,814 PEPSICO INCORPORATED 16,824,385
146,061 SARA LEE CORPORATION<< 1,180,173
418,018 THE COCA-COLA COMPANY 18,371,891
34,797 THE HERSHEY COMPANY<< 1,209,196
63,485 TYSON FOODS INCORPORATED CLASS A 596,124
65,296,189
---------------
FOOD STORES: 0.47%
137,012 KROGER COMPANY 2,907,395
90,067 SAFEWAY INCORPORATED 1,818,453
154,262 STARBUCKS CORPORATION<<+ 1,713,851
29,483 WHOLE FOODS MARKET INCORPORATED<<+ 495,314
6,935,013
---------------
FORESTRY: 0.08%
44,356 WEYERHAEUSER COMPANY<< 1,222,895
---------------
FURNITURE & FIXTURES: 0.09%
32,939 LEGGETT & PLATT INCORPORATED 427,878
75,493 MASCO CORPORATION 526,941
58,210 NEWELL RUBBERMAID INCORPORATED 371,380
1,326,199
---------------
GENERAL MERCHANDISE STORES: 2.44%
17,244 BIG LOTS INCORPORATED+ 358,330
29,381 FAMILY DOLLAR STORES INCORPORATED 980,444
46,657 JCPENNEY COMPANY INCORPORATED 936,406
88,316 MACY'S INCORPORATED 786,013
11,528 SEARS HOLDINGS CORPORATION<<+ 526,945
158,080 TARGET CORPORATION 5,436,371
87,429 TJX COMPANIES INCORPORATED 2,241,680
469,519 WAL-MART STORES INCORPORATED 24,461,940
35,728,129
---------------
HEALTH SERVICES: 0.37%
75,680 CARDINAL HEALTH INCORPORATED 2,382,406
21,818 DAVITA INCORPORATED+ 958,901
22,742 LABORATORY CORPORATION OF AMERICA HOLDINGS<<+ 1,330,180
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HEALTH SERVICES (continued)
87,220 TENET HEALTHCARE CORPORATION+ $ 101,175
21,971 WATSON PHARMACEUTICALS INCORPORATED<<+ 683,518
5,456,180
---------------
HOLDING & OTHER INVESTMENT OFFICES: 0.74%
24,633 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 134,988
16,746 AVALONBAY COMMUNITIES INCORPORATED 788,074
25,465 BOSTON PROPERTIES INCORPORATED 892,039
57,285 EQUITY RESIDENTIAL 1,051,180
53,323 HCP INCORPORATED 951,816
110,343 HOST HOTELS & RESORTS INCORPORATED+ 432,545
48,956 KIMCO REALTY CORPORATION 373,045
34,615 PLUM CREEK TIMBER COMPANY<< 1,006,258
56,195 PROLOGIS<< 365,268
26,334 PUBLIC STORAGE INCORPORATED 1,454,954
50,434 SIMON PROPERTY GROUP INCORPORATED<< 1,747,034
30,114 VENTAS INCORPORATED<< 680,878
29,578 VORNADO REALTY TRUST<< 983,181
10,861,260
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.28%
54,541 BED BATH & BEYOND INCORPORATED<<+ 1,349,890
71,191 BEST BUY COMPANY INCORPORATED<< 2,702,410
4,052,300
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.11%
61,714 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,009,641
38,312 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 486,562
37,276 WYNDHAM WORLDWIDE CORPORATION 156,559
1,652,762
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 8.39%
145,693 3M COMPANY 7,243,856
187,012 APPLE INCORPORATED+ 19,658,701
279,157 APPLIED MATERIALS INCORPORATED 3,000,938
64,862 BAKER HUGHES INCORPORATED<< 1,851,810
12,627 BLACK & DECKER CORPORATION 398,508
45,547 CAMERON INTERNATIONAL CORPORATION+ 998,846
126,318 CATERPILLAR INCORPORATED<< 3,531,851
42,283 CUMMINS INCORPORATED 1,076,102
88,759 DEERE & COMPANY 2,917,508
363,406 DELL INCORPORATED+ 3,445,089
39,062 DOVER CORPORATION 1,030,456
34,691 EATON CORPORATION 1,278,710
422,485 EMC CORPORATION<<+ 4,816,329
11,742 FLOWSERVE CORPORATION 658,961
34,392 GAMESTOP CORPORATION CLASS A+ 963,664
503,278 HEWLETT-PACKARD COMPANY 16,135,093
66,960 INGERSOLL-RAND COMPANY LIMITED CLASS A<< 924,048
1,167,996 INTEL CORPORATION 17,578,340
281,746 INTERNATIONAL BUSINESS MACHINES CORPORATION 27,298,370
16,332 LEXMARK INTERNATIONAL INCORPORATED+ 275,521
27,375 MANITOWOC COMPANY INCORPORATED 89,516
87,646 NATIONAL OILWELL VARCO INCORPORATED+ 2,516,317
24,796 PALL CORPORATION 506,582
33,739 PARKER HANNIFIN CORPORATION<< 1,146,451
43,326 PITNEY BOWES INCORPORATED<< 1,011,662
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
47,490 SANDISK CORPORATION<<+ $ 600,749
46,041 SMITH INTERNATIONAL INCORPORATED 988,961
16,565 STANLEY WORKS 482,373
36,341 TERADATA CORPORATION+ 589,451
123,014,763
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.43%
57,441 AON CORPORATION 2,344,742
35,458 HUMANA INCORPORATED+ 924,745
108,144 MARSH & MCLENNAN COMPANIES INCORPORATED 2,189,916
69,542 UNUMPROVIDENT CORPORATION 869,275
6,328,678
---------------
INSURANCE CARRIERS: 2.66%
95,233 AETNA INCORPORATED 2,317,019
98,174 AFLAC INCORPORATED 1,900,649
112,566 ALLSTATE CORPORATION<< 2,155,639
565,045 AMERICAN INTERNATIONAL GROUP INCORPORATED+ 565,045
24,732 ASSURANT INCORPORATED 538,663
73,986 CHUBB CORPORATION 3,131,088
56,916 CIGNA CORPORATION 1,001,152
34,124 CINCINNATI FINANCIAL CORPORATION 780,416
90,961 GENWORTH FINANCIAL INCORPORATED+ 172,826
68,296 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 536,124
38,063 LEUCADIA NATIONAL CORPORATION<< 566,758
53,767 LINCOLN NATIONAL CORPORATION 359,701
75,842 LOEWS CORPORATION 1,676,108
35,939 MBIA INCORPORATED<<+ 164,601
171,793 METLIFE INCORPORATED<< ,911,727
54,506 PRINCIPAL FINANCIAL GROUP INCORPORATED<< 445,859
89,038 PRUDENTIAL FINANCIAL INCORPORATED 1,693,503
142,109 THE PROGRESSIVE CORPORATION 1,909,945
122,820 THE TRAVELERS COMPANIES INCORPORATED 4,991,405
17,745 TORCHMARK CORPORATION 465,458
255,274 UNITEDHEALTH GROUP INCORPORATED 5,342,885
104,659 WELLPOINT INCORPORATED+ 3,973,902
71,862 XL CAPITAL LIMITED CLASS A 392,367
38,992,840
---------------
LEATHER & LEATHER PRODUCTS: 0.08%
67,415 COACH INCORPORATED+ 1,125,831
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.86%
73,914 AGILENT TECHNOLOGIES INCORPORATED+ 1,136,058
50,338 BECTON DICKINSON & COMPANY 3,384,727
315,463 BOSTON SCIENTIFIC CORPORATION+ 2,507,933
20,880 C.R. BARD INCORPORATED 1,664,554
105,815 COVIDIEN LIMITED 3,517,291
53,540 DANAHER CORPORATION 2,902,939
31,205 DENTSPLY INTERNATIONAL INCORPORATED<< 837,854
56,320 EASTMAN KODAK COMPANY<< 214,016
31,667 FLIR SYSTEMS INCORPORATED+ 648,540
11,632 MILLIPORE CORPORATION<<+ 667,793
24,396 PERKINELMER INCORPORATED 311,537
32,416 QUEST DIAGNOSTICS INCORPORATED 1,539,112
84,023 RAYTHEON COMPANY 3,271,856
29,772 ROCKWELL AUTOMATION INCORPORATED 650,220
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS (CONTINUED)
36,265 TERADYNE INCORPORATED+ $ 158,841
87,812 THERMO FISHER SCIENTIFIC INCORPORATED+ 3,132,254
20,379 WATERS CORPORATION+ 753,004
27,298,529
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.76%
8,228 INTUITIVE SURGICAL INCORPORATED<<+ 784,622
234,822 MEDTRONIC INCORPORATED 6,920,204
72,690 ST. JUDE MEDICAL INCORPORATED+ 2,640,828
26,121 VARIAN MEDICAL SYSTEMS INCORPORATED+ 795,123
11,140,777
---------------
MEDICAL MANAGEMENT SERVICES: 0.48%
31,141 COVENTRY HEALTH CARE INCORPORATED+ 402,965
52,010 EXPRESS SCRIPTS INCORPORATED+ 2,401,302
103,112 MEDCO HEALTH SOLUTIONS INCORPORATED+ 4,262,650
7,066,917
---------------
MEDICAL PRODUCTS: 1.70%
64,576 ALLERGAN INCORPORATED 3,084,150
128,905 BAXTER INTERNATIONAL INCORPORATED 6,602,514
442,610 MERCK & COMPANY INCORPORATED 11,839,818
49,962 STRYKER CORPORATION 1,700,706
46,795 ZIMMER HOLDINGS INCORPORATED+ 1,708,018
24,935,206
---------------
METAL MINING: 0.54%
86,448 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B<<+ 3,294,533
102,728 NEWMONT MINING CORPORATION 4,598,105
7,892,638
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.07%
23,175 VULCAN MATERIALS COMPANY<< 1,026,421
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.14%
26,028 HASBRO INCORPORATED 652,522
75,276 MATTEL INCORPORATED 867,932
25,852 TIFFANY & COMPANY<< 557,369
2,077,823
---------------
MISCELLANEOUS RETAIL: 1.43%
90,979 COSTCO WHOLESALE CORPORATION<< 4,214,147
305,651 CVS CAREMARK CORPORATION 8,402,346
57,713 OFFICE DEPOT INCORPORATED+ 75,604
26,266 RADIOSHACK CORPORATION 225,100
149,809 STAPLES INCORPORATED 2,713,032
207,212 WALGREEN COMPANY<< 5,379,224
21,009,453
---------------
MISCELLANEOUS SERVICES: 0.06%
11,209 D&B CORPORATION 863,093
---------------
MOTION PICTURES: 1.03%
483,020 NEWS CORPORATION CLASS A 3,197,592
251,140 TIME WARNER INCORPORATED 4,847,008
389,822 WALT DISNEY COMPANY 7,079,168
15,123,768
---------------
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.90%
65,369 FEDEX CORPORATION $ 2,908,267
209,037 UNITED PARCEL SERVICE INCORPORATED CLASS B 10,288,801
13,197,068
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.48%
245,916 AMERICAN EXPRESS COMPANY 3,351,835
82,281 CAPITAL ONE FINANCIAL CORPORATION<< 1,007,119
81,640 CIT GROUP INCORPORATED<< 232,674
101,103 DISCOVER FINANCIAL SERVICES 637,960
73,126 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,314,074
98,152 SLM CORPORATION<<+ 485,852
7,029,514
---------------
OFFICE EQUIPMENT: 0.06%
181,601 XEROX CORPORATION 826,285
---------------
OIL & GAS EXTRACTION: 3.69%
96,573 ANADARKO PETROLEUM CORPORATION 3,755,724
70,296 APACHE CORPORATION 4,505,271
61,328 BJ SERVICES COMPANY 610,214
21,723 CABOT OIL & GAS CORPORATION 512,011
118,023 CHESAPEAKE ENERGY CORPORATION 2,013,472
93,196 DEVON ENERGY CORPORATION 4,164,929
14,594 DIAMOND OFFSHORE DRILLING INCORPORATED<< 917,379
29,781 ENSCO INTERNATIONAL INCORPORATED<< 786,218
52,433 EOG RESOURCES INCORPORATED 2,871,231
27,480 EQT CORPORATION 860,948
188,402 HALLIBURTON COMPANY 2,914,579
59,414 NABORS INDUSTRIES LIMITED+ 593,546
36,311 NOBLE ENERGY INCORPORATED 1,956,437
170,158 OCCIDENTAL PETROLEUM CORPORATION 9,469,293
24,278 PIONEER NATURAL RESOURCES COMPANY 399,859
32,802 RANGE RESOURCES CORPORATION 1,350,130
23,730 ROWAN COMPANIES INCORPORATED+ 284,048
251,152 SCHLUMBERGER LIMITED 10,201,794
72,161 SOUTHWESTERN ENERGY COMPANY+ 2,142,460
1 TRANSOCEAN LIMITED+ 81
121,732 XTO ENERGY INCORPORATED 3,727,434
54,037,058
---------------
PAPER & ALLIED PRODUCTS: 0.13%
20,972 BEMIS COMPANY INCORPORATED 439,783
89,829 INTERNATIONAL PAPER COMPANY 632,396
35,870 MEADWESTVACO CORPORATION 430,081
27,620 PACTIV CORPORATION+ 402,976
1,905,236
---------------
PERSONAL SERVICES: 0.14%
27,593 CINTAS CORPORATION 682,099
71,328 H & R BLOCK INCORPORATED 1,297,456
1,979,555
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 8.40%
420,948 CHEVRON CORPORATION 28,304,544
310,844 CONOCOPHILLIPS 12,172,651
1,037,721 EXXON MOBIL CORPORATION 70,668,800
59,583 HESS CORPORATION 3,229,399
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
PETROLEUM REFINING & RELATED INDUSTRIES (CONTINUED)
148,577 MARATHON OIL CORPORATION $ 3,906,089
40,054 MURPHY OIL CORPORATION 1,793,218
24,543 SUNOCO INCORPORATED<< 649,899
29,057 TESORO PETROLEUM CORPORATION<< 391,398
108,422 VALERO ENERGY CORPORATION 1,940,754
123,056,752
---------------
PIPELINES: 0.09%
121,632 THE WILLIAMS COMPANIES INCORPORATED 1,384,172
---------------
PRIMARY METAL INDUSTRIES: 0.48%
23,290 AK STEEL HOLDING CORPORATION 165,825
199,562 ALCOA INCORPORATED<< 1,464,785
20,465 ALLEGHENY TECHNOLOGIES INCORPORATED<< 448,797
65,944 NUCOR CORPORATION 2,517,082
29,385 PRECISION CASTPARTS CORPORATION 1,760,162
17,872 TITANIUM METALS CORPORATION+ 97,760
24,401 UNITED STATES STEEL CORPORATION<< 515,593
6,970,004
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.37%
142,606 CBS CORPORATION CLASS B 547,607
47,964 GANNETT COMPANY INCORPORATED<< 105,521
66,025 MCGRAW-HILL COMPANIES INCORPORATED 1,509,992
7,562 MEREDITH CORPORATION<< 125,832
24,486 NEW YORK TIMES COMPANY CLASS A<<+ 110,677
43,092 RR DONNELLEY & SONS COMPANY 315,864
127,322 VIACOM INCORPORATED CLASS B<<+ 2,212,856
1,263 WASHINGTON POST COMPANY CLASS B<< 451,017
5,379,366
---------------
RAILROAD TRANSPORTATION: 0.86%
58,442 BURLINGTON NORTHERN SANTA FE CORPORATION 3,515,286
83,841 CSX CORPORATION 2,167,290
76,955 NORFOLK SOUTHERN CORPORATION<< 2,597,231
105,668 UNION PACIFIC CORPORATION 4,344,011
12,623,818
---------------
REAL ESTATE: 0.01%
47,232 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 190,345
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.05%
23,254 HEALTH CARE REIT INCORPORATED<< 711,340
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.05%
33,153 SEALED AIR CORPORATION 457,511
50,682 THE GOODYEAR TIRE & RUBBER COMPANY+ 317,269
774,780
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.11%
45,951 AMERIPRISE FINANCIAL INCORPORATED 941,536
196,853 CHARLES SCHWAB CORPORATION 3,051,222
13,932 CME GROUP INCORPORATED 3,432,705
120,127 E*TRADE FINANCIAL CORPORATION<<+ 153,763
18,685 FEDERATED INVESTORS INCORPORATED CLASS B<< 415,928
31,792 FRANKLIN RESOURCES INCORPORATED 1,712,635
96,972 GOLDMAN SACHS GROUP INCORPORATED 10,280,971
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (CONTINUED)
15,255 INTERCONTINENTAL EXCHANGE INCORPORATED+ $ 1,136,040
79,466 INVESCO LIMITED 1,101,399
29,988 LEGG MASON INCORPORATED 476,809
225,639 MORGAN STANLEY<< 5,137,800
28,834 NASDAQ STOCK MARKET INCORPORATED+ 564,570
54,388 NYSE EURONEXT INCORPORATED 973,545
53,765 T. ROWE PRICE GROUP INCORPORATED<< 1,551,658
30,930,581
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.33%
326,548 CORNING INCORPORATED 4,333,292
35,100 OWENS-ILLINOIS INCORPORATED+ 506,844
4,840,136
---------------
TOBACCO PRODUCTS: 1.73%
433,891 ALTRIA GROUP INCORPORATED 6,950,934
35,295 LORILLARD INCORPORATED 2,179,113
420,820 PHILIP MORRIS INTERNATIONAL 14,972,776
35,498 REYNOLDS AMERICAN INCORPORATED 1,272,248
25,375,071
---------------
TRANSPORTATION BY AIR: 0.07%
155,427 SOUTHWEST AIRLINES COMPANY 983,853
---------------
TRANSPORTATION EQUIPMENT: 2.65%
152,483 BOEING COMPANY<< 5,425,345
503,217 FORD MOTOR COMPANY<<+ 1,323,461
81,072 GENERAL DYNAMICS CORPORATION 3,371,784
128,202 GENERAL MOTORS CORPORATION<<+ 248,712
33,482 GENUINE PARTS COMPANY 999,773
25,990 GOODRICH CORPORATION 984,761
49,052 HARLEY-DAVIDSON INCORPORATED<< 656,806
154,384 HONEYWELL INTERNATIONAL INCORPORATED 4,301,138
38,177 ITT CORPORATION 1,468,669
124,782 JOHNSON CONTROLS INCORPORATED<< 1,497,384
69,724 LOCKHEED MARTIN CORPORATION 4,813,048
68,706 NORTHROP GRUMMAN CORPORATION 2,998,330
76,179 PACCAR INCORPORATED<< 1,962,371
51,018 TEXTRON INCORPORATED 292,843
197,877 UNITED TECHNOLOGIES CORPORATION 8,504,753
38,849,178
---------------
TRANSPORTATION SERVICES: 0.20%
35,743 C.H. ROBINSON WORLDWIDE INCORPORATED 1,630,238
44,543 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,260,121
2,890,359
---------------
TRAVEL & RECREATION: 0.16%
91,928 CARNIVAL CORPORATION+ 1,985,645
44,048 EXPEDIA INCORPORATED<<+ 399,956
2,385,601
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.80%
31,977 AMERISOURCEBERGEN CORPORATION<< 1,044,369
20,596 BROWN-FORMAN CORPORATION CLASS B 799,733
32,410 DEAN FOODS COMPANY<<+ 585,973
57,503 MCKESSON CORPORATION 2,014,905
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
WHOLESALE TRADE NON-DURABLE GOODS (CONTINUED)
81,322 NIKE INCORPORATED CLASS B $ 3,813,189
44,466 SUPERVALU INCORPORATED 634,974
123,733 SYSCO CORPORATION 2,821,112
11,714,255
---------------
WHOLESALE TRADE-DURABLE GOODS: 0.36%
86,898 KIMBERLY-CLARK CORPORATION 4,006,867
19,208 PATTERSON COMPANIES INCORPORATED<<+ 362,263
13,361 W.W. GRAINGER INCORPORATED 937,675
5,306,805
---------------
TOTAL COMMON STOCKS (COST $2,021,134,235) 1,454,611,466
---------------
RIGHTS: 0.00%
44,400 SEAGATE TECHNOLOGY RIGHTS+(a)(i) 0
TOTAL RIGHTS (COST $0) 0
---------------
COLLATERAL FOR SECURITIES LENDING: 10.58%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 2.17%
7,943,464 AIM STIT-LIQUID ASSETS PORTFOLIO 7,943,464
7,943,464 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 7,943,464
7,943,464 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 7,943,464
7,943,464 DWS MONEY MARKET SERIES INSTITUTIONAL 7,943,464
31,773,856
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 8.41%
$ 1,937,430 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 1,937,430
1,097,877 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 1,097,877
1,937,430 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 1,937,430
64,581 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 64,568
2,260,335 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 2,259,676
129,162 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 129,162
2,550,950 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 2,549,986
2,776,983 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 2,776,983
7,233,073 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $7,233,123) 0.25 04/01/2009 7,233,073
839,553 BANK OF IRELAND 0.60 04/01/2009 839,553
17,695,196 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE
$17,695,343) 0.30 04/01/2009 17,695,196
839,553 BNP PARIBAS (PARIS) 0.30 04/01/2009 839,553
2,583,240 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 2,582,599
2,776,983 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 2,776,983
968,715 CALYON (LONDON) 0.45 04/01/2009 968,715
1,743,687 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 1,743,484
1,681,282 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 27,741
1,294,416 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 21,358
1,808,268 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 1,808,268
581,229 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 581,202
172,431 COLORADO HOUSING & FINANCE AUTHORITY+/-SS 2.25 10/01/2038 172,431
1,162,458 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-SS 3.50 12/15/2037 1,162,458
3,099,888 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 3,099,888
2,454,078 E.ON AG++ 0.60 04/22/2009 2,453,219
645,810 EBBETS FUNDING LLC++ 0.60 04/06/2009 645,756
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 968,715 EBBETS FUNDING LLC++ 0.60% 04/07/2009 $ 968,618
484,358 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 484,223
129,162 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 129,152
258,324 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 258,324
645,810 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 645,745
1,130,168 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 1,130,089
322,905 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 322,815
1,937,430 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 1,937,045
3,500,613 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,500,630) 0.17 04/01/2009 3,500,613
193,743 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 193,727
6,130,345 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 2,197,116
106,559 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-SS 2.75 11/01/2042 106,559
129,162 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-SS 1.00 01/01/2018 129,162
6,458,101 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $6,458,144) 0.24 04/01/2009 6,458,101
193,743 KANSAS CITY MO SPECIAL OBLIGATION+/-SS 1.00 04/15/2025 193,743
1,937,430 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 1,937,101
824,054 LLOYDS TSB BANK PLC 0.50 04/06/2009 823,996
1,337,473 LLOYDS TSB BANK PLC 0.50 04/09/2009 1,337,324
51,665 LLOYDS TSB BANK PLC 0.50 04/14/2009 51,655
1,937,430 LMA AMERICAS LLC++ 0.57 04/29/2009 1,936,571
2,260,335 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 2,259,633
277,698 MISSISSIPPI STATE GO+/-SS 5.00 11/01/2028 277,698
839,553 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MONEY MARKET SECURITIES (MATURITY VALUE $839,568) 0.66 04/01/2009 839,553
2,583,240 NATIXIS 0.38 04/02/2009 2,583,240
129,162 NEW JERSEY STATE TURNPIKE AUTHORITY+/-SS 3.75 01/01/2018 129,162
839,553 NORDEA BANK AB 0.30 04/01/2009 839,553
813,721 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 813,547
1,162,458 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 1,162,121
1,291,620 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 1,290,877
645,810 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 645,433
1,937,430 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 1,936,903
2,260,335 SOCIETE GENERALE NY 1.05 04/27/2009 2,261,395
2,337,832 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 2,336,702
645,810 STATE STREET CORPORATION 0.40 04/01/2009 645,810
1,937,430 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 1,937,282
2,583,240 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 2,582,518
2,260,335 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 2,259,572
2,260,335 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 2,259,896
2,389,497 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 2,388,694
2,260,335 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 2,259,193
968,715 VERSAILLES CP LLC++ 0.60 04/01/2009 968,719
2,331,258 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 1,072,379
1,353,789 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 622,743
1,658,722 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 763,012
2,692,405 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 1,238,506
2,596,608 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 2,172,323
387,486 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 387,477
2,195,754 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 2,195,053
123,275,262
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $162,091,182) 155,049,118
---------------
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--March 31, 2009 (Unaudited)
INDEX PORTFOLIO
INTEREST MATURITY
SHARES SECURITY NAME RATE DATE VALUE
- ------------ ------------- -------- ----------- ---------------
SHORT-TERM INVESTMENTS: 1.28%
16,098,170 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 16,098,170
---------------
PRINCIPAL
- ------------
US TREASURY BILLS: 0.18%
180,000 US TREASURY BILL### 0.30% 08/06/2009 179,832
50,000 US TREASURY BILL### 0.34 08/06/2009 49,953
2,065,000 US TREASURY BILL### 0.39 08/06/2009 2,063,069
110,000 US TREASURY BILL### 0.41 08/06/2009 109,897
30,000 US TREASURY BILL### 0.44 08/06/2009 29,972
150,000 US TREASURY BILL### 0.97 05/07/2009 149,974
2,582,697
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $18,679,729) 18,680,867
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,201,905,146)* 111.12% $ 1,628,341,451
OTHER ASSETS AND LIABILITIES, NET (11.12) (162,923,564)
------ ---------------
TOTAL NET ASSETS 100.00% $ 1,465,417,887
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
(l) Long-term security of an affiliate of the fund with a total cost of
$37,568,613.
## Zero coupon bond. Interest rate presented is yield to maturity.
++ 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.
(p) Asset-backed commercial paper.
ss These securities are subject to a demand feature which reduces the
effective maturity.
# Security pledged as collateral for futures transactions. (See Note 2)
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $16,098,170.
* Cost for federal income tax purposes is $2,222,382,449 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $150,034,278
Gross unrealized depreciation (744,075,276)
-------------
Net unrealized appreciation (depreciation) $(594,040,998)
The accompanying notes are an integral part of these financial statements.
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARE SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 93.14%
AUSTRALIA: 4.31%
58,855 AMP LIMITED (INSURANCE CARRIERS) $ 192,347
24,381 ASX LIMITED (BUSINESS SERVICES) 497,582
3,946 CENTENNIAL COAL COMPANY LIMITED (COAL MINING) 5,515
24,046 NEWCREST MINING LIMITED (METAL MINING) 547,260
33,070 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 443,119
6,676 RIO TINTO LIMITED (METAL MINING) 262,608
14,195 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 376,067
2,324,498
---------------
BELGIUM: 1.56%
2,653 COMPAGNIE NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT
OFFICES) 123,156
10,535 GROUPE BRUXELLES LAMBERT SA (INVESTMENTS & MISCELLANEOUS
FINANCIAL SERVICES) 716,078
839,234
---------------
BERMUDA: 0.38%
3,290 PARTNERRE LIMITED (INSURANCE CARRIERS) 204,210
---------------
CANADA: 2.99%
21,545 BARRICK GOLD CORPORATION (METAL MINING) 698,489
17,492 GOLDCORP INCORPORATED (METAL MINING) 588,801
2,165 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF
NONMETALLIC MINERALS, EXCEPT FUELS) 174,954
3,413 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 146,998
1,609,242
---------------
CHINA: 0.81%
1,550 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES) 273,730
27,345 YINGLI GREEN ENERGY HOLDING COMPANY LIMITED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 164,617
438,347
---------------
DENMARK: 1.07%
6,406 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 306,797
6,143 VESTAS WIND SYSTEMS A/S (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 269,548
576,345
---------------
FINLAND: 0.98%
35,743 SAMPO OYJ (NON-DEPOSITORY CREDIT INSTITUTIONS) 528,070
---------------
FRANCE: 10.15%
5,303 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 274,672
4,482 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 282,853
52,429 FRANCE TELECOM SA (COMMUNICATIONS) 1,194,624
6,841 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 530,842
3,168 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 176,673
2,028 PPR SA (APPAREL & ACCESSORY STORES) 130,086
7,682 SCOR REGROUPE (INSURANCE CARRIERS) 158,147
13,228 SODEXHO ALLIANCE SA (FOOD & KINDRED PRODUCTS) 603,254
5,319 TECHNIP SA (OIL & GAS EXTRACTION) 188,049
4,506 THALES SA (TRANSPORTATION BY AIR) 170,860
19,388 TOTAL SA (OIL & GAS EXTRACTION) 964,029
30,073 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 796,105
5,470,194
---------------
GERMANY: 12.43%
3,428 ADIDAS-SALOMON AG (APPAREL & ACCESSORY STORES) 114,135
3,724 ALLIANZ SE (INSURANCE CARRIERS) 312,993
2,711 BASF AG (CHEMICALS & ALLIED PRODUCTS) 82,086
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
GERMANY (continued)
11,921 DAIMLER AG (TRANSPORTATION EQUIPMENT)<< $ 302,194
16,964 DEUTSCHE BOERSE AG (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 1,022,794
122,013 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 1,515,700
6,336 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 176,021
31,599 FRESENIUS AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 1,450,917
8,455 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 1,031,221
3,505 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 245,923
7,054 SAP AG (BUSINESS SERVICES) 250,044
3,354 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 191,658
573 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 6,783
6,702,469
---------------
GREECE: 1.66%
38,754 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 277,524
41,265 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 616,231
893,755
---------------
HONG KONG: 1.04%
46,609 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 405,918
16,291 HONG KONG EXCHANGES & CLEARING LIMITED (BUSINESS SERVICES)<< 153,859
559,777
---------------
IRELAND: 1.88%
162,068 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 1,015,628
---------------
ISRAEL: 0.92%
11,027 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 496,766
---------------
ITALY: 0.42%
11,660 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 226,486
---------------
JAPAN: 10.65%
10,900 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 330,353
2,500 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 167,450
163 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 431,274
44 KDDI CORPORATION (COMMUNICATIONS) 205,364
36,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 194,575
11,400 LAWSON INCORPORATED (GENERAL MERCHANDISE STORES) 469,889
16,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 214,199
32,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL &
COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 142,567
22,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 219,144
1,900 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 546,093
3,400 ONO PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 148,043
20,600 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 449,523
18,000 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS)<< 306,228
47,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 239,784
20,500 SUGI PHARMACY COMPANY LIMITED (GENERAL MERCHANDISE STORES) 374,441
6,850 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 162,972
17,300 TOHO COMPANY LIMITED TOKYO (MOTION PICTURES) 240,314
16,600 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 523,231
6,200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 375,815
5,741,259
---------------
NETHERLANDS: 3.73%
6,544 HEINEKEN NV (EATING & DRINKING PLACES) 186,060
95,434 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 1,275,547
27,779 UNILEVER NV (FOOD & KINDRED PRODUCTS) 548,073
2,009,680
---------------
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
RUSSIA: 0.53%
7,659 LUKOIL ADR (OIL & GAS EXTRACTION) $ 287,213
---------------
SINGAPORE: 0.35%
34,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 188,895
---------------
SOUTH KOREA: 0.28%
206 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 153,392
---------------
SPAIN: 3.44%
7,717 BOLSAS Y MERCADOS ESPANOLES SA (BUSINESS SERVICES) 178,502
73,940 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 238,716
35,566 GRIFOLS SA (HEALTH SERVICES) 512,696
46,356 TELEFONICA SA (COMMUNICATIONS) 925,063
1,854,977
---------------
SWEDEN: 0.84%
55,613 NORDEA AB (DEPOSITORY INSTITUTIONS) 277,409
12,138 SWEDISH MATCH AB (TOBACCO PRODUCTS) 175,733
453,142
---------------
SWITZERLAND: 14.43%
23,797 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 332,192
10,911 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS)<< 1,078,351
27,944 NESTLE SA (FOOD & KINDRED PRODUCTS) 944,641
23,136 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 875,603
6,101 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 323,997
11,018 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 1,511,914
408 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (BUSINESS SERVICES) 428,323
3,205 SWISSCOM AG (COMMUNICATIONS) 900,289
4,437 SYNTHES INCORPORATED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 494,255
5,618 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 888,871
7,778,436
---------------
UNITED KINGDOM: 13.93%
103,401 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 496,279
31,529 BG GROUP PLC (OIL & GAS EXTRACTION) 477,274
21,104 BHP BILLITON PLC (COAL MINING) 419,391
155,668 BP PLC (OIL & GAS EXTRACTION) 1,053,139
17,709 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 409,858
147,691 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 676,004
19,330 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 218,140
50,130 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 284,118
33,209 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 746,671
16,026 INTERTEK GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 203,619
67,032 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 259,687
24,614 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 554,834
28,622 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 274,746
55,584 TESCO PLC (FOOD & KINDRED PRODUCTS) 265,901
18,380 TULLOW OIL PLC (OIL & GAS EXTRACTION) 211,771
26,472 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 500,618
261,110 VODAFONE GROUP PLC (COMMUNICATIONS) 459,885
7,511,935
---------------
USA: 4.36%
10,230 AGNICO-EAGLE MINES LIMITED (METAL MINING) 582,292
15,269 KINROSS GOLD CORPORATION (METAL MINING) 272,857
2,106 POSCO ADR (PRIMARY METAL INDUSTRIES) 140,744
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
USA (continued)
11,815 RANDGOLD RESOURCES LIMITED ADR (METAL MINING) $ 642,145
7,437 RENAISSANCERE HOLDINGS LIMITED (INSURANCE CARRIERS) 367,685
14,741 SINA CORPORATION (BUSINESS SERVICES) 342,728
2,348,451
---------------
TOTAL COMMON STOCKS (COST $53,301,732) 50,212,401
---------------
COLLATERAL FOR SECURITIES LENDING: 2.08%
COLLATERAL INVESTED IN BUSINESS TRUSTS: 2.08%
1,094,012 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES A 1,094,012
19,567 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES B 15,654
11,602 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES C 10,267
1,119,933
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,125,181) 1,119,933
---------------
PREFERRED STOCKS: 0.96%
9,042 VOLKSWAGEN AG PREFERRED 520,654
TOTAL PREFERRED STOCKS (COST $443,092) 520,654
---------------
SHORT-TERM INVESTMENTS: 3.82%
2,061,859 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 2,061,859
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,061,859) 2,061,859
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $56,931,864)* 100.00% $ 53,914,847
Other Assets and Liabilities, Net 0.00 (2,514)
------ ---------------
TOTAL NET ASSETS 100.00% $ 53,912,333
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $2,061,859.
* Cost for federal income tax purposes is $57,642,896 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 2,736,118
Gross unrealized depreciation (6,464,167)
-----------
Net unrealized appreciation (depreciation) $(3,728,049)
The accompanying notes are an integral part of these financial statements.
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 96.49%
BELGIUM: 2.81%
16,847 DELHAIZE GROUP (FOOD STORES) $ 1,092,513
60,591 INBEV NA (FOOD & KINDRED PRODUCTS) 1,670,002
2,762,515
---------------
BERMUDA: 0.31%
9,088 COVIDIEN LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,085
---------------
BRAZIL: 2.74%
52,545 PETROLEO BRASILEIRO CLASS A SA ADR (OIL COMPANIES) 1,287,353
115,318 REDECARD SA (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 1,397,387
2,684,740
---------------
CANADA: 2.49%
82,570 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 2,446,549
---------------
CHINA: 4.63%
2,901,029 CHINA CONSTRUCTION BANK CLASS H (FINANCIAL SERVICES) 1,646,908
725,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,404,007
85,600 GUANGZHOU R&F PROPERTIES COMPANY LIMITED (REAL ESTATE) 99,399
65,500 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED
(INSURANCE CARRIERS) 390,857
4,541,171
---------------
FINLAND: 1.60%
82,483 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 1,572,576
---------------
FRANCE: 14.01%
1,476 ACCOR SA (METAL MINING) 51,408
23,293 ALSTOM SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,206,475
18,660 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 771,519
58,440 BOUYGUES SA (ENGINEERING CONSTRUCTION) 2,090,165
25,417 CARREFOUR SA (FOOD STORES) 992,812
85,077 FRANCE TELECOM SA (COMMUNICATIONS) 1,938,526
35,535 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 2,232,652
8,499 TECHNIP SA (OIL & GAS EXTRACTION) 300,475
3,846 UNIBAIL (REAL ESTATE) 544,859
97,532 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 3,622,447
13,751,338
---------------
GERMANY: 13.81%
11,630 ALLIANZ AG (INSURANCE CARRIERS) 977,472
73,215 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 3,501,853
79,154 DAIMLER AG (TRANSPORTATION EQUIPMENT) 2,006,534
16,889 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 181,979
28,921 FRAPORT AG (TRANSPORTATION SERVICES) 931,027
38,349 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,607,653
11,084 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 1,351,869
24,050 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 1,998,016
13,556,403
---------------
HONG KONG: 5.14%
324,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 626,638
393,600 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY (HONG KONG)
LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 905,972
1,116,913 CHINA RESOURCES LAND (HONG KONG) LIMITED (REAL ESTATE) 1,729,280
102,208 HUTCHINSON WHAMPOA LIMITED (DIVERSIFIED OPERATIONS) 501,110
172,000 LI & FUNG LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 403,891
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HONG KONG (continued)
474,129 NWS HOLDINGS LIMITED (BUSINESS SERVICES) $ 638,648
26,624 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 238,395
5,043,934
---------------
INDIA: 1.17%
15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 418,719
17,677 ICICI BANK LIMITED (DEPOSITORY INSTITUTIONS) 115,954
46,527 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 618,344
1,153,017
---------------
ITALY: 0.99%
354,288 INTESA SANPAOLO SPA (DEPOSITORY INSTITUTIONS) 975,543
---------------
JAPAN: 9.42%
30,300 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 863,222
74,200 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,463,236
1,125 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 2,976,587
105,233 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY
INSTITUTIONS) 506,045
226,821 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING) 430,796
121,950 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 2,006,936
31,800 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIIONS) 1,002,334
9,249,156
---------------
LUXEMBOURG: 0.24%
5,620 RTL GROUP SA (COMMUNICATIONS) 231,469
---------------
NETHERLANDS: 4.22%
233,453 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 4,140,722
---------------
RUSSIA: 2.19%
144,380 GAZPROM ADR (OIL & GAS EXTRACTION) 2,151,262
---------------
SOUTH KOREA: 1.24%
11,153 NHN CORPORATION (BUSINESS SERVICES)+ 1,217,497
---------------
SPAIN: 5.86%
45,904 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,790,004
198,448 TELEFONICA SA (COMMUNICATIONS) 3,960,154
5,750,158
---------------
SWITZERLAND: 9.33%
48,989 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 1,746,441
123,553 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,176,684
4,910 ROCHE HOLDINGS AG BEARER SHARES (MEDICAL PRODUCTS) 700,504
18,455 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 2,532,435
9,156,064
---------------
TAIWAN: 1.29%
141,326 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC
& OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 1,264,868
---------------
UNITED KINGDOM: 10.47%
237,242 CADBURY PLC (FOOD & KINDRED PRODUCTS) 1,793,936
485,414 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 1,042,651
361,007 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 2,773,830
57,930 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 359,081
399,442 TESCO PLC (FOOD & KINDRED PRODUCTS) 1,910,839
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
UNITED KINGDOM (continued)
5,159 UNILEVER PLC (FOOD & KINDRED PRODUCTS) $ 97,563
625,590 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 2,293,429
10,271,329
---------------
USA: 2.53%
45,183 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 1,607,611
21,473 SCHLUMBERGER LIMITED (OIL & GAS EXTRACTION) 872,234
2,479,845
---------------
TOTAL COMMON STOCKS (COST $131,076,215) 94,702,241
---------------
COLLATERAL FOR SECURITIES LENDING: 8.73%
COLLATERAL INVESTED IN BUSINESS TRUSTS: 8.73%
8,494,090 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES A 8,494,090
57,600 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES B 46,080
34,066 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES C 30,145
8,570,315
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $8,585,756) 8,570,315
---------------
SHORT-TERM INVESTMENTS: 2.99%
2,929,321 Wells Fargo Advantage Money Market Trust~+++ 2,929,321
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,929,321) 2,929,321
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $142,591,292)* 108.21% $ 106,201,877
OTHER ASSETS AND LIABILITIES, NET (8.21) (8,059,235)
------ ---------------
TOTAL NET ASSETS 100.00% $ 98,142,642
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $2,929,321.
* Cost for federal income tax purposes is $143,538,766 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 1,088,898
Gross unrealized depreciation (38,344,234)
------------
Net unrealized appreciation (depreciation) $(37,255,336)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 96.43%
AUSTRALIA: 6.68%
3,440 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 35,784
12,135 ALUMINA LIMITED (METAL MINING) 10,801
6,753 AMCOR LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 20,896
15,387 AMP LIMITED (INSURANCE CARRIERS) 50,287
3,160 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 7,493
1,406 ASX LIMITED (BUSINESS SERVICES) 28,695
16,109 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY
INSTITUTIONS) 176,422
6,979 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 16,500
2,265 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,899
26,189 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 581,099
1,386 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR MATERIALS) 8,192
6,732 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,030
5,049 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS)<< 12,674
13,462 BRAMBLES LIMITED (BUSINESS SERVICES) 44,932
1,184 CALTEX AUSTRALIA LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 7,336
13,418 CFS GANDEL RETAIL TRUST (REAL ESTATE) 15,208
4,275 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 25,773
465 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,199
11,934 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 288,201
3,686 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 22,504
3,813 CROWN LIMITED (CASINO & GAMING) 16,836
4,748 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 107,267
10,818 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 9,027
26,541 DB RREEF TRUST (REAL ESTATE) 13,842
18,046 FAIRFAX MEDIA LIMITED (COMMUNICATIONS)<< 12,737
10,514 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 18,643
14,908 FOSTER'S GROUP LIMITED (FOOD & KINDRED PRODUCTS) 52,454
11,290 GOODMAN FIELDER LIMITED (DURABLE GOODS - CONSUMER) 8,204
34,125 GPT GROUP (REAL ESTATE) 10,322
4,224 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 7,549
13,077 INCITEC PIVOT LIMITED (CHEMICALS & ALLIED PRODUCTS) 19,277
14,573 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 35,467
3,720 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 10,864
1,241 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 16,655
3,177 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 14,337
2,337 LION NATHAN LIMITED (FOOD & KINDRED PRODUCTS) 13,130
16,677 MACQUAIRE OFFICE TRUST (REAL ESTATE) 1,971
6,299 MACQUARIE AIRPORTS (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 7,950
16,480 MACQUARIE GOODMAN GROUP (PROPERTIES) 3,724
2,193 MACQUARIE GROUP LIMITED (DEPOSITORY INSTITUTIONS)<< 41,249
20,203 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 20,651
5,969 METCASH LIMITED (WHOLESALE TRADE-DURABLE GOODS) 16,851
13,630 MIRVAC GROUP (REAL ESTATE) 8,056
14,730 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 205,875
3,751 NEWCREST MINING LIMITED (METAL MINING) 85,369
1,156 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 9,083
6,886 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 10,773
2,752 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 28,299
6,836 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 70,351
26,224 OZ MINERALS LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS)(a) 8,570
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
AUSTRALIA (continued)
294 PERPETUAL TRUSTEES AUSTRALIA LIMITED (BUSINESS SERVICES) $ 5,507
8,258 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 10,020
7,699 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 103,162
2,217 RIO TINTO LIMITED (METAL MINING) 87,208
4,712 SANTOS LIMITED (OIL & GAS EXTRACTION) 55,209
1,300 SIMS GROUP LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 15,186
3,010 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 23,170
8,488 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,371
11,957 STOCKLAND (REAL ESTATE) 25,691
8,896 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 37,115
4,551 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 20,570
9,046 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 17,424
34,648 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 77,337
5,125 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 22,275
9,438 TRANSURBAN GROUP (SOCIAL SERVICES) 30,649
7,965 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 104,394
1,240 WESFARMERS LIMITED - PRICE PROTECTED SHARES (MISCELLANEOUS
MANUFACTURING INDUSTRIES) 16,376
15,739 WESTFIELD GROUP (PROPERTIES) 109,441
21,807 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 289,477
3,851 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 102,024
9,645 WOOLWORTHS LIMITED (FOOD STORES) 167,734
1,225 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 15,333
3,619,981
---------------
AUSTRIA: 0.34%
1,562 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY
INSTITUTIONS)<< 26,460
1,280 OMV AG (OIL & GAS EXTRACTION) 42,855
492 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS)<< 13,864
407 STRABAG SE (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 7,998
2,677 TELEKOM AUSTRIA AG (COMMUNICATIONS) 40,546
633 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC,
GAS & SANITARY SERVICES)<< 24,044
897 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 11,739
310 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE CARRIERS) 8,909
715 WIENERBERGER AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 5,633
182,048
---------------
BELGIUM: 0.91%
2,600 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS)+ 10
1,311 BELGACOM SA (COMMUNICATIONS) 41,106
129 COLRUYT SA (FOOD STORES) 29,596
306 COMPAGNIE NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT
OFFICES) 14,205
778 DELHAIZE GROUP (FOOD STORES) 50,453
4,392 DEXIA SA (DEPOSITORY INSTITUTIONS) 15,172
17,333 FORTIS (DEPOSITORY INSTITUTIONS) 31,849
9,100 FORTIS - STRIP WHEN PRESENTED (DEPOSITORY INSTITUTIONS)+ 12
626 GROUPE BRUXELLES LAMBERT SA (INVESTMENTS & MISCELLANEOUS FINANCIAL
SERVICES) 42,550
5,673 INBEV NA (FOOD & KINDRED PRODUCTS) 156,359
1,369 KBC BANK VERZEKERINGS HOLDINGS (DEPOSITORY INSTITUTIONS) 22,172
260 MOBISTAR SA (COMMUNICATIONS) 16,426
475 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,290
782 UCB SA (CHEMICALS & ALLIED PRODUCTS) 23,055
1,019 UMICORE (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 18,825
495,080
---------------
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
BERMUDA: 0.00%
50 INDEPENDENT TANKERS CORPORATION LIMITED (WATER TRANSPORTATION)+ $ 22
---------------
DENMARK: 0.80%
9 A.P. MOLLER - MAERSK A/S (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY
PASS TRANSPORTATION) 39,491
512 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 21,005
182 COLOPLAST A/S (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,200
438 DANISCO A/S (FOOD & KINDRED PRODUCTS) 13,106
3,528 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 29,702
1,650 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 12,096
423 FLSMIDTH & COMPANY A/S (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 10,752
436 JYSKE BANK (BUSINESS SERVICES) 9,954
3,502 NOVO NORDISK A/S CLASS B (CHEMICALS & ALLIED PRODUCTS) 167,718
356 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 25,717
133 TOPDANMARK A/S (INSURANCE CARRIERS) 13,095
233 TRYGVESTA A/S (WHOLESALE TRADE-DURABLE GOODS) 11,782
1,348 VESTAS WIND SYSTEMS A/S (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 59,149
220 WILLIAM DEMANT HOLDING A/S (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 8,849
433,616
---------------
FINLAND: 1.22%
1,107 ELISA OYJ (COMMUNICATIONS) 16,164
3,442 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 65,623
538 KESKO OYJ (FOOD STORES) 11,172
1,259 KONE OYJ (BUSINESS SERVICES) 26,094
1,057 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT)<< 12,499
1,130 NESTE OIL OYJ LIMITED (OIL & GAS EXTRACTION) 15,040
29,676 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 350,117
900 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 10,570
1,000 OKO BANK (DEPOSITORY INSTITUTIONS) 5,899
1,353 ORIOLA-KD OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 3,056
776 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,238
1,038 OUTOKUMPU OYJ (METAL MINING) 11,253
600 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 9,614
3,320 SAMPO OYJ (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,050
720 SANOMAWSOY OYJ (MULTI MEDIA)<< 9,202
4,560 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 16,176
4,034 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS)<< 23,314
689 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 14,535
660,616
---------------
FRANCE: 9.90%
1,480 ACCOR SA (METAL MINING) 51,547
235 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,489
1,190 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 10,593
1,953 AIR LIQUIDE (CHEMICALS & ALLIED PRODUCTS) 158,908
17,984 ALCATEL SA (COMMUNICATIONS) 33,881
1,682 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 87,120
577 ATOS ORIGIN (BUSINESS SERVICES)+ 14,818
12,082 AXA SA (INSURANCE CARRIERS) 145,272
112 BIOMERIEUX (HEALTH SERVICES) 8,756
6,406 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 264,863
1,861 BOUYGUES SA (ENGINEERING CONSTRUCTION) 66,561
322 BUREAU VERITAS SA (ENVIRONMENTAL CONTROL) 12,193
1,113 CAP GEMINI SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 35,815
4,997 CARREFOUR SA (FOOD STORES) 195,188
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
FRANCE (continued)
339 CASINO GUICHARD-PERRACHON SA (FOOD STORES) $ 22,078
425 CHRISTIAN DIOR SA (CHEMICALS & ALLIED PRODUCTS) 23,306
316 CNP ASSURANCES (INSURANCE AGENTS, BROKERS & SERVICE) 19,942
2,862 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 80,308
1,111 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING, ANALYZING
& CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 12,913
1,125 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER &
MISCELLANEOUS PLASTICS PRODUCTS) 41,746
6,910 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 76,310
502 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 19,515
295 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 13,730
1,555 ELECTRICITE DE FRANCE SA (ELECTRIC, GAS & SANITARY SERVICES) 61,019
41 ERAMET (METAL MINING) 9,019
1,563 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING,
ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 60,429
202 EURAZEO SA (HOLDING & OTHER INVESTMENT OFFICES) 5,424
686 EUTELSAT COMMUNICATIONS (COMMUNICATIONS)+ 14,583
14,281 FRANCE TELECOM SA (COMMUNICATIONS) 325,400
8,552 GAZ DE FRANCE (GAS DISTRIBUTION) 293,721
1,715 GAZ DE FRANCE SA (ELECTRIC, GAS & SANITARY SERVICES)+ 2
128 GECINA SA (REAL ESTATE) 4,911
3,440 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 167,551
430 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 50,023
170 ICADE (REAL ESTATE) 12,041
135 ILIAD SA (BUSINESS SERVICES) 12,591
253 IMERYS SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,262
205 IPSEN (CHEMICALS & ALLIED PRODUCTS) 7,896
580 JCDECAUX SA (BUSINESS SERVICES) 6,565
703 KLEPIERRE (REAL ESTATE) 12,371
1,898 L'OREAL SA (APPAREL & ACCESSORY STORES) 130,624
984 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 44,306
916 LAGARDERE SCA (COMMUNICATIONS) 25,721
763 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,265
1,929 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 121,198
502 M6 METROPOLE TELEVISION (COMMUNICATIONS) 8,197
8,342 NATIXIS (DEPOSITORY INSTITUTIONS) 14,175
243 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 18,856
1 NYSE EURONEXT (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 18
1,004 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 8,493
1,278 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 71,249
1,187 PEUGEOT SA (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 22,457
589 PPR SA (APPAREL & ACCESSORY STORES) 37,781
1,043 PUBLICIS GROUPE (COMMUNICATIONS) 26,772
1,486 RENAULT SA (TRANSPORTATION EQUIPMENT) 30,572
1,539 SAFRAN SA (NATIONAL SECURITY & INTERNATIONAL AFFAIRS) 14,333
8,209 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 462,218
1,754 SCHNEIDER ELECTRIC SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 116,775
1,437 SCOR REGROUPE (INSURANCE CARRIERS) 29,583
211 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,371
197 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (TRANSPORTATION SERVICES) 12,561
3,671 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 143,880
975 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) 7,644
733 SODEXHO ALLIANCE SA (FOOD & KINDRED PRODUCTS) 33,428
2,159 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 31,768
850 TECHNIP SA (OIL & GAS EXTRACTION) 30,051
733 THALES SA (TRANSPORTATION BY AIR) 27,794
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
FRANCE (continued)
16,592 TOTAL SA (OIL & GAS EXTRACTION) $ 825,004
56 TOTAL SA CLASS B (OIL & GAS EXTRACTION) 2,784
646 UNIBAIL (REAL ESTATE) 91,518
577 VALEO SA (TRANSPORTATION EQUIPMENT) 8,436
411 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 38,120
2,928 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 61,153
3,320 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 123,308
9,128 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 241,640
219 WENDEL INVESTISSEMENT (HOLDING & OTHER INVESTMENT OFFICES) 5,790
340 ZODIAC SA (TRANSPORTATION BY AIR) 8,623
5,361,126
---------------
GERMANY: 7.66%
4 A.P. MOLLER-MAERSK A/S (WATER TRANSPORTATION) 17,337
1,538 ADIDAS-SALOMON AG (APPAREL & ACCESSORY STORES) 51,207
3,535 ALLIANZ SE (INSURANCE CARRIERS) 297,108
7,204 BASF AG (CHEMICALS & ALLIED PRODUCTS) 218,129
5,960 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 285,065
2,569 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 74,373
684 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 30,707
725 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 13,370
5,805 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 31,004
6,774 DAIMLER AG (TRANSPORTATION EQUIPMENT) 171,719
4,271 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS)<< 171,936
1,513 DEUTSCHE BOERSE AG (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 91,222
1,881 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 20,418
6,566 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 70,743
748 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 11,876
22,106 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 274,611
14,834 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 412,105
290 FRAPORT AG (TRANSPORTATION SERVICES) 9,336
645 FRESENIUS AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,616
1,481 FRESENIUS MEDICAL CARE AG (HEALTH SERVICES) 57,574
241 FRESENIUS SE (HEALTH SERVICES) 9,142
1,282 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 13,677
202 HAMBURGER HAFEN UND LOGISTIK AG (TRANSPORTATION SERVICES) 4,992
478 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,242
220 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,211
1,008 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 25,445
1,382 HENKEL KGAA VORZUG (CHEMICALS & ALLIED PRODUCTS) 37,604
358 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 13,560
1,152 K+S AG (CHEMICALS & ALLIED PRODUCTS) 53,462
1,062 LINDE AG (ELECTRIC, GAS & SANITARY SERVICES) 72,214
820 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 35,734
501 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 44,304
880 METRO AG (FOOD STORES) 29,054
1,611 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 196,487
679 PORSCHE AG (TRANSPORTATION EQUIPMENT) 31,917
52 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 7,895
516 Q-CELLS AG (ELECTRIC, GAS & SANITARY SERVICES)<<+ 10,064
3,473 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 243,678
321 SALZGITTER AG (STEEL PRODUCERS, PRODUCTS) 17,946
6,696 SAP AG (BUSINESS SERVICES) 237,354
6,777 SIEMENS AG (WHOLESALE TRADE NON-DURABLE GOODS) 387,260
714 SOLARWORLD AG (ENERGY) 14,628
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
GERMANY (continued)
538 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) $ 10,372
2,794 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 48,889
1,748 TUI AG (TRANSPORTATION BY AIR) 9,336
997 UNITED INTERNET AG (COMMUNICATIONS) 8,332
690 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 212,041
124 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 10,302
4,147,598
---------------
GREECE: 0.48%
3,119 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 20,637
1,395 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 20,017
2,693 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS) 15,528
920 HELLENIC PETROLEUM SA (OIL & GAS EXTRACTION) 8,764
2,090 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 31,211
4,638 MARFIN INVESTMENT GROUP SA (HOLDING & OTHER INVESTMENT OFFICES) 16,761
3,854 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 58,418
1,730 OPAP SA (AMUSEMENT & RECREATION SERVICES) 45,556
2,442 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS) 16,222
850 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 15,359
490 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 10,416
258,889
---------------
HONG KONG: 2.30%
1,500 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 5,254
12,281 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 23,705
30,500 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 31,206
11,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 10,928
11,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 94,735
4,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (HEAVY CONSTRUCTION
OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 15,999
8,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) 9,821
16,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 109,927
8,500 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 43,319
17,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (MISCELLANEOUS
MANUFACTURING INDUSTRIES)+ 7,194
20,000 GENTING INTERNATIONAL PLC (REAL ESTATE)<< 6,904
7,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,314
17,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 39,919
5,900 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 59,414
8,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 30,449
31,220 HONG KONG & CHINA GAS COMPANY LIMITED (OIL & GAS EXTRACTION) 49,223
400 HONG KONG AIRCRAFT ENGINEERING (ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES) 3,442
8,000 HONG KONG EXCHANGES & CLEARING LIMITED (BUSINESS SERVICES) 75,555
11,000 HONGKONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY
SERVICES) 65,285
500 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED (HEAVY CONSTRUCTION OTHER
THAN BUILDING CONSTRUCTION CONTRACTS) 282
5,000 HOPEWELL HOLDINGS (REAL ESTATE) 13,128
14,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED
(TELECOMMUNICATIONS)+ 4,371
17,000 HUTCHISON WHAMPOA (DIVERSIFIED OPERATIONS) 83,348
5,504 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 9,303
5,476 KERRY PROPERTIES LIMITED (REAL ESTATE) 13,212
4,000 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS & ALLIED PRODUCTS) 8,206
18,200 LI & FUNG LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 42,737
6,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL MERCHANDISE
STORES) 4,800
17,406 LINK REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 34,405
16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS) 4,624
11,685 MTR CORPORATION (RAILROAD TRANSPORTATION) 28,102
19,088 NEW WORLD DEVELOPMENT COMPANY LIMITED (BUILDING
CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 19,037
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HONG KONG (continued)
12,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 10,015
6,234 NWS HOLDINGS LIMITED (BUSINESS SERVICES) 8,397
2,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 5,478
13,000 PACIFIC BASIN SHIPPING LIMITED (WATER TRANSPORTATION) 5,921
32,000 PCCW LIMITED (COMMUNICATIONS) 16,432
10,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER
LODGE PLACES) 11,354
13,745 SINO LAND COMPANY (REAL ESTATE) 13,744
11,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 98,496
6,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 43,358
2,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) 6,387
10,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) 26,375
7,000 WHEELOCK & COMPANY (REAL ESTATE) 11,777
1,500 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,190
5,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & ACCESSORY STORES) 12,532
1,246,604
---------------
IRELAND: 0.37%
6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0
4,191 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 90,305
3,683 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 25,836
7,947 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 49,801
1,101 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,308
480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 11,093
199,343
---------------
ITALY: 3.26%
777 ACEA SPA (ELECTRIC, GAS & SANITARY SERVICES) 9,291
10,678 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 16,216
3,477 ALLEANZA ASSICURAZIONI SPA (INSURANCE CARRIERS) 19,610
8,329 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 142,754
2,066 ATLANTIA SPA (SOCIAL SERVICES) 31,237
776 AUTOGRILL SPA (EATING & DRINKING PLACES) 4,475
6,191 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 20,317
20,675 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 28,623
3,398 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 16,930
5,135 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS)+ 23,605
1,307 BULGARI SPA (APPAREL & ACCESSORY STORES) 5,748
34,103 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 163,680
20,316 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 394,622
664 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,694
5,508 FIAT SPA (TRANSPORTATION EQUIPMENT)<< 38,566
3,142 FINMECCANICA SPA (TRANSPORTATION BY AIR) 39,113
563 FONDIARIA SAI SPA (INSURANCE-MULTI LINE) 6,582
60,660 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 167,029
7,548 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS) 14,210
820 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 8,302
506 ITALCEMENTI SPA RNC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 2,669
550 LOTTOMATICA SPA (AMUSEMENT & RECREATION SERVICES) 9,046
1,183 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 18,374
5,957 MEDIASET SPA (COMMUNICATIONS) 26,573
3,818 MEDIOBANCA SPA (DEPOSITORY INSTITUTIONS) 32,414
2,004 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,923
13,018 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 26,826
23,782 PIRELLI & COMPANY SPA (TRANSPORTATION EQUIPMENT) 5,555
856 PRYSMIAN SPA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 8,530
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ITALY (continued)
2,054 SAIPEM SPA (OIL & GAS EXTRACTION) $ 36,568
2,760 SARAS SPA (OIL & GAS EXTRACTION) 7,231
6,072 SNAM RETE GAS SPA (OIL & GAS EXTRACTION) 32,592
46,756 TELECOM ITALIA RNC SPA (COMMUNICATIONS) 47,615
79,040 TELECOM ITALIA SPA (COMMUNICATIONS) 101,967
9,861 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,723
92,177 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS)<< 152,104
4,711 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 51,919
7,366 UNIPOL PREFERRED (INSURANCE COMPANIES) 4,365
5,279 UNIPOL SPA (INSURANCE CARRIERS) 4,678
1,764,276
---------------
JAPAN: 23.48%
3,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 14,760
200 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,823
420 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS)<< 11,796
1,200 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 17,712
5,000 AEON COMPANY LIMITED (MISCELLANEOUS RETAIL) 32,530
700 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT
INSTITUTIONS) 6,322
500 AEON MALL COMPANY LIMITED (REAL ESTATE) 6,339
4,000 AIOI INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 15,356
1,600 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 24,990
5,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 35,106
200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 7,233
5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 19,498
1,500 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 5,107
3,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 15,699
5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 5,455
3,000 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 35,642
8,000 ASAHI GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 41,946
9,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 32,278
1,000 ASICS CORPORATION (FOOTWEAR) 6,850
3,700 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 112,886
2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 16,811
10,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 42,229
600 BENESSE CORPORATION (EDUCATIONAL SERVICES) 21,943
4,800 BRIDGESTONE CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 68,326
1,900 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 13,878
8,300 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 236,460
600 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 8,401
1,900 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY
& COMPUTER EQUIPMENT) 13,302
12 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 67,162
6,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 29,398
5,200 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 113,997
1,700 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED
PRODUCTS) 28,509
7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 18
2,800 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 11,315
500 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 7,961
4,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 12,042
1,300 CREDIT SAISON COMPANY LIMITED (MISCELLANEOUS RETAIL) 12,542
5,000 DAI NIPPON PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED
INDUSTRIES) 45,411
2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,132
3,000 DAIDO STEEL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 7,365
1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 7,769
5,300 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 88,240
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ---------- -------------------------------------------------------------------- ---------------
JAPAN (continued)
2,000 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) $ 54,150
5,000 DAINIPPON INK & CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 7,274
1,000 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED
(CHEMICALS & ALLIED PRODUCTS) 8,264
600 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 20,003
4,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 32,005
10,000 DAIWA SECURITIES GROUP INCORPORATED
(HOLDING & OTHER INVESTMENT OFFICES) 43,239
2 DENA COMPANY LIMITED (BUSINESS SERVICES) 6,486
4,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 7,153
3,800 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 74,937
1,500 DENTSU INCORPORATED (BUSINESS SERVICES) 22,670
2,000 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS)(a) 7,415
2,700 EAST JAPAN RAILWAY COMPANY (RAILROADS) 139,930
2,000 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 58,191
1,080 ELECTRIC POWER DEVELOPMENT COMPANY LIMITED
(ELECTRIC, GAS & SANITARY SERVICES) 31,859
900 ELPIDA MEMORY INCORPORATED
(INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 6,183
500 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 15,154
1,500 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 100,470
400 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 45,138
4,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (BUILDING MATERIALS,
HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 4,688
5,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 16,265
4 FUJI TELEVISION NETWORK INCORPORATED (COMMUNICATIONS) 4,453
3,800 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 81,578
15,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 55,311
6,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 18,124
5,000 FURUKAWA ELECTRIC COMPANY LIMITED (MEASURING, ANALYZING &
CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 14,043
7 GOODWILL GROUP INCORPORATED (PRINTING, PUBLISHING & ALLIED
INDUSTRIES) 29
3,000 GUNMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 16,063
200 HAKUHODO DY HOLDINGS INCORPORATED (CONSUMER SERVICES) 8,527
9,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 44,255
11,500 HASEKO CORPORATION (RESIDENTIAL) 5,344
200 HIKARI TSUSHIN INCORPORATED (MISCELLANEOUS RETAIL) 3,728
2,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,344
200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 19,114
500 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED
(CHEMICALS & ALLIED PRODUCTS) 15,356
900 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 10,711
900 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL &
COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,538
600 HITACHI HIGH-TECHNOLOGIES CORPORATION (MACHINERY) 8,383
26,000 HITACHI LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 69,869
1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 6,961
1,500 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 30,005
10,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 18,084
1,400 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 33,520
12,900 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 301,697
3,200 HOYA CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 62,393
1,100 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 26,282
200 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 14,911
6 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 41,400
2,760 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,107
11,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED
(MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,446
11,000 ISUZU MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 13,224
500 ITO EN LIMITED (EATING & DRINKING PLACES) 6,087
12,000 ITOCHU CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 57,948
200 ITOCHU TECHNO-SCIENCE CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY
& COMPUTER EQUIPMENT) 4,112
3,800 J FRONT RETAILING COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 13,052
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ---------- -------------------------------------------------------------------- ---------------
JAPAN (continued)
300 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) $ 5,289
7,000 JAPAN AIRLINES CORPORATION (TRANSPORTATION BY AIR) 14,144
200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 8,021
5 JAPAN PRIME REALTY INVESTMENT CORPORATION
(REAL ESTATE INVESTMENT TRUSTS (REITS)) 9,183
3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE INVESTMENT
TRUSTS (REITS)) 22,913
3 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE INVESTMENT
TRUSTS (REITS)) 11,396
3,000 JAPAN STEEL WORKS (MACHINERY) 28,035
35 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 92,605
4,100 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 88,847
2,000 JGC CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 22,549
5,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 22,933
1,500 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 17,351
1,600 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,056
21 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 13,960
7,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 17,114
2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 13,234
2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 9,779
6,000 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 129,717
2,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 11,052
4,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 77,547
12,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 23,761
5,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,406
23 KDDI CORPORATION (COMMUNICATIONS) 107,350
3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED
(RAILROAD TRANSPORTATION) 21,579
5,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 28,287
2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 9,961
330 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 61,676
1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 8,304
1,000 KINDEN CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 8,082
13,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 53,847
6,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 63,161
22,000 KOBE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 28,004
7,000 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 75,668
800 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 11,945
3,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING &
CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,631
9,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 48,644
2,500 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 21,089
900 KURITA WATER INDUSTRIES LIMITED (ADMINISTRATION OF ENVIRONMENTAL
QUALITY & HOUSING PROGRAMS) 17,212
1,300 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 85,104
2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,710
3,000 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 66,980
500 LAWSON INCORPORATED (GENERAL MERCHANDISE STORES) 20,609
1,100 LEOPALACE 21 CORPORATION (REAL ESTATE) 6,468
200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 8,062
1,000 MAKITA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 22,226
13,000 MARUBENI CORPORATION (BUSINESS SERVICES) 40,057
2,000 MARUI COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,567
300 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 6,395
1,000 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS &
SERVICE) 6,486
14,500 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE,
FURNISHINGS & EQUIPMENT STORES) 156,594
3,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY & MOBILE HOME DEALERS) 21,700
8,000 MAZDA MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 13,255
1,200 MEDICEO PALTAC HOLDINGS COMPANY LIMITED
(WHOLESALE TRADE NON-DURABLE GOODS) 12,741
2,000 MEIJI DAIRIES CORPORATION (FOOD & KINDRED PRODUCTS)(a) 7,917
5,400 MILLEA HOLDINGS INCORPORATED (INSURANCE CARRIERS) 130,656
3,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,850
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ---------- -------------------------------------------------------------------- ---------------
JAPAN (continued)
10,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION
(CHEMICALS & ALLIED PRODUCTS) $ 33,945
10,700 MITSUBISHI CORPORATION (BUSINESS SERVICES) 138,905
15,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 66,828
9,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 100,197
3,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED
PRODUCTS) 12,729
25,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 75,264
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 9,648
9,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC
MINERALS, EXCEPT FUELS) 24,095
28,000 MITSUBISHI MOTORS CORPORATION (TRANSPORTATION EQUIPMENT)<< 35,359
4,000 MITSUBISHI RAYON COMPANY LIMITED (TEXTILE MILL PRODUCTS) 7,638
85,770 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY
INSTITUTIONS) 412,452
470 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT
INSTITUTIONS) 9,781
14,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 139,455
5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,073
6,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED
(TRANSPORTATION EQUIPMENT) 9,941
7,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 75,456
5,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,183
9,000 MITSUI O.S.K. LINES LIMITED (WATER TRANSPORTATION) 43,734
3,000 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED
(INSURANCE CARRIERS) 68,950
8,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 24,246
700 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,971
74,200 MIZUHO FINANCIAL GROUP INCORPORATED (BANKING)<< 140,926
12,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 11,032
1,700 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 64,919
1,600 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 15,889
15,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 40,006
300 NEC ELECTRONICS CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,812
2,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 30,409
1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 8,415
1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 3,566
800 NIDEC CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 35,561
3,000 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 33,520
800 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 229,934
4 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE INVESTMENT TRUSTS
(REITS)) 34,187
3,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS
MANUFACTURING INDUSTRIES) 20,791
6,000 NIPPON EXPRESS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 18,669
1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 10,355
7,000 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 27,580
10,000 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 49,199
700 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 16,902
5,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY & MOBILE HOME DEALERS) 12,224
40,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 106,279
4,100 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 154,498
9,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 34,278
5,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 28,590
6,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,850
1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,294
17,500 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 61,878
1,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 3,799
1,500 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 15,957
6,000 NISSHIN STEEL COMPANY LIMITED (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT) 10,002
1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 9,375
700 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 20,508
300 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 16,730
1,300 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 26,332
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ---------- -------------------------------------------------------------------- ---------------
JAPAN (continued)
900 NOK CORPORATION (TRANSPORTATION EQUIPMENT) $ 7,610
19,700 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 98,515
400 NOMURA REAL ESTATE HOLDINGS INCORPORATED (REAL ESTATE) 6,001
2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE INVESTMENT TRUSTS
(REITS)) 11,052
900 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY
& COMPUTER EQUIPMENT) 13,911
3,000 NSK LIMITED (PRIMARY METAL INDUSTRIES) 11,426
3,000 NTN CORPORATION (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 8,395
10 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 26,994
123 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 166,137
9 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 7,165
5,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 24,145
60 OBIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 7,456
5,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 38,592
7,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 28,287
2,000 OLYMPUS CORPORATION (GENERAL MERCHANDISE STORES) 31,924
1,700 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 19,871
800 ONO PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 34,834
1,000 ONWARD KASHIYAMA COMPANY LIMITED (APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR MATERIALS) 6,486
300 ORACLE CORPORATION JAPAN (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 11,274
400 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 25,378
720 ORIX CORPORATION (MISCELLANEOUS RETAIL) 23,058
15,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 46,674
100 OTSUKA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 3,698
500 PROMISE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 7,789
54 RAKUTEN INCORPORATED (COMMUNICATIONS) 25,749
4,000 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS)<< 52,937
5,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 58,746
800 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 39,521
400 SANKYO COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 17,255
600 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 16,609
14,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 20,650
2,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,971
2,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 7,536
136 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 14,016
1,600 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 58,676
1,600 SEGA SAMMY HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 13,950
1,100 SEIKO EPSON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 14,802
3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 14,851
3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 22,549
6,420 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 140,094
4 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 10,604
8,000 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)<< 62,717
1,400 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 37,268
2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,709
200 SHIMAMURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,628
500 SHIMANO INCORPORATED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 14,977
5,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 20,660
3,200 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 154,205
600 SHINKO ELECTRIC INDUSTRIES (ELECT COMPONENTS-SEMICONDUCTORS) 5,686
4,000 SHINKO SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 7,718
13,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,002
2,000 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 34,025
3,000 SHISEIDO COMPANY LIMITED (APPAREL & ACCESSORY STORES) 43,491
5,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 44,653
10,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 12,224
1,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 13,578
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
JAPAN (continued)
400 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) $ 38,188
5,900 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 74,864
10,500 SOJITZ HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 12,411
7,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 35,712
7,900 SONY CORPORATION (ELECTRONIC) 159,461
7 SONY FINANCIAL HOLDINGS INCORPORATED (INSURANCE - LIFE) 18,599
500 SQUARE ENIX COMPANY LIMITED (BUSINESS SERVICES) 9,390
1,200 STANLEY ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL
MACHINERY & COMPUTER EQUIPMENT) 13,263
1,000 SUMCO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 14,568
12,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 40,370
8,800 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 74,945
5,800 SUMITOMO ELECTRIC INDUSTRIES LIMITED (MEASURING, ANALYZING &
CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 48,106
5,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL
MACHINERY & COMPUTER EQUIPMENT) 16,417
30,000 SUMITOMO METAL INDUSTRIES LIMITED (FABRICATED METAL PRODUCTS,
EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 59,706
4,000 SUMITOMO METAL MINING COMPANY LIMITED (MINING & QUARRYING OF
NONMETALLIC MINERALS, EXCEPT FUELS) 38,026
5,200 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (DEPOSITORY
INSTITUTIONS) 179,138
3,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 32,823
1,500 SUMITOMO RUBBER INDUSTRIES LIMITED (TRANSPORTATION EQUIPMENT) 9,941
100 SUMITOMO TITANIUM (NON-FERROUS METALS) 2,576
11,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY
INSTITUTIONS) 41,451
2,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 16,366
600 SUZUKEN COMPANY LIMITED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 15,608
2,700 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 44,434
1,600 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 38,066
7,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE
PRODUCTS) 10,183
8,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 15,194
1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (MEASURING, ANALYZING &
CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 18,467
2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,951
2,000 TAKASHIMAYA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 11,416
6,400 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED
PRODUCTS) 219,831
880 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 4,098
2,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 19,619
1,000 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 36,874
7,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 15,063
1,300 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 47,674
1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,709
2,200 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 47,563
3,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,306
4,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 15,154
2,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 20,104
1,000 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 13,356
6,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 30,247
1,000 TOHO COMPANY LIMITED TOKYO (MOTION PICTURES) 13,891
4,000 TOHO GAS COMPANY LIMITED (PETROLEUM REFINING & RELATED
INDUSTRIES) 18,265
3,400 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 74,365
2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,628
300 TOKYO BROADCASTING SYSTEM INCORPORATED (COMMUNICATIONS) 3,922
9,500 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 236,096
1,300 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 47,805
18,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 62,737
900 TOKYO STEEL MANUFACTURING COMPANY LIMITED (FURNITURE & FIXTURES) 8,938
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS &
SERVICE) 5,112
9,000 TOKYU CORPORATION (TRANSPORTATION SERVICES) 37,460
4,000 TOKYU LAND CORPORATION (REAL ESTATE) 10,911
2,000 TONENGENERAL SEKIYU KK (OIL & GAS EXTRACTION) 19,457
4,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED
INDUSTRIES) 27,034
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
JAPAN (continued)
10,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) $ 39,905
24,000 TOSHIBA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 61,585
4,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,516
2,100 TOSTEM INAX HOLDING CORPORATION (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 23,464
2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 9,941
1,300 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE
PRODUCTS) 18,833
1,000 TOYO SUISAN KAISHA LIMITED (FOOD & KINDRED PRODUCTS) 20,458
500 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 7,491
500 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,107
1,400 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 29,631
21,500 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 677,678
1,700 TOYOTA TSUSHO CORPORATION (BUSINESS SERVICES) 16,247
1,000 TREND MICRO INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 27,984
500 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 12,881
8,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 14,386
300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 18,185
1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 7,759
1,000 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 13,982
210 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 9,123
13 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 40,976
115 YAHOO JAPAN CORPORATION (BUSINESS SERVICES) 30,056
800 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 14,176
670 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS &
EQUIPMENT STORES) 26,127
2,000 YAMAGUCHI FINANCIAL GROUP (DEPOSITORY INSTITUTIONS) 18,730
1,400 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 13,535
1,700 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 15,028
300 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,365
3,000 YAMATO TRANSPORT COMPANY LIMITED (TRANSPORTATION SERVICES) 28,095
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 10,668
2,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 8,587
1,700 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 6,767
12,716,691
---------------
KAZAKHSTAN: 0.03%
2,635 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 17,061
---------------
LUXEMBOURG: 0.44%
6,784 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 137,677
548 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS)+ 20,602
2,196 SES FDR (COMMUNICATIONS) 41,955
3,798 TENARIS SA (PRIMARY METAL INDUSTRIES) 38,653
238,887
---------------
NETHERLANDS: 3.20%
10,857 AEGON NV (INSURANCE CARRIERS) 42,178
1,839 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 69,622
3,346 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 59,353
465 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 9,347
372 CORIO NV (REAL ESTATE INVESTMENT TRUSTS (REITS)) 15,391
2,529 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (TRANSPORTATION BY
AIR)<< 29,434
472 FUGRO NV (OIL FIELD SERVICES) 15,019
855 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 20,777
1,901 HEINEKEN NV (EATING & DRINKING PLACES) 54,049
15,327 ING GROEP NV (FINANCIAL SERVICES) 84,509
13,744 KONINKLIJKE (ROYAL) KPN NV (COMMUNICATIONS) 183,699
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
NETHERLANDS (continued)
7,659 KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)<< $ 112,748
9,387 KONINKLIJKE AHOLD NV (FOOD STORES) 102,893
1,056 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS)<< 27,801
1,520 QIAGEN NV (HEALTH SERVICES)+ 24,315
807 RANDSTAD HOLDINGS NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 13,702
4,869 REED ELSEVIER NV (COMMUNICATIONS) 52,166
20,581 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED
INDUSTRIES) 462,934
1,167 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 15,551
1,036 SNS REAAL (DEPOSITORY INSTITUTIONS) 3,653
2,809 TNT NV (TRANSPORTATION SERVICES) 48,069
12,712 UNILEVER NV (FOOD & KINDRED PRODUCTS) 250,805
2,116 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,326
1,732,341
---------------
NEW ZEALAND: 0.10%
7,762 AUCKLAND INTERNATIONAL AIRPORT LIMITED (CONSTRUCTION SPECIAL
TRADE CONTRACTORS) 7,572
2,518 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 8,217
4,149 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 14,202
4,301 SKY CITY ENTERTAINMENT GROUP LIMITED (HOTELS, ROOMING HOUSES,
CAMPS & OTHER LODGE PLACES) 6,895
14,268 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 18,559
55,445
---------------
NORWAY: 0.71%
1,346 AKER KVAERNER ASA (ENGINEERING CONSTRUCTION) 8,723
5,814 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 26,171
450 FRONTLINE LIMITED (WATER TRANSPORTATION) 8,035
5,627 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 21,268
6,433 ORKLA ASA (MISCELLANEOUS RETAIL) 44,226
1,176 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY
SERVICES)+ 10,202
2,168 SEADRILL LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 21,099
10,103 STATOILHYDRO ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 178,746
6,493 TELENOR ASA (COMMUNICATIONS) 37,198
1,400 YARA INTERNATIONAL ASA (AGRICULTURAL SERVICES) 30,676
386,344
---------------
PORTUGAL: 0.32%
2,592 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 5,180
18,212 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS)<< 14,953
1,982 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS)<< 7,714
2,341 BRISA-AUTO ESTRADAS DE PORTUGAL SA (CONSTRUCTION) 16,173
2,170 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE
PRODUCTS)<< 10,800
14,185 ENERGIAS DE PORTUGAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 49,245
1,504 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 17,944
1,835 JERONIMO MARTINS (WHOLESALE TRADE NON-DURABLE GOODS) 9,040
4,934 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 38,218
1,368 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA
(COMMUNICATIONS) 7,290
176,557
---------------
SINGAPORE: 1.12%
11,000 ASCENDAS REIT (REAL ESTATE INVESTMENT TRUSTS (REITS)) 8,823
21,000 CAPITALAND LIMITED (REAL ESTATE) 32,171
17,670 CAPITAMALL TRUST (REAL ESTATE INVESTMENT TRUSTS (REITS)) 15,335
4,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 13,413
16,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 14,307
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SINGAPORE (continued)
7,000 COSCO CORPORATION SINGAPORE LIMITED (WATER TRANSPORTATION) $ 3,774
13,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 75,002
8,000 FRASER & NEAVE LIMITED (MULTI-INDUSTRY COMPANIES) 13,307
41,600 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 7,522
1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE NON-DURABLE
GOODS) 8,734
40 K-REIT ASIA (REAL ESTATE INVESTMENT TRUSTS (REITS)) 16
10,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 32,940
4,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION)<< 3,103
9,500 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 9,119
19,200 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY
INSTITUTIONS) 61,099
8,140 PARKWAY HOLDINGS LIMITED (HEALTH SERVICES) 6,208
7,980 SEMBCORP INDUSTRIES LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 12,330
7,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT)<< 8,330
4,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 30,244
7,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 23,472
12,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED
INDUSTRIES) 19,961
11,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (BUILDING
CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,792
63,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 104,796
10,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 63,907
4,000 UOL GROUP LIMITED (REAL ESTATE) 4,918
7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 14,591
605,214
---------------
SPAIN: 4.18%
2,081 ABERTIS INFRAESTRUCTURAS SA (SOCIAL SERVICES) 32,535
223 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 22,947
1,238 ACERINOX SA (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 14,392
1,431 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (HEAVY CONSTRUCTION
OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 59,394
27,785 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS)<< 225,552
7,123 BANCO DE SABADELL SA (DEPOSITORY INSTITUTIONS)<< 35,773
1,819 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS) 15,105
6,130 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS)<< 38,848
63,518 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 437,983
2,059 BANKINTER SA (DEPOSITORY INSTITUTIONS)<< 21,803
1,892 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA
(TRANSPORTATION SERVICES)<< 8,471
6,523 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 21,060
1,808 EDP RENOVAVEIS SA (ELECTRIC, GAS & SANITARY SERVICES)+ 14,771
1,492 ENAGAS SA (ELECTRIC, GAS & SANITARY SERVICES) 21,151
381 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION
OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 11,668
1,540 GAMESA CORPORATION TECNOLOGICA SA (ELECTRIC, GAS & SANITARY
SERVICES) 19,765
919 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES)<< 12,564
919 GAS NATURAL SDG SA I-09 (ELECTRIC, GAS & SANITARY SERVICES)+(a) 12,564
861 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 5,971
1,089 GRIFOLS SA (HEALTH SERVICES) 15,698
556 GRUPO FERROVIAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 11,864
6,916 IBERDROLA RENOVABLES (PIPELINES)<<+ 28,669
27,325 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 191,686
4,151 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,714
768 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 14,816
1,693 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 66,018
5,645 MAPFRE SA (INSURANCE CARRIERS) 12,375
257 MAPFRE SA I-09 (INSURANCE CARRIERS)+(a) 562
840 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 32,811
5,769 REPSOL YPF SA (OIL & GAS EXTRACTION) 99,871
604 SACYR VALLEHERMOSO SA (REAL ESTATE) 4,651
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SPAIN (continued)
33,044 TELEFONICA SA (COMMUNICATIONS) $ 659,414
2,837 UNION FENOSA SA (ELECTRIC, GAS & SANITARY SERVICES) 67,846
1,053 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 19,272
2,266,584
---------------
SWAZILAND: 0.02%
138 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 9,941
---------------
SWEDEN: 2.09%
2,868 ALFA LAVAL AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 21,721
2,487 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY
& TRANSPORTATION EQUIPMENT) 23,298
5,210 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 39,141
3,194 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 21,761
1,986 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,585
1,592 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 15,447
4,030 HENNES & MAURITZ AB CLASS B (APPAREL & OTHER FINISHED PRODUCTS
MADE FROM FABRICS & SIMILAR MATERIALS) 151,504
431 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 7,171
1,115 HUSQVARNA AB (COMMUNICATIONS)+(a) 4,477
1 HUSQVARNA AB A SHARES (MACHINERY) 3
2,230 HUSQVARNA AB B SHARES (MACHINERY) 9,035
3,600 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 45,663
1,930 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 10,496
532 METRO INTERNATIONAL SA A SHARES (PRINTING, PUBLISHING & ALLIED
INDUSTRIES)+ 56
433 MODERN TIMES GROUP MTG B SHARES (MEDIA) 7,388
16,359 NORDEA AB (DEPOSITORY INSTITUTIONS) 81,602
7,824 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 44,834
2,492 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 20,313
2,507 SECURITAS AB (BUSINESS SERVICES) 18,301
8,826 SKANDINAVISKA ENSKILDA BANKEN AB (DEPOSITORY INSTITUTIONS)+ 27,276
4,012 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 12,642
2,840 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 24,532
3,040 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 26,352
1,592 SSAB SVENSKT STAL AB A SHARES (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT) 13,558
675 SSAB SVENSKT STAL AB B SHARES (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT) 5,359
4,377 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 33,283
3,514 SVENSKA HANDELSBANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 49,807
3,000 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 10,037
2,125 SWEDISH MATCH AB (TOBACCO PRODUCTS) 30,766
2,496 TELE2 AB (COMMUNICATIONS) 21,105
23,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 193,706
17,411 TELIASONERA AB (COMMUNICATIONS) 83,884
3,700 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 19,717
8,395 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 44,634
1,134,454
---------------
SWITZERLAND: 7.93%
17,170 ABB LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 239,683
766 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS) 34,959
955 ADECCO SA (BUSINESS SERVICES) 29,851
658 ARYZTA AG (FOOD & KINDRED PRODUCTS)+ 15,723
388 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 24,832
4,050 COMPAGNIE FINANCIERE RICHEMONT SA (CONSULTING SERVICES) 63,260
8,337 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 253,853
383 EFG INTERNATIONAL (DEPOSITORY INSTITUTIONS) 2,857
326 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 29,298
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SWITZERLAND (continued)
51 GIVAUDAN (CHEMICALS & ALLIED PRODUCTS) $ 26,434
1,534 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 54,687
1,637 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 40,267
444 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 25,919
8 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 25,624
1,412 LOGITECH INTERNATIONAL SA (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT)+ 14,625
383 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 37,852
29,888 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,010,358
979 NOBEL BIOCARE HOLDING AG (MEDICAL PRODUCTS) 16,702
18,567 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 702,685
238 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 12,639
361 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 21,819
5,482 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 752,252
417 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY
& MOBILE HOME DEALERS) 19,691
36 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (BUSINESS
SERVICES) 37,793
5,472 STMICROELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 27,539
69 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,693
231 SULZER AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,912
408 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 9,982
239 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 28,870
295 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,357
2,602 SWISS REINSURANCE (INSURANCE CARRIERS) 42,609
187 SWISSCOM AG (COMMUNICATIONS) 52,529
763 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 153,766
460 SYNTHES INCORPORATED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 51,241
22,888 UBS AG (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 215,145
1,119 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 177,046
4,295,352
---------------
UNITED KINGDOM: 18.89%
3,447 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,403
1,435 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 17,574
2,733 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 20,921
10,368 ANGLO AMERICAN PLC (METAL MINING) 176,441
3,077 ANTOFAGASTA PLC (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 22,274
2,764 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 25,402
11,293 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 397,153
1,732 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,431
20,932 AVIVA PLC (INSURANCE CARRIERS) 64,949
27,774 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 133,303
3,846 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 18,100
65,893 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 139,928
674 BERKELEY GROUP HOLDINGS PLC (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 8,588
26,186 BG GROUP PLC (OIL & GAS EXTRACTION) 396,393
17,223 BHP BILLITON PLC (COAL MINING) 342,266
146,160 BP PLC (OIL & GAS EXTRACTION) 988,815
4,818 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR)+ 9,734
14,802 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 342,575
6,815 BRITISH LAND COMPANY PLC (REAL ESTATE) 35,276
8,840 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 54,985
60,978 BT GROUP PLC (COMMUNICATIONS) 68,420
2,754 BUNZL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 21,595
3,441 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 13,911
10,709 CADBURY PLC (FOOD & KINDRED PRODUCTS) 80,978
1,092 CAIRN ENERGY PLC (OIL & GAS EXTRACTION)+ 34,079
4,780 CAPITA GROUP PLC (PERSONAL SERVICES) 46,533
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
UNITED KINGDOM (continued)
1,333 CARNIVAL PLC (WATER TRANSPORTATION)+ $ 30,315
3,304 CARPHONE WAREHOUSE PLC (ELECTRONICS) 5,950
128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)+ 6
40,176 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 131,289
8,831 COBHAM PLC (TRANSPORTATION BY AIR) 21,769
14,318 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 65,536
2,419 DAILY MAIL & GENERAL TRUST CLASS A NV (COMMUNICATIONS) 8,122
19,523 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 220,318
2,828 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 20,958
4,103 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 15,748
19,899 FRIENDS PROVIDENT PLC (INSURANCE CARRIERS) 19,787
40,559 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 632,880
9,834 GROUP 4 SECURICOR PLC (SOCIAL SERVICES) 27,360
5,428 HAMMERSON PLC (REAL ESTATE) 19,822
11,959 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 12,483
6,847 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 22,080
95,337 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 540,335
39,724 HSBC HOLDINGS PLC (FPR) (DEPOSITORY INSTITUTIONS)+(a) 225,140
4,229 ICAP PLC (HOLDING & OTHER INVESTMENT OFFICES) 18,462
2,692 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 10,477
8,004 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 179,962
1,995 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES) 15,198
11,711 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 35,371
6,793 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 16,209
3,549 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 14,869
27,062 ITV PLC (COMMUNICATIONS) 7,378
8,138 J SAINSBURY PLC (FOOD & KINDRED PRODUCTS) 36,548
1,691 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 25,549
1,806 KAZAKHMYS PLC (METAL MINING) 9,614
18,317 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 39,344
5,175 LADBROKERS PLC (AMUSEMENT & RECREATION SERVICES) 13,607
3,609 LAND SECURITIES GROUP PLC (REAL ESTATE) 22,642
45,959 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 28,356
2,231 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 12,460
248 LIGHTHOUSE CALEDONIA ASA (FISHING, HUNTING & TRAPPING)+ 4
76,196 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 77,296
11,585 LOGICACMG PLC (BUSINESS SERVICES) 10,597
1,222 LONDON STOCK EXCHANGE GROUP PLC (FINANCIAL) 9,919
1,004 LONMIN PLC (METAL MINING) 20,500
13,217 MAN GROUP PLC (BUSINESS SERVICES) 41,437
12,233 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 51,955
5,356 MEGGITT PLC (TRANSPORTATION BY AIR) 9,856
19,125 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 146,949
1,529 NEXT PLC (APPAREL & ACCESSORY STORES) 29,047
41,163 OLD MUTUAL PLC (INSURANCE CARRIERS) 30,653
6,274 PEARSON PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 63,151
19,666 PRUDENTIAL PLC (INSURANCE CARRIERS) 95,095
4,742 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 178,198
8,553 REED ELSEVIER PLC (COMMUNICATIONS) 61,484
5,279 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,451
7,789 RIO TINTO PLC (METAL MINING) 262,636
14,215 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 59,966
139,836 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 49,158
8,600 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION)<< 193,856
21,411 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 470,345
7,123 SABMILLER PLC (EATING & DRINKING PLACES) 105,985
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
UNITED KINGDOM (continued)
10,750 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) $ 26,098
985 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 11,179
7,217 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 114,840
3,769 SEGRO PLC (REAL ESTATE) 1,230
3,770 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 19,785
1,828 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 25,967
4,344 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 53,795
6,858 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 42,509
3,009 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 28,887
4,401 STAGECOACH GROUP PLC (TRANSPORTATION SERVICES) 7,578
14,896 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 185,201
16,896 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 40,268
3,873 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 14,476
61,348 TESCO PLC (FOOD & KINDRED PRODUCTS) 293,475
3,349 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 11,533
1,399 THOMSON REUTERS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 31,320
7,217 TOMKINS PLC (BUSINESS SERVICES) 12,556
4,645 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE
PLACES) 15,246
6,229 TULLOW OIL PLC (OIL & GAS EXTRACTION) 71,769
10,109 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 191,171
2,075 UNITED BUSINESS MEDIA LIMITED (COMMUNICATIONS) 12,676
5,286 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 36,673
1,228 VEDANTA RESOURCES PLC (METAL MINING) 11,902
409,466 VODAFONE GROUP PLC (COMMUNICATIONS) 721,180
1,498 WHITBREAD PLC (EATING & DRINKING PLACES) 16,937
18,635 WILLIAM MORRISON SUPERMARKETS PLC (FOOD & KINDRED PRODUCTS) 68,316
5,437 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 18,001
8,642 WPP PLC (COMMUNICATION & INFORMATION) 48,701
14,793 XSTRATA PLC (DIVERSIFIED MINING) 99,059
10,232,837
---------------
TOTAL COMMON STOCKS (COST $74,852,900) 52,236,907
---------------
RIGHTS: 0.10%
1,982 BANCO ESPIRITO SANTO RIGHTS+ 3,159
1,197 CRH PLC RIGHTS+ 26,091
19,265 FORTIS RIGHTS+(a) 0
1 HUSQVARNA AB RIGHTS+ 1
248 LIGHTHOUSE RIGHTS+(a) 0
179,949 NORDEA BANK AB RIGHTS+ 20,580
1,000 POHJOLA BANK PLC RIGHTS+(a) 1,355
59,930 ROYAL BANK OF SCOTLAND GROUP RIGHTS+(a) 0
45,228 SEGRO PLC (NPR) RIGHTS+ 3,115
TOTAL RIGHTS (COST $83,178) 54,301
---------------
EXPIRATION
DATE
-----------
WARRANTS: 0.00%
4,000 DOWA MINING WARRANTS+(a) 01/29/2010 742
TOTAL WARRANTS (COST $0) 742
---------------
PREFERRED STOCKS: 0.14%
414 BAYERISCHE MOTOREN WERKE AG PREFERRED 7,140
303 RWE AG NON-VOTING PREFERRED 18,864
849 VOLKSWAGEN AG PREFERRED 48,887
TOTAL PREFERRED STOCKS (COST $65,525) 74,891
---------------
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COLLATERAL FOR SECURITIES LENDING: 1.85%
COLLATERAL INVESTED IN BUSINESS TRUSTS: 1.85%
965,010 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES A $ 965,010
28,993 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES B 23,194
13,128 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES C 11,617
999,821
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,007,131) 999,821
---------------
SHORT-TERM INVESTMENTS: 0.12%
66,138 Wells Fargo Advantage Money Market Trust~+++ 66,138
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $66,138) 66,138
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $76,074,872)* 98.64% $ 53,432,800
OTHER ASSETS AND LIABILITIES, NET 1.36 734,561
-------- ---------------
TOTAL NET ASSETS 100.00% $ 54,167,361
-------- ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $66,138.
* Cost for federal income tax purposes is $76,401,231 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 2,880,301
Gross unrealized depreciation (25,848,732)
------------
Net unrealized appreciation (depreciation) $(22,968,431)
The accompanying notes are an integral part of these financial statements.
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 95.15%
AUSTRALIA: 5.53%
356,700 AMCOR LIMITED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) $ 1,103,743
181,137 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY
INSTITUTIONS) 1,983,775
448,500 AWB LIMITED (AGRICULTURAL SERVICES) 383,594
404,900 BLUESCOPE STEEL LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 723,578
26,800 CSR LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 22,363
383,452 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES) 1,186,522
1,718,600 GOODMAN FIELDER LIMITED (DURABLE GOODS - CONSUMER) 1,248,808
434,700 METCASH LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,227,214
700,300 MINCOR RESOURCES NL (METAL MINING)<< 394,434
88,400 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,235,529
845,300 PERILYA LIMITED (METAL MINING)<< 85,228
894,000 QANTAS AIRWAYS (TRANSPORTATION BY AIR) 1,084,770
414,900 SALLY MALAY MINING LIMITED (METAL MINING) 317,352
210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 950,963
11,947,873
---------------
AUSTRIA: 0.24%
39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 514,309
---------------
BELGIUM: 0.53%
7,700 DEXIA SA (DEPOSITORY INSTITUTIONS) 26,599
37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,125,726
1,152,325
---------------
DENMARK: 1.46%
97,600 DANSKE BANK A/S (DEPOSITORY INSTITUTIONS) 821,697
110,600 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 1,883,989
26,367 NKT HOLDING A/S (MISCELLANEOUS MANUFACTURING INDUSTRIES) 457,373
3,163,059
---------------
FINLAND: 1.25%
85,800 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,012,268
51,800 RAUTARUUKKI OYJ (PRIMARY METAL INDUSTRIES) 829,989
82,700 TIETOENATOR OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT)<< 858,128
2,700,385
---------------
FRANCE: 9.74%
730 ARKEMA (OIL & GAS EXTRACTION) 11,542
64,300 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 2,658,557
32,800 COMPAGNIE DE SAINT-GOBAIN (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 920,371
17,400 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER &
MISCELLANEOUS PLASTICS PRODUCTS) 645,677
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 824,938
102,800 FRANCE TELECOM SA (COMMUNICATIONS) 2,342,355
31,800 LAGARDERE SCA (COMMUNICATIONS) 892,945
45,600 RALLYE SA (GENERAL MERCHANDISE STORES) 820,312
92,500 SAFRAN SA (NATIONAL SECURITY & INTERNATIONAL AFFAIRS) 861,500
83,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 4,712,830
28,600 SCOR REGROUPE (INSURANCE CARRIERS) 588,780
4,300 SCOR SE (INSURANCE AGENTS, BROKERS & SERVICE) 87,451
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 689,811
58,900 TOTAL SA (OIL & GAS EXTRACTION) 2,928,684
17,800 VALEO SA (TRANSPORTATION EQUIPMENT) 260,259
68,000 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 1,800,125
21,046,137
---------------
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
GERMANY: 9.79%
81,700 BASF AG (CHEMICALS & ALLIED PRODUCTS) $ 2,473,784
35,000 BAYERISCHE MOTOREN WERKE AG (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 1,013,259
61,100 DAIMLER AG (TRANSPORTATION EQUIPMENT)<< 1,548,870
20,100 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS)<< 809,159
122,200 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,326,443
145,400 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,039,372
31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 988,481
33,700 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED
INDUSTRIES) 162,977
71,900 METRO AG (FOOD STORES) 2,373,836
22,800 MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG (INSURANCE CARRIERS) 2,780,820
25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 657,591
19,000 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,333,107
93,800 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 1,641,285
21,148,984
---------------
HONG KONG: 1.70%
2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 1,350,063
439,500 CITIC PACIFIC LIMITED (MISCELLANEOUS RETAIL) 496,738
1,140,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 891,943
371,500 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION)<< 925,083
3,663,827
---------------
IRELAND: 0.18%
79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 63,215
225,000 BANK OF IRELAND (DEPOSITORY INSTITUTIONS) 155,447
111,500 IRISH LIFE & PERMANENT PLC (NON-DEPOSITORY CREDIT INSTITUTIONS) 162,953
381,615
---------------
ITALY: 3.94%
396,900 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 1,904,953
152,900 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 2,969,958
189,400 FIAT SPA (TRANSPORTATION EQUIPMENT)<< 1,326,130
175,000 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 481,868
166,200 UNIONE DI BANCHE ITALIANE SCPA (DEPOSITORY INSTITUTIONS) 1,831,651
8,514,560
---------------
JAPAN: 23.44%
200 ACOM COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS)<< 5,617
240,000 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,479,012
36,900 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT
INSTITUTIONS) 333,269
96,400 ALPS ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 328,199
206,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 1,078,022
244,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 875,082
65,000 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,983,129
134,000 CALSONIC KANSEI CORPORATION (TRANSPORTATION EQUIPMENT) 120,483
315,000 CENTRAL GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE,
GARDEN SUPPLY & MOBILE HOME DEALERS) 932,414
293,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,435,622
161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 484,700
294,900 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 527,325
72,500 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,157,246
171,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 556,266
57,700 HITACHI CAPITAL CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 609,148
36,100 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 844,284
40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 873,299
225,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 1,100,167
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
JAPAN (continued)
400 KDDI CORPORATION (COMMUNICATIONS) $ 1,866,950
319,000 MARUBENI CORPORATION (BUSINESS SERVICES) 982,927
266,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (HOME FURNITURE,
FURNISHINGS & EQUIPMENT STORES) 2,872,698
64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 832,131
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 966,227
502,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 821,579
55,500 NIFCO INCORPORATED (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 598,257
213,000 NIPPON EXPRESS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 662,767
406,500 NIPPON MINING HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 1,601,606
303,300 NIPPON OIL CORPORATION (OIL & GAS EXTRACTION) 1,492,217
80,000 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,014,598
273,800 NISSAN MOTOR COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE
SERVICE STATIONS) 968,126
1,300 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,755,923
75,200 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 878,986
27,000 ONWARD KASHIYAMA COMPANY LIMITED (APPAREL & OTHER FINISHED
PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 175,117
139,000 RICOH COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,633,146
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 828,408
337,000 SANKEN ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)<< 861,353
384,000 SANWA HOLDINGS CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 1,070,708
94,500 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 855,402
678,000 SOJITZ HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 801,394
147,000 SUMITOMO BAKELITE COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 586,604
321,800 SUMITOMO CORPORATION (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 2,740,591
161,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (MEASURING, ANALYZING &
CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 1,336,193
64,800 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED
PRODUCTS) 2,225,792
64,200 TAKEFUJI CORPORATION (HOLDING & OTHER INVESTMENT OFFICES)<< 298,997
234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 593,363
47,600 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS) 1,500,349
90,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 698,288
142,000 ZEON CORPORATION (CHEMICALS & ALLIED PRODUCTS) 380,159
50,624,140
---------------
NETHERLANDS: 1.99%
151,800 AEGON NV (INSURANCE CARRIERS) 589,718
79,000 CSM (FOOD & KINDRED PRODUCTS) 922,386
104,100 ING GROEP NV (FINANCIAL SERVICES) 573,977
52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS)<< 1,387,395
37,100 ROYAL DUTCH SHELL PLC CLASS A (PETROLEUM REFINING & RELATED
INDUSTRIES) 834,500
4,307,976
---------------
NORWAY: 1.34%
170,500 CERMAQ ASA (FOOD & KINDRED PRODUCTS) 766,212
177,600 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 799,440
63,600 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 240,386
61,700 STATOILHYDRO ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,091,652
2,897,690
---------------
PORTUGAL: 1.16%
169,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS)<< 659,442
237,800 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,841,941
2,501,383
---------------
SINGAPORE: 1.38%
6,279,000 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 1,135,294
606,490 MOBILONE LIMITED (COMMUNICATIONS) 594,149
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SINGAPORE (continued)
541,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION)<< $ 419,725
126,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION SERVICES) 828,430
2,977,598
---------------
SPAIN: 3.95%
121,400 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS)<< 985,497
468,500 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 3,230,519
153,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,662,540
82,400 TELEFONICA SA (COMMUNICATIONS) 1,644,343
8,522,899
---------------
SWEDEN: 1.32%
58,700 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)<< 460,636
121,000 NORDEA AB (DEPOSITORY INSTITUTIONS)<< 603,572
74,800 SAAB AB (TRANSPORTATION EQUIPMENT) 459,571
88,010 SVENSKA HANDELSBANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 1,247,435
22,200 SWEDBANK AB (DEPOSITORY INSTITUTIONS)<< 74,275
2,845,489
---------------
SWITZERLAND: 6.97%
36,000 ADECCO SA (BUSINESS SERVICES) 1,125,257
34,200 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,188,764
209,944 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 813,365
87,400 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,661,235
3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT)+ 433,612
19,900 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 753,134
3,700 RIETER HOLDING AG (CHEMICALS & ALLIED PRODUCTS) 397,206
36,900 SWISS REINSURANCE (INSURANCE CARRIERS) 604,248
10,000 SWISSCOM AG (COMMUNICATIONS) 2,809,013
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 254,766
7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 457,050
16,100 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 2,547,316
15,044,966
---------------
UNITED KINGDOM: 19.24%
190,400 AMLIN PLC (INSURANCE CARRIERS) 939,788
125,700 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 4,420,621
220,500 AVIVA PLC (INSURANCE CARRIERS) 684,178
471,200 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,000,626
828,400 BP PLC (OIL & GAS EXTRACTION) 5,604,366
332,100 BRIT INSURANCE HOLDINGS PLC (INSURANCE CARRIERS) 860,104
1,507,700 BT GROUP PLC (COMMUNICATIONS) 1,691,712
533,000 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,741,768
181,087 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,342,030
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 279,795
569,500 GKN PLC (TRANSPORTATION EQUIPMENT) 557,701
126,800 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,978,578
48,200 GO-AHEAD GROUP PLC (TRANSPORTATION SERVICES) 760,754
184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,293,740
381,000 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,482,857
481,365 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 488,313
814,400 LOGICACMG PLC (BUSINESS SERVICES) 744,942
539,900 MARSTON'S PLC (EATING & DRINKING PLACES) 1,047,744
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 173,503
1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 836,429
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
UNITED KINGDOM (continued)
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) $ 154,851
443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 828,642
261,478 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 91,919
264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 5,799,411
23,500 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 135,718
319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 1,195,712
745,400 TOMKINS PLC (BUSINESS SERVICES) 1,296,808
1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 2,992,223
223,600 WH SMITH PUBLIC LIMITED CORPORATION (COMMUNICATIONS) 1,141,358
41,566,191
---------------
TOTAL COMMON STOCKS (COST $386,617,724) 205,521,406
---------------
RIGHTS: 0.01%
7,900 BANCO ESPIRITO SANTO RIGHTS+ 12,595
99,600 FORTIS RIGHTS+(a) 0
112,062 ROYAL BANK OF SCOTLAND GROUP RIGHTS+(a) 0
TOTAL RIGHTS (COST $36,293) 12,595
---------------
COLLATERAL FOR SECURITIES LENDING: 3.66%
COLLATERAL INVESTED IN BUSINESS TRUSTS: 3.66%
7,715,082 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES A 7,715,082
176,180 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES B 140,944
65,331 BANK OF NEW YORK INSTITUTIONAL CASH RESERVE FUND SERIES C 57,811
7,913,837
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,956,593) 7,913,837
---------------
SHORT-TERM INVESTMENTS: 2.63%
5,671,407 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 5,671,407
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,671,407) 5,671,407
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $400,282,017)* 101.45% $ 219,119,245
OTHER ASSETS AND LIABILITIES, NET (1.45) (3,125,274)
------ ---------------
TOTAL NET ASSETS 100.00% $ 215,993,971
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $5,671,407.
* Cost for federal income tax purposes is $400,399,516 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 1,485,264
Gross unrealized depreciation (182,765,535)
-------------
Net unrealized appreciation (depreciation) $(181,280,271)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 97.58%
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.21%
24,840 POLO RALPH LAUREN CORPORATION $ 1,049,490
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 1.14%
6,110 AUTOZONE INCORPORATED<<+ 993,608
---------------
BIOPHARMACEUTICALS: 2.69%
15,750 CEPHALON INCORPORATED<<+ 1,072,575
27,350 GILEAD SCIENCES INCORPORATED+ 1,266,852
2,339,427
---------------
BUSINESS SERVICES: 9.83%
27,940 AUTOMATIC DATA PROCESSING INCORPORATED 982,370
44,720 BMC SOFTWARE INCORPORATED+ 1,475,760
70,590 CA INCORPORATED 1,243,090
31,670 FISERV INCORPORATED<<+ 1,154,688
3,280 GOOGLE INCORPORATED CLASS A+ 1,141,637
79,770 ORACLE CORPORATION 1,441,444
73,620 SYMANTEC CORPORATION<<+ 1,099,883
8,538,872
---------------
CHEMICALS & ALLIED PRODUCTS: 12.58%
34,030 ABBOTT LABORATORIES 1,623,231
19,400 AMGEN INCORPORATED+ 960,688
16,890 BIOGEN IDEC INCORPORATED<<+ 885,374
61,950 BRISTOL-MYERS SQUIBB COMPANY 1,357,944
21,790 CLOROX COMPANY 1,121,749
15,990 MONSANTO COMPANY 1,328,769
29,770 MOSAIC COMPANY 1,249,745
23,220 PROCTER & GAMBLE COMPANY 1,093,430
30,330 WYETH 1,305,403
10,926,333
---------------
COAL MINING: 1.44%
50,130 PEABODY ENERGY CORPORATION 1,255,255
---------------
COMMUNICATIONS: 4.10%
46,540 AMERICAN TOWER CORPORATION CLASS A+ 1,416,212
74,030 COMCAST CORPORATION CLASS A 1,009,769
49,720 DIRECTV GROUP INCORPORATED<<+ 1,133,119
3,559,100
---------------
DEPOSITORY INSTITUTIONS: 1.83%
88,560 HUDSON CITY BANCORP INCORPORATED 1,035,266
9,240 NORTHERN TRUST CORPORATION 552,737
1,588,003
---------------
E-COMMERCE/SERVICES: 1.27%
15,040 AMAZON.COM INCORPORATED<<+ 1,104,538
---------------
EATING & DRINKING PLACES: 2.76%
24,300 MCDONALD'S CORPORATION 1,326,051
39,060 YUM! BRANDS INCORPORATED 1,073,369
2,399,420
---------------
EDUCATIONAL SERVICES: 0.98%
10,890 APOLLO GROUP INCORPORATED CLASS A+ 853,014
---------------
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.07%
20,450 EXELON CORPORATION $ 928,226
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 8.63%
52,990 ANALOG DEVICES INCORPORATED 1,021,117
112,080 CISCO SYSTEMS INCORPORATED+ 1,879,582
40,860 EMERSON ELECTRIC COMPANY 1,167,779
33,460 HARRIS CORPORATION<< 968,332
46,250 LINEAR TECHNOLOGY CORPORATION<< 1,062,825
73,060 XILINX INCORPORATED 1,399,830
7,499,465
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 2.24%
38,060 ACCENTURE LIMITED CLASS A 1,046,269
26,150 FLUOR CORPORATION 903,483
1,949,752
---------------
FOOD & KINDRED PRODUCTS: 3.33%
37,310 ARCHER DANIELS MIDLAND COMPANY 1,036,472
19,370 GENERAL MILLS INCORPORATED 966,176
26,790 H.J. HEINZ COMPANY 885,677
2,888,325
---------------
FOOD STORES: 1.06%
43,340 KROGER COMPANY 919,675
---------------
GENERAL MERCHANDISE STORES: 3.11%
52,730 TJX COMPANIES INCORPORATED 1,351,997
25,840 WAL-MART STORES INCORPORATED 1,346,264
2,698,261
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 11.87%
17,740 APPLE INCORPORATED+ 1,864,829
128,570 DELL INCORPORATED+ 1,218,841
96,140 EMC CORPORATION<<+ 1,095,996
38,330 HEWLETT-PACKARD COMPANY 1,228,860
103,840 INTEL CORPORATION 1,562,792
12,730 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,233,412
36,920 NATIONAL OILWELL VARCO INCORPORATED+ 1,059,973
44,880 PITNEY BOWES INCORPORATED<< 1,047,948
10,312,651
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 1.39%
29,640 AON CORPORATION 1,209,905
---------------
INSURANCE CARRIERS: 0.55%
22,640 UNITEDHEALTH GROUP INCORPORATED 473,855
---------------
LEATHER & LEATHER PRODUCTS: 1.19%
61,670 COACH INCORPORATED+ 1,029,889
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.53%
13,490 C.R. BARD INCORPORATED 1,075,423
18,840 DANAHER CORPORATION 1,021,505
24,780 RAYTHEON COMPANY 964,933
3,061,861
---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.19%
28,360 ST. JUDE MEDICAL INCORPORATED+ 1,030,319
---------------
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
MEDICAL MANAGEMENT SERVICES: 0.70%
13,180 EXPRESS SCRIPTS INCORPORATED+ $ 608,521
---------------
MEDICAL PRODUCTS: 1.36%
23,000 BAXTER INTERNATIONAL INCORPORATED 1,178,060
---------------
METAL MINING: 1.24%
59,280 CLIFFS NATURAL RESOURCES INCORPORATED 1,076,525
---------------
OIL & GAS EXTRACTION: 3.83%
38,700 ENSCO INTERNATIONAL INCORPORATED<< 1,021,680
43,510 NOBLE CORPORATION<< 1,048,156
22,510 OCCIDENTAL PETROLEUM CORPORATION 1,252,682
3,322,518
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.27%
16,020 CHEVRON CORPORATION 1,077,185
50,100 VALERO ENERGY CORPORATION 896,790
1,973,975
---------------
RAILROAD TRANSPORTATION: 1.09%
27,960 NORFOLK SOUTHERN CORPORATION<< 943,650
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.30%
35,400 MORGAN STANLEY<< 806,058
86,140 TD AMERITRADE HOLDING CORPORATION<<+ 1,189,593
1,995,651
---------------
TRANSPORTATION EQUIPMENT: 1.16%
36,060 HONEYWELL INTERNATIONAL INCORPORATED 1,004,632
---------------
TRANSPORTATION SERVICES: 1.11%
34,190 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 967,235
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 2.34%
20,570 NIKE INCORPORATED CLASS B 964,527
46,950 SYSCO CORPORATION 1,070,460
2,034,987
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.19%
14,790 W.W. GRAINGER INCORPORATED 1,037,962
---------------
TOTAL COMMON STOCKS (COST $97,685,501) 84,752,960
---------------
COLLATERAL FOR SECURITIES LENDING: 17.64%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.62%
785,588 AIM STIT-LIQUID ASSETS PORTFOLIO 785,588
785,588 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 785,588
785,588 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 785,588
785,588 DWS MONEY MARKET SERIES INSTITUTIONAL 785,588
3,142,352
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 14.02%
$ 191,607 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 191,607
108,577 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 108,577
191,607 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 191,607
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 6,387 AMSTEL FUNDING CORPORATION++ 1.50% 04/06/2009 $ 6,386
223,541 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 223,476
12,774 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 12,774
252,282 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 252,187
274,636 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 274,636
715,332 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $715,337) 0.25 04/01/2009 715,332
83,030 BANK OF IRELAND 0.60 04/01/2009 83,030
1,750,009 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE
$1,750,024) 0.30 04/01/2009 1,750,009
83,030 BNP PARIBAS (PARIS) 0.30 04/01/2009 83,030
255,476 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 255,412
274,636 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 274,636
95,803 CALYON (LONDON) 0.45 04/01/2009 95,803
172,446 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 172,426
163,698 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 2,701
126,030 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 2,080
178,833 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 178,833
57,482 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 57,479
17,053 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 17,053
114,964 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 114,964
306,571 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 306,571
242,702 E.ON AG++ 0.60 04/22/2009 242,617
63,869 EBBETS FUNDING LLC++ 0.60 04/06/2009 63,864
95,803 EBBETS FUNDING LLC++ 0.60 04/07/2009 95,794
47,902 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 47,888
12,774 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 12,773
25,548 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 25,548
63,869 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 63,863
111,771 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 111,763
31,934 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 31,926
191,607 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 191,569
346,202 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $346,204) 0.17 04/01/2009 346,202
19,161 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 19,159
596,879 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 213,922
10,538 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 10,538
12,774 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 12,774
638,690 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $638,694) 0.24 04/01/2009 638,690
19,161 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 19,161
191,607 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 191,574
81,497 LLOYDS TSB BANK PLC 0.50 04/06/2009 81,491
132,273 LLOYDS TSB BANK PLC 0.50 04/09/2009 132,258
5,110 LLOYDS TSB BANK PLC 0.50 04/14/2009 5,109
191,607 LMA AMERICAS LLC++ 0.57 04/29/2009 191,522
223,541 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 223,472
27,464 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 27,464
83,030 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY
MARKET SECURITIES (MATURITY VALUE $83,032) 0.66 04/01/2009 83,030
255,476 NATIXIS 0.38 04/02/2009 255,476
12,774 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 12,774
83,030 NORDEA BANK AB 0.30 04/01/2009 83,030
80,475 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 80,458
114,964 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 114,931
127,738 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 127,664
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 63,869 ROMULUS FUNDING CORPORATION++(p) 1.00% 04/22/2009 $ 63,832
191,607 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 191,555
223,541 SOCIETE GENERALE NY 1.05 04/27/2009 223,646
231,206 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 231,094
63,869 STATE STREET CORPORATION 0.40 04/01/2009 63,869
191,607 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 191,592
255,476 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 255,404
223,541 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 223,466
223,541 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 223,498
236,315 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 236,232
223,541 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 223,428
95,803 VERSAILLES CP LLC++ 0.60 04/01/2009 95,803
226,982 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 104,412
131,811 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 60,633
161,501 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 74,290
262,145 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 120,587
252,818 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 211,508
38,321 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 38,321
217,154 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 217,085
12,179,168
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,602,303) 15,321,520
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 3.30%
2,862,321 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 2,862,321
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,862,321) 2,862,321
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $116,150,125)* 118.52% $ 102,936,801
OTHER ASSETS AND LIABILITIES, NET (18.52) (16,084,688)
------ ---------------
TOTAL NET ASSETS 100.00% $ 86,852,113
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $2,862,321.
* Cost for federal income tax purposes is $116,233,596 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 3,165,734
Gross unrealized depreciation (16,462,529)
------------
Net unrealized appreciation (depreciation) $(13,296,795)
The accompanying notes are an integral part of these financial statements.
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.36%
APPAREL & ACCESSORY STORES: 2.02%
369,800 KOHL'S CORPORATION+ $ 15,649,936
---------------
BIOPHARMACEUTICALS: 4.06%
531,040 GENZYME CORPORATION+ 31,538,466
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 5.56%
622,400 FASTENAL COMPANY<< 20,013,272
1,270,100 LOWE'S COMPANIES INCORPORATED 23,179,325
43,192,597
---------------
BUSINESS SERVICES: 16.87%
387,000 AUTOMATIC DATA PROCESSING INCORPORATED 13,606,920
979,670 EBAY INCORPORATED+ 12,304,655
217,600 FACTSET RESEARCH SYSTEMS INCORPORATED<< 10,877,824
136,000 GOOGLE INCORPORATED CLASS A+ 47,336,160
2,547,898 MICROSOFT CORPORATION 46,804,886
130,930,445
---------------
CHEMICALS & ALLIED PRODUCTS: 3.42%
535,900 AMGEN INCORPORATED+ 26,537,768
---------------
DEPOSITORY INSTITUTIONS: 0.92%
570,700 WESTERN UNION COMPANY 7,173,699
---------------
E-COMMERCE/SERVICES: 3.13%
330,800 AMAZON.COM INCORPORATED+<< 24,293,952
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 13.18%
2,882,743 CISCO SYSTEMS INCORPORATED+ 48,343,600
593,000 LINEAR TECHNOLOGY CORPORATION<< 13,627,140
1,289,100 NOKIA OYJ ADR 15,043,797
648,800 QUALCOMM INCORPORATED 25,244,808
102,259,345
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 4.20%
1,269,900 PAYCHEX INCORPORATED<< 32,598,333
---------------
GENERAL MERCHANDISE STORES: 6.77%
960,660 TARGET CORPORATION<< 33,037,097
375,200 WAL-MART STORES INCORPORATED 19,547,920
52,585,017
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 8.94%
261,200 APPLE INCORPORATED+ 27,457,344
1,005,800 EMC CORPORATION+<< 11,466,120
2,022,470 INTEL CORPORATION 30,438,174
69,361,638
---------------
MEDICAL EQUIPMENT & SUPPLIES: 4.28%
1,128,010 MEDTRONIC INCORPORATED 33,242,455
---------------
PERSONAL SERVICES: 1.19%
373,550 CINTAS CORPORATION<< 9,234,156
---------------
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.18%
3,097,437 CHARLES SCHWAB CORPORATION<< $ 48,010,274
49,700 CME GROUP INCORPORATED<< 12,245,583
341,500 FRANKLIN RESOURCES INCORPORATED 18,396,604
562,390 GOLDMAN SACHS GROUP INCORPORATED<< 59,624,588
635,400 T. ROWE PRICE GROUP INCORPORATED<< 18,337,644
156,614,693
---------------
TRANSPORTATION SERVICES: 4.64%
437,700 C.H. ROBINSON WORLDWIDE INCORPORATED 19,963,497
566,400 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED<< 16,023,456
35,986,953
---------------
TOTAL COMMON STOCKS (COST $979,932,921) 771,199,453
---------------
COLLATERAL FOR SECURITIES LENDING: 16.54%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 3.46%
6,714,305 AIM STIT-LIQUID ASSETS PORTFOLIO 6,714,305
6,714,305 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 6,714,305
6,714,305 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 6,714,305
6,714,305 DWS MONEY MARKET SERIES INSTITUTIONAL 6,714,305
26,857,220
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 13.08%
$ 1,637,635 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 1,637,635
927,993 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 927,993
1,637,635 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 1,637,635
54,588 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 54,576
1,910,575 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 1,910,017
109,176 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 109,176
2,156,220 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 2,155,405
2,347,277 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 2,347,277
6,113,838 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $6,113,880) 0.25 04/01/2009 6,113,838
709,642 BANK OF IRELAND 0.60 04/01/2009 709,642
14,957,069 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $14,957,194) 0.30 04/01/2009 14,957,069
709,642 BNP PARIBAS (PARIS) 0.30 04/01/2009 709,642
2,183,514 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 2,182,972
2,347,277 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 2,347,277
818,818 CALYON (LONDON) 0.45 04/01/2009 818,818
1,473,872 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 1,473,700
866,038 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 14,290
666,761 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 11,002
1,528,460 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 1,528,460
491,291 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 491,267
145,750 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 145,750
982,581 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 982,581
2,620,216 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 2,620,216
2,074,338 E.ON AG++ 0.60 04/22/2009 2,073,612
545,878 EBBETS FUNDING LLC++ 0.60 04/06/2009 545,833
818,818 EBBETS FUNDING LLC++ 0.60 04/07/2009 818,736
409,409 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 409,295
109,176 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 109,167
218,351 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 218,351
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 545,878 ELYSIAN FUNDING LLC++ 0.60% 04/07/2009 $ 545,824
955,287 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 955,221
272,939 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 272,863
1,637,635 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 1,637,310
2,958,934 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,958,948) 0.17 04/01/2009 2,958,934
163,764 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 163,750
3,157,776 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 1,131,747
90,070 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 90,070
109,176 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 109,176
5,458,784 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $5,458,820) 0.24 04/01/2009 5,458,784
163,764 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 163,764
1,637,635 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 1,637,357
696,541 LLOYDS TSB BANK PLC 0.50 04/06/2009 696,493
1,130,514 LLOYDS TSB BANK PLC 0.50 04/09/2009 1,130,389
43,670 LLOYDS TSB BANK PLC 0.50 04/14/2009 43,662
1,637,635 LMA AMERICAS LLC++ 0.57 04/29/2009 1,636,909
1,910,575 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 1,909,981
234,728 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 234,728
709,642 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $709,655) 0.66 04/01/2009 709,642
2,183,514 NATIXIS 0.38 04/02/2009 2,183,514
109,176 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 109,176
709,642 NORDEA BANK AB 0.30 04/01/2009 709,642
687,807 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 687,660
982,581 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 982,296
1,091,757 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 1,091,129
545,878 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 545,560
1,637,635 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 1,637,189
1,910,575 SOCIETE GENERALE NY 1.05 04/27/2009 1,911,470
1,976,080 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 1,975,125
545,878 STATE STREET CORPORATION 0.40 04/01/2009 545,878
1,637,635 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 1,637,510
2,183,514 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 2,182,903
1,910,575 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 1,909,930
1,910,575 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 1,910,203
2,019,750 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 2,019,071
1,910,575 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 1,909,609
818,818 VERSAILLES CP LLC++ 0.60 04/01/2009 818,818
1,200,845 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 552,388
697,344 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 320,778
854,417 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 393,032
1,386,873 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 637,962
1,337,528 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 1,118,976
327,527 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 327,520
1,855,987 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 1,855,394
101,520,569
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $124,220,028) 128,377,789
---------------
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--March 31, 2009 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SHORT-TERM INVESTMENTS: 2.69%
20,830,894 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 20,830,894
TOTAL SHORT-TERM INVESTMENTS (COST $20,830,894) 20,830,894
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,124,983,843)* 118.59% $ 920,408,136
OTHER ASSETS AND LIABILITIES, NET (18.59) (144,263,015)
------ ---------------
TOTAL NET ASSETS 100.00% $ 776,145,121
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $20,830,894.
* Cost for federal income tax purposes is $1,162,840,283 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 28,004,862
Gross unrealized depreciation (270,437,009)
-------------
Net unrealized appreciation (depreciation) $(242,432,147)
The accompanying notes are an integral part of these financial statements.
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 99.64%
AMUSEMENT & RECREATION SERVICES: 0.46%
14,858 MULTIMEDIA GAMES INCORPORATED<<+ $ 31,945
25,672 TICKETMASTER+ 94,730
31,618 WMS INDUSTRIES INCORPORATED<<+ 661,132
787,807
---------------
APPAREL & ACCESSORY STORES: 2.14%
36,123 CARTER'S INCORPORATED+ 679,474
13,461 CHARLOTTE RUSSE HOLDING INCORPORATED+ 109,707
15,442 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 338,025
22,756 CHRISTOPHER & BANKS CORPORATION 93,072
28,855 DRESS BARN INCORPORATED+ 354,628
35,147 FINISH LINE INCORPORATED CLASS A 232,673
28,082 HOT TOPIC INCORPORATED<<+ 314,238
11,699 JOS. A. BANK CLOTHIERS INCORPORATED<<+ 325,349
24,357 STAGE STORES INCORPORATED 245,519
15,073 THE BUCKLE INCORPORATED<< 481,281
18,838 THE CATO CORPORATION CLASS A 344,359
15,879 TWEEN BRANDS INCORPORATED+ 33,981
12,893 ZUMIEZ INCORPORATED<<+ 125,062
3,677,368
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.66%
18,610 GYMBOREE CORPORATION<<+ 397,324
60,982 LIZ CLAIBORNE INCORPORATED+ 150,626
12,018 MAIDENFORM BRANDS INCORPORATED+ 110,085
81,354 QUIKSILVER INCORPORATED+ 104,133
21,285 SKECHERS U.S.A. INCORPORATED CLASS A+ 141,971
11,754 TRUE RELIGION APPAREL INCORPORATED<<+ 138,815
10,155 VOLCOM INCORPORATED<<+ 98,504
1,141,458
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.04%
10,643 LITHIA MOTORS INCORPORATED CLASS A<<+ 23,947
11,866 MARINEMAX INCORPORATED+ 23,257
17,987 SONIC AUTOMOTIVE INCORPORATED<<+ 28,779
75,983
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.30%
8,981 MIDAS INCORPORATED+ 71,130
24,523 WRIGHT EXPRESS CORPORATION+ 446,809
517,939
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.07%
8,989 M/I HOMES INCORPORATED<<+ 62,833
59,414 STANDARD-PACIFIC CORPORATION<<+ 52,284
115,117
---------------
BUSINESS SERVICES: 9.76%
34,396 AARON RENTS INCORPORATED<< 916,997
28,542 ABM INDUSTRIES INCORPORATED 468,089
14,021 ADMINISTAFF INCORPORATED 296,264
20,882 AMN HEALTHCARE SERVICES INCORPORATED+ 106,498
16,944 ARBITRON INCORPORATED 254,329
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
BUSINESS SERVICES (continued)
8,926 BANKRATE INCORPORATED<<+ $ 222,704
28,079 BLACKBAUD INCORPORATED<< 325,997
25,031 BLUE COAT SYSTEMS INCORPORATED+ 300,622
32,874 BRADY CORPORATION CLASS A 579,569
19,185 CACI INTERNATIONAL INCORPORATED CLASS A<<+ 700,061
9,083 CAPELLA EDUCATION COMPANY<<+ 481,399
38,730 CIBER INCORPORATED+ 105,733
25,420 COGNEX CORPORATION 339,357
26,588 COMMVAULT SYSTEMS INCORPORATED+ 291,670
6,012 COMPUTER PROGRAMS & SYSTEMS INCORPORATED<< 200,019
11,750 COMSCORE INCORPORATED+ 142,058
27,023 CONCUR TECHNOLOGIES INCORPORATED<<+ 518,571
22,523 CSG SYSTEMS INTERNATIONAL INCORPORATED<<+ 321,628
44,223 CYBERSOURCE CORPORATION+ 654,943
25,534 DEALERTRACK HOLDINGS INCORPORATED+ 334,495
5,694 EBIX INCORPORATED+ 141,496
35,997 ECLIPSYS CORPORATION<<+ 365,010
38,404 EPICOR SOFTWARE CORPORATION<<+ 146,319
9,798 FORRESTER RESEARCH INCORPORATED+ 201,447
15,468 GERBER SCIENTIFIC INCORPORATED+ 36,969
15,827 GEVITY HR INCORPORATED 62,517
27,566 HEALTHCARE SERVICES GROUP 412,659
15,698 HEARTLAND PAYMENT SYSTEMS INCORPORATED 103,764
10,496 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 186,199
16,354 HMS HOLDINGS CORPORATION+ 538,047
55,881 INFORMATICA CORPORATION<<+ 740,982
22,389 INFOSPACE INCORPORATED+ 116,423
11,069 INTEGRAL SYSTEMS INCORPORATED MD+ 95,193
17,529 JDA SOFTWARE GROUP INCORPORATED+ 202,460
11,121 LOJACK CORPORATION+ 50,378
15,100 MANHATTAN ASSOCIATES INCORPORATED<<+ 261,532
18,729 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 66,301
20,092 OMNICELL INCORPORATED<<+ 157,119
22,882 ON ASSIGNMENT INCORPORATED+ 62,010
11,690 PCTEL INCORPORATED+ 50,267
20,538 PERFICIENT INCORPORATED+ 110,905
27,491 PHASE FORWARD INCORPORATED+ 351,610
18,630 PHOENIX TECHNOLOGIES LIMITED+ 30,181
9,828 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED<<+ 263,784
25,579 PROGRESS SOFTWARE CORPORATION+ 444,051
11,639 QUALITY SYSTEMS INCORPORATED<< 526,665
17,678 RADIANT SYSTEMS INCORPORATED+ 77,960
14,928 RADISYS CORPORATION<<+ 90,464
17,914 SMITH MICRO SOFTWARE INCORPORATED+ 93,690
33,647 SPHERION CORPORATION+ 69,986
11,675 SPSS INCORPORATED+ 331,920
7,407 STARTEK INCORPORATED+ 22,962
12,959 STRATASYS INCORPORATED<<+ 107,171
21,423 SYKES ENTERPRISES INCORPORATED+ 356,264
12,167 SYNNEX CORPORATION<<+ 239,325
49,794 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+ 415,780
19,621 TALEO CORPORATION CLASS A+ 231,920
18,428 THE KNOT INCORPORATED+ 151,110
42,986 THQ INCORPORATED+ 130,677
20,466 TRADESTATION GROUP INCORPORATED+ 135,076
27,747 TRUEBLUE INCORPORATED<<+ 228,913
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
BUSINESS SERVICES (continued)
52,659 UNITED ONLINE INCORPORATED $ 234,859
12,993 VIAD CORPORATION 183,461
7,749 VOLT INFORMATION SCIENCE INCORPORATED+ 51,531
28,849 WEBSENSE INCORPORATED+ 346,188
16,784,548
---------------
CASINO & GAMING: 0.16%
38,454 PINNACLE ENTERTAINMENT INCORPORATED<<+ 270,716
---------------
CHEMICALS & ALLIED PRODUCTS: 3.62%
12,947 AMERICAN VANGUARD CORPORATION 167,016
15,960 ARCH CHEMICALS INCORPORATED 302,602
18,281 ARQULE INCORPORATED<<+ 75,683
11,659 BALCHEM CORPORATION 292,991
34,654 CALGON CARBON CORPORATION<<+ 491,047
18,723 CAMBREX CORPORATION+ 42,688
12,489 CHATTEM INCORPORATED<<+ 700,008
36,889 CUBIST PHARMACEUTICALS INCORPORATED+ 603,504
31,145 HB FULLER COMPANY<< 404,885
10,007 MANNATECH INCORPORATED<< 33,323
21,250 MARTEK BIOSCIENCES CORPORATION<<+ 387,813
7,893 NEWMARKET CORPORATION 349,660
15,959 NOVEN PHARMACEUTICALS INCORPORATED+ 151,291
19,534 OM GROUP INCORPORATED+ 377,397
22,327 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 211,437
36,931 PAREXEL INTERNATIONAL CORPORATION+ 359,339
7,221 PENFORD CORPORATION 26,212
19,536 PHARMERICA CORPORATION<<+ 325,079
59,203 POLYONE CORPORATION+ 136,759
6,998 QUAKER CHEMICAL CORPORATION 55,564
30,809 SALIX PHARMACEUTICALS LIMITED+ 292,686
4,631 STEPAN COMPANY 126,426
9,381 SURMODICS INCORPORATED<<+ 171,203
13,518 ZEP INCORPORATED 138,289
6,222,902
---------------
COAL MINING: 0.17%
26,841 PENN VIRGINIA CORPORATION 294,714
---------------
COMMUNICATIONS: 1.39%
19,140 ANIXTER INTERNATIONAL INCORPORATED<<+ 606,355
11,872 AUDIOVOX CORPORATION CLASS A+ 40,721
33,031 BRIGHTPOINT INCORPORATED+ 141,374
57,049 FAIRPOINT COMMUNICATIONS INCORPORATED<<+ 44,498
28,344 GENERAL COMMUNICATION INCORPORATED CLASS A+ 189,338
20,498 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 234,907
28,170 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 616,641
50,192 LIVE NATION INCORPORATED<<+ 134,013
11,374 NEUTRAL TANDEM INCORPORATION+ 279,914
19,439 NOVATEL WIRELESS INCORPORATED+ 109,247
2,397,008
---------------
COMPUTERS-INTEGRATED SYSTEMS: 0.04%
14,533 AGILYSYS INCORPORATED 62,492
---------------
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.11%
14,442 CHEMED CORPORATION $ 561,794
12,410 DREW INDUSTRIES INCORPORATED<<+ 107,719
42,074 EMCOR GROUP INCORPORATED+ 722,411
24,664 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 385,745
15,954 MATRIX SERVICE COMPANY+ 131,142
1,908,811
---------------
DEPOSITORY INSTITUTIONS: 7.43%
30,568 BANK MUTUAL CORPORATION<< 276,946
40,864 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED<< 143,433
37,418 BROOKLINE BANCORP INCORPORATED<< 355,471
18,005 CASCADE BANCORP<< 29,348
18,418 CENTRAL PACIFIC FINANCIAL CORPORATION<<+ 103,141
11,650 COLUMBIA BANKING SYSTEM INCORPORATED 74,560
20,918 COMMUNITY BANK SYSTEM INCORPORATED<< 350,377
16,871 DIME COMMUNITY BANCSHARES 158,250
40,862 EAST WEST BANCORP INCORPORATED<< 186,739
48,646 FIRST BANCORP PUERTO RICO<< 207,232
47,980 FIRST COMMONWEALTH FINANCIAL CORPORATION 425,583
20,422 FIRST FINANCIAL BANCORP 194,622
13,336 FIRST FINANCIAL BANKSHARE<< 642,395
31,174 FIRST MIDWEST BANCORP INCORPORATED<< 267,785
37,525 FLAGSTAR BANCORP INCORPORATED<<+ 28,144
30,189 FRONTIER FINANCIAL CORPORATION<<+ 33,208
39,422 GLACIER BANCORP INCORPORATED 619,320
15,290 HANCOCK HOLDING COMPANY<< 478,271
23,836 HANMI FINANCIAL CORPORATION<<+ 30,987
8,531 HOME BANCSHARES INCORPORATED<< 170,364
10,434 INDEPENDENT BANK CORPORATION (MASSACHUSETTS) 153,902
12,785 INDEPENDENT BANK CORPORATION (MICHIGAN) 29,917
12,187 IRWIN FINANCIAL CORPORATION+ 23,765
14,311 NARA BANK NATIONAL ASSOCIATION+ 42,074
52,639 NATIONAL PENN BANCSHARES INCORPORATED<< 436,904
20,928 NBT BANCORP INCORPORATED 452,882
42,513 OLD NATIONAL BANCORP<< 474,870
14,959 PETMED EXPRESS INCORPORATED+ 246,524
17,644 PRIVATEBANCORP INCORPORATED<< 255,132
26,295 PROSPERITY BANCSHARES INCORPORATED<< 719,168
21,481 PROVIDENT BANKSHARES CORPORATION<< 151,441
15,058 S&T BANCORP INCORPORATED 319,380
22,593 SIGNATURE BANK+ 637,800
54,339 SOUTH FINANCIAL GROUP INCORPORATED<< 59,773
11,565 STERLING BANCORPORATION (NEW YORK) 114,494
46,937 STERLING BANCSHARES INCORPORATED (TEXAS) 306,968
33,586 STERLING FINANCIAL CORPORATION<<+ 69,523
55,202 SUSQUEHANNA BANCSHARES INCORPORATED<< 515,035
4,277 TOMPKINS TRUST COMPANY INCORPORATED<< 183,911
48,633 TRUSTCO BANK CORPORATION NEW YORK SHARES<< 292,771
75,184 UCBH HOLDINGS INCORPORATED 113,528
18,894 UMB FINANCIAL CORPORATION 802,806
38,577 UMPQUA HOLDINGS CORPORATION 349,508
24,213 UNITED BANKSHARES INCORPORATED<< 417,432
26,371 UNITED COMMUNITY BANKS INCORPORATED<<+ 109,702
41,035 WHITNEY HOLDING CORPORATION 469,851
12,390 WILSHIRE BANCORP INCORPORATED 63,932
15,305 WINTRUST FINANCIAL CORPORATION 188,252
12,777,421
---------------
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
DURABLE GOODS - CONSUMER: 0.09%
12,209 STURM, RUGER & COMPANY INCORPORATED+ $ 150,537
---------------
EATING & DRINKING PLACES: 2.40%
15,454 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 202,138
14,569 CEC ENTERTAINMENT INCORPORATED<<+ 377,046
35,027 CKE RESTAURANTS INCORPORATED 294,227
14,355 CRACKER BARREL OLD COUNTRY STORE INCORPORATED<< 411,127
9,819 DINEEQUITY INCORPORATED<<+ 116,453
36,457 JACK IN THE BOX INCORPORATED+ 849,084
7,968 LANDRY'S RESTAURANTS INCORPORATED<<+ 41,593
13,663 O'CHARLEYS INCORPORATED+ 41,126
15,457 P.F. CHANG'S CHINA BISTRO INCORPORATED<<+ 353,656
13,738 PAPA JOHNS INTERNATIONAL INCORPORATED+ 314,188
9,921 RED ROBIN GOURMET BURGERS INCORPORATED<<+ 174,907
33,875 RUBY TUESDAY INCORPORATED 98,915
12,408 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 15,014
38,822 SONIC CORPORATION<<+ 388,996
18,404 STEAK N SHAKE COMPANY+ 139,318
32,516 TEXAS ROADHOUSE INCORPORATED CLASS A<<+ 309,877
4,127,665
---------------
EDUCATIONAL SERVICES: 0.35%
10,241 AMERICAN PUBLIC EDUCATION INCORPORATED+ 430,736
13,837 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED<<+ 166,044
596,780
---------------
ELECTRIC, GAS & SANITARY SERVICES: 5.96%
17,567 ALLETE INCORPORATED 468,863
11,082 AMERICAN STATES WATER COMPANY 402,498
58,740 ATMOS ENERGY CORPORATION 1,358,069
35,019 AVISTA CORPORATION 482,562
7,363 CENTRAL VERMONT PUBLIC SERVICE 127,380
10,117 CH ENERGY GROUP INCORPORATED<< 474,487
38,611 CLECO CORPORATION<< 837,473
28,772 EL PASO ELECTRIC COMPANY 405,397
14,189 LACLEDE GROUP INCORPORATED 553,087
27,127 NEW JERSEY RESOURCES 921,775
16,987 NORTHWEST NATURAL GAS COMPANY 737,576
47,105 PIEDMONT NATURAL GAS COMPANY<< 1,219,548
19,064 SOUTH JERSEY INDUSTRIES INCORPORATED 667,215
28,485 SOUTHWEST GAS CORPORATION 600,179
16,201 UIL HOLDINGS CORPORATION 361,606
22,822 UNISOURCE ENERGY CORPORATION<< 643,352
10,261,067
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 9.81%
16,515 ACTEL CORPORATION+ 167,132
25,909 ACUITY BRANDS INCORPORATED<< 583,989
78,075 ADAPTEC INCORPORATED+ 187,380
20,943 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 157,701
14,516 AO SMITH CORPORATION 365,513
8,328 APPLIED SIGNAL TECHNOLOGY INCORPORATED 168,475
78,897 ARRIS GROUP INCORPORATED+ 581,471
20,098 ATMI INCORPORATED+ 310,112
8,082 AZZ INCORPORATED<<+ 213,284
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (CONTINUED)
29,650 BALDOR ELECTRIC COMPANY<< $ 429,629
7,351 BEL FUSE INCORPORATED CLASS B 98,797
41,820 BENCHMARK ELECTRONICS INCORPORATED+ 468,384
16,825 C&D TECHNOLOGIES INCORPORATED<<+ 31,126
4,963 CATAPULT COMMUNICATIONS CORPORATION+ 34,592
16,561 CERADYNE INCORPORATED<<+ 300,251
24,879 CHECKPOINT SYSTEMS INCORPORATED+ 223,165
18,031 COMTECH TELECOMMUNICATIONS CORPORATION+ 446,628
21,633 CTS CORPORATION 78,095
9,938 CUBIC CORPORATION 251,730
19,013 CYMER INCORPORATED+ 423,229
88,455 CYPRESS SEMICONDUCTOR CORPORATION+ 598,840
20,963 DIODES INCORPORATED<<+ 222,417
11,366 DIONEX CORPORATION<<+ 537,044
17,212 DSP GROUP INCORPORATED+ 74,356
17,365 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 102,801
9,733 EMS TECHNOLOGIES INCORPORATED+ 169,938
27,520 EXAR CORPORATION+ 171,725
14,768 GREATBATCH INCORPORATED+ 285,761
61,135 HARMONIC INCORPORATED+ 397,378
19,325 HELEN OF TROY LIMITED+ 265,719
12,122 HITTITE MICROWAVE CORPORATION+ 378,206
14,843 HUTCHINSON TECHNOLOGY INCORPORATED<<+ 38,592
13,923 LITTELFUSE INCORPORATED+ 153,014
19,911 MAGNETEK INCORPORATED+ 35,840
14,545 MERCURY COMPUTER SYSTEMS INCORPORATED+ 80,434
24,256 METHODE ELECTRONICS INCORPORATED 86,836
29,334 MICREL INCORPORATED 206,511
51,982 MICROSEMI CORPORATION+ 602,991
27,274 MOOG INCORPORATED CLASS A+ 623,745
3,072 NATIONAL PRESTO INDUSTRIES INCORPORATED 187,423
13,122 PARK ELECTROCHEMICAL CORPORATION 226,748
16,183 PERICOM SEMICONDUCTOR+ 118,298
25,232 PLEXUS CORPORATION+ 348,706
20,187 REGAL-BELOIT CORPORATION<< 618,530
10,021 ROGERS CORPORATION+ 189,196
106,077 SKYWORKS SOLUTIONS INCORPORATED+ 854,981
14,037 STANDARD MICROSYSTEMS CORPORATION+ 261,088
8,249 SUPERTEX INCORPORATED<<+ 190,552
28,202 SYMMETRICOM INCORPORATED+ 98,707
21,823 SYNAPTICS INCORPORATED<<+ 583,983
26,281 TECHNITROL INCORPORATED 44,941
42,467 TEKELEC<<+ 561,838
8,479 TOLLGRADE COMMUNICATIONS INCORPORATED+ 49,178
94,459 TRIQUINT SEMICONDUCTOR INCORPORATED+ 233,314
27,441 TTM TECHNOLOGIES INCORPORATED<<+ 159,158
8,963 UNIVERSAL ELECTRONICS INCORPORATED+ 162,230
46,818 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED<<+ 1,014,078
17,482 VIASAT INCORPORATED+ 363,975
12,553 VICOR CORPORATION+ 61,384
16,881,139
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.48%
8,239 CDI CORPORATION 80,083
27,944 ERESEARCH TECHNOLOGY INCORPORATED+ 146,985
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (CONTINUED)
5,972 LANDAUER INCORPORATED $ 302,661
11,154 MAXMUS INCORPORATED 444,598
40,507 REGENERON PHARMACEUTICAL INCORPORATED<<+ 561,427
8,599 STANLEY INCORPORATED+ 218,329
38,575 TETRA TECH INCORPORATED+ 786,159
2,540,242
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.25%
31,158 GRIFFON CORPORATION+ 233,685
9,162 GULF ISLAND FABRICATION INCORPORATED+ 73,388
22,722 MOBILE MINI INCORPORATED+ 261,757
12,627 NCI BUILDING SYSTEMS INCORPORATED<<+ 28,032
24,147 QUANEX BUILDING PRODUCTS CORPORATION 183,517
24,006 SIMPSON MANUFACTURING COMPANY INCORPORATED 432,588
11,263 VALMONT INDUSTRIES INCORPORATED 565,515
18,821 WATTS WATER TECHNOLOGIES INCORPORATED<< 368,139
2,146,621
---------------
FINANCE COMPANIES: 0.04%
17,420 REWARDS NETWORK INCORPORATED+ 60,970
---------------
FOOD & KINDRED PRODUCTS: 1.88%
6,488 BOSTON BEER COMPANY INCORPORATED<<+ 135,340
8,082 CAL-MAINE FOODS INCORPORATED<< 180,956
52,415 DARLING INTERNATIONAL INCORPORATED<<+ 194,460
10,491 DIAMOND FOODS INCORPORATED 293,014
8,935 J & J SNACK FOODS CORPORATION 309,062
20,218 LANCE INCORPORATED 420,939
7,859 PEET'S COFFEE & TEA INCORPORATED+ 169,912
11,196 SANDERSON FARMS INCORPORATED 420,410
20,223 TREEHOUSE FOODS INCORPORATED<<+ 582,220
27,525 UNITED NATURAL FOODS INCORPORATED+ 522,149
3,228,462
---------------
FOOD STORES: 0.06%
19,371 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED<<+ 102,860
---------------
FOOTWEAR: 0.30%
53,204 CROCS INCORPORATED<<+ 63,313
8,391 DECKERS OUTDOOR CORPORATION<<+ 445,059
508,372
---------------
FURNITURE & FIXTURES: 0.14%
18,441 ETHAN ALLEN INTERIORS INCORPORATED<< 207,646
32,999 LA-Z-BOY INCORPORATED<<+ 41,249
248,895
---------------
GENERAL MERCHANDISE STORES: 0.83%
25,310 CABELA'S INCORPORATED<<+ 230,574
32,580 CASEY'S GENERAL STORES INCORPORATED 868,583
25,623 FRED'S INCORPORATED 289,027
16,289 STEIN MART INCORPORATED+ 47,075
1,435,259
---------------
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HEALTH SERVICES: 2.68%
17,466 AMEDISYS INCORPORATED<<+ $ 480,140
20,177 AMSURG CORPORATION+ 319,805
7,424 BIO-REFERENCE LABORATORIES INCORPORATED+ 155,236
4,894 CORVEL CORPORATION+ 98,957
19,727 CROSS COUNTRY HEALTHCARE INCORPORATED+ 129,212
18,052 CRYOLIFE INCORPORATED+ 93,509
20,850 ENZO BIOCHEM INCORPORATED+ 83,817
18,478 GENTIVA HEALTH SERVICES INCORPORATED+ 280,866
21,575 HEALTHWAYS INCORPORATED+ 189,213
25,222 INTERVAL LEISURE GROUP INCORPORATED+ 133,677
21,386 INVENTIV HEALTH INCORPORATED+ 174,510
11,890 LCA-VISION INCORPORATED<<+ 34,598
9,455 LHC GROUP INCORPORATED<<+ 210,657
23,472 MAGELLAN HEALTH SERVICES INCORPORATED+ 855,320
12,577 MEDCATH CORPORATION+ 91,435
29,284 MEDNAX INCORPORATED+ 862,999
14,325 NAUTILUS GROUP INCORPORATED<<+ 9,025
21,020 ODYSSEY HEALTHCARE INCORPORATED+ 203,894
11,793 REHABCARE GROUP INCORPORATED+ 205,670
4,612,540
---------------
HOLDING & OTHER INVESTMENT OFFICES: 4.28%
21,734 ACADIA REALTY TRUST 230,599
51,994 BIOMED REALTY TRUST INCORPORATED 351,999
28,518 CEDAR SHOPPING CENTERS INCORPORATED+ 49,621
31,158 COLONIAL PROPERTIES TRUST<< 118,712
57,724 DIAMONDROCK HOSPITALITY<<+ 231,473
16,068 EASTGROUP PROPERTIES INCORPORATED 451,029
22,262 ENTERTAINMENT PROPERTIES TRUST 350,849
37,951 FRANKLIN STREET PROPERTIES CORPORATION<< 466,797
21,062 HOME PROPERTIES INCORPORATED<< 645,550
37,190 INLAND REAL ESTATE CORPORATION 263,677
21,188 KILROY REALTY CORPORATION 364,222
21,805 KITE REALTY GROUP TRUST 53,422
26,300 LASALLE HOTEL PROPERTIES 153,592
14,832 LTC PROPERTIES INCORPORATED 260,153
48,936 MEDICAL PROPERTIES TRUST INCORPORATED 178,616
18,093 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 557,807
50,646 NATIONAL RETAIL PROPERTIES INCORPORATED<< 802,233
9,854 PARKWAY PROPERTIES INCORPORATED 101,496
28,324 POST PROPERTIES INCORPORATED 287,205
9,574 PS BUSINESS PARKS INCORPORATED 352,802
14,095 SOVRAN SELF STORAGE INCORPORATED 283,028
20,300 TANGER FACTORY OUTLET CENTERS INCORPORATED<< 626,458
13,721 URSTADT BIDDLE PROPERTIES INCORPORATED 184,136
7,365,476
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.09%
11,891 HAVERTY FURNITURE COMPANIES INCORPORATED<<+ 125,212
19,872 TUESDAY MORNING CORPORATION+ 25,237
150,449
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.09%
13,529 MARCUS CORPORATION 114,997
7,337 MONARCH CASINO & RESORT INCORPORATED+ 37,859
152,856
---------------
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.27%
36,149 ACTUANT CORPORATION CLASS A $ 373,419
12,697 ASTEC INDUSTRIES INCORPORATED<<+ 333,042
11,239 BLACK BOX CORPORATION 265,353
31,931 BRIGGS & STRATTON CORPORATION<< 526,862
40,829 BROOKS AUTOMATION INCORPORATED+ 188,222
5,426 CASCADE CORPORATION 95,660
19,261 DRIL-QUIP INCORPORATED<<+ 591,313
12,996 ENPRO INDUSTRIES INCORPORATED+ 222,232
33,212 GARDNER DENVER INCORPORATED+ 722,029
31,059 INTERMEC INCORPORATED+ 323,014
14,055 INTEVAC INCORPORATED+ 73,227
17,655 JOHN BEAN TECHNOLOGIES CORPORATION 184,671
21,561 KAYDON CORPORATION 589,262
39,138 KULICKE & SOFFA INDUSTRIES INCORPORATED<<+ 102,542
7,873 LINDSAY MANUFACTURING COMPANY<< 212,571
9,526 LUFKIN INDUSTRIES INCORPORATED 360,845
51,526 MICROS SYSTEMS INCORPORATED+ 966,113
12,775 NATCO GROUP INCORPORATED+ 241,831
22,036 NETGEAR INCORPORATED+ 265,534
31,731 OIL STATES INTERNATIONAL INCORPORATED+ 425,830
21,016 ROBBINS & MYERS INCORPORATED 318,813
16,928 SCANSOURCE INCORPORATED+ 314,522
22,951 TORO COMPANY<< 554,955
15,052 ULTRATECH INCORPORATED+ 187,999
18,173 WATSCO INCORPORATED<< 618,427
9,058,288
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 0.20%
16,075 EHEALTH INCORPORATED+ 257,361
25,561 NATIONAL FINANCIAL PARTNERS CORPORATION+ 81,795
339,156
---------------
INSURANCE CARRIERS: 4.59%
4,857 AMERICAN PHYSICIANS CAPITAL INCORPORATED 198,748
34,049 AMERIGROUP CORPORATION<<+ 937,709
12,087 AMERISAFE INCORPORATED+ 185,173
24,652 CATALYST HEALTH SOLUTIONS INCORPORATED+ 488,603
27,572 CENTENE CORPORATION+ 496,847
26,494 DELPHI FINANCIAL GROUP INCORPORATED CLASS A<< 356,609
31,310 HEALTHSPRING INCORPORATED+ 262,065
9,021 INFINITY PROPERTY & CASUALTY CORPORATION 306,083
8,975 MOLINA HEALTHCARE INCORPORATED<<+ 170,705
13,839 PRESIDENTIAL LIFE CORPORATION 107,806
21,375 PROASSURANCE CORPORATION+ 996,503
11,436 RLI CORPORATION 574,087
10,455 SAFETY INSURANCE GROUP INCORPORATED 324,941
33,781 SELECTIVE INSURANCE GROUP INCORPORATED<< 410,777
11,637 STEWART INFORMATION SERVICES CORPORATION 226,922
8,536 THE NAVIGATORS GROUP INCORPORATED+ 402,728
22,387 TOWER GROUP INCORPORATED 551,392
14,336 UNITED FIRE & CASUALTY COMPANY 314,819
23,925 ZENITH NATIONAL INSURANCE CORPORATION 576,832
7,889,349
---------------
JUSTICE, PUBLIC ORDER & SAFETY: 0.25%
32,771 GEO GROUP INCORPORATED+ 434,216
---------------
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
LEATHER & LEATHER PRODUCTS: 0.28%
27,130 BROWN SHOE COMPANY INCORPORATED $ 101,738
12,337 GENESCO INCORPORATED+ 232,306
17,206 K-SWISS INCORPORATED+ 146,939
480,983
---------------
LEGAL SERVICES: 0.08%
4,664 PRE-PAID LEGAL SERVICES INCORPORATED<<+ 135,396
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.37%
6,754 DELTIC TIMBER CORPORATION 266,175
4,356 SKYLINE CORPORATION 82,808
10,786 UNIVERSAL FOREST PRODUCTS<< 287,015
635,998
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.96%
14,037 ABAXIS INCORPORATED<<+ 241,998
47,238 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED<<+ 526,704
5,837 AMERICAN SCIENCE & ENGINEERING INCORPORATED 325,705
8,204 ANALOGIC CORPORATION<< 262,692
5,930 AXSYS TECHNOLOGIES INCORPORATED+ 249,297
14,964 COHU INCORPORATED 107,741
18,609 CONMED CORPORATION+ 268,156
28,929 COOPER COMPANIES INCORPORATED 764,883
14,894 CYBERONICS INCORPORATED+ 197,643
16,780 ESCO TECHNOLOGIES INCORPORATED+ 649,386
19,032 ESTERLINE TECHNOLOGIES CORPORATION+ 384,256
10,731 FARO TECHNOLOGIES INCORPORATED+ 144,225
23,916 FEI COMPANY+ 369,024
28,580 FOSSIL INCORPORATED+ 448,706
16,302 HAEMONETICS CORPORATION+ 897,914
8,309 ICU MEDICAL INCORPORATED+ 266,885
15,515 II-VI INCORPORATED+ 266,548
12,808 INTEGRA LIFESCIENCES HOLDINGS<<+ 316,742
57,540 ION GEOPHYSICAL CORPORATION+ 89,762
8,701 KEITHLEY INSTRUMENTS INCORPORATED 29,496
7,380 KENSEY NASH CORPORATION+ 156,973
43,755 KOPIN CORPORATION+ 101,512
25,897 MERIDIAN DIAGNOSTICS INCORPORATED 469,254
18,008 MERIT MEDICAL SYSTEMS INCORPORATED+ 219,878
31,754 MKS INSTRUMENTS INCORPORATED+ 465,831
10,802 MTS SYSTEMS CORPORATION 245,746
17,936 NATUS MEDICAL INCORPORATED+ 152,635
9,439 NEOGEN CORPORATION+ 206,053
23,080 NEWPORT CORPORATION+ 102,014
11,487 OSTEOTECH INCORPORATED+ 40,090
11,845 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 85,995
19,704 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,703
17,045 SONIC SOLUTIONS<<+ 20,454
22,968 SYMMETRY MEDICAL INCORPORATED+ 144,928
23,089 TELEDYNE TECHNOLOGIES INCORPORATED+ 616,015
21,311 THERAGENICS CORPORATION+ 25,999
20,632 VEECO INSTRUMENTS INCORPORATED<<+ 137,615
13,514 ZOLL MEDICAL CORPORATION+ 194,061
10,252,519
---------------
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.52%
20,599 INVACARE CORPORATION $ 330,202
38,803 PSS WORLD MEDICAL INCORPORATED<<+ 556,823
887,025
---------------
METAL FABRICATE, HARDWARE: 0.14%
10,835 CIRCOR INTERNATIONAL INCORPORATED 244,004
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.12%
14,427 AMCOL INTERNATIONAL CORPORATION<< 214,097
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94%
45,354 CENTRAL GARDEN & PET COMPANY CLASS A+ 341,062
21,891 DAKTRONICS INCORPORATED<< 143,386
39,633 HILLENBRAND INCORPORATED 634,524
17,906 JAKKS PACIFIC INCORPORATED+ 221,139
10,675 LYDALL INCORPORATED+ 31,705
11,054 RC2 CORPORATION+ 58,255
10,787 RUSS BERRIE & COMPANY INCORPORATED+ 14,239
34,388 SHUFFLE MASTER INCORPORATED+ 98,694
7,920 STANDEX INTERNATIONAL CORPORATION 72,864
1,615,868
---------------
MISCELLANEOUS RETAIL: 1.20%
13,795 BIG 5 SPORTING GOODS CORPORATION 80,977
9,293 BLUE NILE INCORPORATED<<+ 280,184
18,925 CASH AMERICA INTERNATIONAL INCORPORATED 296,366
18,288 HIBBETT SPORTS INCORPORATED<<+ 351,495
25,224 HSN INCORPORATED+ 129,651
16,573 JO ANN STORES INCORPORATED<<+ 270,803
11,574 NORTH AMERICAN WATCH CORPORATION 87,268
19,620 NUTRI SYSTEM INCORPORATED<< 279,977
48,903 OFFICEMAX INCORPORATED+ 152,577
9,113 STAMPS.COM INCORPORATED+ 88,396
20,440 ZALE CORPORATION<<+ 39,858
2,057,552
---------------
MOTION PICTURES: 0.10%
19,500 AVID TECHNOLOGY INCORPORATED+ 178,230
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.89%
16,214 ARKANSAS BEST CORPORATION<< 308,390
18,552 FORWARD AIR CORPORATION<< 301,099
34,358 HEARTLAND EXPRESS INCORPORATED 508,842
17,686 OLD DOMINION FREIGHT LINE INCORPORATED<<+ 415,444
1,533,775
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.45%
16,562 FINANCIAL FEDERAL CORPORATION 350,783
16,496 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 246,120
10,359 WORLD ACCEPTANCE CORPORATION<<+ 177,139
774,042
---------------
OIL & GAS EXTRACTION: 1.56%
35,797 ATWOOD OCEANICS INCORPORATED+ 593,872
14,439 BASIC ENERGY SERVICES INCORPORATED<<+ 93,420
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
OIL & GAS EXTRACTION (continued)
9,530 PETROLEUM DEVELOPMENT CORPORATION+ $ 112,549
27,800 PETROQUEST ENERGY INCORPORATED<<+ 66,720
32,050 PIONEER DRILLING COMPANY+ 105,124
12,834 SEACOR HOLDINGS INCORPORATED<<+ 748,351
39,940 ST. MARY LAND & EXPLORATION COMPANY<< 528,406
22,349 STONE ENERGY CORPORATION+ 74,422
10,584 SUPERIOR WELL SERVICES+ 54,296
19,822 SWIFT ENERGY COMPANY<<+ 144,701
48,244 TETRA TECHNOLOGIES INCORPORATED+ 156,793
2,678,654
---------------
PAPER & ALLIED PRODUCTS: 0.69%
24,775 BUCKEYE TECHNOLOGIES INCORPORATED+ 52,771
7,243 CLEARWATER PAPER CORPORATION+ 58,161
9,354 NEENAH PAPER INCORPORATED 33,955
24,507 ROCK-TENN COMPANY CLASS A 662,914
9,835 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 181,554
8,119 STANDARD REGISTER COMPANY 37,185
31,280 WAUSAU PAPER CORPORATION+ 164,533
1,191,073
---------------
PERSONAL SERVICES: 0.64%
19,070 COINSTAR INCORPORATED+ 624,733
11,859 G & K SERVICES INCORPORATED CLASS A<< 224,254
9,168 UNIFIRST CORPORATION 255,237
1,104,224
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.87%
27,136 HEADWATERS INCORPORATED<<+ 85,207
26,319 HOLLY CORPORATION 557,963
10,577 WD-40 COMPANY 255,329
18,812 WORLD FUEL SERVICES CORPORATION<< 595,024
1,493,523
---------------
PHARMACEUTICALS: 0.34%
8,560 KENDLE INTERNATIONAL INCORPORATED<<+ 179,418
30,523 SAVIENT PHARMACEUTICALS INCORPORATED<<+ 151,089
49,620 VIROPHARMA INCORPORATED+ 260,505
591,012
---------------
PRIMARY METAL INDUSTRIES: 1.71%
29,852 BELDEN CDT INCORPORATED 373,449
12,890 BRUSH ENGINEERED MATERIALS INCORPORATED+ 178,784
35,364 CENTURY ALUMINUM COMPANY+ 74,618
28,981 CURTISS-WRIGHT CORPORATION 812,917
17,280 GIBRALTAR INDUSTRIES INCORPORATED+ 81,562
23,809 MUELLER INDUSTRIES INCORPORATED 516,417
5,779 OLYMPIC STEEL INCORPORATED 87,667
14,799 RTI INTERNATIONAL METALS INCORPORATED+ 173,148
17,733 TEXAS INDUSTRIES INCORPORATED<< 443,325
12,388 TREDEGAR CORPORATION 202,296
2,944,183
---------------
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.10%
17,501 BOWNE & COMPANY INCORPORATED $ 56,178
7,145 CONSOLIDATED GRAPHICS INCORPORATED+ 90,884
18,629 EW SCRIPPS COMPANY+ 25,149
172,211
---------------
REAL ESTATE: 0.23%
22,984 FORESTAR REAL ESTATE GROUP INCORPORATED<<+ 175,828
19,789 MERITAGE CORPORATION<<+ 225,990
401,818
---------------
REAL ESTATE INVESTMENT TRUST (REIT): 0.93%
54,994 EXTRA SPACE STORAGE INCORPORATED 303,017
50,321 LEXINGTON CORPORATE PROPERTIES TRUST 119,764
25,264 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST<< 89,687
77,178 SENIOR HOUSING PROPERTIES TRUST 1,082,036
1,594,504
---------------
RESTAURANTS: 0.24%
11,466 BUFFALO WILD WINGS INCORPORATED<<+ 419,426
---------------
RETAIL, TRADE & SERVICES: 0.29%
33,176 MEN'S WEARHOUSE INCORPORATED 502,285
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.53%
16,676 A. SCHULMAN INCORPORATED 225,960
20,984 WEST PHARMACEUTICAL SERVICES INCORPORATED<< 688,485
914,445
---------------
S&L THRIFTS-SOUTHERN US: 0.04%
69,817 GUARANTY FINANCIAL GROUP INCORPORATED<<+ 73,308
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.91%
11,801 GREENHILL & COMPANY INCORPORATED<< 871,504
27,773 INVESTMENT TECHNOLOGY GROUP INCORPORATED<<+ 708,767
33,655 LABRANCHE & COMPANY INCORPORATED+ 125,870
26,663 OPTIONSXPRESS HOLDINGS INCORPORATED 303,158
10,053 PIPER JAFFRAY COMPANIES INCORPORATED+ 259,267
17,330 STIFEL FINANCIAL CORPORATION<<+ 750,562
17,591 SWS GROUP INCORPORATED<< 273,188
3,292,316
---------------
SOCIAL SERVICES: 0.18%
4,087 ALMOST FAMILY INCORPORATED<<+ 78,021
16,418 RES-CARE INCORPORATED+ 239,046
317,067
---------------
SOFTWARE: 0.24%
22,874 EPIQ SYSTEMS INCORPORATED<<+ 412,418
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.93%
17,843 APOGEE ENTERPRISES INCORPORATED 195,916
14,998 CABOT MICROELECTRONICS CORPORATION+ 360,402
12,582 CARBO CERAMICS INCORPORATED<< 357,832
27,920 EAGLE MATERIALS INCORPORATED 677,060
1,591,210
---------------
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
TEXTILE MILL PRODUCTS: 0.47%
17,112 ALBANY INTERNATIONAL CORPORATION CLASS A $ 154,864
36,031 INTERFACE INCORPORATED 107,733
8,736 OXFORD INDUSTRIES INCORPORATED 53,901
31,741 WOLVERINE WORLD WIDE INCORPORATED 494,525
811,023
---------------
TEXTILES - PRODUCTS: 0.19%
37,220 ICONIX BRAND GROUP INCORPORATED+ 329,397
---------------
TOBACCO PRODUCTS: 0.13%
57,035 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 219,014
---------------
TRANSPORTATION BY AIR: 0.56%
6,846 AIR METHODS CORPORATION+ 115,766
18,656 BRISTOW GROUP INCORPORATED<<+ 399,798
36,504 SKYWEST INCORPORATED 454,110
969,674
---------------
TRANSPORTATION EQUIPMENT: 2.27%
24,788 AAR CORPORATION<<+ 310,842
10,010 AEROVIRONMENT INCORPORATED+ 209,209
7,653 ARCTIC CAT INCORPORATED<<+ 29,311
12,677 ATC TECHNOLOGY CORPORATION+ 141,982
56,515 BRUNSWICK CORPORATION 194,977
32,608 CLARCOR INCORPORATED 821,396
31,820 GENCORP INCORPORATED+ 67,458
15,379 GROUP 1 AUTOMOTIVE INCORPORATED<<+ 214,845
14,896 HORNBECK OFFSHORE+ 227,015
36,643 ORBITAL SCIENCES CORPORATION<<+ 435,685
20,822 POLARIS INDUSTRIES INCORPORATED<< 446,424
20,952 SPARTAN MOTORS INCORPORATED 84,227
7,669 STANDARD MOTOR PRODUCTS INCORPORATED+ 21,090
14,872 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 176,233
10,626 TRIUMPH GROUP INCORPORATED 405,913
19,679 WABASH NATIONAL CORPORATION+ 24,205
18,630 WINNEBAGO INDUSTRIES INCORPORATED<<+ 98,925
3,909,737
---------------
TRANSPORTATION SERVICES: 0.24%
24,246 HUB GROUP INCORPORATED CLASS A<<+ 412,182
---------------
WATER TRANSPORTATION: 0.53%
34,470 KIRBY CORPORATION<<+ 918,281
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.75%
11,405 GREEN MOUNTAIN COFFEE ROASTERS INCORPORATED<<+ 547,440
25,947 HAIN CELESTIAL GROUP INCORPORATED<<+ 369,485
18,069 MYERS INDUSTRIES INCORPORATED 110,944
8,203 NASH FINCH COMPANY 230,422
7,544 PERRY ELLIS INTERNATIONAL INCORPORATED+ 26,102
10,238 SCHOOL SPECIALTY INCORPORATED+ 180,086
14,236 SPARTAN STORES INCORPORATED 219,377
11,666 THE ANDERSONS INCORPORATED 164,957
20,306 TRACTOR SUPPLY COMPANY<<+ 732,234
15,197 UNITED STATIONERS INCORPORATED+ 426,732
3,007,779
---------------
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
WHOLESALE TRADE-DURABLE GOODS: 1.63%
10,597 A.M. CASTLE & COMPANY $ 94,525
23,270 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 392,565
26,826 BARNES GROUP INCORPORATED 286,770
16,062 DIGI INTERNATIONAL INCORPORATED+ 123,196
29,221 INSIGHT ENTERPRISES INCORPORATED+ 89,416
16,332 KAMAN CORPORATION CLASS A 204,803
36,351 KNIGHT TRANSPORTATION INCORPORATED<< 551,081
2,676 LAWSON PRODUCTS INCORPORATED 32,567
7,766 MWI VETERINARY SUPPLY INCORPORATED+ 221,176
27,400 PEP BOYS-MANNY, MOE & JACK 120,834
30,951 POOL CORPORATION<< 414,737
18,397 TYLER TECHNOLOGIES INCORPORATED+ 269,152
2,800,822
---------------
TOTAL COMMON STOCKS (COST $281,827,465) 171,406,558
---------------
COLLATERAL FOR SECURITIES LENDING: 26.00%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 5.31%
2,282,139 AIM STIT-LIQUID ASSETS PORTFOLIO 2,282,139
2,282,139 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 2,282,139
2,282,139 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 2,282,139
2,282,139 DWS MONEY MARKET SERIES INSTITUTIONAL 2,282,139
9,128,556
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 20.69%
$ 556,619 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 556,619
315,418 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 315,418
556,619 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 556,619
18,554 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 18,550
649,389 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 649,200
37,108 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 37,108
732,882 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 732,605
797,821 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 797,821
2,078,045 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,078,059) 0.25 04/01/2009 2,078,045
241,202 BANK OF IRELAND 0.60 04/01/2009 241,202
5,083,788 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $5,083,830) 0.30 04/01/2009 5,083,788
241,202 BNP PARIBAS (PARIS) 0.30 04/01/2009 241,202
742,159 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 741,975
797,821 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 797,821
278,310 CALYON (LONDON) 0.45 04/01/2009 278,310
500,957 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 500,899
519,615 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 8,574
400,050 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 6,601
519,511 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 519,511
166,986 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 166,978
49,539 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 49,539
333,972 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 333,972
890,591 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 890,591
705,051 E.ON AG++ 0.60 04/22/2009 704,804
185,540 EBBETS FUNDING LLC++ 0.60 04/06/2009 185,524
278,310 EBBETS FUNDING LLC++ 0.60 04/07/2009 278,282
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 139,155 EDISON ASSET SECURITIZATION LLC++(p) 0.50% 04/21/2009 $ 139,116
37,108 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 37,105
74,216 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 74,216
185,540 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 185,521
324,695 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 324,672
92,770 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 92,744
556,619 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 556,509
1,005,718 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,005,723) 0.17 04/01/2009 1,005,718
55,662 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 55,657
1,894,636 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 679,038
30,614 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 30,614
37,108 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 37,108
1,855,397 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,855,409) 0.24 04/01/2009 1,855,397
55,662 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 55,662
556,619 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 556,524
236,749 LLOYDS TSB BANK PLC 0.50 04/06/2009 236,732
384,253 LLOYDS TSB BANK PLC 0.50 04/09/2009 384,210
14,843 LLOYDS TSB BANK PLC 0.50 04/14/2009 14,841
556,619 LMA AMERICAS LLC++ 0.57 04/29/2009 556,372
649,389 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 649,187
79,782 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 79,782
241,202 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY
MARKET SECURITIES (MATURITY VALUE $241,206) 0.66 04/01/2009 241,202
742,159 NATIXIS 0.38 04/02/2009 742,159
37,108 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 37,108
241,202 NORDEA BANK AB 0.30 04/01/2009 241,202
233,780 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 233,730
333,972 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 333,875
371,079 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 370,866
185,540 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 185,431
556,619 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 556,468
649,389 SOCIETE GENERALE NY 1.05 04/27/2009 649,693
671,654 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 671,329
185,540 STATE STREET CORPORATION 0.40 04/01/2009 185,540
556,619 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 556,577
742,159 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 741,951
649,389 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 649,170
649,389 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 649,263
686,497 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 686,261
649,389 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 649,061
278,310 VERSAILLES CP LLC++ 0.60 04/01/2009 278,310
720,496 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 331,428
418,400 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 192,464
512,642 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 235,815
832,111 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 382,771
802,504 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 671,375
111,324 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 111,321
630,835 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 630,634
35,593,287
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $46,697,599) 44,721,843
---------------
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL CAP INDEX PORTFOLIO
INTEREST MATURITY
SHARES SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
SHORT-TERM INVESTMENTS: 2.04%
2,703,895 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 2,703,895
---------------
PRINCIPAL
- ------------
US TREASURY BILLS: 0.47%
$ 155,000 US TREASURY BILL### 0.14% 05/07/2009 $ 154,973
195,000 US TREASURY BILL### 0.79 05/07/2009 194,966
360,000 US TREASURY BILL### 0.97 05/07/2009 359,937
90,000 US TREASURY BILL### 0.34 08/06/2009 89,916
799,792
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,503,265) 3,503,687
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $332,028,329)* 127.68% $ 219,632,088
OTHER ASSETS AND LIABILITIES, NET (27.68) (47,607,840)
------ ---------------
TOTAL NET ASSETS 100.00% $ 172,024,248
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $2,703,895.
# Security pledged as collateral for futures transactions. (See Note 2)
## Zero coupon bond. Interest rate presented is yield to maturity.
* Cost for federal income tax purposes is $335,475,797 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 6,505,721
Gross unrealized depreciation (122,349,430)
-------------
Net unrealized appreciation (depreciation) $(115,843,709)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 98.91%
AMUSEMENT & RECREATION SERVICES: 0.67%
110,800 BALLY TECHNOLOGIES INCORPORATED+ $ 2,040,936
---------------
APPAREL & ACCESSORY STORES: 2.00%
218,030 AMERICAN EAGLE OUTFITTERS INCORPORATED 2,668,687
1,012,450 WET SEAL INCORPORATED CLASS A+ 3,401,832
6,070,519
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 1.24%
126,820 COPART INCORPORATED+<< 3,761,481
---------------
BUSINESS SERVICES: 15.07%
167,480 ART TECHNOLOGY GROUP INCORPORATED+ 427,074
98,480 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 647,998
177,900 BRINK'S HOME SECURITY HOLDINGS+ 4,020,540
236,440 COGENT INCORPORATED+<< 2,813,636
313,100 COMMVAULT SYSTEMS INCORPORATED+ 3,434,707
170,470 CONCUR TECHNOLOGIES INCORPORATED+<< 3,271,319
50,080 HURON CONSULTING GROUP INCORPORATED+<< 2,124,894
206,000 INTEGRAL SYSTEMS INCORPORATED MD+ 1,771,600
153,900 JDA SOFTWARE GROUP INCORPORATED+ 1,777,545
247,450 PHASE FORWARD INCORPORATED+<< 3,164,886
139,380 QUEST SOFTWARE INCORPORATED+ 1,767,338
116,000 S1 CORPORATION+ 597,400
557,930 SKILLSOFT PLC ADR+ 3,732,552
176,000 SRA INTERNATIONAL INCORPORATED CLASS A+ 2,587,200
643,270 SUCCESSFACTORS INCORPORATED+<< 4,908,150
60,310 SYKES ENTERPRISES INCORPORATED+<< 1,002,955
182,820 TALEO CORPORATION CLASS A+ 2,160,932
213,080 TELETECH HOLDINGS INCORPORATED+ 2,320,441
184,600 ULTIMATE SOFTWARE GROUP INCORPORATED+<< 3,186,196
45,717,363
---------------
CHEMICALS & ALLIED PRODUCTS: 5.74%
260,150 ALNYLAM PHARMACEUTICALS INCORPORATED+<< 4,953,256
163,700 CRUCELL NV ADR+<< 3,226,527
165,000 INVERNESS MEDICAL INNOVATIONS INCORPORATED+<< 4,393,950
275,900 NOVEN PHARMACEUTICALS INCORPORATED+ 2,615,532
64,130 SCOTTS MIRACLE-GRO COMPANY<< 2,225,311
17,414,576
---------------
COMMUNICATIONS: 4.31%
136,100 GEOEYE INCORPORATED+<< 2,687,975
251,100 NEUSTAR INCORPORATED CLASS A+ 4,205,925
250,750 NEUTRAL TANDEM INCORPORATION+ 6,170,958
13,064,858
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.77%
282,320 MATRIX SERVICE COMPANY+ 2,320,670
---------------
DEPOSITORY INSTITUTIONS: 1.69%
111,860 SIGNATURE BANK+<< 3,157,808
168,460 TCF FINANCIAL CORPORATION<< 1,981,090
5,138,898
---------------
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
EATING & DRINKING PLACES: 2.25%
91,880 JACK IN THE BOX INCORPORATED+ $ 2,139,885
492,190 TEXAS ROADHOUSE INCORPORATED CLASS A+<< 4,690,571
6,830,456
---------------
EDUCATIONAL SERVICES: 0.74%
115,950 CORINTHIAN COLLEGES INCORPORATED+<< 2,255,228
---------------
ELECTRIC, GAS & SANITARY SERVICES: 0.21%
13,270 CLEAN HARBORS INCORPORATED+ 636,960
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 12.65%
567,300 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 2,042,280
855,810 ATMEL CORPORATION+ 3,106,590
314,540 MACROVISION SOLUTIONS CORPORATION+<< 5,595,667
173,720 MICROSEMI CORPORATION+ 2,015,152
133,000 NETLOGIC MICROSYSTEMS INCORPORATED+<< 3,654,840
284,410 OSI SYSTEMS INCORPORATED+ 4,340,097
320,940 PMC-SIERRA INCORPORATED+<< 2,047,597
280,420 POLYCOM INCORPORATED+<< 4,315,664
32,110 REGAL-BELOIT CORPORATION<< 983,850
126,965 SILICON LABORATORIES INCORPORATED+<< 3,351,876
325,490 TESSERA TECHNOLOGIES INCORPORATED+ 4,351,801
118,300 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+<< 2,562,378
38,367,792
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 3.31%
61,400 GEN-PROBE INCORPORATED+ 2,798,612
313,700 ISIS PHARMACEUTICALS INCORPORATED+<< 4,708,637
27,890 MYRIAD GENETICS INCORPORATED+<< 1,268,158
106,900 RTI BIOLOGICS INCORPORATION+ 304,665
68,110 SEQUENOM INCORPORATED+<< 968,524
10,048,596
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.06%
117,420 SHAW GROUP INCORPORATED+ 3,218,482
---------------
FOOD & KINDRED PRODUCTS: 3.82%
69,990 HANSEN NATURAL CORPORATION+<< 2,519,640
613,740 SMART BALANCE INCORPORATED+ 3,706,990
282,020 UNITED NATURAL FOODS INCORPORATED+<< 5,349,919
11,576,549
---------------
GENERAL MERCHANDISE STORES: 0.99%
324,730 99 CENTS ONLY STORES+<< 3,000,505
---------------
HEALTH SERVICES: 4.24%
166,820 CARDIONET INCORPORATED+ 4,680,969
141,470 GENOPTIX INCORPORATED+<< 3,859,302
92,200 IPC THE HOSPITALIST COMPANY+ 1,754,566
118,010 LINCARE HOLDINGS INCORPORATED+ 2,572,618
12,867,455
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.48%
700,600 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 2,417,070
292,400 DATA DOMAIN INCORPORATED+<< 3,675,468
184,500 INTERMEC INCORPORATED+ 1,918,800
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (CONTINUED)
93,400 KAYDON CORPORATION $ 2,552,622
10,563,960
---------------
INSURANCE CARRIERS: 3.71%
134,410 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 4,049,773
50,300 ENSTAR GROUP LIMITED+<< 2,832,896
184,090 VALIDUS HOLDINGS LIMITED<< 4,359,251
11,241,920
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS: 9.80%
27,000 AXSYS TECHNOLOGIES INCORPORATED+ 1,135,080
336,550 CELERA CORPORATION+ 2,567,877
760,750 DEXCOM INCORPORATED+ 3,149,505
471,708 INFINERA CORPORATION+<< 3,490,639
125,960 MICRUS ENDOVASCULAR CORPORATION+ 751,981
496,740 ORTHOVITA INCORPORATED+ 1,331,263
236,700 SONOSITE INCORPORATED+ 4,232,196
230,190 THORATEC CORPORATION+<< 5,913,581
99,300 VARIAN INCORPORATED+ 2,357,382
230,945 WRIGHT MEDICAL GROUP INCORPORATED+ 3,009,213
125,570 ZOLL MEDICAL CORPORATION+ 1,803,185
29,741,902
---------------
MEDICAL PRODUCTS: 1.01%
1,228,780 ATS MEDICAL INCORPORATED+<<(i) 3,071,950
---------------
MISCELLANEOUS REPAIR SERVICES: 0.62%
140,100 DYNCORP INTERNATIONAL INCORPORATED+<< 1,867,533
---------------
MISCELLANEOUS RETAIL: 1.32%
281,300 DICK'S SPORTING GOODS INCORPORATED+<< 4,014,151
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.69%
345,800 HEARTLAND EXPRESS INCORPORATED<< 5,121,298
---------------
OIL & GAS EXTRACTION: 4.80%
133,100 CONCHO RESOURCES INCORPORATED+ 3,406,029
122,780 CONTINENTAL RESOURCES INCORPORATED+<< 2,604,164
116,770 PETROHAWK ENERGY CORPORATION+<< 2,245,487
433,510 TESCO CORPORATION+ 3,390,048
298,940 WILLBROS GROUP INCORPORATED+<< 2,899,718
14,545,446
---------------
PERSONAL SERVICES: 2.80%
206,500 COINSTAR INCORPORATED+ 6,764,940
259,400 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 1,717,228
8,482,168
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.51%
195,290 DOLAN MEDIA COMPANY+ 1,536,932
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.41%
337,640 JARDEN CORPORATION+<< 4,277,899
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.46%
89,320 JEFFERIES GROUP INCORPORATED<< 1,232,616
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued)
89,500 LEGG MASON INCORPORATED<< $ 1,423,050
90,300 RAYMOND JAMES FINANCIAL INCORPORATED<< 1,778,910
4,434,576
---------------
TRANSPORTATION BY AIR: 1.74%
135,490 AIR METHODS CORPORATION+ 2,291,136
340,010 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 2,995,488
5,286,624
---------------
TRANSPORTATION EQUIPMENT: 0.48%
83,800 FREIGHTCAR AMERICA INCORPORATED 1,469,014
---------------
TRANSPORTATION SERVICES: 1.26%
223,970 HUB GROUP INCORPORATED CLASS A+<< 3,807,490
---------------
WATER TRANSPORTATION: 0.71%
128,950 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED<< 2,159,913
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.35%
188,650 TECH DATA CORPORATION+ 4,108,799
---------------
TOTAL COMMON STOCKS (COST $337,449,574) 300,062,899
---------------
COLLATERAL FOR SECURITIES LENDING: 23.16%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 4.77%
3,618,826 AIM STIT-LIQUID ASSETS PORTFOLIO 3,618,826
3,618,826 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 3,618,826
3,618,826 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 3,618,826
3,618,826 DWS MONEY MARKET SERIES INSTITUTIONAL 3,618,826
14,475,304
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 18.39%
$ 882,640 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 882,640
500,163 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 500,163
882,640 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 882,640
29,421 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 29,415
1,029,747 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 1,029,447
58,843 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 58,843
1,162,143 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 1,161,704
1,265,118 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 1,265,118
3,295,191 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,295,214) 0.25 04/01/2009 3,295,191
382,478 BANK OF IRELAND 0.60 04/01/2009 382,478
8,061,450 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $8,061,517) 0.30 04/01/2009 8,061,450
382,478 BNP PARIBAS (PARIS) 0.30 04/01/2009 382,478
1,176,854 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 1,176,562
1,265,118 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 1,265,118
441,320 CALYON (LONDON) 0.45 04/01/2009 441,320
794,376 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 794,284
689,048 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 11,369
530,496 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 8,753
823,798 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 823,798
264,792 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 264,780
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 78,555 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25% 10/01/2038 $ 78,555
529,584 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 529,584
1,412,225 DEXIA CREDIT LOCAL DE FRANCE SA 0.85 04/01/2009 1,412,225
1,118,011 E.ON AG++ 0.60 04/22/2009 1,117,620
294,213 EBBETS FUNDING LLC++ 0.60 04/06/2009 294,189
441,320 EBBETS FUNDING LLC++ 0.60 04/07/2009 441,276
220,660 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 220,599
58,843 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 58,838
117,685 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 117,685
294,213 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 294,184
514,874 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 514,838
147,107 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 147,066
882,640 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 882,465
1,594,784 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,594,792) 0.17 04/01/2009 1,594,784
88,264 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 88,257
2,512,428 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 900,454
48,545 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 48,545
58,843 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 58,843
2,942,135 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,942,155) 0.24 04/01/2009 2,942,135
88,264 KANSAS CITY MO SPERCIAL OBLIGATION+/-ss 1.00 04/15/2025 88,264
882,640 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 882,490
375,416 LLOYDS TSB BANK PLC 0.50 04/06/2009 375,390
609,316 LLOYDS TSB BANK PLC 0.50 04/09/2009 609,248
23,537 LLOYDS TSB BANK PLC 0.50 04/14/2009 23,533
882,640 LMA AMERICAS LLC++ 0.57 04/29/2009 882,249
1,029,747 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 1,029,427
126,512 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 126,512
382,478 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MONEY MARKET SECURITIES (MATURITY VALUE $382,485) 0.66 04/01/2009 382,478
1,176,854 NATIXIS 0.38 04/02/2009 1,176,854
58,843 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 58,843
382,478 NORDEA BANK AB 0.30 04/01/2009 382,478
370,709 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 370,630
529,584 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 529,431
588,427 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 588,089
294,213 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 294,042
882,640 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 882,400
1,029,747 SOCIETE GENERALE NY 1.05 04/27/2009 1,030,230
1,065,053 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 1,064,538
294,213 STATE STREET CORPORATION 0.40 04/01/2009 294,212
882,640 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 882,573
1,176,854 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 1,176,525
1,029,747 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 1,029,400
1,029,747 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 1,029,547
1,088,590 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 1,088,224
1,029,747 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 1,029,227
441,320 VERSAILLES CP LLC++ 0.60 04/01/2009 441,320
955,430 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 439,498
554,829 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 255,222
679,802 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 312,709
1,103,441 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 507,583
1,064,180 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 890,293
176,528 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 176,524
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,000,326 WINDMILL FUNDING CORPORATION++(p) 0.50% 04/24/2009 $ 1,000,006
55,789,682
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $72,463,406) 70,264,986
---------------
SHARES
- ------------
SHORT-TERM INVESTMENTS: 2.07%
6,275,674 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 6,275,674
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $6,275,674) 6,275,674
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $416,188,654)* 124.14% $ 376,603,559
OTHER ASSETS AND LIABILITIES, NET (24.14) (73,229,168)
------ ---------------
TOTAL NET ASSETS 100.00% $ 303,374,391
------ ---------------
- ----------
+ Non-income earning securities.
<< All or a portion of this security is on loan. (See Note 2)
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $6,275,674.
* Cost for federal income tax purposes is $420,258,157 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 23,062,427
Gross unrealized depreciation (66,717,025)
------------
Net unrealized appreciation (depreciation) $(43,654,598)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 98.82%
APPAREL & ACCESSORY STORES: 4.52%
131,600 ABERCROMBIE & FITCH COMPANY CLASS A<< $ 3,132,080
279,100 DSW INCORPORATED CLASS A<<+ 2,592,839
180,700 J.CREW GROUP INCORPORATED<<+ 2,381,626
160,200 URBAN OUTFITTERS INCORPORATED<<+ 2,622,474
10,729,019
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.99%
236,400 HANESBRANDS INCORPORATED<<+ 2,262,348
253,990 VOLCOM INCORPORATED<<+ 2,463,703
4,726,051
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.55%
299,920 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,292,655
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.84%
147,560 PERINI CORPORATION<<+ 1,814,988
152,500 RYLAND GROUP INCORPORATED<< 2,540,650
4,355,638
---------------
BUSINESS SERVICES: 7.66%
385,440 AIRCASTLE LIMITED 1,792,296
61,220 MICROSTRATEGY INCORPORATED CLASS A<<+ 2,093,112
298,660 NCR CORPORATION+ 2,374,347
453,044 ON ASSIGNMENT INCORPORATED+ 1,227,749
92,510 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED<<+ 2,482,968
167,470 RENT-A-CENTER INCORPORATED+ 3,243,894
190,640 SYNNEX CORPORATION<<+ 3,749,889
164,700 TAL INTERNATIONAL GROUP INCORPORATED<<+ 1,205,604
18,169,859
---------------
CHEMICALS & ALLIED PRODUCTS: 5.69%
130,080 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED+ 3,539,477
97,700 CYTEC INDUSTRIES INCORPORATED 1,467,454
266,350 ELIZABETH ARDEN INCORPORATED+ 1,552,821
45,300 FMC CORPORATION 1,954,242
265,020 ROCKWOOD HOLDINGS INCORPORATED+ 2,104,259
598,020 USEC INCORPORATED<<+ 2,870,496
13,488,749
---------------
COMMUNICATIONS: 1.88%
1,937,500 CINCINNATI BELL INCORPORATED<<+ 4,456,250
---------------
COMMUNICATIONS EQUIPMENT: 0.82%
170,900 COMMSCOPE INCORPORATED+ 1,941,424
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.35%
82,320 CHEMED CORPORATION 3,202,248
---------------
DEPOSITORY INSTITUTIONS: 11.03%
28,390 BANK OF THE OZARKS INCORPORATED 655,241
281,610 BROOKLINE BANCORP INCORPORATED<< 2,675,295
56,300 CITY NATIONAL CORPORATION 1,901,251
219,140 EAST WEST BANCORP INCORPORATED<< 1,001,470
210,900 FIRST HORIZON NATIONAL CORPORATION<<+ 2,265,066
166,100 PACWEST BANCORP<< 2,380,213
160,840 PRIVATEBANCORP INCORPORATED<< 2,325,746
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
DEPOSITORY INSTITUTIONS (continued)
108,900 SVB FINANCIAL GROUP<<+ $ 2,179,089
218,400 TCF FINANCIAL CORPORATION<< 2,568,384
218,210 UMPQUA HOLDINGS CORPORATION 1,976,983
175,100 WASHINGTON FEDERAL INCORPORATED 2,327,079
147,720 WESTERN ALLIANCE BANCORP<<+ 673,603
117,460 WILMINGTON TRUST CORPORATION<< 1,138,187
171,790 WINTRUST FINANCIAL CORPORATION 2,113,017
26,180,624
---------------
EATING & DRINKING PLACES: 2.62%
468,080 CKE RESTAURANTS INCORPORATED 3,931,872
227,910 SONIC CORPORATION+ 2,283,658
6,215,530
---------------
ELECTRIC, GAS & SANITARY SERVICES: 4.19%
141,100 ENERGEN CORPORATION 4,110,243
298,880 NV ENERGY INCORPORATED 2,806,483
171,660 PORTLAND GENERAL ELECTRIC COMPANY<< 3,019,499
9,936,225
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 7.07%
440,190 ARRIS GROUP INCORPORATED<<+ 3,244,200
126,250 COMTECH TELECOMMUNICATIONS CORPORATION+ 3,127,213
316,350 OMNIVISION TECHNOLOGIES INCORPORATED<<+ 2,125,872
975,340 ON SEMICONDUCTOR CORPORATION+ 3,803,826
1,363,840 RF MICRO DEVICES INCORPORATED+ 1,813,907
457,160 TTM TECHNOLOGIES INCORPORATED<<+ 2,651,528
16,766,546
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.95%
154,380 SUN HYDRAULICS CORPORATION<< 2,255,492
---------------
FOOD & KINDRED PRODUCTS: 0.88%
83,450 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 897,922
56,630 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,200,556
2,098,478
---------------
FOOD STORES: 0.66%
162,610 WINN-DIXIE STORES INCORPORATED+ 1,554,552
---------------
GENERAL MERCHANDISE STORES: 1.02%
264,810 CABELA'S INCORPORATED<<+ 2,412,419
---------------
HEALTH SERVICES: 0.94%
255,340 HEALTHWAYS INCORPORATED+ 2,239,332
---------------
HOLDING & OTHER INVESTMENT OFFICES: 8.21%
126,940 AMERICAN CAMPUS COMMUNITIES 2,203,678
324,290 BIOMED REALTY TRUST INCORPORATED 2,195,443
121,390 CORPORATE OFFICE PROPERTIES TRUST 3,014,114
88,500 DIGITAL REALITY TRUST INCORPORATED<< 2,936,430
166,970 EQUITY ONE INCORPORATED<< 2,035,364
270,050 FIRST POTOMAC REALTY TRUST 1,984,868
226,380 LASALLE HOTEL PROPERTIES 1,322,059
175,300 REDWOOD TRUST INCORPORATED 2,690,855
420,994 SUNSTONE HOTEL INVESTORS INCORPORATED<< 1,107,214
19,490,025
---------------
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 3.58%
374,020 Ameristar Casinos Incorporated $ 4,705,172
557,940 Boyd Gaming Corporation<<+ 2,081,116
206,310 Gaylord Entertainment Company<<+ 1,718,562
8,504,850
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.16%
332,910 Verigy Limited+ 2,746,508
---------------
INSURANCE CARRIERS: 4.87%
338,950 American Equity Investment Life Holding Company 1,410,032
117,271 Argo Group International Holdings Limited+ 3,533,381
196,050 Assured Guaranty Limited<< 1,327,259
87,010 Platinum Underwriters Holdings Limited 2,467,604
128,710 United Fire & Casualty Company 2,826,472
11,564,748
---------------
LEATHER & LEATHER PRODUCTS: 1.36%
171,800 Genesco Incorporated+ 3,234,994
---------------
METAL FABRICATE, HARDWARE: 1.18%
356,640 Chart Industries Incorporated+ 2,810,323
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.54%
243,910 RC2 Corporation+ 1,285,406
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.71%
483,700 Apollo Investment Corporation<< 1,683,276
---------------
OIL & GAS EXTRACTION: 4.31%
333,310 Berry Petroleum Company Class A<< 3,653,078
255,400 Callaway Golf Company 1,833,772
638,300 Global Industries Limited<<+ 2,451,072
88,820 Whiting Petroleum Corporation+ 2,295,997
10,233,919
---------------
PAPER & ALLIED PRODUCTS: 0.94%
414,200 Temple-Inland Incorporated<< 2,224,254
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.09%
540,350 Headwaters Incorporated<<+ 1,696,699
154,100 Holly Corporation 3,266,920
4,963,619
---------------
PRIMARY METAL INDUSTRIES: 1.61%
147,810 Belden CDT Incorporated 1,849,103
223,700 Steel Dynamics Incorporated 1,970,797
3,819,900
---------------
REAL ESTATE: 0.71%
244,500 DuPont Fabros Technology Incorporation+ 1,682,160
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.67%
396,180 Cooper Tire & Rubber Company<< 1,600,567
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.99%
85,100 Lazard Limited<< 2,501,940
112,400 Raymond James Financial Incorporated<< 2,214,280
4,716,220
---------------
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SOCIAL SERVICES: 1.22%
199,380 RES-CARE INCORPORATED+ $ 2,902,973
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.10%
9,950 CABOT MICROELECTRONICS CORPORATION+ 239,099
---------------
TRANSPORTATION BY AIR: 3.23%
718,840 AIRTRAN HOLDINGS INCORPORATED<<+ 3,270,722
183,760 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED<<+ 3,188,236
266,200 UAL CORPORATION<<+ 1,192,576
7,651,534
---------------
TRANSPORTATION SERVICES: 0.85%
99,170 GATX CORPORATION 2,006,209
---------------
WHOLESALE TRADE-DURABLE GOODS: 3.83%
237,990 A.M. CASTLE & COMPANY 2,122,871
183,310 BARNES GROUP INCORPORATED 1,959,584
117,500 BORGWARNER INCORPORATED<<+ 2,385,250
145,020 WESCO INTERNATIONAL INCORPORATED+ 2,627,760
9,095,465
---------------
TOTAL COMMON STOCKS (COST $368,197,291) 234,477,140
---------------
COLLATERAL FOR SECURITIES LENDING: 22.64%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 4.68%
2,778,000 AIM STIT-LIQUID ASSETS PORTFOLIO 2,778,000
2,778,000 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO 2,778,000
2,778,000 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL 2,778,000
2,778,000 DWS MONEY MARKET SERIES INSTITUTIONAL 2,778,000
11,112,000
---------------
INTEREST MATURITY
PRINCIPAL RATE DATE
- ------------ -------- -----------
COLLATERAL INVESTED IN OTHER ASSETS: 17.96%
$ 677,561 ABN AMRO BANK NV (CHICAGO) 2.06% 04/01/2009 677,561
383,951 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.55 04/03/2009 383,951
677,561 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.75 04/09/2009 677,561
22,585 AMSTEL FUNDING CORPORATION++ 1.50 04/06/2009 22,581
790,488 AMSTERDAM FUNDING CORPORATION++ 0.50 04/22/2009 790,257
45,171 ANTALIS US FUNDING CORPORATION++ 0.50 04/01/2009 45,171
892,122 ANTALIS US FUNDING CORPORATION++(p) 0.68 04/21/2009 891,785
971,171 BANCO BILBAO VIZCAYA ARGENTARIA SA 0.38 04/01/2009 971,171
2,529,561 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,529,579) 0.25 04/01/2009 2,529,561
293,610 BANK OF IRELAND 0.60 04/01/2009 293,610
6,188,391 BARCLAYS CAPITAL INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $6,188,443) 0.30 04/01/2009 6,188,391
293,610 BNP PARIBAS (PARIS) 0.30 04/01/2009 293,610
903,415 BRYANT BANK FUNDING LLC++(p) 0.47 04/20/2009 903,191
971,171 CAISSE NATIONALE DES CAISSES D'EPARGNE ET DE PREVOYANCE 0.50 04/01/2009 971,171
338,781 CALYON (LONDON) 0.45 04/01/2009 338,781
609,805 CANCARA ASSET SECURITIZATION LIMITED++(p) 0.60 04/08/2009 609,734
482,407 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 02/25/2008 7,960
371,404 CHEYNE FINANCE LLC+++/-####(a)(i) 0.00 05/19/2008 6,128
632,390 CLIPPER RECEIVABLES CORPORATION++(p) 0.85 04/01/2009 632,390
203,268 CLIPPER RECEIVABLES CORPORATION++ 0.85 04/03/2009 203,259
60,303 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 2.25 10/01/2038 60,303
406,537 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 3.50 12/15/2037 406,537
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
INTEREST MATURITY
PRINCIPAL SECURITY NAME RATE DATE VALUE
- ------------ ------------------------------------------------------------------ -------- ----------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,084,098 DEXIA CREDIT LOCAL DE FRANCE SA 0.85% 04/01/2009 $ 1,084,098
858,244 E.ON AG++ 0.60 04/22/2009 857,944
225,854 EBBETS FUNDING LLC++ 0.60 04/06/2009 225,835
338,781 EBBETS FUNDING LLC++ 0.60 04/07/2009 338,747
169,390 EDISON ASSET SECURITIZATION LLC++(p) 0.50 04/21/2009 169,343
45,171 ELYSIAN FUNDING LLC++ 0.55 04/06/2009 45,167
90,341 ELYSIAN FUNDING LLC++ 0.60 04/01/2009 90,341
225,854 ELYSIAN FUNDING LLC++ 0.60 04/07/2009 225,831
395,244 ERASMUS CAPITAL CORPORATION++ 0.50 04/06/2009 395,216
112,927 GEMINI SECURITIZATION INCORPORATED++(p) 0.50 04/21/2009 112,895
677,561 GEMINI SECURITIZATION INCORPORATED++ 0.55 04/14/2009 677,426
1,224,240 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,224,246) 0.17 04/01/2009 1,224,240
67,756 GRAMPIAN FUNDING LLC++ 0.58 04/06/2009 67,751
1,758,967 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/23/2009 630,414
37,266 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 2.75 11/01/2042 37,266
45,171 INDIANA MUNI POWER AGENCY POWER SUPPLY SYSTEM+/-ss 1.00 01/01/2018 45,171
2,258,537 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,258,552) 0.24 04/01/2009 2,258,537
67,756 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 1.00 04/15/2025 67,756
677,561 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED++ 0.88 04/08/2009 677,446
288,189 LLOYDS TSB BANK PLC 0.50 04/06/2009 288,169
467,743 LLOYDS TSB BANK PLC 0.50 04/09/2009 467,691
18,068 LLOYDS TSB BANK PLC 0.50 04/14/2009 18,065
677,561 LMA AMERICAS LLC++ 0.57 04/29/2009 677,261
790,488 MATCHPOINT MASTER TRUST++ 0.43 04/27/2009 790,242
97,117 MISSISSIPPI STATE GO+/-ss 5.00 11/01/2028 97,117
293,610 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MONEY
MARKET SECURITIES (MATURITY VALUE $293,615) 0.66 04/01/2009 293,610
903,415 NATIXIS 0.38 04/02/2009 903,415
45,171 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 3.75 01/01/2018 45,171
293,610 NORDEA BANK AB 0.30 04/01/2009 293,610
284,576 REGENCY MARKETS #1 LLC++(p) 0.55 04/15/2009 284,515
406,537 REGENCY MARKETS #1 LLC++(p) 0.55 04/20/2009 406,419
451,707 ROMULUS FUNDING CORPORATION++ 0.90 04/24/2009 451,448
225,854 ROMULUS FUNDING CORPORATION++(p) 1.00 04/22/2009 225,722
677,561 SANPAOLO IMI US FINANCIAL COMPANY 0.49 04/21/2009 677,377
790,488 SOCIETE GENERALE NY 1.05 04/27/2009 790,858
817,590 STARBIRD FUNDING CORPORATION++ 0.60 04/30/2009 817,195
225,854 STATE STREET CORPORATION 0.40 04/01/2009 225,854
677,561 SURREY FUNDING CORPORATION++(p) 0.55 04/06/2009 677,509
903,415 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++(p) 0.53 04/20/2009 903,162
790,488 TICONDEROGA MASTER FUNDING LIMITED++ 0.45 04/28/2009 790,221
790,488 TULIP FUNDING CORPORATION++(p) 0.50 04/15/2009 790,334
835,659 UBS FINANCE (DELAWARE) LLC 0.55 04/23/2009 835,378
790,488 UNICREDITO ITALIANO BANK (IRELAND) PLC++ 0.70 04/27/2009 790,088
338,781 VERSAILLES CP LLC++ 0.60 04/01/2009 338,781
668,903 VICTORIA FINANCE LLC+++/-####(a)(i) 0.38 07/28/2008 307,695
388,440 VICTORIA FINANCE LLC+++/-####(a)(i) 0.41 08/07/2008 178,682
475,934 VICTORIA FINANCE LLC+++/-####(a)(i) 1.19 04/03/2008 218,929
772,526 VICTORIA FINANCE LLC+++/-####(a)(i) 1.20 02/15/2008 355,362
745,039 WHITE PINE FINANCE LLC+++/-####(a)(i) 1.15 02/22/2008 623,300
135,512 WINDMILL FUNDING CORPORATION++ 0.40 04/03/2009 135,509
767,902 WINDMILL FUNDING CORPORATION++(p) 0.50 04/24/2009 767,654
42,602,431
---------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $55,177,776) 53,714,431
---------------
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
SHORT-TERM INVESTMENTS: 3.18%
7,560,543 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ $ 7,560,543
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,560,543) 7,560,543
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $430,935,610)* 124.64% $ 295,752,114
OTHER ASSETS AND LIABILITIES, NET (24.64) (58,471,469)
------ ---------------
TOTAL NET ASSETS 100.00% $ 237,280,645
------ ---------------
- ----------
<< All or a portion of this security is on loan. (See Note 2)
+ Non-income earning securities.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
#### 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.
(p) Asset-backed commercial paper.
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 Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $7,560,543.
* Cost for federal income tax purposes is $433,513,410 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 8,553,178
Gross unrealized depreciation (146,314,474)
-------------
Net unrealized appreciation (depreciation) $(137,761,296)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
COMMON STOCKS: 95.30%
AMUSEMENT & RECREATION SERVICES: 0.33%
132,890 CENTURY CASINOS INCORPORATED+ $ 205,980
15,000 WMS INDUSTRIES INCORPORATED+ 313,650
519,630
---------------
APPAREL & ACCESSORY STORES: 3.67%
43,700 ANN TAYLOR STORES CORPORATION+ 227,240
80,300 BEBE STORES INCORPORATED 535,601
40,511 CHARLOTTE RUSSE HOLDING INCORPORATED+ 330,165
210,000 CHARMING SHOPPES INCORPORATED+ 294,000
75,200 CHICO'S FAS INCORPORATED+ 403,824
78,900 CHRISTOPHER & BANKS CORPORATION 322,701
16,000 CITI TRENDS INCORPORATED+ 366,240
135,200 COLDWATER CREEK INCORPORATED+ 339,352
57,585 COLLECTIVE BRANDS INCORPORATED+ 560,878
91,006 DELIA*S INCORPORATED+ 152,890
282,800 NEW YORK AND COMPANY INCORPORATED+ 1,003,940
14,000 STAGE STORES INCORPORATED 141,120
38,700 THE CATO CORPORATION CLASS A 707,436
95,600 WET SEAL INCORPORATED CLASS A+ 321,216
5,706,603
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.64%
4,900 COLUMBIA SPORTSWEAR COMPANY 146,608
49,200 DESTINATION MATERNITY CORPORATION+ 310,452
46,600 MAIDENFORM BRANDS INCORPORATED+ 426,856
16,200 SKECHERS U.S.A. INCORPORATED CLASS A+ 108,054
991,970
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 1.16%
66,045 MONRO MUFFLER BRAKE INCORPORATED 1,805,010
---------------
BIOPHARMACEUTICALS: 0.08%
1,800 CEPHALON INCORPORATED+ 122,580
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.49%
20,606 CAVCO INDUSTRIES INCORPORATED+ 486,302
87,065 PALM HARBOR HOMES INCORPORATED+ 194,155
7,000 PERINI CORPORATION+ 86,100
766,557
---------------
BUSINESS SERVICES: 13.27%
409,130 3COM CORPORATION+ 1,264,212
44,985 ABM INDUSTRIES INCORPORATED 737,754
67,800 AMERICAN SOFTWARE INCORPORATED CLASS A 357,306
312,900 APAC CUSTOMER SERVICES INCORPORATED+ 1,063,860
261,007 ASSET ACCEPTANCE CAPITAL CORPORATION+ 1,385,947
21,900 BARRETT BUSINESS SERVICES INCORPORATED 210,678
182,600 BORLAND SOFTWARE CORPORATION+ 83,996
54,000 CAI INTERNATIONAL INCORPORATED+ 152,820
39,400 COMSYS IT PARTNERS INCORPORATED+ 87,074
139,700 CONVERGYS CORPORATION+ 1,128,776
17,400 COREL CORPORATION+ 31,148
107,900 ELECTRONIC ARTS INCORPORATED+ 1,962,701
47,900 FAIR ISAAC CORPORATION 673,953
55,050 GERBER SCIENTIFIC INCORPORATED+ 131,570
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
BUSINESS SERVICES (continued)
79,400 GSE SYSTEMS INCORPORATED+ $ 472,430
86,000 HACKETT GROUP INCORPORATED+ 173,720
93,697 HEALTHCARE SERVICES GROUP 1,402,644
229,405 HILL INTERNATIONAL INCORPORATED+ 697,391
4,200 HURON CONSULTING GROUP INCORPORATED+ 178,206
59,100 I2 TECHNOLOGIES INCORPORATED+ 466,890
54,000 INFOGROUP INCORPORATED 224,640
69,900 JDA SOFTWARE GROUP INCORPORATED+ 807,345
177,400 LAWSON SOFTWARE INCORPORATED+ 753,950
183,900 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 180,222
17,100 MENTOR GRAPHICS CORPORATION+ 75,924
205,700 MONSTER WORLDWIDE INCORPORATED+ 1,676,455
33,800 MSC SOFTWARE CORPORATION+ 190,632
42,800 NOVELL INCORPORATED+ 182,328
28,600 PEGASYSTEMS INCORPORATED 531,102
9,700 PEROT SYSTEMS CORPORATION CLASS A+ 124,936
126,591 PLATO LEARNING INCORPORATED+ 225,332
85,060 REALNETWORKS INCORPORATED+ 198,190
14,200 ROLLINS INCORPORATED 243,530
33,400 SPSS INCORPORATED+ 949,562
82,400 SUPPORTSOFT INCORPORATED+ 158,208
11,533 SYBASE INCORPORATED+ 349,335
17,800 SYKES ENTERPRISES INCORPORATED+ 296,014
144,705 TIER TECHNOLOGIES INCORPORATED CLASS B+ 669,984
37,900 WEB.COM GROUP INCORPORATED+ 125,828
20,626,593
---------------
CHEMICALS & ALLIED PRODUCTS: 1.61%
4,100 CHATTEM INCORPORATED+ 229,805
71,600 ELIZABETH ARDEN INCORPORATED+ 417,428
96,300 ICO INCORPORATED+ 198,378
48,100 LANDEC CORPORATION+ 267,917
96,835 ORASURE TECHNOLOGIES INCORPORATED+ 244,993
19,900 PHARMERICA CORPORATION+ 331,136
99,510 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 515,462
19,800 ROCKWOOD HOLDINGS INCORPORATED+ 157,212
9,100 RPM INTERNATIONAL INCORPORATED 115,843
59,753 SERACARE LIFE SCIENCES INCORPORATED+ 24,499
2,502,673
---------------
COMMUNICATIONS: 0.78%
95,655 CHINA GRENTECH CORPORATION LIMITED ADR+ 130,091
160,985 CINCINNATI BELL INCORPORATED+ 370,266
75,000 CLEAR CHANNEL OUTDOOR HOLDINGS INCORPORATED+ 275,250
127,645 SANDVINE CORPORATION+ 73,268
16,500 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 371,415
1,220,290
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.57%
344,815 CHAMPION ENTERPRISES INCORPORATED+ 165,511
24,775 CHICAGO BRIDGE & IRON COMPANY NV NEW YORK SHARES+ 155,339
35,800 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 559,912
880,762
---------------
DEPOSITORY INSTITUTIONS: 8.27%
21,900 ASTORIA FINANCIAL CORPORATION 201,261
11,600 BANK OF THE OZARKS INCORPORATED 267,728
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
DEPOSITORY INSTITUTIONS: (continued)
38,700 BANNER CORPORATION $ 112,617
61,600 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 216,216
24,700 BROOKLINE BANCORP INCORPORATED 234,650
8,440 CITY NATIONAL CORPORATION 285,019
22,700 COMMERCE BANCSHARES INCORPORATED 824,010
16,700 COMMONWEALTH BANKSHARES INCORPORATION 83,500
12,800 COMMUNITY TRUST BANCORP 342,400
4,600 CULLEN FROST BANKERS INCORPORATED 215,924
10,200 EAST WEST BANCORP INCORPORATED 46,614
6,000 FIRST FINANCIAL CORPORATION 221,400
21,545 FIRST HORIZON NATIONAL CORPORATION+ 231,390
37,200 FIRST REGIONAL BANCORP+ 59,892
42,153 FIRST SECURITY GROUP INCORPORATED 142,056
19,500 FIRSTMERIT CORPORATION 354,900
61,400 GLACIER BANCORP INCORPORATED 964,594
21,100 GREAT SOUTHERN BANCORP INCORPORATION 295,611
54,600 HUDSON CITY BANCORP INCORPORATED 638,274
3,100 IBERIABANK CORPORATION 142,414
17,400 INTEGRA BANK CORPORATION 32,886
21,900 MERCANTILE BANK CORPORATION 117,603
8,500 NBT BANCORP INCORPORATED 183,940
81,600 NEW YORK COMMUNITY BANCORP INCORPORATED 911,472
15,000 NEWALLIANCE BANCSHARES INCORPORATED 176,100
50,300 NEWBRIDGE BANCORPORATION+ 106,133
10,200 NORTHRIM BANCORP INCORPORATED 101,694
35,800 OLD NATIONAL BANCORP 399,886
22,500 PACWEST BANCORP 322,425
21,100 SOUTHWEST BANCORP INCORPORATED (OKLAHOMA) 197,918
14,500 STELLARONE CORPORATION 172,695
35,300 STERLING BANCSHARES INCORPORATED (TEXAS) 230,862
10,300 TCF FINANCIAL CORPORATION 121,128
19,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 213,940
80,200 UCBH HOLDINGS INCORPORATED 121,102
26,200 UMB FINANCIAL CORPORATION 1,113,238
71,000 UMPQUA HOLDINGS CORPORATION 643,260
17,002 UNITED COMMUNITY BANKS INCORPORATED+ 70,729
4,400 UNIVEST CORPORATION OF PENNSYLVANIA 77,000
40,800 US BANCORP 596,088
13,755 VALLEY NATIONAL BANCORP 170,149
23,700 WASHINGTON FEDERAL INCORPORATED 314,973
21,100 WEST COAST BANCORP (OREGON) 46,842
9,900 WESTAMERICA BANCORPORATION 451,044
7,200 WHITNEY HOLDING CORPORATION 82,440
12,856,017
---------------
EATING & DRINKING PLACES: 1.10%
58,500 CEC ENTERTAINMENT INCORPORATED+ 1,513,980
39,400 MORTON'S RESTAURANT GROUP INCORPORATED+ 105,198
28,400 O'CHARLEYS INCORPORATED+ 85,484
1,704,662
---------------
EDUCATIONAL SERVICES: 0.24%
44,500 LEARNING TREE INTERNATIONAL INCORPORATED+ 376,915
---------------
ELECTRIC, GAS & SANITARY SERVICES: 4.98%
5,200 ALLETE INCORPORATED 138,788
92,015 AQUA AMERICA INCORPORATED 1,840,300
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
5,500 BLACK HILLS CORPORATION $ 98,395
39,000 CLEAN HARBORS INCORPORATED+ 1,872,000
26,835 NEWALTA INCORPORATED 54,700
8,800 NICOR INCORPORATED 292,424
104,300 NISOURCE INCORPORATED 1,022,140
5,100 NORTHWEST NATURAL GAS COMPANY 221,442
14,200 PIEDMONT NATURAL GAS COMPANY 367,638
21,300 PORTLAND GENERAL ELECTRIC COMPANY 374,667
39,000 REPUBLIC SERVICES INCORPORATED 668,850
8,200 SOUTHWEST GAS CORPORATION 172,774
9,900 UNISOURCE ENERGY CORPORATION 279,081
10,600 WGL HOLDINGS INCORPORATED 347,680
7,750,879
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 6.03%
19,300 ADC TELECOMMUNICATIONS INCORPORATED+ 84,727
171,300 ARRIS GROUP INCORPORATED+ 1,262,481
172,183 ATMI INCORPORATED+ 2,656,784
40,800 CTS CORPORATION 147,288
9,000 DIODES INCORPORATED+ 95,490
117,653 EVANS & SUTHERLAND COMPUTER CORPORATION+ 30,590
16,205 GRAFTECH INTERNATIONAL LIMITED+ 99,823
12,700 HARRIS STRATEX NETWORKS INCORPORATED CLASS A+ 48,895
18,900 HELEN OF TROY LIMITED+ 259,875
15,200 HOUSTON WIRE & CABLE COMPANY 117,800
21,905 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 199,774
135,300 JABIL CIRCUIT INCORPORATED 752,268
152,400 MOLEX INCORPORATED CLASS A 1,926,336
602,955 MRV COMMUNICATIONS INCORPORATED+ 186,916
33,665 OSI SYSTEMS INCORPORATED+ 513,728
173,750 POWER-ONE INCORPORATED+ 152,900
54,060 RICHARDSON ELECTRONICS LIMITED 182,723
51,700 TRIDENT MICROSYSTEMS INCORPORATED+ 75,482
21,100 UNIVERSAL ELECTRONICS INCORPORATED+ 381,910
30,200 ZOLTEK COMPANIES INCORPORATED+ 205,662
9,381,452
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.59%
13,100 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 251,127
93,400 CRA INTERNATIONAL INCORPORATED+ 1,763,392
17,645 INFINITY PHARMACEUTICALS INCORPORATED+ 145,042
68,550 SYMYX TECHNOLOGIES INCORPORATED+ 305,048
2,464,609
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.88%
9,300 CROWN HOLDINGS INCORPORATED+ 211,389
22,200 ILLINOIS TOOL WORKS INCORPORATED 684,870
9,300 VALMONT INDUSTRIES INCORPORATED 466,953
1,363,212
---------------
FINANCIAL SERVICES: 0.59%
80,643 JANUS CAPITAL GROUP INCORPORATED 536,276
19,785 KBW REGIONAL BANKING ETF 380,268
916,544
---------------
Wells Fargo Advantage Master Portfolios 177
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
FOOD & KINDRED PRODUCTS: 1.60%
56,720 DEL MONTE FOODS COMPANY $ 413,489
16,650 FLOWERS FOODS INCORPORATED 390,942
13,100 MATRIXX INITIATIVES INCORPORATED+ 214,840
67,866 TOOTSIE ROLL INDUSTRIES INCORPORATED 1,474,042
2,493,313
---------------
FOOD STORES: 1.49%
17,400 INGLES MARKETS INCORPORATED CLASS A 259,782
34,600 WHOLE FOODS MARKET INCORPORATED+ 581,280
154,700 WINN-DIXIE STORES INCORPORATED+ 1,478,932
2,319,994
---------------
FURNITURE & FIXTURES: 0.29%
15,100 HNI CORPORATION 157,040
55,500 LSI INDUSTRIES INCORPORATED 286,935
443,975
---------------
HEALTH SERVICES: 2.46%
129,200 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 164,084
31,300 AMERICAN DENTAL PARTNERS INCORPORATED+ 207,206
113,400 BIOSCRIP INCORPORATED+ 265,356
70,400 CARDIAC SCIENCE CORPORATION+ 211,904
57,745 CROSS COUNTRY HEALTHCARE INCORPORATED+ 378,230
18,200 EMERITUS CORPORATION+ 119,392
34,250 ENSIGN GROUP INCORPORATED 529,505
114,500 FIVE STAR QUALITY CARE INCORPORATED+ 119,080
25,530 GENTIVA HEALTH SERVICES INCORPORATED+ 388,056
11,040 HEALTHSOUTH REHABILITATION CORPORATION+ 98,035
1,260,700 HOOPER HOLMES INCORPORATED+ 567,315
38,355 MDS INCORPORATED+ 181,036
22,400 NAUTILUS GROUP INCORPORATED+ 14,112
127,700 NOVAMED INCORPORATED+ 289,879
16,700 REHABCARE GROUP INCORPORATED+ 291,248
3,824,438
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.47%
41,110 STERLING CONSTRUCTION COMPANY INCORPORATED+ 733,402
---------------
HOLDING & OTHER INVESTMENT OFFICES: 5.02%
24,800 AGREE REALTY CORPORATION 389,112
93,395 ANNALY CAPITAL MANAGEMENT INCORPORATED 1,295,389
295,710 ANWORTH MORTGAGE ASSET CORPORATION 1,812,702
1 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 5
91,690 CAPSTEAD MORTGAGE CORPORATION 984,751
43,000 CARE INVESTMENT TRUST INCORPORATED 234,780
31,800 EXTERRAN HOLDINGS INCORPORATED+ 509,436
39,110 HILLTOP HOLDINGS INCORPORATED+ 445,854
12,998 JER INVESTORS TRUST INCORPORATED 8,449
6,300 LASALLE HOTEL PROPERTIES 36,792
64,550 MEDICAL PROPERTIES TRUST INCORPORATED 235,608
170,790 MFA MORTGAGE INVESTMENTS INCORPORATED 1,004,245
239,160 ORIGEN FINANCIAL INCORPORATED+ 179,370
89,270 PRIMORIS SERVICES CORPORATION+ 351,724
58,575 UMH PROPERTIES INCORPORATED 316,305
7,804,522
---------------
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.04%
144,100 BELL MICROPRODUCTS INCORPORATED+ $ 67,727
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.51%
116,935 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 797,497
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.59%
29,900 BLOUNT INTERNATIONAL INCORPORATED+ 138,138
5,300 BRIGGS & STRATTON CORPORATION 87,450
69,290 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 239,051
35,800 COLUMBUS MCKINNON CORPORATION+ 312,176
69,835 CRAY INCORPORATED+ 244,423
6,600 DIEBOLD INCORPORATED 140,910
57,600 FLANDER CORPORATION+ 232,704
8,400 GARDNER DENVER INCORPORATED+ 182,616
596,900 INFOCUS CORPORATION+ 357,543
239,490 INTERMEC INCORPORATED+ 2,490,696
32,000 INTEVAC INCORPORATED+ 166,720
83,400 KENNAMETAL INCORPORATED 1,351,914
67,800 NN INCORPORATED+ 85,428
26,300 PALL CORPORATION 537,309
49,100 QUALSTAR CORPORATION 98,200
48,200 SPARTECH CORPORATION+ 118,572
10,200 TENNANT COMPANY 95,574
10,000 TIMKEN COMPANY 139,600
101,265 VOYAGER LEARNING COMPANY+ 117,467
7,136,491
---------------
INSURANCE AGENTS, BROKERS & SERVICE: 1.01%
325,300 CRAWFORD & COMPANY CLASS A+ 1,353,248
23,000 ONEBEACON INSURANCE GROUP LIMITED 222,180
1,575,428
---------------
INSURANCE CARRIERS: 4.65%
30,900 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 128,544
34,900 AMERICAN SAFETY INSURANCE GROUP LIMITED+ 401,699
34,350 AMERISAFE INCORPORATED+ 526,242
28,391 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED+ 855,421
18,000 BROWN & BROWN INCORPORATED 340,380
162,100 CRM HOLDINGS LIMITED+ 103,744
30,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 405,146
47,300 DONEGAL GROUP INCORPORATED CLASS A 727,001
11,600 EMC INSURANCE GROUP INCORPORATED 244,412
12,900 HARLEYSVILLE GROUP INCORPORATED 410,349
51,700 KINGSWAY FINANCIAL SERVICES INCORPORATED 92,026
125,482 MEADOWBROOK INSURANCE GROUP INCORPORATED 765,440
12,550 MERCURY GENERAL CORPORATION 372,735
13,565 NYMAGIC INCORPORATED 165,493
53,300 PMA CAPITAL CORPORATION CLASS A+ 222,261
61,800 SEABRIGHT INSURANCE HOLDINGS+ 646,428
12,000 STANCORP FINANCIAL GROUP INCORPORATED 273,360
7,400 STATE AUTO FINANCIAL CORPORATION 130,240
11,000 THE HANOVER INSURANCE GROUP INCORPORATED 317,020
4,200 ZENITH NATIONAL INSURANCE CORPORATION 101,262
7,229,203
---------------
Wells Fargo Advantage Master Portfolios 179
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
JUSTICE, PUBLIC ORDER & SAFETY: 0.60%
70,139 GEO Group Incorporated+ $ 929,342
---------------
LEATHER & LEATHER PRODUCTS: 0.44%
73,850 BAKERS FOOTWEAR GROUP INCORPORATED+ 29,540
28,400 SHOE CARNIVAL INCORPORATED+ 293,940
14,200 WEYCO GROUP INCORPORATED 368,064
691,544
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.48%
26,735 NOBILITY HOMES INCORPORATED 193,829
29,031 SKYLINE CORPORATION 551,879
745,708
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 6.64%
145,489 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 483,023
56,900 CANTEL INDUSTRIES+ 732,303
19,476 COHERENT INCORPORATED+ 335,961
33,300 EDAP TMS SA ADR+ 48,285
15,200 HANGER ORTHOPEDIC GROUP INCORPORATED+ 201,400
175,100 HEALTHTRONICS INCORPORATED+ 238,136
151,460 HERLEY INDUSTRIES INCORPORATED+ 1,811,462
47,400 HOME DIAGNOSTICS INCORPORATION+ 268,758
9,400 ICU MEDICAL INCORPORATED+ 301,928
147,243 LTX-CREDENCE CORPORATION+ 41,228
36,500 MEDICAL ACTION INDUSTRIES INCORPORATED+ 302,585
36,100 MILLIPORE CORPORATION+ 2,072,501
93,800 NEWPORT CORPORATION+ 414,596
16,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 121,242
117,200 PERKINELMER INCORPORATED 1,496,644
39,200 WATERS CORPORATION+ 1,448,440
10,318,492
---------------
METAL MINING: 2.21%
16,185 ELDORADO GOLD CORPORATION+ 145,665
16,105 GOLDCORP INCORPORATED 536,619
154,470 PETAQUILLA MINERALS LIMITED+ 54,296
46,775 RANDGOLD RESOURCES LIMITED ADR 2,542,221
16,601 YAMANA GOLD INCORPORATED 153,562
3,432,363
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.01%
129,100 ACCO BRANDS CORPORATION+ 126,518
25,600 ARMSTRONG WORLD INDUSTRIES INCORPORATED+ 281,856
616,000 LEAPFROG ENTERPRISES INCORPORATED+ 850,080
21,200 LYDALL INCORPORATED+ 62,964
29,100 RUSS BERRIE & COMPANY INCORPORATED+ 38,412
23,000 STANDEX INTERNATIONAL CORPORATION 211,600
1,571,430
---------------
MISCELLANEOUS RETAIL: 0.16%
40,800 AC MOORE ARTS & CRAFTS INCORPORATED+ 77,112
38,900 PC MALL INCORPORATED+ 176,606
253,718
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.05%
15,665 YRC WORLDWIDE INCORPORATED+ 70,336
---------------
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.65%
89,257 MCG CAPITAL CORPORATION+ $ 114,249
50,200 PEOPLE'S UNITED FINANCIAL INCORPORATED 902,094
1,016,343
---------------
OIL & GAS EXTRACTION: 4.46%
8,700 ATWOOD OCEANICS INCORPORATED+ 144,333
7,300 BJ SERVICES COMPANY 72,635
25,500 BRIGHAM EXPLORATION COMPANY+ 48,450
19,000 CHESAPEAKE ENERGY CORPORATION 324,140
5,400 COMSTOCK RESOURCES INCORPORATED+ 160,920
6,100 DEVON ENERGY CORPORATION 272,609
12,255 FOREST OIL CORPORATION+ 161,153
144,970 GLOBAL INDUSTRIES LIMITED+ 556,685
43,955 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 225,929
14,320 HELMERICH & Payne Incorporated 326,066
37,775 HERCULES OFFSHORE INCORPORATED+ 59,685
74,795 KEY ENERGY SERVICES INCORPORATED+ 215,410
100,795 MCMORAN EXPLORATION COMPANY+ 473,737
256,230 NEWPARK RESOURCES INCORPORATED+ 648,262
15,255 OCEANEERING INTERNATIONAL INCORPORATED+ 562,452
7,365 PRIDE INTERNATIONAL INCORPORATED+ 132,423
28,525 RANGE RESOURCES CORPORATION 1,174,089
21,705 SANDRIDGE ENERGY INCORPORATED+ 143,036
12,500 SUPERIOR ENERGY SERVICES INCORPORATED+ 161,125
205,400 SYNTROLEUM CORPORATION+ 299,884
51,410 TRILOGY ENERGY TRUST 244,654
5,100 UNIT CORPORATION+ 106,692
27,700 WARREN RESOURCES INCORPORATED+ 26,592
41,290 WILLBROS GROUP INCORPORATED+ 400,513
6,941,474
---------------
PAPER & ALLIED PRODUCTS: 0.29%
8,100 SONOCO PRODUCTS COMPANY 169,938
38,700 STANDARD REGISTER COMPANY 177,246
20,370 WAUSAU PAPER CORPORATION+ 107,146
454,330
---------------
PERSONAL SERVICES: 0.21%
6,000 COINSTAR INCORPORATED+ 196,560
9,000 REGIS CORPORATION 130,050
326,610
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.72%
23,100 DELEK US HOLDINGS INCORPORATED 239,316
23,300 HESS CORPORATION 1,262,860
56,930 INTEROIL CORPORATION+(a) 1,594,040
47,200 WD-40 COMPANY 1,139,408
4,235,624
---------------
PIPELINES: 0.15%
7,800 ENBRIDGE ENERGY PARTNERS LP 233,454
---------------
PRIMARY METAL INDUSTRIES: 0.06%
7,100 BELDEN CDT INCORPORATED 88,821
---------------
Wells Fargo Advantage Master Portfolios 181
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.11%
15,600 AMERICAN GREETINGS CORPORATION CLASS A $ 78,936
34,900 ENNIS INCORPORATED 309,214
48,295 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 36,221
83,000 MCCLATCHY COMPANY CLASS A+ 40,670
10,900 MULTI-COLOR CORPORATION 133,307
458,200 PLAYBOY ENTERPRISES INCORPORATED CLASS B+ 902,654
76,600 PRESSTEK INCORPORATED+ 158,562
207,135 R.H. DONNELLEY CORPORATION+ 63,176
1,722,740
---------------
REAL ESTATE: 0.57%
55,185 CHIMERA INVESTMENT CORPORATION 185,422
24,845 HATTERAS FINANCIAL CORPORATION 620,877
62,600 THOMAS PROPERTIES GROUP INCORPORATED 73,868
880,167
---------------
REAL ESTATE INVESTMENT TRUST (REIT): 0.08%
49,100 LEXINGTON CORPORATE PROPERTIES TRUST 116,858
---------------
RESTAURANTS: 0.11%
42,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 164,640
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.35%
185,413 INTERTAPE POLYMER GROUP INCORPORATED+ 77,873
6,521 JARDEN CORPORATION+ 82,621
28,300 SEALED AIR CORPORATION 390,540
551,034
---------------
SOFTWARE: 0.08%
7,300 EPIQ SYSTEMS INCORPORATED+ 131,619
---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.65%
91,425 GENTEX CORPORATION 910,593
48,350 US CONCRETE INCORPORATED+ 96,700
1,007,293
---------------
TEXTILE MILL PRODUCTS: 0.14%
27,200 GILDAN ACTIVEWEAR INCORPORATED+ 220,320
---------------
TRANSPORTATION BY AIR: 0.45%
53,995 AIRTRAN HOLDINGS INCORPORATED+ 245,677
7,240 ALASKA AIR GROUP INCORPORATED+ 127,207
29,240 JETBLUE AIRWAYS CORPORATION+ 106,726
5,966 PHI INCORPORATED+ 78,393
14,810 PHI INCORPORATED (NON-VOTING)+ 147,804
705,807
---------------
TRANSPORTATION EQUIPMENT: 0.55%
24,100 ATC TECHNOLOGY CORPORATION+ 269,920
37,197 EXIDE TECHNOLOGIES+ 111,591
49,850 HI SHEAR TECHNOLOGY CORPORATION+ 306,578
6,000 SPARTAN MOTORS INCORPORATED 24,120
5,400 WABTEC CORPORATION 142,452
854,661
---------------
182 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2009 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
- ------------ ------------------------------------------------------------------ ---------------
TRANSPORTATION SERVICES: 0.37%
24,800 DYNAMEX INCORPORATED+ $ 324,384
8,400 GATX CORPORATION 169,932
21,400 PACER INTERNATIONAL INCORPORATED+ 74,900
569,216
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.00%
111,200 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A+ 710,568
33,700 SCHOOL SPECIALTY INCORPORATED+ 592,783
8,700 UNITED STATIONERS INCORPORATED+ 244,296
1,547,647
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.30%
7,000 BARNES GROUP INCORPORATED 74,830
10,700 INTERLINE BRANDS INCORPORATED+ 90,201
46,500 KAMAN CORPORATION CLASS A 583,110
14,800 LKQ CORPORATION+ 211,196
6,900 OWENS & MINOR INCORPORATED 228,597
64,868 PATRICK INDUSTRIES INCORPORATED+ 31,785
67,800 POMEROY IT SOLUTIONS INCORPORATED+ 253,572
51,600 WILLIS LEASE FINANCE CORPORATION+ 545,919
2,019,210
---------------
TOTAL COMMON STOCKS (COST $252,056,946) 148,183,749
---------------
PREFERRED STOCKS: 0.29%
12,500 ANWORTH MORTGAGE PREFERRED 225,000
8,700 LASALLE HOTEL PROPERTIES PREFERRED 93,699
9,700 SVB CAPITAL II PREFERRED 136,479
TOTAL PREFERRED STOCKS (COST $580,671) 455,178
---------------
SHORT-TERM INVESTMENTS: 4.14%
6,435,564 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 6,435,564
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $6,435,564) 6,435,564
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $259,073,181)* 99.73% $ 155,074,491
OTHER ASSETS AND LIABILITIES, NET 0.27 418,604
-------- ---------------
TOTAL NET ASSETS 100.00% $ 155,493,095
-------- ---------------
- ----------
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ This Wells Fargo Advantage Fund invests cash balances that it retains for
liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells
Fargo Advantage Money Market Fund does not pay an investment advisory fee.
+++ Short-term security of an affiliate of the Fund with a cost of $6,435,564.
* Cost for federal income tax purposes is $260,967,224 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,347,445
Gross unrealized depreciation (118,240,178)
-------------
Net unrealized appreciation (depreciation) $(105,892,733)
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
184 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2009 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
------------ ------------
ASSETS
Investments
In securities, at value (including securities on loan) ...... $433,658,907 $ 64,002,893
Collateral received for securities loaned (Note 2) .......... 33,855,613 12,097,831
In affiliates ............................................... 23,550,449 3,278,680
------------ ------------
Total investments at value (see cost below) .................... 491,064,969 79,379,404
------------ ------------
Foreign currency, at value ..................................... 0 0
Variation margin receivable on futures contracts ............... 0 0
Receivable for investments sold ................................ 0 0
Receivables for dividends and interest ......................... 1,293,071 40,040
Prepaid expenses and other assets .............................. 14,323 0
Unrealized appreciation on forward foreign currency contracts .. 0 0
------------ ------------
Total assets ...................................................... 492,372,363 79,419,444
------------ ------------
LIABILITIES
Foreign taxes payable .......................................... 390 0
Payable for investments purchased .............................. 0 0
Unrealized depreciation on forward foreign currency contracts .. 0 0
Payable upon return of securities loaned (Note 2) .............. 36,078,821 12,565,521
Payable to investment advisor and affiliates (Note 3) .......... 229,836 34,557
Accrued expenses and other liabilities ......................... 8,487 8,586
------------ ------------
Total liabilities ................................................. 36,317,534 12,608,664
------------ ------------
TOTAL NET ASSETS .................................................. $456,054,829 $ 66,810,780
============ ============
Investments at cost ............................................... $741,186,017 $ 87,820,845
------------ ------------
Foreign currencies at cost ........................................ $ 0 $ 0
------------ ------------
Securities on loan, at value (Note 2) ............................. $ 33,315,787 $ 12,452,365
------------ ------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 185
Statements of Assets and Liabilities--March 31, 2009 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------- ------------ ------------ -------------- ------------- -------------
$62,674,234 $210,236,946 $399,277,568 $1,444,521,783 $50,733,055 $ 94,702,241
23,572,130 14,122,347 41,206,844 155,049,118 1,119,933 8,570,315
768,238 1,084,979 5,343,968 28,770,550 2,061,859 2,929,321
- ----------- ------------ ------------ -------------- ----------- ------------
87,014,602 225,444,272 445,828,380 1,628,341,451 53,914,847 106,201,877
- ----------- ------------ ------------ -------------- ----------- ------------
0 0 0 0 144 92
0 0 0 241,500 0 0
271,408 0 239,343 66,534 1,849,921 370,483
8,043 251,519 409,786 2,866,357 103,022 397,839
0 0 0 0 38,181 21,346
0 0 0 0 0 0
- ----------- ------------ ------------ -------------- ----------- ------------
87,294,053 225,695,791 446,477,509 1,631,515,842 55,906,115 106,991,637
- ----------- ------------ ------------ -------------- ----------- ------------
0 0 0 0 11,974 4,330
633,501 0 971,204 287,230 725,815 172,511
0 0 0 0 54,175 2,309
24,807,880 15,247,610 43,221,899 165,693,072 1,125,181 8,585,756
41,409 101,876 210,754 79,097 41,930 81,015
13,848 13,794 7,988 38,556 34,707 3,074
- ----------- ------------ ------------ -------------- ----------- ------------
25,496,638 15,363,280 44,411,845 166,097,955 1,993,782 8,848,995
- ----------- ------------ ------------ -------------- ----------- ------------
$61,797,415 $210,332,511 $402,065,664 $1,465,417,887 $53,912,333 $ 98,142,642
=========== ============ ============ ============== =========== ============
$96,894,722 $288,896,441 $541,716,424 $2,201,905,146 $56,931,864 $142,591,292
- ----------- ------------ ------------ -------------- ----------- ------------
$ 0 $ 0 $ 0 $ 0 $ 453 $ 98
- ----------- ------------ ------------ -------------- ----------- ------------
$24,011,556 $ 15,000,320 $ 43,119,109 $ 158,010,868 $ 1,065,616 $ 8,293,958
- ----------- ------------ ------------ -------------- ----------- ------------
186 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2009 (Unaudited)
International International
Index Value
Portfolio Portfolio
------------- -------------
ASSETS
Investments
In securities, at value (including securities on loan) ...... $52,366,841 $205,534,001
Collateral received for securities loaned (Note 2) .......... 999,821 7,913,837
In affiliates ............................................... 66,138 5,671,407
----------- ------------
Total investments at value (see cost below) .................... 53,432,800 219,119,245
----------- ------------
Foreign currency, at value ..................................... 626,721 3,315,172
Variation margin receivable on futures contracts ............... 1,008,315 0
Receivable for investments sold ................................ 0 411,049
Receivables for dividends and interest ......................... 343,261 1,494,880
Prepaid expenses and other assets .............................. 0 0
Unrealized appreciation on forward foreign currency contracts .. 0 1,180
----------- ------------
Total assets ...................................................... 55,411,097 224,341,526
----------- ------------
LIABILITIES
Foreign taxes payable .......................................... 0 0
Payable for investments purchased .............................. 154,863 185,362
Unrealized depreciation on forward foreign currency contracts .. 19,678 0
Payable upon return of securities loaned (Note 2) .............. 1,007,131 7,956,593
Payable to investment advisor and affiliates (Note 3) .......... 17,388 177,842
Accrued expenses and other liabilities ......................... 44,676 27,758
----------- ------------
Total liabilities ................................................. 1,243,736 8,347,555
----------- ------------
TOTAL NET ASSETS .................................................. $54,167,361 $215,993,971
=========== ============
Investments at cost ............................................... $76,074,872 $400,282,017
----------- ------------
Foreign currencies at cost ........................................ $ 645,824 $ 3,291,175
----------- ------------
Securities on loan, at value (Note 2) ............................. $ 978,181 $ 7,664,004
----------- ------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 187
Statements of Assets and Liabilities--March 31, 2009 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
- ------------ -------------- ------------ ------------- ------------- ---------------
$ 84,752,960 $ 771,199,453 $172,206,350 $300,062,899 $234,477,140 $148,638,927
15,321,520 128,377,789 44,721,843 70,264,986 53,714,431 0
2,862,321 20,830,894 2,703,895 6,275,674 7,560,543 6,435,564
- ------------ -------------- ------------ ------------ ------------ ------------
102,936,801 920,408,136 219,632,088 376,603,559 295,752,114 155,074,491
- ------------ -------------- ------------ ------------ ------------ ------------
0 0 0 0 0 0
0 0 53,300 0 0 0
1,280,865 0 3,658 3,216,885 2,740,312 837,327
54,603 411,657 245,448 83,478 482,426 282,697
0 0 0 0 0 6,321
0 0 0 0 0 0
- ------------ -------------- ------------ ------------ ------------ ------------
104,272,269 920,819,793 219,934,494 379,903,922 298,974,852 156,200,836
- ------------ -------------- ------------ ------------ ------------ ------------
423 0 0 0 0 946
1,623,110 9,241,657 0 2,697,318 5,640,212 605,847
0 0 0 0 0 0
15,747,947 135,092,798 47,880,686 73,627,418 55,900,423 0
45,562 300,679 29,214 194,111 151,399 96,736
3,114 39,538 346 10,684 2,173 4,212
- ------------ -------------- ------------ ------------ ------------ ------------
17,420,156 144,674,672 47,910,246 76,529,531 61,694,207 707,741
- ------------ -------------- ------------ ------------ ------------ ------------
$ 86,852,113 $ 776,145,121 $172,024,248 $303,374,391 $237,280,645 $155,493,095
============ ============== ============ ============ ============ ============
$116,150,125 $1,124,983,843 $332,028,329 $416,188,654 $430,935,610 $259,073,181
- ------------ -------------- ------------ ------------ ------------ ------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
- ------------ -------------- ------------ ------------ ------------ ------------
$ 15,647,508 $ 137,657,107 $ 45,483,087 $ 71,707,163 $ 54,205,102 $ 0
- ------------ -------------- ------------ ------------ ------------ ------------
188 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2009 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
------------- ------------
INVESTMENT INCOME
Dividends(1) ........................................................... $ 7,034,472 $ 457,222
Interest ............................................................... 0 0
Income from affiliated securities ...................................... 99,171 15,240
Securities lending income ................................................. 7,759 3,788
------------- ------------
Total investment income ................................................... 7,141,402 476,250
------------- ------------
EXPENSES
Advisory fees .......................................................... 1,652,485 272,910
Custody fees ........................................................... 47,295 7,797
Accounting fees ........................................................ 0 0
Professional fees ...................................................... 15,015 17,370
Shareholder reports .................................................... 443 350
Trustees' fees ......................................................... 5,289 5,289
Other fees and expenses ................................................ 6,457 1,128
------------- ------------
Total expenses ............................................................ 1,726,984 304,844
------------- ------------
LESS
Waived fees and reimbursed expenses (Note 3) ........................... (320,867) (9,103)
Net expenses ........................................................... 1,406,117 295,741
------------- ------------
Net investment income (loss) .............................................. 5,735,285 180,509
------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ........ (55,341,188) (25,626,903)
Forward Foreign Currency Contracts ..................................... 0 0
Futures transactions ................................................... 0 0
Affiliated Securities .................................................. 0 0
------------- ------------
Net realized gain and loss from investments ............................... (55,341,188) (25,626,903)
------------- ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ........ (168,091,122) (6,657,929)
Collateral received for securities loaned .............................. (569,257) (173,400)
Forward foreign currency contracts ..................................... 0 0
Futures transactions ................................................... 0 0
------------- ------------
Net change in unrealized appreciation (depreciation) of investments ....... (168,660,379) (6,831,329)
------------- ------------
Net realized and unrealized gain (loss) on investments .................... (224,001,567) (32,458,232)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $(218,266,282) $(32,277,723)
============= ============
(1.) Net of foreign withholding taxes of .................................. $ 390 $ 0
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 189
Statements of Operations--For the Six Months Ended March 31, 2009 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------ ------------- ------------- ------------- ------------- -------------
$ 83,734 $ 4,575,257 $ 6,646,482 $ 23,794,035 $ 574,796 $ 843,292
0 0 0 11,506 0 0
14,698 11,025 61,825 625,189 11,628 36,950
39,263 40,400 62,666 318,932 6,947 16,453
- ------------ ------------- ------------- ------------- ------------ ------------
137,695 4,626,682 6,770,973 24,749,662 593,371 896,695
- ------------ ------------- ------------- ------------- ------------ ------------
293,047 868,229 1,553,826 725,713 296,207 480,001
6,895 24,807 44,428 160,282 31,180 50,526
0 0 0 0 0 557
16,708 21,869 15,532 21,577 47,772 25,506
590 400 420 2,050 88 109
5,289 5,289 5,289 5,289 5,289 5,289
344 1,772 3,899 19,897 1,709 1,965
- ------------ ------------- ------------- ------------- ------------ ------------
322,873 922,366 1,623,394 934,808 382,245 563,953
- ------------ ------------- ------------- ------------- ------------ ------------
(16,747) (115,572) (65,775) (88,779) (16,384) (14,974)
306,126 806,794 1,557,619 846,029 365,861 548,979
- ------------ ------------- ------------- ------------- ------------ ------------
(168,431) 3,819,888 5,213,354 23,903,633 227,510 347,716
- ------------ ------------- ------------- ------------- ------------ ------------
(22,734,789) (7,809,920) (161,674,747) 6,316,033 (40,282,234) (33,023,535)
0 0 0 0 (227,495) 0
0 0 0 (6,911,005) 0 0
0 0 0 1,123,926 0 0
- ------------ ------------- ------------- ------------- ------------ ------------
(22,734,789) (7,809,920) (161,674,747) 528,954 (40,509,729) (33,023,535)
- ------------ ------------- ------------- ------------- ------------ ------------
(7,049,828) (102,602,479) (30,971,997) (699,746,259) 12,846,335 (6,135,899)
(415,300) (183,485) (1,218,500) (7,042,064) (5,248) (15,441)
0 0 0 0 (53,945) (488)
0 0 0 1,019,243 0 0
- ------------ ------------- ------------- ------------- ------------ ------------
(7,465,128) (102,785,964) (32,190,497) (705,769,080) 12,787,142 (6,151,828)
- ------------ ------------- ------------- ------------- ------------ ------------
(30,199,917) (110,595,884) (193,865,244) (705,240,126) (27,722,587) (39,175,363)
- ------------ ------------- ------------- ------------- ------------ ------------
$(30,368,348) $(106,775,996) $(188,651,890) $(681,336,493) $(27,495,077) $(38,827,647)
============ ============= ============= ============= ============ ============
$ 120 $ 0 $ 4,671 $ 3,272 $ 49,891 $ 105,023
190 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2009 (Unaudited)
International International
Index Value
Portfolio Portfolio
------------- -------------
INVESTMENT INCOME
Dividends(1) ........................................................... $ 882,842 $ 3,301,727
Interest ............................................................... 2,462 1,390
Income from affiliated securities ...................................... 2,785 74,248
Securities lending income .............................................. 12,585 51,053
------------ -------------
Total investment income ................................................... 900,674 3,428,418
------------ -------------
EXPENSES
Advisory fees .......................................................... 109,342 1,123,879
Custody fees ........................................................... 31,241 118,303
Professional fees ...................................................... 25,315 20,249
Shareholder reports .................................................... 155 131
Trustees' fees ......................................................... 5,289 5,289
Other fees and expenses ................................................ 2,188 4,427
------------ -------------
Total expenses ............................................................ 173,530 1,272,278
------------ -------------
LESS
Waived fees and reimbursed expenses (Note 3) ........................... (17,196) (54,838)
Net expenses ........................................................... 156,334 1,217,440
------------ -------------
Net investment income (loss) .............................................. 744,340 2,210,978
------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities, foreign currencies and foreign currency translation ........ (2,669,165) (21,340,035)
Forward foreign currency contracts ..................................... (65,375) 0
Futures transactions ................................................... (972,648) 0
------------ -------------
Net realized gain and loss from investments ............................... (3,707,188) (21,340,035)
------------ -------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities, foreign currencies and foreign currency translation ........ (24,934,289) (87,538,875)
Collateral received for securities loaned .............................. (7,310) (42,756)
Forward foreign currency contracts ..................................... 26,724 2,626
Futures transactions ................................................... 225,668 0
------------ -------------
Net change in unrealized appreciation (depreciation) of investments ....... (24,689,207) (87,579,005)
------------ -------------
Net realized and unrealized gain (loss) on investments .................... (28,396,395) (108,919,040)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $(27,652,055) $(106,708,062)
============ =============
(1.) Net of foreign withholding taxes of .................................. $ 58,128 $ 226,105
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 191
Statements of Operations--For the Six Months Ended March 31, 2009 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
- ------------ ------------- ------------- ------------- ------------- ---------------
$ 811,045 $ 7,405,249 $ 1,719,347 $ 481,453 $ 3,272,346 $ 2,007,433
0 0 3,006 0 0 0
14,429 77,236 19,399 79,050 64,915 37,995
4,863 180,847 200,409 188,602 313,762 0
- ------------ ------------- ------------- ------------- ------------- ------------
830,337 7,663,332 1,942,161 749,105 3,651,023 2,045,428
- ------------ ------------- ------------- ------------- ------------- ------------
336,505 3,093,879 189,702 1,374,506 1,148,544 726,755
9,615 91,540 18,970 32,341 27,025 17,100
13,309 25,120 21,686 20,101 20,059 21,153
210 2,010 339 500 713 217
5,289 5,289 5,289 5,289 5,289 5,289
1,884 3,658 1,537 1,989 2,924 1,885
- ------------ ------------- ------------- ------------- ------------- ------------
366,812 3,221,496 237,523 1,434,726 1,204,554 772,399
- ------------ ------------- ------------- ------------- ------------- ------------
(17,114) (437,416) (13,860) (17,602) (6,893) (279,800)
349,698 2,784,080 223,663 1,417,124 1,197,661 492,599
- ------------ ------------- ------------- ------------- ------------- ------------
480,639 4,879,252 1,718,498 (668,019) 2,453,362 1,552,829
- ------------ ------------- ------------- ------------- ------------- ------------
(42,265,313) (61,499,852) (6,780,404) (118,751,113) (138,061,430) (38,435,937)
0 0 0 0 0 0
0 0 (1,789,462) 0 0 0
- ------------ ------------- ------------- ------------- ------------- ------------
(42,265,313) (61,499,852) (8,569,866) (118,751,113) (138,061,430) (38,435,937)
- ------------ ------------- ------------- ------------- ------------- ------------
3,216,436 (268,221,521) (99,008,484) (25,983,900) (53,595,452) (58,820,893)
(280,783) (4,157,761) (954,488) (2,198,420) (1,463,345) 0
0 0 0 0 0 0
0 0 344,988 0 0 0
- ------------ ------------- ------------- ------------- ------------- ------------
2,935,653 (272,379,282) (99,617,984) (28,182,320) (55,058,797) (58,820,893)
- ------------ ------------- ------------- ------------- ------------- ------------
(39,329,660) (333,879,134) (108,187,850) (146,933,433) (193,120,227) (97,256,830)
- ------------ ------------- ------------- ------------- ------------- ------------
$(38,849,021) $(328,999,882) $(106,469,352) $(147,601,452) $(190,666,865) $(95,704,001)
============ ============= ============= ============= ============= ============
$ 0 $ 0 $ 417 $ 0 $ 0 $ 7,508
192 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO
------------------------------
For the
Six Months For the
Ended March Year Ended
31, 2009 September
(Unaudited) 30, 2008
------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................... $ 676,445,814 $1,241,289,608
OPERATIONS
Net investment income (loss) ............................................ 5,735,285 15,681,846
Net realized gain (loss) on investments ................................. (55,341,188) (36,158,229)
Net change in unrealized appreciation (depreciation) of investments ..... (168,660,379) (191,820,188)
------------- --------------
Net increase (decrease) in net assets resulting from operations ............ (218,266,282) (212,296,571)
------------- --------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ........................................................... 80,175,884 98,602,518
Withdrawals ............................................................. (82,300,587) (451,149,741)
------------- --------------
Net increase (decrease) from transactions in investors' beneficial
interests ............................................................... (2,124,703) (352,547,223)
------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (220,390,985) (564,843,794)
============= ==============
ENDING NET ASSETS .......................................................... $ 456,054,829 $ 676,445,814
============= ==============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 193
Statements of Changes in Net Assets
DISCIPLINED GROWTH
PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
- --------------------------- --------------------------- -----------------------------
For the For the For the
Six Months For the Six Months For the Six Months For the
Ended March Year Ended Ended March Period Ended Ended March Year Ended
31, 2009 September 31, 2009 September 31, 2009 September
(Unaudited) 30, 2008 (Unaudited) 30, 2008 (Unaudited) 30, 2008
- ------------ ------------ ------------ ------------ ------------- -------------
$108,621,365 $183,601,568 $ 99,217,350 $ 86,519,880 $ 358,051,926 $ 665,234,283
180,509 98,805 (168,431) (496,932) 3,819,888 10,407,639
(25,626,903) 4,027,210 (22,734,789) (18,166,474) (7,809,920) 15,018,976
(6,831,329) (42,219,547) (7,465,128) (16,577,253) (102,785,964) (147,450,348)
- ------------ ------------ ------------ ------------ ------------- -------------
(32,277,723) (38,093,532) (30,368,348) (35,240,659) (106,775,996) (122,023,733)
- ------------ ------------ ------------ ------------ ------------- -------------
6,823,318 14,240,316 5,988,233 80,290,432 9,345,713 20,691,701
(16,356,180) (51,126,987) (13,039,820) (32,352,303) (50,289,132) (205,850,325)
- ------------ ------------ ------------ ------------ ------------- -------------
(9,532,862) (36,886,671) (7,051,587) 47,938,129 (40,943,419) (185,158,624)
- ------------ ------------ ------------ ------------ ------------- -------------
(41,810,585) (74,980,203) (37,419,935) 12,697,470 (147,719,415) (307,182,357)
============ ============ ============ ============ ============= =============
$ 66,810,780 $108,621,365 $ 61,797,415 $ 99,217,350 $ 210,332,511 $ 358,051,926
============ ============ ============ ============ ============= =============
194 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO
-----------------------------
For the
Six Months For the
Ended March Year Ended
31, 2009 September
(Unaudited) 30, 2008
------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................... $ 610,647,019 $ 639,562,611
OPERATIONS
Net investment income (loss) ............................................ 5,213,354 10,760,217
Net realized gain (loss) on investments ................................. (161,674,747) (62,847,876)
Net change in unrealized appreciation (depreciation) of investments ..... (32,190,497) (144,189,397)
------------- -------------
Net increase (decrease) in net assets resulting from operations ............ (188,651,890) (196,277,056)
------------- -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ........................................................... 44,389,870 292,223,804
Withdrawals ............................................................. (64,319,335) (124,862,340)
------------- -------------
Net increase (decrease) from transactions in investors' beneficial
interests ............................................................... (19,929,465) 167,361,464
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ...................................... (208,581,355) (28,915,592)
============= =============
ENDING NET ASSETS .......................................................... $ 402,065,664 $ 610,647,019
============= =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 195
Statements of Changes in Net Assets
INTERNATIONAL CORE INTERNATIONAL GROWTH
INDEX PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------- --------------------------- ----------------------------
For the For the For the
Six Months For the Six Months For the Six Months For the
Ended March Year Ended Ended March Year Ended Ended March Year Ended
31, 2009 September 31, 2009 September 31, 2009 September
(Unaudited) 30, 2008 (Unaudited) 30, 2008 (Unaudited) 30, 2008
- -------------- -------------- ------------ ------------ ------------ -------------
$2,237,608,527 $2,814,355,166 $ 85,536,172 $159,894,926 $131,370,011 $ 300,626,325
23,903,633 51,460,370 227,510 1,892,029 347,716 2,786,152
528,954 76,537,197 (40,509,729) 9,186,889 (33,023,535) 23,560,876
(705,769,080) (637,057,378) 12,787,142 (50,501,625) (6,151,828) (91,471,624)
- -------------- -------------- ------------ ------------ ------------ -------------
(681,336,493) (509,059,811) (27,495,077) (39,422,707) (38,827,647) (65,124,596)
- -------------- -------------- ------------ ------------ ------------ -------------
117,814,187 283,521,466 7,637,917 16,890,599 25,824,165 30,221,875
(208,668,334) (351,208,294) (11,766,679) (51,826,646) (20,223,887) (134,353,593)
- -------------- -------------- ------------ ------------ ------------ -------------
(90,854,147) (67,686,828) (4,128,762) (34,936,047) 5,600,278 (104,131,718)
- -------------- -------------- ------------ ------------ ------------ -------------
(772,190,640) (576,746,639) (31,623,839) (74,358,754) (33,227,369) (169,256,314)
============== ============== ============ ============ ============ =============
$1,465,417,887 $2,237,608,527 $ 53,912,333 $ 85,536,172 $ 98,142,642 $ 131,370,011
============== ============== ============ ============ ============ =============
196 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2009 Year Ended
(Unaudited) September 30, 2008
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ....................................................... $ 86,405,709 $160,036,146
OPERATIONS
Net investment income (loss) ............................................... 744,340 3,354,207
Net realized gain (loss) on investments .................................... (3,707,188) 17,016,130
Net change in unrealized appreciation (depreciation) of investments ........ (24,689,207) (57,329,089)
------------ ------------
Net increase (decrease) in net assets resulting from operations ............... (27,652,055) (36,958,752)
------------ ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .............................................................. 7,309,762 15,602,378
Withdrawals ................................................................ (11,896,055) (52,274,063)
------------ ------------
Net increase (decrease) from transactions in investors' beneficial interests .. (4,586,293) (36,671,685)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................... (32,238,348) (73,630,437)
============ ============
ENDING NET ASSETS ............................................................. $ 54,167,361 $ 86,405,709
============ ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 197
Statements of Changes in Net Assets
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2009 Year Ended March 31, 2009 Year Ended March 31, 2009 Year Ended
(Unaudited) September 30, 2008 (Unaudited) September 30, 2008 (Unaudited) September 30, 2008
- ---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 312,461,025 $ 447,175,488 $145,700,178 $179,028,956 $1,373,797,607 $ 2,759,101,141
2,210,978 14,851,071 480,639 668,662 4,879,252 9,918,465
(21,340,035) (2,062,179) (42,265,313) (2,070,369) (61,499,852) 198,708,968
(87,579,005) (174,524,214) 2,935,653 (45,905,064) (272,379,282) (726,009,112)
------------- ------------- ------------ ------------ -------------- ---------------
(106,708,062) (161,735,322) (38,849,021) (47,306,771) (328,999,882) (517,381,679)
------------- ------------- ------------ ------------ -------------- ---------------
29,315,883 97,350,699 7,852,942 48,967,685 19,255,704 74,224,168
(19,074,875) (70,329,840) (27,851,986) (34,989,692) (287,908,308) (942,146,023)
------------- ------------- ------------ ------------ -------------- ---------------
10,241,008 27,020,859 (19,999,044) 13,977,993 (268,652,604) (867,921,855)
------------- ------------- ------------ ------------ -------------- ---------------
(96,467,054) (134,714,463) (58,848,065) (33,328,778) (597,652,486) (1,385,303,534)
============= ============= ============ ============ ============== ===============
$ 215,993,971 $ 312,461,025 $ 86,852,113 $145,700,178 $ 776,145,121 $ 1,373,797,607
============= ============= ============ ============ ============== ===============
198 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2009 Year Ended
(Unaudited) September 30, 2008
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ....................................................... $ 282,510,520 $ 415,372,828
OPERATIONS
Net investment income (loss) ............................................... 1,718,498 4,573,295
Net realized gain (loss) on investments .................................... (8,569,866) 45,121,036
Net change in unrealized appreciation (depreciation) of investments ........ (99,617,984) (104,930,060)
------------- -------------
Net increase (decrease) in net assets resulting from operations ............... (106,469,352) (55,235,729)
------------- -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 14,240,030 20,072,159
Withdrawals ................................................................. (18,256,950) (97,698,738)
------------- -------------
Net increase (decrease) from transactions in investors' beneficial interests .. (4,016,920) (77,626,579)
------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................... (110,486,272) (132,862,308)
============= =============
ENDING NET ASSETS ............................................................. $ 172,024,248 $ 282,510,520
============= =============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 199
Statements of Changes in Net Assets
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2009 Year Ended March 31, 2009 Year Ended March 31, 2009 Year Ended
(Unaudited) September 30, 2008 (Unaudited) September 30, 2008 (Unaudited) September 30, 2008
- ---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 481,304,784 $ 833,747,672 $ 439,963,198 $ 513,730,741 $255,355,235 $ 371,760,563
(668,019) (3,251,575) 2,453,362 4,303,467 1,552,829 2,407,756
(118,751,113) (115,124,931) (138,061,430) (44,271,727) (38,435,937) (13,730,330)
(28,182,320) (84,950,731) (55,058,797) (75,379,939) (58,820,893) (45,354,009)
------------- ------------- ------------- ------------- ------------ -------------
(147,601,452) (203,327,237) (190,666,865) (115,348,199) (95,704,001) (56,676,583)
------------- ------------- ------------- ------------- ------------ -------------
22,488,860 38,634,147 47,010,607 168,578,933 11,921,651 22,945,270
(52,817,801) (187,749,798) (59,026,295) (126,998,277) (16,079,790) (82,674,015)
------------- ------------- ------------- ------------- ------------ -------------
(30,328,941) (149,115,651) (12,015,688) 41,580,656 (4,158,139) (59,728,745)
------------- ------------- ------------- ------------- ------------ -------------
(177,930,393) (352,442,888) (202,682,553) (73,767,543) (99,862,140) (116,405,328)
============= ============= ============= ============= ============ =============
$ 303,374,391 $ 481,304,784 $ 237,280,645 $ 439,963,198 $155,493,095 $ 255,355,235
============= ============= ============= ============= ============ =============
200 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average Net Assets (Annualized)(1)
----------------------------------------------- Portfolio
Net Investment Gross Expenses Net Total Turnover
Income (Loss) Expenses Waived Expenses Return(2) Rate
-------------- -------- -------- -------- --------- ---------
C&B LARGE CAP VALUE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 2.43% 0.73% (0.14)% 0.59% (32.74)% 19%
October 1, 2007 to September 30, 2008 .......... 1.71% 0.73% (0.05)% 0.68% (20.18)% 21%
October 1, 2006 to September 30, 2007 .......... 1.48% 0.74% (0.06)% 0.68% 11.88% 24%
October 1, 2005 to September 30, 2006 .......... 1.77% 0.76% (0.10)% 0.66% 15.30% 29%
December 6, 2004(3) to September 30, 2005 ...... 0.98% 0.77% (0.06)% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 0.46% 0.78% (0.02)% 0.76% (29.88)% 53%
October 1, 2007 to September 30, 2008 .......... 0.07% 0.77% (0.01)% 0.76% (25.19)% 103%
October 1, 2006 to September 30, 2007 .......... 0.10% 0.79% 0.00%(4) 0.79% 21.22% 68%
October 1, 2005 to September 30, 2006 .......... 0.12% 0.79% (0.01)% 0.78% 1.41% 90%
October 1, 2004 to September 30, 2005 .......... 0.44% 0.79% (0.01)% 0.78% 11.76% 45%
October 1, 2003 to September 30, 2004 .......... 0.28% 0.80% (0.26)% 0.54% 9.88% 87%
EMERGING GROWTH PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. (0.49)% 0.94% (0.05)% 0.89% (30.97)% 74%
October 1, 2007 to September 30, 2008 .......... (0.49)% 0.93% (0.01)% 0.92% (30.95)% 191%
January 31, 2007(3) to September 30, 2007 ...... (0.54)% 1.01% (0.02)% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 3.08% 0.74% (0.09)% 0.65% (30.76)% 4%
October 1, 2007 to September 30, 2008 .......... 2.16% 0.75% (0.18)% 0.57% (23.18)% 8%
October 1, 2006 to September 30, 2007 .......... 1.91% 0.76% (0.19)% 0.57% 15.91% 16%
October 1, 2005 to September 30, 2006 .......... 1.84% 0.75% (0.05)% 0.70% 11.21% 7%
October 1, 2004 to September 30, 2005 .......... 2.04% 0.73% (0.13)% 0.60% 13.30% 20%
October 1, 2003 to September 30, 2004 .......... 1.86% 0.77% (0.21)% 0.56% 17.04% 11%
EQUITY VALUE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 2.35% 0.73% (0.03)% 0.70% (30.91)% 77%
October 1, 2007 to September 30, 2008 .......... 1.68% 0.74% (0.04)% 0.70% (27.44)% 152%
October 1, 2006 to September 30, 2007 .......... 1.29% 0.77% (0.08)% 0.69% 20.21% 108%
October 1, 2005 to September 30, 2006 .......... 1.18% 0.78% (0.01)% 0.77% 10.73% 107%
October 1, 2004 to September 30, 2005 .......... 1.22% 0.78% (0.02)% 0.76% 21.61% 145%
October 1, 2003 to September 30, 2004 .......... 1.25% 0.80% (0.18)% 0.62% 17.82% 122%
INDEX PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 2.98% 0.12% (0.01)% 0.11% (30.73)% 6%
October 1, 2007 to September 30, 2008 .......... 2.07% 0.11% 0.00%(4) 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007 .......... 1.86% 0.11% (0.01)% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006 .......... 1.86% 0.11% 0.00% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005 .......... 2.08% 0.12% (0.08)% 0.04% 12.23% 8%
October 1, 2003 to September 30, 2004 .......... 1.71% 0.17% (0.14)% 0.03% 13.87% 2%
INTERNATIONAL CORE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 0.73% 1.23% (0.06)% 1.17% (32.40)% 86%
October 1, 2007 to September 30, 2008 .......... 1.60% 1.14% (0.02)% 1.12% (31.42)% 55%
October 1, 2006 to September 30, 2007 .......... 1.27% 1.09% (0.01)% 1.08% 23.70% 66%
October 1, 2005 to September 30, 2006 .......... 1.99% 1.09% (0.06)% 1.03% 14.58% 39%
October 1, 2004 to September 30, 2005 .......... 1.51% 1.09% (0.01)% 1.08% 18.69% 108%
October 1, 2003 to September 30, 2004 .......... 0.86% 1.11% (0.15)% 0.96% 13.84% 33%
- ----------
(1.) During each period, various fees and expenses were waived and reimbursed,
as indicated. The ratio of Gross Expenses to Average Net Assets reflects
the expense ratio in the absence of any waivers and reimbursements
(Note 3).
(2.) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(3.) Commencement of operations.
(4.) Amount calculated is less than .005%.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 201
Financial Highlights
Ratio to Average Net Assets (Annualized)(1)
----------------------------------------------- Portfolio
Net Investment Gross Expenses Net Total Turnover
Income (Loss) Expenses Waived Expenses Return(2) Rate
-------------- -------- -------- -------- --------- ---------
INTERNATIONAL GROWTH PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 0.69% 1.12% (0.03)% 1.09% (29.03)% 45%
October 1, 2007 to September 30, 2008 .......... 1.17% 1.08% (0.03)% 1.05% (28.68)% 57%
October 1, 2006 to September 30, 2007 .......... 1.09% 1.06% (0.03)% 1.03% 27.40% 73%
October 1, 2005 to September 30, 2006 .......... 0.87% 1.07% (0.09)% 0.98% 19.95% 62%
October 6, 20043 to September 30, 2005 ......... 1.02% 1.08% (0.02)% 1.06% 22.30% 67%
INTERNATIONAL INDEX PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 2.38% 0.56% (0.06)% 0.50% (32.08)% 10%
October 1, 2007 to September 30, 2008 .......... 2.84% 0.51% (0.01)% 0.50% (29.67)% 14%
October 1, 2006 to September 30, 2007 .......... 2.15% 0.49% 0.00% 0.49% 24.52% 3%
October 1, 2005 to September 30, 2006 .......... 2.59% 0.49% (0.12)% 0.37% 19.44% 7%
October 6, 20043 to September 30, 2005 ......... 2.41% 0.49% (0.03)% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.87% 1.08% (0.05)% 1.03% (33.54)% 12%
October 1, 2007 to September 30, 2008 .......... 3.68% 1.07% (0.06)% 1.01% (34.21)% 23%
October 1, 2006 to September 30, 2007 .......... 2.47% 1.07% (0.04)% 1.03% 21.91% 19%
October 1, 2005 to September 30, 2006 .......... 2.34% 1.09% 0.00% 1.09% 19.32% 31%
October 1, 2004 to September 30, 2005 .......... 2.21% 1.11% (0.01)% 1.10% 25.92% 14%
October 31, 20033 to September 30, 2004 ........ 2.61% 1.02% (0.18)% 0.84% 20.00% 24%
LARGE CAP APPRECIATION PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.00% 0.76% (0.03)% 0.73% (28.56)% 73%
October 1, 2007 to September 30, 2008 .......... 0.41% 0.74% (0.05)% 0.69% (25.49)% 151%
October 1, 2006 to September 30, 2007 .......... 0.57% 0.74% (0.05)% 0.69% 21.80% 145%
October 1, 2005 to September 30, 2006 .......... 0.65% 0.75% (0.03)% 0.72% 3.34% 155%
October 1, 2004 to September 30, 2005 .......... 0.83% 0.74% 0.00% 0.74% 20.02% 133%
October 1, 2003 to September 30, 2004 .......... 0.50% 0.76% (0.14)% 0.62% 10.56% 149%
LARGE COMPANY GROWTH PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.07% 0.70% (0.09)% 0.61% (23.14)% 8%
October 1, 2007 to September 30, 2008 .......... 0.48% 0.68% (0.01)% 0.67% (22.59)% 7%
October 1, 2006 to September 30, 2007 .......... 0.46% 0.70% (0.02)% 0.68% 17.80% 10%
October 1, 2005 to September 30, 2006 .......... 0.14% 0.70% (0.09)% 0.61% 1.41% 6%
October 1, 2004 to September 30, 2005 .......... 0.69% 0.69% (0.01)% 0.68% 11.03% 18%
October 1, 2003 to September 30, 2004 .......... (0.09)% 0.76% (0.08)% 0.68% 2.96% 14%
SMALL CAP INDEX PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.81% 0.25% (0.01)% 0.24% (38.27)% 12%
October 1, 2007 to September 30, 2008 .......... 1.36% 0.23% (0.05)% 0.18% (14.30)% 22%
October 1, 2006 to September 30, 2007 .......... 1.10% 0.23% (0.05)% 0.18% 14.78% 24%
October 1, 2005 to September 30, 2006 .......... 0.95% 0.24% (0.01)% 0.23% 6.89% 20%
October 1, 2004 to September 30, 2005 .......... 1.00% 0.23% (0.05)% 0.18% 21.03% 14%
October 1, 2003 to September 30, 2004 .......... 0.93% 0.28% (0.19)% 0.09% 23.97% 17%
SMALL COMPANY GROWTH PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. (0.41)% 0.89% (0.01)% 0.88% (30.23)% 73%
October 1, 2007 to September 30, 2008 .......... (0.53)% 0.89% 0.00%(4) 0.89% (27.50)% 150%
October 1, 2006 to September 30, 2007 .......... (0.46)% 0.90% 0.00% 0.90% 17.74% 138%
October 1, 2005 to September 30, 2006 .......... (0.33)% 0.91% (0.01)% 0.90% 7.02% 125%
October 1, 2004 to September 30, 2005 .......... (0.45)% 0.91% 0.00% 0.91% 16.51% 142%
October 1, 2003 to September 30, 2004 .......... (0.63)% 0.93% (0.07)% 0.86% 12.70% 145%
SMALL COMPANY VALUE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.82% 0.89% 0.00%(4) 0.89% (44.69)% 50%
October 1, 2007 to September 30, 2008 .......... 1.02% 0.90% (0.01)% 0.89% (22.01)% 82%
October 1, 2006 to September 30, 2007 .......... 0.53% 0.93% (0.01)% 0.92% 6.53% 69%
October 1, 2005 to September 30, 2006 .......... 0.64% 0.92% (0.13)% 0.79% 6.70% 114%
October 1, 2004 to September 30, 2005 .......... 0.61% 0.92% (0.10)% 0.82% 24.77% 70%
October 1, 2003 to September 30, 2004 .......... 0.54% 0.93% (0.13)% 0.80% 23.72% 64%
STRATEGIC SMALL CAP VALUE PORTFOLIO
October 1, 2008 to March 31, 2009 (Unaudited) .. 1.82% 0.90% (0.32)% 0.58% (37.57)% 23%
October 1, 2007 to September 30, 2008 .......... 0.80% 0.91% (0.08)% 0.83% (16.47)% 46%
October 1, 2006 to September 30, 2007 .......... 0.30% 0.93% (0.01)% 0.92% 8.65% 64%
January 31, 20063 to September 30, 2006 ........ 0.75% 0.94% (0.19)% 0.75% 0.60% 37%
202 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is registered as an open-end management
investment company under the Investment Company Act of 1940, as amended (the
"1940 Act"). The Trust currently has 23 separate investment portfolios. These
financial statements are for 16 of those portfolios as follows: the C&B Large
Cap Value Portfolio, Disciplined Growth Portfolio, Emerging Growth Portfolio,
Equity Income Portfolio, Equity Value Portfolio, Index Portfolio, International
Core Portfolio, International Growth Portfolio, International Index Portfolio,
International Value Portfolio, Large Cap Appreciation Portfolio, Large Company
Growth Portfolio, Small Cap Index Portfolio, Small Company Growth Portfolio,
Small Company Value Portfolio and Strategic Small Cap Value Portfolio (each, a
"Fund" and collectively, the "Funds").
Interests in the Funds are sold without any sales charge in private placement
transactions to qualified investors, including open-end management investment
companies.
In connection with the transactions described below, each of the C&B Large Cap
Value Portfolio and the Index Portfolio received securities that were
contributed in-kind by the Wells Fargo Advantage C&B Large Cap Value Fund and
the Wells Fargo Advantage Index Fund, respectively, each a series of Wells Fargo
Funds Trust, in an in-kind subscription for interests in the respective
portfolios. As of the open of business on July 21, 2008, each series of Wells
Fargo Funds Trust identified below as an "Acquiring Gateway Fund" acquired all
of the assets and assumed all of the liabilities of its corresponding series of
Wells Fargo Funds Trust identified below as a "Target Gateway Fund" (each a
"Gateway Acquisition", and collectively the "Gateway Acquisitions"), as shown in
the table below.
Target Gateway Fund Acquiring Gateway Fund
- ------------------- ----------------------------------------------
WELLS FARGO ADVANTAGE EQUITY INDEX FUND Wells Fargo Advantage Index Fund
WELLS FARGO ADVANTAGE VALUE FUND Wells Fargo Advantage C&B Large Cap Value Fund
The Gateway Acquisitions were accomplished through the following steps. In a
tax-free exchange, the Wells Fargo Advantage Index Fund issued 5,921,421 of its
shares (valued at $286,059,163) in exchange for all of the assets and
liabilities of the Wells Fargo Advantage Equity Index Fund. The aggregate net
assets of the Wells Fargo Advantage Equity Index Fund at the close of business
on July 18, 2008 were valued at $286,059,163 and were combined with those of the
Wells Fargo Advantage Index Fund. In a tax-free exchange, the Wells Fargo
Advantage C&B Large Cap Value Fund issued 2,679,869 of its shares (valued at
$21,385,482) in exchange for all of the assets and liabilities of the Wells
Fargo Advantage Value Fund. The aggregate net assets of the Wells Fargo
Advantage Value Fund at the close of business on July 18, 2008 were valued at
$21,385,482 and were combined with those of the Wells Fargo Advantage C&B Large
Cap Value Fund. Each Target Gateway Fund then liquidated by distributing the
corresponding Acquiring Gateway Fund shares pro rata to the Target Gateway Fund
shareholders, so that Target Gateway Fund shareholders received shares of a
specified class of the corresponding Acquiring Gateway Fund with a total value
equal to the value of their Target Gateway Fund shares at the close of business
on July 18, 2008. The Wells Fargo Advantage Index Fund then transferred in-kind
the assets acquired in the Gateway Acquisition valued at $286,059,163 to the
Index Portfolio in which it invests all or substantially all of its assets in
exchange for interests in the Index Portfolio. The Wells Fargo Advantage C&B
Large Cap Value Fund then transferred in-kind the assets acquired in the Gateway
Acquisition valued at $21,385,482 to the C&B Large Cap Value Portfolio in which
it invests all or substantially all of its assets in exchange for interests in
the C&B Large Cap Value Portfolio.
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.
Wells Fargo Advantage Master Portfolios 203
Notes to Financial Statements
Certain Funds of the Trust may invest a substantial portion of their assets in
an industry, sector or foreign country. Such Funds may be more affected by
changes in that industry, sector or foreign country than they would be absent
the concentration of investments.
Under the Trust's organizational documents, their officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated; however, based on experience, the risk of loss from such
claims is considered remote.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on NASDAQ, the bid price will be used. In the
absence of any sale of securities listed on the NASDAQ, and in the case of other
securities, including U.S. Government obligations, but excluding debt securities
maturing in 60 days or less, the price will be deemed "stale" and the valuations
will be determined in accordance with the Funds' Fair Valuation Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Investments in other mutual funds ( the "Underlying Funds") are valued at the
closing net asset value per share of each Underlying Fund on the valuation date.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities with original maturities of 60 days or less and other short-term
debt securities in which cash collateral received for securities loaned may be
invested, generally are valued at amortized cost. The amortized cost method
involves valuing a security at its cost, plus accretion of discount or minus
amortization of premium over the period until maturity, which approximates fair
value.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures approved by the Board of
Trustees.
FAIR VALUATION MEASUREMENTS
The Funds adopted Statement of Financial Accounting Standards No. 157, Fair
Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with
FAS 157, fair value is defined as the price that a Fund would receive upon
selling an investment in a timely transaction to an independent buyer in the
principal or most advantageous market of the investment. FAS 157 established a
three-tier hierarchy to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Inputs refer broadly to the assumptions
that market participants would use in pricing the asset or liability, including
assumptions about risk. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in
pricing the asset or liability developed based on market data obtained from
sources independent of the reporting entity. Unobservable inputs are inputs that
reflect the reporting entity's own
204 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
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 March 31, 2009 in valuing
the Funds' investments in securities:
Total Fair Value
PORTFOLIO Level 1 Level 2 Level 3 as of 3/31/2009
- ----------------------------------- -------------- ------------ ---------- ----------------
C&B LARGE CAP VALUE PORTFOLIO $ 463,928,800 $ 24,353,727 $2,782,442 $ 491,064,969
DISCIPLINED GROWTH PORTFOLIO 69,763,481 8,995,344 620,579 79,379,404
EMERGING GROWTH PORTFOLIO 68,280,076 17,533,247 1,201,279 87,014,602
EQUITY INCOME PORTFOLIO 214,291,649 10,763,359 389,264 225,444,272
EQUITY VALUE PORTFOLIO 413,113,728 30,778,815 1,935,837 445,828,380
INDEX PORTFOLIO 1,502,483,492 117,742,781 8,115,178 1,628,341,451
INTERNATIONAL CORE PORTFOLIO 53,914,847 0 0 53,914,847
INTERNATIONAL GROWTH PORTFOLIO 106,201,877 0 0 106,201,877
INTERNATIONAL INDEX PORTFOLIO 53,175,950 0 256,850 53,432,800
INTERNATIONAL VALUE PORTFOLIO 219,119,245 0 0 219,119,245
LARGE CAP APPRECIATION PORTFOLIO 90,757,633 11,389,035 790,133 102,936,801
LARGE COMPANY GROWTH PORTFOLIO 818,887,567 97,340,394 4,180,175 920,408,136
SMALL CAP INDEX PORTFOLIO 183,239,009 33,885,013 2,508,066 219,632,088
SMALL COMPANY GROWTH PORTFOLIO 320,813,877 52,463,801 3,325,881 376,603,559
SMALL COMPANY VALUE PORTFOLIO 253,149,683 40,273,961 2,328,470 295,752,114
STRATEGIC-SMALL CAP VALUE PORTFOLIO 155,074,491 0 0 155,074,491
The following is a summary of the inputs used as of March 31, 2009 in valuing
the Funds' investments in other financial instruments.*
Total Unrealized
Appreciation/
PORTFOLIO Level 1 Level 2 Level 3 (Depreciation)
- ----------------------------------- -------------- ------------ ---------- ----------------
INDEX PORTFOLIO $ 749,543 $ 0 $ 0 $ 749,543
INTERNATIONAL INDEX PORTFOLIO 91,760 (19,678) 0 72,082
SMALL CAP INDEX PORTFOLIO 388,220 0 0 388,220
* Other financial instruments include: futures, options, sale commitments,
swaps, and forward foreign currency.
Wells Fargo Advantage Master Portfolios 205
Notes to Financial Statements
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
C&B Large Disciplined Emerging Equity Equity International International
Cap Value Growth Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------- ----------- ----------- ----------- ----------- ------------ ------------- -------------
Balance as of 09/30/2008 $2,955,104 $ 705,227 $ 2,728,377 $ 1,588,457 $ 6,755,343 $ 28,528,691 $0 $0
Accrued discounts
(premiums) 0 0 0 0 0 0 0 0
Realized gain (loss) 0 0 0 0 0 0 0 0
Change in unrealized
appreciation
(depreciation) (569,257) (173,400) (415,300) (183,484) (577,509) (2,905,171) 0 0
Net purchases (sales) 396,595 88,752 (1,111,798) (1,015,709) (4,241,997) (17,508,342) 0 0
Net transfer in (out)
of Level 3 0 0 0 0 0 0 0 0
Balance as of 03/31/2009 $2,782,442 $ 620,579 $ 1,201,279 $ 389,264 $ 1,935,837 $ 8,115,178 $0 $0
Large Small Small Strategic
International International Large Cap Company Small Cap Company Company Small Cap
Index Value Appreciation Growth Index Growth Value Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------ ----------- ----------- ----------- ----------- ---------
Balance as of 09/30/2008 $ 826 $0 $1,273,322 $14,495,731 $ 6,177,119 $10,030,449 $ 5,219,257 $0
Accrued discounts
(premiums) 0 0 0 0 0 0 0 0
Realized gain (loss) 0 0 0 0 0 0 0 0
Change in unrealized
appreciation
(depreciation) 2,801 0 (141,071) (1,747,396) (954,489) (1,240,631) (851,302) 0
Net purchases (sales) 236,736 0 (342,118) (8,568,160) (2,211,831) (5,463,937) (2,039,485) 0
Net transfer in (out)
of Level 3 16,487 0 0 0 (502,733) 0 0 0
Balance as of 03/31/2009 $256,850 $0 $ 790,133 $ 4,180,175 $ 2,508,066 $ 3,325,881 $ 2,328,470 $0
The following is a summary of the unrealized appreciation (depreciation)
associated with (Level 3) securities held as of March 31,2009:
C&B Large Disciplined Emerging Equity Equity International International
Cap Value Growth Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
--------- ----------- --------- --------- --------- ----------- ------------- -------------
Change in unrealized
appreciation
(depreciation)
relating to
securities
held at the end
of reporting period $(569,257) $(173,400) $(415,300) $(183,484) $(577,509) $(2,905,171) $0 $0
Large Small Small Strategic
International International Large Cap Company Small Cap Company Company Small Cap
Index Value Appreciation Growth Index Growth Value Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------- ------------- ------------ ----------- --------- ----------- --------- ---------
Change in unrealized
appreciation
(depreciation)
relating to
securities
held at the end
of reporting period $2,801 $0 $(141,071) $(1,747,396) $(954,489) $(1,240,631) $(851,302) $0
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 effective interest method.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
206 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
FOREIGN CURRENCY TRANSLATION
The accounting records are maintained in U.S. dollars. Assets, including
investment securities, and liabilities denominated in foreign currency are
translated into U.S. dollars at the prevailing rates of exchange at the date of
valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting from changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and losses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FEDERAL INCOME TAXES
Each Fund of the Trust is treated as a separate entity for federal income tax
purposes. The Funds of the Trust are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends, or gains have been distributed by the Fund.
Management has analyzed the Funds' tax positions taken on federal income tax
returns for all open tax years and has concluded that as of March 31, 2009, 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, 2006; May 31, 2007; May 31, 2008) are subject to examination by
the Internal Revenue Service and state departments of revenue.
FORWARD FOREIGN CURRENCY CONTRACTS
The Funds may enter into forward foreign currency contracts to protect against a
possible loss resulting from an adverse change in the relationship between
foreign currencies and the U.S. dollar, or between foreign currencies. A forward
contract is an agreement between two counterparties for future delivery or
receipt of currency at a specified price. Risks arise from the possible
inability of counterparties to meet the terms of their contracts and from
movements in currency values. Realized gains or losses are recognized when the
transaction is completed. Contracts which have been offset but have not reached
their settlement date are included in unrealized gains and losses.
As of March 31, 2009, outstanding forward contracts were as follows:
Currency Currency Net Unrealized
Amount to be Type of Settlement Amount to be Appreciation
PORTFOLIO Received Currency Date Delivered (Depreciation)
- ----------------------------- ------------ ------------- ---------- ------------ --------------
INTERNATIONAL INDEX PORTFOLIO 225,000 Euro 6/30/2009 $306,774 $(7,796)
160,000 British Pound 6/30/2009 232,779 (3,126)
35,000,000 Japanese Yen 6/30/2009 362,882 (8,756)
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
Wells Fargo Advantage Master Portfolios 207
Notes to Financial Statements
the contract is closed, the Fund records a realized gain or loss equal to the
difference between the value of the contract at the time it was opened and the
value at the time it was closed. Pursuant to regulations and/or published
positions of the Securities and Exchange Commission (the "SEC") for long futures
positions, the Fund is required to segregate highly liquid securities as
permitted by the SEC in connection with futures transactions in an amount
generally equal to the value of the underlying contracts. Risks of entering into
futures contracts include the possibility that there may be an illiquid market
and that a change in the value of the contract may not correlate with changes in
the value of the underlying securities. At March 31, 2009, the following Funds
held open futures contracts:
Notional Net Unrealized
Contract Appreciation
PORTFOLIO Contracts Type Expiration Date Amount (Depreciation)
- ----------------------------- --------- --------------- --------------- ----------- --------------
INDEX PORTFOLIO 92 Long S&P 500 June 2009 $17,530,857 $749,543
INTERNATIONAL INDEX PORTFOLIO 31 Long DJ Eurostoxx 50 June 2009 794,581 25,714
8 Long FTSE 100 Index June 2009 437,605 7,878
7 Long TOPIX June 2009 492,505 58,168
SMALL CAP INDEX PORTFOLIO 82 Long Russell 2000 June 2009 3,066,440 388,220
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
generally is invested on behalf of the Fund by the securities lending agent in
securities that, at the time of investment, are considered high-quality
short-term debt investments (including money market instruments) and 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 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. In connection with lending securities, a Fund may pay
reasonable administrative and custodial fees. For the six-month period ended
March 31, 2009, Wells Fargo Bank, N.A. waived its share of revenues earned on
securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the
impact of increasing securities lending income on the Statements of Operations.
The value of the securities on loan, the related collateral and the liability to
return the collateral at March 31, 2009, are shown on the Statements of Assets
and Liabilities.
208 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
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 March 31, 2009, the following Funds owned certain of these types of
structured securities which are currently in default and valued at fair value in
the Portfolio of Investments or have been restructured following default,
including the percentage of each Fund's net assets invested in these securities:
Defaulted SIVs
PORTFOLIO ($Market Value) % of Net Assets
- -------------------------------- --------------- ---------------
C&B LARGE CAP VALUE PORTFOLIO $2,029,119 0.44
DISCIPLINED GROWTH PORTFOLIO 452,562 0.68
EMERGING GROWTH PORTFOLIO 876,043 1.42
EQUITY INCOME PORTFOLIO 283,874 0.13
EQUITY VALUE PORTFOLIO 1,411,726 0.35
INDEX PORTFOLIO 5,918,062 0.40
LARGE CAP APPRECIATION PORTFOLIO 576,211 0.66
LARGE COMPANY GROWTH PORTFOLIO 3,048,428 0.39
SMALL CAP INDEX PORTFOLIO 1,829,028 1.06
SMALL COMPANY GROWTH PORTFOLIO 2,425,427 0.80
SMALL COMPANY VALUE PORTFOLIO 1,698,056 0.72
3. EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
subadviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser. Funds Management may retain the services of
certain investment subadvisers to provide daily portfolio management. The fees
related to subadvisory services are borne directly by the adviser and do not
increase the overall fees paid by a Fund to the adviser. Funds Management and
the investment subadviser(s) are entitled to be paid a monthly fee at the
following annual rates:
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ----------------------------- ------------------ ------------- -------------------- ------------------ -------------
C&B LARGE CAP VALUE PORTFOLIO First $500 million 0.700 Cooke & Bieler LP First $250 million 0.450
Next $500 million 0.650 Next $250 million 0.400
Next $2 billion 0.600 Next $250 million 0.350
Next $2 billion 0.575 Over $750 million 0.300
Over $5 billion 0.550
Wells Fargo Advantage Master Portfolios 209
Notes to Financial Statements
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ----------------------------- ------------------ ------------- -------------------- ------------------ -------------
DISCIPLINED GROWTH PORTFOLIO First $500 million 0.700 Smith Asset First $200 million 0.300
Next $500 million 0.650 Management Next $300 million 0.200
Next $2 billion 0.600 Group LP Over $500 million 0.150
Next $2 billion 0.575
Over $5 billion 0.550
EMERGING GROWTH PORTFOLIO First 500 million 0.850 Wells Capital First $100 million 0.550
Next 500 million 0.825 Management Next $100 million 0.500
Next $1 billion 0.800 Incorporated Over $200 million 0.400
Next $1 billion 0.775
Next $3 billion 0.750
EQUITY INCOME PORTFOLIO First $500 million 0.700 Wells Capital First $100 million 0.350
Next $500 million 0.650 Management Next $100 million 0.300
Next $2 billion 0.600 Incorporated Next $300 million 0.200
Next $2 billion 0.575 Over $500 million 0.150
Over $5 billion 0.550
EQUITY VALUE PORTFOLIO First $500 million 0.700 Systematic Financial First $150 million 0.300
Next $500 million 0.650 Management LP Next $200 million 0.200
Next $2 billion 0.600 Next $400 million 0.150
Next $2 billion 0.575 Next $250 million 0.130
Over $5 billion 0.550 Over $1 billion 0.100
INDEX PORTFOLIO First $500 million 0.100 Wells Capital First $100 million 0.050
Next $500 million 0.100 Management Next $100 million 0.030
Next $2 billion 0.075 Incorporated Over $200 million 0.020
Next $2 billion 0.075
Over $5 billion 0.050
INTERNATIONAL CORE PORTFOLIO First $500 million 0.950 Evergreen First $50 million 0.350
Next $500 million 0.900 Investment Next $500 million 0.290
Next $2 billion 0.850 Management Over $550 million 0.200
Next $2 billion 0.825 Company, LLC*
Over $5 billion 0.800
INTERNATIONAL GROWTH
PORTFOLIO First $500 million 0.950 Artisan Partners LP First $250 million 0.700
Next $500 million 0.900 Over $250 million 0.500
Next $2 billion 0.850
Next $2 billion 0.825
Over $5 billion 0.800
INTERNATIONAL INDEX
PORTFOLIO First $500 million 0.350 SSgA Funds First $100 million 0.080
Next $500 million 0.350 Management Over $100 million 0.060
Next $2 billion 0.325
Next $2 billion 0.325
Over $5 billion 0.300
INTERNATIONAL VALUE
PORTFOLIO First $500 million 0.950 LSV Asset First $150 million 0.350
Next $500 million 0.900 Management Next $350 million 0.400
Next $2 billion 0.850 Next $250 million 0.350
Next $2 billion 0.825 Next $250 million 0.325
Over $5 billion 0.800 Over $1 billion 0.300
LARGE CAP APPRECIATION
PORTFOLIO First $500 million 0.700 Cadence Capital First $250 million 0.300
Next $500 million 0.650 Management LLC Next $250 million 0.200
Next $2 billion 0.600 Next $500 million 0.150
Next $2 billion 0.575 Over $1 billion 0.100
Over $5 billion 0.550
210 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Advisory Subadvisory
Fees (% of Fees (% of
Average Daily Average Daily Average Daily Average Daily
PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets)
- ----------------------------- ------------------ ------------- -------------------- ------------------ -------------
LARGE COMPANY GROWTH
PORTFOLIO First $500 million 0.700 Peregrine Capital First $25 million 0.550
Next $500 million 0.650 Management Next $25 million 0.450
Next $2 billion 0.600 Incorporated Next $100 million 0.400
Next $2 billion 0.575 Next $125 million 0.350
Over $5 billion 0.550 Over $275 million 0.225
SMALL CAP INDEX PORTFOLIO First $500 million 0.200 Wells Capital First $100 million 0.050
Next $500 million 0.200 Management Next $100 million 0.030
Next $2 billion 0.175 Incorporated Over $200 million 0.020
Next $2 billion 0.175
Over $5 billion 0.150
SMALL COMPANY GROWTH
PORTFOLIO First $500 million 0.850 Peregrine Capital First $50 million 0.900
Next $500 million 0.825 Management Next $130 million 0.750
Next $1 billion 0.800 Incorporated Next $160 million 0.650
Next $1 billion 0.775 Next $345 million 0.500
Over $3 billion 0.750 Next $50 million 0.520
Over $735 million 0.550
SMALL COMPANY VALUE PORTFOLIO First $500 million 0.850 Peregrine Capital First $175 million 0.500
Next $500 million 0.825 Management Over $175 million 0.750
Next $1 billion 0.800 Incorporated
Next $1 billion 0.775
Over $3 billion 0.750
STRATEGIC SMALL CAP VALUE
PORTFOLIO First $500 million 0.850 Wells Capital First $200 million 0.450
Next $500 million 0.825 Management Over $200 million 0.400
Next $1 billion 0.800 Incorporated
Next $1 billion 0.775
Over $3 billion 0.750
* Effective March 2, 2009, following approval of the Board of Trustees of the
Trust and the Interest holders of International Core Portfolio, Evergreen
Investment Management Company, LLC ("Evergreen") replaced New Star
Institutional Managers Limited ("New Star") as the sub-adviser to the Fund
and assumed day-to-day investment management responsibilities for the Fund.
For the portion of the reporting period prior to such date, New Star was
entitled to receive a subadvisory fee at the same rates shown in the table.
Evergreen is entitled to receive a subadvisory fee at the rates shown in
the table until such future date that sub-advisory fee changes for multiple
Wells Fargo Advantage Funds sub-advised by Evergreen Investments are
contemporaneously implemented. Upon any such implementation, Evergreen
would be entitled to receive a subadvisory fee for managing the
International Core Portfolio at the following rates, expressed as a
percentage of average daily net assets of the portfolio: 0.450% for the
first $200 million and 0.400% for assets over $200 million.
ADMINISTRATION AND TRANSFER AGENT FEES
Currently, there are no administration or transfer agency fees charged to the
Master Trust.
CUSTODY FEES
The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"),
whereby WFB is responsible for providing custody services. Pursuant to the
contract, WFB is entitled to a monthly fee for custody services at the following
annual rates:
% of Average
PORTFOLIO Daily Net Assets
- ------------------------------ ----------------
INTERNATIONAL CORE PORTFOLIO 0.10
INTERNATIONAL GROWTH PORTFOLIO 0.10
INTERNATIONAL INDEX PORTFOLIO 0.10
INTERNATIONAL VALUE PORTFOLIO 0.10
ALL OTHER PORTFOLIOS 0.02
TRANSACTIONS WITH AFFILIATES
For the six-month period ended March 31, 2009, there were no brokerage
commissions paid to an affiliated broker-dealer.
Wells Fargo Advantage Master Portfolios 211
Notes to Financial Statements
OTHER FEES
PNC Global Investment Servicing ("PNC") serves as fund accountant for the Trust.
PNC currently does not receive a fee for its services, but is entitled to be
reimbursed for all out-of-pocket expenses reasonably incurred in providing these
services.
Each Portfolio also bears its share of other fees and expenses incurred in the
normal course of business, including but not limited to: professional fees,
registration fees, shareholder reporting costs, and Trustees fees and expenses.
The Trust compensates its independent Trustees for their services, plus travel
and other expenses incurred in attending Board meetings.
WAIVED FEES AND REIMBURSED EXPENSES
All amounts shown as waived fees or reimbursed expenses on the Statements of
Operations, for the six-month period ended March 31, 2009, were waived by Funds
Management, first from advisory fees, and then any remaining amount from custody
fees. Funds Management has contractually committed to waive fees and/or
reimburse expenses to the extent necessary to maintain certain net operating
expense ratios, including the underlying fees and expenses of the Funds, for
certain series of Wells Fargo Funds Trust that invest substantially all or a
portion of their assets in the Funds.
4. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six-month period ended March 31, 2009, were as
follows:
PORTFOLIO Purchases at Cost Sales Proceeds
- --------- ----------------- --------------
C&B LARGE CAP VALUE PORTFOLIO $ 94,335,475 $ 93,816,399
DISCIPLINED GROWTH PORTFOLIO 42,186,832 51,570,230
EMERGING GROWTH PORTFOLIO 53,127,842 57,600,758
EQUITY INCOME PORTFOLIO 9,650,742 42,953,385
EQUITY VALUE PORTFOLIO 354,592,427 368,399,858
INDEX PORTFOLIO 108,530,562 191,838,161
INTERNATIONAL CORE PORTFOLIO 53,845,224 61,760,074
INTERNATIONAL GROWTH PORTFOLIO 55,602,966 45,179,969
INTERNATIONAL INDEX PORTFOLIO 6,193,355 10,369,122
INTERNATIONAL VALUE PORTFOLIO 57,315,774 28,281,042
LARGE CAP APPRECIATION PORTFOLIO 72,480,372 89,901,019
LARGE COMPANY GROWTH PORTFOLIO 77,255,176 328,348,597
SMALL CAP INDEX PORTFOLIO 25,056,476 29,486,903
SMALL COMPANY GROWTH PORTFOLIO 241,691,418 262,334,742
SMALL COMPANY VALUE PORTFOLIO 152,036,073 154,571,008
STRATEGIC SMALL CAP VALUE PORTFOLIO 40,550,598 43,345,143
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 and interim periods beginning after
November 15, 2008, and interim periods within those years. As of March 31, 2009,
Management is continuing to evaluate the impact, if any, that adoption of SFAS
161 may have on the financial statements.
212 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
In April 2009, FASB issued FASB Staff Position No. FAS 157-4, "Determining Fair
Value When the Volume and Level of Activity for the Asset or Liability Have
Significantly Decreased and Identifying Transactions that are Not Orderly" ("FAS
157-4"). FAS 157-4 provides additional guidance for determining fair value when
the volume and level of activity for an asset or a liability have significantly
decreased and identifying transactions that are not orderly. FAS 157-4 requires
enhanced disclosures about the inputs and valuation technique(s) used to measure
fair value and a discussion of changes in valuation techniques and related
inputs, if any, during the period. In addition, the three-level hierarchy
disclosure and the level three roll-forward disclosure will be expanded for each
major category of assets. Management of the Fund does not believe the adoption
of FAS 157-4 will materially impact the financial statement amounts, but will
require additional disclosures. FAS 157-4 is effective for interim and annual
reporting periods ending after June 15, 2009.
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 Master Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Master Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 21, 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: May 21, 2009
By: /s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Date: May 21, 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 C&B Large Cap Value
Portfolio, Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo
Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Income
Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage
Index Portfolio, Wells Fargo Advantage International Core Portfolio, Wells Fargo
Advantage International Growth Portfolio, Wells Fargo Advantage International
Index Portfolio, Wells Fargo Advantage International Value Portfolio, Wells
Fargo Advantage Large Cap Appreciation Portfolio, Wells Fargo Advantage Large
Company Growth Portfolio, Wells Fargo Advantage Small Cap Index Portfolio, Wells
Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small
Company Value Portfolio, and Wells Fargo Advantage Strategic Small Cap Value
Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected,
or is reasonably likely to materially affect, the registrant's
internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls over financial reporting.
Date: May 21, 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 C&B Large Cap Value
Portfolio, Wells Fargo Advantage Disciplined Growth Portfolio, Wells Fargo
Advantage Emerging Growth Portfolio, Wells Fargo Advantage Equity Income
Portfolio, Wells Fargo Advantage Equity Value Portfolio, Wells Fargo Advantage
Index Portfolio, Wells Fargo Advantage International Core Portfolio, Wells Fargo
Advantage International Growth Portfolio, Wells Fargo Advantage International
Index Portfolio, Wells Fargo Advantage International Value Portfolio, Wells
Fargo Advantage Large Cap Appreciation Portfolio, Wells Fargo Advantage Large
Company Growth Portfolio, Wells Fargo Advantage Small Cap Index Portfolio, Wells
Fargo Advantage Small Company Growth Portfolio, Wells Fargo Advantage Small
Company Value Portfolio, and Wells Fargo Advantage Strategic Small Cap Value
Portfolio;
2. Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash
flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to
us by others within those entities, particularly during the period in
which this report is being prepared;
b) designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing of this report based on such
evaluation; and
d) disclosed in this report any change in the registrant's internal
controls over financial reporting that occurred during the
registrant's most recent fiscal half-year that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):
a) all significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting which are
reasonably likely to adversely affect the registrant's ability to
record, process, summarize, and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
controls over financial reporting.
Date: May 21, 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 March 31, 2009 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: May 21, 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 March 31, 2009 (the
"Report") fully complies with the requirements of Section 13(a) or Section
15(d), as applicable, of the Securities Exchange Act of 1934 and that the
information contained in the Report fairly presents, in all material respects,
the financial condition and results of operations of the Trust.
Date: May 21, 2009
/s/ Stephen W. Leonhardt
Stephen W. Leonhardt
Treasurer
Wells Fargo Master Trust