N-CSRS 1 g57159_mastertrustncsrs.txt G57159_MASTERTRUSTNCSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09689 Wells Fargo Master Trust (Exact name of registrant as specified in charter) 525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: September 30, 2009 Date of reporting period: March 31, 2009 ITEM 1. REPORT TO SHAREHOLDERS =============================== Wells Fargo Advantage Master Portfolios 85 Portfolio of Investments--March 31, 2010 (Unaudited) C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 96.17% APPAREL & ACCESSORY STORES: 1.68% 124,635 VF CORPORATION $ 9,989,495 --------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65% 13,500 NVR INCORPORATED+ 9,807,750 --------------- BUSINESS SERVICES: 7.78% 307,700 AVERY DENNISON CORPORATION 11,203,357 185,510 FISERV INCORPORATED+~~ 9,416,488 109,700 MANPOWER INCORPORATED 6,266,064 497,400 OMNICOM GROUP INCORPORATED 19,304,094 46,190,003 --------------- CHEMICALS & ALLIED PRODUCTS: 2.52% 313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545 --------------- CONGLOMERATES: 1.97% 644,300 GENERAL ELECTRIC COMPANY 11,726,260 --------------- COSMETICS, PERSONAL CARE: 1.48% 258,900 AVON PRODUCTS INCORPORATED 8,768,943 --------------- DEPOSITORY INSTITUTIONS: 7.55% 713,700 BANK OF AMERICA CORPORATION 12,739,545 266,400 JPMORGAN CHASE & COMPANY 11,921,400 446,700 STATE STREET CORPORATION 20,164,038 44,824,983 --------------- EATING & DRINKING PLACES: 4.48% 291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410 204,200 MCDONALD'S CORPORATION 13,624,224 26,607,634 --------------- ELECTRIC, GAS & SANITARY SERVICES: 1.96% 400,500 REPUBLIC SERVICES INCORPORATED 11,622,510 --------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34% 1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056 464,300 MOLEX INCORPORATED CLASS A 8,194,895 393,100 TYCO ELECTRONICS LIMITED 10,802,388 31,744,339 --------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00% 251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832 --------------- FOOD & KINDRED PRODUCTS: 2.20% 194,100 DIAGEO PLC ADR 13,092,045 --------------- GENERAL MERCHANDISE STORES: 2.32% 251,500 KOHL'S CORPORATION+ 13,777,169 --------------- HEALTH SERVICES: 1.35% 223,100 CARDINAL HEALTH INCORPORATED 8,038,293 --------------- HOLDING & OTHER INVESTMENT OFFICES: 1.91% 140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800 ---------------
86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE HOUSEHOLD PRODUCTS, WARE: 4.42% 223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610 155,100 HENKEL AG & COMPANY KGAA ADR~~ 7,181,130 26,236,740 --------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31% 261,600 DIEBOLD INCORPORATED 8,308,416 328,500 DOVER CORPORATION 15,357,375 176,700 EATON CORPORATION 13,388,559 179,600 LAM RESEARCH CORPORATION+ 6,702,672 471,800 PITNEY BOWES INCORPORATED 11,535,510 55,292,532 --------------- INSURANCE CARRIERS: 6.05% 253,900 ALLSTATE CORPORATION 8,203,509 150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000 172,600 CHUBB CORPORATION 8,949,310 450,300 WILLIS GROUP HOLDINGS 14,089,887 35,931,706 --------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92% 66,500 BECTON DICKINSON & COMPANY 5,235,545 309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584 23,282,129 --------------- MEDICAL PRODUCTS: 1.27% 129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360 --------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27% 197,000 TYCO INTERNATIONAL LIMITED 7,535,250 --------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01% 185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937 --------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39% 487,900 AMERICAN EXPRESS COMPANY 20,130,754 --------------- PERSONAL SERVICES: 0.99% 208,400 CINTAS CORPORATION 5,853,956 --------------- PETROLEUM REFINING & RELATED INDUSTRIES: 5.21% 140,400 CHEVRON CORPORATION 10,646,532 302,700 EXXON MOBIL CORPORATION 20,274,846 30,921,378 --------------- PHARMACEUTICALS: 2.91% 265,000 JOHNSON & JOHNSON 17,278,000 --------------- SOFTWARE: 1.97% 399,750 MICROSOFT CORPORATION 11,700,683 --------------- TELECOMMUNICATIONS: 2.56% 652,900 VODAFONE GROUP PLC ADR 15,206,041 --------------- TRAVEL & RECREATION: 2.64% 403,000 CARNIVAL CORPORATION 15,668,640 ---------------
Wells Fargo Advantage Master Portfolios 87 Portfolio of Investments--March 31, 2010 (Unaudited) C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE WHOLESALE TRADE-DURABLE GOODS: 2.06% 194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024 --------------- TOTAL COMMON STOCKS (COST $ 559,014,031) 571,210,731 ---------------
DIVIDEND YIELD PREFERRED STOCKS: 1.96% 217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250 TOTAL PREFERRED STOCKS (COST $ 9,772,032) 11,636,250 ---------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 1.26% COLLATERAL INVESTED IN OTHER ASSETS: 1.26% $ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 267,136) 0.01 04/01/2010 267,136 79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993 109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990 2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 2,203,843) 0.02 04/01/2010 2,203,842 52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945 159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986 200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 200,342) 0.03 04/01/2010 200,342 307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 307,572) 0.01 04/01/2010 307,572 1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544 32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997 99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991 39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996 1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 1,335,660) 0.01 04/01/2010 1,335,660 59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995 39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996 116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890 179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984 59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996 2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $ 7,091,887) 7,473,591 ---------------
SHARES YIELD SHORT-TERM INVESTMENTS: 2.81% MUTUAL FUNDS: 2.81% 16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $ 16,713,155) 16,713,155 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $592,591,105)* 102.20% 607,033,727 OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537) ------ --------------- TOTAL NET ASSETS 100.00% $ 593,951,190 ------ ---------------
88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) C&B LARGE CAP VALUE PORTFOLIO ------------------ + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $606,283,098 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 64,898,079 Gross unrealized depreciation (64,147,450) -------------- Net unrealized appreciation $ 750,629
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 89 Portfolio of Investments--March 31, 2010 (Unaudited) DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.35% APPAREL & ACCESSORY STORES: 4.18% 57,600 GAP INCORPORATED $1,331,135 62,300 LIMITED BRANDS INCORPORATED 1,533,826 2,864,961 ---------- AUTO & TRUCKS: 2.53% 138,100 FORD MOTOR COMPANY+ 1,735,917 ---------- BIOPHARMACEUTICALS: 1.46% 22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426 ---------- BIOTECHNOLOGY: 1.64% 18,875 AMGEN INCORPORATED+ 1,127,970 ---------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98% 41,995 HOME DEPOT INCORPORATED 1,358,538 ---------- BUSINESS SERVICES: 2.12% 61,905 CA INCORPORATED 1,452,910 ---------- CHEMICALS: 2.09% 30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752 ---------- COMMERCIAL SERVICES: 1.40% 54,100 SAIC INCORPORATED+ 957,570 ---------- COMPUTER TECHNOLOGIES: 6.15% 5,410 APPLE INCORPORATED+ 1,270,971 28,770 HEWLETT-PACKARD COMPANY 1,529,126 11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728 4,219,825 ---------- DATA SERVICES: 1.75% 36,800 NETAPP INCORPORATED+ 1,198,208 ---------- E-COMMERCE/SERVICES: 2.16% 5,800 PRICELINE.COM INCORPORATED+ 1,479,000 ---------- EATING & DRINKING PLACES: 2.04% 20,985 MCDONALD'S CORPORATION 1,400,119 ---------- EDUCATIONAL SERVICES: 1.63% 9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301 ---------- ELECTRIC, GAS & SANITARY SERVICES: 3.30% 109,475 EL PASO CORPORATION 1,186,709 25,415 PG&E CORPORATION 1,078,104 2,264,813 ---------- ELECTRONIC: 2.01% 71,100 GENTEX CORPORATION 1,380,762 ---------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27% 27,000 HARRIS CORPORATION 1,282,230 73,000 JABIL CIRCUIT INCORPORATED 1,181,870 27,400 TECH DATA CORPORATION+ 1,148,060 3,612,160 ----------
90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72% 24,900 ILLINOIS TOOL WORKS INCORPORATED $1,179,264 ---------- FOOD & KINDRED PRODUCTS: 3.96% 23,235 THE COCA-COLA COMPANY 1,277,925 74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335 2,712,260 ---------- GENERAL MERCHANDISE STORES: 1.98% 24,435 WAL-MART STORES INCORPORATED 1,358,586 ---------- HEALTH SERVICES: 4.60% 16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234 34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231 3,153,465 ---------- HOUSEHOLD PRODUCTS, WARE: 3.95% 20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946 15,310 COLGATE-PALMOLIVE COMPANY 1,305,331 2,710,277 ---------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98% 16,555 3M COMPANY 1,383,501 18,800 EATON CORPORATION 1,424,476 33,200 WESTERN DIGITAL CORPORATION+ 1,294,468 4,102,445 ---------- INFORMATION & BUSINESS SERVICES: 1.83% 2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092 ---------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91% 23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188 ---------- METAL MINING: 2.16% 17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329 ---------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26% 16,600 FEDEX CORPORATION 1,550,440 ---------- NETWORKING: 2.19% 57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760 ---------- NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04% 33,700 AMERICAN EXPRESS COMPANY 1,390,462 32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107 5,505 MASTERCARD INCORPORATED~~ 1,398,270 4,142,839 ---------- OIL & GAS EXTRACTION: 2.52% 33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841 ---------- PAPER & ALLIED PRODUCTS: 1.38% 37,545 PACTIV CORPORATION+ 945,383 ---------- PHARMACEUTICALS: 4.03% 24,405 ABBOTT LABORATORIES 1,285,655 55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510 2,762,165 ----------
Wells Fargo Advantage Master Portfolios 91 Portfolio of Investments--March 31, 2010 (Unaudited) DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34% 46,400 SANDISK CORPORATION+ $ 1,606,832 ----------- SOFTWARE: 5.93% 37,545 BMC SOFTWARE INCORPORATED+ 1,426,710 41,500 MICROSOFT CORPORATION 1,214,705 48,605 RED HAT INCORPORATED+ 1,422,668 4,064,083 ----------- TOBACCO PRODUCTS: 1.86% 24,445 PHILIP MORRIS INTERNATIONAL 1,275,051 ----------- TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532 -----------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 1.55% COLLATERAL INVESTED IN OTHER ASSETS: 1.55% $ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $29,300) 0.01% 04/01/2010 29,300 8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774 12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064 241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725 5,807 COLORADO HOUSING & Finance Authority+/-ss 0.25 10/01/2038 5,807 17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548 21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974 33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736 431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210 3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619 10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967 4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387 146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $146,500) 0.01 04/01/2010 146,500 6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580 4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387 12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821 19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741 6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580 550,042 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744 ---------
SHARES YIELD SHORT-TERM INVESTMENTS: 1.47% MUTUAL FUNDS: 1.47% 1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460 ----------- TOTAL INVESTMENTS IN SECURITIES (COST $57,528,737)* 101.37% 69,517,736 OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751) ------ ----------- TOTAL NET ASSETS 100.00% $68,576,985 ------ -----------
92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) DISCIPLINED GROWTH PORTFOLIO ---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $58,728,476 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 12,303,557 Gross unrealized depreciation (1,514,297) ------------ Net unrealized appreciation $ 10,789,260
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 93 Portfolio of Investments--March 31, 2010 (Unaudited) EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.29% ANTHRACITE MINING: 0.32% 5,870 LOGMEIN INCORPORATED+ $ 121,450 ---------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.75% 6,000 WARNACO GROUP INCORPORATED+ 286,260 ---------- BIOPHARMACEUTICALS: 4.61% 10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360 8,600 AFFYMAX INCORPORATED+ 201,498 14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676 10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120 1,300 UNITED THERAPEUTICS CORPORATION+ 71,929 1,767,583 ---------- BUSINESS SERVICES: 11.71% 53,030 ARIBA INCORPORATED+ 681,436 19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936 15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964 2,000 COSTAR GROUP INCORPORATED+ 83,040 18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841 39,620 GSE SYSTEMS INCORPORATED+ 214,344 5,030 MEDASSETS INCORPORATED+ 105,630 5,310 MERCADOLIBRE INCORPORATED+ 255,995 47,500 PERFICIENT INCORPORATED+ 535,325 42,140 SKILLSOFT PLC ADR+ 434,885 41,410 SUCCESSFACTORS INCORPORATED+ 788,446 4,494,842 ---------- CASINO & GAMING: 3.18% 6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645 22,960 WMS INDUSTRIES INCORPORATED+ 962,942 1,221,587 ---------- COMMERCIAL SERVICES: 0.28% 3,600 WRIGHT EXPRESS CORPORATION+ 108,432 ---------- COMMUNICATIONS: 8.01% 40,500 ARUBA NETWORKS INCORPORATED+ 553,230 36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165 10,320 DG FASTCHANNEL INCORPORATED+ 329,724 52,400 LOOPNET INCORPORATED+ 588,976 27,900 SOURCEFIRE INCORPORATED+ 640,305 3,072,400 ---------- COMPUTER DATA SECURITY: 0.37% 8,000 FORTINET INCORPORATED+ 140,640 ---------- COMPUTER TECHNOLOGIES: 1.53% 76,700 LIVEPERSON INCORPORATED+ 588,289 ---------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15% 2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881 ---------- E-COMMERCE/SERVICES: 1.77% 20,420 GSI COMMERCE INCORPORATED+ 565,021 3,000 OPENTABLE INCORPORATED+ 114,390 679,411 ----------
94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE EDUCATIONAL SERVICES: 1.40% 3,420 AMERICAN PUBLIC EDUCATION INCORPORATED+ $ 159,372 4,070 CAPELLA EDUCATION COMPANY+ 377,859 537,231 ---------- ELECTRICAL PRODUCTS: 1.75% 31,090 HARBIN ELECTRIC INCORPORATED+ 671,233 ---------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 11.10% 22,190 BALDOR ELECTRIC COMPANY 829,906 9,300 CEVA INCORPORATED+ 108,438 103,300 ENTROPIC COMMUNICATIONS INCORPORATED+ 524,764 1,050 MAXLINEAR INCORPORATED+ 18,638 52,600 MONOLITHIC POWER SYSTEMS+ 1,172,980 16,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 491,481 9,800 OSI SYSTEMS INCORPORATED+ 274,890 10,170 POLYPORE INTERNATIONAL INCORPORATED+ 177,568 5,700 REGAL-BELOIT CORPORATION 338,637 8,300 SOLERA HOLDINGS INCORPORATED 320,795 4,258,097 ---------- ENERGY: 0.41% 5,300 ENERNOC INCORPORATED+ 157,304 ---------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.48% 7,500 ICF INTERNATIONAL INCORPORATED+ 186,300 ---------- ENVIRONMENTAL CONTROL: 0.38% 22,100 SHARPS COMPLIANCE CORPORATION+ 144,534 ---------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.45% 36,000 MUELLER WATER PRODUCTS INCORPORATED 172,080 ---------- HEALTH SERVICES: 1.45% 15,850 IPC THE HOSPITALIST COMPANY+ 556,494 ---------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.23% 26,120 ORION MARINE GROUP INCORPORATED+ 471,466 ---------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.21% 18,400 HHGREGG INCORPORATED+ 464,416 ---------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 6.44% 52,340 ALTRA HOLDINGS INCORPORATED+ 718,628 31,100 ARCSIGHT INCORPORATED+ 875,465 44,010 ENTEGRIS INCORPORATED+ 221,810 6,500 MERU NETWORKS INCORPORATED+ 124,605 8,160 RIVERBED TECHNOLOGY INCORPORATED+ 231,744 17,400 SUPER MICRO COMPUTER INCORPORATED+ 300,672 2,472,924 ---------- INSURANCE CARRIERS: 0.05% 1,300 PRIMERICA INCORPORATED+ 19,500 ---------- LEISURE, SPORTING & RECREATION: 2.50% 13,160 DICK'S SPORTING GOODS INCORPORATED+ 343,608 24,020 HIBBETT SPORTS INCORPORATED+ 614,432 958,040 ----------
Wells Fargo Advantage Master Portfolios 95 Portfolio of Investments--March 31, 2010 (Unaudited) EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.75% 2,950 BADGER METER INCORPORATED $ 113,605 27,400 DEXCOM INCORPORATED+ 266,602 58,350 ENDOLOGIX INCORPORATED+ 235,734 30,670 EV3 INCORPORATED+ 486,426 12,190 MASIMO CORPORATION 323,645 1,820 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 198,744 38,600 NXSTAGE MEDICAL INCORPORATED+ 441,970 5,500 SIRONA DENTAL SYSTEMS INCORPORATED+ 209,165 7,200 VEECO INSTRUMENTS INCORPORATED+ 313,200 2,589,091 ---------- MEDICAL EQUIPMENT & SUPPLIES: 2.56% 37,640 CONCEPTUS INCORPORATED+~~ 751,294 5,110 NUVASIVE INCORPORATED+ 230,972 982,266 ---------- MEDICAL PRODUCTS: 1.49% 23,660 VOLCANO CORPORATION+ 571,626 ---------- MOTION PICTURES: 1.34% 28,650 IMAX CORPORATION+ 515,414 ---------- OIL & GAS EXPLORATION: 1.49% 36,000 NORTHERN OIL & Gas Incorporated+ 570,600 ---------- OIL & GAS EXTRACTION: 2.54% 6,710 ARENA RESOURCES INCORPORATED+ 224,114 40,300 BRIGHAM EXPLORATION COMPANY+~~ 642,785 10,010 SMARTHEAT INCORPORATED+ 107,507 974,406 ---------- PHARMACEUTICALS: 2.35% 10,290 CATALYST HEALTH SOLUTIONS INCORPORATED+ 425,800 8,200 MAP PHARMACEUTICALS INCORPORATED+ 130,298 2,360 ONYX PHARMACEUTICALS INCORPORATED+ 71,461 4,100 SXC HEALTH SOLUTIONS CORPORATION+ 275,848 903,407 ---------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 5.80% 11,280 ROVI CORPORATION+ 418,826 34,836 SHUTTERFLY INCORPORATED+ 839,199 16,930 VISTAPRINT NV+~~ 969,243 2,227,268 ---------- RETAIL FOOD: 1.41% 7,100 PANERA BREAD COMPANY+ 543,079 ---------- RETAIL, TRADE & SERVICES: 1.03% 14,900 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 397,383 ---------- RETAIL-SPECIAL LINE: 0.24% 1,680 BLUE NILE INCORPORATED+ 92,434 ---------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.71% 47,490 GFI GROUP INCORPORATED 274,492 ----------
96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE SOCIAL SERVICES: 0.98% 10,030 ALMOST FAMILY INCORPORATED+ $ 378,031 ----------- SOFTWARE: 2.82% 4,800 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR+ 154,608 56,340 PROS HOLDINGS INCORPORATED+ 556,639 17,050 SOLARWINDS INCORPORATED+ 369,303 1,080,550 ----------- TRANSPORTATION BY AIR: 1.69% 9,100 ALLEGIANT TRAVEL COMPANY+ 526,526 3,240 BRISTOW GROUP INCORPORATED+ 122,245 648,771 ----------- WATER TRANSPORTATION: 2.29% 30,980 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED 879,212 ----------- WHOLESALE TRADE NON-DURABLE GOODS: 1.27% 8,400 TRACTOR SUPPLY COMPANY 487,620 ----------- TOTAL COMMON STOCKS (COST $28,512,238) 37,722,044 -----------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 4.86% COLLATERAL INVESTED IN OTHER ASSETS: 4.86% $ 47,233 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $47,233) 0.01% 04/01/2010 47,233 14,144 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 14,144 19,448 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 19,448 389,670 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $389,670) 0.02 04/01/2010 389,670 9,361 COLORADO HOUSING & Finance AUTHORITY+/-ss 0.25 10/01/2038 9,361 28,288 COOK COUNTY IL+/-ss 0.25 11/01/2030 28,288 35,423 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,423) 0.03 04/01/2010 35,423 54,383 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $54,383) 0.01 04/01/2010 54,383 834,629 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 343,033 5,834 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 5,834 17,680 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 17,680 7,072 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,072 236,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $236,163) 0.01 04/01/2010 236,163 10,608 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 10,608 7,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,072 20,668 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 20,668 31,824 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 31,824 10,608 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 10,608 1,064,736 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 574,957 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,698,674) 1,863,469 ---------
Wells Fargo Advantage Master Portfolios 97 Portfolio of Investments--March 31, 2010 (Unaudited) EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 1.73% MUTUAL FUNDS: 1.73% 663,091 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 663,091 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $663,091) 663,091 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $30,874,003)* 104.88% 40,248,604 OTHER ASSETS AND LIABILITIES, NET (4.88) (1,873,213) ------ ------------ TOTAL NET ASSETS 100.00% $ 38,375,391 ------ ------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $33,347,634 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 9,600,180 Gross unrealized depreciation (2,699,210) ----------- Net unrealized appreciation $ 6,900,970
The accompanying notes are an integral part of these financial statements. 98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.82% APPAREL & ACCESSORY STORES: 1.05% 30,275 VF CORPORATION $ 2,426,537 ----------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.18% 84,525 HOME DEPOT INCORPORATED 2,734,384 ----------- CHEMICALS & ALLIED PRODUCTS: 3.07% 44,147 AIR PRODUCTS & CHEMICALS INCORPORATED 3,264,671 103,309 E.I. DU PONT DE NEMOURS & COMPANY 3,847,227 7,111,898 ----------- COMMUNICATIONS: 4.91% 237,440 AT&T INCORPORATED 6,135,450 10,701 TIME WARNER CABLE INCORPORATED 570,470 150,336 VERIZON COMMUNICATIONS INCORPORATED 4,663,423 11,369,343 ----------- COMPUTER TECHNOLOGIES: 3.48% 90,070 HEWLETT-PACKARD COMPANY 4,787,221 25,492 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,269,349 8,056,570 ----------- CONGLOMERATES: 2.37% 302,194 GENERAL ELECTRIC COMPANY 5,499,931 ----------- DEPOSITORY INSTITUTIONS: 14.44% 400,246 BANK OF AMERICA CORPORATION 7,144,391 200,505 BANK OF NEW YORK MELLON CORPORATION 6,191,594 240,590 JPMORGAN CHASE & COMPANY 10,766,403 59,150 STATE STREET CORPORATION 2,670,031 258,156 US BANCORP 6,681,077 33,453,496 ----------- DIVERSIFIED MANUFACTURING: 2.19% 111,830 HONEYWELL INTERNATIONAL INCORPORATED 5,062,544 ----------- E-COMMERCE/SERVICES: 0.05% 4,582 AOL INCORPORATED+ 115,833 ----------- EATING & DRINKING PLACES: 1.24% 43,020 MCDONALD'S CORPORATION 2,870,294 ----------- ELECTRIC, GAS & SANITARY SERVICES: 7.14% 69,066 DOMINION RESOURCES INCORPORATED 2,839,303 88,575 EMERSON ELECTRIC COMPANY 4,458,866 24,295 FIRSTENERGY CORPORATION 949,692 111,370 FPL GROUP INCORPORATED 5,382,512 15,800 PG&E CORPORATION 670,236 75,730 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,235,550 16,536,159 ----------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.58% 87,195 NOKIA OYJ ADR~~ 1,355,010 -----------
Wells Fargo Advantage Master Portfolios 99 Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS: 3.23% 41,975 MCCORMICK & COMPANY INCORPORATED $ 1,610,161 63,195 PEPSICO INCORPORATED 4,180,981 56,925 SYSCO CORPORATION 1,679,288 7,470,430 ----------- GENERAL MERCHANDISE STORES: 2.71% 119,195 TARGET CORPORATION 6,269,657 ----------- HOUSEHOLD PRODUCTS, WARE: 2.12% 11,925 COLGATE-PALMOLIVE COMPANY 1,016,726 40,285 FORTUNE BRANDS INCORPORATED 1,954,225 30,510 PROCTER & GAMBLE COMPANY 1,930,368 4,901,319 ----------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.73% 47,816 3M COMPANY 3,995,983 ----------- INSURANCE CARRIERS: 6.26% 121,705 METLIFE INCORPORATED 5,274,695 51,400 PRUDENTIAL FINANCIAL INCORPORATED 3,109,700 113,550 THE TRAVELERS COMPANIES INCORPORATED 6,124,887 14,509,282 ----------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.90% 26,334 BECTON DICKINSON & COMPANY 2,073,276 ----------- MEDICAL EQUIPMENT & SUPPLIES: 1.24% 63,675 MEDTRONIC INCORPORATED 2,867,285 ----------- MISCELLANEOUS RETAIL: 2.38% 33,500 COSTCO WHOLESALE CORPORATION 2,000,285 95,975 CVS CAREMARK CORPORATION 3,508,846 5,509,131 ----------- MOTION PICTURES: 1.51% 46,816 TIME WARNER INCORPORATED 1,463,936 58,515 WALT DISNEY COMPANY 2,042,759 3,506,695 ----------- NETWORKING: 1.11% 98,700 CISCO SYSTEMS INCORPORATED+ 2,569,161 ----------- NON-DEPOSITORY CREDIT INSTITUTIONS: 2.09% 76,610 AMERICAN EXPRESS COMPANY 3,160,929 40,725 CAPITAL ONE FINANCIAL CORPORATION 1,686,422 4,847,351 ----------- OIL & GAS EXTRACTION: 2.16% 7,925 APACHE CORPORATION 804,388 95,500 CHESAPEAKE ENERGY CORPORATION 2,257,620 23,050 OCCIDENTAL PETROLEUM CORPORATION 1,948,647 5,010,655 ----------- OIL & OIL SERVICES: 1.72% 131,875 HALLIBURTON COMPANY 3,973,394 -----------
100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE PETROLEUM REFINING & RELATED INDUSTRIES: 13.01% 126,170 CHEVRON CORPORATION $ 9,567,471 141,100 CONOCOPHILLIPS 7,220,087 147,236 EXXON MOBIL CORPORATION 9,861,867 110,250 MARATHON OIL CORPORATION 3,488,310 30,137,735 ------------ PHARMACEUTICALS: 6.67% 95,225 ABBOTT LABORATORIES 5,016,453 100,725 BRISTOL-MYERS SQUIBB COMPANY 2,689,358 42,515 JOHNSON & JOHNSON 2,771,978 59,137 MERCK & COMPANY INCORPORATED 2,208,767 161,685 PFIZER INCORPORATED 2,772,898 15,459,454 ------------ PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.49% 32,000 MCGRAW-HILL COMPANIES INCORPORATED 1,140,800 ------------ RETAIL: 0.31% 17,000 BEST BUY COMPANY INCORPORATED 723,180 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.34% 68,572 AMERIPRISE FINANCIAL INCORPORATED 3,110,426 ------------ SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.25% 130,150 INTEL CORPORATION 2,897,139 ------------ SOFTWARE: 2.56% 60,125 MICROSOFT CORPORATION 1,759,859 113,800 ORACLE CORPORATION 2,923,522 73,225 SYMANTEC CORPORATION+ 1,238,967 5,922,348 ------------ TRANSPORTATION EQUIPMENT: 2.33% 73,200 UNITED TECHNOLOGIES CORPORATION 5,388,252 ------------ TOTAL COMMON STOCKS (COST $206,562,141) 228,874,952 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 0.58% COLLATERAL INVESTED IN OTHER ASSETS: 0.58% $ 52,798 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $52,798) 0.01% 04/01/2010 52,798 15,810 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 15,810 21,739 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 21,739 435,574 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $435,574) 0.02 04/01/2010 435,574 10,464 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 10,464 31,620 COOK COUNTY IL+/-ss 0.25 11/01/2030 31,620 39,596 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $39,596) 0.03 04/01/2010 39,596 60,790 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $60,790) 0.01 04/01/2010 60,790 270,455 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 111,157 6,522 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 6,522 19,763 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 19,763 7,905 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,905
Wells Fargo Advantage Master Portfolios 101 Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 263,984 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $263,984) 0.01% 04/01/2010 $ 263,984 11,858 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 11,858 7,905 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,905 23,102 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 23,102 35,573 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 35,573 11,858 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 11,856 345,019 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 186,310 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,300,926) 1,354,326 ----------
SHARES YIELD SHORT-TERM INVESTMENTS: 1.16% MUTUAL FUNDS: 1.16% 2,670,386 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,670,386 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $2,670,386) 2,670,386 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $210,533,453)* 100.56% 232,899,664 OTHER ASSETS AND LIABILITIES, NET (0.56) (1,296,530) ------ ------------- TOTAL NET ASSETS 100.00% $ 231,603,134 ------ -------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $211,336,200 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 47,477,417 Gross unrealized depreciation (25,913,953) ------------ Net unrealized appreciation $ 21,563,464
The accompanying notes are an integral part of these financial statements. 102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.95% AUTO & TRUCKS: 0.93% 390,000 FORD MOTOR COMPANY+~~ $ 4,902,300 ----------- BIOTECHNOLOGY: 2.85% 155,000 AMGEN INCORPORATED+ 9,262,800 110,400 LIFE TECHNOLOGIES CORPORATION+ 5,770,608 15,033,408 ----------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.07% 61,000 WALTER INDUSTRIES INCORPORATED 5,628,470 ----------- CHEMICALS & ALLIED PRODUCTS: 3.10% 197,000 CELANESE CORPORATION CLASS A 6,274,450 37,325 CF INDUSTRIES HOLDINGS INCORPORATED 3,403,294 53,800 EASTMAN CHEMICAL COMPANY 3,425,984 53,300 MOSAIC COMPANY 3,239,041 16,342,769 ----------- COAL MINING: 0.97% 102,200 ALPHA NATURAL RESOURCES INCORPORATED+ 5,098,758 ----------- COMMUNICATIONS: 3.34% 164,500 COMCAST CORPORATION CLASS A 3,095,890 1,345,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 7,020,900 240,400 VERIZON COMMUNICATIONS INCORPORATED 7,457,208 17,573,998 ----------- COMPUTER TECHNOLOGIES: 2.01% 76,000 LEXMARK INTERNATIONAL INCORPORATED+ 2,742,080 430,600 SEAGATE TECHNOLOGY 7,862,756 10,604,836 ----------- CONGLOMERATES: 4.64% 1,343,800 GENERAL ELECTRIC COMPANY 24,457,160 ----------- DEPARTMENT STORES: 0.72% 173,700 MACY'S INCORPORATED 3,781,449 ----------- DEPOSITORY INSTITUTIONS: 14.22% 1,066,000 BANK OF AMERICA CORPORATION 19,028,100 2,366,000 CITIGROUP INCORPORATED+ 9,582,300 119,500 COMERICA INCORPORATED 4,545,780 206,000 FIFTH THIRD BANCORP 2,799,540 327,000 JPMORGAN CHASE & COMPANY 14,633,250 486,400 KEYCORP 3,769,600 111,000 NORTHERN TRUST CORPORATION 6,133,860 102,000 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,089,400 654,700 REGIONS FINANCIAL CORPORATION 5,139,395 120,700 SUNTRUST BANKS INCORPORATED 3,233,553 74,954,778 ----------- DRILLING OIL & NATURAL GAS WELLS: 1.15% 145,000 NOBLE CORPORATION 6,063,900 ----------- EATING & DRINKING PLACES: 0.51% 60,500 DARDEN RESTAURANTS INCORPORATED 2,694,670 -----------
Wells Fargo Advantage Master Portfolios 103 Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES: 3.06% 168,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 5,742,240 114,000 DTE ENERGY COMPANY 5,084,400 490,400 EL PASO CORPORATION 5,315,936 16,142,576 ----------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.42% 186,500 COOPER INDUSTRIES PLC 8,940,810 476,000 LSI LOGIC CORPORATION+ 2,913,120 97,900 TYCO ELECTRONICS LIMITED 2,690,292 40,000 WHIRLPOOL CORPORATION 3,490,000 18,034,222 ----------- FOOD & KINDRED PRODUCTS: 1.36% 62,500 JM SMUCKER COMPANY 3,766,250 176,900 TYSON FOODS INCORPORATED CLASS A 3,387,635 7,153,885 ----------- GENERAL MERCHANDISE STORES: 1.27% 122,000 KOHL'S CORPORATION+ 6,683,159 ----------- HEALTH SERVICES: 1.43% 116,900 AMERISOURCEBERGEN CORPORATION 3,380,748 114,600 CARDINAL HEALTH INCORPORATED 4,129,038 7,509,786 ----------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.72% 352,300 WYNDHAM WORLDWIDE CORPORATION 9,064,679 ----------- HOUSEHOLD PRODUCTS, WARE: 1.06% 368,300 NEWELL RUBBERMAID INCORPORATED 5,598,160 ----------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.79% 90,200 CATERPILLAR INCORPORATED 5,669,070 61,500 CUMMINS INCORPORATED 3,809,925 51,000 EATON CORPORATION 3,864,270 115,000 STANLEY BLACK & DECKER INCORPORATED 6,602,150 19,945,415 ----------- INSURANCE CARRIERS: 6.20% 115,500 ASSURED GUARANTY LIMITED 2,537,535 268,000 GENWORTH FINANCIAL INCORPORATED+ 4,915,120 151,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,314,156 107,500 PRUDENTIAL FINANCIAL INCORPORATED 6,503,750 201,600 UNITEDHEALTH GROUP INCORPORATED 6,586,272 52,500 WELLPOINT INCORPORATED+ 3,379,950 234,300 XL CAPITAL LIMITED CLASS A 4,428,270 32,665,053 ----------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.69% 195,600 HOLOGIC INCORPORATED+ 3,626,424 ----------- MEDIA: 1.08% 165,000 VIACOM INCORPORATED CLASS B+ 5,672,700 ----------- MEDICAL EQUIPMENT & SUPPLIES: 0.50% 58,600 MEDTRONIC INCORPORATED 2,638,758 -----------
104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE METAL MINING: 2.74% 93,000 CLIFFS NATURAL RESOURCES INCORPORATED~~ $ 6,598,350 94,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,852,760 14,451,110 ----------- NON-DEPOSITORY CREDIT INSTITUTIONS: 1.72% 128,000 CAPITAL ONE FINANCIAL CORPORATION 5,300,480 252,000 DISCOVER FINANCIAL SERVICES 3,754,800 9,055,280 ----------- OFFICE EQUIPMENT: 0.59% 316,000 XEROX CORPORATION 3,081,000 ----------- OIL & GAS EXTRACTION: 5.83% 317,000 CHESAPEAKE ENERGY CORPORATION 7,493,880 82,000 DEVON ENERGY CORPORATION 5,283,260 143,500 NEWFIELD EXPLORATION COMPANY+ 7,469,175 129,800 WHITING PETROLEUM CORPORATION+ 10,493,032 30,739,347 ----------- PETROLEUM REFINING & RELATED INDUSTRIES: 7.36% 184,800 CHEVRON CORPORATION 14,013,384 209,800 EXXON MOBIL CORPORATION 14,052,404 171,800 HESS CORPORATION 10,746,090 38,811,878 ----------- PHARMACEUTICALS: 2.48% 47,200 ABBOTT LABORATORIES 2,486,496 65,200 JOHNSON & JOHNSON 4,251,040 170,000 MERCK & COMPANY INCORPORATED 6,349,500 13,087,036 ----------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.13% 359,000 GANNETT COMPANY INCORPORATED 5,930,680 ----------- REAL ESTATE DEVELOPING & MANAGEMENT: 0.39% 128,200 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 2,047,584 ----------- REAL ESTATE INVESTMENT TRUSTS (REITS): 3.17% 107,000 BOSTON PROPERTIES INCORPORATED 8,072,080 103,000 SIMON PROPERTY GROUP INCORPORATED 8,641,700 16,713,780 ----------- RENTAL AUTO/EQUIPMENT: 0.55% 292,000 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,917,080 ----------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.74% 257,000 AMERIPRISE FINANCIAL INCORPORATED 11,657,520 47,300 GOLDMAN SACHS GROUP INCORPORATED 8,070,799 19,728,319 ----------- SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.61% 535,500 ADVANCED MICRO DEVICES INCORPORATED+ 4,964,085 848,000 MICRON TECHNOLOGY INCORPORATED+ 8,810,720 13,774,805 ----------- TOBACCO PRODUCTS: 0.58% 56,400 REYNOLDS AMERICAN INCORPORATED 3,044,472 -----------
Wells Fargo Advantage Master Portfolios 105 Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE TRANSPORTATION BY AIR: 0.36% 210,900 AMR CORPORATION+ $ 1,921,299 ------------ TRANSPORTATION EQUIPMENT: 4.61% 37,300 GENERAL DYNAMICS CORPORATION 2,879,560 125,000 ITT CORPORATION 6,701,250 64,500 LEAR CORPORATION+ 5,118,075 324,000 TEXTRON INCORPORATED~~ 6,878,520 95,900 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 2,740,822 24,318,227 ------------ TOTAL COMMON STOCKS (COST $439,995,553) 521,493,210 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 2.23% COLLATERAL INVESTED IN OTHER ASSETS: 2.23% $ 514,533 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $514,533) 0.01% 04/01/2010 514,533 154,075 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 154,075 211,853 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 211,853 4,244,837 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $4,244,839) 0.02 04/01/2010 4,244,837 101,978 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 101,978 308,150 COOK COUNTY IL+/-ss 0.25 11/01/2030 308,150 385,880 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $385,880) 0.03 04/01/2010 385,880 592,418 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $592,418) 0.01 04/01/2010 592,418 1,344,989 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 552,790 63,556 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 63,556 192,593 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 192,593 77,037 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 77,037 2,572,625 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,572,626) 0.01 04/01/2010 2,572,625 115,556 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 115,556 77,037 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 77,037 225,142 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 225,142 346,668 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 346,668 115,556 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 115,557 1,715,801 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 926,533 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,513,254) 11,778,818 ----------
SHARES YIELD SHORT-TERM INVESTMENTS: 1.75% MUTUAL FUNDS: 1.75% 9,199,253 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 9,199,253 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $9,199,253) 9,199,253 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $460,708,060)* 102.93% 542,471,281 OTHER ASSETS AND LIABILITIES, NET (2.93) (15,438,700) ------ ------------ TOTAL NET ASSETS 100.00% $527,032,581 ------ ------------
106 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) EQUITY VALUE PORTFOLIO ---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $464,188,373 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 86,853,004 Gross unrealized depreciation (8,570,096) ------------ Net unrealized appreciation $ 78,282,908
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 107 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 99.10% AEROSPACE, DEFENSE: 1.15% 148,626 BOEING COMPANY $10,791,728 24,575 GOODRICH CORPORATION 1,733,029 22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451 61,918 LOCKHEED MARTIN CORPORATION 5,152,816 74,429 RAYTHEON COMPANY 4,251,384 24,008,408 ----------- APPAREL & ACCESSORY STORES: 0.63% 17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385 93,477 GAP INCORPORATED 2,160,253 52,521 LIMITED BRANDS INCORPORATED 1,293,067 76,565 NIKE INCORPORATED CLASS B 5,627,528 11,232 POLO RALPH LAUREN CORPORATION 955,169 25,474 URBAN OUTFITTERS INCORPORATED+ 968,776 17,370 VF CORPORATION 1,392,206 13,185,384 ----------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12% 61,690 COACH INCORPORATED 2,437,989 ----------- AUTO & TRUCKS: 0.40% 661,332 FORD MOTOR COMPANY+ 8,312,943 ----------- AUTO PARTS & EQUIPMENT: 0.33% 17,744 AUTONATION INCORPORATED+ 320,812 5,830 AUTOZONE INCORPORATED+ 1,009,115 131,890 JOHNSON CONTROLS INCORPORATED 4,351,051 27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587 6,807,565 ----------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02% 10,487 RYDER SYSTEM INCORPORATED 406,476 ----------- BIOPHARMACEUTICALS: 0.83% 90,264 CELGENE CORPORATION+ 5,592,757 14,712 CEPHALON INCORPORATED+ 997,179 52,246 GENZYME CORPORATION+ 2,707,910 177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833 17,364,679 ----------- BIOTECHNOLOGY: 0.78% 192,278 AMGEN INCORPORATED+ 11,490,533 52,934 BIOGEN IDEC INCORPORATED+ 3,036,294 35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742 16,382,569 ----------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09% 54,309 D.R. HORTON INCORPORATED 684,293 31,946 LENNAR CORPORATION 549,791 62,295 PULTE HOMES INCORPORATED+ 700,819 1,934,903 ----------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97% 25,762 FASTENAL COMPANY 1,236,318 333,862 HOME DEPOT INCORPORATED 10,800,436
108 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued) 289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869 18,070 SHERWIN-WILLIAMS COMPANY 1,222,978 20,265,601 ----------- BUSINESS SERVICES: 1.32% 45,103 AUTODESK INCORPORATED+ 1,326,930 99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822 22,001 AVERY DENNISON CORPORATION 801,056 77,598 CA INCORPORATED 1,821,225 36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287 58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405 30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473 44,649 COMPUWARE CORPORATION+ 375,052 24,810 EQUIFAX INCORPORATED 888,198 64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420 29,906 FISERV INCORPORATED+ 1,518,029 95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695 35,580 IRON MOUNTAIN INCORPORATED 974,892 24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619 60,954 OMNICOM GROUP INCORPORATED 2,365,625 29,179 ROBERT HALF INTERNATIONAL INCORPORATED~~ 887,917 21,580 SALESFORCE.COM INCORPORATED+ 1,606,631 38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418 36,018 VERISIGN INCORPORATED+ 936,828 27,573,522 ----------- CASINO & GAMING: 0.10% 58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528 13,556 WYNN RESORTS LIMITED 1,027,951 2,102,479 ----------- CHEMICALS & ALLIED PRODUCTS: 1.81% 41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313 9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584 225,851 DOW CHEMICAL COMPANY 6,678,414 177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648 14,275 EASTMAN CHEMICAL COMPANY 909,032 46,388 ECOLAB INCORPORATED 2,038,753 14,238 FMC CORPORATION 861,969 15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791 107,138 MONSANTO COMPANY 7,651,796 32,564 PPG INDUSTRIES INCORPORATED 2,129,686 60,143 PRAXAIR INCORPORATED 4,991,869 23,909 SIGMA-ALDRICH CORPORATION 1,282,957 37,842,812 ----------- COAL MINING: 0.25% 43,129 CONSOL ENERGY INCORPORATED 1,839,883 18,661 MASSEY ENERGY COMPANY 975,784 52,768 PEABODY ENERGY CORPORATION 2,411,498 5,227,165 ----------- COMMERCIAL SERVICES: 0.14% 63,153 PAYCHEX INCORPORATED 1,938,797 59,855 SAIC INCORPORATED+ 1,059,434 2,998,231 -----------
Wells Fargo Advantage Master Portfolios 109 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE COMMUNICATIONS: 3.62% 1,158,825 AT&T INCORPORATED $29,944,038 58,818 CENTURYTEL INCORPORATED 2,085,686 557,135 COMCAST CORPORATION CLASS A 10,485,281 51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829 442,433 NEWS CORPORATION CLASS A 6,375,460 292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023 17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939 584,578 SPRINT NEXTEL CORPORATION+ 2,221,396 69,222 TIME WARNER CABLE INCORPORATED 3,690,225 556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067 89,710 WINDSTREAM CORPORATION 976,942 75,717,886 ----------- COMPUTER SOFTWARE & SERVICES: 0.05% 33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250 ----------- COMPUTER TECHNOLOGIES: 5.00% 178,042 APPLE INCORPORATED+ 41,827,407 338,073 DELL INCORPORATED+ 5,074,476 462,205 HEWLETT-PACKARD COMPANY 24,566,196 255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906 15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251 104,731,236 ----------- CONGLOMERATES: 1.82% 2,094,934 GENERAL ELECTRIC COMPANY 38,127,799 ----------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04% 41,243 QUANTA SERVICES INCORPORATED+ 790,216 ----------- CONTAINER, PACKAGING: 0.06% 33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481 ----------- COSMETICS, PERSONAL CARE: 0.21% 83,935 AVON PRODUCTS INCORPORATED 2,842,878 23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373 4,348,251 ----------- CRUDE PETROLEUM & NATURAL GAS: 0.12% 34,250 NOBLE ENERGY INCORPORATED 2,500,250 ----------- DATA SERVICES: 0.11% 67,667 NETAPP INCORPORATED+ 2,203,238 ----------- DEPARTMENT STORES: 0.28% 46,333 JCPENNEY COMPANY INCORPORATED 1,490,533 82,662 MACY'S INCORPORATED 1,799,552 32,454 NORDSTROM INCORPORATED 1,325,746 24,321 ROSS STORES INCORPORATED 1,300,444 5,916,275 ----------- DEPOSITORY INSTITUTIONS: 8.07% 1,969,705 BANK OF AMERICA CORPORATION 35,159,234 237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354 135,609 BB&T CORPORATION 4,392,376 3,857,935 CITIGROUP INCORPORATED+ 15,624,637 34,169 COMERICA INCORPORATED 1,299,789
110 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 156,105 FIFTH THIRD BANCORP $ 2,121,467 44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308 93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376 140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317 780,069 JPMORGAN CHASE & COMPANY 34,908,088 172,415 KEYCORP 1,336,216 16,311 M&T BANK CORPORATION~~ 1,294,767 103,408 MARSHALL & ILSLEY CORPORATION 832,434 47,451 NORTHERN TRUST CORPORATION 2,622,142 101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729 234,166 REGIONS FINANCIAL CORPORATION 1,838,203 97,264 STATE STREET CORPORATION 4,390,497 98,043 SUNTRUST BANKS INCORPORATED 2,626,572 375,673 US BANCORP 9,722,417 1,017,194 WELLS FARGO & COMPANY(l) 31,655,077 134,056 WESTERN UNION COMPANY 2,273,590 29,530 ZIONS BANCORPORATION 644,345 168,820,935 ----------- DIVERSIFIED FINANCIAL SERVICES: 0.02% 36,061 JANUS CAPITAL GROUP INCORPORATED 515,312 ----------- DIVERSIFIED MANUFACTURING: 0.32% 150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616 ----------- E-COMMERCE/SERVICES: 2.12% 67,207 AMAZON.COM INCORPORATED+ 9,122,006 221,893 EBAY INCORPORATED+ 5,980,016 47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490 8,949 PRICELINE.COM INCORPORATED+ 2,281,995 44,287,507 ----------- EATING & DRINKING PLACES: 0.90% 27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757 211,256 MCDONALD'S CORPORATION 14,095,000 92,138 YUM! BRANDS INCORPORATED 3,531,650 18,849,407 ----------- EDUCATIONAL SERVICES: 0.11% 25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960 12,156 DEVRY INCORPORATED 792,571 2,339,531 ----------- ELECTRIC, GAS & SANITARY SERVICES: 4.21% 131,248 AES CORPORATION+ 1,443,728 33,293 ALLEGHENY ENERGY INCORPORATED 765,739 46,517 AMEREN CORPORATION 1,213,163 93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203 77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257 45,114 CMS ENERGY CORPORATION 697,462 55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434 39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213 117,826 DOMINION RESOURCES INCORPORATED 4,843,827 32,382 DTE ENERGY COMPANY 1,444,237 257,073 DUKE ENERGY CORPORATION 4,195,431 63,970 EDISON INTERNATIONAL 2,185,855
Wells Fargo Advantage Master Portfolios 111 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES (continued) 137,698 EL PASO CORPORATION $ 1,492,646 147,736 EMERSON ELECTRIC COMPANY 7,437,030 37,147 ENTERGY CORPORATION 3,021,908 129,565 EXELON CORPORATION 5,676,243 59,851 FIRSTENERGY CORPORATION 2,339,576 81,157 FPL GROUP INCORPORATED 3,922,318 15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837 8,880 NICOR INCORPORATED 372,250 54,346 NISOURCE INCORPORATED 858,667 34,450 NORTHEAST UTILITIES 952,198 51,421 NRG ENERGY INCORPORATED+ 1,074,699 20,712 ONEOK INCORPORATED 945,503 43,658 PEPCO HOLDINGS INCORPORATED 748,735 72,908 PG&E CORPORATION 3,092,757 19,917 PINNACLE WEST CAPITAL CORPORATION 751,468 74,034 PPL CORPORATION 2,051,482 55,883 PROGRESS ENERGY INCORPORATED 2,199,555 99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487 34,290 QUESTAR CORPORATION 1,481,328 63,582 REPUBLIC SERVICES INCORPORATED 1,845,150 21,890 SCANA CORPORATION 822,845 48,497 SEMPRA ENERGY 2,420,000 127,128 SPECTRA ENERGY CORPORATION 2,864,194 16,646 STERICYCLE INCORPORATED+ 907,207 41,971 TECO ENERGY INCORPORATED 666,919 161,073 THE SOUTHERN COMPANY 5,341,181 95,221 WASTE MANAGEMENT INCORPORATED 3,278,459 22,952 WISCONSIN ENERGY CORPORATION 1,134,058 89,658 XCEL ENERGY INCORPORATED 1,900,750 88,194,999 ----------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21% 58,389 ALTERA CORPORATION 1,419,437 34,012 AMPHENOL CORPORATION CLASS A 1,434,966 58,449 ANALOG DEVICES INCORPORATED 1,684,500 9,538 FIRST SOLAR INCORPORATED+~~ 1,169,836 13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752 25,682 HARRIS CORPORATION 1,219,638 37,911 JABIL CIRCUIT INCORPORATED 613,779 43,884 JDS UNIPHASE CORPORATION+ 549,867 33,785 KLA-TENCOR CORPORATION 1,044,632 43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040 128,906 LSI LOGIC CORPORATION+ 788,905 44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362 26,617 MOLEX INCORPORATED 555,231 46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699 18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600 30,868 ROCKWELL COLLINS INCORPORATED 1,932,028 75,466 TELLABS INCORPORATED 571,278 243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642 14,687 WHIRLPOOL CORPORATION 1,281,441 54,317 XILINX INCORPORATED 1,385,084 25,325,717 -----------
112 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19% 35,105 FLUOR CORPORATION $ 1,632,734 24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347 38,606 MOODY'S CORPORATION~~ 1,148,529 3,886,610 ----------- ENTERTAINMENT PRODUCTION: 0.09% 55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089 ----------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24% 18,472 BALL CORPORATION 986,035 75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229 11,340 SNAP-ON INCORPORATED 491,476 5,074,740 ----------- FOOD & KINDRED PRODUCTS: 4.43% 126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226 37,031 CAMPBELL SOUP COMPANY 1,309,046 62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444 87,059 CONAGRA FOODS INCORPORATED 2,182,569 39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711 35,597 DEAN FOODS COMPANY+ 558,517 49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737 64,701 GENERAL MILLS INCORPORATED 4,580,184 62,090 H.J. HEINZ COMPANY 2,831,925 13,645 HORMEL FOODS CORPORATION 573,226 23,370 JM SMUCKER COMPANY 1,408,276 50,063 KELLOGG COMPANY 2,674,866 340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933 25,943 MCCORMICK & COMPANY INCORPORATED 995,173 40,151 MEAD JOHNSON & COMPANY 2,089,057 31,106 MOLSON COORS BREWING COMPANY 1,308,318 320,865 PEPSICO INCORPORATED 21,228,428 136,914 SARA LEE CORPORATION 1,907,212 116,342 SYSCO CORPORATION 3,432,089 452,592 THE COCA-COLA COMPANY 24,892,560 32,668 THE HERSHEY COMPANY 1,398,517 59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932 92,608,946 ----------- FOOD STORES: 0.48% 127,600 KROGER COMPANY 2,763,816 76,337 SAFEWAY INCORPORATED 1,897,738 145,960 STARBUCKS CORPORATION 3,542,449 41,625 SUPERVALU INCORPORATED 694,305 33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109 10,107,417 ----------- FORESTRY: 0.09% 41,498 WEYERHAEUSER COMPANY 1,878,614 ----------- FURNITURE & FIXTURES: 0.08% 29,148 LEGGETT & PLATT INCORPORATED 630,763 70,443 MASCO CORPORATION 1,093,275 1,724,038 -----------
Wells Fargo Advantage Master Portfolios 113 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE GENERAL MERCHANDISE STORES: 1.93% 16,230 BIG LOTS INCORPORATED+ $ 591,097 27,169 FAMILY DOLLAR STORES INCORPORATED 994,657 60,198 KOHL'S CORPORATION+ 3,297,646 9,530 SEARS HOLDINGS CORPORATION+~~ 1,033,338 147,710 TARGET CORPORATION 7,769,546 82,406 TJX COMPANIES INCORPORATED 3,503,903 418,934 WAL-MART STORES INCORPORATED 23,292,730 40,482,917 ----------- HEALTH CARE: 0.09% 32,170 HOSPIRA INCORPORATED+ 1,822,431 ----------- HEALTH SERVICES: 1.18% 55,443 AMERISOURCEBERGEN CORPORATION 1,603,412 70,969 CARDINAL HEALTH INCORPORATED 2,557,013 29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388 20,262 DAVITA INCORPORATED+ 1,284,611 54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332 33,422 HUMANA INCORPORATED+ 1,563,147 20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370 52,893 MCKESSON CORPORATION 3,476,128 91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320 85,022 TENET HEALTHCARE CORPORATION+ 486,326 24,628,047 ----------- HOLDING & OTHER INVESTMENT OFFICES: 1.39% 16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464 324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655 31,967 PLUM CREEK TIMBER COMPANY 1,243,836 29,032,955 ----------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11% 51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102 ----------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20% 49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338 36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709 35,110 WYNDHAM WORLDWIDE CORPORATION 903,380 4,189,427 ----------- HOUSEHOLD PRODUCTS, WARE: 2.31% 27,535 CLOROX COMPANY 1,766,095 96,943 COLGATE-PALMOLIVE COMPANY 8,265,360 29,839 FORTUNE BRANDS INCORPORATED 1,447,490 54,543 NEWELL RUBBERMAID INCORPORATED 829,054 570,293 PROCTER & GAMBLE COMPANY 36,082,438 48,390,437 ----------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52% 139,743 3M COMPANY 11,678,323 263,711 APPLIED MATERIALS INCORPORATED 3,554,824 61,240 BAKER HUGHES INCORPORATED 2,868,482 47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151 122,659 CATERPILLAR INCORPORATED 7,709,118 39,535 CUMMINS INCORPORATED 2,449,193 83,250 DEERE & COMPANY 4,950,045
114 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 36,580 DOVER CORPORATION $ 1,710,115 32,474 EATON CORPORATION 2,460,555 10,965 FLOWSERVE CORPORATION 1,209,111 23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889 23,043 PALL CORPORATION 933,011 31,571 PARKER HANNIFIN CORPORATION 2,043,907 40,731 PITNEY BOWES INCORPORATED 995,873 48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460 30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313 32,733 TERADATA CORPORATION+ 945,656 44,892 WESTERN DIGITAL CORPORATION+ 1,750,339 52,726,365 ----------- INFORMATION & BUSINESS SERVICES: 0.18% 233,680 YAHOO! INCORPORATED+ 3,862,730 ----------- INSURANCE CARRIERS: 3.48% 84,623 AETNA INCORPORATED 2,971,114 92,110 AFLAC INCORPORATED 5,000,652 105,351 ALLSTATE CORPORATION 3,403,891 26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+~~ 904,403 52,394 AON CORPORATION 2,237,748 22,871 ASSURANT INCORPORATED 786,305 64,513 CHUBB CORPORATION 3,344,999 53,987 CIGNA CORPORATION 1,974,844 31,989 CINCINNATI FINANCIAL CORPORATION 924,482 96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099 87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979 37,258 LEUCADIA NATIONAL CORPORATION+ 924,371 59,346 LINCOLN NATIONAL CORPORATION 1,821,922 69,670 LOEWS CORPORATION 2,597,298 104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646 160,827 METLIFE INCORPORATED 6,970,242 62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168 91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590 131,855 THE PROGRESSIVE CORPORATION 2,517,112 100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094 16,266 TORCHMARK CORPORATION 870,394 227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976 65,259 UNUMPROVIDENT CORPORATION 1,616,465 87,162 WELLPOINT INCORPORATED+ 5,611,490 67,168 XL CAPITAL LIMITED CLASS A 1,269,475 72,755,759 ----------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38% 68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371 46,277 BECTON DICKINSON & COMPANY 3,643,388 296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499 18,781 C.R. BARD INCORPORATED 1,626,810 34,909 CAREFUSION CORPORATION+ 922,645 51,445 DANAHER CORPORATION 4,110,970 28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026 52,746 EASTMAN KODAK COMPANY 305,399 30,015 FLIR SYSTEMS INCORPORATED+ 846,423 11,000 MILLIPORE CORPORATION+ 1,161,600 23,084 PERKINELMER INCORPORATED 551,708
Wells Fargo Advantage Master Portfolios 115 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021 28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714 18,394 ROPER INDUSTRIES INCORPORATED 1,063,909 34,799 TERADYNE INCORPORATED+ 388,705 80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467 18,374 WATERS CORPORATION+ 1,240,980 28,802,635 ----------- MEDIA-COMMUNICATION: 0.58% 132,931 CBS CORPORATION CLASS B 1,853,058 183,607 DIRECTV+ 6,207,753 119,245 VIACOM INCORPORATED CLASS B+ 4,099,643 12,160,454 ----------- MEDICAL EQUIPMENT & SUPPLIES: 0.78% 7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106 216,889 MEDTRONIC INCORPORATED 9,766,512 63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890 24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345 16,396,853 ----------- MEDICAL PRODUCTS: 0.79% 60,377 ALLERGAN INCORPORATED 3,943,826 118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748 55,489 STRYKER CORPORATION 3,175,081 41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507 16,481,162 ----------- METAL MINING: 0.66% 26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723 84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305 96,401 NEWMONT MINING CORPORATION 4,909,703 13,855,731 ----------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06% 24,804 VULCAN MATERIALS COMPANY~~ 1,171,741 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12% 24,097 HASBRO INCORPORATED 922,433 71,401 MATTEL INCORPORATED 1,623,659 2,546,092 ----------- MISCELLANEOUS RETAIL: 1.31% 86,259 COSTCO WHOLESALE CORPORATION 5,150,525 273,016 CVS CAREMARK CORPORATION 9,981,465 32,350 GAMESTOP CORPORATION CLASS A+ 708,789 53,942 OFFICE DEPOT INCORPORATED+ 430,457 24,589 RADIOSHACK CORPORATION 556,449 143,133 STAPLES INCORPORATED 3,347,881 193,431 WALGREEN COMPANY 7,174,356 27,349,922 ----------- MISCELLANEOUS SERVICES: 0.04% 10,013 DUN & BRADSTREET CORPORATION 745,167 -----------
116 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE MOTION PICTURES: 0.97% 225,838 TIME WARNER INCORPORATED $ 7,061,954 380,808 WALT DISNEY COMPANY 13,294,007 20,355,961 ----------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87% 61,438 FEDEX CORPORATION 5,738,309 194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957 18,294,266 ----------- NETWORKING: 1.68% 84,657 BROADCOM CORPORATION CLASS A 2,808,919 1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483 103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102 35,236,504 ----------- NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44% 234,967 AMERICAN EXPRESS COMPANY 9,694,738 89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764 106,733 DISCOVER FINANCIAL SERVICES 1,590,322 18,949 MASTERCARD INCORPORATED 4,813,046 72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156 95,208 SLM CORPORATION+ 1,192,004 87,645 VISA INCORPORATED CLASS A 7,978,324 30,110,354 ----------- OFFICE EQUIPMENT: 0.12% 265,441 XEROX CORPORATION 2,588,050 ----------- OIL & GAS EXTRACTION: 3.52% 96,710 ANADARKO PETROLEUM CORPORATION 7,043,389 66,078 APACHE CORPORATION 6,706,917 57,624 BJ SERVICES COMPANY 1,233,154 20,351 CABOT OIL & GAS CORPORATION 748,917 127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613 77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821 87,725 DEVON ENERGY CORPORATION 5,652,122 13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901 49,591 EOG RESOURCES INCORPORATED 4,608,988 28,241 EQT CORPORATION 1,157,881 55,892 NABORS INDUSTRIES LIMITED+ 1,097,160 159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451 22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732 31,246 RANGE RESOURCES CORPORATION 1,464,500 22,350 ROWAN COMPANIES INCORPORATED+ 650,609 234,940 SCHLUMBERGER LIMITED 14,909,292 67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965 114,535 XTO ENERGY INCORPORATED 5,403,761 73,746,173 ----------- OIL & OIL SERVICES: 0.29% 177,707 HALLIBURTON COMPANY 5,354,312 20,756 HELMERICH & PAYNE INCORPORATED 790,388 6,144,700 -----------
Wells Fargo Advantage Master Portfolios 117 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE OIL FIELD EQUIPMENT & SERVICES: 0.16% 82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012 ------------ PAPER & ALLIED PRODUCTS: 0.20% 21,403 BEMIS COMPANY INCORPORATED 614,694 85,034 INTERNATIONAL PAPER COMPANY 2,092,687 33,628 MEADWESTVACO CORPORATION 859,195 25,983 PACTIV CORPORATION+ 654,252 4,220,828 ------------ PERSONAL SERVICES: 0.09% 25,812 CINTAS CORPORATION 725,059 65,880 H&R BLOCK INCORPORATED 1,172,664 1,897,723 ------------ PETROLEUM REFINING & RELATED INDUSTRIES: 5.75% 394,324 CHEVRON CORPORATION 29,901,589 291,928 CONOCOPHILLIPS 14,937,956 926,984 EXXON MOBIL CORPORATION 62,089,388 57,181 HESS CORPORATION 3,576,672 138,995 MARATHON OIL CORPORATION 4,397,802 37,528 MURPHY OIL CORPORATION 2,108,698 22,961 SUNOCO INCORPORATED 682,171 27,600 TESORO PETROLEUM CORPORATION 383,640 110,895 VALERO ENERGY CORPORATION 2,184,632 120,262,548 ------------ PHARMACEUTICALS: 5.84% 304,849 ABBOTT LABORATORIES 16,059,445 336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099 199,241 ELI LILLY & COMPANY 7,216,509 59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780 540,319 JOHNSON & JOHNSON 35,228,799 48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712 611,667 MERCK & COMPANY INCORPORATED 22,845,762 60,213 MYLAN LABORATORIES INCORPORATED+~~ 1,367,437 1,584,553 PFIZER INCORPORATED 27,175,084 20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995 122,188,622 ------------ PIPELINES: 0.13% 114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890 ------------ PRIMARY METAL INDUSTRIES: 0.61% 21,571 AK STEEL HOLDING CORPORATION 493,113 200,323 ALCOA INCORPORATED 2,852,600 19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927 61,831 NUCOR CORPORATION 2,805,891 27,817 PRECISION CASTPARTS CORPORATION 3,524,692 16,577 TITANIUM METALS CORPORATION+ 275,012 28,149 UNITED STATES STEEL CORPORATION~~ 1,788,024 12,780,259 ------------ PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23% 46,603 GANNETT COMPANY INCORPORATED 769,882 61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694
118 Wells Fargo Advantage Master Portfolios Portfolio of Investments -- March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued) 7,208 MEREDITH CORPORATION $ 248,027 22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231 40,343 RR DONNELLEY & SONS COMPANY 861,323 1,199 WASHINGTON POST COMPANY CLASS B 532,572 4,875,729 ----------- RAILROAD TRANSPORTATION: 0.73% 76,580 CSX CORPORATION 3,897,922 72,578 NORFOLK SOUTHERN CORPORATION 4,056,384 99,208 UNION PACIFIC CORPORATION 7,271,946 15,226,252 ----------- REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14% 23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430 27,284 BOSTON PROPERTIES INCORPORATED 2,058,305 53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255 55,345 EQUITY RESIDENTIAL 2,166,757 57,693 HCP INCORPORATED 1,903,869 24,284 HEALTH CARE REIT INCORPORATED 1,098,365 128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819 79,625 KIMCO REALTY CORPORATION 1,245,335 93,106 PROLOGIS 1,228,999 26,639 PUBLIC STORAGE INCORPORATED 2,450,522 56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930 30,767 VENTAS INCORPORATED 1,460,817 30,954 VORNADO REALTY TRUST 2,343,218 23,876,621 ----------- RETAIL: 0.19% 67,303 BEST BUY COMPANY INCORPORATED 2,863,070 24,434 TIFFANY & COMPANY 1,160,371 4,023,441 ----------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06% 31,206 SEALED AIR CORPORATION 657,822 47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108 1,258,930 ----------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35% 50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484 191,947 CHARLES SCHWAB CORPORATION 3,587,489 13,085 CME GROUP INCORPORATED 4,136,299 312,563 E*TRADE FINANCIAL CORPORATION+ 515,729 17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643 29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073 103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345 14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225 84,187 INVESCO LIMITED 1,844,537 31,921 LEGG MASON INCORPORATED 915,175 274,503 MORGAN STANLEY 8,040,193 29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726 51,245 NYSE EURONEXT INCORPORATED 1,517,364 50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245 49,179,527 -----------
Wells Fargo Advantage Master Portfolios 119 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.87% 110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598 403,036 EMC CORPORATION+ 7,270,769 1,084,593 INTEL CORPORATION 24,143,040 36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632 167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338 108,950 NVIDIA CORPORATION+ 1,893,551 22,364 QLOGIC CORPORATION+ 453,989 44,906 SANDISK CORPORATION+ 1,555,095 39,098,012 ----------- SOFTWARE: 3.69% 102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785 35,856 BMC SOFTWARE INCORPORATED+ 1,362,528 64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722 61,635 INTUIT INCORPORATED+ 2,116,546 31,158 MCAFEE INCORPORATED+ 1,250,371 1,498,149 MICROSOFT CORPORATION 43,850,821 68,382 NOVELL INCORPORATED+ 409,608 767,452 ORACLE CORPORATION 19,715,842 37,051 RED HAT INCORPORATED+ 1,084,483 158,298 SYMANTEC CORPORATION+ 2,678,402 77,305,108 ----------- TELECOMMUNICATIONS: 1.00% 79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747 61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243 454,115 MOTOROLA INCORPORATED+ 3,187,887 329,972 QUALCOMM INCORPORATED 13,855,524 20,868,401 ----------- TELECOMMUNICATIONS EQUIPMENT: 0.30% 306,074 CORNING INCORPORATED 6,185,756 ----------- TOBACCO PRODUCTS: 1.52% 408,496 ALTRIA GROUP INCORPORATED 8,382,338 30,395 LORILLARD INCORPORATED 2,286,920 369,312 PHILIP MORRIS INTERNATIONAL 19,263,314 33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488 31,724,060 ----------- TRANSPORTATION BY AIR: 0.09% 145,934 SOUTHWEST AIRLINES COMPANY 1,929,247 ----------- TRANSPORTATION EQUIPMENT: 1.53% 75,734 GENERAL DYNAMICS CORPORATION 5,846,665 31,160 GENUINE PARTS COMPANY 1,316,198 46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304 35,910 ITT CORPORATION 1,925,135 59,446 NORTHROP GRUMMAN CORPORATION 3,897,874 71,506 PACCAR INCORPORATED 3,099,070 53,526 TEXTRON INCORPORATED 1,136,357 183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714 32,046,317 -----------
120 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME VALUE TRANSPORTATION SERVICES: 0.16% 32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518 41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644 3,364,162 -------------- TRAVEL & RECREATION: 0.21% 85,217 CARNIVAL CORPORATION 3,313,237 41,515 EXPEDIA INCORPORATED 1,036,214 4,349,451 -------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.11% 16,243 AIRGAS INCORPORATED 1,033,380 21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722 2,302,102 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.33% 81,738 KIMBERLY-CLARK CORPORATION 5,139,684 18,317 PATTERSON COMPANIES INCORPORATED 568,743 12,087 W.W. GRAINGER INCORPORATED 1,306,846 7,015,273 -------------- TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292 --------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 0.66% COLLATERAL INVESTED IN OTHER ASSETS: 0.66% $ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $379,141) 0.01% 04/01/2010 379,141 113,532 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 113,532 156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 156,107 3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873 75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 75,144 227,065 COOK COUNTY IL+/-ss 0.25 11/01/2030 227,065 284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $284,342) 0.03 04/01/2010 284,342 436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532 5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341 46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 46,832 141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 141,915 56,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 56,766 1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678 85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 85,149 56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 56,766 165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 165,899 255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 255,448 85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 85,151 7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778 --------------
Wells Fargo Advantage Master Portfolios 121 Portfolio of Investments--March 31, 2010 (Unaudited) INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 0.78% MUTUAL FUNDS: 0.68% 14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491 --------------
PRINCIPAL INTEREST RATE MATURITY DATE US TREASURY BILLS: 0.10% $ 500,000 US TREASURY BILL## # 0.00 04/01/2010 500,000 1,655,000 US TREASURY BILL## # 0.13 08/05/2010 1,654,073 2,154,073 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $2,009,396,672)* 100.54% 2,103,997,634 OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974) ----------- -------------- TOTAL NET ASSETS 100.00% $2,092,664,660 ----------- --------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. (l) Investment in an affiliate. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. ## Zero coupon security. Rate represents yield to maturity. # Security pledged as collateral for futures transactions. * Cost for federal income tax purposes is $2,054,486,886 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 378,107,231 Gross unrealized depreciation (328,596,483) --------------- Net unrealized appreciation $ 49,510,748
The accompanying notes are an integral part of these financial statements. 122 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 95.05% ARGENTINA: 0.19% 9,810 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 105,946 ------------ AUSTRALIA: 3.53% 55,976 AMP LIMITED (INSURANCE CARRIERS) 321,554 8,350 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 260,061 9,101 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 470,108 634 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 27,490 11,383 NEWCREST MINING LIMITED (METAL MINING) 342,825 26,984 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 211,466 14,938 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 381,627 2,015,131 ------------ AUSTRIA: 0.32% 5,239 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 180,227 ------------ BELGIUM: 1.01% 39,072 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,387 5,404 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 272,213 574,600 ------------ BRAZIL: 0.40% 12,351 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 227,629 ------------ CANADA: 6.45% 6,312 AGNICO-EAGLE MINES LIMITED (METAL MINING) 351,389 21,777 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 553,571 12,423 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 919,448 11,760 ENCANA CORPORATION (OIL & GAS EXPLORATION) 365,890 6,404 GOLDCORP INCORPORATED (METAL MINING) 239,287 13,348 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 259,298 5,494 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 655,709 4,478 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 331,148 3,675,740 ------------ CHINA: 4.48% 244,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 182,271 23,974 CHINA MOBILE LIMITED (COMMUNICATIONS) 230,654 6,825 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 328,419 7,560 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 268,153 23,812 SINA CORPORATION (BUSINESS SERVICES)+ 897,474 7,100 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 142,471 22,603 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 503,821 2,553,263 ------------ DENMARK: 0.35% 2,395 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 201,010 ------------ FINLAND: 0.44% 16,191 NOKIA OYJ (COMMUNICATIONS) 252,142 ------------ FRANCE: 6.37% 4,017 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 250,498 16,385 AXA SA (INSURANCE CARRIERS) 364,488 5,474 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 420,392 6,469 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 311,050
Wells Fargo Advantage Master Portfolios 123 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE FRANCE (continued) 7,744 FRANCE TELECOM SA (COMMUNICATIONS) $ 185,289 5,473 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES DIVERSIFIED) 639,713 3,845 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 511,899 5,854 PUBLICIS GROUPE (BUSINESS SERVICES) 250,485 6,051 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 492,002 3,544 TOTAL SA (OIL & GAS EXTRACTION) 205,733 3,631,549 ------------ GERMANY: 9.29% 12,511 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 669,160 4,375 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 157,330 2,858 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 358,339 3,931 BASF AG (OIL & GAS EXTRACTION) 243,808 4,949 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 334,753 18,479 DAIMLER AG (TRANSPORTATION EQUIPMENT) 869,934 1,947 DEUTSCHE BANK AG (BANKING) 149,973 4,435 DEUTSCHE BOERSE AG (DIVERSIFIED FINANCIAL SERVICES) 328,739 2,030 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 170,596 40,410 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 280,486 9,603 KLOECKNER & COMPANY (METAL FABRICATE, HARDWARE) 283,855 4,936 LANXESS (CHEMICALS & ALLIED PRODUCTS) 227,438 2,392 METRO AG (FOOD STORES) 141,895 2,457 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 398,724 2,315 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 214,902 2,787 SAP AG (BUSINESS SERVICES) 134,986 3,303 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 330,798 5,295,716 ------------ GREECE: 0.76% 37,106 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 325,762 5,359 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 107,848 433,610 ------------ HONG KONG: 0.27% 9,345 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 155,986 ------------ IRELAND: 0.39% 22,753 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 223,912 ------------ ISRAEL: 0.31% 2,762 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 174,227 ------------ JAPAN: 16.68% 21,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 236,528 8,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 375,152 2,000 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 139,242 31,300 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 616,358 465,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 1,258,370 25,300 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 530,410 19,100 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 629,244 19,100 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 320,955 500 NINTENDO COMPANY LIMITED (SOFTWARE) 167,398 23,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 324,003 80,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 315,756 60,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 448,819 2,090 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 185,326
124 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 29,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) $ 206,721 233,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,403,134 4,900 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 326,003 5,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 331,586 78,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 402,974 71,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,257 3,900 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 156,225 4,300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 415,328 1,144 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 416,656 9,508,445 ------------ LUXEMBOURG: 0.55% 7,133 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 313,015 ------------ NETHERLANDS: 6.53% 17,585 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 628,456 5,877 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 206,184 11,866 ING GROEP NV (FINANCIAL SERVICES) 118,470 22,173 NEW WORLD RESOURCES NV (ENERGY) 260,936 23,259 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 1,105,329 20,148 UNILEVER NV (FOOD & KINDRED PRODUCTS) 609,433 41,924 USG PEOPLE NV (BUSINESS SERVICES) 791,613 3,720,421 ------------ NORWAY: 0.36% 15,081 TELENOR ASA (COMMUNICATIONS) 204,524 ------------ POLAND: 0.27% 2,630 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 152,832 ------------ RUSSIA: 1.24% 5,774 GAZPROM ADR (OIL & GAS EXTRACTION) 135,516 3,337 LUKOIL OIL COMPANY ADR (OIL & GAS EXTRACTION) 189,208 13,375 MECHEL ADR (PRIMARY METAL INDUSTRIES) 380,118 704,842 ------------ SINGAPORE: 0.34% 19,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 194,217 ------------ SOUTH KOREA: 0.79% 161 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 187,687 363 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 262,437 450,124 ------------ SPAIN: 1.80% 18,853 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 250,564 50,488 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 250,195 5,020 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 330,911 8,185 TELEFONICA SA (COMMUNICATIONS) 193,906 1,025,576 ------------ SWEDEN: 1.19% 4,001 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 259,933 23,190 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 228,830 10,590 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 192,423 681,186 ------------
Wells Fargo Advantage Master Portfolios 125 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE SWITZERLAND: 11.46% 26,496 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 578,720 7,713 ADECCO SA (BUSINESS SERVICES) 437,806 7,698 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 298,093 13,813 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 712,004 19,846 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,016,392 10,847 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 585,866 4,419 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 716,663 3,486 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 1,111,526 6,149 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 531,151 2,135 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 547,316 6,535,537 ------------ TAIWAN: 0.61% 20,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 346,999 ------------ UNITED KINGDOM: 18.67% 9,590 ANGLO AMERICAN PLC (COAL MINING) 418,248 40,193 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 634,326 135,615 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 196,432 104,732 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 572,627 15,222 BG GROUP PLC (OIL & GAS EXTRACTION) 263,448 27,604 BHP BILLITON PLC (COAL MINING) 946,692 94,484 BP PLC (OIL & GAS EXTRACTION) 893,827 54,399 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 200,598 27,445 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 297,573 37,325 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 309,541 6,740 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 129,435 286,072 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 471,014 91,918 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 931,763 16,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 256,708 6,604 INTERTEK GROUP PLC (BUSINESS SERVICES) 146,114 44,017 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 227,573 40,163 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 130,671 242,021 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 230,533 4,044 NEXT PLC (APPAREL & ACCESSORY STORES) 132,800 4,137 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 227,071 15,284 RIO TINTO PLC (METAL MINING) 905,704 20,349 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 589,800 30,901 SAVILLS PLC (SOCIAL SERVICES) 163,185 6,880 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 187,666 12,053 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 149,707 90,821 VODAFONE GROUP PLC (COMMUNICATIONS) 209,488 29,462 WPP PLC (COMMUNICATIONS) 305,359 27,361 XSTRATA PLC (METAL MINING) 518,381 10,646,284 ------------ TOTAL COMMON STOCKS (COST $46,918,294) 54,184,690 ------------
DIVIDEND YIELD PREFERRED STOCKS: 1.67% 12,611 FRESENIUS AG (HEALTHCARE) 1.31% 952,148 TOTAL PREFERRED STOCKS (COST $690,908) 952,148 ------------
126 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 2.09% MUTUAL FUNDS: 2.09% 1,193,423 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 1,193,423 TOTAL SHORT-TERM INVESTMENTS (COST $1,193,423) 1,193,423 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $48,802,625)* 98.81% 56,330,261 OTHER ASSETS AND LIABILITIES, NET 1.19 678,385 ------ ------------ TOTAL NET ASSETS 100.00% $ 57,008,646 ------ ------------
---------- + Non-income earning securities. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $50,876,106 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 7,902,423 Gross unrealized depreciation (2,448,268) ------------ Net unrealized appreciation $ 5,454,155
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 127 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.17% AUSTRALIA: 0.20% 61,339 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) $ 297,760 ------------ BELGIUM: 1.42% 29,353 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 1,478,584 19,796 UMICORE (CHEMICALS & ALLIED PRODUCTS) 691,297 2,169,881 ------------ BRAZIL: 1.30% 50,088 PETROLEO BRASILEIRO SA ADR CLASS A (OIL & GAS) 1,982,984 ------------ CANADA: 2.26% 61,631 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,466,127 ------------ CHINA: 7.17% 767 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES)+ 457,899 2,531,029 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 2,073,265 472,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,261,442 145,657 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 393,959 227,746 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 838,914 7,541 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION)+ 295,607 1,905,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS) 1,452,503 901,495 SANDS CHINA LIMITED (CASINO & GAMING) 1,432,778 15,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 300,995 1,026,350 WYNN MACAU LIMITED (CASINO & GAMING)+ 1,480,519 10,987,881 ------------ DENMARK: 1.23% 76,726 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,887,595 FRANCE: 12.45% 35,384 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,957,536 40,864 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 3,138,273 17,517 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 842,273 55,674 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 974,542 283,822 NATIXIS (DEPOSITORY INSTITUTIONS) 1,531,461 43,461 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,690,508 38,542 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,424,024 9,109 UNIBAIL (REAL ESTATE) 1,845,461 45,213 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 2,664,657 19,068,735 ------------ GERMANY: 13.64% 62,595 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,233,962 71,910 DAIMLER AG (TRANSPORTATION EQUIPMENT) 3,385,301 4,321 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 320,289 175,656 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,047,474 38,288 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 4,568,389 24,297 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,942,933 765 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,580 15,611 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,383,176 20,901,104 ------------ HONG KONG: 5.04% 236,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 871,727 76,051 BEIJING ENTERPRISES HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 528,441
128 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE HONG KONG (continued) 132,100 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) $ 1,042,100 1,405,582 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 889,196 1,194,373 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,435,232 412,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,027,034 466,129 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 930,547 7,724,277 ------------ INDIA: 2.31% 15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 910,454 61,595 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,630,107 3,540,561 ------------ IRELAND: 5.40% 56,768 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,381,418 58,230 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,927,804 301,219 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 2,964,291 8,273,513 ------------ ITALY: 1.58% 649,962 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,420,731 ------------ JAPAN: 7.95% 48,197 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,435,754 6,350 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,103,728 46,600 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 1,644,882 14,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 379,987 83,300 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 436,592 218,800 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,676,701 14,950 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 1,135,362 79,660 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 1,757,820 22,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 605,074 12,175,900 ------------ NETHERLANDS: 9.91% 35,981 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 2,050,582 203,129 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 7,259,467 379,768 ING GROEP NV (FINANCIAL SERVICES) 3,791,607 72,705 TNT NV (TRANSPORTATION SERVICES) 2,084,766 15,186,422 ------------ SINGAPORE: 0.98% 241,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 1,502,980 ------------ SPAIN: 0.72% 16,602 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,094,379 ------------ SWEDEN: 1.16% 84,283 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,053,450 40,775 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 724,515 1,777,965 ------------ SWITZERLAND: 10.73% 50,111 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,735,513 85,494 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,378,486 56,506 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,051,989 19,156 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 3,106,673
Wells Fargo Advantage Master Portfolios 129 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE SWITZERLAND (continued) 4,621 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED PRODUCTS) $ 770,897 85,919 UBS AG (DEPOSITORY INSTITUTIONS) 1,396,673 16,440,231 ------------ TAIWAN: 1.37% 183,448 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 1,924,370 149,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 169,606 2,093,976 ------------ TURKEY: 0.09% 16,394 COCA-COLA ICECEK URETIM AS (BEVERAGES) 139,340 ------------ UNITED KINGDOM: 9.71% 8,545 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 350,758 270,491 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,744,166 88,891 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,711,329 489,248 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,591,777 80,563 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 784,261 178,529 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,778,574 20,824 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 568,017 658,481 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,351,209 14,880,091 ------------ UNITED STATES: 1.55% 45,404 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,368,273 ------------ TOTAL COMMON STOCKS (COST $130,972,643) 150,380,706 ------------
YIELD SHORT-TERM INVESTMENTS: 2.18% MUTUAL FUNDS: 2.18% 3,339,209 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% 3,339,209 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $3,339,209) 3,339,209 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $134,311,852)* 100.35% 153,719,915 OTHER ASSETS AND LIABILITIES, NET (0.35) (528,606) ------ ------------ TOTAL NET ASSETS 100.00% $153,191,309 ------ ------------
---------- + Non-income earning securities. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $142,191,901 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 20,784,270 Gross unrealized depreciation (9,256,256) ------------ Net unrealized appreciation $ 11,528,014 ------------
The accompanying notes are an integral part of these financial statements. 130 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 97.77% AUSTRALIA: 8.47% 2,390 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 32,179 12,646 ALUMINA LIMITED (METAL MINING) 20,018 6,626 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,853 11,151 AMP LIMITED (INSURANCE CARRIERS) 64,057 2,007 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 8,343 3,015 ARROW ENERGY NL (OIL & GAS EXTRACTION)+ 13,917 14,918 ASCIANO GROUP (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 25,942 939 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 29,245 13,619 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 316,936 5,461 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 31,671 1,894 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,380 18,408 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 736,327 1,035 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 10,732 9,443 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 25,216 3,155 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,242 7,687 BRAMBLES LIMITED (BUSINESS SERVICES) 51,917 701 CALTEX AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 7,275 9,255 CFS RETAIL PROPERTY TRUST (REAL ESTATE) 15,924 2,963 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 30,589 290 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,384 8,424 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 435,138 2,417 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 27,769 2,534 CROWN LIMITED (EATING & DRINKING PLACES) 19,021 3,028 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 101,226 7,438 CSR LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 11,296 25,191 DB RREEF TRUST (REAL ESTATE) 18,724 345 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 5,984 10,969 FAIRFAX MEDIA LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 18,118 6,737 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 30,293 10,365 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 50,316 6,668 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 8,750 49,877 GPT GROUP (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,318 68,250 GPT GROUP HOLDINGS ENTITLEMENT SHARES (REAL ESTATE INVESTMENT TRUSTS (REITS))(a) 0 2,751 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 9,139 8,767 INCITEC PIVOT LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 27,916 11,116 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 39,578 2,240 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,923 812 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,060 3,445 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 27,377 633 MACQUAIRE OFFICE TRUST (HOLDING & OTHER INVESTMENT OFFICES) 166 4,045 MACQUARIE AIRPORTS GROUP (MISCELLANEOUS REPAIR SERVICES) 11,470 31,028 MACQUARIE GOODMAN GROUP (REAL ESTATE) 18,650 1,811 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 78,523 11,743 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 12,069 3,964 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 15,060 14,429 MIRVAC GROUP (REAL ESTATE) 19,530 11,394 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 287,741 2,599 NEWCREST MINING LIMITED (METAL MINING) 78,275 6,997 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 25,041 1,957 ORICA LIMITED (CHEMICALS & ALLIED PRODUCTS) 48,111 4,780 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 72,594 16,176 OZ MINERALS LIMITED (METAL MINING) 16,996 3,321 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 12,038 5,749 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 14,983
Wells Fargo Advantage Master Portfolios 131 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE AUSTRALIA (continued) 5,576 QBE INSURANCE GROUP LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) $ 106,583 2,371 RIO TINTO LIMITED (METAL MINING) 170,579 4,465 SANTOS LIMITED (OIL & GAS EXTRACTION) 60,067 865 SIMS GROUP LIMITED (PRIMARY METAL INDUSTRIES) 17,193 2,009 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 26,492 7,216 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,993 12,984 STOCKLAND (REAL ESTATE) 47,540 6,918 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 54,215 3,474 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 21,997 6,639 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 14,987 23,416 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 64,248 3,559 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 24,233 6,587 TRANSURBAN GROUP (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION) 30,525 5,573 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 162,576 787 WESFARMERS LIMITED PRICE PROTECTED SHARES (PPS) (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,016 11,306 WESTFIELD GROUP (REAL ESTATE) 125,122 16,541 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 422,579 2,960 WOODSIDE PETROLEUM LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 127,392 6,744 WOOLWORTHS LIMITED (FOOD STORES) 173,282 849 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 19,828 4,822,787 ----------- AUSTRIA: 0.30% 998 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 41,921 2,181 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 11,960 816 OMV AG (OIL & GAS EXTRACTION) 30,617 280 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 13,312 1,668 TELEKOM AUSTRIA AG (COMMUNICATIONS) 23,317 399 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS & SANITARY SERVICES) 15,839 608 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 24,595 199 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE AGENTS, BROKERS & SERVICE) 10,509 172,070 ----------- BELGIUM: 0.92% 2,600 ANHEUSER-BUSCH INBEV NV STRIP VVPR (FOOD & KINDRED PRODUCTS)+ 25 3,926 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 197,762 828 BELGACOM SA (COMMUNICATIONS) 32,342 78 COLRUYT SA (FOOD STORES) 19,200 540 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 43,396 2,741 DEXIA (DEPOSITORY INSTITUTIONS) 16,349 11,989 FORTIS (DEPOSITORY INSTITUTIONS) 42,685 9,100 FORTIS STRIP VVPR (DEPOSITORY INSTITUTIONS)+ 25 433 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 38,260 864 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 41,841 155 MOBISTAR SA (COMMUNICATIONS) 9,539 170 NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 8,909 323 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,204 522 UCB SA (CHEMICALS & ALLIED PRODUCTS) 22,290 589 UMICORE (CHEMICALS & ALLIED PRODUCTS) 20,569 526,396 ----------- BERMUDA: 0.06% 50 INDEPENDENT TANKERS CORPORATION LIMITED (CRUDE PETROLEUM & NATURAL GAS)+ 40 1,499 SEADRILL LIMITED (OIL & GAS EXTRACTION) 34,933 34,973 -----------
132 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE CHINA: 0.08% 4,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) $ 6,851 16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS)+ 7,398 10,400 SANDS CHINA LIMITED (CASINO & GAMING) 16,529 8,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 15,703 46,481 ----------- CYPRUS: 0.03% 2,942 BANK OF CYPRUS PUBLIC COMPANY LIMITED (INSURANCE CARRIERS) 18,597 ----------- DENMARK: 0.93% 7 A.P. MOLLER-MAERSK A/S CLASS A (WATER TRANSPORTATION) 53,340 3 A.P. MOLLER-MAERSK A/S CLASS B (WATER TRANSPORTATION) 21,848 612 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 51,365 118 COLOPLAST AS CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,995 2,428 DANSKE BANK (DEPOSITORY INSTITUTIONS) 59,733 1,150 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 20,551 300 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 5,655 2,402 NOVO NORDISK AS CLASS B (CHEMICALS & ALLIED PRODUCTS) 186,388 256 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 28,332 83 TOPDANMARK A/S (INSURANCE CARRIERS)+ 10,812 123 TRYGVESTA A/S (INSURANCE CARRIERS) 8,118 1,148 VESTAS WIND SYSTEMS A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 62,380 120 WILLIAM DEMANT HOLDING (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 8,491 530,008 ----------- FINLAND: 1.20% 707 ELISA OYJ (COMMUNICATIONS) 14,581 2,388 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 58,411 338 KESKO OYJ (WHOLESALE TRADE-DURABLE GOODS) 13,303 825 KONE OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,097 657 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 21,217 664 NESTE OIL OYJ LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 11,578 20,376 NOKIA OYJ (COMMUNICATIONS) 317,315 550 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 14,285 668 OKO BANK (DEPOSITORY INSTITUTIONS) 7,507 463 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,243 638 OUTOKUMPU OYJ (PRIMARY METAL INDUSTRIES) 14,003 400 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 8,644 2,259 SAMPO OYJ (BUSINESS SERVICES) 59,924 420 SANOMAWSOY OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 9,303 3,160 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 24,072 2,830 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 37,555 488 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,717 680,755 ----------- FRANCE: 9.80% 787 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 43,539 153 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,597 700 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 11,067 1,365 AIR LIQUIDE SA (CHEMICALS & ALLIED PRODUCTS) 163,863 12,444 ALCATEL SA (COMMUNICATIONS) 39,346 1,085 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 67,660 235 ATOS ORIGIN SA (BUSINESS SERVICES) 11,801 9,237 AXA SA (INSURANCE CARRIERS) 205,479 71 BIOMERIEUX (HEALTH SERVICES) 8,154 5,207 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 399,887
Wells Fargo Advantage Master Portfolios 133 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE FRANCE (continued) 1,203 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 60,476 251 BUREAU VERITAS SA (SOCIAL SERVICES) 13,323 786 CAP GEMINI SA (BUSINESS SERVICES) 38,717 3,452 CARREFOUR SA (FOOD STORES) 166,379 300 CASINO GUICHARD PERRACHON SA (FOOD STORES) 25,385 341 CHRISTIAN DIOR SA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 36,376 192 CNP ASSURANCES (INSURANCE CARRIERS) 18,132 2,094 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 100,686 743 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 21,079 798 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 58,806 5,050 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 88,397 336 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,875 210 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,862 1,271 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 69,354 27 ERAMET (METAL MINING) 9,294 1,081 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 69,017 143 EURAZEO (HOLDING & OTHER INVESTMENT OFFICES) 9,933 511 EUTELSAT COMMUNICATIONS (COMMUNICATIONS) 18,166 120 FONCIERE DES REGIONS (REAL ESTATE) 13,217 10,080 FRANCE TELECOM SA (COMMUNICATIONS) 241,182 6,758 GAZ DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 261,052 1,715 GDF SUEZ (ENERGY) 2 97 GECINA SA (REAL ESTATE) 10,735 2,992 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 180,235 2,562 GROUPE EUROTUNNEL SA (RAILROAD TRANSPORTATION) 26,108 283 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 39,313 126 ICADE (HOLDING & OTHER INVESTMENT OFFICES) 14,025 84 ILIAD SA (BUSINESS SERVICES) 8,662 176 IMERYS SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,849 131 IPSEN (CHEMICALS & ALLIED PRODUCTS) 6,397 345 JC DECAUX SA (BUSINESS SERVICES) 9,641 472 KLEPIERRE (REAL ESTATE) 18,539 1,303 L'OREAL SA (COSMETICS, PERSONAL CARE) 137,026 1,074 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 75,576 611 LAGARDERE SCA (COMMUNICATIONS) 24,724 544 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 17,186 1,333 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES-DIVERSIFIED) 155,808 334 M6 METROPOLE TELEVISION (AMUSEMENT & RECREATION SERVICES) 8,639 4,508 NATIXIS (DEPOSITORY INSTITUTIONS) 24,324 166 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,266 655 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 7,522 1,064 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 90,350 788 PEUGEOT SA (AUTOMOBILE) 23,202 408 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 54,319 645 PUBLICIS GROUPE (BUSINESS SERVICES) 27,599 994 RENAULT SA (AUTOMOBILE) 46,586 972 SAFRAN SA (TRANSPORTATION EQUIPMENT) 25,338 5,781 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 430,930 1,283 SCHNEIDER ELECTRIC SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 150,484 858 SCOR SE (INSURANCE CARRIERS) 21,671 138 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,566 117 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 8,415 3,415 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 214,780
134 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE FRANCE (continued) 609 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) $ 11,298 513 SODEXHO ALLIANCE SA (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 30,660 1,466 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 33,740 557 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 45,289 463 THALES SA (TRANSPORTATION EQUIPMENT) 18,585 11,588 TOTAL SA (OIL & GAS EXTRACTION) 672,694 496 UNIBAIL (REAL ESTATE) 100,488 312 VALLOUREC SA (PIPELINES) 62,915 2,149 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 74,537 2,405 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 141,740 6,686 VIVENDI SA (COMMUNICATIONS) 178,938 5,576,802 ----------- GERMANY: 7.24% 1,125 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 60,171 2,468 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 309,440 4,994 BASF AG (OIL & GAS EXTRACTION) 309,737 4,510 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 305,059 1,780 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 82,174 480 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 28,711 441 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 14,099 3,858 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 33,042 4,903 DAIMLER AG (AUTOMOBILE) 230,818 3,207 DEUTSCHE BANK AG (BANKING) 247,028 1,048 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 77,682 1,187 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 19,688 4,549 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 78,921 453 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 14,534 15,406 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 208,810 10,441 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 385,482 190 FRAPORT AG (TRANSPORTATION SERVICES) 10,004 1,029 FRESENIUS MEDICAL CARE AG & COMPANY (HEALTH SERVICES) 58,060 146 FRESENIUS SE (HEALTH SERVICES) 10,867 810 GEA GROUP AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 18,774 313 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,456 765 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,673 707 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 32,758 217 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 18,236 5,832 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 40,480 926 K+S AG (CHEMICALS & ALLIED PRODUCTS) 56,194 816 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 97,362 567 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 47,465 352 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 28,526 617 METRO AG (FOOD STORES) 36,601 1,074 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 174,289 31 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 9,821 2,278 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 201,837 202 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 18,752 4,666 SAP AG (BUSINESS SERVICES) 225,995 4,518 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 452,481 434 SOLARWORLD AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,545 343 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,570 1,798 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 61,817 719 TUI AG (AMUSEMENT & RECREATION SERVICES) 8,085 651 UNITED INTERNET AG (BUSINESS SERVICES) 9,874
Wells Fargo Advantage Master Portfolios 135 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE GERMANY (continued) 159 VOLKSWAGEN AG (AUTOMOBILE) $ 15,355 81 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 12,078 4,123,351 ----------- GREECE: 0.39% 2,509 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 23,755 995 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 26,824 1,711 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS)+ 15,715 580 HELLENIC PETROLEUM SA (PETROLEUM REFINING & RELATED INDUSTRIES) 6,643 1,270 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 15,764 3,291 MARFIN INVESTMENT GROUP SA (INVESTMENT COMPANIES) 7,556 3,263 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 65,667 1,160 OPAP SA (AMUSEMENT & RECREATION SERVICES) 26,321 1,568 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS)+ 13,702 600 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 10,535 300 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,942 220,424 ----------- HONG KONG: 2.36% 1,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,473 7,802 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 28,739 20,000 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 47,706 6,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 12,643 8,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 103,036 2,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 7,741 11,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 78,630 6,208 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 48,973 11,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 11,603 24,000 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 15,183 4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,225 11,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 44,344 4,100 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,136 6,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 42,271 21,220 HONG KONG & CHINA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 52,912 400 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 5,051 7,500 HONG KONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 44,483 6,000 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 100,151 3,000 HOPEWELL HOLDINGS (REAL ESTATE) 8,887 12,000 HUTCHISON WHAMPOA LIMITED (BUSINESS SERVICES) 87,787 3,701 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 10,701 3,976 KERRY PROPERTIES LIMITED (REAL ESTATE) 21,329 12,200 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 60,024 3,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 6,320 7,946 MTR CORPORATION LIMITED (RAILROAD TRANSPORTATION) 30,088 13,387 NEW WORLD DEVELOPMENT LIMITED (REAL ESTATE) 26,208 10,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,623 4,449 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 8,882 1,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 8,895 18,977 PCCW LIMITED (COMMUNICATIONS) 5,646 10,050 SINO LAND COMPANY (REAL ESTATE) 19,701 8,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 120,346 4,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 54,133 2,000 TELEVISION BROADCASTS LIMITED (COMMUNICATIONS) 9,685 11,606 THE LINK REIT (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 28,610
136 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE HONG KONG (continued) 7,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) $ 42,965 5,000 WHEELOCK & COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 14,747 1,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,144 3,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)(a) 12,123 1,341,144 ----------- IRELAND: 0.36% 6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0 3,798 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 94,826 2,565 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 19,331 5,517 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 54,293 726 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,553 480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 13,042 204,045 ----------- ITALY: 3.06% 5,668 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 10,633 6,353 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 152,479 1,402 ATLANTIA SPA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 32,722 528 AUTOGRILL SPA (EATING & DRINKING PLACES) 6,425 3,355 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 9,165 11,380 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 16,846 2,043 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 12,686 3,318 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS) 23,080 35,815 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 200,266 14,304 ENI SPA (OIL & GAS EXTRACTION) 335,583 375 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,514 4,103 FIAT SPA (COMMON) (TRANSPORTATION EQUIPMENT) 53,422 2,204 FINMECCANICA SPA (TRANSPORTATION BY AIR) 29,411 322 FONDIARIA SAI SPA (INSURANCE CARRIERS) 4,845 41,907 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 156,079 4,832 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS)+ 14,472 367 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,243 600 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,046 3,858 MEDIASET SPA (COMMUNICATIONS) 33,141 2,578 MEDIOBANCA SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 27,699 1,138 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,659 8,824 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 24,164 13,596 PIRELLI & COMPANY SPA (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 8,355 516 PRYSMIAN SPA (COMMUNICATIONS) 10,140 1,421 SAIPEM SPA (OIL & GAS EXTRACTION) 54,987 7,773 SNAM RETE GAS SPA (ELECTRIC, GAS & SANITARY SERVICES) 39,396 32,340 TELECOM ITALIA RSP SPA (COMMUNICATIONS) 36,473 53,959 TELECOM ITALIA SPA (COMMUNICATIONS) 77,690 7,079 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,620 89,048 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 263,097 3,087 UNIONE DI BANCHE SCPA (DEPOSITORY INSTITUTIONS) 41,653 3,829 UNIPOL SPA (INSURANCE AGENTS, BROKERS & SERVICE) 4,323 1,743,314 ----------- JAPAN: 22.09% 2,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,424 100 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,198 300 ACOM COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 4,910
Wells Fargo Advantage Master Portfolios 137 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) $ 22,507 3,400 AEON COMPANY LIMITED (GENERAL MERCHANDISE STORES) 38,586 400 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,749 500 AEON MALL COMPANY LIMITED (REAL ESTATE) 10,541 1,000 AIR WATER INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 11,445 1,000 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,950 4,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 39,619 200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 8,621 5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 14,280 2,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,772 5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,060 2,100 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 39,376 6,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 67,579 7,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 37,662 1,000 ASICS CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 9,776 2,500 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 90,518 2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 18,419 7,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 34,292 400 BENESSE CORPORATION (EDUCATIONAL SERVICES) 17,328 3,300 BRIDGESTONE CORPORATION (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 56,335 1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 13,296 5,800 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 268,628 300 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 4,085 1,200 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,229 8 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 60,926 4,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,917 1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,926 3,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 89,990 1,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 22,565 1,500 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,252 300 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 4,906 3,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 7,252 800 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,408 3,000 DAI NIPPON PRINTING COMPANY LIMITED (BUSINESS SERVICES) 40,528 2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,755 2,000 DAIDO STEEL COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 8,407 1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,552 3,700 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,298 1,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 53,188 800 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,333 400 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 19,296 3,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 33,854 9,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 47,363 2 DENA COMPANY LIMITED (BUSINESS SERVICES) 14,804 3,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,900 2,600 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 77,452 900 DENTSU INCORPORATED (BUSINESS SERVICES) 23,653 1,100 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,624 1,900 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 132,100 1,400 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 49,941 680 ELECTRIC POWER DEVELOPMENT COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 22,402 900 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 17,723 300 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,546 1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 116,718
138 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 300 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) $ 52,145 3,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 8,183 3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 15,531 3 FUJI TELEVISION NETWORK INCORPORATED (MEDIA) 4,444 2,500 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 86,105 10,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,462 4,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 16,986 4,000 FURUKAWA ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 20,794 2,000 GS YUASA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 13,499 2,000 GUNMA BANK LIMITED (BUSINESS SERVICES) 11,060 120 HAKUHODO DY HOLDINGS INCORPORATED (BUSINESS SERVICES) 6,315 6,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 31,494 1,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,225 200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 23,061 400 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 14,868 600 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,964 600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS)+ 14,177 400 HITACHI HIGH-TECHNOLOGIES CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 9,177 24,000 HITACHI LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 89,592 1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 10,514 1,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 19,189 7,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 15,349 1,000 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 21,992 9,000 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 317,681 2,200 HOYA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 60,454 700 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 24,110 100 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 7,573 5 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 36,688 1,960 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,070 7,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,804 6,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 16,237 300 ITO EN LIMITED (EATING & DRINKING PLACES) 4,643 8,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 70,082 200 ITOCHU TECHNO-SCIENCE CORPORATION (BUSINESS SERVICES) 6,568 2,800 J FRONT RETAILING COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 16,472 200 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 5,252 200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 10,140 3 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE) 6,678 3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE) 25,575 8 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE) 9,413 2,000 JAPAN STEEL WORKS (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,912 25 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 93,058 2,700 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 108,734 1,000 JGC CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 17,841 4,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,841 1,300 JS GROUP CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 26,462 1,000 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,890 1,000 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,809 13 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 15,018 5,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,247 2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 16,087 2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,964 4,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 96,228 1,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,151 2,900 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 73,516
Wells Fargo Advantage Master Portfolios 139 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 8,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 22,077 4,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,959 16 KDDI CORPORATION (COMMUNICATIONS) 82,832 3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 24,644 3,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 20,248 2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 12,172 200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 47,791 1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 11,702 1,000 KINDEN CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 8,760 9,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 28,014 5,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 73,751 13,000 KOBE STEEL LIMITED (PRIMARY METAL INDUSTRIES)+ 27,950 1,000 KOITO MANUFACTURING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 14,847 5,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 106,921 500 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643 2,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,174 6,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 54,680 2,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 26,912 600 KURITA WATER INDUSTRIES LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,975 900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 87,699 2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,644 2,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 45,711 400 LAWSON INCORPORATED (FOOD STORES) 17,071 200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 11,509 600 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,767 9,000 MARUBENI CORPORATION (BUSINESS SERVICES) 55,931 1,100 MARUI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 7,977 200 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 4,056 600 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 4,287 10,700 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 163,665 2,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 25,243 8,000 MAZDA MOTOR CORPORATION (AUTOMOBILE) 22,505 400 MCDONALD'S HOLDINGS COMPANY LIMITED (FOOD STORES) 8,121 700 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 8,289 400 MEIJI HOLDINGS COMPANY LIMITED (PHARMACEUTICALS)+ 15,531 3,900 MILLEA HOLDINGS INCORPORATED (INSURANCE AGENTS, BROKERS & SERVICE) 109,837 2,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,172 6,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,234 6,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 180,821 11,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 101,070 7,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 114,558 2,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,044 17,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 70,371 1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 12,429 6,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 17,264 19,000 MITSUBISHI MOTORS CORPORATION (AUTOMOBILE)+ 25,810 69,170 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 362,534 300 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,910 9,400 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 157,957 5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,135 4,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,969 5,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 84,875 3,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,985 6,000 MITSUI OSK LINES LIMITED (WATER TRANSPORTATION) 43,063
140 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 3,061 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED (INSURANCE CARRIERS) $ 84,964 5,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 18,772 400 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 8,754 74,500 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 147,422 8,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 8,044 1,200 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,157 1,000 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 9,744 14,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 42,079 1,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 20,398 1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 13,584 1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,177 600 NIDEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,306 1,700 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 37,113 500 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 167,398 3 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE) 25,832 2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174 5,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 21,500 1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 12,654 5,000 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 23,818 7,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 33,346 500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 12,862 3,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 8,857 28,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 109,916 2,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 118,002 8,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 31,576 4,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(a) 25,662 4,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,809 1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,991 13,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOBILE) 114,808 100 NISSHA PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,904 1,000 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 12,910 4,000 NISSHIN STEEL COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,343 1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 10,354 400 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,456 200 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 15,189 900 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 34,945 600 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 9,030 20,100 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 148,132 500 NOMURA REAL ESTATE HOLDING INCORPORATED (REAL ESTATE) 7,712 2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE) 11,231 500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,392 3,000 NSK LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 23,682 3,000 NTN CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,542 7 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 23,323 84 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 127,945 6 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 5,070 4,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,756 40 OBIC COMPANY LIMITED (BUSINESS SERVICES) 7,265 4,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 33,287 5,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 21,927 1,200 OLYMPUS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 38,507 1,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 25,532 500 ONO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 22,248 200 ORACLE CORPORATION JAPAN (BUSINESS SERVICES) 9,274
Wells Fargo Advantage Master Portfolios 141 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 300 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) $ 20,922 560 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,657 11,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 39,416 100 OTSUKA CORPORATION (BUSINESS SERVICES) 6,354 38 RAKUTEN INCORPORATED (BUSINESS SERVICES) 27,477 2,600 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 32,872 4,000 RICOH COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 62,467 200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,504 600 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 44,796 300 SANKYO COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 14,841 400 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,006 10,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 16,045 1,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,851 1,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 5,220 87 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 17,169 1,200 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 52,498 1,100 SEGA SAMMY HOLDINGS INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,319 700 SEIKO EPSON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,872 3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,344 3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,971 2,900 SENSHU IKEDA HOLDINGS INCORPORATED (BANKING)+ 5,273 4,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 101,968 3 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,033 5,200 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 65,021 1,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 28,335 2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,023 400 SHIMANO INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,692 100 SHIMANURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 8,857 3,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,515 2,300 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 133,586 300 SHINKO ELECTRIC INDUSTRIES (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 4,640 3,000 SHINKO SECURITIES COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,498 5,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,043 1,600 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,429 1,900 SHISEIDO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 41,256 3,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,153 8,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 18,055 1,000 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 6,760 300 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,721 4,100 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 100,998 6,400 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 12,391 5,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 35,642 5,500 SONY CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 210,611 5 SONY FINANCIAL HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 16,419 300 SQUARE ENIX COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 6,559 800 STANLEY ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,514 600 SUMCO CORPORATION (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 12,759 9,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 43,994 6,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 70,141 4,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 50,258 3,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 18,066 18,000 SUMITOMO METAL INDUSTRIES LIMITED (PRIMARY METAL INDUSTRIES) 54,487 3,000 SUMITOMO METAL MINING COMPANY LIMITED (METAL MINING) 44,636 7,000 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 231,362 2,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 38,058 900 SUMITOMO RUBBER INDUSTRIES (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,932
142 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 46,893 1,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 8,942 400 SUZUKEN COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 14,098 1,900 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 41,926 1,500 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 35,506 4,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 5,733 5,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,017 1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 18,184 2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 19,553 2,000 TAKASHIMAYA COMPANY LIMITED (GENERAL MERCHANDISE STORES) 16,430 4,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 180,463 1,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,119 700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,572 5,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 16,793 900 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 47,941 1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,499 1,500 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 29,811 2,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,381 3,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,675 1,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,509 600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,092 200 TOA MEDICAL ELECTRONICS COMPANY (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,723 5,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,757 600 TOHO COMPANY LIMITED TOKYO (AMUSEMENT & RECREATION SERVICES) 9,665 3,000 TOHO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,365 2,300 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 48,613 2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 11,081 6,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 175,925 1,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 66,317 13,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 57,290 500 TOKYO STEEL MANUFACTURING COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,263 2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 7,188 6,000 TOKYU CORPORATION (RAILROAD TRANSPORTATION) 25,094 2,000 TOKYU LAND CORPORATION (REAL ESTATE) 7,637 2,000 TONENGENERAL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 16,879 3,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,083 7,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 40,881 22,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 113,659 3,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,637 2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,627 800 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,171 1,000 TOYO SUISAN KAISHA LIMITED (FOOD STORES) 25,864 400 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 11,214 300 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,763 1,000 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 28,559 16,100 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 644,930 1,100 TOYOTA TSUSHO CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 17,249 600 TREND MICRO INCORPORATED (BUSINESS SERVICES) 20,922 300 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 8,712 5,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 12,836 200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 19,318 1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 8,268 600 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,179 120 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 8,151 9 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 30,998 79 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 28,773
Wells Fargo Advantage Master Portfolios 143 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (continued) 500 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 13,488 470 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 34,688 1,000 YAMAGUCHI FINANCIAL GROUP (HOLDING & OTHER INVESTMENT OFFICES) 10,942 800 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,328 1,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,484 2,200 YAMATO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 30,921 200 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,642 1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,376 1,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,145 1,200 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,448 12,574,335 ----------- LUXEMBOURG: 0.59% 4,671 ARCELORMITTAL (IRON, STEEL) 204,976 414 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS) 37,039 1,519 SES FDR (BUSINESS SERVICES) 38,355 2,539 TENARIS SA (PRIMARY METAL INDUSTRIES) 54,800 335,170 ----------- NETHERLANDS: 2.75% 8,397 AEGON NV (INSURANCE CARRIERS) 57,501 1,246 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 71,010 2,319 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,877 344 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,184 276 CORIO NV (REAL ESTATE) 18,428 2,186 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (AEROSPACE, DEFENSE) 43,978 359 FUGRO NV (OIL & GAS EXTRACTION) 23,464 599 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 26,646 1,317 HEINEKEN NV (FOOD & KINDRED PRODUCTS) 67,684 19,805 ING GROEP NV (FINANCIAL SERVICES) 197,733 6,408 KONINKLIJKE AHOLD NV (FOOD STORES) 85,425 828 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 36,922 5,291 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 169,653 163 KONINKLIJKE VOPAK NV (TRANSPORTATION SERVICES) 12,837 1,258 QIAGEN NV (HEALTH SERVICES)+ 28,970 527 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 25,044 3,884 REED ELSEVIER NV (HOLDING & OTHER INVESTMENT OFFICES) 47,203 9,091 ROYAL KPN NV (COMMUNICATIONS) 144,030 884 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 17,689 3,716 STMICROELECTRONICS (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 36,990 1,995 TNT NV (TRANSPORTATION SERVICES) 57,205 8,919 UNILEVER NV (FOOD & KINDRED PRODUCTS) 269,780 1,514 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,831 1,567,084 ----------- NEW ZEALAND: 0.12% 7,944 AUCKLAND INTERNATIONAL AIRPORT LIMITED (TRANSPORTATION BY AIR) 10,947 1,646 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 7,483 3,196 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 18,957 885 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,684 2,983 SKY CITY ENTERTAINMENT GROUP LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,823 10,406 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 16,040 66,934 -----------
144 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE NORWAY: 0.66% 4,861 DNB NOR ASA (DEPOSITORY INSTITUTIONS) $ 55,536 3,558 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 27,120 4,141 ORKLA ASA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 36,615 1,724 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 8,064 6,102 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 141,277 4,493 TELENOR ASA (COMMUNICATIONS) 60,933 1,000 YARA INTERNATIONAL ASA (CHEMICALS & ALLIED PRODUCTS) 43,411 372,956 ----------- PORTUGAL: 0.25% 12,164 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 13,538 2,721 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 14,700 932 BRISA-AUTO ESTRADAS DE PORTUGAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 7,905 1,220 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,219 9,467 ENERGIAS DE PORTUGAL SA (ELECTRIC, GAS & SANITARY SERVICES) 37,631 799 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 13,878 1,142 JERONIMO MARTINS (FOOD & KINDRED PRODUCTS) 11,568 3,172 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 35,465 143,904 ----------- SINGAPORE: 1.41% 8,000 ASCENDAS REIT (REAL ESTATE) 10,980 14,000 CAPITALAND LIMITED (REAL ESTATE) 39,730 11,670 CAPITAMALL TRUST (REAL ESTATE) 14,765 7,000 CAPITAMALLS ASIA LIMITED (REAL ESTATE) 11,308 3,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 22,731 10,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 11,151 7,000 COSCO CORPORATION SINGAPORE LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,205 9,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 97,109 5,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 17,156 34,672 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 14,375 1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 23,564 40 K-REIT ASIA (REAL ESTATE) 31 7,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 45,634 5,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 7,184 6,590 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 12,201 14,130 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 87,975 4,980 SEMBCORP INDUSTRIES LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 14,702 5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 14,976 2,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 28,250 5,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 27,342 9,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,576 7,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 15,962 43,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 97,437 4,000 STARHUB LIMITED (COMMUNICATIONS) 6,548 7,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 96,172 3,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 8,363 7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 33,525 9,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,463 797,415 ----------- SOUTH AFRICA: 0.07% 490 RANDGOLD RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 37,290 -----------
Wells Fargo Advantage Master Portfolios 145 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE SPAIN: 3.80% 1,533 ABERTIS INFRAESTRUCTURAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 29,505 132 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 14,639 724 ACERINOX SA (PRIMARY METAL INDUSTRIES) 14,252 770 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (RAILROAD TRANSPORTATION) 35,526 19,358 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 264,858 4,664 BANCO DE SABADE (DEPOSITORY INSTITUTIONS) 25,752 1,104 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS)+ 7,038 4,650 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 34,229 45,146 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 600,008 1,471 BANKINTER SA (DEPOSITORY INSTITUTIONS) 12,239 2,363 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,979 4,355 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,581 1,131 EDP RENOVAVEIS SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 8,837 928 ENAGAS (ELECTRIC, GAS & SANITARY SERVICES) 20,336 197 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 7,212 945 GAMESA CORPORATION TECNOLOGICA SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,955 1,254 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 23,153 511 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 8,020 662 GRIFOLS SA (CHEMICALS & ALLIED PRODUCTS) 9,889 4,378 IBERDROLA RENOVABLES (ELECTRIC UTILITIES) 18,183 20,013 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 169,617 2,472 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,641 510 INDRA SISTEMAS SA (BUSINESS SERVICES) 10,456 1,173 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 77,322 3,791 MAPFRE SA (INSURANCE CARRIERS) 13,907 589 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 31,611 3,944 REPSOL YPF SA (OIL & GAS EXTRACTION) 93,382 473 SACYR VALLEHERMOSO SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 4,173 23,236 TELEFONICA SA (COMMUNICATIONS) 550,470 690 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,957 2,162,727 ----------- SWEDEN: 2.69% 1,768 ALFA LAVAL AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,028 1,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 33,013 3,604 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,902 2,122 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,741 1,304 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 29,798 1,192 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,576 2,780 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 180,608 331 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 8,916 2,110 HUSQVARNA AB B SHARES (COMMUNICATIONS) 15,341 2,400 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 46,035 1,175 KINNEVIK INVESTMENT AB (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,643 1,153 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 9,765 17,856 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 176,196 600 RATOS AB B SHARES (HOLDING & OTHER INVESTMENT OFFICES) 19,901 5,422 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 67,769 1,692 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 26,760 1,707 SECURITAS AB (BUSINESS SERVICES) 18,203 8,238 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 52,630 2,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 42,518 2,140 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,025 992 SSAB SVENSKT STAL AB CLASS A (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 17,833
146 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE SWEDEN (continued) 475 SSAB SVENSKT STAL AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT)+ $ 7,710 3,077 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 43,381 2,614 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 76,603 3,300 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 33,866 1,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 38,844 1,695 TELE2 AB (COMMUNICATIONS) 28,287 17,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 185,355 12,411 TELIASONERA AB (COMMUNICATIONS) 88,090 2,400 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 23,765 5,795 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 58,306 1,529,408 ----------- SWITZERLAND: 7.69% 11,997 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 262,036 555 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS)+ 25,250 660 ADECCO SA (BUSINESS SERVICES) 37,463 420 ARYZTA AG (CONSUMER STAPLES) 18,403 259 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 22,967 83 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 6,168 2,809 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 108,774 6,119 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 315,409 211 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 37,761 41 GIVAUDAN SA (CHEMICALS & ALLIED PRODUCTS) 35,968 1,321 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 98,474 1,093 JULIUS BAER GROUP LIMITED (BANKING) 39,650 1,093 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 13,424 294 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 29,751 1 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 27,077 5 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) (FOOD & KINDRED PRODUCTS) 11,831 943 LOGITECH INTERNATIONAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 15,517 236 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 19,249 19,013 NESTLE SA (FOOD & KINDRED PRODUCTS) 973,731 644 NOBEL BIOCARE HOLDING AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,224 11,577 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 625,294 140 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 11,884 240 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,818 3,854 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 625,032 253 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 22,267 111 SCHINDLER HOLDING SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643 29 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 39,991 41 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,207 224 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 13,320 166 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 52,930 154 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,229 1,857 SWISS REINSURANCE (INSURANCE CARRIERS) 91,406 125 SWISSCOM AG (COMMUNICATIONS) 45,618 515 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 143,012 19,347 UBS AG (DEPOSITORY INSTITUTIONS) 314,499 801 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 205,340 4,376,617 ----------- UNITED KINGDOM: 20.38% 4,985 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 22,029 962 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 19,270 1,725 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,915
Wells Fargo Advantage Master Portfolios 147 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE UNITED KINGDOM (continued) 7,158 ANGLO AMERICAN PLC (COAL MINING) $ 312,181 2,147 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 33,884 1,939 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 28,792 7,965 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 355,233 1,175 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,505 15,059 AVIVA PLC (INSURANCE CARRIERS) 88,049 19,270 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 108,576 3,541 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 15,701 62,944 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 344,149 18,520 BG GROUP PLC (OIL & GAS EXTRACTION) 320,527 12,120 BHP BILLITON PLC (COAL MINING) 415,661 102,860 BP PLC (OIL & GAS EXTRACTION) 973,065 2,991 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 11,029 10,966 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 377,998 4,539 BRITISH LAND COMPANY PLC (REAL ESTATE) 33,138 6,126 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 55,963 41,747 BT GROUP PLC (COMMUNICATIONS) 78,492 1,712 BUNZL PLC (BUSINESS SERVICES) 18,731 2,246 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 24,352 7,389 CAIRN ENERGY PLC (ENERGY)+ 46,757 3,342 CAPITA GROUP PLC (BUSINESS SERVICES) 38,366 908 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 37,272 128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)(a) 0 27,925 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 124,544 5,924 COBHAM PLC (TRANSPORTATION EQUIPMENT) 23,103 9,950 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 79,421 13,607 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 228,374 1,890 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 10,715 1,331 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 24,076 2,498 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 13,609 928 FRESNILLO PLC (MATERIALS) 11,942 6,900 G4S PLC (SOCIAL SERVICES) 27,381 28,478 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 546,890 3,693 HAMMERSON PLC (REAL ESTATE) 22,047 4,544 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 18,687 95,440 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 967,465 2,686 ICAP PLC (BUSINESS SERVICES) 15,236 5,531 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 168,705 2,284 INMARSAT PLC (COMMUNICATIONS) 26,203 1,332 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 20,860 8,168 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 39,527 4,385 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,671 2,179 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 17,823 6,440 J SAINSBURY PLC (FOOD STORES) 32,015 1,169 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 30,973 1,164 KAZAKHMYS PLC (METAL MINING) 26,972 12,851 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,811 4,115 LAND SECURITIES GROUP PLC (REAL ESTATE) 42,338 31,457 LEGAL & GENERAL GROUP PLC (INSURANCE AGENTS, BROKERS & SERVICE) 42,032 2,675 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 20,439 207,493 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 197,644 772 LONDON STOCK EXCHANGE GROUP PLC (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 8,324 799 LONMIN PLC (METAL MINING) 24,710 9,184 MAN GROUP PLC (BUSINESS SERVICES) 33,657 8,474 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 47,592 13,265 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 129,132
148 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE UNITED KINGDOM (continued) 1,065 NEW CARPHONE WAREHOUSE (RETAIL, CONSUMER ELECTRONIC PRODUCTS) $ 2,578 1,073 NEXT PLC (APPAREL & ACCESSORY STORES) 35,236 28,717 OLD MUTUAL PLC (INSURANCE CARRIERS) 53,383 4,357 PEARSON PLC (COMMUNICATIONS) 68,498 1,074 PETROFAC LIMITED (OIL & GAS EXTRACTION) 19,590 13,782 PRUDENTIAL PLC (INSURANCE CARRIERS) 114,505 3,313 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 181,844 6,517 REED ELSEVIER PLC (COMMUNICATIONS) 51,970 13,673 RESOLUTION LIMITED (INVESTMENT COMPANIES) 17,004 4,544 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,197 7,531 RIO TINTO PLC (METAL MINING) 446,275 9,965 ROLLS ROYCE GROUP PLC (TRANSPORTATION EQUIPMENT) 90,051 90,747 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 60,592 19,569 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 566,505 14,804 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 407,853 5,139 SABMILLER PLC (EATING & DRINKING PLACES) 150,666 7,140 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 25,906 637 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,601 4,955 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 82,786 3,807 SEGRO PLC (REAL ESTATE) 18,464 2,667 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,323 1,226 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 22,232 3,013 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 66,480 4,819 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 48,009 2,088 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 35,995 10,999 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 300,020 12,172 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 36,997 2,131 TALKTALK TELECOM GROUP PLC (COMMUNICATIONS) 4,172 43,172 TESCO PLC (FOOD & KINDRED PRODUCTS) 285,278 4,491 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 18,387 4,572 TOMKINS PLC (BUSINESS SERVICES) 16,374 2,895 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 13,245 4,816 TULLOW OIL PLC (OIL & GAS EXTRACTION) 91,353 7,041 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 206,749 3,710 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 31,471 714 VEDANTA RESOURCES PLC (PRIMARY METAL INDUSTRIES) 30,078 288,575 VODAFONE GROUP PLC (COMMUNICATIONS) 665,627 911 WHITBREAD PLC (EATING & DRINKING PLACES) 20,377 11,394 WILLIAM MORRISON SUPERMARKETS PLC (FOOD STORES) 50,747 1,523 WOLSELEY PLC (WHOLESALE TRADE-DURABLE GOODS) 36,794 6,738 WPP PLC (COMMUNICATIONS) 69,836 10,373 XSTRATA PLC (METAL MINING) 196,527 11,598,128 ------------ UNITED STATES: 0.07% 7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 28 1 NYSE EURONEXT INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 30 319 SYNTHES INCORPORATED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)+ 39,814 39,872 ------------ TOTAL COMMON STOCKS (COST $53,322,369) 55,642,987 ------------
Wells Fargo Advantage Master Portfolios 149 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME EXPIRATION DATE VALUE RIGHTS: 0.00% 724 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT)+ 04/09/2010 $ 450 TOTAL RIGHTS (COST $0) 450 ------------- WARRANTS: 0.00% 2,828 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE SERVICES)+ 07/23/2012 253 TOTAL WARRANTS (COST $0) 253 -------------
DIVIDEND YIELD PREFERRED STOCKS: 0.34% 270 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 1.17% 9,556 439 FRESENIUS AG (HEALTHCARE) 1.31 33,145 956 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 1.32 51,468 476 PORSCHE AG (AUTO & TRUCKS) 0.11 29,050 202 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 6.26 16,613 565 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 2.36 51,816 TOTAL PREFERRED STOCKS (COST $ 156,253) 191,648 -------------
YIELD SHORT-TERM INVESTMENTS: 0.90% MUTUAL FUNDS: 0.90% 511,273 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 511,273 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $ 511,273) 511,273 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $53,989,895)* 99.01% 56,346,611 OTHER ASSETS AND LIABILITIES, NET 0.99 565,935 ------- ------------- TOTAL NET ASSETS 100.00% $ 56,912,546 ------- -------------
------------- + Non-income earning securities. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $54,833,764 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 9,144,274 Gross unrealized depreciation (7,631,427) ---------------- Net unrealized appreciation $ 1,512,847
The accompanying notes are an integral part of these financial statements. 150 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 95.11% AUSTRALIA: 6.19% 187,200 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 1,097,702 600,118 AWB LIMITED (AGRICULTURAL SERVICES) 525,917 404,900 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,081,229 755,171 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,910,527 340,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 2,361,503 1,718,600 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 2,255,215 29,469 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,277,745 500,681 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 1,902,123 570,994 MINCOR RESOURCES NL (METAL MINING) 1,053,185 368,800 SALLY MALAY MINING LIMITED (METAL MINING) 812,230 153,900 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,206,073 210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 1,332,208 527,300 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,446,792 19,262,449 ----------- AUSTRIA: 0.95% 32,300 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 1,356,769 39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,589,763 2,946,532 ----------- BELGIUM: 2.25% 39,400 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 3,166,330 53,300 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 2,581,190 37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,237,358 6,984,878 ----------- DENMARK: 0.92% 45,600 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,121,840 93,000 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 1,753,093 2,874,933 ----------- FINLAND: 1.40% 156,300 NOKIA OYJ (COMMUNICATIONS) 2,434,060 82,700 TIETOENATOR OYJ (BUSINESS SERVICES) 1,914,517 4,348,577 ----------- FRANCE: 9.92% 54,000 AXA SA (INSURANCE CARRIERS) 1,201,242 20,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,597,398 31,998 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2,707,615 74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,307,581 86,100 FRANCE TELECOM SA (COMMUNICATIONS) 2,060,095 31,800 LAGARDERE SCA (COMMUNICATIONS) 1,286,803 36,000 RALLYE SA (FOOD STORES)+ 1,328,149 74,500 SAFRAN SA (TRANSPORTATION EQUIPMENT) 1,942,033 79,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,941,029 105,400 SCOR REGROUPE (INSURANCE CARRIERS) 2,662,105 4,300 SCOR SE (INSURANCE CARRIERS) 108,275 17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,106,917 32,500 THALES SA (TRANSPORTATION EQUIPMENT) 1,304,593 48,200 TOTAL SA (OIL & GAS EXTRACTION) 2,798,056 130,400 VIVENDI SA (COMMUNICATIONS) 3,489,913 30,841,804 -----------
Wells Fargo Advantage Master Portfolios 151 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE GERMANY: 8.95% 33,100 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) $ 4,150,107 69,900 BASF AG (OIL & GAS EXTRACTION) 4,335,329 20,100 DEUTSCHE BANK AG (BANKING) 1,548,255 77,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,290,390 114,700 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,234,728 31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,530,773 22,800 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,699,999 25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,334,732 25,900 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,294,809 78,400 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,695,455 6,754 VOSSLOH AG (TRANSPORTATION EQUIPMENT) 721,209 27,835,786 ----------- HONG KONG: 2.28% 2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 2,407,213 993,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,172,043 1,000,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 2,503,783 7,083,039 ----------- IRELAND: 0.34% 79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 128,314 225,000 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 486,234 111,500 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (DIVERSIFIED FINANCIAL SERVICES, MORTGAGE, SAVING, INVESTMENTS & PENSION PRODUCTS) 443,209 1,057,757 ----------- ITALY: 2.63% 141,055 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,169,768 688,400 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 3,849,321 135,200 ENI SPA (OIL & GAS EXTRACTION) 3,171,900 8,190,989 ----------- JAPAN: 20.09% 203,200 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,030,044 85,600 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 3,099,326 266,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,314,494 208,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,243,684 169,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,641,758 161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 389,197 90,000 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,395,871 73,600 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 758,122 63,300 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,560,664 378,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,605,156 57,700 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 821,464 214,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,874,703 40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 1,622,949 52,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 337,063 500 KDDI CORPORATION (COMMUNICATIONS) 2,588,512 23,900 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 460,923 98,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,417,221 148,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 1,206,289 516,000 MARUBENI CORPORATION (BUSINESS SERVICES) 3,206,717 52,200 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,591,293 64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,679,805 97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,629,982 1,831,300 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 3,623,815
152 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE JAPAN (CONTINUED) 131,300 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) $ 1,279,434 213,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 915,884 406,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,936,430 303,300 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,444,819 14,200 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED (BUSINESS SERVICES) 170,570 74,600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,143,908 168,000 NISSAN SHATAI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,340,550 1,000 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,523,158 40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,018,719 384,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,281,506 678,000 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,312,632 267,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 3,071,264 42,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,404,696 68,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 3,023,858 64,200 TAKEFUJI CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 273,308 62,000 THE KEIYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 299,091 234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 926,088 28,000 TSURUHA HOLDINGS INCORPORATED (GENERAL MERCHANDISE STORES) 1,003,316 62,468,283 ------------ NETHERLANDS: 3.28% 151,800 AEGON NV (INSURANCE CARRIERS) 1,039,496 82,761 CSM (FOOD & KINDRED PRODUCTS) 2,570,967 77,200 ING GROEP NV (FINANCIAL SERVICES) 770,765 52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 2,349,984 37,904 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 992,160 39,100 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 2,463,607 10,186,979 ------------ NORWAY: 0.94% 132,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 1,508,076 61,700 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,428,510 2,936,586 ------------ PORTUGAL: 0.89% 245,688 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 653,058 131,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 709,902 126,300 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,412,120 2,775,080 ------------ SINGAPORE: 0.29% 606,490 MOBILONE LIMITED (COMMUNICATIONS) 901,747 ------------ SPAIN: 4.49% 185,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,533,923 146,100 BANCO ESPANOL DE CREDITO SA (DEPOSITORY INSTITUTIONS) 1,539,174 430,300 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,718,859 123,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,931,201 52,400 TELEFONICA SA (COMMUNICATIONS) 1,241,377 13,964,534 ------------ SWEDEN: 2.68% 120,300 BOLIDEN AB (METAL MINING) 1,719,381 113,500 SAAB AB (AEROSPACE, DEFENSE)+ 1,729,081 101,800 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 1,435,233
Wells Fargo Advantage Master Portfolios 153 Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE SWEDEN (continued) 68,600 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 2,010,326 137,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,449,152 8,343,173 ------------- SWITZERLAND: 6.79% 28,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,553,870 173,900 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 2,211,683 27,500 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 1,417,512 3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,358,024 76,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 4,142,702 28,900 SWISS REINSURANCE (INSURANCE CARRIERS) 1,422,525 7,500 SWISSCOM AG (COMMUNICATIONS) 2,737,102 2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 517,830 7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 850,721 15,200 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,896,586 21,108,555 ------------- UNITED KINGDOM: 19.83% 190,400 AMLIN PLC (INSURANCE CARRIERS) 1,121,344 109,800 ASTRAZENECA PLC (PHARMACEUTICALS) 4,897,003 220,500 AVIVA PLC (INSURANCE CARRIERS) 1,289,247 242,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,328,068 720,100 BP PLC (OIL & GAS EXTRACTION) 6,812,210 83,025 BRIT INSURANCE HOLDINGS NV (PROPERTY - CASUALTY INSURANCE) 948,077 1,092,100 BT GROUP PLC (COMMUNICATIONS) 2,053,346 328,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,465,979 87,468 CHARTER INTERNATIONAL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 996,158 279,000 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,581,756 390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 797,780 213,300 GLAXOSMITHKLINE PLC (PHARMACEUTICALS) 4,096,203 184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,252,824 358,800 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 1,475,537 323,800 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,243,017 67,900 KAZAKHMYS PLC (METAL MINING) 1,573,393 653,600 LOGICACMG PLC (BUSINESS SERVICES) 1,353,858 632,790 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 880,557 544,300 MEGGITT PLC (TRANSPORTATION BY AIR) 2,525,005 237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 209,403 1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,087,957 315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 151,769 443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 858,863 14,300 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 413,616 264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 7,273,252 124,200 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,559,617 319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 2,204,905 389,400 THOMAS COOK GROUP PLC (LEISURE) 1,594,286 14,800 TOMKINS PLC (BUSINESS SERVICES) 53,003 1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 3,918,680 223,600 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 1,648,722 61,665,435 ------------- TOTAL COMMON STOCKS (COST $323,674,421) 295,777,116 -------------
154 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 2.34% MUTUAL FUNDS: 2.34% 7,289,152 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,289,152 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $7,289,152) 7,289,152 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $330,963,573)* 97.45% 303,066,268 OTHER ASSETS AND LIABILITIES, NET 2.55 7,932,668 ------- ------------- TOTAL NET ASSETS 100.00% $ 310,998,936 ------- -------------
---------- (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. + Non-income earning securities. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $324,949,432 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 31,267,611 Gross unrealized depreciation (53,150,775) ------------- Net unrealized depreciation $ (21,883,164)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 155 Portfolio of Investments--March 31, 2010 (Unaudited) LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.43% AEROSPACE, DEFENSE: 1.09% 10,650 GOODRICH CORPORATION $ 751,034 ----------- APPAREL & ACCESSORY STORES: 0.96% 7,780 POLO RALPH LAUREN CORPORATION 661,611 ----------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.06% 18,620 COACH INCORPORATED 735,862 ----------- AUTO PARTS & EQUIPMENT: 1.14% 23,940 JOHNSON CONTROLS INCORPORATED 789,781 ----------- BIOPHARMACEUTICALS: 1.03% 15,660 GILEAD SCIENCES INCORPORATED+ 712,217 ----------- BIOTECHNOLOGY: 2.22% 13,790 AMGEN INCORPORATED+ 824,090 12,390 BIOGEN IDEC INCORPORATED+ 710,690 1,534,780 ----------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.92% 880 NVR INCORPORATED+ 639,320 ----------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.25% 26,670 HOME DEPOT INCORPORATED 862,775 ----------- BUSINESS SERVICES: 2.13% 28,420 CA INCORPORATED 667,017 20,790 OMNICOM GROUP INCORPORATED 806,860 1,473,877 ----------- CHEMICALS & ALLIED PRODUCTS: 2.44% 8,920 CF INDUSTRIES HOLDINGS INCORPORATED 813,326 23,410 E.I. DU PONT DE NEMOURS & COMPANY 871,788 1,685,114 ----------- COAL MINING: 0.59% 8,890 PEABODY ENERGY CORPORATION 406,273 ----------- COMMUNICATIONS: 1.31% 48,260 COMCAST CORPORATION CLASS A 908,253 ----------- COMPUTER TECHNOLOGIES: 6.56% 8,890 APPLE INCORPORATED+ 2,088,528 21,650 HEWLETT-PACKARD COMPANY 1,150,698 10,130 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,299,173 4,538,399 ----------- DATA SERVICES: 1.01% 21,360 NETAPP INCORPORATED+ 695,482 ----------- DEPARTMENT STORES: 1.13% 19,140 NORDSTROM INCORPORATED~~ 781,869 ----------- E-COMMERCE/SERVICES: 4.52% 6,280 AMAZON.COM INCORPORATED+ 852,384 36,410 EBAY INCORPORATED+ 981,250 2,280 GOOGLE INCORPORATED CLASS A+ 1,292,783 3,126,417 -----------
156 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE EATING & DRINKING PLACES: 1.34% 13,920 MCDONALD'S CORPORATION $ 928,742 ----------- ELECTRIC, GAS & SANITARY SERVICES: 1.19% 16,370 EMERSON ELECTRIC COMPANY 824,066 ----------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 2.51% 19,610 COOPER INDUSTRIES PLC 940,103 32,460 TEXAS INSTRUMENTS INCORPORATED 794,296 1,734,399 ----------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.09% 28,060 CROWN HOLDINGS INCORPORATED+ 756,498 ----------- FOOD & KINDRED PRODUCTS: 3.77% 30,780 ARCHER DANIELS MIDLAND COMPANY 889,542 12,290 GENERAL MILLS INCORPORATED 870,009 18,600 H.J. HEINZ COMPANY 848,346 2,607,897 ----------- FOOD STORES: 1.32% 37,720 STARBUCKS CORPORATION 915,464 ----------- FURNITURE & FIXTURES: 1.33% 42,640 LEGGETT & PLATT INCORPORATED 922,730 ----------- GENERAL MERCHANDISE STORES: 2.10% 26,090 WAL-MART STORES INCORPORATED 1,450,604 ----------- HEALTH CARE: 1.03% 12,640 HOSPIRA INCORPORATED+ 716,056 ----------- HEALTH SERVICES: 3.68% 31,120 AMERISOURCEBERGEN CORPORATION 899,990 13,950 MCKESSON CORPORATION 916,794 11,300 MEDCO HEALTH SOLUTIONS INCORPORATED+ 729,528 2,546,312 ----------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.28% 20,230 BED BATH & BEYOND INCORPORATED+ 885,265 ----------- HOUSEHOLD PRODUCTS, WARE: 1.20% 13,110 PROCTER & GAMBLE COMPANY 829,470 ----------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.41% 10,040 3M COMPANY 839,043 21,930 CAMERON INTERNATIONAL CORPORATION+ 939,920 19,120 DOVER CORPORATION 893,860 6,720 JOY GLOBAL INCORPORATED 380,352 3,053,175 ----------- INSURANCE CARRIERS: 2.77% 29,890 LINCOLN NATIONAL CORPORATION 917,623 16,550 PRUDENTIAL FINANCIAL INCORPORATED 1,001,275 1,918,898 -----------
Wells Fargo Advantage Master Portfolios 157 Portfolio of Investments--March 31, 2010 (Unaudited) LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.41% 24,390 AGILENT TECHNOLOGIES INCORPORATED+ $ 838,772 16,120 THERMO FISHER SCIENTIFIC INCORPORATED+ 829,213 1,667,985 ----------- MEDIA - COMMUNICATION: 1.22% 24,970 DIRECTV+ 844,236 ----------- MEDICAL EQUIPMENT & SUPPLIES: 1.17% 17,920 MEDTRONIC INCORPORATED 806,938 ----------- METAL MINING: 0.50% 4,830 CLIFFS NATURAL RESOURCES INCORPORATED 342,689 ----------- MISCELLANEOUS RETAIL: 2.48% 13,670 COSTCO WHOLESALE CORPORATION 816,236 24,270 WALGREEN COMPANY 900,174 1,716,410 ----------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.26% 13,490 UNITED PARCEL SERVICE INCORPORATED CLASS B 868,891 ----------- NETWORKING: 2.42% 64,220 CISCO SYSTEMS INCORPORATED+ 1,671,647 ----------- NON-DEPOSITORY CREDIT INSTITUTIONS: 1.21% 20,350 AMERICAN EXPRESS COMPANY 839,641 ----------- OIL & GAS EXTRACTION: 1.17% 9,590 OCCIDENTAL PETROLEUM CORPORATION 810,739 ----------- PHARMACEUTICALS: 3.39% 14,360 ABBOTT LABORATORIES 756,485 12,150 JOHNSON & JOHNSON 792,180 21,321 MERCK & COMPANY INCORPORATED 796,339 2,345,004 ----------- RAILROAD TRANSPORTATION: 1.31% 16,250 NORFOLK SOUTHERN CORPORATION 908,213 ----------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.31% 3,310 BLACKROCK INCORPORATED 720,786 4,440 GOLDMAN SACHS GROUP INCORPORATED 757,597 22,660 LAZARD LIMITED 808,962 2,287,345 ----------- SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.48% 26,700 BROADCOM CORPORATION CLASS A 885,906 46,070 EMC CORPORATION+ 831,103 1,717,009 ----------- SOFTWARE: 7.11% 18,360 BMC SOFTWARE INCORPORATED+ 697,680 19,600 MCAFEE INCORPORATED+ 786,548 76,920 MICROSOFT CORPORATION 2,251,448 46,040 ORACLE CORPORATION 1,182,768 4,918,444 -----------
158 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.17% 31,810 OWENS CORNING INCORPORATED+ $ 809,246 ----------- TELECOMMUNICATIONS: 1.11% 17,950 AMERICAN TOWER CORPORATION CLASS A+ 764,850 ----------- TOBACCO PRODUCTS: 1.36% 17,990 PHILIP MORRIS INTERNATIONAL 938,358 ----------- TRANSPORTATION BY AIR: 1.35% 70,420 SOUTHWEST AIRLINES COMPANY 930,952 ----------- TRANSPORTATION EQUIPMENT: 1.21% 12,780 NORTHROP GRUMMAN CORPORATION 837,985 ----------- WHOLESALE TRADE-DURABLE GOODS: 2.42% 12,030 KIMBERLY-CLARK CORPORATION 756,446 8,480 W.W. GRAINGER INCORPORATED 916,858 1,673,304 ----------- TOTAL COMMON STOCKS (COST $56,309,649) 68,092,526 -----------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 1.77% COLLATERAL INVESTED IN OTHER ASSETS: 1.77% $ 30,988 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $30,988) 0.01% 04/01/2010 30,988 9,279 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 9,279 12,759 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,759 255,649 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,649) 0.02 04/01/2010 255,649 6,142 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 6,142 18,559 COOK COUNTY IL+/-ss 0.25 11/01/2030 18,559 23,240 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $23,240) 0.03 04/01/2010 23,240 35,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,679) 0.01 04/01/2010 35,679 548,971 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 225,627 3,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,828 11,599 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 11,599 4,640 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,640 154,939 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $154,939) 0.01 04/01/2010 154,939 6,959 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,959 4,640 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,640 13,559 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 13,559 20,878 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 20,878 6,959 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,960 700,322 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 378,174 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,115,706) 1,224,098 ----------- TOTAL INVESTMENTS IN SECURITIES (COST $57,425,355)* 100.20% 69,316,624 OTHER ASSETS AND LIABILITIES, NET (0.20) (141,494) ------ ----------- TOTAL NET ASSETS 100.00% $69,175,130 ------ -----------
Wells Fargo Advantage Master Portfolios 159 Portfolio of Investments--March 31, 2010 (Unaudited) LARGE CAP APPRECIATION PORTFOLIO ---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. * Cost for federal income tax purposes is $58,793,841 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 12,152,090 Gross unrealized depreciation (1,629,307) ------------- Net unrealized appreciation $ 10,522,783
The accompanying notes are an integral part of these financial statements. 160 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 97.49% BIOPHARMACEUTICALS: 2.28% 288,240 GENZYME CORPORATION+ $ 14,939,479 ------------ BIOTECHNOLOGY: 0.95% 103,600 AMGEN INCORPORATED+ 6,191,136 ------------ BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 4.83% 323,200 FASTENAL COMPANY~~ 15,510,368 664,400 LOWE'S COMPANIES INCORPORATED 16,105,056 31,615,424 ------------ BUSINESS SERVICES: 2.75% 210,500 AUTOMATIC DATA PROCESSING INCORPORATED 9,360,935 118,200 FACTSET RESEARCH SYSTEMS INCORPORATED 8,672,334 18,033,269 ------------ COMMERCIAL SERVICES: 3.23% 689,600 PAYCHEX INCORPORATED 21,170,720 ------------ COMPUTER TECHNOLOGIES: 6.65% 185,400 APPLE INCORPORATED+ 43,556,022 ------------ E-COMMERCE/SERVICES: 12.50% 214,800 AMAZON.COM INCORPORATED+ 29,154,804 356,770 EBAY INCORPORATED+ 9,614,952 76,100 GOOGLE INCORPORATED CLASS A+ 43,149,461 81,919,217 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.39% 322,000 LINEAR TECHNOLOGY CORPORATION 9,106,160 ------------ GENERAL MERCHANDISE STORES: 8.25% 157,600 KOHL'S CORPORATION+ 8,633,328 538,860 TARGET CORPORATION 28,344,036 306,700 WAL-MART STORES INCORPORATED 17,052,520 54,029,884 ------------ MEDICAL EQUIPMENT & SUPPLIES: 3.60% 524,010 MEDTRONIC INCORPORATED 23,596,170 ------------ NETWORKING: 6.45% 1,624,443 CISCO SYSTEMS INCORPORATED+ 42,284,251 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS: 2.05% 147,300 VISA INCORPORATED CLASS A 13,408,719 ------------ OIL & GAS EXTRACTION: 1.51% 156,300 SCHLUMBERGER LIMITED 9,913,718 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.27% 1,744,537 CHARLES SCHWAB CORPORATION 32,605,397 27,000 CME GROUP INCORPORATED 8,534,970 185,400 FRANKLIN RESOURCES INCORPORATED 20,560,860 305,490 GOLDMAN SACHS GROUP INCORPORATED 52,125,759 345,200 T. ROWE PRICE GROUP INCORPORATED 18,961,836 132,788,822 ------------
Wells Fargo Advantage Master Portfolios 161 Portfolio of Investments--March 31, 2010 (Unaudited) LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 6.01% 827,800 EMC CORPORATION+ $ 14,933,512 1,098,570 INTEL CORPORATION 24,454,168 39,387,680 ------------ SOFTWARE: 6.11% 1,367,598 MICROSOFT CORPORATION 40,029,593 ------------ TELECOMMUNICATIONS: 4.39% 684,900 QUALCOMM INCORPORATED 28,758,951 ------------ TRANSPORTATION SERVICES: 4.27% 257,000 C.H. ROBINSON WORLDWIDE INCORPORATED 14,353,450 368,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 13,605,020 27,958,470 ------------ TOTAL COMMON STOCKS (COST $539,527,091) 638,687,685 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 0.95% COLLATERAL INVESTED IN OTHER ASSETS: 0.95% $ 150,763 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $150,763) 0.01% 04/01/2010 150,763 45,145 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 45,145 62,075 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 62,075 1,243,780 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,243,781) 0.02 04/01/2010 1,243,780 29,881 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 29,881 90,291 COOK COUNTY IL+/-ss 0.25 11/01/2030 90,291 113,067 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $113,067) 0.03 04/01/2010 113,067 173,584 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $173,584) 0.01 04/01/2010 173,584 2,904,320 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,193,676 18,623 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 18,623 56,432 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 56,432 22,573 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 22,573 753,805 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $753,805) 0.01 04/01/2010 753,805 33,859 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 33,859 22,573 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 22,573 65,969 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 65,969 101,577 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 101,577 33,859 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 33,858 3,705,039 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 2,000,721 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,638,803) 6,212,252 ------------
162 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 1.21% MUTUAL FUNDS: 1.21% 7,933,097 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,933,097 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $7,933,097) 7,933,097 TOTAL INVESTMENTS IN SECURITIES (COST $553,098,991)* 99.65% 652,833,034 OTHER ASSETS AND LIABILITIES, NET 0.35 2,269,501 ------ ------------- TOTAL NET ASSETS 100.00% $ 655,102,535 ------ -------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $594,219,738 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 131,394,619 Gross unrealized depreciation (72,781,323) -------------- Net unrealized appreciation $ 58,613,296
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 163 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.89% AEROSPACE, DEFENSE: 0.22% 8,760 AAR CORPORATION+ $ 217,425 ----------- APPAREL & ACCESSORY STORES: 3.75% 13,249 CARTER'S INCORPORATED+ 399,457 6,164 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 274,606 8,098 CHRISTOPHER & BANKS CORPORATION 64,784 13,432 DRESS BARN INCORPORATED+ 351,381 12,743 FINISH LINE INCORPORATED CLASS A 207,966 6,744 GYMBOREE CORPORATION+ 348,193 9,967 HOT TOPIC INCORPORATED 64,786 4,116 JOS. A. BANK CLOTHIERS INCORPORATED+ 224,939 21,337 LIZ CLAIBORNE INCORPORATED+ 158,534 4,852 MAIDENFORM BRANDS INCORPORATED+ 106,016 11,764 MEN'S WEARHOUSE INCORPORATED 281,630 28,938 QUIKSILVER INCORPORATED+ 136,877 7,550 SKECHERS U.S.A. INCORPORATED CLASS A+ 274,216 8,565 STAGE STORES INCORPORATED 131,815 5,729 THE BUCKLE INCORPORATED 210,598 6,657 THE CATO CORPORATION CLASS A 142,726 5,703 TRUE RELIGION APPAREL INCORPORATED+ 173,143 3,729 VOLCOM INCORPORATED+ 72,790 4,697 ZUMIEZ INCORPORATED+ 96,242 3,720,699 ----------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.13% 4,774 LITHIA MOTORS INCORPORATED CLASS A+ 30,554 8,916 SONIC AUTOMOTIVE INCORPORATED+ 98,076 128,630 ----------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.20% 3,205 MIDAS INCORPORATED+ 36,152 4,466 MONRO MUFFLER BRAKE INCORPORATED 159,704 195,856 ----------- BIOTECHNOLOGY: 0.47% 13,046 CUBIST PHARMACEUTICALS INCORPORATED+ 294,057 7,488 MARTEK BIOSCIENCES CORPORATION+ 168,555 462,612 ----------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.16% 4,167 M/I HOMES INCORPORATED+ 61,047 22,113 STANDARD-PACIFIC CORPORATION+ 99,951 160,998 ----------- BUSINESS SERVICES: 8.02% 10,514 ABM INDUSTRIES INCORPORATED 222,897 5,006 ADMINISTAFF INCORPORATED 106,828 7,342 AMN HEALTHCARE SERVICES INCORPORATED+ 64,610 5,982 ARBITRON INCORPORATED 159,480 10,025 BLACKBAUD INCORPORATED 252,530 9,363 BLUE COAT SYSTEMS INCORPORATED+ 290,628 11,792 BRADY CORPORATION CLASS A 366,967 6,782 CACI INTERNATIONAL INCORPORATED CLASS A+ 331,301 15,590 CIBER INCORPORATED+ 58,307
164 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 8,925 COGNEX CORPORATION $ 165,023 5,135 COMPELLENT TECHNOLOGIES INCORPORATED+ 90,119 2,197 COMPUTER PROGRAMS & SYSTEMS INCORPORATED 85,859 5,451 COMSCORE INCORPORATED+ 90,977 9,670 CONCUR TECHNOLOGIES INCORPORATED+ 396,567 8,021 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 168,120 15,877 CYBERSOURCE CORPORATION+ 280,070 9,094 DEALERTRACK HOLDINGS INCORPORATED+ 155,326 6,800 EBIX INCORPORATED+~~ 108,596 12,868 ECLIPSYS CORPORATION+ 255,816 3,335 FORRESTER RESEARCH INCORPORATED+ 100,283 11,617 GEO GROUP INCORPORATED+ 230,249 5,673 GERBER SCIENTIFIC INCORPORATED+ 35,229 9,784 HEALTHCARE SERVICES GROUP 219,064 8,443 HEARTLAND PAYMENT SYSTEMS INCORPORATED 157,040 3,842 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 107,691 7,960 INFOSPACE INCORPORATED+ 87,958 3,914 INTEGRAL SYSTEMS INCORPORATED MD+ 37,692 2,876 INTERACTIVE INTELLIGENCE INCORPORATED+ 53,752 5,982 KELLY SERVICES INCORPORATED CLASS A+ 99,660 4,082 LOJACK CORPORATION+ 16,859 5,088 MANHATTAN ASSOCIATES INCORPORATED+ 129,642 1,560 NCI INCORPORATED+ 47,159 7,782 NETSCOUT SYSTEMS INCORPORATED+ 115,096 6,761 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 37,253 7,269 OMNICELL INCORPORATED+ 101,984 8,123 ON ASSIGNMENT INCORPORATED+ 57,917 4,203 PCTEL INCORPORATED+ 25,975 6,785 PERFICIENT INCORPORATED+ 76,467 9,742 PHASE FORWARD INCORPORATED+ 127,328 7,882 PHOENIX TECHNOLOGIES LIMITED+ 25,380 3,773 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+~~ 207,025 4,258 QUALITY SYSTEMS INCORPORATED 261,612 6,186 RADIANT SYSTEMS INCORPORATED+ 88,274 5,349 RADISYS CORPORATION+ 47,927 1,961 REWARDS NETWORK INCORPORATED 26,277 11,609 SFN GROUP INCORPORATED+ 92,988 2,679 STARTEK INCORPORATED+ 18,619 4,557 STRATASYS INCORPORATED+ 111,100 9,066 SYKES ENTERPRISES INCORPORATED+ 207,067 4,738 SYNNEX CORPORATION+ 140,055 8,632 TALEO CORPORATION CLASS A+ 223,655 7,229 TELETECH HOLDINGS INCORPORATED+ 123,471 6,754 THE KNOT INCORPORATED+ 52,816 15,205 THQ INCORPORATED+ 106,587 9,906 TRUEBLUE INCORPORATED+ 153,543 19,119 UNITED ONLINE INCORPORATED 143,010 5,088 USA MOBILITY INCORPORATED 64,465 4,624 VIAD CORPORATION 95,023 2,720 VOLT INFORMATION SCIENCE INCORPORATED+ 27,771 9,738 WEBSENSE INCORPORATED+ 221,734 7,952,718 -----------
Wells Fargo Advantage Master Portfolios 165 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE CASINO & GAMING: 0.18% 2,539 MONARCH CASINO & RESORT INCORPORATED+ $ 21,683 6,147 MULTIMEDIA GAMES INCORPORATED+ 23,973 13,520 PINNACLE ENTERTAINMENT INCORPORATED+ 131,685 177,341 ----------- CHEMICALS & ALLIED PRODUCTS: 2.20% 4,643 AMERICAN VANGUARD CORPORATION 37,840 5,647 ARCH CHEMICALS INCORPORATED 194,200 6,340 ARQULE INCORPORATED+ 36,518 6,296 BALCHEM CORPORATION 155,196 6,597 CAMBREX CORPORATION+ 26,718 3,742 EMERGENT BIOSOLUTIONS INCORPORATED+ 62,828 10,962 HB FULLER COMPANY 254,428 3,515 MANNATECH INCORPORATED 11,740 2,635 NEWMARKET CORPORATION 271,379 6,875 OM GROUP INCORPORATED+ 232,925 13,071 PAREXEL INTERNATIONAL CORPORATION+ 304,685 2,558 PENFORD CORPORATION 26,220 20,824 POLYONE CORPORATION+ 213,238 2,506 QUAKER CHEMICAL CORPORATION 67,938 1,715 STEPAN COMPANY 95,851 3,924 SURMODICS INCORPORATED+ 82,169 4,863 ZEP INCORPORATED 106,402 2,180,275 ----------- COAL MINING: 0.25% 10,218 PENN VIRGINIA CORPORATION 250,341 ----------- COMMERCIAL SERVICES: 1.03% 5,789 HMS HOLDINGS CORPORATION+ 295,181 32,006 LIVE NATION INCORPORATED+ 464,087 8,599 WRIGHT EXPRESS CORPORATION+ 259,002 1,018,270 ----------- COMMUNICATIONS: 1.26% 6,496 ANIXTER INTERNATIONAL INCORPORATED+ 304,338 4,171 AUDIOVOX CORPORATION CLASS A+ 32,450 15,788 BRIGHTPOINT INCORPORATED+ 118,884 6,045 CBEYOND INCORPORATED+ 82,696 10,040 GENERAL COMMUNICATION INCORPORATED CLASS A+ 57,931 7,412 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 123,780 10,165 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 237,861 7,568 NEUTRAL TANDEM INCORPORATION+ 120,937 6,941 NOVATEL WIRELESS INCORPORATED+ 46,713 6,717 NTELOS HOLDINGS CORPORATION 119,495 1,245,085 ----------- COMPUTERS-INTEGRATED SYSTEMS: 0.05% 4,521 AGILYSYS INCORPORATED 50,500 ----------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.23% 5,116 CHEMED CORPORATION 278,208 8,532 COMFORT SYSTEMS USA INCORPORATED 106,565 4,240 DREW INDUSTRIES INCORPORATED+ 93,365 8,804 DYCOM INDUSTRIES INCORPORATED+ 77,211 14,899 EMCOR GROUP INCORPORATED+ 366,962
166 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued) 8,805 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ $ 234,301 5,919 MATRIX SERVICE COMPANY+ 63,688 1,220,300 ----------- DEPOSITORY INSTITUTIONS: 6.62% 10,233 BANK MUTUAL CORPORATION 66,515 2,925 BANK OF THE OZARKS INCORPORATED 102,931 14,602 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 107,617 13,283 BROOKLINE BANCORP INCORPORATED 141,331 3,576 CITY HOLDING COMPANY 122,621 6,337 COLUMBIA BANKING SYSTEM INCORPORATED 128,704 7,368 COMMUNITY BANK SYSTEM INCORPORATED 167,843 5,727 DIME COMMUNITY BANCSHARES 72,332 20,760 EAST WEST BANCORP INCORPORATED 361,639 17,076 FIRST BANCORP PUERTO RICO 41,153 17,148 FIRST COMMONWEALTH FINANCIAL CORPORATION 115,063 11,039 FIRST FINANCIAL BANCORP 196,384 4,689 FIRST FINANCIAL BANKSHARE 241,718 16,657 FIRST MIDWEST BANCORP INCORPORATED 225,702 16,182 GLACIER BANCORP INCORPORATED 246,452 6,385 HANCOCK HOLDING COMPANY 266,957 11,521 HANMI FINANCIAL CORPORATION+~~ 27,650 4,397 HOME BANCSHARES INCORPORATED 116,257 4,709 INDEPENDENT BANK CORPORATION 116,124 7,286 NARA BANK NATIONAL ASSOCIATION 63,825 28,335 NATIONAL PENN BANCSHARES INCORPORATED 195,512 7,743 NBT BANCORP INCORPORATED 176,928 19,616 OLD NATIONAL BANCORP 234,411 7,493 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 113,219 13,162 PRIVATEBANCORP INCORPORATED 180,319 5,433 S&T BANCORP INCORPORATED 113,550 9,134 SIGNATURE BANK+ 338,415 3,468 SIMMONS FIRST NATIONAL CORPORATION 95,613 48,481 SOUTH FINANCIAL GROUP INCORPORATED~~ 33,515 6,017 STERLING BANCORPORATION 60,471 22,320 STERLING BANCSHARES INCORPORATED 124,546 27,897 SUSQUEHANNA BANCSHARES INCORPORATED 273,670 1,732 TOMPKINS TRUST COMPANY INCORPORATED 63,183 17,273 TRUSTCO BANK CORPORATION 106,574 6,734 UMB FINANCIAL CORPORATION 273,400 25,745 UMPQUA HOLDINGS CORPORATION 341,379 8,601 UNITED BANKSHARES INCORPORATED~~ 225,518 18,602 UNITED COMMUNITY BANKS INCORPORATED+ 82,035 21,704 WHITNEY HOLDING CORPORATION 299,298 4,368 WILSHIRE BANCORP INCORPORATED 48,179 6,782 WINTRUST FINANCIAL CORPORATION 252,358 6,560,911 ----------- DURABLE GOODS - CONSUMER: 0.05% 4,291 STURM, RUGER & COMPANY INCORPORATED 51,449 ----------- E-COMMERCE/SERVICES: 0.15% 6,963 NUTRI SYSTEM INCORPORATED 124,011 2,627 STAMPS.COM INCORPORATED+ 26,533 150,544 -----------
Wells Fargo Advantage Master Portfolios 167 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE EATING & DRINKING PLACES: 2.53% 4,759 BJ'S RESTAURANTS INCORPORATED+ $ 110,885 4,063 BUFFALO WILD WINGS INCORPORATED+ 195,471 5,442 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 91,371 4,994 CEC ENTERTAINMENT INCORPORATED+ 190,221 12,418 CKE RESTAURANTS INCORPORATED 137,467 5,149 CRACKER BARREL OLD COUNTRY STORE INCORPORATED 238,811 3,427 DINEEQUITY INCORPORATED+ 135,469 12,436 JACK IN THE BOX INCORPORATED+ 292,868 1,816 LANDRY'S RESTAURANTS INCORPORATED+ 32,543 4,220 O'CHARLEYS INCORPORATED+ 37,727 5,160 P.F. CHANG'S CHINA BISTRO INCORPORATED+ 227,711 4,769 PAPA JOHNS INTERNATIONAL INCORPORATED+ 122,611 3,514 RED ROBIN GOURMET BURGERS INCORPORATED+ 85,882 14,512 RUBY TUESDAY INCORPORATED+ 153,392 6,415 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 34,000 13,746 SONIC CORPORATION+ 151,893 274 STEAK'N SHAKE COMPANY+ 104,468 11,610 TEXAS ROADHOUSE INCORPORATED CLASS A+ 161,263 2,504,053 ----------- EDUCATIONAL SERVICES: 0.60% 4,118 AMERICAN PUBLIC EDUCATION INCORPORATED+ 191,899 3,273 CAPELLA EDUCATION COMPANY+ 303,865 4,562 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED+ 104,105 599,869 ----------- ELECTRIC, GAS & SANITARY SERVICES: 3.33% 6,741 ALLETE INCORPORATED 225,689 4,165 AMERICAN STATES WATER COMPANY 144,526 12,326 AVISTA CORPORATION 255,271 2,630 CENTRAL VERMONT PUBLIC SERVICE 53,047 3,556 CH ENERGY GROUP INCORPORATED 145,227 9,884 EL PASO ELECTRIC COMPANY+ 203,610 5,009 LACLEDE GROUP INCORPORATED 168,903 9,319 NEW JERSEY RESOURCES 350,022 5,967 NORTHWEST NATURAL GAS COMPANY 278,062 16,451 PIEDMONT NATURAL GAS COMPANY 453,719 6,708 SOUTH JERSEY INDUSTRIES INCORPORATED 281,669 10,177 SOUTHWEST GAS CORPORATION 304,496 6,735 UIL HOLDINGS CORPORATION 185,213 8,087 UNISOURCE ENERGY CORPORATION 254,255 3,303,709 ----------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23% 5,892 ACTEL CORPORATION+ 81,604 9,769 ACUITY BRANDS INCORPORATED 412,349 27,083 ADAPTEC INCORPORATED+ 88,561 7,471 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 123,720 5,126 AO SMITH CORPORATION 269,474 2,993 APPLIED SIGNAL TECHNOLOGY INCORPORATED 58,603 28,210 ARRIS GROUP INCORPORATED+ 338,802 7,102 ATMI INCORPORATED+ 137,140 2,780 AZZ INCORPORATED 94,103 9,441 BALDOR ELECTRIC COMPANY 353,093 2,619 BEL FUSE INCORPORATED CLASS B 52,773
168 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 14,330 BENCHMARK ELECTRONICS INCORPORATED+ $ 297,204 5,717 CERADYNE INCORPORATED+ 129,719 8,798 CHECKPOINT SYSTEMS INCORPORATED+ 194,612 6,361 COMTECH TELECOMMUNICATIONS CORPORATION+ 203,488 7,643 CTS CORPORATION 71,997 3,488 CUBIC CORPORATION 125,568 6,756 CYMER INCORPORATED+ 251,999 36,456 CYPRESS SEMICONDUCTOR CORPORATION+ 419,244 7,876 DIODES INCORPORATED+ 176,422 3,978 DIONEX CORPORATION+ 297,475 5,153 DSP GROUP INCORPORATED+ 42,924 3,937 DTS INCORPORATED+ 134,015 6,203 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 79,460 3,436 EMS TECHNOLOGIES INCORPORATED+ 57,038 9,859 EXAR CORPORATION+ 69,506 5,224 GREATBATCH INCORPORATED+ 110,697 21,722 HARMONIC INCORPORATED+ 137,066 6,870 HELEN OF TROY LIMITED+ 179,032 4,827 HITTITE MICROWAVE CORPORATION+ 212,243 5,256 HUTCHINSON TECHNOLOGY INCORPORATED+ 32,797 4,914 LITTELFUSE INCORPORATED+ 186,781 6,994 MAGNETEK INCORPORATED+ 11,750 5,302 MERCURY COMPUTER SYSTEMS INCORPORATED+ 72,743 8,378 METHODE ELECTRONICS INCORPORATED 82,942 9,677 MICREL INCORPORATED 103,157 18,663 MICROSEMI CORPORATION+ 323,616 10,210 MOOG INCORPORATED CLASS A+ 361,638 1,080 NATIONAL PRESTO INDUSTRIES INCORPORATED 128,423 4,622 PARK ELECTROCHEMICAL CORPORATION 132,836 5,760 PERICOM SEMICONDUCTOR+ 61,690 8,950 PLEXUS CORPORATION+ 322,469 1,960 POWELL INDUSTRIES INCORPORATED+ 63,759 3,550 ROGERS CORPORATION+ 102,986 39,549 SKYWORKS SOLUTIONS INCORPORATED+~~ 616,964 5,025 STANDARD MICROSYSTEMS CORPORATION+ 116,982 2,910 SUPERTEX INCORPORATED+ 74,467 9,808 SYMMETRICOM INCORPORATED+ 57,181 7,540 SYNAPTICS INCORPORATED+ 208,179 9,280 TECHNITROL INCORPORATED 48,998 15,175 TEKELEC+ 275,578 11,209 TESSERA TECHNOLOGIES INCORPORATED+ 227,319 2,856 TOLLGRADE COMMUNICATIONS INCORPORATED+ 17,964 34,525 TRIQUINT SEMICONDUCTOR INCORPORATED+ 241,675 9,714 TTM TECHNOLOGIES INCORPORATED+ 86,260 3,081 UNIVERSAL ELECTRONICS INCORPORATED+ 68,830 16,731 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 554,131 8,557 VIASAT INCORPORATED+ 296,158 4,406 VICOR CORPORATION+ 60,847 10,139,051 ----------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.39% 2,860 CDI CORPORATION 41,928 9,488 ERESEARCH TECHNOLOGY INCORPORATED+ 65,562 3,075 EXPONENT INCORPORATED+ 87,699 2,110 LANDAUER INCORPORATED 137,614 3,912 MAXMUS INCORPORATED 238,358
Wells Fargo Advantage Master Portfolios 169 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (CONTINUED) 14,515 REGENERON PHARMACEUTICAL INCORPORATED+ $ 384,502 3,630 STANLEY INCORPORATED+ 102,693 13,879 TETRA TECH INCORPORATED+ 319,772 1,378,128 ----------- ENVIRONMENTAL CONTROL: 0.22% 12,596 CALGON CARBON CORPORATION+ 215,644 ----------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.96% 9,924 GRIFFON CORPORATION+ 123,653 3,216 GULF ISLAND FABRICATION INCORPORATED 69,948 8,159 MOBILE MINI INCORPORATED+ 126,383 4,069 NCI BUILDING SYSTEMS INCORPORATED+ 44,922 8,512 QUANEX BUILDING PRODUCTS CORPORATION 140,703 8,668 SIMPSON MANUFACTURING COMPANY INCORPORATED 240,624 6,603 WATTS WATER TECHNOLOGIES INCORPORATED 205,089 951,322 ----------- FOOD & KINDRED PRODUCTS: 1.84% 2,277 BOSTON BEER COMPANY INCORPORATED+ 118,996 2,839 CAL-MAINE FOODS INCORPORATED 96,214 18,503 DARLING INTERNATIONAL INCORPORATED+ 165,787 4,754 DIAMOND FOODS INCORPORATED 199,858 3,186 J & J SNACK FOODS CORPORATION 138,495 7,211 LANCE INCORPORATED 166,790 2,924 PEET'S COFFEE & TEA INCORPORATED+ 115,937 3,943 SANDERSON FARMS INCORPORATED 211,384 7,729 TREEHOUSE FOODS INCORPORATED+ 339,071 9,693 UNITED NATURAL FOODS INCORPORATED+ 272,664 1,825,196 ----------- FOOD STORES: 0.05% 6,228 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+ 47,769 ----------- FOOD-WHOLESALE: 0.05% 2,643 CALAVO GROWERS INCORPORATED 48,208 ----------- FOOTWEAR: 0.57% 19,278 CROCS INCORPORATED+~~ 169,068 2,897 DECKERS OUTDOOR CORPORATION+ 399,786 568,854 ----------- FURNITURE & FIXTURES: 0.27% 5,856 ETHAN ALLEN INTERIORS INCORPORATED 120,809 11,599 LA-Z-BOY INCORPORATED+ 145,451 266,260 ----------- GENERAL MERCHANDISE STORES: 0.68% 9,090 CABELA'S INCORPORATED+ 158,984 11,456 CASEY'S GENERAL STORES INCORPORATED 359,718 8,926 FRED'S INCORPORATED 106,933 5,872 STEIN MART INCORPORATED+ 53,024 678,659 -----------
170 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE HEALTH SERVICES: 3.03% 6,363 AMEDISYS INCORPORATED+~~ $ 351,365 6,951 AMSURG CORPORATION+ 150,072 2,683 BIO-REFERENCE LABORATORIES INCORPORATED+ 117,972 1,605 CORVEL CORPORATION+ 57,379 6,939 CROSS COUNTRY HEALTHCARE INCORPORATED+ 70,153 6,411 CRYOLIFE INCORPORATED+ 41,479 7,496 ENZO BIOCHEM INCORPORATED+ 45,126 3,906 GENOPTIX INCORPORATED+ 138,624 6,595 GENTIVA HEALTH SERVICES INCORPORATED+ 186,507 7,605 HEALTHWAYS INCORPORATED+ 122,212 7,603 INVENTIV HEALTH INCORPORATED+ 170,763 3,066 IPC THE HOSPITALIST COMPANY+ 107,647 4,189 LCA-VISION INCORPORATED+ 34,852 3,403 LHC GROUP INCORPORATED+ 114,103 7,773 MAGELLAN HEALTH SERVICES INCORPORATED+ 337,970 4,148 MEDCATH CORPORATION+ 43,430 10,581 MEDNAX INCORPORATED+~~ 615,708 4,635 NAUTILUS GROUP INCORPORATED+ 13,998 7,455 ODYSSEY HEALTHCARE INCORPORATED+ 135,010 5,548 REHABCARE GROUP INCORPORATED+ 151,294 3,005,664 ----------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.12% 4,207 HAVERTY FURNITURE COMPANIES INCORPORATED 68,658 7,051 TUESDAY MORNING CORPORATION+ 46,466 115,124 ----------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.06% 4,703 MARCUS CORPORATION 61,092 ----------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.24% 2,828 AAON INCORPORATED 63,969 15,270 ACTUANT CORPORATION CLASS A 298,529 4,466 ASTEC INDUSTRIES INCORPORATED+ 129,335 3,948 BLACK BOX CORPORATION 121,440 11,251 BRIGGS & STRATTON CORPORATION 219,395 14,525 BROOKS AUTOMATION INCORPORATED+ 128,111 2,057 CASCADE CORPORATION 66,256 6,798 DRIL-QUIP INCORPORATED+ 413,590 4,567 ENPRO INDUSTRIES INCORPORATED+ 132,808 11,746 GARDNER DENVER INCORPORATED 517,294 11,106 INTERMEC INCORPORATED+ 157,483 5,000 INTEVAC INCORPORATED+ 69,100 6,335 JOHN BEAN TECHNOLOGIES CORPORATION 111,116 7,546 KAYDON CORPORATION 283,730 15,702 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 113,840 2,807 LINDSAY MANUFACTURING COMPANY 116,238 3,358 LUFKIN INDUSTRIES INCORPORATED 265,786 7,849 NETGEAR INCORPORATED+ 204,859 11,219 OIL STATES INTERNATIONAL INCORPORATED+ 508,669 7,406 ROBBINS & MYERS INCORPORATED 176,411 5,985 SCANSOURCE INCORPORATED+ 172,248 6,031 SIGMA DESIGNS INCORPORATED+ 70,744 7,566 TORO COMPANY 372,020 5,366 ULTRATECH INCORPORATED+ 72,978 7,275 WATSCO INCORPORATED 413,802 5,199,751 -----------
Wells Fargo Advantage Master Portfolios 171 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE INSURANCE CARRIERS: 3.69% 1,993 AMERICAN PHYSICIANS CAPITAL INCORPORATED $ 63,676 11,496 AMERIGROUP CORPORATION+ 382,127 4,248 AMERISAFE INCORPORATED+ 69,540 11,017 CENTENE CORPORATION+ 264,849 10,710 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 269,464 5,282 EHEALTH INCORPORATED+ 83,192 9,902 EMPLOYERS HOLDINGS INCORPORATED 147,045 11,011 HEALTHSPRING INCORPORATED+ 193,794 3,060 INFINITY PROPERTY & CASUALTY CORPORATION 139,046 2,989 MOLINA HEALTHCARE INCORPORATED+ 75,233 9,317 NATIONAL FINANCIAL PARTNERS CORPORATION+ 131,370 4,658 PRESIDENTIAL LIFE CORPORATION 46,440 7,293 PROASSURANCE CORPORATION+ 426,932 3,903 RLI CORPORATION 222,549 3,386 SAFETY INSURANCE GROUP INCORPORATED 127,551 11,965 SELECTIVE INSURANCE GROUP INCORPORATED 198,619 4,102 STEWART INFORMATION SERVICES CORPORATION 56,608 3,000 THE NAVIGATORS GROUP INCORPORATED+ 117,990 10,123 TOWER GROUP INCORPORATED 224,427 4,986 UNITED FIRE & CASUALTY COMPANY 89,698 8,523 ZENITH NATIONAL INSURANCE CORPORATION 326,601 3,656,751 ----------- LEATHER & LEATHER PRODUCTS: 0.38% 9,647 BROWN SHOE COMPANY INCORPORATED 149,336 5,345 GENESCO INCORPORATED+ 165,748 6,088 K-SWISS INCORPORATED 63,680 378,764 ----------- LEGAL SERVICES: 0.06% 1,514 PRE-PAID LEGAL SERVICES INCORPORATED+ 57,305 ----------- LEISURE, SPORTING & RECREATION: 0.50% 4,853 BIG 5 SPORTING GOODS CORPORATION 73,863 14,490 CALLAWAY GOLF COMPANY 127,802 6,450 HIBBETT SPORTS INCORPORATED+ 164,991 8,904 INTERVAL LEISURE GROUP INCORPORATED+ 129,642 496,298 ----------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.30% 2,410 DELTIC TIMBER CORPORATION 106,161 1,529 SKYLINE CORPORATION 28,439 4,341 UNIVERSAL FOREST PRODUCTS 167,215 301,815 ----------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.08% 4,968 ABAXIS INCORPORATED+ 135,080 15,232 ALIGN TECHNOLOGY INCORPORATED+ 294,587 16,903 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 314,058 2,024 AMERICAN SCIENCE & ENGINEERING INCORPORATED 151,638 2,897 ANALOGIC CORPORATION 123,789 3,369 BADGER METER INCORPORATED 129,740 2,900 CANTEL INDUSTRIES 57,565 5,298 COHU INCORPORATED 72,953 6,562 CONMED CORPORATION+ 156,241
172 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 10,221 COOPER COMPANIES INCORPORATED $ 397,392 5,376 CYBERONICS INCORPORATED+ 103,004 5,949 ESCO TECHNOLOGIES INCORPORATED 189,238 6,712 ESTERLINE TECHNOLOGIES CORPORATION+ 331,774 3,627 FARO TECHNOLOGIES INCORPORATED+ 93,395 8,525 FEI COMPANY+ 195,308 5,653 HAEMONETICS CORPORATION+ 323,069 7,178 HANGER ORTHOPEDIC GROUP INCORPORATED+ 130,496 2,712 ICU MEDICAL INCORPORATED+ 93,428 5,809 II-VI INCORPORATED+ 196,577 4,646 INTEGRA LIFESCIENCES HOLDINGS+ 203,634 26,709 ION GEOPHYSICAL CORPORATION+ 131,408 3,051 KEITHLEY INSTRUMENTS INCORPORATED 20,137 2,460 KENSEY NASH CORPORATION+ 58,031 14,911 KOPIN CORPORATION+ 55,171 9,136 MERIDIAN DIAGNOSTICS INCORPORATED 186,100 6,320 MERIT MEDICAL SYSTEMS INCORPORATED+ 96,380 11,143 MKS INSTRUMENTS INCORPORATED+ 218,291 3,712 MTS SYSTEMS CORPORATION 107,759 6,388 NATUS MEDICAL INCORPORATED+ 101,633 5,009 NEOGEN CORPORATION+ 125,726 8,172 NEWPORT CORPORATION+ 102,150 4,054 OSTEOTECH INCORPORATED+ 15,892 4,167 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 45,254 6,984 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,853 6,863 SONIC SOLUTIONS+ 64,306 8,064 SYMMETRY MEDICAL INCORPORATED+ 80,963 8,147 TELEDYNE TECHNOLOGIES INCORPORATED+ 336,227 7,529 THERAGENICS CORPORATION+ 12,498 8,985 VEECO INSTRUMENTS INCORPORATED+ 390,848 4,804 ZOLL MEDICAL CORPORATION+ 126,633 6,028,226 ----------- MEDICAL EQUIPMENT & SUPPLIES: 0.51% 7,275 INVACARE CORPORATION 193,079 13,249 PSS WORLD MEDICAL INCORPORATED+ 311,484 504,563 ----------- MEDICAL PRODUCTS: 0.32% 7,449 WEST PHARMACEUTICAL SERVICES INCORPORATED 312,486 ----------- METAL FABRICATE, HARDWARE: 0.13% 3,824 CIRCOR INTERNATIONAL INCORPORATED 126,995 ----------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.15% 5,590 AMCOL INTERNATIONAL CORPORATION 152,048 ----------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94% 1,341 BLYTH INCORPORATED 41,906 14,500 CENTRAL GARDEN & PET COMPANY CLASS A+ 132,820 7,761 DAKTRONICS INCORPORATED 59,139 14,007 HILLENBRAND INCORPORATED 308,014 6,279 JAKKS PACIFIC INCORPORATED+ 81,941 3,821 KID BRANDS INCORPORATED+ 33,052 3,847 LYDALL INCORPORATED 30,199
Wells Fargo Advantage Master Portfolios 173 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE MISCELLANEOUS MANUFACTURING INDUSTRIES (continued) 4,812 RC2 CORPORATION+ $ 72,036 12,065 SHUFFLE MASTER INCORPORATED+ 98,812 2,806 STANDEX INTERNATIONAL CORPORATION 72,311 930,230 ----------- MISCELLANEOUS RETAIL: 0.52% 8,964 HSN INCORPORATED+ 263,900 6,031 JO ANN STORES INCORPORATED+ 253,181 517,081 ----------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.75% 5,693 ARKANSAS BEST CORPORATION 170,107 6,520 FORWARD AIR CORPORATION 171,476 11,836 HEARTLAND EXPRESS INCORPORATED 195,294 6,292 OLD DOMINION FREIGHT LINE INCORPORATED+ 210,090 746,967 ----------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53% 6,649 CASH AMERICA INTERNATIONAL INCORPORATED 262,503 5,974 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 128,859 3,693 WORLD ACCEPTANCE CORPORATION+ 133,243 524,605 ----------- OFFICE SUPPLIES: 0.32% 19,045 OFFICEMAX INCORPORATED+ 312,719 ----------- OIL & GAS EXTRACTION: 1.95% 5,123 BASIC ENERGY SERVICES INCORPORATED+ 39,498 4,329 PETROLEUM DEVELOPMENT CORPORATION+ 100,303 11,937 PETROQUEST ENERGY INCORPORATED+ 60,043 12,178 PIONEER DRILLING COMPANY+ 85,733 5,088 SEACOR HOLDINGS INCORPORATED+ 410,398 2,659 SEAHAWK DRILLING INCORPORATED+ 50,122 14,126 ST. MARY LAND & EXPLORATION COMPANY 491,726 9,487 STONE ENERGY CORPORATION+ 168,394 4,145 SUPERIOR WELL SERVICES+ 55,460 8,443 SWIFT ENERGY COMPANY+ 259,538 17,004 TETRA TECHNOLOGIES INCORPORATED+ 207,789 1,929,004 ----------- PAPER & ALLIED PRODUCTS: 1.00% 8,723 BUCKEYE TECHNOLOGIES INCORPORATED+ 114,097 2,557 CLEARWATER PAPER CORPORATION+ 125,932 3,297 NEENAH PAPER INCORPORATED 52,224 8,734 ROCK-TENN COMPANY CLASS A 398,008 3,981 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 189,336 2,856 STANDARD REGISTER COMPANY 15,280 11,029 WAUSAU PAPER CORPORATION 94,188 989,065 ----------- PERSONAL SERVICES: 0.51% 7,002 COINSTAR INCORPORATED+ 227,565 4,178 G&K SERVICES INCORPORATED CLASS A 108,127 3,227 UNIFIRST CORPORATION 166,191 501,883 -----------
174 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE PETROLEUM REFINING & RELATED INDUSTRIES: 0.82% 13,601 HEADWATERS INCORPORATED+ $ 62,429 9,798 HOLLY CORPORATION 273,462 3,732 WD-40 COMPANY 122,522 13,363 WORLD FUEL SERVICES CORPORATION 355,990 814,403 ----------- PHARMACEUTICALS: 1.67% 8,680 CATALYST HEALTH SOLUTIONS INCORPORATED+ 359,178 3,348 KENDLE INTERNATIONAL INCORPORATED+ 58,523 7,862 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 194,978 6,890 PHARMERICA CORPORATION+ 125,536 12,492 SALIX PHARMACEUTICALS LIMITED+ 465,327 15,066 SAVIENT PHARMACEUTICALS INCORPORATED+ 217,704 17,435 VIROPHARMA INCORPORATED+ 237,639 1,658,885 ----------- PRIMARY METAL INDUSTRIES: 1.91% 10,499 BELDEN CDT INCORPORATED 288,303 4,552 BRUSH ENGINEERED MATERIALS INCORPORATED+ 102,739 12,909 CENTURY ALUMINUM COMPANY+ 177,628 10,309 CURTISS-WRIGHT CORPORATION 358,753 4,273 ENCORE WIRE CORPORATION 88,878 6,804 GIBRALTAR INDUSTRIES INCORPORATED+ 85,798 8,472 MUELLER INDUSTRIES INCORPORATED 226,965 2,032 OLYMPIC STEEL INCORPORATED 66,345 6,763 RTI INTERNATIONAL METALS INCORPORATED+ 205,122 6,243 TEXAS INDUSTRIES INCORPORATED~~ 213,323 4,851 TREDEGAR CORPORATION 82,855 1,896,709 ----------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.26% 9,022 BOWNE & COMPANY INCORPORATED 100,686 2,513 CONSOLIDATED GRAPHICS INCORPORATED+ 104,063 6,538 EW SCRIPPS COMPANY+ 55,246 259,995 ----------- REAL ESTATE: 0.15% 7,153 MERITAGE CORPORATION+ 150,213 ----------- REAL ESTATE INVESTMENT TRUSTS (REITS): 6.57% 9,026 ACADIA REALTY TRUST 161,204 22,353 BIOMED REALTY TRUST INCORPORATED 369,719 12,161 CEDAR SHOPPING CENTERS INCORPORATED 96,194 14,921 COLONIAL PROPERTIES TRUST 192,182 27,948 DIAMONDROCK HOSPITALITY+ 282,554 6,034 EASTGROUP PROPERTIES INCORPORATED 227,723 9,626 ENTERTAINMENT PROPERTIES TRUST 395,917 19,514 EXTRA SPACE STORAGE INCORPORATED 247,438 8,188 FORESTAR REAL ESTATE GROUP INCORPORATED+ 154,589 15,240 FRANKLIN STREET PROPERTIES CORPORATION 219,913 13,814 HEALTHCARE REALTY TRUST INCORPORATED 321,728 7,868 HOME PROPERTIES INCORPORATED 368,222 16,147 INLAND REAL ESTATE CORPORATION 147,745 9,697 KILROY REALTY CORPORATION 299,055 14,175 KITE REALTY GROUP TRUST 67,048 15,527 LASALLE HOTEL PROPERTIES 361,779
Wells Fargo Advantage Master Portfolios 175 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) 24,846 LEXINGTON CORPORATE PROPERTIES TRUST $ 161,747 5,245 LTC PROPERTIES INCORPORATED 141,930 18,095 MEDICAL PROPERTIES TRUST INCORPORATED 189,636 6,547 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 339,069 18,658 NATIONAL RETAIL PROPERTIES INCORPORATED 425,962 4,854 PARKWAY PROPERTIES INCORPORATED 91,158 8,932 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 111,382 10,935 POST PROPERTIES INCORPORATED 240,789 4,060 PS BUSINESS PARKS INCORPORATED 216,804 6,192 SOVRAN SELF STORAGE INCORPORATED 215,853 9,099 TANGER FACTORY OUTLET CENTERS INCORPORATED 392,713 4,836 URSTADT BIDDLE PROPERTIES INCORPORATED 76,457 6,516,510 ----------- RETAIL: 0.23% 10,965 EZCORP INCORPORATED+ 225,879 ----------- RETAIL, TRADE & SERVICES: 0.26% 3,499 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 93,318 4,936 MARINEMAX INCORPORATED+ 53,111 5,143 PETMED EXPRESS INCORPORATED~~ 114,020 260,449 ----------- RETAIL-SPECIAL LINE: 0.24% 3,259 BLUE NILE INCORPORATED+ 179,310 4,035 NORTH AMERICAN WATCH CORPORATION 45,515 5,335 ZALE CORPORATION+ 14,618 239,443 ----------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.14% 5,873 A. SCHULMAN INCORPORATED 143,712 ----------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.02% 9,900 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 165,231 9,628 LABRANCHE & COMPANY INCORPORATED+ 50,643 9,566 OPTIONSXPRESS HOLDINGS INCORPORATED 155,830 3,565 PIPER JAFFRAY COMPANIES INCORPORATED+ 143,670 6,949 STIFEL FINANCIAL CORPORATION+ 373,509 6,448 SWS GROUP INCORPORATED 74,345 7,444 TRADESTATION GROUP INCORPORATED+ 52,182 1,015,410 ----------- SOCIAL SERVICES: 0.14% 1,833 ALMOST FAMILY INCORPORATED+ 69,086 5,768 RES-CARE INCORPORATED+ 69,158 138,244 ----------- SOFTWARE: 1.16% 9,576 COMMVAULT SYSTEMS INCORPORATED+ 204,448 10,361 EPICOR SOFTWARE CORPORATION+ 99,051 7,328 EPIQ SYSTEMS INCORPORATED+ 91,087 7,990 JDA SOFTWARE GROUP INCORPORATED+ 222,282 9,286 PROGRESS SOFTWARE CORPORATION+ 291,859 6,685 SMITH MICRO SOFTWARE INCORPORATED+ 59,095 18,719 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+~~ 184,382 1,152,204 -----------
176 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.84% 6,295 APOGEE ENTERPRISES INCORPORATED $ 99,524 5,304 CABOT MICROELECTRONICS CORPORATION+ 200,650 4,306 CARBO CERAMICS INCORPORATED 268,436 9,858 EAGLE MATERIALS INCORPORATED 261,631 830,241 ----------- TECHNOLOGY: 0.09% 6,399 AVID TECHNOLOGY INCORPORATED+ 88,178 ----------- TEXTILE MILL PRODUCTS: 0.68% 6,176 ALBANY INTERNATIONAL CORPORATION CLASS A 132,969 12,668 INTERFACE INCORPORATED 146,695 3,122 OXFORD INDUSTRIES INCORPORATED 63,470 11,206 WOLVERINE WORLD WIDE INCORPORATED 326,767 669,901 ----------- TEXTILES - PRODUCTS: 0.25% 16,070 ICONIX BRAND GROUP INCORPORATED+ 246,835 ----------- TOBACCO PRODUCTS: 0.10% 20,047 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 102,039 ----------- TRANSPORTATION BY AIR: 0.77% 2,453 AIR METHODS CORPORATION+ 83,402 3,396 ALLEGIANT TRAVEL COMPANY+ 196,493 8,086 BRISTOW GROUP INCORPORATED+ 305,085 12,604 SKYWEST INCORPORATED 179,985 764,965 ----------- TRANSPORTATION EQUIPMENT: 2.41% 3,343 AEROVIRONMENT INCORPORATED+ 87,286 2,748 ARCTIC CAT INCORPORATED+ 29,816 4,512 ATC TECHNOLOGY CORPORATION+ 77,426 19,902 BRUNSWICK CORPORATION 317,835 11,344 CLARCOR INCORPORATED 391,255 11,452 GENCORP INCORPORATED+ 65,964 5,512 GROUP 1 AUTOMOTIVE INCORPORATED+ 175,612 5,180 HORNBECK OFFSHORE+ 96,193 12,816 ORBITAL SCIENCES CORPORATION+ 243,632 7,396 POLARIS INDUSTRIES INCORPORATED 378,379 7,399 SPARTAN MOTORS INCORPORATED 41,434 4,122 STANDARD MOTOR PRODUCTS INCORPORATED 40,890 5,220 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 83,938 3,750 TRIUMPH GROUP INCORPORATED 262,838 6,542 WINNEBAGO INDUSTRIES INCORPORATED+ 95,579 2,388,077 ----------- TRANSPORTATION SERVICES: 0.24% 8,566 HUB GROUP INCORPORATED CLASS A+ 239,677 ----------- WHOLESALE TRADE NON-DURABLE GOODS: 1.47% 9,188 HAIN CELESTIAL GROUP INCORPORATED+ 159,412 6,350 MYERS INDUSTRIES INCORPORATED 66,548 2,881 NASH FINCH COMPANY 96,946 2,294 PERRY ELLIS INTERNATIONAL INCORPORATED+ 51,959 3,607 SCHOOL SPECIALTY INCORPORATED+ 81,915
Wells Fargo Advantage Master Portfolios 177 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE WHOLESALE TRADE NON-DURABLE GOODS (continued) 5,052 SPARTAN STORES INCORPORATED $ 72,850 4,117 THE ANDERSONS INCORPORATED 137,837 8,123 TRACTOR SUPPLY COMPANY 471,540 5,402 UNITED STATIONERS INCORPORATED+ 317,908 1,456,915 ---------- WHOLESALE TRADE-DURABLE GOODS: 1.69% 3,763 A.M. CASTLE & COMPANY 49,220 8,390 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 208,492 9,766 BARNES GROUP INCORPORATED 189,949 5,570 DIGI INTERNATIONAL INCORPORATED+ 59,265 10,326 INSIGHT ENTERPRISES INCORPORATED+ 148,281 5,800 KAMAN CORPORATION CLASS A 145,058 13,124 KNIGHT TRANSPORTATION INCORPORATED 276,785 901 LAWSON PRODUCTS INCORPORATED 13,938 2,749 MWI VETERINARY SUPPLY INCORPORATED+ 111,060 10,484 PEP BOYS-MANNY, MOE & JACK 105,364 11,063 POOL CORPORATION 250,466 6,237 TYLER TECHNOLOGIES INCORPORATED+ 116,881 1,674,759 ---------- TOTAL COMMON STOCKS (COST $97,202,021) 98,052,755 ----------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 3.25% COLLATERAL INVESTED IN OTHER ASSETS: 3.25% $ 65,225 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $65,225) 0.01% 04/01/2010 65,225 19,531 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 19,531 26,856 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 26,856 538,100 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $538,100) 0.02 04/01/2010 538,100 12,927 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 12,927 39,063 COOK COUNTY IL+/-ss 0.25 11/01/2030 39,063 48,916 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $48,916) 0.03 04/01/2010 48,916 75,098 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $75,098) 0.01 04/01/2010 75,098 1,742,565 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 716,194 8,057 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,057 24,414 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 24,414 9,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 9,766 326,121 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $326,121) 0.01 04/01/2010 326,121 14,649 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 14,649 9,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 9,766 28,540 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 28,540 43,946 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 43,946 14,649 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 14,648 2,222,989 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,200,414 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,878,167) 3,222,231 ----------
178 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 1.08% MUTUAL FUNDS: 0.91% 897,297 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 897,297 ------------
PRINCIPAL INTEREST RATE MATURITY DATE US TREASURY BILLS: 0.17% $ 170,000 US TREASURY BILL## # 0.08 05/06/2010 169,974 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $1,067,271) 1,067,271 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $101,147,459)* 103.22% 102,342,257 OTHER ASSETS AND LIABILITIES, NET (3.22) (3,190,102) ------ ------------ TOTAL NET ASSETS 100.00% $ 99,152,155 ------ ------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. # Security pledged as collateral for futures transactions. ## Zero coupon security. Rate represents yield to maturity. * Cost for federal income tax purposes is $106,708,649 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 12,970,435 Gross unrealized depreciation (17,336,827) ------------ Net unrealized depreciation $ (4,366,392)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 179 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 95.32% APPAREL & ACCESSORY STORES: 8.22% 292,420 CHARMING SHOPPES INCORPORATED+ $ 1,596,613 168,370 COLLECTIVE BRANDS INCORPORATED+ 3,828,734 188,300 DRESS BARN INCORPORATED+ 4,925,928 272,440 FINISH LINE INCORPORATED CLASS A 4,446,221 169,360 HANESBRANDS INCORPORATED+ 4,711,595 114,150 RUE21 INCORPORATED+ 3,957,581 1,124,790 WET SEAL INCORPORATED CLASS A+ 5,354,000 28,820,672 ------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.12% 87,841 COPART INCORPORATED+ 3,127,140 391,400 SONIC AUTOMOTIVE INCORPORATED+ 4,305,400 7,432,540 ------------- BIOTECHNOLOGY: 0.58% 171,840 SEATTLE GENETICS INCORPORATED+ 2,051,770 ------------- BUSINESS SERVICES: 14.34% 108,420 ARBITRON INCORPORATED~~ 2,890,477 166,240 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 2,797,819 520,080 CADENCE DESIGN SYSTEMS INCORPORATED+ 3,463,733 202,720 CARDTRONICS INCORPORATED+ 2,520,347 61,412 CONCUR TECHNOLOGIES INCORPORATED+ 2,518,506 190,450 MEDIDATA SOLUTIONS INCORPORATED+ 2,894,840 144,660 OMNICELL INCORPORATED+ 2,029,580 274,180 PARAMETRIC TECHNOLOGY CORPORATION+ 4,948,949 339,280 PHASE FORWARD INCORPORATED+ 4,434,390 395,160 SFN GROUP INCORPORATED+ 3,165,232 136,000 SKILLSOFT PLC ADR+ 1,403,520 245,220 SUCCESSFACTORS INCORPORATED+ 4,668,989 188,970 SYKES ENTERPRISES INCORPORATED+ 4,316,075 139,790 TNS INCORPORATED+ 3,117,317 68,610 ULTIMATE SOFTWARE GROUP INCORPORATED+ 2,260,700 167,210 VOCUS INCORPORATED+ 2,850,931 50,281,405 ------------- CASINO & GAMING: 0.64% 55,020 BALLY TECHNOLOGIES INCORPORATED+~~ 2,230,498 ------------- CHEMICALS & ALLIED PRODUCTS: 5.09% 184,940 ALNYLAM PHARMACEUTICALS INCORPORATED+ 3,147,679 175,890 CRUCELL NV ADR+ 3,588,156 168,530 ELIZABETH ARDEN INCORPORATED+ 3,033,540 205,845 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,284,473 180,430 OLIN CORPORATION 3,540,037 163,790 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 3,262,697 17,856,582 ------------- COMMERCIAL SERVICES: 0.48% 104,070 TRANSCEND SERVICES INCORPORATED+ 1,691,138 ------------- COMMUNICATIONS: 1.52% 268,850 ARUBA NETWORKS INCORPORATED+ 3,672,491 63,170 ASIAINFO HOLDINGS INCORPORATED+ 1,672,742 5,345,233 -------------
180 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS: 3.61% 485,730 FBR CAPITAL MARKETS CORPORATION+ $ 2,210,072 27,660 HANCOCK HOLDING COMPANY 1,156,465 109,200 HOME BANCSHARES INCORPORATED 2,887,248 61,450 SIGNATURE BANK+ 2,276,723 111,300 WINTRUST FINANCIAL CORPORATION 4,141,473 12,671,981 ------------- EATING & DRINKING PLACES: 0.84% 211,190 TEXAS ROADHOUSE INCORPORATED CLASS A+ 2,933,429 ------------- EDUCATIONAL SERVICES: 0.98% 156,910 EDUCATION MANAGEMENT CORPORATION+~~ 3,436,329 ------------- ELECTRONIC: 0.90% 162,780 GENTEX CORPORATION 3,161,188 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.32% 189,400 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 661,006 44,970 APPLIED SIGNAL TECHNOLOGY INCORPORATED 880,513 776,930 ATMEL CORPORATION+ 3,907,958 51,950 CALIX NETWORKS INCORPORATED+ 698,728 314,420 MICREL INCORPORATED 3,351,717 149,740 MICROSEMI CORPORATION+ 2,596,492 95,420 NETLOGIC MICROSYSTEMS INCORPORATED+ 2,808,211 184,820 OSI SYSTEMS INCORPORATED+ 5,184,201 281,840 PMC-SIERRA INCORPORATED+ 2,514,013 75,690 POLYCOM INCORPORATED+ 2,314,600 52,675 SILICON LABORATORIES INCORPORATED+~~ 2,511,017 176,550 TESSERA TECHNOLOGIES INCORPORATED+ 3,580,434 76,800 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,543,616 76,520 VIASAT INCORPORATED+ 2,648,357 36,200,863 ------------- ENVIRONMENTAL CONTROL: 0.51% 104,190 CALGON CARBON CORPORATION+ 1,783,733 ------------- FOOD & KINDRED PRODUCTS: 0.96% 119,590 UNITED NATURAL FOODS INCORPORATED+ 3,364,067 ------------- GENERAL MERCHANDISE STORES: 0.95% 204,060 99 CENTS ONLY STORES+ 3,326,178 ------------- HEALTH CARE: 0.42% 29,510 GEN-PROBE INCORPORATED+ 1,475,500 ------------- HEALTH SERVICES: 3.41% 123,120 GENOPTIX INCORPORATED+ 4,369,529 108,190 LHC GROUP INCORPORATED+ 3,627,611 260,550 NEKTAR THERAPEUTICS+ 3,962,966 11,960,106 ------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.25% 242,880 ORION MARINE GROUP INCORPORATED+ 4,383,984 ------------- HOLDING & OTHER INVESTMENT OFFICES: 0.37% 77,890 FINANCIAL ENGINES INCORPORATED+ 1,316,341 -------------
Wells Fargo Advantage Master Portfolios 181 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.72% 135,980 COLUMBUS MCKINNON CORPORATION+ $ 2,158,003 205,350 ENTEGRIS INCORPORATED+ 1,034,964 227,100 INTERMEC INCORPORATED+ 3,220,278 233,970 NETEZZA CORPORATION+ 2,992,476 128,010 RIVERBED TECHNOLOGY INCORPORATED+ 3,635,484 13,041,205 ------------- INSURANCE CARRIERS: 2.03% 82,120 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 2,676,291 16,700 ENSTAR GROUP LIMITED+ 1,154,972 119,210 VALIDUS HOLDINGS LIMITED 3,281,851 7,113,114 ------------- LEISURE, SPORTING & RECREATION: 1.09% 146,610 DICK'S SPORTING GOODS INCORPORATED+ 3,827,987 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.76% 158,170 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 2,938,799 82,455 ARGON ST INCORPORATED+ 2,194,128 400,530 DEXCOM INCORPORATED+ 3,897,157 215,860 EMDEON INCORPORATED+ 3,566,007 421,730 ENDOLOGIX INCORPORATED+ 1,703,789 60,310 HEARTWARE INTERNATIONAL INCORPORATED+ 2,681,986 599,508 INFINERA CORPORATION+~~ 5,107,808 216,100 SENSATA TECHNOLOGIES HOLDINGS N.V+ 3,881,156 98,505 SONOSITE INCORPORATED+ 3,162,996 340,900 SPECTRANETICS CORPORATION+ 2,355,619 104,510 ZOLL MEDICAL CORPORATION+ 2,754,884 34,244,329 ------------- MEDICAL PRODUCTS: 1.12% 100,540 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 3,916,033 ------------- METAL MINING: 0.58% 150,560 THOMPSON CREEK METALS COMPANY INCORPORATED+ 2,037,077 ------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.92% 138,050 STR HOLDINGS INCORPORATED+ 3,244,175 ------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.84% 232,570 HEARTLAND EXPRESS INCORPORATED 3,837,405 112,250 WERNER ENTERPRISES INCORPORATED 2,600,833 6,438,238 ------------- OIL & GAS EXTRACTION: 3.92% 218,120 COMPLETE PRODUCTION SERVICES INCORPORATED+ 2,519,286 42,720 COMSTOCK RESOURCES INCORPORATED+ 1,358,496 74,850 CONCHO RESOURCES INCORPORATED+ 3,769,446 233,150 GULFPORT ENERGY CORPORATION+ 2,620,606 165,280 SUPERIOR ENERGY SERVICES INCORPORATED+ 3,474,186 13,742,020 ------------- PAPER & RELATED PRODUCTS: 0.52% 155,190 KAPSTONE PAPER AND PACKAGING CORPORATION+ 1,842,105 ------------- PHARMACEUTICALS: 0.52% 165,950 ISIS PHARMACEUTICALS INCORPORATED+ 1,812,174 -------------
182 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE PRIMARY METAL INDUSTRIES: 1.76% 313,710 HORSEHEAD HOLDING CORPORATION+ $ 3,714,326 140,960 STEEL DYNAMICS INCORPORATED 2,462,571 6,176,897 ------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.79% 169,400 ROVI CORPORATION+ 6,289,822 ------------- RAILROAD TRANSPORTATION: 0.63% 64,350 GENESEE & WYOMING INCORPORATED+ 2,195,622 ------------- RENTAL AUTO/EQUIPMENT: 0.67% 236,390 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,361,536 ------------- RETAIL-SPECIAL LINE: 1.12% 173,910 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 3,933,844 ------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.01% 106,300 JARDEN CORPORATION 3,538,727 ------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.85% 94,710 EVERCORE PARTNERS INCORPORATED CLASS A 2,841,300 362,300 GFI GROUP INCORPORATED 2,094,094 94,940 OPTIONSXPRESS HOLDINGS INCORPORATED 1,546,573 6,481,967 ------------- SOFTWARE: 1.54% 105,730 COMMVAULT SYSTEMS INCORPORATED+ 2,257,336 144,510 SOLARWINDS INCORPORATED+ 3,130,087 5,387,423 ------------- TRANSPORTATION BY AIR: 0.36% 170,000 US AIRWAYS GROUP INCORPORATED+ 1,249,500 ------------- TRANSPORTATION SERVICES: 1.06% 132,770 HUB GROUP INCORPORATED CLASS A+ 3,714,905 ------------- TOTAL COMMON STOCKS (COST $268,409,380) 334,312,237 -------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING: 1.99% COLLATERAL INVESTED IN OTHER ASSETS: 1.99% $ 222,088 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $222,088) 0.01% 04/01/2010 222,088 66,503 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 66,503 91,442 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 91,442 1,832,204 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,832,205) 0.02 04/01/2010 1,832,204 44,017 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 44,017 133,007 COOK COUNTY IL+/-ss 0.25 11/01/2030 133,007 166,558 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $166,558) 0.03 04/01/2010 166,558 255,706 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,706) 0.01 04/01/2010 255,706 2,310,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 949,727 27,433 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 27,433
Wells Fargo Advantage Master Portfolios 183 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY GROWTH PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 83,129 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28% 07/01/2029 $ 83,129 33,252 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 33,252 1,110,425 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,110,425) 0.01 04/01/2010 1,110,425 49,878 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 49,878 33,252 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 33,252 97,178 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 97,178 149,633 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 149,633 49,878 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 49,877 2,947,847 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,591,838 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,530,892) 6,987,147 ------------
SHARES YIELD SHORT-TERM INVESTMENTS: 4.19% MUTUAL FUNDS: 4.19% 14,708,242 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 14,708,242 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $14,708,242) 14,708,242 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $289,648,514)* 101.50% 356,007,626 OTHER ASSETS AND LIABILITIES, NET (1.50) (5,257,419) ------ ------------ TOTAL NET ASSETS 100.00% $350,750,207 ------ ------------
------------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $306,097,849 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 70,979,900 Gross unrealized depreciation (21,070,123) ------------- Net unrealized appreciation $ 49,909,777 The accompanying notes are an integral part of these financial statements. 184 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 96.82% AMUSEMENT & RECREATION SERVICES: 0.71% 45,460 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 1,171,498 ---------------- APPAREL & ACCESSORY STORES: 5.54% 37,730 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 1,680,872 58,100 DSW INCORPORATED CLASS A+ 1,483,293 84,900 HANESBRANDS INCORPORATED+ 2,361,918 64,400 TRUE RELIGION APPAREL INCORPORATED+ 1,955,184 87,490 VOLCOM INCORPORATED+ 1,707,805 9,189,072 ---------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.85% 105,520 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,403,416 ---------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.00% 76,310 TUTOR PRINI CORPORATION+ 1,659,743 ---------------- BUSINESS SERVICES: 7.76% 153,240 AIRCASTLE LIMITED 1,451,183 34,540 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,687,279 203,740 EARTHLINK INCORPORATED 1,739,940 21,170 MICROSTRATEGY INCORPORATED CLASS A+ 1,800,932 27,520 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+ 1,510,022 47,610 RENT-A-CENTER INCORPORATED+ 1,125,977 65,740 SYNNEX CORPORATION+ 1,943,274 81,500 TAL INTERNATIONAL GROUP INCORPORATED 1,628,370 12,886,977 ---------------- CASINO & GAMING: 1.11% 101,180 AMERISTAR CASINOS INCORPORATED 1,843,500 ---------------- CHEMICALS & ALLIED PRODUCTS: 4.86% 45,900 CYTEC INDUSTRIES INCORPORATED 2,145,366 83,200 OLIN CORPORATION 1,632,384 101,810 ROCKWOOD HOLDINGS INCORPORATED+ 2,710,182 79,130 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 1,576,270 8,064,202 ---------------- COMMUNICATIONS: 1.10% 533,340 CINCINNATI BELL INCORPORATED+ 1,818,689 ---------------- COMMUNICATIONS EQUIPMENT: 0.96% 56,970 COMMSCOPE INCORPORATED+ 1,596,299 ---------------- COMPUTER TECHNOLOGIES: 1.13% 51,760 LEXMARK INTERNATIONAL INCORPORATED+ 1,867,501 ---------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.91% 27,720 CHEMED CORPORATION 1,507,414 ---------------- DEPOSITORY INSTITUTIONS: 13.22% 121,400 ASSOCIATED BANC-CORP 1,675,320 46,870 BANK OF THE OZARKS INCORPORATED 1,649,355 76,990 CARDINAL FINANCIAL CORPORATION 822,253 32,200 CITY NATIONAL CORPORATION 1,737,834 105,640 EAST WEST BANCORP INCORPORATED~~ 1,840,249 118,609 FIRST HORIZON NATIONAL CORPORATION+ 1,666,454
Wells Fargo Advantage Master Portfolios 185 Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 70,400 MB FINANCIAL INCORPORATED $ 1,586,112 117,000 NORTHWEST BANCSHARES INCORPORATED 1,373,580 85,210 PACWEST BANCORP 1,944,492 72,700 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 1,098,497 30,900 SVB FINANCIAL GROUP+ 1,441,794 131,850 UMPQUA HOLDINGS CORPORATION 1,748,331 88,010 WASHINGTON FEDERAL INCORPORATED 1,788,363 42,190 WINTRUST FINANCIAL CORPORATION 1,569,890 21,942,524 ---------------- ELECTRIC, GAS & SANITARY SERVICES: 3.82% 48,000 ENERGEN CORPORATION 2,233,440 78,830 GREAT PLAINS ENERGY INCORPORATED 1,463,873 94,180 PORTLAND GENERAL ELECTRIC COMPANY 1,818,616 35,780 UNITIL CORPORATION 831,885 6,347,814 ---------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.58% 176,700 AVIAT NETWORKS INCORPORATED+ 1,171,521 49,980 COMTECH TELECOMMUNICATIONS CORPORATION+ 1,598,860 131,700 GRAFTECH INTERNATIONAL LIMITED+ 1,800,339 324,010 RF MICRO DEVICES INCORPORATED+ 1,613,570 159,060 TTM TECHNOLOGIES INCORPORATED+ 1,412,453 7,596,743 ---------------- FOOD & KINDRED PRODUCTS: 1.74% 47,930 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,678,029 35,080 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,215,873 2,893,902 ---------------- GENERAL MERCHANDISE STORES: 0.85% 80,770 CABELA'S INCORPORATED+ 1,412,667 ---------------- HEALTH SERVICES: 1.04% 107,520 HEALTHWAYS INCORPORATED+ 1,727,846 ---------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.54% 172,320 GREAT LAKES DREDGE & DOCK COMPANY 904,680 ---------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.39% 78,510 GAYLORD ENTERTAINMENT COMPANY+~~ 2,299,558 ---------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.62% 101,920 ALTRA HOLDINGS INCORPORATED+ 1,399,362 41,760 BLACK BOX CORPORATION 1,284,538 2,683,900 ---------------- INSURANCE CARRIERS: 3.12% 62,060 AMERIGROUP CORPORATION+ 2,062,874 45,071 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,468,864 91,410 UNITED FIRE & CASUALTY COMPANY 1,644,466 5,176,204 ---------------- INVESTMENT COMPANIES: 1.20% 156,600 APOLLO INVESTMENT CORPORATION 1,993,518 ----------------
186 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE LEISURE, SPORTING & RECREATION: 2.05% 184,290 CALLAWAY GOLF COMPANY $ 1,625,438 57,180 GENESCO INCORPORATED+ 1,773,152 3,398,590 ---------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.13% 45,360 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,872,007 ---------------- METAL FABRICATE, HARDWARE: 1.62% 134,860 CHART INDUSTRIES INCORPORATED+ 2,697,200 ---------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.67% 74,610 RC2 CORPORATION+ 1,116,912 ---------------- MISCELLANEOUS REPAIR SERVICES: 1.04% 150,890 DYNCORP INTERNATIONAL INCORPORATED+ 1,733,726 ---------------- OIL & GAS EXTRACTION: 4.02% 68,410 BERRY PETROLEUM COMPANY CLASS A 1,926,426 252,900 GLOBAL INDUSTRIES LIMITED+ 1,623,618 156,200 KEY ENERGY SERVICES INCORPORATED+ 1,491,710 38,400 UNIT CORPORATION+ 1,623,552 6,665,306 ---------------- PAPER & ALLIED PRODUCTS: 1.44% 117,250 TEMPLE-INLAND INCORPORATED 2,395,418 ---------------- PETROLEUM REFINING & RELATED INDUSTRIES: 1.07% 63,400 HOLLY CORPORATION 1,769,494 ---------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.99% 78,840 AMERICAN GREETINGS CORPORATION CLASS A 1,643,026 ---------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 9.64% 51,150 AMERICAN CAMPUS COMMUNITIES 1,414,809 112,190 BIOMED REALTY TRUST INCORPORATED 1,855,623 46,290 CORPORATE OFFICE PROPERTIES TRUST 1,857,618 100,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,174,113 116,220 FIRST POTOMAC REALTY TRUST 1,746,787 100,580 LASALLE HOTEL PROPERTIES 2,343,514 104,500 REDWOOD TRUST INCORPORATED 1,611,390 39,200 SOVRAN SELF STORAGE INCORPORATED 1,366,512 146,594 SUNSTONE HOTEL INVESTORS INCORPORATED 1,637,455 16,007,821 ---------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.76% 94,980 COOPER TIRE & RUBBER COMPANY 1,806,520 126,970 TITAN INTERNATIONAL INCORPORATED~~ 1,108,448 2,914,968 ---------------- SATELLITE: 1.46% 299,790 IRADIUM COMMUNICATIONS INCORPORATED+~~ 2,431,297 ---------------- SOCIAL SERVICES: 0.96% 132,340 RES-CARE INCORPORATED+ 1,586,757 ---------------- SOFTWARE: 0.98% 53,870 DIGITAL RIVER INCORPORATED+ 1,632,261 ----------------
Wells Fargo Advantage Master Portfolios 187 Portfolio of Investments -- March 31, 2010 (Unaudited) SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE TRANSPORTATION BY AIR: 3.41% 334,160 AIRTRAN HOLDINGS INCORPORATED+ $ 1,697,533 74,830 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED+ 3,969,732 5,667,265 ------------ TRANSPORTATION EQUIPMENT: 3.22% 83,490 MARTEN TRANSPORT LIMITED+ 1,645,588 66,460 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,553,835 30,560 TRIUMPH GROUP INCORPORATED 2,141,950 5,341,373 ------------ TRANSPORTATION SERVICES: 0.89% 51,470 GATX CORPORATION 1,474,616 ------------ WHOLESALE TRADE-DURABLE GOODS: 1.42% 83,590 A.M. CASTLE & COMPANY 1,093,357 36,620 WESCO INTERNATIONAL INCORPORATED+ 1,271,080 2,364,437 ------------ TOTAL COMMON STOCKS (COST $114,079,991) 160,700,141 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL FOR SECURITIES LENDING:1.93% COLLATERAL INVESTED IN OTHER ASSETS: 1.93% $ 70,778 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $70,778) 0.01% 04/01/2010 70,778 21,194 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 21,194 29,142 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 29,142 583,910 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $583,910) 0.02 04/01/2010 583,910 14,028 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 14,028 42,388 COOK COUNTY IL+/-ss 0.25 11/01/2030 42,388 53,081 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $53,081) 0.03 04/01/2010 53,081 81,492 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $81,492) 0.01 04/01/2010 81,492 1,617,785 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 664,910 8,743 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,743 26,493 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 26,493 10,597 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 10,597 353,885 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $353,885) 0.01 04/01/2010 353,885 15,896 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 15,896 10,597 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 10,597 30,970 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 30,970 47,687 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 47,687 15,896 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 15,894 2,063,807 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,114,456 TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,876,714) 3,196,141 ------------
188 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE SHORT-TERM INVESTMENTS: 2.60% MUTUAL FUNDS: 2.60% 4,319,642 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 4,319,642 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $4,319,642) 4,319,642 --------------- TOTAL INVESTMENTS IN SECURITIES (COST $121,276,347)* 101.35% 168,215,924 OTHER ASSETS AND LIABILITIES, NET (1.35) (2,245,612) ------ --------------- TOTAL NET ASSETS 100.00% $ 165,970,312 ------ ---------------
---------- + Non-income earning securities. ~~ All or a portion of this security is on loan. +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $146,644,524 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 48,627,735 Gross unrealized depreciation (27,056,335) --------------- Net unrealized appreciation $ 21,571,400 The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 189 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE COMMON STOCKS: 96.31% AMUSEMENT & RECREATION SERVICES: 0.09% 3,300 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 85,041 ------------ APPAREL & ACCESSORY STORES: 5.02% 1,800 ABERCROMBIE & FITCH COMPANY CLASS A 82,152 24,300 BEBE STORES INCORPORATED 216,270 44,700 CHARMING SHOPPES INCORPORATED+ 244,062 1,700 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 75,735 31,300 CHRISTOPHER & BANKS CORPORATION 250,400 4,800 CITI TRENDS INCORPORATED+ 155,712 40,100 COLDWATER CREEK INCORPORATED+ 278,294 22,170 COLLECTIVE BRANDS INCORPORATED+ 504,146 2,600 COLUMBIA SPORTSWEAR COMPANY 136,578 62,411 DELIA*S INCORPORATED+ 107,971 14,400 DESTINATION MATERNITY CORPORATION+ 369,504 37,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 473,970 29,482 LIZ CLAIBORNE INCORPORATED+ 219,051 12,900 MAIDENFORM BRANDS INCORPORATED+ 281,865 84,700 NEW YORK & COMPANY INCORPORATED+ 405,713 4,500 SKECHERS U.S.A. INCORPORATED CLASS A+ 163,440 5,600 STAGE STORES INCORPORATED 86,184 12,500 THE CATO CORPORATION CLASS A 268,000 34,900 WET SEAL INCORPORATED CLASS A+ 166,124 4,485,171 ------------ AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.90% 8,032 MIDAS INCORPORATED+ 90,601 20,020 MONRO MUFFLER BRAKE INCORPORATED 715,915 806,516 ------------ BIOPHARMACEUTICALS: 0.09% 1,200 CEPHALON INCORPORATED+ 81,336 ------------ BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.97% 12,111 CAVCO INDUSTRIES INCORPORATED+ 413,470 42,005 PALM HARBOR HOMES INCORPORATED+ 84,430 16,775 TUTOR PRINI CORPORATION+ 364,856 862,756 ------------ BUSINESS SERVICES: 7.39% 22,639 ABM INDUSTRIES INCORPORATED 479,947 4,800 ADMINISTAFF INCORPORATED 102,432 62,100 APAC CUSTOMER SERVICES INCORPORATED+ 357,075 83,392 ASSET ACCEPTANCE CAPITAL CORPORATION+ 526,204 9,000 BARRETT BUSINESS SERVICES INCORPORATED 122,040 13,900 CAI INTERNATIONAL INCORPORATED+ 171,248 38,800 CONVERGYS CORPORATION+ 475,688 12,200 FAIR ISAAC CORPORATION 309,148 34,639 GEO GROUP INCORPORATED+ 686,545 17,350 GERBER SCIENTIFIC INCORPORATED+ 107,744 19,000 GSE SYSTEMS INCORPORATED+ 102,790 22,500 HACKETT GROUP INCORPORATED+ 62,550 21,806 HEALTHCARE SERVICES GROUP 488,236 125,310 HILL INTERNATIONAL INCORPORATED+ 730,557 46,100 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 167,343
190 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 5,600 MDC PARTNERS INCORPORATED $ 57,960 9,600 MENTOR GRAPHICS CORPORATION+ 76,992 33,300 MONSTER WORLDWIDE INCORPORATED+ 553,113 31,591 PLATO LEARNING INCORPORATED+ 175,646 5,600 ROLLINS INCORPORATED 121,408 7,000 SYKES ENTERPRISES INCORPORATED+ 159,880 71,095 TIER TECHNOLOGIES INCORPORATED CLASS B+ 565,916 6,600,462 ----------- CASINO & GAMING: 0.23% 83,410 CENTURY CASINOS INCORPORATED+ 208,525 ----------- CHEMICALS & ALLIED PRODUCTS: 3.17% 21,700 ELIZABETH ARDEN INCORPORATED+ 390,600 38,500 FERRO CORPORATION 338,415 21,300 ICO INCORPORATED 172,104 1,775 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,614 13,500 LANDEC CORPORATION+ 89,505 26,900 OLIN CORPORATION 527,778 50,420 ORASURE TECHNOLOGIES INCORPORATED+ 298,991 69,726 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 627,534 6,100 ROCKWOOD HOLDINGS INCORPORATED+ 162,382 3,600 RPM INTERNATIONAL INCORPORATED 76,824 15,652 SERACARE LIFE SCIENCES INCORPORATED+ 62,608 2,831,355 ----------- COMMUNICATIONS: 1.31% 71,645 CHINA GRENTECH CORPORATION LIMITED ADR+ 275,833 63,220 CINCINNATI BELL INCORPORATED+ 215,580 9,100 KRATOS DEFENSE & SECURITY SOLUTIONS INCORPORATED+ 129,857 21,800 PREMIERE GLOBAL SERVICES INCORPORATED+ 180,068 192,190 SANDVINE CORPORATION+(a) 369,293 1,170,631 ----------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.02% 13,880 CHICAGO BRIDGE & IRON COMPANY NV+ 322,849 7,800 COMFORT SYSTEMS USA INCORPORATED 97,422 9,400 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 250,134 22,640 MATRIX SERVICE COMPANY+ 243,606 914,011 ----------- DATA SERVICES: 0.25% 38,395 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 219,235 ----------- DEPOSITORY INSTITUTIONS: 8.05% 15,075 1ST UNITED BANCORP INCORPORATED+ 121,354 18,721 ASSOCIATED BANC-CORP 258,350 8,600 ASTORIA FINANCIAL CORPORATION 124,700 11,642 BANCORP INCORPORATED+ 103,614 3,100 BANK OF THE OZARKS INCORPORATED 109,089 10,800 BANNER CORPORATION 41,472 18,300 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 134,871 16,900 BROOKLINE BANCORP INCORPORATED 179,816 1,700 CATHAY GENERAL BANCORPORATION 19,805 5,190 CITY NATIONAL CORPORATION 280,104
Wells Fargo Advantage Master Portfolios 191 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 4,000 COLUMBIA BANKING SYSTEM INCORPORATED $ 81,240 4,100 EAST WEST BANCORP INCORPORATED 71,422 12,900 FIRST BUSEY CORPORATION 57,018 2,400 FIRST FINANCIAL CORPORATION 69,504 12,177 FIRST HORIZON NATIONAL CORPORATION+ 171,083 13,300 FIRST MIDWEST BANCORP INCORPORATED 180,215 5,970 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 84,893 32,308 FIRST SECURITY GROUP INCORPORATED 69,785 38,000 GLACIER BANCORP INCORPORATED 578,740 5,400 GREAT SOUTHERN BANCORP INCORPORATION 121,176 5,150 HANCOCK HOLDING COMPANY 215,322 2,600 HUDSON VALLEY HOLDING CORPORATION 62,920 6,470 IBERIABANK CORPORATION 388,265 3,400 NBT BANCORP INCORPORATED 77,690 30,800 NEW YORK COMMUNITY BANCORP INCORPORATED 509,432 22,000 NEWALLIANCE BANCSHARES INCORPORATED 277,640 13,500 NEWBRIDGE BANCORPORATION+ 47,925 4,400 NORTHRIM BANCORP INCORPORATED 75,152 2,635 NORTHWEST BANCSHARES INCORPORATED 30,935 9,200 PACIFIC CONTINENTAL CORPORATION 96,600 24,900 PACIFIC PREMIER BANCORP INCORPORATED+ 122,010 9,300 PACWEST BANCORP 212,226 3,900 STELLARONE CORPORATION 52,143 22,900 STERLING BANCSHARES INCORPORATED 127,782 4,300 TCF FINANCIAL CORPORATION 68,542 6,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 113,940 10,100 UMB FINANCIAL CORPORATION 410,060 22,248 UNITED COMMUNITY BANKS INCORPORATED+ 98,114 8,710 UNIVEST CORPORATION OF PENNSYLVANIA 162,790 7,000 WASHINGTON BANKING COMPANY 88,130 26,650 WASHINGTON FEDERAL INCORPORATED 541,528 11,699 WEST COAST BANCORP (OREGON) 30,183 8,730 WESTERN LIBERTY BANCORP+ 61,110 24,170 WHITNEY HOLDING CORPORATION 333,304 7,890 WILMINGTON TRUST CORPORATION 130,737 7,192,731 ------------ E-COMMERCE/SERVICES: 0.20% 21,600 SUPPORT.COM INCORPORATED+ 70,632 19,100 WEB.COM GROUP INCORPORATED+ 104,095 174,727 ------------ EATING & DRINKING PLACES: 0.72% 3,700 CEC ENTERTAINMENT INCORPORATED+ 140,933 11,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 110,770 14,300 MORTON'S RESTAURANT GROUP INCORPORATED+ 87,373 7,900 O'CHARLEYS INCORPORATED+ 70,626 46,400 WENDY'S ARBY'S GROUP INCORPORATED 232,000 641,702 ------------ EDUCATIONAL SERVICES: 0.19% 11,900 LEARNING TREE INTERNATIONAL INCORPORATED+ 167,433 58,950 VOYAGER EXPANDED LEARNING CORPORATION(a) 0 167,433 ------------
192 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES: 2.76% 12,796 ALLETE INCORPORATED $ 428,410 4,900 BLACK HILLS CORPORATION 148,715 15,100 CLEAN HARBORS INCORPORATED+ 838,956 8,975 EL PASO CORPORATION 97,289 26,677 EL PASO ELECTRIC COMPANY+ 549,546 15,065 NEWALTA INCORPORATED 137,092 3,400 NICOR INCORPORATED 142,528 3,500 PORTLAND GENERAL ELECTRIC COMPANY 67,585 1,700 WGL HOLDINGS INCORPORATED 58,905 2,469,026 ------------ ELECTRONIC: 0.82% 37,765 GENTEX CORPORATION 733,396 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.71% 24,300 ADAPTEC INCORPORATED+ 79,461 9,900 ADC TELECOMMUNICATIONS INCORPORATED+ 72,369 7,700 ARRIS GROUP INCORPORATED+ 92,477 55,200 ATMI INCORPORATED+ 1,065,912 6,400 AVIAT NETWORKS INCORPORATED+ 42,432 13,400 CTS CORPORATION 126,228 3,600 DIODES INCORPORATED+ 80,640 33,560 GRAFTECH INTERNATIONAL LIMITED+ 458,765 8,400 HELEN OF TROY LIMITED+ 218,904 10,100 HOUSTON WIRE & CABLE COMPANY 116,958 10,600 IMATION CORPORATION+ 116,706 16,250 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 91,813 9,600 INTERSIL CORPORATION CLASS A 141,696 15,700 MAXIM INTEGRATED PRODUCTS INCORPORATED 304,423 17,100 MIPS TECHNOLOGIES INCORPORATED+ 76,266 37,500 MOLEX INCORPORATED CLASS A 661,875 295,510 MRV COMMUNICATIONS INCORPORATED+ 393,028 12,280 OSI SYSTEMS INCORPORATED+ 344,454 76,325 POWER-ONE INCORPORATED+ 322,092 20,656 RICHARDSON ELECTRONICS LIMITED 164,215 6,700 SPECTRUM BRANDS INCORPORATED+ 183,446 67,382 TECHNITROL INCORPORATED 355,777 12,500 TELLABS INCORPORATED 94,625 154,325 TRIDENT MICROSYSTEMS INCORPORATED+ 268,526 5,500 UNIVERSAL ELECTRONICS INCORPORATED+ 122,870 5,995,958 ------------ ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.10% 32,500 CRA INTERNATIONAL INCORPORATED+ 744,900 10,135 INFINITY PHARMACEUTICALS INCORPORATED+ 61,824 39,260 SYMYX TECHNOLOGIES INCORPORATED+ 176,277 983,001 ------------ FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.44% 3,700 CROWN HOLDINGS INCORPORATED+ 99,752 17,500 QUANEX BUILDING PRODUCTS CORPORATION 289,275 389,027 ------------
Wells Fargo Advantage Master Portfolios 193 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS: 0.42% 4,600 AMERICAN ITALIAN PASTA COMPANY CLASS A+ $ 178,802 13,240 DEL MONTE FOODS COMPANY 193,304 372,106 ------------ FOOD STORES: 0.70% 50,400 WINN-DIXIE STORES INCORPORATED+ 629,496 ------------ FOOTWEAR: 0.12% 800 DECKERS OUTDOOR CORPORATION+ 110,400 ------------ FURNITURE & FIXTURES: 0.48% 15,400 FURNITURE BRANDS INTERNATIONAL INCORPORATED+ 99,022 6,000 HNI CORPORATION 159,780 7,600 KIMBALL INTERNATIONAL INCORPORATED CLASS B 52,820 17,200 LSI INDUSTRIES INCORPORATED 117,304 428,926 ------------ HEALTH SERVICES: 3.39% 33,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 91,936 11,400 AMERICAN DENTAL PARTNERS INCORPORATED+ 148,770 29,100 BIOSCRIP INCORPORATED+ 232,218 21,600 CARDIAC SCIENCE CORPORATION+ 40,392 22,317 CROSS COUNTRY HEALTHCARE INCORPORATED+ 225,625 7,100 EMERITUS CORPORATION+ 144,485 23,135 ENSIGN GROUP INCORPORATED 400,930 24,000 FIVE STAR QUALITY CARE INCORPORATED+ 73,200 8,340 GENTIVA HEALTH SERVICES INCORPORATED+ 235,855 4,440 HEALTHSOUTH REHABILITATION CORPORATION+ 83,028 356,800 HOOPER HOLMES INCORPORATED+ 310,416 2,800 HUMANA INCORPORATED+ 130,956 12,000 LHC GROUP INCORPORATED+ 402,360 13,805 MDS INCORPORATED+ 111,959 15,500 NAUTILUS GROUP INCORPORATED+ 46,810 33,723 NOVAMED INCORPORATED+ 114,658 8,600 REHABCARE GROUP INCORPORATED+ 234,522 3,028,120 ------------ HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.46% 1,500 GRANITE CONSTRUCTION INCORPORATED 45,330 7,275 MYR GROUP INCORPORATED+ 118,655 15,833 STERLING CONSTRUCTION COMPANY INCORPORATED+ 248,895 412,880 ------------ HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12% 58,938 EMPIRE RESORTS INCORPORATED 107,267 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86% 18,510 ACTUANT CORPORATION CLASS A 361,871 12,200 ALTRA HOLDINGS INCORPORATED+ 167,506 7,900 BLOUNT INTERNATIONAL INCORPORATED+ 81,844 9,300 COLUMBUS MCKINNON CORPORATION+ 147,591 29,520 CRAY INCORPORATED+ 175,644 2,600 DIEBOLD INCORPORATED 82,576 15,500 FLANDER CORPORATION+ 58,900 3,200 GARDNER DENVER INCORPORATED 140,928 103,990 INTERMEC INCORPORATED+ 1,474,578
194 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 9,500 INTEVAC INCORPORATED+ $ 131,290 1,256 KADANT INCORPORATED+ 18,099 12,800 KENNAMETAL INCORPORATED 359,936 23,374 MODINE MANUFACTURING COMPANY+ 262,724 17,700 NN INCORPORATED+ 97,350 164,500 QUANTUM CORPORATION+ 432,635 18,600 SPARTECH CORPORATION 217,620 2,700 TENNANT COMPANY 73,953 1,900 TIMKEN COMPANY 57,019 4,342,064 ------------- INSURANCE CARRIERS: 4.00% 13,400 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 142,710 8,850 AMERISAFE INCORPORATED+ 144,875 14,311 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 466,395 26,987 BROWN & BROWN INCORPORATED 483,607 5,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 128,316 11,100 DONEGAL GROUP INCORPORATED CLASS A 161,061 3,100 EMC INSURANCE GROUP INCORPORATED 69,812 10,900 HALLMARK FINANCIAL SERVICES INCORPORATED+ 98,100 29,982 MEADOWBROOK INSURANCE GROUP INCORPORATED 236,858 6,745 MERCURY GENERAL CORPORATION 294,891 7,005 NYMAGIC INCORPORATED 148,716 9,000 ONEBEACON INSURANCE GROUP LIMITED 155,250 8,600 PENN MILLERS HOLDING CORPORATION+ 104,490 20,700 PMA CAPITAL CORPORATION CLASS A+ 127,098 22,500 SEABRIGHT INSURANCE HOLDINGS 247,725 4,200 STATE AUTO FINANCIAL CORPORATION 75,390 35,318 STEWART INFORMATION SERVICES CORPORATION 487,388 3,572,682 ------------- INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.39% 421,960 SANDSTORM RESOURCES LIMITED+ 344,830 ------------- LEATHER & LEATHER PRODUCTS: 0.29% 7,400 SHOE CARNIVAL INCORPORATED+ 169,164 3,700 WEYCO GROUP INCORPORATED 87,024 256,188 ------------- LEGAL SERVICES: 0.35% 6,900 RAYONIER INCORPORATED 313,467 ------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.55% 19,815 NOBILITY HOMES INCORPORATED 193,989 16,063 SKYLINE CORPORATION 298,772 492,761 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.20% 61,859 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 231,971 15,200 CANTEL INDUSTRIES 301,720 9,163 COHERENT INCORPORATED+ 292,849 6,000 HANGER ORTHOPEDIC GROUP INCORPORATED+ 109,080 46,100 HEALTHTRONICS INCORPORATED+ 165,038 27,625 HERLEY INDUSTRIES INCORPORATED+ 404,983 2,600 ICU MEDICAL INCORPORATED+ 89,570 38,330 ION GEOPHYSICAL CORPORATION+ 188,584
Wells Fargo Advantage Master Portfolios 195 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 108,601 LTX-CREDENCE CORPORATION+ $ 329,061 19,700 MEDICAL ACTION INDUSTRIES INCORPORATED+ 241,719 36,000 NEWPORT CORPORATION+ 450,000 3,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 40,182 37,300 PERKINELMER INCORPORATED 891,470 9,700 WATERS CORPORATION+ 655,138 9,500 ZOLL MEDICAL CORPORATION+ 250,420 4,641,785 ------------ MEDIA: 0.29% 39,820 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 262,414 ------------ METAL MINING: 2.75% 11,995 ELDORADO GOLD CORPORATION+ 144,900 3,680 GOLDCORP INCORPORATED 136,970 130,400 GREAT BASIN GOLD LIMITED+ 225,592 105,940 PETAQUILLA MINERALS LIMITED+ 58,267 21,075 RANDGOLD RESOURCES LIMITED ADR 1,619,192 5,905 ROYAL GOLD INCORPORATED 272,870 2,457,791 ------------ MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.35% 38,030 ACCO BRANDS CORPORATION+ 291,310 10,133 BLYTH INCORPORATED 316,656 17,000 KID BRANDS INCORPORATED+ 147,050 25,600 LEAPFROG ENTERPRISES INCORPORATED+ 167,680 8,200 RC2 CORPORATION+ 122,754 6,300 STANDEX INTERNATIONAL CORPORATION 162,351 1,207,801 ------------ MISCELLANEOUS RETAIL: 0.73% 12,400 AC MOORE ARTS & CRAFTS INCORPORATED+ 36,332 71,300 OFFICE DEPOT INCORPORATED+ 568,974 10,200 PC MALL INCORPORATED+ 51,612 656,918 ------------ MOTION PICTURES: 0.07% 2,200 ASCENT MEDIA CORPORATION+ 59,950 ------------ MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.38% 11,200 ARKANSAS BEST CORPORATION 334,656 7,650 YRC WORLDWIDE INCORPORATED+ 4,160 338,816 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS: 1.16% 151,271 CAPITALSOURCE INCORPORATED 845,605 36,158 MCG CAPITAL CORPORATION+ 188,383 1,033,988 ------------ NURSING HOME: 0.06% 1,521 ASSISTED LIVING CONCEPTS INCORPORATED+ 49,950 ------------ OIL & GAS EXPLORATION: 0.06% 17,300 CRIMSON EXPLORATION INCORPORATED+ 50,516 ------------
196 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION: 5.88% 3,400 ATWOOD OCEANICS INCORPORATED+ $ 117,742 12,400 COMPLETE PRODUCTION SERVICES INCORPORATED+ 143,220 2,100 COMSTOCK RESOURCES INCORPORATED+ 66,780 8,305 FOREST OIL CORPORATION+ 214,435 72,994 GLOBAL INDUSTRIES LIMITED+ 468,621 22,155 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 288,680 8,500 HERCULES OFFSHORE INCORPORATED+ 36,635 29,530 KEY ENERGY SERVICES INCORPORATED+ 282,012 63,839 MCMORAN EXPLORATION COMPANY+ 933,965 139,245 NEWPARK RESOURCES INCORPORATED+ 731,036 5,235 OCEANEERING INTERNATIONAL INCORPORATED+ 332,370 3,465 PRIDE INTERNATIONAL INCORPORATED+ 104,331 13,005 RANGE RESOURCES CORPORATION 609,544 14,040 SANDRIDGE ENERGY INCORPORATED+ 108,108 14,800 STONE ENERGY CORPORATION+ 262,700 5,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 105,100 1,900 UNIT CORPORATION+ 80,332 34,950 WARREN RESOURCES INCORPORATED+ 88,074 23,204 WILLBROS GROUP INCORPORATED+ 278,680 5,252,365 ------------ OIL & GAS-EQUIPMENT & SERVICES: 0.10% 12,000 CAL DIVE INTERNATIONAL INCORPORATED+ 87,960 ------------ OIL & OIL SERVICES: 0.26% 6,010 HELMERICH & PAYNE INCORPORATED 228,861 ------------ PAPER & ALLIED PRODUCTS: 0.78% 4,835 CELLU TISSUE HOLDINGS INCORPORATED+ 48,253 9,000 CLEARWATER PAPER CORPORATION+ 443,250 3,200 SONOCO PRODUCTS COMPANY 98,528 12,475 WAUSAU PAPER CORPORATION 106,537 696,568 ------------ PERSONAL SERVICES: 0.42% 3,700 COINSTAR INCORPORATED+ 120,250 13,800 REGIS CORPORATION 257,784 378,034 ------------ PETROLEUM REFINING & RELATED INDUSTRIES: 2.66% 7,700 DELEK US HOLDINGS INCORPORATED 56,056 28,664 INTEROIL CORPORATION+ 1,857,427 14,000 WD-40 COMPANY 459,620 2,373,103 ------------ PHARMACEUTICALS: 0.16% 7,800 PHARMERICA CORPORATION+ 142,116 ------------ PIPELINES: 0.13% 2,300 ENBRIDGE ENERGY PARTNERS LP 116,311 ------------ PRIMARY METAL INDUSTRIES: 0.30% 3,600 BELDEN CDT INCORPORATED 98,856 6,400 MUELLER INDUSTRIES INCORPORATED 171,456 270,312 ------------
Wells Fargo Advantage Master Portfolios 197 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.52% 5,900 AMERICAN GREETINGS CORPORATION CLASS A $ 122,956 9,100 ENNIS INCORPORATED 148,057 4,900 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 20,580 6,700 MULTI-COLOR CORPORATION 80,266 19,900 PRESSTEK INCORPORATED+ 89,152 461,011 ------------ PROPERTY - CASUALTY INSURANCE: 0.07% 2,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 62,500 ------------ PUBLISHING: 0.15% 34,472 CAMBIUM LEARNING GROUP INCORPORATED+ 137,888 ------------ REAL ESTATE INVESTMENT TRUSTS (REITS): 8.41% 6,500 AGREE REALTY CORPORATION 148,590 31,120 ANNALY CAPITAL MANAGEMENT INCORPORATED 534,642 113,677 ANWORTH MORTGAGE ASSET CORPORATION 766,183 37,555 CAPSTEAD MORTGAGE CORPORATION 449,158 14,200 CEDAR SHOPPING CENTERS INCORPORATED 112,322 301,681 CHIMERA INVESTMENT CORPORATION 1,173,539 2,800 COLONIAL PROPERTIES TRUST 36,064 29,212 EXTERRAN HOLDINGS INCORPORATED+ 706,054 25,104 FORESTAR REAL ESTATE GROUP INCORPORATED+ 473,964 4,200 FRANKLIN STREET PROPERTIES CORPORATION 60,606 10,420 HATTERAS FINANCIAL CORPORATION 268,523 43,360 HILLTOP HOLDINGS INCORPORATED+ 509,480 4,500 LASALLE HOTEL PROPERTIES 104,850 30,483 LEXINGTON CORPORATE PROPERTIES TRUST 198,444 16,050 MEDICAL PROPERTIES TRUST INCORPORATED 168,204 78,795 MFA MORTGAGE INVESTMENTS INCORPORATED 579,931 122,575 ORIGEN FINANCIAL INCORPORATED+ 204,700 39,606 PRIMORIS SERVICES CORPORATION 306,550 8,045 REDWOOD TRUST INCORPORATED 124,054 5,370 SILVER STANDARD RESOURCES INCORPORATED+ 95,532 30,008 THOMAS PROPERTIES GROUP INCORPORATED 99,927 13,000 U-STORE-IT TRUST 93,600 36,755 UMH PROPERTIES INCORPORATED 300,288 7,515,205 ------------ RETAIL-DRUG STORES: 0.06% 2,555 VITAMIN SHOPPE INCORPORATED+ 57,360 ------------ RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.92% 104,868 INTERTAPE POLYMER GROUP INCORPORATED+ 347,113 5,021 JARDEN CORPORATION 167,149 14,663 SEALED AIR CORPORATION 309,096 823,358 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.43% 10,200 ALLIANCE BERNSTEIN HOLDING LP 312,732 9,700 TRADESTATION GROUP INCORPORATED+ 67,997 380,729 ------------ SOFTWARE: 2.33% 17,700 AMERICAN SOFTWARE INCORPORATED CLASS A 102,837 24,200 CHORDIANT SOFTWARE INCORPORATED+ 122,694
198 Wells Fargo Advantage Master Portfolios Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE SOFTWARE (continued) 23,600 ELECTRONIC ARTS INCORPORATED+ $ 440,376 18,700 EPICOR SOFTWARE CORPORATION+ 178,772 7,800 EPIQ SYSTEMS INCORPORATED+ 96,954 17,200 JDA SOFTWARE GROUP INCORPORATED+ 478,504 14,800 LAWSON SOFTWARE INCORPORATED+ 97,828 8,200 NOVELL INCORPORATED+ 49,118 6,900 PROS HOLDINGS INCORPORATED+ 68,172 49,355 REALNETWORKS INCORPORATED+ 238,385 4,533 SYBASE INCORPORATED+ 211,328 2,084,968 ------------ TRANSPORTATION BY AIR: 0.82% 70,855 AIRTRAN HOLDINGS INCORPORATED+ 359,943 31,125 JETBLUE AIRWAYS CORPORATION+ 173,678 2,856 PHI INCORPORATED (VOTING)+ 63,346 6,615 PHI INCORPORATED (NON-VOTING)+ 140,106 737,073 ------------ TRANSPORTATION EQUIPMENT: 0.49% 7,400 ATC TECHNOLOGY CORPORATION+ 126,984 11,898 EXIDE TECHNOLOGIES+ 68,414 21,700 SPARTAN MOTORS INCORPORATED 121,520 2,800 WABTEC CORPORATION 117,936 434,854 ------------ TRANSPORTATION SERVICES: 0.26% 8,200 DYNAMEX INCORPORATED+ 141,040 3,200 GATX CORPORATION 91,680 232,720 ------------ WATER TRANSPORTATION: 0.02% 2,700 HORIZON LINES INCORPORATED 14,688 ------------ WHOLESALE TRADE NON-DURABLE GOODS: 0.26% 10,300 SCHOOL SPECIALTY INCORPORATED+ 233,913 ------------ WHOLESALE TRADE-DURABLE GOODS: 1.27% 2,900 BARNES GROUP INCORPORATED 56,405 4,300 INTERLINE BRANDS INCORPORATED+ 82,302 16,700 KAMAN CORPORATION CLASS A 417,667 5,800 LKQ CORPORATION+ 117,740 1,700 OMNICARE INCORPORATED 48,093 2,700 OWENS & MINOR INCORPORATED 125,253 33,996 PATRICK INDUSTRIES INCORPORATED+ 98,588 12,200 WILLIS LEASE FINANCE CORPORATION+ 192,516 1,138,564 ------------ TOTAL COMMON STOCKS (COST $73,117,958) 86,043,617 ------------ INVESTMENT COMPANIES: 0.28% 9,579 KBW REGIONAL BANKING ETF 251,161 TOTAL INVESTMENT COMPANIES (COST $212,809) 251,161 ------------
Wells Fargo Advantage Master Portfolios 199 Portfolio of Investments--March 31, 2010 (Unaudited) STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME DIVIDEND YIELD VALUE PREFERRED STOCKS: 0.32% 1,200 CARRIAGE SERVICES INCORPORATED (FUNERAL SERVICES & RELATED ITEMS)(a) 11.86% $ 35,400 55 CENTER FINANCIAL CORPORATION SERIES B (BANKING)(a)(i) 12.00 71,133 3,600 LASALLE HOTEL PROPERTIES (REAL ESTATE INVESTMENT TRUST) 8.42 85,572 3,953 SVB CAPITAL II (COMMERCIAL BANKS) 7.54 91,710 TOTAL PREFERRED STOCKS (COST $200,498) 283,815 ------------
YIELD SHORT-TERM INVESTMENTS: 2.76% MUTUAL FUNDS: 2.76% 2,471,710 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,471,710 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $2,471,710) 2,471,710 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $76,002,975)* 99.67% 89,050,303 OTHER ASSETS AND LIABILITIES, NET 0.33 292,715 ------- ------------ TOTAL NET ASSETS 100.00% $ 89,343,018 ------- ------------
---------- + Non-income earning securities. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ~ The Fund invests cash balances that it retains for liquidity purposes in an affiliated money market fund. (u) Rate shown is the 7-day annualized yield at period end. (l) Investment in an affiliate. * Cost for federal income tax purposes is $80,086,381 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 21,772,730 Gross unrealized depreciation (12,808,808) -------------- Net unrealized appreciation $ 8,963,922
The accompanying notes are an integral part of these financial statements. 200 Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
C&B Large Disciplined Cap Value Growth Portfolio Portfolio ------------------------------------------------------------------------------------------------------- ASSETS Investments In unaffiliated securities (including securities on loan) ........ $ 590,320,572 $ 68,509,276 In affiliated securities ......................................... 16,713,155 1,008,460 ------------------------------ Total investments at value (see cost below) ........................ 607,033,727 69,517,736 ------------------------------ Segregated cash .................................................... 0 0 Foreign currency, at value (see cost below) ........................ 0 0 Receivable for investments sold .................................... 0 0 Receivables for dividends .......................................... 1,208,534 139,950 Unrealized appreciation on forward foreign currency contracts ...... 0 0 ------------------------------ Total Assets .......................................................... 608,242,261 69,657,686 ------------------------------ LIABILITIES Variation margin payable on futures contracts ...................... 0 0 Payable for investments purchased .................................. 6,672,717 0 Unrealized depreciation of forward foreign currency contracts ...... 0 0 Payable upon receipt of securities loaned .......................... 7,272,712 1,026,018 Payable to investment advisor and affiliates ....................... 325,943 38,694 Payable for custodian fee .......................................... 3,601 1,471 Accrued expenses and other liabilities ............................. 16,098 14,518 ------------------------------ Total liabilities ..................................................... 14,291,071 1,080,701 ------------------------------ TOTAL NET ASSETS ...................................................... $ 593,951,190 $ 68,576,985 ============================== Investments, at cost .................................................. $ 592,591,105 $ 57,528,737 ------------------------------ Securities on loan, at value .......................................... $ 6,893,910 $ 762,000 ------------------------------ Foreign currencies, at cost ........................................... $ 0 $ 0 ------------------------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 201 Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Emerging Equity Equity International International Growth Income Value Index Core Growth Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio ------------------------------------------------------------------------------------------ $ 39,585,513 $ 230,229,278 $ 533,272,028 $ 2,058,091,066 $ 55,136,838 $ 150,380,706 663,091 2,670,386 9,199,253 45,906,568 1,193,423 3,339,209 ------------------------------------------------------------------------------------------ 40,248,604 232,899,664 542,471,281 2,103,997,634 56,330,261 153,719,915 ------------------------------------------------------------------------------------------ 0 0 0 0 1,136,500 0 0 0 0 0 65,751 75,679 220,571 0 15,566,036 0 0 974,428 29,016 178,344 520,195 2,675,446 175,665 353,630 0 0 0 0 61,382 22 ------------------------------------------------------------------------------------------ 40,498,191 233,078,008 558,557,512 2,106,673,080 57,769,559 155,123,674 ------------------------------------------------------------------------------------------ 0 0 0 57,750 0 0 282,293 0 19,533,051 436,477 630,928 1,549,067 0 0 0 0 6,544 25 1,796,247 1,332,544 11,670,492 13,336,663 0 0 25,576 121,836 293,409 120,229 43,513 89,043 3,233 0 6,055 20,949 41,887 257,573 15,451 20,494 21,924 36,352 38,041 36,657 ------------------------------------------------------------------------------------------ 2,122,800 1,474,874 31,524,931 14,008,420 760,913 1,932,365 ------------------------------------------------------------------------------------------ $ 38,375,391 $ 231,603,134 $ 527,032,581 $ 2,092,664,660 $ 57,008,646 $ 153,191,309 ========================================================================================== $ 30,874,003 $ 210,533,453 $ 460,708,060 $ 2,009,396,672 $ 48,802,625 $ 134,311,852 ------------------------------------------------------------------------------------------ $ 1,189,257 $ 1,351,980 $ 12,895,930 $ 9,619,845 $ 0 $ 0 ------------------------------------------------------------------------------------------ $ 0 $ 0 $ 0 $ 0 $ 65,275 $ 75,679 ------------------------------------------------------------------------------------------
202 Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
International International Index Value Portfolio Portfolio ---------------------------------------------------------------------------------------------------- ASSETS Investments In unaffiliated securities (including securities on loan) ...... $ 55,835,338 $ 295,777,116 In affiliated securities ....................................... 511,273 7,289,152 ----------------------------- Total investments at value (see cost below) ...................... 56,346,611 303,066,268 ----------------------------- Segregated cash .................................................. 0 0 Foreign currency, at value (see cost below) ...................... 331,686 7,099,150 Variation margin receivable on futures contracts ................. 245,471 0 Receivable for investments sold .................................. 0 0 Receivables for dividends ........................................ 269,812 1,610,226 Receivable from investment advisor and affiliates ................ 34,984 0 Unrealized appreciation on forward foreign currency contracts .... 5,521 0 ----------------------------- Total Assets ........................................................ 57,234,085 311,775,644 ----------------------------- LIABILITIES Foreign taxes payable ............................................ 10,996 108,770 Payable to custodian for overdrafts .............................. 0 0 Variation margin payable on futures contracts .................... 6,132 0 Payable for investments purchased ................................ 0 107,343 Unrealized depreciation of forward foreign currency contracts .... 3,071 0 Payable upon receipt of securities loaned ........................ 0 0 Payable to investment advisor and affiliates ..................... 0 210,079 Payable for custodian fee ........................................ 267,695 292,394 Payable for audit fee ............................................ 17,741 12,929 Accrued expenses and other liabilities ........................... 15,904 45,193 ----------------------------- Total liabilities ................................................... 321,539 776,708 ----------------------------- TOTAL NET ASSETS .................................................... $ 56,912,546 $ 310,998,936 ============================= Investments, at cost ................................................ $ 53,989,895 $ 330,963,573 ----------------------------- Securities on loan, at value ........................................ $ 0 $ 0 ----------------------------- Foreign currencies, at cost ......................................... $ 332,358 $ 7,154,058 -----------------------------
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 203 Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic Appreciation Growth Index Growth Value Small Cap Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio ---------------------------------------------------------------------------------------------------- $ 69,316,624 $ 644,899,937 $ 101,444,960 $ 341,299,384 $ 163,896,282 $ 86,578,593 0 7,933,097 897,297 14,708,242 4,319,642 2,471,710 ---------------------------------------------------------------------------------------------------- 69,316,624 652,833,034 102,342,257 356,007,626 168,215,924 89,050,303 ---------------------------------------------------------------------------------------------------- 0 0 0 0 0 50,000 0 0 0 0 0 0 0 0 0 0 0 0 1,186,578 18,190,303 1,300 5,563,772 1,197,363 409,792 81,827 285,452 88,939 39,875 187,539 151,475 0 0 0 0 0 0 0 0 0 0 0 0 ---------------------------------------------------------------------------------------------------- 70,585,029 671,308,789 102,432,496 361,611,273 169,600,826 89,661,570 ---------------------------------------------------------------------------------------------------- 0 0 0 0 0 0 179,672 0 0 0 0 0 0 0 9,512 0 0 0 0 9,913,718 147,897 3,799,879 430,015 234,749 0 0 0 0 0 0 1,179,884 5,978,335 3,081,883 6,801,035 3,065,842 0 35,558 277,609 13,294 235,437 111,234 61,461 2,546 4,087 10,422 5,643 7,468 7,823 10,638 17,768 13,347 13,752 12,161 11,641 1,601 14,737 3,986 5,320 3,794 2,878 ---------------------------------------------------------------------------------------------------- 1,409,899 16,206,254 3,280,341 10,861,066 3,630,514 318,552 ---------------------------------------------------------------------------------------------------- $ 69,175,130 $ 655,102,535 $ 99,152,155 $ 350,750,207 $ 165,970,312 $ 89,343,018 ==================================================================================================== $ 57,425,355 $ 553,098,991 $ 101,147,459 $ 289,648,514 $ 121,276,347 $ 76,002,975 ---------------------------------------------------------------------------------------------------- $ 776,150 $ 3,853,597 $ 1,572,059 $ 5,508,335 $ 1,742,951 $ 0 ---------------------------------------------------------------------------------------------------- $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 ----------------------------------------------------------------------------------------------------
204 Wells Fargo Advantage Master Portfolios Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
C&B Large Disciplined Cap Value Growth Portfolio Portfolio -------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Dividends(1) ................................................................ $ 5,884,299 $ 474,578 Interest .................................................................... 0 0 Income from affiliated securities ........................................... 9,199 722 Securities lending income ................................................... 10,664 1,011 ---------------------------- Total investment income ........................................................ 5,904,162 476,311 ---------------------------- EXPENSES Advisory fees ............................................................... 2,044,092 235,558 Custody fees ................................................................ 18,944 3,242 Professional fees ........................................................... 18,902 19,394 Other fees and expenses ..................................................... 13,632 7,352 ---------------------------- Total expenses ................................................................. 2,095,570 265,546 ---------------------------- LESS Waived fees and/or reimbursed expenses ...................................... (68,598) 0 Net expenses ................................................................ 2,026,972 265,546 ---------------------------- Net investment income (loss) ................................................... 3,877,190 210,765 ---------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Unaffiliated securities, foreign currencies and foreign currency translation ................................................................ (19,403,831) 2,383,763 Affiliated securities ....................................................... 0 0 Forward foreign currency contracts .......................................... 0 0 Futures transactions ........................................................ 0 0 ---------------------------- Net realized gain (loss) from investments ...................................... (19,403,831) 2,383,763 ---------------------------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Unaffiliated securities, foreign currencies and foreign currency translation................................................................. 70,751,791 3,736,949 Affiliated securities. ...................................................... 0 0 Forward foreign currency contracts .......................................... 0 0 Futures transactions ........................................................ 0 0 ---------------------------- Net change in unrealized appreciation (depreciation) of investments ............ 70,751,791 3,736,949 ---------------------------- Net realized and unrealized gain on investments ................................ 51,347,960 6,120,712 ---------------------------- NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........................... $ 55,225,150 $ 6,331,477 ============================ 1 Net of foreign withholding taxes of .......................................... $ 7,082 $ 0
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 205 Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Emerging Equity Equity International International Growth Income Value Index Core Growth Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio --------------------------------------------------------------------------------------------- $ 44,068 $ 2,834,835 $ 3,928,056 $ 19,978,246 $ 399,268 $ 840,522 0 0 0 2,477 0 0 776 0 2,500 9,216 2,772 1,546 13,962 1,892 24,877 137,384 4,104 7,393 -------------------------------------------------------------------------------------------- 58,806 2,836,727 3,955,433 20,127,323 406,144 849,461 -------------------------------------------------------------------------------------------- 177,275 794,975 1,712,881 875,174 263,152 679,551 4,537 9,133 18,268 68,468 49,216 275,518 19,394 23,478 17,649 23,660 24,564 24,788 7,272 10,169 13,079 29,075 14,226 12,310 -------------------------------------------------------------------------------------------- 208,478 837,755 1,761,877 996,377 351,158 992,167 -------------------------------------------------------------------------------------------- (12,358) (4,135) (59,020) (7,064) (12,546) (161,987) 196,120 833,620 1,702,857 989,313 338,612 830,180 -------------------------------------------------------------------------------------------- (137,314) 2,003,107 2,252,576 19,138,010 67,532 19,281 -------------------------------------------------------------------------------------------- 10,797,923 (5,607,484) 24,124,035 14,987,315 8,564,401 2,283,441 0 0 0 25,601 0 0 0 0 0 0 (8,069) (3,709) 0 0 0 3,085,831 0 0 -------------------------------------------------------------------------------------------- 10,797,923 (5,607,484) 24,124,035 18,098,747 8,556,332 2,279,732 -------------------------------------------------------------------------------------------- (5,069,232) 25,200,842 35,516,973 181,377,738 (6,538,455) (291,921) 0 0 0 3,102,890 0 0 0 0 0 0 497,413 (3) 0 0 0 101,911 0 0 -------------------------------------------------------------------------------------------- (5,069,232) 25,200,842 35,516,973 184,582,539 (6,041,042) (291,924) -------------------------------------------------------------------------------------------- 5,728,691 19,593,358 59,641,008 202,681,286 2,515,290 1,987,808 -------------------------------------------------------------------------------------------- $ 5,591,377 $ 21,596,465 $ 61,893,584 $ 221,819,296 $ 2,582,822 $ 2,007,089 ============================================================================================ $ 0 $ 0 $ 17,301 $ 0 $ 37,658 $ 67,010
206 Wells Fargo Advantage Master Portfolios Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
International International Index Value Portfolio Portfolio ----------------------------------------------------------------------------------------------------------------------- INVESTMENT INCOME Dividends(1) ....................................................................... $ 574,150 $ 3,095,614 Interest ........................................................................... 0 0 Income from affiliated securities .................................................. 2,021 4,037 Securities lending income .......................................................... 17,405 39,906 ------------------------------ Total investment income ............................................................... 593,576 3,139,557 ------------------------------ EXPENSES Advisory fees ...................................................................... 97,052 1,427,200 Custody fees ....................................................................... 275,059 330,609 Professional fees .................................................................. 23,620 19,503 Other fees and expenses ............................................................ 14,053 20,591 ------------------------------ Total expenses ........................................................................ 409,784 1,797,903 ------------------------------ LESS Waived fees and/or reimbursed expenses ............................................. (235,462) (259,904) Net expenses ....................................................................... 174,322 1,537,999 ------------------------------ Net investment income (loss) .......................................................... 419,254 1,601,558 ------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Unaffiliated securities, foreign currencies and foreign currency translation ....... 1,070,143 (15,781,282) Forward foreign currency contracts ................................................. (40,492) 0 Futures transactions. .............................................................. 176,307 0 ------------------------------ Net realized gain (loss) from investments ............................................. 1,205,958 (15,781,282) ------------------------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Unaffiliated securities, foreign currencies and foreign currency translation ....... 19,309 17,616,610 Forward foreign currency contracts ................................................. 5,984 0 Futures transactions ............................................................... 13,622 0 ------------------------------ Net change in unrealized appreciation (depreciation) of investments ................... 38,915 17,616,610 ------------------------------ Net realized and unrealized gain on investments ....................................... 1,244,873 1,835,328 ------------------------------ NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................................. $ 1,664,127 $ 3,436,886 ============================== 1 Net of foreign withholding taxes of ................................................. $ 67,060 $ 363,507
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 207 Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic Appreciation Growth Index Growth Value Small Cap Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio ------------------------------------------------------------------------------------------------ $ 528,503 $ 4,389,027 $ 604,189 $ 427,124 $ 891,860 $ 808,448 0 0 394 0 0 0 672 6,799 1,969 3,146 2,363 3,268 1,055 61,258 37,004 23,601 8,464 0 ------------------------------------------------------------------------------------------------ 530,230 4,457,084 643,556 453,871 902,687 811,716 ------------------------------------------------------------------------------------------------ 271,105 2,291,009 110,056 1,423,105 717,264 419,421 4,679 22,515 13,970 14,282 12,505 10,996 17,419 23,950 21,592 21,043 19,988 20,118 7,695 21,116 9,160 11,419 9,898 8,940 ------------------------------------------------------------------------------------------------ 300,898 2,358,590 154,778 1,469,849 759,655 459,475 ------------------------------------------------------------------------------------------------ (31,579) (278,652) (13,755) (20,317) (1,562) (8,818) 269,319 2,079,938 141,023 1,449,532 758,093 450,657 ------------------------------------------------------------------------------------------------ 260,911 2,377,146 502,533 (995,661) 144,594 361,059 ------------------------------------------------------------------------------------------------ 7,490,274 25,817,256 (26,559,069) 34,185,248 21,697,313 (14,693,224) 0 0 0 0 0 0 0 0 1,607,557 0 0 0 ------------------------------------------------------------------------------------------------ 7,490,274 25,817,256 (24,951,512) 34,185,248 21,697,313 (14,693,224) ------------------------------------------------------------------------------------------------ 584,880 36,018,807 38,372,492 5,013,701 (1,387,585) 21,951,808 0 0 0 0 0 0 0 0 (93,510) 0 0 0 ------------------------------------------------------------------------------------------------ 584,880 36,018,807 38,278,982 5,013,701 (1,387,585) 21,951,808 ------------------------------------------------------------------------------------------------ 8,075,154 61,836,063 13,327,470 39,198,949 20,309,728 7,258,584 ------------------------------------------------------------------------------------------------ $ 8,336,065 $ 64,213,209 $ 13,830,003 $ 38,203,288 $ 20,454,322 $ 7,619,643 ------------------------------------------------------------------------------------------------ $ 2,388 $ 0 $ 0 $ 0 $ 0 $ 342
208 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO ------------------------------------- For the Six Months Ended For the March 31, 2010 Year Ended (Unaudited) September 30, 2009 ------------------------------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets ........................................................ $ 635,871,240 $ 676,445,814 OPERATIONS Net investment income (loss) ................................................ 3,877,190 11,286,676 Net realized gain (loss) on investments ..................................... (19,403,831) (71,204,167) Net change in unrealized appreciation (depreciation) of investments ......... 70,751,791 25,300,192 ------------------------------------ Net increase (decrease) in net assets resulting from operations ................ 55,225,150 (34,617,299) ------------------------------------ CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ............................................................... 26,344,494 114,730,358 Withdrawals ................................................................. (123,489,694) (120,687,633) ------------------------------------ Net increase (decrease) from transactions in investor's beneficial interests ... (97,145,200) (5,957,275) ------------------------------------ NET DECREASE IN NET ASSETS ..................................................... (41,920,050) (40,574,574) ==================================== ENDING NET ASSETS .............................................................. $ 593,951,190 $ 635,871,240 ====================================
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 209 Statements of Changes in Net Assets
DISCIPLINED GROWTH PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO ------------------------------------- ------------------------------------- ------------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 --------------------------------------------------------------------------------------------------------------------- $ 88,895,931 $ 108,621,365 $ 88,625,473 $ 99,217,350 $ 263,302,372 $ 358,051,926 210,765 423,486 (137,314) (383,603) 2,003,107 6,586,974 2,383,763 (31,162,876) 10,797,923 (23,525,696) (5,607,484) (8,276,559) 3,736,949 9,883,779 (5,069,232) 16,900,670 25,200,842 (42,154,866) --------------------------------------------------------------------------------------------------------------------- 6,331,477 (20,855,611) 5,591,377 (7,008,629) 21,596,465 (43,844,451) --------------------------------------------------------------------------------------------------------------------- 4,433,324 19,431,523 2,147,527 14,074,802 7,515,956 15,470,818 (31,083,747) (18,301,346) (57,988,986) (17,658,050) (60,811,659) (66,375,921) --------------------------------------------------------------------------------------------------------------------- (26,650,423) 1,130,177 (55,841,459) (3,583,248) (53,295,703) (50,905,103) --------------------------------------------------------------------------------------------------------------------- (20,318,946) (19,725,434) (50,250,082) (10,591,877) (31,699,238) (94,749,554) ===================================================================================================================== $ 68,576,985 $ 88,895,931 $ 38,375,391 $ 88,625,473 $ 231,603,134 $ 263,302,372 =====================================================================================================================
210 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO ------------------------------------- For the Six Months Ended For the March 31, 2010 Year Ended (Unaudited) September 30, 2009 -------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets....................................................... $ 513,115,704 $ 610,647,019 OPERATIONS Net investment income...................................................... 2,252,576 8,564,863 Net realized gain (loss) on investments.................................... 24,124,035 (171,525,727) Net change in unrealized appreciation (depreciation) of investments........ 35,516,973 110,011,229 ------------------------------------- Net increase (decrease) in net assets resulting from operations............... 61,893,584 (52,949,635) ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions.............................................................. 40,619,358 73,995,358 Withdrawals................................................................ (88,596,065) (118,577,038) ------------------------------------- Net increase (decrease) from transactions in investors' beneficial interests.. (47,976,707) (44,581,680) ------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS......................................... 13,916,877 (97,531,315) ===================================== ENDING NET ASSETS............................................................. $ 527,032,581 $ 513,115,704 =====================================
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 211 Statements of Changes in Net Assets
INDEX PORTFOLIO INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO ------------------------------------- ------------------------------------- ------------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 --------------------------------------------------------------------------------------------------------------------- $ 1,966,584,375 $ 2,237,608,527 $ 72,541,985 $ 85,536,172 $ 155,627,337 $ 131,370,011 19,138,010 43,817,844 67,532 1,124,652 19,281 1,943,425 18,098,747 (1,206,803) 8,556,332 (37,177,159) 2,279,732 (41,563,740) 184,582,539 (221,743,261) (6,041,042) 26,898,537 (291,924) 49,952,778 --------------------------------------------------------------------------------------------------------------------- 221,819,296 (179,132,220) 2,582,822 (9,153,970) 2,007,089 10,332,463 --------------------------------------------------------------------------------------------------------------------- 190,855,626 168,953,827 6,565,665 12,972,699 26,858,291 47,353,096 (286,594,637) (260,845,759) (24,681,826) (16,812,916) (31,301,408) (33,428,233) --------------------------------------------------------------------------------------------------------------------- (95,739,011) (91,891,932) (18,116,161) (3,840,217) (4,443,117) 13,924,863 --------------------------------------------------------------------------------------------------------------------- 126,080,285 (271,024,152) (15,533,339) (12,994,187) (2,436,028) 24,257,326 ===================================================================================================================== $ 2,092,664,660 $ 1,966,584,375 $ 57,008,646 $ 72,541,985 $ 153,191,309 $ 155,627,337 =====================================================================================================================
212 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO ------------------------------------- For the Six Months Ended For the March 31, 2010 Year Ended (Unaudited) September 30, 2009 -------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets.................................................. $ 72,676,443 $ 86,405,709 OPERATIONS Net investment income................................................. 419,254 1,839,039 Net realized gain (loss) on investments............................... 1,205,958 (3,860,283) Net change in unrealized appreciation (depreciation) of investments... 38,915 273,186 ------------------------------------- Net increase (decrease) in net assets resulting from operations.......... 1,664,127 (1,748,058) ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions......................................................... 6,402,130 9,195,379 Withdrawals........................................................... (23,830,154) (21,176,587) ------------------------------------- Net decrease from transactions in investors' beneficial interests........ (17,428,024) (11,981,208) ------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS.................................... (15,763,897) (13,729,266) ===================================== ENDING NET ASSETS........................................................ $ 56,912,546 $ 72,676,443 =====================================
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 213 Statements of Changes in Net Assets
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO ------------------------------------- ------------------------------------- ------------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 --------------------------------------------------------------------------------------------------------------------- $ 315,042,164 $ 312,461,025 $ 94,632,067 $ 145,700,178 $ 984,855,684 $ 1,373,797,607 1,601,558 7,188,690 260,911 840,517 2,377,146 8,784,107 (15,781,282) (35,211,563) 7,490,274 (46,529,618) 25,817,256 (73,157,003) 17,616,610 48,006,861 584,880 27,482,892 36,018,807 (3,942,699) --------------------------------------------------------------------------------------------------------------------- 3,436,886 19,983,988 8,336,065 (18,206,209) 64,213,209 (68,315,595) --------------------------------------------------------------------------------------------------------------------- 19,446,445 52,555,498 1,743,185 12,075,054 15,649,093 29,275,266 (26,926,559) (69,958,347) (35,536,187) (44,936,956) (409,615,451) (349,901,594) --------------------------------------------------------------------------------------------------------------------- (7,480,114) (17,402,849) (33,793,002) (32,861,902) (393,966,358) (320,626,328) --------------------------------------------------------------------------------------------------------------------- (4,043,228) 2,581,139 (25,456,937) (51,068,111) (329,753,149) (388,941,923) ===================================================================================================================== $ 310,998,936 $ 315,042,164 $ 69,175,130 $ 94,632,067 $ 655,102,535 $ 984,855,684 =====================================================================================================================
214 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO ------------------------------------- For the Six Months Ended For the March 31, 2010 Year Ended (Unaudited) September 30, 2009 -------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS Beginning net assets................................................... $ 243,094,590 $ 282,510,520 OPERATIONS Net investment income (loss)........................................... 502,533 2,946,644 Net realized gain (loss) on investments................................ (24,951,512) (9,376,550) Net change in unrealized appreciation (depreciation) of investments.... 38,278,982 (24,573,330) ------------------------------------- Net increase (decrease) in net assets resulting from operations........... 13,830,003 (31,003,236) ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions.......................................................... 5,114,070 23,376,006 Withdrawals............................................................ (162,886,508) (31,788,700) ------------------------------------- Net decrease from transactions in investors' beneficial interests......... (157,772,438) (8,412,694) ------------------------------------- NET DECREASE IN NET ASSETS................................................ (143,942,435) (39,415,930) ===================================== ENDING NET ASSETS......................................................... $ 99,152,155 $ 243,094,590 =====================================
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 215 Statements of Changes in Net Assets
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO ------------------------------------- ------------------------------------- ------------------------------------- For the For the For the Six Months Ended For the Six Months Ended For the Six Months Ended For the March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009 --------------------------------------------------------------------------------------------------------------------- $ 391,788,240 $ 481,304,784 $ 239,231,863 $ 439,963,198 $ 219,129,458 $ 255,355,235 (995,661) (1,746,971) 144,594 3,036,418 361,059 2,378,279 34,185,248 (91,099,903) 21,697,313 (190,649,157) (14,693,224) (63,513,017) 5,013,701 72,864,087 (1,387,585) 128,533,240 21,951,808 36,276,909 --------------------------------------------------------------------------------------------------------------------- 38,203,288 (19,982,787) 20,454,322 (59,079,499) 7,619,643 (24,857,829) --------------------------------------------------------------------------------------------------------------------- 36,182,364 71,091,475 16,472,995 64,432,062 5,836,056 17,652,796 (115,423,685) (140,625,232) (110,188,868) (206,083,898) (143,242,139) (29,020,744) --------------------------------------------------------------------------------------------------------------------- (79,241,321) (69,533,757) (93,715,873) (141,651,836) (137,406,083) (11,367,948) --------------------------------------------------------------------------------------------------------------------- (41,038,033) (89,516,544) (73,261,551) (200,731,335) (129,786,440) (36,225,777) ===================================================================================================================== $ 350,750,207 $ 391,788,240 $ 165,970,312 $ 239,231,863 $ 89,343,018 $ 219,129,458 =====================================================================================================================
216 Wells Fargo Advantage Master Portfolios Financial Highlights
Ratio to Average Net Assets (Annualized) ---------------------------------------- Portfolio Net Investment Gross Net Total Turnover Income (Loss) Expenses Expenses Return(1) Rate(2) ---------------------------------------------------------------------------------------------------------------- C&B LARGE CAP VALUE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 1.31% 0.71% 0.69% 9.60% 6% October 1, 2008 to September 30, 2009.......... 2.19% 0.73% 0.64% (5.53)% 28% October 1, 2007 to September 30, 2008.......... 1.71% 0.73% 0.68% (20.18)% 21% October 1, 2006 to September 30, 2007.......... 1.48% 0.74% 0.68% 11.88% 24% October 1, 2005 to September 30, 2006.......... 1.77% 0.76% 0.66% 15.30% 29% December 6, 2004(3) to September 30, 2005...... 0.98% 0.77% 0.71% 1.51% 19% DISCIPLINED GROWTH PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.63% 0.79% 0.79% 9.61% 39% October 1, 2008 to September 30, 2009.......... 0.54% 0.79% 0.77% (18.88)% 104% October 1, 2007 to September 30, 2008.......... 0.07% 0.77% 0.76% (25.19)% 103% October 1, 2006 to September 30, 2007.......... 0.10% 0.79% 0.79% 21.22% 68% October 1, 2005 to September 30, 2006.......... 0.12% 0.79% 0.78% 1.41% 90% October 1, 2004 to September 30, 2005.......... 0.44% 0.79% 0.78% 11.76% 45% EMERGING GROWTH PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. (0.66)% 1.00% 0.94% 14.94% 52% October 1, 2008 to September 30, 2009.......... (0.53)% 0.94% 0.91% (5.70)% 147% October 1, 2007 to September 30, 2008.......... (0.49)% 0.93% 0.92% (30.95)% 191% January 31, 2007(2) to September 30, 2007...... (0.54)% 1.01% 0.99% 24.40% 125% EQUITY INCOME PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 1.76% 0.74% 0.73% 9.45% 2% October 1, 2008 to September 30, 2009.......... 2.69% 0.75% 0.69% (9.66)% 11% October 1, 2007 to September 30, 2008.......... 2.16% 0.75% 0.57% (23.18)% 8% October 1, 2006 to September 30, 2007.......... 1.91% 0.76% 0.57% 15.91% 16% October 1, 2005 to September 30, 2006.......... 1.84% 0.75% 0.70% 11.21% 7% October 1, 2004 to September 30, 2005.......... 2.04% 0.73% 0.60% 13.30% 20% EQUITY VALUE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.92% 0.72% 0.70% 12.93% 66% October 1, 2008 to September 30, 2009.......... 1.89% 0.73% 0.69% (7.21)% 142% October 1, 2007 to September 30, 2008.......... 1.68% 0.74% 0.70% (27.44)% 152% October 1, 2006 to September 30, 2007.......... 1.29% 0.77% 0.69% 20.21% 108% October 1, 2005 to September 30, 2006.......... 1.18% 0.78% 0.77% 10.73% 107% October 1, 2004 to September 30, 2005.......... 1.22% 0.78% 0.76% 21.61% 145% INDEX PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 1.94% 0.10% 0.10% 11.50% 10% October 1, 2008 to September 30, 2009.......... 2.61% 0.12% 0.10% (7.00)% 10% October 1, 2007 to September 30, 2008.......... 2.07% 0.11% 0.11% (22.28)% 5% October 1, 2006 to September 30, 2007.......... 1.86% 0.11% 0.10% 16.35% 8% October 1, 2005 to September 30, 2006.......... 1.86% 0.11% 0.11% 10.70% 9% October 1, 2004 to September 30, 2005.......... 2.08% 0.12% 0.04% 12.23% 8% INTERNATIONAL CORE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.24% 1.27% 1.22% 4.09% 59% October 1, 2008 to September 30, 2009.......... 1.77% 1.23% 1.15% (10.14)% 212% October 1, 2007 to September 30, 2008.......... 1.60% 1.14% 1.12% (31.42)% 55% October 1, 2006 to September 30, 2007.......... 1.27% 1.09% 1.08% 23.70% 66% October 1, 2005 to September 30, 2006.......... 1.99% 1.09% 1.03% 14.58% 39% October 1, 2004 to September 30, 2005.......... 1.51% 1.09% 1.08% 18.69% 108% INTERNATIONAL GROWTH PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.03% 1.39% 1.16% 0.71% 46% October 1, 2008 to September 30, 2009.......... 1.71% 1.14% 1.11% 6.23% 95% October 1, 2007 to September 30, 2008.......... 1.17% 1.08% 1.05% (28.68)% 57% October 1, 2006 to September 30, 2007.......... 1.09% 1.06% 1.03% 27.40% 73% October 1, 2005 to September 30, 2006.......... 0.87% 1.07% 0.98% 19.95% 62% October 6, 2004(3) to September 30, 2005....... 1.02% 1.08% 1.06% 22.30% 67%
1. Total return calculations do not include any sales charges, and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized. 2. Portfolio turnover rates presented for periods of less than one year are not annualized. 3. Commencement of operations. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 217 Financial Highlights
Ratio to Average Net Assets (Annualized) ---------------------------------------- Portfolio Net Investment Gross Net Total Turnover Income (Loss) Expenses Expenses Return(1) Rate(2) ---------------------------------------------------------------------------------------------------------------- INTERNATIONAL INDEX PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 1.51% 1.48% 0.63% 2.31% 9% October 1, 2008 to September 30, 2009.......... 2.86% 0.55% 0.46% 1.65% 13% October 1, 2007 to September 30, 2008.......... 2.84% 0.51% 0.50% (29.67)% 14% October 1, 2006 to September 30, 2007.......... 2.15% 0.49% 0.49% 24.52% 3% October 1, 2005 to September 30, 2006.......... 2.59% 0.49% 0.37% 19.44% 7% October 6, 2004(3) to September 30, 2005....... 2.41% 0.49% 0.46% 21.90% 21% INTERNATIONAL VALUE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 1.07% 1.20% 1.02% 0.92% 14% October 1, 2008 to September 30, 2009.......... 2.72% 1.08% 1.03% 5.26% 41% October 1, 2007 to September 30, 2008.......... 3.68% 1.07% 1.01% (34.21)% 23% October 1, 2006 to September 30, 2007.......... 2.47% 1.07% 1.03% 21.91% 19% October 1, 2005 to September 30, 2006.......... 2.34% 1.09% 1.09% 19.32% 31% October 1, 2004 to September 30, 2005.......... 2.21% 1.11% 1.10% 25.92% 14% LARGE CAP APPRECIATION PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.67% 0.78% 0.70% 11.30% 48% October 1, 2008 to September 30, 2009.......... 0.88% 0.78% 0.71% (10.97)% 144% October 1, 2007 to September 30, 2008.......... 0.41% 0.74% 0.69% (25.49)% 151% October 1, 2006 to September 30, 2007.......... 0.57% 0.74% 0.69% 21.80% 145% October 1, 2005 to September 30, 2006.......... 0.65% 0.75% 0.72% 3.34% 155% October 1, 2004 to September 30, 2005.......... 0.83% 0.74% 0.74% 20.02% 133% LARGE COMPANY GROWTH PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.71% 0.71% 0.62% 9.72% 4% October 1, 2008 to September 30, 2009.......... 0.97% 0.70% 0.62% 3.31% 13% October 1, 2007 to September 30, 2008.......... 0.48% 0.68% 0.67% (22.59)% 7% October 1, 2006 to September 30, 2007.......... 0.46% 0.70% 0.68% 17.80% 10% October 1, 2005 to September 30, 2006.......... 0.14% 0.70% 0.61% 1.41% 6% October 1, 2004 to September 30, 2005.......... 0.69% 0.69% 0.68% 11.03% 18% SMALL CAP INDEX PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.91% 0.28% 0.26% 13.76% 9% October 1, 2008 to September 30, 2009.......... 1.46% 0.26% 0.24% (10.87)% 20% October 1, 2007 to September 30, 2008.......... 1.36% 0.23% 0.18% (14.30)% 22% October 1, 2006 to September 30, 2007.......... 1.10% 0.23% 0.18% 14.78% 24% October 1, 2005 to September 30, 2006.......... 0.95% 0.24% 0.23% 6.89% 20% October 1, 2004 to September 30, 2005.......... 1.00% 0.23% 0.18% 21.03% 14% SMALL COMPANY GROWTH PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. (0.59)% 0.88% 0.87% 11.94% 61% October 1, 2008 to September 30, 2009.......... (0.53)% 0.89% 0.87% 1.75% 169% October 1, 2007 to September 30, 2008.......... (0.53)% 0.89% 0.89% (27.50)% 150% October 1, 2006 to September 30, 2007.......... (0.46)% 0.90% 0.90% 17.74% 138% October 1, 2005 to September 30, 2006.......... (0.33)% 0.91% 0.90% 7.02% 125% October 1, 2004 to September 30, 2005.......... (0.45)% 0.91% 0.91% 16.51% 142% SMALL COMPANY VALUE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.17% 0.90% 0.90% 15.85% 35% October 1, 2008 to September 30, 2009.......... 1.16% 0.90% 0.88% (6.28)% 99% October 1, 2007 to September 30, 2008.......... 1.02% 0.90% 0.89% (22.01)% 82% October 1, 2006 to September 30, 2007.......... 0.53% 0.93% 0.92% 6.53% 69% October 1, 2005 to September 30, 2006.......... 0.64% 0.92% 0.79% 6.70% 114% October 1, 2004 to September 30, 2005.......... 0.61% 0.92% 0.82% 24.77% 70% STRATEGIC SMALL CAP VALUE PORTFOLIO October 1, 2009 to March 31, 2010 (Unaudited).. 0.73% 0.93% 0.91% 9.96% 24% October 1, 2008 to September 30, 2009.......... 1.31% 0.91% 0.74% (8.76)% 50% October 1, 2007 to September 30, 2008.......... 0.80% 0.91% 0.83% (16.47)% 46% October 1, 2006 to September 30, 2007.......... 0.30% 0.93% 0.92% 8.65% 64% January 31, 2006(3) to September 30, 2006...... 0.75% 0.94% 0.75% 0.60% 37%
218 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) 1. ORGANIZATION Wells Fargo Master Trust (the "Trust") is an open-end investment management company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). These financial statements report on the following funds: Wells Fargo Advantage C&B Large Cap Value Portfolio ("C&B Large Cap Value Portfolio"), Wells Fargo Advantage Disciplined Growth Portfolio ("Disciplined Growth Portfolio"), Wells Fargo Advantage Emerging Growth Portfolio ("Emerging Growth Portfolio"), Wells Fargo Advantage Equity Income Portfolio ("Equity Income Portfolio"), Wells Fargo Advantage Equity Value Portfolio ("Equity Value Portfolio"), Wells Fargo Advantage Index Portfolio ("Index Portfolio"), Wells Fargo Advantage International Core Portfolio ("International Core Portfolio"), Wells Fargo Advantage International Growth Portfolio ("International Growth Portfolio"), Wells Fargo Advantage International Index Portfolio ("International Index Portfolio"), Wells Fargo Advantage International Value Portfolio ("International Value Portfolio"), Wells Fargo Advantage Large Cap Appreciation Portfolio ("Large Cap Appreciation Portfolio"), Wells Fargo Advantage Large Company Growth Portfolio ("Large Company Growth Portfolio"), Wells Fargo Advantage Small Cap Index Portfolio ("Small Cap Index Portfolio"), Wells Fargo Advantage Small Company Growth Portfolio ("Small Company Growth Portfolio"), Wells Fargo Advantage Small Company Value Portfolio ("Small Company Value Portfolio") and Wells Fargo Advantage Strategic Small Cap Value Portfolio ("Strategic Small Cap Value Portfolio") (each, a "Fund", collectively, the "Funds"). Interests in the Funds are sold without any sales charge in private placement transactions to qualified investors, including open-end investment management companies 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of each Fund, are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has considered the circumstances under which the Funds should recognize or make disclosures regarding events or transactions occurring subsequent to the balance sheet date through the date the financial statements are issued. Adjustments or additional disclosures, if any, have been included in these financial statements. SECURITIES VALUATION Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price. Securities listed on The NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing Price ("NOCP"), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the NASDAQ, the bid price will be used. In the absence of any sale of securities listed on the NASDAQ, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed "stale" and the valuations will be determined in accordance with the Funds' Fair Valuation Procedures. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price. Wells Fargo Advantage Master Portfolios 219 Notes to Financial Statements (Unaudited) Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. This service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' fair values. For some securities, such prices are not readily available. These securities will generally be fair valued using methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, indications as to values from dealers in securities, trading characteristics and general market conditions. Debt securities of sufficient credit quality with original maturities of 60 days or less and any collateral received from securities lending invested in securities, generally are valued at amortized cost which approximates fair value. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates fair value. Investments in open-end mutual funds are valued at net asset value. Investments which are not valued using any of the methods discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees. The valuation techniques used by the Funds to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type. FOREIGN CURRENCY TRANSLATION The accounting records of the Funds are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the prevailing rates of exchange at the date of valuation. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities, at fiscal period-end, resulting in changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities at fiscal period-end are not separately presented. Such changes are recorded with net realized and unrealized gain from investments. Gains and loses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes. FORWARD FOREIGN CURRENCY CONTRACTS Certain Funds may be subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on foreign currency related transactions. The Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund's maximum risk of loss from counterparty credit risk is the unrealized gains or losses on the contracts. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty. SECURITY LOANS The Funds may loan securities in return for securities, irrevocable letters of credit or cash collateral, which is invested in various short-term fixed income securities. A Fund may receive compensation for lending securities in the form of fees payable by the borrower or by retaining a portion of interest on the investment securities purchased with cash received as collateral (after payment of a "broker rebate fee" to the borrower). A Fund also continues to receive interest 220 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) or dividends on the securities loaned. Security loans are secured at all times by collateral, although the loans may not be fully supported at all times if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all. The collateral is equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into. Cash collateral received by a Fund pursuant to these loans generally is invested on behalf of the Fund by the securities lending agent in securities that, at the time of investment, are considered high-quality short-term debt investments (including money market instruments) and have been evaluated and approved by the Fund's adviser and are permissible investments for the Fund. Cash collateral is invested on behalf of a Fund through a joint account and the Fund is entitled to the gains and bears the losses on such investments. The net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments purchased with cash collateral. Another risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. In either case, a Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. Wells Fargo Bank, N.A., currently acts as the securities lending agent for the Funds, subject to the overall supervision of the Funds' investment adviser, and has delegated its duties as securities lending agent to an affiliated sub-agent for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to an exemptive order granted by the SEC and subject to compliance with its conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for its services 25% of the revenues earned on the securities lending activities and incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of the revenues generated by securities lending activities to the sub-agents as compensation for their services as sub-agents. The securities lending agent may make payments to borrowers and placing brokers that are not affiliated, directly or indirectly, with the Trust, the adviser or the distributor. For the six months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities lending income on the Statements of Operations. For foreign equity securities, Bank of New York Mellon serves as the securities lending sub-agent and receives for its services 20% of the revenues earned on the securities lending activities that it conducts with respect to foreign equity securities. The value of the securities on loan and the liability to return the collateral are shown on the Statements of Assets and Liabilities. FUTURES CONTRACTS Certain Funds may be subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Funds may buy and sell futures contracts in order to gain exposure to, or protect against changes in, security values and interest rates. The primary risks associated with the use of futures contracts are the imperfect correlation between changes in market values of securities held by the Fund and the prices of futures contracts, and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset or liability and in the Statement of Operations as unrealized gains or losses until the contracts are closed, at which point they are recorded as net realized gains or losses on futures contracts. With futures contracts, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. STRUCTURED INVESTMENT VEHICLES The Funds may invest in structured debt securities, such as those issued by Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the Wells Fargo Advantage Master Portfolios 221 Notes to Financial Statements (Unaudited) timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt. As of March 31, 2010, the following Funds owned certain of these types of structured securities in the amounts shown in the table. These securities were originally purchased by the Funds' securities lending agent on behalf of the Funds through a joint account with cash collateral received by the Funds pursuant to loans of the Funds' securities. Although considered high-quality, short-term money market instruments when originally purchased by the securities lending agent through the joint account, the SIVs have been restructured following default and are valued at fair value as shown in the Portfolio of Investments.
Restructured SIVs ($ Value) % of Net Assets --------------------------- --------------- C&B LARGE CAP VALUE PORTFOLIO $2,126,280 0.36% DISCIPLINED GROWTH PORTFOLIO 474,232 0.69% EMERGING GROWTH PORTFOLIO 917,990 2.39% EQUITY INCOME PORTFOLIO 297,467 0.13% EQUITY VALUE PORTFOLIO 1,479,323 0.28% INDEX PORTFOLIO 6,201,438 0.30% LARGE CAP APPRECIATION PORTFOLIO 603,801 0.87% LARGE COMPANY GROWTH PORTFOLIO 3,194,397 0.49% SMALL CAP INDEX PORTFOLIO 1,916,608 1.93% SMALL COMPANY GROWTH PORTFOLIO 2,541,565 0.72% SMALL COMPANY VALUE PORTFOLIO 1,779,366 1.07%
In a securities lending transaction, the net asset value of a Fund will be affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of instruments in which cash collateral is invested. Thus, the current net asset value of each Fund reflects the current valuations assigned to the restructured SIVs that were purchased on its behalf through the investment of cash collateral. Fluctuations in the values of restructured SIVs generate unrealized gains or losses for a Fund, which are reflected in the Fund's Statement of Assets and Liabilities. The amount of securities lending activity undertaken by a Fund fluctuates from time to time. After the occurrence of a default or impairment of a SIV purchased in a joint account by the securities lending agent, as the various participating Funds' lending activity fluctuated, their ratable interest in the joint account, including their ratable exposure to the defaulted or impaired SIVs would fluctuate depending on the relative activity of each participating Fund. In order to eliminate the fluctuation of the various Funds' ratable exposure to the defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of Trustees, and the Board of Trustees approved, actions designed to fix the allocation of percentage ownership in defaulted or impaired SIVs among all funds participating in securities lending ("side pocketing") based on each Fund's percentage ownership of the total cash collateral investment joint account as of the date the fixed allocation is implemented. Accordingly, on February 13, 2009 a side pocketing occurred, which fixed each Fund's ownership of defaulted or impaired SIVs in the joint account based on each such Fund's percentage ownership of the joint account as of such date. SECURITY TRANSACTIONS AND INCOME RECOGNITION Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily based on the effective interest method. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured. 222 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) FEDERAL AND OTHER TAXES Each Fund of the Trust is treated as a separate entity for federal income tax purposes. The Funds of the Trust are not required to pay federal income taxes on their net investment income and net capital gain as they are treated as partnerships for federal income tax purposes. All interest, dividends, gains and losses of a Fund are deemed to have been "passed through" to the interestholders in proportion to their holdings of the Fund regardless of whether such interest, dividends and gains have been distributed by the Fund. Each Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. 3. FAIR VALUATION MEASUREMENTS Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. These inputs are summarized into three broad levels as follows: - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) - Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used as of March 31, 2010 in valuing the Funds' investments in securities:
Significant Other Significant Quoted Price Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total ----------------------------------------- -------------- ----------------- ------------------- -------------- C&B LARGE CAP VALUE PORTFOLIO Equity securities COMMON STOCKS $ 571,210,731 $ 0 $ 0 $ 571,210,731 PREFERRED STOCKS 11,636,250 0 0 11,636,250 Corporate debt securities 0 0 2,126,280 2,126,280 Debt securities issued by states in the U.S. and its political subdivisions 0 1,032,759 0 1,032,759 Short-term investments 16,713,155 4,314,552 0 21,027,707 TOTAL $ 599,560,136 $ 5,347,311 $ 2,126,280 $ 607,033,727 DISCIPLINED GROWTH PORTFOLIO Equity securities COMMON STOCKS $ 67,448,532 $ 0 $ 0 $ 67,448,532 Corporate debt securities 0 0 474,232 474,232 Debt securities issued by states in the U.S. and its political subdivisions 0 113,277 0 113,277 Short-term investments 1,008,460 473,235 0 1,481,695 TOTAL $ 68,456,992 $ 586,512 $ 474,232 $ 69,517,736
Wells Fargo Advantage Master Portfolios 223 Notes to Financial Statements (Unaudited)
Significant Other Significant Quoted Price Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total ----------------------------------------- -------------- ----------------- ------------------- -------------- EMERGING GROWTH PORTFOLIO Equity securities COMMON STOCKS $ 37,722,044 $ 0 $ 0 $ 37,722,044 Corporate debt securities 0 0 917,990 917,990 Debt securities issued by states in the U.S. and its political subdivisions 0 182,607 0 182,607 Short-term investments 663,091 762,872 0 1,425,963 TOTAL $ 38,385,135 $ 945,479 $ 917,990 $ 40,248,604 EQUITY INCOME PORTFOLIO Equity securities COMMON STOCKS $ 228,874,952 $ 0 $ 0 $ 228,874,952 Corporate debt securities 0 0 297,467 297,467 Debt securities issued by states in the U.S. and its political subdivisions 0 204,117 0 204,117 Short-term investments 2,670,386 852,742 0 3,523,128 TOTAL $ 231,545,338 $ 1,056,859 $ 297,467 $ 232,899,664 EQUITY VALUE PORTFOLIO Equity securities COMMON STOCKS $ 521,493,210 $ 0 $ 0 $ 521,493,210 Corporate debt securities 0 0 1,479,323 1,479,323 Debt securities issued by states in the U.S. and its political subdivisions 0 1,989,202 0 1,989,202 Short-term investments 9,199,253 8,310,293 0 17,509,546 TOTAL $ 530,692,463 $ 10,299,495 $ 1,479,323 $ 542,471,281 INDEX PORTFOLIO Equity securities COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292 Corporate debt securities 0 0 6,201,438 6,201,438 Debt securities issued by states in the U.S. and its political subdivisions 0 1,465,774 0 1,465,774 Short-term investments 16,405,564 6,123,566 0 22,529,130 TOTAL $2,090,206,856 $ 7,589,340 $ 6,201,438 $2,103,997,634 INTERNATIONAL CORE PORTFOLIO Equity securities COMMON STOCKS $ 53,977,969 $ 0 $ 206,721 $ 54,184,690 PREFERRED STOCKS 952,148 0 0 952,148 Short-term investments 1,193,423 0 0 1,193,423 TOTAL $ 56,123,540 $ 0 $ 206,721 $ 56,330,261
224 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)
Significant Other Significant Quoted Price Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total ----------------------------------------- -------------- ----------------- ------------------- -------------- INTERNATIONAL GROWTH PORTFOLIO Equity securities COMMON STOCKS $ 150,380,706 $ 0 $ 0 $ 150,380,706 Short-term investments 3,339,209 0 0 3,339,209 TOTAL $ 153,719,915 $ 0 $ 0 $ 153,719,915 INTERNATIONAL INDEX PORTFOLIO Equity securities COMMON STOCKS $ 55,512,396 $ 0 $ 130,591 $ 55,642,987 PREFERRED STOCKS 191,648 0 0 191,648 RIGHTS 450 0 0 450 WARRANTS 253 0 0 253 Short-term investments 511,273 0 0 511,273 TOTAL $ 56,216,020 $ 0 $ 130,591 $ 56,346,611 INTERNATIONAL VALUE PORTFOLIO Equity securities COMMON STOCKS $ 292,395,867 $ 0 $ 3,381,249 $ 295,777,116 Short-term investments 7,289,152 0 0 7,289,152 TOTAL $ 299,685,019 $ 0 $ 3,381,249 $ 303,066,268 LARGE CAP APPRECIATION PORTFOLIO Equity securities COMMON STOCKS $ 68,092,526 $ 0 $ 0 $ 68,092,526 Corporate debt securities 0 0 603,801 603,801 Debt securities issued by states in the U.S. and its political subdivisions 0 119,802 0 119,802 Short-term investments 0 500,495 0 500,495 TOTAL $ 68,092,526 $ 620,297 $ 603,801 $ 69,316,624 LARGE COMPANY GROWTH PORTFOLIO Equity securities COMMON STOCKS $ 638,687,685 $ 0 $ 0 $ 638,687,685 Corporate debt securities 0 0 3,194,397 3,194,397 Debt securities issued by states in the U.S. and its political subdivisions 0 582,856 0 582,856 Short-term investments 7,933,097 2,434,999 0 10,368,096 TOTAL $ 646,620,782 $ 3,017,855 $ 3,194,397 $ 652,833,034
Wells Fargo Advantage Master Portfolios 225 Notes to Financial Statements (Unaudited)
Significant Other Significant Quoted Price Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total -------------------------------------------------- -------------- ----------------- ------------------- ------------- SMALL CAP INDEX PORTFOLIO Equity securities COMMON STOCKS $ 98,052,755 $ 0 $ 0 $ 98,052,755 Corporate debt securities 0 0 1,916,608 1,916,608 Debt securities issued by states in the U.S. and its political subdivisions 0 252,163 0 252,163 Short-term investments 1,067,271 1,053,460 0 2,120,731 TOTAL $ 99,120,026 $ 1,305,623 $ 1,916,608 $ 102,342,257 SMALL COMPANY GROWTH PORTFOLIO Equity securities COMMON STOCKS $ 334,312,237 $ 0 $ 0 $ 334,312,237 Corporate debt securities 0 0 2,541,565 2,541,565 Debt securities issued by states in the U.S. and its political subdivisions 0 858,601 0 858,601 Short-term investments 14,708,242 3,586,981 0 18,295,223 TOTAL $ 349,020,479 $ 4,445,582 $ 2,541,565 $ 356,007,626 SMALL COMPANY VALUE PORTFOLIO Equity securities COMMON STOCKS $ 160,700,141 $ 0 $ 0 $ 160,700,141 Corporate debt securities 0 0 1,779,366 1,779,366 Debt securities issued by states in the U.S. and its political subdivisions 0 273,629 0 273,629 Short-term investments 4,319,642 1,143,146 0 5,462,788 TOTAL $ 165,019,783 $ 1,416,775 $ 1,779,366 $ 168,215,924 STRATEGIC SMALL CAP VALUE PORTFOLIO Equity securities COMMON STOCKS $ 85,674,324 $ 0 $ 369,293 $ 86,043,617 INVESTMENT COMPANIES 251,161 0 0 251,161 PREFERRED STOCKS 177,282 0 106,533 283,815 Short-term investments 2,471,710 0 0 2,471,710 TOTAL $ 88,574,477 $ 0 $ 475,826 $ 89,050,303
Further details on the major security types listed above for each fund can be found in the Portfolio of Investments. 226 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) As of March 31, 2010, the inputs used in valuing the Funds' other financial instruments, which are carried at fair value, were as follows:
Significant Other Significant Quoted Prices Observable Inputs Unobservable Inputs OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total ----------------------------------------- --------------- ------------------ -------------------- ------------ INDEX PORTFOLIO Futures contracts $ 601,925 $ 0 $ 0 $ 601,925 INTERNATIONAL CORE PORTFOLIO Forward foreign currency contracts 0 54,838 0 54,838 INTERNATIONAL INDEX PORTFOLIO Futures contracts 29,054 0 0 29,054 Forward foreign currency contracts 0 2,450 0 2,450 SMALL CAP INDEX PORTFOLIO Futures contracts 33,450 0 0 33,450
The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
C&B Large Disciplined Emerging Equity Equity Cap Value Growth Growth Income Value Index International Core Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE ------------------- DEBT DEBT DEBT DEBT DEBT DEBT COMMON SHORT-TERM SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS SECURITIES ------------------------------------ ----------- ---------- ---------- ---------- ---------- ----------- -------- ---------- BALANCE AS OF SEPTEMBER 30, 2009 $ 1,849,905 $ 412,591 $ 798,669 $ 258,803 $1,287,041 $ 5,395,372 $ 0 $ 15,654 Realized gain (loss) (1,050,830) (240,264) (607,064) (608,416) (936,436) (5,528,046) 0 (15,262) Change in unrealized appreciation (depreciation) 1,448,761 329,016 778,865 664,086 1,213,290 6,688,638 0 3,914 Net purchases (sales) (121,556) (27,111) (52,480) (17,006) (84,572) (354,526) 0 (4,306) Net transfer in (out) of Level 3 0 0 0 0 0 0 206,721 0 BALANCE AS OF MARCH 31, 2010 $ 2,126,280 $ 474,232 $ 917,990 $ 297,467 $1,479,323 $ 6,201,438 $206,721 $ 0 Change in unrealized appreciation (depreciation) relating to securities held at the end of reporting period $ 381,704 $ 85,133 $ 164,795 $ 53,401 $ 265,564 $ 1,113,265 $ 0 $ 0
International Growth International Index Portfolio International Value Portfolio Portfolio ------------------------------------- ----------------------------------- SHORT-TERM COMMON SHORT-TERM COMMON SHORT-TERM SECURITIES STOCKS WARRANTS SECURITIES STOCKS RIGHTS SECURITIES ------------------------------------ -------------- ----------- --------- ----------- ----------- ---------- ---------- BALANCE AS OF SEPTEMBER 30, 2009 $ 46,080 $ 14 $ 3,065 $ 23,194 $ 0 $ 110,787 $ 140,944 Realized gain (loss) (44,928) 0 0 (22,614) 0 0 (137,420) Change in unrealized appreciation (depreciation) 11,520 0 0 5,799 0 0 35,236 Net purchases (sales) (12,672) 12,109 0 (6,379) 0 0 (38,760) Net transfer in (out) of Level 3 0 118,468 (3,065) 0 3,381,249 (110,787) 0 BALANCE AS OF MARCH 31, 2010 $ 0 $ 130,591 $ 0 $ 0 $ 3,381,249 $ 0 $ 0 Change in unrealized appreciation (depreciation) relating to securities held at the end of reporting period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
Wells Fargo Advantage Master Portfolios 227 Notes to Financial Statements (Unaudited)
Large Small Small Large Cap Company Small Company Company Appreciation Growth Cap Index Growth Value Strategic Small Cap Value Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE ------------------------- DEBT DEBT DEBT DEBT DEBT COMMON PREFERRED SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS STOCKS ---------- ----------- ----------- ----------- ---------- --------- ---------- BALANCE AS OF SEPTEMBER 30, 2009 $ 525,319 $ 2,779,188 $ 1,667,487 $ 2,211,209 $ 1,548,083 $ 0 $ 42,400 Accrued discounts (premiums) 0 0 0 0 0 0 0 Realized gain (loss) (182,955) (3,454,315) (1,589,917) (1,715,642) (1,139,513) 0 368 Change in unrealized appreciation (depreciation) 295,956 4,052,142 1,948,608 2,191,293 1,472,519 0 3,616 Net purchases (sales) (34,519) (182,618) (109,570) (145,295) (101,723) 0 60,149 Net transfer in (out) of Level 3 0 0 0 0 0 369,293 0 BALANCE AS OF MARCH 31, 2010 $ 603,801 $ 3,194,397 $ 1,916,608 $ 2,541,565 $ 1,779,366 $ 369,293 $ 106,533 Change in unrealized appreciation (depreciation) relating to securities held at the end of reporting period $ 108,393 $ 573,449 $ 344,064 $ 456,255 $ 319,427 $ 0 $ 1,500
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES ADVISORY FEES The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC ("Funds Management"). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management. Funds Management is paid an annual advisory fee starting at 0.70% and declining to 0.55% as the average daily net assets of each of C&B Large Cap Value Portfolio, Disciplined Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio increases. For the six months ended March 31, 2010, Disciplined Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio each paid an advisory fee at an annual rate equivalent to 0.70% of each Fund's average daily net assets. C&B Large Cap Value Portfolio paid an advisory fee at an annual rate equivalent to 0.69% of its average daily net assets. Funds Management is paid an annual advisory fee starting at 0.85% and declining to 0.75% as the average daily net assets of each of Emerging Growth Portfolio, Small Company Growth Portfolio, Small Company Value Portfolio and Strategic Small Cap Value Portfolio increases. For the six months ended March 31, 2010, each of these Funds paid an advisory fee at an annual rate equivalent to 0.85% of each Fund's average daily net assets. Funds Management is paid an annual advisory fee starting at 0.10% and declining to 0.05% as the average daily net assets of Index Portfolio increases. For the six months ended March 31, 2010, Index Portfolio paid an advisory fee at an annual rate equivalent to 0.09% of its average daily net assets. Funds Management is paid an annual advisory fee starting at 0.95% and declining to 0.80% as the average daily net assets of each of International Core Portfolio, International Growth Portfolio and International Value Portfolio increases. For the six months ended March 31, 2010, each of these Funds paid an advisory fee at an annual rate equivalent to 0.95% of each Fund's average daily net assets. Funds Management is paid an annual advisory fee starting at 0.35% and declining to 0.30% as the average daily net assets of International Index Portfolio increases. For the six months ended March 31, 2010, International Index Portfolio paid an advisory fee at an annual rate equivalent to 0.35% of its average daily net assets. Funds Management is paid an annual advisory fee starting at 0.70% and declining to 0.55% as the average daily net assets of each of Large Cap Appreciation Portfolio and Large Company Growth Portfolio increases. For the six months ended March 31, 2010, Large Cap Appreciation Portfolio and Large Company Growth Portfolio paid an advisory fee at an annual rate equivalent to 0.70% and 0.69%, respectively, of each Fund's average daily net assets. Funds Management is paid an annual advisory fee starting at 0.20% and declining to 0.15% as the average daily net assets of Small Cap Index Portfolio increases. For the six months ended March 31, 2010, Small Cap Index Portfolio paid an advisory fee at an annual rate equivalent to 0.20% of its average daily net assets. 228 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) Funds Management may retain the services of certain investment sub-advisers to provide daily portfolio management. The fees related to sub-advisory services are borne directly by the adviser and do not increase the overall fees paid by a Fund to the adviser. Wells Capital Management Incorporated, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio. Peregrine Capital Management, Inc., an affiliate of Funds Management and direct wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Large Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio. Evergreen Investment Management Company, LLC, an affiliate of Funds Management and indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to International Core Portfolio. Cooke & Bieler LP is the sub-adviser to C&B Large Cap Value Portfolio. Smith Asset Management Group LP is the sub-adviser to Disciplined Growth Portfolio. Systematic Financial Management LP is the subadviser to Equity Value Portfolio. Artisan Partners LP is the sub-adviser to International Growth Portfolio. SSgA Funds Management is the sub-adviser to International Index Portfolio. LSV Asset Management is the sub-adviser to International Value Portfolio. Cadence Capital Management LLC is the sub-adviser to Large Cap Appreciation Portfolio. Funds Management has contractually waived and/or reimbursed advisory and administration fees during the six months ended March 31, 2010 to the extent necessary to maintain certain net operating expense ratios for the Funds. CUSTODY FEES State Street Bank and Trust Company ("State Street") provides custody and fund accounting services to the Funds. For providing custody services, State Street is entitled to an annual asset-based fee for domestic and global custody services for the Funds. For providing fund accounting services to the Funds, State Street is entitled to receive annual asset-based fees and is reimbursed for out-of-pocket expenses incurred for providing these services. Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to the Funds and received a monthly fee at an annual rate of 0.02% of the average daily net assets of each Fund, except International Core Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio. Wells Fargo Bank, N.A. was paid at an annual rate of 0.10% of the average daily net assets of International Core Portfolio, International Growth Portfolio, International Index Portfolio and International Value Portfolio. PNC Global Investment Servicing ("PNC") served as fund accountant for the Funds prior to November 16, 2009 and received an annual asset-based fee and an annual fixed fee from each Fund. PNC was also reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. 5. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) and U.S. Government obligations for the six months ended March 31, 2010, were as follows:
Purchases at Cost Sales Proceeds ----------------- -------------- C&B LARGE CAP VALUE PORTFOLIO $ 32,604,335 $ 128,896,046 DISCIPLINED GROWTH PORTFOLIO 26,197,618 52,196,220 EMERGING GROWTH PORTFOLIO 23,100,164 76,947,340 EQUITY INCOME PORTFOLIO 4,680,770 56,643,261 EQUITY VALUE PORTFOLIO 316,505,659 360,319,988 INDEX PORTFOLIO 198,902,928 282,307,063 INTERNATIONAL CORE PORTFOLIO 32,048,457 50,493,844 INTERNATIONAL GROWTH PORTFOLIO 63,820,590 69,483,075 INTERNATIONAL INDEX PORTFOLIO 4,831,131 21,400,928 INTERNATIONAL VALUE PORTFOLIO 38,802,284 50,256,769
Wells Fargo Advantage Master Portfolios 229 Notes to Financial Statements (Unaudited)
Purchases at Cost Sales Proceeds ----------------- -------------- LARGE CAP APPRECIATION PORTFOLIO $ 36,443,172 $ 69,377,033 LARGE COMPANY GROWTH PORTFOLIO 25,131,944 429,388,022 SMALL CAP INDEX PORTFOLIO 10,045,743 166,169,238 SMALL COMPANY GROWTH PORTFOLIO 200,714,614 296,341,739 SMALL COMPANY VALUE PORTFOLIO 59,804,164 144,196,323 STRATEGIC SMALL CAP VALUE PORTFOLIO 24,955,824 148,614,025
6. DERIVATIVE TRANSACTIONS During the six months ended March 31, 2010, certain Funds entered into futures contracts for hedging purposes. At March 31, 2010, the Funds had long futures contracts outstanding as follows:
Initial Net Unrealized Contract Appreciation/ Expiration Date Contracts Type Amount (Depreciation) --------------- --------- ----------------------- ------------ -------------- INDEX PORTFOLIO June 2010 55 Long S&P 500 Index $ 15,419,575 $ 601,925 INTERNATIONAL INDEX PORTFOLIO June 2010 10 Long Dow Jones Euro 381,153 3,917 STOXX 50 Index June 2010 6 Long FTSE 100 Index 505,747 5,089 June 2010 3 Long TOPIX Index 293,623 20,048 SMALL CAP INDEX PORTFOLIO June 2010 10 Long Russell 2000 MINI Index 643,650 33,450
The Index Portfolio, International Index Portfolio, and Small Cap Index Portfolio had average contract amounts of $19,901,492, $1,488,974, and $3,025,831 respectively, in futures contracts during the six months ended March 31, 2010. During the six months ended March 31, 2010, certain Funds entered into forward foreign currency exchange contracts for hedging purposes. At March 31, 2010, the Funds had forward foreign currency exchange contracts outstanding as follows: Forward Foreign Currency Exchange Contracts to Buy:
Net Unrealized U.S. Value at In Exchange for Appreciation/ Exchange Date Contracts to Receive March 31, 2010 U.S. $ (Depreciation) ------------- -------------------- -------------- --------------- ---------------- INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 718,902 $ (6,157) INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 44,882 EUR 60,620 60,645 (25) INTERNATIONAL INDEX PORTFOLIO 06/30/2010 225,000 EUR 303,910 300,551 3,359 06/30/2010 100,000 GBP 151,672 149,510 2,162 06/30/2010 12,000,000 JPY 128,419 131,490 (3,071)
Forward Foreign Currency Exchange Contracts to Sell:
Net Unrealized U.S. Value at In Exchange for Appreciation/ Exchange Date Contracts to Deliver March 31, 2010 U.S. $ (Depreciation) ------------- -------------------- -------------- --------------- ---------------- INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 712,358 $ (387) 04/30/2010 132,307,000 JPY 1,415,390 1,476,772 61,382 INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 21,485 GBP 32,603 32,625 22
The International Core Portfolio had average market values of $1,055,954 and $5,601,977 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the six months ended March 31, 2010. The International Growth Portfolio had average market values of $134,520 and $34,965 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during 230 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) the six months ended March 31, 2010. The International Index Portfolio had average market values of $818,240 and $180,566 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the six months ended March 31, 2010. For Index Portfolio, International Core Portfolio, International Growth Portfolio, and Small Cap Index Portfolio, the fair value, realized gains or losses and change in unrealized gains or losses on derivative instruments are reflected in the appropriate financial statements of each Fund. For International Index Portfolio, a summary of derivative instruments by primary risk exposure is outlined in the following tables. The fair values of derivative instruments as of March 31, 2010 was as follows for International Index Portfolio:
ASSET DERIVATIVES LIABILITY DERIVATIVES ---------------------------------------------- ---------------------------------------------- Balance Sheet Location Fair Value Balance Sheet Location Fair Value ---------------------------------- ---------- ---------------------------------- ---------- Equity contracts Variation margin $ 245,471* Variation margin $ 6,132* Forward foreign currency contracts Unrealized appreciation on forward Unrealized depreciation on foreign currency contracts 5,521 forward foreign currency contracts 3,071 $ 250,992 $ 9,203
* Amount represents current day's variation margin. Prior variation movements have been reflected in cash on the Statement of Assets and Liabilities upon receipt of payment. The effect of derivative instruments on the Statement of Operations for the year ended March 31, 2010 was as follows for International Index Portfolio:
AMOUNT OF REALIZED GAINS OR LOSSES ON DERIVATIVES ----------------------------------------------------------------- Futures Forward Currency Contracts Total ---------- -------------------------- -------------- Equity contracts $ 176,307 $ 0 $ 176,307 Forward foreign currency contracts 0 (40,492) (40,492) $ 176,307 $ (40,492) $ 135,815
CHANGE IN UNREALIZED GAINS OR LOSSES ON DERIVATIVES -------------------------------------------------------------- Futures Forward Currency Contracts Total ---------- -------------------------- ---------- Equity contracts $ 13,622 $ 0 $ 13,622 Forward foreign currency contracts 0 5,984 5,984 $ 13,622 $ 5,984 $ 19,606
7. INDEMNIFICATION Under the Trust's organizational documents, the officers and directors are indemnified against certain liabilities that may arise out of performance of their duties to the Trust. Additionally, in the normal course of business, the Trust may enter into contracts with service providers that contain a variety of indemnification clauses. The Trust's maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated. ITEM 2. CODE OF ETHICS ======================= Not required in this filing ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT ========================================= Not required in this filing. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES ============================================== Not required in this filing. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS ============================================== Not required in this filing. ITEM 6. SCHEDULE OF INVESTMENTS ================================ The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES =============================================================== Not applicable. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES ========================================================================= Not applicable. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASES ================================================================= Not applicable. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ============================================================ The Governance Committee (the "Committee") of the Board of Trustees of the registrant (the "Trust") has adopted procedures by which a shareholder of any series of the Trust may submit properly a nominee recommendation for the Committee's consideration. The shareholder must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five (45) calendar days nor more than seventy-five (75) calendar days prior to the date of the Committee meeting at which the nominee would be considered. The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the "candidate"); (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Trust's books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust. ITEM 11. CONTROLS AND PROCEDURES ================================ (a) The President and Treasurer have concluded that the Wells Fargo Master Trust (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. (b) There were no changes in the Trust's internal controls over financial reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that occurred during the second quarter of the period covered by this report that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS ================= (a)(1) Not required in this filing. (a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. (a)(3) Not applicable. (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Wells Fargo Master Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: May 27, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated. By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: May 27, 2010 By: /s/ Kasey L. Phillips Kasey L. Phillips Treasurer Date: May 27, 2010