UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09689
Wells Fargo Master Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2009
Date of reporting period: March 31, 2009
ITEM 1. REPORT TO SHAREHOLDERS
===============================
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.17%
APPAREL & ACCESSORY STORES: 1.68%
124,635 VF CORPORATION $ 9,989,495
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65%
13,500 NVR INCORPORATED+ 9,807,750
---------------
BUSINESS SERVICES: 7.78%
307,700 AVERY DENNISON CORPORATION 11,203,357
185,510 FISERV INCORPORATED+~~ 9,416,488
109,700 MANPOWER INCORPORATED 6,266,064
497,400 OMNICOM GROUP INCORPORATED 19,304,094
46,190,003
---------------
CHEMICALS & ALLIED PRODUCTS: 2.52%
313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545
---------------
CONGLOMERATES: 1.97%
644,300 GENERAL ELECTRIC COMPANY 11,726,260
---------------
COSMETICS, PERSONAL CARE: 1.48%
258,900 AVON PRODUCTS INCORPORATED 8,768,943
---------------
DEPOSITORY INSTITUTIONS: 7.55%
713,700 BANK OF AMERICA CORPORATION 12,739,545
266,400 JPMORGAN CHASE & COMPANY 11,921,400
446,700 STATE STREET CORPORATION 20,164,038
44,824,983
---------------
EATING & DRINKING PLACES: 4.48%
291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410
204,200 MCDONALD'S CORPORATION 13,624,224
26,607,634
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.96%
400,500 REPUBLIC SERVICES INCORPORATED 11,622,510
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34%
1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056
464,300 MOLEX INCORPORATED CLASS A 8,194,895
393,100 TYCO ELECTRONICS LIMITED 10,802,388
31,744,339
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00%
251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832
---------------
FOOD & KINDRED PRODUCTS: 2.20%
194,100 DIAGEO PLC ADR 13,092,045
---------------
GENERAL MERCHANDISE STORES: 2.32%
251,500 KOHL'S CORPORATION+ 13,777,169
---------------
HEALTH SERVICES: 1.35%
223,100 CARDINAL HEALTH INCORPORATED 8,038,293
---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.91%
140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800
---------------
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
HOUSEHOLD PRODUCTS, WARE: 4.42%
223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610
155,100 HENKEL AG & COMPANY KGAA ADR~~ 7,181,130
26,236,740
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31%
261,600 DIEBOLD INCORPORATED 8,308,416
328,500 DOVER CORPORATION 15,357,375
176,700 EATON CORPORATION 13,388,559
179,600 LAM RESEARCH CORPORATION+ 6,702,672
471,800 PITNEY BOWES INCORPORATED 11,535,510
55,292,532
---------------
INSURANCE CARRIERS: 6.05%
253,900 ALLSTATE CORPORATION 8,203,509
150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000
172,600 CHUBB CORPORATION 8,949,310
450,300 WILLIS GROUP HOLDINGS 14,089,887
35,931,706
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92%
66,500 BECTON DICKINSON & COMPANY 5,235,545
309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584
23,282,129
---------------
MEDICAL PRODUCTS: 1.27%
129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27%
197,000 TYCO INTERNATIONAL LIMITED 7,535,250
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01%
185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39%
487,900 AMERICAN EXPRESS COMPANY 20,130,754
---------------
PERSONAL SERVICES: 0.99%
208,400 CINTAS CORPORATION 5,853,956
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.21%
140,400 CHEVRON CORPORATION 10,646,532
302,700 EXXON MOBIL CORPORATION 20,274,846
30,921,378
---------------
PHARMACEUTICALS: 2.91%
265,000 JOHNSON & JOHNSON 17,278,000
---------------
SOFTWARE: 1.97%
399,750 MICROSOFT CORPORATION 11,700,683
---------------
TELECOMMUNICATIONS: 2.56%
652,900 VODAFONE GROUP PLC ADR 15,206,041
---------------
TRAVEL & RECREATION: 2.64%
403,000 CARNIVAL CORPORATION 15,668,640
---------------
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 2.06%
194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024
---------------
TOTAL COMMON STOCKS (COST $ 559,014,031) 571,210,731
---------------
DIVIDEND YIELD
PREFERRED STOCKS: 1.96%
217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250
TOTAL PREFERRED STOCKS (COST $ 9,772,032) 11,636,250
---------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.26%
COLLATERAL INVESTED IN OTHER ASSETS: 1.26%
$ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $ 267,136) 0.01 04/01/2010 267,136
79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993
109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990
2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 2,203,843) 0.02 04/01/2010 2,203,842
52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945
159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986
200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 200,342) 0.03 04/01/2010 200,342
307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 307,572) 0.01 04/01/2010 307,572
1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544
32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997
99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991
39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996
1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 1,335,660) 0.01 04/01/2010 1,335,660
59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995
39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996
116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890
179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984
59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996
2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $ 7,091,887) 7,473,591
---------------
SHARES YIELD
SHORT-TERM INVESTMENTS: 2.81%
MUTUAL FUNDS: 2.81%
16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $ 16,713,155) 16,713,155
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $592,591,105)* 102.20% 607,033,727
OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537)
------ ---------------
TOTAL NET ASSETS 100.00% $ 593,951,190
------ ---------------
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
- ------------------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $606,283,098 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 64,898,079
Gross unrealized depreciation (64,147,450)
--------------
Net unrealized appreciation $ 750,629
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.35%
APPAREL & ACCESSORY STORES: 4.18%
57,600 GAP INCORPORATED $1,331,135
62,300 LIMITED BRANDS INCORPORATED 1,533,826
2,864,961
----------
AUTO & TRUCKS: 2.53%
138,100 FORD MOTOR COMPANY+ 1,735,917
----------
BIOPHARMACEUTICALS: 1.46%
22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426
----------
BIOTECHNOLOGY: 1.64%
18,875 AMGEN INCORPORATED+ 1,127,970
----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98%
41,995 HOME DEPOT INCORPORATED 1,358,538
----------
BUSINESS SERVICES: 2.12%
61,905 CA INCORPORATED 1,452,910
----------
CHEMICALS: 2.09%
30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752
----------
COMMERCIAL SERVICES: 1.40%
54,100 SAIC INCORPORATED+ 957,570
----------
COMPUTER TECHNOLOGIES: 6.15%
5,410 APPLE INCORPORATED+ 1,270,971
28,770 HEWLETT-PACKARD COMPANY 1,529,126
11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728
4,219,825
----------
DATA SERVICES: 1.75%
36,800 NETAPP INCORPORATED+ 1,198,208
----------
E-COMMERCE/SERVICES: 2.16%
5,800 PRICELINE.COM INCORPORATED+ 1,479,000
----------
EATING & DRINKING PLACES: 2.04%
20,985 MCDONALD'S CORPORATION 1,400,119
----------
EDUCATIONAL SERVICES: 1.63%
9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301
----------
ELECTRIC, GAS & SANITARY SERVICES: 3.30%
109,475 EL PASO CORPORATION 1,186,709
25,415 PG&E CORPORATION 1,078,104
2,264,813
----------
ELECTRONIC: 2.01%
71,100 GENTEX CORPORATION 1,380,762
----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27%
27,000 HARRIS CORPORATION 1,282,230
73,000 JABIL CIRCUIT INCORPORATED 1,181,870
27,400 TECH DATA CORPORATION+ 1,148,060
3,612,160
----------
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72%
24,900 ILLINOIS TOOL WORKS INCORPORATED $1,179,264
----------
FOOD & KINDRED PRODUCTS: 3.96%
23,235 THE COCA-COLA COMPANY 1,277,925
74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335
2,712,260
----------
GENERAL MERCHANDISE STORES: 1.98%
24,435 WAL-MART STORES INCORPORATED 1,358,586
----------
HEALTH SERVICES: 4.60%
16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234
34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231
3,153,465
----------
HOUSEHOLD PRODUCTS, WARE: 3.95%
20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946
15,310 COLGATE-PALMOLIVE COMPANY 1,305,331
2,710,277
----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
16,555 3M COMPANY 1,383,501
18,800 EATON CORPORATION 1,424,476
33,200 WESTERN DIGITAL CORPORATION+ 1,294,468
4,102,445
----------
INFORMATION & BUSINESS SERVICES: 1.83%
2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092
----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91%
23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188
----------
METAL MINING: 2.16%
17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329
----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26%
16,600 FEDEX CORPORATION 1,550,440
----------
NETWORKING: 2.19%
57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760
----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04%
33,700 AMERICAN EXPRESS COMPANY 1,390,462
32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107
5,505 MASTERCARD INCORPORATED~~ 1,398,270
4,142,839
----------
OIL & GAS EXTRACTION: 2.52%
33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841
----------
PAPER & ALLIED PRODUCTS: 1.38%
37,545 PACTIV CORPORATION+ 945,383
----------
PHARMACEUTICALS: 4.03%
24,405 ABBOTT LABORATORIES 1,285,655
55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510
2,762,165
----------
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34%
46,400 SANDISK CORPORATION+ $ 1,606,832
-----------
SOFTWARE: 5.93%
37,545 BMC SOFTWARE INCORPORATED+ 1,426,710
41,500 MICROSOFT CORPORATION 1,214,705
48,605 RED HAT INCORPORATED+ 1,422,668
4,064,083
-----------
TOBACCO PRODUCTS: 1.86%
24,445 PHILIP MORRIS INTERNATIONAL 1,275,051
-----------
TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532
-----------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.55%
COLLATERAL INVESTED IN OTHER ASSETS: 1.55%
$ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $29,300) 0.01% 04/01/2010 29,300
8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774
12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064
241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725
5,807 COLORADO HOUSING & Finance Authority+/-ss 0.25 10/01/2038 5,807
17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548
21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974
33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736
431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210
3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619
10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967
4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387
146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $146,500) 0.01 04/01/2010 146,500
6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580
4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387
12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821
19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741
6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580
550,042 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744
---------
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.47%
MUTUAL FUNDS: 1.47%
1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460
-----------
TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460
-----------
TOTAL INVESTMENTS IN SECURITIES (COST $57,528,737)* 101.37% 69,517,736
OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751)
------ -----------
TOTAL NET ASSETS 100.00% $68,576,985
------ -----------
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $58,728,476 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,303,557
Gross unrealized depreciation (1,514,297)
------------
Net unrealized appreciation $ 10,789,260
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.29%
ANTHRACITE MINING: 0.32%
5,870 LOGMEIN INCORPORATED+ $ 121,450
----------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS: 0.75%
6,000 WARNACO GROUP INCORPORATED+ 286,260
----------
BIOPHARMACEUTICALS: 4.61%
10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360
8,600 AFFYMAX INCORPORATED+ 201,498
14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676
10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120
1,300 UNITED THERAPEUTICS CORPORATION+ 71,929
1,767,583
----------
BUSINESS SERVICES: 11.71%
53,030 ARIBA INCORPORATED+ 681,436
19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936
15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964
2,000 COSTAR GROUP INCORPORATED+ 83,040
18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841
39,620 GSE SYSTEMS INCORPORATED+ 214,344
5,030 MEDASSETS INCORPORATED+ 105,630
5,310 MERCADOLIBRE INCORPORATED+ 255,995
47,500 PERFICIENT INCORPORATED+ 535,325
42,140 SKILLSOFT PLC ADR+ 434,885
41,410 SUCCESSFACTORS INCORPORATED+ 788,446
4,494,842
----------
CASINO & GAMING: 3.18%
6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645
22,960 WMS INDUSTRIES INCORPORATED+ 962,942
1,221,587
----------
COMMERCIAL SERVICES: 0.28%
3,600 WRIGHT EXPRESS CORPORATION+ 108,432
----------
COMMUNICATIONS: 8.01%
40,500 ARUBA NETWORKS INCORPORATED+ 553,230
36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165
10,320 DG FASTCHANNEL INCORPORATED+ 329,724
52,400 LOOPNET INCORPORATED+ 588,976
27,900 SOURCEFIRE INCORPORATED+ 640,305
3,072,400
----------
COMPUTER DATA SECURITY: 0.37%
8,000 FORTINET INCORPORATED+ 140,640
----------
COMPUTER TECHNOLOGIES: 1.53%
76,700 LIVEPERSON INCORPORATED+ 588,289
----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15%
2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881
----------
E-COMMERCE/SERVICES: 1.77%
20,420 GSI COMMERCE INCORPORATED+ 565,021
3,000 OPENTABLE INCORPORATED+ 114,390
679,411
----------
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
EDUCATIONAL SERVICES: 1.40%
3,420 AMERICAN PUBLIC EDUCATION INCORPORATED+ $ 159,372
4,070 CAPELLA EDUCATION COMPANY+ 377,859
537,231
----------
ELECTRICAL PRODUCTS: 1.75%
31,090 HARBIN ELECTRIC INCORPORATED+ 671,233
----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT: 11.10%
22,190 BALDOR ELECTRIC COMPANY 829,906
9,300 CEVA INCORPORATED+ 108,438
103,300 ENTROPIC COMMUNICATIONS INCORPORATED+ 524,764
1,050 MAXLINEAR INCORPORATED+ 18,638
52,600 MONOLITHIC POWER SYSTEMS+ 1,172,980
16,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 491,481
9,800 OSI SYSTEMS INCORPORATED+ 274,890
10,170 POLYPORE INTERNATIONAL INCORPORATED+ 177,568
5,700 REGAL-BELOIT CORPORATION 338,637
8,300 SOLERA HOLDINGS INCORPORATED 320,795
4,258,097
----------
ENERGY: 0.41%
5,300 ENERNOC INCORPORATED+ 157,304
----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES: 0.48%
7,500 ICF INTERNATIONAL INCORPORATED+ 186,300
----------
ENVIRONMENTAL CONTROL: 0.38%
22,100 SHARPS COMPLIANCE CORPORATION+ 144,534
----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT: 0.45%
36,000 MUELLER WATER PRODUCTS INCORPORATED 172,080
----------
HEALTH SERVICES: 1.45%
15,850 IPC THE HOSPITALIST COMPANY+ 556,494
----------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS: 1.23%
26,120 ORION MARINE GROUP INCORPORATED+ 471,466
----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.21%
18,400 HHGREGG INCORPORATED+ 464,416
----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT: 6.44%
52,340 ALTRA HOLDINGS INCORPORATED+ 718,628
31,100 ARCSIGHT INCORPORATED+ 875,465
44,010 ENTEGRIS INCORPORATED+ 221,810
6,500 MERU NETWORKS INCORPORATED+ 124,605
8,160 RIVERBED TECHNOLOGY INCORPORATED+ 231,744
17,400 SUPER MICRO COMPUTER INCORPORATED+ 300,672
2,472,924
----------
INSURANCE CARRIERS: 0.05%
1,300 PRIMERICA INCORPORATED+ 19,500
----------
LEISURE, SPORTING & RECREATION: 2.50%
13,160 DICK'S SPORTING GOODS INCORPORATED+ 343,608
24,020 HIBBETT SPORTS INCORPORATED+ 614,432
958,040
----------
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.75%
2,950 BADGER METER INCORPORATED $ 113,605
27,400 DEXCOM INCORPORATED+ 266,602
58,350 ENDOLOGIX INCORPORATED+ 235,734
30,670 EV3 INCORPORATED+ 486,426
12,190 MASIMO CORPORATION 323,645
1,820 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 198,744
38,600 NXSTAGE MEDICAL INCORPORATED+ 441,970
5,500 SIRONA DENTAL SYSTEMS INCORPORATED+ 209,165
7,200 VEECO INSTRUMENTS INCORPORATED+ 313,200
2,589,091
----------
MEDICAL EQUIPMENT & SUPPLIES: 2.56%
37,640 CONCEPTUS INCORPORATED+~~ 751,294
5,110 NUVASIVE INCORPORATED+ 230,972
982,266
----------
MEDICAL PRODUCTS: 1.49%
23,660 VOLCANO CORPORATION+ 571,626
----------
MOTION PICTURES: 1.34%
28,650 IMAX CORPORATION+ 515,414
----------
OIL & GAS EXPLORATION: 1.49%
36,000 NORTHERN OIL & Gas Incorporated+ 570,600
----------
OIL & GAS EXTRACTION: 2.54%
6,710 ARENA RESOURCES INCORPORATED+ 224,114
40,300 BRIGHAM EXPLORATION COMPANY+~~ 642,785
10,010 SMARTHEAT INCORPORATED+ 107,507
974,406
----------
PHARMACEUTICALS: 2.35%
10,290 CATALYST HEALTH SOLUTIONS INCORPORATED+ 425,800
8,200 MAP PHARMACEUTICALS INCORPORATED+ 130,298
2,360 ONYX PHARMACEUTICALS INCORPORATED+ 71,461
4,100 SXC HEALTH SOLUTIONS CORPORATION+ 275,848
903,407
----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 5.80%
11,280 ROVI CORPORATION+ 418,826
34,836 SHUTTERFLY INCORPORATED+ 839,199
16,930 VISTAPRINT NV+~~ 969,243
2,227,268
----------
RETAIL FOOD: 1.41%
7,100 PANERA BREAD COMPANY+ 543,079
----------
RETAIL, TRADE & SERVICES: 1.03%
14,900 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 397,383
----------
RETAIL-SPECIAL LINE: 0.24%
1,680 BLUE NILE INCORPORATED+ 92,434
----------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES: 0.71%
47,490 GFI GROUP INCORPORATED 274,492
----------
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SOCIAL SERVICES: 0.98%
10,030 ALMOST FAMILY INCORPORATED+ $ 378,031
-----------
SOFTWARE: 2.82%
4,800 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR+ 154,608
56,340 PROS HOLDINGS INCORPORATED+ 556,639
17,050 SOLARWINDS INCORPORATED+ 369,303
1,080,550
-----------
TRANSPORTATION BY AIR: 1.69%
9,100 ALLEGIANT TRAVEL COMPANY+ 526,526
3,240 BRISTOW GROUP INCORPORATED+ 122,245
648,771
-----------
WATER TRANSPORTATION: 2.29%
30,980 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED 879,212
-----------
WHOLESALE TRADE NON-DURABLE GOODS: 1.27%
8,400 TRACTOR SUPPLY COMPANY 487,620
-----------
TOTAL COMMON STOCKS (COST $28,512,238) 37,722,044
-----------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 4.86%
COLLATERAL INVESTED IN OTHER ASSETS: 4.86%
$ 47,233 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $47,233) 0.01% 04/01/2010 47,233
14,144 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 14,144
19,448 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 19,448
389,670 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $389,670) 0.02 04/01/2010 389,670
9,361 COLORADO HOUSING & Finance AUTHORITY+/-ss 0.25 10/01/2038 9,361
28,288 COOK COUNTY IL+/-ss 0.25 11/01/2030 28,288
35,423 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,423) 0.03 04/01/2010 35,423
54,383 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $54,383) 0.01 04/01/2010 54,383
834,629 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 343,033
5,834 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 5,834
17,680 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 17,680
7,072 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,072
236,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $236,163) 0.01 04/01/2010 236,163
10,608 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 10,608
7,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,072
20,668 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 20,668
31,824 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 31,824
10,608 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 10,608
1,064,736 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 574,957
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,698,674) 1,863,469
---------
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.73%
MUTUAL FUNDS: 1.73%
663,091 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 663,091
------------
TOTAL SHORT-TERM INVESTMENTS (COST $663,091) 663,091
------------
TOTAL INVESTMENTS IN SECURITIES (COST $30,874,003)* 104.88% 40,248,604
OTHER ASSETS AND LIABILITIES, NET (4.88) (1,873,213)
------ ------------
TOTAL NET ASSETS 100.00% $ 38,375,391
------ ------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $33,347,634 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,600,180
Gross unrealized depreciation (2,699,210)
-----------
Net unrealized appreciation $ 6,900,970
The accompanying notes are an integral part of these financial statements.
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.82%
APPAREL & ACCESSORY STORES: 1.05%
30,275 VF CORPORATION $ 2,426,537
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS: 1.18%
84,525 HOME DEPOT INCORPORATED 2,734,384
-----------
CHEMICALS & ALLIED PRODUCTS: 3.07%
44,147 AIR PRODUCTS & CHEMICALS INCORPORATED 3,264,671
103,309 E.I. DU PONT DE NEMOURS & COMPANY 3,847,227
7,111,898
-----------
COMMUNICATIONS: 4.91%
237,440 AT&T INCORPORATED 6,135,450
10,701 TIME WARNER CABLE INCORPORATED 570,470
150,336 VERIZON COMMUNICATIONS INCORPORATED 4,663,423
11,369,343
-----------
COMPUTER TECHNOLOGIES: 3.48%
90,070 HEWLETT-PACKARD COMPANY 4,787,221
25,492 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,269,349
8,056,570
-----------
CONGLOMERATES: 2.37%
302,194 GENERAL ELECTRIC COMPANY 5,499,931
-----------
DEPOSITORY INSTITUTIONS: 14.44%
400,246 BANK OF AMERICA CORPORATION 7,144,391
200,505 BANK OF NEW YORK MELLON CORPORATION 6,191,594
240,590 JPMORGAN CHASE & COMPANY 10,766,403
59,150 STATE STREET CORPORATION 2,670,031
258,156 US BANCORP 6,681,077
33,453,496
-----------
DIVERSIFIED MANUFACTURING: 2.19%
111,830 HONEYWELL INTERNATIONAL INCORPORATED 5,062,544
-----------
E-COMMERCE/SERVICES: 0.05%
4,582 AOL INCORPORATED+ 115,833
-----------
EATING & DRINKING PLACES: 1.24%
43,020 MCDONALD'S CORPORATION 2,870,294
-----------
ELECTRIC, GAS & SANITARY SERVICES: 7.14%
69,066 DOMINION RESOURCES INCORPORATED 2,839,303
88,575 EMERSON ELECTRIC COMPANY 4,458,866
24,295 FIRSTENERGY CORPORATION 949,692
111,370 FPL GROUP INCORPORATED 5,382,512
15,800 PG&E CORPORATION 670,236
75,730 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,235,550
16,536,159
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT: 0.58%
87,195 NOKIA OYJ ADR~~ 1,355,010
-----------
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: 3.23%
41,975 MCCORMICK & COMPANY INCORPORATED $ 1,610,161
63,195 PEPSICO INCORPORATED 4,180,981
56,925 SYSCO CORPORATION 1,679,288
7,470,430
-----------
GENERAL MERCHANDISE STORES: 2.71%
119,195 TARGET CORPORATION 6,269,657
-----------
HOUSEHOLD PRODUCTS, WARE: 2.12%
11,925 COLGATE-PALMOLIVE COMPANY 1,016,726
40,285 FORTUNE BRANDS INCORPORATED 1,954,225
30,510 PROCTER & GAMBLE COMPANY 1,930,368
4,901,319
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT: 1.73%
47,816 3M COMPANY 3,995,983
-----------
INSURANCE CARRIERS: 6.26%
121,705 METLIFE INCORPORATED 5,274,695
51,400 PRUDENTIAL FINANCIAL INCORPORATED 3,109,700
113,550 THE TRAVELERS COMPANIES INCORPORATED 6,124,887
14,509,282
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.90%
26,334 BECTON DICKINSON & COMPANY 2,073,276
-----------
MEDICAL EQUIPMENT & SUPPLIES: 1.24%
63,675 MEDTRONIC INCORPORATED 2,867,285
-----------
MISCELLANEOUS RETAIL: 2.38%
33,500 COSTCO WHOLESALE CORPORATION 2,000,285
95,975 CVS CAREMARK CORPORATION 3,508,846
5,509,131
-----------
MOTION PICTURES: 1.51%
46,816 TIME WARNER INCORPORATED 1,463,936
58,515 WALT DISNEY COMPANY 2,042,759
3,506,695
-----------
NETWORKING: 1.11%
98,700 CISCO SYSTEMS INCORPORATED+ 2,569,161
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.09%
76,610 AMERICAN EXPRESS COMPANY 3,160,929
40,725 CAPITAL ONE FINANCIAL CORPORATION 1,686,422
4,847,351
-----------
OIL & GAS EXTRACTION: 2.16%
7,925 APACHE CORPORATION 804,388
95,500 CHESAPEAKE ENERGY CORPORATION 2,257,620
23,050 OCCIDENTAL PETROLEUM CORPORATION 1,948,647
5,010,655
-----------
OIL & OIL SERVICES: 1.72%
131,875 HALLIBURTON COMPANY 3,973,394
-----------
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 13.01%
126,170 CHEVRON CORPORATION $ 9,567,471
141,100 CONOCOPHILLIPS 7,220,087
147,236 EXXON MOBIL CORPORATION 9,861,867
110,250 MARATHON OIL CORPORATION 3,488,310
30,137,735
------------
PHARMACEUTICALS: 6.67%
95,225 ABBOTT LABORATORIES 5,016,453
100,725 BRISTOL-MYERS SQUIBB COMPANY 2,689,358
42,515 JOHNSON & JOHNSON 2,771,978
59,137 MERCK & COMPANY INCORPORATED 2,208,767
161,685 PFIZER INCORPORATED 2,772,898
15,459,454
------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.49%
32,000 MCGRAW-HILL COMPANIES INCORPORATED 1,140,800
------------
RETAIL: 0.31%
17,000 BEST BUY COMPANY INCORPORATED 723,180
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES: 1.34%
68,572 AMERIPRISE FINANCIAL INCORPORATED 3,110,426
------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.25%
130,150 INTEL CORPORATION 2,897,139
------------
SOFTWARE: 2.56%
60,125 MICROSOFT CORPORATION 1,759,859
113,800 ORACLE CORPORATION 2,923,522
73,225 SYMANTEC CORPORATION+ 1,238,967
5,922,348
------------
TRANSPORTATION EQUIPMENT: 2.33%
73,200 UNITED TECHNOLOGIES CORPORATION 5,388,252
------------
TOTAL COMMON STOCKS (COST $206,562,141) 228,874,952
------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.58%
COLLATERAL INVESTED IN OTHER ASSETS: 0.58%
$ 52,798 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE
$52,798) 0.01% 04/01/2010 52,798
15,810 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 15,810
21,739 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 21,739
435,574 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $435,574) 0.02 04/01/2010 435,574
10,464 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 10,464
31,620 COOK COUNTY IL+/-ss 0.25 11/01/2030 31,620
39,596 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $39,596) 0.03 04/01/2010 39,596
60,790 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $60,790) 0.01 04/01/2010 60,790
270,455 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 111,157
6,522 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 6,522
19,763 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 19,763
7,905 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,905
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 263,984 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $263,984) 0.01% 04/01/2010 $ 263,984
11,858 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 11,858
7,905 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,905
23,102 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 23,102
35,573 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 35,573
11,858 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 11,856
345,019 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 186,310
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,300,926) 1,354,326
----------
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.16%
MUTUAL FUNDS: 1.16%
2,670,386 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,670,386
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,670,386) 2,670,386
-------------
TOTAL INVESTMENTS IN SECURITIES (COST $210,533,453)* 100.56% 232,899,664
OTHER ASSETS AND LIABILITIES, NET (0.56) (1,296,530)
------ -------------
TOTAL NET ASSETS 100.00% $ 231,603,134
------ -------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $211,336,200 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 47,477,417
Gross unrealized depreciation (25,913,953)
------------
Net unrealized appreciation $ 21,563,464
The accompanying notes are an integral part of these financial statements.
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.95%
AUTO & TRUCKS: 0.93%
390,000 FORD MOTOR COMPANY+~~ $ 4,902,300
-----------
BIOTECHNOLOGY: 2.85%
155,000 AMGEN INCORPORATED+ 9,262,800
110,400 LIFE TECHNOLOGIES CORPORATION+ 5,770,608
15,033,408
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.07%
61,000 WALTER INDUSTRIES INCORPORATED 5,628,470
-----------
CHEMICALS & ALLIED PRODUCTS: 3.10%
197,000 CELANESE CORPORATION CLASS A 6,274,450
37,325 CF INDUSTRIES HOLDINGS INCORPORATED 3,403,294
53,800 EASTMAN CHEMICAL COMPANY 3,425,984
53,300 MOSAIC COMPANY 3,239,041
16,342,769
-----------
COAL MINING: 0.97%
102,200 ALPHA NATURAL RESOURCES INCORPORATED+ 5,098,758
-----------
COMMUNICATIONS: 3.34%
164,500 COMCAST CORPORATION CLASS A 3,095,890
1,345,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 7,020,900
240,400 VERIZON COMMUNICATIONS INCORPORATED 7,457,208
17,573,998
-----------
COMPUTER TECHNOLOGIES: 2.01%
76,000 LEXMARK INTERNATIONAL INCORPORATED+ 2,742,080
430,600 SEAGATE TECHNOLOGY 7,862,756
10,604,836
-----------
CONGLOMERATES: 4.64%
1,343,800 GENERAL ELECTRIC COMPANY 24,457,160
-----------
DEPARTMENT STORES: 0.72%
173,700 MACY'S INCORPORATED 3,781,449
-----------
DEPOSITORY INSTITUTIONS: 14.22%
1,066,000 BANK OF AMERICA CORPORATION 19,028,100
2,366,000 CITIGROUP INCORPORATED+ 9,582,300
119,500 COMERICA INCORPORATED 4,545,780
206,000 FIFTH THIRD BANCORP 2,799,540
327,000 JPMORGAN CHASE & COMPANY 14,633,250
486,400 KEYCORP 3,769,600
111,000 NORTHERN TRUST CORPORATION 6,133,860
102,000 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,089,400
654,700 REGIONS FINANCIAL CORPORATION 5,139,395
120,700 SUNTRUST BANKS INCORPORATED 3,233,553
74,954,778
-----------
DRILLING OIL & NATURAL GAS WELLS: 1.15%
145,000 NOBLE CORPORATION 6,063,900
-----------
EATING & DRINKING PLACES: 0.51%
60,500 DARDEN RESTAURANTS INCORPORATED 2,694,670
-----------
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES: 3.06%
168,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 5,742,240
114,000 DTE ENERGY COMPANY 5,084,400
490,400 EL PASO CORPORATION 5,315,936
16,142,576
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT: 3.42%
186,500 COOPER INDUSTRIES PLC 8,940,810
476,000 LSI LOGIC CORPORATION+ 2,913,120
97,900 TYCO ELECTRONICS LIMITED 2,690,292
40,000 WHIRLPOOL CORPORATION 3,490,000
18,034,222
-----------
FOOD & KINDRED PRODUCTS: 1.36%
62,500 JM SMUCKER COMPANY 3,766,250
176,900 TYSON FOODS INCORPORATED CLASS A 3,387,635
7,153,885
-----------
GENERAL MERCHANDISE STORES: 1.27%
122,000 KOHL'S CORPORATION+ 6,683,159
-----------
HEALTH SERVICES: 1.43%
116,900 AMERISOURCEBERGEN CORPORATION 3,380,748
114,600 CARDINAL HEALTH INCORPORATED 4,129,038
7,509,786
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.72%
352,300 WYNDHAM WORLDWIDE CORPORATION 9,064,679
-----------
HOUSEHOLD PRODUCTS, WARE: 1.06%
368,300 NEWELL RUBBERMAID INCORPORATED 5,598,160
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.79%
90,200 CATERPILLAR INCORPORATED 5,669,070
61,500 CUMMINS INCORPORATED 3,809,925
51,000 EATON CORPORATION 3,864,270
115,000 STANLEY BLACK & DECKER INCORPORATED 6,602,150
19,945,415
-----------
INSURANCE CARRIERS: 6.20%
115,500 ASSURED GUARANTY LIMITED 2,537,535
268,000 GENWORTH FINANCIAL INCORPORATED+ 4,915,120
151,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,314,156
107,500 PRUDENTIAL FINANCIAL INCORPORATED 6,503,750
201,600 UNITEDHEALTH GROUP INCORPORATED 6,586,272
52,500 WELLPOINT INCORPORATED+ 3,379,950
234,300 XL CAPITAL LIMITED CLASS A 4,428,270
32,665,053
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL GOODS: 0.69%
195,600 HOLOGIC INCORPORATED+ 3,626,424
-----------
MEDIA: 1.08%
165,000 VIACOM INCORPORATED CLASS B+ 5,672,700
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.50%
58,600 MEDTRONIC INCORPORATED 2,638,758
-----------
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
METAL MINING: 2.74%
93,000 CLIFFS NATURAL RESOURCES INCORPORATED~~ $ 6,598,350
94,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,852,760
14,451,110
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.72%
128,000 CAPITAL ONE FINANCIAL CORPORATION 5,300,480
252,000 DISCOVER FINANCIAL SERVICES 3,754,800
9,055,280
-----------
OFFICE EQUIPMENT: 0.59%
316,000 XEROX CORPORATION 3,081,000
-----------
OIL & GAS EXTRACTION: 5.83%
317,000 CHESAPEAKE ENERGY CORPORATION 7,493,880
82,000 DEVON ENERGY CORPORATION 5,283,260
143,500 NEWFIELD EXPLORATION COMPANY+ 7,469,175
129,800 WHITING PETROLEUM CORPORATION+ 10,493,032
30,739,347
-----------
PETROLEUM REFINING & RELATED INDUSTRIES: 7.36%
184,800 CHEVRON CORPORATION 14,013,384
209,800 EXXON MOBIL CORPORATION 14,052,404
171,800 HESS CORPORATION 10,746,090
38,811,878
-----------
PHARMACEUTICALS: 2.48%
47,200 ABBOTT LABORATORIES 2,486,496
65,200 JOHNSON & JOHNSON 4,251,040
170,000 MERCK & COMPANY INCORPORATED 6,349,500
13,087,036
-----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.13%
359,000 GANNETT COMPANY INCORPORATED 5,930,680
-----------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.39%
128,200 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 2,047,584
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 3.17%
107,000 BOSTON PROPERTIES INCORPORATED 8,072,080
103,000 SIMON PROPERTY GROUP INCORPORATED 8,641,700
16,713,780
-----------
RENTAL AUTO/EQUIPMENT: 0.55%
292,000 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,917,080
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.74%
257,000 AMERIPRISE FINANCIAL INCORPORATED 11,657,520
47,300 GOLDMAN SACHS GROUP INCORPORATED 8,070,799
19,728,319
-----------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.61%
535,500 ADVANCED MICRO DEVICES INCORPORATED+ 4,964,085
848,000 MICRON TECHNOLOGY INCORPORATED+ 8,810,720
13,774,805
-----------
TOBACCO PRODUCTS: 0.58%
56,400 REYNOLDS AMERICAN INCORPORATED 3,044,472
-----------
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR: 0.36%
210,900 AMR CORPORATION+ $ 1,921,299
------------
TRANSPORTATION EQUIPMENT: 4.61%
37,300 GENERAL DYNAMICS CORPORATION 2,879,560
125,000 ITT CORPORATION 6,701,250
64,500 LEAR CORPORATION+ 5,118,075
324,000 TEXTRON INCORPORATED~~ 6,878,520
95,900 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 2,740,822
24,318,227
------------
TOTAL COMMON STOCKS (COST $439,995,553) 521,493,210
------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 2.23%
COLLATERAL INVESTED IN OTHER ASSETS: 2.23%
$ 514,533 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $514,533) 0.01% 04/01/2010 514,533
154,075 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 154,075
211,853 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 211,853
4,244,837 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $4,244,839) 0.02 04/01/2010 4,244,837
101,978 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 101,978
308,150 COOK COUNTY IL+/-ss 0.25 11/01/2030 308,150
385,880 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $385,880) 0.03 04/01/2010 385,880
592,418 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $592,418) 0.01 04/01/2010 592,418
1,344,989 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 552,790
63,556 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 63,556
192,593 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 192,593
77,037 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 77,037
2,572,625 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,572,626) 0.01 04/01/2010 2,572,625
115,556 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 115,556
77,037 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 77,037
225,142 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 225,142
346,668 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 346,668
115,556 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 115,557
1,715,801 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 926,533
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,513,254) 11,778,818
----------
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.75%
MUTUAL FUNDS: 1.75%
9,199,253 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 9,199,253
------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,199,253) 9,199,253
------------
TOTAL INVESTMENTS IN SECURITIES (COST $460,708,060)* 102.93% 542,471,281
OTHER ASSETS AND LIABILITIES, NET (2.93) (15,438,700)
------ ------------
TOTAL NET ASSETS 100.00% $527,032,581
------ ------------
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $464,188,373 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 86,853,004
Gross unrealized depreciation (8,570,096)
------------
Net unrealized appreciation $ 78,282,908
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.10%
AEROSPACE, DEFENSE: 1.15%
148,626 BOEING COMPANY $10,791,728
24,575 GOODRICH CORPORATION 1,733,029
22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451
61,918 LOCKHEED MARTIN CORPORATION 5,152,816
74,429 RAYTHEON COMPANY 4,251,384
24,008,408
-----------
APPAREL & ACCESSORY STORES: 0.63%
17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385
93,477 GAP INCORPORATED 2,160,253
52,521 LIMITED BRANDS INCORPORATED 1,293,067
76,565 NIKE INCORPORATED CLASS B 5,627,528
11,232 POLO RALPH LAUREN CORPORATION 955,169
25,474 URBAN OUTFITTERS INCORPORATED+ 968,776
17,370 VF CORPORATION 1,392,206
13,185,384
-----------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12%
61,690 COACH INCORPORATED 2,437,989
-----------
AUTO & TRUCKS: 0.40%
661,332 FORD MOTOR COMPANY+ 8,312,943
-----------
AUTO PARTS & EQUIPMENT: 0.33%
17,744 AUTONATION INCORPORATED+ 320,812
5,830 AUTOZONE INCORPORATED+ 1,009,115
131,890 JOHNSON CONTROLS INCORPORATED 4,351,051
27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587
6,807,565
-----------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
10,487 RYDER SYSTEM INCORPORATED 406,476
-----------
BIOPHARMACEUTICALS: 0.83%
90,264 CELGENE CORPORATION+ 5,592,757
14,712 CEPHALON INCORPORATED+ 997,179
52,246 GENZYME CORPORATION+ 2,707,910
177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833
17,364,679
-----------
BIOTECHNOLOGY: 0.78%
192,278 AMGEN INCORPORATED+ 11,490,533
52,934 BIOGEN IDEC INCORPORATED+ 3,036,294
35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742
16,382,569
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09%
54,309 D.R. HORTON INCORPORATED 684,293
31,946 LENNAR CORPORATION 549,791
62,295 PULTE HOMES INCORPORATED+ 700,819
1,934,903
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97%
25,762 FASTENAL COMPANY 1,236,318
333,862 HOME DEPOT INCORPORATED 10,800,436
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869
18,070 SHERWIN-WILLIAMS COMPANY 1,222,978
20,265,601
-----------
BUSINESS SERVICES: 1.32%
45,103 AUTODESK INCORPORATED+ 1,326,930
99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822
22,001 AVERY DENNISON CORPORATION 801,056
77,598 CA INCORPORATED 1,821,225
36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287
58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405
30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473
44,649 COMPUWARE CORPORATION+ 375,052
24,810 EQUIFAX INCORPORATED 888,198
64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420
29,906 FISERV INCORPORATED+ 1,518,029
95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695
35,580 IRON MOUNTAIN INCORPORATED 974,892
24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619
60,954 OMNICOM GROUP INCORPORATED 2,365,625
29,179 ROBERT HALF INTERNATIONAL INCORPORATED~~ 887,917
21,580 SALESFORCE.COM INCORPORATED+ 1,606,631
38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418
36,018 VERISIGN INCORPORATED+ 936,828
27,573,522
-----------
CASINO & GAMING: 0.10%
58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528
13,556 WYNN RESORTS LIMITED 1,027,951
2,102,479
-----------
CHEMICALS & ALLIED PRODUCTS: 1.81%
41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313
9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584
225,851 DOW CHEMICAL COMPANY 6,678,414
177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648
14,275 EASTMAN CHEMICAL COMPANY 909,032
46,388 ECOLAB INCORPORATED 2,038,753
14,238 FMC CORPORATION 861,969
15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791
107,138 MONSANTO COMPANY 7,651,796
32,564 PPG INDUSTRIES INCORPORATED 2,129,686
60,143 PRAXAIR INCORPORATED 4,991,869
23,909 SIGMA-ALDRICH CORPORATION 1,282,957
37,842,812
-----------
COAL MINING: 0.25%
43,129 CONSOL ENERGY INCORPORATED 1,839,883
18,661 MASSEY ENERGY COMPANY 975,784
52,768 PEABODY ENERGY CORPORATION 2,411,498
5,227,165
-----------
COMMERCIAL SERVICES: 0.14%
63,153 PAYCHEX INCORPORATED 1,938,797
59,855 SAIC INCORPORATED+ 1,059,434
2,998,231
-----------
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMUNICATIONS: 3.62%
1,158,825 AT&T INCORPORATED $29,944,038
58,818 CENTURYTEL INCORPORATED 2,085,686
557,135 COMCAST CORPORATION CLASS A 10,485,281
51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829
442,433 NEWS CORPORATION CLASS A 6,375,460
292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023
17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939
584,578 SPRINT NEXTEL CORPORATION+ 2,221,396
69,222 TIME WARNER CABLE INCORPORATED 3,690,225
556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067
89,710 WINDSTREAM CORPORATION 976,942
75,717,886
-----------
COMPUTER SOFTWARE & SERVICES: 0.05%
33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250
-----------
COMPUTER TECHNOLOGIES: 5.00%
178,042 APPLE INCORPORATED+ 41,827,407
338,073 DELL INCORPORATED+ 5,074,476
462,205 HEWLETT-PACKARD COMPANY 24,566,196
255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906
15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251
104,731,236
-----------
CONGLOMERATES: 1.82%
2,094,934 GENERAL ELECTRIC COMPANY 38,127,799
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04%
41,243 QUANTA SERVICES INCORPORATED+ 790,216
-----------
CONTAINER, PACKAGING: 0.06%
33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481
-----------
COSMETICS, PERSONAL CARE: 0.21%
83,935 AVON PRODUCTS INCORPORATED 2,842,878
23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373
4,348,251
-----------
CRUDE PETROLEUM & NATURAL GAS: 0.12%
34,250 NOBLE ENERGY INCORPORATED 2,500,250
-----------
DATA SERVICES: 0.11%
67,667 NETAPP INCORPORATED+ 2,203,238
-----------
DEPARTMENT STORES: 0.28%
46,333 JCPENNEY COMPANY INCORPORATED 1,490,533
82,662 MACY'S INCORPORATED 1,799,552
32,454 NORDSTROM INCORPORATED 1,325,746
24,321 ROSS STORES INCORPORATED 1,300,444
5,916,275
-----------
DEPOSITORY INSTITUTIONS: 8.07%
1,969,705 BANK OF AMERICA CORPORATION 35,159,234
237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354
135,609 BB&T CORPORATION 4,392,376
3,857,935 CITIGROUP INCORPORATED+ 15,624,637
34,169 COMERICA INCORPORATED 1,299,789
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
156,105 FIFTH THIRD BANCORP $ 2,121,467
44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308
93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376
140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317
780,069 JPMORGAN CHASE & COMPANY 34,908,088
172,415 KEYCORP 1,336,216
16,311 M&T BANK CORPORATION~~ 1,294,767
103,408 MARSHALL & ILSLEY CORPORATION 832,434
47,451 NORTHERN TRUST CORPORATION 2,622,142
101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729
234,166 REGIONS FINANCIAL CORPORATION 1,838,203
97,264 STATE STREET CORPORATION 4,390,497
98,043 SUNTRUST BANKS INCORPORATED 2,626,572
375,673 US BANCORP 9,722,417
1,017,194 WELLS FARGO & COMPANY(l) 31,655,077
134,056 WESTERN UNION COMPANY 2,273,590
29,530 ZIONS BANCORPORATION 644,345
168,820,935
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
36,061 JANUS CAPITAL GROUP INCORPORATED 515,312
-----------
DIVERSIFIED MANUFACTURING: 0.32%
150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616
-----------
E-COMMERCE/SERVICES: 2.12%
67,207 AMAZON.COM INCORPORATED+ 9,122,006
221,893 EBAY INCORPORATED+ 5,980,016
47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490
8,949 PRICELINE.COM INCORPORATED+ 2,281,995
44,287,507
-----------
EATING & DRINKING PLACES: 0.90%
27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757
211,256 MCDONALD'S CORPORATION 14,095,000
92,138 YUM! BRANDS INCORPORATED 3,531,650
18,849,407
-----------
EDUCATIONAL SERVICES: 0.11%
25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960
12,156 DEVRY INCORPORATED 792,571
2,339,531
-----------
ELECTRIC, GAS & SANITARY SERVICES: 4.21%
131,248 AES CORPORATION+ 1,443,728
33,293 ALLEGHENY ENERGY INCORPORATED 765,739
46,517 AMEREN CORPORATION 1,213,163
93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203
77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257
45,114 CMS ENERGY CORPORATION 697,462
55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434
39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213
117,826 DOMINION RESOURCES INCORPORATED 4,843,827
32,382 DTE ENERGY COMPANY 1,444,237
257,073 DUKE ENERGY CORPORATION 4,195,431
63,970 EDISON INTERNATIONAL 2,185,855
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
137,698 EL PASO CORPORATION $ 1,492,646
147,736 EMERSON ELECTRIC COMPANY 7,437,030
37,147 ENTERGY CORPORATION 3,021,908
129,565 EXELON CORPORATION 5,676,243
59,851 FIRSTENERGY CORPORATION 2,339,576
81,157 FPL GROUP INCORPORATED 3,922,318
15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837
8,880 NICOR INCORPORATED 372,250
54,346 NISOURCE INCORPORATED 858,667
34,450 NORTHEAST UTILITIES 952,198
51,421 NRG ENERGY INCORPORATED+ 1,074,699
20,712 ONEOK INCORPORATED 945,503
43,658 PEPCO HOLDINGS INCORPORATED 748,735
72,908 PG&E CORPORATION 3,092,757
19,917 PINNACLE WEST CAPITAL CORPORATION 751,468
74,034 PPL CORPORATION 2,051,482
55,883 PROGRESS ENERGY INCORPORATED 2,199,555
99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487
34,290 QUESTAR CORPORATION 1,481,328
63,582 REPUBLIC SERVICES INCORPORATED 1,845,150
21,890 SCANA CORPORATION 822,845
48,497 SEMPRA ENERGY 2,420,000
127,128 SPECTRA ENERGY CORPORATION 2,864,194
16,646 STERICYCLE INCORPORATED+ 907,207
41,971 TECO ENERGY INCORPORATED 666,919
161,073 THE SOUTHERN COMPANY 5,341,181
95,221 WASTE MANAGEMENT INCORPORATED 3,278,459
22,952 WISCONSIN ENERGY CORPORATION 1,134,058
89,658 XCEL ENERGY INCORPORATED 1,900,750
88,194,999
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21%
58,389 ALTERA CORPORATION 1,419,437
34,012 AMPHENOL CORPORATION CLASS A 1,434,966
58,449 ANALOG DEVICES INCORPORATED 1,684,500
9,538 FIRST SOLAR INCORPORATED+~~ 1,169,836
13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752
25,682 HARRIS CORPORATION 1,219,638
37,911 JABIL CIRCUIT INCORPORATED 613,779
43,884 JDS UNIPHASE CORPORATION+ 549,867
33,785 KLA-TENCOR CORPORATION 1,044,632
43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040
128,906 LSI LOGIC CORPORATION+ 788,905
44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362
26,617 MOLEX INCORPORATED 555,231
46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699
18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600
30,868 ROCKWELL COLLINS INCORPORATED 1,932,028
75,466 TELLABS INCORPORATED 571,278
243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642
14,687 WHIRLPOOL CORPORATION 1,281,441
54,317 XILINX INCORPORATED 1,385,084
25,325,717
-----------
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19%
35,105 FLUOR CORPORATION $ 1,632,734
24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347
38,606 MOODY'S CORPORATION~~ 1,148,529
3,886,610
-----------
ENTERTAINMENT PRODUCTION: 0.09%
55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24%
18,472 BALL CORPORATION 986,035
75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229
11,340 SNAP-ON INCORPORATED 491,476
5,074,740
-----------
FOOD & KINDRED PRODUCTS: 4.43%
126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226
37,031 CAMPBELL SOUP COMPANY 1,309,046
62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444
87,059 CONAGRA FOODS INCORPORATED 2,182,569
39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711
35,597 DEAN FOODS COMPANY+ 558,517
49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737
64,701 GENERAL MILLS INCORPORATED 4,580,184
62,090 H.J. HEINZ COMPANY 2,831,925
13,645 HORMEL FOODS CORPORATION 573,226
23,370 JM SMUCKER COMPANY 1,408,276
50,063 KELLOGG COMPANY 2,674,866
340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933
25,943 MCCORMICK & COMPANY INCORPORATED 995,173
40,151 MEAD JOHNSON & COMPANY 2,089,057
31,106 MOLSON COORS BREWING COMPANY 1,308,318
320,865 PEPSICO INCORPORATED 21,228,428
136,914 SARA LEE CORPORATION 1,907,212
116,342 SYSCO CORPORATION 3,432,089
452,592 THE COCA-COLA COMPANY 24,892,560
32,668 THE HERSHEY COMPANY 1,398,517
59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932
92,608,946
-----------
FOOD STORES: 0.48%
127,600 KROGER COMPANY 2,763,816
76,337 SAFEWAY INCORPORATED 1,897,738
145,960 STARBUCKS CORPORATION 3,542,449
41,625 SUPERVALU INCORPORATED 694,305
33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109
10,107,417
-----------
FORESTRY: 0.09%
41,498 WEYERHAEUSER COMPANY 1,878,614
-----------
FURNITURE & FIXTURES: 0.08%
29,148 LEGGETT & PLATT INCORPORATED 630,763
70,443 MASCO CORPORATION 1,093,275
1,724,038
-----------
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES: 1.93%
16,230 BIG LOTS INCORPORATED+ $ 591,097
27,169 FAMILY DOLLAR STORES INCORPORATED 994,657
60,198 KOHL'S CORPORATION+ 3,297,646
9,530 SEARS HOLDINGS CORPORATION+~~ 1,033,338
147,710 TARGET CORPORATION 7,769,546
82,406 TJX COMPANIES INCORPORATED 3,503,903
418,934 WAL-MART STORES INCORPORATED 23,292,730
40,482,917
-----------
HEALTH CARE: 0.09%
32,170 HOSPIRA INCORPORATED+ 1,822,431
-----------
HEALTH SERVICES: 1.18%
55,443 AMERISOURCEBERGEN CORPORATION 1,603,412
70,969 CARDINAL HEALTH INCORPORATED 2,557,013
29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388
20,262 DAVITA INCORPORATED+ 1,284,611
54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332
33,422 HUMANA INCORPORATED+ 1,563,147
20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370
52,893 MCKESSON CORPORATION 3,476,128
91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320
85,022 TENET HEALTHCARE CORPORATION+ 486,326
24,628,047
-----------
HOLDING & OTHER INVESTMENT OFFICES: 1.39%
16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464
324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655
31,967 PLUM CREEK TIMBER COMPANY 1,243,836
29,032,955
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20%
49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338
36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709
35,110 WYNDHAM WORLDWIDE CORPORATION 903,380
4,189,427
-----------
HOUSEHOLD PRODUCTS, WARE: 2.31%
27,535 CLOROX COMPANY 1,766,095
96,943 COLGATE-PALMOLIVE COMPANY 8,265,360
29,839 FORTUNE BRANDS INCORPORATED 1,447,490
54,543 NEWELL RUBBERMAID INCORPORATED 829,054
570,293 PROCTER & GAMBLE COMPANY 36,082,438
48,390,437
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52%
139,743 3M COMPANY 11,678,323
263,711 APPLIED MATERIALS INCORPORATED 3,554,824
61,240 BAKER HUGHES INCORPORATED 2,868,482
47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151
122,659 CATERPILLAR INCORPORATED 7,709,118
39,535 CUMMINS INCORPORATED 2,449,193
83,250 DEERE & COMPANY 4,950,045
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
36,580 DOVER CORPORATION $ 1,710,115
32,474 EATON CORPORATION 2,460,555
10,965 FLOWSERVE CORPORATION 1,209,111
23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889
23,043 PALL CORPORATION 933,011
31,571 PARKER HANNIFIN CORPORATION 2,043,907
40,731 PITNEY BOWES INCORPORATED 995,873
48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460
30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313
32,733 TERADATA CORPORATION+ 945,656
44,892 WESTERN DIGITAL CORPORATION+ 1,750,339
52,726,365
-----------
INFORMATION & BUSINESS SERVICES: 0.18%
233,680 YAHOO! INCORPORATED+ 3,862,730
-----------
INSURANCE CARRIERS: 3.48%
84,623 AETNA INCORPORATED 2,971,114
92,110 AFLAC INCORPORATED 5,000,652
105,351 ALLSTATE CORPORATION 3,403,891
26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+~~ 904,403
52,394 AON CORPORATION 2,237,748
22,871 ASSURANT INCORPORATED 786,305
64,513 CHUBB CORPORATION 3,344,999
53,987 CIGNA CORPORATION 1,974,844
31,989 CINCINNATI FINANCIAL CORPORATION 924,482
96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099
87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979
37,258 LEUCADIA NATIONAL CORPORATION+ 924,371
59,346 LINCOLN NATIONAL CORPORATION 1,821,922
69,670 LOEWS CORPORATION 2,597,298
104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646
160,827 METLIFE INCORPORATED 6,970,242
62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168
91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590
131,855 THE PROGRESSIVE CORPORATION 2,517,112
100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094
16,266 TORCHMARK CORPORATION 870,394
227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976
65,259 UNUMPROVIDENT CORPORATION 1,616,465
87,162 WELLPOINT INCORPORATED+ 5,611,490
67,168 XL CAPITAL LIMITED CLASS A 1,269,475
72,755,759
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38%
68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371
46,277 BECTON DICKINSON & COMPANY 3,643,388
296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499
18,781 C.R. BARD INCORPORATED 1,626,810
34,909 CAREFUSION CORPORATION+ 922,645
51,445 DANAHER CORPORATION 4,110,970
28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026
52,746 EASTMAN KODAK COMPANY 305,399
30,015 FLIR SYSTEMS INCORPORATED+ 846,423
11,000 MILLIPORE CORPORATION+ 1,161,600
23,084 PERKINELMER INCORPORATED 551,708
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021
28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714
18,394 ROPER INDUSTRIES INCORPORATED 1,063,909
34,799 TERADYNE INCORPORATED+ 388,705
80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467
18,374 WATERS CORPORATION+ 1,240,980
28,802,635
-----------
MEDIA-COMMUNICATION: 0.58%
132,931 CBS CORPORATION CLASS B 1,853,058
183,607 DIRECTV+ 6,207,753
119,245 VIACOM INCORPORATED CLASS B+ 4,099,643
12,160,454
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.78%
7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106
216,889 MEDTRONIC INCORPORATED 9,766,512
63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890
24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345
16,396,853
-----------
MEDICAL PRODUCTS: 0.79%
60,377 ALLERGAN INCORPORATED 3,943,826
118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748
55,489 STRYKER CORPORATION 3,175,081
41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507
16,481,162
-----------
METAL MINING: 0.66%
26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723
84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305
96,401 NEWMONT MINING CORPORATION 4,909,703
13,855,731
-----------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
24,804 VULCAN MATERIALS COMPANY~~ 1,171,741
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12%
24,097 HASBRO INCORPORATED 922,433
71,401 MATTEL INCORPORATED 1,623,659
2,546,092
-----------
MISCELLANEOUS RETAIL: 1.31%
86,259 COSTCO WHOLESALE CORPORATION 5,150,525
273,016 CVS CAREMARK CORPORATION 9,981,465
32,350 GAMESTOP CORPORATION CLASS A+ 708,789
53,942 OFFICE DEPOT INCORPORATED+ 430,457
24,589 RADIOSHACK CORPORATION 556,449
143,133 STAPLES INCORPORATED 3,347,881
193,431 WALGREEN COMPANY 7,174,356
27,349,922
-----------
MISCELLANEOUS SERVICES: 0.04%
10,013 DUN & BRADSTREET CORPORATION 745,167
-----------
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MOTION PICTURES: 0.97%
225,838 TIME WARNER INCORPORATED $ 7,061,954
380,808 WALT DISNEY COMPANY 13,294,007
20,355,961
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87%
61,438 FEDEX CORPORATION 5,738,309
194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957
18,294,266
-----------
NETWORKING: 1.68%
84,657 BROADCOM CORPORATION CLASS A 2,808,919
1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483
103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102
35,236,504
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44%
234,967 AMERICAN EXPRESS COMPANY 9,694,738
89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764
106,733 DISCOVER FINANCIAL SERVICES 1,590,322
18,949 MASTERCARD INCORPORATED 4,813,046
72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156
95,208 SLM CORPORATION+ 1,192,004
87,645 VISA INCORPORATED CLASS A 7,978,324
30,110,354
-----------
OFFICE EQUIPMENT: 0.12%
265,441 XEROX CORPORATION 2,588,050
-----------
OIL & GAS EXTRACTION: 3.52%
96,710 ANADARKO PETROLEUM CORPORATION 7,043,389
66,078 APACHE CORPORATION 6,706,917
57,624 BJ SERVICES COMPANY 1,233,154
20,351 CABOT OIL & GAS CORPORATION 748,917
127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613
77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821
87,725 DEVON ENERGY CORPORATION 5,652,122
13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901
49,591 EOG RESOURCES INCORPORATED 4,608,988
28,241 EQT CORPORATION 1,157,881
55,892 NABORS INDUSTRIES LIMITED+ 1,097,160
159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451
22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732
31,246 RANGE RESOURCES CORPORATION 1,464,500
22,350 ROWAN COMPANIES INCORPORATED+ 650,609
234,940 SCHLUMBERGER LIMITED 14,909,292
67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965
114,535 XTO ENERGY INCORPORATED 5,403,761
73,746,173
-----------
OIL & OIL SERVICES: 0.29%
177,707 HALLIBURTON COMPANY 5,354,312
20,756 HELMERICH & PAYNE INCORPORATED 790,388
6,144,700
-----------
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
OIL FIELD EQUIPMENT & SERVICES: 0.16%
82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012
------------
PAPER & ALLIED PRODUCTS: 0.20%
21,403 BEMIS COMPANY INCORPORATED 614,694
85,034 INTERNATIONAL PAPER COMPANY 2,092,687
33,628 MEADWESTVACO CORPORATION 859,195
25,983 PACTIV CORPORATION+ 654,252
4,220,828
------------
PERSONAL SERVICES: 0.09%
25,812 CINTAS CORPORATION 725,059
65,880 H&R BLOCK INCORPORATED 1,172,664
1,897,723
------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.75%
394,324 CHEVRON CORPORATION 29,901,589
291,928 CONOCOPHILLIPS 14,937,956
926,984 EXXON MOBIL CORPORATION 62,089,388
57,181 HESS CORPORATION 3,576,672
138,995 MARATHON OIL CORPORATION 4,397,802
37,528 MURPHY OIL CORPORATION 2,108,698
22,961 SUNOCO INCORPORATED 682,171
27,600 TESORO PETROLEUM CORPORATION 383,640
110,895 VALERO ENERGY CORPORATION 2,184,632
120,262,548
------------
PHARMACEUTICALS: 5.84%
304,849 ABBOTT LABORATORIES 16,059,445
336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099
199,241 ELI LILLY & COMPANY 7,216,509
59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780
540,319 JOHNSON & JOHNSON 35,228,799
48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712
611,667 MERCK & COMPANY INCORPORATED 22,845,762
60,213 MYLAN LABORATORIES INCORPORATED+~~ 1,367,437
1,584,553 PFIZER INCORPORATED 27,175,084
20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995
122,188,622
------------
PIPELINES: 0.13%
114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890
------------
PRIMARY METAL INDUSTRIES: 0.61%
21,571 AK STEEL HOLDING CORPORATION 493,113
200,323 ALCOA INCORPORATED 2,852,600
19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927
61,831 NUCOR CORPORATION 2,805,891
27,817 PRECISION CASTPARTS CORPORATION 3,524,692
16,577 TITANIUM METALS CORPORATION+ 275,012
28,149 UNITED STATES STEEL CORPORATION~~ 1,788,024
12,780,259
------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23%
46,603 GANNETT COMPANY INCORPORATED 769,882
61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments -- March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
7,208 MEREDITH CORPORATION $ 248,027
22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231
40,343 RR DONNELLEY & SONS COMPANY 861,323
1,199 WASHINGTON POST COMPANY CLASS B 532,572
4,875,729
-----------
RAILROAD TRANSPORTATION: 0.73%
76,580 CSX CORPORATION 3,897,922
72,578 NORFOLK SOUTHERN CORPORATION 4,056,384
99,208 UNION PACIFIC CORPORATION 7,271,946
15,226,252
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14%
23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430
27,284 BOSTON PROPERTIES INCORPORATED 2,058,305
53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255
55,345 EQUITY RESIDENTIAL 2,166,757
57,693 HCP INCORPORATED 1,903,869
24,284 HEALTH CARE REIT INCORPORATED 1,098,365
128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819
79,625 KIMCO REALTY CORPORATION 1,245,335
93,106 PROLOGIS 1,228,999
26,639 PUBLIC STORAGE INCORPORATED 2,450,522
56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930
30,767 VENTAS INCORPORATED 1,460,817
30,954 VORNADO REALTY TRUST 2,343,218
23,876,621
-----------
RETAIL: 0.19%
67,303 BEST BUY COMPANY INCORPORATED 2,863,070
24,434 TIFFANY & COMPANY 1,160,371
4,023,441
-----------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06%
31,206 SEALED AIR CORPORATION 657,822
47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108
1,258,930
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35%
50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484
191,947 CHARLES SCHWAB CORPORATION 3,587,489
13,085 CME GROUP INCORPORATED 4,136,299
312,563 E*TRADE FINANCIAL CORPORATION+ 515,729
17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643
29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073
103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345
14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225
84,187 INVESCO LIMITED 1,844,537
31,921 LEGG MASON INCORPORATED 915,175
274,503 MORGAN STANLEY 8,040,193
29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726
51,245 NYSE EURONEXT INCORPORATED 1,517,364
50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245
49,179,527
-----------
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.87%
110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598
403,036 EMC CORPORATION+ 7,270,769
1,084,593 INTEL CORPORATION 24,143,040
36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632
167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338
108,950 NVIDIA CORPORATION+ 1,893,551
22,364 QLOGIC CORPORATION+ 453,989
44,906 SANDISK CORPORATION+ 1,555,095
39,098,012
-----------
SOFTWARE: 3.69%
102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785
35,856 BMC SOFTWARE INCORPORATED+ 1,362,528
64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722
61,635 INTUIT INCORPORATED+ 2,116,546
31,158 MCAFEE INCORPORATED+ 1,250,371
1,498,149 MICROSOFT CORPORATION 43,850,821
68,382 NOVELL INCORPORATED+ 409,608
767,452 ORACLE CORPORATION 19,715,842
37,051 RED HAT INCORPORATED+ 1,084,483
158,298 SYMANTEC CORPORATION+ 2,678,402
77,305,108
-----------
TELECOMMUNICATIONS: 1.00%
79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747
61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243
454,115 MOTOROLA INCORPORATED+ 3,187,887
329,972 QUALCOMM INCORPORATED 13,855,524
20,868,401
-----------
TELECOMMUNICATIONS EQUIPMENT: 0.30%
306,074 CORNING INCORPORATED 6,185,756
-----------
TOBACCO PRODUCTS: 1.52%
408,496 ALTRIA GROUP INCORPORATED 8,382,338
30,395 LORILLARD INCORPORATED 2,286,920
369,312 PHILIP MORRIS INTERNATIONAL 19,263,314
33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488
31,724,060
-----------
TRANSPORTATION BY AIR: 0.09%
145,934 SOUTHWEST AIRLINES COMPANY 1,929,247
-----------
TRANSPORTATION EQUIPMENT: 1.53%
75,734 GENERAL DYNAMICS CORPORATION 5,846,665
31,160 GENUINE PARTS COMPANY 1,316,198
46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304
35,910 ITT CORPORATION 1,925,135
59,446 NORTHROP GRUMMAN CORPORATION 3,897,874
71,506 PACCAR INCORPORATED 3,099,070
53,526 TEXTRON INCORPORATED 1,136,357
183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714
32,046,317
-----------
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION SERVICES: 0.16%
32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518
41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644
3,364,162
--------------
TRAVEL & RECREATION: 0.21%
85,217 CARNIVAL CORPORATION 3,313,237
41,515 EXPEDIA INCORPORATED 1,036,214
4,349,451
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.11%
16,243 AIRGAS INCORPORATED 1,033,380
21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722
2,302,102
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.33%
81,738 KIMBERLY-CLARK CORPORATION 5,139,684
18,317 PATTERSON COMPANIES INCORPORATED 568,743
12,087 W.W. GRAINGER INCORPORATED 1,306,846
7,015,273
--------------
TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.66%
COLLATERAL INVESTED IN OTHER ASSETS: 0.66%
$ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $379,141) 0.01% 04/01/2010 379,141
113,532 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 113,532
156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.38 06/01/2028 156,107
3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873
75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 75,144
227,065 COOK COUNTY IL+/-ss 0.25 11/01/2030 227,065
284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $284,342) 0.03 04/01/2010 284,342
436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532
5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341
46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 46,832
141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 141,915
56,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 56,766
1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678
85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 85,149
56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 56,766
165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 165,899
255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 255,448
85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 85,151
7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778
--------------
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 0.78%
MUTUAL FUNDS: 0.68%
14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491
--------------
PRINCIPAL INTEREST RATE MATURITY DATE
US TREASURY BILLS: 0.10%
$ 500,000 US TREASURY BILL## # 0.00 04/01/2010 500,000
1,655,000 US TREASURY BILL## # 0.13 08/05/2010 1,654,073
2,154,073
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,009,396,672)* 100.54% 2,103,997,634
OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974)
----------- --------------
TOTAL NET ASSETS 100.00% $2,092,664,660
----------- --------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
(l) Investment in an affiliate.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is $2,054,486,886 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 378,107,231
Gross unrealized depreciation (328,596,483)
---------------
Net unrealized appreciation $ 49,510,748
The accompanying notes are an integral part of these financial statements.
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.05%
ARGENTINA: 0.19%
9,810 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 105,946
------------
AUSTRALIA: 3.53%
55,976 AMP LIMITED (INSURANCE CARRIERS) 321,554
8,350 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 260,061
9,101 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 470,108
634 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 27,490
11,383 NEWCREST MINING LIMITED (METAL MINING) 342,825
26,984 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 211,466
14,938 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 381,627
2,015,131
------------
AUSTRIA: 0.32%
5,239 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 180,227
------------
BELGIUM: 1.01%
39,072 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,387
5,404 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 272,213
574,600
------------
BRAZIL: 0.40%
12,351 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 227,629
------------
CANADA: 6.45%
6,312 AGNICO-EAGLE MINES LIMITED (METAL MINING) 351,389
21,777 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 553,571
12,423 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 919,448
11,760 ENCANA CORPORATION (OIL & GAS EXPLORATION) 365,890
6,404 GOLDCORP INCORPORATED (METAL MINING) 239,287
13,348 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 259,298
5,494 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 655,709
4,478 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 331,148
3,675,740
------------
CHINA: 4.48%
244,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 182,271
23,974 CHINA MOBILE LIMITED (COMMUNICATIONS) 230,654
6,825 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 328,419
7,560 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 268,153
23,812 SINA CORPORATION (BUSINESS SERVICES)+ 897,474
7,100 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 142,471
22,603 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 503,821
2,553,263
------------
DENMARK: 0.35%
2,395 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 201,010
------------
FINLAND: 0.44%
16,191 NOKIA OYJ (COMMUNICATIONS) 252,142
------------
FRANCE: 6.37%
4,017 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 250,498
16,385 AXA SA (INSURANCE CARRIERS) 364,488
5,474 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 420,392
6,469 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 311,050
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
7,744 FRANCE TELECOM SA (COMMUNICATIONS) $ 185,289
5,473 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES DIVERSIFIED) 639,713
3,845 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 511,899
5,854 PUBLICIS GROUPE (BUSINESS SERVICES) 250,485
6,051 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 492,002
3,544 TOTAL SA (OIL & GAS EXTRACTION) 205,733
3,631,549
------------
GERMANY: 9.29%
12,511 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 669,160
4,375 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 157,330
2,858 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 358,339
3,931 BASF AG (OIL & GAS EXTRACTION) 243,808
4,949 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 334,753
18,479 DAIMLER AG (TRANSPORTATION EQUIPMENT) 869,934
1,947 DEUTSCHE BANK AG (BANKING) 149,973
4,435 DEUTSCHE BOERSE AG (DIVERSIFIED FINANCIAL SERVICES) 328,739
2,030 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 170,596
40,410 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 280,486
9,603 KLOECKNER & COMPANY (METAL FABRICATE, HARDWARE) 283,855
4,936 LANXESS (CHEMICALS & ALLIED PRODUCTS) 227,438
2,392 METRO AG (FOOD STORES) 141,895
2,457 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 398,724
2,315 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 214,902
2,787 SAP AG (BUSINESS SERVICES) 134,986
3,303 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 330,798
5,295,716
------------
GREECE: 0.76%
37,106 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 325,762
5,359 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 107,848
433,610
------------
HONG KONG: 0.27%
9,345 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 155,986
------------
IRELAND: 0.39%
22,753 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 223,912
------------
ISRAEL: 0.31%
2,762 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 174,227
------------
JAPAN: 16.68%
21,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 236,528
8,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 375,152
2,000 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 139,242
31,300 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 616,358
465,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 1,258,370
25,300 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 530,410
19,100 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 629,244
19,100 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 320,955
500 NINTENDO COMPANY LIMITED (SOFTWARE) 167,398
23,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 324,003
80,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 315,756
60,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 448,819
2,090 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 185,326
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
29,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) $ 206,721
233,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,403,134
4,900 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 326,003
5,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 331,586
78,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 402,974
71,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,257
3,900 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 156,225
4,300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 415,328
1,144 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 416,656
9,508,445
------------
LUXEMBOURG: 0.55%
7,133 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 313,015
------------
NETHERLANDS: 6.53%
17,585 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 628,456
5,877 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 206,184
11,866 ING GROEP NV (FINANCIAL SERVICES) 118,470
22,173 NEW WORLD RESOURCES NV (ENERGY) 260,936
23,259 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 1,105,329
20,148 UNILEVER NV (FOOD & KINDRED PRODUCTS) 609,433
41,924 USG PEOPLE NV (BUSINESS SERVICES) 791,613
3,720,421
------------
NORWAY: 0.36%
15,081 TELENOR ASA (COMMUNICATIONS) 204,524
------------
POLAND: 0.27%
2,630 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 152,832
------------
RUSSIA: 1.24%
5,774 GAZPROM ADR (OIL & GAS EXTRACTION) 135,516
3,337 LUKOIL OIL COMPANY ADR (OIL & GAS EXTRACTION) 189,208
13,375 MECHEL ADR (PRIMARY METAL INDUSTRIES) 380,118
704,842
------------
SINGAPORE: 0.34%
19,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 194,217
------------
SOUTH KOREA: 0.79%
161 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 187,687
363 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 262,437
450,124
------------
SPAIN: 1.80%
18,853 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 250,564
50,488 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 250,195
5,020 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 330,911
8,185 TELEFONICA SA (COMMUNICATIONS) 193,906
1,025,576
------------
SWEDEN: 1.19%
4,001 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 259,933
23,190 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 228,830
10,590 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 192,423
681,186
------------
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
SWITZERLAND: 11.46%
26,496 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 578,720
7,713 ADECCO SA (BUSINESS SERVICES) 437,806
7,698 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 298,093
13,813 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 712,004
19,846 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,016,392
10,847 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 585,866
4,419 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 716,663
3,486 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 1,111,526
6,149 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 531,151
2,135 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 547,316
6,535,537
------------
TAIWAN: 0.61%
20,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 346,999
------------
UNITED KINGDOM: 18.67%
9,590 ANGLO AMERICAN PLC (COAL MINING) 418,248
40,193 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 634,326
135,615 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 196,432
104,732 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 572,627
15,222 BG GROUP PLC (OIL & GAS EXTRACTION) 263,448
27,604 BHP BILLITON PLC (COAL MINING) 946,692
94,484 BP PLC (OIL & GAS EXTRACTION) 893,827
54,399 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 200,598
27,445 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 297,573
37,325 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 309,541
6,740 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 129,435
286,072 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 471,014
91,918 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 931,763
16,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 256,708
6,604 INTERTEK GROUP PLC (BUSINESS SERVICES) 146,114
44,017 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 227,573
40,163 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 130,671
242,021 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 230,533
4,044 NEXT PLC (APPAREL & ACCESSORY STORES) 132,800
4,137 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 227,071
15,284 RIO TINTO PLC (METAL MINING) 905,704
20,349 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 589,800
30,901 SAVILLS PLC (SOCIAL SERVICES) 163,185
6,880 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 187,666
12,053 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 149,707
90,821 VODAFONE GROUP PLC (COMMUNICATIONS) 209,488
29,462 WPP PLC (COMMUNICATIONS) 305,359
27,361 XSTRATA PLC (METAL MINING) 518,381
10,646,284
------------
TOTAL COMMON STOCKS (COST $46,918,294) 54,184,690
------------
DIVIDEND YIELD
PREFERRED STOCKS: 1.67%
12,611 FRESENIUS AG (HEALTHCARE) 1.31% 952,148
TOTAL PREFERRED STOCKS (COST $690,908) 952,148
------------
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.09%
MUTUAL FUNDS: 2.09%
1,193,423 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 1,193,423
TOTAL SHORT-TERM INVESTMENTS (COST $1,193,423) 1,193,423
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $48,802,625)* 98.81% 56,330,261
OTHER ASSETS AND LIABILITIES, NET 1.19 678,385
------ ------------
TOTAL NET ASSETS 100.00% $ 57,008,646
------ ------------
- ----------
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $50,876,106 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 7,902,423
Gross unrealized depreciation (2,448,268)
------------
Net unrealized appreciation $ 5,454,155
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.17%
AUSTRALIA: 0.20%
61,339 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) $ 297,760
------------
BELGIUM: 1.42%
29,353 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 1,478,584
19,796 UMICORE (CHEMICALS & ALLIED PRODUCTS) 691,297
2,169,881
------------
BRAZIL: 1.30%
50,088 PETROLEO BRASILEIRO SA ADR CLASS A (OIL & GAS) 1,982,984
------------
CANADA: 2.26%
61,631 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,466,127
------------
CHINA: 7.17%
767 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES)+ 457,899
2,531,029 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 2,073,265
472,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,261,442
145,657 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 393,959
227,746 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 838,914
7,541 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION)+ 295,607
1,905,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS) 1,452,503
901,495 SANDS CHINA LIMITED (CASINO & GAMING) 1,432,778
15,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 300,995
1,026,350 WYNN MACAU LIMITED (CASINO & GAMING)+ 1,480,519
10,987,881
------------
DENMARK: 1.23%
76,726 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,887,595
FRANCE: 12.45%
35,384 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,957,536
40,864 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 3,138,273
17,517 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 842,273
55,674 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 974,542
283,822 NATIXIS (DEPOSITORY INSTITUTIONS) 1,531,461
43,461 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,690,508
38,542 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,424,024
9,109 UNIBAIL (REAL ESTATE) 1,845,461
45,213 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 2,664,657
19,068,735
------------
GERMANY: 13.64%
62,595 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,233,962
71,910 DAIMLER AG (TRANSPORTATION EQUIPMENT) 3,385,301
4,321 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 320,289
175,656 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,047,474
38,288 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 4,568,389
24,297 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,942,933
765 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,580
15,611 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,383,176
20,901,104
------------
HONG KONG: 5.04%
236,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 871,727
76,051 BEIJING ENTERPRISES HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 528,441
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
HONG KONG (continued)
132,100 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) $ 1,042,100
1,405,582 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 889,196
1,194,373 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,435,232
412,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,027,034
466,129 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 930,547
7,724,277
------------
INDIA: 2.31%
15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 910,454
61,595 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,630,107
3,540,561
------------
IRELAND: 5.40%
56,768 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,381,418
58,230 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,927,804
301,219 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 2,964,291
8,273,513
------------
ITALY: 1.58%
649,962 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,420,731
------------
JAPAN: 7.95%
48,197 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,435,754
6,350 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,103,728
46,600 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 1,644,882
14,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 379,987
83,300 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 436,592
218,800 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,676,701
14,950 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 1,135,362
79,660 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 1,757,820
22,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 605,074
12,175,900
------------
NETHERLANDS: 9.91%
35,981 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 2,050,582
203,129 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 7,259,467
379,768 ING GROEP NV (FINANCIAL SERVICES) 3,791,607
72,705 TNT NV (TRANSPORTATION SERVICES) 2,084,766
15,186,422
------------
SINGAPORE: 0.98%
241,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 1,502,980
------------
SPAIN: 0.72%
16,602 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,094,379
------------
SWEDEN: 1.16%
84,283 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,053,450
40,775 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 724,515
1,777,965
------------
SWITZERLAND: 10.73%
50,111 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,735,513
85,494 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,378,486
56,506 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,051,989
19,156 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 3,106,673
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SWITZERLAND (continued)
4,621 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED PRODUCTS) $ 770,897
85,919 UBS AG (DEPOSITORY INSTITUTIONS) 1,396,673
16,440,231
------------
TAIWAN: 1.37%
183,448 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 1,924,370
149,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 169,606
2,093,976
------------
TURKEY: 0.09%
16,394 COCA-COLA ICECEK URETIM AS (BEVERAGES) 139,340
------------
UNITED KINGDOM: 9.71%
8,545 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 350,758
270,491 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,744,166
88,891 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,711,329
489,248 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,591,777
80,563 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 784,261
178,529 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,778,574
20,824 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 568,017
658,481 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,351,209
14,880,091
------------
UNITED STATES: 1.55%
45,404 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,368,273
------------
TOTAL COMMON STOCKS (COST $130,972,643) 150,380,706
------------
YIELD
SHORT-TERM INVESTMENTS: 2.18%
MUTUAL FUNDS: 2.18%
3,339,209 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% 3,339,209
------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,339,209) 3,339,209
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $134,311,852)* 100.35% 153,719,915
OTHER ASSETS AND LIABILITIES, NET (0.35) (528,606)
------ ------------
TOTAL NET ASSETS 100.00% $153,191,309
------ ------------
- ----------
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $142,191,901 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 20,784,270
Gross unrealized depreciation (9,256,256)
------------
Net unrealized appreciation $ 11,528,014
------------
The accompanying notes are an integral part of these financial statements.
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.77%
AUSTRALIA: 8.47%
2,390 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 32,179
12,646 ALUMINA LIMITED (METAL MINING) 20,018
6,626 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,853
11,151 AMP LIMITED (INSURANCE CARRIERS) 64,057
2,007 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 8,343
3,015 ARROW ENERGY NL (OIL & GAS EXTRACTION)+ 13,917
14,918 ASCIANO GROUP (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 25,942
939 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 29,245
13,619 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 316,936
5,461 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 31,671
1,894 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,380
18,408 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 736,327
1,035 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 10,732
9,443 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 25,216
3,155 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,242
7,687 BRAMBLES LIMITED (BUSINESS SERVICES) 51,917
701 CALTEX AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 7,275
9,255 CFS RETAIL PROPERTY TRUST (REAL ESTATE) 15,924
2,963 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 30,589
290 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 19,384
8,424 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 435,138
2,417 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 27,769
2,534 CROWN LIMITED (EATING & DRINKING PLACES) 19,021
3,028 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 101,226
7,438 CSR LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 11,296
25,191 DB RREEF TRUST (REAL ESTATE) 18,724
345 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 5,984
10,969 FAIRFAX MEDIA LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 18,118
6,737 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 30,293
10,365 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 50,316
6,668 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 8,750
49,877 GPT GROUP (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,318
68,250 GPT GROUP HOLDINGS ENTITLEMENT SHARES (REAL ESTATE INVESTMENT TRUSTS (REITS))(a) 0
2,751 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 9,139
8,767 INCITEC PIVOT LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 27,916
11,116 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 39,578
2,240 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,923
812 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 29,060
3,445 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 27,377
633 MACQUAIRE OFFICE TRUST (HOLDING & OTHER INVESTMENT OFFICES) 166
4,045 MACQUARIE AIRPORTS GROUP (MISCELLANEOUS REPAIR SERVICES) 11,470
31,028 MACQUARIE GOODMAN GROUP (REAL ESTATE) 18,650
1,811 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 78,523
11,743 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 12,069
3,964 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 15,060
14,429 MIRVAC GROUP (REAL ESTATE) 19,530
11,394 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 287,741
2,599 NEWCREST MINING LIMITED (METAL MINING) 78,275
6,997 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 25,041
1,957 ORICA LIMITED (CHEMICALS & ALLIED PRODUCTS) 48,111
4,780 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 72,594
16,176 OZ MINERALS LIMITED (METAL MINING) 16,996
3,321 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 12,038
5,749 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 14,983
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
AUSTRALIA (continued)
5,576 QBE INSURANCE GROUP LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) $ 106,583
2,371 RIO TINTO LIMITED (METAL MINING) 170,579
4,465 SANTOS LIMITED (OIL & GAS EXTRACTION) 60,067
865 SIMS GROUP LIMITED (PRIMARY METAL INDUSTRIES) 17,193
2,009 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 26,492
7,216 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,993
12,984 STOCKLAND (REAL ESTATE) 47,540
6,918 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 54,215
3,474 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 21,997
6,639 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 14,987
23,416 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 64,248
3,559 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 24,233
6,587 TRANSURBAN GROUP (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS
TRANSPORTATION) 30,525
5,573 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 162,576
787 WESFARMERS LIMITED PRICE PROTECTED SHARES (PPS) (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 23,016
11,306 WESTFIELD GROUP (REAL ESTATE) 125,122
16,541 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 422,579
2,960 WOODSIDE PETROLEUM LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 127,392
6,744 WOOLWORTHS LIMITED (FOOD STORES) 173,282
849 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 19,828
4,822,787
-----------
AUSTRIA: 0.30%
998 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 41,921
2,181 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 11,960
816 OMV AG (OIL & GAS EXTRACTION) 30,617
280 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 13,312
1,668 TELEKOM AUSTRIA AG (COMMUNICATIONS) 23,317
399 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS &
SANITARY SERVICES) 15,839
608 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 24,595
199 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE AGENTS, BROKERS &
SERVICE) 10,509
172,070
-----------
BELGIUM: 0.92%
2,600 ANHEUSER-BUSCH INBEV NV STRIP VVPR (FOOD & KINDRED PRODUCTS)+ 25
3,926 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 197,762
828 BELGACOM SA (COMMUNICATIONS) 32,342
78 COLRUYT SA (FOOD STORES) 19,200
540 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 43,396
2,741 DEXIA (DEPOSITORY INSTITUTIONS) 16,349
11,989 FORTIS (DEPOSITORY INSTITUTIONS) 42,685
9,100 FORTIS STRIP VVPR (DEPOSITORY INSTITUTIONS)+ 25
433 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 38,260
864 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 41,841
155 MOBISTAR SA (COMMUNICATIONS) 9,539
170 NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 8,909
323 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,204
522 UCB SA (CHEMICALS & ALLIED PRODUCTS) 22,290
589 UMICORE (CHEMICALS & ALLIED PRODUCTS) 20,569
526,396
-----------
BERMUDA: 0.06%
50 INDEPENDENT TANKERS CORPORATION LIMITED (CRUDE PETROLEUM & NATURAL GAS)+ 40
1,499 SEADRILL LIMITED (OIL & GAS EXTRACTION) 34,933
34,973
-----------
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CHINA: 0.08%
4,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) $ 6,851
16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS)+ 7,398
10,400 SANDS CHINA LIMITED (CASINO & GAMING) 16,529
8,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 15,703
46,481
-----------
CYPRUS: 0.03%
2,942 BANK OF CYPRUS PUBLIC COMPANY LIMITED (INSURANCE CARRIERS) 18,597
-----------
DENMARK: 0.93%
7 A.P. MOLLER-MAERSK A/S CLASS A (WATER TRANSPORTATION) 53,340
3 A.P. MOLLER-MAERSK A/S CLASS B (WATER TRANSPORTATION) 21,848
612 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 51,365
118 COLOPLAST AS CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,995
2,428 DANSKE BANK (DEPOSITORY INSTITUTIONS) 59,733
1,150 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 20,551
300 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 5,655
2,402 NOVO NORDISK AS CLASS B (CHEMICALS & ALLIED PRODUCTS) 186,388
256 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 28,332
83 TOPDANMARK A/S (INSURANCE CARRIERS)+ 10,812
123 TRYGVESTA A/S (INSURANCE CARRIERS) 8,118
1,148 VESTAS WIND SYSTEMS A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 62,380
120 WILLIAM DEMANT HOLDING (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 8,491
530,008
-----------
FINLAND: 1.20%
707 ELISA OYJ (COMMUNICATIONS) 14,581
2,388 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 58,411
338 KESKO OYJ (WHOLESALE TRADE-DURABLE GOODS) 13,303
825 KONE OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,097
657 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 21,217
664 NESTE OIL OYJ LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 11,578
20,376 NOKIA OYJ (COMMUNICATIONS) 317,315
550 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 14,285
668 OKO BANK (DEPOSITORY INSTITUTIONS) 7,507
463 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 10,243
638 OUTOKUMPU OYJ (PRIMARY METAL INDUSTRIES) 14,003
400 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 8,644
2,259 SAMPO OYJ (BUSINESS SERVICES) 59,924
420 SANOMAWSOY OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 9,303
3,160 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 24,072
2,830 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 37,555
488 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,717
680,755
-----------
FRANCE: 9.80%
787 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 43,539
153 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,597
700 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 11,067
1,365 AIR LIQUIDE SA (CHEMICALS & ALLIED PRODUCTS) 163,863
12,444 ALCATEL SA (COMMUNICATIONS) 39,346
1,085 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 67,660
235 ATOS ORIGIN SA (BUSINESS SERVICES) 11,801
9,237 AXA SA (INSURANCE CARRIERS) 205,479
71 BIOMERIEUX (HEALTH SERVICES) 8,154
5,207 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 399,887
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
1,203 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 60,476
251 BUREAU VERITAS SA (SOCIAL SERVICES) 13,323
786 CAP GEMINI SA (BUSINESS SERVICES) 38,717
3,452 CARREFOUR SA (FOOD STORES) 166,379
300 CASINO GUICHARD PERRACHON SA (FOOD STORES) 25,385
341 CHRISTIAN DIOR SA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 36,376
192 CNP ASSURANCES (INSURANCE CARRIERS) 18,132
2,094 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 100,686
743 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 21,079
798 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS) 58,806
5,050 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 88,397
336 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,875
210 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,862
1,271 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 69,354
27 ERAMET (METAL MINING) 9,294
1,081 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 69,017
143 EURAZEO (HOLDING & OTHER INVESTMENT OFFICES) 9,933
511 EUTELSAT COMMUNICATIONS (COMMUNICATIONS) 18,166
120 FONCIERE DES REGIONS (REAL ESTATE) 13,217
10,080 FRANCE TELECOM SA (COMMUNICATIONS) 241,182
6,758 GAZ DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 261,052
1,715 GDF SUEZ (ENERGY) 2
97 GECINA SA (REAL ESTATE) 10,735
2,992 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 180,235
2,562 GROUPE EUROTUNNEL SA (RAILROAD TRANSPORTATION) 26,108
283 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 39,313
126 ICADE (HOLDING & OTHER INVESTMENT OFFICES) 14,025
84 ILIAD SA (BUSINESS SERVICES) 8,662
176 IMERYS SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,849
131 IPSEN (CHEMICALS & ALLIED PRODUCTS) 6,397
345 JC DECAUX SA (BUSINESS SERVICES) 9,641
472 KLEPIERRE (REAL ESTATE) 18,539
1,303 L'OREAL SA (COSMETICS, PERSONAL CARE) 137,026
1,074 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 75,576
611 LAGARDERE SCA (COMMUNICATIONS) 24,724
544 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 17,186
1,333 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES-DIVERSIFIED) 155,808
334 M6 METROPOLE TELEVISION (AMUSEMENT & RECREATION SERVICES) 8,639
4,508 NATIXIS (DEPOSITORY INSTITUTIONS) 24,324
166 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,266
655 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 7,522
1,064 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 90,350
788 PEUGEOT SA (AUTOMOBILE) 23,202
408 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 54,319
645 PUBLICIS GROUPE (BUSINESS SERVICES) 27,599
994 RENAULT SA (AUTOMOBILE) 46,586
972 SAFRAN SA (TRANSPORTATION EQUIPMENT) 25,338
5,781 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 430,930
1,283 SCHNEIDER ELECTRIC SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 150,484
858 SCOR SE (INSURANCE CARRIERS) 21,671
138 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,566
117 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 8,415
3,415 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 214,780
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
609 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) $ 11,298
513 SODEXHO ALLIANCE SA (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 30,660
1,466 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 33,740
557 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 45,289
463 THALES SA (TRANSPORTATION EQUIPMENT) 18,585
11,588 TOTAL SA (OIL & GAS EXTRACTION) 672,694
496 UNIBAIL (REAL ESTATE) 100,488
312 VALLOUREC SA (PIPELINES) 62,915
2,149 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 74,537
2,405 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 141,740
6,686 VIVENDI SA (COMMUNICATIONS) 178,938
5,576,802
-----------
GERMANY: 7.24%
1,125 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 60,171
2,468 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 309,440
4,994 BASF AG (OIL & GAS EXTRACTION) 309,737
4,510 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 305,059
1,780 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 82,174
480 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 28,711
441 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 14,099
3,858 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 33,042
4,903 DAIMLER AG (AUTOMOBILE) 230,818
3,207 DEUTSCHE BANK AG (BANKING) 247,028
1,048 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 77,682
1,187 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 19,688
4,549 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 78,921
453 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 14,534
15,406 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 208,810
10,441 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 385,482
190 FRAPORT AG (TRANSPORTATION SERVICES) 10,004
1,029 FRESENIUS MEDICAL CARE AG & COMPANY (HEALTH SERVICES) 58,060
146 FRESENIUS SE (HEALTH SERVICES) 10,867
810 GEA GROUP AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 18,774
313 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,456
765 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,673
707 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 32,758
217 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 18,236
5,832 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 40,480
926 K+S AG (CHEMICALS & ALLIED PRODUCTS) 56,194
816 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 97,362
567 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 47,465
352 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 28,526
617 METRO AG (FOOD STORES) 36,601
1,074 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 174,289
31 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 9,821
2,278 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 201,837
202 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 18,752
4,666 SAP AG (BUSINESS SERVICES) 225,995
4,518 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 452,481
434 SOLARWORLD AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,545
343 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,570
1,798 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 61,817
719 TUI AG (AMUSEMENT & RECREATION SERVICES) 8,085
651 UNITED INTERNET AG (BUSINESS SERVICES) 9,874
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
GERMANY (continued)
159 VOLKSWAGEN AG (AUTOMOBILE) $ 15,355
81 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 12,078
4,123,351
-----------
GREECE: 0.39%
2,509 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 23,755
995 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 26,824
1,711 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS)+ 15,715
580 HELLENIC PETROLEUM SA (PETROLEUM REFINING & RELATED INDUSTRIES) 6,643
1,270 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 15,764
3,291 MARFIN INVESTMENT GROUP SA (INVESTMENT COMPANIES) 7,556
3,263 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 65,667
1,160 OPAP SA (AMUSEMENT & RECREATION SERVICES) 26,321
1,568 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS)+ 13,702
600 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 10,535
300 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,942
220,424
-----------
HONG KONG: 2.36%
1,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,473
7,802 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 28,739
20,000 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 47,706
6,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 12,643
8,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 103,036
2,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 7,741
11,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 78,630
6,208 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 48,973
11,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 11,603
24,000 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 15,183
4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,225
11,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 44,344
4,100 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,136
6,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 42,271
21,220 HONG KONG & CHINA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 52,912
400 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 5,051
7,500 HONG KONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 44,483
6,000 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 100,151
3,000 HOPEWELL HOLDINGS (REAL ESTATE) 8,887
12,000 HUTCHISON WHAMPOA LIMITED (BUSINESS SERVICES) 87,787
3,701 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 10,701
3,976 KERRY PROPERTIES LIMITED (REAL ESTATE) 21,329
12,200 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 60,024
3,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 6,320
7,946 MTR CORPORATION LIMITED (RAILROAD TRANSPORTATION) 30,088
13,387 NEW WORLD DEVELOPMENT LIMITED (REAL ESTATE) 26,208
10,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,623
4,449 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 8,882
1,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 8,895
18,977 PCCW LIMITED (COMMUNICATIONS) 5,646
10,050 SINO LAND COMPANY (REAL ESTATE) 19,701
8,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 120,346
4,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 54,133
2,000 TELEVISION BROADCASTS LIMITED (COMMUNICATIONS) 9,685
11,606 THE LINK REIT (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 28,610
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
HONG KONG (continued)
7,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) $ 42,965
5,000 WHEELOCK & COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 14,747
1,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,144
3,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS)(a) 12,123
1,341,144
-----------
IRELAND: 0.36%
6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0
3,798 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 94,826
2,565 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 19,331
5,517 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 54,293
726 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,553
480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 13,042
204,045
-----------
ITALY: 3.06%
5,668 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 10,633
6,353 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 152,479
1,402 ATLANTIA SPA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 32,722
528 AUTOGRILL SPA (EATING & DRINKING PLACES) 6,425
3,355 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 9,165
11,380 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 16,846
2,043 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 12,686
3,318 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS) 23,080
35,815 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 200,266
14,304 ENI SPA (OIL & GAS EXTRACTION) 335,583
375 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,514
4,103 FIAT SPA (COMMON) (TRANSPORTATION EQUIPMENT) 53,422
2,204 FINMECCANICA SPA (TRANSPORTATION BY AIR) 29,411
322 FONDIARIA SAI SPA (INSURANCE CARRIERS) 4,845
41,907 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 156,079
4,832 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS)+ 14,472
367 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,243
600 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,046
3,858 MEDIASET SPA (COMMUNICATIONS) 33,141
2,578 MEDIOBANCA SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 27,699
1,138 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,659
8,824 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 24,164
13,596 PIRELLI & COMPANY SPA (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 8,355
516 PRYSMIAN SPA (COMMUNICATIONS) 10,140
1,421 SAIPEM SPA (OIL & GAS EXTRACTION) 54,987
7,773 SNAM RETE GAS SPA (ELECTRIC, GAS & SANITARY SERVICES) 39,396
32,340 TELECOM ITALIA RSP SPA (COMMUNICATIONS) 36,473
53,959 TELECOM ITALIA SPA (COMMUNICATIONS) 77,690
7,079 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,620
89,048 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 263,097
3,087 UNIONE DI BANCHE SCPA (DEPOSITORY INSTITUTIONS) 41,653
3,829 UNIPOL SPA (INSURANCE AGENTS, BROKERS & SERVICE) 4,323
1,743,314
-----------
JAPAN: 22.09%
2,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,424
100 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,198
300 ACOM COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 4,910
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) $ 22,507
3,400 AEON COMPANY LIMITED (GENERAL MERCHANDISE STORES) 38,586
400 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,749
500 AEON MALL COMPANY LIMITED (REAL ESTATE) 10,541
1,000 AIR WATER INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 11,445
1,000 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,950
4,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 39,619
200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 8,621
5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 14,280
2,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,772
5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,060
2,100 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 39,376
6,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 67,579
7,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 37,662
1,000 ASICS CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 9,776
2,500 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 90,518
2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 18,419
7,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 34,292
400 BENESSE CORPORATION (EDUCATIONAL SERVICES) 17,328
3,300 BRIDGESTONE CORPORATION (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 56,335
1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,296
5,800 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 268,628
300 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 4,085
1,200 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,229
8 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 60,926
4,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,917
1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,926
3,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 89,990
1,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 22,565
1,500 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,252
300 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 4,906
3,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 7,252
800 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,408
3,000 DAI NIPPON PRINTING COMPANY LIMITED (BUSINESS SERVICES) 40,528
2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,755
2,000 DAIDO STEEL COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 8,407
1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,552
3,700 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,298
1,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 53,188
800 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,333
400 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 19,296
3,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 33,854
9,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES
& SERVICES) 47,363
2 DENA COMPANY LIMITED (BUSINESS SERVICES) 14,804
3,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,900
2,600 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 77,452
900 DENTSU INCORPORATED (BUSINESS SERVICES) 23,653
1,100 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,624
1,900 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 132,100
1,400 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 49,941
680 ELECTRIC POWER DEVELOPMENT COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 22,402
900 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 17,723
300 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,546
1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 116,718
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
300 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) $ 52,145
3,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 8,183
3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 15,531
3 FUJI TELEVISION NETWORK INCORPORATED (MEDIA) 4,444
2,500 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 86,105
10,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,462
4,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 16,986
4,000 FURUKAWA ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 20,794
2,000 GS YUASA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,499
2,000 GUNMA BANK LIMITED (BUSINESS SERVICES) 11,060
120 HAKUHODO DY HOLDINGS INCORPORATED (BUSINESS SERVICES) 6,315
6,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 31,494
1,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,225
200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 23,061
400 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 14,868
600 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,964
600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (HEAVY CONSTRUCTION OTHER
THAN BUILDING CONSTRUCTION CONTRACTS)+ 14,177
400 HITACHI HIGH-TECHNOLOGIES CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 9,177
24,000 HITACHI LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 89,592
1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 10,514
1,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 19,189
7,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 15,349
1,000 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 21,992
9,000 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 317,681
2,200 HOYA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 60,454
700 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 24,110
100 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 7,573
5 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 36,688
1,960 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,070
7,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS
MANUFACTURING INDUSTRIES) 12,804
6,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 16,237
300 ITO EN LIMITED (EATING & DRINKING PLACES) 4,643
8,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 70,082
200 ITOCHU TECHNO-SCIENCE CORPORATION (BUSINESS SERVICES) 6,568
2,800 J FRONT RETAILING COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 16,472
200 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 5,252
200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 10,140
3 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE) 6,678
3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE) 25,575
8 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE) 9,413
2,000 JAPAN STEEL WORKS (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,912
25 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 93,058
2,700 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 108,734
1,000 JGC CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 17,841
4,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,841
1,300 JS GROUP CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 26,462
1,000 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,890
1,000 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,809
13 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 15,018
5,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 12,247
2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 16,087
2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,964
4,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 96,228
1,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,151
2,900 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 73,516
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
8,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 22,077
4,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,959
16 KDDI CORPORATION (COMMUNICATIONS) 82,832
3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 24,644
3,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 20,248
2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 12,172
200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 47,791
1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 11,702
1,000 KINDEN CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 8,760
9,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 28,014
5,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 73,751
13,000 KOBE STEEL LIMITED (PRIMARY METAL INDUSTRIES)+ 27,950
1,000 KOITO MANUFACTURING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 14,847
5,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 106,921
500 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
2,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,174
6,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 54,680
2,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 26,912
600 KURITA WATER INDUSTRIES LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,975
900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 87,699
2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,644
2,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 45,711
400 LAWSON INCORPORATED (FOOD STORES) 17,071
200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 11,509
600 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,767
9,000 MARUBENI CORPORATION (BUSINESS SERVICES) 55,931
1,100 MARUI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 7,977
200 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 4,056
600 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 4,287
10,700 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 163,665
2,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 25,243
8,000 MAZDA MOTOR CORPORATION (AUTOMOBILE) 22,505
400 MCDONALD'S HOLDINGS COMPANY LIMITED (FOOD STORES) 8,121
700 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 8,289
400 MEIJI HOLDINGS COMPANY LIMITED (PHARMACEUTICALS)+ 15,531
3,900 MILLEA HOLDINGS INCORPORATED (INSURANCE AGENTS, BROKERS & SERVICE) 109,837
2,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,172
6,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,234
6,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 180,821
11,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 101,070
7,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 114,558
2,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,044
17,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 70,371
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 12,429
6,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 17,264
19,000 MITSUBISHI MOTORS CORPORATION (AUTOMOBILE)+ 25,810
69,170 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 362,534
300 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,910
9,400 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 157,957
5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,135
4,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,969
5,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 84,875
3,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,985
6,000 MITSUI OSK LINES LIMITED (WATER TRANSPORTATION) 43,063
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
3,061 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED (INSURANCE CARRIERS) $ 84,964
5,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 18,772
400 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 8,754
74,500 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 147,422
8,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 8,044
1,200 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,157
1,000 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 9,744
14,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 42,079
1,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 20,398
1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 13,584
1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,177
600 NIDEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,306
1,700 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 37,113
500 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 167,398
3 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE) 25,832
2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174
5,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 21,500
1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 12,654
5,000 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 23,818
7,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 33,346
500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 12,862
3,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 8,857
28,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 109,916
2,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 118,002
8,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 31,576
4,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(a) 25,662
4,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,809
1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,991
13,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOBILE) 114,808
100 NISSHA PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,904
1,000 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 12,910
4,000 NISSHIN STEEL COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,343
1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 10,354
400 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,456
200 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 15,189
900 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 34,945
600 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 9,030
20,100 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 148,132
500 NOMURA REAL ESTATE HOLDING INCORPORATED (REAL ESTATE) 7,712
2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE) 11,231
500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 11,392
3,000 NSK LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 23,682
3,000 NTN CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,542
7 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 23,323
84 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 127,945
6 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 5,070
4,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,756
40 OBIC COMPANY LIMITED (BUSINESS SERVICES) 7,265
4,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 33,287
5,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 21,927
1,200 OLYMPUS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 38,507
1,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 25,532
500 ONO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 22,248
200 ORACLE CORPORATION JAPAN (BUSINESS SERVICES) 9,274
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
300 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) $ 20,922
560 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,657
11,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 39,416
100 OTSUKA CORPORATION (BUSINESS SERVICES) 6,354
38 RAKUTEN INCORPORATED (BUSINESS SERVICES) 27,477
2,600 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 32,872
4,000 RICOH COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 62,467
200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,504
600 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 44,796
300 SANKYO COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 14,841
400 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,006
10,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT)+ 16,045
1,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,851
1,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 5,220
87 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 17,169
1,200 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 52,498
1,100 SEGA SAMMY HOLDINGS INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,319
700 SEIKO EPSON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,872
3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 20,344
3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,971
2,900 SENSHU IKEDA HOLDINGS INCORPORATED (BANKING)+ 5,273
4,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 101,968
3 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,033
5,200 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 65,021
1,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 28,335
2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 16,023
400 SHIMANO INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,692
100 SHIMANURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 8,857
3,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,515
2,300 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 133,586
300 SHINKO ELECTRIC INDUSTRIES (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 4,640
3,000 SHINKO SECURITIES COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,498
5,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,043
1,600 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,429
1,900 SHISEIDO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 41,256
3,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,153
8,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 18,055
1,000 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 6,760
300 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,721
4,100 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 100,998
6,400 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 12,391
5,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 35,642
5,500 SONY CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 210,611
5 SONY FINANCIAL HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 16,419
300 SQUARE ENIX COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 6,559
800 STANLEY ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,514
600 SUMCO CORPORATION (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 12,759
9,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 43,994
6,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 70,141
4,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 50,258
3,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 18,066
18,000 SUMITOMO METAL INDUSTRIES LIMITED (PRIMARY METAL INDUSTRIES) 54,487
3,000 SUMITOMO METAL MINING COMPANY LIMITED (METAL MINING) 44,636
7,000 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 231,362
2,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 38,058
900 SUMITOMO RUBBER INDUSTRIES (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,932
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 46,893
1,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 8,942
400 SUZUKEN COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 14,098
1,900 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 41,926
1,500 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 35,506
4,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 5,733
5,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,017
1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 18,184
2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 19,553
2,000 TAKASHIMAYA COMPANY LIMITED (GENERAL MERCHANDISE STORES) 16,430
4,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 180,463
1,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,119
700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,572
5,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 16,793
900 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 47,941
1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,499
1,500 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 29,811
2,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,381
3,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,675
1,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,509
600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,092
200 TOA MEDICAL ELECTRONICS COMPANY (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,723
5,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,757
600 TOHO COMPANY LIMITED TOKYO (AMUSEMENT & RECREATION SERVICES) 9,665
3,000 TOHO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,365
2,300 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 48,613
2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 11,081
6,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 175,925
1,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 66,317
13,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 57,290
500 TOKYO STEEL MANUFACTURING COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,263
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 7,188
6,000 TOKYU CORPORATION (RAILROAD TRANSPORTATION) 25,094
2,000 TOKYU LAND CORPORATION (REAL ESTATE) 7,637
2,000 TONENGENERAL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 16,879
3,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,083
7,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 40,881
22,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 113,659
3,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,637
2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,627
800 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,171
1,000 TOYO SUISAN KAISHA LIMITED (FOOD STORES) 25,864
400 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 11,214
300 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,763
1,000 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 28,559
16,100 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 644,930
1,100 TOYOTA TSUSHO CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 17,249
600 TREND MICRO INCORPORATED (BUSINESS SERVICES) 20,922
300 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 8,712
5,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 12,836
200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 19,318
1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 8,268
600 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 10,179
120 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 8,151
9 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 30,998
79 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 28,773
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
500 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 13,488
470 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 34,688
1,000 YAMAGUCHI FINANCIAL GROUP (HOLDING & OTHER INVESTMENT OFFICES) 10,942
800 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,328
1,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,484
2,200 YAMATO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 30,921
200 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,642
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,376
1,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,145
1,200 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,448
12,574,335
-----------
LUXEMBOURG: 0.59%
4,671 ARCELORMITTAL (IRON, STEEL) 204,976
414 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS) 37,039
1,519 SES FDR (BUSINESS SERVICES) 38,355
2,539 TENARIS SA (PRIMARY METAL INDUSTRIES) 54,800
335,170
-----------
NETHERLANDS: 2.75%
8,397 AEGON NV (INSURANCE CARRIERS) 57,501
1,246 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 71,010
2,319 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,877
344 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,184
276 CORIO NV (REAL ESTATE) 18,428
2,186 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (AEROSPACE, DEFENSE) 43,978
359 FUGRO NV (OIL & GAS EXTRACTION) 23,464
599 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 26,646
1,317 HEINEKEN NV (FOOD & KINDRED PRODUCTS) 67,684
19,805 ING GROEP NV (FINANCIAL SERVICES) 197,733
6,408 KONINKLIJKE AHOLD NV (FOOD STORES) 85,425
828 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 36,922
5,291 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 169,653
163 KONINKLIJKE VOPAK NV (TRANSPORTATION SERVICES) 12,837
1,258 QIAGEN NV (HEALTH SERVICES)+ 28,970
527 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 25,044
3,884 REED ELSEVIER NV (HOLDING & OTHER INVESTMENT OFFICES) 47,203
9,091 ROYAL KPN NV (COMMUNICATIONS) 144,030
884 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 17,689
3,716 STMICROELECTRONICS (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 36,990
1,995 TNT NV (TRANSPORTATION SERVICES) 57,205
8,919 UNILEVER NV (FOOD & KINDRED PRODUCTS) 269,780
1,514 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,831
1,567,084
-----------
NEW ZEALAND: 0.12%
7,944 AUCKLAND INTERNATIONAL AIRPORT LIMITED (TRANSPORTATION BY AIR) 10,947
1,646 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 7,483
3,196 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 18,957
885 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,684
2,983 SKY CITY ENTERTAINMENT GROUP LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,823
10,406 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 16,040
66,934
-----------
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
NORWAY: 0.66%
4,861 DNB NOR ASA (DEPOSITORY INSTITUTIONS) $ 55,536
3,558 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 27,120
4,141 ORKLA ASA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 36,615
1,724 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 8,064
6,102 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 141,277
4,493 TELENOR ASA (COMMUNICATIONS) 60,933
1,000 YARA INTERNATIONAL ASA (CHEMICALS & ALLIED PRODUCTS) 43,411
372,956
-----------
PORTUGAL: 0.25%
12,164 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 13,538
2,721 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 14,700
932 BRISA-AUTO ESTRADAS DE PORTUGAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 7,905
1,220 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,219
9,467 ENERGIAS DE PORTUGAL SA (ELECTRIC, GAS & SANITARY SERVICES) 37,631
799 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 13,878
1,142 JERONIMO MARTINS (FOOD & KINDRED PRODUCTS) 11,568
3,172 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 35,465
143,904
-----------
SINGAPORE: 1.41%
8,000 ASCENDAS REIT (REAL ESTATE) 10,980
14,000 CAPITALAND LIMITED (REAL ESTATE) 39,730
11,670 CAPITAMALL TRUST (REAL ESTATE) 14,765
7,000 CAPITAMALLS ASIA LIMITED (REAL ESTATE) 11,308
3,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 22,731
10,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 11,151
7,000 COSCO CORPORATION SINGAPORE LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,205
9,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 97,109
5,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 17,156
34,672 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 14,375
1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 23,564
40 K-REIT ASIA (REAL ESTATE) 31
7,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 45,634
5,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 7,184
6,590 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 12,201
14,130 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 87,975
4,980 SEMBCORP INDUSTRIES LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 14,702
5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 14,976
2,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 28,250
5,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 27,342
9,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,576
7,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES) 15,962
43,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 97,437
4,000 STARHUB LIMITED (COMMUNICATIONS) 6,548
7,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 96,172
3,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 8,363
7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 33,525
9,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,463
797,415
-----------
SOUTH AFRICA: 0.07%
490 RANDGOLD RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 37,290
-----------
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SPAIN: 3.80%
1,533 ABERTIS INFRAESTRUCTURAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) $ 29,505
132 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 14,639
724 ACERINOX SA (PRIMARY METAL INDUSTRIES) 14,252
770 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (RAILROAD TRANSPORTATION) 35,526
19,358 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 264,858
4,664 BANCO DE SABADE (DEPOSITORY INSTITUTIONS) 25,752
1,104 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS)+ 7,038
4,650 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 34,229
45,146 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 600,008
1,471 BANKINTER SA (DEPOSITORY INSTITUTIONS) 12,239
2,363 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA
(HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,979
4,355 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 21,581
1,131 EDP RENOVAVEIS SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 8,837
928 ENAGAS (ELECTRIC, GAS & SANITARY SERVICES) 20,336
197 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN
BUILDING CONSTRUCTION CONTRACTS) 7,212
945 GAMESA CORPORATION TECNOLOGICA SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,955
1,254 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 23,153
511 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 8,020
662 GRIFOLS SA (CHEMICALS & ALLIED PRODUCTS) 9,889
4,378 IBERDROLA RENOVABLES (ELECTRIC UTILITIES) 18,183
20,013 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 169,617
2,472 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,641
510 INDRA SISTEMAS SA (BUSINESS SERVICES) 10,456
1,173 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 77,322
3,791 MAPFRE SA (INSURANCE CARRIERS) 13,907
589 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 31,611
3,944 REPSOL YPF SA (OIL & GAS EXTRACTION) 93,382
473 SACYR VALLEHERMOSO SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 4,173
23,236 TELEFONICA SA (COMMUNICATIONS) 550,470
690 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,957
2,162,727
-----------
SWEDEN: 2.69%
1,768 ALFA LAVAL AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,028
1,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 33,013
3,604 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,902
2,122 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,741
1,304 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 29,798
1,192 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 28,576
2,780 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 180,608
331 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 8,916
2,110 HUSQVARNA AB B SHARES (COMMUNICATIONS) 15,341
2,400 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 46,035
1,175 KINNEVIK INVESTMENT AB (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 21,643
1,153 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 9,765
17,856 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 176,196
600 RATOS AB B SHARES (HOLDING & OTHER INVESTMENT OFFICES) 19,901
5,422 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 67,769
1,692 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 26,760
1,707 SECURITAS AB (BUSINESS SERVICES) 18,203
8,238 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 52,630
2,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 42,518
2,140 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 38,025
992 SSAB SVENSKT STAL AB CLASS A (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 17,833
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SWEDEN (continued)
475 SSAB SVENSKT STAL AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT)+ $ 7,710
3,077 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 43,381
2,614 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 76,603
3,300 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 33,866
1,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 38,844
1,695 TELE2 AB (COMMUNICATIONS) 28,287
17,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 185,355
12,411 TELIASONERA AB (COMMUNICATIONS) 88,090
2,400 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 23,765
5,795 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 58,306
1,529,408
-----------
SWITZERLAND: 7.69%
11,997 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 262,036
555 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS)+ 25,250
660 ADECCO SA (BUSINESS SERVICES) 37,463
420 ARYZTA AG (CONSUMER STAPLES) 18,403
259 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 22,967
83 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 6,168
2,809 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 108,774
6,119 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 315,409
211 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 37,761
41 GIVAUDAN SA (CHEMICALS & ALLIED PRODUCTS) 35,968
1,321 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 98,474
1,093 JULIUS BAER GROUP LIMITED (BANKING) 39,650
1,093 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 13,424
294 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 29,751
1 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 27,077
5 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) (FOOD & KINDRED
PRODUCTS) 11,831
943 LOGITECH INTERNATIONAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 15,517
236 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 19,249
19,013 NESTLE SA (FOOD & KINDRED PRODUCTS) 973,731
644 NOBEL BIOCARE HOLDING AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,224
11,577 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 625,294
140 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 11,884
240 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,818
3,854 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 625,032
253 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 22,267
111 SCHINDLER HOLDING SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 9,643
29 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (PRINTING, PUBLISHING &
ALLIED INDUSTRIES) 39,991
41 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,207
224 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 13,320
166 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 52,930
154 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,229
1,857 SWISS REINSURANCE (INSURANCE CARRIERS) 91,406
125 SWISSCOM AG (COMMUNICATIONS) 45,618
515 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 143,012
19,347 UBS AG (DEPOSITORY INSTITUTIONS) 314,499
801 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 205,340
4,376,617
-----------
UNITED KINGDOM: 20.38%
4,985 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 22,029
962 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 19,270
1,725 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,915
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
7,158 ANGLO AMERICAN PLC (COAL MINING) $ 312,181
2,147 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 33,884
1,939 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 28,792
7,965 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 355,233
1,175 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,505
15,059 AVIVA PLC (INSURANCE CARRIERS) 88,049
19,270 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 108,576
3,541 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 15,701
62,944 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 344,149
18,520 BG GROUP PLC (OIL & GAS EXTRACTION) 320,527
12,120 BHP BILLITON PLC (COAL MINING) 415,661
102,860 BP PLC (OIL & GAS EXTRACTION) 973,065
2,991 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 11,029
10,966 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 377,998
4,539 BRITISH LAND COMPANY PLC (REAL ESTATE) 33,138
6,126 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 55,963
41,747 BT GROUP PLC (COMMUNICATIONS) 78,492
1,712 BUNZL PLC (BUSINESS SERVICES) 18,731
2,246 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 24,352
7,389 CAIRN ENERGY PLC (ENERGY)+ 46,757
3,342 CAPITA GROUP PLC (BUSINESS SERVICES) 38,366
908 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 37,272
128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)(a) 0
27,925 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 124,544
5,924 COBHAM PLC (TRANSPORTATION EQUIPMENT) 23,103
9,950 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 79,421
13,607 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 228,374
1,890 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 10,715
1,331 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 24,076
2,498 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 13,609
928 FRESNILLO PLC (MATERIALS) 11,942
6,900 G4S PLC (SOCIAL SERVICES) 27,381
28,478 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 546,890
3,693 HAMMERSON PLC (REAL ESTATE) 22,047
4,544 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 18,687
95,440 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 967,465
2,686 ICAP PLC (BUSINESS SERVICES) 15,236
5,531 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 168,705
2,284 INMARSAT PLC (COMMUNICATIONS) 26,203
1,332 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES) 20,860
8,168 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 39,527
4,385 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,671
2,179 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 17,823
6,440 J SAINSBURY PLC (FOOD STORES) 32,015
1,169 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 30,973
1,164 KAZAKHMYS PLC (METAL MINING) 26,972
12,851 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 41,811
4,115 LAND SECURITIES GROUP PLC (REAL ESTATE) 42,338
31,457 LEGAL & GENERAL GROUP PLC (INSURANCE AGENTS, BROKERS & SERVICE) 42,032
2,675 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 20,439
207,493 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 197,644
772 LONDON STOCK EXCHANGE GROUP PLC (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 8,324
799 LONMIN PLC (METAL MINING) 24,710
9,184 MAN GROUP PLC (BUSINESS SERVICES) 33,657
8,474 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 47,592
13,265 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 129,132
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
1,065 NEW CARPHONE WAREHOUSE (RETAIL, CONSUMER ELECTRONIC PRODUCTS) $ 2,578
1,073 NEXT PLC (APPAREL & ACCESSORY STORES) 35,236
28,717 OLD MUTUAL PLC (INSURANCE CARRIERS) 53,383
4,357 PEARSON PLC (COMMUNICATIONS) 68,498
1,074 PETROFAC LIMITED (OIL & GAS EXTRACTION) 19,590
13,782 PRUDENTIAL PLC (INSURANCE CARRIERS) 114,505
3,313 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 181,844
6,517 REED ELSEVIER PLC (COMMUNICATIONS) 51,970
13,673 RESOLUTION LIMITED (INVESTMENT COMPANIES) 17,004
4,544 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,197
7,531 RIO TINTO PLC (METAL MINING) 446,275
9,965 ROLLS ROYCE GROUP PLC (TRANSPORTATION EQUIPMENT) 90,051
90,747 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 60,592
19,569 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 566,505
14,804 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 407,853
5,139 SABMILLER PLC (EATING & DRINKING PLACES) 150,666
7,140 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 25,906
637 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,601
4,955 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 82,786
3,807 SEGRO PLC (REAL ESTATE) 18,464
2,667 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,323
1,226 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 22,232
3,013 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 66,480
4,819 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 48,009
2,088 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 35,995
10,999 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 300,020
12,172 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 36,997
2,131 TALKTALK TELECOM GROUP PLC (COMMUNICATIONS) 4,172
43,172 TESCO PLC (FOOD & KINDRED PRODUCTS) 285,278
4,491 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 18,387
4,572 TOMKINS PLC (BUSINESS SERVICES) 16,374
2,895 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 13,245
4,816 TULLOW OIL PLC (OIL & GAS EXTRACTION) 91,353
7,041 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 206,749
3,710 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 31,471
714 VEDANTA RESOURCES PLC (PRIMARY METAL INDUSTRIES) 30,078
288,575 VODAFONE GROUP PLC (COMMUNICATIONS) 665,627
911 WHITBREAD PLC (EATING & DRINKING PLACES) 20,377
11,394 WILLIAM MORRISON SUPERMARKETS PLC (FOOD STORES) 50,747
1,523 WOLSELEY PLC (WHOLESALE TRADE-DURABLE GOODS) 36,794
6,738 WPP PLC (COMMUNICATIONS) 69,836
10,373 XSTRATA PLC (METAL MINING) 196,527
11,598,128
------------
UNITED STATES: 0.07%
7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 28
1 NYSE EURONEXT INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 30
319 SYNTHES INCORPORATED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS)+ 39,814
39,872
------------
TOTAL COMMON STOCKS (COST $53,322,369) 55,642,987
------------
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME EXPIRATION DATE VALUE
RIGHTS: 0.00%
724 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT)+ 04/09/2010 $ 450
TOTAL RIGHTS (COST $0) 450
-------------
WARRANTS: 0.00%
2,828 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE
SERVICES)+ 07/23/2012 253
TOTAL WARRANTS (COST $0) 253
-------------
DIVIDEND YIELD
PREFERRED STOCKS: 0.34%
270 BAYERISCHE MOTOREN WERKE AG
(TRANSPORTATION EQUIPMENT) 1.17% 9,556
439 FRESENIUS AG (HEALTHCARE) 1.31 33,145
956 HENKEL KGAA (CHEMICALS & ALLIED
PRODUCTS) 1.32 51,468
476 PORSCHE AG (AUTO & TRUCKS) 0.11 29,050
202 RWE AG (ELECTRIC, GAS & SANITARY
SERVICES) 6.26 16,613
565 VOLKSWAGEN AG (TRANSPORTATION
EQUIPMENT) 2.36 51,816
TOTAL PREFERRED STOCKS (COST $ 156,253) 191,648
-------------
YIELD
SHORT-TERM INVESTMENTS: 0.90%
MUTUAL FUNDS: 0.90%
511,273 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 511,273
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $ 511,273) 511,273
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $53,989,895)* 99.01% 56,346,611
OTHER ASSETS AND LIABILITIES, NET 0.99 565,935
------- -------------
TOTAL NET ASSETS 100.00% $ 56,912,546
------- -------------
- -------------
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $54,833,764 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,144,274
Gross unrealized depreciation (7,631,427)
----------------
Net unrealized appreciation $ 1,512,847
The accompanying notes are an integral part of these financial statements.
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.11%
AUSTRALIA: 6.19%
187,200 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 1,097,702
600,118 AWB LIMITED (AGRICULTURAL SERVICES) 525,917
404,900 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,081,229
755,171 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,910,527
340,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 2,361,503
1,718,600 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 2,255,215
29,469 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,277,745
500,681 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 1,902,123
570,994 MINCOR RESOURCES NL (METAL MINING) 1,053,185
368,800 SALLY MALAY MINING LIMITED (METAL MINING) 812,230
153,900 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,206,073
210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 1,332,208
527,300 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,446,792
19,262,449
-----------
AUSTRIA: 0.95%
32,300 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 1,356,769
39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,589,763
2,946,532
-----------
BELGIUM: 2.25%
39,400 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 3,166,330
53,300 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 2,581,190
37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,237,358
6,984,878
-----------
DENMARK: 0.92%
45,600 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,121,840
93,000 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 1,753,093
2,874,933
-----------
FINLAND: 1.40%
156,300 NOKIA OYJ (COMMUNICATIONS) 2,434,060
82,700 TIETOENATOR OYJ (BUSINESS SERVICES) 1,914,517
4,348,577
-----------
FRANCE: 9.92%
54,000 AXA SA (INSURANCE CARRIERS) 1,201,242
20,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,597,398
31,998 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2,707,615
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,307,581
86,100 FRANCE TELECOM SA (COMMUNICATIONS) 2,060,095
31,800 LAGARDERE SCA (COMMUNICATIONS) 1,286,803
36,000 RALLYE SA (FOOD STORES)+ 1,328,149
74,500 SAFRAN SA (TRANSPORTATION EQUIPMENT) 1,942,033
79,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,941,029
105,400 SCOR REGROUPE (INSURANCE CARRIERS) 2,662,105
4,300 SCOR SE (INSURANCE CARRIERS) 108,275
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,106,917
32,500 THALES SA (TRANSPORTATION EQUIPMENT) 1,304,593
48,200 TOTAL SA (OIL & GAS EXTRACTION) 2,798,056
130,400 VIVENDI SA (COMMUNICATIONS) 3,489,913
30,841,804
-----------
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
GERMANY: 8.95%
33,100 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) $ 4,150,107
69,900 BASF AG (OIL & GAS EXTRACTION) 4,335,329
20,100 DEUTSCHE BANK AG (BANKING) 1,548,255
77,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,290,390
114,700 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,234,728
31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,530,773
22,800 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,699,999
25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,334,732
25,900 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,294,809
78,400 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,695,455
6,754 VOSSLOH AG (TRANSPORTATION EQUIPMENT) 721,209
27,835,786
-----------
HONG KONG: 2.28%
2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 2,407,213
993,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,172,043
1,000,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 2,503,783
7,083,039
-----------
IRELAND: 0.34%
79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 128,314
225,000 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 486,234
111,500 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (DIVERSIFIED FINANCIAL SERVICES, MORTGAGE,
SAVING, INVESTMENTS & PENSION PRODUCTS) 443,209
1,057,757
-----------
ITALY: 2.63%
141,055 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,169,768
688,400 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 3,849,321
135,200 ENI SPA (OIL & GAS EXTRACTION) 3,171,900
8,190,989
-----------
JAPAN: 20.09%
203,200 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,030,044
85,600 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 3,099,326
266,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,314,494
208,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,243,684
169,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,641,758
161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 389,197
90,000 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,395,871
73,600 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 758,122
63,300 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,560,664
378,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,605,156
57,700 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 821,464
214,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,874,703
40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 1,622,949
52,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 337,063
500 KDDI CORPORATION (COMMUNICATIONS) 2,588,512
23,900 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 460,923
98,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,417,221
148,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 1,206,289
516,000 MARUBENI CORPORATION (BUSINESS SERVICES) 3,206,717
52,200 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,591,293
64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,679,805
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,629,982
1,831,300 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 3,623,815
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
131,300 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) $ 1,279,434
213,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 915,884
406,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,936,430
303,300 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,444,819
14,200 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED (BUSINESS SERVICES) 170,570
74,600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,143,908
168,000 NISSAN SHATAI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,340,550
1,000 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,523,158
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,018,719
384,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,281,506
678,000 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,312,632
267,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 3,071,264
42,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,404,696
68,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 3,023,858
64,200 TAKEFUJI CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 273,308
62,000 THE KEIYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 299,091
234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 926,088
28,000 TSURUHA HOLDINGS INCORPORATED (GENERAL MERCHANDISE STORES) 1,003,316
62,468,283
------------
NETHERLANDS: 3.28%
151,800 AEGON NV (INSURANCE CARRIERS) 1,039,496
82,761 CSM (FOOD & KINDRED PRODUCTS) 2,570,967
77,200 ING GROEP NV (FINANCIAL SERVICES) 770,765
52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 2,349,984
37,904 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 992,160
39,100 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 2,463,607
10,186,979
------------
NORWAY: 0.94%
132,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 1,508,076
61,700 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,428,510
2,936,586
------------
PORTUGAL: 0.89%
245,688 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 653,058
131,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 709,902
126,300 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,412,120
2,775,080
------------
SINGAPORE: 0.29%
606,490 MOBILONE LIMITED (COMMUNICATIONS) 901,747
------------
SPAIN: 4.49%
185,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,533,923
146,100 BANCO ESPANOL DE CREDITO SA (DEPOSITORY INSTITUTIONS) 1,539,174
430,300 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,718,859
123,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,931,201
52,400 TELEFONICA SA (COMMUNICATIONS) 1,241,377
13,964,534
------------
SWEDEN: 2.68%
120,300 BOLIDEN AB (METAL MINING) 1,719,381
113,500 SAAB AB (AEROSPACE, DEFENSE)+ 1,729,081
101,800 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 1,435,233
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
SWEDEN (continued)
68,600 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 2,010,326
137,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,449,152
8,343,173
-------------
SWITZERLAND: 6.79%
28,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,553,870
173,900 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 2,211,683
27,500 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 1,417,512
3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,358,024
76,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 4,142,702
28,900 SWISS REINSURANCE (INSURANCE CARRIERS) 1,422,525
7,500 SWISSCOM AG (COMMUNICATIONS) 2,737,102
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 517,830
7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 850,721
15,200 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,896,586
21,108,555
-------------
UNITED KINGDOM: 19.83%
190,400 AMLIN PLC (INSURANCE CARRIERS) 1,121,344
109,800 ASTRAZENECA PLC (PHARMACEUTICALS) 4,897,003
220,500 AVIVA PLC (INSURANCE CARRIERS) 1,289,247
242,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,328,068
720,100 BP PLC (OIL & GAS EXTRACTION) 6,812,210
83,025 BRIT INSURANCE HOLDINGS NV (PROPERTY - CASUALTY INSURANCE) 948,077
1,092,100 BT GROUP PLC (COMMUNICATIONS) 2,053,346
328,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,465,979
87,468 CHARTER INTERNATIONAL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 996,158
279,000 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,581,756
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 797,780
213,300 GLAXOSMITHKLINE PLC (PHARMACEUTICALS) 4,096,203
184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,252,824
358,800 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 1,475,537
323,800 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,243,017
67,900 KAZAKHMYS PLC (METAL MINING) 1,573,393
653,600 LOGICACMG PLC (BUSINESS SERVICES) 1,353,858
632,790 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 880,557
544,300 MEGGITT PLC (TRANSPORTATION BY AIR) 2,525,005
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 209,403
1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,087,957
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 151,769
443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 858,863
14,300 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 413,616
264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 7,273,252
124,200 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,559,617
319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 2,204,905
389,400 THOMAS COOK GROUP PLC (LEISURE) 1,594,286
14,800 TOMKINS PLC (BUSINESS SERVICES) 53,003
1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 3,918,680
223,600 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 1,648,722
61,665,435
-------------
TOTAL COMMON STOCKS (COST $323,674,421) 295,777,116
-------------
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.34%
MUTUAL FUNDS: 2.34%
7,289,152 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,289,152
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,289,152) 7,289,152
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $330,963,573)* 97.45% 303,066,268
OTHER ASSETS AND LIABILITIES, NET 2.55 7,932,668
------- -------------
TOTAL NET ASSETS 100.00% $ 310,998,936
------- -------------
- ----------
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $324,949,432 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 31,267,611
Gross unrealized depreciation (53,150,775)
-------------
Net unrealized depreciation $ (21,883,164)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.43%
AEROSPACE, DEFENSE: 1.09%
10,650 GOODRICH CORPORATION $ 751,034
-----------
APPAREL & ACCESSORY STORES: 0.96%
7,780 POLO RALPH LAUREN CORPORATION 661,611
-----------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.06%
18,620 COACH INCORPORATED 735,862
-----------
AUTO PARTS & EQUIPMENT: 1.14%
23,940 JOHNSON CONTROLS INCORPORATED 789,781
-----------
BIOPHARMACEUTICALS: 1.03%
15,660 GILEAD SCIENCES INCORPORATED+ 712,217
-----------
BIOTECHNOLOGY: 2.22%
13,790 AMGEN INCORPORATED+ 824,090
12,390 BIOGEN IDEC INCORPORATED+ 710,690
1,534,780
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.92%
880 NVR INCORPORATED+ 639,320
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.25%
26,670 HOME DEPOT INCORPORATED 862,775
-----------
BUSINESS SERVICES: 2.13%
28,420 CA INCORPORATED 667,017
20,790 OMNICOM GROUP INCORPORATED 806,860
1,473,877
-----------
CHEMICALS & ALLIED PRODUCTS: 2.44%
8,920 CF INDUSTRIES HOLDINGS INCORPORATED 813,326
23,410 E.I. DU PONT DE NEMOURS & COMPANY 871,788
1,685,114
-----------
COAL MINING: 0.59%
8,890 PEABODY ENERGY CORPORATION 406,273
-----------
COMMUNICATIONS: 1.31%
48,260 COMCAST CORPORATION CLASS A 908,253
-----------
COMPUTER TECHNOLOGIES: 6.56%
8,890 APPLE INCORPORATED+ 2,088,528
21,650 HEWLETT-PACKARD COMPANY 1,150,698
10,130 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,299,173
4,538,399
-----------
DATA SERVICES: 1.01%
21,360 NETAPP INCORPORATED+ 695,482
-----------
DEPARTMENT STORES: 1.13%
19,140 NORDSTROM INCORPORATED~~ 781,869
-----------
E-COMMERCE/SERVICES: 4.52%
6,280 AMAZON.COM INCORPORATED+ 852,384
36,410 EBAY INCORPORATED+ 981,250
2,280 GOOGLE INCORPORATED CLASS A+ 1,292,783
3,126,417
-----------
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
EATING & DRINKING PLACES: 1.34%
13,920 MCDONALD'S CORPORATION $ 928,742
-----------
ELECTRIC, GAS & SANITARY SERVICES: 1.19%
16,370 EMERSON ELECTRIC COMPANY 824,066
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 2.51%
19,610 COOPER INDUSTRIES PLC 940,103
32,460 TEXAS INSTRUMENTS INCORPORATED 794,296
1,734,399
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.09%
28,060 CROWN HOLDINGS INCORPORATED+ 756,498
-----------
FOOD & KINDRED PRODUCTS: 3.77%
30,780 ARCHER DANIELS MIDLAND COMPANY 889,542
12,290 GENERAL MILLS INCORPORATED 870,009
18,600 H.J. HEINZ COMPANY 848,346
2,607,897
-----------
FOOD STORES: 1.32%
37,720 STARBUCKS CORPORATION 915,464
-----------
FURNITURE & FIXTURES: 1.33%
42,640 LEGGETT & PLATT INCORPORATED 922,730
-----------
GENERAL MERCHANDISE STORES: 2.10%
26,090 WAL-MART STORES INCORPORATED 1,450,604
-----------
HEALTH CARE: 1.03%
12,640 HOSPIRA INCORPORATED+ 716,056
-----------
HEALTH SERVICES: 3.68%
31,120 AMERISOURCEBERGEN CORPORATION 899,990
13,950 MCKESSON CORPORATION 916,794
11,300 MEDCO HEALTH SOLUTIONS INCORPORATED+ 729,528
2,546,312
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.28%
20,230 BED BATH & BEYOND INCORPORATED+ 885,265
-----------
HOUSEHOLD PRODUCTS, WARE: 1.20%
13,110 PROCTER & GAMBLE COMPANY 829,470
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.41%
10,040 3M COMPANY 839,043
21,930 CAMERON INTERNATIONAL CORPORATION+ 939,920
19,120 DOVER CORPORATION 893,860
6,720 JOY GLOBAL INCORPORATED 380,352
3,053,175
-----------
INSURANCE CARRIERS: 2.77%
29,890 LINCOLN NATIONAL CORPORATION 917,623
16,550 PRUDENTIAL FINANCIAL INCORPORATED 1,001,275
1,918,898
-----------
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.41%
24,390 AGILENT TECHNOLOGIES INCORPORATED+ $ 838,772
16,120 THERMO FISHER SCIENTIFIC INCORPORATED+ 829,213
1,667,985
-----------
MEDIA - COMMUNICATION: 1.22%
24,970 DIRECTV+ 844,236
-----------
MEDICAL EQUIPMENT & SUPPLIES: 1.17%
17,920 MEDTRONIC INCORPORATED 806,938
-----------
METAL MINING: 0.50%
4,830 CLIFFS NATURAL RESOURCES INCORPORATED 342,689
-----------
MISCELLANEOUS RETAIL: 2.48%
13,670 COSTCO WHOLESALE CORPORATION 816,236
24,270 WALGREEN COMPANY 900,174
1,716,410
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.26%
13,490 UNITED PARCEL SERVICE INCORPORATED CLASS B 868,891
-----------
NETWORKING: 2.42%
64,220 CISCO SYSTEMS INCORPORATED+ 1,671,647
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.21%
20,350 AMERICAN EXPRESS COMPANY 839,641
-----------
OIL & GAS EXTRACTION: 1.17%
9,590 OCCIDENTAL PETROLEUM CORPORATION 810,739
-----------
PHARMACEUTICALS: 3.39%
14,360 ABBOTT LABORATORIES 756,485
12,150 JOHNSON & JOHNSON 792,180
21,321 MERCK & COMPANY INCORPORATED 796,339
2,345,004
-----------
RAILROAD TRANSPORTATION: 1.31%
16,250 NORFOLK SOUTHERN CORPORATION 908,213
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.31%
3,310 BLACKROCK INCORPORATED 720,786
4,440 GOLDMAN SACHS GROUP INCORPORATED 757,597
22,660 LAZARD LIMITED 808,962
2,287,345
-----------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.48%
26,700 BROADCOM CORPORATION CLASS A 885,906
46,070 EMC CORPORATION+ 831,103
1,717,009
-----------
SOFTWARE: 7.11%
18,360 BMC SOFTWARE INCORPORATED+ 697,680
19,600 MCAFEE INCORPORATED+ 786,548
76,920 MICROSOFT CORPORATION 2,251,448
46,040 ORACLE CORPORATION 1,182,768
4,918,444
-----------
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.17%
31,810 OWENS CORNING INCORPORATED+ $ 809,246
-----------
TELECOMMUNICATIONS: 1.11%
17,950 AMERICAN TOWER CORPORATION CLASS A+ 764,850
-----------
TOBACCO PRODUCTS: 1.36%
17,990 PHILIP MORRIS INTERNATIONAL 938,358
-----------
TRANSPORTATION BY AIR: 1.35%
70,420 SOUTHWEST AIRLINES COMPANY 930,952
-----------
TRANSPORTATION EQUIPMENT: 1.21%
12,780 NORTHROP GRUMMAN CORPORATION 837,985
-----------
WHOLESALE TRADE-DURABLE GOODS: 2.42%
12,030 KIMBERLY-CLARK CORPORATION 756,446
8,480 W.W. GRAINGER INCORPORATED 916,858
1,673,304
-----------
TOTAL COMMON STOCKS (COST $56,309,649) 68,092,526
-----------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.77%
COLLATERAL INVESTED IN OTHER ASSETS: 1.77%
$ 30,988 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $30,988) 0.01% 04/01/2010 30,988
9,279 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 9,279
12,759 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,759
255,649 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,649) 0.02 04/01/2010 255,649
6,142 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 6,142
18,559 COOK COUNTY IL+/-ss 0.25 11/01/2030 18,559
23,240 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $23,240) 0.03 04/01/2010 23,240
35,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,679) 0.01 04/01/2010 35,679
548,971 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 225,627
3,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,828
11,599 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 11,599
4,640 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,640
154,939 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $154,939) 0.01 04/01/2010 154,939
6,959 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,959
4,640 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,640
13,559 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 13,559
20,878 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 20,878
6,959 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,960
700,322 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 378,174
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,115,706) 1,224,098
-----------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,425,355)* 100.20% 69,316,624
OTHER ASSETS AND LIABILITIES, NET (0.20) (141,494)
------ -----------
TOTAL NET ASSETS 100.00% $69,175,130
------ -----------
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
* Cost for federal income tax purposes is $58,793,841 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,152,090
Gross unrealized depreciation (1,629,307)
-------------
Net unrealized appreciation $ 10,522,783
The accompanying notes are an integral part of these financial statements.
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.49%
BIOPHARMACEUTICALS: 2.28%
288,240 GENZYME CORPORATION+ $ 14,939,479
------------
BIOTECHNOLOGY: 0.95%
103,600 AMGEN INCORPORATED+ 6,191,136
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 4.83%
323,200 FASTENAL COMPANY~~ 15,510,368
664,400 LOWE'S COMPANIES INCORPORATED 16,105,056
31,615,424
------------
BUSINESS SERVICES: 2.75%
210,500 AUTOMATIC DATA PROCESSING INCORPORATED 9,360,935
118,200 FACTSET RESEARCH SYSTEMS INCORPORATED 8,672,334
18,033,269
------------
COMMERCIAL SERVICES: 3.23%
689,600 PAYCHEX INCORPORATED 21,170,720
------------
COMPUTER TECHNOLOGIES: 6.65%
185,400 APPLE INCORPORATED+ 43,556,022
------------
E-COMMERCE/SERVICES: 12.50%
214,800 AMAZON.COM INCORPORATED+ 29,154,804
356,770 EBAY INCORPORATED+ 9,614,952
76,100 GOOGLE INCORPORATED CLASS A+ 43,149,461
81,919,217
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.39%
322,000 LINEAR TECHNOLOGY CORPORATION 9,106,160
------------
GENERAL MERCHANDISE STORES: 8.25%
157,600 KOHL'S CORPORATION+ 8,633,328
538,860 TARGET CORPORATION 28,344,036
306,700 WAL-MART STORES INCORPORATED 17,052,520
54,029,884
------------
MEDICAL EQUIPMENT & SUPPLIES: 3.60%
524,010 MEDTRONIC INCORPORATED 23,596,170
------------
NETWORKING: 6.45%
1,624,443 CISCO SYSTEMS INCORPORATED+ 42,284,251
------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.05%
147,300 VISA INCORPORATED CLASS A 13,408,719
------------
OIL & GAS EXTRACTION: 1.51%
156,300 SCHLUMBERGER LIMITED 9,913,718
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.27%
1,744,537 CHARLES SCHWAB CORPORATION 32,605,397
27,000 CME GROUP INCORPORATED 8,534,970
185,400 FRANKLIN RESOURCES INCORPORATED 20,560,860
305,490 GOLDMAN SACHS GROUP INCORPORATED 52,125,759
345,200 T. ROWE PRICE GROUP INCORPORATED 18,961,836
132,788,822
------------
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 6.01%
827,800 EMC CORPORATION+ $ 14,933,512
1,098,570 INTEL CORPORATION 24,454,168
39,387,680
------------
SOFTWARE: 6.11%
1,367,598 MICROSOFT CORPORATION 40,029,593
------------
TELECOMMUNICATIONS: 4.39%
684,900 QUALCOMM INCORPORATED 28,758,951
------------
TRANSPORTATION SERVICES: 4.27%
257,000 C.H. ROBINSON WORLDWIDE INCORPORATED 14,353,450
368,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 13,605,020
27,958,470
------------
TOTAL COMMON STOCKS (COST $539,527,091) 638,687,685
------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.95%
COLLATERAL INVESTED IN OTHER ASSETS: 0.95%
$ 150,763 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $150,763) 0.01% 04/01/2010 150,763
45,145 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 45,145
62,075 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 62,075
1,243,780 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,243,781) 0.02 04/01/2010 1,243,780
29,881 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 29,881
90,291 COOK COUNTY IL+/-ss 0.25 11/01/2030 90,291
113,067 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $113,067) 0.03 04/01/2010 113,067
173,584 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $173,584) 0.01 04/01/2010 173,584
2,904,320 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,193,676
18,623 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 18,623
56,432 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 56,432
22,573 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 22,573
753,805 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $753,805) 0.01 04/01/2010 753,805
33,859 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 33,859
22,573 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 22,573
65,969 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 65,969
101,577 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 101,577
33,859 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 33,858
3,705,039 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 2,000,721
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,638,803) 6,212,252
------------
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.21%
MUTUAL FUNDS: 1.21%
7,933,097 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,933,097
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,933,097) 7,933,097
TOTAL INVESTMENTS IN SECURITIES
(COST $553,098,991)* 99.65% 652,833,034
OTHER ASSETS AND LIABILITIES, NET 0.35 2,269,501
------ -------------
TOTAL NET ASSETS 100.00% $ 655,102,535
------ -------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $594,219,738 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 131,394,619
Gross unrealized depreciation (72,781,323)
--------------
Net unrealized appreciation $ 58,613,296
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.89%
AEROSPACE, DEFENSE: 0.22%
8,760 AAR CORPORATION+ $ 217,425
-----------
APPAREL & ACCESSORY STORES: 3.75%
13,249 CARTER'S INCORPORATED+ 399,457
6,164 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 274,606
8,098 CHRISTOPHER & BANKS CORPORATION 64,784
13,432 DRESS BARN INCORPORATED+ 351,381
12,743 FINISH LINE INCORPORATED CLASS A 207,966
6,744 GYMBOREE CORPORATION+ 348,193
9,967 HOT TOPIC INCORPORATED 64,786
4,116 JOS. A. BANK CLOTHIERS INCORPORATED+ 224,939
21,337 LIZ CLAIBORNE INCORPORATED+ 158,534
4,852 MAIDENFORM BRANDS INCORPORATED+ 106,016
11,764 MEN'S WEARHOUSE INCORPORATED 281,630
28,938 QUIKSILVER INCORPORATED+ 136,877
7,550 SKECHERS U.S.A. INCORPORATED CLASS A+ 274,216
8,565 STAGE STORES INCORPORATED 131,815
5,729 THE BUCKLE INCORPORATED 210,598
6,657 THE CATO CORPORATION CLASS A 142,726
5,703 TRUE RELIGION APPAREL INCORPORATED+ 173,143
3,729 VOLCOM INCORPORATED+ 72,790
4,697 ZUMIEZ INCORPORATED+ 96,242
3,720,699
-----------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.13%
4,774 LITHIA MOTORS INCORPORATED CLASS A+ 30,554
8,916 SONIC AUTOMOTIVE INCORPORATED+ 98,076
128,630
-----------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.20%
3,205 MIDAS INCORPORATED+ 36,152
4,466 MONRO MUFFLER BRAKE INCORPORATED 159,704
195,856
-----------
BIOTECHNOLOGY: 0.47%
13,046 CUBIST PHARMACEUTICALS INCORPORATED+ 294,057
7,488 MARTEK BIOSCIENCES CORPORATION+ 168,555
462,612
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.16%
4,167 M/I HOMES INCORPORATED+ 61,047
22,113 STANDARD-PACIFIC CORPORATION+ 99,951
160,998
-----------
BUSINESS SERVICES: 8.02%
10,514 ABM INDUSTRIES INCORPORATED 222,897
5,006 ADMINISTAFF INCORPORATED 106,828
7,342 AMN HEALTHCARE SERVICES INCORPORATED+ 64,610
5,982 ARBITRON INCORPORATED 159,480
10,025 BLACKBAUD INCORPORATED 252,530
9,363 BLUE COAT SYSTEMS INCORPORATED+ 290,628
11,792 BRADY CORPORATION CLASS A 366,967
6,782 CACI INTERNATIONAL INCORPORATED CLASS A+ 331,301
15,590 CIBER INCORPORATED+ 58,307
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
8,925 COGNEX CORPORATION $ 165,023
5,135 COMPELLENT TECHNOLOGIES INCORPORATED+ 90,119
2,197 COMPUTER PROGRAMS & SYSTEMS INCORPORATED 85,859
5,451 COMSCORE INCORPORATED+ 90,977
9,670 CONCUR TECHNOLOGIES INCORPORATED+ 396,567
8,021 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 168,120
15,877 CYBERSOURCE CORPORATION+ 280,070
9,094 DEALERTRACK HOLDINGS INCORPORATED+ 155,326
6,800 EBIX INCORPORATED+~~ 108,596
12,868 ECLIPSYS CORPORATION+ 255,816
3,335 FORRESTER RESEARCH INCORPORATED+ 100,283
11,617 GEO GROUP INCORPORATED+ 230,249
5,673 GERBER SCIENTIFIC INCORPORATED+ 35,229
9,784 HEALTHCARE SERVICES GROUP 219,064
8,443 HEARTLAND PAYMENT SYSTEMS INCORPORATED 157,040
3,842 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 107,691
7,960 INFOSPACE INCORPORATED+ 87,958
3,914 INTEGRAL SYSTEMS INCORPORATED MD+ 37,692
2,876 INTERACTIVE INTELLIGENCE INCORPORATED+ 53,752
5,982 KELLY SERVICES INCORPORATED CLASS A+ 99,660
4,082 LOJACK CORPORATION+ 16,859
5,088 MANHATTAN ASSOCIATES INCORPORATED+ 129,642
1,560 NCI INCORPORATED+ 47,159
7,782 NETSCOUT SYSTEMS INCORPORATED+ 115,096
6,761 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 37,253
7,269 OMNICELL INCORPORATED+ 101,984
8,123 ON ASSIGNMENT INCORPORATED+ 57,917
4,203 PCTEL INCORPORATED+ 25,975
6,785 PERFICIENT INCORPORATED+ 76,467
9,742 PHASE FORWARD INCORPORATED+ 127,328
7,882 PHOENIX TECHNOLOGIES LIMITED+ 25,380
3,773 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+~~ 207,025
4,258 QUALITY SYSTEMS INCORPORATED 261,612
6,186 RADIANT SYSTEMS INCORPORATED+ 88,274
5,349 RADISYS CORPORATION+ 47,927
1,961 REWARDS NETWORK INCORPORATED 26,277
11,609 SFN GROUP INCORPORATED+ 92,988
2,679 STARTEK INCORPORATED+ 18,619
4,557 STRATASYS INCORPORATED+ 111,100
9,066 SYKES ENTERPRISES INCORPORATED+ 207,067
4,738 SYNNEX CORPORATION+ 140,055
8,632 TALEO CORPORATION CLASS A+ 223,655
7,229 TELETECH HOLDINGS INCORPORATED+ 123,471
6,754 THE KNOT INCORPORATED+ 52,816
15,205 THQ INCORPORATED+ 106,587
9,906 TRUEBLUE INCORPORATED+ 153,543
19,119 UNITED ONLINE INCORPORATED 143,010
5,088 USA MOBILITY INCORPORATED 64,465
4,624 VIAD CORPORATION 95,023
2,720 VOLT INFORMATION SCIENCE INCORPORATED+ 27,771
9,738 WEBSENSE INCORPORATED+ 221,734
7,952,718
-----------
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CASINO & GAMING: 0.18%
2,539 MONARCH CASINO & RESORT INCORPORATED+ $ 21,683
6,147 MULTIMEDIA GAMES INCORPORATED+ 23,973
13,520 PINNACLE ENTERTAINMENT INCORPORATED+ 131,685
177,341
-----------
CHEMICALS & ALLIED PRODUCTS: 2.20%
4,643 AMERICAN VANGUARD CORPORATION 37,840
5,647 ARCH CHEMICALS INCORPORATED 194,200
6,340 ARQULE INCORPORATED+ 36,518
6,296 BALCHEM CORPORATION 155,196
6,597 CAMBREX CORPORATION+ 26,718
3,742 EMERGENT BIOSOLUTIONS INCORPORATED+ 62,828
10,962 HB FULLER COMPANY 254,428
3,515 MANNATECH INCORPORATED 11,740
2,635 NEWMARKET CORPORATION 271,379
6,875 OM GROUP INCORPORATED+ 232,925
13,071 PAREXEL INTERNATIONAL CORPORATION+ 304,685
2,558 PENFORD CORPORATION 26,220
20,824 POLYONE CORPORATION+ 213,238
2,506 QUAKER CHEMICAL CORPORATION 67,938
1,715 STEPAN COMPANY 95,851
3,924 SURMODICS INCORPORATED+ 82,169
4,863 ZEP INCORPORATED 106,402
2,180,275
-----------
COAL MINING: 0.25%
10,218 PENN VIRGINIA CORPORATION 250,341
-----------
COMMERCIAL SERVICES: 1.03%
5,789 HMS HOLDINGS CORPORATION+ 295,181
32,006 LIVE NATION INCORPORATED+ 464,087
8,599 WRIGHT EXPRESS CORPORATION+ 259,002
1,018,270
-----------
COMMUNICATIONS: 1.26%
6,496 ANIXTER INTERNATIONAL INCORPORATED+ 304,338
4,171 AUDIOVOX CORPORATION CLASS A+ 32,450
15,788 BRIGHTPOINT INCORPORATED+ 118,884
6,045 CBEYOND INCORPORATED+ 82,696
10,040 GENERAL COMMUNICATION INCORPORATED CLASS A+ 57,931
7,412 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 123,780
10,165 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 237,861
7,568 NEUTRAL TANDEM INCORPORATION+ 120,937
6,941 NOVATEL WIRELESS INCORPORATED+ 46,713
6,717 NTELOS HOLDINGS CORPORATION 119,495
1,245,085
-----------
COMPUTERS-INTEGRATED SYSTEMS: 0.05%
4,521 AGILYSYS INCORPORATED 50,500
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.23%
5,116 CHEMED CORPORATION 278,208
8,532 COMFORT SYSTEMS USA INCORPORATED 106,565
4,240 DREW INDUSTRIES INCORPORATED+ 93,365
8,804 DYCOM INDUSTRIES INCORPORATED+ 77,211
14,899 EMCOR GROUP INCORPORATED+ 366,962
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued)
8,805 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ $ 234,301
5,919 MATRIX SERVICE COMPANY+ 63,688
1,220,300
-----------
DEPOSITORY INSTITUTIONS: 6.62%
10,233 BANK MUTUAL CORPORATION 66,515
2,925 BANK OF THE OZARKS INCORPORATED 102,931
14,602 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 107,617
13,283 BROOKLINE BANCORP INCORPORATED 141,331
3,576 CITY HOLDING COMPANY 122,621
6,337 COLUMBIA BANKING SYSTEM INCORPORATED 128,704
7,368 COMMUNITY BANK SYSTEM INCORPORATED 167,843
5,727 DIME COMMUNITY BANCSHARES 72,332
20,760 EAST WEST BANCORP INCORPORATED 361,639
17,076 FIRST BANCORP PUERTO RICO 41,153
17,148 FIRST COMMONWEALTH FINANCIAL CORPORATION 115,063
11,039 FIRST FINANCIAL BANCORP 196,384
4,689 FIRST FINANCIAL BANKSHARE 241,718
16,657 FIRST MIDWEST BANCORP INCORPORATED 225,702
16,182 GLACIER BANCORP INCORPORATED 246,452
6,385 HANCOCK HOLDING COMPANY 266,957
11,521 HANMI FINANCIAL CORPORATION+~~ 27,650
4,397 HOME BANCSHARES INCORPORATED 116,257
4,709 INDEPENDENT BANK CORPORATION 116,124
7,286 NARA BANK NATIONAL ASSOCIATION 63,825
28,335 NATIONAL PENN BANCSHARES INCORPORATED 195,512
7,743 NBT BANCORP INCORPORATED 176,928
19,616 OLD NATIONAL BANCORP 234,411
7,493 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 113,219
13,162 PRIVATEBANCORP INCORPORATED 180,319
5,433 S&T BANCORP INCORPORATED 113,550
9,134 SIGNATURE BANK+ 338,415
3,468 SIMMONS FIRST NATIONAL CORPORATION 95,613
48,481 SOUTH FINANCIAL GROUP INCORPORATED~~ 33,515
6,017 STERLING BANCORPORATION 60,471
22,320 STERLING BANCSHARES INCORPORATED 124,546
27,897 SUSQUEHANNA BANCSHARES INCORPORATED 273,670
1,732 TOMPKINS TRUST COMPANY INCORPORATED 63,183
17,273 TRUSTCO BANK CORPORATION 106,574
6,734 UMB FINANCIAL CORPORATION 273,400
25,745 UMPQUA HOLDINGS CORPORATION 341,379
8,601 UNITED BANKSHARES INCORPORATED~~ 225,518
18,602 UNITED COMMUNITY BANKS INCORPORATED+ 82,035
21,704 WHITNEY HOLDING CORPORATION 299,298
4,368 WILSHIRE BANCORP INCORPORATED 48,179
6,782 WINTRUST FINANCIAL CORPORATION 252,358
6,560,911
-----------
DURABLE GOODS - CONSUMER: 0.05%
4,291 STURM, RUGER & COMPANY INCORPORATED 51,449
-----------
E-COMMERCE/SERVICES: 0.15%
6,963 NUTRI SYSTEM INCORPORATED 124,011
2,627 STAMPS.COM INCORPORATED+ 26,533
150,544
-----------
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
EATING & DRINKING PLACES: 2.53%
4,759 BJ'S RESTAURANTS INCORPORATED+ $ 110,885
4,063 BUFFALO WILD WINGS INCORPORATED+ 195,471
5,442 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 91,371
4,994 CEC ENTERTAINMENT INCORPORATED+ 190,221
12,418 CKE RESTAURANTS INCORPORATED 137,467
5,149 CRACKER BARREL OLD COUNTRY STORE INCORPORATED 238,811
3,427 DINEEQUITY INCORPORATED+ 135,469
12,436 JACK IN THE BOX INCORPORATED+ 292,868
1,816 LANDRY'S RESTAURANTS INCORPORATED+ 32,543
4,220 O'CHARLEYS INCORPORATED+ 37,727
5,160 P.F. CHANG'S CHINA BISTRO INCORPORATED+ 227,711
4,769 PAPA JOHNS INTERNATIONAL INCORPORATED+ 122,611
3,514 RED ROBIN GOURMET BURGERS INCORPORATED+ 85,882
14,512 RUBY TUESDAY INCORPORATED+ 153,392
6,415 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 34,000
13,746 SONIC CORPORATION+ 151,893
274 STEAK'N SHAKE COMPANY+ 104,468
11,610 TEXAS ROADHOUSE INCORPORATED CLASS A+ 161,263
2,504,053
-----------
EDUCATIONAL SERVICES: 0.60%
4,118 AMERICAN PUBLIC EDUCATION INCORPORATED+ 191,899
3,273 CAPELLA EDUCATION COMPANY+ 303,865
4,562 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED+ 104,105
599,869
-----------
ELECTRIC, GAS & SANITARY SERVICES: 3.33%
6,741 ALLETE INCORPORATED 225,689
4,165 AMERICAN STATES WATER COMPANY 144,526
12,326 AVISTA CORPORATION 255,271
2,630 CENTRAL VERMONT PUBLIC SERVICE 53,047
3,556 CH ENERGY GROUP INCORPORATED 145,227
9,884 EL PASO ELECTRIC COMPANY+ 203,610
5,009 LACLEDE GROUP INCORPORATED 168,903
9,319 NEW JERSEY RESOURCES 350,022
5,967 NORTHWEST NATURAL GAS COMPANY 278,062
16,451 PIEDMONT NATURAL GAS COMPANY 453,719
6,708 SOUTH JERSEY INDUSTRIES INCORPORATED 281,669
10,177 SOUTHWEST GAS CORPORATION 304,496
6,735 UIL HOLDINGS CORPORATION 185,213
8,087 UNISOURCE ENERGY CORPORATION 254,255
3,303,709
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23%
5,892 ACTEL CORPORATION+ 81,604
9,769 ACUITY BRANDS INCORPORATED 412,349
27,083 ADAPTEC INCORPORATED+ 88,561
7,471 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 123,720
5,126 AO SMITH CORPORATION 269,474
2,993 APPLIED SIGNAL TECHNOLOGY INCORPORATED 58,603
28,210 ARRIS GROUP INCORPORATED+ 338,802
7,102 ATMI INCORPORATED+ 137,140
2,780 AZZ INCORPORATED 94,103
9,441 BALDOR ELECTRIC COMPANY 353,093
2,619 BEL FUSE INCORPORATED CLASS B 52,773
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
14,330 BENCHMARK ELECTRONICS INCORPORATED+ $ 297,204
5,717 CERADYNE INCORPORATED+ 129,719
8,798 CHECKPOINT SYSTEMS INCORPORATED+ 194,612
6,361 COMTECH TELECOMMUNICATIONS CORPORATION+ 203,488
7,643 CTS CORPORATION 71,997
3,488 CUBIC CORPORATION 125,568
6,756 CYMER INCORPORATED+ 251,999
36,456 CYPRESS SEMICONDUCTOR CORPORATION+ 419,244
7,876 DIODES INCORPORATED+ 176,422
3,978 DIONEX CORPORATION+ 297,475
5,153 DSP GROUP INCORPORATED+ 42,924
3,937 DTS INCORPORATED+ 134,015
6,203 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 79,460
3,436 EMS TECHNOLOGIES INCORPORATED+ 57,038
9,859 EXAR CORPORATION+ 69,506
5,224 GREATBATCH INCORPORATED+ 110,697
21,722 HARMONIC INCORPORATED+ 137,066
6,870 HELEN OF TROY LIMITED+ 179,032
4,827 HITTITE MICROWAVE CORPORATION+ 212,243
5,256 HUTCHINSON TECHNOLOGY INCORPORATED+ 32,797
4,914 LITTELFUSE INCORPORATED+ 186,781
6,994 MAGNETEK INCORPORATED+ 11,750
5,302 MERCURY COMPUTER SYSTEMS INCORPORATED+ 72,743
8,378 METHODE ELECTRONICS INCORPORATED 82,942
9,677 MICREL INCORPORATED 103,157
18,663 MICROSEMI CORPORATION+ 323,616
10,210 MOOG INCORPORATED CLASS A+ 361,638
1,080 NATIONAL PRESTO INDUSTRIES INCORPORATED 128,423
4,622 PARK ELECTROCHEMICAL CORPORATION 132,836
5,760 PERICOM SEMICONDUCTOR+ 61,690
8,950 PLEXUS CORPORATION+ 322,469
1,960 POWELL INDUSTRIES INCORPORATED+ 63,759
3,550 ROGERS CORPORATION+ 102,986
39,549 SKYWORKS SOLUTIONS INCORPORATED+~~ 616,964
5,025 STANDARD MICROSYSTEMS CORPORATION+ 116,982
2,910 SUPERTEX INCORPORATED+ 74,467
9,808 SYMMETRICOM INCORPORATED+ 57,181
7,540 SYNAPTICS INCORPORATED+ 208,179
9,280 TECHNITROL INCORPORATED 48,998
15,175 TEKELEC+ 275,578
11,209 TESSERA TECHNOLOGIES INCORPORATED+ 227,319
2,856 TOLLGRADE COMMUNICATIONS INCORPORATED+ 17,964
34,525 TRIQUINT SEMICONDUCTOR INCORPORATED+ 241,675
9,714 TTM TECHNOLOGIES INCORPORATED+ 86,260
3,081 UNIVERSAL ELECTRONICS INCORPORATED+ 68,830
16,731 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 554,131
8,557 VIASAT INCORPORATED+ 296,158
4,406 VICOR CORPORATION+ 60,847
10,139,051
-----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.39%
2,860 CDI CORPORATION 41,928
9,488 ERESEARCH TECHNOLOGY INCORPORATED+ 65,562
3,075 EXPONENT INCORPORATED+ 87,699
2,110 LANDAUER INCORPORATED 137,614
3,912 MAXMUS INCORPORATED 238,358
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (CONTINUED)
14,515 REGENERON PHARMACEUTICAL INCORPORATED+ $ 384,502
3,630 STANLEY INCORPORATED+ 102,693
13,879 TETRA TECH INCORPORATED+ 319,772
1,378,128
-----------
ENVIRONMENTAL CONTROL: 0.22%
12,596 CALGON CARBON CORPORATION+ 215,644
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.96%
9,924 GRIFFON CORPORATION+ 123,653
3,216 GULF ISLAND FABRICATION INCORPORATED 69,948
8,159 MOBILE MINI INCORPORATED+ 126,383
4,069 NCI BUILDING SYSTEMS INCORPORATED+ 44,922
8,512 QUANEX BUILDING PRODUCTS CORPORATION 140,703
8,668 SIMPSON MANUFACTURING COMPANY INCORPORATED 240,624
6,603 WATTS WATER TECHNOLOGIES INCORPORATED 205,089
951,322
-----------
FOOD & KINDRED PRODUCTS: 1.84%
2,277 BOSTON BEER COMPANY INCORPORATED+ 118,996
2,839 CAL-MAINE FOODS INCORPORATED 96,214
18,503 DARLING INTERNATIONAL INCORPORATED+ 165,787
4,754 DIAMOND FOODS INCORPORATED 199,858
3,186 J & J SNACK FOODS CORPORATION 138,495
7,211 LANCE INCORPORATED 166,790
2,924 PEET'S COFFEE & TEA INCORPORATED+ 115,937
3,943 SANDERSON FARMS INCORPORATED 211,384
7,729 TREEHOUSE FOODS INCORPORATED+ 339,071
9,693 UNITED NATURAL FOODS INCORPORATED+ 272,664
1,825,196
-----------
FOOD STORES: 0.05%
6,228 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+ 47,769
-----------
FOOD-WHOLESALE: 0.05%
2,643 CALAVO GROWERS INCORPORATED 48,208
-----------
FOOTWEAR: 0.57%
19,278 CROCS INCORPORATED+~~ 169,068
2,897 DECKERS OUTDOOR CORPORATION+ 399,786
568,854
-----------
FURNITURE & FIXTURES: 0.27%
5,856 ETHAN ALLEN INTERIORS INCORPORATED 120,809
11,599 LA-Z-BOY INCORPORATED+ 145,451
266,260
-----------
GENERAL MERCHANDISE STORES: 0.68%
9,090 CABELA'S INCORPORATED+ 158,984
11,456 CASEY'S GENERAL STORES INCORPORATED 359,718
8,926 FRED'S INCORPORATED 106,933
5,872 STEIN MART INCORPORATED+ 53,024
678,659
-----------
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
HEALTH SERVICES: 3.03%
6,363 AMEDISYS INCORPORATED+~~ $ 351,365
6,951 AMSURG CORPORATION+ 150,072
2,683 BIO-REFERENCE LABORATORIES INCORPORATED+ 117,972
1,605 CORVEL CORPORATION+ 57,379
6,939 CROSS COUNTRY HEALTHCARE INCORPORATED+ 70,153
6,411 CRYOLIFE INCORPORATED+ 41,479
7,496 ENZO BIOCHEM INCORPORATED+ 45,126
3,906 GENOPTIX INCORPORATED+ 138,624
6,595 GENTIVA HEALTH SERVICES INCORPORATED+ 186,507
7,605 HEALTHWAYS INCORPORATED+ 122,212
7,603 INVENTIV HEALTH INCORPORATED+ 170,763
3,066 IPC THE HOSPITALIST COMPANY+ 107,647
4,189 LCA-VISION INCORPORATED+ 34,852
3,403 LHC GROUP INCORPORATED+ 114,103
7,773 MAGELLAN HEALTH SERVICES INCORPORATED+ 337,970
4,148 MEDCATH CORPORATION+ 43,430
10,581 MEDNAX INCORPORATED+~~ 615,708
4,635 NAUTILUS GROUP INCORPORATED+ 13,998
7,455 ODYSSEY HEALTHCARE INCORPORATED+ 135,010
5,548 REHABCARE GROUP INCORPORATED+ 151,294
3,005,664
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.12%
4,207 HAVERTY FURNITURE COMPANIES INCORPORATED 68,658
7,051 TUESDAY MORNING CORPORATION+ 46,466
115,124
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.06%
4,703 MARCUS CORPORATION 61,092
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.24%
2,828 AAON INCORPORATED 63,969
15,270 ACTUANT CORPORATION CLASS A 298,529
4,466 ASTEC INDUSTRIES INCORPORATED+ 129,335
3,948 BLACK BOX CORPORATION 121,440
11,251 BRIGGS & STRATTON CORPORATION 219,395
14,525 BROOKS AUTOMATION INCORPORATED+ 128,111
2,057 CASCADE CORPORATION 66,256
6,798 DRIL-QUIP INCORPORATED+ 413,590
4,567 ENPRO INDUSTRIES INCORPORATED+ 132,808
11,746 GARDNER DENVER INCORPORATED 517,294
11,106 INTERMEC INCORPORATED+ 157,483
5,000 INTEVAC INCORPORATED+ 69,100
6,335 JOHN BEAN TECHNOLOGIES CORPORATION 111,116
7,546 KAYDON CORPORATION 283,730
15,702 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 113,840
2,807 LINDSAY MANUFACTURING COMPANY 116,238
3,358 LUFKIN INDUSTRIES INCORPORATED 265,786
7,849 NETGEAR INCORPORATED+ 204,859
11,219 OIL STATES INTERNATIONAL INCORPORATED+ 508,669
7,406 ROBBINS & MYERS INCORPORATED 176,411
5,985 SCANSOURCE INCORPORATED+ 172,248
6,031 SIGMA DESIGNS INCORPORATED+ 70,744
7,566 TORO COMPANY 372,020
5,366 ULTRATECH INCORPORATED+ 72,978
7,275 WATSCO INCORPORATED 413,802
5,199,751
-----------
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS: 3.69%
1,993 AMERICAN PHYSICIANS CAPITAL INCORPORATED $ 63,676
11,496 AMERIGROUP CORPORATION+ 382,127
4,248 AMERISAFE INCORPORATED+ 69,540
11,017 CENTENE CORPORATION+ 264,849
10,710 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 269,464
5,282 EHEALTH INCORPORATED+ 83,192
9,902 EMPLOYERS HOLDINGS INCORPORATED 147,045
11,011 HEALTHSPRING INCORPORATED+ 193,794
3,060 INFINITY PROPERTY & CASUALTY CORPORATION 139,046
2,989 MOLINA HEALTHCARE INCORPORATED+ 75,233
9,317 NATIONAL FINANCIAL PARTNERS CORPORATION+ 131,370
4,658 PRESIDENTIAL LIFE CORPORATION 46,440
7,293 PROASSURANCE CORPORATION+ 426,932
3,903 RLI CORPORATION 222,549
3,386 SAFETY INSURANCE GROUP INCORPORATED 127,551
11,965 SELECTIVE INSURANCE GROUP INCORPORATED 198,619
4,102 STEWART INFORMATION SERVICES CORPORATION 56,608
3,000 THE NAVIGATORS GROUP INCORPORATED+ 117,990
10,123 TOWER GROUP INCORPORATED 224,427
4,986 UNITED FIRE & CASUALTY COMPANY 89,698
8,523 ZENITH NATIONAL INSURANCE CORPORATION 326,601
3,656,751
-----------
LEATHER & LEATHER PRODUCTS: 0.38%
9,647 BROWN SHOE COMPANY INCORPORATED 149,336
5,345 GENESCO INCORPORATED+ 165,748
6,088 K-SWISS INCORPORATED 63,680
378,764
-----------
LEGAL SERVICES: 0.06%
1,514 PRE-PAID LEGAL SERVICES INCORPORATED+ 57,305
-----------
LEISURE, SPORTING & RECREATION: 0.50%
4,853 BIG 5 SPORTING GOODS CORPORATION 73,863
14,490 CALLAWAY GOLF COMPANY 127,802
6,450 HIBBETT SPORTS INCORPORATED+ 164,991
8,904 INTERVAL LEISURE GROUP INCORPORATED+ 129,642
496,298
-----------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.30%
2,410 DELTIC TIMBER CORPORATION 106,161
1,529 SKYLINE CORPORATION 28,439
4,341 UNIVERSAL FOREST PRODUCTS 167,215
301,815
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.08%
4,968 ABAXIS INCORPORATED+ 135,080
15,232 ALIGN TECHNOLOGY INCORPORATED+ 294,587
16,903 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 314,058
2,024 AMERICAN SCIENCE & ENGINEERING INCORPORATED 151,638
2,897 ANALOGIC CORPORATION 123,789
3,369 BADGER METER INCORPORATED 129,740
2,900 CANTEL INDUSTRIES 57,565
5,298 COHU INCORPORATED 72,953
6,562 CONMED CORPORATION+ 156,241
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
10,221 COOPER COMPANIES INCORPORATED $ 397,392
5,376 CYBERONICS INCORPORATED+ 103,004
5,949 ESCO TECHNOLOGIES INCORPORATED 189,238
6,712 ESTERLINE TECHNOLOGIES CORPORATION+ 331,774
3,627 FARO TECHNOLOGIES INCORPORATED+ 93,395
8,525 FEI COMPANY+ 195,308
5,653 HAEMONETICS CORPORATION+ 323,069
7,178 HANGER ORTHOPEDIC GROUP INCORPORATED+ 130,496
2,712 ICU MEDICAL INCORPORATED+ 93,428
5,809 II-VI INCORPORATED+ 196,577
4,646 INTEGRA LIFESCIENCES HOLDINGS+ 203,634
26,709 ION GEOPHYSICAL CORPORATION+ 131,408
3,051 KEITHLEY INSTRUMENTS INCORPORATED 20,137
2,460 KENSEY NASH CORPORATION+ 58,031
14,911 KOPIN CORPORATION+ 55,171
9,136 MERIDIAN DIAGNOSTICS INCORPORATED 186,100
6,320 MERIT MEDICAL SYSTEMS INCORPORATED+ 96,380
11,143 MKS INSTRUMENTS INCORPORATED+ 218,291
3,712 MTS SYSTEMS CORPORATION 107,759
6,388 NATUS MEDICAL INCORPORATED+ 101,633
5,009 NEOGEN CORPORATION+ 125,726
8,172 NEWPORT CORPORATION+ 102,150
4,054 OSTEOTECH INCORPORATED+ 15,892
4,167 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 45,254
6,984 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,853
6,863 SONIC SOLUTIONS+ 64,306
8,064 SYMMETRY MEDICAL INCORPORATED+ 80,963
8,147 TELEDYNE TECHNOLOGIES INCORPORATED+ 336,227
7,529 THERAGENICS CORPORATION+ 12,498
8,985 VEECO INSTRUMENTS INCORPORATED+ 390,848
4,804 ZOLL MEDICAL CORPORATION+ 126,633
6,028,226
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.51%
7,275 INVACARE CORPORATION 193,079
13,249 PSS WORLD MEDICAL INCORPORATED+ 311,484
504,563
-----------
MEDICAL PRODUCTS: 0.32%
7,449 WEST PHARMACEUTICAL SERVICES INCORPORATED 312,486
-----------
METAL FABRICATE, HARDWARE: 0.13%
3,824 CIRCOR INTERNATIONAL INCORPORATED 126,995
-----------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.15%
5,590 AMCOL INTERNATIONAL CORPORATION 152,048
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94%
1,341 BLYTH INCORPORATED 41,906
14,500 CENTRAL GARDEN & PET COMPANY CLASS A+ 132,820
7,761 DAKTRONICS INCORPORATED 59,139
14,007 HILLENBRAND INCORPORATED 308,014
6,279 JAKKS PACIFIC INCORPORATED+ 81,941
3,821 KID BRANDS INCORPORATED+ 33,052
3,847 LYDALL INCORPORATED 30,199
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
4,812 RC2 CORPORATION+ $ 72,036
12,065 SHUFFLE MASTER INCORPORATED+ 98,812
2,806 STANDEX INTERNATIONAL CORPORATION 72,311
930,230
-----------
MISCELLANEOUS RETAIL: 0.52%
8,964 HSN INCORPORATED+ 263,900
6,031 JO ANN STORES INCORPORATED+ 253,181
517,081
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.75%
5,693 ARKANSAS BEST CORPORATION 170,107
6,520 FORWARD AIR CORPORATION 171,476
11,836 HEARTLAND EXPRESS INCORPORATED 195,294
6,292 OLD DOMINION FREIGHT LINE INCORPORATED+ 210,090
746,967
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
6,649 CASH AMERICA INTERNATIONAL INCORPORATED 262,503
5,974 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 128,859
3,693 WORLD ACCEPTANCE CORPORATION+ 133,243
524,605
-----------
OFFICE SUPPLIES: 0.32%
19,045 OFFICEMAX INCORPORATED+ 312,719
-----------
OIL & GAS EXTRACTION: 1.95%
5,123 BASIC ENERGY SERVICES INCORPORATED+ 39,498
4,329 PETROLEUM DEVELOPMENT CORPORATION+ 100,303
11,937 PETROQUEST ENERGY INCORPORATED+ 60,043
12,178 PIONEER DRILLING COMPANY+ 85,733
5,088 SEACOR HOLDINGS INCORPORATED+ 410,398
2,659 SEAHAWK DRILLING INCORPORATED+ 50,122
14,126 ST. MARY LAND & EXPLORATION COMPANY 491,726
9,487 STONE ENERGY CORPORATION+ 168,394
4,145 SUPERIOR WELL SERVICES+ 55,460
8,443 SWIFT ENERGY COMPANY+ 259,538
17,004 TETRA TECHNOLOGIES INCORPORATED+ 207,789
1,929,004
-----------
PAPER & ALLIED PRODUCTS: 1.00%
8,723 BUCKEYE TECHNOLOGIES INCORPORATED+ 114,097
2,557 CLEARWATER PAPER CORPORATION+ 125,932
3,297 NEENAH PAPER INCORPORATED 52,224
8,734 ROCK-TENN COMPANY CLASS A 398,008
3,981 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 189,336
2,856 STANDARD REGISTER COMPANY 15,280
11,029 WAUSAU PAPER CORPORATION 94,188
989,065
-----------
PERSONAL SERVICES: 0.51%
7,002 COINSTAR INCORPORATED+ 227,565
4,178 G&K SERVICES INCORPORATED CLASS A 108,127
3,227 UNIFIRST CORPORATION 166,191
501,883
-----------
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 0.82%
13,601 HEADWATERS INCORPORATED+ $ 62,429
9,798 HOLLY CORPORATION 273,462
3,732 WD-40 COMPANY 122,522
13,363 WORLD FUEL SERVICES CORPORATION 355,990
814,403
-----------
PHARMACEUTICALS: 1.67%
8,680 CATALYST HEALTH SOLUTIONS INCORPORATED+ 359,178
3,348 KENDLE INTERNATIONAL INCORPORATED+ 58,523
7,862 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 194,978
6,890 PHARMERICA CORPORATION+ 125,536
12,492 SALIX PHARMACEUTICALS LIMITED+ 465,327
15,066 SAVIENT PHARMACEUTICALS INCORPORATED+ 217,704
17,435 VIROPHARMA INCORPORATED+ 237,639
1,658,885
-----------
PRIMARY METAL INDUSTRIES: 1.91%
10,499 BELDEN CDT INCORPORATED 288,303
4,552 BRUSH ENGINEERED MATERIALS INCORPORATED+ 102,739
12,909 CENTURY ALUMINUM COMPANY+ 177,628
10,309 CURTISS-WRIGHT CORPORATION 358,753
4,273 ENCORE WIRE CORPORATION 88,878
6,804 GIBRALTAR INDUSTRIES INCORPORATED+ 85,798
8,472 MUELLER INDUSTRIES INCORPORATED 226,965
2,032 OLYMPIC STEEL INCORPORATED 66,345
6,763 RTI INTERNATIONAL METALS INCORPORATED+ 205,122
6,243 TEXAS INDUSTRIES INCORPORATED~~ 213,323
4,851 TREDEGAR CORPORATION 82,855
1,896,709
-----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.26%
9,022 BOWNE & COMPANY INCORPORATED 100,686
2,513 CONSOLIDATED GRAPHICS INCORPORATED+ 104,063
6,538 EW SCRIPPS COMPANY+ 55,246
259,995
-----------
REAL ESTATE: 0.15%
7,153 MERITAGE CORPORATION+ 150,213
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 6.57%
9,026 ACADIA REALTY TRUST 161,204
22,353 BIOMED REALTY TRUST INCORPORATED 369,719
12,161 CEDAR SHOPPING CENTERS INCORPORATED 96,194
14,921 COLONIAL PROPERTIES TRUST 192,182
27,948 DIAMONDROCK HOSPITALITY+ 282,554
6,034 EASTGROUP PROPERTIES INCORPORATED 227,723
9,626 ENTERTAINMENT PROPERTIES TRUST 395,917
19,514 EXTRA SPACE STORAGE INCORPORATED 247,438
8,188 FORESTAR REAL ESTATE GROUP INCORPORATED+ 154,589
15,240 FRANKLIN STREET PROPERTIES CORPORATION 219,913
13,814 HEALTHCARE REALTY TRUST INCORPORATED 321,728
7,868 HOME PROPERTIES INCORPORATED 368,222
16,147 INLAND REAL ESTATE CORPORATION 147,745
9,697 KILROY REALTY CORPORATION 299,055
14,175 KITE REALTY GROUP TRUST 67,048
15,527 LASALLE HOTEL PROPERTIES 361,779
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
24,846 LEXINGTON CORPORATE PROPERTIES TRUST $ 161,747
5,245 LTC PROPERTIES INCORPORATED 141,930
18,095 MEDICAL PROPERTIES TRUST INCORPORATED 189,636
6,547 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 339,069
18,658 NATIONAL RETAIL PROPERTIES INCORPORATED 425,962
4,854 PARKWAY PROPERTIES INCORPORATED 91,158
8,932 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 111,382
10,935 POST PROPERTIES INCORPORATED 240,789
4,060 PS BUSINESS PARKS INCORPORATED 216,804
6,192 SOVRAN SELF STORAGE INCORPORATED 215,853
9,099 TANGER FACTORY OUTLET CENTERS INCORPORATED 392,713
4,836 URSTADT BIDDLE PROPERTIES INCORPORATED 76,457
6,516,510
-----------
RETAIL: 0.23%
10,965 EZCORP INCORPORATED+ 225,879
-----------
RETAIL, TRADE & SERVICES: 0.26%
3,499 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 93,318
4,936 MARINEMAX INCORPORATED+ 53,111
5,143 PETMED EXPRESS INCORPORATED~~ 114,020
260,449
-----------
RETAIL-SPECIAL LINE: 0.24%
3,259 BLUE NILE INCORPORATED+ 179,310
4,035 NORTH AMERICAN WATCH CORPORATION 45,515
5,335 ZALE CORPORATION+ 14,618
239,443
-----------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.14%
5,873 A. SCHULMAN INCORPORATED 143,712
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.02%
9,900 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 165,231
9,628 LABRANCHE & COMPANY INCORPORATED+ 50,643
9,566 OPTIONSXPRESS HOLDINGS INCORPORATED 155,830
3,565 PIPER JAFFRAY COMPANIES INCORPORATED+ 143,670
6,949 STIFEL FINANCIAL CORPORATION+ 373,509
6,448 SWS GROUP INCORPORATED 74,345
7,444 TRADESTATION GROUP INCORPORATED+ 52,182
1,015,410
-----------
SOCIAL SERVICES: 0.14%
1,833 ALMOST FAMILY INCORPORATED+ 69,086
5,768 RES-CARE INCORPORATED+ 69,158
138,244
-----------
SOFTWARE: 1.16%
9,576 COMMVAULT SYSTEMS INCORPORATED+ 204,448
10,361 EPICOR SOFTWARE CORPORATION+ 99,051
7,328 EPIQ SYSTEMS INCORPORATED+ 91,087
7,990 JDA SOFTWARE GROUP INCORPORATED+ 222,282
9,286 PROGRESS SOFTWARE CORPORATION+ 291,859
6,685 SMITH MICRO SOFTWARE INCORPORATED+ 59,095
18,719 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+~~ 184,382
1,152,204
-----------
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.84%
6,295 APOGEE ENTERPRISES INCORPORATED $ 99,524
5,304 CABOT MICROELECTRONICS CORPORATION+ 200,650
4,306 CARBO CERAMICS INCORPORATED 268,436
9,858 EAGLE MATERIALS INCORPORATED 261,631
830,241
-----------
TECHNOLOGY: 0.09%
6,399 AVID TECHNOLOGY INCORPORATED+ 88,178
-----------
TEXTILE MILL PRODUCTS: 0.68%
6,176 ALBANY INTERNATIONAL CORPORATION CLASS A 132,969
12,668 INTERFACE INCORPORATED 146,695
3,122 OXFORD INDUSTRIES INCORPORATED 63,470
11,206 WOLVERINE WORLD WIDE INCORPORATED 326,767
669,901
-----------
TEXTILES - PRODUCTS: 0.25%
16,070 ICONIX BRAND GROUP INCORPORATED+ 246,835
-----------
TOBACCO PRODUCTS: 0.10%
20,047 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 102,039
-----------
TRANSPORTATION BY AIR: 0.77%
2,453 AIR METHODS CORPORATION+ 83,402
3,396 ALLEGIANT TRAVEL COMPANY+ 196,493
8,086 BRISTOW GROUP INCORPORATED+ 305,085
12,604 SKYWEST INCORPORATED 179,985
764,965
-----------
TRANSPORTATION EQUIPMENT: 2.41%
3,343 AEROVIRONMENT INCORPORATED+ 87,286
2,748 ARCTIC CAT INCORPORATED+ 29,816
4,512 ATC TECHNOLOGY CORPORATION+ 77,426
19,902 BRUNSWICK CORPORATION 317,835
11,344 CLARCOR INCORPORATED 391,255
11,452 GENCORP INCORPORATED+ 65,964
5,512 GROUP 1 AUTOMOTIVE INCORPORATED+ 175,612
5,180 HORNBECK OFFSHORE+ 96,193
12,816 ORBITAL SCIENCES CORPORATION+ 243,632
7,396 POLARIS INDUSTRIES INCORPORATED 378,379
7,399 SPARTAN MOTORS INCORPORATED 41,434
4,122 STANDARD MOTOR PRODUCTS INCORPORATED 40,890
5,220 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 83,938
3,750 TRIUMPH GROUP INCORPORATED 262,838
6,542 WINNEBAGO INDUSTRIES INCORPORATED+ 95,579
2,388,077
-----------
TRANSPORTATION SERVICES: 0.24%
8,566 HUB GROUP INCORPORATED CLASS A+ 239,677
-----------
WHOLESALE TRADE NON-DURABLE GOODS: 1.47%
9,188 HAIN CELESTIAL GROUP INCORPORATED+ 159,412
6,350 MYERS INDUSTRIES INCORPORATED 66,548
2,881 NASH FINCH COMPANY 96,946
2,294 PERRY ELLIS INTERNATIONAL INCORPORATED+ 51,959
3,607 SCHOOL SPECIALTY INCORPORATED+ 81,915
Wells Fargo Advantage Master Portfolios 177
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS (continued)
5,052 SPARTAN STORES INCORPORATED $ 72,850
4,117 THE ANDERSONS INCORPORATED 137,837
8,123 TRACTOR SUPPLY COMPANY 471,540
5,402 UNITED STATIONERS INCORPORATED+ 317,908
1,456,915
----------
WHOLESALE TRADE-DURABLE GOODS: 1.69%
3,763 A.M. CASTLE & COMPANY 49,220
8,390 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 208,492
9,766 BARNES GROUP INCORPORATED 189,949
5,570 DIGI INTERNATIONAL INCORPORATED+ 59,265
10,326 INSIGHT ENTERPRISES INCORPORATED+ 148,281
5,800 KAMAN CORPORATION CLASS A 145,058
13,124 KNIGHT TRANSPORTATION INCORPORATED 276,785
901 LAWSON PRODUCTS INCORPORATED 13,938
2,749 MWI VETERINARY SUPPLY INCORPORATED+ 111,060
10,484 PEP BOYS-MANNY, MOE & JACK 105,364
11,063 POOL CORPORATION 250,466
6,237 TYLER TECHNOLOGIES INCORPORATED+ 116,881
1,674,759
----------
TOTAL COMMON STOCKS (COST $97,202,021) 98,052,755
----------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 3.25%
COLLATERAL INVESTED IN OTHER ASSETS: 3.25%
$ 65,225 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $65,225) 0.01% 04/01/2010 65,225
19,531 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 19,531
26,856 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028
26,856
538,100 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $538,100) 0.02 04/01/2010 538,100
12,927 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 12,927
39,063 COOK COUNTY IL+/-ss 0.25 11/01/2030 39,063
48,916 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $48,916) 0.03 04/01/2010 48,916
75,098 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $75,098) 0.01 04/01/2010 75,098
1,742,565 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 716,194
8,057 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,057
24,414 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 24,414
9,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 9,766
326,121 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $326,121) 0.01 04/01/2010 326,121
14,649 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 14,649
9,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 9,766
28,540 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 28,540
43,946 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 43,946
14,649 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 14,648
2,222,989 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,200,414
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,878,167) 3,222,231
----------
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.08%
MUTUAL FUNDS: 0.91%
897,297 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 897,297
------------
PRINCIPAL INTEREST RATE MATURITY DATE
US TREASURY BILLS: 0.17%
$ 170,000 US TREASURY BILL## # 0.08 05/06/2010 169,974
------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,067,271) 1,067,271
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $101,147,459)* 103.22% 102,342,257
OTHER ASSETS AND LIABILITIES, NET (3.22) (3,190,102)
------ ------------
TOTAL NET ASSETS 100.00% $ 99,152,155
------ ------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
# Security pledged as collateral for futures transactions.
## Zero coupon security. Rate represents yield to maturity.
* Cost for federal income tax purposes is $106,708,649 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,970,435
Gross unrealized depreciation (17,336,827)
------------
Net unrealized depreciation $ (4,366,392)
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 179
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.32%
APPAREL & ACCESSORY STORES: 8.22%
292,420 CHARMING SHOPPES INCORPORATED+ $ 1,596,613
168,370 COLLECTIVE BRANDS INCORPORATED+ 3,828,734
188,300 DRESS BARN INCORPORATED+ 4,925,928
272,440 FINISH LINE INCORPORATED CLASS A 4,446,221
169,360 HANESBRANDS INCORPORATED+ 4,711,595
114,150 RUE21 INCORPORATED+ 3,957,581
1,124,790 WET SEAL INCORPORATED CLASS A+ 5,354,000
28,820,672
-------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.12%
87,841 COPART INCORPORATED+ 3,127,140
391,400 SONIC AUTOMOTIVE INCORPORATED+ 4,305,400
7,432,540
-------------
BIOTECHNOLOGY: 0.58%
171,840 SEATTLE GENETICS INCORPORATED+ 2,051,770
-------------
BUSINESS SERVICES: 14.34%
108,420 ARBITRON INCORPORATED~~ 2,890,477
166,240 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 2,797,819
520,080 CADENCE DESIGN SYSTEMS INCORPORATED+ 3,463,733
202,720 CARDTRONICS INCORPORATED+ 2,520,347
61,412 CONCUR TECHNOLOGIES INCORPORATED+ 2,518,506
190,450 MEDIDATA SOLUTIONS INCORPORATED+ 2,894,840
144,660 OMNICELL INCORPORATED+ 2,029,580
274,180 PARAMETRIC TECHNOLOGY CORPORATION+ 4,948,949
339,280 PHASE FORWARD INCORPORATED+ 4,434,390
395,160 SFN GROUP INCORPORATED+ 3,165,232
136,000 SKILLSOFT PLC ADR+ 1,403,520
245,220 SUCCESSFACTORS INCORPORATED+ 4,668,989
188,970 SYKES ENTERPRISES INCORPORATED+ 4,316,075
139,790 TNS INCORPORATED+ 3,117,317
68,610 ULTIMATE SOFTWARE GROUP INCORPORATED+ 2,260,700
167,210 VOCUS INCORPORATED+ 2,850,931
50,281,405
-------------
CASINO & GAMING: 0.64%
55,020 BALLY TECHNOLOGIES INCORPORATED+~~ 2,230,498
-------------
CHEMICALS & ALLIED PRODUCTS: 5.09%
184,940 ALNYLAM PHARMACEUTICALS INCORPORATED+ 3,147,679
175,890 CRUCELL NV ADR+ 3,588,156
168,530 ELIZABETH ARDEN INCORPORATED+ 3,033,540
205,845 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,284,473
180,430 OLIN CORPORATION 3,540,037
163,790 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 3,262,697
17,856,582
-------------
COMMERCIAL SERVICES: 0.48%
104,070 TRANSCEND SERVICES INCORPORATED+ 1,691,138
-------------
COMMUNICATIONS: 1.52%
268,850 ARUBA NETWORKS INCORPORATED+ 3,672,491
63,170 ASIAINFO HOLDINGS INCORPORATED+ 1,672,742
5,345,233
-------------
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS: 3.61%
485,730 FBR CAPITAL MARKETS CORPORATION+ $ 2,210,072
27,660 HANCOCK HOLDING COMPANY 1,156,465
109,200 HOME BANCSHARES INCORPORATED 2,887,248
61,450 SIGNATURE BANK+ 2,276,723
111,300 WINTRUST FINANCIAL CORPORATION 4,141,473
12,671,981
-------------
EATING & DRINKING PLACES: 0.84%
211,190 TEXAS ROADHOUSE INCORPORATED CLASS A+ 2,933,429
-------------
EDUCATIONAL SERVICES: 0.98%
156,910 EDUCATION MANAGEMENT CORPORATION+~~ 3,436,329
-------------
ELECTRONIC: 0.90%
162,780 GENTEX CORPORATION 3,161,188
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.32%
189,400 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 661,006
44,970 APPLIED SIGNAL TECHNOLOGY INCORPORATED 880,513
776,930 ATMEL CORPORATION+ 3,907,958
51,950 CALIX NETWORKS INCORPORATED+ 698,728
314,420 MICREL INCORPORATED 3,351,717
149,740 MICROSEMI CORPORATION+ 2,596,492
95,420 NETLOGIC MICROSYSTEMS INCORPORATED+ 2,808,211
184,820 OSI SYSTEMS INCORPORATED+ 5,184,201
281,840 PMC-SIERRA INCORPORATED+ 2,514,013
75,690 POLYCOM INCORPORATED+ 2,314,600
52,675 SILICON LABORATORIES INCORPORATED+~~ 2,511,017
176,550 TESSERA TECHNOLOGIES INCORPORATED+ 3,580,434
76,800 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,543,616
76,520 VIASAT INCORPORATED+ 2,648,357
36,200,863
-------------
ENVIRONMENTAL CONTROL: 0.51%
104,190 CALGON CARBON CORPORATION+ 1,783,733
-------------
FOOD & KINDRED PRODUCTS: 0.96%
119,590 UNITED NATURAL FOODS INCORPORATED+ 3,364,067
-------------
GENERAL MERCHANDISE STORES: 0.95%
204,060 99 CENTS ONLY STORES+ 3,326,178
-------------
HEALTH CARE: 0.42%
29,510 GEN-PROBE INCORPORATED+ 1,475,500
-------------
HEALTH SERVICES: 3.41%
123,120 GENOPTIX INCORPORATED+ 4,369,529
108,190 LHC GROUP INCORPORATED+ 3,627,611
260,550 NEKTAR THERAPEUTICS+ 3,962,966
11,960,106
-------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.25%
242,880 ORION MARINE GROUP INCORPORATED+ 4,383,984
-------------
HOLDING & OTHER INVESTMENT OFFICES: 0.37%
77,890 FINANCIAL ENGINES INCORPORATED+ 1,316,341
-------------
Wells Fargo Advantage Master Portfolios 181
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.72%
135,980 COLUMBUS MCKINNON CORPORATION+ $ 2,158,003
205,350 ENTEGRIS INCORPORATED+ 1,034,964
227,100 INTERMEC INCORPORATED+ 3,220,278
233,970 NETEZZA CORPORATION+ 2,992,476
128,010 RIVERBED TECHNOLOGY INCORPORATED+ 3,635,484
13,041,205
-------------
INSURANCE CARRIERS: 2.03%
82,120 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 2,676,291
16,700 ENSTAR GROUP LIMITED+ 1,154,972
119,210 VALIDUS HOLDINGS LIMITED 3,281,851
7,113,114
-------------
LEISURE, SPORTING & RECREATION: 1.09%
146,610 DICK'S SPORTING GOODS INCORPORATED+ 3,827,987
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.76%
158,170 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 2,938,799
82,455 ARGON ST INCORPORATED+ 2,194,128
400,530 DEXCOM INCORPORATED+ 3,897,157
215,860 EMDEON INCORPORATED+ 3,566,007
421,730 ENDOLOGIX INCORPORATED+ 1,703,789
60,310 HEARTWARE INTERNATIONAL INCORPORATED+ 2,681,986
599,508 INFINERA CORPORATION+~~ 5,107,808
216,100 SENSATA TECHNOLOGIES HOLDINGS N.V+ 3,881,156
98,505 SONOSITE INCORPORATED+ 3,162,996
340,900 SPECTRANETICS CORPORATION+ 2,355,619
104,510 ZOLL MEDICAL CORPORATION+ 2,754,884
34,244,329
-------------
MEDICAL PRODUCTS: 1.12%
100,540 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 3,916,033
-------------
METAL MINING: 0.58%
150,560 THOMPSON CREEK METALS COMPANY INCORPORATED+ 2,037,077
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.92%
138,050 STR HOLDINGS INCORPORATED+ 3,244,175
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.84%
232,570 HEARTLAND EXPRESS INCORPORATED 3,837,405
112,250 WERNER ENTERPRISES INCORPORATED 2,600,833
6,438,238
-------------
OIL & GAS EXTRACTION: 3.92%
218,120 COMPLETE PRODUCTION SERVICES INCORPORATED+ 2,519,286
42,720 COMSTOCK RESOURCES INCORPORATED+ 1,358,496
74,850 CONCHO RESOURCES INCORPORATED+ 3,769,446
233,150 GULFPORT ENERGY CORPORATION+ 2,620,606
165,280 SUPERIOR ENERGY SERVICES INCORPORATED+ 3,474,186
13,742,020
-------------
PAPER & RELATED PRODUCTS: 0.52%
155,190 KAPSTONE PAPER AND PACKAGING CORPORATION+ 1,842,105
-------------
PHARMACEUTICALS: 0.52%
165,950 ISIS PHARMACEUTICALS INCORPORATED+ 1,812,174
-------------
182 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
PRIMARY METAL INDUSTRIES: 1.76%
313,710 HORSEHEAD HOLDING CORPORATION+ $ 3,714,326
140,960 STEEL DYNAMICS INCORPORATED 2,462,571
6,176,897
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.79%
169,400 ROVI CORPORATION+ 6,289,822
-------------
RAILROAD TRANSPORTATION: 0.63%
64,350 GENESEE & WYOMING INCORPORATED+ 2,195,622
-------------
RENTAL AUTO/EQUIPMENT: 0.67%
236,390 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,361,536
-------------
RETAIL-SPECIAL LINE: 1.12%
173,910 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 3,933,844
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.01%
106,300 JARDEN CORPORATION 3,538,727
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.85%
94,710 EVERCORE PARTNERS INCORPORATED CLASS A 2,841,300
362,300 GFI GROUP INCORPORATED 2,094,094
94,940 OPTIONSXPRESS HOLDINGS INCORPORATED 1,546,573
6,481,967
-------------
SOFTWARE: 1.54%
105,730 COMMVAULT SYSTEMS INCORPORATED+ 2,257,336
144,510 SOLARWINDS INCORPORATED+ 3,130,087
5,387,423
-------------
TRANSPORTATION BY AIR: 0.36%
170,000 US AIRWAYS GROUP INCORPORATED+ 1,249,500
-------------
TRANSPORTATION SERVICES: 1.06%
132,770 HUB GROUP INCORPORATED CLASS A+ 3,714,905
-------------
TOTAL COMMON STOCKS (COST $268,409,380) 334,312,237
-------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.99%
COLLATERAL INVESTED IN OTHER ASSETS: 1.99%
$ 222,088 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $222,088) 0.01% 04/01/2010 222,088
66,503 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 66,503
91,442 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 91,442
1,832,204 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,832,205) 0.02 04/01/2010 1,832,204
44,017 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 44,017
133,007 COOK COUNTY IL+/-ss 0.25 11/01/2030 133,007
166,558 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $166,558) 0.03 04/01/2010 166,558
255,706 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,706) 0.01 04/01/2010 255,706
2,310,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 949,727
27,433 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 27,433
Wells Fargo Advantage Master Portfolios 183
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 83,129 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28% 07/01/2029 $ 83,129
33,252 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 33,252
1,110,425 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,110,425) 0.01 04/01/2010 1,110,425
49,878 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 49,878
33,252 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 33,252
97,178 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 97,178
149,633 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 149,633
49,878 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 49,877
2,947,847 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,591,838
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,530,892) 6,987,147
------------
SHARES YIELD
SHORT-TERM INVESTMENTS: 4.19%
MUTUAL FUNDS: 4.19%
14,708,242 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 14,708,242
------------
TOTAL SHORT-TERM INVESTMENTS (COST $14,708,242) 14,708,242
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,648,514)* 101.50% 356,007,626
OTHER ASSETS AND LIABILITIES, NET (1.50) (5,257,419)
------ ------------
TOTAL NET ASSETS 100.00% $350,750,207
------ ------------
- -------------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $306,097,849 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 70,979,900
Gross unrealized depreciation (21,070,123)
-------------
Net unrealized appreciation $ 49,909,777
The accompanying notes are an integral part of these financial statements.
184 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.82%
AMUSEMENT & RECREATION SERVICES: 0.71%
45,460 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 1,171,498
----------------
APPAREL & ACCESSORY STORES: 5.54%
37,730 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 1,680,872
58,100 DSW INCORPORATED CLASS A+ 1,483,293
84,900 HANESBRANDS INCORPORATED+ 2,361,918
64,400 TRUE RELIGION APPAREL INCORPORATED+ 1,955,184
87,490 VOLCOM INCORPORATED+ 1,707,805
9,189,072
----------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.85%
105,520 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,403,416
----------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.00%
76,310 TUTOR PRINI CORPORATION+ 1,659,743
----------------
BUSINESS SERVICES: 7.76%
153,240 AIRCASTLE LIMITED 1,451,183
34,540 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,687,279
203,740 EARTHLINK INCORPORATED 1,739,940
21,170 MICROSTRATEGY INCORPORATED CLASS A+ 1,800,932
27,520 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+ 1,510,022
47,610 RENT-A-CENTER INCORPORATED+ 1,125,977
65,740 SYNNEX CORPORATION+ 1,943,274
81,500 TAL INTERNATIONAL GROUP INCORPORATED 1,628,370
12,886,977
----------------
CASINO & GAMING: 1.11%
101,180 AMERISTAR CASINOS INCORPORATED 1,843,500
----------------
CHEMICALS & ALLIED PRODUCTS: 4.86%
45,900 CYTEC INDUSTRIES INCORPORATED 2,145,366
83,200 OLIN CORPORATION 1,632,384
101,810 ROCKWOOD HOLDINGS INCORPORATED+ 2,710,182
79,130 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 1,576,270
8,064,202
----------------
COMMUNICATIONS: 1.10%
533,340 CINCINNATI BELL INCORPORATED+ 1,818,689
----------------
COMMUNICATIONS EQUIPMENT: 0.96%
56,970 COMMSCOPE INCORPORATED+ 1,596,299
----------------
COMPUTER TECHNOLOGIES: 1.13%
51,760 LEXMARK INTERNATIONAL INCORPORATED+ 1,867,501
----------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.91%
27,720 CHEMED CORPORATION 1,507,414
----------------
DEPOSITORY INSTITUTIONS: 13.22%
121,400 ASSOCIATED BANC-CORP 1,675,320
46,870 BANK OF THE OZARKS INCORPORATED 1,649,355
76,990 CARDINAL FINANCIAL CORPORATION 822,253
32,200 CITY NATIONAL CORPORATION 1,737,834
105,640 EAST WEST BANCORP INCORPORATED~~ 1,840,249
118,609 FIRST HORIZON NATIONAL CORPORATION+ 1,666,454
Wells Fargo Advantage Master Portfolios 185
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
70,400 MB FINANCIAL INCORPORATED $ 1,586,112
117,000 NORTHWEST BANCSHARES INCORPORATED 1,373,580
85,210 PACWEST BANCORP 1,944,492
72,700 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 1,098,497
30,900 SVB FINANCIAL GROUP+ 1,441,794
131,850 UMPQUA HOLDINGS CORPORATION 1,748,331
88,010 WASHINGTON FEDERAL INCORPORATED 1,788,363
42,190 WINTRUST FINANCIAL CORPORATION 1,569,890
21,942,524
----------------
ELECTRIC, GAS & SANITARY SERVICES: 3.82%
48,000 ENERGEN CORPORATION 2,233,440
78,830 GREAT PLAINS ENERGY INCORPORATED 1,463,873
94,180 PORTLAND GENERAL ELECTRIC COMPANY 1,818,616
35,780 UNITIL CORPORATION 831,885
6,347,814
----------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.58%
176,700 AVIAT NETWORKS INCORPORATED+ 1,171,521
49,980 COMTECH TELECOMMUNICATIONS CORPORATION+ 1,598,860
131,700 GRAFTECH INTERNATIONAL LIMITED+ 1,800,339
324,010 RF MICRO DEVICES INCORPORATED+ 1,613,570
159,060 TTM TECHNOLOGIES INCORPORATED+ 1,412,453
7,596,743
----------------
FOOD & KINDRED PRODUCTS: 1.74%
47,930 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,678,029
35,080 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,215,873
2,893,902
----------------
GENERAL MERCHANDISE STORES: 0.85%
80,770 CABELA'S INCORPORATED+ 1,412,667
----------------
HEALTH SERVICES: 1.04%
107,520 HEALTHWAYS INCORPORATED+ 1,727,846
----------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.54%
172,320 GREAT LAKES DREDGE & DOCK COMPANY 904,680
----------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.39%
78,510 GAYLORD ENTERTAINMENT COMPANY+~~ 2,299,558
----------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.62%
101,920 ALTRA HOLDINGS INCORPORATED+ 1,399,362
41,760 BLACK BOX CORPORATION 1,284,538
2,683,900
----------------
INSURANCE CARRIERS: 3.12%
62,060 AMERIGROUP CORPORATION+ 2,062,874
45,071 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,468,864
91,410 UNITED FIRE & CASUALTY COMPANY 1,644,466
5,176,204
----------------
INVESTMENT COMPANIES: 1.20%
156,600 APOLLO INVESTMENT CORPORATION 1,993,518
----------------
186 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
LEISURE, SPORTING & RECREATION: 2.05%
184,290 CALLAWAY GOLF COMPANY $ 1,625,438
57,180 GENESCO INCORPORATED+ 1,773,152
3,398,590
----------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.13%
45,360 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,872,007
----------------
METAL FABRICATE, HARDWARE: 1.62%
134,860 CHART INDUSTRIES INCORPORATED+ 2,697,200
----------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.67%
74,610 RC2 CORPORATION+ 1,116,912
----------------
MISCELLANEOUS REPAIR SERVICES: 1.04%
150,890 DYNCORP INTERNATIONAL INCORPORATED+ 1,733,726
----------------
OIL & GAS EXTRACTION: 4.02%
68,410 BERRY PETROLEUM COMPANY CLASS A 1,926,426
252,900 GLOBAL INDUSTRIES LIMITED+ 1,623,618
156,200 KEY ENERGY SERVICES INCORPORATED+ 1,491,710
38,400 UNIT CORPORATION+ 1,623,552
6,665,306
----------------
PAPER & ALLIED PRODUCTS: 1.44%
117,250 TEMPLE-INLAND INCORPORATED 2,395,418
----------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.07%
63,400 HOLLY CORPORATION 1,769,494
----------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.99%
78,840 AMERICAN GREETINGS CORPORATION CLASS A 1,643,026
----------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 9.64%
51,150 AMERICAN CAMPUS COMMUNITIES 1,414,809
112,190 BIOMED REALTY TRUST INCORPORATED 1,855,623
46,290 CORPORATE OFFICE PROPERTIES TRUST 1,857,618
100,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,174,113
116,220 FIRST POTOMAC REALTY TRUST 1,746,787
100,580 LASALLE HOTEL PROPERTIES 2,343,514
104,500 REDWOOD TRUST INCORPORATED 1,611,390
39,200 SOVRAN SELF STORAGE INCORPORATED 1,366,512
146,594 SUNSTONE HOTEL INVESTORS INCORPORATED 1,637,455
16,007,821
----------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.76%
94,980 COOPER TIRE & RUBBER COMPANY 1,806,520
126,970 TITAN INTERNATIONAL INCORPORATED~~ 1,108,448
2,914,968
----------------
SATELLITE: 1.46%
299,790 IRADIUM COMMUNICATIONS INCORPORATED+~~ 2,431,297
----------------
SOCIAL SERVICES: 0.96%
132,340 RES-CARE INCORPORATED+ 1,586,757
----------------
SOFTWARE: 0.98%
53,870 DIGITAL RIVER INCORPORATED+ 1,632,261
----------------
Wells Fargo Advantage Master Portfolios 187
Portfolio of Investments -- March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR: 3.41%
334,160 AIRTRAN HOLDINGS INCORPORATED+ $ 1,697,533
74,830 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED+ 3,969,732
5,667,265
------------
TRANSPORTATION EQUIPMENT: 3.22%
83,490 MARTEN TRANSPORT LIMITED+ 1,645,588
66,460 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,553,835
30,560 TRIUMPH GROUP INCORPORATED 2,141,950
5,341,373
------------
TRANSPORTATION SERVICES: 0.89%
51,470 GATX CORPORATION 1,474,616
------------
WHOLESALE TRADE-DURABLE GOODS: 1.42%
83,590 A.M. CASTLE & COMPANY 1,093,357
36,620 WESCO INTERNATIONAL INCORPORATED+ 1,271,080
2,364,437
------------
TOTAL COMMON STOCKS (COST $114,079,991) 160,700,141
------------
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING:1.93%
COLLATERAL INVESTED IN OTHER ASSETS: 1.93%
$ 70,778 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $70,778) 0.01% 04/01/2010 70,778
21,194 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 21,194
29,142 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 29,142
583,910 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $583,910) 0.02 04/01/2010 583,910
14,028 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 14,028
42,388 COOK COUNTY IL+/-ss 0.25 11/01/2030 42,388
53,081 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $53,081) 0.03 04/01/2010 53,081
81,492 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $81,492) 0.01 04/01/2010 81,492
1,617,785 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 664,910
8,743 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,743
26,493 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 26,493
10,597 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 10,597
353,885 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $353,885) 0.01 04/01/2010 353,885
15,896 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 15,896
10,597 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 10,597
30,970 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 30,970
47,687 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 47,687
15,896 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 15,894
2,063,807 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,114,456
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,876,714) 3,196,141
------------
188 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.60%
MUTUAL FUNDS: 2.60%
4,319,642 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 4,319,642
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,319,642) 4,319,642
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $121,276,347)* 101.35% 168,215,924
OTHER ASSETS AND LIABILITIES, NET (1.35) (2,245,612)
------ ---------------
TOTAL NET ASSETS 100.00% $ 165,970,312
------ ---------------
- ----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- 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.
++ 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.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $146,644,524 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 48,627,735
Gross unrealized depreciation (27,056,335)
---------------
Net unrealized appreciation $ 21,571,400
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 189
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.31%
AMUSEMENT & RECREATION SERVICES: 0.09%
3,300 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 85,041
------------
APPAREL & ACCESSORY STORES: 5.02%
1,800 ABERCROMBIE & FITCH COMPANY CLASS A 82,152
24,300 BEBE STORES INCORPORATED 216,270
44,700 CHARMING SHOPPES INCORPORATED+ 244,062
1,700 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 75,735
31,300 CHRISTOPHER & BANKS CORPORATION 250,400
4,800 CITI TRENDS INCORPORATED+ 155,712
40,100 COLDWATER CREEK INCORPORATED+ 278,294
22,170 COLLECTIVE BRANDS INCORPORATED+ 504,146
2,600 COLUMBIA SPORTSWEAR COMPANY 136,578
62,411 DELIA*S INCORPORATED+ 107,971
14,400 DESTINATION MATERNITY CORPORATION+ 369,504
37,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 473,970
29,482 LIZ CLAIBORNE INCORPORATED+ 219,051
12,900 MAIDENFORM BRANDS INCORPORATED+ 281,865
84,700 NEW YORK & COMPANY INCORPORATED+ 405,713
4,500 SKECHERS U.S.A. INCORPORATED CLASS A+ 163,440
5,600 STAGE STORES INCORPORATED 86,184
12,500 THE CATO CORPORATION CLASS A 268,000
34,900 WET SEAL INCORPORATED CLASS A+ 166,124
4,485,171
------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.90%
8,032 MIDAS INCORPORATED+ 90,601
20,020 MONRO MUFFLER BRAKE INCORPORATED 715,915
806,516
------------
BIOPHARMACEUTICALS: 0.09%
1,200 CEPHALON INCORPORATED+ 81,336
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.97%
12,111 CAVCO INDUSTRIES INCORPORATED+ 413,470
42,005 PALM HARBOR HOMES INCORPORATED+ 84,430
16,775 TUTOR PRINI CORPORATION+ 364,856
862,756
------------
BUSINESS SERVICES: 7.39%
22,639 ABM INDUSTRIES INCORPORATED 479,947
4,800 ADMINISTAFF INCORPORATED 102,432
62,100 APAC CUSTOMER SERVICES INCORPORATED+ 357,075
83,392 ASSET ACCEPTANCE CAPITAL CORPORATION+ 526,204
9,000 BARRETT BUSINESS SERVICES INCORPORATED 122,040
13,900 CAI INTERNATIONAL INCORPORATED+ 171,248
38,800 CONVERGYS CORPORATION+ 475,688
12,200 FAIR ISAAC CORPORATION 309,148
34,639 GEO GROUP INCORPORATED+ 686,545
17,350 GERBER SCIENTIFIC INCORPORATED+ 107,744
19,000 GSE SYSTEMS INCORPORATED+ 102,790
22,500 HACKETT GROUP INCORPORATED+ 62,550
21,806 HEALTHCARE SERVICES GROUP 488,236
125,310 HILL INTERNATIONAL INCORPORATED+ 730,557
46,100 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 167,343
190 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
5,600 MDC PARTNERS INCORPORATED $ 57,960
9,600 MENTOR GRAPHICS CORPORATION+ 76,992
33,300 MONSTER WORLDWIDE INCORPORATED+ 553,113
31,591 PLATO LEARNING INCORPORATED+ 175,646
5,600 ROLLINS INCORPORATED 121,408
7,000 SYKES ENTERPRISES INCORPORATED+ 159,880
71,095 TIER TECHNOLOGIES INCORPORATED CLASS B+ 565,916
6,600,462
-----------
CASINO & GAMING: 0.23%
83,410 CENTURY CASINOS INCORPORATED+ 208,525
-----------
CHEMICALS & ALLIED PRODUCTS: 3.17%
21,700 ELIZABETH ARDEN INCORPORATED+ 390,600
38,500 FERRO CORPORATION 338,415
21,300 ICO INCORPORATED 172,104
1,775 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,614
13,500 LANDEC CORPORATION+ 89,505
26,900 OLIN CORPORATION 527,778
50,420 ORASURE TECHNOLOGIES INCORPORATED+ 298,991
69,726 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 627,534
6,100 ROCKWOOD HOLDINGS INCORPORATED+ 162,382
3,600 RPM INTERNATIONAL INCORPORATED 76,824
15,652 SERACARE LIFE SCIENCES INCORPORATED+ 62,608
2,831,355
-----------
COMMUNICATIONS: 1.31%
71,645 CHINA GRENTECH CORPORATION LIMITED ADR+ 275,833
63,220 CINCINNATI BELL INCORPORATED+ 215,580
9,100 KRATOS DEFENSE & SECURITY SOLUTIONS INCORPORATED+ 129,857
21,800 PREMIERE GLOBAL SERVICES INCORPORATED+ 180,068
192,190 SANDVINE CORPORATION+(a) 369,293
1,170,631
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.02%
13,880 CHICAGO BRIDGE & IRON COMPANY NV+ 322,849
7,800 COMFORT SYSTEMS USA INCORPORATED 97,422
9,400 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 250,134
22,640 MATRIX SERVICE COMPANY+ 243,606
914,011
-----------
DATA SERVICES: 0.25%
38,395 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 219,235
-----------
DEPOSITORY INSTITUTIONS: 8.05%
15,075 1ST UNITED BANCORP INCORPORATED+ 121,354
18,721 ASSOCIATED BANC-CORP 258,350
8,600 ASTORIA FINANCIAL CORPORATION 124,700
11,642 BANCORP INCORPORATED+ 103,614
3,100 BANK OF THE OZARKS INCORPORATED 109,089
10,800 BANNER CORPORATION 41,472
18,300 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 134,871
16,900 BROOKLINE BANCORP INCORPORATED 179,816
1,700 CATHAY GENERAL BANCORPORATION 19,805
5,190 CITY NATIONAL CORPORATION 280,104
Wells Fargo Advantage Master Portfolios 191
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
4,000 COLUMBIA BANKING SYSTEM INCORPORATED $ 81,240
4,100 EAST WEST BANCORP INCORPORATED 71,422
12,900 FIRST BUSEY CORPORATION 57,018
2,400 FIRST FINANCIAL CORPORATION 69,504
12,177 FIRST HORIZON NATIONAL CORPORATION+ 171,083
13,300 FIRST MIDWEST BANCORP INCORPORATED 180,215
5,970 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 84,893
32,308 FIRST SECURITY GROUP INCORPORATED 69,785
38,000 GLACIER BANCORP INCORPORATED 578,740
5,400 GREAT SOUTHERN BANCORP INCORPORATION 121,176
5,150 HANCOCK HOLDING COMPANY 215,322
2,600 HUDSON VALLEY HOLDING CORPORATION 62,920
6,470 IBERIABANK CORPORATION 388,265
3,400 NBT BANCORP INCORPORATED 77,690
30,800 NEW YORK COMMUNITY BANCORP INCORPORATED 509,432
22,000 NEWALLIANCE BANCSHARES INCORPORATED 277,640
13,500 NEWBRIDGE BANCORPORATION+ 47,925
4,400 NORTHRIM BANCORP INCORPORATED 75,152
2,635 NORTHWEST BANCSHARES INCORPORATED 30,935
9,200 PACIFIC CONTINENTAL CORPORATION 96,600
24,900 PACIFIC PREMIER BANCORP INCORPORATED+ 122,010
9,300 PACWEST BANCORP 212,226
3,900 STELLARONE CORPORATION 52,143
22,900 STERLING BANCSHARES INCORPORATED 127,782
4,300 TCF FINANCIAL CORPORATION 68,542
6,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 113,940
10,100 UMB FINANCIAL CORPORATION 410,060
22,248 UNITED COMMUNITY BANKS INCORPORATED+ 98,114
8,710 UNIVEST CORPORATION OF PENNSYLVANIA 162,790
7,000 WASHINGTON BANKING COMPANY 88,130
26,650 WASHINGTON FEDERAL INCORPORATED 541,528
11,699 WEST COAST BANCORP (OREGON) 30,183
8,730 WESTERN LIBERTY BANCORP+ 61,110
24,170 WHITNEY HOLDING CORPORATION 333,304
7,890 WILMINGTON TRUST CORPORATION 130,737
7,192,731
------------
E-COMMERCE/SERVICES: 0.20%
21,600 SUPPORT.COM INCORPORATED+ 70,632
19,100 WEB.COM GROUP INCORPORATED+ 104,095
174,727
------------
EATING & DRINKING PLACES: 0.72%
3,700 CEC ENTERTAINMENT INCORPORATED+ 140,933
11,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 110,770
14,300 MORTON'S RESTAURANT GROUP INCORPORATED+ 87,373
7,900 O'CHARLEYS INCORPORATED+ 70,626
46,400 WENDY'S ARBY'S GROUP INCORPORATED 232,000
641,702
------------
EDUCATIONAL SERVICES: 0.19%
11,900 LEARNING TREE INTERNATIONAL INCORPORATED+ 167,433
58,950 VOYAGER EXPANDED LEARNING CORPORATION(a) 0
167,433
------------
192 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES: 2.76%
12,796 ALLETE INCORPORATED $ 428,410
4,900 BLACK HILLS CORPORATION 148,715
15,100 CLEAN HARBORS INCORPORATED+ 838,956
8,975 EL PASO CORPORATION 97,289
26,677 EL PASO ELECTRIC COMPANY+ 549,546
15,065 NEWALTA INCORPORATED 137,092
3,400 NICOR INCORPORATED 142,528
3,500 PORTLAND GENERAL ELECTRIC COMPANY 67,585
1,700 WGL HOLDINGS INCORPORATED 58,905
2,469,026
------------
ELECTRONIC: 0.82%
37,765 GENTEX CORPORATION 733,396
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.71%
24,300 ADAPTEC INCORPORATED+ 79,461
9,900 ADC TELECOMMUNICATIONS INCORPORATED+ 72,369
7,700 ARRIS GROUP INCORPORATED+ 92,477
55,200 ATMI INCORPORATED+ 1,065,912
6,400 AVIAT NETWORKS INCORPORATED+ 42,432
13,400 CTS CORPORATION 126,228
3,600 DIODES INCORPORATED+ 80,640
33,560 GRAFTECH INTERNATIONAL LIMITED+ 458,765
8,400 HELEN OF TROY LIMITED+ 218,904
10,100 HOUSTON WIRE & CABLE COMPANY 116,958
10,600 IMATION CORPORATION+ 116,706
16,250 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 91,813
9,600 INTERSIL CORPORATION CLASS A 141,696
15,700 MAXIM INTEGRATED PRODUCTS INCORPORATED 304,423
17,100 MIPS TECHNOLOGIES INCORPORATED+ 76,266
37,500 MOLEX INCORPORATED CLASS A 661,875
295,510 MRV COMMUNICATIONS INCORPORATED+ 393,028
12,280 OSI SYSTEMS INCORPORATED+ 344,454
76,325 POWER-ONE INCORPORATED+ 322,092
20,656 RICHARDSON ELECTRONICS LIMITED 164,215
6,700 SPECTRUM BRANDS INCORPORATED+ 183,446
67,382 TECHNITROL INCORPORATED 355,777
12,500 TELLABS INCORPORATED 94,625
154,325 TRIDENT MICROSYSTEMS INCORPORATED+ 268,526
5,500 UNIVERSAL ELECTRONICS INCORPORATED+ 122,870
5,995,958
------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.10%
32,500 CRA INTERNATIONAL INCORPORATED+ 744,900
10,135 INFINITY PHARMACEUTICALS INCORPORATED+ 61,824
39,260 SYMYX TECHNOLOGIES INCORPORATED+ 176,277
983,001
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.44%
3,700 CROWN HOLDINGS INCORPORATED+ 99,752
17,500 QUANEX BUILDING PRODUCTS CORPORATION 289,275
389,027
------------
Wells Fargo Advantage Master Portfolios 193
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: 0.42%
4,600 AMERICAN ITALIAN PASTA COMPANY CLASS A+ $ 178,802
13,240 DEL MONTE FOODS COMPANY 193,304
372,106
------------
FOOD STORES: 0.70%
50,400 WINN-DIXIE STORES INCORPORATED+ 629,496
------------
FOOTWEAR: 0.12%
800 DECKERS OUTDOOR CORPORATION+ 110,400
------------
FURNITURE & FIXTURES: 0.48%
15,400 FURNITURE BRANDS INTERNATIONAL INCORPORATED+ 99,022
6,000 HNI CORPORATION 159,780
7,600 KIMBALL INTERNATIONAL INCORPORATED CLASS B 52,820
17,200 LSI INDUSTRIES INCORPORATED 117,304
428,926
------------
HEALTH SERVICES: 3.39%
33,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 91,936
11,400 AMERICAN DENTAL PARTNERS INCORPORATED+ 148,770
29,100 BIOSCRIP INCORPORATED+ 232,218
21,600 CARDIAC SCIENCE CORPORATION+ 40,392
22,317 CROSS COUNTRY HEALTHCARE INCORPORATED+ 225,625
7,100 EMERITUS CORPORATION+ 144,485
23,135 ENSIGN GROUP INCORPORATED 400,930
24,000 FIVE STAR QUALITY CARE INCORPORATED+ 73,200
8,340 GENTIVA HEALTH SERVICES INCORPORATED+ 235,855
4,440 HEALTHSOUTH REHABILITATION CORPORATION+ 83,028
356,800 HOOPER HOLMES INCORPORATED+ 310,416
2,800 HUMANA INCORPORATED+ 130,956
12,000 LHC GROUP INCORPORATED+ 402,360
13,805 MDS INCORPORATED+ 111,959
15,500 NAUTILUS GROUP INCORPORATED+ 46,810
33,723 NOVAMED INCORPORATED+ 114,658
8,600 REHABCARE GROUP INCORPORATED+ 234,522
3,028,120
------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.46%
1,500 GRANITE CONSTRUCTION INCORPORATED 45,330
7,275 MYR GROUP INCORPORATED+ 118,655
15,833 STERLING CONSTRUCTION COMPANY INCORPORATED+ 248,895
412,880
------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
58,938 EMPIRE RESORTS INCORPORATED 107,267
------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86%
18,510 ACTUANT CORPORATION CLASS A 361,871
12,200 ALTRA HOLDINGS INCORPORATED+ 167,506
7,900 BLOUNT INTERNATIONAL INCORPORATED+ 81,844
9,300 COLUMBUS MCKINNON CORPORATION+ 147,591
29,520 CRAY INCORPORATED+ 175,644
2,600 DIEBOLD INCORPORATED 82,576
15,500 FLANDER CORPORATION+ 58,900
3,200 GARDNER DENVER INCORPORATED 140,928
103,990 INTERMEC INCORPORATED+ 1,474,578
194 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
9,500 INTEVAC INCORPORATED+ $ 131,290
1,256 KADANT INCORPORATED+ 18,099
12,800 KENNAMETAL INCORPORATED 359,936
23,374 MODINE MANUFACTURING COMPANY+ 262,724
17,700 NN INCORPORATED+ 97,350
164,500 QUANTUM CORPORATION+ 432,635
18,600 SPARTECH CORPORATION 217,620
2,700 TENNANT COMPANY 73,953
1,900 TIMKEN COMPANY 57,019
4,342,064
-------------
INSURANCE CARRIERS: 4.00%
13,400 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 142,710
8,850 AMERISAFE INCORPORATED+ 144,875
14,311 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 466,395
26,987 BROWN & BROWN INCORPORATED 483,607
5,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 128,316
11,100 DONEGAL GROUP INCORPORATED CLASS A 161,061
3,100 EMC INSURANCE GROUP INCORPORATED 69,812
10,900 HALLMARK FINANCIAL SERVICES INCORPORATED+ 98,100
29,982 MEADOWBROOK INSURANCE GROUP INCORPORATED 236,858
6,745 MERCURY GENERAL CORPORATION 294,891
7,005 NYMAGIC INCORPORATED 148,716
9,000 ONEBEACON INSURANCE GROUP LIMITED 155,250
8,600 PENN MILLERS HOLDING CORPORATION+ 104,490
20,700 PMA CAPITAL CORPORATION CLASS A+ 127,098
22,500 SEABRIGHT INSURANCE HOLDINGS 247,725
4,200 STATE AUTO FINANCIAL CORPORATION 75,390
35,318 STEWART INFORMATION SERVICES CORPORATION 487,388
3,572,682
-------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.39%
421,960 SANDSTORM RESOURCES LIMITED+ 344,830
-------------
LEATHER & LEATHER PRODUCTS: 0.29%
7,400 SHOE CARNIVAL INCORPORATED+ 169,164
3,700 WEYCO GROUP INCORPORATED 87,024
256,188
-------------
LEGAL SERVICES: 0.35%
6,900 RAYONIER INCORPORATED 313,467
-------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.55%
19,815 NOBILITY HOMES INCORPORATED 193,989
16,063 SKYLINE CORPORATION 298,772
492,761
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.20%
61,859 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 231,971
15,200 CANTEL INDUSTRIES 301,720
9,163 COHERENT INCORPORATED+ 292,849
6,000 HANGER ORTHOPEDIC GROUP INCORPORATED+ 109,080
46,100 HEALTHTRONICS INCORPORATED+ 165,038
27,625 HERLEY INDUSTRIES INCORPORATED+ 404,983
2,600 ICU MEDICAL INCORPORATED+ 89,570
38,330 ION GEOPHYSICAL CORPORATION+ 188,584
Wells Fargo Advantage Master Portfolios 195
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
108,601 LTX-CREDENCE CORPORATION+ $ 329,061
19,700 MEDICAL ACTION INDUSTRIES INCORPORATED+ 241,719
36,000 NEWPORT CORPORATION+ 450,000
3,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 40,182
37,300 PERKINELMER INCORPORATED 891,470
9,700 WATERS CORPORATION+ 655,138
9,500 ZOLL MEDICAL CORPORATION+ 250,420
4,641,785
------------
MEDIA: 0.29%
39,820 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 262,414
------------
METAL MINING: 2.75%
11,995 ELDORADO GOLD CORPORATION+ 144,900
3,680 GOLDCORP INCORPORATED 136,970
130,400 GREAT BASIN GOLD LIMITED+ 225,592
105,940 PETAQUILLA MINERALS LIMITED+ 58,267
21,075 RANDGOLD RESOURCES LIMITED ADR 1,619,192
5,905 ROYAL GOLD INCORPORATED 272,870
2,457,791
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.35%
38,030 ACCO BRANDS CORPORATION+ 291,310
10,133 BLYTH INCORPORATED 316,656
17,000 KID BRANDS INCORPORATED+ 147,050
25,600 LEAPFROG ENTERPRISES INCORPORATED+ 167,680
8,200 RC2 CORPORATION+ 122,754
6,300 STANDEX INTERNATIONAL CORPORATION 162,351
1,207,801
------------
MISCELLANEOUS RETAIL: 0.73%
12,400 AC MOORE ARTS & CRAFTS INCORPORATED+ 36,332
71,300 OFFICE DEPOT INCORPORATED+ 568,974
10,200 PC MALL INCORPORATED+ 51,612
656,918
------------
MOTION PICTURES: 0.07%
2,200 ASCENT MEDIA CORPORATION+ 59,950
------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.38%
11,200 ARKANSAS BEST CORPORATION 334,656
7,650 YRC WORLDWIDE INCORPORATED+ 4,160
338,816
------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.16%
151,271 CAPITALSOURCE INCORPORATED 845,605
36,158 MCG CAPITAL CORPORATION+ 188,383
1,033,988
------------
NURSING HOME: 0.06%
1,521 ASSISTED LIVING CONCEPTS INCORPORATED+ 49,950
------------
OIL & GAS EXPLORATION: 0.06%
17,300 CRIMSON EXPLORATION INCORPORATED+ 50,516
------------
196 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION: 5.88%
3,400 ATWOOD OCEANICS INCORPORATED+ $ 117,742
12,400 COMPLETE PRODUCTION SERVICES INCORPORATED+ 143,220
2,100 COMSTOCK RESOURCES INCORPORATED+ 66,780
8,305 FOREST OIL CORPORATION+ 214,435
72,994 GLOBAL INDUSTRIES LIMITED+ 468,621
22,155 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 288,680
8,500 HERCULES OFFSHORE INCORPORATED+ 36,635
29,530 KEY ENERGY SERVICES INCORPORATED+ 282,012
63,839 MCMORAN EXPLORATION COMPANY+ 933,965
139,245 NEWPARK RESOURCES INCORPORATED+ 731,036
5,235 OCEANEERING INTERNATIONAL INCORPORATED+ 332,370
3,465 PRIDE INTERNATIONAL INCORPORATED+ 104,331
13,005 RANGE RESOURCES CORPORATION 609,544
14,040 SANDRIDGE ENERGY INCORPORATED+ 108,108
14,800 STONE ENERGY CORPORATION+ 262,700
5,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 105,100
1,900 UNIT CORPORATION+ 80,332
34,950 WARREN RESOURCES INCORPORATED+ 88,074
23,204 WILLBROS GROUP INCORPORATED+ 278,680
5,252,365
------------
OIL & GAS-EQUIPMENT & SERVICES: 0.10%
12,000 CAL DIVE INTERNATIONAL INCORPORATED+ 87,960
------------
OIL & OIL SERVICES: 0.26%
6,010 HELMERICH & PAYNE INCORPORATED 228,861
------------
PAPER & ALLIED PRODUCTS: 0.78%
4,835 CELLU TISSUE HOLDINGS INCORPORATED+ 48,253
9,000 CLEARWATER PAPER CORPORATION+ 443,250
3,200 SONOCO PRODUCTS COMPANY 98,528
12,475 WAUSAU PAPER CORPORATION 106,537
696,568
------------
PERSONAL SERVICES: 0.42%
3,700 COINSTAR INCORPORATED+ 120,250
13,800 REGIS CORPORATION 257,784
378,034
------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.66%
7,700 DELEK US HOLDINGS INCORPORATED 56,056
28,664 INTEROIL CORPORATION+ 1,857,427
14,000 WD-40 COMPANY 459,620
2,373,103
------------
PHARMACEUTICALS: 0.16%
7,800 PHARMERICA CORPORATION+ 142,116
------------
PIPELINES: 0.13%
2,300 ENBRIDGE ENERGY PARTNERS LP 116,311
------------
PRIMARY METAL INDUSTRIES: 0.30%
3,600 BELDEN CDT INCORPORATED 98,856
6,400 MUELLER INDUSTRIES INCORPORATED 171,456
270,312
------------
Wells Fargo Advantage Master Portfolios 197
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.52%
5,900 AMERICAN GREETINGS CORPORATION CLASS A $ 122,956
9,100 ENNIS INCORPORATED 148,057
4,900 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 20,580
6,700 MULTI-COLOR CORPORATION 80,266
19,900 PRESSTEK INCORPORATED+ 89,152
461,011
------------
PROPERTY - CASUALTY INSURANCE: 0.07%
2,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 62,500
------------
PUBLISHING: 0.15%
34,472 CAMBIUM LEARNING GROUP INCORPORATED+ 137,888
------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 8.41%
6,500 AGREE REALTY CORPORATION 148,590
31,120 ANNALY CAPITAL MANAGEMENT INCORPORATED 534,642
113,677 ANWORTH MORTGAGE ASSET CORPORATION 766,183
37,555 CAPSTEAD MORTGAGE CORPORATION 449,158
14,200 CEDAR SHOPPING CENTERS INCORPORATED 112,322
301,681 CHIMERA INVESTMENT CORPORATION 1,173,539
2,800 COLONIAL PROPERTIES TRUST 36,064
29,212 EXTERRAN HOLDINGS INCORPORATED+ 706,054
25,104 FORESTAR REAL ESTATE GROUP INCORPORATED+ 473,964
4,200 FRANKLIN STREET PROPERTIES CORPORATION 60,606
10,420 HATTERAS FINANCIAL CORPORATION 268,523
43,360 HILLTOP HOLDINGS INCORPORATED+ 509,480
4,500 LASALLE HOTEL PROPERTIES 104,850
30,483 LEXINGTON CORPORATE PROPERTIES TRUST 198,444
16,050 MEDICAL PROPERTIES TRUST INCORPORATED 168,204
78,795 MFA MORTGAGE INVESTMENTS INCORPORATED 579,931
122,575 ORIGEN FINANCIAL INCORPORATED+ 204,700
39,606 PRIMORIS SERVICES CORPORATION 306,550
8,045 REDWOOD TRUST INCORPORATED 124,054
5,370 SILVER STANDARD RESOURCES INCORPORATED+ 95,532
30,008 THOMAS PROPERTIES GROUP INCORPORATED 99,927
13,000 U-STORE-IT TRUST 93,600
36,755 UMH PROPERTIES INCORPORATED 300,288
7,515,205
------------
RETAIL-DRUG STORES: 0.06%
2,555 VITAMIN SHOPPE INCORPORATED+ 57,360
------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.92%
104,868 INTERTAPE POLYMER GROUP INCORPORATED+ 347,113
5,021 JARDEN CORPORATION 167,149
14,663 SEALED AIR CORPORATION 309,096
823,358
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.43%
10,200 ALLIANCE BERNSTEIN HOLDING LP 312,732
9,700 TRADESTATION GROUP INCORPORATED+ 67,997
380,729
------------
SOFTWARE: 2.33%
17,700 AMERICAN SOFTWARE INCORPORATED CLASS A 102,837
24,200 CHORDIANT SOFTWARE INCORPORATED+ 122,694
198 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
SOFTWARE (continued)
23,600 ELECTRONIC ARTS INCORPORATED+ $ 440,376
18,700 EPICOR SOFTWARE CORPORATION+ 178,772
7,800 EPIQ SYSTEMS INCORPORATED+ 96,954
17,200 JDA SOFTWARE GROUP INCORPORATED+ 478,504
14,800 LAWSON SOFTWARE INCORPORATED+ 97,828
8,200 NOVELL INCORPORATED+ 49,118
6,900 PROS HOLDINGS INCORPORATED+ 68,172
49,355 REALNETWORKS INCORPORATED+ 238,385
4,533 SYBASE INCORPORATED+ 211,328
2,084,968
------------
TRANSPORTATION BY AIR: 0.82%
70,855 AIRTRAN HOLDINGS INCORPORATED+ 359,943
31,125 JETBLUE AIRWAYS CORPORATION+ 173,678
2,856 PHI INCORPORATED (VOTING)+ 63,346
6,615 PHI INCORPORATED (NON-VOTING)+ 140,106
737,073
------------
TRANSPORTATION EQUIPMENT: 0.49%
7,400 ATC TECHNOLOGY CORPORATION+ 126,984
11,898 EXIDE TECHNOLOGIES+ 68,414
21,700 SPARTAN MOTORS INCORPORATED 121,520
2,800 WABTEC CORPORATION 117,936
434,854
------------
TRANSPORTATION SERVICES: 0.26%
8,200 DYNAMEX INCORPORATED+ 141,040
3,200 GATX CORPORATION 91,680
232,720
------------
WATER TRANSPORTATION: 0.02%
2,700 HORIZON LINES INCORPORATED 14,688
------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.26%
10,300 SCHOOL SPECIALTY INCORPORATED+ 233,913
------------
WHOLESALE TRADE-DURABLE GOODS: 1.27%
2,900 BARNES GROUP INCORPORATED 56,405
4,300 INTERLINE BRANDS INCORPORATED+ 82,302
16,700 KAMAN CORPORATION CLASS A 417,667
5,800 LKQ CORPORATION+ 117,740
1,700 OMNICARE INCORPORATED 48,093
2,700 OWENS & MINOR INCORPORATED 125,253
33,996 PATRICK INDUSTRIES INCORPORATED+ 98,588
12,200 WILLIS LEASE FINANCE CORPORATION+ 192,516
1,138,564
------------
TOTAL COMMON STOCKS (COST $73,117,958) 86,043,617
------------
INVESTMENT COMPANIES: 0.28%
9,579 KBW REGIONAL BANKING ETF 251,161
TOTAL INVESTMENT COMPANIES (COST $212,809) 251,161
------------
Wells Fargo Advantage Master Portfolios 199
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME DIVIDEND YIELD VALUE
PREFERRED STOCKS: 0.32%
1,200 CARRIAGE SERVICES INCORPORATED (FUNERAL SERVICES & RELATED ITEMS)(a) 11.86% $ 35,400
55 CENTER FINANCIAL CORPORATION SERIES B (BANKING)(a)(i) 12.00 71,133
3,600 LASALLE HOTEL PROPERTIES (REAL ESTATE INVESTMENT TRUST) 8.42 85,572
3,953 SVB CAPITAL II (COMMERCIAL BANKS) 7.54 91,710
TOTAL PREFERRED STOCKS (COST $200,498) 283,815
------------
YIELD
SHORT-TERM INVESTMENTS: 2.76%
MUTUAL FUNDS: 2.76%
2,471,710 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,471,710
------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,471,710) 2,471,710
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $76,002,975)* 99.67% 89,050,303
OTHER ASSETS AND LIABILITIES, NET 0.33 292,715
------- ------------
TOTAL NET ASSETS 100.00% $ 89,343,018
------- ------------
- ----------
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $80,086,381 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 21,772,730
Gross unrealized depreciation (12,808,808)
--------------
Net unrealized appreciation $ 8,963,922
The accompanying notes are an integral part of these financial statements.
200 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------
ASSETS
Investments
In unaffiliated securities (including securities on loan) ........ $ 590,320,572 $ 68,509,276
In affiliated securities ......................................... 16,713,155 1,008,460
------------------------------
Total investments at value (see cost below) ........................ 607,033,727 69,517,736
------------------------------
Segregated cash .................................................... 0 0
Foreign currency, at value (see cost below) ........................ 0 0
Receivable for investments sold .................................... 0 0
Receivables for dividends .......................................... 1,208,534 139,950
Unrealized appreciation on forward foreign currency contracts ...... 0 0
------------------------------
Total Assets .......................................................... 608,242,261 69,657,686
------------------------------
LIABILITIES
Variation margin payable on futures contracts ...................... 0 0
Payable for investments purchased .................................. 6,672,717 0
Unrealized depreciation of forward foreign currency contracts ...... 0 0
Payable upon receipt of securities loaned .......................... 7,272,712 1,026,018
Payable to investment advisor and affiliates ....................... 325,943 38,694
Payable for custodian fee .......................................... 3,601 1,471
Accrued expenses and other liabilities ............................. 16,098 14,518
------------------------------
Total liabilities ..................................................... 14,291,071 1,080,701
------------------------------
TOTAL NET ASSETS ...................................................... $ 593,951,190 $ 68,576,985
==============================
Investments, at cost .................................................. $ 592,591,105 $ 57,528,737
------------------------------
Securities on loan, at value .......................................... $ 6,893,910 $ 762,000
------------------------------
Foreign currencies, at cost ........................................... $ 0 $ 0
------------------------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 201
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------
$ 39,585,513 $ 230,229,278 $ 533,272,028 $ 2,058,091,066 $ 55,136,838 $ 150,380,706
663,091 2,670,386 9,199,253 45,906,568 1,193,423 3,339,209
- ------------------------------------------------------------------------------------------
40,248,604 232,899,664 542,471,281 2,103,997,634 56,330,261 153,719,915
- ------------------------------------------------------------------------------------------
0 0 0 0 1,136,500 0
0 0 0 0 65,751 75,679
220,571 0 15,566,036 0 0 974,428
29,016 178,344 520,195 2,675,446 175,665 353,630
0 0 0 0 61,382 22
- ------------------------------------------------------------------------------------------
40,498,191 233,078,008 558,557,512 2,106,673,080 57,769,559 155,123,674
- ------------------------------------------------------------------------------------------
0 0 0 57,750 0 0
282,293 0 19,533,051 436,477 630,928 1,549,067
0 0 0 0 6,544 25
1,796,247 1,332,544 11,670,492 13,336,663 0 0
25,576 121,836 293,409 120,229 43,513 89,043
3,233 0 6,055 20,949 41,887 257,573
15,451 20,494 21,924 36,352 38,041 36,657
- ------------------------------------------------------------------------------------------
2,122,800 1,474,874 31,524,931 14,008,420 760,913 1,932,365
- ------------------------------------------------------------------------------------------
$ 38,375,391 $ 231,603,134 $ 527,032,581 $ 2,092,664,660 $ 57,008,646 $ 153,191,309
==========================================================================================
$ 30,874,003 $ 210,533,453 $ 460,708,060 $ 2,009,396,672 $ 48,802,625 $ 134,311,852
- ------------------------------------------------------------------------------------------
$ 1,189,257 $ 1,351,980 $ 12,895,930 $ 9,619,845 $ 0 $ 0
- ------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 65,275 $ 75,679
- ------------------------------------------------------------------------------------------
202 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------
ASSETS
Investments
In unaffiliated securities (including securities on loan) ...... $ 55,835,338 $ 295,777,116
In affiliated securities ....................................... 511,273 7,289,152
-----------------------------
Total investments at value (see cost below) ...................... 56,346,611 303,066,268
-----------------------------
Segregated cash .................................................. 0 0
Foreign currency, at value (see cost below) ...................... 331,686 7,099,150
Variation margin receivable on futures contracts ................. 245,471 0
Receivable for investments sold .................................. 0 0
Receivables for dividends ........................................ 269,812 1,610,226
Receivable from investment advisor and affiliates ................ 34,984 0
Unrealized appreciation on forward foreign currency contracts .... 5,521 0
-----------------------------
Total Assets ........................................................ 57,234,085 311,775,644
-----------------------------
LIABILITIES
Foreign taxes payable ............................................ 10,996 108,770
Payable to custodian for overdrafts .............................. 0 0
Variation margin payable on futures contracts .................... 6,132 0
Payable for investments purchased ................................ 0 107,343
Unrealized depreciation of forward foreign currency contracts .... 3,071 0
Payable upon receipt of securities loaned ........................ 0 0
Payable to investment advisor and affiliates ..................... 0 210,079
Payable for custodian fee ........................................ 267,695 292,394
Payable for audit fee ............................................ 17,741 12,929
Accrued expenses and other liabilities ........................... 15,904 45,193
-----------------------------
Total liabilities ................................................... 321,539 776,708
-----------------------------
TOTAL NET ASSETS .................................................... $ 56,912,546 $ 310,998,936
=============================
Investments, at cost ................................................ $ 53,989,895 $ 330,963,573
-----------------------------
Securities on loan, at value ........................................ $ 0 $ 0
-----------------------------
Foreign currencies, at cost ......................................... $ 332,358 $ 7,154,058
-----------------------------
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 203
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
- ----------------------------------------------------------------------------------------------------
$ 69,316,624 $ 644,899,937 $ 101,444,960 $ 341,299,384 $ 163,896,282 $ 86,578,593
0 7,933,097 897,297 14,708,242 4,319,642 2,471,710
- ----------------------------------------------------------------------------------------------------
69,316,624 652,833,034 102,342,257 356,007,626 168,215,924 89,050,303
- ----------------------------------------------------------------------------------------------------
0 0 0 0 0 50,000
0 0 0 0 0 0
0 0 0 0 0 0
1,186,578 18,190,303 1,300 5,563,772 1,197,363 409,792
81,827 285,452 88,939 39,875 187,539 151,475
0 0 0 0 0 0
0 0 0 0 0 0
- ----------------------------------------------------------------------------------------------------
70,585,029 671,308,789 102,432,496 361,611,273 169,600,826 89,661,570
- ----------------------------------------------------------------------------------------------------
0 0 0 0 0 0
179,672 0 0 0 0 0
0 0 9,512 0 0 0
0 9,913,718 147,897 3,799,879 430,015 234,749
0 0 0 0 0 0
1,179,884 5,978,335 3,081,883 6,801,035 3,065,842 0
35,558 277,609 13,294 235,437 111,234 61,461
2,546 4,087 10,422 5,643 7,468 7,823
10,638 17,768 13,347 13,752 12,161 11,641
1,601 14,737 3,986 5,320 3,794 2,878
- ----------------------------------------------------------------------------------------------------
1,409,899 16,206,254 3,280,341 10,861,066 3,630,514 318,552
- ----------------------------------------------------------------------------------------------------
$ 69,175,130 $ 655,102,535 $ 99,152,155 $ 350,750,207 $ 165,970,312 $ 89,343,018
====================================================================================================
$ 57,425,355 $ 553,098,991 $ 101,147,459 $ 289,648,514 $ 121,276,347 $ 76,002,975
- ----------------------------------------------------------------------------------------------------
$ 776,150 $ 3,853,597 $ 1,572,059 $ 5,508,335 $ 1,742,951 $ 0
- ----------------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
- ----------------------------------------------------------------------------------------------------
204 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends(1) ................................................................ $ 5,884,299 $ 474,578
Interest .................................................................... 0 0
Income from affiliated securities ........................................... 9,199 722
Securities lending income ................................................... 10,664 1,011
----------------------------
Total investment income ........................................................ 5,904,162 476,311
----------------------------
EXPENSES
Advisory fees ............................................................... 2,044,092 235,558
Custody fees ................................................................ 18,944 3,242
Professional fees ........................................................... 18,902 19,394
Other fees and expenses ..................................................... 13,632 7,352
----------------------------
Total expenses ................................................................. 2,095,570 265,546
----------------------------
LESS
Waived fees and/or reimbursed expenses ...................................... (68,598) 0
Net expenses ................................................................ 2,026,972 265,546
----------------------------
Net investment income (loss) ................................................... 3,877,190 210,765
----------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency
translation ................................................................ (19,403,831) 2,383,763
Affiliated securities ....................................................... 0 0
Forward foreign currency contracts .......................................... 0 0
Futures transactions ........................................................ 0 0
----------------------------
Net realized gain (loss) from investments ...................................... (19,403,831) 2,383,763
----------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency
translation................................................................. 70,751,791 3,736,949
Affiliated securities. ...................................................... 0 0
Forward foreign currency contracts .......................................... 0 0
Futures transactions ........................................................ 0 0
----------------------------
Net change in unrealized appreciation (depreciation) of investments ............ 70,751,791 3,736,949
----------------------------
Net realized and unrealized gain on investments ................................ 51,347,960 6,120,712
----------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........................... $ 55,225,150 $ 6,331,477
============================
1 Net of foreign withholding taxes of .......................................... $ 7,082 $ 0
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 205
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------
$ 44,068 $ 2,834,835 $ 3,928,056 $ 19,978,246 $ 399,268 $ 840,522
0 0 0 2,477 0 0
776 0 2,500 9,216 2,772 1,546
13,962 1,892 24,877 137,384 4,104 7,393
- --------------------------------------------------------------------------------------------
58,806 2,836,727 3,955,433 20,127,323 406,144 849,461
- --------------------------------------------------------------------------------------------
177,275 794,975 1,712,881 875,174 263,152 679,551
4,537 9,133 18,268 68,468 49,216 275,518
19,394 23,478 17,649 23,660 24,564 24,788
7,272 10,169 13,079 29,075 14,226 12,310
- --------------------------------------------------------------------------------------------
208,478 837,755 1,761,877 996,377 351,158 992,167
- --------------------------------------------------------------------------------------------
(12,358) (4,135) (59,020) (7,064) (12,546) (161,987)
196,120 833,620 1,702,857 989,313 338,612 830,180
- --------------------------------------------------------------------------------------------
(137,314) 2,003,107 2,252,576 19,138,010 67,532 19,281
- --------------------------------------------------------------------------------------------
10,797,923 (5,607,484) 24,124,035 14,987,315 8,564,401 2,283,441
0 0 0 25,601 0 0
0 0 0 0 (8,069) (3,709)
0 0 0 3,085,831 0 0
- --------------------------------------------------------------------------------------------
10,797,923 (5,607,484) 24,124,035 18,098,747 8,556,332 2,279,732
- --------------------------------------------------------------------------------------------
(5,069,232) 25,200,842 35,516,973 181,377,738 (6,538,455) (291,921)
0 0 0 3,102,890 0 0
0 0 0 0 497,413 (3)
0 0 0 101,911 0 0
- --------------------------------------------------------------------------------------------
(5,069,232) 25,200,842 35,516,973 184,582,539 (6,041,042) (291,924)
- --------------------------------------------------------------------------------------------
5,728,691 19,593,358 59,641,008 202,681,286 2,515,290 1,987,808
- --------------------------------------------------------------------------------------------
$ 5,591,377 $ 21,596,465 $ 61,893,584 $ 221,819,296 $ 2,582,822 $ 2,007,089
============================================================================================
$ 0 $ 0 $ 17,301 $ 0 $ 37,658 $ 67,010
206 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends(1) ....................................................................... $ 574,150 $ 3,095,614
Interest ........................................................................... 0 0
Income from affiliated securities .................................................. 2,021 4,037
Securities lending income .......................................................... 17,405 39,906
------------------------------
Total investment income ............................................................... 593,576 3,139,557
------------------------------
EXPENSES
Advisory fees ...................................................................... 97,052 1,427,200
Custody fees ....................................................................... 275,059 330,609
Professional fees .................................................................. 23,620 19,503
Other fees and expenses ............................................................ 14,053 20,591
------------------------------
Total expenses ........................................................................ 409,784 1,797,903
------------------------------
LESS
Waived fees and/or reimbursed expenses ............................................. (235,462) (259,904)
Net expenses ....................................................................... 174,322 1,537,999
------------------------------
Net investment income (loss) .......................................................... 419,254 1,601,558
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation ....... 1,070,143 (15,781,282)
Forward foreign currency contracts ................................................. (40,492) 0
Futures transactions. .............................................................. 176,307 0
------------------------------
Net realized gain (loss) from investments ............................................. 1,205,958 (15,781,282)
------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation ....... 19,309 17,616,610
Forward foreign currency contracts ................................................. 5,984 0
Futures transactions ............................................................... 13,622 0
------------------------------
Net change in unrealized appreciation (depreciation) of investments ................... 38,915 17,616,610
------------------------------
Net realized and unrealized gain on investments ....................................... 1,244,873 1,835,328
------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................................. $ 1,664,127 $ 3,436,886
==============================
1 Net of foreign withholding taxes of ................................................. $ 67,060 $ 363,507
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 207
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
- ------------------------------------------------------------------------------------------------
$ 528,503 $ 4,389,027 $ 604,189 $ 427,124 $ 891,860 $ 808,448
0 0 394 0 0 0
672 6,799 1,969 3,146 2,363 3,268
1,055 61,258 37,004 23,601 8,464 0
- ------------------------------------------------------------------------------------------------
530,230 4,457,084 643,556 453,871 902,687 811,716
- ------------------------------------------------------------------------------------------------
271,105 2,291,009 110,056 1,423,105 717,264 419,421
4,679 22,515 13,970 14,282 12,505 10,996
17,419 23,950 21,592 21,043 19,988 20,118
7,695 21,116 9,160 11,419 9,898 8,940
- ------------------------------------------------------------------------------------------------
300,898 2,358,590 154,778 1,469,849 759,655 459,475
- ------------------------------------------------------------------------------------------------
(31,579) (278,652) (13,755) (20,317) (1,562) (8,818)
269,319 2,079,938 141,023 1,449,532 758,093 450,657
- ------------------------------------------------------------------------------------------------
260,911 2,377,146 502,533 (995,661) 144,594 361,059
- ------------------------------------------------------------------------------------------------
7,490,274 25,817,256 (26,559,069) 34,185,248 21,697,313 (14,693,224)
0 0 0 0 0 0
0 0 1,607,557 0 0 0
- ------------------------------------------------------------------------------------------------
7,490,274 25,817,256 (24,951,512) 34,185,248 21,697,313 (14,693,224)
- ------------------------------------------------------------------------------------------------
584,880 36,018,807 38,372,492 5,013,701 (1,387,585) 21,951,808
0 0 0 0 0 0
0 0 (93,510) 0 0 0
- ------------------------------------------------------------------------------------------------
584,880 36,018,807 38,278,982 5,013,701 (1,387,585) 21,951,808
- ------------------------------------------------------------------------------------------------
8,075,154 61,836,063 13,327,470 39,198,949 20,309,728 7,258,584
- ------------------------------------------------------------------------------------------------
$ 8,336,065 $ 64,213,209 $ 13,830,003 $ 38,203,288 $ 20,454,322 $ 7,619,643
- ------------------------------------------------------------------------------------------------
$ 2,388 $ 0 $ 0 $ 0 $ 0 $ 342
208 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 635,871,240 $ 676,445,814
OPERATIONS
Net investment income (loss) ................................................ 3,877,190 11,286,676
Net realized gain (loss) on investments ..................................... (19,403,831) (71,204,167)
Net change in unrealized appreciation (depreciation) of investments ......... 70,751,791 25,300,192
------------------------------------
Net increase (decrease) in net assets resulting from operations ................ 55,225,150 (34,617,299)
------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 26,344,494 114,730,358
Withdrawals ................................................................. (123,489,694) (120,687,633)
------------------------------------
Net increase (decrease) from transactions in investor's beneficial interests ... (97,145,200) (5,957,275)
------------------------------------
NET DECREASE IN NET ASSETS ..................................................... (41,920,050) (40,574,574)
====================================
ENDING NET ASSETS .............................................................. $ 593,951,190 $ 635,871,240
====================================
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 209
Statements of Changes in Net Assets
DISCIPLINED GROWTH PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
- ---------------------------------------------------------------------------------------------------------------------
$ 88,895,931 $ 108,621,365 $ 88,625,473 $ 99,217,350 $ 263,302,372 $ 358,051,926
210,765 423,486 (137,314) (383,603) 2,003,107 6,586,974
2,383,763 (31,162,876) 10,797,923 (23,525,696) (5,607,484) (8,276,559)
3,736,949 9,883,779 (5,069,232) 16,900,670 25,200,842 (42,154,866)
- ---------------------------------------------------------------------------------------------------------------------
6,331,477 (20,855,611) 5,591,377 (7,008,629) 21,596,465 (43,844,451)
- ---------------------------------------------------------------------------------------------------------------------
4,433,324 19,431,523 2,147,527 14,074,802 7,515,956 15,470,818
(31,083,747) (18,301,346) (57,988,986) (17,658,050) (60,811,659) (66,375,921)
- ---------------------------------------------------------------------------------------------------------------------
(26,650,423) 1,130,177 (55,841,459) (3,583,248) (53,295,703) (50,905,103)
- ---------------------------------------------------------------------------------------------------------------------
(20,318,946) (19,725,434) (50,250,082) (10,591,877) (31,699,238) (94,749,554)
=====================================================================================================================
$ 68,576,985 $ 88,895,931 $ 38,375,391 $ 88,625,473 $ 231,603,134 $ 263,302,372
=====================================================================================================================
210 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
- --------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets....................................................... $ 513,115,704 $ 610,647,019
OPERATIONS
Net investment income...................................................... 2,252,576 8,564,863
Net realized gain (loss) on investments.................................... 24,124,035 (171,525,727)
Net change in unrealized appreciation (depreciation) of investments........ 35,516,973 110,011,229
-------------------------------------
Net increase (decrease) in net assets resulting from operations............... 61,893,584 (52,949,635)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions.............................................................. 40,619,358 73,995,358
Withdrawals................................................................ (88,596,065) (118,577,038)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests.. (47,976,707) (44,581,680)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS......................................... 13,916,877 (97,531,315)
=====================================
ENDING NET ASSETS............................................................. $ 527,032,581 $ 513,115,704
=====================================
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 211
Statements of Changes in Net Assets
INDEX PORTFOLIO INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
- ---------------------------------------------------------------------------------------------------------------------
$ 1,966,584,375 $ 2,237,608,527 $ 72,541,985 $ 85,536,172 $ 155,627,337 $ 131,370,011
19,138,010 43,817,844 67,532 1,124,652 19,281 1,943,425
18,098,747 (1,206,803) 8,556,332 (37,177,159) 2,279,732 (41,563,740)
184,582,539 (221,743,261) (6,041,042) 26,898,537 (291,924) 49,952,778
- ---------------------------------------------------------------------------------------------------------------------
221,819,296 (179,132,220) 2,582,822 (9,153,970) 2,007,089 10,332,463
- ---------------------------------------------------------------------------------------------------------------------
190,855,626 168,953,827 6,565,665 12,972,699 26,858,291 47,353,096
(286,594,637) (260,845,759) (24,681,826) (16,812,916) (31,301,408) (33,428,233)
- ---------------------------------------------------------------------------------------------------------------------
(95,739,011) (91,891,932) (18,116,161) (3,840,217) (4,443,117) 13,924,863
- ---------------------------------------------------------------------------------------------------------------------
126,080,285 (271,024,152) (15,533,339) (12,994,187) (2,436,028) 24,257,326
=====================================================================================================================
$ 2,092,664,660 $ 1,966,584,375 $ 57,008,646 $ 72,541,985 $ 153,191,309 $ 155,627,337
=====================================================================================================================
212 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
- --------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets.................................................. $ 72,676,443 $ 86,405,709
OPERATIONS
Net investment income................................................. 419,254 1,839,039
Net realized gain (loss) on investments............................... 1,205,958 (3,860,283)
Net change in unrealized appreciation (depreciation) of investments... 38,915 273,186
-------------------------------------
Net increase (decrease) in net assets resulting from operations.......... 1,664,127 (1,748,058)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions......................................................... 6,402,130 9,195,379
Withdrawals........................................................... (23,830,154) (21,176,587)
-------------------------------------
Net decrease from transactions in investors' beneficial interests........ (17,428,024) (11,981,208)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS.................................... (15,763,897) (13,729,266)
=====================================
ENDING NET ASSETS........................................................ $ 56,912,546 $ 72,676,443
=====================================
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 213
Statements of Changes in Net Assets
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
- ---------------------------------------------------------------------------------------------------------------------
$ 315,042,164 $ 312,461,025 $ 94,632,067 $ 145,700,178 $ 984,855,684 $ 1,373,797,607
1,601,558 7,188,690 260,911 840,517 2,377,146 8,784,107
(15,781,282) (35,211,563) 7,490,274 (46,529,618) 25,817,256 (73,157,003)
17,616,610 48,006,861 584,880 27,482,892 36,018,807 (3,942,699)
- ---------------------------------------------------------------------------------------------------------------------
3,436,886 19,983,988 8,336,065 (18,206,209) 64,213,209 (68,315,595)
- ---------------------------------------------------------------------------------------------------------------------
19,446,445 52,555,498 1,743,185 12,075,054 15,649,093 29,275,266
(26,926,559) (69,958,347) (35,536,187) (44,936,956) (409,615,451) (349,901,594)
- ---------------------------------------------------------------------------------------------------------------------
(7,480,114) (17,402,849) (33,793,002) (32,861,902) (393,966,358) (320,626,328)
- ---------------------------------------------------------------------------------------------------------------------
(4,043,228) 2,581,139 (25,456,937) (51,068,111) (329,753,149) (388,941,923)
=====================================================================================================================
$ 310,998,936 $ 315,042,164 $ 69,175,130 $ 94,632,067 $ 655,102,535 $ 984,855,684
=====================================================================================================================
214 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
- --------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets................................................... $ 243,094,590 $ 282,510,520
OPERATIONS
Net investment income (loss)........................................... 502,533 2,946,644
Net realized gain (loss) on investments................................ (24,951,512) (9,376,550)
Net change in unrealized appreciation (depreciation) of investments.... 38,278,982 (24,573,330)
-------------------------------------
Net increase (decrease) in net assets resulting from operations........... 13,830,003 (31,003,236)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions.......................................................... 5,114,070 23,376,006
Withdrawals............................................................ (162,886,508) (31,788,700)
-------------------------------------
Net decrease from transactions in investors' beneficial interests......... (157,772,438) (8,412,694)
-------------------------------------
NET DECREASE IN NET ASSETS................................................ (143,942,435) (39,415,930)
=====================================
ENDING NET ASSETS......................................................... $ 99,152,155 $ 243,094,590
=====================================
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 215
Statements of Changes in Net Assets
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO
- ------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
- ---------------------------------------------------------------------------------------------------------------------
$ 391,788,240 $ 481,304,784 $ 239,231,863 $ 439,963,198 $ 219,129,458 $ 255,355,235
(995,661) (1,746,971) 144,594 3,036,418 361,059 2,378,279
34,185,248 (91,099,903) 21,697,313 (190,649,157) (14,693,224) (63,513,017)
5,013,701 72,864,087 (1,387,585) 128,533,240 21,951,808 36,276,909
- ---------------------------------------------------------------------------------------------------------------------
38,203,288 (19,982,787) 20,454,322 (59,079,499) 7,619,643 (24,857,829)
- ---------------------------------------------------------------------------------------------------------------------
36,182,364 71,091,475 16,472,995 64,432,062 5,836,056 17,652,796
(115,423,685) (140,625,232) (110,188,868) (206,083,898) (143,242,139) (29,020,744)
- ---------------------------------------------------------------------------------------------------------------------
(79,241,321) (69,533,757) (93,715,873) (141,651,836) (137,406,083) (11,367,948)
- ---------------------------------------------------------------------------------------------------------------------
(41,038,033) (89,516,544) (73,261,551) (200,731,335) (129,786,440) (36,225,777)
=====================================================================================================================
$ 350,750,207 $ 391,788,240 $ 165,970,312 $ 239,231,863 $ 89,343,018 $ 219,129,458
=====================================================================================================================
216 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average Net Assets (Annualized)
---------------------------------------- Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
- ----------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.31% 0.71% 0.69% 9.60% 6%
October 1, 2008 to September 30, 2009.......... 2.19% 0.73% 0.64% (5.53)% 28%
October 1, 2007 to September 30, 2008.......... 1.71% 0.73% 0.68% (20.18)% 21%
October 1, 2006 to September 30, 2007.......... 1.48% 0.74% 0.68% 11.88% 24%
October 1, 2005 to September 30, 2006.......... 1.77% 0.76% 0.66% 15.30% 29%
December 6, 2004(3) to September 30, 2005...... 0.98% 0.77% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.63% 0.79% 0.79% 9.61% 39%
October 1, 2008 to September 30, 2009.......... 0.54% 0.79% 0.77% (18.88)% 104%
October 1, 2007 to September 30, 2008.......... 0.07% 0.77% 0.76% (25.19)% 103%
October 1, 2006 to September 30, 2007.......... 0.10% 0.79% 0.79% 21.22% 68%
October 1, 2005 to September 30, 2006.......... 0.12% 0.79% 0.78% 1.41% 90%
October 1, 2004 to September 30, 2005.......... 0.44% 0.79% 0.78% 11.76% 45%
EMERGING GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. (0.66)% 1.00% 0.94% 14.94% 52%
October 1, 2008 to September 30, 2009.......... (0.53)% 0.94% 0.91% (5.70)% 147%
October 1, 2007 to September 30, 2008.......... (0.49)% 0.93% 0.92% (30.95)% 191%
January 31, 2007(2) to September 30, 2007...... (0.54)% 1.01% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.76% 0.74% 0.73% 9.45% 2%
October 1, 2008 to September 30, 2009.......... 2.69% 0.75% 0.69% (9.66)% 11%
October 1, 2007 to September 30, 2008.......... 2.16% 0.75% 0.57% (23.18)% 8%
October 1, 2006 to September 30, 2007.......... 1.91% 0.76% 0.57% 15.91% 16%
October 1, 2005 to September 30, 2006.......... 1.84% 0.75% 0.70% 11.21% 7%
October 1, 2004 to September 30, 2005.......... 2.04% 0.73% 0.60% 13.30% 20%
EQUITY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.92% 0.72% 0.70% 12.93% 66%
October 1, 2008 to September 30, 2009.......... 1.89% 0.73% 0.69% (7.21)% 142%
October 1, 2007 to September 30, 2008.......... 1.68% 0.74% 0.70% (27.44)% 152%
October 1, 2006 to September 30, 2007.......... 1.29% 0.77% 0.69% 20.21% 108%
October 1, 2005 to September 30, 2006.......... 1.18% 0.78% 0.77% 10.73% 107%
October 1, 2004 to September 30, 2005.......... 1.22% 0.78% 0.76% 21.61% 145%
INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.94% 0.10% 0.10% 11.50% 10%
October 1, 2008 to September 30, 2009.......... 2.61% 0.12% 0.10% (7.00)% 10%
October 1, 2007 to September 30, 2008.......... 2.07% 0.11% 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007.......... 1.86% 0.11% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006.......... 1.86% 0.11% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005.......... 2.08% 0.12% 0.04% 12.23% 8%
INTERNATIONAL CORE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.24% 1.27% 1.22% 4.09% 59%
October 1, 2008 to September 30, 2009.......... 1.77% 1.23% 1.15% (10.14)% 212%
October 1, 2007 to September 30, 2008.......... 1.60% 1.14% 1.12% (31.42)% 55%
October 1, 2006 to September 30, 2007.......... 1.27% 1.09% 1.08% 23.70% 66%
October 1, 2005 to September 30, 2006.......... 1.99% 1.09% 1.03% 14.58% 39%
October 1, 2004 to September 30, 2005.......... 1.51% 1.09% 1.08% 18.69% 108%
INTERNATIONAL GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.03% 1.39% 1.16% 0.71% 46%
October 1, 2008 to September 30, 2009.......... 1.71% 1.14% 1.11% 6.23% 95%
October 1, 2007 to September 30, 2008.......... 1.17% 1.08% 1.05% (28.68)% 57%
October 1, 2006 to September 30, 2007.......... 1.09% 1.06% 1.03% 27.40% 73%
October 1, 2005 to September 30, 2006.......... 0.87% 1.07% 0.98% 19.95% 62%
October 6, 2004(3) to September 30, 2005....... 1.02% 1.08% 1.06% 22.30% 67%
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. Portfolio turnover rates presented for periods of less than one year are
not annualized.
3. Commencement of operations.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 217
Financial Highlights
Ratio to Average Net Assets (Annualized)
---------------------------------------- Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
- ----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.51% 1.48% 0.63% 2.31% 9%
October 1, 2008 to September 30, 2009.......... 2.86% 0.55% 0.46% 1.65% 13%
October 1, 2007 to September 30, 2008.......... 2.84% 0.51% 0.50% (29.67)% 14%
October 1, 2006 to September 30, 2007.......... 2.15% 0.49% 0.49% 24.52% 3%
October 1, 2005 to September 30, 2006.......... 2.59% 0.49% 0.37% 19.44% 7%
October 6, 2004(3) to September 30, 2005....... 2.41% 0.49% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.07% 1.20% 1.02% 0.92% 14%
October 1, 2008 to September 30, 2009.......... 2.72% 1.08% 1.03% 5.26% 41%
October 1, 2007 to September 30, 2008.......... 3.68% 1.07% 1.01% (34.21)% 23%
October 1, 2006 to September 30, 2007.......... 2.47% 1.07% 1.03% 21.91% 19%
October 1, 2005 to September 30, 2006.......... 2.34% 1.09% 1.09% 19.32% 31%
October 1, 2004 to September 30, 2005.......... 2.21% 1.11% 1.10% 25.92% 14%
LARGE CAP APPRECIATION PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.67% 0.78% 0.70% 11.30% 48%
October 1, 2008 to September 30, 2009.......... 0.88% 0.78% 0.71% (10.97)% 144%
October 1, 2007 to September 30, 2008.......... 0.41% 0.74% 0.69% (25.49)% 151%
October 1, 2006 to September 30, 2007.......... 0.57% 0.74% 0.69% 21.80% 145%
October 1, 2005 to September 30, 2006.......... 0.65% 0.75% 0.72% 3.34% 155%
October 1, 2004 to September 30, 2005.......... 0.83% 0.74% 0.74% 20.02% 133%
LARGE COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.71% 0.71% 0.62% 9.72% 4%
October 1, 2008 to September 30, 2009.......... 0.97% 0.70% 0.62% 3.31% 13%
October 1, 2007 to September 30, 2008.......... 0.48% 0.68% 0.67% (22.59)% 7%
October 1, 2006 to September 30, 2007.......... 0.46% 0.70% 0.68% 17.80% 10%
October 1, 2005 to September 30, 2006.......... 0.14% 0.70% 0.61% 1.41% 6%
October 1, 2004 to September 30, 2005.......... 0.69% 0.69% 0.68% 11.03% 18%
SMALL CAP INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.91% 0.28% 0.26% 13.76% 9%
October 1, 2008 to September 30, 2009.......... 1.46% 0.26% 0.24% (10.87)% 20%
October 1, 2007 to September 30, 2008.......... 1.36% 0.23% 0.18% (14.30)% 22%
October 1, 2006 to September 30, 2007.......... 1.10% 0.23% 0.18% 14.78% 24%
October 1, 2005 to September 30, 2006.......... 0.95% 0.24% 0.23% 6.89% 20%
October 1, 2004 to September 30, 2005.......... 1.00% 0.23% 0.18% 21.03% 14%
SMALL COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. (0.59)% 0.88% 0.87% 11.94% 61%
October 1, 2008 to September 30, 2009.......... (0.53)% 0.89% 0.87% 1.75% 169%
October 1, 2007 to September 30, 2008.......... (0.53)% 0.89% 0.89% (27.50)% 150%
October 1, 2006 to September 30, 2007.......... (0.46)% 0.90% 0.90% 17.74% 138%
October 1, 2005 to September 30, 2006.......... (0.33)% 0.91% 0.90% 7.02% 125%
October 1, 2004 to September 30, 2005.......... (0.45)% 0.91% 0.91% 16.51% 142%
SMALL COMPANY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.17% 0.90% 0.90% 15.85% 35%
October 1, 2008 to September 30, 2009.......... 1.16% 0.90% 0.88% (6.28)% 99%
October 1, 2007 to September 30, 2008.......... 1.02% 0.90% 0.89% (22.01)% 82%
October 1, 2006 to September 30, 2007.......... 0.53% 0.93% 0.92% 6.53% 69%
October 1, 2005 to September 30, 2006.......... 0.64% 0.92% 0.79% 6.70% 114%
October 1, 2004 to September 30, 2005.......... 0.61% 0.92% 0.82% 24.77% 70%
STRATEGIC SMALL CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.73% 0.93% 0.91% 9.96% 24%
October 1, 2008 to September 30, 2009.......... 1.31% 0.91% 0.74% (8.76)% 50%
October 1, 2007 to September 30, 2008.......... 0.80% 0.91% 0.83% (16.47)% 46%
October 1, 2006 to September 30, 2007.......... 0.30% 0.93% 0.92% 8.65% 64%
January 31, 2006(3) to September 30, 2006...... 0.75% 0.94% 0.75% 0.60% 37%
218 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
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 C&B Large Cap Value Portfolio ("C&B Large Cap Value Portfolio"),
Wells Fargo Advantage Disciplined Growth Portfolio ("Disciplined Growth
Portfolio"), Wells Fargo Advantage Emerging Growth Portfolio ("Emerging Growth
Portfolio"), Wells Fargo Advantage Equity Income Portfolio ("Equity Income
Portfolio"), Wells Fargo Advantage Equity Value Portfolio ("Equity Value
Portfolio"), Wells Fargo Advantage Index Portfolio ("Index Portfolio"), Wells
Fargo Advantage International Core Portfolio ("International Core Portfolio"),
Wells Fargo Advantage International Growth Portfolio ("International Growth
Portfolio"), Wells Fargo Advantage International Index Portfolio ("International
Index Portfolio"), Wells Fargo Advantage International Value Portfolio
("International Value Portfolio"), Wells Fargo Advantage Large Cap Appreciation
Portfolio ("Large Cap Appreciation Portfolio"), Wells Fargo Advantage Large
Company Growth Portfolio ("Large Company Growth Portfolio"), Wells Fargo
Advantage Small Cap Index Portfolio ("Small Cap Index Portfolio"), Wells Fargo
Advantage Small Company Growth Portfolio ("Small Company Growth Portfolio"),
Wells Fargo Advantage Small Company Value Portfolio ("Small Company Value
Portfolio") and Wells Fargo Advantage Strategic Small Cap Value Portfolio
("Strategic Small Cap Value 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 the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Funds' Fair Valuation
Procedures.
Securities denominated in foreign currencies are translated into
U.S. dollars using the closing rates of exchange in effect on the day of
valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Wells Fargo Advantage Master Portfolios 219
Notes to Financial Statements (Unaudited)
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 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 and any collateral received from securities lending invested in
securities, generally are valued at amortized cost which approximates fair
value. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates 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 established in good
faith and 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.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Assets,
including investment securities, and liabilities denominated in foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at the date
of valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting in changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and loses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS
Certain Funds may be subject to foreign currency exchange rate risk in the
normal course of pursuing its investment objectives. A forward foreign currency
contract is an agreement between two parties to purchase or sell a specific
currency for an agreed-upon price at a future date. The Fund enters into forward
foreign currency contracts to facilitate transactions in foreign-denominated
securities and to attempt to minimize the risk to the Fund from adverse changes
in the relationship between currencies. Forward foreign currency contracts are
recorded at the forward rate and marked-to-market daily. When the contracts are
closed, realized gains and losses arising from such transactions are recorded as
realized gains or losses on foreign currency related transactions. The Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The Fund's maximum risk of loss from counterparty credit
risk is the unrealized gains or losses on the contracts. This risk is mitigated
by having a master netting arrangement between the Fund and the counterparty.
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
220 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
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. Cash collateral is invested on behalf of a Fund through a joint
account and the Fund is entitled to the gains and bears the losses on such
investments. The net asset value of a Fund will be affected by an increase or
decrease in the value of the securities loaned and by an increase or decrease in
the value of instruments purchased with cash collateral. Another risk from
securities lending is that the borrower may not provide additional collateral
when required or return the securities when due or when called for by the Fund.
In either case, a Fund could experience delays in recovering securities or
collateral or could lose all or part of the value of the loaned securities.
Wells Fargo Bank, N.A., 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 March 31, 2010, 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. For foreign equity securities, Bank of New York Mellon serves as the
securities lending sub-agent and receives for its services 20% of the revenues
earned on the securities lending activities that it conducts with respect to
foreign equity securities. The value of the securities on loan and the liability
to return the collateral are shown on the Statements of Assets and Liabilities.
FUTURES CONTRACTS
Certain Funds may be subject to equity price risk and foreign currency exchange
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 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.
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
Wells Fargo Advantage Master Portfolios 221
Notes to Financial Statements (Unaudited)
timing of the cash flows of the underlying asset interests and the repayment
obligations of maturing securities issued by a SIV, or a SIV's inability to
issue new debt.
As of March 31, 2010, 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 have been restructured
following default and are valued at fair value as shown in the Portfolio of
Investments.
<Table>
<Caption>
Restructured SIVs ($ Value) % of Net Assets
--------------------------- ---------------
C&B LARGE CAP VALUE PORTFOLIO $2,126,280 0.36%
DISCIPLINED GROWTH PORTFOLIO 474,232 0.69%
EMERGING GROWTH PORTFOLIO 917,990 2.39%
EQUITY INCOME PORTFOLIO 297,467 0.13%
EQUITY VALUE PORTFOLIO 1,479,323 0.28%
INDEX PORTFOLIO 6,201,438 0.30%
LARGE CAP APPRECIATION PORTFOLIO 603,801 0.87%
LARGE COMPANY GROWTH PORTFOLIO 3,194,397 0.49%
SMALL CAP INDEX PORTFOLIO 1,916,608 1.93%
SMALL COMPANY GROWTH PORTFOLIO 2,541,565 0.72%
SMALL COMPANY VALUE PORTFOLIO 1,779,366 1.07%
</Table>
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 restructured SIVs that were purchased on its behalf
through the investment of cash collateral. Fluctuations in the values of
restructured SIVs generate unrealized gains or losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities.
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 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.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
222 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
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 and 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 of 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 March 31, 2010 in valuing
the Funds' investments in securities:
<Table>
<Caption>
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
- ----------------------------------------- -------------- ----------------- ------------------- --------------
C&B LARGE CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 571,210,731 $ 0 $ 0 $ 571,210,731
PREFERRED STOCKS 11,636,250 0 0 11,636,250
Corporate debt securities 0 0 2,126,280 2,126,280
Debt securities issued by states
in the U.S. and its political
subdivisions 0 1,032,759 0 1,032,759
Short-term investments 16,713,155 4,314,552 0 21,027,707
TOTAL $ 599,560,136 $ 5,347,311 $ 2,126,280 $ 607,033,727
DISCIPLINED GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 67,448,532 $ 0 $ 0 $ 67,448,532
Corporate debt securities 0 0 474,232 474,232
Debt securities issued by states
in the U.S. and its political
subdivisions 0 113,277 0 113,277
Short-term investments 1,008,460 473,235 0 1,481,695
TOTAL $ 68,456,992 $ 586,512 $ 474,232 $ 69,517,736
</Table>
Wells Fargo Advantage Master Portfolios 223
Notes to Financial Statements (Unaudited)
<Table>
<Caption>
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
- ----------------------------------------- -------------- ----------------- ------------------- --------------
EMERGING GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 37,722,044 $ 0 $ 0 $ 37,722,044
Corporate debt securities 0 0 917,990 917,990
Debt securities issued by states in
the U.S. and its political
subdivisions 0 182,607 0 182,607
Short-term investments 663,091 762,872 0 1,425,963
TOTAL $ 38,385,135 $ 945,479 $ 917,990 $ 40,248,604
EQUITY INCOME PORTFOLIO
Equity securities
COMMON STOCKS $ 228,874,952 $ 0 $ 0 $ 228,874,952
Corporate debt securities 0 0 297,467 297,467
Debt securities issued by states in
the U.S. and its political
subdivisions 0 204,117 0 204,117
Short-term investments 2,670,386 852,742 0 3,523,128
TOTAL $ 231,545,338 $ 1,056,859 $ 297,467 $ 232,899,664
EQUITY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 521,493,210 $ 0 $ 0 $ 521,493,210
Corporate debt securities 0 0 1,479,323 1,479,323
Debt securities issued by states in
the U.S. and its political
subdivisions 0 1,989,202 0 1,989,202
Short-term investments 9,199,253 8,310,293 0 17,509,546
TOTAL $ 530,692,463 $ 10,299,495 $ 1,479,323 $ 542,471,281
INDEX PORTFOLIO
Equity securities
COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292
Corporate debt securities 0 0 6,201,438 6,201,438
Debt securities issued by states in
the U.S. and its political
subdivisions 0 1,465,774 0 1,465,774
Short-term investments 16,405,564 6,123,566 0 22,529,130
TOTAL $2,090,206,856 $ 7,589,340 $ 6,201,438 $2,103,997,634
INTERNATIONAL CORE PORTFOLIO
Equity securities
COMMON STOCKS $ 53,977,969 $ 0 $ 206,721 $ 54,184,690
PREFERRED STOCKS 952,148 0 0 952,148
Short-term investments 1,193,423 0 0 1,193,423
TOTAL $ 56,123,540 $ 0 $ 206,721 $ 56,330,261
</Table>
224 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
<Table>
<Caption>
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
- ----------------------------------------- -------------- ----------------- ------------------- --------------
INTERNATIONAL GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 150,380,706 $ 0 $ 0 $ 150,380,706
Short-term investments 3,339,209 0 0 3,339,209
TOTAL $ 153,719,915 $ 0 $ 0 $ 153,719,915
INTERNATIONAL INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 55,512,396 $ 0 $ 130,591 $ 55,642,987
PREFERRED STOCKS 191,648 0 0 191,648
RIGHTS 450 0 0 450
WARRANTS 253 0 0 253
Short-term investments 511,273 0 0 511,273
TOTAL $ 56,216,020 $ 0 $ 130,591 $ 56,346,611
INTERNATIONAL VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 292,395,867 $ 0 $ 3,381,249 $ 295,777,116
Short-term investments 7,289,152 0 0 7,289,152
TOTAL $ 299,685,019 $ 0 $ 3,381,249 $ 303,066,268
LARGE CAP APPRECIATION PORTFOLIO
Equity securities
COMMON STOCKS $ 68,092,526 $ 0 $ 0 $ 68,092,526
Corporate debt securities 0 0 603,801 603,801
Debt securities issued by states
in the U.S. and its political
subdivisions 0 119,802 0 119,802
Short-term investments 0 500,495 0 500,495
TOTAL $ 68,092,526 $ 620,297 $ 603,801 $ 69,316,624
LARGE COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 638,687,685 $ 0 $ 0 $ 638,687,685
Corporate debt securities 0 0 3,194,397 3,194,397
Debt securities issued by states
in the U.S. and its political
subdivisions 0 582,856 0 582,856
Short-term investments 7,933,097 2,434,999 0 10,368,096
TOTAL $ 646,620,782 $ 3,017,855 $ 3,194,397 $ 652,833,034
</Table>
Wells Fargo Advantage Master Portfolios 225
Notes to Financial Statements (Unaudited)
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
- -------------------------------------------------- -------------- ----------------- ------------------- -------------
SMALL CAP INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 98,052,755 $ 0 $ 0 $ 98,052,755
Corporate debt securities 0 0 1,916,608 1,916,608
Debt securities issued by states in
the U.S. and its political subdivisions 0 252,163 0 252,163
Short-term investments 1,067,271 1,053,460 0 2,120,731
TOTAL $ 99,120,026 $ 1,305,623 $ 1,916,608 $ 102,342,257
SMALL COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 334,312,237 $ 0 $ 0 $ 334,312,237
Corporate debt securities 0 0 2,541,565 2,541,565
Debt securities issued by states in
the U.S. and its political subdivisions 0 858,601 0 858,601
Short-term investments 14,708,242 3,586,981 0 18,295,223
TOTAL $ 349,020,479 $ 4,445,582 $ 2,541,565 $ 356,007,626
SMALL COMPANY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 160,700,141 $ 0 $ 0 $ 160,700,141
Corporate debt securities 0 0 1,779,366 1,779,366
Debt securities issued by states in
the U.S. and its political subdivisions 0 273,629 0 273,629
Short-term investments 4,319,642 1,143,146 0 5,462,788
TOTAL $ 165,019,783 $ 1,416,775 $ 1,779,366 $ 168,215,924
STRATEGIC SMALL CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 85,674,324 $ 0 $ 369,293 $ 86,043,617
INVESTMENT COMPANIES 251,161 0 0 251,161
PREFERRED STOCKS 177,282 0 106,533 283,815
Short-term investments 2,471,710 0 0 2,471,710
TOTAL $ 88,574,477 $ 0 $ 475,826 $ 89,050,303
Further details on the major security types listed above for each fund can be
found in the Portfolio of Investments.
226 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
As of March 31, 2010, the inputs used in valuing the Funds' other financial
instruments, which are carried at fair value, were as follows:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs
OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total
- ----------------------------------------- --------------- ------------------ -------------------- ------------
INDEX PORTFOLIO
Futures contracts $ 601,925 $ 0 $ 0 $ 601,925
INTERNATIONAL CORE PORTFOLIO
Forward foreign currency contracts 0 54,838 0 54,838
INTERNATIONAL INDEX PORTFOLIO
Futures contracts 29,054 0 0 29,054
Forward foreign currency contracts 0 2,450 0 2,450
SMALL CAP INDEX PORTFOLIO
Futures contracts 33,450 0 0 33,450
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
C&B Large Disciplined Emerging Equity Equity
Cap Value Growth Growth Income Value Index International Core
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE -------------------
DEBT DEBT DEBT DEBT DEBT DEBT COMMON SHORT-TERM
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS SECURITIES
- ------------------------------------ ----------- ---------- ---------- ---------- ---------- ----------- -------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 1,849,905 $ 412,591 $ 798,669 $ 258,803 $1,287,041 $ 5,395,372 $ 0 $ 15,654
Realized gain (loss) (1,050,830) (240,264) (607,064) (608,416) (936,436) (5,528,046) 0 (15,262)
Change in unrealized appreciation
(depreciation) 1,448,761 329,016 778,865 664,086 1,213,290 6,688,638 0 3,914
Net purchases (sales) (121,556) (27,111) (52,480) (17,006) (84,572) (354,526) 0 (4,306)
Net transfer in (out) of Level 3 0 0 0 0 0 0 206,721 0
BALANCE AS OF MARCH 31, 2010 $ 2,126,280 $ 474,232 $ 917,990 $ 297,467 $1,479,323 $ 6,201,438 $206,721 $ 0
Change in unrealized appreciation
(depreciation) relating to
securities held at the end of
reporting period $ 381,704 $ 85,133 $ 164,795 $ 53,401 $ 265,564 $ 1,113,265 $ 0 $ 0
International
Growth International Index Portfolio International Value Portfolio
Portfolio ------------------------------------- -----------------------------------
SHORT-TERM COMMON SHORT-TERM COMMON SHORT-TERM
SECURITIES STOCKS WARRANTS SECURITIES STOCKS RIGHTS SECURITIES
- ------------------------------------ -------------- ----------- --------- ----------- ----------- ---------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 46,080 $ 14 $ 3,065 $ 23,194 $ 0 $ 110,787 $ 140,944
Realized gain (loss) (44,928) 0 0 (22,614) 0 0 (137,420)
Change in unrealized appreciation
(depreciation) 11,520 0 0 5,799 0 0 35,236
Net purchases (sales) (12,672) 12,109 0 (6,379) 0 0 (38,760)
Net transfer in (out) of Level 3 0 118,468 (3,065) 0 3,381,249 (110,787) 0
BALANCE AS OF MARCH 31, 2010 $ 0 $ 130,591 $ 0 $ 0 $ 3,381,249 $ 0 $ 0
Change in unrealized appreciation
(depreciation) relating to securities
held at the end of reporting period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Wells Fargo Advantage Master Portfolios 227
Notes to Financial Statements (Unaudited)
Large Small Small
Large Cap Company Small Company Company
Appreciation Growth Cap Index Growth Value Strategic Small Cap Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE -------------------------
DEBT DEBT DEBT DEBT DEBT COMMON PREFERRED
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS STOCKS
---------- ----------- ----------- ----------- ---------- --------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 525,319 $ 2,779,188 $ 1,667,487 $ 2,211,209 $ 1,548,083 $ 0 $ 42,400
Accrued discounts (premiums) 0 0 0 0 0 0 0
Realized gain (loss) (182,955) (3,454,315) (1,589,917) (1,715,642) (1,139,513) 0 368
Change in unrealized appreciation
(depreciation) 295,956 4,052,142 1,948,608 2,191,293 1,472,519 0 3,616
Net purchases (sales) (34,519) (182,618) (109,570) (145,295) (101,723) 0 60,149
Net transfer in (out) of Level 3 0 0 0 0 0 369,293 0
BALANCE AS OF MARCH 31, 2010 $ 603,801 $ 3,194,397 $ 1,916,608 $ 2,541,565 $ 1,779,366 $ 369,293 $ 106,533
Change in unrealized appreciation
(depreciation) relating to securities
held at the end of reporting period $ 108,393 $ 573,449 $ 344,064 $ 456,255 $ 319,427 $ 0 $ 1,500
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.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of C&B Large Cap Value
Portfolio, Disciplined Growth Portfolio, Equity Income Portfolio and Equity
Value Portfolio increases. For the six months ended March 31, 2010, Disciplined
Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio each paid
an advisory fee at an annual rate equivalent to 0.70% of each Fund's average
daily net assets. C&B Large Cap Value Portfolio paid an advisory fee at an
annual rate equivalent to 0.69% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.85% and declining
to 0.75% as the average daily net assets of each of Emerging Growth Portfolio,
Small Company Growth Portfolio, Small Company Value Portfolio and Strategic
Small Cap Value Portfolio increases. For the six months ended March 31, 2010,
each of these Funds paid an advisory fee at an annual rate equivalent to 0.85%
of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.10% and declining
to 0.05% as the average daily net assets of Index Portfolio increases. For the
six months ended March 31, 2010, Index Portfolio paid an advisory fee at an
annual rate equivalent to 0.09% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.95% and declining
to 0.80% as the average daily net assets of each of International Core
Portfolio, International Growth Portfolio and International Value Portfolio
increases. For the six months ended March 31, 2010, each of these Funds paid an
advisory fee at an annual rate equivalent to 0.95% of each Fund's average daily
net assets.
Funds Management is paid an annual advisory fee starting at 0.35% and declining
to 0.30% as the average daily net assets of International Index Portfolio
increases. For the six months ended March 31, 2010, International Index
Portfolio paid an advisory fee at an annual rate equivalent to 0.35% of its
average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of Large Cap Appreciation
Portfolio and Large Company Growth Portfolio increases. For the six months ended
March 31, 2010, Large Cap Appreciation Portfolio and Large Company Growth
Portfolio paid an advisory fee at an annual rate equivalent to 0.70% and 0.69%,
respectively, of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.20% and declining
to 0.15% as the average daily net assets of Small Cap Index Portfolio increases.
For the six months ended March 31, 2010, Small Cap Index Portfolio paid an
advisory fee at an annual rate equivalent to 0.20% of its average daily net
assets.
228 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
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
Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap
Index Portfolio and Strategic Small Cap Value Portfolio.
Peregrine Capital Management, Inc., an affiliate of Funds Management and direct
wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Large
Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value
Portfolio.
Evergreen Investment Management Company, LLC, an affiliate of Funds Management
and indirect wholly owned subsidiary of Wells Fargo & Company, is the
sub-adviser to International Core Portfolio.
Cooke & Bieler LP is the sub-adviser to C&B Large Cap Value Portfolio. Smith
Asset Management Group LP is the sub-adviser to Disciplined Growth Portfolio.
Systematic Financial Management LP is the subadviser to Equity Value Portfolio.
Artisan Partners LP is the sub-adviser to International Growth Portfolio. SSgA
Funds Management is the sub-adviser to International Index Portfolio. LSV Asset
Management is the sub-adviser to International Value Portfolio. Cadence Capital
Management LLC is the sub-adviser to Large Cap Appreciation Portfolio.
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Funds.
CUSTODY FEES
State Street Bank and Trust Company ("State Street") provides custody and fund
accounting services to the Funds. For providing custody services, State Street
is entitled to an annual asset-based fee for domestic and global custody
services for the Funds. For providing fund accounting services to the Funds,
State Street is entitled to receive annual asset-based fees and is reimbursed
for out-of-pocket expenses incurred for providing these services.
Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to
the Funds and received a monthly fee at an annual rate of 0.02% of the average
daily net assets of each Fund, except International Core Portfolio,
International Growth Portfolio, International Index Portfolio and International
Value Portfolio. Wells Fargo Bank, N.A. was paid at an annual rate of 0.10% of
the average daily net assets of International Core Portfolio, International
Growth Portfolio, International Index Portfolio and International Value
Portfolio. PNC Global Investment Servicing ("PNC") served as fund accountant for
the Funds prior to November 16, 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) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
Purchases at Cost Sales Proceeds
----------------- --------------
C&B LARGE CAP VALUE PORTFOLIO $ 32,604,335 $ 128,896,046
DISCIPLINED GROWTH PORTFOLIO 26,197,618 52,196,220
EMERGING GROWTH PORTFOLIO 23,100,164 76,947,340
EQUITY INCOME PORTFOLIO 4,680,770 56,643,261
EQUITY VALUE PORTFOLIO 316,505,659 360,319,988
INDEX PORTFOLIO 198,902,928 282,307,063
INTERNATIONAL CORE PORTFOLIO 32,048,457 50,493,844
INTERNATIONAL GROWTH PORTFOLIO 63,820,590 69,483,075
INTERNATIONAL INDEX PORTFOLIO 4,831,131 21,400,928
INTERNATIONAL VALUE PORTFOLIO 38,802,284 50,256,769
Wells Fargo Advantage Master Portfolios 229
Notes to Financial Statements (Unaudited)
Purchases at Cost Sales Proceeds
----------------- --------------
LARGE CAP APPRECIATION PORTFOLIO $ 36,443,172 $ 69,377,033
LARGE COMPANY GROWTH PORTFOLIO 25,131,944 429,388,022
SMALL CAP INDEX PORTFOLIO 10,045,743 166,169,238
SMALL COMPANY GROWTH PORTFOLIO 200,714,614 296,341,739
SMALL COMPANY VALUE PORTFOLIO 59,804,164 144,196,323
STRATEGIC SMALL CAP VALUE PORTFOLIO 24,955,824 148,614,025
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, certain Funds entered into futures
contracts for hedging purposes.
At March 31, 2010, the Funds had long futures contracts outstanding as follows:
Initial Net Unrealized
Contract Appreciation/
Expiration Date Contracts Type Amount (Depreciation)
--------------- --------- ----------------------- ------------ --------------
INDEX PORTFOLIO June 2010 55 Long S&P 500 Index $ 15,419,575 $ 601,925
INTERNATIONAL INDEX PORTFOLIO June 2010 10 Long Dow Jones Euro 381,153 3,917
STOXX 50 Index
June 2010 6 Long FTSE 100 Index 505,747 5,089
June 2010 3 Long TOPIX Index 293,623 20,048
SMALL CAP INDEX PORTFOLIO June 2010 10 Long Russell 2000 MINI Index 643,650 33,450
The Index Portfolio, International Index Portfolio, and Small Cap Index
Portfolio had average contract amounts of $19,901,492, $1,488,974, and
$3,025,831 respectively, in futures contracts during the six months ended March
31, 2010.
During the six months ended March 31, 2010, certain Funds entered into forward
foreign currency exchange contracts for hedging purposes.
At March 31, 2010, the Funds had forward foreign currency exchange contracts
outstanding as follows:
Forward Foreign Currency Exchange Contracts to Buy:
Net Unrealized
U.S. Value at In Exchange for Appreciation/
Exchange Date Contracts to Receive March 31, 2010 U.S. $ (Depreciation)
------------- -------------------- -------------- --------------- ----------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 718,902 $ (6,157)
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 44,882 EUR 60,620 60,645 (25)
INTERNATIONAL INDEX PORTFOLIO 06/30/2010 225,000 EUR 303,910 300,551 3,359
06/30/2010 100,000 GBP 151,672 149,510 2,162
06/30/2010 12,000,000 JPY 128,419 131,490 (3,071)
Forward Foreign Currency Exchange Contracts to Sell:
Net Unrealized
U.S. Value at In Exchange for Appreciation/
Exchange Date Contracts to Deliver March 31, 2010 U.S. $ (Depreciation)
------------- -------------------- -------------- --------------- ----------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 712,358 $ (387)
04/30/2010 132,307,000 JPY 1,415,390 1,476,772 61,382
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 21,485 GBP 32,603 32,625 22
The International Core Portfolio had average market values of $1,055,954 and
$5,601,977 in forward foreign currency exchange contracts to buy and forward
foreign currency exchange contracts to sell, respectively, during the six months
ended March 31, 2010. The International Growth Portfolio had average market
values of $134,520 and $34,965 in forward foreign currency exchange contracts to
buy and forward foreign currency exchange contracts to sell, respectively,
during
230 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
the six months ended March 31, 2010. The International Index Portfolio had
average market values of $818,240 and $180,566 in forward foreign currency
exchange contracts to buy and forward foreign currency exchange contracts to
sell, respectively, during the six months ended March 31, 2010.
For Index Portfolio, International Core Portfolio, International Growth
Portfolio, and Small Cap Index Portfolio, the fair value, realized gains or
losses and change in unrealized gains or losses on derivative instruments are
reflected in the appropriate financial statements of each Fund.
For International Index Portfolio, a summary of derivative instruments by
primary risk exposure is outlined in the following tables.
The fair values of derivative instruments as of March 31, 2010 was as follows
for International Index Portfolio:
ASSET DERIVATIVES LIABILITY DERIVATIVES
---------------------------------------------- ----------------------------------------------
Balance Sheet Location Fair Value Balance Sheet Location Fair Value
---------------------------------- ---------- ---------------------------------- ----------
Equity contracts Variation margin $ 245,471* Variation margin $ 6,132*
Forward foreign currency contracts Unrealized appreciation on forward Unrealized depreciation on
foreign currency contracts 5,521 forward foreign currency contracts 3,071
$ 250,992 $ 9,203
* Amount represents current day's variation margin. Prior variation movements
have been reflected in cash on the Statement of Assets and Liabilities
upon receipt of payment.
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2010 was as follows for International Index Portfolio:
AMOUNT OF REALIZED GAINS OR LOSSES ON DERIVATIVES
-----------------------------------------------------------------
Futures Forward Currency Contracts Total
---------- -------------------------- --------------
Equity contracts $ 176,307 $ 0 $ 176,307
Forward foreign currency contracts 0 (40,492) (40,492)
$ 176,307 $ (40,492) $ 135,815
CHANGE IN UNREALIZED GAINS OR LOSSES ON DERIVATIVES
--------------------------------------------------------------
Futures Forward Currency Contracts Total
---------- -------------------------- ----------
Equity contracts $ 13,622 $ 0 $ 13,622
Forward foreign currency contracts 0 5,984 5,984
$ 13,622 $ 5,984 $ 19,606
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 Master Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
=================
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Master Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 27, 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: May 27, 2010
By: /s/ Kasey L. Phillips
Kasey L. Phillips
Treasurer
Date: May 27, 2010