N-CSRS 1 g55495_mastertrustncsrs.txt G55495_MASTERTRUSTNCSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09689 Wells Fargo Master Trust (Exact name of registrant as specified in charter) 525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: May 31, 2010 Date of reporting period: November 30, 2009 ITEM 1. REPORT TO SHAREHOLDERS =============================== Wells Fargo Advantage Master Portfolios 81 Portfolio of Investments--November 30, 2009 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- US TREASURY SECURITIES: 99.00% US TREASURY BONDS: 62.03% $ 2,030,735 US TREASURY BOND - INFLATION PROTECTED 1.25% 04/15/2014 $ 1,647,387 3,775,655 US TREASURY BOND - INFLATION PROTECTED 1.38 07/15/2018 3,887,747 4,566,754 US TREASURY BOND - INFLATION PROTECTED 1.63 01/15/2018 4,790,096 4,123,480 US TREASURY BOND - INFLATION PROTECTED 1.75 01/15/2028 4,136,688 5,124,035 US TREASURY BOND - INFLATION PROTECTED 1.88 07/15/2015 5,494,728 3,808,147 US TREASURY BOND - INFLATION PROTECTED 1.88 07/15/2019 4,076,206 5,596,842 US TREASURY BOND - INFLATION PROTECTED 2.00 07/15/2014 6,020,540 5,625,529 US TREASURY BOND - INFLATION PROTECTED 2.00 01/15/2016 6,057,114 5,304,536 US TREASURY BOND - INFLATION PROTECTED 2.00 01/15/2026 5,551,112 4,596,917 US TREASURY BOND - INFLATION PROTECTED 2.13 01/15/2019 5,011,357 5,102,886 US TREASURY BOND - INFLATION PROTECTED 2.38 01/15/2017 5,623,937 8,283,556 US TREASURY BOND - INFLATION PROTECTED<< 2.38 01/15/2025 9,086,671 4,021,267 US TREASURY BOND - INFLATION PROTECTED 2.38 01/15/2027 4,419,939 4,139,237 US TREASURY BOND - INFLATION PROTECTED 2.50 01/15/2029 4,634,005 4,324,383 US TREASURY BOND - INFLATION PROTECTED 2.63 07/15/2017 4,863,240 1,806,800 US TREASURY BOND - INFLATION PROTECTED 3.38 04/15/2032 2,338,535 5,354,393 US TREASURY BOND - INFLATION PROTECTED 3.63 04/15/2028 6,889,599 6,259,828 US TREASURY BOND - INFLATION PROTECTED 3.88 04/15/2029 8,390,123 92,919,024 -------------- US TREASURY NOTES: 36.97% 4,751,184 US TREASURY NOTE - INFLATION PROTECTED 0.63 04/15/2013 4,860,314 6,989,765 US TREASURY NOTE - INFLATION PROTECTED 1.63 01/15/2015 7,380,759 5,297,249 US TREASURY NOTE - INFLATION PROTECTED 1.88 07/15/2013 5,632,465 5,065,973 US TREASURY NOTE - INFLATION PROTECTED 2.00 04/15/2012 5,331,936 6,568,656 US TREASURY NOTE - INFLATION PROTECTED 2.00 01/15/2014 7,026,925 5,750,397 US TREASURY NOTE - INFLATION PROTECTED 2.38 04/15/2011 5,960,643 4,641,153 US TREASURY NOTE - INFLATION PROTECTED 2.50 07/15/2016 5,164,006 7,939,535 US TREASURY NOTE - INFLATION PROTECTED 3.00 07/15/2012 8,606,329 1,721,008 US TREASURY NOTE - INFLATION PROTECTED 3.38 01/15/2012 1,852,908 3,418,542 US TREASURY NOTE - INFLATION PROTECTED 3.50 01/15/2011 3,571,843 55,388,128 -------------- TOTAL US TREASURY SECURITIES (COST $140,057,421) 148,307,152 --------------
SHARES YIELD ------------- ------------- COLLATERAL FOR SECURITIES LENDING: 4.18% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.59% 222,946 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 222,946 222,946 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 222,946 222,946 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 222,946 222,946 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 222,946 891,784 --------------
82 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS: 3.59% $ 43,351 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26% 12/07/2009 $ 43,348 15,482 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 15,473 15,482 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 15,482 46,447 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 46,446 37,158 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 37,158 52,640 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 52,639 1,548 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 1,548 30,965 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 30,962 92,894 BANK OF AMERICA 0.18 12/23/2009 92,884 269,238 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $269,239) 0.16 12/01/2009 269,238 46,447 BANK OF IRELAND 0.35 12/01/2009 46,447 37,158 BANK OF IRELAND 0.50 12/02/2009 37,158 14,996 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 14,996 7,741 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 7,741 40,254 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 40,254 34,061 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 34,062 92,894 BRYANT BANK FUNDING++ 0.18 12/23/2009 92,884 77,412 CAFCO LLC++ 0.17 12/09/2009 77,409 3,406 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 3,406 74,315 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 74,315 9,909 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.35 06/01/2028 9,909 77,412 CHARTA LLC++(p) 0.17 12/09/2009 77,409 8,213 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 8,213 15,482 COOK COUNTY IL+/-ss 0.40 11/01/2030 15,482 93,965 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $93,965) 0.17 12/01/2009 93,965 52,640 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 52,640 37,158 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 37,158 44,899 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 44,899 37,158 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 37,158 77,412 E.ON AG++ 0.17 12/21/2009 77,404 77,412 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 77,405 80,508 FORTIS FUNDING LLC++ 0.20 12/29/2009 80,496 83,605 GDF SUEZ++ 0.17 12/15/2009 83,599 61,929 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 61,927 77,350 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $77,350) 0.17 12/01/2009 77,350 77,412 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 77,406 15,482 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 15,482 65,026 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 65,019 773,049 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 287,497 50,906 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 50,906 5,109 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 5,109 25,081 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 25,081 8,856 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 8,856 6,193 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 6,193 15,482 ING USA FUNDING LLC 0.18 12/09/2009 15,482 61,929 ING USA FUNDING LLC 0.19 12/07/2009 61,927 237,728 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $237,729) 0.17 12/01/2009 237,728 30,965 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 30,965 15,482 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 15,482 9,289 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 9,289 92,894 KBC BANK NV BRUSSELS 0.18 12/01/2009 92,894
Wells Fargo Advantage Master Portfolios 83 Portfolio of Investments--November 30, 2009 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 18,579 LLOYDS TSB BANK PLC 0.18% 12/17/2009 $ 18,577 61,929 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 61,929 24,772 LMA AMERICAS LLC++(p) 0.18 12/11/2009 24,770 13,934 LMA AMERICAS LLC++(p) 0.18 12/17/2009 13,933 46,447 LMA AMERICAS LLC++(p) 0.19 12/21/2009 46,442 13,934 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 13,934 76,792 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 76,792 8,500 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 8,500 65,026 NATIXIS 0.27 12/07/2009 65,026 6,193 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 6,193 68,122 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 68,122 61,929 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 61,929 77,412 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 77,406 15,157 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 15,157 31,321 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $31,321) 0.18 12/01/2009 31,321 10,838 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 10,837 51,463 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 51,461 15,482 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 15,481 55,736 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 55,736 43,351 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 43,351 61,929 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 61,924 3,871 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 3,871 61,929 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 61,929 77,412 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 77,405 18,579 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 18,577 62,852 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 62,850 20,437 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 20,437 61,929 UBS AG (STAMFORD CT) 0.31 12/04/2009 61,930 92,894 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 92,894 9,289 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 9,289 2,379,141 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 1,189,570 3,871 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 3,871 51,305 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 51,302 15,482 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 15,482 5,372,408 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,159,281) 6,264,192 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $146,216,702)* 103.18% 154,571,344 OTHER ASSETS AND LIABILITIES, NET (3.18) (4,767,980) ------ -------------- TOTAL NET ASSETS 100.00% $ 149,803,364 ====== ==============
84 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) INFLATION-PROTECTED BOND PORTFOLIO ---------- << All or a portion of this security is on loan. (s) Rate shown is the 1-day annualized yield at period end. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. (p) Asset-backed commercial paper. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. * Cost for federal income tax purposes is $146,737,559 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $8,354,642 Gross unrealized depreciation (520,857) ---------- Net unrealized appreciation $7,833,785
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 85 Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- AGENCY SECURITIES: 15.13% FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.73% $ 10,195 FHLMC #410425+/- 3.13% 09/01/2026 $ 10,409 54,579 FHLMC #606279+/- 2.65 02/01/2015 54,851 32,474 FHLMC #846367+/- 3.38 04/01/2029 33,167 1,005,467 FHLMC #A15838 5.50 12/01/2033 1,075,653 2,018,297 FHLMC #A16678 5.50 12/01/2033 2,159,184 6,970,690 FHLMC #E01653 4.50 06/01/2019 7,434,866 622,770 FHLMC #E90248 6.00 06/01/2017 675,851 560,705 FHLMC #E90573 6.00 07/01/2017 608,493 12,052,474 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 9.71% 9,932 FNMA #342042+/- 3.24 06/01/2025 10,134 489 FNMA #344689+/- 3.08 11/01/2025 490 21,451 FNMA #344692+/- 3.06 10/01/2025 21,547 37,372 FNMA #347712+/- 3.13 06/01/2026 38,410 4,377,056 FNMA #386890 3.99 04/01/2011 4,500,025 218,929 FNMA #557072+/- 2.03 06/01/2040 219,088 686,112 FNMA #656566 5.50 04/01/2018 742,402 1,768,248 FNMA #678939 5.50 02/01/2018 1,914,424 250,911 FNMA #701350 5.50 04/01/2018 271,653 2,130,880 FNMA #725772 5.00 09/01/2034 2,242,626 1,341,934 FNMA #731996+/- 2.75 09/01/2033 1,384,891 1,297,162 FNMA #739757+/- 2.83 08/01/2033 1,333,740 988,922 FNMA #741458+/- 2.10 10/01/2033 1,014,235 451,249 FNMA #783245+/- 1.83 04/01/2034 451,261 1,295,978 FNMA #783251+/- 1.83 04/01/2044 1,295,901 4,942,103 FNMA #789463+/- 2.70 06/01/2034 5,075,390 2,705,248 FNMA #834933+/- 5.02 07/01/2035 2,785,654 5,000,000 FNMA #874331 5.07 02/01/2012 5,329,817 5,312,254 FNMA #880156 5.50 02/01/2036 5,644,893 1,070,265 FNMA #AA3274 5.50 02/01/2039 1,139,624 6,691,860 FNMA #AD0193 5.28 08/01/2019 7,356,361 42,772,566 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 2.69% 108,757 GNMA #345066 6.50 10/15/2023 116,831 68,238 GNMA #346960 6.50 12/15/2023 73,303 72,481 GNMA #354692 6.50 11/15/2023 77,861 133,508 GNMA #361398 6.50 01/15/2024 144,333 85,985 GNMA #366641 6.50 11/15/2023 92,368 73,396 GNMA #473918 7.00 04/15/2028 81,908 410,330 GNMA #531436 7.00 06/15/2042 421,817 8,690 GNMA #531965 7.72 12/15/2041 9,419 3,068,479 GNMA #714610 5.46 05/20/2059 3,310,582 4,083,057 GNMA #721379 5.65 06/20/2059 4,418,276 2,036,531 GNMA #721557 5.63 06/20/2059 2,196,399 506,898 GNMA #721558 5.63 08/20/2059 545,980 316,577 GNMA #780626 7.00 08/15/2027 352,748 11,841,825 -------------- TOTAL AGENCY SECURITIES (COST $63,380,605) 66,666,865 --------------
86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- ASSET BACKED SECURITIES: 7.97% $ 2,935,849 CHASE FUNDING MORTGAGE LOAN SERIES 2002-1 CLASS 1A5(o,o) 0.16% 02/25/2032 $ 2,829,911 3,500,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES SERIES 2007-2 CLASS A6(o,o) 0.28 06/25/2037 3,237,419 5,000,000 COLLEGE LOAN CORPORATION TRUST SERIES 2006-A CLASS A3+/- 0.37 10/25/2025 4,914,756 3,492,670 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2006-S4 CLASS A6+/- 5.83 07/25/2034 1,610,733 1,398,076 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2007-S2 CLASS A6+/- 5.78 05/25/2037 667,049 1,072,231 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2005-G CLASS2A+/- 0.47 12/15/2035 302,753 2,310,000 CROWN CASTLE TOWERS LLC SERIES 2005-1A CLASS AFX++ 4.64 06/15/2035 2,344,650 387,737 GMAC MORTGAGE CORPORATION LOAN TRUST SERIES 2005-HE1 CLASS A1VN+/- 0.46 08/25/2035 159,619 898,409 GREEN TREE FINANCIAL CORPORATION SERIES 1997-7 CLASS A8+/- 6.86 07/15/2029 894,835 257,605 GSAMP TRUST SERIES 2005-SEA1 CLASS A+/-++(i) 0.58 01/25/2035 224,634 2,321,712 HFC HOME EQUITY LOAN ASSET BACKED CERTIFICATES SERIES 2005-2 CLASS A1+/- 1.40 01/20/2035 2,128,734 1,325,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-2 CLASS A4+/- 0.54 07/20/2036 822,551 2,000,000 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2007-3 CLASS A3+/- 1.39 11/20/2036 1,326,166 3,800,000 KEYCORP STUDENT LOAN TRUST SERIES 1999-B CLASS CTFS+/-(i) 0.98 11/25/2036 1,819,060 3,270,000 KEYCORP STUDENT LOAN TRUST SERIES 2006-A CLASS 2A2+/- 0.36 06/27/2025 2,892,924 5,000,000 NATIONAL COLLEGIATE STUDENT LOAN TRUST SERIES 2006-2 CLASS AIO(c) 6.00 08/25/2011 386,100 2,249,187 RAAC SERIES 2007-RP4 CLASS A+/-++(i) 0.59 11/25/2046 1,197,557 2,842,020 SLM STUDENT LOAN TRUST SERIES 2003-1 CLASS A5B+/-++ 0.75 12/15/2032 2,693,918 4,000,000 SLM STUDENT LOAN TRUST SERIES 2006-C CLASS A2+/- 0.35 09/15/2020 3,842,646 1,236,470 TERWIN MORTGAGE TRUST SERIES 2006-2HGS CLASS A1+/-++ 3.77 03/25/2037 182,022 1,834,520 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES 2007-HE2A CLASS A+/-++ 0.37 07/25/2037 664,463 TOTAL ASSET BACKED SECURITIES (COST $46,855,693) 35,142,500 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 20.27% 4,031,873 ADJUSTABLE RATE MORTGAGE TRUST SERIES 2007-2 CLASS 2A1+/- 0.45 06/25/2037 1,998,063 4,000,000 BANC OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2005-6 CLASS A4+/- 5.35 09/10/2047 4,056,371 3,400,000 CITIGROUP DEUTSCHE BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-CD1 CLASS A4+/- 5.23 07/15/2044 3,417,292 1,519,914 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-27 CLASS 3A1+/- 1.99 08/25/2035 814,107 1,435,392 COUNTRYWIDE HOME LOANS SERIES 2004-R1 CLASS 2A++ 6.50 11/25/2034 1,292,077 3,363,602 COUNTRYWIDE HOME LOANS SERIES 2005-R1 CLASS 1AF1+/-++ 0.60 03/25/2035 2,624,823 2,698,659 COUNTRYWIDE HOME LOANS SERIES 2005-R3 CLASS AF+/-++ 0.64 09/25/2035 2,021,470 1,998,498 COUNTRYWIDE HOME LOANS SERIES 2006-OA5 CLASS 1A1+/- 0.44 04/25/2046 918,655 1,563,768 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2004-AR5 CLASS 10A1+/- 2.97 06/25/2034 1,364,365 2,000,000 CREDIT SUISSE MORTGAGE CAPITAL CERTIFICATION SERIES 2007-C1 CLASS AAB 5.34 02/15/2040 1,869,957 3,225,000 FANNIE MAE-ACES SERIES 2006-M2 CLASS A2F+/- 5.26 05/25/2020 3,514,306 2,340,203 FHLMC SERIES 2416 CLASS PE 6.00 10/15/2021 2,469,805 581,770 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-20 CLASS A6 7.99 09/25/2029 580,351 2,071,256 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-58 CLASS 4A 7.50 09/25/2043 2,347,639 473,718 FNMA GRANTOR TRUST SERIES 2002-T4 CLASS A2 7.00 12/25/2041 527,308 2,244,603 FNMA GRANTOR TRUST SERIES 2004-T2 CLASS 1A1 6.00 11/25/2043 2,372,265 2,963,583 FNMA GRANTOR TRUST SERIES 2004-T3 CLASS A1 6.00 02/25/2044 3,176,591 6,366 FNMA SERIES 1988-5 CLASS Z 9.20 03/25/2018 6,767 999,020 FNMA SERIES 2002-90 CLASS A2 6.50 11/25/2042 1,090,686 1,969,239 FNMA SERIES 2003-86 CLASS PT 4.50 09/25/2018 2,091,948 3,569,504 FNMA SERIES 2003-97 CLASS CA 5.00 10/25/2018 3,810,552 770,899 FNMA SERIES 2003-W4 CLASS 3A 7.00 10/25/2042 850,398 474,567 FNMA SERIES 2004-W1 CLASS 2A2 7.00 12/25/2033 528,252 4,463,392 FNMA WHOLE LOAN SERIES 2002-W4 CLASS A4 6.25 05/25/2042 4,872,936 2,631,511 FNMA WHOLE LOAN SERIES 2004-W11 CLASS 1A3 7.00 05/25/2044 2,902,886 1,309,724 FNMA WHOLE LOAN SERIES 2004-W8 CLASS 3A 7.50 06/25/2044 1,479,170 10,636,048 GNMA SERIES 2003-38 CLASS JC+/- 7.00 08/16/2042 12,084,198 55,520 HARBORVIEW MORTGAGE LOAN TRUST SERIES 2004-11 CLASS 3A2A+/- 0.58 01/19/2035 32,806 2,720,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-LDP7 CLASS ASB+/- 6.07 04/15/2045 2,762,800 90,145 LEHMAN BROTHERS SMALL BALANCE COMMERCIAL SERIES 2006-1A CLASS 3A1+/-++ 5.68 04/25/2031 85,746
Wells Fargo Advantage Master Portfolios 87 Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 3,130,603 LEHMAN XS TRUST SERIES 2007-5 CLASS P3+/- 6.31% 05/25/2037 $ 1,394,696 1,086,041 LEHMAN XS TRUST SERIES 2007-6W CLASS A3+/- 0.56 05/25/2037 338,193 36,849 LF ROTHSCHILD MORTGAGE TRUST SERIES 2 CLASS Z 9.95 08/01/2017 40,557 2,200,000 MERRILL LYNCH MORTGAGE TRUST+/- 5.76 08/12/2043 2,193,449 2,134,381 NOMURA ASSET ACCEPTANCE CORPORATION SERIES 2004-R2 CLASS A1+/-++ 6.50 10/25/2034 2,004,984 857,523 SEQUOIA MORTGAGE TRUST SERIES 10 CLASS 1A+/- 0.64 10/20/2027 734,659 310,675 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2003-P10A CLASS 1 4.52 02/10/2013 324,180 1,083,809 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2006-20H CLASS 1 5.70 08/01/2026 1,194,120 2,858,869 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2007-RM1 CLASS A1+/-++ 0.52 05/25/2047 1,841,684 4,000,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C16 CLASS A4+/- 4.85 10/15/2041 3,925,860 3,188,847 WASHINGTON MUTUAL COMMERCIAL MORTGAGE SECURITIES TRUST SERIES 2007-SL3 CLASS A1+/-++ 6.11 03/23/2045 3,142,290 1,079,474 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-AR6 CLASS 2A1A+/-(i) 0.47 04/25/2045 736,393 4,252,285 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C3 CLASS A4+/- 2.72 07/25/2047 1,490,529 2,414,059 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR3 CLASS A1A+/-(i) 1.63 02/25/2046 1,326,777 1,773,321 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR4 CLASS DA+/- 1.60 06/25/2046 674,159 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $101,834,912) 89,327,120 -------------- CORPORATE BONDS & NOTES: 29.68% ADVERTISING: 0.12% 545,000 LAMAR MEDIA CORPORATION 6.63 08/15/2015 517,750 -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.15% 675,000 PHILLIPS-VAN HEUSEN 7.75 11/15/2023 655,422 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.60% 2,500,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 2,647,693 -------------- BUSINESS SERVICES: 0.81% 1,000,000 FISERV INCORPORATED 6.13 11/20/2012 1,101,789 150,000 SUNGARD DATA SYSTEMS INCORPORATED 4.88 01/15/2014 138,188 2,120,000 THOMPSON CORPORATION 6.20 01/05/2012 2,322,142 3,562,119 -------------- CHEMICALS & ALLIED PRODUCTS: 0.33% 1,500,000 VALSPAR CORPORATION 5.10 08/01/2015 1,477,457 -------------- COMMUNICATIONS: 0.26% 1,000,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 1,003,870 150,000 L-3 COMMUNICATIONS CORPORATION 6.38 10/15/2015 147,563 1,151,433 -------------- DEPOSITORY INSTITUTIONS: 6.84% 2,785,000 ASSOCIATED BANCORP 6.75 08/15/2011 2,790,991 2,100,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 1,386,000 6,839,000 BANKAMERICA CAPITAL III+/- 0.85 01/15/2027 4,386,405 2,000,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2077 1,740,000 1,000,000 BNP PARIBAS CAPITAL TRUST+/-++ 9.00 12/29/2049 980,000 2,000,000 CHASE CAPITAL VI+/- 0.91 08/01/2028 1,423,642 1,685,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,692,938 4,000,000 CITY NATIONAL BANK 6.75 09/01/2011 4,154,704
88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- DEPOSITORY INSTITUTIONS (continued) $ 1,978,000 COLONIAL BANK NA MONTGOMERY AL#### 6.38% 12/01/2015 $ 2,473 750,000 CORESTATES CAPITAL TRUST II+/-++ 0.93 01/15/2027 455,477 1,250,000 DEUTSCHE BANK CAPITAL FUNDING TRUST VII+/-++ 5.63 01/29/2049 918,750 500,000 FIRST CITIZENS BANCORP++(i) 6.80 04/01/2015 452,181 2,100,000 HSBC CAPITAL FUNDING LP+/-++ 4.61 12/31/2049 1,757,190 1,000,000 JPMORGAN CHASE CAPITAL XVIII 6.95 08/17/2036 987,921 2,900,000 NATIONAL CAPITAL COMMERCE INCORPORATED+/- 1.27 04/01/2027 1,145,256 500,000 NATIONAL CITY BANK CLEVELAND OH+/- 0.68 06/07/2017 420,256 450,000 NTC CAPITAL TRUST SERIES A+/- 0.80 01/15/2027 246,795 1,300,000 RABOBANK NEDERLAND NV+/-++ 11.00 06/29/2049 1,607,330 2,875,000 TCF NATIONAL BANK+/- 1.93 06/15/2014 2,116,489 1,950,000 UBS PREFERRED FUNDING TRUST V SERIES 1+/- 6.24 05/29/2049 1,501,500 30,166,298 -------------- EDUCATIONAL SERVICES: 1.15% 1,000,000 DARTMOUTH COLLEGE 4.75 06/01/2019 1,062,010 2,235,000 MASSACHUSETTS INSTITUTE OF TECHNOLOGY 7.25 11/02/2096 2,887,946 1,000,000 PEPPERDINE UNIVERSITY 5.45 08/01/2019 1,103,380 5,053,336 -------------- ELECTRIC, GAS & SANITARY SERVICES: 2.04% 1,000,000 CENTRAL MAINE POWER COMPANY++ 5.70 06/01/2019 1,075,801 1,000,000 CONNECTICUT LIGHT & POWER 5.38 03/01/2017 1,066,174 1,600,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 1,671,752 2,270,993 GREAT RIVER ENERGY++ 5.83 07/01/2017 2,536,404 750,000 NGPL PIPECO LLC++ 6.51 12/15/2012 825,792 1,365,000 PEOPLES ENERGY CORPORATION 6.90 01/15/2011 1,439,752 375,000 QUICKSILVER RESOURCES INCORPORATED 8.25 08/01/2015 373,125 8,988,800 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.19% 1,330,000 BAE SYSTEMS HOLDINGS INCORPORATED++ 6.40 12/15/2011 1,426,933 250,000 JABIL CIRCUIT INCORPORATED 8.25 03/15/2018 264,063 2,500,000 METTLER TOLEDO INTERNATIONAL INCORPORATED 4.85 11/15/2010 2,473,640 275,000 MOOG INCORPORATED 6.25 01/15/2015 259,875 853,484 TENASKA ALABAMA II PARTNERS LP++ 7.00 06/30/2021 804,932 5,229,443 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.08% 325,000 VALMONT INDUSTRIES INCORPORATED 6.88 05/01/2014 331,906 -------------- FOOD & KINDRED PRODUCTS: 0.75% 700,000 KELLOGG COMPANY 4.45 05/30/2016 743,798 1,600,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 1,749,053 750,000 MCCORMICK & COMPANY 5.75 12/15/2017 817,373 3,310,224 -------------- FURNITURE & FIXTURES: 0.33% 1,450,000 STEELCASE INCORPORATED 6.50 08/15/2011 1,461,456 -------------- HEALTH SERVICES: 1.16% 3,650,000 AMERICAN ASSOCIATION OF RETIRED PERSONS++ 7.50 05/01/2031 3,981,767 1,000,000 SCHERING-PLOUGH CORPORATION 6.00 09/15/2017 1,136,074 5,117,841 --------------
Wells Fargo Advantage Master Portfolios 89 Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- HOLDING & OTHER INVESTMENT OFFICES: 1.54% $ 400,000 LIBERTY PROPERTY LP 6.63% 10/01/2017 $ 399,872 3,008,000 MANUFACTURERS & TRADERS TRUST COMPANY+/- 5.59 12/28/2020 2,510,411 1,750,000 NATIONAL CITY BANK OF COLUMBUS SERIES 4 7.25 07/15/2010 1,795,278 250,000 NATIONAL CITY BANK OF KENTUCKY SERIES BKNT 6.30 02/15/2011 259,438 2,500,000 TOLL ROAD INVESTMENT PARTNERSHIP II LP++## 6.37 02/15/2015 1,803,380 6,768,379 -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.61% 1,100,000 ACTUANT CORPORATION 6.88 06/15/2017 1,051,875 1,425,000 BLACK & DECKER 5.75 11/15/2016 1,485,810 150,000 SCIENTIFIC GAMES CORPORATION 6.25 12/15/2012 145,875 2,683,560 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 1.37% 1,520,000 AEGON NV 4.75 06/01/2013 1,564,746 1,800,000 ALLSTATE FINANCIAL GLOBAL FUNDING++ 6.50 06/14/2011 1,920,290 475,000 METROPOLITAN LIFE GLOBAL FUNDING I++ 5.13 06/10/2014 510,043 2,670,000 NLV FINANCIAL CORPORATION++ 7.50 08/15/2033 2,029,518 6,024,597 -------------- INSURANCE CARRIERS: 4.56% 2,675,000 BLUE CROSS & BLUE SHIELD OF FLORIDA++ 8.25 11/15/2011 2,942,955 1,385,000 LIBERTY MUTUAL++ 4.88 02/01/2010 1,380,209 750,000 LINCOLN NATIONAL CORPORATION 6.20 12/15/2011 786,914 1,700,000 METLIFE GLOBAL FUNDING++ 5.13 11/09/2011 1,790,124 4,450,000 MINNESOTA LIFE INSURANCE COMPANY++ 8.25 09/15/2025 4,670,551 2,730,000 MONUMENTAL GLOBAL FUNDING II++ 4.63 03/15/2010 2,735,460 1,900,000 NEW YORK LIFE GLOBAL FUNDING++ 5.38 09/15/2013 2,097,121 2,145,000 PRINCIPAL LIFE GLOBAL FUNDING I++ 6.25 02/15/2012 2,277,138 1,415,000 WR BERKLEY CORPORATION 5.13 09/30/2010 1,427,959 20,108,431 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.09% 389,000 BIO-RAD LABORATORIES INCORPORATED 6.13 12/15/2014 378,303 -------------- MOTION PICTURES: 0.85% 1,000,000 TIME WARNER INCORPORATED 6.75 04/15/2011 1,067,246 1,500,000 TIME WARNER INCORPORATED 6.20 07/01/2013 1,664,013 985,000 VIACOM INCORPORATED 7.70 07/30/2010 1,018,557 3,749,816 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.36% 375,000 BUNGE LIMITED FINANCE CORPORATION 8.50 06/15/2019 437,072 1,450,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.66 05/05/2026 1,155,237 1,592,309 -------------- OIL & GAS EXTRACTION: 0.60% 750,000 CHESAPEAKE ENERGY CORPORATION 7.50 06/15/2014 753,750 650,000 EQT CORPORATION 8.13 06/01/2019 759,095 400,000 MARKWEST ENERGY PARTNERS/FINANCE CORPORATION 6.88 11/01/2014 376,000 410,000 PARKER DRILLING COMPANY 9.63 10/01/2013 418,200 340,000 RANGE RESOURCES CORPORATION 7.38 07/15/2013 345,100 2,652,145 --------------
90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- PERSONAL SERVICES: 0.13% $ 200,000 SERVICE CORPORATION INTERNATIONAL 7.88% 02/01/2013 $ 194,000 400,000 SERVICE CORPORATION INTERNATIONAL 7.38 10/01/2014 399,000 593,000 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 0.27% 1,000,000 CONOCOPHILLIPS 4.60 01/15/2015 1,085,322 100,000 TESORO CORPORATION 6.63 11/01/2015 91,750 1,177,072 -------------- PRIMARY METAL INDUSTRIES: 0.13% 175,000 CENTURY ALUMINUM COMPANY 7.50 08/15/2014 161,000 100,000 INTERNATIONAL STEEL GROUP 6.50 04/15/2014 107,392 295,000 STEEL DYNAMICS 7.38 11/01/2012 294,263 562,655 -------------- RAILROAD TRANSPORTATION: 0.32% 1,150,000 BURLINGTON NORTHERN SANTA FE CORPORATION 8.13 04/15/2020 1,426,253 -------------- REAL ESTATE: 0.33% 1,300,000 HOUSING URBAN DEVELOPMENT SERIES 04-A 5.08 08/01/2013 1,458,259 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.95% 800,000 PROLOGIS TRUST 5.25 11/15/2010 804,981 500,000 REALTY INCOME CORPORATION 5.50 11/15/2015 495,914 1,275,000 REALTY INCOME CORPORATION 6.75 08/15/2019 1,305,794 1,500,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 1,600,436 4,207,125 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.81% 1,250,000 CHARLES SCHWAB CORPORATION 6.38 09/01/2017 1,404,535 1,500,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/29/2049 1,102,500 500,000 MERRILL LYNCH & COMPANY 6.05 08/15/2012 538,125 500,000 MERRILL LYNCH & COMPANY 6.05 05/16/2016 505,768 3,550,928 -------------- TRANSPORTATION BY AIR: 0.61% 2,506,104 FEDEX CORPORATION SERIES 97-B 7.52 01/15/2018 2,705,984 -------------- TRANSPORTATION EQUIPMENT: 0.19% 860,000 NAVISTAR INTERNATIONAL CORPORATION(i) 7.50 06/15/2011 848,175 -------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.07% 300,000 STEWART ENTERPRISES 6.25 02/15/2013 291,750 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.08% 350,000 ACE HARDWARE CORPORATION++ 9.13 06/01/2016 374,500 -------------- TOTAL CORPORATE BONDS & NOTES (COST $136,929,595) 130,824,419 -------------- FOREIGN CORPORATE BONDS: 1.62% 2,000,000 BARCLAYS BANK PLC+/-++ 5.93 09/29/2049 1,520,000 1,500,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 1,571,336 200,000 ISPAT INLAND INCORPORATED 9.75 04/01/2014 210,401 1,100,000 PEARSON PLC (UK) PRIVATE PLACEMENT++ 7.00 06/15/2011 1,174,564 2,500,000 SABMILLER PLC++ 6.20 07/01/2011 2,668,173 TOTAL FOREIGN CORPORATE BONDS (COST $7,333,175) 7,144,474 --------------
Wells Fargo Advantage Master Portfolios 91 Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- FOREIGN GOVERNMENT BONDS: 0.75% $ 1,625,000 PROVINCE OF ONTARIO CANADA 4.10% 06/16/2014 $ 1,737,559 1,500,000 RABOBANK NEDERLAND++ 4.20 05/13/2014 1,589,357 TOTAL FOREIGN GOVERNMENT BONDS (COST $3,121,534) 3,326,916 -------------- MUNICIPAL BONDS & NOTES: 12.67% 825,000 CALIFORNIA STATE BUILD AMERICA BONDS (TAXABLE - VARIOUS PURPOSE) 7.55 04/01/2039 853,768 1,500,000 CHEROKEE COUNTY GA (PROPERTY TAX REVENUE) 5.87 08/01/2028 1,547,535 1,000,000 CITY OF CHICAGO IL TAXABLE SERIES C (PROPERTY TAX REVENUE, AGM INSURED) 4.88 01/01/2015 1,068,910 1,000,000 CITY OF CHICAGO IL TAXABLE SERIES D (PROPERTY TAX REVENUE, NATL-RE INSURED) 5.44 01/01/2024 1,026,870 1,600,000 CITY OF EL PASO TX (PROPERTY TAX REVENUE) 3.61 08/15/2014 1,653,632 1,500,000 COMMONWEALTH OF MASSACHUSETTS SERIES D (TAX REVENUE) 3.25 07/01/2014 1,555,425 1,000,000 DALLAS COUNTY HOSPITAL DISTRICT SERIES C (PROPERTY TAX REVENUE) 4.45 08/15/2019 1,023,350 2,500,000 DUKE UNIVERSITY TAXABLE SERIES A (GO OF UNIVERSITY) 5.85 04/01/2037 2,661,950 4,030,000 HUDSON COUNTY NJ IMPROVEMENT AUTHORITY FACILITIES (LEASING REVENUE, FSA INSURED) 7.40 12/01/2025 4,438,360 1,885,000 INDIANA BOND BANK STATE REVENUE SCHOOL SEVERANCE FUND 8-A, (OTHER REVENUE, FGIC INSURED) 4.73 01/15/2014 2,072,275 1,020,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT AUTHORITY SERIES A-2 (HOUSING REVENUE) 5.51 01/01/2039 1,004,690 4,290,000 INDIANA STATE HOUSING & COMMUNITY DEVELOPMENT AUTHORITY SFMR SERIES D-2 (HOUSING REVENUE, GNMA/FNMA INSURED) 5.41 07/01/2038 4,246,800 440,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES D (HOUSING REVENUE) 5.21 01/01/2014 478,359 800,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES D (HOUSING REVENUE) 5.75 07/01/2037 794,728 680,000 KENTUCKY HOUSING CORPORATION HOUSING REVENUE SERIES J (HOUSING REVENUE) 5.92 07/01/2034 680,068 2,210,000 LOYOLA UNIVERSITY ILLINOIS SERIES C REVENUE BONDS (COLLEGE & UNIVERSITY REVENUE) 4.80 07/01/2013 2,314,865 800,000 MARICOPA COUNTY ELEMENTARY SCHOOL DISTRICT #28-KYRENE ELEMENTARY AZ (PROPERTY TAX REVENUE) 5.38 07/01/2019 888,192 1,595,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING FINANCE SERIES H (HOUSING REVENUE) 5.85 07/01/2036 1,624,651 3,800,000 MINNESOTA STATE HOUSING FINANCE AGENCY RESIDENTIAL HOUSING FINANCE SERIES J (HOUSING REVENUE) 6.13 07/01/2038 3,796,656 1,500,000 OHIO COUNTY WEST VIRGINIA COUNTY COMMON SPECIAL DISTRICT EXCISE TAX REVENUE SERIES A (SALES TAX REVENUE) 8.25 03/01/2035 1,283,565 3,440,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE REVENUE SERIES K (HOUSING REVENUE) 5.97 03/01/2029 3,432,363 1,915,000 OHIO STATE HOUSING FINANCE AGENCY RESIDENTIAL MORTGAGE REVENUE SERIES O (HOUSING REVENUE, GNMA/FNMA INSURED) 5.47 09/01/2025 1,902,897 2,095,000 PENNSYLVANIA HOUSING FINANCE AGENCY SFMR SERIES 93C (HOUSING REVENUE GO OF AGENCY) 5.84 04/01/2037 2,095,545 1,780,000 STATE OF NEW HAMPSHIRE HFA SFMR SERIES D (HOUSING REVENUE) 5.53 07/01/2037 1,763,535 3,914,647 STATE OF TEXAS BRAZOS HIGHER EDUCATION AUTHORITY INCORPORATED SERIES 2005-4 CLASS A5 (STUDENT LOAN REVENUE, GUARANTEED STUDENT LOANS)+/-(i) 4.91 12/01/2040 3,915,821 1,300,000 UNIVERSITY OF MICHIGAN (COLLEGE & UNIVERSITY REVENUE) 5.59 04/01/2021 1,390,766 910,000 VIRGINIA PUBLIC BUILDING AUTHORITY SERIES C (OTHER REVENUE) 4.95 08/01/2018 984,538 635,000 VIRGINIA PUBLIC BUILDING AUTHORITY SERIES C (OTHER REVENUE) 5.30 08/01/2021 689,166 1,250,000 VIRGINIA RESOURCES AUTHORITY SERIES A (OTHER REVENUE) 4.71 11/01/2017 1,362,825 1,495,000 WEST BEND JOINT SCHOOL DISTRICT #1 (PROPERTY TAX REVENUE) 4.85 04/01/2017 1,577,345 1,680,000 WISCONSIN HOUSING & ECONOMIC DEVELOPMENT AUTHORITY HOME OWNERSHIP REVENUE SERIES F (HOUSING REVENUE, GO OF AUTHORITY) 5.73 09/01/2037 1,707,485 TOTAL MUNICIPAL BONDS & NOTES (COST $54,438,437) 55,836,935 -------------- TERM LOANS: 0.85% 427,724 ARAMARK CORPORATION TERM LOAN B 2.12 01/26/2014 385,242 555,000 BSC INTERNATIONAL HOLDING TERM LOAN 2.25 04/21/2011 516,150 1,470,000 FLEXTRONICS INTERNATIONAL TERM LOAN 2.55 10/01/2012 1,379,595 371,795 GEORGIA-PACIFIC CORPORATION 1ST LIEN TERM LOAN B 2.04 12/20/2012 352,548
92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- TERM LOANS (CONTINUED) 1,097,654 OSHKOSH TRUCK CORPORATION TERM LOAN B 6.31% 12/06/2013 $ 1,092,473 TOTAL TERM LOANS (COST $3,915,114) 3,726,008 -------------- US TREASURY SECURITIES: 5.40% US TREASURY BONDS: 5.40% $ 6,300,000 US TREASURY BOND<< 5.50 08/15/2028 7,508,813 5,959,898 US TREASURY BOND - INFLATION PROTECTED 2.50 01/15/2029 6,672,291 7,421,870 US TREASURY BOND - INFLATION PROTECTED 3.38 04/15/2032 9,606,104 23,787,208 -------------- TOTAL US TREASURY SECURITIES (COST $21,576,965) 23,787,208 --------------
SHARES YIELD ------------- ------------- COLLATERAL FOR SECURITIES LENDING: 0.87% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.13% 145,622 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 145,622 145,622 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 145,622 145,622 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 145,622 145,622 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.21 145,622 582,488 --------------
PRINCIPAL ------------- COLLATERAL INVESTED IN OTHER ASSETS: 0.74% $ 28,315 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 28,314 10,113 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 10,107 10,113 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 10,113 30,338 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 30,337 24,270 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 24,270 34,383 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 34,382 1,011 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 1,011 20,225 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 20,223 60,676 BANK OF AMERICA 0.18 12/23/2009 60,669 175,859 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $175,860) 0.16 12/01/2009 175,859 30,338 BANK OF IRELAND 0.35 12/01/2009 30,338 24,270 BANK OF IRELAND 0.50 12/02/2009 24,270 9,795 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 9,795 5,056 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 5,056 26,293 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 26,293 22,248 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 22,248 60,676 BRYANT BANK FUNDING++ 0.18 12/23/2009 60,669 50,563 CAFCO LLC++ 0.17 12/09/2009 50,561 2,225 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 2,225 48,541 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 48,541 6,472 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.35 06/01/2028 6,472 50,563 CHARTA LLC++(p) 0.17 12/09/2009 50,561 5,365 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 5,365 10,113 COOK COUNTY IL+/-ss 0.40 11/01/2030 10,113 61,376 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $61,376) 0.17 12/01/2009 61,376 34,383 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 34,383 24,270 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 24,270 24,270 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 24,270 29,327 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 29,327 50,563 E.ON AG++ 0.17 12/21/2009 50,558
Wells Fargo Advantage Master Portfolios 93 Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED) $ 50,563 ENI FINANCE USA INCORPORATED++ 0.17% 12/18/2009 $ 50,559 52,586 FORTIS FUNDING LLC++ 0.20 12/29/2009 52,578 54,608 GDF SUEZ++ 0.17 12/15/2009 54,605 40,451 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 40,449 50,523 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $50,523) 0.17 12/01/2009 50,523 50,563 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 50,560 10,113 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 10,113 42,473 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 42,468 376,380 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 139,976 33,250 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 33,250 3,337 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 3,337 16,382 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 16,382 5,784 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 5,784 4,045 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 4,045 40,451 ING USA FUNDING LLC 0.19 12/07/2009 40,449 10,113 ING USA FUNDING LLC 0.18 12/09/2009 10,112 155,278 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $155,279) 0.17 12/01/2009 155,278 20,225 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 20,225 10,113 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 10,113 6,068 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 6,068 60,676 KBC BANK NV BRUSSELS 0.18 12/01/2009 60,676 12,135 LLOYDS TSB BANK PLC 0.18 12/17/2009 12,134 40,451 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 40,451 16,180 LMA AMERICAS LLC++(p) 0.18 12/11/2009 16,179 9,101 LMA AMERICAS LLC++(p) 0.18 12/17/2009 9,101 30,338 LMA AMERICAS LLC++(p) 0.19 12/21/2009 30,335 9,101 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 9,101 50,159 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 50,159 5,552 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 5,552 42,473 NATIXIS 0.27 12/07/2009 42,473 4,045 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 4,045 44,496 NEW YORK STATE DORMITORY AUTHORITY 0.22 07/01/2034 44,496 40,451 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 40,451 50,563 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 50,560 9,900 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 9,900 20,458 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $20,458) 0.18 12/01/2009 20,458 7,079 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 7,079 33,614 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 33,613 10,113 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 10,111 36,405 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 36,405 28,315 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 28,315 40,451 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 40,447 2,528 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 2,528 40,451 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 40,450 50,563 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 50,559 12,135 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 12,134 41,053 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 41,052 13,349 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 13,349 40,451 UBS AG (STAMFORD CT) 0.31 12/04/2009 40,451 60,676 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 60,676 6,068 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 6,068 1,158,349 VFNC CORPORATION+/-(a)++(i) 0.24 09/30/2010 579,174
94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) MANAGED FIXED INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED) $ 2,528 VICTORY RECEIVABLES CORPORATION++(p) 0.15% 12/01/2009 $ 2,528 10,113 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 10,112 33,511 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 33,509 3,263,481 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,794,890) 3,845,969 --------------
SHARES YIELD ------------- ------------- SHORT-TERM INVESTMENTS: 4.42% 19,480,123 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++(u) 0.13 19,480,123 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $19,480,123) 19,480,123 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $462,661,043)* 99.63% 439,108,537 OTHER ASSETS AND LIABILITIES, NET 0.37 1,621,146 ------ -------------- TOTAL NET ASSETS 100.00% $ 440,729,683 ====== --------------
---------- +/- Variable rate investments. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (0)(0) Stepped coupon bond. Interest rate presented is yield to maturity. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. << All or a portion of this security is on loan. (s) Rate shown is the 1-day annualized yield at period end. (c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate. SS These securities are subject to a demand feature which reduces the effective maturity. ## Zero coupon bond. Interest rate presented is yield to maturity. (i) Illiquid security. #### This security is currently in default with regard to scheduled interest and/or principal payments. (p) Asset-backed commercial paper. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells Fargo Advantage Money Market Fund does not pay an investment advisory fee. +++ Short-term security of an affiliate of the Fund with a cost of $19,480,123. (u) Rate shown is the 7-day annualized yield at period end. * Cost for federal income tax purposes is $463,161,924 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 15,646,724 Gross unrealized depreciation (39,700,111) ------------ Net unrealized depreciation $(24,053,387)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 95 Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- AGENCY SECURITIES: 24.69% FEDERAL HOME LOAN MORTGAGE CORPORATION: 3.85% $ 4,432,509 FHLMC #1B4052+/- 4.67% 04/01/2038 $ 4,643,051 3,183,891 FHLMC #1G0052+/- 4.77 02/01/2035 3,286,313 93,343 FHLMC #786614+/- 3.76 08/01/2025 96,330 74,167 FHLMC #845151+/- 3.01 06/01/2022 76,001 10,825 FHLMC #846367+/- 3.67 04/01/2029 11,056 2,158,342 FHLMC #E02227 6.00 11/01/2021 2,326,648 687,092 FHLMC #E90573 6.00 07/01/2017 745,652 769,967 FHLMC #G90030 7.50 07/17/2017 818,712 12,003,763 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 20.72% 100,363 FNMA #155506+/- 3.05 04/01/2022 101,766 245,585 FNMA #190815+/- 3.36 07/01/2017 242,675 123,756 FNMA #253482 8.50 10/01/2030 142,951 1,654,892 FNMA #289517+/- 2.66 04/01/2034 1,685,364 3,897,480 FNMA #295541+/- 4.17 10/01/2032 4,029,655 28,215 FNMA #331866+/- 3.80 12/01/2025 28,532 2,037,301 FNMA #420263+/- 2.72 10/01/2024 2,016,472 1,838,955 FNMA #420264+/- 2.76 07/01/2034 1,820,496 3,288,388 FNMA #462209+/- 5.65 04/01/2036 3,448,012 15,160 FNMA #46698+/- 3.82 12/01/2015 15,220 735,636 FNMA #545927 6.50 12/01/2015 795,958 1,313,729 FNMA #631367 5.50 02/01/2017 1,422,331 1,653,032 FNMA #686043+/- 2.78 07/01/2033 1,705,903 948,902 FNMA #693015+/- 3.06 06/01/2033 995,177 4,086,579 FNMA #725802+/- 4.43 08/01/2034 4,192,211 601,349 FNMA #732003+/- 2.12 09/01/2033 605,810 1,556,500 FNMA #734329+/- 3.01 06/01/2033 1,600,730 1,193,967 FNMA #735572 5.00 04/01/2014 1,239,584 2,017,411 FNMA #735977+/- 4.72 08/01/2035 2,100,426 2,147,027 FNMA #739757+/- 2.83 08/01/2033 2,207,570 1,514,136 FNMA #741447+/- 2.16 10/01/2033 1,551,382 1,932,039 FNMA #741454+/- 2.11 10/01/2033 1,981,888 2,776,618 FNMA #745649+/- 4.55 11/01/2035 2,892,404 1,265,265 FNMA #750805+/- 3.55 12/01/2033 1,309,361 2,030,497 FNMA #764265+/- 4.24 05/01/2034 2,113,970 853,381 FNMA #783249+/- 1.83 04/01/2044 853,144 3,259,811 FNMA #783251+/- 1.83 04/01/2044 3,259,617 6,177,632 FNMA #789463+/- 2.70 06/01/2034 6,344,241 1,317,367 FNMA #806504+/- 1.83 10/01/2034 1,317,060 1,381,303 FNMA #806505+/- 1.83 10/01/2044 1,380,917 2,463,725 FNMA #826179+/- 4.70 07/01/2035 2,570,385 2,705,248 FNMA #834933+/- 5.02 07/01/2035 2,785,654 1,873,014 FNMA #849014+/- 5.51 01/01/2036 1,962,125 1,250,000 FNMA #874245 5.48 01/01/2011 1,278,258 2,528,361 FNMA #936591+/- 5.66 04/01/2037 2,677,013 64,674,262 -------------- SMALL BUSINESS ADMINISTRATION: 0.12% 58,681 SBA #501224+/- 2.00 06/25/2015 58,768 11,527 SBA #502966+/- 4.48 05/25/2015 11,682 81,215 SBA #503405+/- 3.63 05/25/2016 82,867
96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- SMALL BUSINESS ADMINISTRATION (CONTINUED) $ 228,364 SBA #503611+/- 3.13% 12/25/2021 $ 232,951 386,268 -------------- TOTAL AGENCY SECURITIES (COST $74,906,442) 77,064,293 -------------- ASSET BACKED SECURITIES: 20.54% 108,109 ASSET BACKED SECURITIES CORPORATION HOME EQUITY SERIES 2001-HE2 CLASS A1+/- 0.76 06/15/2031 67,897 2,291,025 BANK OF AMERICA SECURITIES AUTO TRUST SERIES 2006-G1 CLASS A4 5.17 12/20/2010 2,296,316 1,462,471 CATERPILLAR FINANCIAL ASSET TRUST SERIES 2007-A CLASS A3B+/- 0.71 06/25/2012 1,462,282 441,790 CATERPILLAR FINANCIAL ASSET TRUST SERIES 2008-A CLASS A2B+/- 1.39 12/27/2010 442,045 3,000,000 CHASE ISSUANCE TRUST SERIES 2005-A8 CLASS A8+/- 0.28 10/15/2012 2,992,059 1,700,000 CITIFINANCIAL AUTO ISSUANCE TRUST++ 1.83 11/15/2012 1,705,949 2,850,000 COLLEGE LOAN CORPORATION TRUST SERIES 2006-A CLASS A3+/- 0.37 10/25/2025 2,801,411 895,832 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2003-BC1 CLASS A1+/- 1.04 03/25/2033 664,849 208,801 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2003-SD2 CLASS A1+++/- 0.74 09/25/2032 150,267 531,375 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2004-SD2 CLASS A1+++/-(i) 0.61 11/25/2033 397,615 647,492 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2006-SD2 CLASS 1A1+++/- 0.59 11/25/2036 402,367 190,680 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2002-G CLASS A+/-(i) 0.61 12/15/2028 140,781 1,400,765 COUNTRYWIDE HOME EQUITY LOAN TRUST SERIES 2005-M CLASS A1+/- 0.48 02/15/2036 539,827 1,691,060 FIFTH THIRD HOME EQUITY LOAN TRUST SERIES 2003-1 CLASS A+/- 0.49 09/20/2023 864,956 155,959 FIRST HORIZON ABS TRUST SERIES 2004-HE1 CLASS A+/-(i) 0.45 01/25/2024 84,785 694,364 FIRST HORIZON ABS TRUST SERIES 2004-HE3 CLASS A+/- 0.53 10/25/2034 286,453 1,249,259 FIRST HORIZON ABS TRUST SERIES 2006-HE1 CLASS A+/- 0.40 10/25/2034 538,418 3,262,751 FIRST HORIZON ABS TRUST SERIES 2007-HE1 CLASS A+/- 0.37 09/25/2029 1,466,887 2,260,260 GCO EDUCATION LOAN FUNDING TRUST SERIES 2007-1A CLASS A4L+++/- 0.41 09/25/2020 2,233,136 2,837,846 GE CORPORATE AIRCRAFT FINANCING LLC SERIES 2005-1A CLASS A3+++/- 0.50 08/26/2019 2,492,480 231,911 GREENPOINT HOME EQUITY LOAN TRUST SERIES 2004-1 CLASS A+/-(i) 0.70 07/25/2029 131,494 126,693 GREENPOINT HOME EQUITY LOAN TRUST SERIES 2004-3 CLASS A+/-(i) 0.70 03/15/2035 69,360 1,983,048 GSAMP TRUST SERIES 2005-SEA2 CLASS A1+/- 0.59 01/25/2045 1,343,438 502,385 GSAMP TRUST SERIES 2006-SD2 CLASS A1+++/- 0.35 05/25/2036 458,911 2,000,000 HARLEY-DAVIDSON MOTORCYCLE TRUSTT SERIES 2009-3 CLASS A2 0.94 04/16/2012 2,000,295 1,741,284 HFC HOME EQUITY LOAN ASSET BACKED CERTIFICATES SERIES 2005-2 CLASS A1+/- 0.52 01/20/2035 1,596,551 2,578,787 HOUSEHOLD HOME EQUITY LOAN TRUST SERIES 2006-1 CLASS A1+/- 0.40 01/20/2036 2,248,779 2,500,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2007-A CLASS A4 5.21 03/17/2014 2,649,832 2,000,000 KEYCORP STUDENT LOAN TRUST SERIES 2006-A CLASS 2A2+/- 0.36 06/27/2025 1,769,372 65,725 LEHMAN ASSET BACKED SECURITIES CORPORATION SERIES 2004-2 CLASS A+/-(i) 0.68 06/25/2034 38,902 1,178,242 MELLON RESIDENTIAL FUNDING CORPORATION SERIES 1999-TBC3 CLASS A2+/- 0.73 10/20/2029 1,112,309 708,401 MELLON RESIDENTIAL FUNDING CORPORATION SERIES 2001-TBC1 CLASS A1+/- 0.59 11/15/2031 656,390 656,493 MERRILL AUTO TRUST SECURITIZATION SERIES 2007-1 CLASS A3+/- 0.29 03/15/2011 656,155 276,852 MORGAN STANLEY DEAN WITTER & COMPANY CORPORATION HELOC TRUST SERIES 2003-2 CLASS A+/-(i) 0.50 04/25/2016 173,933 4,595,866 MORTGAGE EQUITY CONVERSION ASSET TRUST SERIES 2007-FF2 CLASS A+++/- 0.92 02/25/2042 4,315,059 3,750,000 NATIONAL COLLEGIATE STUDENT LOAN TRUST SERIES 2006-2 CLASS AIO(C) 6.00 08/25/2011 289,575 1,510,988 RENAISSANCE HOME EQUITY LOAN TRUST SERIES 2003-3 CLASS A+/- 0.74 12/25/2033 974,898 1,814,426 RESIDENTIAL ASSET SECURITIES CORPORATION SERIES 2002-KS8 CLASS A6(0)(0) 1.25 12/25/2032 1,358,253 2,931,584 RIVERVIEW HECM TRUST SERIES 2007-1 CLASS A+++/- 0.95 05/25/2047 2,648,100 502,733 SASC SERIES 2006-GEL3 CLASS A1+++/- 0.36 07/25/2036 430,177 1,568,784 SBI HELOC TRUST SERIES 2005-HE1 CLASS 1A+++/-(i) 0.43 11/25/2035 756,640 1,243,182 SLC STUDENT LOAN TRUST SERIES 2006-A CLASS A+/- 0.35 04/16/2018 1,223,070 2,500,000 SLM STUDENT LOAN TRUST SERIES 2006-C CLASS A2+/- 0.35 09/15/2020 2,401,654 55,305 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B CLASS A3 5.41 08/12/2011 55,536 3,000,000 TURQUOISE CARD BACKED SECURITIES PLC SERIES 2007-1 CLASS A+/- 0.28 06/15/2010 2,977,932 3,000,000 US EDUCATION LOAN TRUST LLC SERIES 2007-1A CLASS A2+++/- 0.71 09/01/2019 2,998,836
Wells Fargo Advantage Master Portfolios 97 Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- ASSET BACKED SECURITIES (CONTINUED) $ 405,760 USXL FUNDING LLC SERIES 2006-1A CLASS A++(i) 5.38% 04/15/2014 $ 405,875 64,565 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES 2002-HE2 CLASS A+/-(i) 0.67 12/25/2032 41,619 516,199 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES 2003-HE2 CLASS AII1+/- 0.50 06/25/2033 314,513 647,114 WACHOVIA ASSET SECURITIZATION INCORPORATED SERIES 2004-HE1 CLASS A+/- 0.46 06/25/2034 326,380 2,500,000 WASHINGTON MUTUAL MASTER NOTE TRUST SERIES 2007-A2 CLASS A2+++/- 0.27 05/15/2014 2,492,542 3,000,000 WORLD OMNI AUTO RECEIVABLES TRUST SERIES 2007-B CLASS A4 5.39 05/15/2013 3,169,267 TOTAL ASSET BACKED SECURITIES (COST $75,144,019) 64,116,427 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 25.66% 2,037,503 ADJUSTABLE RATE MORTGAGE TRUST SERIES 2007-2 CLASS 2A1+/- 0.45 06/25/2037 1,009,719 2,378,024 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2005-1 CLASS A3 4.88 11/10/2042 2,378,676 50,721 BANK OF AMERICA MORTGAGE SECURITIES SERIES 2002-G CLASS 2A1+/- 4.42 07/20/2032 46,796 194,416 BANK OF AMERICA MORTGAGE SECURITIES SERIES 2003-A CLASS 2A2+/- 5.42 02/25/2033 165,026 1,755,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 2005-PWR9 CLASS A2 4.74 09/11/2042 1,755,700 984,739 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-14 CLASS 2A1+/-(i) 0.45 05/25/2035 459,693 1,437,543 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-24 CLASS 2A1B+/-(i) 1.94 07/20/2035 809,341 792,999 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2005-27 CLASS 3A1+/- 1.99 08/25/2035 424,751 12,855 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2007-0A3 CLASS 1A1+/- 0.38 04/25/2047 5,960 1,513,413 COUNTRYWIDE HOME LOANS SERIES 2004-25 CLASS 1A3+/- 0.60 02/25/2035 705,595 1,450,025 COUNTRYWIDE HOME LOANS SERIES 2004-29 CLASS 2A1+/- 0.57 02/25/2035 742,756 2,284,834 COUNTRYWIDE HOME LOANS SERIES 2004-R1 CLASS 1AF+++/- 0.64 11/25/2034 1,706,654 1,970,165 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CP4 CLASS A4 6.18 12/15/2035 2,039,454 242,518 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-AR17 CLASS 2A1+/- 4.21 12/19/2039 227,831 72,275 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-AR2 CLASS 2A1+/- 4.59 02/25/2033 68,397 862,030 EQUIFIRST MORTGAGE LOAN TRUST SERIES 2003-2 CLASS 3A3+/- 1.00 09/25/2033 683,608 110,244 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-31 CLASS A7+/- 0.49 05/25/2031 93,888 286,303 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-35 CLASS A+/- 0.52 09/25/2031 261,238 1,562,171 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-54 CLASS 3A 7.00 02/25/2043 1,734,010 1,806,475 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-54 CLASS 4A+/- 4.87 02/25/2043 1,783,628 2,702,792 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-55 CLASS 1A2 7.00 03/25/2043 3,000,100 2,173,267 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-57 CLASS 1A2 7.00 07/25/2043 2,412,327 2,589,070 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-58 CLASS 4A 7.50 09/25/2043 2,934,549 1,691,000 FHLMC STRUCTURED PASS-THROUGH SECURITIES SERIES T-63 CLASS 1A1+/- 2.10 02/25/2045 1,592,600 174,145 FIFTH THIRD MORTGAGE LOAN TRUST SERIES 2002-FTB1 CLASS 4A1+/- 6.58 11/19/2032 156,762 528,271 FNMA GRANTOR TRUST SERIES 2002-T12 CLASS A3 7.50 05/25/2042 596,616 271,390 FNMA GRANTOR TRUST SERIES 2003-T4 CLASS 1A+/- 0.46 09/26/2033 205,279 649,769 FNMA SERIES 2002-90 CLASS A2 6.50 11/25/2042 709,389 1,370,488 FNMA SERIES 2003-W4 CLASS 3A 7.00 10/25/2042 1,511,819 1,407,637 FNMA SERIES 2004-W2 CLASS 2A2 7.00 02/25/2044 1,552,800 2,787,840 FNMA SERIES 2007-88 CLASS HC+/- 5.23 09/25/2037 2,930,593 36,903 FNMA WHOLE LOAN SERIES 2001-W1 CLASS AV1+/- 0.48 08/25/2031 25,455 629,468 FNMA WHOLE LOAN SERIES 2002-W10 CLASS A6 7.50 08/25/2042 701,464 81,722 FNMA WHOLE LOAN SERIES 2002-W12 CLASS AV1+/- 0.60 02/25/2033 65,453 1,211,593 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2005-C2 CLASS A2 4.71 05/10/2043 1,220,945 3,000,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2005-C3 CLASS A4+/- 5.05 07/10/2045 3,012,236 933,352 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2005-C1 CLASS A2 4.47 05/10/2043 935,338 280,917 GMAC MORTGAGE CORPORATION LOAN TRUST SERIES 2001-HE3 CLASS A2+/-(i) 0.80 03/25/2027 200,432 2,054,418 GREENPOINT MORTGAGE FUNDING TRUST SERIES 2006-AR1 CLASS A1A+/- 0.53 02/25/2036 919,336 1,181,439 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2003-C2 CLASS A2 4.02 01/05/2036 1,190,299 5,514,201 GSMPS MORTGAGE LOAN TRUST SERIES 2004-4 CLASS 1AF+++/- 0.64 06/25/2034 4,358,309
98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 3,594,789 GSMPS MORTGAGE LOAN TRUST SERIES 2005-RP2 CLASS 1AF+++/- 0.59% 03/25/2035 $ 2,901,175 3,407,713 GSMPS MORTGAGE LOAN TRUST SERIES 2005-RP3 CLASS 1AF+++/- 0.59 09/25/2035 2,187,408 1,227,369 GSMPS MORTGAGE LOAN TRUST SERIES 2006-1 CLASS A1+++/- 0.54 03/25/2035 872,548 1,387,993 HARBORVIEW MORTGAGE LOAN TRUST SERIES 2004-11 CLASS 3A2A+/-(i) 0.58 01/19/2035 820,158 507,957 INDYMAC LOAN TRUST SERIES 2005-L2 CLASS A1+/- 0.46 01/25/2011 218,668 2,041,701 LEHMAN XS TRUST SERIES 2007-5 CLASS P3+/- 6.31 05/25/2037 909,586 268,573 LEHMAN XS TRUST SERIES 2007-6W CLASS A3+/- 0.56 05/25/2037 83,634 489,961 MERRILL LYNCH MORTGAGE INVESTORS INCORPORATED SERIES 2003-A2 CLASS 2A2+/- 2.12 02/25/2033 375,494 879,593 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2003-A CLASS 2A2+/- 1.21 03/25/2028 699,037 917,753 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2003-B CLASS A1+/- 0.58 04/25/2028 726,748 686,747 MLCC MORTGAGE INVESTORS INCORPORATED SERIES 2004-A CLASS A1+/- 0.47 04/25/2029 550,965 1,169,286 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-HYB1 CLASS A3+/- 2.71 03/25/2033 1,021,084 845,844 MORGAN STANLEY DEAN WITTER CREDIT CORPORATION HELOC TRUST SERIES 2003-1 CLASS A+/-(i) 0.78 11/25/2015 532,564 356,832 OPTION ONE MORTGAGE LOAN TRUST SERIES 2003-1 CLASS A2+/- 1.08 02/25/2033 245,856 187,167 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED SERIES 2002-HS3 CLASS 2A+/- 0.58 08/25/2032 85,574 235,082 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED SERIES 2003-HS1 CLASS AII+/- 0.53 12/25/2032 133,971 516,175 RESIDENTIAL FUNDING MORTGAGE SECURITIES INCORPORATED SERIES 2004-HS3 CLASS A+/- 0.50 09/25/2029 150,823 1,429,205 SEQUOIA MORTGAGE TRUST SERIES 10 CLASS 1A+/- 0.64 10/20/2027 1,224,432 427,046 SEQUOIA MORTGAGE TRUST SERIES 2003-2 CLASS A1+/- 0.90 06/20/2033 344,205 1,217,263 SEQUOIA MORTGAGE TRUST SERIES 2003-8 CLASS A1+/- 0.56 01/20/2034 919,158 554,838 SEQUOIA MORTGAGE TRUST SERIES 5 CLASS A+/- 0.59 10/19/2026 415,146 2,722,494 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 1999-20B CLASS 1 5.95 02/01/2019 2,938,355 31,982 SMALL BUSINESS ADMINISTRATION PARTICIPATION CERTIFICATES SERIES 2000-10C CLASS 1 7.88 05/01/2010 32,640 543,732 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2003-9A CLASS 2A1+/- 3.35 03/25/2033 499,124 997,647 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2004-NP2 CLASS A+++/- 0.59 06/25/2034 541,184 745,176 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2005-GEL4 CLASS A+/- 0.59 08/25/2035 642,026 3,158,775 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2006-RF3 CLASS 1A1++ 6.00 10/25/2036 2,499,466 763,415 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2006-RM1 CLASS A1+++/- 0.49 08/25/2046 580,577 2,042,050 STRUCTURED ASSET SECURITIES CORPORATION SERIES 2007-RM1 CLASS A1+++/- 0.52 05/25/2047 1,315,488 2,500,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C20 CLASS A4+/- 5.29 07/15/2042 2,520,500 549,711 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2003-AR1 CLASS A6+/- 3.77 03/25/2033 477,763 1,918,381 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-AR1 CLASS A1A+/-(i) 0.68 01/25/2045 1,303,076 755,632 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-AR6 CLASS 2A1A+/-(i) 0.47 04/25/2045 515,475 2,131,111 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2005-C3 CLASS A4+/- 2.72 07/25/2047 747,006 1,618,591 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR3 CLASS A1A+/-(i) 1.76 02/25/2046 889,585 1,773,321 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR4 CLASS DA+/- 1.60 06/25/2046 674,159 2,904,293 WASHINGTON MUTUAL MORTGAGE PASS-THROUGH CERTIFICATES SERIES 2006-AR5 CLASS 5A+/- 1.62 07/25/2046 1,173,081 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $101,524,400) 80,102,561 -------------- CORPORATE BONDS & NOTES: 13.08% DEPOSITORY INSTITUTIONS: 5.11% 4,750,000 AMERICAN EXPRESS BANK FSB+/- 1.09 12/10/2010 4,795,006 1,250,000 BB&T CORPORATION 3.85 07/27/2012 1,303,641 1,250,000 DEXIA CREDIT LOCAL++ 2.38 09/23/2011 1,285,158
Wells Fargo Advantage Master Portfolios 99 Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- DEPOSITORY INSTITUTIONS (CONTINUED) $ 3,000,000 GMAC LLC<< 2.20% 12/19/2012 $ 3,069,201 1,750,000 REGIONS BANK RF+/- 0.95 12/10/2010 1,762,486 1,500,000 SOVEREIGN BANK+/- 1.99 08/01/2013 1,456,325 2,250,000 SUNTRUST BANK ATLANTA GA STI+/- 0.95 12/16/2010 2,266,796 15,938,613 -------------- ELECTRIC, GAS & SANITARY SERVICES: 0.57% 1,700,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 1,776,237 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.73% 2,250,000 BAE SYSTEMS HOLDINGS INCORPORATED++ 4.75 08/15/2010 2,286,997 -------------- FOOD & KINDRED PRODUCTS: 1.11% 3,450,000 GENERAL MILLS INCORPORATED+/- 0.41 01/22/2010 3,450,128 -------------- GENERAL MERCHANDISE STORES: 0.64% 2,000,000 CVS CAREMARK CORPORATION+/- 0.66 06/01/2010 2,000,790 -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.17% 500,000 HEWLETT-PACKARD CORPORATION 2.95 08/15/2012 517,417 -------------- INSURANCE CARRIERS: 0.62% 2,000,000 METROPOLITAN LIFE GLOBAL FUNDING I+++/- 0.55 03/15/2012 1,948,594 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 2.57% 2,150,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN+/- 1.63 05/27/2010 2,156,233 2,750,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 0.61 06/08/2012 2,770,053 3,000,000 GENERAL ELECTRIC CAPITAL CORPORATION<< 2.63 12/28/2012 3,109,725 8,036,011 -------------- PHARMACEUTICALS: 0.34% 1,000,000 PFIZER INCORPORATED 4.45 03/15/2012 1,065,567 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.81% 2,500,000 PROLOGIS TRUST 5.25 11/15/2010 2,515,565 -------------- TELECOMMUNICATIONS: 0.41% 1,250,000 CELLCO PARTNERSHIP / VERIZON WIRELSS CAPITAL LLC 3.75 05/20/2011 1,294,871 -------------- TOTAL CORPORATE BONDS & NOTES (COST $40,386,143) 40,830,790 -------------- FOREIGN GOVERNMENT BONDS: 1.07% 2,000,000 COMMONWEALTH BANK OF AUSTRALIA++ 2.50 12/10/2012 2,063,112 1,250,000 SOCIETE FINANCEMENT DE L'ECONOMIE FRANCAISE++ 2.25 06/11/2012 1,277,898 TOTAL FOREIGN GOVERNMENT BONDS (COST $3,240,532) 3,341,010 -------------- LOAN PARTICIPATION: 0.58% 611,056 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN+/- 1.38 10/15/2020 608,856 677,518 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN - PVT+/- 0.98 06/25/2016 657,531 574,000 UNITED STATES DEPARTMENT OF AGRICULTURE LOAN - PVT 5.37 09/08/2019 560,051 TOTAL LOAN PARTICIPATION (COST $1,863,779) 1,826,438 -------------- MUNICIPAL BONDS & NOTES: 4.28% 3,500,000 COLORADO STUDENT OBLIGATION BOND AUTHORITY STUDENT LOAN REVENUE SERIES VIII-A2 (STUDENT LOAN REVENUE)+/-(i) 0.21 12/01/2032 3,500,000 1,250,000 MILWAUKEE AREA TECHNICAL COLLEGE DISTRICT (PROPERTY TAX REVENUE) 1.85 12/01/2009 1,250,000 1,605,000 MISSISSIPPI DEVELOPMENT BANK SPECIAL OBLIGATION (OTHER REVENUE, AMBAC INSURED) 5.24 07/01/2011 1,637,870 135,000 OHIO STATE HFA MORTGAGE BACKED SERIES G (HOUSING REVENUE, GNMA INSURED) 5.57 09/01/2016 135,626
100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------- ------------- ------------- -------------- MUNICIPAL BONDS & NOTES (continued) $ 3,000,000 OREGON SCHOOL BOARD ASSOCIATION TAXABLE PENSION DEFERRED INTEREST SERIES A (PROPERTY TAX REVENUE, FGIC INSURED)## 1.84% 06/30/2010 $ 2,968,050 550,000 PENNSYLVANIA HFA SERIES 94-C (HOUSING REVENUE, GO OF AGENCY) 6.04 10/01/2030 550,402 3,340,000 SOUTH CAROLINA HOUSING FINANCE & DEVELOPMENT AUTHORITY MORTGAGE REVENUE TAXABLE SERIES C-3 (HOUSING REVENUE, AGM FHA/VA GUARANTEED) 5.50 07/01/2026 3,322,298 TOTAL MUNICIPAL BONDS & NOTES (COST $13,286,348) 13,364,246 --------------
SHARES YIELD ------------- ------------- COLLATERAL FOR SECURITIES LENDING: 0.90% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.13% 98,426 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 98,426 98,426 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 98,426 98,426 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 98,426 98,426 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 98,426 393,704 --------------
PRINCIPAL INTEREST RATE ------------- ------------- COLLATERAL INVESTED IN OTHER ASSETS: 0.77% $ 19,138 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 19,142 6,835 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 6,831 6,835 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 6,835 20,505 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 20,505 16,404 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 16,404 23,240 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 23,239 684 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 683 13,670 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 13,669 41,011 BANK OF AMERICA 0.18 12/23/2009 41,006 118,863 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $118,864) 0.16 12/01/2009 118,863 20,505 BANK OF IRELAND 0.35 12/01/2009 20,505 16,404 BANK OF IRELAND 0.50 12/02/2009 16,404 6,621 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 6,621 3,418 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 3,418 17,771 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 17,771 15,037 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 15,037 41,011 BRYANT BANK FUNDING++ 0.18 12/23/2009 41,006 34,176 CAFCO LLC++ 0.17 12/09/2009 34,174 1,504 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 1,504 32,809 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 32,809 4,374 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.35 06/01/2028 4,374 34,176 CHARTA LLC++(p) 0.17 12/09/2009 34,174 3,626 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 3,626 6,835 COOK COUNTY IL+/-ss 0.40 11/01/2030 6,835 41,484 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $41,484) 0.17 12/01/2009 41,484 23,240 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 23,240 16,404 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 16,404 16,404 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 16,404 19,822 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 19,822 34,176 E.ON AG++ 0.17 12/21/2009 34,173 34,176 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 34,173 35,543 FORTIS FUNDING LLC++ 0.20 12/29/2009 35,537 36,910 GDF SUEZ++ 0.17 12/15/2009 36,907 27,341 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 27,339
Wells Fargo Advantage Master Portfolios 101 Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
INTEREST PRINCIPALS SECURITY NAME RATE MATURITY DATE VALUE ------------- ------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 34,148 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $34,148) 0.17% 12/01/2009 $ 34,148 34,176 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 34,173 6,835 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 6,835 28,708 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 28,704 360,515 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 134,075 22,474 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 22,474 2,256 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 2,256 11,073 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 11,073 3,910 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 3,910 2,734 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 2,734 27,341 ING USA FUNDING LLC 0.19 12/07/2009 27,340 6,835 ING USA FUNDING LLC 0.18 12/09/2009 6,835 104,952 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $104,952) 0.17 12/01/2009 104,952 13,670 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 13,670 6,835 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 6,835 4,101 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 4,101 41,011 KBC BANK NV BRUSSELS 0.18 12/01/2009 41,011 8,202 LLOYDS TSB BANK PLC 0.18 12/17/2009 8,202 27,341 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 27,341 10,936 LMA AMERICAS LLC++(p) 0.18 12/11/2009 10,936 6,152 LMA AMERICAS LLC++(p) 0.18 12/17/2009 6,151 20,505 LMA AMERICAS LLC++(p) 0.19 12/21/2009 20,503 6,152 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 6,152 33,902 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 33,902 3,753 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 3,753 28,708 NATIXIS 0.27 12/07/2009 28,708 2,734 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 2,734 30,075 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 30,075 27,341 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24 12/01/2040 27,341 34,176 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 34,173 6,692 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 6,692 13,828 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $13,828) 0.18 12/01/2009 13,828 4,785 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 4,785 22,720 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 22,719 6,835 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 6,834 24,607 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 24,606 19,138 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 19,138 27,341 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 27,338 1,709 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 1,709 27,341 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 27,340 34,176 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 34,173 8,202 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 8,202 27,748 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 27,747 9,022 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 9,022 27,341 UBS AG (STAMFORD CT) 0.31 12/04/2009 27,341 41,011 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 41,011 4,101 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 4,101 1,109,523 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 554,761 1,709 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 1,709 6,835 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 6,835 22,650 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 22,649 2,408,555 --------------
102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) STABLE INCOME PORTFOLIO
SHARES SECURITY NAME YIELD VALUE ------------- ------------- ------------- -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,753,333) $ 2,802,259 -------------- SHORT-TERM INVESTMENTS: 5.71% MUTUAL FUNDS: 5.71% 17,814,871 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++(u) 0.13% 17,817,870 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $17,817,870) 17,817,870 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $330,922,866)* 96.51% 301,265,894 OTHER ASSETS AND LIABILITIES, NET 3.49 10,890,245 ------ -------------- TOTAL NET ASSETS 100.00% $ 312,156,139 ------ --------------
---------- +/- Variable rate investments. << All or a portion of this security is on loan. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. (c) Interest-only securities entitle holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. Interest rate disclosed represents the coupon rate. ss These securities are subject to a demand feature which reduces the effective maturity. (s) Rate shown is the 1-day annualized yield at period end. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. (0)(0) Stepped coupon bond. Interest rate presented is yield to maturity. (p) Asset-backed commercial paper. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells Fargo Advantage Money Market Fund does not pay an investment advisory fee. +++ Short-term security of an affiliate of the Fund with a cost of $17,814,871. (u) Rate shown is the 7-day annualized yield at period end. * Cost for federal income tax purposes is $331,276,562 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 4,891,878 Gross unrealized depreciation (34,902,546) ------------ Net unrealized depreciation $(30,010,668)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 103 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- AGENCY SECURITIES: 35.02% FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.32% $ 12,905 FHLMC #1B7562+/- 5.98% 11/01/2037 $ 13,716 1,919,783 FHLMC #1G0784+/- 5.69 03/01/2036 2,035,036 1,988,558 FHLMC #1G1472+/- 5.72 02/01/2037 2,112,950 10,022,722 FHLMC #1G1522+/- 6.00 01/01/2037 10,697,258 670,584 FHLMC #1G1614+/- 5.91 03/01/2037 715,136 3,743,186 FHLMC #1G1708+/- 6.13 04/01/2037 4,007,408 1,605,068 FHLMC #1G1873+/- 5.70 03/01/2036 1,702,744 1,679,587 FHLMC #1G1961+/- 5.98 05/01/2037 1,792,197 1,743,626 FHLMC #1G1968+/- 5.95 06/01/2037 1,859,047 17,043 FHLMC #1G2254+/- 6.37 10/01/2037 18,171 1,478,326 FHLMC #1J1920+/- 5.65 10/01/2038 1,565,101 31,910 FHLMC #1Q0292+/- 5.92 07/01/2037 34,010 5,259,250 FHLMC #1Q0794+/- 5.81 11/01/2038 5,602,382 12,041,324 FHLMC #1Q0809+/- 5.96 03/01/2038 12,827,614 7,991,264 FHLMC #1Q0869+/- 5.62 07/01/2038 8,483,403 805,202 FHLMC #847703+/- 5.97 01/01/2037 856,942 7,393,717 FHLMC #848156+/- 5.86 09/01/2038 7,911,277 1,107,860 FHLMC #A78331 6.00 03/01/2034 1,200,794 2,923,483 FHLMC #A79090 6.50 07/01/2034 3,190,594 1,392,109 FHLMC #B15688 5.50 07/01/2019 1,503,492 1,233,406 FHLMC #E01279 5.50 01/01/2018 1,332,955 3,510,273 FHLMC #E01497 5.50 11/01/2018 3,797,225 2,085,763 FHLMC #E01539 5.50 12/01/2018 2,256,265 1,139,603 FHLMC #E01655 5.50 06/01/2019 1,230,955 4,554,121 FHLMC #G01737 5.00 12/01/2034 4,790,810 38,612,794 FHLMC #G01931 5.50 10/01/2035 41,241,783 5,364,230 FHLMC #G02199 5.00 06/01/2036 5,636,318 40,933,034 FHLMC #G04216 5.50 12/01/2037 43,719,998 9,169,859 FHLMC #G04794 5.50 01/01/2036 9,794,198 889,912 FHLMC #G11295 5.50 09/01/2017 962,227 1,446,920 FHLMC #G11594 5.50 08/01/2019 1,562,915 41,191 FHLMC #G11653 5.50 12/01/2019 44,493 18,012,860 FHLMC #G11713 5.50 06/01/2020 19,456,891 1,436,467 FHLMC #G11767 5.50 08/01/2020 1,551,623 2,384,092 FHLMC #G11944 5.50 07/01/2020 2,574,844 2,714,454 FHLMC #G12827 5.50 02/01/2021 2,935,032 2,079,950 FHLMC #G12888 5.50 07/01/2018 2,248,968 985,758 FHLMC #G13169 5.50 06/01/2020 1,066,015 2,341,214 FHLMC #G13330 6.00 10/01/2019 2,539,144 10,779,998 FHLMC #G13367 5.50 12/01/2018 11,655,986 1,379,045 FHLMC #G18003 5.50 07/01/2019 1,489,383 1,041,701 FHLMC #J02372 5.50 05/01/2020 1,125,211 973,586 FHLMC #J02373 5.50 05/01/2020 1,051,635 1,384,222 FHLMC #J02376 6.00 05/01/2020 1,497,353 7,846,264 FHLMC #P10040 5.50 04/01/2018 8,346,536 242,038,035 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 25.39% 6,303,000 FNMA 4.00 01/25/2019 6,391,297 9,098,000 FNMA 4.29 07/25/2019 9,537,143 10,064,000 FNMA 5.00 03/25/2034 10,712,097 102,900,000 FNMA%% 4.50 TBA 105,617,177
104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 3,200,000 FNMA%% 5.00% TBA $ 3,356,000 22,400,000 FNMA%% 6.00 TBA 23,954,000 5,500,000 FNMA%% 6.50 TBA 5,925,392 1,828,978 FNMA #190129 6.00 11/01/2023 1,970,140 2,566,007 FNMA #190338 5.50 07/01/2033 2,741,117 99,201 FNMA #190375 5.50 11/01/2036 105,722 969,918 FNMA #254868 5.00 09/01/2033 1,020,782 6,299,839 FNMA #310017 7.00 06/01/2035 6,975,841 885,748 FNMA #357302 5.50 11/01/2017 958,970 2,008,456 FNMA #462361+/- 6.33 07/01/2037 2,138,505 3,702,352 FNMA #462404+/- 6.28 09/01/2037 3,942,895 1,409,002 FNMA #685185 5.50 02/01/2018 1,524,599 931,793 FNMA #725068 5.50 01/01/2019 1,008,821 7,484,001 FNMA #725423 5.50 05/01/2034 7,994,726 5,291,301 FNMA #725424 5.50 04/01/2034 5,652,391 8,654,822 FNMA #725598 5.50 07/01/2034 9,241,389 31,375 FNMA #725690 6.00 08/01/2034 33,875 4,412,775 FNMA #725773 5.50 09/01/2034 4,711,844 3,875,131 FNMA #725866 4.50 09/01/2034 4,005,083 10,787,162 FNMA #735036 5.50 12/01/2034 11,518,245 4,746,966 FNMA #735073 6.00 10/01/2019 5,146,799 2,257,397 FNMA #735421 7.00 01/01/2035 2,516,926 13,947,369 FNMA #735503 6.00 04/01/2035 15,080,321 859,933 FNMA #735504 6.00 04/01/2035 931,399 2,100,044 FNMA #735667 5.00 07/01/2035 2,210,174 21,334,313 FNMA #735676 5.00 07/01/2035 22,453,114 4,437,650 FNMA #745238 6.00 12/01/2020 4,818,364 284,179 FNMA #745418 5.50 04/01/2036 303,261 344,725 FNMA #745500 5.50 12/01/2018 373,222 2,025,156 FNMA #745751 5.50 09/01/2035 2,163,357 7,665,737 FNMA #878099 6.00 04/01/2036 8,242,913 2,418,569 FNMA #888560 6.00 11/01/2035 2,615,030 2,356,361 FNMA #888635 5.50 09/01/2036 2,517,164 1,421,490 FNMA #888911+/- 6.11 11/01/2037 1,519,827 3,405,976 FNMA #888941+/- 6.02 10/01/2037 3,634,359 8,197,964 FNMA #889069 5.50 01/01/2021 8,875,662 3,724,049 FNMA #889183 5.50 09/01/2021 4,031,904 5,764,181 FNMA #889213 5.50 10/01/2020 6,237,084 12,077,199 FNMA #889318 5.50 07/01/2020 13,075,581 5,685,507 FNMA #889568 5.50 03/01/2020 6,155,509 1,046,488 FNMA #889688 5.50 12/01/2019 1,132,998 12,781,990 FNMA #890141 5.50 12/01/2020 13,838,635 1,350,120 FNMA #893916+/- 6.27 10/01/2036 1,440,268 1,204,247 FNMA #905629+/- 6.11 12/01/2036 1,288,003 1,398,173 FNMA #906403+/- 6.01 01/01/2037 1,491,679 1,797,599 FNMA #906404+/- 5.92 01/01/2037 1,917,150 1,291,476 FNMA #909569+/- 5.88 02/01/2037 1,376,420 1,370,063 FNMA #910293+/- 5.93 03/01/2037 1,459,915 1,477,818 FNMA #914819+/- 5.98 04/01/2037 1,575,186 1,133,031 FNMA #917820+/- 5.67 05/01/2037 1,203,181 3,027,621 FNMA #917828+/- 5.75 05/01/2037 3,218,877 1,219,370 FNMA #917893+/- 5.59 05/01/2037 1,292,857 7,087,576 FNMA #931675 5.50 01/01/2018 7,673,482 9,074,631 FNMA #931676 5.50 01/01/2019 9,819,129 2,458,869 FNMA #942510 6.00 08/01/2037 2,640,546
Wells Fargo Advantage Master Portfolios 105 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 73,148 FNMA #945657+/- 6.22% 09/01/2037 $ 77,837 2,716,248 FNMA #946228+/- 6.12 09/01/2037 2,900,547 8,130,426 FNMA #949739 6.00 10/01/2037 8,731,157 2,790,574 FNMA #973123+/- 5.60 02/01/2038 2,966,981 32,976,938 FNMA #983499 5.50 07/01/2035 35,227,356 41,403,137 FNMA #995023 5.50 08/01/2037 44,183,293 5,274,265 FNMA #995092 6.50 12/01/2037 5,680,342 32,734,949 FNMA #995182 5.50 06/01/2020 35,420,578 24,412,393 FNMA #995203 5.00 07/01/2035 25,692,613 23,807,387 FNMA #995226 6.00 11/01/2038 25,566,436 34,174,469 FNMA #995233 5.50 10/01/2021 36,914,123 459,028 FNMA #995284 5.50 03/01/2020 496,975 7,688,360 FNMA #995485 6.00 04/01/2035 8,327,305 4,315,879 FNMA #995486 6.00 03/01/2036 4,674,552 3,490,328 FNMA #995508 6.00 12/01/2035 3,773,849 2,070,596 FNMA #995511 5.50 12/01/2018 2,241,766 5,141,734 FNMA #995664 4.50 11/01/2033 5,310,949 5,895,886 FNMA #995763 4.50 11/01/2035 6,093,605 205,990 FNMA #AD0086+/- 5.68 02/01/2039 218,934 5,150,493 FNMA #AD0211 5.50 05/01/2019 5,576,268 3,929,620 FNMA #AD0212 5.50 04/01/2021 4,252,013 659,635,826 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 0.31% 7,570,674 GNMA #782044 6.50 12/15/2032 8,212,149 -------------- TOTAL AGENCY SECURITIES (COST $883,982,624) 909,886,010 -------------- ASSET BACKED SECURITIES: 7.11% 3,792,000 BANK OF AMERICA AUTO MASTER TRUST++ 2.67 12/15/2016 3,840,739 2,451,000 BANK OF AMERICA AUTO TRUST SERIES 2009-2A CLASS A4++ 3.03 10/15/2016 2,508,596 6,537,000 BANK OF AMERICA CREDIT CARD TRUST+/- 0.28 11/15/2019 5,875,891 32,091,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-11 CLASS A+/- 0.27 04/15/2016 30,448,772 11,905,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-A12 CLASS A12+/- 0.26 03/15/2014 11,665,870 17,276,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2006-A9 CLASS A9+/- 0.25 02/15/2013 17,152,506 10,141,000 CAPITAL ONE MULTI-ASSET EXECUTION TRUST SERIES 2008-A3 CLASS A3 5.05 02/15/2016 10,799,412 1,169,000 CHASE ISSUANCE TRUST SERIES 2005-A6 CLASS A6+/- 0.31 07/15/2014 1,150,469 876,444 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2007-AHL1 CLASS A2A+/- 0.28 12/25/2036 739,107 797,436 DAIMLER CHRYSLER AUTO TRUST SERIES 2008-B CLASS A2B+/- 1.17 07/08/2011 798,441 3,083,000 DISCOVER CARD EXECUTION NOTE TRUST+/- 1.54 12/15/2014 3,090,800 5,252,000 DISCOVER CARD MASTER TRUST I SERIES 2005-4 CLASS A2+/- 0.33 06/16/2015 5,099,947 412,000 DISCOVER CARD MASTER TRUST SERIES 2006-2 CLASS A3+/- 0.32 01/19/2016 396,395 4,351,000 DISCOVER CARD MASTER TRUST SERIES 2006-3 CLASS A1+/- 0.27 03/15/2014 4,280,710 3,607,000 DOMINOS PIZZA MASTER ISSUER LLC SERIES 2007-1 CLASS A2++ 5.26 04/25/2037 3,094,737 3,640,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2008-1 CLASS A3A 4.25 02/15/2013 3,725,951 4,143,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2009-1 CLASS A4 4.55 01/15/2017 4,367,827 1,611,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2009-2 CLASS A4 3.32 02/15/2017 1,654,898 1,905,000 HARLEY-DAVIDSON MOTORCYCLE TRUST 2.14 07/15/2014 1,904,634 2,084,000 HARLEY-DAVIDSON MOTORCYCLE TRUST 2.54 04/15/2017 2,105,023 1,629,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2009-A CLASS A4 3.15 03/15/2016 1,677,429 7,946,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2002-CIB4 CLASS A3 6.16 05/12/2034 8,393,887 9,361,000 MBNA CREDIT CARD MASTER TRUST SERIES 1997-B CLASS A+/- 0.40 08/15/2014 9,115,946 419,995 MORGAN STANLEY ABS CAPITAL I SERIES 2007-HE2 CLASS A2A+/- 0.28 01/25/2037 394,976 379,750 MORGAN STANLEY HOME EQUITY LOANS SERIES 2007-1 CLASS A1+/- 0.29 12/25/2036 367,985 726,958 MORGAN STANLEY MORTGAGE LOAN TRUST SERIES 2007-6XS CLASS 2A1S+/- 0.35 02/25/2047 551,778
106 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- ASSET BACKED SECURITIES (continued) $ 2,170,000 NISSAN AUTO RECEIVABLES OWNER TRUST SERIES 2009-A CLASS A4 4.74% 08/17/2015 $ 2,336,967 3,527,000 NORDSTROM CREDIT CARD MASTER TRUST SERIES 2007-2 CLASS A+++/- 0.30 05/15/2015 3,312,896 1,097,941 SLM STUDENT LOAN TRUST SERIES 2002-5 CLASS A4L+/- 0.45 09/17/2018 1,088,815 958,144 SLM STUDENT LOAN TRUST SERIES 2003-3 CLASS A4+/- 0.52 12/15/2017 951,688 672,863 SLM STUDENT LOAN TRUST SERIES 2003-6 CLASS A4+/- 0.50 12/17/2018 669,061 14,147,000 SLM STUDENT LOAN TRUST SERIES 2008-1 CLASS A4A+/- 1.90 12/15/2032 14,820,085 3,207,000 SLM STUDENT LOAN TRUST SERIES 2008-4 CLASS A4+/- 1.93 07/25/2022 3,340,771 2,861,000 SLM STUDENT LOAN TRUST SERIES 2008-5 CLASS A4+/- 1.98 07/25/2023 3,011,776 5,956,000 SLM STUDENT LOAN TRUST SERIES 2008-6 CLASS A4+/- 1.38 07/25/2023 6,076,430 1,340,000 SWIFT MASTER AUTO RECEIVABLES TRUST SERIES 2007-1 CLASS A+/- 0.34 06/15/2012 1,322,915 9,290,000 TARGET CREDIT CARD MASTER TRUST SERIES 2005-1 CLASS A+/- 0.30 10/27/2014 9,127,950 641,457 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B CLASS A3 5.41 08/12/2011 644,139 305,652 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-C CLASS A3 5.26 11/14/2011 306,940 2,248,000 WORLD OMNI AUTO RECEIVABLES TRUST SERIES 2009-A CLASS A4 5.12 05/15/2014 2,424,460 TOTAL ASSET BACKED SECURITIES (COST $182,989,639) 184,637,619 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 22.94% 3,739,000 AMERICAN TOWER TRUST SERIES 2007-1A CLASS AFX++ 5.42 04/15/2037 3,776,390 3,083,000 ASSET SECURITIZATION CORPORATION SERIES 1996-D3 CLASS A2+/- 7.77 10/13/2026 3,277,386 1,172,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2002-PB2 CLASS B 6.31 06/11/2035 1,201,718 393,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2004-2 CLASS A5 4.58 11/10/2038 392,675 3,636,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2007-2 CLASS A2+/- 5.63 04/10/2049 3,607,749 2,828,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATION SERIES 2006-6 CLASS A2 5.31 10/10/2045 2,861,740 1,040,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2001-TOP4 CLASS A3 5.61 11/15/2033 1,082,289 2,657,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-PBW1 CLASS A2+/- 4.72 11/11/2035 2,738,355 3,912,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-T0P8 CLASS A2 4.83 08/15/2038 4,025,279 1,004,945 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-T12 CLASS A3+/- 4.24 08/13/2039 1,010,191 1,459,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004 CLASS A3+/- 5.47 06/11/2041 1,515,268 2,271,488 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-PWR4 CLASS A2+/- 5.29 06/11/2041 2,340,056 649,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-PWR6 CLASS A6 4.83 11/11/2041 649,631 3,428,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-T16 CLASS A6+/- 4.75 02/13/2046 3,381,809 24,737,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2005-PW10 CLASS A4+/- 5.41 12/11/2040 24,845,588 1,979,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2005-PWR9 CLASS AAB 4.80 09/11/2042 2,030,977 8,885,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES, CLASS A2 6.46 10/15/2036 9,395,809 8,291,000 COMMERCIAL MORTGAGE ASSET TRUST SERIES 1999-C1 CLASS A4+/- 6.98 01/17/2032 8,890,275 7,494,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2001-J2A CLASS A2++ 6.10 07/16/2034 7,798,502 4,946,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2004-LB2A CLASS A4 4.72 03/10/2039 4,936,277 2,664,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2004-LB3A CLASS A5+/- 5.48 07/10/2037 2,695,102 4,815,184 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CF2 CLASS A4 6.51 02/15/2034 4,958,005 1,056,247 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CK1 CLASS A3 6.38 12/18/2035 1,082,614 3,996,663 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CKN5 CLASS A4 5.44 09/15/2034 4,137,093 907,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CKN2 CLASS A3 6.13 04/15/2037 957,571 1,473,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CP5 CLASS A2 4.94 12/15/2035 1,515,275 1,249,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-CK2 CLASS A4 4.80 03/15/2036 1,280,204 1,831,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-CPN1 CLASS A2 4.60 03/15/2035 1,860,312 523,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2005-C1 CLASS A3 4.81 02/15/2038 525,724 1,869,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2005-C5 CLASS A4+/- 5.10 08/15/2038 1,837,427 1,913,942 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 2000-CKP1 CLASS A1B 7.18 11/10/2033 1,958,374
Wells Fargo Advantage Master Portfolios 107 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 3,752,000 FHLMC MULTIFAMILY STRUCTURED PASS THROUGH CERTIFICATES SERIES K003 CLASS AAB 4.77% 05/25/2018 $ 3,967,515 328,000 FHLMC SERIES 2542 CLASS ES 5.00 12/15/2017 351,020 3,954,000 FHLMC SERIES 2558 CLASS BD 5.00 01/15/2018 4,260,276 7,216,000 FHLMC SERIES 2590 CLASS BY 5.00 03/15/2018 7,775,921 2,815,000 FHLMC SERIES 2590 CLASS NU 5.00 06/15/2017 2,952,962 2,421,000 FHLMC SERIES 2676 CLASS CY 4.00 09/15/2018 2,524,557 1,934,000 FHLMC SERIES 2690 CLASS TV 4.50 11/15/2025 2,017,998 347,000 FHLMC SERIES 2694 CLASS QG 4.50 01/15/2029 365,237 626,156 FHLMC SERIES 2727 CLASS PW 3.57 06/15/2029 639,511 1,773,000 FHLMC SERIES 2765 CLASS CT 4.00 03/15/2019 1,828,863 2,558,000 FHLMC SERIES 2790 CLASS TN 4.00 05/15/2024 2,611,541 2,932,000 FHLMC SERIES 2843 CLASS BC 5.00 08/15/2019 3,152,155 1,093,000 FHLMC SERIES 2875 CLASS HB 4.00 10/15/2019 1,119,326 3,317,000 FHLMC SERIES 2934 5.00 01/15/2034 3,533,118 4,221,000 FHLMC SERIES 2985 CLASS JR 4.50 06/15/2025 4,399,194 25,000 FHLMC SERIES 3008 CLASS JM 4.50 07/15/2025 26,094 2,571,157 FHLMC SERIES 3028 CLASS PG 5.50 09/15/2035 2,787,837 5,923,727 FHLMC SERIES 3052 5.25 10/15/2034 6,291,182 243,000 FHLMC SERIES 3234 4.50 10/15/2036 242,148 5,094,000 FHLMC SERIES 3289 CLASS PC 5.00 12/15/2032 5,358,599 3,799,988 FHLMC SERIES 3325 CLASS JL 5.50 06/15/2037 4,099,773 2,607,000 FHLMC SERIES 3372 CLASS BD 4.50 10/15/2022 2,748,221 1,554,873 FHLMC SERIES 3465 CLASS HA 4.00 07/15/2017 1,623,736 6,581,000 FHLMC SERIES K004 CLASS A2 4.19 08/25/2019 6,726,952 1,054,453 FIRST HORIZON ALTERNATIVE MORTGAGE SECURITY SERIES 2006-FA6 CLASS 2A10 6.00 11/25/2036 843,657 1,264,816 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2000-C2 CLASS A2 7.20 10/15/2032 1,295,369 1,574,000 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2001-C4 CLASS B 6.42 12/12/2033 1,611,605 32,093,124 FNMA SERIES 2001-81 CLASS HE 6.50 01/25/2032 34,986,518 3,117,000 FNMA SERIES 2002-94 CLASS HQ 4.50 01/25/2018 3,315,022 438,627 FNMA SERIES 2003-108 CLASS BE 4.00 11/25/2018 455,843 750,000 FNMA SERIES 2003-125 CLASS AY 4.00 12/25/2018 776,925 2,952,000 FNMA SERIES 2003-3 CLASS HJ 5.00 02/25/2018 3,163,545 1,529,000 FNMA SERIES 2004-3 CLASS HT 4.00 02/25/2019 1,581,100 1,517,862 FNMA SERIES 2004-60 CLASS PA 5.50 04/25/2034 1,620,086 2,162,000 FNMA SERIES 2004-80 CLASS LE 4.00 11/25/2019 2,235,002 1,298,000 FNMA SERIES 2004-81 CLASS KE 4.50 11/25/2019 1,380,199 1,319,071 FNMA SERIES 2005-58 CLASS MA 5.50 07/25/2035 1,435,792 2,897,000 FNMA SERIES 2007-113 CLASS DB 4.50 12/25/2022 3,046,843 4,806,101 FNMA SERIES 2007-30 CLASS MA 4.25 02/25/2037 5,033,738 5,281,647 FNMA SERIES 2007-39 CLASS NA 4.25 01/25/2037 5,531,237 8,218,795 FNMA SERIES 2007-77 CLASS MH 6.00 12/25/2036 8,891,588 760,000 FNMA SERIES 2008-66 CLASS B 5.00 08/25/2023 812,864 2,044 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-2 CLASS A3 6.03 08/11/2033 2,070 494,175 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-3 CLASS A1 5.56 06/10/2038 507,053 3,952,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2002-1A CLASS A3 6.27 12/10/2035 4,208,665 11,088,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2005-C4 CLASS A4+/- 5.51 11/10/2045 11,059,442 241,303 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-C2 CLASS A2+/- 7.46 08/16/2033 244,859 4,716,512 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2001-C2 CLASS A2 6.70 04/15/2034 4,914,375 4,436,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-C3 CLASS A2 4.93 07/10/2039 4,594,908 1,228,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-C2 CLASS A2+/- 5.67 05/10/2040 1,291,622 2,528,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-C3 CLASS A4 5.02 04/10/2040 2,591,104 90,400,000 GNMA%% 4.50 TBA 92,547,804 1,693,000 GNMA SERIES 2006-37 CLASS JG 5.00 07/20/2036 1,796,325 1,348,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2005-GG CLASS AAB+/- 5.19 04/10/2037 1,377,444
108 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 2,007,500 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2005-GG3 CLASS A4+/- 4.80% 08/10/2042 $ 1,930,979 5,227,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2005-GG5 CLASS A5+/- 5.22 04/10/2037 4,876,627 6,402,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2006-GG7 CLASS A4+/- 6.12 07/10/2038 5,812,887 1,705,000 GREENWICH CAPITAL COMMERCIAL FUNDING CORPORATION SERIES 2007-GG1 CLASS A6+/- 5.14 06/10/2036 1,664,865 7,745,000 GS MORTGAGE SECURITIES CORPORATION II SERIES 2001-GL3A CLASS A2+++/- 6.45 08/05/2018 8,107,688 274,298 HELLER FINANCIAL COMMERCIAL MORTGAGE ASSET SERIES 1999-PH1 CLASS C+/- 7.18 05/15/2031 273,762 5,397,233 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES 2001 CLASS A3 6.26 03/15/2033 5,540,512 445,730 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2000-C10 CLASS A2+/- 7.37 08/15/2032 446,121 1,040,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2001-C1 CLASS A3 5.86 10/12/2035 1,076,845 6,310,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2001-CIB3 CLASS A3 6.47 11/15/2035 6,616,816 1,152,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2002-CIB5 CLASS A2 5.16 10/12/2037 1,199,753 350,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2003-PM1A CLASS A4+/- 5.33 08/12/2040 362,771 2,865,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2004-CB9 CLASS A4+/- 5.56 06/12/2041 2,909,507 1,841,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-LDP4 CLASS A4+/- 4.92 10/15/2042 1,832,106 3,316,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006+/- 5.48 12/12/2044 3,176,403 2,488,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-LDP7 CLASS A2+/- 6.05 04/15/2045 2,548,888 1,011,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2007-CB19 CLASS A2+/- 5.82 02/12/2049 1,024,246 11,977,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2007-LDPX CLASS A2S 5.31 01/15/2049 11,587,339 2,114,612 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C4 CLASS A2 7.37 08/15/2026 2,151,907 3,753,964 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2000-C5 CLASS A2 6.51 12/15/2026 3,872,149 1,368,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2001-C2 CLASS A2 6.65 11/15/2027 1,428,934 6,652,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C2 CLASS A4 5.59 06/15/2031 7,033,289 1,500,444 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C4 CLASS A4 4.56 09/15/2026 1,545,394 2,763,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C4 CLASS A5 4.85 09/15/2031 2,879,717 2,304,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2003-C3 CLASS A4 4.17 05/15/2032 2,319,804 1,233,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2004-C7 CLASS A5 4.63 10/15/2029 1,218,300 2,423,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2007-C1 CLASS A3 5.40 02/15/2040 2,369,145 634,000 LEHMAN BROTHERS UBS COMMERCIALL MORTGAGE TRUST SERIES 2007-C2 CLASS AAB 5.40 02/15/2040 621,246 3,488,000 MERRILL LYNCH COUNTRYWIDE COMMERCIAL MORTGAGE TRUST SERIES 2006-1 CLASS A2+/- 5.44 02/12/2039 3,518,634 5,278,000 MERRILL LYNCH MORTGAGE TRUST SERIES 2003-KEY1 CLASS A4+/- 5.24 11/12/2035 5,462,484 2,003,000 MERRILL LYNCH MORTGAGE TRUST SERIES 2005-CIP1 CLASS A3A+/- 4.95 07/12/2038 1,987,636 3,252,000 MORGAN STANLEY CAPITAL I SERIES 2003-T11 CLASS A4 5.15 06/13/2041 3,353,358 9,938,000 MORGAN STANLEY CAPITAL I SERIES 2004-HQ4 CLASS A7 4.97 04/14/2040 9,930,847 6,437,000 MORGAN STANLEY CAPITAL I SERIES 2004-IQ7 CLASS A4+/- 5.54 06/15/2038 6,488,715 1,311,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ5 CLASS A4 5.17 01/14/2042 1,328,735 5,917,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ6 CLASS A4A 4.99 08/13/2042 5,802,158 306,000 MORGAN STANLEY CAPITAL I SERIES 2005-T17 CLASS A4 4.52 12/13/2041 309,079 1,043,000 MORGAN STANLEY CAPITAL I SERIES 2005-T17 CLASS A5 4.78 12/13/2041 1,050,976 3,402,000 MORGAN STANLEY CAPITAL I SERIES 2006-HQ8 CLASS A2 5.37 03/12/2044 3,429,465 4,288,000 MORGAN STANLEY CAPITAL I SERIES 2006-HQ8 CLASS A4+/- 5.56 03/12/2044 4,092,077 1,157,000 MORGAN STANLEY CAPITAL I SERIES 2007-HQ11 CLASS A31 5.44 02/12/2044 1,123,413 8,998,800 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP5 CLASS A4 6.39 10/15/2035 9,484,457 1,030,565 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2002-HQ CLASS A3 6.51 04/15/2034 1,095,044 871,810 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2002-IQ2 CLASS A4 5.74 12/15/2035 918,732 12,100,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-HQ2 CLASS A2 4.92 03/12/2035 12,397,479
Wells Fargo Advantage Master Portfolios 109 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERALIZED MORTGAGE OBLIGATIONS (CONTINUED) $ 5,024,931 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2003-IQ5 CLASS A4 5.01% 04/15/2038 $ 5,195,864 2,979,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2004-HQ3 CLASS A4 4.80 01/13/2041 2,961,999 5,471,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2005-HQ5 CLASS AAB 5.04 01/14/2042 5,647,743 4,821,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2005-HQ7 CLASS AAB+/- 5.35 11/14/2042 5,038,081 4,077,000 MORGAN STANLEY DEAN WITTER CAPTIAL I SERIES 2003-TOP9 CLASS A2 4.74 11/13/2036 4,189,219 7,476,092 NOMURA ASSET SECURITIES CORPORATION SERIES 1998-D6 CLASS A1C 6.69 03/15/2030 8,017,761 4,511,802 SALOMON BROTHERS MORTGAGE SECURITIES SERIES 2000-C3 CLASS A2 6.59 12/18/2033 4,600,552 1,766,169 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 2002-KEY2 CLASS A2 4.47 03/18/2036 1,821,085 100,225 STRUCTURED ASSET SECURITIES CORPORATION SERIES 1998-2 CLASS A+/- 0.76 02/25/2028 86,988 4,514,330 US BANK NA SERIES 2007-1 CLASS A 5.92 05/25/2012 4,807,897 2,686,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C1 CLASS A4 6.29 04/15/2034 2,855,820 1,969,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C6 CLASS A3+/- 4.96 08/15/2035 1,963,644 381,633 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C7 CLASS A1++ 4.24 10/15/2035 384,948 1,678,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C8 CLASS A3 4.45 11/15/2035 1,678,025 1,546,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C11 CLASS A4 5.03 01/15/2041 1,496,231 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $573,799,825) 596,069,151 -------------- CORPORATE BONDS & NOTES: 17.51% BANKING: 1.86% 10,815,000 ACHMEA HYPOTHEEKBANK NV++ 3.20 11/03/2014 11,084,348 4,420,000 COMMONWEALTH BANK OF AUSTRALIA++ 3.75 10/15/2014 4,527,424 4,340,000 COMMONWEALTH BANK OF AUSTRALIA++ 5.00 10/15/2019 4,458,521 7,675,000 NIBC BANK NV++ 2.80 12/02/2014 7,685,162 3,265,000 NIBC BANK NV 4.88 11/19/2019 3,314,906 4,245,000 NORDEA BANK AB++ 2.50 11/13/2012 4,283,146 4,960,000 NORDEA BANK AB++ 3.70 11/13/2014 5,046,130 7,880,000 WESTPAC BANKING CORPORATION 2.25 11/19/2012 7,940,187 48,339,824 -------------- BIOTECHNOLOGY: 0.18% 4,160,000 AMGEN INCORPORATED 6.40 02/01/2039 4,787,374 -------------- CHEMICALS: 0.56% 5,220,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 5,517,733 7,670,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 9,064,820 14,582,553 -------------- COMMUNICATIONS: 1.16% 11,435,000 CELLCO PART/VERI WIRELESS 7.38 11/15/2013 13,319,511 5,241,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 6,135,644 4,470,000 GRUPO TELEVISA SA++ 6.63 01/15/2040 4,449,304 6,181,000 QWEST CORPORATION 7.50 10/01/2014 6,320,073 30,224,532 -------------- COMPUTER HARDWARE: 0.08% 1,780,000 DELL INCORPORATED 5.88 06/15/2019 1,953,534 -------------- DEPOSITORY INSTITUTIONS: 1.81% 10,290,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 11,550,803 3,175,000 BANK OF AMERICA CORPORATION 6.00 09/01/2017 3,286,077 3,405,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 3,472,623 3,610,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 4,275,298 9,195,000 CITIGROUP INCORPORATED 1.88 10/22/2012 9,323,068 5,529,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 6,062,023
110 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- DEPOSITORY INSTITUTIONS (CONTINUED) $ 4,325,000 JPMORGAN CHASE & COMPANY<< 4.65% 06/01/2014 $ 4,620,142 4,380,000 MORGAN STANLEY 5.63 09/23/2019 4,436,204 47,026,238 -------------- ELECTRIC UTILITIES: 0.09% 2,245,000 PROGRESS ENERGY INCORPORATED 6.85 04/15/2012 2,467,812 -------------- ELECTRIC, GAS & SANITARY SERVICES: 1.55% 9,430,000 DOMINION RESOURCES INCORPORATED PUTTABLESS 8.88 01/15/2019 12,077,642 5,111,000 DPL INCORPORATED 6.88 09/01/2011 5,520,514 4,290,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 4,785,281 1,505,000 FIRSTENERGY SOLUTIONS CORPORATION++ 4.80 02/15/2015 1,564,091 4,750,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.05 08/15/2021 4,972,348 1,910,000 FIRSTENERGY SOLUTIONS CORPORATION++ 6.80 08/15/2039 1,984,717 8,550,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 9,297,492 40,202,085 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.48% 1,285,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 1,345,700 1,245,000 EXELON GENERATION COMPANY LLC 5.20 10/01/2019 1,288,406 2,505,000 EXELON GENERATION COMPANY LLC 6.25 10/01/2039 2,616,265 6,592,000 HEWLETT-PACKARD COMPANY 4.75 06/02/2014 7,186,941 12,437,312 -------------- FOOD & KINDRED PRODUCTS: 0.36% 7,870,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED++ 7.75 01/15/2019 9,438,483 -------------- HEALTH SERVICES: 0.17% 4,639,000 COVENTRY HEALTH CARE INCORPORATED 5.95 03/15/2017 4,308,555 -------------- INSURANCE CARRIERS: 0.30% 2,930,000 LIBERTY MUTUAL GROUP++ 7.50 08/15/2036 2,636,188 4,835,000 UNITEDHEALTH GROUP INCORPORATED 6.88 02/15/2038 5,172,193 7,808,381 -------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.17% 4,295,000 VALE OVERSEAS LIMITED 6.88 11/10/2039 4,439,488 -------------- MOTION PICTURES: 0.09% 2,090,000 NEWS AMERICA INCORPORATED++ 6.90 08/15/2039 2,277,323 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 1.04% 3,745,000 AMERICAN EXPRESS COMPANY 7.25 05/20/2014 4,279,044 3,093,000 AMERICAN EXPRESS COMPANY 8.15 03/19/2038 3,904,306 4,000,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 4,278,596 7,595,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 8,137,579 4,525,000 JPMORGAN CHASE CAPITAL XXV 6.80 10/01/2037 4,463,256 1,800,000 PRIVATE EXPORT FUNDING CORPORATION 3.05 10/15/2014 1,850,332 26,913,113 -------------- OIL & GAS EXTRACTION: 0.77% 6,775,000 ANADARKO PETROLEUM CORPORATION 8.70 03/15/2019 8,485,660 5,380,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 2.90 10/15/2014 5,496,305
Wells Fargo Advantage Master Portfolios 111 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- OIL & GAS EXTRACTION (CONTINUED) $ 3,295,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 6.88% 01/20/2040 $ 3,437,720 2,075,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 2,505,419 19,925,104 -------------- PHARMACEUTICALS: 0.44% 7,946,000 PFIZER INCORPORATED 5.35 03/15/2015 8,890,414 2,115,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 2,496,980 11,387,394 -------------- PIPELINES: 0.78% 3,240,000 ENERGY TRANSFER PARTNERS LP 8.50 04/15/2014 3,788,898 4,580,000 ENERGY TRANSFER PARTNERS LP 9.00 04/15/2019 5,582,594 10,670,000 KINDER MORGAN INCORPORATED 6.50 09/01/2012 10,963,425 20,334,917 -------------- REAL ESTATE: 0.76% 4,690,000 WEA FINANCE LLC++ 7.50 06/02/2014 5,215,585 8,720,000 WEA FINANCE LLC++ 7.13 04/15/2018 9,386,164 4,825,000 WEA FINANCE LLC++ 6.75 09/02/2019 5,070,023 19,671,772 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.41% 1,440,000 HCP INCORPORATED SERIES MTN 6.30 09/15/2016 1,449,851 1,630,000 HCP INCORPORATED SERIES MTN 6.70 01/30/2018 1,649,516 5,010,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.65 12/15/2013 5,099,779 880,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 866,845 1,450,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 1,546,447 10,612,438 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.37% 2,420,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 2,719,456 9,647,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/29/2049 7,090,545 6,755,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 7,348,238 3,180,000 GOLDMAN SACHS GROUP INCORPORATED 5.13 01/15/2015 3,375,624 6,420,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 6,607,702 6,617,000 LAZARD GROUP LLC 7.13 05/15/2015 6,907,744 6,742,000 LAZARD GROUP LLC 6.85 06/15/2017 6,914,656 6,985,000 MORGAN STANLEY 6.00 05/13/2014 7,611,575 2,900,000 MORGAN STANLEY 7.25 04/01/2032 3,326,747 3,205,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 3,438,372 6,020,000 MORGAN STANLEY SERIES MTN 5.95 12/28/2017 6,327,917 61,668,576 -------------- TELECOMMUNICATIONS: 1.28% 1,630,000 AMERICA MOVIL SAB DE CV 5.55 02/01/2014 1,796,355 6,674,000 AMERICA MOVIL SAB DE CV++ 5.00 10/16/2019 6,735,234 6,730,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 3.75 05/20/2011 6,971,587 3,655,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 4,669,040 7,855,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 7,989,815 5,205,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 5,174,931 33,336,962 -------------- TOBACCO PRODUCTS: 0.33% 7,035,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 8,704,462 --------------
112 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.47% $ 2,750,000 CAREFUSION CORPORATION++ 4.13% 08/01/2012 $ 2,867,310 5,270,000 CAREFUSION CORPORATION++ 5.13 08/01/2014 5,632,734 3,300,000 CAREFUSION CORPORATION++ 6.38 08/01/2019 3,657,347 12,157,391 -------------- TOTAL CORPORATE BONDS & NOTES (COST $426,160,046) 455,005,623 -------------- FOREIGN CORPORATE BONDS: 4.19% 14,930,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 15,733,129 5,350,000 BRITISH SKY BROADCASTING GROUP PLC++ 9.50 11/15/2018 7,046,662 3,460,000 BRITISH TELECOM PLC 9.63 12/15/2030 4,429,298 4,830,000 CREDIT SUISSE NEW YORK 5.00 05/15/2013 5,216,081 2,765,000 FRANCE TELECOM SA 7.75 03/01/2011 2,984,826 2,875,000 HSBC HOLDINGS PLC 6.80 06/01/2038 3,170,360 2,320,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 2,549,875 4,162,000 HUSKY ENERGY INCORPORATED 7.25 12/15/2019 4,864,641 6,400,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 7.88 03/15/2019 7,476,998 4,630,000 RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY LIMITED III++ 4.50 09/30/2012 4,792,045 5,195,000 RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY LIMITED III<<++ 5.50 09/30/2014 5,455,389 4,160,000 RIO TINTO FINANCE USA LIMITED 5.88 07/15/2013 4,565,974 3,515,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 4,480,440 1,630,000 ROGERS CABLE INCORPORATED 5.50 03/15/2014 1,768,261 9,422,000 ROGERS WIRELESS INCORPORATED 6.38 03/01/2014 10,577,608 7,500,000 SHELL INTERNATIONAL FINANCE 4.00 03/21/2014 7,985,385 4,990,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 5,300,313 3,565,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 3,800,775 2,355,000 THOMSON REUTERS CORPORATION 5.95 07/15/2013 2,645,845 3,805,000 WESTFIELD GROUP++ 5.40 10/01/2012 3,987,065 TOTAL FOREIGN CORPORATE BONDS (COST $101,773,903) 108,830,970 -------------- FOREIGN GOVERNMENT BONDS: 4.29% 4,890,000 BARCLAYS BANK PLC SERIES 1 5.00 09/22/2016 5,071,937 3,860,000 CENOVUS ENERGY INCORPORATED++ 5.70 10/15/2019 4,092,550 3,205,000 ENEL FINANCE INTERNATIONAL SA++ 6.00 10/07/2039 3,285,939 3,095,000 ENEL FINANCIAL INTERNATIONAL SA++ 5.13 10/07/2019 3,197,277 3,275,000 EXPORT-IMPORT BANK OF KOREA 5.50 10/17/2012 3,506,346 5,375,000 EXPORT-IMPORT BANK OF KOREA 5.88 01/14/2015 5,835,111 3,675,000 FEDERAL REPUBLIC OF BRAZIL 5.63 01/07/2041 3,546,375 10,605,000 HUTCHISON WHAMPOA INTERNATIONAL LIMITED++ 4.63 09/11/2015 10,808,213 3,285,000 HUTCHISON WHAMPOA INTERNATIONAL LIMITED++ 5.75 09/11/2019 3,385,955 14,195,000 PROVINCE OF ONTARIO CANADA 4.10 06/16/2014 15,178,245 3,175,000 PROVINCE OF ONTARIO CANADA SERIES G 4.00 10/07/2019 3,195,190 10,830,000 REPUBLIC OF KOREA 7.13 04/16/2019 12,836,366 10,250,000 SOCIETE FINANCEMENT DE L'ECONOMIE FRANCAISE++ 2.88 09/22/2014 10,443,557 1,830,000 STATE OF QATAR++ 4.00 01/20/2015 1,832,288 2,985,000 STATE OF QATAR++ 5.25 01/20/2020 3,007,388 1,830,000 STATE OF QATAR++ 6.40 01/20/2040 1,866,600 10,385,000 SWEDISH EXPORT CREDIT 3.25 09/16/2014 10,669,684 9,445,000 TOTAL CAPITAL SA 3.13 10/02/2015 9,650,051 TOTAL FOREIGN GOVERNMENT BONDS (COST $106,658,893) 111,409,072 -------------- MUNICIPAL BONDS & NOTES: 0.38% CALIFORNIA: 0.24% 6,345,000 CALIFORNIA STATE BUILD AMERICA BONDS (PROPERTY TAX REVENUE) 7.30 10/01/2039 6,322,919 --------------
Wells Fargo Advantage Master Portfolios 113 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- TEXAS: 0.14% $ 3,250,000 NORTH TEXAS TOLLWAY BUILD AMERICA BONDS (TOLL ROAD REVENUE) 6.72% 01/01/2049 $ 3,565,705 -------------- TOTAL MUNICIPAL BONDS & NOTES (COST $9,679,115) 9,888,624 -------------- US TREASURY SECURITIES: 11.90% US TREASURY BONDS: 3.82% 1,434,000 US TREASURY BOND 8.88 02/15/2019 2,088,151 2,950,000 US TREASURY BOND 7.13 02/15/2023 4,002,781 10,724,000 US TREASURY BOND 6.25 05/15/2030 13,951,259 15,950,000 US TREASURY BOND 5.38 02/15/2031 18,778,637 351,000 US TREASURY BOND 3.50 02/15/2039 309,374 10,085,000 US TREASURY BOND 4.25 05/15/2039 10,162,211 30,702,000 US TREASURY BOND<< 4.50 08/15/2039 32,256,289 17,083,000 US TREASURY BOND 4.38 11/15/2039 17,603,502 99,152,204 -------------- US TREASURY NOTES: 8.08% 281,000 US TREASURY NOTE 0.88 05/31/2011 282,910 1,138,000 US TREASURY NOTE 1.38 10/15/2012 1,148,580 15,481,000 US TREASURY NOTE<< 1.38 11/15/2012 15,603,161 4,795,000 US TREASURY NOTE 2.38 10/31/2014 4,885,290 29,559,000 US TREASURY NOTE 2.13 11/30/2014 29,726,425 2,701,000 US TREASURY NOTE 3.00 08/31/2016 2,769,157 26,035,000 US TREASURY NOTE<< 2.75 02/15/2019 25,172,591 49,445,000 US TREASURY NOTE<< 3.13 05/15/2019 49,201,632 55,679,000 US TREASURY NOTE<< 3.63 08/15/2019 57,610,393 23,214,000 US TREASURY NOTE<< 3.38 11/15/2019 23,555,014 209,955,153 -------------- TOTAL US TREASURY SECURITIES (COST $304,007,903) 309,107,357 --------------
SHARES YIELD ------------- ------------- COLLATERAL FOR SECURITIES LENDING: 7.22% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.28% 8,299,716 AIM STIT-LIQUID ASSETS PORTFOLIO(s) 0.21 8,299,716 8,299,716 BLACKROCK LIQUIDITY FUNDS TEMPFUND PORTFOLIO(s) 0.16 8,299,716 8,299,716 DREYFUS CASH MANAGEMENT FUND INSTITUTIONAL(s) 0.11 8,299,716 8,299,716 DWS MONEY MARKET SERIES INSTITUTIONAL(s) 0.20 8,299,716 33,198,864 --------------
PRINCIPAL INTEREST RATE ------------- ------------- COLLATERAL INVESTED IN OTHER ASSETS: 5.94% $ 1,613,834 ALLIED IRISH BANKS NORTH AMERICA INCORPORATED 0.26 12/07/2009 1,613,831 576,369 AMSTEL FUNDING CORPORATION++(p) 1.25 12/18/2009 576,029 576,369 ANTALIS US FUNDING CORPORATION++(p) 0.18 12/03/2009 576,363 1,729,108 ANTALIS US FUNDING CORPORATION++(p) 0.20 12/04/2009 1,729,079 1,383,286 ARABELLA FINANCE LLC++(p) 0.35 12/01/2009 1,383,286 1,959,655 ARABELLA FINANCE LLC++(p) 0.40 12/03/2009 1,959,612 57,637 ARABELLA FINANCE LLC++(p) 0.40 12/04/2009 57,635 1,152,738 ASPEN FUNDING CORPORATION++(p) 0.18 12/21/2009 1,152,623 3,458,215 BANK OF AMERICA 0.18 12/23/2009 3,457,835 10,023,060 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $10,023,105) 0.16 12/01/2009 10,023,060
114 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 1,729,108 BANK OF IRELAND 0.35% 12/01/2009 $ 1,729,108 1,383,286 BANK OF IRELAND 0.50 12/02/2009 1,383,286 558,271 BARTON CAPITAL CORPORATION++(p) 0.18 12/01/2009 558,271 288,185 BELMONT FUNDING LLC++(p) 0.50 12/01/2009 288,185 1,498,560 BNP PARIBAS (NEW YORK) 0.21 12/08/2009 1,498,569 1,268,012 BNP PARIBAS (NEW YORK) 0.21 12/14/2009 1,268,026 3,458,215 BRYANT BANK FUNDING++ 0.18 12/23/2009 3,457,835 2,881,846 CAFCO LLC++ 0.17 12/09/2009 2,881,737 126,801 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 126,801 2,766,572 CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY+/-ss 0.23 11/01/2026 2,766,572 368,876 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.35 06/01/2028 368,876 2,881,846 CHARTA LLC++(p) 0.17 12/09/2009 2,881,737 305,764 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.30 10/01/2038 305,764 576,369 COOK COUNTY IL+/-ss 0.40 11/01/2030 576,369 3,498,100 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT -102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $3,498,117) 0.17 12/01/2009 3,498,100 1,959,655 DENVER CO CITY & COUNTY SCHOOL DISTRICT+/-ss 0.40 12/15/2037 1,959,655 1,383,286 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/02/2009 1,383,286 1,383,286 DEXIA CREDIT LOCAL DE FRANCE SA 0.27 12/04/2009 1,383,286 1,671,471 DEXIA CREDIT LOCAL DE FRANCE SA 0.26 12/07/2009 1,671,471 2,881,846 E.ON AG++ 0.17 12/21/2009 2,881,574 2,881,846 ENI FINANCE USA INCORPORATED++ 0.17 12/18/2009 2,881,615 2,997,120 FORTIS FUNDING LLC++ 0.20 12/29/2009 2,996,654 3,112,394 GDF SUEZ++ 0.17 12/15/2009 3,112,188 2,305,477 GEMINI SECURITIZATION INCORPORATED++(p) 0.18 12/10/2009 2,305,373 2,879,540 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,879,554) 0.17 12/01/2009 2,879,540 2,881,846 GOTHAM FUNDING CORPORATION++ 0.18 12/15/2009 2,881,644 576,369 GRAMPIAN FUNDING++(p) 0.25 12/03/2009 576,361 2,420,751 GRAMPIAN FUNDING++(p) 0.28 12/15/2009 2,420,487 4,846,808 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,802,528 1,895,102 HAMILTON COUNTY OHIO HOSPITALS+/-ss 0.20 05/15/2037 1,895,102 190,202 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.30 11/01/2042 190,202 933,718 HOUSTON TX UTILITY SYSTEM+/-ss 0.27 05/15/2034 933,718 329,683 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.30 07/01/2029 329,683 230,548 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.29 01/01/2018 230,548 2,305,477 ING USA FUNDING LLC 0.19 12/07/2009 2,305,404 576,369 ING USA FUNDING LLC 0.18 12/09/2009 576,346 8,850,034 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $8,850,076) 0.17 12/01/2009 8,850,034 1,152,738 JUPITER SECURITIZATION CORPORATION++(p) 0.18 12/02/2009 1,152,733 576,369 JUPITER SECURITIZATION CORPORATION++ 0.18 12/03/2009 576,363 345,822 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.29 04/15/2025 345,822 3,458,215 KBC BANK NV BRUSSELS 0.18 12/01/2009 3,458,215 691,643 LLOYDS TSB BANK PLC 0.18 12/17/2009 691,588 2,305,477 LLOYDS TSB BANK PLC (NEW YORK) 0.20 12/07/2009 2,305,477 922,191 LMA AMERICAS LLC++(p) 0.18 12/11/2009 922,145 518,732 LMA AMERICAS LLC++(p) 0.18 12/17/2009 518,691 1,729,108 LMA AMERICAS LLC++(p) 0.19 12/21/2009 1,728,925 518,732 LOUISIANA PUBLIC FACILITIES AUTHORITY+/-ss 0.19 10/01/2033 518,732 2,858,791 MASSACHUSETTS HEFA+/-ss 0.25 10/01/2034 2,858,791 316,427 MONTGOMERY COUNTY TN PUBLIC BUILDING+/-ss 0.24 02/01/2036 316,427 2,420,751 NATIXIS 0.27 12/07/2009 2,420,763 230,548 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.31 01/01/2018 230,548 2,536,024 NEW YORK STATE DORMITORY AUTHORITY+/-ss 0.22 07/01/2034 2,536,024
Wells Fargo Advantage Master Portfolios 115 Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ------------- ------------------------------------------------------------- ------------- ------------- -------------- COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 2,305,477 NEWPORT BEACH CALIFORNIA REVENUE+/-ss 0.24% 12/01/2040 $ 2,305,477 2,881,846 NEWPORT FUNDING CORPORATION++(p) 0.18 12/15/2009 2,881,644 564,265 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.30 01/01/2034 564,265 1,165,995 RBS SECURITIES INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $1,166,001) 0.18 12/01/2009 1,165,995 403,458 REGENCY MARKETS #1 LLC++(p) 0.18 12/04/2009 403,452 1,915,851 REGENCY MARKETS #1 LLC++(p) 0.20 12/09/2009 1,915,766 576,369 ROMULUS FUNDING CORPORATION++ 0.30 12/15/2009 576,302 2,074,929 ROYAL BANK OF SCOTLAND PLC 0.20 12/02/2009 2,074,918 1,613,834 SAN ANTONIO TX EDUCATION FACILITIES CORPORATION+/-ss 0.20 12/01/2028 1,613,834 2,305,477 SOCIETE GENERALE NORTH AMERICA 0.19 12/18/2009 2,305,275 144,092 STARBIRD FUNDING CORPORATION++(p) 0.15 12/01/2009 144,092 2,305,477 STARBIRD FUNDING CORPORATION++(p) 0.20 12/03/2009 2,305,451 2,881,846 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 0.18 12/18/2009 2,881,601 691,643 TICONDEROGA MASTER FUNDING LIMITED++(p) 0.18 12/17/2009 691,588 2,339,828 TULIP FUNDING CORPORATION++(p) 0.19 12/07/2009 2,339,754 760,807 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.24 07/01/2032 760,807 2,305,477 UBS AG (STAMFORD CT) 0.31 12/04/2009 2,305,502 3,458,215 UNICREDITO ITALIANO (NEW YORK) 0.25 01/04/2010 3,458,231 345,822 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.29 12/15/2040 345,822 14,916,576 VFNC CORPORATION+++/-(a)(i) 0.24 09/30/2010 7,458,288 144,092 VICTORY RECEIVABLES CORPORATION++(p) 0.15 12/01/2009 144,092 576,369 VICTORY RECEIVABLES CORPORATION++(p) 0.19 12/08/2009 576,348 1,909,972 VICTORY RECEIVABLES CORPORATION++ 0.18 12/16/2009 1,909,829 154,274,865 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $186,815,958) 187,473,729 --------------
SHARES YIELD ------------- ------------- SHORT-TERM INVESTMENTS: 6.84% 177,605,055 WELLS FARGO ADVANTAGE CASH INVESTMENT FUND~+++(u) 0.16 177,605,055 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $177,605,055) 177,605,055 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $2,953,472,961)* 117.40% 3,049,913,210
PRINCIPAL INTEREST RATE ------------- ------------- SHORT SALES TBA SALE COMMITMENTS: (3.32%) $ (8,800,000) FNMA%% 5.50 TBA (9,398,127) (50,700,000) FNMA%% 5.50 TBA (54,280,688) (21,200,000) FNMA%% 5.50 TBA (22,544,886) TOTAL TBA SALE COMMITMENTS (PROCEEDS RECEIVED $(85,491,594)) (86,223,701) -------------- OTHER ASSETS AND LIABILITIES, NET (14.08) (365,740,409) ------ ============== TOTAL NET ASSETS 100.00% $2,597,949,100 ------ ==============
116 Wells Fargo Advantage Master Portfolios Portfolio of Investments--November 30, 2009 (Unaudited) TOTAL RETURN BOND PORTFOLIO ---------- << All or a portion of this security is on loan. %% Securities issued on a when-issued (TBA) basis. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. +/- Variable rate investments. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. (s) Rate shown is the 1-day annualized yield at period end. (p) Asset-backed commercial paper. ss These securities are subject to a demand feature which reduces the effective maturity. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Wells Fargo Advantage Money Market Fund does not pay an investment advisory fee. +++ Short-term security of an affiliate of the Fund with a cost of $177,605,055. (u) Rate shown is the 7-day annualized yield at period end. * Cost for federal income tax purposes is $2,964,679,077 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 99,331,637 Gross unrealized depreciation (14,097,504) ------------ Net unrealized appreciation $ 85,234,133
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolio 117 Statements of Assets and Liabilities--November 30, 2009 (Unaudited)
Inflation- Managed Total Protected Fixed Stable Return Bond Income Income Bond Portfolio Portfolio Portfolio Portfolio ------------ ------------ ------------ -------------- ASSETS Investments In securities, at value (including securities on loan) ........................................ $148,307,152 $415,782,445 $280,648,764 $2,684,834,426 Collateral received for securities loaned .......... 6,264,192 3,845,969 2,802,259 187,473,729 In affiliates ...................................... 0 19,480,123 17,814,871 177,605,055 ------------ ------------ ------------ -------------- Total investments at value (see cost below) ........... 154,571,344 439,108,537 301,265,894 3,049,913,210 ------------ ------------ ------------ -------------- Segregated cash ....................................... 0 0 0 100,000 Cash .................................................. 443,868 231,638 0 0 Variance margin receivable on futures contracts ....... 0 10,500 0 0 Receivable for investment sold ........................ 0 0 11,807,172 273,852,842 Receivable for interest ............................... 967,348 5,257,237 1,982,539 38,618,854 Prepaid expenses and other assets ..................... 25,970 49,916 0 4,570 Unrealized gain for swaps ............................. 0 0 0 212,058 ------------ ------------ ------------ -------------- Total Assets ............................................. 156,008,530 444,657,828 315,055,605 3,362,701,534 ------------ ------------ ------------ -------------- LIABILITIES Securities sold short, at value ....................... 0 0 0 86,223,701 Due to custodian ...................................... 0 0 0 4,284,724 Payable for investment purchased ...................... 0 0 0 486,196,534 Unrealized loss on credit default swap transactions ... 0 0 0 144,395 Payable upon receipt of securities loaned ............. 6,121,863 3,776,672 2,735,883 186,581,365 Payable to investment advisor and affiliates .......... 50,560 133,298 100,541 709,332 Accrued Expenses and other liabilities ................ 32,743 18,175 63,042 612,383 ------------ ------------ ------------ -------------- Total liabilties ......................................... 6,205,166 3,928,145 2,899,466 764,752,434 ------------ ------------ ------------ -------------- TOTAL NET ASSETS ......................................... $149,803,364 $440,729,683 $312,156,139 $2,597,949,100 ============ ============ ============ ============== Investment at cost ....................................... $146,179,284 $461,865,907 $330,905,416 $2,953,238,368 ------------ ------------ ------------ -------------- Securities on loan, at value ............................. $ 4,841,526 $ 3,160,229 $ 2,059,293 $ 176,355,024 ============ ============ ============ ============== Proceeds received on TBA sale commitments short sales .... $ 0 $ 0 $ 0 $ 85,491,594 ============ ============ ============ ============== Net unrealized appreciation of futures ................... $ 0 $ 278,026 $ 0 $ 0 ============ ============ ============ ==============
The accompanying notes are an integral part of these financial statements. 118 Wells Fargo Advantage Master Portfolios Statements of Operations--For the Six Months Ended November 30, 2009 (Unaudited)
Inflation- Managed Total Protected Fixed Stable Return Bond Income Income Bond Portfolio Portfolio Portfolio Portfolio ----------- ----------- ------------ ------------ INVESTMENT INCOME Interest .................................................. $ 3,650,244 $11,196,500 $ 4,309,830 $ 55,114,823 Income from affiliated securities ......................... 2,221 59,173 73,541 192,316 Securities lending income ................................. 25,750 28,379 1,686 381,055 ----------- ----------- ------------ ------------ Total investment income ...................................... 3,678,215 11,284,052 4,385,057 55,688,194 ----------- ----------- ------------ ------------ EXPENSES Advisory fees ............................................. 303,150 992,031 735,266 4,152,967 Custody fees .............................................. 14,073 46,358 34,380 205,739 Professional fees ......................................... 17,430 22,785 20,472 21,093 Shareholder reports ....................................... 449 884 766 972 Trustees' fees ............................................ 5,289 5,289 5,289 5,289 Other fees and expenses ................................... 1,192 4,892 4,509 14,544 ----------- ----------- ------------ ------------ Total expenses ............................................... 341,583 1,072,238 800,682 4,400,604 ----------- ----------- ------------ ------------ LESS: Waived fees ............................................... (11,176) (133,303) (75,615) (746,426) Net expenses .............................................. 330,406 938,935 725,067 3,654,178 ----------- ----------- ------------ ------------ Net investment income ........................................ 3,347,809 10,345,117 3,659,990 52,034,016 ----------- ----------- ------------ ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities ................................................ 719,636 (471,907) (9,927,073) 47,119,901 Investments of collateral received for securities loaned .. (947,942) (1,323,247) (894,978) (6,848,645) Futures transactions ...................................... (24,038) 437,518 0 0 ----------- ----------- ------------ ------------ Net realized gain (loss) from investments .................... (252,344) (1,357,636) (10,822,051) 40,271,256 ----------- ----------- ------------ ------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities ................................................ 7,019,139 36,884,393 24,785,025 72,916,380 Collateral received for securities loaned ................. 1,299,799 1,494,558 1,059,068 9,054,701 Futures transactions ...................................... 8,300 334,081 0 0 Swap agreements ........................................... 0 0 0 3,982 Short sale transactions ................................... 0 0 0 (445,095) ----------- ----------- ------------ ------------ Net change in unrealized appreciation (depreciation) of investments ............................................... 8,327,238 38,713,032 25,844,093 81,529,968 ----------- ----------- ------------ ------------ Net realized and unrealized gain on investments .............. 8,074,894 37,355,396 15,022,042 121,801,224 ----------- ----------- ------------ ------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ......... $11,422,703 $47,700,513 $ 18,682,032 $173,835,240 =========== =========== ============ ============
The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 120 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
INFLATION-PROTECTED BOND PORTFOLIO -------------------------------- For the Six Months Ended For the November 30, 2009 Year Ended (Unaudited) May 31, 2009 ----------------- ------------ INCREASE (DECREASE) IN NET ASSETS Beginning net assets .......................................... $145,129,236 $167,675,358 OPERATIONS Net investment income ......................................... 3,347,809 2,490,876 Net realized gain (loss) on investments ....................... (252,344) (1,697,743) Net change in unrealized appreciation (depreciation) of investments ................................................ 8,327,238 (3,460,694) ------------ ------------ Net increase (decrease) in net assets resulting from operations .. 11,422,703 (2,667,561) ------------ ------------ CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ................................................. 28,501,180 84,069,763 Withdrawals ................................................... (35,249,755) (103,948,324) ------------ ------------ Net increase (decrease) from transactions in investors' beneficial interests ..................................................... (6,748,575) (19,878,561) ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS ............................ 4,674,128 (22,546,122) ------------ ------------ ENDING NET ASSETS ................................................ $149,803,364 $145,129,236 ============ ============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 121 Statements of Changes in Net Assets
MANAGED FIXED INCOME PORTFOLIO STABLE INCOME PORTFOLIO TOTAL RETURN BOND PORTFOLIO --------------------------------- --------------------------------- ---------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the November 30, 2009 Year Ended November 30, 2009 Year Ended November 30, 2009 Year Ended (Unaudited) May 31, 2009 (Unaudited) May 31, 2009 (Unaudited) May 31, 2009 ----------------- ------------- ----------------- ------------- ----------------- -------------- $ 493,483,921 $ 774,310,509 $ 374,557,430 $ 511,549,484 $1,961,888,535 $1,816,941,206 10,345,117 29,733,980 3,659,990 16,223,725 52,034,016 83,821,020 (1,357,636) (7,235,567) (10,822,051) 22,767 40,271,256 (5,288,852) 38,713,032 (37,824,215) 25,844,093 (30,740,368) 81,529,968 28,319,322 ------------- ------------- ------------- ------------- -------------- -------------- 47,700,513 (15,325,802) 18,682,032 (14,493,876) 173,835,240 106,851,490 ------------- ------------- ------------- ------------- -------------- -------------- 106,067,287 287,118,178 32,684,825 65,645,782 612,132,515 624,285,153 (206,522,038) (552,618,964) (113,768,148) (188,143,960) (149,907,190) (586,189,314) ------------- ------------- ------------- ------------- -------------- -------------- (100,454,751) (265,500,786) (81,083,323) (122,498,178) 462,225,325 38,095,839 ------------- ------------- ------------- ------------- -------------- -------------- (52,754,238) (280,826,588) (62,401,291) (136,992,054) 636,060,565 144,947,329 ------------- ------------- ------------- ------------- -------------- -------------- $ 440,729,683 $ 493,483,921 $ 312,156,139 $ 374,557,430 $2,597,949,100 $1,961,888,535 ============= ============= ============= ============= ============== ==============
122 Wells Fargo Advantage Master Portfolios Financial Highlights
Ratio to Average Net Assets (Annualized) ----------------------------------- Net Portfolio Investment Gross Net Total Turnover Income (Loss) Expenses Expenses Return(1) Rate(3) ------------- -------- -------- --------- -------- INFLATION-PROTECTED BOND PORTFOLIO June 1, 2009 to November 30, 2009 (Unaudited) .. 4.42% 0.45% 0.44% 7.35% 12% June 1, 2008 to May 31, 2009 ................... 1.70% 0.45% 0.37% (1.33)% 53% June 1, 2007 to May 31, 2008 ................... 5.78% 0.48% 0.40% 12.78% 40% June 1, 2006 to May 31, 2007 ................... 4.39% 0.49% 0.34% 4.31% 37% July 25, 2005(2) to May 31, 2006 ............... 4.29% 0.52% 0.52% (1.77)% 47% MANAGED FIXED INCOME PORTFOLIO June 1, 2009 to November 30, 2009 (Unaudited) .. 4.16% 0.43% 0.38% 9.76% 42% June 1, 2008 to May 31, 2009 ................... 5.09% 0.43% 0.34% (1.72)% 132% June 1, 2007 to May 31, 2008 ................... 5.23% 0.46% 0.30% 4.24% 32% June 1, 2006 to May 31, 2007 ................... 5.23% 0.45% 0.27% 6.72% 30% June 1, 2005 to May 31, 2006 ................... 5.02% 0.45% 0.19% 0.12% 25% June 1, 2004 to May 31, 2005 ................... 4.70% 0.49% 0.35% 7.02% 53% STABLE INCOME PORTFOLIO June 1, 2009 to November 30, 2009 (Unaudited) .. 1.99% 0.44% 0.39% 4.94% 5% June 1, 2008 to May 31, 2009 ................... 3.74% 0.43% 0.42% (2.73)% 7% June 1, 2007 to May 31, 2008 ................... 4.67% 0.47% 0.33% 0.78% 22% June 1, 2006 to May 31, 2007 ................... 4.67% 0.47% 0.37% 5.30% 21% June 1, 2005 to May 31, 2006 ................... 4.29% 0.47% 0.44% 2.91% 23% June 1, 2004 to May 31, 2005 ................... 2.06% 0.48% 0.36% 2.47% 43% TOTAL RETURN BOND PORTFOLIO June 1, 2009 to November 30, 2009 (Unaudited) .. 4.64% 0.39% 0.33% 8.12% 292% June 1, 2008 to May 31, 2009 ................... 4.92% 0.40% 0.39% 6.58% 633% June 1, 2007 to May 31, 2008 ................... 5.05% 0.42% 0.40% 6.72% 572% June 1, 2006 to May 31, 2007 ................... 5.02% 0.42% 0.39% 6.76% 665% July 25, 2005(3) to May 31, 2006 ............... 4.44% 0.43% 0.43% (0.16)% 704%
---------- (1.) Total return calculations do not include any sales charges, and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized. (2.) Commencement of operations. (3.) Portfolio turnover rates presented for periods of less than one year are not annualized. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 123 Notes to Financial Statements 1. ORGANIZATION Wells Fargo Master Trust (the "Trust") is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements report on the following funds: Wells Fargo Advantage Inflation-Protected Bond Portfolio ("Inflation-Protected Bond Portfolio"), Wells Fargo Advantage Managed Fixed Income Portfolio ("Managed Fixed Income Portfolio"), Wells Fargo Advantage Stable Income Portfolio ("Stable Income Portfolio") and Wells Fargo Advantage Total Return Bond Portfolio ("Total Return Bond Portfolio") (each, a "Fund", collectively, the "Funds"). Interests in the Funds are sold without any sales charge in private placement transactions to qualified investors, including open-end investment management companies. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through January 29, 2010 which represents the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements. SECURITY VALUATION Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. This service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' fair values. For some securities, such prices are not readily available. These securities will generally be fair valued using the methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue; indications as to values from dealers in securities, trading characteristics and general market conditions. Debt securities of sufficient credit quality with original maturities of 60 days or less, generally are valued at amortized cost which approximates market value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates fair value. Investments in open-end mutual funds are valued at net asset value. Investments which are not valued using any of the methods discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. The valuation techniques used by the Funds to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type. REPURCHASE AGREEMENTS The Funds may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Wells Fargo Funds Management, LLC. The repurchase agreements must be fully collateralized based on values that are marked to market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian's responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Fund in the event that such Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Fund seeks to assert its rights. 124 Wells Fargo Advantage Master Portfolios Notes to Financial Statements SECURITY LOANS The Funds may loan securities in return for securities, irrevocable letters of credit or cash collateral, which is invested in various short-term fixed income securities. A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of interest on the investment securities purchased with cash received as collateral (after payment of a "broker rebate fee" to the borrower). A Fund also continues to receive interest or dividends on the securities loaned. Security loans are secured at all times by collateral, although the loans may not be fully supported at all times if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. The collateral is equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into. Cash collateral received by a Fund pursuant to these loans generally is invested on behalf of the Fund by the securities lending agent in securities that, at the time of investment, are considered high-quality short-term debt investments (including money market instruments) and have been evaluated and approved by the Fund's adviser and are permissible investments for the Fund. A risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. In either case, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. Wells Fargo Bank, N.A., currently acts as the securities lending agent for the Funds, subject to the overall supervision of the Funds' investment adviser, and has delegated its duties as securities lending agent to an affiliated sub-agent for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to an exemptive order granted by the SEC and subject to compliance with its conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for its services 25% of the revenues earned on the securities lending activities and incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of the revenues generated by securities lending activities to the sub-agents as compensation for their services as sub-agents. The securities lending agent may make payments to borrowers and placing brokers that are not affiliated, directly or indirectly, with the Trust, the adviser or the distributor. For the six months ended November 30, 2009, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities lending income on the Statements of Operations. The value of the securities on loan, the related collateral and the liability to return the collateral at November 30, 2009, are shown on the Statements of Assets and Liabilities. WHEN-ISSUED TRANSACTIONS Each Fund may purchase securities on a forward commitment or `when-issued' basis. A Fund records a when-issued transaction on the trade date and will segregate assets to cover its obligation by confirming the availability of qualifying assets having a value sufficient to make payment for the securities purchased. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract. TERM LOANS The Funds may invest in term loans. The Fund records an investment when the borrower withdraws money and records interest as earned. These loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. The Fund assumes the credit risk of the borrower. There could be potential loss to the Fund in the event of default by the borrower. FUTURES CONTRACTS Certain Funds may be subject to interest rate risk in the normal course of pursuing its investment objectives. The Funds may buy and sell futures contracts in order to gain exposure to, or protect against changes in, security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With Wells Fargo Advantage Master Portfolios 125 Notes to Financial Statements futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. TBA SALE COMMITMENTS A Fund may enter into To Be Announced ("TBA") sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities, generally according to the procedures described under "Security valuation" above. The contract is "marked-to-market" daily and the change in market value is recorded by the fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the fund realizes a gain or loss. If the fund delivers securities under the commitment, the fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into. INFLATION-INDEXED BONDS AND TIPS Certain Funds may invest in inflation-indexed bonds, including Treasury Inflation-Protected Securities (TIPS). Inflation-indexed bonds are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of inflation-indexed bonds (other than municipal inflation indexed bonds and certain corporate inflation-indexed bonds) will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. Inflation-indexed bonds, including TIPS, decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed income securities with similar durations. CREDIT DEFAULT SWAPS Certain Funds may be subject to credit risk in the normal course of pursuing its investment objectives. The Fund may enter into credit default swap contracts for hedging or speculative purposes to provide or receive a measure of protection against default on a referenced entity, obligation or index or for investment gains. Credit default swaps involve an exchange of a stream of payments for protection against the loss in value of an underlying security or index. Under the terms of the swap, one party acts as a guarantor (referred to as the seller of protection) and receives a periodic stream of payments, provided that there is no credit event, from another party (referred to as the buyer of protection) that is a fixed percentage applied to a notional principal amount over the term of the swap. An index credit default swap references all the names in the index, and if a credit event is triggered, the credit event is settled based on that name's weight in the index. A credit event includes bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/ moratorium, and restructuring. The Fund may enter into credit default swaps as either the seller of protection or the buyer of protection. As the seller of protection, the Fund is subject to investment exposure on the notional amount of the swap and has assumed the risk of default of the underlying security or index. As the buyer of protection, the Fund could be exposed to risks if the seller of the protection defaults on its obligation to perform, or if there are unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index. The maximum potential amount of future payments (undiscounted) that the Fund as the seller of protection could be required to make under the credit default swap contract would be an amount equal to the notional amount of the swap contract. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty. 126 Wells Fargo Advantage Master Portfolios Notes to Financial Statements If the Fund is the seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will pay to the buyer of protection the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index. If the Fund is the buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will receive from the seller of protection the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index. The value of the swap contract is marked-to-market daily based on quotations from an independent pricing service or market makers and any change in value is recorded as an unrealized gain or loss. Periodic payments made or received are recorded as realized gains or losses. In addition, payments received or made as a result of a credit event or termination of the contract are recognized as realized gains or losses. Certain credit default swap contracts entered into by the Fund provide for conditions that result in events of default or termination that enable the counterparty to the agreement to cause an early termination of the transactions under those agreements. Any election by the counterparty to terminate early may impact the amounts reported on the financial statements. STRUCTURED INVESTMENT VEHICLES The Funds may invest in structured debt securities, such as those issued by Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt. As of November 30, 2009, the following Funds owned certain of these types of structured securities in the amounts shown in the table. These securities were originally purchased by the Funds' securities lending agent on behalf of the Funds through a joint account with cash collateral received by the Funds pursuant to loans of the Funds' securities. Although considered high-quality, short-term money market instruments when originally purchased by the securities lending agent through the joint account, the SIVs are now in payment default, have been restructured following default or are otherwise impaired and are valued at fair value as shown in the Portfolio of Investments.
Defaulted /Impaired PORTFOLIO SIVs ($Value) % of Net Assets --------- ------------------- --------------- INFLATION-PROTECTED BOND PORTFOLIO $1,477,067 0.99 MANAGED FIXED INCOME PORTFOLIO 719,150 0.16 STABLE INCOME PORTFOLIO 688,836 0.22 TOTAL RETURN BOND PORTFOLIO 9,260,816 0.36
In a securities lending transaction, the net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. Thus, the current net asset value of each Fund reflects the current valuations assigned to the defaulted or impaired SIVs that were purchased on its behalf through the investment of cash collateral. Declines in the values of defaulted or impaired SIVs generate unrealized losses for a Fund, which are reflected in the Fund's Statement of Assets and Liabilities, equal to the difference between (i) the value of the investments purchased with cash collateral received for securities loaned and (ii) the amount that would be payable if the Fund were to recall the loans at period end. The amount of securities lending activity undertaken by a Fund fluctuates from time to time. After the occurrence of a default or impairment of a SIV purchased in a joint account by the securities lending agent, as the various participating Funds'lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted Wells Fargo Advantage Master Portfolios 127 Notes to Financial Statements or impaired SIVs would fluctuate depending on the relative activity of each participating Fund. In order to eliminate the fluctuation of the various Funds'ratable exposure to the defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired SIVs among all funds participating in securities lending ("side pocketing") based on each Fund's percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each Fund's ownership of defaulted or impaired SIVs in the joint account based on each such Fund's percentage ownership of the joint account as of such date. SECURITY TRANSACTIONS AND INCOME RECOGNITION Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. FEDERAL AND OTHER TAXES Each Fund of the Trust is treated as a separate entity for federal income tax purposes. The Funds of the Trust are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Fund are deemed to have been "passed through" to the interestholders in proportion to their holdings of the Fund regardless of whether such interest, dividends, or gains have been distributed by the Fund. Each Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. 3. FAIR VALUATION MEASUREMENTS Fair value measurements in investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. These inputs are summarized into three broad levels as follows: - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used as of November 30, 2009 in valuing the Funds' investments in securities:
Significant Significant Other Unobservable Quoted Price Observable Inputs Inputs Total Fair Value INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) as of 11/30/2009 ------------------------- ---------------- ----------------- -------------- ---------------- INFLATION-PROTECTED BOND PORTFOLIO Corporate debt securities $ 0 $ 2,592,636 $ 1,477,067 $ 4,069,703 Debt securities issued by states in the U.S. and its political subdivisions 0 593,103 0 593,103 Debt securities issued by U.S. Treasury and U.S. government agencies 148,307,152 0 0 148,307,152 Short-term investments 891,784 709,602 0 1,601,386 $149,198,936 $ 3,895,341 $ 1,477,067 $ 154,571,344
128 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
Significant Significant Other Unobservable Quoted Price Observable Inputs Inputs Total Fair Value INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) as of 11/30/2009 ------------------------- ---------------- ----------------- -------------- ---------------- MANAGED FIXED INCOME PORTFOLIO Asset-backed securities $ 0 $ 30,978,790 $ 4,163,710 $ 35,142,500 Collateralized mortgage obligations 0 84,004,953 5,322,167 89,327,120 Corporate debt securities 0 143,388,337 719,150 144,107,487 Debt securities issued by foreign governments 0 3,326,916 0 3,326,916 Debt securities issued by states in the U.S. and its political subdivisions 0 52,308,515 3,915,821 56,224,336 Debt securities issued by U.S. Treasury and U.S. government agencies 23,787,208 48,839,267 17,827,598 90,454,073 Short-term investments 20,062,611 463,494 0 20,526,105 $ 43,849,819 $ 363,310,272 $ 31,948,446 $ 439,108,537 STABLE INCOME PORTFOLIO Asset backed securities $ 0 $ 52,427,652 $ 11,688,775 $ 64,116,427 Collateralized mortgage obligations 0 78,122,862 1,979,699 80,102,561 Corporate debt securities 0 41,975,388 688,836 42,664,224 Debt securities issued by foreign governments 0 3,341,010 0 3,341,010 Debt securities issued by states in the U.S. and its political subdivisions 0 15,452,530 0 15,452,530 Debt securities issued by U.S. Treasury and U.S. government agencies 0 77,064,293 0 77,064,293 Short-term investments 18,211,574 313,275 0 18,524,849 $ 18,211,574 $ 268,697,010 $ 14,357,310 $ 301,265,894 TOTAL RETURN BOND PORTFOLIO Asset backed securities $ 0 $ 182,532,596 $ 2,105,023 $ 184,637,619 Collateralized mortgage obligations 0 581,598,294 14,470,857 596,069,151 Corporate debt securities 0 660,354,074 9,260,816 669,614,890 Debt securities issued by foreign governments 0 111,409,072 0 111,409,072 Debt securities issued by states in the U.S. and its political subdivisions 0 31,968,463 0 31,968,463 Debt securities issued by U.S. Treasury and U.S. government agencies 309,107,357 902,910,169 6,975,841 1,218,993,367 Short-term investments 210,803,919 26,416,729 0 237,220,648 $519,911,276 $2,497,189,397 $ 32,812,537 $3,049,913,210
Further details on the major security types listed above for each fund can be found in the Portfolio of Investments. The following is a summary of the inputs used as of November 30, 2009 in valuing the Funds' investments in securities:
Total Unrealized Appreciation/ (Level 1) (Level 2) (Level 3) (Depreciation) --------- --------- --------- -------------- INFLATION-PROTECTED BOND PORTFOLIO $ 0 $ 0 $0 $ 0 MANAGED FIXED INCOME PORTFOLIO 278,026 0 0 278,026 STABLE INCOME PORTFOLIO 0 0 0 0 TOTAL RETURN BOND PORTFOLIO 0 (664,444) 0 (664,444)
* Other financial instrument includes futures, sale commitments & credit default swaps. Wells Fargo Advantage Master Portfolios 129 Notes to Financial Statements The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
Inflation- Managed Protected Fixed Stable Total Bond Income Income Return Bond Portfolio Portfolio Portfolio Portfolio ---------- ----------- ----------- ----------- ASSET-BACKED SECURITIES Balance as of 05/31/2009 $ 0 $ 4,045,090 $16,236,619 $ 0 Accrued discounts (premiums) 0 0 0 0 Realized gain (loss) 0 0 0 0 Change in unrealized appreciation (depreciation) 0 118,620 (4,547,844) 0 Net purchases (sales) 0 0 0 2,105,023 Net transfer in (out) of Level 3 0 0 0 0 Balance as of 11/30/2009 $ 0 $ 4,163,710 $11,688,775 $ 2,105,023 COLLATERALIZED MORTGAGE OBLIGATIONS Balance as of 05/31/2009 $ 0 $ 687,039 $ 658,055 $ 3,327,710 Accrued discounts (premiums) 0 0 0 0 Realized gain (loss) 0 0 0 0 Change in unrealized appreciation (depreciation) 0 (348,846) 6,156 448,680 Net purchases (sales) 0 0 0 10,694,467 Net transfer in (out) of Level 3 0 4,983,974 1,315,488 0 Balance as of 11/30/2009 $ 0 $ 5,322,167 $ 1,979,699 $14,470,857 CORPORATE DEBT SECURITIES: Balance as of 05/31/2009 $1,296,489 $ 2,734,268 $604,622 $ 8,128,651 Accrued discounts (premiums) 0 0 0 0 Realized gain (loss) (947,942) (1,323,247) (894,978) (6,848,645) Change in unrealized appreciation (depreciation) 1,299,799 1,494,558 1,059,068 9,054,701 Net purchases (sales) (171,279) (83,392) (79,876) (1,073,891) Net transfer in (out) of Level 3 0 (2,103,037) 0 0 Balance as of 11/30/2009 $1,477,067 $ 719,150 $ 688,836 $ 9,260,816 DEBT SECURITIES ISSUED BY STATES IN THE U.S. AND ITS POLITICAL SUBDIVISIONS Balance as of 05/31/2009 $ 0 $ 6,200,925 $ 1,924,153 $ 0 Accrued discounts (premiums) 0 0 0 0 Realized gain (loss) 0 0 0 0 Change in unrealized appreciation (depreciation) 0 (2,285,104) 0 0 Net purchases (sales) 0 0 0 0 Net transfer in (out) of Level 3 0 0 (1,924,153) 0 Balance as of 11/30/2009 $ 0 $ 3,915,821 $ 0 $ 0
Inflation- Managed Protected Fixed Stable Total Bond Income Income Return Bond Portfolio Portfolio Portfolio Portfolio ---------- ----------- ----------- ----------- DEBT SECURITIES ISSUED BY U.S. TREASURY AND U.S. GOVERNMENT AGENCIES Balance as of 05/31/2009 $ 0 $ 3,087,300 $ 0 $12,824,684 Accrued discounts (premiums) 0 0 0 0 Realized gain (loss) 0 0 0 0 Change in unrealized appreciation (depreciation) 0 0 0 0
130 Wells Fargo Advantage Master Portfolios Notes to Financial Statements
Inflation- Managed Protected Fixed Stable Total Bond Income Income Return Bond Portfolio Portfolio Portfolio Portfolio ---------- ----------- ----------- ----------- Net purchases (sales) 0 14,740,298 0 0 Net transfer in (out) of Level 3 0 0 0 (5,848,843) Balance as of 11/30/2009 $ 0 $17,827,598 $ 0 $ 6,975,841 BALANCE AS OF 11/30/2009 $1,477,067 $31,948,446 $14,357,310 $32,812,537 Change in unrealized appreciation (depreciation) relating to securities held at the end of reporting period Asset backed securities $ 0 $ 118,620 $(4,547,844) $ 0 Collateralized mortgage obligations 0 (348,846) 6,156 448,680 Corporate debt securitites 61,482 29,934 28,673 385,478 Debt securities issued by states in the U.S. and its political subdivisions 0 (2,285,104) 0 0 Debt securities issued by U.S. Treasury and U.S. government agencies 0 0 0 0
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES ADVISORY FEES The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC ("Funds Management"). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management. Pursuant to the contract, Funds Management is entitled to receive an advisory fee for its services as adviser at the following annual rates for each Fund:
Advisory Fees Average Daily (% of Average Net Assets Daily Net Assets) ------------------ ----------------- First $500 million 0.400 Next $500 million 0.375 Next $2 billion 0.350 Next $2 billion 0.325 Over $5 billion 0.300
Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Inflation-Protected Bond Portfolio and Total Return Bond Portfolio. Galliard Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Managed Fixed Income Portfolio and Stable Income Portfolio. Funds Management has contractually waived advisory fees during the six months ended November 30, 2009 to the extent necessary to maintain certain net operating expense ratios for the Funds. Expenses were waived by Funds Management proportionately from all classes, first from advisory fees, and then from any class specific expenses, if applicable. CUSTODY AND FUND ACCOUNTING FEES The Funds have entered into a contract with State Street Bank and Trust Company ("State Street"), whereby State Street is responsible for providing custody services and fund accounting services to the Funds (the "Custody and Fund Accounting Agreement.") Pursuant to the Custody and Fund Accounting Agreement, State Street is entitled to an annual asset-based Wells Fargo Advantage Master Portfolios 131 Notes to Financial Statements fee for domestic and global custody services for the Funds. Also pursuant to the Custody and Fund Accounting Agreement, State Street is entitled to receive annual asset-based fees for providing fund accounting services to the Funds. Prior to November 14, 2009, WFB was responsible for providing custody services to the Funds and was entitled to a monthly fee for custody services at an annual rate of 0.02% of the average daily net assets of each Fund. PNC Global Investment Servicing ("PNC") served as fund accountant for the Trust prior to November 14, 2009 and received an annual asset-based fee and an annual fixed fee from each Fund. PNC was also reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. 5. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) for the six months period ended November 30, 2009, were as follows:
Purchases at Cost Sales Proceeds -------------- -------------- INFLATION-PROTECTED BOND PORTFOLIO $ 18,614,134 $ 22,804,366 MANAGED FIXED INCOME PORTFOLIO 180,256,308 262,074,417 STABLE INCOME PORTFOLIO 16,760,979 33,939,208 TOTAL RETURN BOND PORTFOLIO 7,311,273,927 6,684,510,657
6. DERIVATIVE TRANSACTIONS During the six months ended November 30, 2009, the Fund entered into futures contracts for hedging and speculative purposes. At November 30, 2009, the following Funds had long futures contracts outstanding as follows:
Net Initial Value at Unrealized Contract November 30, Appreciation/ Expiration Contracts Type Value 2009 (Depreciation) ---------- --------- ---------------- ----------- ------------ -------------- MANAGED FIXED INCOME PORTFOLIO Mar 2010 112 US Treasury Bond $13,466,474 $13,744,500 $278,026
Managed Fixed Income Portfolio had an average contract amount of $18,350,947 in futures contracts during the six months ended November 30, 2009. Total Return Bond Portfolio enters into credit default swap contracts as a substitute for taking a position in the underlying security or basket of securities or to potentially enhance the Fund's total return. At November 30, 2009, Total Return Bond Portfolio had the following credit default swap contracts outstanding: Credit default swaps on debt obligations - Buy protection
Rating of Fixed Frequency Upfront Reference Payments of Premium Debt Notional Made by Payments Market Paid/ Unrealized Expiration Counterparty Reference Debt Obligation Obligation* Amount the Fund Made Value (Received) Gain/(Loss) ---------- ---------------- -------------------------- ----------- ---------- -------- --------- ---------- ---------- ----------- 3/20/2014 JPMorgan Chase Century Tel, Incorporated, 6.00%, 04/01/2017** Baa3 $5,000,000 1.13% Quarterly $4,948,671 $ 0 $(51,329) 3/20/2014 Bank of America McDonald's Corporation, 4.125%, 06/01/2013** A3 2,500,000 0.60% Quarterly 2,481,436 0 (18,564) 3/20/2014 Barclays Capital Yum! Brands Incorporated, 6.25%, 03/15/2018** Baa3 2,500,000 1.08% Quarterly 2,471,472 0 (28,528) 9/20/2014 Barclays Capital Century Tel, Incorporated, 6.25%, 04/01/2017** Baa3 5,000,000 1.00% Quarterly 5,024,860 7,958 16,902 12/20/2014 JPMorgan Chase Weatherford International, 4.95%, 10/15/2013 Baa1 5,000,000 1.00% Quarterly 5,049,000 48,999 1
132 Wells Fargo Advantage Master Portfolios Notes to Financial Statements Credit default swaps on debt obligations - Sell protection
Fixed Rating of Payments Frequency Upfront Reference Received of Premium Debt Notional by Payments Market Paid/ Unrealized Expiration Counterparty Reference Debt Obligation Obligation Amount the Fund Received Value (Received) Gain/(Loss) ---------- ---------------- ------------------------- ---------- ---------- -------- --------- ---------- ---------- ----------- 3/20/2014 Bank of America Verizon Corporation, 7.375%, 11/15/2013** A2 $5,000,000 1.25% Quarterly $5,113,738 $ 0 $113,738 3/20/2014 Barclays Capital Wal-Mart Stores Incorporated, 5.875%, 04/05/2027** Aa2 5,000,000 0.98% Quarterly 5,081,417 0 81,417 9/20/2014 Barclays Capital Embarq Corporation, 7.082%, 06/01/2016** Baa3 5,000,000 1.00% Quarterly 4,962,708 8,679 (45,971) 12/20/2014 Barclays Capital Kinder Morgan Energy Partners, 5.00%, 12/15/2013 Baa2 5,000,000 1.00% Quarterly 4,889,509 (110,488) (3)
* Reflects the ratings of a nationally recognized ratings agency at period end. A rating of D would most likely indicate a trigger event of default has occurred although circumstances including bankruptcy, failure to pay, obligation default, obligation acceleration, repudiation/moratorium and restructuring may also cause a credit event to take place. ** The Fund entered into the swap contract to gain and hedge credit exposures. The total notional amount of credit default swaps in the tables above is representative of the average volume of derivative activity during the six months ended November 30, 2009. 7. INDEMNIFICATION Under the Trust's organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated. ITEM 2. CODE OF ETHICS ======================= Not required in this filing ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT ========================================= Not required in this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES ============================================== Not required in this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS =============================================== Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS =============================== The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES =============================================================== Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES ============================================================================= Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES =================================================================== Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ============================================================ The Governance Committee (the "Committee") of the Board of Trustees of the registrant (the "Trust") has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee's consideration. The shareholder must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered. The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the "candidate"); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Trust's books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust. ITEM 11. CONTROLS AND PROCEDURES ================================= (a) The President and Treasurer have concluded that the Wells Fargo Funds Trust (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. (b) There were no changes in the Trust's internal controls over financial reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that occurred during the second quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS ================= (a)(1) Not required in this filing. (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. (a)(3) Not applicable. (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Wells Fargo Master Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: January 28, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: January 28, 2010 By: /s/ Kasey L. Phillips Kasey L. Phillips Treasurer Date: January 28, 2010