UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: May 31, 2010
Date of reporting period: November 30, 2009
ITEM 1. REPORT TO SHAREHOLDERS
===============================
Wells Fargo Advantage Master Portfolios 81
Portfolio of Investments--November 30, 2009 (Unaudited)
INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
US TREASURY SECURITIES: 99.00%
US TREASURY BONDS: 62.03%
$ 2,030,735 US TREASURY BOND - INFLATION PROTECTED 1.25% 04/15/2014 $ 1,647,387
3,775,655 US TREASURY BOND - INFLATION PROTECTED 1.38 07/15/2018 3,887,747
4,566,754 US TREASURY BOND - INFLATION PROTECTED 1.63 01/15/2018 4,790,096
4,123,480 US TREASURY BOND - INFLATION PROTECTED 1.75 01/15/2028 4,136,688
5,124,035 US TREASURY BOND - INFLATION PROTECTED 1.88 07/15/2015 5,494,728
3,808,147 US TREASURY BOND - INFLATION PROTECTED 1.88 07/15/2019 4,076,206
5,596,842 US TREASURY BOND - INFLATION PROTECTED 2.00 07/15/2014 6,020,540
5,625,529 US TREASURY BOND - INFLATION PROTECTED 2.00 01/15/2016 6,057,114
5,304,536 US TREASURY BOND - INFLATION PROTECTED 2.00 01/15/2026 5,551,112
4,596,917 US TREASURY BOND - INFLATION PROTECTED 2.13 01/15/2019 5,011,357
5,102,886 US TREASURY BOND - INFLATION PROTECTED 2.38 01/15/2017 5,623,937
8,283,556 US TREASURY BOND - INFLATION PROTECTED<< 2.38 01/15/2025 9,086,671
4,021,267 US TREASURY BOND - INFLATION PROTECTED 2.38 01/15/2027 4,419,939
4,139,237 US TREASURY BOND - INFLATION PROTECTED 2.50 01/15/2029 4,634,005
4,324,383 US TREASURY BOND - INFLATION PROTECTED 2.63 07/15/2017 4,863,240
1,806,800 US TREASURY BOND - INFLATION PROTECTED 3.38 04/15/2032 2,338,535
5,354,393 US TREASURY BOND - INFLATION PROTECTED 3.63 04/15/2028 6,889,599
6,259,828 US TREASURY BOND - INFLATION PROTECTED 3.88 04/15/2029 8,390,123
92,919,024
--------------
US TREASURY NOTES: 36.97%
4,751,184 US TREASURY NOTE - INFLATION PROTECTED 0.63 04/15/2013 4,860,314
6,989,765 US TREASURY NOTE - INFLATION PROTECTED 1.63 01/15/2015 7,380,759
5,297,249 US TREASURY NOTE - INFLATION PROTECTED 1.88 07/15/2013 5,632,465
5,065,973 US TREASURY NOTE - INFLATION PROTECTED 2.00 04/15/2012 5,331,936
6,568,656 US TREASURY NOTE - INFLATION PROTECTED 2.00 01/15/2014 7,026,925
5,750,397 US TREASURY NOTE - INFLATION PROTECTED 2.38 04/15/2011 5,960,643
4,641,153 US TREASURY NOTE - INFLATION PROTECTED 2.50 07/15/2016 5,164,006
7,939,535 US TREASURY NOTE - INFLATION PROTECTED 3.00 07/15/2012 8,606,329
1,721,008 US TREASURY NOTE - INFLATION PROTECTED 3.38 01/15/2012 1,852,908
3,418,542 US TREASURY NOTE - INFLATION PROTECTED 3.50 01/15/2011 3,571,843
55,388,128
--------------
TOTAL US TREASURY SECURITIES (COST $140,057,421) 148,307,152
--------------
SHARES YIELD
- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 4.18%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.59%
222,946 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 222,946
222,946 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 222,946
222,946 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 222,946
222,946 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 222,946
891,784
--------------
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS: 3.59%
$ 43,351 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26% 12/07/2009 $ 43,348
15,482 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 15,473
15,482 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 15,482
46,447 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 46,446
37,158 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 37,158
52,640 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 52,639
1,548 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 1,548
30,965 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 30,962
92,894 BANK OF AMERICA 0.18 12/23/2009 92,884
269,238 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $269,239) 0.16 12/01/2009 269,238
46,447 BANK OF IRELAND 0.35 12/01/2009 46,447
37,158 BANK OF IRELAND 0.50 12/02/2009 37,158
14,996 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 14,996
7,741 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 7,741
40,254 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 40,254
34,061 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 34,062
92,894 BRYANT BANK FUNDING++ 0.18 12/23/2009 92,884
77,412 CAFCO LLC++ 0.17 12/09/2009 77,409
3,406 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 3,406
74,315 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 74,315
9,909 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.35 06/01/2028 9,909
77,412 CHARTA LLC++(p) 0.17 12/09/2009 77,409
8,213 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 8,213
15,482 COOK COUNTY IL+/-ss 0.40 11/01/2030 15,482
93,965 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $93,965) 0.17 12/01/2009 93,965
52,640 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 52,640
37,158 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 37,158
44,899 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 44,899
37,158 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 37,158
77,412 E.ON AG++ 0.17 12/21/2009 77,404
77,412 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 77,405
80,508 FORTIS FUNDING LLC++ 0.20 12/29/2009 80,496
83,605 GDF SUEZ++ 0.17 12/15/2009 83,599
61,929 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 61,927
77,350 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $77,350) 0.17 12/01/2009 77,350
77,412 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 77,406
15,482 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 15,482
65,026 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 65,019
773,049 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 287,497
50,906 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 50,906
5,109 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 5,109
25,081 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 25,081
8,856 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 8,856
6,193 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 6,193
15,482 ING USA FUNDING LLC 0.18 12/09/2009 15,482
61,929 ING USA FUNDING LLC 0.19 12/07/2009 61,927
237,728 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $237,729) 0.17 12/01/2009 237,728
30,965 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 30,965
15,482 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 15,482
9,289 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 9,289
92,894 KBC BANK NV BRUSSELS 0.18 12/01/2009 92,894
Wells Fargo Advantage Master Portfolios 83
Portfolio of Investments--November 30, 2009 (Unaudited)
INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 18,579 LLOYDS TSB BANK PLC 0.18% 12/17/2009 $ 18,577
61,929 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 61,929
24,772 LMA AMERICAS LLC++(p) 0.18 12/11/2009 24,770
13,934 LMA AMERICAS LLC++(p) 0.18 12/17/2009 13,933
46,447 LMA AMERICAS LLC++(p) 0.19 12/21/2009 46,442
13,934 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 13,934
76,792 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 76,792
8,500 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 8,500
65,026 NATIXIS 0.27 12/07/2009 65,026
6,193 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 6,193
68,122 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 68,122
61,929 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 61,929
77,412 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 77,406
15,157 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 15,157
31,321 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $31,321) 0.18 12/01/2009 31,321
10,838 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 10,837
51,463 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 51,461
15,482 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 15,481
55,736 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 55,736
43,351 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 43,351
61,929 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 61,924
3,871 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 3,871
61,929 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 61,929
77,412 THAMES ASSET GLOBAL SECURITIZATION #1
INCORPORATED++ 0.18 12/18/2009 77,405
18,579 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 18,577
62,852 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 62,850
20,437 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 20,437
61,929 UBS AG (STAMFORD CT) 0.31 12/04/2009 61,930
92,894 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 92,894
9,289 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 9,289
2,379,141 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 1,189,570
3,871 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 3,871
51,305 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 51,302
15,482 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 15,482
5,372,408
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,159,281) 6,264,192
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $146,216,702)* 103.18% 154,571,344
OTHER ASSETS AND LIABILITIES, NET (3.18) (4,767,980)
------ --------------
TOTAL NET ASSETS 100.00% $ 149,803,364
====== ==============
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
INFLATION-PROTECTED BOND PORTFOLIO
- ----------
<< All or a portion of this security is on loan.
(s) Rate shown is the 1-day annualized yield at period end.
++ 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.
(p) Asset-backed commercial paper.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
* Cost for federal income tax purposes is $146,737,559 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $8,354,642
Gross unrealized depreciation (520,857)
----------
Net unrealized appreciation $7,833,785
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
AGENCY SECURITIES: 15.13%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.73%
$ 10,195 FHLMC #410425+/- 3.13% 09/01/2026 $ 10,409
54,579 FHLMC #606279+/- 2.65 02/01/2015 54,851
32,474 FHLMC #846367+/- 3.38 04/01/2029 33,167
1,005,467 FHLMC #A15838 5.50 12/01/2033 1,075,653
2,018,297 FHLMC #A16678 5.50 12/01/2033 2,159,184
6,970,690 FHLMC #E01653 4.50 06/01/2019 7,434,866
622,770 FHLMC #E90248 6.00 06/01/2017 675,851
560,705 FHLMC #E90573 6.00 07/01/2017 608,493
12,052,474
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 9.71%
9,932 FNMA #342042+/- 3.24 06/01/2025 10,134
489 FNMA #344689+/- 3.08 11/01/2025 490
21,451 FNMA #344692+/- 3.06 10/01/2025 21,547
37,372 FNMA #347712+/- 3.13 06/01/2026 38,410
4,377,056 FNMA #386890 3.99 04/01/2011 4,500,025
218,929 FNMA #557072+/- 2.03 06/01/2040 219,088
686,112 FNMA #656566 5.50 04/01/2018 742,402
1,768,248 FNMA #678939 5.50 02/01/2018 1,914,424
250,911 FNMA #701350 5.50 04/01/2018 271,653
2,130,880 FNMA #725772 5.00 09/01/2034 2,242,626
1,341,934 FNMA #731996+/- 2.75 09/01/2033 1,384,891
1,297,162 FNMA #739757+/- 2.83 08/01/2033 1,333,740
988,922 FNMA #741458+/- 2.10 10/01/2033 1,014,235
451,249 FNMA #783245+/- 1.83 04/01/2034 451,261
1,295,978 FNMA #783251+/- 1.83 04/01/2044 1,295,901
4,942,103 FNMA #789463+/- 2.70 06/01/2034 5,075,390
2,705,248 FNMA #834933+/- 5.02 07/01/2035 2,785,654
5,000,000 FNMA #874331 5.07 02/01/2012 5,329,817
5,312,254 FNMA #880156 5.50 02/01/2036 5,644,893
1,070,265 FNMA #AA3274 5.50 02/01/2039 1,139,624
6,691,860 FNMA #AD0193 5.28 08/01/2019 7,356,361
42,772,566
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 2.69%
108,757 GNMA #345066 6.50 10/15/2023 116,831
68,238 GNMA #346960 6.50 12/15/2023 73,303
72,481 GNMA #354692 6.50 11/15/2023 77,861
133,508 GNMA #361398 6.50 01/15/2024 144,333
85,985 GNMA #366641 6.50 11/15/2023 92,368
73,396 GNMA #473918 7.00 04/15/2028 81,908
410,330 GNMA #531436 7.00 06/15/2042 421,817
8,690 GNMA #531965 7.72 12/15/2041 9,419
3,068,479 GNMA #714610 5.46 05/20/2059 3,310,582
4,083,057 GNMA #721379 5.65 06/20/2059 4,418,276
2,036,531 GNMA #721557 5.63 06/20/2059 2,196,399
506,898 GNMA #721558 5.63 08/20/2059 545,980
316,577 GNMA #780626 7.00 08/15/2027 352,748
11,841,825
--------------
TOTAL AGENCY SECURITIES (COST $63,380,605) 66,666,865
--------------
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
ASSET BACKED SECURITIES: 7.97%
$ 2,935,849 CHASE FUNDING MORTGAGE LOAN SERIES 2002-1 CLASS
1A5(o,o) 0.16% 02/25/2032 $ 2,829,911
3,500,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES SERIES
2007-2 CLASS A6(o,o) 0.28 06/25/2037 3,237,419
5,000,000 COLLEGE LOAN CORPORATION TRUST SERIES 2006-A CLASS
A3+/- 0.37 10/25/2025 4,914,756
3,492,670 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2006-S4 CLASS A6+/- 5.83 07/25/2034 1,610,733
1,398,076 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2007-S2 CLASS A6+/- 5.78 05/25/2037 667,049
1,072,231 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2005-G
CLASS2A+/- 0.47 12/15/2035 302,753
2,310,000 CROWN CASTLE TOWERS LLC SERIES 2005-1A CLASS AFX++ 4.64 06/15/2035 2,344,650
387,737 GMAC MORTGAGE CORPORATION LOAN TRUST SERIES
2005-HE1 CLASS A1VN+/- 0.46 08/25/2035 159,619
898,409 GREEN TREE FINANCIAL CORPORATION SERIES 1997-7
CLASS A8+/- 6.86 07/15/2029 894,835
257,605 GSAMP TRUST SERIES 2005-SEA1 CLASS A+/-++(i) 0.58 01/25/2035 224,634
2,321,712 HFC HOME EQUITY LOAN ASSET BACKED CERTIFICATES
SERIES 2005-2 CLASS A1+/- 1.40 01/20/2035 2,128,734
1,325,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-2
CLASS A4+/- 0.54 07/20/2036 822,551
2,000,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-3
CLASS A3+/- 1.39 11/20/2036 1,326,166
3,800,000 KEYCORP STUDENT LOAN TRUST SERIES 1999-B CLASS
CTFS+/-(i) 0.98 11/25/2036 1,819,060
3,270,000 KEYCORP STUDENT LOAN TRUST SERIES 2006-A CLASS 2A2+/- 0.36 06/27/2025 2,892,924
5,000,000 NATIONAL COLLEGIATE STUDENT LOAN TRUST SERIES
2006-2 CLASS AIO(c) 6.00 08/25/2011 386,100
2,249,187 RAAC SERIES 2007-RP4 CLASS A+/-++(i) 0.59 11/25/2046 1,197,557
2,842,020 SLM STUDENT LOAN TRUST SERIES 2003-1 CLASS A5B+/-++ 0.75 12/15/2032 2,693,918
4,000,000 SLM STUDENT LOAN TRUST SERIES 2006-C CLASS A2+/- 0.35 09/15/2020 3,842,646
1,236,470 TERWIN MORTGAGE TRUST SERIES 2006-2HGS CLASS A1+/-++ 3.77 03/25/2037 182,022
1,834,520 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES
2007-HE2A CLASS A+/-++ 0.37 07/25/2037 664,463
TOTAL ASSET BACKED SECURITIES (COST $46,855,693) 35,142,500
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 20.27%
4,031,873 ADJUSTABLE RATE MORTGAGE TRUST SERIES 2007-2 CLASS
2A1+/- 0.45 06/25/2037 1,998,063
4,000,000 BANC OF AMERICA COMMERCIAL MORTGAGE INCORPORATED
SERIES 2005-6 CLASS A4+/- 5.35 09/10/2047 4,056,371
3,400,000 CITIGROUP DEUTSCHE BANK COMMERCIAL MORTGAGE TRUST
SERIES 2005-CD1 CLASS A4+/- 5.23 07/15/2044 3,417,292
1,519,914 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-27
CLASS 3A1+/- 1.99 08/25/2035 814,107
1,435,392 COUNTRYWIDE HOME LOANS SERIES 2004-R1 CLASS 2A++ 6.50 11/25/2034 1,292,077
3,363,602 COUNTRYWIDE HOME LOANS SERIES 2005-R1 CLASS 1AF1+/-++ 0.60 03/25/2035 2,624,823
2,698,659 COUNTRYWIDE HOME LOANS SERIES 2005-R3 CLASS AF+/-++ 0.64 09/25/2035 2,021,470
1,998,498 COUNTRYWIDE HOME LOANS SERIES 2006-OA5 CLASS 1A1+/- 0.44 04/25/2046 918,655
1,563,768 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORPORATION SERIES 2004-AR5 CLASS 10A1+/- 2.97 06/25/2034 1,364,365
2,000,000 CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATION
SERIES 2007-C1 CLASS AAB 5.34 02/15/2040 1,869,957
3,225,000 FANNIE MAE-ACES SERIES 2006-M2 CLASS A2F+/- 5.26 05/25/2020 3,514,306
2,340,203 FHLMC SERIES 2416 CLASS PE 6.00 10/15/2021 2,469,805
581,770 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES
T-20 CLASS A6 7.99 09/25/2029 580,351
2,071,256 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES
T-58 CLASS 4A 7.50 09/25/2043 2,347,639
473,718 FNMA GRANTOR TRUST SERIES 2002-T4 CLASS A2 7.00 12/25/2041 527,308
2,244,603 FNMA GRANTOR TRUST SERIES 2004-T2 CLASS 1A1 6.00 11/25/2043 2,372,265
2,963,583 FNMA GRANTOR TRUST SERIES 2004-T3 CLASS A1 6.00 02/25/2044 3,176,591
6,366 FNMA SERIES 1988-5 CLASS Z 9.20 03/25/2018 6,767
999,020 FNMA SERIES 2002-90 CLASS A2 6.50 11/25/2042 1,090,686
1,969,239 FNMA SERIES 2003-86 CLASS PT 4.50 09/25/2018 2,091,948
3,569,504 FNMA SERIES 2003-97 CLASS CA 5.00 10/25/2018 3,810,552
770,899 FNMA SERIES 2003-W4 CLASS 3A 7.00 10/25/2042 850,398
474,567 FNMA SERIES 2004-W1 CLASS 2A2 7.00 12/25/2033 528,252
4,463,392 FNMA WHOLE LOAN SERIES 2002-W4 CLASS A4 6.25 05/25/2042 4,872,936
2,631,511 FNMA WHOLE LOAN SERIES 2004-W11 CLASS 1A3 7.00 05/25/2044 2,902,886
1,309,724 FNMA WHOLE LOAN SERIES 2004-W8 CLASS 3A 7.50 06/25/2044 1,479,170
10,636,048 GNMA SERIES 2003-38 CLASS JC+/- 7.00 08/16/2042 12,084,198
55,520 HARBORVIEW MORTGAGE LOAN TRUST SERIES 2004-11
CLASS 3A2A+/- 0.58 01/19/2035 32,806
2,720,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES
CORPORATION SERIES 2006-LDP7 CLASS ASB+/- 6.07 04/15/2045 2,762,800
90,145 LEHMAN BROTHERS SMALL BALANCE COMMERCIAL SERIES
2006-1A CLASS 3A1+/-++ 5.68 04/25/2031 85,746
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 3,130,603 LEHMAN XS TRUST SERIES 2007-5 CLASS P3+/- 6.31% 05/25/2037 $ 1,394,696
1,086,041 LEHMAN XS TRUST SERIES 2007-6W CLASS A3+/- 0.56 05/25/2037 338,193
36,849 LF ROTHSCHILD MORTGAGE TRUST SERIES 2 CLASS Z 9.95 08/01/2017 40,557
2,200,000 MERRILL LYNCH MORTGAGE TRUST+/- 5.76 08/12/2043 2,193,449
2,134,381 NOMURA ASSET ACCEPTANCE CORPORATION SERIES 2004-R2
CLASS A1+/-++ 6.50 10/25/2034 2,004,984
857,523 SEQUOIA MORTGAGE TRUST SERIES 10 CLASS 1A+/- 0.64 10/20/2027 734,659
310,675 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES
SERIES 2003-P10A CLASS 1 4.52 02/10/2013 324,180
1,083,809 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES
SERIES 2006-20H CLASS 1 5.70 08/01/2026 1,194,120
2,858,869 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2007-RM1 CLASS A1+/-++ 0.52 05/25/2047 1,841,684
4,000,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES
2005-C16 CLASS A4+/- 4.85 10/15/2041 3,925,860
3,188,847 WASHINGTON MUTUAL COMMERCIAL MORTGAGE SECURITIES TRUST
SERIES 2007-SL3 CLASS A1+/-++ 6.11 03/23/2045 3,142,290
1,079,474 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-AR6 CLASS 2A1A+/-(i) 0.47 04/25/2045 736,393
4,252,285 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-C3 CLASS A4+/- 2.72 07/25/2047 1,490,529
2,414,059 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2006-AR3 CLASS A1A+/-(i) 1.63 02/25/2046 1,326,777
1,773,321 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2006-AR4 CLASS DA+/- 1.60 06/25/2046 674,159
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $101,834,912) 89,327,120
--------------
CORPORATE BONDS & NOTES: 29.68%
ADVERTISING: 0.12%
545,000 LAMAR MEDIA CORPORATION 6.63 08/15/2015 517,750
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS: 0.15%
675,000 PHILLIPS-VAN HEUSEN 7.75 11/15/2023 655,422
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.60%
2,500,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 2,647,693
--------------
BUSINESS SERVICES: 0.81%
1,000,000 FISERV INCORPORATED 6.13 11/20/2012 1,101,789
150,000 SUNGARD DATA SYSTEMS INCORPORATED 4.88 01/15/2014 138,188
2,120,000 THOMPSON CORPORATION 6.20 01/05/2012 2,322,142
3,562,119
--------------
CHEMICALS & ALLIED PRODUCTS: 0.33%
1,500,000 VALSPAR CORPORATION 5.10 08/01/2015 1,477,457
--------------
COMMUNICATIONS: 0.26%
1,000,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 1,003,870
150,000 L-3 COMMUNICATIONS CORPORATION 6.38 10/15/2015 147,563
1,151,433
--------------
DEPOSITORY INSTITUTIONS: 6.84%
2,785,000 ASSOCIATED BANCORP 6.75 08/15/2011 2,790,991
2,100,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 1,386,000
6,839,000 BANKAMERICA CAPITAL III+/- 0.85 01/15/2027 4,386,405
2,000,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2077 1,740,000
1,000,000 BNP PARIBAS CAPITAL TRUST+/-++ 9.00 12/29/2049 980,000
2,000,000 CHASE CAPITAL VI+/- 0.91 08/01/2028 1,423,642
1,685,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,692,938
4,000,000 CITY NATIONAL BANK 6.75 09/01/2011 4,154,704
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
DEPOSITORY INSTITUTIONS (continued)
$ 1,978,000 COLONIAL BANK NA MONTGOMERY AL#### 6.38% 12/01/2015 $ 2,473
750,000 CORESTATES CAPITAL TRUST II+/-++ 0.93 01/15/2027 455,477
1,250,000 DEUTSCHE BANK CAPITAL FUNDING TRUST VII+/-++ 5.63 01/29/2049 918,750
500,000 FIRST CITIZENS BANCORP++(i) 6.80 04/01/2015 452,181
2,100,000 HSBC CAPITAL FUNDING LP+/-++ 4.61 12/31/2049 1,757,190
1,000,000 JPMORGAN CHASE CAPITAL XVIII 6.95 08/17/2036 987,921
2,900,000 NATIONAL CAPITAL COMMERCE INCORPORATED+/- 1.27 04/01/2027 1,145,256
500,000 NATIONAL CITY BANK CLEVELAND OH+/- 0.68 06/07/2017 420,256
450,000 NTC CAPITAL TRUST SERIES A+/- 0.80 01/15/2027 246,795
1,300,000 RABOBANK NEDERLAND NV+/-++ 11.00 06/29/2049 1,607,330
2,875,000 TCF NATIONAL BANK+/- 1.93 06/15/2014 2,116,489
1,950,000 UBS PREFERRED FUNDING TRUST V SERIES 1+/- 6.24 05/29/2049 1,501,500
30,166,298
--------------
EDUCATIONAL SERVICES: 1.15%
1,000,000 DARTMOUTH COLLEGE 4.75 06/01/2019 1,062,010
2,235,000 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 7.25 11/02/2096 2,887,946
1,000,000 PEPPERDINE UNIVERSITY 5.45 08/01/2019 1,103,380
5,053,336
--------------
ELECTRIC, GAS & SANITARY SERVICES: 2.04%
1,000,000 CENTRAL MAINE POWER COMPANY++ 5.70 06/01/2019 1,075,801
1,000,000 CONNECTICUT LIGHT & POWER 5.38 03/01/2017 1,066,174
1,600,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 1,671,752
2,270,993 GREAT RIVER ENERGY++ 5.83 07/01/2017 2,536,404
750,000 NGPL PIPECO LLC++ 6.51 12/15/2012 825,792
1,365,000 PEOPLES ENERGY CORPORATION 6.90 01/15/2011 1,439,752
375,000 QUICKSILVER RESOURCES INCORPORATED 8.25 08/01/2015 373,125
8,988,800
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 1.19%
1,330,000 BAE SYSTEMS HOLDINGS INCORPORATED++ 6.40 12/15/2011 1,426,933
250,000 JABIL CIRCUIT INCORPORATED 8.25 03/15/2018 264,063
2,500,000 METTLER TOLEDO INTERNATIONAL INCORPORATED 4.85 11/15/2010 2,473,640
275,000 MOOG INCORPORATED 6.25 01/15/2015 259,875
853,484 TENASKA ALABAMA II PARTNERS LP++ 7.00 06/30/2021 804,932
5,229,443
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.08%
325,000 VALMONT INDUSTRIES INCORPORATED 6.88 05/01/2014 331,906
--------------
FOOD & KINDRED PRODUCTS: 0.75%
700,000 KELLOGG COMPANY 4.45 05/30/2016 743,798
1,600,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 1,749,053
750,000 MCCORMICK & COMPANY 5.75 12/15/2017 817,373
3,310,224
--------------
FURNITURE & FIXTURES: 0.33%
1,450,000 STEELCASE INCORPORATED 6.50 08/15/2011 1,461,456
--------------
HEALTH SERVICES: 1.16%
3,650,000 AMERICAN ASSOCIATION OF RETIRED PERSONS++ 7.50 05/01/2031 3,981,767
1,000,000 SCHERING-PLOUGH CORPORATION 6.00 09/15/2017 1,136,074
5,117,841
--------------
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
HOLDING & OTHER INVESTMENT OFFICES: 1.54%
$ 400,000 LIBERTY PROPERTY LP 6.63% 10/01/2017 $ 399,872
3,008,000 MANUFACTURERS & TRADERS TRUST COMPANY+/- 5.59 12/28/2020 2,510,411
1,750,000 NATIONAL CITY BANK OF COLUMBUS SERIES 4 7.25 07/15/2010 1,795,278
250,000 NATIONAL CITY BANK OF KENTUCKY SERIES BKNT 6.30 02/15/2011 259,438
2,500,000 TOLL ROAD INVESTMENT PARTNERSHIP II LP++## 6.37 02/15/2015 1,803,380
6,768,379
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.61%
1,100,000 ACTUANT CORPORATION 6.88 06/15/2017 1,051,875
1,425,000 BLACK & DECKER 5.75 11/15/2016 1,485,810
150,000 SCIENTIFIC GAMES CORPORATION 6.25 12/15/2012 145,875
2,683,560
--------------
INSURANCE AGENTS, BROKERS & SERVICE: 1.37%
1,520,000 AEGON NV 4.75 06/01/2013 1,564,746
1,800,000 ALLSTATE FINANCIAL GLOBAL FUNDING++ 6.50 06/14/2011 1,920,290
475,000 METROPOLITAN LIFE GLOBAL FUNDING I++ 5.13 06/10/2014 510,043
2,670,000 NLV FINANCIAL CORPORATION++ 7.50 08/15/2033 2,029,518
6,024,597
--------------
INSURANCE CARRIERS: 4.56%
2,675,000 BLUE CROSS & BLUE SHIELD OF FLORIDA++ 8.25 11/15/2011 2,942,955
1,385,000 LIBERTY MUTUAL++ 4.88 02/01/2010 1,380,209
750,000 LINCOLN NATIONAL CORPORATION 6.20 12/15/2011 786,914
1,700,000 METLIFE GLOBAL FUNDING++ 5.13 11/09/2011 1,790,124
4,450,000 MINNESOTA LIFE INSURANCE COMPANY++ 8.25 09/15/2025 4,670,551
2,730,000 MONUMENTAL GLOBAL FUNDING II++ 4.63 03/15/2010 2,735,460
1,900,000 NEW YORK LIFE GLOBAL FUNDING++ 5.38 09/15/2013 2,097,121
2,145,000 PRINCIPAL LIFE GLOBAL FUNDING I++ 6.25 02/15/2012 2,277,138
1,415,000 WR BERKLEY CORPORATION 5.13 09/30/2010 1,427,959
20,108,431
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS: 0.09%
389,000 BIO-RAD LABORATORIES INCORPORATED 6.13 12/15/2014 378,303
--------------
MOTION PICTURES: 0.85%
1,000,000 TIME WARNER INCORPORATED 6.75 04/15/2011 1,067,246
1,500,000 TIME WARNER INCORPORATED 6.20 07/01/2013 1,664,013
985,000 VIACOM INCORPORATED 7.70 07/30/2010 1,018,557
3,749,816
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.36%
375,000 BUNGE LIMITED FINANCE CORPORATION 8.50 06/15/2019 437,072
1,450,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.66 05/05/2026 1,155,237
1,592,309
--------------
OIL & GAS EXTRACTION: 0.60%
750,000 CHESAPEAKE ENERGY CORPORATION 7.50 06/15/2014 753,750
650,000 EQT CORPORATION 8.13 06/01/2019 759,095
400,000 MARKWEST ENERGY PARTNERS/FINANCE CORPORATION 6.88 11/01/2014 376,000
410,000 PARKER DRILLING COMPANY 9.63 10/01/2013 418,200
340,000 RANGE RESOURCES CORPORATION 7.38 07/15/2013 345,100
2,652,145
--------------
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
PERSONAL SERVICES: 0.13%
$ 200,000 SERVICE CORPORATION INTERNATIONAL 7.88% 02/01/2013 $ 194,000
400,000 SERVICE CORPORATION INTERNATIONAL 7.38 10/01/2014 399,000
593,000
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.27%
1,000,000 CONOCOPHILLIPS 4.60 01/15/2015 1,085,322
100,000 TESORO CORPORATION 6.63 11/01/2015 91,750
1,177,072
--------------
PRIMARY METAL INDUSTRIES: 0.13%
175,000 CENTURY ALUMINUM COMPANY 7.50 08/15/2014 161,000
100,000 INTERNATIONAL STEEL GROUP 6.50 04/15/2014 107,392
295,000 STEEL DYNAMICS 7.38 11/01/2012 294,263
562,655
--------------
RAILROAD TRANSPORTATION: 0.32%
1,150,000 BURLINGTON NORTHERN SANTA FE CORPORATION 8.13 04/15/2020 1,426,253
--------------
REAL ESTATE: 0.33%
1,300,000 HOUSING URBAN DEVELOPMENT SERIES 04-A 5.08 08/01/2013 1,458,259
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.95%
800,000 PROLOGIS TRUST 5.25 11/15/2010 804,981
500,000 REALTY INCOME CORPORATION 5.50 11/15/2015 495,914
1,275,000 REALTY INCOME CORPORATION 6.75 08/15/2019 1,305,794
1,500,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 1,600,436
4,207,125
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.81%
1,250,000 CHARLES SCHWAB CORPORATION 6.38 09/01/2017 1,404,535
1,500,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/29/2049 1,102,500
500,000 MERRILL LYNCH & COMPANY 6.05 08/15/2012 538,125
500,000 MERRILL LYNCH & COMPANY 6.05 05/16/2016 505,768
3,550,928
--------------
TRANSPORTATION BY AIR: 0.61%
2,506,104 FEDEX CORPORATION SERIES 97-B 7.52 01/15/2018 2,705,984
--------------
TRANSPORTATION EQUIPMENT: 0.19%
860,000 NAVISTAR INTERNATIONAL CORPORATION(i) 7.50 06/15/2011 848,175
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.07%
300,000 STEWART ENTERPRISES 6.25 02/15/2013 291,750
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.08%
350,000 ACE HARDWARE CORPORATION++ 9.13 06/01/2016 374,500
--------------
TOTAL CORPORATE BONDS & NOTES (COST $136,929,595) 130,824,419
--------------
FOREIGN CORPORATE BONDS: 1.62%
2,000,000 BARCLAYS BANK PLC+/-++ 5.93 09/29/2049 1,520,000
1,500,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 1,571,336
200,000 ISPAT INLAND INCORPORATED 9.75 04/01/2014 210,401
1,100,000 PEARSON PLC (UK) PRIVATE PLACEMENT++ 7.00 06/15/2011 1,174,564
2,500,000 SABMILLER PLC++ 6.20 07/01/2011 2,668,173
TOTAL FOREIGN CORPORATE BONDS (COST $7,333,175) 7,144,474
--------------
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
FOREIGN GOVERNMENT BONDS: 0.75%
$ 1,625,000 PROVINCE OF ONTARIO CANADA 4.10% 06/16/2014 $ 1,737,559
1,500,000 RABOBANK NEDERLAND++ 4.20 05/13/2014 1,589,357
TOTAL FOREIGN GOVERNMENT BONDS (COST $3,121,534) 3,326,916
--------------
MUNICIPAL BONDS & NOTES: 12.67%
825,000 CALIFORNIA STATE BUILD AMERICA BONDS (TAXABLE -
VARIOUS PURPOSE) 7.55 04/01/2039 853,768
1,500,000 CHEROKEE COUNTY GA (PROPERTY TAX REVENUE) 5.87 08/01/2028 1,547,535
1,000,000 CITY OF CHICAGO IL TAXABLE SERIES C (PROPERTY TAX
REVENUE, AGM INSURED) 4.88 01/01/2015 1,068,910
1,000,000 CITY OF CHICAGO IL TAXABLE SERIES D (PROPERTY TAX
REVENUE, NATL-RE INSURED) 5.44 01/01/2024 1,026,870
1,600,000 CITY OF EL PASO TX (PROPERTY TAX REVENUE) 3.61 08/15/2014 1,653,632
1,500,000 COMMONWEALTH OF MASSACHUSETTS SERIES D (TAX REVENUE) 3.25 07/01/2014 1,555,425
1,000,000 DALLAS COUNTY HOSPITAL DISTRICT SERIES C (PROPERTY
TAX REVENUE) 4.45 08/15/2019 1,023,350
2,500,000 DUKE UNIVERSITY TAXABLE SERIES A (GO OF UNIVERSITY) 5.85 04/01/2037 2,661,950
4,030,000 HUDSON COUNTY NJ IMPROVEMENT AUTHORITY FACILITIES
(LEASING REVENUE, FSA INSURED) 7.40 12/01/2025 4,438,360
1,885,000 INDIANA BOND BANK STATE REVENUE SCHOOL SEVERANCE
FUND 8-A, (OTHER REVENUE, FGIC INSURED) 4.73 01/15/2014 2,072,275
1,020,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT
AUTHORITY SERIES A-2 (HOUSING REVENUE) 5.51 01/01/2039 1,004,690
4,290,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT
AUTHORITY SFMR SERIES D-2 (HOUSING REVENUE, GNMA/FNMA
INSURED) 5.41 07/01/2038 4,246,800
440,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES
D (HOUSING REVENUE) 5.21 01/01/2014 478,359
800,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES
D (HOUSING REVENUE) 5.75 07/01/2037 794,728
680,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES
J (HOUSING REVENUE) 5.92 07/01/2034 680,068
2,210,000 LOYOLA UNIVERSITY ILLINOIS SERIES C REVENUE BONDS
(COLLEGE & UNIVERSITY REVENUE) 4.80 07/01/2013 2,314,865
800,000 MARICOPA COUNTY ELEMENTARY SCHOOL DISTRICT
#28-KYRENE ELEMENTARY AZ (PROPERTY TAX REVENUE) 5.38 07/01/2019 888,192
1,595,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL
HOUSING FINANCE SERIES H (HOUSING REVENUE) 5.85 07/01/2036 1,624,651
3,800,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL
HOUSING FINANCE SERIES J (HOUSING REVENUE) 6.13 07/01/2038 3,796,656
1,500,000 OHIO COUNTY WEST VIRGINIA COUNTY COMMON SPECIAL
DISTRICT EXCISE TAX REVENUE SERIES A (SALES TAX REVENUE) 8.25 03/01/2035 1,283,565
3,440,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL
MORTGAGE REVENUE SERIES K (HOUSING REVENUE) 5.97 03/01/2029 3,432,363
1,915,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL
MORTGAGE REVENUE SERIES O (HOUSING REVENUE, GNMA/FNMA
INSURED) 5.47 09/01/2025 1,902,897
2,095,000 PENNSYLVANIA HOUSING FINANCE AGENCY SFMR SERIES 93C
(HOUSING REVENUE GO OF AGENCY) 5.84 04/01/2037 2,095,545
1,780,000 STATE OF NEW HAMPSHIRE HFA SFMR SERIES D (HOUSING
REVENUE) 5.53 07/01/2037 1,763,535
3,914,647 STATE OF TEXAS BRAZOS HIGHER EDUCATION AUTHORITY
INCORPORATED SERIES 2005-4 CLASS A5 (STUDENT LOAN REVENUE,
GUARANTEED STUDENT LOANS)+/-(i) 4.91 12/01/2040 3,915,821
1,300,000 UNIVERSITY OF MICHIGAN (COLLEGE & UNIVERSITY
REVENUE) 5.59 04/01/2021 1,390,766
910,000 VIRGINIA PUBLIC BUILDING AUTHORITY SERIES C (OTHER
REVENUE) 4.95 08/01/2018 984,538
635,000 VIRGINIA PUBLIC BUILDING AUTHORITY SERIES C (OTHER
REVENUE) 5.30 08/01/2021 689,166
1,250,000 VIRGINIA RESOURCES AUTHORITY SERIES A (OTHER
REVENUE) 4.71 11/01/2017 1,362,825
1,495,000 WEST BEND JOINT SCHOOL DISTRICT #1 (PROPERTY TAX
REVENUE) 4.85 04/01/2017 1,577,345
1,680,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY
HOME OWNERSHIP REVENUE SERIES F (HOUSING REVENUE, GO OF
AUTHORITY) 5.73 09/01/2037 1,707,485
TOTAL MUNICIPAL BONDS & NOTES (COST $54,438,437) 55,836,935
--------------
TERM LOANS: 0.85%
427,724 ARAMARK CORPORATION TERM LOAN B 2.12 01/26/2014 385,242
555,000 BSC INTERNATIONAL HOLDING TERM LOAN 2.25 04/21/2011 516,150
1,470,000 FLEXTRONICS INTERNATIONAL TERM LOAN 2.55 10/01/2012 1,379,595
371,795 GEORGIA-PACIFIC CORPORATION 1ST LIEN TERM LOAN B 2.04 12/20/2012 352,548
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
TERM LOANS (CONTINUED)
1,097,654 OSHKOSH TRUCK CORPORATION TERM LOAN B 6.31% 12/06/2013 $ 1,092,473
TOTAL TERM LOANS (COST $3,915,114) 3,726,008
--------------
US TREASURY SECURITIES: 5.40%
US TREASURY BONDS: 5.40%
$ 6,300,000 US TREASURY BOND<< 5.50 08/15/2028 7,508,813
5,959,898 US TREASURY BOND - INFLATION PROTECTED 2.50 01/15/2029 6,672,291
7,421,870 US TREASURY BOND - INFLATION PROTECTED 3.38 04/15/2032 9,606,104
23,787,208
--------------
TOTAL US TREASURY SECURITIES (COST $21,576,965) 23,787,208
--------------
SHARES YIELD
- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.87%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.13%
145,622 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 145,622
145,622 BLACKROCK LIQUIDITY FUNDS TEMPFUND
PORTFOLIO(s) 0.16 145,622
145,622 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 145,622
145,622 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.21 145,622
582,488
--------------
PRINCIPAL
- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 0.74%
$ 28,315 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 28,314
10,113 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 10,107
10,113 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 10,113
30,338 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 30,337
24,270 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 24,270
34,383 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 34,382
1,011 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 1,011
20,225 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 20,223
60,676 BANK OF AMERICA 0.18 12/23/2009 60,669
175,859 BANK OF AMERICA REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $175,860) 0.16 12/01/2009 175,859
30,338 BANK OF IRELAND 0.35 12/01/2009 30,338
24,270 BANK OF IRELAND 0.50 12/02/2009 24,270
9,795 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 9,795
5,056 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 5,056
26,293 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 26,293
22,248 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 22,248
60,676 BRYANT BANK FUNDING++ 0.18 12/23/2009 60,669
50,563 CAFCO LLC++ 0.17 12/09/2009 50,561
2,225 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 2,225
48,541 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 48,541
6,472 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.35 06/01/2028 6,472
50,563 CHARTA LLC++(p) 0.17 12/09/2009 50,561
5,365 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 5,365
10,113 COOK COUNTY IL+/-ss 0.40 11/01/2030 10,113
61,376 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT -
102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES
(MATURITY VALUE $61,376) 0.17 12/01/2009 61,376
34,383 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 34,383
24,270 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 24,270
24,270 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 24,270
29,327 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 29,327
50,563 E.ON AG++ 0.17 12/21/2009 50,558
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 50,563 ENI FINANCE USA INCORPORATED++ 0.17% 12/18/2009 $ 50,559
52,586 FORTIS FUNDING LLC++ 0.20 12/29/2009 52,578
54,608 GDF SUEZ++ 0.17 12/15/2009 54,605
40,451 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 40,449
50,523 GOLDMAN SACHS REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $50,523) 0.17 12/01/2009 50,523
50,563 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 50,560
10,113 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 10,113
42,473 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 42,468
376,380 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 139,976
33,250 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 33,250
3,337 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 3,337
16,382 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 16,382
5,784 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
REVENUES+/-ss 0.30 07/01/2029 5,784
4,045 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 4,045
40,451 ING USA FUNDING LLC 0.19 12/07/2009 40,449
10,113 ING USA FUNDING LLC 0.18 12/09/2009 10,112
155,278 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $155,279) 0.17 12/01/2009 155,278
20,225 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 20,225
10,113 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 10,113
6,068 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 6,068
60,676 KBC BANK NV BRUSSELS 0.18 12/01/2009 60,676
12,135 LLOYDS TSB BANK PLC 0.18 12/17/2009 12,134
40,451 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 40,451
16,180 LMA AMERICAS LLC++(p) 0.18 12/11/2009 16,179
9,101 LMA AMERICAS LLC++(p) 0.18 12/17/2009 9,101
30,338 LMA AMERICAS LLC++(p) 0.19 12/21/2009 30,335
9,101 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 9,101
50,159 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 50,159
5,552 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 5,552
42,473 NATIXIS 0.27 12/07/2009 42,473
4,045 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 4,045
44,496 NEW YORK STATE DORMITORY AUTHORITY 0.22 07/01/2034 44,496
40,451 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 40,451
50,563 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 50,560
9,900 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 9,900
20,458 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $20,458) 0.18 12/01/2009 20,458
7,079 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 7,079
33,614 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 33,613
10,113 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 10,111
36,405 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 36,405
28,315 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 28,315
40,451 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 40,447
2,528 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 2,528
40,451 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 40,450
50,563 THAMES ASSET GLOBAL SECURITIZATION #1
INCORPORATED++ 0.18 12/18/2009 50,559
12,135 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 12,134
41,053 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 41,052
13,349 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 13,349
40,451 UBS AG (STAMFORD CT) 0.31 12/04/2009 40,451
60,676 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 60,676
6,068 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 6,068
1,158,349 VFNC CORPORATION+/-(a)++(i) 0.24 09/30/2010 579,174
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED)
$ 2,528 VICTORY RECEIVABLES CORPORATION++(p) 0.15% 12/01/2009 $ 2,528
10,113 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 10,112
33,511 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 33,509
3,263,481
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,794,890) 3,845,969
--------------
SHARES YIELD
- ------------- -------------
SHORT-TERM INVESTMENTS: 4.42%
19,480,123 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++(u) 0.13 19,480,123
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $19,480,123) 19,480,123
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $462,661,043)* 99.63% 439,108,537
OTHER ASSETS AND LIABILITIES, NET 0.37 1,621,146
------ --------------
TOTAL NET ASSETS 100.00% $ 440,729,683
====== --------------
- ----------
+/- Variable rate investments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(0)(0) Stepped 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.
<< All or a portion of this security is on loan.
(s) Rate shown is the 1-day annualized yield at period end.
(c) Interest-only securities entitle holders to receive only the interest
payments on the underlying mortgages. The principal amount shown is the
notional amount of the underlying mortgages. Interest rate disclosed
represents the coupon rate.
SS These securities are subject to a demand feature which reduces the
effective maturity.
## Zero coupon bond. Interest rate presented is yield to maturity.
(i) Illiquid security.
#### This security is currently in default with regard to scheduled interest
and/or principal payments.
(p) Asset-backed commercial paper.
~ 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 $19,480,123.
(u) Rate shown is the 7-day annualized yield at period end.
* Cost for federal income tax purposes is $463,161,924 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 15,646,724
Gross unrealized depreciation (39,700,111)
------------
Net unrealized depreciation $(24,053,387)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
AGENCY SECURITIES: 24.69%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 3.85%
$ 4,432,509 FHLMC #1B4052+/- 4.67% 04/01/2038 $ 4,643,051
3,183,891 FHLMC #1G0052+/- 4.77 02/01/2035 3,286,313
93,343 FHLMC #786614+/- 3.76 08/01/2025 96,330
74,167 FHLMC #845151+/- 3.01 06/01/2022 76,001
10,825 FHLMC #846367+/- 3.67 04/01/2029 11,056
2,158,342 FHLMC #E02227 6.00 11/01/2021 2,326,648
687,092 FHLMC #E90573 6.00 07/01/2017 745,652
769,967 FHLMC #G90030 7.50 07/17/2017 818,712
12,003,763
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 20.72%
100,363 FNMA #155506+/- 3.05 04/01/2022 101,766
245,585 FNMA #190815+/- 3.36 07/01/2017 242,675
123,756 FNMA #253482 8.50 10/01/2030 142,951
1,654,892 FNMA #289517+/- 2.66 04/01/2034 1,685,364
3,897,480 FNMA #295541+/- 4.17 10/01/2032 4,029,655
28,215 FNMA #331866+/- 3.80 12/01/2025 28,532
2,037,301 FNMA #420263+/- 2.72 10/01/2024 2,016,472
1,838,955 FNMA #420264+/- 2.76 07/01/2034 1,820,496
3,288,388 FNMA #462209+/- 5.65 04/01/2036 3,448,012
15,160 FNMA #46698+/- 3.82 12/01/2015 15,220
735,636 FNMA #545927 6.50 12/01/2015 795,958
1,313,729 FNMA #631367 5.50 02/01/2017 1,422,331
1,653,032 FNMA #686043+/- 2.78 07/01/2033 1,705,903
948,902 FNMA #693015+/- 3.06 06/01/2033 995,177
4,086,579 FNMA #725802+/- 4.43 08/01/2034 4,192,211
601,349 FNMA #732003+/- 2.12 09/01/2033 605,810
1,556,500 FNMA #734329+/- 3.01 06/01/2033 1,600,730
1,193,967 FNMA #735572 5.00 04/01/2014 1,239,584
2,017,411 FNMA #735977+/- 4.72 08/01/2035 2,100,426
2,147,027 FNMA #739757+/- 2.83 08/01/2033 2,207,570
1,514,136 FNMA #741447+/- 2.16 10/01/2033 1,551,382
1,932,039 FNMA #741454+/- 2.11 10/01/2033 1,981,888
2,776,618 FNMA #745649+/- 4.55 11/01/2035 2,892,404
1,265,265 FNMA #750805+/- 3.55 12/01/2033 1,309,361
2,030,497 FNMA #764265+/- 4.24 05/01/2034 2,113,970
853,381 FNMA #783249+/- 1.83 04/01/2044 853,144
3,259,811 FNMA #783251+/- 1.83 04/01/2044 3,259,617
6,177,632 FNMA #789463+/- 2.70 06/01/2034 6,344,241
1,317,367 FNMA #806504+/- 1.83 10/01/2034 1,317,060
1,381,303 FNMA #806505+/- 1.83 10/01/2044 1,380,917
2,463,725 FNMA #826179+/- 4.70 07/01/2035 2,570,385
2,705,248 FNMA #834933+/- 5.02 07/01/2035 2,785,654
1,873,014 FNMA #849014+/- 5.51 01/01/2036 1,962,125
1,250,000 FNMA #874245 5.48 01/01/2011 1,278,258
2,528,361 FNMA #936591+/- 5.66 04/01/2037 2,677,013
64,674,262
--------------
SMALL BUSINESS ADMINISTRATION: 0.12%
58,681 SBA #501224+/- 2.00 06/25/2015 58,768
11,527 SBA #502966+/- 4.48 05/25/2015 11,682
81,215 SBA #503405+/- 3.63 05/25/2016 82,867
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
SMALL BUSINESS ADMINISTRATION (CONTINUED)
$ 228,364 SBA #503611+/- 3.13% 12/25/2021 $ 232,951
386,268
--------------
TOTAL AGENCY SECURITIES (COST $74,906,442) 77,064,293
--------------
ASSET BACKED SECURITIES: 20.54%
108,109 ASSET BACKED SECURITIES CORPORATION HOME EQUITY
SERIES 2001-HE2 CLASS A1+/- 0.76 06/15/2031 67,897
2,291,025 BANK OF AMERICA SECURITIES AUTO TRUST SERIES
2006-G1 CLASS A4 5.17 12/20/2010 2,296,316
1,462,471 CATERPILLAR FINANCIAL ASSET TRUST SERIES 2007-A
CLASS A3B+/- 0.71 06/25/2012 1,462,282
441,790 CATERPILLAR FINANCIAL ASSET TRUST SERIES 2008-A
CLASS A2B+/- 1.39 12/27/2010 442,045
3,000,000 CHASE ISSUANCE TRUST SERIES 2005-A8 CLASS A8+/- 0.28 10/15/2012 2,992,059
1,700,000 CITIFINANCIAL AUTO ISSUANCE TRUST++ 1.83 11/15/2012 1,705,949
2,850,000 COLLEGE LOAN CORPORATION TRUST SERIES 2006-A CLASS
A3+/- 0.37 10/25/2025 2,801,411
895,832 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2003-BC1 CLASS A1+/- 1.04 03/25/2033 664,849
208,801 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2003-SD2 CLASS A1+++/- 0.74 09/25/2032 150,267
531,375 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2004-SD2 CLASS A1+++/-(i) 0.61 11/25/2033 397,615
647,492 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES
2006-SD2 CLASS 1A1+++/- 0.59 11/25/2036 402,367
190,680 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2002-G
CLASS A+/-(i) 0.61 12/15/2028 140,781
1,400,765 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2005-M
CLASS A1+/- 0.48 02/15/2036 539,827
1,691,060 FIFTH THIRD HOME EQUITY LOAN TRUST SERIES 2003-1
CLASS A+/- 0.49 09/20/2023 864,956
155,959 FIRST HORIZON ABS TRUST SERIES 2004-HE1 CLASS A+/-(i) 0.45 01/25/2024 84,785
694,364 FIRST HORIZON ABS TRUST SERIES 2004-HE3 CLASS A+/- 0.53 10/25/2034 286,453
1,249,259 FIRST HORIZON ABS TRUST SERIES 2006-HE1 CLASS A+/- 0.40 10/25/2034 538,418
3,262,751 FIRST HORIZON ABS TRUST SERIES 2007-HE1 CLASS A+/- 0.37 09/25/2029 1,466,887
2,260,260 GCO EDUCATION LOAN FUNDING TRUST SERIES 2007-1A
CLASS A4L+++/- 0.41 09/25/2020 2,233,136
2,837,846 GE CORPORATE AIRCRAFT FINANCING LLC SERIES 2005-1A
CLASS A3+++/- 0.50 08/26/2019 2,492,480
231,911 GREENPOINT HOME EQUITY LOAN TRUST SERIES 2004-1
CLASS A+/-(i) 0.70 07/25/2029 131,494
126,693 GREENPOINT HOME EQUITY LOAN TRUST SERIES 2004-3
CLASS A+/-(i) 0.70 03/15/2035 69,360
1,983,048 GSAMP TRUST SERIES 2005-SEA2 CLASS A1+/- 0.59 01/25/2045 1,343,438
502,385 GSAMP TRUST SERIES 2006-SD2 CLASS A1+++/- 0.35 05/25/2036 458,911
2,000,000 HARLEY-DAVIDSON MOTORCYCLE TRUSTT SERIES 2009-3
CLASS A2 0.94 04/16/2012 2,000,295
1,741,284 HFC HOME EQUITY LOAN ASSET BACKED CERTIFICATES
SERIES 2005-2 CLASS A1+/- 0.52 01/20/2035 1,596,551
2,578,787 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2006-1
CLASS A1+/- 0.40 01/20/2036 2,248,779
2,500,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2007-A CLASS
A4 5.21 03/17/2014 2,649,832
2,000,000 KEYCORP STUDENT LOAN TRUST SERIES 2006-A CLASS 2A2+/- 0.36 06/27/2025 1,769,372
65,725 LEHMAN ASSET BACKED SECURITIES CORPORATION SERIES
2004-2 CLASS A+/-(i) 0.68 06/25/2034 38,902
1,178,242 MELLON RESIDENTIAL FUNDING CORPORATION SERIES
1999-TBC3 CLASS A2+/- 0.73 10/20/2029 1,112,309
708,401 MELLON RESIDENTIAL FUNDING CORPORATION SERIES
2001-TBC1 CLASS A1+/- 0.59 11/15/2031 656,390
656,493 MERRILL AUTO TRUST SECURITIZATION SERIES 2007-1
CLASS A3+/- 0.29 03/15/2011 656,155
276,852 MORGAN STANLEY DEAN WITTER & COMPANY CORPORATION
HELOC TRUST
SERIES 2003-2 CLASS A+/-(i) 0.50 04/25/2016 173,933
4,595,866 MORTGAGE EQUITY CONVERSION ASSET TRUST SERIES
2007-FF2 CLASS A+++/- 0.92 02/25/2042 4,315,059
3,750,000 NATIONAL COLLEGIATE STUDENT LOAN TRUST SERIES
2006-2 CLASS AIO(C) 6.00 08/25/2011 289,575
1,510,988 RENAISSANCE HOME EQUITY LOAN TRUST SERIES 2003-3
CLASS A+/- 0.74 12/25/2033 974,898
1,814,426 RESIDENTIAL ASSET SECURITIES CORPORATION SERIES
2002-KS8 CLASS A6(0)(0) 1.25 12/25/2032 1,358,253
2,931,584 RIVERVIEW HECM TRUST SERIES 2007-1 CLASS A+++/- 0.95 05/25/2047 2,648,100
502,733 SASC SERIES 2006-GEL3 CLASS A1+++/- 0.36 07/25/2036 430,177
1,568,784 SBI HELOC TRUST SERIES 2005-HE1 CLASS 1A+++/-(i) 0.43 11/25/2035 756,640
1,243,182 SLC STUDENT LOAN TRUST SERIES 2006-A CLASS A+/- 0.35 04/16/2018 1,223,070
2,500,000 SLM STUDENT LOAN TRUST SERIES 2006-C CLASS A2+/- 0.35 09/15/2020 2,401,654
55,305 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B
CLASS A3 5.41 08/12/2011 55,536
3,000,000 TURQUOISE CARD BACKED SECURITIES PLC SERIES 2007-1
CLASS A+/- 0.28 06/15/2010 2,977,932
3,000,000 US EDUCATION LOAN TRUST LLC SERIES 2007-1A CLASS
A2+++/- 0.71 09/01/2019 2,998,836
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
ASSET BACKED SECURITIES (CONTINUED)
$ 405,760 USXL FUNDING LLC SERIES 2006-1A CLASS A++(i) 5.38% 04/15/2014 $ 405,875
64,565 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES
2002-HE2 CLASS A+/-(i) 0.67 12/25/2032 41,619
516,199 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES
2003-HE2 CLASS AII1+/- 0.50 06/25/2033 314,513
647,114 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES
2004-HE1 CLASS A+/- 0.46 06/25/2034 326,380
2,500,000 WASHINGTON MUTUAL MASTER NOTE TRUST SERIES 2007-A2
CLASS A2+++/- 0.27 05/15/2014 2,492,542
3,000,000 WORLD OMNI AUTO RECEIVABLES TRUST SERIES 2007-B
CLASS A4 5.39 05/15/2013 3,169,267
TOTAL ASSET BACKED SECURITIES (COST $75,144,019) 64,116,427
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 25.66%
2,037,503 ADJUSTABLE RATE MORTGAGE TRUST SERIES 2007-2 CLASS
2A1+/- 0.45 06/25/2037 1,009,719
2,378,024 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED
SERIES 2005-1 CLASS A3 4.88 11/10/2042 2,378,676
50,721 BANK OF AMERICA MORTGAGE SECURITIES SERIES 2002-G
CLASS 2A1+/- 4.42 07/20/2032 46,796
194,416 BANK OF AMERICA MORTGAGE SECURITIES SERIES 2003-A
CLASS 2A2+/- 5.42 02/25/2033 165,026
1,755,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES
2005-PWR9 CLASS A2 4.74 09/11/2042 1,755,700
984,739 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-14
CLASS 2A1+/-(i) 0.45 05/25/2035 459,693
1,437,543 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-24
CLASS 2A1B+/-(i) 1.94 07/20/2035 809,341
792,999 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-27
CLASS 3A1+/- 1.99 08/25/2035 424,751
12,855 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2007-0A3
CLASS 1A1+/- 0.38 04/25/2047 5,960
1,513,413 COUNTRYWIDE HOME LOANS SERIES 2004-25 CLASS 1A3+/- 0.60 02/25/2035 705,595
1,450,025 COUNTRYWIDE HOME LOANS SERIES 2004-29 CLASS 2A1+/- 0.57 02/25/2035 742,756
2,284,834 COUNTRYWIDE HOME LOANS SERIES 2004-R1 CLASS 1AF+++/- 0.64 11/25/2034 1,706,654
1,970,165 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORPORATION SERIES 2001-CP4 CLASS A4 6.18 12/15/2035 2,039,454
242,518 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORPORATION SERIES 2002-AR17 CLASS 2A1+/- 4.21 12/19/2039 227,831
72,275 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES
CORPORATION SERIES 2003-AR2 CLASS 2A1+/- 4.59 02/25/2033 68,397
862,030 EQUIFIRST MORTGAGE LOAN TRUST SERIES 2003-2 CLASS
3A3+/- 1.00 09/25/2033 683,608
110,244 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-31
CLASS A7+/- 0.49 05/25/2031 93,888
286,303 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-35
CLASS A+/- 0.52 09/25/2031 261,238
1,562,171 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-54
CLASS 3A 7.00 02/25/2043 1,734,010
1,806,475 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-54
CLASS 4A+/- 4.87 02/25/2043 1,783,628
2,702,792 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-55
CLASS 1A2 7.00 03/25/2043 3,000,100
2,173,267 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-57
CLASS 1A2 7.00 07/25/2043 2,412,327
2,589,070 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-58
CLASS 4A 7.50 09/25/2043 2,934,549
1,691,000 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-63
CLASS 1A1+/- 2.10 02/25/2045 1,592,600
174,145 FIFTH THIRD MORTGAGE LOAN TRUST SERIES 2002-FTB1
CLASS 4A1+/- 6.58 11/19/2032 156,762
528,271 FNMA GRANTOR TRUST SERIES 2002-T12 CLASS A3 7.50 05/25/2042 596,616
271,390 FNMA GRANTOR TRUST SERIES 2003-T4 CLASS 1A+/- 0.46 09/26/2033 205,279
649,769 FNMA SERIES 2002-90 CLASS A2 6.50 11/25/2042 709,389
1,370,488 FNMA SERIES 2003-W4 CLASS 3A 7.00 10/25/2042 1,511,819
1,407,637 FNMA SERIES 2004-W2 CLASS 2A2 7.00 02/25/2044 1,552,800
2,787,840 FNMA SERIES 2007-88 CLASS HC+/- 5.23 09/25/2037 2,930,593
36,903 FNMA WHOLE LOAN SERIES 2001-W1 CLASS AV1+/- 0.48 08/25/2031 25,455
629,468 FNMA WHOLE LOAN SERIES 2002-W10 CLASS A6 7.50 08/25/2042 701,464
81,722 FNMA WHOLE LOAN SERIES 2002-W12 CLASS AV1+/- 0.60 02/25/2033 65,453
1,211,593 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES
2005-C2 CLASS A2 4.71 05/10/2043 1,220,945
3,000,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES
2005-C3 CLASS A4+/- 5.05 07/10/2045 3,012,236
933,352 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2005-C1 CLASS A2 4.47 05/10/2043 935,338
280,917 GMAC MORTGAGE CORPORATION LOAN TRUST SERIES 2001-HE3
CLASS A2+/-(i) 0.80 03/25/2027 200,432
2,054,418 GREENPOINT MORTGAGE FUNDING TRUST SERIES 2006-AR1
CLASS A1A+/- 0.53 02/25/2036 919,336
1,181,439 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION
SERIES 2003-C2 CLASS A2 4.02 01/05/2036 1,190,299
5,514,201 GSMPS MORTGAGE LOAN TRUST SERIES 2004-4 CLASS 1AF+++/- 0.64 06/25/2034 4,358,309
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 3,594,789 GSMPS MORTGAGE LOAN TRUST SERIES 2005-RP2 CLASS
1AF+++/- 0.59% 03/25/2035 $ 2,901,175
3,407,713 GSMPS MORTGAGE LOAN TRUST SERIES 2005-RP3 CLASS
1AF+++/- 0.59 09/25/2035 2,187,408
1,227,369 GSMPS MORTGAGE LOAN TRUST SERIES 2006-1 CLASS A1+++/- 0.54 03/25/2035 872,548
1,387,993 HARBORVIEW MORTGAGE LOAN TRUST SERIES 2004-11 CLASS
3A2A+/-(i) 0.58 01/19/2035 820,158
507,957 INDYMAC LOAN TRUST SERIES 2005-L2 CLASS A1+/- 0.46 01/25/2011 218,668
2,041,701 LEHMAN XS TRUST SERIES 2007-5 CLASS P3+/- 6.31 05/25/2037 909,586
268,573 LEHMAN XS TRUST SERIES 2007-6W CLASS A3+/- 0.56 05/25/2037 83,634
489,961 MERRILL LYNCH MORTGAGE INVESTORS INCORPORATED SERIES
2003-A2 CLASS 2A2+/- 2.12 02/25/2033 375,494
879,593 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2003-A
CLASS 2A2+/- 1.21 03/25/2028 699,037
917,753 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2003-B
CLASS A1+/- 0.58 04/25/2028 726,748
686,747 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2004-A
CLASS A1+/- 0.47 04/25/2029 550,965
1,169,286 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES
2003-HYB1 CLASS A3+/- 2.71 03/25/2033 1,021,084
845,844 MORGAN STANLEY DEAN WITTER CREDIT CORPORATION HELOC
TRUST SERIES 2003-1 CLASS A+/-(i) 0.78 11/25/2015 532,564
356,832 OPTION ONE MORTGAGE LOAN TRUST SERIES 2003-1 CLASS A2+/- 1.08 02/25/2033 245,856
187,167 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED
SERIES 2002-HS3 CLASS 2A+/- 0.58 08/25/2032 85,574
235,082 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED
SERIES 2003-HS1 CLASS AII+/- 0.53 12/25/2032 133,971
516,175 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED
SERIES 2004-HS3 CLASS A+/- 0.50 09/25/2029 150,823
1,429,205 SEQUOIA MORTGAGE TRUST SERIES 10 CLASS 1A+/- 0.64 10/20/2027 1,224,432
427,046 SEQUOIA MORTGAGE TRUST SERIES 2003-2 CLASS A1+/- 0.90 06/20/2033 344,205
1,217,263 SEQUOIA MORTGAGE TRUST SERIES 2003-8 CLASS A1+/- 0.56 01/20/2034 919,158
554,838 SEQUOIA MORTGAGE TRUST SERIES 5 CLASS A+/- 0.59 10/19/2026 415,146
2,722,494 SMALL BUSINESS ADMINISTRATION PARTICIPATION
CERTIFICATES SERIES 1999-20B CLASS 1 5.95 02/01/2019 2,938,355
31,982 SMALL BUSINESS ADMINISTRATION PARTICIPATION
CERTIFICATES SERIES 2000-10C CLASS 1 7.88 05/01/2010 32,640
543,732 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2003-9A CLASS 2A1+/- 3.35 03/25/2033 499,124
997,647 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2004-NP2 CLASS A+++/- 0.59 06/25/2034 541,184
745,176 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2005-GEL4 CLASS A+/- 0.59 08/25/2035 642,026
3,158,775 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2006-RF3 CLASS 1A1++ 6.00 10/25/2036 2,499,466
763,415 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2006-RM1 CLASS A1+++/- 0.49 08/25/2046 580,577
2,042,050 STRUCTURED ASSET SECURITIES CORPORATION SERIES
2007-RM1 CLASS A1+++/- 0.52 05/25/2047 1,315,488
2,500,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES
2005-C20 CLASS A4+/- 5.29 07/15/2042 2,520,500
549,711 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2003-AR1 CLASS A6+/- 3.77 03/25/2033 477,763
1,918,381 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-AR1 CLASS A1A+/-(i) 0.68 01/25/2045 1,303,076
755,632 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-AR6 CLASS 2A1A+/-(i) 0.47 04/25/2045 515,475
2,131,111 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-C3 CLASS A4+/- 2.72 07/25/2047 747,006
1,618,591 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2006-AR3 CLASS A1A+/-(i) 1.76 02/25/2046 889,585
1,773,321 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2006-AR4 CLASS DA+/- 1.60 06/25/2046 674,159
2,904,293 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2006-AR5 CLASS 5A+/- 1.62 07/25/2046 1,173,081
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $101,524,400) 80,102,561
--------------
CORPORATE BONDS & NOTES: 13.08%
DEPOSITORY INSTITUTIONS: 5.11%
4,750,000 AMERICAN EXPRESS BANK FSB+/- 1.09 12/10/2010 4,795,006
1,250,000 BB&T CORPORATION 3.85 07/27/2012 1,303,641
1,250,000 DEXIA CREDIT LOCAL++ 2.38 09/23/2011 1,285,158
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
DEPOSITORY INSTITUTIONS (CONTINUED)
$ 3,000,000 GMAC LLC<< 2.20% 12/19/2012 $ 3,069,201
1,750,000 REGIONS BANK RF+/- 0.95 12/10/2010 1,762,486
1,500,000 SOVEREIGN BANK+/- 1.99 08/01/2013 1,456,325
2,250,000 SUNTRUST BANK ATLANTA GA STI+/- 0.95 12/16/2010 2,266,796
15,938,613
--------------
ELECTRIC, GAS & SANITARY SERVICES: 0.57%
1,700,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 1,776,237
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT: 0.73%
2,250,000 BAE SYSTEMS HOLDINGS INCORPORATED++ 4.75 08/15/2010 2,286,997
--------------
FOOD & KINDRED PRODUCTS: 1.11%
3,450,000 GENERAL MILLS INCORPORATED+/- 0.41 01/22/2010 3,450,128
--------------
GENERAL MERCHANDISE STORES: 0.64%
2,000,000 CVS CAREMARK CORPORATION+/- 0.66 06/01/2010 2,000,790
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.17%
500,000 HEWLETT-PACKARD CORPORATION 2.95 08/15/2012 517,417
--------------
INSURANCE CARRIERS: 0.62%
2,000,000 METROPOLITAN LIFE GLOBAL FUNDING I+++/- 0.55 03/15/2012 1,948,594
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.57%
2,150,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN+/- 1.63 05/27/2010 2,156,233
2,750,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.61 06/08/2012 2,770,053
3,000,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 2.63 12/28/2012 3,109,725
8,036,011
--------------
PHARMACEUTICALS: 0.34%
1,000,000 PFIZER INCORPORATED 4.45 03/15/2012 1,065,567
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.81%
2,500,000 PROLOGIS TRUST 5.25 11/15/2010 2,515,565
--------------
TELECOMMUNICATIONS: 0.41%
1,250,000 CELLCO PARTNERSHIP / VERIZON WIRELSS CAPITAL LLC 3.75 05/20/2011 1,294,871
--------------
TOTAL CORPORATE BONDS & NOTES (COST $40,386,143) 40,830,790
--------------
FOREIGN GOVERNMENT BONDS: 1.07%
2,000,000 COMMONWEALTH BANK OF AUSTRALIA++ 2.50 12/10/2012 2,063,112
1,250,000 SOCIETE FINANCEMENT DE L'ECONOMIE FRANCAISE++ 2.25 06/11/2012 1,277,898
TOTAL FOREIGN GOVERNMENT BONDS (COST $3,240,532) 3,341,010
--------------
LOAN PARTICIPATION: 0.58%
611,056 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN+/- 1.38 10/15/2020 608,856
677,518 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN - PVT+/- 0.98 06/25/2016 657,531
574,000 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN - PVT 5.37 09/08/2019 560,051
TOTAL LOAN PARTICIPATION (COST $1,863,779) 1,826,438
--------------
MUNICIPAL BONDS & NOTES: 4.28%
3,500,000 COLORADO STUDENT OBLIGATION BOND AUTHORITY STUDENT
LOAN REVENUE SERIES VIII-A2 (STUDENT LOAN
REVENUE)+/-(i) 0.21 12/01/2032 3,500,000
1,250,000 MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT (PROPERTY
TAX REVENUE) 1.85 12/01/2009 1,250,000
1,605,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION
(OTHER REVENUE, AMBAC INSURED) 5.24 07/01/2011 1,637,870
135,000 OHIO STATE HFA MORTGAGE BACKED SERIES G (HOUSING
REVENUE, GNMA INSURED) 5.57 09/01/2016 135,626
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------- ------------- ------------- --------------
MUNICIPAL BONDS & NOTES (continued)
$ 3,000,000 OREGON SCHOOL BOARD ASSOCIATION TAXABLE PENSION
DEFERRED INTEREST SERIES A
(PROPERTY TAX REVENUE, FGIC INSURED)## 1.84% 06/30/2010 $ 2,968,050
550,000 PENNSYLVANIA HFA SERIES 94-C (HOUSING REVENUE, GO OF
AGENCY) 6.04 10/01/2030 550,402
3,340,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT
AUTHORITY MORTGAGE REVENUE
TAXABLE SERIES C-3 (HOUSING REVENUE, AGM FHA/VA
GUARANTEED) 5.50 07/01/2026 3,322,298
TOTAL MUNICIPAL BONDS & NOTES (COST $13,286,348) 13,364,246
--------------
SHARES YIELD
- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.90%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.13%
98,426 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 98,426
98,426 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 98,426
98,426 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 98,426
98,426 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 98,426
393,704
--------------
PRINCIPAL INTEREST RATE
- ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 0.77%
$ 19,138 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 19,142
6,835 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 6,831
6,835 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 6,835
20,505 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 20,505
16,404 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 16,404
23,240 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 23,239
684 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 683
13,670 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 13,669
41,011 BANK OF AMERICA 0.18 12/23/2009 41,006
118,863 BANK OF AMERICA REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE
BACKED SECURITIES (MATURITY VALUE $118,864) 0.16 12/01/2009 118,863
20,505 BANK OF IRELAND 0.35 12/01/2009 20,505
16,404 BANK OF IRELAND 0.50 12/02/2009 16,404
6,621 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 6,621
3,418 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 3,418
17,771 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 17,771
15,037 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 15,037
41,011 BRYANT BANK FUNDING++ 0.18 12/23/2009 41,006
34,176 CAFCO LLC++ 0.17 12/09/2009 34,174
1,504 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 1,504
32,809 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 32,809
4,374 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.35 06/01/2028 4,374
34,176 CHARTA LLC++(p) 0.17 12/09/2009 34,174
3,626 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 3,626
6,835 COOK COUNTY IL+/-ss 0.40 11/01/2030 6,835
41,484 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT -
102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $41,484) 0.17 12/01/2009 41,484
23,240 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 23,240
16,404 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 16,404
16,404 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 16,404
19,822 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 19,822
34,176 E.ON AG++ 0.17 12/21/2009 34,173
34,176 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 34,173
35,543 FORTIS FUNDING LLC++ 0.20 12/29/2009 35,537
36,910 GDF SUEZ++ 0.17 12/15/2009 36,907
27,341 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 27,339
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
INTEREST
PRINCIPALS SECURITY NAME RATE MATURITY DATE VALUE
- ------------- ------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 34,148 GOLDMAN SACHS REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE
BACKED SECURITIES (MATURITY VALUE $34,148) 0.17% 12/01/2009 $ 34,148
34,176 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 34,173
6,835 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 6,835
28,708 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 28,704
360,515 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 134,075
22,474 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 22,474
2,256 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 2,256
11,073 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 11,073
3,910 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 3,910
2,734 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 2,734
27,341 ING USA FUNDING LLC 0.19 12/07/2009 27,340
6,835 ING USA FUNDING LLC 0.18 12/09/2009 6,835
104,952 JPMORGAN CHASE REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE
BACKED SECURITIES (MATURITY VALUE $104,952) 0.17 12/01/2009 104,952
13,670 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 13,670
6,835 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 6,835
4,101 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 4,101
41,011 KBC BANK NV BRUSSELS 0.18 12/01/2009 41,011
8,202 LLOYDS TSB BANK PLC 0.18 12/17/2009 8,202
27,341 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 27,341
10,936 LMA AMERICAS LLC++(p) 0.18 12/11/2009 10,936
6,152 LMA AMERICAS LLC++(p) 0.18 12/17/2009 6,151
20,505 LMA AMERICAS LLC++(p) 0.19 12/21/2009 20,503
6,152 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 6,152
33,902 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 33,902
3,753 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 3,753
28,708 NATIXIS 0.27 12/07/2009 28,708
2,734 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 2,734
30,075 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 30,075
27,341 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 27,341
34,176 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 34,173
6,692 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 6,692
13,828 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $13,828) 0.18 12/01/2009 13,828
4,785 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 4,785
22,720 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 22,719
6,835 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 6,834
24,607 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 24,606
19,138 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 19,138
27,341 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 27,338
1,709 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 1,709
27,341 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 27,340
34,176 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 34,173
8,202 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 8,202
27,748 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 27,747
9,022 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 9,022
27,341 UBS AG (STAMFORD CT) 0.31 12/04/2009 27,341
41,011 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 41,011
4,101 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 4,101
1,109,523 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 554,761
1,709 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 1,709
6,835 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 6,835
22,650 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 22,649
2,408,555
--------------
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
STABLE INCOME PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
- ------------- ------------- ------------- --------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,753,333) $ 2,802,259
--------------
SHORT-TERM INVESTMENTS: 5.71%
MUTUAL FUNDS: 5.71%
17,814,871 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++(u) 0.13% 17,817,870
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $17,817,870) 17,817,870
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $330,922,866)* 96.51% 301,265,894
OTHER ASSETS AND LIABILITIES, NET 3.49 10,890,245
------ --------------
TOTAL NET ASSETS 100.00% $ 312,156,139
------ --------------
- ----------
+/- Variable rate investments.
<< All or a portion of this security is on loan.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
(c) Interest-only securities entitle holders to receive only the interest
payments on the underlying mortgages. The principal amount shown is the
notional amount of the underlying mortgages. Interest rate disclosed
represents the coupon rate.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(s) Rate shown is the 1-day annualized yield at period end.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
(0)(0) Stepped coupon bond. Interest rate presented is yield to maturity.
(p) Asset-backed commercial paper.
~ 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 $17,814,871.
(u) Rate shown is the 7-day annualized yield at period end.
* Cost for federal income tax purposes is $331,276,562 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 4,891,878
Gross unrealized depreciation (34,902,546)
------------
Net unrealized depreciation $(30,010,668)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
AGENCY SECURITIES: 35.02%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.32%
$ 12,905 FHLMC #1B7562+/- 5.98% 11/01/2037 $ 13,716
1,919,783 FHLMC #1G0784+/- 5.69 03/01/2036 2,035,036
1,988,558 FHLMC #1G1472+/- 5.72 02/01/2037 2,112,950
10,022,722 FHLMC #1G1522+/- 6.00 01/01/2037 10,697,258
670,584 FHLMC #1G1614+/- 5.91 03/01/2037 715,136
3,743,186 FHLMC #1G1708+/- 6.13 04/01/2037 4,007,408
1,605,068 FHLMC #1G1873+/- 5.70 03/01/2036 1,702,744
1,679,587 FHLMC #1G1961+/- 5.98 05/01/2037 1,792,197
1,743,626 FHLMC #1G1968+/- 5.95 06/01/2037 1,859,047
17,043 FHLMC #1G2254+/- 6.37 10/01/2037 18,171
1,478,326 FHLMC #1J1920+/- 5.65 10/01/2038 1,565,101
31,910 FHLMC #1Q0292+/- 5.92 07/01/2037 34,010
5,259,250 FHLMC #1Q0794+/- 5.81 11/01/2038 5,602,382
12,041,324 FHLMC #1Q0809+/- 5.96 03/01/2038 12,827,614
7,991,264 FHLMC #1Q0869+/- 5.62 07/01/2038 8,483,403
805,202 FHLMC #847703+/- 5.97 01/01/2037 856,942
7,393,717 FHLMC #848156+/- 5.86 09/01/2038 7,911,277
1,107,860 FHLMC #A78331 6.00 03/01/2034 1,200,794
2,923,483 FHLMC #A79090 6.50 07/01/2034 3,190,594
1,392,109 FHLMC #B15688 5.50 07/01/2019 1,503,492
1,233,406 FHLMC #E01279 5.50 01/01/2018 1,332,955
3,510,273 FHLMC #E01497 5.50 11/01/2018 3,797,225
2,085,763 FHLMC #E01539 5.50 12/01/2018 2,256,265
1,139,603 FHLMC #E01655 5.50 06/01/2019 1,230,955
4,554,121 FHLMC #G01737 5.00 12/01/2034 4,790,810
38,612,794 FHLMC #G01931 5.50 10/01/2035 41,241,783
5,364,230 FHLMC #G02199 5.00 06/01/2036 5,636,318
40,933,034 FHLMC #G04216 5.50 12/01/2037 43,719,998
9,169,859 FHLMC #G04794 5.50 01/01/2036 9,794,198
889,912 FHLMC #G11295 5.50 09/01/2017 962,227
1,446,920 FHLMC #G11594 5.50 08/01/2019 1,562,915
41,191 FHLMC #G11653 5.50 12/01/2019 44,493
18,012,860 FHLMC #G11713 5.50 06/01/2020 19,456,891
1,436,467 FHLMC #G11767 5.50 08/01/2020 1,551,623
2,384,092 FHLMC #G11944 5.50 07/01/2020 2,574,844
2,714,454 FHLMC #G12827 5.50 02/01/2021 2,935,032
2,079,950 FHLMC #G12888 5.50 07/01/2018 2,248,968
985,758 FHLMC #G13169 5.50 06/01/2020 1,066,015
2,341,214 FHLMC #G13330 6.00 10/01/2019 2,539,144
10,779,998 FHLMC #G13367 5.50 12/01/2018 11,655,986
1,379,045 FHLMC #G18003 5.50 07/01/2019 1,489,383
1,041,701 FHLMC #J02372 5.50 05/01/2020 1,125,211
973,586 FHLMC #J02373 5.50 05/01/2020 1,051,635
1,384,222 FHLMC #J02376 6.00 05/01/2020 1,497,353
7,846,264 FHLMC #P10040 5.50 04/01/2018 8,346,536
242,038,035
--------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION: 25.39%
6,303,000 FNMA 4.00 01/25/2019 6,391,297
9,098,000 FNMA 4.29 07/25/2019 9,537,143
10,064,000 FNMA 5.00 03/25/2034 10,712,097
102,900,000 FNMA%% 4.50 TBA 105,617,177
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 3,200,000 FNMA%% 5.00% TBA $ 3,356,000
22,400,000 FNMA%% 6.00 TBA 23,954,000
5,500,000 FNMA%% 6.50 TBA 5,925,392
1,828,978 FNMA #190129 6.00 11/01/2023 1,970,140
2,566,007 FNMA #190338 5.50 07/01/2033 2,741,117
99,201 FNMA #190375 5.50 11/01/2036 105,722
969,918 FNMA #254868 5.00 09/01/2033 1,020,782
6,299,839 FNMA #310017 7.00 06/01/2035 6,975,841
885,748 FNMA #357302 5.50 11/01/2017 958,970
2,008,456 FNMA #462361+/- 6.33 07/01/2037 2,138,505
3,702,352 FNMA #462404+/- 6.28 09/01/2037 3,942,895
1,409,002 FNMA #685185 5.50 02/01/2018 1,524,599
931,793 FNMA #725068 5.50 01/01/2019 1,008,821
7,484,001 FNMA #725423 5.50 05/01/2034 7,994,726
5,291,301 FNMA #725424 5.50 04/01/2034 5,652,391
8,654,822 FNMA #725598 5.50 07/01/2034 9,241,389
31,375 FNMA #725690 6.00 08/01/2034 33,875
4,412,775 FNMA #725773 5.50 09/01/2034 4,711,844
3,875,131 FNMA #725866 4.50 09/01/2034 4,005,083
10,787,162 FNMA #735036 5.50 12/01/2034 11,518,245
4,746,966 FNMA #735073 6.00 10/01/2019 5,146,799
2,257,397 FNMA #735421 7.00 01/01/2035 2,516,926
13,947,369 FNMA #735503 6.00 04/01/2035 15,080,321
859,933 FNMA #735504 6.00 04/01/2035 931,399
2,100,044 FNMA #735667 5.00 07/01/2035 2,210,174
21,334,313 FNMA #735676 5.00 07/01/2035 22,453,114
4,437,650 FNMA #745238 6.00 12/01/2020 4,818,364
284,179 FNMA #745418 5.50 04/01/2036 303,261
344,725 FNMA #745500 5.50 12/01/2018 373,222
2,025,156 FNMA #745751 5.50 09/01/2035 2,163,357
7,665,737 FNMA #878099 6.00 04/01/2036 8,242,913
2,418,569 FNMA #888560 6.00 11/01/2035 2,615,030
2,356,361 FNMA #888635 5.50 09/01/2036 2,517,164
1,421,490 FNMA #888911+/- 6.11 11/01/2037 1,519,827
3,405,976 FNMA #888941+/- 6.02 10/01/2037 3,634,359
8,197,964 FNMA #889069 5.50 01/01/2021 8,875,662
3,724,049 FNMA #889183 5.50 09/01/2021 4,031,904
5,764,181 FNMA #889213 5.50 10/01/2020 6,237,084
12,077,199 FNMA #889318 5.50 07/01/2020 13,075,581
5,685,507 FNMA #889568 5.50 03/01/2020 6,155,509
1,046,488 FNMA #889688 5.50 12/01/2019 1,132,998
12,781,990 FNMA #890141 5.50 12/01/2020 13,838,635
1,350,120 FNMA #893916+/- 6.27 10/01/2036 1,440,268
1,204,247 FNMA #905629+/- 6.11 12/01/2036 1,288,003
1,398,173 FNMA #906403+/- 6.01 01/01/2037 1,491,679
1,797,599 FNMA #906404+/- 5.92 01/01/2037 1,917,150
1,291,476 FNMA #909569+/- 5.88 02/01/2037 1,376,420
1,370,063 FNMA #910293+/- 5.93 03/01/2037 1,459,915
1,477,818 FNMA #914819+/- 5.98 04/01/2037 1,575,186
1,133,031 FNMA #917820+/- 5.67 05/01/2037 1,203,181
3,027,621 FNMA #917828+/- 5.75 05/01/2037 3,218,877
1,219,370 FNMA #917893+/- 5.59 05/01/2037 1,292,857
7,087,576 FNMA #931675 5.50 01/01/2018 7,673,482
9,074,631 FNMA #931676 5.50 01/01/2019 9,819,129
2,458,869 FNMA #942510 6.00 08/01/2037 2,640,546
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued)
$ 73,148 FNMA #945657+/- 6.22% 09/01/2037 $ 77,837
2,716,248 FNMA #946228+/- 6.12 09/01/2037 2,900,547
8,130,426 FNMA #949739 6.00 10/01/2037 8,731,157
2,790,574 FNMA #973123+/- 5.60 02/01/2038 2,966,981
32,976,938 FNMA #983499 5.50 07/01/2035 35,227,356
41,403,137 FNMA #995023 5.50 08/01/2037 44,183,293
5,274,265 FNMA #995092 6.50 12/01/2037 5,680,342
32,734,949 FNMA #995182 5.50 06/01/2020 35,420,578
24,412,393 FNMA #995203 5.00 07/01/2035 25,692,613
23,807,387 FNMA #995226 6.00 11/01/2038 25,566,436
34,174,469 FNMA #995233 5.50 10/01/2021 36,914,123
459,028 FNMA #995284 5.50 03/01/2020 496,975
7,688,360 FNMA #995485 6.00 04/01/2035 8,327,305
4,315,879 FNMA #995486 6.00 03/01/2036 4,674,552
3,490,328 FNMA #995508 6.00 12/01/2035 3,773,849
2,070,596 FNMA #995511 5.50 12/01/2018 2,241,766
5,141,734 FNMA #995664 4.50 11/01/2033 5,310,949
5,895,886 FNMA #995763 4.50 11/01/2035 6,093,605
205,990 FNMA #AD0086+/- 5.68 02/01/2039 218,934
5,150,493 FNMA #AD0211 5.50 05/01/2019 5,576,268
3,929,620 FNMA #AD0212 5.50 04/01/2021 4,252,013
659,635,826
--------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 0.31%
7,570,674 GNMA #782044 6.50 12/15/2032 8,212,149
--------------
TOTAL AGENCY SECURITIES (COST $883,982,624) 909,886,010
--------------
ASSET BACKED SECURITIES: 7.11%
3,792,000 BANK OF AMERICA AUTO MASTER TRUST++ 2.67 12/15/2016 3,840,739
2,451,000 BANK OF AMERICA AUTO TRUST SERIES 2009-2A CLASS A4++ 3.03 10/15/2016 2,508,596
6,537,000 BANK OF AMERICA CREDIT CARD TRUST+/- 0.28 11/15/2019 5,875,891
32,091,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-11 CLASS A+/- 0.27 04/15/2016 30,448,772
11,905,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-A12
CLASS A12+/- 0.26 03/15/2014 11,665,870
17,276,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-A9 CLASS A9+/- 0.25 02/15/2013 17,152,506
10,141,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2008-A3
CLASS A3 5.05 02/15/2016 10,799,412
1,169,000 CHASE ISSUANCE TRUST SERIES 2005-A6 CLASS A6+/- 0.31 07/15/2014 1,150,469
876,444 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2007-AHL1
CLASS A2A+/- 0.28 12/25/2036 739,107
797,436 DAIMLER CHRYSLER AUTO TRUST SERIES 2008-B CLASS A2B+/- 1.17 07/08/2011 798,441
3,083,000 DISCOVER CARD EXECUTION NOTE TRUST+/- 1.54 12/15/2014 3,090,800
5,252,000 DISCOVER CARD MASTER TRUST I SERIES 2005-4 CLASS A2+/- 0.33 06/16/2015 5,099,947
412,000 DISCOVER CARD MASTER TRUST SERIES 2006-2 CLASS A3+/- 0.32 01/19/2016 396,395
4,351,000 DISCOVER CARD MASTER TRUST SERIES 2006-3 CLASS A1+/- 0.27 03/15/2014 4,280,710
3,607,000 DOMINOS PIZZA MASTER ISSUER LLC SERIES 2007-1 CLASS A2++ 5.26 04/25/2037 3,094,737
3,640,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2008-1 CLASS A3A 4.25 02/15/2013 3,725,951
4,143,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2009-1 CLASS A4 4.55 01/15/2017 4,367,827
1,611,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2009-2 CLASS A4 3.32 02/15/2017 1,654,898
1,905,000 HARLEY-DAVIDSON MOTORCYCLE TRUST 2.14 07/15/2014 1,904,634
2,084,000 HARLEY-DAVIDSON MOTORCYCLE TRUST 2.54 04/15/2017 2,105,023
1,629,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2009-A CLASS A4 3.15 03/15/2016 1,677,429
7,946,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2002-CIB4 CLASS A3 6.16 05/12/2034 8,393,887
9,361,000 MBNA CREDIT CARD MASTER TRUST SERIES 1997-B CLASS A+/- 0.40 08/15/2014 9,115,946
419,995 MORGAN STANLEY ABS CAPITAL I SERIES 2007-HE2 CLASS A2A+/- 0.28 01/25/2037 394,976
379,750 MORGAN STANLEY HOME EQUITY LOANS SERIES 2007-1 CLASS A1+/- 0.29 12/25/2036 367,985
726,958 MORGAN STANLEY MORTGAGE LOAN TRUST SERIES 2007-6XS
CLASS 2A1S+/- 0.35 02/25/2047 551,778
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
ASSET BACKED SECURITIES (continued)
$ 2,170,000 NISSAN AUTO RECEIVABLES OWNER TRUST SERIES 2009-A CLASS A4 4.74% 08/17/2015 $ 2,336,967
3,527,000 NORDSTROM CREDIT CARD MASTER TRUST SERIES 2007-2 CLASS A+++/- 0.30 05/15/2015 3,312,896
1,097,941 SLM STUDENT LOAN TRUST SERIES 2002-5 CLASS A4L+/- 0.45 09/17/2018 1,088,815
958,144 SLM STUDENT LOAN TRUST SERIES 2003-3 CLASS A4+/- 0.52 12/15/2017 951,688
672,863 SLM STUDENT LOAN TRUST SERIES 2003-6 CLASS A4+/- 0.50 12/17/2018 669,061
14,147,000 SLM STUDENT LOAN TRUST SERIES 2008-1 CLASS A4A+/- 1.90 12/15/2032 14,820,085
3,207,000 SLM STUDENT LOAN TRUST SERIES 2008-4 CLASS A4+/- 1.93 07/25/2022 3,340,771
2,861,000 SLM STUDENT LOAN TRUST SERIES 2008-5 CLASS A4+/- 1.98 07/25/2023 3,011,776
5,956,000 SLM STUDENT LOAN TRUST SERIES 2008-6 CLASS A4+/- 1.38 07/25/2023 6,076,430
1,340,000 SWIFT MASTER AUTO RECEIVABLES TRUST SERIES 2007-1 CLASS A+/- 0.34 06/15/2012 1,322,915
9,290,000 TARGET CREDIT CARD MASTER TRUST SERIES 2005-1 CLASS A+/- 0.30 10/27/2014 9,127,950
641,457 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B CLASS A3 5.41 08/12/2011 644,139
305,652 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-C CLASS A3 5.26 11/14/2011 306,940
2,248,000 WORLD OMNI AUTO RECEIVABLES TRUST SERIES 2009-A CLASS A4 5.12 05/15/2014 2,424,460
TOTAL ASSET BACKED SECURITIES (COST $182,989,639) 184,637,619
--------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 22.94%
3,739,000 AMERICAN TOWER TRUST SERIES 2007-1A CLASS AFX++ 5.42 04/15/2037 3,776,390
3,083,000 ASSET SECURITIZATION CORPORATION SERIES 1996-D3 CLASS A2+/- 7.77 10/13/2026 3,277,386
1,172,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES
2002-PB2 CLASS B 6.31 06/11/2035 1,201,718
393,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES
2004-2 CLASS A5 4.58 11/10/2038 392,675
3,636,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES
2007-2 CLASS A2+/- 5.63 04/10/2049 3,607,749
2,828,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATION
SERIES 2006-6 CLASS A2 5.31 10/10/2045 2,861,740
1,040,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2001-TOP4 CLASS A3 5.61 11/15/2033 1,082,289
2,657,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2002-PBW1 CLASS A2+/- 4.72 11/11/2035 2,738,355
3,912,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2002-T0P8 CLASS A2 4.83 08/15/2038 4,025,279
1,004,945 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2003-T12 CLASS A3+/- 4.24 08/13/2039 1,010,191
1,459,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2004 CLASS A3+/- 5.47 06/11/2041 1,515,268
2,271,488 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2004-PWR4 CLASS A2+/- 5.29 06/11/2041 2,340,056
649,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2004-PWR6 CLASS A6 4.83 11/11/2041 649,631
3,428,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2004-T16 CLASS A6+/- 4.75 02/13/2046 3,381,809
24,737,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2005-PW10 CLASS A4+/- 5.41 12/11/2040 24,845,588
1,979,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED
SERIES 2005-PWR9 CLASS AAB 4.80 09/11/2042 2,030,977
8,885,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES, CLASS A2 6.46 10/15/2036 9,395,809
8,291,000 COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1 CLASS A4+/- 6.98 01/17/2032 8,890,275
7,494,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES
2001-J2A CLASS A2++ 6.10 07/16/2034 7,798,502
4,946,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES
2004-LB2A CLASS A4 4.72 03/10/2039 4,936,277
2,664,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES
2004-LB3A CLASS A5+/- 5.48 07/10/2037 2,695,102
4,815,184 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2001-CF2 CLASS A4 6.51 02/15/2034 4,958,005
1,056,247 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2001-CK1 CLASS A3 6.38 12/18/2035 1,082,614
3,996,663 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2001-CKN5 CLASS A4 5.44 09/15/2034 4,137,093
907,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2002-CKN2 CLASS A3 6.13 04/15/2037 957,571
1,473,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2002-CP5 CLASS A2 4.94 12/15/2035 1,515,275
1,249,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2003-CK2 CLASS A4 4.80 03/15/2036 1,280,204
1,831,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2003-CPN1 CLASS A2 4.60 03/15/2035 1,860,312
523,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2005-C1 CLASS A3 4.81 02/15/2038 525,724
1,869,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION
SERIES 2005-C5 CLASS A4+/- 5.10 08/15/2038 1,837,427
1,913,942 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 2000-CKP1
CLASS A1B 7.18 11/10/2033 1,958,374
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 3,752,000 FHLMC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES
SERIES K003 CLASS AAB 4.77% 05/25/2018 $ 3,967,515
328,000 FHLMC SERIES 2542 CLASS ES 5.00 12/15/2017 351,020
3,954,000 FHLMC SERIES 2558 CLASS BD 5.00 01/15/2018 4,260,276
7,216,000 FHLMC SERIES 2590 CLASS BY 5.00 03/15/2018 7,775,921
2,815,000 FHLMC SERIES 2590 CLASS NU 5.00 06/15/2017 2,952,962
2,421,000 FHLMC SERIES 2676 CLASS CY 4.00 09/15/2018 2,524,557
1,934,000 FHLMC SERIES 2690 CLASS TV 4.50 11/15/2025 2,017,998
347,000 FHLMC SERIES 2694 CLASS QG 4.50 01/15/2029 365,237
626,156 FHLMC SERIES 2727 CLASS PW 3.57 06/15/2029 639,511
1,773,000 FHLMC SERIES 2765 CLASS CT 4.00 03/15/2019 1,828,863
2,558,000 FHLMC SERIES 2790 CLASS TN 4.00 05/15/2024 2,611,541
2,932,000 FHLMC SERIES 2843 CLASS BC 5.00 08/15/2019 3,152,155
1,093,000 FHLMC SERIES 2875 CLASS HB 4.00 10/15/2019 1,119,326
3,317,000 FHLMC SERIES 2934 5.00 01/15/2034 3,533,118
4,221,000 FHLMC SERIES 2985 CLASS JR 4.50 06/15/2025 4,399,194
25,000 FHLMC SERIES 3008 CLASS JM 4.50 07/15/2025 26,094
2,571,157 FHLMC SERIES 3028 CLASS PG 5.50 09/15/2035 2,787,837
5,923,727 FHLMC SERIES 3052 5.25 10/15/2034 6,291,182
243,000 FHLMC SERIES 3234 4.50 10/15/2036 242,148
5,094,000 FHLMC SERIES 3289 CLASS PC 5.00 12/15/2032 5,358,599
3,799,988 FHLMC SERIES 3325 CLASS JL 5.50 06/15/2037 4,099,773
2,607,000 FHLMC SERIES 3372 CLASS BD 4.50 10/15/2022 2,748,221
1,554,873 FHLMC SERIES 3465 CLASS HA 4.00 07/15/2017 1,623,736
6,581,000 FHLMC SERIES K004 CLASS A2 4.19 08/25/2019 6,726,952
1,054,453 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITY SERIES 2006-FA6
CLASS 2A10 6.00 11/25/2036 843,657
1,264,816 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2000-C2
CLASS A2 7.20 10/15/2032 1,295,369
1,574,000 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2001-C4
CLASS B 6.42 12/12/2033 1,611,605
32,093,124 FNMA SERIES 2001-81 CLASS HE 6.50 01/25/2032 34,986,518
3,117,000 FNMA SERIES 2002-94 CLASS HQ 4.50 01/25/2018 3,315,022
438,627 FNMA SERIES 2003-108 CLASS BE 4.00 11/25/2018 455,843
750,000 FNMA SERIES 2003-125 CLASS AY 4.00 12/25/2018 776,925
2,952,000 FNMA SERIES 2003-3 CLASS HJ 5.00 02/25/2018 3,163,545
1,529,000 FNMA SERIES 2004-3 CLASS HT 4.00 02/25/2019 1,581,100
1,517,862 FNMA SERIES 2004-60 CLASS PA 5.50 04/25/2034 1,620,086
2,162,000 FNMA SERIES 2004-80 CLASS LE 4.00 11/25/2019 2,235,002
1,298,000 FNMA SERIES 2004-81 CLASS KE 4.50 11/25/2019 1,380,199
1,319,071 FNMA SERIES 2005-58 CLASS MA 5.50 07/25/2035 1,435,792
2,897,000 FNMA SERIES 2007-113 CLASS DB 4.50 12/25/2022 3,046,843
4,806,101 FNMA SERIES 2007-30 CLASS MA 4.25 02/25/2037 5,033,738
5,281,647 FNMA SERIES 2007-39 CLASS NA 4.25 01/25/2037 5,531,237
8,218,795 FNMA SERIES 2007-77 CLASS MH 6.00 12/25/2036 8,891,588
760,000 FNMA SERIES 2008-66 CLASS B 5.00 08/25/2023 812,864
2,044 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-2
CLASS A3 6.03 08/11/2033 2,070
494,175 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-3
CLASS A1 5.56 06/10/2038 507,053
3,952,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2002-1A
CLASS A3 6.27 12/10/2035 4,208,665
11,088,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2005-C4
CLASS A4+/- 5.51 11/10/2045 11,059,442
241,303 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
2000-C2 CLASS A2+/- 7.46 08/16/2033 244,859
4,716,512 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
2001-C2 CLASS A2 6.70 04/15/2034 4,914,375
4,436,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
2002-C3 CLASS A2 4.93 07/10/2039 4,594,908
1,228,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
2003-C2 CLASS A2+/- 5.67 05/10/2040 1,291,622
2,528,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES
2003-C3 CLASS A4 5.02 04/10/2040 2,591,104
90,400,000 GNMA%% 4.50 TBA 92,547,804
1,693,000 GNMA SERIES 2006-37 CLASS JG 5.00 07/20/2036 1,796,325
1,348,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES
2005-GG CLASS AAB+/- 5.19 04/10/2037 1,377,444
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 2,007,500 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES
2005-GG3 CLASS A4+/- 4.80% 08/10/2042 $ 1,930,979
5,227,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES
2005-GG5 CLASS A5+/- 5.22 04/10/2037 4,876,627
6,402,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES
2006-GG7 CLASS A4+/- 6.12 07/10/2038 5,812,887
1,705,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES
2007-GG1 CLASS A6+/- 5.14 06/10/2036 1,664,865
7,745,000 GS MORTGAGE SECURITIES CORPORATION II SERIES 2001-GL3A CLASS
A2+++/- 6.45 08/05/2018 8,107,688
274,298 HELLER FINANCIAL COMMERCIAL MORTGAGE ASSET SERIES 1999-PH1
CLASS C+/- 7.18 05/15/2031 273,762
5,397,233 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES 2001 CLASS A3 6.26 03/15/2033 5,540,512
445,730 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2000-C10 CLASS A2+/- 7.37 08/15/2032 446,121
1,040,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2001-C1 CLASS A3 5.86 10/12/2035 1,076,845
6,310,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2001-CIB3 CLASS A3 6.47 11/15/2035 6,616,816
1,152,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2002-CIB5 CLASS A2 5.16 10/12/2037 1,199,753
350,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2003-PM1A CLASS A4+/- 5.33 08/12/2040 362,771
2,865,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2004-CB9 CLASS A4+/- 5.56 06/12/2041 2,909,507
1,841,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2005-LDP4 CLASS A4+/- 4.92 10/15/2042 1,832,106
3,316,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2006+/- 5.48 12/12/2044 3,176,403
2,488,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2006-LDP7 CLASS A2+/- 6.05 04/15/2045 2,548,888
1,011,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2007-CB19 CLASS A2+/- 5.82 02/12/2049 1,024,246
11,977,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION
SERIES 2007-LDPX CLASS A2S 5.31 01/15/2049 11,587,339
2,114,612 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C4
CLASS A2 7.37 08/15/2026 2,151,907
3,753,964 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C5
CLASS A2 6.51 12/15/2026 3,872,149
1,368,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2001-C2
CLASS A2 6.65 11/15/2027 1,428,934
6,652,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C2
CLASS A4 5.59 06/15/2031 7,033,289
1,500,444 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C4
CLASS A4 4.56 09/15/2026 1,545,394
2,763,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C4
CLASS A5 4.85 09/15/2031 2,879,717
2,304,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2003-C3
CLASS A4 4.17 05/15/2032 2,319,804
1,233,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2004-C7
CLASS A5 4.63 10/15/2029 1,218,300
2,423,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2007-C1
CLASS A3 5.40 02/15/2040 2,369,145
634,000 LEHMAN BROTHERS UBS COMMERCIALL MORTGAGE TRUST SERIES 2007-C2
CLASS AAB 5.40 02/15/2040 621,246
3,488,000 MERRILL LYNCH COUNTRYWIDE COMMERCIAL MORTGAGE TRUST SERIES
2006-1 CLASS A2+/- 5.44 02/12/2039 3,518,634
5,278,000 MERRILL LYNCH MORTGAGE TRUST SERIES 2003-KEY1 CLASS A4+/- 5.24 11/12/2035 5,462,484
2,003,000 MERRILL LYNCH MORTGAGE TRUST SERIES 2005-CIP1 CLASS A3A+/- 4.95 07/12/2038 1,987,636
3,252,000 MORGAN STANLEY CAPITAL I SERIES 2003-T11 CLASS A4 5.15 06/13/2041 3,353,358
9,938,000 MORGAN STANLEY CAPITAL I SERIES 2004-HQ4 CLASS A7 4.97 04/14/2040 9,930,847
6,437,000 MORGAN STANLEY CAPITAL I SERIES 2004-IQ7 CLASS A4+/- 5.54 06/15/2038 6,488,715
1,311,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ5 CLASS A4 5.17 01/14/2042 1,328,735
5,917,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ6 CLASS A4A 4.99 08/13/2042 5,802,158
306,000 MORGAN STANLEY CAPITAL I SERIES 2005-T17 CLASS A4 4.52 12/13/2041 309,079
1,043,000 MORGAN STANLEY CAPITAL I SERIES 2005-T17 CLASS A5 4.78 12/13/2041 1,050,976
3,402,000 MORGAN STANLEY CAPITAL I SERIES 2006-HQ8 CLASS A2 5.37 03/12/2044 3,429,465
4,288,000 MORGAN STANLEY CAPITAL I SERIES 2006-HQ8 CLASS A4+/- 5.56 03/12/2044 4,092,077
1,157,000 MORGAN STANLEY CAPITAL I SERIES 2007-HQ11 CLASS A31 5.44 02/12/2044 1,123,413
8,998,800 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP5 CLASS
A4 6.39 10/15/2035 9,484,457
1,030,565 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2002-HQ CLASS A3 6.51 04/15/2034 1,095,044
871,810 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2002-IQ2 CLASS A4 5.74 12/15/2035 918,732
12,100,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-HQ2 CLASS A2 4.92 03/12/2035 12,397,479
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED)
$ 5,024,931 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-IQ5 CLASS A4 5.01% 04/15/2038 $ 5,195,864
2,979,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2004-HQ3 CLASS A4 4.80 01/13/2041 2,961,999
5,471,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2005-HQ5 CLASS AAB 5.04 01/14/2042 5,647,743
4,821,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2005-HQ7 CLASS
AAB+/- 5.35 11/14/2042 5,038,081
4,077,000 MORGAN STANLEY DEAN WITTER CAPTIAL I SERIES 2003-TOP9 CLASS A2 4.74 11/13/2036 4,189,219
7,476,092 NOMURA ASSET SECURITIES CORPORATION SERIES 1998-D6 CLASS A1C 6.69 03/15/2030 8,017,761
4,511,802 SALOMON BROTHERS MORTGAGE SECURITIES SERIES 2000-C3 CLASS A2 6.59 12/18/2033 4,600,552
1,766,169 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 2002-KEY2
CLASS A2 4.47 03/18/2036 1,821,085
100,225 STRUCTURED ASSET SECURITIES CORPORATION SERIES 1998-2
CLASS A+/- 0.76 02/25/2028 86,988
4,514,330 US BANK NA SERIES 2007-1 CLASS A 5.92 05/25/2012 4,807,897
2,686,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C1
CLASS A4 6.29 04/15/2034 2,855,820
1,969,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C6 CLASS
A3+/- 4.96 08/15/2035 1,963,644
381,633 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C7
CLASS A1++ 4.24 10/15/2035 384,948
1,678,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C8
CLASS A3 4.45 11/15/2035 1,678,025
1,546,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C11
CLASS A4 5.03 01/15/2041 1,496,231
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $573,799,825) 596,069,151
--------------
CORPORATE BONDS & NOTES: 17.51%
BANKING: 1.86%
10,815,000 ACHMEA HYPOTHEEKBANK NV++ 3.20 11/03/2014 11,084,348
4,420,000 COMMONWEALTH BANK OF AUSTRALIA++ 3.75 10/15/2014 4,527,424
4,340,000 COMMONWEALTH BANK OF AUSTRALIA++ 5.00 10/15/2019 4,458,521
7,675,000 NIBC BANK NV++ 2.80 12/02/2014 7,685,162
3,265,000 NIBC BANK NV 4.88 11/19/2019 3,314,906
4,245,000 NORDEA BANK AB++ 2.50 11/13/2012 4,283,146
4,960,000 NORDEA BANK AB++ 3.70 11/13/2014 5,046,130
7,880,000 WESTPAC BANKING CORPORATION 2.25 11/19/2012 7,940,187
48,339,824
--------------
BIOTECHNOLOGY: 0.18%
4,160,000 AMGEN INCORPORATED 6.40 02/01/2039 4,787,374
--------------
CHEMICALS: 0.56%
5,220,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 5,517,733
7,670,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 9,064,820
14,582,553
--------------
COMMUNICATIONS: 1.16%
11,435,000 CELLCO PART/VERI WIRELESS 7.38 11/15/2013 13,319,511
5,241,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 6,135,644
4,470,000 GRUPO TELEVISA SA++ 6.63 01/15/2040 4,449,304
6,181,000 QWEST CORPORATION 7.50 10/01/2014 6,320,073
30,224,532
--------------
COMPUTER HARDWARE: 0.08%
1,780,000 DELL INCORPORATED 5.88 06/15/2019 1,953,534
--------------
DEPOSITORY INSTITUTIONS: 1.81%
10,290,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 11,550,803
3,175,000 BANK OF AMERICA CORPORATION 6.00 09/01/2017 3,286,077
3,405,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 3,472,623
3,610,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 4,275,298
9,195,000 CITIGROUP INCORPORATED 1.88 10/22/2012 9,323,068
5,529,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 6,062,023
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
DEPOSITORY INSTITUTIONS (CONTINUED)
$ 4,325,000 JPMORGAN CHASE & COMPANY<< 4.65% 06/01/2014 $ 4,620,142
4,380,000 MORGAN STANLEY 5.63 09/23/2019 4,436,204
47,026,238
--------------
ELECTRIC UTILITIES: 0.09%
2,245,000 PROGRESS ENERGY INCORPORATED 6.85 04/15/2012 2,467,812
--------------
ELECTRIC, GAS & SANITARY SERVICES: 1.55%
9,430,000 DOMINION RESOURCES INCORPORATED PUTTABLESS 8.88 01/15/2019 12,077,642
5,111,000 DPL INCORPORATED 6.88 09/01/2011 5,520,514
4,290,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 4,785,281
1,505,000 FIRSTENERGY SOLUTIONS CORPORATION++ 4.80 02/15/2015 1,564,091
4,750,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.05 08/15/2021 4,972,348
1,910,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.80 08/15/2039 1,984,717
8,550,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 9,297,492
40,202,085
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT: 0.48%
1,285,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 1,345,700
1,245,000 EXELON GENERATION COMPANY LLC 5.20 10/01/2019 1,288,406
2,505,000 EXELON GENERATION COMPANY LLC 6.25 10/01/2039 2,616,265
6,592,000 HEWLETT-PACKARD COMPANY 4.75 06/02/2014 7,186,941
12,437,312
--------------
FOOD & KINDRED PRODUCTS: 0.36%
7,870,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 7.75 01/15/2019 9,438,483
--------------
HEALTH SERVICES: 0.17%
4,639,000 COVENTRY HEALTH CARE INCORPORATED 5.95 03/15/2017 4,308,555
--------------
INSURANCE CARRIERS: 0.30%
2,930,000 LIBERTY MUTUAL GROUP++ 7.50 08/15/2036 2,636,188
4,835,000 UNITEDHEALTH GROUP INCORPORATED 6.88 02/15/2038 5,172,193
7,808,381
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.17%
4,295,000 VALE OVERSEAS LIMITED 6.88 11/10/2039 4,439,488
--------------
MOTION PICTURES: 0.09%
2,090,000 NEWS AMERICA INCORPORATED++ 6.90 08/15/2039 2,277,323
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.04%
3,745,000 AMERICAN EXPRESS COMPANY 7.25 05/20/2014 4,279,044
3,093,000 AMERICAN EXPRESS COMPANY 8.15 03/19/2038 3,904,306
4,000,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 4,278,596
7,595,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 8,137,579
4,525,000 JPMORGAN CHASE CAPITAL XXV 6.80 10/01/2037 4,463,256
1,800,000 PRIVATE EXPORT FUNDING CORPORATION 3.05 10/15/2014 1,850,332
26,913,113
--------------
OIL & GAS EXTRACTION: 0.77%
6,775,000 ANADARKO PETROLEUM CORPORATION 8.70 03/15/2019 8,485,660
5,380,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 2.90 10/15/2014 5,496,305
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
OIL & GAS EXTRACTION (CONTINUED)
$ 3,295,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 6.88% 01/20/2040 $ 3,437,720
2,075,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 2,505,419
19,925,104
--------------
PHARMACEUTICALS: 0.44%
7,946,000 PFIZER INCORPORATED 5.35 03/15/2015 8,890,414
2,115,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 2,496,980
11,387,394
--------------
PIPELINES: 0.78%
3,240,000 ENERGY TRANSFER PARTNERS LP 8.50 04/15/2014 3,788,898
4,580,000 ENERGY TRANSFER PARTNERS LP 9.00 04/15/2019 5,582,594
10,670,000 KINDER MORGAN INCORPORATED 6.50 09/01/2012 10,963,425
20,334,917
--------------
REAL ESTATE: 0.76%
4,690,000 WEA FINANCE LLC++ 7.50 06/02/2014 5,215,585
8,720,000 WEA FINANCE LLC++ 7.13 04/15/2018 9,386,164
4,825,000 WEA FINANCE LLC++ 6.75 09/02/2019 5,070,023
19,671,772
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.41%
1,440,000 HCP INCORPORATED SERIES MTN 6.30 09/15/2016 1,449,851
1,630,000 HCP INCORPORATED SERIES MTN 6.70 01/30/2018 1,649,516
5,010,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.65 12/15/2013 5,099,779
880,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 866,845
1,450,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 1,546,447
10,612,438
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.37%
2,420,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 2,719,456
9,647,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/29/2049 7,090,545
6,755,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 7,348,238
3,180,000 GOLDMAN SACHS GROUP INCORPORATED 5.13 01/15/2015 3,375,624
6,420,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 6,607,702
6,617,000 LAZARD GROUP LLC 7.13 05/15/2015 6,907,744
6,742,000 LAZARD GROUP LLC 6.85 06/15/2017 6,914,656
6,985,000 MORGAN STANLEY 6.00 05/13/2014 7,611,575
2,900,000 MORGAN STANLEY 7.25 04/01/2032 3,326,747
3,205,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 3,438,372
6,020,000 MORGAN STANLEY SERIES MTN 5.95 12/28/2017 6,327,917
61,668,576
--------------
TELECOMMUNICATIONS: 1.28%
1,630,000 AMERICA MOVIL SAB DE CV 5.55 02/01/2014 1,796,355
6,674,000 AMERICA MOVIL SAB DE CV++ 5.00 10/16/2019 6,735,234
6,730,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 3.75 05/20/2011 6,971,587
3,655,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 4,669,040
7,855,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 7,989,815
5,205,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 5,174,931
33,336,962
--------------
TOBACCO PRODUCTS: 0.33%
7,035,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 8,704,462
--------------
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.47%
$ 2,750,000 CAREFUSION CORPORATION++ 4.13% 08/01/2012 $ 2,867,310
5,270,000 CAREFUSION CORPORATION++ 5.13 08/01/2014 5,632,734
3,300,000 CAREFUSION CORPORATION++ 6.38 08/01/2019 3,657,347
12,157,391
--------------
TOTAL CORPORATE BONDS & NOTES (COST $426,160,046) 455,005,623
--------------
FOREIGN CORPORATE BONDS: 4.19%
14,930,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 15,733,129
5,350,000 BRITISH SKY BROADCASTING GROUP PLC++ 9.50 11/15/2018 7,046,662
3,460,000 BRITISH TELECOM PLC 9.63 12/15/2030 4,429,298
4,830,000 CREDIT SUISSE NEW YORK 5.00 05/15/2013 5,216,081
2,765,000 FRANCE TELECOM SA 7.75 03/01/2011 2,984,826
2,875,000 HSBC HOLDINGS PLC 6.80 06/01/2038 3,170,360
2,320,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 2,549,875
4,162,000 HUSKY ENERGY INCORPORATED 7.25 12/15/2019 4,864,641
6,400,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 7.88 03/15/2019 7,476,998
4,630,000 RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY
LIMITED III++ 4.50 09/30/2012 4,792,045
5,195,000 RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY
LIMITED III<<++ 5.50 09/30/2014 5,455,389
4,160,000 RIO TINTO FINANCE USA LIMITED 5.88 07/15/2013 4,565,974
3,515,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 4,480,440
1,630,000 ROGERS CABLE INCORPORATED 5.50 03/15/2014 1,768,261
9,422,000 ROGERS WIRELESS INCORPORATED 6.38 03/01/2014 10,577,608
7,500,000 SHELL INTERNATIONAL FINANCE 4.00 03/21/2014 7,985,385
4,990,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 5,300,313
3,565,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 3,800,775
2,355,000 THOMSON REUTERS CORPORATION 5.95 07/15/2013 2,645,845
3,805,000 WESTFIELD GROUP++ 5.40 10/01/2012 3,987,065
TOTAL FOREIGN CORPORATE BONDS (COST $101,773,903) 108,830,970
--------------
FOREIGN GOVERNMENT BONDS: 4.29%
4,890,000 BARCLAYS BANK PLC SERIES 1 5.00 09/22/2016 5,071,937
3,860,000 CENOVUS ENERGY INCORPORATED++ 5.70 10/15/2019 4,092,550
3,205,000 ENEL FINANCE INTERNATIONAL SA++ 6.00 10/07/2039 3,285,939
3,095,000 ENEL FINANCIAL INTERNATIONAL SA++ 5.13 10/07/2019 3,197,277
3,275,000 EXPORT-IMPORT BANK OF KOREA 5.50 10/17/2012 3,506,346
5,375,000 EXPORT-IMPORT BANK OF KOREA 5.88 01/14/2015 5,835,111
3,675,000 FEDERAL REPUBLIC OF BRAZIL 5.63 01/07/2041 3,546,375
10,605,000 HUTCHISON WHAMPOA INTERNATIONAL LIMITED++ 4.63 09/11/2015 10,808,213
3,285,000 HUTCHISON WHAMPOA INTERNATIONAL LIMITED++ 5.75 09/11/2019 3,385,955
14,195,000 PROVINCE OF ONTARIO CANADA 4.10 06/16/2014 15,178,245
3,175,000 PROVINCE OF ONTARIO CANADA SERIES G 4.00 10/07/2019 3,195,190
10,830,000 REPUBLIC OF KOREA 7.13 04/16/2019 12,836,366
10,250,000 SOCIETE FINANCEMENT DE L'ECONOMIE FRANCAISE++ 2.88 09/22/2014 10,443,557
1,830,000 STATE OF QATAR++ 4.00 01/20/2015 1,832,288
2,985,000 STATE OF QATAR++ 5.25 01/20/2020 3,007,388
1,830,000 STATE OF QATAR++ 6.40 01/20/2040 1,866,600
10,385,000 SWEDISH EXPORT CREDIT 3.25 09/16/2014 10,669,684
9,445,000 TOTAL CAPITAL SA 3.13 10/02/2015 9,650,051
TOTAL FOREIGN GOVERNMENT BONDS (COST $106,658,893) 111,409,072
--------------
MUNICIPAL BONDS & NOTES: 0.38%
CALIFORNIA: 0.24%
6,345,000 CALIFORNIA STATE BUILD AMERICA BONDS (PROPERTY TAX REVENUE) 7.30 10/01/2039 6,322,919
--------------
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
TEXAS: 0.14%
$ 3,250,000 NORTH TEXAS TOLLWAY BUILD AMERICA BONDS (TOLL ROAD REVENUE) 6.72% 01/01/2049 $ 3,565,705
--------------
TOTAL MUNICIPAL BONDS & NOTES (COST $9,679,115) 9,888,624
--------------
US TREASURY SECURITIES: 11.90%
US TREASURY BONDS: 3.82%
1,434,000 US TREASURY BOND 8.88 02/15/2019 2,088,151
2,950,000 US TREASURY BOND 7.13 02/15/2023 4,002,781
10,724,000 US TREASURY BOND 6.25 05/15/2030 13,951,259
15,950,000 US TREASURY BOND 5.38 02/15/2031 18,778,637
351,000 US TREASURY BOND 3.50 02/15/2039 309,374
10,085,000 US TREASURY BOND 4.25 05/15/2039 10,162,211
30,702,000 US TREASURY BOND<< 4.50 08/15/2039 32,256,289
17,083,000 US TREASURY BOND 4.38 11/15/2039 17,603,502
99,152,204
--------------
US TREASURY NOTES: 8.08%
281,000 US TREASURY NOTE 0.88 05/31/2011 282,910
1,138,000 US TREASURY NOTE 1.38 10/15/2012 1,148,580
15,481,000 US TREASURY NOTE<< 1.38 11/15/2012 15,603,161
4,795,000 US TREASURY NOTE 2.38 10/31/2014 4,885,290
29,559,000 US TREASURY NOTE 2.13 11/30/2014 29,726,425
2,701,000 US TREASURY NOTE 3.00 08/31/2016 2,769,157
26,035,000 US TREASURY NOTE<< 2.75 02/15/2019 25,172,591
49,445,000 US TREASURY NOTE<< 3.13 05/15/2019 49,201,632
55,679,000 US TREASURY NOTE<< 3.63 08/15/2019 57,610,393
23,214,000 US TREASURY NOTE<< 3.38 11/15/2019 23,555,014
209,955,153
--------------
TOTAL US TREASURY SECURITIES (COST $304,007,903) 309,107,357
--------------
SHARES YIELD
- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 7.22%
COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.28%
8,299,716 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 8,299,716
8,299,716 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 8,299,716
8,299,716 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 8,299,716
8,299,716 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 8,299,716
33,198,864
--------------
PRINCIPAL INTEREST RATE
- ------------- -------------
COLLATERAL INVESTED IN OTHER ASSETS: 5.94%
$ 1,613,834 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 1,613,831
576,369 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 576,029
576,369 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 576,363
1,729,108 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 1,729,079
1,383,286 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 1,383,286
1,959,655 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 1,959,612
57,637 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 57,635
1,152,738 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 1,152,623
3,458,215 BANK OF AMERICA 0.18 12/23/2009 3,457,835
10,023,060 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $10,023,105) 0.16 12/01/2009 10,023,060
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 1,729,108 BANK OF IRELAND 0.35% 12/01/2009 $ 1,729,108
1,383,286 BANK OF IRELAND 0.50 12/02/2009 1,383,286
558,271 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 558,271
288,185 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 288,185
1,498,560 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 1,498,569
1,268,012 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 1,268,026
3,458,215 BRYANT BANK FUNDING++ 0.18 12/23/2009 3,457,835
2,881,846 CAFCO LLC++ 0.17 12/09/2009 2,881,737
126,801 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 126,801
2,766,572 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 2,766,572
368,876 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.35 06/01/2028 368,876
2,881,846 CHARTA LLC++(p) 0.17 12/09/2009 2,881,737
305,764 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 305,764
576,369 COOK COUNTY IL+/-ss 0.40 11/01/2030 576,369
3,498,100 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT -102%
COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY
VALUE $3,498,117) 0.17 12/01/2009 3,498,100
1,959,655 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 1,959,655
1,383,286 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 1,383,286
1,383,286 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 1,383,286
1,671,471 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 1,671,471
2,881,846 E.ON AG++ 0.17 12/21/2009 2,881,574
2,881,846 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 2,881,615
2,997,120 FORTIS FUNDING LLC++ 0.20 12/29/2009 2,996,654
3,112,394 GDF SUEZ++ 0.17 12/15/2009 3,112,188
2,305,477 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 2,305,373
2,879,540 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,879,554) 0.17 12/01/2009 2,879,540
2,881,846 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 2,881,644
576,369 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 576,361
2,420,751 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 2,420,487
4,846,808 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,802,528
1,895,102 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 1,895,102
190,202 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 190,202
933,718 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 933,718
329,683 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY
REVENUES+/-ss 0.30 07/01/2029 329,683
230,548 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 230,548
2,305,477 ING USA FUNDING LLC 0.19 12/07/2009 2,305,404
576,369 ING USA FUNDING LLC 0.18 12/09/2009 576,346
8,850,034 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $8,850,076) 0.17 12/01/2009 8,850,034
1,152,738 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 1,152,733
576,369 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 576,363
345,822 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 345,822
3,458,215 KBC BANK NV BRUSSELS 0.18 12/01/2009 3,458,215
691,643 LLOYDS TSB BANK PLC 0.18 12/17/2009 691,588
2,305,477 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 2,305,477
922,191 LMA AMERICAS LLC++(p) 0.18 12/11/2009 922,145
518,732 LMA AMERICAS LLC++(p) 0.18 12/17/2009 518,691
1,729,108 LMA AMERICAS LLC++(p) 0.19 12/21/2009 1,728,925
518,732 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 518,732
2,858,791 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 2,858,791
316,427 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 316,427
2,420,751 NATIXIS 0.27 12/07/2009 2,420,763
230,548 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 230,548
2,536,024 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 2,536,024
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
- ------------- ------------------------------------------------------------- ------------- ------------- --------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 2,305,477 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24% 12/01/2040 $ 2,305,477
2,881,846 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 2,881,644
564,265 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 564,265
1,165,995 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT -
102% COLLATERALIZED BY MORTGAGE BACKED
SECURITIES (MATURITY VALUE $1,166,001) 0.18 12/01/2009 1,165,995
403,458 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 403,452
1,915,851 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 1,915,766
576,369 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 576,302
2,074,929 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 2,074,918
1,613,834 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 1,613,834
2,305,477 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 2,305,275
144,092 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 144,092
2,305,477 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 2,305,451
2,881,846 THAMES ASSET GLOBAL SECURITIZATION #1
INCORPORATED++ 0.18 12/18/2009 2,881,601
691,643 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 691,588
2,339,828 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 2,339,754
760,807 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 760,807
2,305,477 UBS AG (STAMFORD CT) 0.31 12/04/2009 2,305,502
3,458,215 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 3,458,231
345,822 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 345,822
14,916,576 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 7,458,288
144,092 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 144,092
576,369 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 576,348
1,909,972 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 1,909,829
154,274,865
--------------
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $186,815,958) 187,473,729
--------------
SHARES YIELD
- ------------- -------------
SHORT-TERM INVESTMENTS: 6.84%
177,605,055 WELLS FARGO ADVANTAGE CASH INVESTMENT FUND~+++(u) 0.16 177,605,055
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $177,605,055) 177,605,055
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,953,472,961)* 117.40% 3,049,913,210
PRINCIPAL INTEREST RATE
- ------------- -------------
SHORT SALES
TBA SALE COMMITMENTS: (3.32%)
$ (8,800,000) FNMA%% 5.50 TBA (9,398,127)
(50,700,000) FNMA%% 5.50 TBA (54,280,688)
(21,200,000) FNMA%% 5.50 TBA (22,544,886)
TOTAL TBA SALE COMMITMENTS (PROCEEDS RECEIVED $(85,491,594)) (86,223,701)
--------------
OTHER ASSETS AND LIABILITIES, NET (14.08) (365,740,409)
------ ==============
TOTAL NET ASSETS 100.00% $2,597,949,100
------ ==============
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--November 30, 2009 (Unaudited)
TOTAL RETURN BOND PORTFOLIO
- ----------
<< All or a portion of this security is on loan.
%% Securities issued on a when-issued (TBA) basis.
++ 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.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
(s) Rate shown is the 1-day annualized yield at period end.
(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
$177,605,055.
(u) Rate shown is the 7-day annualized yield at period end.
* Cost for federal income tax purposes is $2,964,679,077 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 99,331,637
Gross unrealized depreciation (14,097,504)
------------
Net unrealized appreciation $ 85,234,133
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolio 117
Statements of Assets and Liabilities--November 30, 2009 (Unaudited)
Inflation- Managed Total
Protected Fixed Stable Return
Bond Income Income Bond
Portfolio Portfolio Portfolio Portfolio
------------ ------------ ------------ --------------
ASSETS
Investments
In securities, at value (including securities
on loan) ........................................ $148,307,152 $415,782,445 $280,648,764 $2,684,834,426
Collateral received for securities loaned .......... 6,264,192 3,845,969 2,802,259 187,473,729
In affiliates ...................................... 0 19,480,123 17,814,871 177,605,055
------------ ------------ ------------ --------------
Total investments at value (see cost below) ........... 154,571,344 439,108,537 301,265,894 3,049,913,210
------------ ------------ ------------ --------------
Segregated cash ....................................... 0 0 0 100,000
Cash .................................................. 443,868 231,638 0 0
Variance margin receivable on futures contracts ....... 0 10,500 0 0
Receivable for investment sold ........................ 0 0 11,807,172 273,852,842
Receivable for interest ............................... 967,348 5,257,237 1,982,539 38,618,854
Prepaid expenses and other assets ..................... 25,970 49,916 0 4,570
Unrealized gain for swaps ............................. 0 0 0 212,058
------------ ------------ ------------ --------------
Total Assets ............................................. 156,008,530 444,657,828 315,055,605 3,362,701,534
------------ ------------ ------------ --------------
LIABILITIES
Securities sold short, at value ....................... 0 0 0 86,223,701
Due to custodian ...................................... 0 0 0 4,284,724
Payable for investment purchased ...................... 0 0 0 486,196,534
Unrealized loss on credit default swap transactions ... 0 0 0 144,395
Payable upon receipt of securities loaned ............. 6,121,863 3,776,672 2,735,883 186,581,365
Payable to investment advisor and affiliates .......... 50,560 133,298 100,541 709,332
Accrued Expenses and other liabilities ................ 32,743 18,175 63,042 612,383
------------ ------------ ------------ --------------
Total liabilties ......................................... 6,205,166 3,928,145 2,899,466 764,752,434
------------ ------------ ------------ --------------
TOTAL NET ASSETS ......................................... $149,803,364 $440,729,683 $312,156,139 $2,597,949,100
============ ============ ============ ==============
Investment at cost ....................................... $146,179,284 $461,865,907 $330,905,416 $2,953,238,368
------------ ------------ ------------ --------------
Securities on loan, at value ............................. $ 4,841,526 $ 3,160,229 $ 2,059,293 $ 176,355,024
============ ============ ============ ==============
Proceeds received on TBA sale commitments short sales .... $ 0 $ 0 $ 0 $ 85,491,594
============ ============ ============ ==============
Net unrealized appreciation of futures ................... $ 0 $ 278,026 $ 0 $ 0
============ ============ ============ ==============
The accompanying notes are an integral part of these financial statements.
118 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended November 30, 2009 (Unaudited)
Inflation- Managed Total
Protected Fixed Stable Return
Bond Income Income Bond
Portfolio Portfolio Portfolio Portfolio
----------- ----------- ------------ ------------
INVESTMENT INCOME
Interest .................................................. $ 3,650,244 $11,196,500 $ 4,309,830 $ 55,114,823
Income from affiliated securities ......................... 2,221 59,173 73,541 192,316
Securities lending income ................................. 25,750 28,379 1,686 381,055
----------- ----------- ------------ ------------
Total investment income ...................................... 3,678,215 11,284,052 4,385,057 55,688,194
----------- ----------- ------------ ------------
EXPENSES
Advisory fees ............................................. 303,150 992,031 735,266 4,152,967
Custody fees .............................................. 14,073 46,358 34,380 205,739
Professional fees ......................................... 17,430 22,785 20,472 21,093
Shareholder reports ....................................... 449 884 766 972
Trustees' fees ............................................ 5,289 5,289 5,289 5,289
Other fees and expenses ................................... 1,192 4,892 4,509 14,544
----------- ----------- ------------ ------------
Total expenses ............................................... 341,583 1,072,238 800,682 4,400,604
----------- ----------- ------------ ------------
LESS:
Waived fees ............................................... (11,176) (133,303) (75,615) (746,426)
Net expenses .............................................. 330,406 938,935 725,067 3,654,178
----------- ----------- ------------ ------------
Net investment income ........................................ 3,347,809 10,345,117 3,659,990 52,034,016
----------- ----------- ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Securities ................................................ 719,636 (471,907) (9,927,073) 47,119,901
Investments of collateral received for securities loaned .. (947,942) (1,323,247) (894,978) (6,848,645)
Futures transactions ...................................... (24,038) 437,518 0 0
----------- ----------- ------------ ------------
Net realized gain (loss) from investments .................... (252,344) (1,357,636) (10,822,051) 40,271,256
----------- ----------- ------------ ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Securities ................................................ 7,019,139 36,884,393 24,785,025 72,916,380
Collateral received for securities loaned ................. 1,299,799 1,494,558 1,059,068 9,054,701
Futures transactions ...................................... 8,300 334,081 0 0
Swap agreements ........................................... 0 0 0 3,982
Short sale transactions ................................... 0 0 0 (445,095)
----------- ----------- ------------ ------------
Net change in unrealized appreciation (depreciation) of
investments ............................................... 8,327,238 38,713,032 25,844,093 81,529,968
----------- ----------- ------------ ------------
Net realized and unrealized gain on investments .............. 8,074,894 37,355,396 15,022,042 121,801,224
----------- ----------- ------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... $11,422,703 $47,700,513 $ 18,682,032 $173,835,240
=========== =========== ============ ============
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
120 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INFLATION-PROTECTED
BOND PORTFOLIO
--------------------------------
For the
Six Months Ended For the
November 30, 2009 Year Ended
(Unaudited) May 31, 2009
----------------- ------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .......................................... $145,129,236 $167,675,358
OPERATIONS
Net investment income ......................................... 3,347,809 2,490,876
Net realized gain (loss) on investments ....................... (252,344) (1,697,743)
Net change in unrealized appreciation (depreciation) of
investments ................................................ 8,327,238 (3,460,694)
------------ ------------
Net increase (decrease) in net assets resulting from operations .. 11,422,703 (2,667,561)
------------ ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ................................................. 28,501,180 84,069,763
Withdrawals ................................................... (35,249,755) (103,948,324)
------------ ------------
Net increase (decrease) from transactions in investors' beneficial
interests ..................................................... (6,748,575) (19,878,561)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS ............................ 4,674,128 (22,546,122)
------------ ------------
ENDING NET ASSETS ................................................ $149,803,364 $145,129,236
============ ============
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 121
Statements of Changes in Net Assets
MANAGED FIXED INCOME PORTFOLIO STABLE INCOME PORTFOLIO TOTAL RETURN BOND PORTFOLIO
- --------------------------------- --------------------------------- ----------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
November 30, 2009 Year Ended November 30, 2009 Year Ended November 30, 2009 Year Ended
(Unaudited) May 31, 2009 (Unaudited) May 31, 2009 (Unaudited) May 31, 2009
- ----------------- ------------- ----------------- ------------- ----------------- --------------
$ 493,483,921 $ 774,310,509 $ 374,557,430 $ 511,549,484 $1,961,888,535 $1,816,941,206
10,345,117 29,733,980 3,659,990 16,223,725 52,034,016 83,821,020
(1,357,636) (7,235,567) (10,822,051) 22,767 40,271,256 (5,288,852)
38,713,032 (37,824,215) 25,844,093 (30,740,368) 81,529,968 28,319,322
------------- ------------- ------------- ------------- -------------- --------------
47,700,513 (15,325,802) 18,682,032 (14,493,876) 173,835,240 106,851,490
------------- ------------- ------------- ------------- -------------- --------------
106,067,287 287,118,178 32,684,825 65,645,782 612,132,515 624,285,153
(206,522,038) (552,618,964) (113,768,148) (188,143,960) (149,907,190) (586,189,314)
------------- ------------- ------------- ------------- -------------- --------------
(100,454,751) (265,500,786) (81,083,323) (122,498,178) 462,225,325 38,095,839
------------- ------------- ------------- ------------- -------------- --------------
(52,754,238) (280,826,588) (62,401,291) (136,992,054) 636,060,565 144,947,329
------------- ------------- ------------- ------------- -------------- --------------
$ 440,729,683 $ 493,483,921 $ 312,156,139 $ 374,557,430 $2,597,949,100 $1,961,888,535
============= ============= ============= ============= ============== ==============
122 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average
Net Assets (Annualized)
-----------------------------------
Net Portfolio
Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(3)
------------- -------- -------- --------- --------
INFLATION-PROTECTED BOND PORTFOLIO
June 1, 2009 to November 30, 2009 (Unaudited) .. 4.42% 0.45% 0.44% 7.35% 12%
June 1, 2008 to May 31, 2009 ................... 1.70% 0.45% 0.37% (1.33)% 53%
June 1, 2007 to May 31, 2008 ................... 5.78% 0.48% 0.40% 12.78% 40%
June 1, 2006 to May 31, 2007 ................... 4.39% 0.49% 0.34% 4.31% 37%
July 25, 2005(2) to May 31, 2006 ............... 4.29% 0.52% 0.52% (1.77)% 47%
MANAGED FIXED INCOME PORTFOLIO
June 1, 2009 to November 30, 2009 (Unaudited) .. 4.16% 0.43% 0.38% 9.76% 42%
June 1, 2008 to May 31, 2009 ................... 5.09% 0.43% 0.34% (1.72)% 132%
June 1, 2007 to May 31, 2008 ................... 5.23% 0.46% 0.30% 4.24% 32%
June 1, 2006 to May 31, 2007 ................... 5.23% 0.45% 0.27% 6.72% 30%
June 1, 2005 to May 31, 2006 ................... 5.02% 0.45% 0.19% 0.12% 25%
June 1, 2004 to May 31, 2005 ................... 4.70% 0.49% 0.35% 7.02% 53%
STABLE INCOME PORTFOLIO
June 1, 2009 to November 30, 2009 (Unaudited) .. 1.99% 0.44% 0.39% 4.94% 5%
June 1, 2008 to May 31, 2009 ................... 3.74% 0.43% 0.42% (2.73)% 7%
June 1, 2007 to May 31, 2008 ................... 4.67% 0.47% 0.33% 0.78% 22%
June 1, 2006 to May 31, 2007 ................... 4.67% 0.47% 0.37% 5.30% 21%
June 1, 2005 to May 31, 2006 ................... 4.29% 0.47% 0.44% 2.91% 23%
June 1, 2004 to May 31, 2005 ................... 2.06% 0.48% 0.36% 2.47% 43%
TOTAL RETURN BOND PORTFOLIO
June 1, 2009 to November 30, 2009 (Unaudited) .. 4.64% 0.39% 0.33% 8.12% 292%
June 1, 2008 to May 31, 2009 ................... 4.92% 0.40% 0.39% 6.58% 633%
June 1, 2007 to May 31, 2008 ................... 5.05% 0.42% 0.40% 6.72% 572%
June 1, 2006 to May 31, 2007 ................... 5.02% 0.42% 0.39% 6.76% 665%
July 25, 2005(3) to May 31, 2006 ............... 4.44% 0.43% 0.43% (0.16)% 704%
- ----------
(1.) 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.
(2.) Commencement of operations.
(3.) Portfolio turnover rates presented for periods of less than one year are
not annualized.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 123
Notes to Financial Statements
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage Inflation-Protected Bond Portfolio ("Inflation-Protected Bond
Portfolio"), Wells Fargo Advantage Managed Fixed Income Portfolio ("Managed
Fixed Income Portfolio"), Wells Fargo Advantage Stable Income Portfolio ("Stable
Income Portfolio") and Wells Fargo Advantage Total Return Bond Portfolio ("Total
Return Bond Portfolio") (each, a "Fund", collectively, the "Funds").
Interests in the Funds are sold without any sales charge in private placement
transactions to qualified investors, including open-end investment management
companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which 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. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through January 29, 2010 which represents
the date the financial statements are issued. Adjustments or additional
disclosures, if any, have been included in these financial statements.
SECURITY VALUATION
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. This service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' fair values. For some
securities, such prices are not readily available. These securities will
generally be fair valued using the methods which may include consideration of
yields or prices of securities of comparable quality, coupon rate, maturity and
type of issue; indications as to values from dealers in securities, trading
characteristics and general market conditions.
Debt securities of sufficient credit quality with original maturities of 60 days
or less, generally are valued at amortized cost which approximates market value.
The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments which are not valued using any of the methods discussed above are
valued at their fair value as determined by procedures approved by the Board of
Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements and may participate in pooled
repurchase agreement transactions with other funds advised by Wells Fargo Funds
Management, LLC. The repurchase agreements must be fully collateralized based on
values that are marked to market daily. The collateral may be held by an agent
bank under a tri-party agreement. It is the custodian's responsibility to value
collateral daily and to take action to obtain additional collateral as necessary
to maintain market value equal to or greater than the resale price. The
repurchase agreements are collateralized by instruments such as U.S. Treasury,
federal agency, or high-grade corporate obligations. There could be potential
loss to a Fund in the event that such Fund is delayed or prevented from
exercising its rights to dispose of the collateral, including the risk of a
possible decline in the value of the underlying obligations during the period in
which a Fund seeks to assert its rights.
124 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees 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. 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. A risk from securities lending is that the borrower
may not provide additional collateral when required or return the securities
when due or when called for by the Fund. 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., currently acts as the securities lending agent for the
Funds, subject to the overall supervision of the Funds' investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services as sub-agents. The securities lending agent may
make payments to borrowers and placing brokers that are not affiliated, directly
or indirectly, with the Trust, the adviser or the distributor. For the six
months ended November 30, 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 November 30, 2009, are
shown on the Statements of Assets and Liabilities.
WHEN-ISSUED TRANSACTIONS
Each Fund may purchase securities on a forward commitment or `when-issued'
basis. A Fund records a when-issued transaction on the trade date and will
segregate assets to cover its obligation by confirming the availability of
qualifying assets having a value sufficient to make payment for the securities
purchased. Securities purchased on a when-issued basis are marked-to-market
daily and the Fund begins earning interest on the settlement date. Losses may
arise due to changes in the market value of the underlying securities or if the
counterparty does not perform under the contract.
TERM LOANS
The Funds may invest in term loans. The Fund records an investment when the
borrower withdraws money and records interest as earned. These loans pay
interest at rates which are periodically reset by reference to a base lending
rate plus a spread. The Fund assumes the credit risk of the borrower. There
could be potential loss to the Fund in the event of default by the borrower.
FUTURES CONTRACTS
Certain Funds may be subject to interest rate risk in the normal course of
pursuing its investment objectives. The Funds may buy and sell futures contracts
in order to gain exposure to, or protect against changes in, security values and
interest rates. The primary risks associated with the use of futures contracts
are the imperfect correlation between changes in market values of securities
held by the Fund and the prices of futures contracts, and the possibility of an
illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset or liability and in the
Statement of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With
Wells Fargo Advantage Master Portfolios 125
Notes to Financial Statements
futures contracts, there is minimal counterparty risk to the Fund since futures
are exchange traded and the exchange's clearinghouse, as counterparty to all
exchange traded futures, guarantees the futures against default.
TBA SALE COMMITMENTS
A Fund may enter into To Be Announced ("TBA") sale commitments to hedge its
portfolio positions or to sell mortgage-backed securities it owns under delayed
delivery arrangements. Proceeds of TBA sale commitments are not received until
the contractual settlement date. During the time a TBA sale commitment is
outstanding, equivalent deliverable securities, or an offsetting TBA purchase
commitment deliverable on or before the sale commitment date, are held as
"cover" for the transaction. Unsettled TBA sale commitments are valued at the
current market value of the underlying securities, generally according to the
procedures described under "Security valuation" above. The contract is
"marked-to-market" daily and the change in market value is recorded by the fund
as an unrealized gain or loss. If the TBA sale commitment is closed through the
acquisition of an offsetting purchase commitment, the fund realizes a gain or
loss. If the fund delivers securities under the commitment, the fund realizes a
gain or a loss from the sale of the securities based upon the unit price
established at the date the commitment was entered into.
INFLATION-INDEXED BONDS AND TIPS
Certain Funds may invest in inflation-indexed bonds, including Treasury
Inflation-Protected Securities (TIPS). Inflation-indexed bonds are fixed income
securities whose principal value is periodically adjusted according to the rate
of inflation. If the index measuring inflation falls, the principal value of
inflation-indexed bonds (other than municipal inflation indexed bonds and
certain corporate inflation-indexed bonds) will be adjusted downward, and
consequently the interest payable on these securities (calculated with respect
to a smaller principal amount) will be reduced. Repayment of the original bond
principal upon maturity (as adjusted for inflation) is guaranteed in the case of
U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar
guarantee, the adjusted principal value of the bond repaid at maturity may be
less than the original principal. The value of inflation-indexed bonds is
expected to change in response to changes in real interest rates. Real interest
rates are tied to the relationship between nominal interest rates and the rate
of inflation. If nominal interest rates increase at a faster rate than
inflation, real interest rates may rise, leading to a decrease in value of
inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in
value when real interest rates rise. In certain interest rate environments, such
as when real interest rates are rising faster than nominal interest rates,
inflation-indexed bonds may experience greater losses than other fixed income
securities with similar durations.
CREDIT DEFAULT SWAPS
Certain Funds may be subject to credit risk in the normal course of pursuing its
investment objectives. The Fund may enter into credit default swap contracts for
hedging or speculative purposes to provide or receive a measure of protection
against default on a referenced entity, obligation or index or for investment
gains. Credit default swaps involve an exchange of a stream of payments for
protection against the loss in value of an underlying security or index. Under
the terms of the swap, one party acts as a guarantor (referred to as the seller
of protection) and receives a periodic stream of payments, provided that there
is no credit event, from another party (referred to as the buyer of protection)
that is a fixed percentage applied to a notional principal amount over the term
of the swap. An index credit default swap references all the names in the index,
and if a credit event is triggered, the credit event is settled based on that
name's weight in the index. A credit event includes bankruptcy, failure to pay,
obligation default, obligation acceleration, repudiation/ moratorium, and
restructuring. The Fund may enter into credit default swaps as either the seller
of protection or the buyer of protection. As the seller of protection, the Fund
is subject to investment exposure on the notional amount of the swap and has
assumed the risk of default of the underlying security or index. As the buyer of
protection, the Fund could be exposed to risks if the seller of the protection
defaults on its obligation to perform, or if there are unfavorable changes in
the fluctuation of interest rates or in the price of the underlying security or
index. The maximum potential amount of future payments (undiscounted) that the
Fund as the seller of protection could be required to make under the credit
default swap contract would be an amount equal to the notional amount of the
swap contract. The Fund's maximum risk of loss from counterparty risk, either as
the protection seller or as the protection buyer, is the fair value of the
contract. This risk is mitigated by having a master netting arrangement between
the Fund and the counterparty and by having the counterparty post collateral to
cover the Fund's exposure to the counterparty.
126 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
If the Fund is the seller of protection and a credit event occurs, as defined
under the terms of that particular swap agreement, the Fund will pay to the
buyer of protection the notional amount of the swap and take delivery of the
referenced obligation or underlying securities comprising the referenced index.
If the Fund is the buyer of protection and a credit event occurs, as defined
under the terms of that particular swap agreement, the Fund will receive from
the seller of protection the notional amount of the swap and deliver the
referenced obligation or underlying securities comprising the referenced index.
The value of the swap contract is marked-to-market daily based on quotations
from an independent pricing service or market makers and any change in value is
recorded as an unrealized gain or loss. Periodic payments made or received are
recorded as realized gains or losses. In addition, payments received or made as
a result of a credit event or termination of the contract are recognized as
realized gains or losses.
Certain credit default swap contracts entered into by the Fund provide for
conditions that result in events of default or termination that enable the
counterparty to the agreement to cause an early termination of the transactions
under those agreements. Any election by the counterparty to terminate early may
impact the amounts reported on the 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 November 30, 2009, the following Funds owned certain of these types of
structured securities in the amounts shown in the table. These securities were
originally purchased by the Funds' securities lending agent on behalf of the
Funds through a joint account with cash collateral received by the Funds
pursuant to loans of the Funds' securities. Although considered high-quality,
short-term money market instruments when originally purchased by the securities
lending agent through the joint account, the SIVs are now in payment default,
have been restructured following default or are otherwise impaired and are
valued at fair value as shown in the Portfolio of Investments.
Defaulted /Impaired
PORTFOLIO SIVs ($Value) % of Net Assets
- --------- ------------------- ---------------
INFLATION-PROTECTED BOND PORTFOLIO $1,477,067 0.99
MANAGED FIXED INCOME PORTFOLIO 719,150 0.16
STABLE INCOME PORTFOLIO 688,836 0.22
TOTAL RETURN BOND PORTFOLIO 9,260,816 0.36
In a securities lending transaction, 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. Thus, the current net asset value of each Fund reflects the current
valuations assigned to the defaulted or impaired SIVs that were purchased on its
behalf through the investment of cash collateral. Declines in the values of
defaulted or impaired SIVs generate unrealized losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities, equal to the
difference between (i) the value of the investments purchased with cash
collateral received for securities loaned and (ii) the amount that would be
payable if the Fund were to recall the loans at period end.
The amount of securities lending activity undertaken by a Fund fluctuates from
time to time. After the occurrence of a default or impairment of a SIV purchased
in a joint account by the securities lending agent, as the various participating
Funds'lending activity fluctuated, their ratable interest in the joint account,
including their ratable exposure to the defaulted
Wells Fargo Advantage Master Portfolios 127
Notes to Financial Statements
or impaired SIVs would fluctuate depending on the relative activity of each
participating Fund. In order to eliminate the fluctuation of the various
Funds'ratable exposure to the defaulted or impaired SIVs, the adviser to the
Funds recommended to the Board of Trustees, and the Board of Trustees approved,
actions designed to fix the allocation of percentage ownership in defaulted or
impaired SIVs among all funds participating in securities lending ("side
pocketing") based on each Fund's percentage ownership of the total cash
collateral investment joint account as of the date the fixed allocation is
implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which
fixed each Fund's ownership of defaulted or impaired SIVs in the joint account
based on each such Fund's percentage ownership of the joint account as of such
date.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
FEDERAL AND OTHER 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.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements in investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- - 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 inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of November 30, 2009 in valuing
the Funds' investments in securities:
Significant
Significant Other Unobservable
Quoted Price Observable Inputs Inputs Total Fair Value
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) as of 11/30/2009
- ------------------------- ---------------- ----------------- -------------- ----------------
INFLATION-PROTECTED BOND PORTFOLIO
Corporate debt securities $ 0 $ 2,592,636 $ 1,477,067 $ 4,069,703
Debt securities issued by states in
the U.S. and its political
subdivisions 0 593,103 0 593,103
Debt securities issued by U.S.
Treasury and
U.S. government agencies 148,307,152 0 0 148,307,152
Short-term investments 891,784 709,602 0 1,601,386
$149,198,936 $ 3,895,341 $ 1,477,067 $ 154,571,344
128 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Significant
Significant Other Unobservable
Quoted Price Observable Inputs Inputs Total Fair Value
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) as of 11/30/2009
- ------------------------- ---------------- ----------------- -------------- ----------------
MANAGED FIXED INCOME PORTFOLIO
Asset-backed securities $ 0 $ 30,978,790 $ 4,163,710 $ 35,142,500
Collateralized mortgage obligations 0 84,004,953 5,322,167 89,327,120
Corporate debt securities 0 143,388,337 719,150 144,107,487
Debt securities issued by foreign
governments 0 3,326,916 0 3,326,916
Debt securities issued by states in the
U.S. and its political subdivisions 0 52,308,515 3,915,821 56,224,336
Debt securities issued by U.S. Treasury
and U.S. government agencies 23,787,208 48,839,267 17,827,598 90,454,073
Short-term investments 20,062,611 463,494 0 20,526,105
$ 43,849,819 $ 363,310,272 $ 31,948,446 $ 439,108,537
STABLE INCOME PORTFOLIO
Asset backed securities $ 0 $ 52,427,652 $ 11,688,775 $ 64,116,427
Collateralized mortgage obligations 0 78,122,862 1,979,699 80,102,561
Corporate debt securities 0 41,975,388 688,836 42,664,224
Debt securities issued by foreign
governments 0 3,341,010 0 3,341,010
Debt securities issued by states in the
U.S. and its political subdivisions 0 15,452,530 0 15,452,530
Debt securities issued by U.S. Treasury
and U.S. government agencies 0 77,064,293 0 77,064,293
Short-term investments 18,211,574 313,275 0 18,524,849
$ 18,211,574 $ 268,697,010 $ 14,357,310 $ 301,265,894
TOTAL RETURN BOND PORTFOLIO
Asset backed securities $ 0 $ 182,532,596 $ 2,105,023 $ 184,637,619
Collateralized mortgage obligations 0 581,598,294 14,470,857 596,069,151
Corporate debt securities 0 660,354,074 9,260,816 669,614,890
Debt securities issued by foreign
governments 0 111,409,072 0 111,409,072
Debt securities issued by states in the
U.S. and its political subdivisions 0 31,968,463 0 31,968,463
Debt securities issued by U.S. Treasury
and U.S. government agencies 309,107,357 902,910,169 6,975,841 1,218,993,367
Short-term investments 210,803,919 26,416,729 0 237,220,648
$519,911,276 $2,497,189,397 $ 32,812,537 $3,049,913,210
Further details on the major security types listed above for each fund can be
found in the Portfolio of Investments. The following is a summary of the inputs
used as of November 30, 2009 in valuing the Funds' investments in securities:
Total
Unrealized
Appreciation/
(Level 1) (Level 2) (Level 3) (Depreciation)
--------- --------- --------- --------------
INFLATION-PROTECTED BOND PORTFOLIO $ 0 $ 0 $0 $ 0
MANAGED FIXED INCOME PORTFOLIO 278,026 0 0 278,026
STABLE INCOME PORTFOLIO 0 0 0 0
TOTAL RETURN BOND PORTFOLIO 0 (664,444) 0 (664,444)
* Other financial instrument includes futures, sale commitments & credit
default swaps.
Wells Fargo Advantage Master Portfolios 129
Notes to Financial Statements
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Inflation- Managed
Protected Fixed Stable Total
Bond Income Income Return Bond
Portfolio Portfolio Portfolio Portfolio
---------- ----------- ----------- -----------
ASSET-BACKED SECURITIES
Balance as of 05/31/2009 $ 0 $ 4,045,090 $16,236,619 $ 0
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) 0 0 0 0
Change in unrealized appreciation
(depreciation) 0 118,620 (4,547,844) 0
Net purchases (sales) 0 0 0 2,105,023
Net transfer in (out) of Level 3 0 0 0 0
Balance as of 11/30/2009 $ 0 $ 4,163,710 $11,688,775 $ 2,105,023
COLLATERALIZED MORTGAGE OBLIGATIONS
Balance as of 05/31/2009 $ 0 $ 687,039 $ 658,055 $ 3,327,710
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) 0 0 0 0
Change in unrealized appreciation
(depreciation) 0 (348,846) 6,156 448,680
Net purchases (sales) 0 0 0 10,694,467
Net transfer in (out) of Level 3 0 4,983,974 1,315,488 0
Balance as of 11/30/2009 $ 0 $ 5,322,167 $ 1,979,699 $14,470,857
CORPORATE DEBT SECURITIES:
Balance as of 05/31/2009 $1,296,489 $ 2,734,268 $604,622 $ 8,128,651
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) (947,942) (1,323,247) (894,978) (6,848,645)
Change in unrealized appreciation
(depreciation) 1,299,799 1,494,558 1,059,068 9,054,701
Net purchases (sales) (171,279) (83,392) (79,876) (1,073,891)
Net transfer in (out) of Level 3 0 (2,103,037) 0 0
Balance as of 11/30/2009 $1,477,067 $ 719,150 $ 688,836 $ 9,260,816
DEBT SECURITIES ISSUED BY STATES IN THE
U.S. AND ITS POLITICAL SUBDIVISIONS
Balance as of 05/31/2009 $ 0 $ 6,200,925 $ 1,924,153 $ 0
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) 0 0 0 0
Change in unrealized appreciation
(depreciation) 0 (2,285,104) 0 0
Net purchases (sales) 0 0 0 0
Net transfer in (out) of Level 3 0 0 (1,924,153) 0
Balance as of 11/30/2009 $ 0 $ 3,915,821 $ 0 $ 0
Inflation- Managed
Protected Fixed Stable Total
Bond Income Income Return Bond
Portfolio Portfolio Portfolio Portfolio
---------- ----------- ----------- -----------
DEBT SECURITIES ISSUED BY U.S. TREASURY
AND U.S. GOVERNMENT AGENCIES
Balance as of 05/31/2009 $ 0 $ 3,087,300 $ 0 $12,824,684
Accrued discounts (premiums) 0 0 0 0
Realized gain (loss) 0 0 0 0
Change in unrealized appreciation
(depreciation) 0 0 0 0
130 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Inflation- Managed
Protected Fixed Stable Total
Bond Income Income Return Bond
Portfolio Portfolio Portfolio Portfolio
---------- ----------- ----------- -----------
Net purchases (sales) 0 14,740,298 0 0
Net transfer in (out) of Level 3 0 0 0 (5,848,843)
Balance as of 11/30/2009 $ 0 $17,827,598 $ 0 $ 6,975,841
BALANCE AS OF 11/30/2009 $1,477,067 $31,948,446 $14,357,310 $32,812,537
Change in unrealized appreciation
(depreciation) relating to
securities held at the end of
reporting period Asset backed
securities $ 0 $ 118,620 $(4,547,844) $ 0
Collateralized mortgage obligations 0 (348,846) 6,156 448,680
Corporate debt securitites 61,482 29,934 28,673 385,478
Debt securities issued by states in the
U.S. and its political subdivisions 0 (2,285,104) 0 0
Debt securities issued by U.S. Treasury
and U.S. government agencies 0 0 0 0
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is entitled to receive an advisory
fee for its services as adviser at the following annual rates for each Fund:
Advisory Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
- ------------------ -----------------
First $500 million 0.400
Next $500 million 0.375
Next $2 billion 0.350
Next $2 billion 0.325
Over $5 billion 0.300
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by a
Fund to the adviser.
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
Inflation-Protected Bond Portfolio and Total Return Bond Portfolio.
Galliard Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
Managed Fixed Income Portfolio and Stable Income Portfolio.
Funds Management has contractually waived advisory fees during the six months
ended November 30, 2009 to the extent necessary to maintain certain net
operating expense ratios for the Funds. Expenses were waived by Funds Management
proportionately from all classes, first from advisory fees, and then from any
class specific expenses, if applicable.
CUSTODY AND FUND ACCOUNTING FEES
The Funds have entered into a contract with State Street Bank and Trust Company
("State Street"), whereby State Street is responsible for providing custody
services and fund accounting services to the Funds (the "Custody and Fund
Accounting Agreement.") Pursuant to the Custody and Fund Accounting Agreement,
State Street is entitled to an annual asset-based
Wells Fargo Advantage Master Portfolios 131
Notes to Financial Statements
fee for domestic and global custody services for the Funds. Also pursuant to the
Custody and Fund Accounting Agreement, State Street is entitled to receive
annual asset-based fees for providing fund accounting services to the Funds.
Prior to November 14, 2009, WFB was responsible for providing custody services
to the Funds and was entitled to a monthly fee for custody services at an annual
rate of 0.02% of the average daily net assets of each Fund. PNC Global
Investment Servicing ("PNC") served as fund accountant for the Trust prior to
November 14, 2009 and received an annual asset-based fee and an annual fixed fee
from each Fund. PNC was also reimbursed for all out-of-pocket expenses
reasonably incurred in providing these services.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the six
months period ended November 30, 2009, were as follows:
Purchases
at Cost Sales Proceeds
-------------- --------------
INFLATION-PROTECTED BOND PORTFOLIO $ 18,614,134 $ 22,804,366
MANAGED FIXED INCOME PORTFOLIO 180,256,308 262,074,417
STABLE INCOME PORTFOLIO 16,760,979 33,939,208
TOTAL RETURN BOND PORTFOLIO 7,311,273,927 6,684,510,657
6. DERIVATIVE TRANSACTIONS
During the six months ended November 30, 2009, the Fund entered into futures
contracts for hedging and speculative purposes.
At November 30, 2009, the following Funds had long futures contracts outstanding
as follows:
Net
Initial Value at Unrealized
Contract November 30, Appreciation/
Expiration Contracts Type Value 2009 (Depreciation)
---------- --------- ---------------- ----------- ------------ --------------
MANAGED FIXED INCOME
PORTFOLIO Mar 2010 112 US Treasury Bond $13,466,474 $13,744,500 $278,026
Managed Fixed Income Portfolio had an average contract amount of $18,350,947 in
futures contracts during the six months ended November 30, 2009.
Total Return Bond Portfolio enters into credit default swap contracts as a
substitute for taking a position in the underlying security or basket of
securities or to potentially enhance the Fund's total return. At November 30,
2009, Total Return Bond Portfolio had the following credit default swap
contracts outstanding:
Credit default swaps on debt obligations - Buy protection
Rating of Fixed Frequency Upfront
Reference Payments of Premium
Debt Notional Made by Payments Market Paid/ Unrealized
Expiration Counterparty Reference Debt Obligation Obligation* Amount the Fund Made Value (Received) Gain/(Loss)
- ---------- ---------------- -------------------------- ----------- ---------- -------- --------- ---------- ---------- -----------
3/20/2014 JPMorgan Chase Century Tel, Incorporated,
6.00%, 04/01/2017** Baa3 $5,000,000 1.13% Quarterly $4,948,671 $ 0 $(51,329)
3/20/2014 Bank of America McDonald's Corporation,
4.125%, 06/01/2013** A3 2,500,000 0.60% Quarterly 2,481,436 0 (18,564)
3/20/2014 Barclays Capital Yum! Brands Incorporated,
6.25%, 03/15/2018** Baa3 2,500,000 1.08% Quarterly 2,471,472 0 (28,528)
9/20/2014 Barclays Capital Century Tel, Incorporated,
6.25%, 04/01/2017** Baa3 5,000,000 1.00% Quarterly 5,024,860 7,958 16,902
12/20/2014 JPMorgan Chase Weatherford International,
4.95%, 10/15/2013 Baa1 5,000,000 1.00% Quarterly 5,049,000 48,999 1
132 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements
Credit default swaps on debt obligations - Sell protection
Fixed
Rating of Payments Frequency Upfront
Reference Received of Premium
Debt Notional by Payments Market Paid/ Unrealized
Expiration Counterparty Reference Debt Obligation Obligation Amount the Fund Received Value (Received) Gain/(Loss)
- ---------- ---------------- ------------------------- ---------- ---------- -------- --------- ---------- ---------- -----------
3/20/2014 Bank of America Verizon Corporation,
7.375%, 11/15/2013** A2 $5,000,000 1.25% Quarterly $5,113,738 $ 0 $113,738
3/20/2014 Barclays Capital Wal-Mart Stores
Incorporated,
5.875%, 04/05/2027** Aa2 5,000,000 0.98% Quarterly 5,081,417 0 81,417
9/20/2014 Barclays Capital Embarq Corporation,
7.082%, 06/01/2016** Baa3 5,000,000 1.00% Quarterly 4,962,708 8,679 (45,971)
12/20/2014 Barclays Capital Kinder Morgan
Energy Partners,
5.00%, 12/15/2013 Baa2 5,000,000 1.00% Quarterly 4,889,509 (110,488) (3)
* Reflects the ratings of a nationally recognized ratings agency at period
end. A rating of D would most likely indicate a trigger event of default
has occurred although circumstances including bankruptcy, failure to pay,
obligation default, obligation acceleration, repudiation/moratorium and
restructuring may also cause a credit event to take place.
** The Fund entered into the swap contract to gain and hedge credit exposures.
The total notional amount of credit default swaps in the tables above is
representative of the average volume of derivative activity during the six
months ended November 30, 2009.
7. INDEMNIFICATION
Under the Trust's organizational documents, the 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.
ITEM 2. CODE OF ETHICS
=======================
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
=========================================
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
===============================================
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
===============================
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
===============================================================
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
=============================================================================
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT
INVESTMENT COMPANY AND AFFILIATED PURCHASES
===================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================
The Governance Committee (the "Committee") of the Board of Trustees of the
registrant (the "Trust") has adopted procedures by which a shareholder of any
series of the Trust may submit properly a nominee recommendation for the
Committee's consideration.
The shareholder must submit any such recommendation (a "Shareholder
Recommendation") in writing to the Trust, to the attention of the Trust's
Secretary, at the address of the principal executive offices of the Trust.
The Shareholder Recommendation must be delivered to, or mailed and received at,
the principal executive offices of the Trust not less than forty-five (45)
calendar days nor more than seventy-five (75) calendar days prior to the date of
the Committee meeting at which the nominee would be considered.
The Shareholder Recommendation must include: (i) a statement in writing setting
forth (A) the name, age, date of birth, business address, residence address and
nationality of the person recommended by the shareholder (the "candidate"); (B)
the series (and, if applicable, class) and number of all shares of the Trust
owned of record or beneficially by the candidate, as reported to such
shareholder by the candidate; (C) any other information regarding the candidate
called for with respect to director nominees by paragraphs (a), (d), (e) and (f)
of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the
Securities and Exchange Commission or any successor agency applicable to the
Trust); (D) any other information regarding the candidate that would be required
to be disclosed if the candidate were a nominee in a proxy statement or other
filing required to be made in connection with solicitation of proxies for
election of directors pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder; and (E) whether the recommending
shareholder believes that the candidate is or will be an "interested person" of
the Trust (as defined in the Investment Company Act of 1940, as amended) and, if
not an "interested person," information regarding the candidate that will be
sufficient for the Trust to make such determination; (ii) the written and signed
consent of the candidate to be named as a nominee and to serve as a Trustee if
elected; (iii) the recommending shareholder's name as it appears on the Trust's
books; (iv) the series (and, if applicable, class) and number of all shares of
the Trust owned beneficially and of record by the recommending shareholder; and
(v) a description of all arrangements or understandings between the recommending
shareholder and the candidate and any other person or persons (including their
names) pursuant to which the recommendation is being made by the recommending
shareholder. In addition, the Committee may require the
candidate to interview in person and furnish such other information as it may
reasonably require or deem necessary to determine the eligibility of such
candidate to serve as a Trustee of the Trust.
ITEM 11. CONTROLS AND PROCEDURES
=================================
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Master Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: January 28, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
date indicated.
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: January 28, 2010
By: /s/ Kasey L. Phillips
Kasey L. Phillips
Treasurer
Date: January 28, 2010