-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, O71hhJGFKbmyHsz+RuL8vpfURHZ+xmEI3Lo1/vbhYNTFYhVcFgZdOTEryZRNrHE/ 4XTB9w8Rc23ksEiQsMTpnw== 0000950123-10-102234.txt : 20101108 0000950123-10-102234.hdr.sgml : 20101108 20101108112521 ACCESSION NUMBER: 0000950123-10-102234 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100831 FILED AS OF DATE: 20101108 DATE AS OF CHANGE: 20101108 EFFECTIVENESS DATE: 20101108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO MASTER TRUST CENTRAL INDEX KEY: 0001087961 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09689 FILM NUMBER: 101171237 BUSINESS ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: 800-222-8222 MAIL ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: WELLS FARGO CORE TRUST DATE OF NAME CHANGE: 19990604 0001087961 S000013206 Diversified Fixed Income Portfolio C000035517 Diversified Fixed Income Portfolio 0001087961 S000013207 Diversified Stock Portfolio C000035518 Diversified Stock Portfolio 0001087961 S000013208 Short-Term Investment Portfolio C000035519 Short-Term Investment Portfolio N-CSRS 1 g06904nvcsrs.txt FORM N-CSRS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSRS CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09689 Wells Fargo Master Trust (Exact name of registrant as specified in charter) 525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: February 28, 2010 Date of reporting period: August 31, 2010 ITEM 1. REPORT TO SHAREHOLDERS Wells Fargo Advantage Master Portfolios 53 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- CORPORATE BONDS & NOTES: 21.52% CONSUMER DISCRETIONARY: 1.80% AUTO COMPONENTS: 0.02% $ 250,000 JOHNSON CONTROLS INCORPORATED 4.88% 09/15/2013 $ 270,851 100,000 JOHNSON CONTROLS INCORPORATED 5.00 03/30/2020 110,144 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 282,580 663,575 ------------- AUTOMOBILES: 0.07% 1,200,000 DAIMLER FINANCE NA LLC 5.75 09/08/2011 1,255,843 330,000 DAIMLER FINANCE NA LLC 6.50 11/15/2013 376,908 200,000 DAIMLER FINANCE NA LLC 7.30 01/15/2012 215,251 225,000 DAIMLER FINANCE NA LLC 8.50 01/18/2031 305,709 2,153,711 ------------- DIVERSIFIED CONSUMER SERVICES: 0.07% 500,000 BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY, STANFORD UNIVERSITY 4.75 05/01/2019 579,930 75,000 DARTMOUTH COLLEGE 4.75 06/01/2019 84,903 250,000 JOHNS HOPKINS UNIVERSITY 5.25 07/01/2019 287,680 500,000 PRINCETON UNIVERSITY 5.70 03/01/2039 606,840 250,000 VANDERBILT UNIVERSITY 5.25 04/01/2019 290,820 225,000 YALE UNIVERSITY 2.90 10/15/2014 238,630 2,088,803 ------------- HOTELS, RESTAURANTS & LEISURE: 0.13% 250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 271,033 105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 122,776 20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 23,577 250,000 INTERNATIONAL GAME TECHNOLOGY 5.50 06/15/2020 265,922 425,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 471,235 100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 106,869 100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 120,723 150,000 MCDONALD'S CORPORATION 6.30 10/15/2037 190,927 100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 108,368 400,000 MCDONALD'S CORPORATION SERIES MTN<< 5.35 03/01/2018 471,500 600,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 776,201 250,000 YUM! BRANDS INCORPORATED 5.30 09/15/2019 281,292 350,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 416,345 50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 61,775 3,688,543 ------------- HOUSEHOLD DURABLES: 0.07% 300,000 FORTUNE BRANDS INCORPORATED 3.00 06/01/2012 304,154 200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 217,966 250,000 FORTUNE BRANDS INCORPORATED 6.38 06/15/2014 282,980 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 66,899 200,000 NEWELL RUBBERMAID INCORPORATED 4.70 08/15/2020 209,579 200,000 NEWELL RUBBERMAID INCORPORATED 5.50 04/15/2013 216,626 165,000 NEWELL RUBBERMAID INCORPORATED 6.25 04/15/2018 189,719 115,000 WHIRLPOOL CORPORATION 8.00 05/01/2012 125,548 320,000 WHIRLPOOL CORPORATION 8.60 05/01/2014 383,630 1,997,101 ------------- LEISURE EQUIPMENT & PRODUCTS: 0.01% 155,000 HASBRO INCORPORATED 6.35 03/15/2040 160,922 -------------
54 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- MEDIA: 1.09% $ 180,000 CBS CORPORATION 4.63% 05/15/2018 $ 188,817 300,000 CBS CORPORATION 7.88 07/30/2030 367,228 200,000 CBS CORPORATION 8.88 05/15/2019 259,875 100,000 COMCAST CORPORATION 4.95 06/15/2016 110,497 500,000 COMCAST CORPORATION 5.15 03/01/2020 545,094 800,000 COMCAST CORPORATION 5.30 01/15/2014 890,469 1,000,000 COMCAST CORPORATION 5.70 07/01/2019 1,136,566 75,000 COMCAST CORPORATION 5.88 02/15/2018 86,331 475,000 COMCAST CORPORATION 5.90 03/15/2016 548,647 500,000 COMCAST CORPORATION<< 6.30 11/15/2017 589,820 500,000 COMCAST CORPORATION 6.40 03/01/2040 570,518 900,000 COMCAST CORPORATION 6.45 03/15/2037 1,024,773 200,000 COMCAST CORPORATION 6.50 11/15/2035 229,023 650,000 COMCAST CORPORATION 6.55 07/01/2039 752,760 400,000 COMCAST CORPORATION 6.95 08/15/2037 481,966 285,000 DIRECTV HOLDINGS LLC 3.55 03/15/2015 293,904 330,000 DIRECTV HOLDINGS LLC 5.20 03/15/2020 354,118 145,000 DIRECTV HOLDINGS LLC 6.35 03/15/2040 159,830 620,000 DIRECTV HOLDINGS LLC 7.63 05/15/2016 683,550 500,000 DIRECTV HOLDINGS LLC 4.75 10/01/2014 540,101 250,000 DISCOVERY COMMUNICATIONS 3.70 06/01/2015 262,993 500,000 DISCOVERY COMMUNICATIONS 5.05 06/01/2020 540,736 250,000 DISCOVERY COMMUNICATIONS 6.35 06/01/2040 282,517 800,000 HISTORIC TW INCORPORATED 6.63 05/15/2029 907,766 250,000 MCGRAW-HILL COMPANY INCORPORATED 5.90 11/15/2017 281,548 500,000 NBC UNIVERSAL INCORPORATED++ 3.65 04/30/2015 524,450 500,000 NBC UNIVERSAL INCORPORATED++ 6.40 04/30/2040 559,852 180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 203,087 450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 505,103 600,000 NEWS AMERICA INCORPORATED 6.65 11/15/2037 695,027 800,000 NEWS AMERICA INCORPORATED 6.90 03/01/2019 975,045 500,000 NEWS AMERICA INCORPORATED 6.90 08/15/2039 599,139 250,000 NEWS AMERICA INCORPORATED 8.15 10/17/2036 320,830 90,000 OMNICOM GROUP INCORPORATED 4.45 08/15/2020 92,253 450,000 OMNICOM GROUP INCORPORATED 6.25 07/15/2019 526,397 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 68,204 500,000 REED ELSEVIER CAPITAL INCORPORATED 8.63 01/15/2019 657,592 250,000 TIME WARNER CABLE INCORPORATED 3.50 02/01/2015 260,259 535,000 TIME WARNER CABLE INCORPORATED 5.00 02/01/2020 570,155 350,000 TIME WARNER CABLE INCORPORATED 5.40 07/02/2012 375,505 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 171,071 600,000 TIME WARNER CABLE INCORPORATED 6.20 07/01/2013 675,869 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 285,127 1,000,000 TIME WARNER CABLE INCORPORATED 6.75 07/01/2018 1,193,649 500,000 TIME WARNER CABLE INCORPORATED 6.75 06/15/2039 586,900 800,000 TIME WARNER CABLE INCORPORATED 7.30 07/01/2038 988,565 150,000 TIME WARNER CABLE INCORPORATED 7.50 04/01/2014 176,520 150,000 TIME WARNER CABLE INCORPORATED 8.25 02/14/2014 179,187 650,000 TIME WARNER CABLE INCORPORATED 8.25 04/01/2019 833,661 100,000 TIME WARNER CABLE INCORPORATED 8.75 02/14/2019 131,163 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 312,810 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 197,060 500,000 TIME WARNER INCORPORATED 4.88 03/15/2020 536,069 1,000,000 TIME WARNER INCORPORATED 5.88 11/15/2016 1,160,827 300,000 TIME WARNER INCORPORATED 6.20 03/15/2040 330,249 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 56,476
Wells Fargo Advantage Master Portfolios 55 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- MEDIA (continued) $ 825,000 TIME WARNER INCORPORATED 7.63% 04/15/2031 $ 1,028,297 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 377,794 150,000 VIACOM INCORPORATED 4.38 09/15/2014 162,278 200,000 VIACOM INCORPORATED 5.50 05/15/2033 195,172 150,000 VIACOM INCORPORATED 5.63 09/15/2019 172,883 480,000 VIACOM INCORPORATED 6.25 04/30/2016 559,493 50,000 VIACOM INCORPORATED 6.75 10/05/2037 59,344 480,000 VIACOM INCORPORATED 6.88 04/30/2036 571,247 700,000 WALT DISNEY COMPANY 4.50 12/15/2013 779,260 500,000 WALT DISNEY COMPANY 5.50 03/15/2019 598,286 180,000 WALT DISNEY COMPANY 6.38 03/01/2012 195,018 75,000 WALT DISNEY COMPANY 7.00 03/01/2032 99,532 250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 299,186 31,935,338 ------------- MULTILINE RETAIL: 0.15% 65,000 KOHL'S CORPORATION 6.00 01/15/2033 72,840 500,000 KOHL'S CORPORATION 6.25 12/15/2017 595,292 135,000 NORDSTROM INCORPORATED 4.75 05/01/2020 143,932 500,000 NORDSTROM INCORPORATED 6.25 01/15/2018 583,710 60,000 NORDSTROM INCORPORATED 6.75 06/01/2014 70,240 350,000 TARGET CORPORATION 5.38 05/01/2017 405,713 1,000,000 TARGET CORPORATION 5.88 03/01/2012 1,073,218 500,000 TARGET CORPORATION 6.00 01/15/2018 604,464 100,000 TARGET CORPORATION 6.50 10/15/2037 123,816 150,000 TARGET CORPORATION 7.00 07/15/2031 193,481 500,000 TARGET CORPORATION 7.00 01/15/2038 654,757 4,521,463 ------------- SPECIALTY RETAIL: 0.18% 150,000 AUTOZONE INCORPORATED 5.75 01/15/2015 167,149 450,000 AUTOZONE INCORPORATED 6.50 01/15/2014 508,491 550,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 611,168 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 766,134 750,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 800,741 200,000 LOWE'S COMPANIES INCORPORATED 4.63 04/15/2020 224,195 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 460,567 110,000 LOWE'S COMPANIES INCORPORATED 5.80 04/15/2040 127,866 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 91,782 350,000 LOWE'S COMPANIES INCORPORATED 6.65 09/15/2037 444,952 500,000 STAPLES INCORPORATED 9.75 01/15/2014 620,671 250,000 TJX COMPANIES INCORPORATED 4.20 08/15/2015 276,310 85,000 TJX COMPANIES INCORPORATED 6.95 04/15/2019 108,393 5,208,419 ------------- TEXTILES, APPAREL & LUXURY GOODS: 0.01% 50,000 CINTAS CORPORATION 6.15 08/15/2036 58,793 100,000 VF CORPORATION 5.95 11/01/2017 116,046 174,839 ------------- CONSUMER STAPLES: 1.99% BEVERAGES: 0.41% 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 191,411 200,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.50 01/15/2018 225,520
56 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- BEVERAGES (continued) $ 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60% 03/01/2017 $ 56,846 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 271,932 750,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 3.00 10/15/2012 773,861 625,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 4.13 01/15/2015 669,696 900,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 5.38 01/15/2020 1,013,819 400,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 6.38 01/15/2040 489,879 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 159,652 150,000 COCA-COLA COMPANY 4.88 03/15/2019 173,109 750,000 COCA-COLA COMPANY 5.35 11/15/2017 883,289 500,000 COCA-COLA ENTERPRISES INCORPORATED 4.50 08/15/2019 559,730 100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 110,775 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 228,621 250,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 01/15/2038 337,999 500,000 COCA-COLA ENTERPRISES INCORPORATED 7.38 03/03/2014 601,803 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 171,545 250,000 DR PEPPER SNAPPLE GROUP INCORPORATED 2.35 12/21/2012 254,622 400,000 DR PEPPER SNAPPLE GROUP INCORPORATED 6.82 05/01/2018 492,685 100,000 DR PEPPER SNAPPLE GROUP INCORPORATED 7.45 05/01/2038 135,553 150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 206,088 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 132,063 500,000 PEPSIAMERICAS INCORPORATED 4.38 02/15/2014 548,892 200,000 PEPSICO INCORPORATED 3.10 01/15/2015 212,689 500,000 PEPSICO INCORPORATED 3.75 03/01/2014 539,244 200,000 PEPSICO INCORPORATED 4.50 01/15/2020 222,133 750,000 PEPSICO INCORPORATED 5.00 06/01/2018 858,197 600,000 PEPSICO INCORPORATED 5.50 01/15/2040 697,888 500,000 PEPSICO INCORPORATED 7.90 11/01/2018 668,765 11,888,306 ------------- FOOD & STAPLES RETAILING: 0.54% 100,000 COSTCO WHOLESALE CORPORATION 5.30 03/15/2012 107,056 200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 236,804 250,000 CVS CAREMARK CORPORATION 3.25 05/18/2015 260,649 250,000 CVS CAREMARK CORPORATION 4.75 05/18/2020 268,279 400,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 458,334 250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 294,106 500,000 CVS CAREMARK CORPORATION 6.13 09/15/2039 561,578 65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 74,859 1,000,000 CVS CAREMARK CORPORATION 6.30 06/01/2062 917,500 500,000 CVS CAREMARK CORPORATION 6.60 03/15/2019 600,000 500,000 DELHAIZE AMERICA INCORPORATED 9.00 04/15/2031 697,787 150,000 KROGER COMPANY 3.90 10/01/2015 162,222 100,000 KROGER COMPANY 4.95 01/15/2015 111,299 800,000 KROGER COMPANY 6.15 01/15/2020 953,919 350,000 KROGER COMPANY 6.75 04/15/2012 379,279 250,000 KROGER COMPANY 7.50 01/15/2014 295,775 75,000 KROGER COMPANY 7.50 04/01/2031 97,654 750,000 SAFEWAY INCORPORATED 5.00 08/15/2019 827,357 89,000 SAFEWAY INCORPORATED 5.80 08/15/2012 96,430 75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 92,626 500,000 STARBUCKS CORPORATION 6.25 08/15/2017 582,575 250,000 SYSCO CORPORATION 4.20 02/12/2013 269,146 200,000 SYSCO CORPORATION 6.63 03/17/2039 269,110 500,000 WAL-MART STORES INCORPORATED 2.25 07/08/2015 514,193 150,000 WAL-MART STORES INCORPORATED 2.88 04/01/2015 158,482 500,000 WAL-MART STORES INCORPORATED 3.63 07/08/2020 520,831
Wells Fargo Advantage Master Portfolios 57 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOOD & STAPLES RETAILING (continued) $ 1,180,000 WAL-MART STORES INCORPORATED 4.55% 05/01/2013 $ 1,292,770 825,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 904,168 500,000 WAL-MART STORES INCORPORATED 5.80 02/15/2018 600,875 100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 118,330 800,000 WAL-MART STORES INCORPORATED 6.20 04/15/2038 985,923 650,000 WAL-MART STORES INCORPORATED 6.50 08/15/2037 837,240 500,000 WAL-MART STORES INCORPORATED 7.55 02/15/2030 691,430 250,000 WALGREEN COMPANY 4.88 08/01/2013 277,515 250,000 WALGREEN COMPANY 5.25 01/15/2019 291,742 15,807,843 ------------- FOOD PRODUCTS: 0.52% 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38 09/15/2035 395,711 100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 117,450 500,000 ARCHER-DANIELS-MIDLAND COMPANY 5.94 10/01/2032 600,519 300,000 BUNGE LIMITED FINANCE CORPORATION 5.10 07/15/2015 315,677 500,000 BUNGE LIMITED FINANCE CORPORATION 8.50 06/15/2019 604,586 300,000 CAMPBELL SOUP COMPANY 3.38 08/15/2014 322,965 35,000 CAMPBELL SOUP COMPANY 4.50 02/15/2019 39,309 150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 158,277 500,000 CONAGRA FOODS INCORPORATED 7.00 04/15/2019 622,438 120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 163,550 200,000 GENERAL MILLS INCORPORATED 5.25 08/15/2013 222,377 345,000 GENERAL MILLS INCORPORATED 5.40 06/15/2040 390,700 1,000,000 GENERAL MILLS INCORPORATED 5.65 02/15/2019 1,179,313 100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 119,123 250,000 HEINZ HJ FINANCE COMPANY 6.75 03/15/2032 299,111 100,000 HJ HEINZ COMPANY 5.35 07/15/2013 110,549 300,000 KELLOGG COMPANY SERIES B 4.15 11/15/2019 326,791 500,000 KELLOGG COMPANY SERIES B 4.25 03/06/2013 537,005 250,000 KELLOGG COMPANY SERIES B 7.45 04/01/2031 345,778 350,000 KRAFT FOODS INCORPORATED 2.63 05/08/2013 361,178 350,000 KRAFT FOODS INCORPORATED 5.25 10/01/2013 384,858 275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 289,715 750,000 KRAFT FOODS INCORPORATED 6.13 08/23/2018 880,276 800,000 KRAFT FOODS INCORPORATED 6.25 06/01/2012 869,149 250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 298,488 75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 86,570 600,000 KRAFT FOODS INCORPORATED 6.88 02/01/2038 739,795 100,000 KRAFT FOODS INCORPORATED 6.88 01/26/2039 123,840 60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 74,641 600,000 KRAFT FOODS INCORPORATED CLASS A 4.13 02/09/2016 641,900 1,050,000 KRAFT FOODS INCORPORATED CLASS A 5.38 02/10/2020 1,166,881 950,000 KRAFT FOODS INCORPORATED CLASS A 6.50 02/09/2040 1,126,937 100,000 MEAD JOHNSON NUTRITION COMPANY 3.50 11/01/2014 105,263 150,000 MEAD JOHNSON NUTRITION COMPANY 4.90 11/01/2019 165,219 100,000 MEAD JOHNSON NUTRITION COMPANY 5.90 11/01/2039 114,913 100,000 RALCORP HOLDINGS INCORPORATED 6.63 08/15/2039 108,677 500,000 SARA LEE CORPORATION 3.88 06/15/2013 530,885 250,000 SARA LEE CORPORATION 6.25 09/15/2011 263,182 15,203,596 ------------- HOUSEHOLD PRODUCTS: 0.21% 150,000 CLOROX COMPANY 5.00 03/01/2013 163,772 300,000 CLOROX COMPANY 5.00 01/15/2015 337,179
58 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- HOUSEHOLD PRODUCTS (continued) $ 100,000 CLOROX COMPANY 5.45% 10/15/2012 $ 108,882 90,000 CLOROX COMPANY 5.95 10/15/2017 106,568 40,000 COLGATE-PALMOLIVE COMPANY 3.15 08/05/2015 42,986 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 117,529 750,000 KIMBERLY-CLARK CORPORATION 3.63 08/01/2020 787,286 300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 333,339 200,000 KIMBERLY-CLARK CORPORATION 6.13 08/01/2017 243,814 200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 266,684 100,000 KIMBERLY-CLARK CORPORATION 7.50 11/01/2018 132,270 1,150,000 PROCTER & GAMBLE COMPANY 1.38 08/01/2012 1,164,475 400,000 PROCTER & GAMBLE COMPANY 3.50 02/15/2015 435,909 500,000 PROCTER & GAMBLE COMPANY 4.70 02/15/2019 569,642 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 578,350 500,000 PROCTER & GAMBLE COMPANY 5.55 03/05/2037 599,179 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 121,608 6,109,472 ------------- PERSONAL PRODUCTS: 0.04% 350,000 AVON PRODUCTS INCORPORATED 4.20 07/15/2018 376,287 750,000 UNILEVER CAPITAL CORPORATION 3.65 02/15/2014 808,190 100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 123,636 1,308,113 ------------- TOBACCO: 0.27% 1,000,000 ALTRIA GROUP INCORPORATED 9.25 08/06/2019 1,310,527 1,050,000 ALTRIA GROUP INCORPORATED 9.70 11/10/2018 1,388,897 350,000 ALTRIA GROUP INCORPORATED 9.95 11/10/2038 499,095 500,000 ALTRIA GROUP INCORPORATED 10.20 02/06/2039 722,722 250,000 LORILLARD TOBACCO COMPANY 6.88 05/01/2020 263,951 250,000 LORILLARD TOBACCO COMPANY 8.13 05/01/2040 264,099 155,000 LORILLARD TOBACCO COMPANY 8.13 06/23/2019 178,631 125,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 4.88 05/16/2013 136,678 700,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 5.65 05/16/2018 815,003 400,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.38 05/16/2038 501,702 750,000 PHILIP MORRIS INTERNATIONAL INCORPORATED 6.88 03/17/2014 881,564 200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 212,540 500,000 REYNOLDS AMERICAN INCORPORATED 7.63 06/01/2016 586,676 100,000 UST INCORPORATED 5.75 03/01/2018 107,617 7,869,702 ------------- ENERGY: 1.53% ENERGY EQUIPMENT & SERVICES: 0.12% 250,000 BAKER HUGHES INCORPORATED 6.88 01/15/2029 313,890 100,000 BAKER HUGHES INCORPORATION 6.50 11/15/2013 114,853 75,000 BAKER HUGHES INCORPORATION 7.50 11/15/2018 95,972 300,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.70 10/15/2039 314,475 65,000 DIAMOND OFFSHORE DRILLING INCORPORATED 5.88 05/01/2019 74,355 150,000 HALLIBURTON COMPANY 6.15 09/15/2019 177,620 650,000 HALLIBURTON COMPANY 7.45 09/15/2039 875,167 500,000 SMITH INTERNATIONAL INCORPORATED 9.75 03/15/2019 712,372 500,000 WEATHERFORD INTERNATIONAL LIMITED 5.15 03/15/2013 535,362 300,000 WEATHERFORD INTERNATIONAL LIMITED 6.50 08/01/2036 311,907 50,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 55,605 3,581,578 -------------
Wells Fargo Advantage Master Portfolios 59 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- OIL, GAS & CONSUMABLE FUELS: 1.41% $ 600,000 ANADARKO PETROLEUM CORPORATION 5.95% 09/15/2016 $ 594,238 750,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 650,495 500,000 ANADARKO PETROLEUM CORPORATION 7.63 03/15/2014 537,555 100,000 APACHE CORPORATION 5.25 04/15/2013 109,162 380,000 APACHE CORPORATION 5.63 01/15/2017 439,809 500,000 APACHE CORPORATION 6.00 01/15/2037 580,889 100,000 APACHE CORPORATION 6.25 04/15/2012 107,787 150,000 BJ SERVICES COMPANY 6.00 06/01/2018 176,289 150,000 BOARDWALK PIPELINES LP 5.75 09/15/2019 165,428 100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 113,005 150,000 BUCKEYE PARTNERS LP 5.50 08/15/2019 164,537 100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 112,502 65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 72,126 150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 172,396 50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 59,192 75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 86,472 100,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES MTN 6.00 05/15/2018 112,227 500,000 CHEVRON CORPORATION 3.45 03/03/2012 520,780 500,000 CHEVRON CORPORATION 3.95 03/03/2014 545,473 500,000 CHEVRON CORPORATION 4.95 03/03/2019 577,543 150,000 CONOCOPHILLIPS COMPANY 4.40 05/15/2013 162,748 100,000 CONOCOPHILLIPS COMPANY 5.90 05/15/2038 119,349 1,050,000 CONOCOPHILLIPS COMPANY 6.50 02/01/2039 1,338,754 300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 387,072 500,000 CONOCOPHLLIPS COMPANY 4.60 01/15/2015 560,990 1,425,000 CONOCOPHLLIPS COMPANY 4.75 02/01/2014 1,579,907 750,000 CONOCOPHLLIPS COMPANY 5.75 02/01/2019 895,527 750,000 CONOCOPHLLIPS COMPANY 6.00 01/15/2020 911,988 300,000 DEVON ENERGY CORPORATION 6.30 01/15/2019 360,938 500,000 DEVON ENERGY CORPORATION 7.95 04/15/2032 687,748 1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,255,027 120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 163,656 500,000 EL PASO ENERGY CORPORATION 5.90 04/01/2017 550,534 150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 165,666 350,000 EL PASO NATURALL GAS COMPANY 8.38 06/15/2032 433,682 380,000 ENBRIDGE ENERGY PARTNERS LP 5.20 03/15/2020 409,625 65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 74,064 125,000 ENBRIDGE ENERGY PARTNERS LP 9.88 03/01/2019 170,626 100,000 ENBRIDGE INCORPORATED 5.60 04/01/2017 116,523 250,000 ENERGY TRANSFER PARTNERS LP 6.00 07/01/2013 270,647 55,000 ENERGY TRANSFER PARTNERS LP 6.13 02/15/2017 60,426 30,000 ENERGY TRANSFER PARTNERS LP 6.63 10/15/2036 31,676 100,000 ENERGY TRANSFER PARTNERS LP 6.70 07/01/2018 113,269 100,000 ENERGY TRANSFER PARTNERS LP 7.50 07/01/2038 116,527 1,000,000 ENERGY TRANSFER PARTNERS LP 9.00 04/15/2019 1,250,834 500,000 ENTERPRISE PRODUCTS OPERATING LLC 4.60 08/01/2012 523,523 500,000 ENTERPRISE PRODUCTS OPERATING LLC 5.20 09/01/2020 539,197 500,000 ENTERPRISE PRODUCTS OPERATING LLC 5.25 01/31/2020 539,228 500,000 ENTERPRISE PRODUCTS OPERATING LLC 6.13 10/15/2039 534,445 250,000 ENTERPRISE PRODUCTS OPERATING LLC 6.65 04/15/2018 294,174 100,000 ENTERPRISE PRODUCTS OPERATING LLC 7.55 04/15/2038 124,916 65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 72,618 75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 87,040 75,000 EOG RESOURCES INCORPORATED 5.63 06/01/2019 88,216 400,000 EOG RESOURCES INCORPORATED 6.88 10/01/2018 501,338 325,000 EQT CORPORATION 8.13 06/01/2019 399,330
60 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- OIL, GAS & CONSUMABLE FUELS (continued) $ 100,000 EQUITABLE RESOURCES INCORPORATED 6.50% 04/01/2018 $ 113,204 350,000 HESS CORPORATION 6.00 01/15/2040 383,475 120,000 HESS CORPORATION 7.30 08/15/2031 145,984 180,000 HESS CORPORATION 7.88 10/01/2029 232,890 500,000 HESS CORPORATION 8.13 02/15/2019 651,660 365,000 HUSKY ENERGY INCORPORATED 7.25 12/15/2019 450,169 100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 109,185 125,000 KINDER MORGAN ENERGY PARTNERS LP 5.30 09/15/2020 133,732 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 107,992 500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 551,163 1,000,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/01/2021 1,111,328 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 100,914 500,000 KINDER MORGAN ENERGY PARTNERS LP 6.50 09/01/2039 548,094 500,000 KINDER MORGAN ENERGY PARTNERS LP SERIES MTN 6.95 01/15/2038 571,559 100,000 MAGELLAN MIDSTREAM PARTNERS LP 6.40 07/15/2018 117,787 375,000 MAGELLAN MIDSTREAM PARTNERS LP 6.55 07/15/2019 446,388 150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 161,978 625,000 MARATHON OIL CORPORATION 6.00 10/01/2017 724,788 50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 59,776 700,000 MARATHON OIL CORPORATION 7.50 02/15/2019 889,621 500,000 NABORS INDUSTRIES INCORPORATED 9.25 01/15/2019 643,791 120,000 NEXEN INCORPORATED 7.88 03/15/2032 155,977 350,000 NOBLE ENERGY INCORPORATED 8.25 03/01/2019 453,012 170,000 NORTHWEST PIPELINE CORPORATION 6.05 06/15/2018 197,679 250,000 NUSTAR LOGISTICS LP 4.80 09/01/2020 253,755 400,000 OCCIDENTAL PETROLEUM CORPORATION 4.13 06/01/2016 445,882 180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 194,056 200,000 ONEOK PARTNERS LP 6.15 10/01/2016 230,664 350,000 ONEOK PARTNERS LP 8.63 03/01/2019 450,160 50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 55,741 150,000 PLAINS ALL AMERICAN PIPELINE LP 6.50 05/01/2018 171,303 200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 218,779 150,000 PLAINS ALL AMERICAN PIPELINE LP 8.75 05/01/2019 190,590 500,000 PLAINS ALL AMERICAN PIPELINE LP / PAA FINANCE CORPORATION 4.25 09/01/2012 521,686 100,000 SPECTRA ENERGY CAPITAL LLC 5.90 09/15/2013 109,884 100,000 SPECTRA ENERGY CAPITAL LLC 7.50 09/15/2038 122,915 100,000 SUNOCO INCORPORATED 5.75 01/15/2017 104,933 250,000 SUNOCO LOGISTICS PARTNER 6.85 02/15/2040 272,578 325,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 402,823 444,000 THE WILLIAMS COMPANIES INCORPORATED 8.75 03/15/2032 559,818 65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 72,801 100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 107,023 105,000 TRANSCONTINENTAL GAS PIPE LINE CORPORATION 6.05 06/15/2018 122,483 120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 120,048 65,000 VALERO ENERGY CORPORATION 4.50 02/01/2015 69,350 500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 552,843 65,000 VALERO ENERGY CORPORATION 6.13 02/01/2020 70,916 500,000 VALERO ENERGY CORPORATION 6.63 06/15/2037 506,543 100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 107,976 450,000 VALERO ENERGY CORPORATION 9.38 03/15/2019 573,413 600,000 WILLIAMS PARTNERS LP 3.80 02/15/2015 627,724 140,000 WILLIAMS PARTNERS LP 5.25 03/15/2020 151,117 390,000 WILLIAMS PARTNERS LP 6.30 04/15/2040 433,173 125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 140,008 350,000 XTO ENERGY INCORPORATED 5.30 06/30/2015 406,536
Wells Fargo Advantage Master Portfolios 61 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- OIL, GAS & CONSUMABLE FUELS (continued) $ 1,000,000 XTO ENERGY INCORPORATED 5.75% 12/15/2013 $ 1,146,715 500,000 XTO ENERGY INCORPORATED 6.50 12/15/2018 637,597 41,003,712 ------------- FINANCIALS: 8.30% CAPITAL MARKETS: 1.57% 400,000 AMERIPRISE FINANCIAL INCORPORATED 5.65 11/15/2015 450,577 65,000 AMERIPRISE FINANCIAL INCORPORATED 7.30 06/28/2019 80,351 415,000 BANK OF NEW YORK MELLON CORPORATION 4.30 05/15/2014 453,800 1,000,000 BANK OF NEW YORK MELLON CORPORATION 5.45 05/15/2019 1,167,555 650,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 703,665 180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 198,428 25,000 BEAR STEARNS COMPANIES INCORPORATED 5.55 01/22/2017 26,880 120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 139,517 1,500,000 BEAR STEARNS COMPANIES INCORPORATED 7.25 02/01/2018 1,818,666 500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 553,564 250,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.00 04/15/2012 262,948 500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 562,859 1,275,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.00 08/15/2013 1,415,765 150,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 5.75 01/15/2040 169,033 350,000 BLACKROCK INCORPORATED 6.25 09/15/2017 411,778 300,000 BLACKROCK INCORPORATED NEW YORK SHARES 3.50 12/10/2014 317,797 250,000 BLACKROCK INCORPORATED NEW YORK SHARES 5.00 12/10/2019 275,663 425,000 CHARLES SCHWAB CORPORATION 4.95 06/01/2014 469,260 50,000 EATON VANCE CORPORATION 6.50 10/02/2017 59,142 1,100,000 GOLDMAN SACHS GROUP INCORPORATED 3.25 06/15/2012 1,150,173 750,000 GOLDMAN SACHS GROUP INCORPORATED 3.63 08/01/2012 776,300 700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 743,681 2,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.13 01/15/2015 2,149,224 360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 386,384 275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 296,201 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.38 03/15/2020 1,032,084 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 1,071,781 500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 551,952 1,070,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 1,065,482 1,045,000 GOLDMAN SACHS GROUP INCORPORATED 6.00 05/01/2014 1,157,372 1,500,000 GOLDMAN SACHS GROUP INCORPORATED 6.13 02/15/2033 1,576,206 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.15 04/01/2018 1,365,189 1,250,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 1,387,006 1,025,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 1,095,101 925,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 944,691 1,300,000 GOLDMAN SACHS GROUP INCORPORATED 7.50 02/15/2019 1,516,017 150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 150,899 400,000 JEFFERIES GROUP INCORPORATED 8.50 07/15/2019 464,059 750,000 MORGAN STANLEY 2.00 09/22/2011 763,021 1,000,000 MORGAN STANLEY 2.25 03/13/2012 1,025,735 300,000 MORGAN STANLEY 3.25 12/01/2011 310,472 1,000,000 MORGAN STANLEY 4.20 11/20/2014 1,029,800 525,000 MORGAN STANLEY 5.38 10/15/2015 560,105 500,000 MORGAN STANLEY 5.50 07/24/2020 503,737 1,300,000 MORGAN STANLEY 6.00 05/13/2014 1,416,747 1,500,000 MORGAN STANLEY 6.60 04/01/2012 1,609,560 470,000 MORGAN STANLEY 7.25 04/01/2032 559,768 400,000 MORGAN STANLEY 7.30 05/13/2019 454,640 500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 524,983
62 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- CAPITAL MARKETS (continued) $ 1,000,000 MORGAN STANLEY SERIES GMTN 5.50% 01/26/2020 $ 1,012,645 1,500,000 MORGAN STANLEY SERIES MTN 5.25 11/02/2012 1,595,874 850,000 MORGAN STANLEY SERIES MTN 5.55 04/27/2017 890,596 1,500,000 MORGAN STANLEY SERIES MTN 5.63 09/23/2019 1,526,490 1,500,000 MORGAN STANLEY SERIES MTN 6.00 04/28/2015 1,635,525 1,000,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 1,098,916 540,000 NORTHERN TRUST CORPORATION 4.63 05/01/2014 597,189 100,000 RAYMOND JAMES FINANCIAL INCORPORATED 8.60 08/15/2019 120,270 200,000 TD AMERITRADE HOLDING CORPORATION 5.60 12/01/2019 221,454 45,874,577 ------------- COMMERCIAL BANKS: 0.72% 150,000 ABBEY NATIONAL CAPITAL TRUST I 8.96 12/29/2049 163,503 500,000 ALLY FINANCIAL INCORPORATED 1.75 10/30/2012 510,901 1,000,000 ALLY FINANCIAL INCORPORATED 2.20 12/19/2012 1,031,877 500,000 BANK OF THE WEST (SAN FRANCISCO CA) 2.15 03/27/2012 512,677 240,000 BANK ONE CORPORATION 7.63 10/15/2026 294,029 250,000 BANK ONE CORPORATION 8.00 04/29/2027 319,818 100,000 BB&T CAPITAL TRUST IV 6.82 06/12/2057 97,000 150,000 BB&T CORPORATION 3.38 09/25/2013 157,064 1,000,000 BB&T CORPORATION 3.85 07/27/2012 1,047,469 350,000 BB&T CORPORATION 3.95 04/29/2016 367,495 250,000 BB&T CORPORATION 5.20 12/23/2015 274,179 500,000 BB&T CORPORATION 6.85 04/30/2019 608,167 750,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 949,935 100,000 COMERICA CAPITAL TRUST II 6.58 02/20/2037 93,000 250,000 COMPASS BANK 6.40 10/01/2017 263,833 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 520,267 350,000 FIFTH THIRD BANCORP 6.25 05/01/2013 382,217 250,000 FIFTH THIRD BANCORP 8.25 03/01/2038 297,313 1,000,000 HSBC HOLDINGS PLC 6.50 05/02/2036 1,140,053 500,000 KEYCORP 6.50 05/14/2013 547,567 250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 237,048 500,000 MANUFACTURERS & TRADERS TRUST COMPANY 6.63 12/04/2017 577,358 250,000 REGIONS FINANCIAL CORPORATION 5.75 06/15/2015 253,935 200,000 REGIONS FINANCIAL CORPORATION 7.75 11/10/2014 215,703 500,000 SUNTRUST BANK, INCORPORATED 3.00 11/16/2011 514,902 34,000 SUNTRUST BANK, INCORPORATED 5.00 09/01/2015 36,656 750,000 SUNTRUST BANKS, INCORPORATED 6.00 09/11/2017 822,332 165,000 SUNTRUST CAPITAL VIII 6.10 12/01/2066 140,250 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 216,258 500,000 US BANCORP N.A. 1.80 05/15/2012 510,414 250,000 US BANCORP N.A. 4.20 05/15/2014 273,160 1,000,000 US BANK N.A. (CINCINNATI) 3.78 04/29/2020 1,038,791 275,000 US BANK N.A. SERIES BKNT 4.95 10/30/2014 303,964 750,000 WELLS FARGO & COMPANY(l) 3.00 12/09/2011 774,376 1,500,000 WELLS FARGO & COMPANY(l) 3.75 10/01/2014 1,580,907 1,500,000 WELLS FARGO & COMPANY<<(l) 4.38 01/31/2013 1,599,743 1,000,000 WELLS FARGO & COMPANY(l) 5.25 10/23/2012 1,075,437 1,000,000 WELLS FARGO & COMPANY(l) 5.63 12/11/2017 1,129,312 200,000 WESTERN CORPORATE FEDERAL CREDIT UNION 1.75 11/02/2012 204,369 21,083,279 ------------- CONSUMER FINANCE: 0.50% 1,000,000 AMERICAN EXPRESS BANK FSB 3.15 12/09/2011 1,034,006 500,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 538,480
Wells Fargo Advantage Master Portfolios 63 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- CONSUMER FINANCE (continued) $ 500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00% 09/13/2017 $ 568,759 200,000 AMERICAN EXPRESS COMPANY 6.80 09/01/2066 195,000 800,000 AMERICAN EXPRESS COMPANY 7.00 03/19/2018 957,240 150,000 AMERICAN EXPRESS COMPANY 7.25 05/20/2014 174,464 650,000 AMERICAN EXPRESS COMPANY<< 8.13 05/20/2019 836,382 500,000 AMERICAN EXPRESS CREDIT CORPORATION 5.13 08/25/2014 549,489 100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 111,181 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION 7.30 08/20/2013 1,145,586 1,000,000 AMERICAN EXPRESS CREDIT CORPORATION SERIES MTN 5.88 05/02/2013 1,099,744 115,000 CAPITAL ONE FINANCIAL CORPORATION SERIES MTN 5.70 09/15/2011 119,724 300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 311,706 700,000 CAPITAL ONE FINANCIAL CORPORATION 7.38 05/23/2014 815,462 550,000 DISCOVER BANK 8.70 11/18/2019 649,501 250,000 KEY BANK NA 4.95 09/15/2015 259,815 350,000 KEYBANK NA 5.80 07/01/2014 382,087 360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 396,422 500,000 NATIONAL CITY CORPORATION 6.88 05/15/2019 584,740 250,000 REGIONS BANK 6.45 06/26/2037 220,393 500,000 REGIONS BANK 7.50 05/15/2018 531,021 400,000 SLM CORPORATION 8.00 03/25/2020 350,000 65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 44,200 750,000 SLM CORPORATION SERIES MTN 8.45 06/15/2018 688,125 800,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 754,000 250,000 SOVEREIGN BANK 8.75 05/30/2018 289,873 200,000 TOYOTA MOTOR CREDIT CORPORATION 1.38 08/12/2013 200,549 500,000 TOYOTA MOTOR CREDIT CORPORATION 3.20 06/17/2015 528,097 250,000 TOYOTA MOTOR CREDIT CORPORATION 4.50 06/17/2020 273,601 14,609,647 ------------- DIVERSIFIED FINANCIAL SERVICES: 4.25% 500,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 5.38 04/30/2013 551,968 1,000,000 BANK OF AMERICA CORPORATION 2.10 04/30/2012 1,024,885 1,750,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 1,841,534 700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 754,184 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 255,050 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 106,587 1,000,000 BANK OF AMERICA CORPORATION 5.65 05/01/2018 1,039,388 1,500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 1,587,752 1,000,000 BANK OF AMERICA CORPORATION 6.00 09/01/2017 1,077,879 500,000 BANK OF AMERICA CORPORATION 6.25 04/15/2012 531,856 1,850,000 BANK OF AMERICA CORPORATION 6.50 08/01/2016 2,066,820 1,000,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 1,141,545 1,500,000 BANK OF AMERICA CORPORATION 7.63 06/01/2019 1,755,687 800,000 BANK OF AMERICA CORPORATION SERIES BKNT 6.00 10/15/2036 812,670 1,500,000 BANK OF AMERICA CORPORATION SERIES MTN 3.13 06/15/2012 1,567,013 500,000 BANK OF AMERICA CORPORATION SERIES MTN 4.90 05/01/2013 530,471 500,000 BOEING CAPITAL CORPORATION 4.70 10/27/2019 562,115 100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 113,170 200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 200,500 50,000 CAPITAL ONE CAPITAL IV 6.75 02/17/2037 47,625 659,000 CAPITAL ONE CAPITAL VI 8.88 05/15/2040 693,598 250,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 2.00 04/05/2013 255,990 750,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 6.13 02/17/2014 861,878 1,000,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 7.15 02/15/2019 1,287,739 500,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 4.90 08/15/2013 550,195 275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 319,876
64 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED FINANCIAL SERVICES (continued) $ 65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTNF 4.75% 02/17/2015 $ 72,628 95,000 CATERPILLAR INCORPORATED 1.90 12/17/2012 96,730 150,000 CITIBANK NA 1.25 09/22/2011 151,376 250,000 CITIGROUP FUNDING INCORPORATED 1.88 10/22/2012 256,117 2,000,000 CITIGROUP INCORPORATED 2.13 04/30/2012 2,050,594 750,000 CITIGROUP INCORPORATED 4.75 05/19/2015 772,637 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 924,755 1,000,000 CITIGROUP INCORPORATED 5.10 09/29/2011 1,041,963 1,000,000 CITIGROUP INCORPORATED 5.30 10/17/2012 1,056,051 1,700,000 CITIGROUP INCORPORATED 5.50 04/11/2013 1,804,948 1,000,000 CITIGROUP INCORPORATED 5.50 10/15/2014 1,064,929 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 1,027,466 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 786,504 250,000 CITIGROUP INCORPORATED 5.85 07/02/2013 267,767 525,000 CITIGROUP INCORPORATED 6.00 10/31/2033 498,952 1,000,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,080,681 1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 1,079,161 500,000 CITIGROUP INCORPORATED 6.13 08/25/2036 480,855 1,500,000 CITIGROUP INCORPORATED 6.38 08/12/2014 1,641,263 750,000 CITIGROUP INCORPORATED 6.50 08/19/2013 820,254 1,300,000 CITIGROUP INCORPORATED 6.88 03/05/2038 1,407,877 855,000 CITIGROUP INCORPORATED 8.13 07/15/2039 1,063,935 900,000 CITIGROUP INCORPORATED 8.50 05/22/2019 1,100,500 500,000 CME GROUP INCORPORATED 5.75 02/15/2014 566,755 500,000 COMERICA BANK SERIES BKNT 5.75 11/21/2016 563,293 500,000 COUNTRYWIDE FINANCIAL CORPORATION SERIES MTN 5.80 06/07/2012 531,786 1,000,000 CREDIT SUISSE NEW YORK NY 5.00 05/15/2013 1,082,005 1,000,000 CREDIT SUISSE NEW YORK NY 5.30 08/13/2019 1,098,775 1,000,000 CREDIT SUISSE USA INCORPORATED 4.88 01/15/2015 1,095,851 500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 550,624 1,000,000 CREDIT SUISSE USA INCORPORATED 6.13 11/15/2011 1,060,533 1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,448,635 250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 322,170 1,000,000 DEERE & COMPANY 6.95 04/25/2014 1,193,090 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 109,833 100,000 EQUIFAX INCORPORATED 4.45 12/01/2014 106,473 75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 78,644 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.20 06/08/2012 1,542,339 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 2.63 12/28/2012 1,041,624 500,000 GENERAL ELECTRIC CAPITAL CORPORATION 3.00 12/09/2011 515,155 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.80 05/01/2013 1,618,280 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION 4.88 03/04/2015 1,640,012 525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 551,435 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.50 01/08/2020 1,094,390 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.63 05/01/2018 1,102,583 2,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 02/15/2012 2,132,052 1,300,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.88 01/14/2038 1,336,719 1,125,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.90 05/13/2014 1,271,833 850,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.00 08/07/2019 955,265 1,000,000 GENERAL ELECTRIC CAPITAL CORPORATION 6.88 01/10/2039 1,170,459 650,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 690,915 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.00 01/08/2016 546,000 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN<< 5.63 09/15/2017 1,656,869 1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.38 03/03/2012 1,253,323 1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,864,454 1,600,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 6.75 03/15/2032 1,808,971
Wells Fargo Advantage Master Portfolios 65 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED FINANCIAL SERVICES (continued) $ 350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75% 05/15/2013 $ 366,872 200,000 GOLDMAN SACHS CAPITAL II 5.79 06/01/2043 160,750 450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 419,188 200,000 HSBC BANK USA NA NEW YORK 4.63 04/01/2014 213,485 225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 229,401 200,000 HSBC FINANCE CAPITAL TRUST IX 5.91 11/30/2035 180,750 325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 350,558 1,500,000 HSBC FINANCE CORPORATION 5.50 01/19/2016 1,641,311 750,000 HSBC FINANCE CORPORATION 6.38 10/15/2011 792,215 800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 871,069 500,000 HSBC USA INCORPORATED 3.13 12/16/2011 517,217 1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,089,633 500,000 JOHN DEERE CAPITAL CORPORATION 2.88 06/19/2012 520,048 250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 273,953 250,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.25 10/01/2012 270,810 100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 116,255 500,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.75 09/10/2018 596,117 1,000,000 JPMORGAN CHASE & COMPANY 2.20 06/15/2012 1,029,196 350,000 JPMORGAN CHASE & COMPANY 3.13 12/01/2011 361,720 500,000 JPMORGAN CHASE & COMPANY 3.40 06/24/2015 515,485 1,500,000 JPMORGAN CHASE & COMPANY 3.70 01/20/2015 1,570,157 500,000 JPMORGAN CHASE & COMPANY 4.40 07/22/2020 506,833 1,650,000 JPMORGAN CHASE & COMPANY 4.65 06/01/2014 1,795,365 600,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 654,563 2,000,000 JPMORGAN CHASE & COMPANY 5.38 10/01/2012 2,161,436 1,000,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 1,135,573 1,500,000 JPMORGAN CHASE & COMPANY 6.30 04/23/2019 1,723,817 850,000 JPMORGAN CHASE & COMPANY 6.40 05/15/2038 1,028,779 800,000 JPMORGAN CHASE & COMPANY 6.63 03/15/2012 863,578 1,250,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 1,410,106 750,000 JPMORGAN CHASE CAPITAL SERIES XXV 6.80 10/01/2037 765,411 650,000 JPMORGAN CHASE CAPITAL SERIES XXVII 7.00 11/01/2039 689,079 180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 171,906 150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 01/15/2087 147,467 500,000 LAZARD GROUP LLC 6.85 06/15/2017 532,234 200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 221,945 100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 112,227 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 02/05/2013 1,067,404 450,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 07/15/2014 481,896 500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 520,513 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 08/15/2012 1,072,885 250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 264,817 300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 289,917 600,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 604,835 500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 539,147 500,000 MERRILL LYNCH & COMPANY INCORPORATED 7.75 05/14/2038 570,727 500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.15 04/25/2013 544,897 1,690,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 6.88 04/25/2018 1,859,862 200,000 NASDAQ OMX GROUP INCORPORATED 4.00 01/15/2015 207,201 100,000 NASDAQ OMX GROUP INCORPORATED 5.55 01/15/2020 105,761 590,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.50 07/01/2013 661,599 400,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 10.38 11/01/2018 575,019 530,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC 7.25 03/01/2012 579,138 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC 8.00 03/01/2032 206,767 250,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION 5.45 04/10/2017 289,205 150,000 PACCAR FINANCIAL CORPORATION 1.95 12/17/2012 152,096
66 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED FINANCIAL SERVICES (continued) $ 1,100,000 PNC FINANCIAL SERVICES GROUP 3.63% 02/08/2015 $ 1,156,095 150,000 PNC FINANCIAL SERVICES GROUP 5.13 02/08/2020 161,867 350,000 PNC FUNDING CORPORATION 5.63 02/01/2017 387,668 500,000 PNC FUNDING CORPORATION 6.70 06/10/2019 595,317 100,000 PRIVATE EXPORT FUNDING CORPORATION 4.30 12/15/2021 110,697 250,000 PRIVATE EXPORT FUNDING CORPORATION 4.95 11/15/2015 289,254 250,000 TECO FINANCE INCORPORATED 6.57 11/01/2017 293,435 130,000 TECO FINANCE INCORPORATED 4.00 03/15/2016 135,967 65,000 TECO FINANCE INCORPORATED 5.15 03/15/2020 70,989 200,000 UBS AG STAMFORD CT 5.88 07/15/2016 220,551 100,000 USB CAPITAL XIII TRUST 6.63 12/15/2039 110,337 500,000 WACHOVIA BANK NA(l) 4.88 02/01/2015 537,761 750,000 WACHOVIA BANK NA(l) 5.85 02/01/2037 778,986 600,000 WACHOVIA BANK NA(l) 6.60 01/15/2038 680,012 1,300,000 WACHOVIA CORPORATION(l) 5.25 08/01/2014 1,402,280 700,000 WACHOVIA CORPORATION(l) 5.50 08/01/2035 688,848 500,000 WACHOVIA CORPORATION(l) 5.63 10/15/2016 551,448 1,000,000 WACHOVIA CORPORATION(l) 5.75 06/15/2017 1,122,554 1,000,000 WACHOVIA CORPORATION(l) 5.75 02/01/2018 1,129,860 700,000 WACHOVIA CORPORATION SERIES MTN(l) 5.50 05/01/2013 768,457 500,000 WELLS FARGO BANK NA(l) 4.75 02/09/2015 530,328 150,000 WELLS FARGO BANK NA(l) 5.95 08/26/2036 157,569 124,167,538 ------------- INSURANCE: 0.89% 350,000 ACE INA HOLDINGS INCORPORATED 5.60 05/15/2015 395,789 75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 85,102 500,000 ACE INA HOLDINGS INCORPORATED 5.90 06/15/2019 576,253 75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 80,837 150,000 AFLAC INCORPORATED 3.45 08/15/2015 154,223 250,000 AFLAC INCORPORATED 6.90 12/17/2039 277,525 150,000 AFLAC INCORPORATED 8.50 05/15/2019 187,878 830,000 ALLSTATE CORPORATION 5.55 05/09/2035 874,378 150,000 ALLSTATE CORPORATION 6.20 05/16/2014 174,280 650,000 ALLSTATE CORPORATION 7.45 05/16/2019 802,383 500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 4.25 05/15/2013 500,625 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 5.05 10/01/2015 244,688 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 220,625 750,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 8.25 08/15/2018 810,000 500,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.45 05/18/2017 480,000 850,000 AMERICAN INTERNATIONAL GROUP INCORPORATED SERIES MTN 5.85 01/16/2018 820,250 75,000 AON CORPORATION 8.21 01/01/2027 80,190 75,000 ASSURANT INCORPORATED 6.75 02/15/2034 80,651 500,000 BERKSHIRE HATHAWAY INCORPORATED 1.40 02/10/2012 503,871 500,000 BERKSHIRE HATHAWAY INCORPORATED 2.13 02/11/2013 514,385 500,000 BERKSHIRE HATHAWAY INCORPORATED 3.20 02/11/2015 527,938 150,000 CHUBB CORPORATION 5.75 05/15/2018 173,035 80,000 CHUBB CORPORATION 6.00 05/11/2037 92,492 350,000 CHUBB CORPORATION 6.38 03/29/2067 337,750 350,000 CHUBB CORPORATION SERIES 1 6.50 05/15/2038 428,838 75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 81,703 65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 69,131 50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 53,988 295,000 CNA FINANCIAL CORPORATION 7.35 11/15/2019 328,892
Wells Fargo Advantage Master Portfolios 67 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- INSURANCE (continued) $ 180,000 GE GLOBAL INSURANCE HOLDINGS 7.00% 02/15/2026 $ 198,091 100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 99,390 500,000 GENWORTH FINANCIAL INCORPORATED 6.52 05/22/2018 500,251 100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 104,936 250,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.50 03/30/2020 251,600 75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 68,100 750,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 6.00 01/15/2019 786,602 250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 264,080 500,000 LINCOLN NATIONAL CORPORATION 6.15 04/07/2036 523,841 50,000 LINCOLN NATIONAL CORPORATION 6.25 02/15/2020 56,061 350,000 LINCOLN NATIONAL CORPORATION 7.00 05/17/2066 318,500 120,000 LINCOLN NATIONAL CORPORATION 8.75 07/01/2019 153,222 100,000 LOEWS CORPORATION 5.25 03/15/2016 112,305 100,000 MARKEL CORPORATION 7.13 09/30/2019 114,724 500,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.75 09/15/2015 543,036 300,000 MARSH & MCLENNAN COMPANIES INCORPORATED 9.25 04/15/2019 395,526 250,000 METLIFE INCORPORATED 5.00 11/24/2013 271,707 250,000 METLIFE INCORPORATED 5.70 06/15/2035 269,338 100,000 METLIFE INCORPORATED 6.13 12/01/2011 105,815 280,000 METLIFE INCORPORATED 6.38 06/15/2034 326,118 600,000 METLIFE INCORPORATED 6.40 12/15/2066 546,000 500,000 METLIFE INCORPORATED 6.75 06/01/2016 593,626 750,000 METLIFE INCORPORATED SERIES A 6.82 08/15/2018 893,855 75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 79,493 100,000 PARTNERRE FINANCE B LLC 5.50 06/01/2020 102,809 600,000 PRINCIPAL FINANCIAL GROUP INCORPORATED 7.88 05/15/2014 709,937 500,000 PRINCIPAL LIFE INCOME FUNDING TRUSTS 5.30 04/24/2013 541,889 75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 82,903 500,000 PROTECTIVE LIFE CORPORATION 7.38 10/15/2019 569,508 75,000 PRUDENTIAL FINANCIAL INCORPORATED 2.75 01/14/2013 76,135 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 3.63 09/17/2012 1,037,672 100,000 PRUDENTIAL FINANCIAL INCORPORATED 3.88 01/14/2015 104,207 1,000,000 PRUDENTIAL FINANCIAL INCORPORATED 4.75 09/17/2015 1,072,678 250,000 PRUDENTIAL FINANCIAL INCORPORATED 5.38 06/21/2020 269,251 30,000 PRUDENTIAL FINANCIAL INCORPORATED 6.20 01/15/2015 33,727 55,000 PRUDENTIAL FINANCIAL INCORPORATED 7.38 06/15/2019 66,901 105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 109,780 65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 74,448 500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 503,772 180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40 06/13/2035 176,847 100,000 REINSURANCE GROUP OF AMERICA INCORPORATED 6.45 11/15/2019 109,265 180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 204,667 250,000 THE TRAVELERS COMPANIES INCORPORATED 6.25 03/15/2037 239,802 100,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.38 06/15/2012 106,816 150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 172,191 365,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 434,339 75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 78,493 100,000 TRANSATLANTIC HOLDINGS INCORPORATED 8.00 11/30/2039 105,000 500,000 TRAVELERS COMPANIES INCORPORATED 5.90 06/02/2019 577,990 100,000 UNITRIN INCORPORATED 6.00 05/15/2017 100,271 75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 79,966 500,000 WILLIS NORTH AMERICA INCORPORATED 7.00 09/29/2019 551,504 100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 95,904 100,000 XL CAPITAL LIMITED 6.25 05/15/2027 98,564 26,021,153 -------------
68 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- REAL ESTATE INVESTMENT TRUSTS: 0.36% $ 150,000 AVALONBAY COMMUNITIES INCORPORATED 5.70% 03/15/2017 $ 168,407 100,000 AVALONBAY COMMUNITIES INCORPORATED 6.10 03/15/2020 116,230 185,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 202,978 500,000 BOSTON PROPERTIES LP 5.88 10/15/2019 558,410 250,000 BOSTON PROPERTIES LP 5.63 04/15/2015 278,850 100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 109,626 350,000 BRANDYWINE OPERATING PARTNERSHIP LP 7.50 05/15/2015 391,860 350,000 DUKE REALTY LP 5.95 02/15/2017 375,190 200,000 DUKE REALTY LP 6.25 05/15/2013 216,157 180,000 ERP OPERATING LP 5.25 09/15/2014 198,772 750,000 ERP OPERATING LP 5.75 06/15/2017 846,692 500,000 HEALTH CARE PROPERTIES INCORPORATED SERIES MTN 6.70 01/30/2018 549,405 100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 103,898 200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 212,667 250,000 HEALTH CARE REIT INCORPORATED 6.13 04/15/2020 272,620 60,000 HEALTH CARE REIT INCORPORATED 6.50 01/17/2017 64,856 75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 75,719 250,000 HOSPITALITY PROPERTIES TRUST 7.88 08/15/2014 280,398 350,000 HRPT PROPERTIES TRUST 5.75 11/01/2015 370,545 100,000 KIMCO REALTY CORPORATION 6.88 10/01/2019 114,920 75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 80,770 150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 171,656 150,000 MACK-CALI REALTY CORPORATION 7.75 08/15/2019 182,372 100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 112,969 300,000 PROLOGIS TRUST 5.63 11/15/2016 285,574 100,000 PROLOGIS TRUST 6.25 03/15/2017 96,912 100,000 PROLOGIS TRUST 6.63 05/15/2018 97,806 385,000 PROLOGIS TRUST 6.88 03/15/2020 375,766 150,000 PROLOGIS TRUST 7.38 10/30/2019 150,639 100,000 PROLOGIS TRUST 7.63 08/15/2014 108,035 100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 111,734 90,000 SIMON PROPERTY GROUP INCORPORATED 4.20 02/01/2015 96,196 200,000 SIMON PROPERTY GROUP INCORPORATED 5.65 02/01/2020 223,996 100,000 SIMON PROPERTY GROUP INCORPORATED 6.13 05/30/2018 116,042 100,000 SIMON PROPERTY GROUP INCORPORATED 6.75 02/01/2040 119,107 750,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.10 06/15/2015 837,731 50,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.25 12/01/2016 55,508 125,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.75 12/01/2015 141,655 250,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 5.88 03/01/2017 284,461 600,000 SIMON PROPERTY GROUP LIMITED PARTNERSHIP 10.35 04/01/2019 842,738 250,000 TANGER PROPERTIES LIMITED PARTNERSHIP 6.15 11/15/2015 278,017 250,000 VORNADO REALTY TRUST 4.25 04/01/2015 256,946 10,534,830 ------------- REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.01% 125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 129,315 100,000 REGENCY CENTERS LP 5.88 06/15/2017 108,356 237,671 ------------- HEALTH CARE: 1.55% BIOTECHNOLOGY: 0.10% 65,000 AMGEN INCORPORATED 4.50 03/15/2020 72,461 1,000,000 AMGEN INCORPORATED 5.70 02/01/2019 1,205,146
Wells Fargo Advantage Master Portfolios 69 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- BIOTECHNOLOGY (continued) $ 80,000 AMGEN INCORPORATED 5.75% 03/15/2040 $ 93,910 350,000 AMGEN INCORPORATED 5.85 06/01/2017 419,028 100,000 AMGEN INCORPORATED 6.38 06/01/2037 124,630 250,000 AMGEN INCORPORATED 6.40 02/01/2039 314,866 500,000 BIOGEN IDEC INCORPORATED 6.88 03/01/2018 588,417 250,000 GENZYME CORPORATION GENERAL DIVISION++ 3.63 06/15/2015 265,617 3,084,075 ------------- HEALTH CARE EQUIPMENT & SUPPLIES: 0.18% 60,000 BAXTER INTERNATIONAL INCORPORATED 1.80 03/15/2013 61,226 100,000 BAXTER INTERNATIONAL INCORPORATED 4.25 03/15/2020 109,428 500,000 BAXTER INTERNATIONAL INCORPORATED 5.38 06/01/2018 590,473 50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 60,177 250,000 BAXTER INTERNATIONAL INCORPORATED 6.25 12/01/2037 311,863 500,000 CAREFUSION CORPORATION 6.38 08/01/2019 596,534 500,000 HOSPIRA INCORPORATED 6.05 03/30/2017 572,462 45,000 HOSPIRA INCORPORATED SERIES GMTN 6.40 05/15/2015 52,000 250,000 MEDTRONIC INCORPORATED 3.00 03/15/2015 264,121 500,000 MEDTRONIC INCORPORATED 4.45 03/15/2020 549,705 250,000 MEDTRONIC INCORPORATED 4.50 03/15/2014 278,212 300,000 MEDTRONIC INCORPORATED 5.55 03/15/2040 361,808 500,000 ST JUDE MEDICAL INCORPORATED 3.75 07/15/2014 537,924 150,000 STRYKER CORPORATION 3.00 01/15/2015 157,589 150,000 STRYKER CORPORATION 4.38 01/15/2020 165,055 250,000 ZIMMER HOLDINGS INCORPORATED 4.63 11/30/2019 270,390 250,000 ZIMMER HOLDINGS INCORPORATED 5.75 11/30/2039 282,817 5,221,784 ------------- HEALTH CARE PROVIDERS & SERVICES: 0.35% 650,000 AETNA INCORPORATED 6.63 06/15/2036 764,537 250,000 AMERISOURCEBERGEN CORPORATION 4.88 11/15/2019 271,092 350,000 ANTHEM INCORPORATED 6.80 08/01/2012 382,688 350,000 CARDINAL HEALTH INCORPORATED 5.80 10/15/2016 404,571 215,000 CIGNA CORPORATION 5.13 06/15/2020 232,495 50,000 CIGNA CORPORATION 6.15 11/15/2036 54,832 500,000 CIGNA CORPORATION 8.50 05/01/2019 650,056 750,000 EXPRESS SCRIPTS INCORPORATED 6.25 06/15/2014 864,571 500,000 HUMANA INCORPORATED 7.20 06/15/2018 572,770 300,000 MCKESSON HBOC INCORPORATED 5.25 03/01/2013 326,518 750,000 MEDCO HEALTH SOLUTIONS INCORPORATED 7.25 08/15/2013 867,920 590,000 QUEST DIAGNOSTICS INCORPORATED 4.75 01/30/2020 620,609 40,000 QUEST DIAGNOSTICS INCORPORATED 5.75 01/30/2040 41,210 100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 115,842 250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 267,012 1,000,000 UNITEDHEALTH GROUP INCORPORATED 6.00 02/15/2018 1,177,001 150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 175,546 500,000 UNITEDHEALTH GROUP INCORPORATED 6.88 02/15/2038 609,878 100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 112,008 135,000 WELLPOINT INCORPORATED 5.80 08/15/2040 144,224 425,000 WELLPOINT INCORPORATED 5.85 01/15/2036 454,896 500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 576,369 500,000 WELLPOINT INCORPORATED 7.00 02/15/2019 609,450 10,296,095 -------------
70 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- LIFE SCIENCES TOOLS & SERVICES: 0.04% $ 300,000 LIFE TECHNOLOGIES CORPORATION 4.40% 03/01/2015 $ 317,666 250,000 LIFE TECHNOLOGIES CORPORATION 6.00 03/01/2020 285,357 500,000 THERMO FISHER SCIENTIFIC 3.20 05/01/2015 525,633 1,128,656 ------------- PHARMACEUTICALS: 0.88% 350,000 ABBOTT LABORATORIES 2.70 05/27/2015 366,662 350,000 ABBOTT LABORATORIES 5.13 04/01/2019 403,871 1,000,000 ABBOTT LABORATORIES 5.15 11/30/2012 1,096,556 1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,193,547 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 179,359 300,000 ABBOTT LABORATORIES 6.00 04/01/2039 364,757 250,000 BRISTOL MYERS SQUIBB COMPANY 6.13 05/01/2038 307,495 750,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 889,544 800,000 ELI LILLY & COMPANY 4.20 03/06/2014 879,518 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 458,981 250,000 ELI LILLY & COMPANY 5.95 11/15/2037 300,201 500,000 GENETECH INCORPORATED 4.75 07/15/2015 562,462 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 276,513 1,000,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.85 05/15/2013 1,098,591 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 593,793 900,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 1,141,999 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 198,501 1,000,000 JOHNSON & JOHNSON 5.15 08/15/2012 1,087,004 250,000 JOHNSON & JOHNSON 5.55 08/15/2017 299,644 300,000 JOHNSON & JOHNSON 5.85 07/15/2038 376,790 225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 255,199 250,000 MERCK & COMPANY INCORPORATED 5.00 06/30/2019 290,156 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 179,192 150,000 MERCK & COMPANY INCORPORATED 5.85 06/30/2039 184,191 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 79,063 1,000,000 MERCK & COMPANY INCORPORATED 6.00 09/15/2017 1,215,884 250,000 MERCK & COMPANY INCORPORATED 6.30 01/01/2026 318,451 595,000 NOVARTIS CAPITAL CORPORATION 1.90 04/24/2013 610,543 500,000 NOVARTIS CAPITAL CORPORATION 2.90 04/24/2015 524,130 475,000 NOVARTIS CAPITAL CORPORATION 4.13 02/10/2014 519,427 500,000 NOVARTIS CAPITAL CORPORATION 4.40 04/24/2020 559,148 1,400,000 PFIZER INCORPORATED 4.45 03/15/2012 1,476,679 300,000 PFIZER INCORPORATED 4.50 02/15/2014 330,414 1,250,000 PFIZER INCORPORATED 5.35 03/15/2015 1,441,161 800,000 PFIZER INCORPORATED 6.20 03/15/2019 988,747 750,000 PFIZER INCORPORATED 7.20 03/15/2039 1,047,450 100,000 SCHERING-PLOUGH CORPORATION 5.30 12/01/2013 112,778 120,000 SCHERING-PLOUGH CORPORATION 6.50 12/01/2033 155,086 475,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 625,046 200,000 TEVA PHARMACEUTICAL FINANCE LLC 1.50 06/15/2012 201,993 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 245,646 125,000 WATSON PHARMACEUTICALS INCORPORATED 5.00 08/15/2014 137,191 130,000 WATSON PHARMACEUTICALS INCORPORATED 6.13 08/15/2019 152,747 500,000 WYETH LABORATORIES INCORPORATED 5.45 04/01/2017 585,322 180,000 WYETH LABORATORIES INCORPORATED 5.50 02/15/2016 209,968 350,000 WYETH LABORATORIES INCORPORATED 5.95 04/01/2037 421,423 625,000 WYETH LABORATORIES INCORPORATED 6.00 02/15/2036 760,774 25,703,597 -------------
Wells Fargo Advantage Master Portfolios 71 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- INDUSTRIALS: 1.46% AEROSPACE & DEFENSE: 0.44% $ 500,000 BOEING COMPANY 1.88% 11/20/2012 $ 509,626 140,000 BOEING COMPANY 4.88 02/15/2020 159,604 1,000,000 BOEING COMPANY 5.00 03/15/2014 1,124,173 30,000 BOEING COMPANY 5.88 02/15/2040 35,971 180,000 BOEING COMPANY 6.13 02/15/2033 218,745 300,000 BOEING COMPANY 6.88 03/15/2039 397,318 500,000 GENERAL DYNAMICS CORPORATION 4.25 05/15/2013 544,274 500,000 GENERAL DYNAMICS CORPORATION 5.25 02/01/2014 567,109 350,000 GOODRICH CORPORATION 4.88 03/01/2020 390,688 75,000 GOODRICH CORPORATION 7.63 12/15/2012 85,586 500,000 HONEYWELL INTERNATIONAL INCORPORATED 3.88 02/15/2014 544,446 100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 108,219 500,000 HONEYWELL INTERNATIONAL INCORPORATED 5.00 02/15/2019 577,373 100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 117,538 250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 297,938 395,000 ITT CORPORATION 4.90 05/01/2014 435,490 60,000 ITT CORPORATION 6.13 05/01/2019 71,282 500,000 L 3 COMMUNICATIONS CORPORATION 5.20 10/15/2019 537,956 100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 107,369 500,000 LOCKHEED MARTIN CORPORATION 4.25 11/15/2019 546,942 150,000 LOCKHEED MARTIN CORPORATION 5.50 11/15/2039 168,429 162,000 LOCKHEED MARTIN CORPORATION++ 5.72 06/01/2040 189,182 350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 427,510 90,000 NORTHROP GRUMMAN CORPORATION 3.70 08/01/2014 96,156 85,000 NORTHROP GRUMMAN CORPORATION 5.05 08/01/2019 96,823 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 727,595 600,000 RAYTHEON COMPANY 4.40 02/15/2020 670,762 120,000 RAYTHEON COMPANY 7.20 08/15/2027 161,077 50,000 ROCKWELL COLLINS INCORPORATED 5.25 07/15/2019 56,905 500,000 UNITED TECHNOLOGIES CORPORATION 4.50 04/15/2020 562,949 350,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 398,576 565,000 UNITED TECHNOLOGIES CORPORATION 6.13 02/01/2019 701,273 500,000 UNITED TECHNOLOGIES CORPORATION 6.13 07/15/2038 615,534 430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 595,725 12,846,143 ------------- AIR FREIGHT & LOGISTICS: 0.09% 20,000 FEDEX CORPORATION 7.38 01/15/2014 23,481 400,000 FEDEX CORPORATION 8.00 01/15/2019 520,085 350,000 UNITED PARCEL SERVICE INCORPORATED 3.88 04/01/2014 381,120 100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 108,404 100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 118,237 795,000 UNITED PARCEL SERVICE INCORPORATED<< 6.20 01/15/2038 993,261 500,000 UNITED PARCEL SERVICE INCORPORATED CLASS B 5.13 04/01/2019 594,806 2,739,394 ------------- AIRLINES: 0.05% 143,937 CONTINENTAL AIRLINES INCORPORATED(a) 9.00 07/08/2016 159,770 417,473 CONTINENTAL AIRLINES INCORPORATED SERIES A(a) 5.98 10/19/2023 427,493 93,444 DELTA AIR LINES INCORPORATED(a) 6.82 02/10/2024 95,547 196,722 DELTA AIR LINES INCORPORATED(a) 7.75 06/17/2021 212,460 192,696 NORTHWEST AIRLINES INCORPORATED(a) 7.03 11/01/2019 189,805 500,000 SOUTHWEST AIRLINES COMPANY 5.25 10/01/2014 540,073 1,625,148 -------------
72 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- BUILDING PRODUCTS: 0.02% $ 500,000 OWENS CORNING INCORPORATED 6.50% 12/01/2016 $ 535,510 ------------- COMMERCIAL SERVICES & SUPPLIES: 0.27% 1,000,000 ALLIED WASTE NORTH AMERICA INCORPORATED 6.88 06/01/2017 1,103,750 150,000 AVERY DENNISON CORPORATION 5.38 04/15/2020 166,324 500,000 BLACK & DECKER 8.95 04/15/2014 616,308 500,000 BLOCK FINANCIAL LLC 7.88 01/15/2013 552,599 350,000 BROWNING-FERRIS INDUSTRIES INCORPORATED 7.40 09/15/2035 432,341 100,000 COOPER US INCORPORATED 6.10 07/01/2017 117,710 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 193,018 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 104,319 350,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 384,556 350,000 CRH AMERICA INCORPORATED 6.95 03/15/2012 375,495 200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 237,704 500,000 PITNEY BOWES INCORPORATED 5.25 01/15/2037 522,848 250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 263,503 100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 109,666 50,000 REPUBLIC SERVICES INCORPORATED 5.25 11/15/2021 55,552 125,000 REPUBLIC SERVICES INCORPORATED 5.50 09/15/2019 140,315 65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 67,610 50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 51,550 600,000 RR DONNELLEY & SONS COMPANY 8.60 08/15/2016 689,431 415,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 457,167 326,000 WASTE MANAGEMENT INCORPORATED 6.10 03/15/2018 383,382 500,000 WASTE MANAGEMENT INCORPORATED 6.13 11/30/2039 569,895 150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 198,920 7,793,963 ------------- CONSTRUCTION & ENGINEERING: 0.01% 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 65,697 100,000 TOLL BROTHERS FINANCE CORPORATION 6.75 11/01/2019 105,794 171,491 ------------- CORPORATE BONDS & NOTES: 0.00% 50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 56,926 ------------- ELECTRICAL EQUIPMENT: 0.04% 100,000 EMERSON ELECTRIC COMPANY 4.13 04/15/2015 110,021 100,000 EMERSON ELECTRIC COMPANY 4.75 10/15/2015 114,321 50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 58,167 500,000 EMERSON ELECTRIC COMPANY 5.25 11/15/2039 562,335 100,000 EMERSON ELECTRIC COMPANY 6.13 04/15/2039 126,379 100,000 ROPER INDUSTRIES INCORPORATED 6.63 08/15/2013 113,114 1,084,337 ------------- INDUSTRIAL CONGLOMERATES: 0.12% 500,000 3M COMPANY 4.50 11/01/2011 523,546 75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 91,176 1,360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 1,473,870 750,000 GENERAL ELECTRIC COMPANY 5.25 12/06/2017 841,353 250,000 PHILIPS ELECTRONICS NV 6.88 03/11/2038 321,682 350,000 TEXTRON INCORPORATED 7.25 10/01/2019 416,079 3,667,706 -------------
Wells Fargo Advantage Master Portfolios 73 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- MACHINERY: 0.11% $ 550,000 CATERPILLAR INCORPORATED 6.05% 08/15/2036 $ 680,705 450,000 DANAHER CORPORATION 5.40 03/01/2019 531,194 200,000 DEERE & COMPANY 4.38 10/16/2019 220,952 150,000 DEERE & COMPANY 5.38 10/16/2029 170,023 100,000 DOVER CORPORATION 5.45 03/15/2018 117,228 60,000 DOVER CORPORATION 6.60 03/15/2038 79,314 500,000 EATON CORPORATION 5.60 05/15/2018 583,818 300,000 ILLINOIS TOOL WORKS INCORPORATED 5.15 04/01/2014 339,884 155,000 ILLINOIS TOOL WORKS INCORPORATED 6.25 04/01/2019 190,213 135,000 PARKER HANNIFIN CORPORATION SERIES MTN 5.50 05/15/2018 158,289 60,000 PARKER HANNIFIN CORPORATION SERIES MTN 6.25 05/15/2038 73,887 150,000 SNAP ON INCORPORATED 6.13 09/01/2021 175,506 3,321,013 ------------- ROAD & RAIL: 0.25% 435,000 CANADIAN NATIONAL RAILWAY COMPANY 5.55 03/01/2019 519,109 350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 451,350 100,000 CSX CORPORATION 5.60 05/01/2017 113,883 100,000 CSX CORPORATION 6.00 10/01/2036 113,841 70,000 CSX CORPORATION 6.15 05/01/2037 80,868 200,000 CSX CORPORATION 6.22 04/30/2040 235,407 250,000 CSX CORPORATION 6.25 04/01/2015 292,432 300,000 CSX CORPORATION 6.30 03/15/2012 321,048 500,000 CSX CORPORATION 7.38 02/01/2019 631,756 275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 305,895 1,100,000 NORFOLK SOUTHERN CORPORATION 5.75 04/01/2018 1,280,445 65,000 NORFOLK SOUTHERN CORPORATION 5.90 06/15/2019 77,180 500,000 NORFOLK SOUTHERN CORPORATION 7.25 02/15/2031 639,655 100,000 RYDER SYSTEM INCORPORATED 5.85 03/01/2014 110,477 250,000 RYDER SYTEMS INCORPORATED 5.85 11/01/2016 279,651 360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 399,421 200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 233,193 300,000 UNION PACIFIC CORPORATION++ 5.78 07/15/2040 342,716 40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 47,934 600,000 UNION PACIFIC CORPORATION 6.63 02/01/2029 725,602 7,201,863 ------------- TRANSPORTATION INFRASTRUCTURE: 0.06% 125,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.70 10/01/2019 137,598 500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4.88 01/15/2015 555,604 360,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.65 05/01/2017 414,538 550,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6.15 05/01/2037 643,452 1,751,192 ------------- INFORMATION TECHNOLOGY: 0.89% COMMUNICATIONS EQUIPMENT: 0.17% 600,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 660,266 600,000 CISCO SYSTEMS INCORPORATED 4.95 02/15/2019 685,786 775,000 CISCO SYSTEMS INCORPORATED 5.50 02/22/2016 913,830 700,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 782,638 500,000 CISCO SYSTEMS INCORPORATED 5.90 02/15/2039 586,583 400,000 HARRIS CORPORATION 5.95 12/01/2017 458,178 700,000 MOTOROLA INCORPORATED 6.00 11/15/2017 779,425 120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 142,769 5,009,475 -------------
74 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COMPUTERS & PERIPHERALS: 0.16% $ 200,000 DELL INCORPORATED 5.63% 04/15/2014 $ 226,593 550,000 DELL INCORPORATED 5.88 06/15/2019 640,320 100,000 DELL INCORPORATED 6.50 04/15/2038 119,937 200,000 DELL INCORPORATED 7.10 04/15/2028 246,382 500,000 HEWLETT-PACKARD COMPANY 4.25 02/24/2012 524,831 1,500,000 HEWLETT-PACKARD COMPANY 4.75 06/02/2014 1,681,709 500,000 HEWLETT-PACKARD COMPANY 5.50 03/01/2018 592,570 180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 197,882 250,000 LEXMARK INTERNATIONAL INCORPORATED 6.65 06/01/2018 283,131 4,513,355 ------------- ELECTRONIC EQUIPMENT & INSTRUMENTS: 0.03% 500,000 AGILENT TECHNOLOGIES INCORPORATED 5.50 09/14/2015 560,159 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 69,600 150,000 AMPHENOL CORPORATION 4.75 11/15/2014 162,499 100,000 ARROW ELECTRONICS INCORPORATED 6.00 04/01/2020 108,086 20,000 CORNING INCORPORATED 6.63 05/15/2019 24,134 924,478 ------------- IT SERVICES: 0.21% 500,000 COMPUTER SCIENCES CORPORATION 5.50 03/15/2013 544,682 150,000 COMPUTER SCIENCES CORPORATION SERIES WI 6.50 03/15/2018 174,196 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 204,335 600,000 FISERV INCORPORATED 6.13 11/20/2012 653,679 100,000 FISERV INCORPORATED 6.80 11/20/2017 114,481 350,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 1.00 08/05/2013 350,413 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 2.10 05/06/2013 257,816 200,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4.75 11/29/2012 217,750 550,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.60 11/30/2039 649,818 500,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.70 09/14/2017 599,021 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.88 11/29/2032 297,975 1,000,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 7.63 10/15/2018 1,336,921 80,000 THE WESTERN UNION COMPANY++ 5.25 04/01/2020 86,847 75,000 THE WESTERN UNION COMPANY 5.93 10/01/2016 87,102 75,000 THE WESTERN UNION COMPANY 6.20 11/17/2036 82,903 500,000 THE WESTERN UNION COMPANY 6.50 02/26/2014 570,801 6,228,740 ------------- OFFICE ELECTRONICS: 0.08% 200,000 XEROX CORPORATION 4.25 02/15/2015 212,992 570,000 XEROX CORPORATION 5.50 05/15/2012 608,264 200,000 XEROX CORPORATION 5.63 12/15/2019 222,050 150,000 XEROX CORPORATION 6.35 05/15/2018 171,773 250,000 XEROX CORPORATION 6.75 02/01/2017 292,394 100,000 XEROX CORPORATION 6.75 12/15/2039 118,521 570,000 XEROX CORPORATION 8.25 05/15/2014 683,073 2,309,067 ------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 0.02% 250,000 ANALOG DEVICES INCORPORATED 5.00 07/01/2014 275,301 350,000 NATIONAL SEMICONDUCTOR 3.95 04/15/2015 366,689 641,990 -------------
Wells Fargo Advantage Master Portfolios 75 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- SOFTWARE: 0.22% $ 100,000 ADOBE SYSTEMS INCORPORATED 3.25% 02/01/2015 $ 104,519 125,000 ADOBE SYSTEMS INCORPORATED 4.75 02/01/2020 134,523 500,000 CA INCORPORATED 5.38 12/01/2019 545,393 690,000 MICROSOFT CORPORATION 2.95 06/01/2014 735,493 175,000 MICROSOFT CORPORATION 4.20 06/01/2019 196,332 110,000 MICROSOFT CORPORATION 5.20 06/01/2039 127,442 500,000 ORACLE CORPORATION 3.75 07/08/2014 543,949 350,000 ORACLE CORPORATION++ 3.88 07/15/2020 371,979 500,000 ORACLE CORPORATION 4.95 04/15/2013 551,742 300,000 ORACLE CORPORATION 5.00 07/08/2019 345,051 350,000 ORACLE CORPORATION 5.25 01/15/2016 406,204 750,000 ORACLE CORPORATION++ 5.38 07/15/2040 812,991 750,000 ORACLE CORPORATION 5.75 04/15/2018 897,317 200,000 ORACLE CORPORATION 6.13 07/08/2039 241,498 250,000 ORACLE CORPORATION 6.50 04/15/2038 315,084 6,329,517 ------------- MATERIALS: 0.77% CHEMICALS: 0.39% 150,000 AIR PRODUCTS & CHEMICALS INCORPORATED 4.38 08/21/2019 160,263 100,000 AIRGAS INCORPORATED 2.85 10/01/2013 101,881 100,000 CABOT CORPORATION 5.00 10/01/2016 109,252 250,000 CYTEC INDUSTRIES INCORPORATED 6.00 10/01/2015 279,266 500,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 527,683 500,000 DOW CHEMICAL COMPANY 5.90 02/15/2015 553,603 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 108,408 350,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 401,712 685,000 DOW CHEMICAL COMPANY 7.60 05/15/2014 798,444 1,155,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 1,447,775 135,000 DOW CHEMICAL COMPANY 9.40 05/15/2039 191,621 250,000 DU PONT E I DE NEMOURS & COMPANY 6.50 01/15/2028 308,418 700,000 E.I. DU PONT DE NEMOURS & COMPANY 3.25 01/15/2015 743,644 400,000 E.I. DU PONT DE NEMOURS & COMPANY 4.50 08/15/2019 437,297 200,000 E.I. DU PONT DE NEMOURS & COMPANY 4.63 01/15/2020 222,388 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 631,339 200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 221,221 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 58,249 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 28,788 625,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 754,732 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 248,985 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 71,612 250,000 LUBRIZOL CORPORATION 8.88 02/01/2019 321,208 500,000 MONSANTO COMPANY 5.13 04/15/2018 567,440 100,000 MONSANTO COMPANY 5.50 08/15/2025 113,725 200,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 219,469 100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 120,879 600,000 PRAXAIR INCORPORATED 2.13 06/14/2013 616,190 50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 56,426 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 86,977 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 162,883 250,000 RPM INTERNATIONAL INCORPORATED 6.50 02/15/2018 279,162 250,000 SHERWIN-WILLIAMS COMPANY 3.13 12/15/2014 263,183 100,000 VALSPAR CORPORATION 7.25 06/15/2019 122,367 11,336,490 -------------
76 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- CONSTRUCTION MATERIALS: 0.03% $ 25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25% 05/01/2037 $ 27,755 125,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.60 04/15/2018 140,040 100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 107,644 500,000 VULCAN MATERIALS COMPANY 7.00 06/15/2018 557,428 50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 55,006 887,873 ------------- CONTAINERS & PACKAGING: 0.06% 515,000 BEMIS COMPANY INCORPORATED 5.65 08/01/2014 575,900 10,000 BEMIS COMPANY INCORPORATED 6.80 08/01/2019 11,965 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 107,816 750,000 BOTTLING GROUP LLC 6.95 03/15/2014 889,391 200,000 PACTIV CORPORATION 6.40 01/15/2018 207,361 1,792,433 ------------- METALS & MINING: 0.22% 180,000 ALCAN INCORPORATED 5.00 06/01/2015 196,301 25,000 ALCOA INCORPORATED 5.55 02/01/2017 25,522 350,000 ALCOA INCORPORATED 5.72 02/23/2019 353,265 300,000 ALCOA INCORPORATED 5.90 02/01/2027 291,997 25,000 ALCOA INCORPORATED 5.95 02/01/2037 22,634 1,200,000 ALCOA INCORPORATED<< 6.00 07/15/2013 1,299,796 50,000 ALCOA INCORPORATED 6.75 07/15/2018 53,793 75,000 ALCOA INCORPORATED 6.75 01/15/2028 75,604 150,000 ALLEGHENY TECHNOLOGIES INCORPORATED 9.38 06/01/2019 181,978 150,000 BHP BILLITON FINANCE USA LIMITED 5.25 12/15/2015 170,170 50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 52,466 250,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.25 04/01/2015 267,500 1,000,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED 8.38 04/01/2017 1,110,000 225,000 NEWMONT MINING CORPORATION 5.13 10/01/2019 249,876 475,000 NEWMONT MINING CORPORATION 6.25 10/01/2039 542,027 100,000 NUCOR CORPORATION 5.00 06/01/2013 109,387 500,000 NUCOR CORPORATION 5.75 12/01/2017 582,315 150,000 NUCOR CORPORATION 5.85 06/01/2018 176,668 50,000 NUCOR CORPORATION 6.40 12/01/2037 61,908 440,000 SOUTHERN COPPER CORPORATION 6.75 04/16/2040 474,925 150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 173,822 90,000 SOUTHERN PERU COPPER CORPORATION 5.38 04/16/2020 94,803 6,566,757 ------------- PAPER & FOREST PRODUCTS: 0.07% 65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 71,026 450,000 INTERNATIONAL PAPER COMAPNY 7.50 08/15/2021 536,400 430,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 464,353 250,000 INTERNATIONAL PAPER COMPANY 7.30 11/15/2039 281,703 500,000 INTERNATIONAL PAPER COMPANY 7.95 06/15/2018 605,775 1,959,257 ------------- TELECOMMUNICATION SERVICES: 1.20% DIVERSIFIED TELECOMMUNICATION SERVICES: 1.08% 350,000 ALLTEL CORPORATION 7.88 07/01/2032 469,333 700,000 AMERICAN TOWER CORPORATION 5.25 04/15/2013 772,671 1,000,000 AT&T INCORPORATED 4.95 01/15/2013 1,089,512 1,075,000 AT&T INCORPORATED 5.10 09/15/2014 1,208,349 1,000,000 AT&T INCORPORATED 5.50 02/01/2018 1,154,290
Wells Fargo Advantage Master Portfolios 77 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED TELECOMMUNICATION SERVICES (continued) $ 500,000 AT&T INCORPORATED 5.60% 05/15/2018 $ 579,855 300,000 AT&T INCORPORATED 5.80 02/15/2019 353,720 1,500,000 AT&T INCORPORATED 6.30 01/15/2038 1,718,850 570,000 AT&T INCORPORATED 6.50 09/01/2037 666,241 800,000 AT&T INCORPORATED 6.55 02/15/2039 948,042 1,350,000 AT&T INCORPORATED 6.70 11/15/2013 1,563,578 1,050,000 AT&T INCORPORATED 8.00 11/15/2031 1,439,113 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,115,560 950,000 AT&T WIRELESS 8.75 03/01/2031 1,382,187 750,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 946,940 325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 365,898 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 193,583 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 205,280 100,000 CENTURYTELELEPHONE INCORPORATED 5.00 02/15/2015 102,232 240,000 CENTURYTELELEPHONE INCORPORATED 6.00 04/01/2017 246,816 365,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 424,098 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 409,371 500,000 COX COMMUNICATIONS INCORPORATED 4.63 06/01/2013 537,569 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 202,839 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 333,570 650,000 EMBARQ CORPORATION 7.08 06/01/2016 708,627 500,000 EMBARQ CORPORATION 8.00 06/01/2036 517,181 350,000 FRANCE TELECOM SA (EUR) 5.38 07/08/2019 403,024 300,000 QWEST CORPORATION 6.88 09/15/2033 294,750 500,000 QWEST CORPORATION 7.50 06/15/2023 510,000 285,000 QWEST CORPORATION 8.38 05/01/2016 332,025 800,000 QWEST CORPORATION 8.88 03/15/2012 880,000 350,000 SBC COMMUNICATIONS 5.63 06/15/2016 405,659 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 285,398 1,000,000 VERIZON COMMUNICATIONS INCORPORATED 6.35 04/01/2019 1,208,012 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 618,266 1,350,000 VERIZON COMMUNICATIONS INCORPORATED 7.35 04/01/2039 1,758,605 1,050,000 VERIZON COMMUNICATIONS INCORPORATED 8.75 11/01/2018 1,415,291 500,000 VERIZON COMMUNICATIONS INCORPORATED 8.95 03/01/2039 742,415 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 365,420 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 109,114 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,122,710 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 456,419 550,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 582,666 467,000 VERIZON NEW YORK INCORPORATED SERIES A 6.88 04/01/2012 504,572 31,649,651 ------------- WIRELESS TELECOMMUNICATION SERVICES: 0.12% 100,000 AMERICAN TOWER CORPORATION 4.63 04/01/2015 106,065 200,000 AMERICAN TOWER CORPORATION 5.05 09/01/2020 201,708 350,000 AMERICAN TOWER CORPORATION 7.00 10/15/2017 404,688 1,500,000 VERIZON WIRELESS CAPITAL LLC 5.55 02/01/2014 1,697,456 250,000 VERIZON WIRELESS CAPITAL LLC 7.38 11/15/2013 296,258 500,000 VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 674,321 3,380,496 ------------- UTILITIES: 2.03% ELECTRIC UTILITIES: 1.75% 500,000 ALABAMA POWER COMPANY 6.00 03/01/2039 598,372 105,000 ALABAMA POWER COMPANY 6.13 05/15/2038 126,460
78 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- ELECTRIC UTILITIES (continued) $ 100,000 AMEREN ENERGY GENERATING COMPANY 6.30% 04/01/2020 $ 100,500 100,000 AMEREN ENERGY GENERATING COMPANY SERIES H 7.00 04/15/2018 106,795 75,000 AMEREN UNION ELECTRIC 5.40 02/01/2016 83,172 100,000 AMEREN UNION ELECTRIC 6.00 04/01/2018 115,225 250,000 AMERENENERGY GENERATING COMPANY SENIOR NOTE SERIES F 7.95 06/01/2032 263,731 600,000 APPALACHIAN POWER COMPANY 7.00 04/01/2038 753,610 315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 335,106 500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 525,822 65,000 ATLANTIC CITY ELECTRIC COMPANY 7.75 11/15/2018 83,049 180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 209,275 800,000 CAROLINA POWER & LIGHT COMPANY 5.30 01/15/2019 933,357 250,000 CENTERPOINT ENERGY HOUSTON MORTGAGE BOND SERIES K 6.95 03/15/2033 312,110 450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 498,505 500,000 COMMONWEALTH EDISON COMPANY 5.80 03/15/2018 587,174 250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 291,651 250,000 COMMONWEALTH EDISON COMPANY FIRST MORTGAGE BOND 4.70 04/15/2015 279,141 65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 74,672 50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 52,708 100,000 CONNECTICUT LIGHT & POWER COMPANY 5.65 05/01/2018 115,943 180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 4.88 02/01/2013 195,641 600,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.50 12/01/2039 662,066 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 5.85 04/01/2018 119,344 500,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.65 04/01/2019 631,532 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 6.75 04/01/2038 128,995 200,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED 7.13 12/01/2018 257,669 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED SERIES 06-C 5.50 09/15/2016 115,848 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED SERIES D 5.30 12/01/2016 57,605 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK INCORPORATED SERIES E 5.70 12/01/2036 56,388 150,000 CONSUMERS ENERGY COMPANY 5.65 09/15/2018 172,084 500,000 CONSUMERS ENERGY COMPANY FIRST MORTGAGE BOND 6.70 09/15/2019 618,228 150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 164,019 150,000 DUKE ENERGY CAROLINAS LLC 5.75 11/15/2013 171,070 100,000 DUKE ENERGY CAROLINAS LLC 7.00 11/15/2018 127,967 750,000 DUKE ENERGY CORPORATION 3.35 04/01/2015 784,322 725,000 DUKE ENERGY CORPORATION 3.95 09/15/2014 776,867 950,000 DUKE ENERGY CORPORATION 6.30 02/01/2014 1,087,377 75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 93,104 750,000 DUKE ENERGY INDIANA INCORPORATED 6.35 08/15/2038 943,465 65,000 DUKE ENERGY INDIANA INCORPORATED 6.45 04/01/2039 82,965 250,000 DUKE ENERGY OHIO INCORPORATED 5.45 04/01/2019 294,380 500,000 ENERGY EAST CORPORATION 6.75 07/15/2036 579,165 100,000 ENTERGY ARKANSAS INCORPORATED 5.40 08/01/2013 110,198 120,000 ENTERGY GULF STATES LOUISIANA LLC 5.59 10/01/2024 136,971 100,000 ENTERGY GULF STATES LOUISIANA LLC 6.00 05/01/2018 116,279 250,000 ENTERGY LOUISIANA LLC 5.40 11/01/2024 292,589 375,000 EXELON CORPORATION 4.90 06/15/2015 411,050 65,000 EXELON CORPORATION 5.63 06/15/2035 67,115 500,000 EXELON GENERATION COMPANY LLC 5.20 10/01/2019 554,966 500,000 EXELON GENERATION COMPANY LLC 6.25 10/01/2039 559,183 7,000 FIRSTENERGY CORPORATION SERIES B 6.45 11/15/2011 7,351 430,000 FIRSTENERGY CORPORATION SERIES C 7.38 11/15/2031 476,350 1,200,000 FIRSTENERGY SOLUTIONS COMPANY 4.80 02/15/2015 1,279,490 240,000 FIRSTENERGY SOLUTIONS COMPANY 6.05 08/15/2021 254,207 164,000 FIRSTENERGY SOLUTIONS COMPANY 6.80 08/15/2039 168,526 100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 108,032 150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 172,334
Wells Fargo Advantage Master Portfolios 79 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- ELECTRIC UTILITIES (continued) $ 585,000 FLORIDA POWER & LIGHT COMPANY 5.69% 03/01/2040 $ 686,842 100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 118,997 50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 60,409 500,000 FLORIDA POWER & LIGHT COMPANY 6.40 06/15/2038 627,867 125,000 FLORIDA POWER CORPORATION 5.65 04/01/2040 143,756 100,000 FPL GROUP CAPITAL INCORPORATED 2.55 11/15/2013 102,299 800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 837,052 750,000 FPL GROUP CAPITAL INCORPORATED 6.00 03/01/2019 880,189 125,000 GEORGIA POWER COMPANY 4.25 12/01/2019 135,125 200,000 GEORGIA POWER COMPANY 5.40 06/01/2018 232,507 250,000 GEORGIA POWER COMPANY 5.40 06/01/2040 272,140 125,000 GEORGIA POWER COMPANY 6.00 11/01/2013 142,479 250,000 GEORGIA POWER COMPANY SERIES 2009 A 5.95 02/01/2039 295,408 100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 117,511 250,000 GREAT PLAIN ENERGY INCORPORATED 6.38 03/01/2018 294,694 100,000 ILLINOIS POWER COMPANY 6.13 11/15/2017 115,342 50,000 ILLINOIS POWER COMPANY 6.25 04/01/2018 57,364 500,000 INDIANA MICHIGAN POWER COMPANY 7.00 03/15/2019 614,480 30,000 INTERSTATE POWER & LIGHT COMPANY 6.25 07/15/2039 36,567 100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 112,511 250,000 JERSEY CENTURY POWER & LIGHT COMPANY 7.35 02/01/2019 311,759 200,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 3.15 07/15/2012 206,856 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.30 03/15/2018 288,894 75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 86,895 180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 195,913 100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 113,347 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 288,939 500,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.50 09/15/2037 607,538 300,000 NEVADA POWER COMPANY 7.13 03/15/2019 370,166 550,000 NEVADA POWER COMPANY SERIES O 6.50 05/15/2018 659,301 180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 194,776 65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 69,595 100,000 NISOURCE FINANCE CORPORATION 6.13 03/01/2022 111,601 100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 114,802 90,000 NISOURCE FINANCE CORPORATION 6.80 01/15/2019 106,046 500,000 NISOURCE FINANCE CORPORATION 10.75 03/15/2016 655,124 150,000 NORTHERN STATES POWER COMPANY MINNESOTA 1.95 08/15/2015 150,770 500,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.25 03/01/2018 579,404 40,000 NORTHERN STATES POWER COMPANY MINNESOTA 5.35 11/01/2039 45,242 100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 124,777 250,000 NORTHERN STATES POWER COMPANY MINNESOTA FIRST MORTGAGE BOND SERIES B 8.00 08/28/2012 284,235 100,000 NSTAR ELECTRIC COMPANY 5.50 03/15/2040 116,522 65,000 OHIO POWER COMPANY 5.38 10/01/2021 74,635 250,000 OHIO POWER COMPANY 6.00 06/01/2016 290,136 100,000 OKLAHOMA GAS AND ELECTRIC COMPANY 5.85 06/01/2040 115,915 800,000 ONCOR ELECTRIC DELIVERY COMPANY 5.95 09/01/2013 891,724 500,000 ONCOR ELECTRIC DELIVERY COMPANY 6.80 09/01/2018 607,234 125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 138,133 500,000 PACIFIC GAS & ELECTRIC COMPANY 5.80 03/01/2037 575,758 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 235,465 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.25 12/01/2013 229,578 100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 122,888 1,000,000 PACIFIC GAS & ELECTRIC COMPANY 8.25 10/15/2018 1,319,823 600,000 PACIFICORP 5.65 07/15/2018 711,628 500,000 PACIFICORP 6.00 01/15/2039 602,579 720,000 PACIFICORP 6.25 10/15/2037 891,954
80 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- ELECTRIC UTILITIES (continued) $ 250,000 PORTLAND GENERAL ELECTRIC COMPANY 6.10% 04/15/2019 $ 304,654 200,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 255,477 45,000 PPL ELECTRIC UTILITIES CORPORATION 6.25 05/15/2039 55,883 500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 568,049 75,000 PROGRESS ENERGY INCORPORATED 4.55 04/01/2020 83,760 300,000 PROGRESS ENERGY INCORPORATED 6.00 12/01/2039 343,030 50,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 62,427 120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 161,918 700,000 PSEG POWER LLC 2.50 04/15/2013 716,855 280,000 PSEG POWER LLC 5.13 04/15/2020 303,093 75,000 PSEG POWER LLC 8.63 04/15/2031 104,441 50,000 PUBLIC SERVICE COMPANY OF COLORADO 5.13 06/01/2019 57,581 500,000 PUBLIC SERVICE COMPANY OF COLORADO 6.25 09/01/2037 628,163 150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 170,201 40,000 PUBLIC SERVICE COMPANY OF OKLAHOMA 5.15 12/01/2019 44,243 1,000,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY 5.30 05/01/2018 1,146,830 100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 119,798 150,000 PUGET SOUND ENERGY INCORPORATED 5.76 10/01/2039 165,213 50,000 PUGET SOUND ENERGY INCORPORATED 5.80 03/15/2040 55,396 330,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 386,794 530,000 SAN DIEGO GAS & ELECTRIC COMPANY 6.00 06/01/2039 661,963 525,000 SOUTH CAROLINA ELECTRIC & GAS COMPANY 6.50 11/01/2018 649,437 700,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.50 03/15/2040 803,059 750,000 SOUTHERN CALIFORNIA EDISON COMPANY 5.75 03/15/2014 860,936 350,000 SOUTHERN CALIFORNIA EDISON COMPANY 6.05 03/15/2039 431,148 100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 114,147 180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 200,294 125,000 SOUTHERN COMPANY 4.15 05/15/2014 135,509 100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 105,631 250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 277,756 50,000 SOUTHWESTERN ELECTRIC POWER 6.20 03/15/2040 54,808 100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 109,934 100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 107,823 100,000 TAMPA ELECTRIC COMAPNY 6.10 05/15/2018 117,565 75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 86,591 200,000 TENNESSEE VALLEY AUTHORITY 4.50 04/01/2018 228,671 150,000 TENNESSEE VALLEY AUTHORITY 5.50 07/18/2017 180,983 50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 56,929 75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 80,865 75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 92,023 75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 94,426 80,000 UNION ELECTRIC COMPANY 8.45 03/15/2039 120,304 200,000 VIRGINIA ELECTRIC & POWER COMPANY 5.00 06/30/2019 227,826 300,000 VIRGINIA ELECTRIC & POWER COMPANY 8.88 11/15/2038 459,979 100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 108,294 605,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 725,448 100,000 WISCONSIN ELECTRIC POWER COMPANY 4.25 12/15/2019 109,813 100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 114,569 50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 58,455 50,000 WISCONSIN POWER & LIGHT COMPANY 5.00 07/15/2019 57,402 250,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 312,049 51,133,054 ------------- GAS UTILITIES: 0.04% 100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 109,973 50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 57,143
Wells Fargo Advantage Master Portfolios 81 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- GAS UTILITIES (continued) $ 250,000 ATMOS ENERGY CORPORATION 8.50% 03/15/2019 $ 325,815 100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 111,538 125,000 KEYSPAN CORPORATION 5.80 04/01/2035 139,390 65,000 ONEOK INCORPORATED 5.20 06/15/2015 70,148 400,000 PANHANDLE EAST PIPE LINE COMPANY LP 6.20 11/01/2017 443,038 75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 87,722 1,344,767 ------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.02% 500,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.60 04/01/2032 618,146 ------------- MULTI-UTILITIES: 0.19% 100,000 ALLIANT ENERGY CORPORATION 4.00 10/15/2014 104,867 250,000 AMEREN CORPORATION 8.88 05/15/2014 290,189 55,000 AVISTA CORPORATION 5.13 04/01/2022 61,070 250,000 CENTERPOINT ENERGY RESOURCES CORPORATION 5.95 02/01/2017 280,637 580,000 DOMINION RESOURCES INCORPORATED 5.20 08/15/2019 663,385 180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 196,132 750,000 DOMINION RESOURCES INCORPORATED 6.40 06/15/2018 924,095 50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 58,564 125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 143,018 350,000 DOMINION RESOURCES INCORPORATED SERIES C 5.15 07/15/2015 396,687 350,000 DTE ENERGY COMPANY 6.35 06/01/2016 406,596 50,000 DTE ENERGY COMPANY 7.63 05/15/2014 58,727 125,000 DUKE CAPITAL LLC 5.67 08/15/2014 139,210 100,000 DUKE CAPITAL LLC 8.00 10/01/2019 126,999 100,000 NSTAR GLOBAL SERVICES INCORPORATED 4.50 11/15/2019 110,883 100,000 SEMPRA ENERGY 6.00 02/01/2013 109,972 1,090,000 SEMPRA ENERGY 6.50 06/01/2016 1,296,774 125,000 WISCONSIN ENERGY CORPORATION 6.25 05/15/2067 118,125 5,485,930 ------------- WATER UTILITIES: 0.03% 750,000 AMERICAN WATER CAPITAL CORPORATION 6.09 10/15/2017 856,354 ------------- TOTAL CORPORATE BONDS & NOTES (COST $579,289,746) 629,090,454 ------------- YANKEE CORPORATE BONDS & NOTES: 3.65% CONSUMER DISCRETIONARY: 0.09% MEDIA: 0.09% 250,000 GRUPO TELEVISA SA 6.00 05/15/2018 279,693 500,000 GRUPO TELEVISA SA 6.63 01/15/2040 566,847 125,000 THOMSON REUTERS CORPORATION 4.70 10/15/2019 138,376 200,000 THOMSON REUTERS CORPORATION 5.70 10/01/2014 228,912 250,000 THOMSON REUTERS CORPORATION 5.95 07/15/2013 281,194 500,000 THOMSON REUTERS CORPORATION 6.50 07/15/2018 605,063 500,000 WPP FINANCE UK 8.00 09/15/2014 588,245 2,688,330 ------------- CONSUMER STAPLES: 0.09% BEVERAGES: 0.09% 250,000 COCA-COLA HBC FINANCE B.V. 5.13 09/17/2013 272,473 50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 54,570 1,050,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 1,232,772 75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 88,637
82 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- BEVERAGES (continued) $ 500,000 DIAGEO CAPITAL PLC 7.38% 01/15/2014 $ 591,137 100,000 DIAGEO FINANCE BV 3.25 01/15/2015 105,463 125,000 DIAGEO FINANCE BV 5.30 10/28/2015 142,865 2,487,917 ------------- ENERGY: 0.86% ENERGY EQUIPMENT & SERVICES: 0.03% 100,000 WEATHERFORD INTERNATIONAL LIMITED 6.00 03/15/2018 110,172 500,000 WEATHERFORD INTERNATIONAL LIMITED 9.63 03/01/2019 656,021 766,193 ------------- OIL, GAS & CONSUMABLE FUELS: 0.83% 350,000 ALBERTA ENERGY COMPANY LIMITED 7.38 11/01/2031 430,673 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13 09/15/2030 195,585 325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 312,770 500,000 BP CAPITAL MARKETS PLC 3.13 03/10/2012 500,864 200,000 BP CAPITAL MARKETS PLC 3.63 05/08/2014 198,444 200,000 BP CAPITAL MARKETS PLC 3.88 03/10/2015 198,114 150,000 BP CAPITAL MARKETS PLC 4.75 03/10/2019 147,161 1,000,000 BP CAPITAL MARKETS PLC 5.25 11/07/2013 1,037,880 100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 106,765 500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 640,266 1,150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 1,327,404 65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 71,905 500,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 571,164 500,000 CENOVUS ENERGY INCORPORATED 4.50 09/15/2014 548,386 500,000 CENOVUS ENERGY INCORPORATED 6.75 11/15/2039 613,517 400,000 ENCANA CORPORATION 6.50 05/15/2019 487,329 350,000 ENCANA CORPORATION 6.50 02/01/2038 408,357 154,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 174,608 105,000 HUSKY ENERGY INCORPORATED 5.90 06/15/2014 117,239 100,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 117,628 100,000 NEXEN INCORPORATED 5.65 05/15/2017 112,870 80,000 NEXEN INCORPORATED 6.20 07/30/2019 92,370 100,000 NEXEN INCORPORATED 6.40 05/15/2037 109,751 560,000 NEXEN INCORPORATED 7.50 07/30/2039 702,437 250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 4.90 08/01/2020 267,218 250,000 NOBLE HOLDINGS INTERNATIONAL LIMITED CORPORATION 7.38 03/15/2014 288,302 250,000 NORSK HYDRO ASA 6.80 01/15/2028 317,536 250,000 PC FINANCIAL PARTNERSHIP 5.00 11/15/2014 274,334 400,000 PETRO-CANADA 6.80 05/15/2038 480,943 700,000 PETRO-CANADA 5.95 05/15/2035 761,691 120,000 PETROLEOS MEXICANOS++ 6.00 03/05/2020 129,900 440,000 SHELL INTERNATIONAL FINANCE BV 1.88 03/25/2013 449,069 950,000 SHELL INTERNATIONAL FINANCE BV 4.00 03/21/2014 1,029,709 250,000 SHELL INTERNATIONAL FINANCE BV 4.38 03/25/2020 274,049 500,000 SHELL INTERNATIONAL FINANCE BV 4.95 03/22/2012 532,076 300,000 SHELL INTERNATIONAL FINANCE BV 5.50 03/25/2040 343,650 750,000 SHELL INTERNATIONAL FINANCE BV 6.38 12/15/2038 953,042 500,000 SHELL INTERNATIONAL FINANCE BV 3.25 09/22/2015 527,647 500,000 SHELL INTERNATIONAL FINANCE BV 4.30 09/22/2019 542,146 250,000 SHELL INTERNATIONAL FINANCE BV 5.20 03/22/2017 287,319 150,000 STATOILHYDRO ASA 3.88 04/15/2014 161,993 815,000 STATOILHYDRO ASA 5.25 04/15/2019 941,983 75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 81,765
Wells Fargo Advantage Master Portfolios 83 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- OIL, GAS & CONSUMABLE FUELS (continued) $ 500,000 SUNCOR ENERGY INCORPORATED 6.10% 06/01/2018 $ 583,833 150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 174,670 250,000 SUNCOR ENERGY INCORPORATED 6.85 06/01/2039 303,219 65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 71,878 400,000 TALISMAN ENERGY INCORPORATED 6.25 02/01/2038 443,106 65,000 TALISMAN ENERGY INCORPORATED 7.75 06/01/2019 82,013 1,000,000 TOTAL CAPITAL SA 3.13 10/02/2015 1,050,569 500,000 TOTAL CAPITAL SA 4.45 06/24/2020 547,431 585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 666,237 1,000,000 TRANSCANADA PIPELINES LIMITED 7.13 01/15/2019 1,285,295 500,000 TRANSCANADA PIPELINES LIMITED 7.63 01/15/2039 670,924 600,000 TRANSOCEAN INCORPORATED 6.00 03/15/2018 600,019 24,347,053 ------------- FINANCIALS: 1.01% CAPITAL MARKETS: 0.03% 400,000 NOMURA HOLDINGS INCORPORATED 5.00 03/04/2015 429,432 356,000 NOMURA HOLDINGS INCORPORATED 6.70 03/04/2020 406,576 836,008 ------------- COMMERCIAL BANKS: 0.33% 300,000 BANK OF MONTREAL 2.13 06/28/2013 308,368 545,000 BANK OF NOVA SCOTIA 2.25 01/22/2013 558,846 250,000 BANK OF NOVA SCOTIA 2.38 12/17/2013 258,157 650,000 BANK OF NOVA SCOTIA 3.40 01/22/2015 691,373 500,000 BNP PARIBAS 3.25 03/11/2015 516,103 800,000 HSBC HOLDINGS PLC 5.25 12/12/2012 857,037 850,000 HSBC HOLDINGS PLC 6.50 09/15/2037 979,449 350,000 HSBC HOLDINGS PLC 6.80 06/01/2038 414,326 1,000,000 ICICI BANK LIMITED++ 6.63 10/03/2012 1,069,400 500,000 ROYAL BANK OF CANADA 2.10 07/29/2013 513,432 250,000 ROYAL BANK OF CANADA 2.63 12/15/2015 257,527 360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 361,817 375,000 ROYAL BANK OF SCOTLAND GROUP PLC 6.40 10/21/2019 400,919 750,000 WESTPAC BANKING CORPORATION 2.25 11/19/2012 762,920 780,000 WESTPAC BANKING CORPORATION 4.20 02/27/2015 833,820 800,000 WESTPAC BANKING CORPORATION 4.88 11/19/2019 851,605 9,635,099 ------------- CONSUMER FINANCE: 0.02% 415,000 ORIX CORPORATION 4.71 04/27/2015 425,757 75,000 ORIX CORPORATION 5.48 11/22/2011 78,149 503,906 ------------- DIVERSIFIED FINANCIAL SERVICES: 0.57% 165,000 ANGLOGOLD HOLDINGS PLC 5.38 04/15/2020 172,373 45,000 ANGLOGOLD HOLDINGS PLC 6.50 04/15/2040 47,545 1,000,000 BARCLAYS BANK PLC 2.50 01/23/2013 1,018,226 250,000 BARCLAYS BANK PLC 3.90 04/07/2015 261,576 400,000 BARCLAYS BANK PLC 5.00 09/22/2016 434,048 500,000 BARCLAYS BANK PLC 5.13 01/08/2020 531,536 600,000 BARCLAYS BANK PLC 5.20 07/10/2014 660,047 300,000 BARCLAYS BANK PLC 5.45 09/12/2012 323,625 750,000 BARCLAYS BANK PLC 6.75 05/22/2019 886,798
84 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED FINANCIAL SERVICES (continued) $ 150,000 CONOCOPHILLIPS CANADA 5.63% 10/15/2016 $ 176,652 500,000 CREDIT SUISSE NEW YORK NY 3.50 03/23/2015 518,640 250,000 CREDIT SUISSE NEW YORK NY 5.40 01/14/2020 263,196 1,200,000 CREDIT SUISSE NEW YORK NY 5.50 05/01/2014 1,328,292 625,000 CREDIT SUISSE NEW YORK NY 6.00 02/15/2018 681,436 500,000 DEUTSCHE BANK AG 3.45 03/30/2015 520,605 750,000 DEUTSCHE BANK AG LONDON 2.38 01/11/2013 763,552 1,000,000 DEUTSCHE BANK AG LONDON 3.88 08/18/2014 1,065,500 1,000,000 DEUTSCHE BANK AG LONDON 4.88 05/20/2013 1,079,527 500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 579,251 1,000,000 ROYAL BANK OF SCOTLAND PLC 4.88 03/16/2015 1,043,502 500,000 UBS AG STAMFORD CT 3.88 01/15/2015 516,654 1,000,000 UBS AG STAMFORD CT 5.75 04/25/2018 1,122,998 1,500,000 UBS AG STAMFORD CT SERIES DPNT 5.88 12/20/2017 1,693,254 1,000,000 UFJ FINANCE ARUBA AEC 6.75 07/15/2013 1,124,714 16,813,547 ------------- INSURANCE: 0.06% 500,000 AEGON NV 4.63 12/01/2015 523,832 650,000 AXA SA 8.60 12/15/2030 751,147 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 69,760 312,000 XL CAPITAL LIMITED 5.25 09/15/2014 331,398 1,676,137 ------------- HEALTH CARE: 0.16% PHARMACEUTICALS: 0.16% 500,000 ASTRAZENECA PLC 5.40 09/15/2012 545,604 75,000 ASTRAZENECA PLC 5.40 06/01/2014 85,932 500,000 ASTRAZENECA PLC 5.90 09/15/2017 604,392 850,000 ASTRAZENECA PLC 6.45 09/15/2037 1,089,504 200,000 COVIDIEN INTERNATIONAL FINANCE SA 1.88 06/15/2013 203,424 150,000 COVIDIEN INTERNATIONAL FINANCE SA 2.80 06/15/2015 154,814 100,000 COVIDIEN INTERNATIONAL FINANCE SA 5.45 10/15/2012 109,197 600,000 COVIDIEN INTERNATIONAL FINANCE SA 6.00 10/15/2017 713,752 50,000 COVIDIEN INTERNATIONAL FINANCE SA 6.55 10/15/2037 64,139 500,000 NOVARTIS SECURITIES INVESTMENT LIMITED 5.13 02/10/2019 576,288 500,000 TEVA PHARMACEUTICAL FINANCE LLC 3.00 06/15/2015 521,041 4,668,087 ------------- INDUSTRIALS: 0.14% AEROSPACE & DEFENSE: 0.02% 500,000 EMBRAER OVERSEAS LIMITED 6.38 01/15/2020 550,000 ------------- COMMERCIAL SERVICES & SUPPLIES: 0.08% 65,000 CANADIAN PACIFIC RAILWAY COMPANY 7.25 05/15/2019 80,772 500,000 INGERSOLL-RAND GLOBAL HOLDING COMPANY LTD 9.50 04/15/2014 619,703 500,000 TYCO ELECTRONICS GROUP SA 6.00 10/01/2012 541,082 250,000 TYCO INTERNATIONAL FINANCE SA 3.38 10/15/2015 262,639 200,000 TYCO INTERNATIONAL FINANCE SA 4.13 10/15/2014 216,785 500,000 TYCO INTERNATIONAL FINANCE SA 8.50 01/15/2019 667,936 2,388,917 ------------- INDUSTRIAL CONGLOMERATES: 0.02% 650,000 KONINKLIJKE PHILIPS ELECTRONICS NV 5.75 03/11/2018 759,128 -------------
Wells Fargo Advantage Master Portfolios 85 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- TRANSPORTATION INFRASTRUCTURE: 0.02% $ 360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75% 03/15/2033 $ 393,929 65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 73,675 467,604 ------------- INFORMATION TECHNOLOGY: 0.02% COMMUNICATIONS EQUIPMENT: 0.02% 500,000 NOKIA CORPORATION 5.38 05/15/2019 551,611 ------------- MATERIALS: 0.53% CHEMICALS: 0.04% 300,000 AGRIUM INCORPORATED 6.75 01/15/2019 356,300 560,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 3.75 09/30/2015 598,927 55,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 4.88 03/30/2020 59,391 50,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.25 05/15/2014 55,670 75,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 5.88 12/01/2036 83,176 65,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 6.50 05/15/2019 78,273 1,231,737 ------------- CONSTRUCTION MATERIALS: 0.02% 500,000 LAFARGE SA 7.13 07/15/2036 484,472 75,000 LAFARGE SA 6.50 07/15/2016 80,689 565,161 ------------- METALS & MINING: 0.46% 600,000 ALCAN INCORPORATED 6.13 12/15/2033 697,667 750,000 ARCELORMITTAL 5.38 06/01/2013 799,679 350,000 ARCELORMITTAL 7.00 10/15/2039 359,014 425,000 ARCELORMITTAL 9.00 02/15/2015 510,422 250,000 ARCELORMITTAL 9.85 06/01/2019 314,144 450,000 BARRICK AUSTRALIAN FINANCE PROPRIETARY LIMITED 5.95 10/15/2039 508,968 450,000 BARRICK GOLD CORPORATION 6.95 04/01/2019 564,964 200,000 BHP BILLITON FINANCE USA LIMITED 5.40 03/29/2017 226,519 800,000 BHP BILLITON FINANCE USA LIMITED 5.50 04/01/2014 900,070 700,000 BHP BILLITON FINANCE USA LIMITED 6.50 04/01/2019 849,846 600,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 659,627 750,000 RIO TINTO FINANCE USA LIMITED 6.50 07/15/2018 887,717 1,475,000 RIO TINTO FINANCE USA LIMITED 8.95 05/01/2014 1,809,213 130,000 RIO TINTO FINANCE USA LIMITED 9.00 05/01/2019 177,644 1,250,000 TECK RESOURCES LIMITED 9.75 05/15/2014 1,548,705 855,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 958,430 1,260,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 1,434,705 130,000 VALE OVERSEAS LIMITED 6.88 11/10/2039 148,871 13,356,205 ------------- PAPER & FOREST PRODUCTS: 0.01% 350,000 CELULOSA ARAUCO Y CONSTITUCION 7.25 07/29/2019 406,594 ------------- TELECOMMUNICATION SERVICES: 0.71% DIVERSIFIED TELECOMMUNICATION SERVICES: 0.46% 350,000 BRITISH TELECOMMUNICATIONS PLC 5.15 01/15/2013 371,117 250,000 BRITISH TELECOMMUNICATIONS PLC 5.95 01/15/2018 273,829 600,000 BRITISH TELECOMMUNICATIONS PLC 9.88 12/15/2030 823,327
86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- DIVERSIFIED TELECOMMUNICATION SERVICES (continued) $ 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.25% 07/22/2013 $ 1,093,421 275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 315,536 500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00 07/08/2019 588,173 830,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.75 06/15/2030 1,164,707 500,000 FRANCE TELECOM SA (EUR) 4.38 07/08/2014 552,725 575,000 FRANCE TELECOM SA (EUR) 8.50 03/01/2031 836,469 375,000 ROYAL KPN NV 8.38 10/01/2030 523,137 650,000 TELECOM ITALIA CAPITAL SA 4.95 09/30/2014 683,192 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 441,221 200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 212,882 150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 142,938 1,000,000 TELECOM ITALIA CAPITAL SA 7.18 06/18/2019 1,152,409 500,000 TELECOM ITALIA CAPITAL SA 7.72 06/04/2038 561,476 500,000 TELEFONICA EMISIONES SAU 2.58 04/26/2013 506,852 470,000 TELEFONICA EMISIONES SAU 3.73 04/27/2015 485,973 430,000 TELEFONICA EMISIONES SAU 4.95 01/15/2015 464,211 445,000 TELEFONICA EMISIONES SAU 5.13 04/27/2020 479,541 150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 172,876 550,000 TELEFONICA EMISIONES SAU 7.05 06/20/2036 661,569 120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 158,614 645,000 TELEFONICA SA 5.88 07/15/2019 731,553 65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 71,816 13,469,564 ------------- WIRELESS TELECOMMUNICATION SERVICES: 0.25% 500,000 AMERICA MOVIL SAB DE CV++ 3.63 03/30/2015 522,823 1,000,000 AMERICA MOVIL SAB DE CV 5.00 03/30/2020 1,089,752 450,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 509,177 100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 111,758 65,000 AMERICA MOVIL SAB DE CV 6.38 03/01/2035 75,163 750,000 ROGERS COMMUNICATIONS INCORPORATED 6.80 08/15/2018 922,850 500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 607,925 400,000 SUNCOR ENERGY INCORPORATED 5.45 06/10/2019 454,590 250,000 VODAFONE GROUP PLC 4.15 06/10/2014 268,559 180,000 VODAFONE GROUP PLC 4.63 07/15/2018 191,913 1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 1,093,021 75,000 VODAFONE GROUP PLC 5.38 01/30/2015 83,976 500,000 VODAFONE GROUP PLC 5.63 02/27/2017 567,070 400,000 VODAFONE GROUP PLC 6.15 02/27/2037 459,689 250,000 VODAFONE GROUP PLC 7.88 02/15/2030 328,818 7,287,084 ------------- UTILITIES: 0.04% INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.02% 400,000 TRANSALTA CORPORATION 4.75 01/15/2015 430,286 90,000 TRANSALTA CORPORATION 6.50 03/15/2040 96,385 526,671 ------------- MULTI-UTILITIES: 0.01% 350,000 NATIONAL GRID PLC 6.30 08/01/2016 410,243 ------------- WATER UTILITIES: 0.01% 250,000 UNITED UTILITIES INCORPORATED 5.38 02/01/2019 272,121 ------------- TOTAL YANKEE CORPORATE BONDS & NOTES (COST $98,668,514) 106,664,917 -------------
Wells Fargo Advantage Master Portfolios 87 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS@: 24.54% 500,000 AUSTRALIA COMMONWEALTH (AUD) 5.75% 05/15/2021 $ 479,099 600,000 AUSTRALIA COMMONWEALTH (AUD) 6.25 06/15/2014 568,956 500,000 AUSTRALIA COMMONWEALTH (AUD) 6.25 04/15/2015 479,104 850,000 AUSTRALIA COMMONWEALTH (AUD) 6.50 05/15/2013 799,457 1,000,000 AUSTRALIA GOVERNMENT BOND SERIES 122 (AUD) 5.25 03/15/2019 922,824 800,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00 02/15/2017 766,858 600,000 AUSTRALIAN GOVERNMENT BOND SERIES 123 (AUD) 5.75 04/15/2012 546,306 600,000 AUSTRALIAN GOVERNMENT BOND SERIES 126 (AUD) 4.50 04/15/2020 522,172 350,000 AUSTRALIAN GOVERNMENT BOND SERIES 127 (AUD) 4.75 11/15/2012 314,559 1,000,000 BELGIUM (KINGDOM) (EUR) 3.25 09/28/2016 1,341,955 1,200,000 BELGIUM (KINGDOM) (EUR) 3.75 09/28/2020 1,638,981 1,800,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2014 2,491,888 500,000 BELGIUM (KINGDOM) (EUR) 4.00 03/28/2022 697,311 1,000,000 BELGIUM (KINGDOM) (EUR) 4.25 09/28/2013 1,386,372 250,000 BELGIUM (KINGDOM) (EUR) 4.25 03/28/2041 366,090 500,000 BELGIUM (KINGDOM) (EUR) 5.00 09/28/2011 662,506 2,000,000 BELGIUM (KINGDOM) (EUR) 5.00 09/28/2012 2,750,314 885,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 1,473,516 700,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,066,664 1,000,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,401,668 680,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 1,107,065 1,050,000 BELGIUM GOVERNMENT BOND SERIES 49 (EUR) 4.00 03/28/2017 1,467,160 500,000 BELGIUM GOVERNMENT BOND SERIES 56 (EUR) 3.50 03/28/2015 682,142 1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 3.15 01/31/2016 1,256,124 1,000,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.25 01/31/2014 1,333,159 2,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.30 10/31/2019 3,253,064 1,500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.60 07/30/2019 1,994,456 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.65 07/30/2025 642,838 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.70 07/30/2041 616,454 500,000 BONOS Y OBLIGACIONES DEL ESTADO (EUR) 4.85 10/31/2020 677,105 1,000,000 BUNDESOBLIGATION (EUR) 2.25 04/11/2014 1,329,979 1,000,000 BUNDESOBLIGATION (EUR) 2.25 04/10/2015 1,326,520 1,000,000 BUNDESOBLIGATION (EUR) 2.50 10/10/2014 1,341,930 1,000,000 BUNDESOBLIGATION (EUR) 2.50 02/27/2015 1,341,296 1,000,000 BUNDESOBLIGATION (EUR) 3.50 10/14/2011 1,309,437 1,300,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.25 01/04/2020 1,813,684 750,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.25 07/04/2042 1,072,103 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.50 07/04/2019 2,128,049 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 3.75 07/04/2013 2,061,690 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.00 10/11/2013 2,089,481 600,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 10/12/2012 818,555 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 07/04/2014 2,133,258 1,500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.25 07/04/2017 2,213,779 550,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 4.75 07/04/2040 993,842 500,000 BUNDESREPUBLIK DEUTSCHLAND (EUR) 6.50 07/04/2027 972,355 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.50 01/04/2031 2,003,282 750,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,466,887 1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 1,881,292 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,369,644 2,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 3,014,701 2,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.50 01/04/2013 3,038,867 1,160,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 1,994,099 1,600,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 2,251,326 1,300,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.25 07/04/2015 1,799,170 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,403,188 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,736,071
88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 1,200,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 06 (EUR) 4.00% 07/04/2016 $ 1,731,515 1,100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 07 (EUR) 4.25 07/04/2039 1,841,233 1,700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 08 (EUR) 4.25 07/04/2018 2,525,925 1,500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 09 (EUR) 3.75 01/04/2019 2,162,797 655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,198,201 500,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 4.75 07/04/2028 824,353 700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 1,256,312 1,250,000 BUNDESSCHATZANWEISUNGEN (EUR) 0.50 06/15/2012 1,583,699 1,850,000 BUNDESSCHATZANWEISUNGEN (EUR) 1.00 03/16/2012 2,361,739 2,000,000 BUNDESSCHATZANWEISUNGEN (EUR) 1.25 09/16/2011 2,554,574 1,500,000 BUONI POLIENNALI DEL TES (EUR) 2.00 12/15/2012 1,904,677 1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.00 06/01/2013 1,262,679 1,000,000 BUONI POLIENNALI DEL TES (EUR) 2.50 07/01/2012 1,283,698 1,300,000 BUONI POLIENNALI DEL TES (EUR) 3.00 03/01/2012 1,680,855 1,700,000 BUONI POLIENNALI DEL TES (EUR) 3.00 04/15/2015 2,191,488 1,000,000 BUONI POLIENNALI DEL TES (EUR) 3.00 06/15/2015 1,287,575 1,500,000 BUONI POLIENNALI DEL TES (EUR) 3.50 06/01/2014 1,978,051 1,000,000 BUONI POLIENNALI DEL TES (EUR) 4.00 09/01/2020 1,295,764 500,000 BUONI POLIENNALI DEL TES (EUR) 4.25 10/15/2012 664,578 2,000,000 BUONI POLIENNALI DEL TES (EUR) 4.25 09/01/2019 2,662,544 1,800,000 BUONI POLIENNALI DEL TES (EUR) 4.25 03/01/2020 2,382,375 1,000,000 BUONI POLIENNALI DEL TES (EUR) 4.50 08/01/2018 1,362,738 500,000 BUONI POLIENNALI DEL TES (EUR) 5.00 03/01/2025 683,390 800,000 BUONI POLIENNALI DEL TES (EUR) 5.00 09/01/2040 1,078,988 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 1.25 12/01/2011 940,170 1,600,000 CANADIAN GOVERNMENT BOND (CAD) 1.50 06/01/2012 1,510,408 900,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 09/01/2012 857,083 1,100,000 CANADIAN GOVERNMENT BOND (CAD) 2.00 12/01/2014 1,039,025 400,000 CANADIAN GOVERNMENT BOND (CAD) 2.50 06/01/2015 384,838 1,500,000 CANADIAN GOVERNMENT BOND (CAD) 3.00 06/01/2014 1,473,231 600,000 CANADIAN GOVERNMENT BOND (CAD) 3.00 12/01/2015 589,788 600,000 CANADIAN GOVERNMENT BOND (CAD) 3.50 06/01/2013 594,345 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 3.50 06/01/2020 996,202 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 3.75 06/01/2019 1,016,955 1,300,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 1,340,414 500,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2017 517,827 850,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2041 889,848 500,000 CANADIAN GOVERNMENT BOND (CAD) 4.25 06/01/2018 526,778 400,000 CANADIAN GOVERNMENT BOND (CAD) 4.50 06/01/2015 418,673 700,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 836,311 300,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2012 301,370 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 1,035,026 1,000,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2029 1,242,772 600,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 766,549 95,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2023 135,469 593,000 CANADIAN GOVERNMENT BOND (CAD) 8.00 06/01/2027 887,623 500,000 CERT DI CREDITO DEL TES (EUR)## 1.40 02/29/2012 618,323 3,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2012 545,439 3,925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 750,150 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 679,243 3,500,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2019 687,480 5,000,000 DENMARK GOVERNMENT BOND (DKK) 4.50 11/15/2039 1,174,343 4,000,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 765,719 3,450,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 624,511 1,000,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 264,283
Wells Fargo Advantage Master Portfolios 89 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.00% 07/12/2014 $ 1,354,475 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.00 10/25/2015 2,030,686 700,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.25 04/25/2016 959,061 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.50 04/25/2015 1,382,634 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.50 04/25/2020 2,066,214 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 01/12/2012 660,871 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2017 1,408,790 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 10/25/2019 703,837 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,405,419 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2013 2,060,625 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2013 2,080,128 2,700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 3,776,428 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2014 2,810,761 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2018 1,433,691 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2038 2,257,841 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2055 784,162 350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2060 553,903 700,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 10/25/2018 1,020,270 2,250,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 04/25/2019 3,288,334 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.25 10/25/2023 1,185,538 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 07/12/2012 678,594 350,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.50 04/25/2041 572,070 2,100,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 2,889,932 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 3,134,081 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2011 2,662,620 2,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 2,716,174 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,198,920 1,800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50 04/25/2029 3,108,935 1,600,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 2,825,157 1,900,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 3,634,803 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 04/25/2023 1,647,973 1,000,000 FRANCE GOVERNMENT TREASURY BILL (EUR) 4.25 10/25/2017 1,453,378 1,000,000 FRENCH REPUBLIC BOND (EUR) 2.50 01/12/2014 1,328,040 350,000 FRENCH TREASURY NOTE (EUR) 2.00 07/12/2015 452,972 1,000,000 FRENCH TREASURY NOTE (EUR) 2.50 01/15/2015 1,327,293 1,200,000 FRENCH TREASURY NOTE SERIES 5 (EUR) 3.75 01/12/2013 1,627,530 1,200,000 GERMANY GOVERNMENT BOND (EUR) 3.75 01/04/2017 1,717,555 1,000,000 GERMANY GOVERNMENT BOND (EUR) 4.00 01/04/2018 1,458,605 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 09/15/2011 2,595,785 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 12/15/2013 2,253,511 1,800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2015 2,395,605 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 1,896,485 500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2021 633,948 2,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 04/15/2012 3,281,418 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2017 1,341,296 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,758,500 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 08/01/2014 1,758,215 1,300,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2015 1,763,569 2,750,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 3,676,262 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2018 1,366,020 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 03/01/2019 1,355,781 800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.50 02/01/2020 1,081,928 1,900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 2,561,416 2,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 08/01/2023 2,701,778 1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 1,746,776
90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 900,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00% 08/01/2034 $ 1,215,777 1,400,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 08/01/2039 1,896,053 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 08/01/2017 1,433,324 1,700,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.25 11/01/2029 2,362,757 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.75 02/01/2033 1,473,812 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,146,647 1,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 2,358,017 800,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 7.25 11/01/2026 1,340,883 230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 432,083 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 60 (JPY) 1.20 09/20/2011 6,018,355 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 63 (JPY) 1.20 03/20/2012 6,051,047 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 69 (JPY) 0.90 12/20/2012 6,057,779 250,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 70 (JPY) 0.80 03/20/2013 3,026,839 275,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 79 (JPY) 0.70 12/20/2013 3,332,155 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 81 (JPY) 0.80 03/20/2014 1,825,661 75,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 82 (JPY) 0.90 03/20/2014 915,663 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 83 (JPY) 0.90 06/20/2014 1,833,228 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 84 (JPY) 0.70 06/20/2014 6,065,784 350,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 85 (JPY) 0.70 09/20/2014 4,247,890 150,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 86 (JPY) 0.60 09/20/2014 1,813,341 470,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 87 (JPY) 0.50 12/20/2014 5,658,456 500,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 88 (JPY) 0.50 03/20/2015 6,018,141 300,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 89 (JPY) 0.40 06/20/2015 3,592,594 50,000,000 JAPAN GOVERNMENT FORTY YEAR BOND SERIES 3 (JYP) 2.20 03/20/2050 662,490 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 235 (JPY) 1.40 12/20/2011 3,629,864 470,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 5,694,754 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 2,431,422 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 6,077,824 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 4,978,042 570,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 6,883,973 700,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 8,705,614 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 256 (JPY) 1.40 12/20/2013 4,954,653 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 6,228,324 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 261 (JPY) 1.80 06/20/2014 6,310,850 250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 264 (JPY) 1.50 09/20/2014 3,128,750 350,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 4,387,998 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 3,736,523 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 270 (JPY) 1.30 06/20/2015 2,497,050 330,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 273 (JPY) 1.50 09/20/2015 4,163,130 500,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 276 (JPY) 1.60 12/20/2015 6,353,279 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 4,710,099 100,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 279 (JPY) 2.00 03/20/2016 1,299,125 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 280 (JPY) 1.90 06/20/2016 5,182,878 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 282 (JPY) 1.70 09/20/2016 1,926,447 480,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 6,172,688 450,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 5,793,500 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 288 (JPY) 1.70 09/20/2017 5,158,200 440,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 289 (JPY) 1.50 12/20/2017 5,598,354 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 292 (JPY) 1.70 03/20/2018 2,577,707 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 293 (JPY) 1.80 06/20/2018 3,891,426 400,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 296 (JPY) 1.50 09/20/2018 5,073,306 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 297 (JPY) 1.40 12/20/2018 2,519,086 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 298 (JPY) 1.30 12/20/2018 3,741,026 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 299 (JPY) 1.30 03/20/2019 3,738,287 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 300 (JPY) 1.50 03/20/2019 2,527,480
Wells Fargo Advantage Master Portfolios 91 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 320,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 301 (JPY) 1.50% 06/20/2019 $ 4,035,188 250,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 302 (JPY) 1.40 06/20/2019 3,127,268 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 303 (JPY) 1.40 09/20/2019 4,593,325 380,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 304 (JPY) 1.30 09/20/2019 4,702,298 525,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 305 (JPY) 1.30 12/20/2019 6,481,110 450,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 306 (JPY) 1.40 03/20/2020 5,589,786 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 307 (JPY) 1.30 03/20/2020 1,846,994 200,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 308 (JPY) 1.30 06/20/2020 2,455,824 150,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 309 (JPY) 1.10 06/20/2020 1,808,567 320,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 64 (JPY) 1.90 09/20/2023 4,090,241 100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 1 (JPY) 2.30 03/20/2040 1,335,798 140,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,847,692 190,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 2,516,013 110,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 26 (JPY) 2.40 03/20/2037 1,485,031 100,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 27 (JPY) 2.50 09/20/2037 1,379,992 150,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 28 (JPY) 2.50 03/20/2038 2,068,991 120,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 29 (JPY) 2.40 09/20/2038 1,626,222 200,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 3 (JPY) 2.30 05/20/2030 2,635,022 210,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 30 (JPY) 2.30 03/20/2039 2,793,642 135,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 31 (JPY) 2.20 09/20/2039 1,761,322 250,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 100 (JPY) 2.20 03/20/2028 3,271,054 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 105 (JPY) 2.10 09/20/2028 2,570,958 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 108 (JPY) 1.90 12/20/2028 1,869,960 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 110 (JPY) 2.10 03/20/2029 2,950,943 280,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 112 (JPY) 2.10 06/20/2029 3,594,275 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 113 (JPY) 2.10 09/20/2029 2,560,705 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 114 (JPY) 2.10 12/20/2029 2,558,741 120,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 115 (JPY) 2.20 12/20/2029 1,558,774 100,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 116 (JPY) 2.20 03/20/2030 1,298,169 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 117 (JPY) 2.10 03/20/2030 2,556,731 70,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 118 (JPY) 2.00 06/20/2030 880,087 100,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 1,393,245 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 2,527,480 300,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 50 (JPY) 1.90 03/22/2021 3,869,407 135,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 1,820,324 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,959,739 175,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 82 (JPY) 2.10 09/20/2025 2,274,840 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 84 (JPY) 2.00 12/20/2025 1,916,465 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,966,552 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 2,969,620 420,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 5,375,095 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 97 (JPY) 2.20 09/20/2027 2,617,300 200,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 99 (JPY) 2.10 12/20/2027 2,579,226 300,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 286 (JPY) 0.30 11/15/2011 3,578,903 60,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 17 (JPY) 2.40 12/20/2034 807,087 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 284 (JPY) 0.30 09/15/2011 2,385,216 300,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 287 (JPY) 0.30 12/15/2011 3,579,449 400,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 288 (JPY) 0.20 01/15/2012 4,766,813 150,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 289 (JPY) 0.20 02/15/2012 1,787,675 150,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 290 (JPY) 0.20 03/15/2012 1,787,787 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 291 (JPY) 0.20 04/15/2012 2,383,873 500,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 292 (JPY) 0.20 05/15/2012 5,960,058 120,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 293 (JPY) 0.20 06/15/2012 1,430,505 400,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 64 (JPY) 1.50 06/20/2012 4,879,324 200,000,000 JAPAN GOVERNMENT TWO YEAR BOND SERIES 67 (JPY) 1.30 09/20/2012 2,438,024
92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 1.75% 01/15/2013 $ 648,940 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.50 01/15/2012 1,300,136 950,000 NETHERLANDS GOVERNMENT BOND (EUR) 2.75 01/15/2015 1,277,483 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.50 07/15/2020 1,400,134 1,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 2,090,678 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 01/15/2023 719,146 850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,217,970 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2018 1,448,442 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2019 726,629 953,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 1,492,451 1,000,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.25 07/15/2013 1,390,782 500,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.50 07/15/2017 740,340 810,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 1,429,158 85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 165,950 1,000,000 SPAIN GOVERNMENT BOND (EUR) 2.75 04/30/2012 1,282,419 400,000 SPAIN GOVERNMENT BOND (EUR) 3.00 04/30/2015 504,292 500,000 SPAIN GOVERNMENT BOND (EUR) 3.90 10/31/2012 654,560 500,000 SPAIN GOVERNMENT BOND (EUR) 4.20 07/30/2013 662,930 350,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 403,947 752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,005,815 2,000,000 SPAIN GOVERNMENT BOND (EUR) 4.75 07/30/2014 2,713,031 500,000 SPAIN GOVERNMENT BOND (EUR) 4.80 01/31/2024 663,944 800,000 SPAIN GOVERNMENT BOND (EUR) 4.90 07/30/2040 1,028,876 1,050,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 1,400,337 1,500,000 SPAIN GOVERNMENT BOND (EUR) 5.35 10/31/2011 1,978,907 1,100,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 1,549,473 1,250,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 1,802,442 1,100,000 SPAIN GOVERNMENT BOND (EUR) 6.00 01/31/2029 1,624,400 650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 894,387 5,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75 05/05/2014 847,213 1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 276,789 3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 501,981 9,000,000 SWEDEN GOVERNMENT BOND SERIES 1052 (SEK) 4.25 03/12/2019 1,414,201 1,000,000 SWEDISH GOVERNMENT BOND (SEK) 3.50 03/30/2039 152,590 2,000,000 SWEDISH GOVERNMENT BOND (SEK) 3.75 08/12/2017 300,489 1,300,000 SWEDISH GOVERNMENT BOND (SEK) 4.50 08/12/2015 198,216 1,000,000 SWEDISH GOVERNMENT BOND (SEK) 5.50 10/08/2012 146,981 750,000 UNITED KINGDOM GILT (EUR) 3.75 09/07/2020 1,232,273 500,000 UNITED KINGDOM GILT (EUR) 4.25 12/07/2040 823,877 2,750,000 UNITED KINGDOM GILT (GBP) 2.25 03/07/2014 4,368,569 2,200,000 UNITED KINGDOM GILT (GBP) 2.75 01/22/2015 3,535,580 1,500,000 UNITED KINGDOM GILT (GBP) 3.25 12/07/2011 2,378,048 2,200,000 UNITED KINGDOM GILT (GBP) 3.75 09/07/2019 3,634,473 1,500,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 2,555,737 800,000 UNITED KINGDOM GILT (GBP) 4.00 03/07/2022 1,329,209 1,000,000 UNITED KINGDOM GILT (GBP) 4.00 01/22/2060 1,601,821 1,400,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2027 2,335,305 1,050,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,736,100 1,300,000 UNITED KINGDOM GILT (GBP) 4.25 03/07/2036 2,140,087 500,000 UNITED KINGDOM GILT (GBP) 4.25 09/07/2039 824,682 1,600,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 2,662,908 1,000,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2049 1,671,909 1,175,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2055 1,981,432 1,750,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2013 2,927,935 1,500,000 UNITED KINGDOM GILT (GBP) 4.50 03/07/2019 2,618,540
Wells Fargo Advantage Master Portfolios 93 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FOREIGN GOVERNMENT BONDS (continued) 600,000 UNITED KINGDOM GILT (GBP) 4.50% 09/07/2034 $ 1,023,638 900,000 UNITED KINGDOM GILT (GBP) 4.50 12/07/2042 1,554,823 1,275,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 2,239,877 1,600,000 UNITED KINGDOM GILT (GBP) 4.75 03/07/2020 2,844,247 1,250,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2030 2,203,952 1,100,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 1,964,698 1,400,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 2,288,112 1,585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 2,769,646 1,000,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2018 1,803,834 800,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2025 1,454,796 1,300,000 UNITED KINGDOM GILT (GBP) 5.25 06/07/2012 2,152,069 1,500,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 3,051,811 600,000 UNITED KINGDOM GILT (GBP) 8.00 12/07/2015 1,208,550 1,600,000 UNITED KINGDOM GILT (GBP) 8.00 06/07/2021 3,609,158 200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 436,094 TOTAL FOREIGN GOVERNMENT BONDS (COST $674,968,519) 717,382,603 ------------- MUNICIPAL BONDS & NOTES: 0.00% NEVADA: 0.00% $ 50,000 COUNTY OF CLARK NV BUILD AMERICA BONDS SERIES B (AIRPORT REVENUE) 6.88 07/01/2042 52,614 ------------- TOTAL MUNICIPAL BONDS & NOTES (COST $50,000) 52,614 ------------- AGENCY SECURITIES: 27.46% FEDERAL FARM CREDIT BANK: 0.12% 250,000 FFCB 1.13 10/03/2011 251,807 300,000 FFCB 1.75 02/21/2013 306,196 250,000 FFCB 1.88 12/07/2012 256,360 2,600,000 FFCB 2.63 04/17/2014 2,735,541 3,549,904 ------------- FEDERAL HOME LOAN BANK: 0.44% 830,000 FHLB 1.13 05/18/2012 837,724 750,000 FHLB 1.63 11/21/2012 764,789 500,000 FHLB 1.63 03/20/2013 510,257 2,500,000 FHLB 1.75 08/22/2012 2,553,253 250,000 FHLB 1.88 11/19/2012 250,794 700,000 FHLB 1.88 06/21/2013 719,702 250,000 FHLB 2.50 10/15/2013 250,543 1,500,000 FHLB 3.38 02/27/2013 1,595,052 1,000,000 FHLB 4.88 09/08/2017 1,166,322 1,000,000 FHLB 5.00 11/17/2017 1,183,122 100,000 FHLB 5.13 08/14/2013 112,409 100,000 FHLB 5.38 09/30/2022 120,691 800,000 FHLB #363 4.50 11/15/2012 865,962 400,000 FHLB #467 5.25 06/18/2014 460,804 1,250,000 FHLB #656 5.38 05/18/2016 1,492,338 12,883,762 ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.55% 300,000 FHLMC 1.88 06/20/2012 306,807 3,000,000 FHLMC 3.63 09/16/2011 3,104,793 1,500,000 FHLMC 5.50 08/13/2014 1,744,797 250,000 FHLMC 5.50 07/15/2036 310,555
94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 400,000 FHLMC 1.13% 12/15/2011 $ 403,525 150,000 FHLMC 1.13 04/25/2012 151,394 250,000 FHLMC 1.45 02/24/2014 250,679 200,000 FHLMC 1.50 09/10/2012 200,045 2,000,000 FHLMC 1.63 04/15/2013 2,040,652 600,000 FHLMC 2.00 04/27/2012 605,612 4,000,000 FHLMC 2.13 03/23/2012 4,097,828 2,000,000 FHLMC 2.13 09/21/2012 2,058,620 250,000 FHLMC 2.13 10/07/2013 251,833 250,000 FHLMC 2.13 08/25/2015 250,728 500,000 FHLMC 2.50 04/08/2013 506,079 800,000 FHLMC 2.50 01/07/2014 838,072 1,250,000 FHLMC 2.50 04/23/2014 1,311,470 2,750,000 FHLMC 2.88 02/09/2015 2,918,182 1,000,000 FHLMC 3.00 07/28/2014 1,067,793 200,000 FHLMC 3.00 12/30/2014 201,834 2,000,000 FHLMC 3.75 06/28/2013 2,163,990 900,000 FHLMC 3.75 03/27/2019 979,089 3,000,000 FHLMC%% 4.00 07/15/2040 3,101,250 5,000,000 FHLMC%% 4.50 05/15/2039 5,243,750 2,000,000 FHLMC 4.63 10/25/2012 2,167,986 2,000,000 FHLMC 4.75 11/17/2015 2,302,968 800,000 FHLMC 4.88 11/15/2013 899,138 1,700,000 FHLMC 4.88 06/13/2018 1,992,198 812,687 FHLMC 5.00 10/01/2024 864,840 1,200,000 FHLMC 5.13 07/15/2012 1,302,834 650,000 FHLMC 5.25 04/18/2016 768,906 650,000 FHLMC 5.50 07/18/2016 780,135 2,000,000 FHLMC 5.50 08/23/2017 2,411,342 5,000,000 FHLMC%% 5.50 12/15/2037 5,335,940 150,000 FHLMC 5.55 10/04/2016 157,790 1,000,000 FHLMC 6.00 04/16/2037 1,077,118 5,000,000 FHLMC%% 6.00 12/15/2037 5,373,440 200,000 FHLMC 6.25 07/15/2032 271,970 300,000 FHLMC 6.75 03/15/2031 424,319 2,838,571 FHLMC #A87994 5.00 08/01/2039 3,016,129 18,639,798 FHLMC #A87997 5.00 08/01/2039 19,833,547 947,353 FHLMC #G08368 4.50 10/01/2039 994,918 75,016 FHLMC #G13232 5.00 06/01/2023 79,837 2,171,157 FHLMC #1J1139+/- 4.71 06/01/2038 2,294,583 271,377 FHLMC #1J1368+/- 5.58 10/01/2036 286,589 2,396,258 FHLMC #1Q0612+/- 5.53 08/01/2038 2,560,316 361,377 FHLMC #783191+/- 5.63 04/01/2037 385,260 4,801,867 FHLMC #A11964 5.00 08/01/2033 5,145,751 1,004,959 FHLMC #A15183 6.00 11/01/2033 1,101,182 718,002 FHLMC #A15966 5.00 11/01/2033 769,422 1,026,911 FHLMC #A16693 5.50 12/01/2033 1,108,685 720,093 FHLMC #A19717 5.00 03/01/2034 770,537 1,540,083 FHLMC #A24888 6.00 07/01/2034 1,677,917 1,444,212 FHLMC #A29757 5.50 01/01/2035 1,551,092 1,279,240 FHLMC #A35253 5.50 06/01/2035 1,373,911 2,328,599 FHLMC #A35743 5.00 07/01/2035 2,482,990 843,857 FHLMC #A36541 5.00 08/01/2035 899,806 772,961 FHLMC #A41694 5.50 01/01/2036 830,165 2,004,545 FHLMC #A43030 6.00 02/01/2036 2,161,397
Wells Fargo Advantage Master Portfolios 95 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 2,123,148 FHLMC #A47041 5.00% 09/01/2035 $ 2,297,632 244,664 FHLMC #A54804 6.50 06/01/2036 266,676 498,069 FHLMC #A55537 5.00 12/01/2036 529,847 1,018,376 FHLMC #A56988 5.50 02/01/2037 1,088,115 209,104 FHLMC #A58285 6.00 03/01/2037 225,139 1,438,134 FHLMC #A58420 5.50 03/01/2037 1,536,618 493,643 FHLMC #A64581 6.00 08/01/2037 531,499 555,038 FHLMC #A64624 6.00 08/01/2037 597,601 466,780 FHLMC #A64825 6.00 08/01/2037 502,575 681,160 FHLMC #A65018 6.00 08/01/2037 733,395 43,659 FHLMC #A65173 6.00 09/01/2037 47,007 541,899 FHLMC #A65773 6.00 09/01/2037 583,455 460,597 FHLMC #A66706 6.00 10/01/2037 495,918 903,905 FHLMC #A68939 6.00 11/01/2037 973,221 289,493 FHLMC #A69303 6.00 11/01/2037 311,693 603,116 FHLMC #A71048 6.00 12/01/2037 649,366 504,126 FHLMC #A75076 6.50 03/01/2038 548,428 1,920,156 FHLMC #A77194 5.50 05/01/2038 2,051,649 348,874 FHLMC #A77988 6.00 06/01/2038 375,336 387,794 FHLMC #A78253 6.00 06/01/2038 417,208 805,165 FHLMC #A79523 6.00 07/01/2038 866,236 133,276 FHLMC #A79972 6.00 08/01/2038 143,384 578,636 FHLMC #A80659 5.00 02/01/2037 615,555 862,099 FHLMC #A80882 6.00 08/01/2038 927,487 1,404,416 FHLMC #A80985 6.00 08/01/2038 1,510,938 613,125 FHLMC #A81606 6.00 09/01/2038 659,629 972,530 FHLMC #A81619 6.00 09/01/2038 1,046,295 876,139 FHLMC #A81884 5.50 09/01/2038 936,138 384,320 FHLMC #A82134 6.00 10/01/2038 413,470 11,704 FHLMC #A83580 6.00 12/01/2038 12,592 919,269 FHLMC #A85636 6.00 04/01/2039 988,902 1,926,593 FHLMC #A85718 4.00 04/01/2039 2,002,184 1,898,239 FHLMC #A86314 4.00 05/01/2039 1,965,073 487,287 FHLMC #A86755 4.00 06/01/2039 504,444 7,645,384 FHLMC #A86951 4.50 06/01/2039 8,029,246 19,832 FHLMC #A86958 6.00 06/01/2039 21,337 426,277 FHLMC #A87820 6.00 08/01/2039 458,567 4,794,570 FHLMC #A88483 5.00 09/01/2039 5,101,786 409,278 FHLMC #A88938 6.00 09/01/2039 440,280 4,842,653 FHLMC #A88958 4.50 09/01/2039 5,085,794 18,321 FHLMC #A89388 6.00 10/01/2039 19,709 2,346,411 FHLMC #A89607 5.50 11/01/2039 2,506,860 4,975,239 FHLMC #A90319 5.00 12/01/2039 5,286,451 4,941,351 FHLMC #A90590 4.50 01/01/2040 5,189,448 5,536,175 FHLMC #A91526 4.50 03/01/2040 5,814,137 444,446 FHLMC #C03063 6.50 10/01/2037 483,737 11,525,502 FHLMC #C03466 5.50 03/01/2040 12,314,776 2,893,444 FHLMC #E01425 4.50 08/01/2018 3,068,781 266,563 FHLMC #E95352 4.50 04/01/2018 284,850 1,120,617 FHLMC #G01740 5.50 12/01/2034 1,206,350 762,298 FHLMC #G02074 5.50 02/01/2036 818,712 344,511 FHLMC #G02184 5.00 04/01/2036 367,353 730,177 FHLMC #G02386 6.00 11/01/2036 787,312 296,754 FHLMC #G02422 6.00 12/01/2036 319,974 1,224,653 FHLMC #G02478 5.50 12/01/2036 1,311,457
96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 928,487 FHLMC #G02744 6.00% 03/01/2037 $ 1,001,140 124,649 FHLMC #G03120 6.00 08/01/2037 134,208 616,412 FHLMC #G03303 4.50 09/01/2035 651,599 272,188 FHLMC #G03392 6.00 10/01/2037 293,061 2,715,328 FHLMC #G03616 6.00 12/01/2037 2,923,554 234,538 FHLMC #G03734 6.00 01/01/2038 252,524 589,290 FHLMC #G04051 6.00 02/01/2038 633,986 148,388 FHLMC #G04063 6.00 02/01/2038 159,768 3,109,594 FHLMC #G04162 5.50 04/01/2038 3,322,541 554,716 FHLMC #G04173 6.50 12/01/2037 603,755 416,295 FHLMC #G04316 6.00 05/01/2038 448,219 1,065,994 FHLMC #G04378 6.50 03/01/2038 1,160,233 1,749,890 FHLMC #G04385 5.50 07/01/2038 1,869,724 240,667 FHLMC #G04447 6.00 06/01/2038 258,921 2,315,896 FHLMC #G04448 5.50 07/01/2038 2,474,490 431,590 FHLMC #G04607 6.00 09/01/2038 464,325 191,240 FHLMC #G05204 6.00 01/01/2036 209,550 1,896,290 FHLMC #G05354 5.00 03/01/2039 2,015,096 250,746 FHLMC #G05369 6.00 03/01/2039 269,765 144,809 FHLMC #G05411 6.50 01/01/2039 157,611 4,035,199 FHLMC #G05633 5.50 08/01/2039 4,311,532 1,502,729 FHLMC #G05669 6.50 04/01/2039 1,635,577 2,746,403 FHLMC #G05680 6.50 04/01/2039 2,989,197 14,657,511 FHLMC #G05792 4.50 02/01/2040 15,393,440 15,193 FHLMC #G08180 6.00 02/01/2037 16,382 327,225 FHLMC #G08190 4.50 01/01/2037 344,268 251,054 FHLMC #G08192 5.50 04/01/2037 268,246 11,761 FHLMC #G08193 6.00 04/01/2037 12,663 601,113 FHLMC #G11950 4.50 10/01/2018 642,351 3,123,635 FHLMC #G12491 5.00 01/01/2022 3,329,945 200,358 FHLMC #G12697 5.50 05/01/2022 215,538 26,185 FHLMC #G12741 6.00 08/01/2022 28,374 468,241 FHLMC #G13032 6.00 09/01/2022 507,388 996,664 FHLMC #G13151 6.00 03/01/2023 1,079,988 367,831 FHLMC #G13223 4.00 05/01/2023 387,291 6,211,448 FHLMC #G13300 4.50 05/01/2023 6,580,309 3,096,580 FHLMC #G13727 5.50 11/01/2017 3,331,840 1,938,259 FHLMC #G13838 5.00 05/01/2025 2,062,837 375,616 FHLMC #G18274 6.00 09/01/2023 405,611 528,564 FHLMC #G18280 5.50 11/01/2023 568,609 904,018 FHLMC #G18320 4.00 08/01/2024 950,432 3,441 FHLMC #J02886 6.00 06/01/2021 3,713 488,311 FHLMC #J04533 6.00 03/01/2022 528,373 11,623 FHLMC #J04871 6.00 05/01/2022 12,577 388,937 FHLMC #J05191 6.00 07/01/2022 420,845 17,036 FHLMC #J05194 5.00 07/01/2022 18,131 151,138 FHLMC #J05195 5.00 07/01/2022 161,120 433,699 FHLMC #J05228 5.00 07/01/2022 461,574 229,259 FHLMC #J05243 5.00 07/01/2022 243,994 139,181 FHLMC #J05408 5.00 08/01/2022 148,127 294,679 FHLMC #J05455 5.00 09/01/2022 313,619 333,207 FHLMC #J08096 5.00 06/01/2023 354,623 47,653 FHLMC #J08112 5.00 06/01/2023 50,716 269,418 FHLMC #J08719 4.50 04/01/2024 286,753 37,548 FHLMC #J08719 5.00 10/01/2023 39,961
Wells Fargo Advantage Master Portfolios 97 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL HOME LOAN MORTGAGE CORPORATION (continued) $ 16,075 FHLMC #J09641 5.00% 04/01/2024 $ 17,107 53,835 FHLMC #J10539 5.00 08/01/2024 57,290 1,831,949 FHLMC #J10575 4.50 08/01/2024 1,939,306 919,612 FHLMC #J10903 5.00 10/01/2024 978,626 671,227 FHLMC #J11159 4.50 11/01/2024 710,563 1,411,068 FHLMC #J11703 4.50 02/01/2025 1,493,760 7,220,700 FHLMC #J11824 4.00 03/01/2025 7,591,424 1,537,458 FHLMC #Z40003 6.00 11/01/2036 1,653,918 450,000 FHMLC 1.75 06/15/2012 459,169 984,366 FHMLC #C03461 4.00 02/01/2040 1,019,024 279,166,158 ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 12.64% 700,000 FNMA 6.13 03/15/2012 759,578 2,000,000 FNMA 0.88 01/12/2012 2,010,056 390,000 FNMA 1.00 11/23/2011 392,872 500,000 FNMA 1.00 04/04/2012 503,641 500,000 FNMA 1.00 09/23/2013 500,728 700,000 FNMA 1.25 06/22/2012 708,054 250,000 FNMA 1.35 02/24/2014 250,039 250,000 FNMA 1.50 07/26/2013 250,290 250,000 FNMA 1.55 08/12/2014 249,967 3,000,000 FNMA 1.75 08/10/2012 3,063,447 200,000 FNMA 1.75 12/28/2012 201,606 2,500,000 FNMA 1.75 02/22/2013 2,559,045 2,000,000 FNMA 1.75 05/07/2013 2,047,432 350,000 FNMA 1.88 04/20/2012 357,520 500,000 FNMA 1.88 10/29/2012 500,931 300,000 FNMA 2.00 09/28/2012 300,329 300,000 FNMA## 2.06 06/01/2017 252,102 500,000 FNMA 2.13 01/25/2013 502,551 500,000 FNMA 2.17 03/21/2013 500,399 2,500,000 FNMA 2.50 05/15/2014 2,618,403 700,000 FNMA 2.63 11/20/2014 739,603 500,000 FNMA 3.00 09/15/2014 500,532 2,500,000 FNMA 3.00 09/16/2014 2,668,160 500,000 FNMA 3.00 10/29/2014 502,091 250,000 FNMA 3.00 03/09/2015 250,151 100,000 FNMA 3.13 01/21/2015 100,923 500,000 FNMA 4.00 01/20/2017 506,614 1,500,000 FNMA 4.38 09/15/2012 1,611,974 3,500,000 FNMA 4.38 03/15/2013 3,811,150 3,000,000 FNMA%% 4.50 05/25/2039 3,150,000 200,000 FNMA## 4.60 10/09/2019 131,846 600,000 FNMA 4.63 10/15/2013 667,432 950,000 FNMA 4.88 12/15/2016 1,107,467 1,500,000 FNMA 5.00 10/15/2011 1,577,496 500,000 FNMA 5.00 02/13/2017 586,126 1,200,000 FNMA 5.00 05/11/2017 1,412,604 2,000,000 FNMA%% 5.00 10/25/2035 2,123,750 2,821,103 FNMA 5.00 10/01/2039 2,999,773 1,200,000 FNMA 5.25 08/01/2012 1,298,592 1,500,000 FNMA 5.38 06/12/2017 1,798,538 1,000,000 FNMA 5.38 04/11/2022 1,064,429 200,000 FNMA 5.45 10/18/2021 234,399
98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 75,000 FNMA 5.63% 11/15/2021 $ 79,044 150,000 FNMA 5.63 07/15/2037 189,618 200,000 FNMA 6.21 08/06/2038 271,024 1,300,000 FNMA 6.63 11/15/2030 1,807,823 500,000 FNMA 7.13 01/15/2030 726,361 1,300,000 FNMA 7.25 05/15/2030 1,913,123 3,001,038 FNMA #995838 5.50 05/01/2039 3,212,647 384,940 FNMA #190360 5.00 08/01/2035 411,004 4,711,016 FNMA #190396 4.50 06/01/2039 4,954,173 44,480 FNMA #253879 6.00 07/01/2016 48,060 746,329 FNMA #254950 5.50 11/01/2033 806,576 428,017 FNMA #255407 5.00 09/01/2024 458,130 388,870 FNMA #255857 5.50 08/01/2025 419,067 434,007 FNMA #256702 4.50 03/01/2022 462,449 129,820 FNMA #256758 4.50 05/01/2022 138,003 178,019 FNMA #256851 7.00 08/01/2037 198,081 252,713 FNMA #257084 6.00 01/01/2018 273,269 235,327 FNMA #310044 6.00 04/01/2014 253,912 55,725 FNMA #323099 6.00 04/01/2013 60,123 28,225 FNMA #323250 6.00 08/01/2013 29,739 167,450 FNMA #535733 6.50 08/01/2015 181,390 604,265 FNMA #545414 5.50 01/01/2017 654,250 485,802 FNMA #725690 6.00 08/01/2034 530,191 340,069 FNMA #725773 5.50 09/01/2034 366,777 872,576 FNMA #729333 5.50 07/01/2033 943,015 9,819,773 FNMA #735141 5.50 01/01/2035 10,590,988 9,175,105 FNMA #735382 5.00 04/01/2035 9,825,008 579,605 FNMA #745526 6.00 05/01/2021 627,518 481,235 FNMA #745627+/- 5.50 04/01/2036 513,897 2,106,440 FNMA #745886 5.50 04/01/2036 2,266,608 105,142 FNMA #753669 6.00 11/01/2033 115,472 1,246,203 FNMA #767097 4.00 06/01/2019 1,328,099 685,330 FNMA #775199+/- 4.28 05/01/2034 715,767 671,307 FNMA #776966 5.00 04/01/2034 718,858 1,969,736 FNMA #777075 5.00 04/01/2034 2,111,721 378,679 FNMA #779510 5.00 06/01/2019 405,583 1,222,372 FNMA #783852 5.50 07/01/2034 1,318,374 1,849,781 FNMA #793607 5.00 09/01/2019 1,981,203 436,051 FNMA #793675 6.00 09/01/2034 475,894 514,801 FNMA #794514 5.00 10/01/2019 551,376 353,848 FNMA #795047 5.50 10/01/2034 381,638 417,921 FNMA #796334 6.00 10/01/2034 456,108 514,546 FNMA #804666 6.00 11/01/2034 561,561 1,222,401 FNMA #805412 5.50 01/01/2035 1,315,349 482,868 FNMA #811460 5.00 06/01/2020 516,572 268,512 FNMA #812338 6.00 03/01/2035 291,032 71,985 FNMA #821030 4.50 05/01/2035 76,094 158,225 FNMA #822651 4.50 04/01/2035 167,257 1,972,316 FNMA #824601 5.50 12/01/2034 2,127,216 3,114,615 FNMA #826590 5.00 06/01/2035 3,325,500 378,912 FNMA #828346 5.00 07/01/2035 404,567 126,648 FNMA #828698 5.00 07/01/2035 135,223 448,834 FNMA #829190 5.00 07/01/2035 479,224 257,877 FNMA #830177 6.00 11/01/2038 277,894 426,032 FNMA #830957 5.50 08/01/2035 458,426
Wells Fargo Advantage Master Portfolios 99 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 366,403 FNMA #831406 6.00% 03/01/2036 $ 395,760 518,485 FNMA #831625 7.00 06/01/2036 576,894 636,267 FNMA #831697 6.00 09/01/2036 687,247 34,434 FNMA #832199 4.50 07/01/2035 36,399 1,040,847 FNMA #834657 5.50 08/01/2035 1,119,990 1,730,817 FNMA #835284 5.50 09/01/2035 1,862,423 2,136,119 FNMA #835331 5.50 08/01/2035 2,298,543 238,032 FNMA #836068 4.50 10/01/2020 254,003 421,551 FNMA #836958 4.50 10/01/2035 445,615 2,047,123 FNMA #839064 6.00 01/01/2036 2,218,821 972,421 FNMA #843901 4.50 09/01/2035 1,027,930 3,436,297 FNMA #844158 5.00 11/01/2035 3,668,963 3,281,113 FNMA #844703 5.50 12/01/2035 3,530,599 164,895 FNMA #845782 4.50 10/01/2020 175,959 308,174 FNMA #847926 4.50 12/01/2020 328,851 813,269 FNMA #851264 5.50 05/01/2021 884,950 2,292,745 FNMA #865283 5.50 02/01/2036 2,458,480 814,114 FNMA #868424+/- 5.64 03/01/2036 873,147 426,786 FNMA #872244 6.00 05/01/2021 462,200 308,428 FNMA #878198 5.50 09/01/2036 330,724 110,824 FNMA #884631 6.50 06/01/2036 121,002 593,658 FNMA #885593 6.00 09/01/2036 641,223 480,322 FNMA #888221 5.50 03/01/2037 515,043 2,642,243 FNMA #888645 5.00 08/01/2037 2,809,998 403,870 FNMA #888815 4.50 11/01/2022 430,337 324,881 FNMA #888890 6.50 10/01/2037 354,718 294,473 FNMA #892546 6.00 09/01/2021 318,908 1,370,068 FNMA #895995 6.50 07/01/2036 1,495,898 576,728 FNMA #897130 6.50 09/01/2036 629,696 237,141 FNMA #899953 6.00 12/01/2037 255,771 86,204 FNMA #900959 6.50 09/01/2036 94,121 1,569,294 FNMA #902738 5.00 11/01/2036 1,672,606 99,073 FNMA #904767+/- 5.45 12/01/2036 105,611 1,513,328 FNMA #907051+/- 5.56 10/01/2037 1,609,589 307,490 FNMA #907860+/- 5.50 02/01/2037 325,493 299,564 FNMA #908182 5.50 12/01/2021 322,800 1,071,609 FNMA #908249 6.50 12/01/2036 1,170,028 616,882 FNMA #909855 5.50 02/01/2037 672,079 460,552 FNMA #910093+/- 5.68 03/01/2037 489,857 114,292 FNMA #910535+/- 5.55 01/01/2037 122,114 230,369 FNMA #914224+/- 5.42 03/01/2037 243,671 354,340 FNMA #915356 4.50 05/01/2023 375,623 480,731 FNMA #917101 5.00 05/01/2037 511,252 1,164,786 FNMA #917882 5.00 05/01/2037 1,238,738 202,258 FNMA #918049 6.50 05/01/2037 220,455 1,050,077 FNMA #918506 5.50 05/01/2037 1,124,120 898,998 FNMA #918619 5.50 06/01/2037 962,389 2,333,591 FNMA #919640 6.00 09/01/2037 2,516,919 118,698 FNMA #922123 6.50 04/01/2037 129,377 726,716 FNMA #922675+/- 4.80 06/01/2035 758,495 800,401 FNMA #928414 6.50 06/01/2037 872,410 257,179 FNMA #928433 7.00 05/01/2037 286,162 362,426 FNMA #928507 6.50 06/01/2037 395,033 644,901 FNMA #928774 6.00 10/01/2022 697,204 2,043,006 FNMA #929723 6.00 07/01/2038 2,201,590
100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 1,206,161 FNMA #929953 5.50% 09/01/2038 $ 1,291,210 802,049 FNMA #930324 6.00 12/01/2038 864,307 749,845 FNMA #931011 5.00 04/01/2024 798,040 2,105,672 FNMA #931227 4.50 05/01/2039 2,214,356 1,727,602 FNMA #931409 4.00 06/01/2024 1,819,000 9,644,042 FNMA #932473 4.50 02/01/2040 10,141,815 8,783,626 FNMA #932491 4.50 02/01/2040 9,236,989 936,437 FNMA #933465 5.50 02/01/2038 1,002,467 5,360,337 FNMA #933559 5.50 02/01/2038 5,738,305 349,576 FNMA #934568 6.00 09/01/2038 376,711 287,517 FNMA #934699 6.00 12/01/2038 309,835 6,399 FNMA #937055 6.50 05/01/2037 6,975 3,104,053 FNMA #941164 6.00 10/01/2037 3,347,910 180,521 FNMA #945074 7.00 08/01/2037 200,865 364,712 FNMA #945909 6.00 08/01/2037 393,364 273,032 FNMA #946008 6.00 09/01/2037 294,481 326,763 FNMA #946045 6.00 09/01/2037 352,434 608,079 FNMA #947654 6.00 10/01/2037 655,850 230,789 FNMA #947992 6.00 11/01/2037 248,920 124,741 FNMA #948007 6.50 10/01/2037 135,964 297,856 FNMA #949473 6.00 09/01/2037 321,256 360,902 FNMA #949594 6.00 08/01/2022 390,173 586,954 FNMA #950300 6.00 08/01/2037 636,184 198,326 FNMA #950929 6.00 11/01/2037 213,906 209,903 FNMA #952033 4.50 05/01/2023 222,511 16,686 FNMA #953017 6.00 10/01/2037 17,997 319,334 FNMA #953436 6.50 11/01/2037 348,063 4,732,152 FNMA #955488 6.50 10/01/2037 5,157,890 488,186 FNMA #955801 6.00 10/01/2037 526,538 2,034,346 FNMA #960622 6.00 01/01/2038 2,194,165 3,336,723 FNMA #962302 4.50 03/01/2038 3,510,511 2,474,961 FNMA #963318 5.00 05/01/2023 2,633,786 630,103 FNMA #964234 6.00 07/01/2023 680,025 592,698 FNMA #964241 6.00 07/01/2038 638,705 318,121 FNMA #964657 6.00 08/01/2038 342,815 148,284 FNMA #964796 6.00 08/01/2038 159,794 20,430 FNMA #964924 6.00 09/01/2038 22,016 324,840 FNMA #965105 6.00 09/01/2038 350,055 361,305 FNMA #965308 6.00 09/01/2038 389,350 259,832 FNMA #965649 6.00 01/01/2038 280,244 653,199 FNMA #966039 5.50 02/01/2038 699,257 247,633 FNMA #968280 6.00 02/01/2038 266,856 281,020 FNMA #969628 6.00 01/01/2038 303,097 262,353 FNMA #969862 6.00 05/01/2038 282,718 381,243 FNMA #970535 5.50 10/01/2023 410,673 76,754 FNMA #971075 5.50 02/01/2024 82,679 145,090 FNMA #972134 6.50 01/01/2038 158,112 519,201 FNMA #972172 6.00 02/01/2038 559,503 1,382,008 FNMA #973827 4.50 03/01/2023 1,469,121 123,697 FNMA #973996 6.00 02/01/2023 133,497 726,644 FNMA #974571 5.00 11/01/2036 778,114 421,245 FNMA #974886+/- 4.36 04/01/2038 441,522 238,159 FNMA #975288 4.50 05/01/2023 252,463 1,326,182 FNMA #975365 5.00 06/01/2023 1,411,287 574,092 FNMA #979639 5.00 06/01/2023 610,933
Wells Fargo Advantage Master Portfolios 101 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 651,684 FNMA #982876 5.00% 05/01/2023 $ 693,504 366,057 FNMA #983111 5.50 09/01/2023 394,315 102,159 FNMA #983518 4.50 05/01/2023 108,295 680,501 FNMA #984260 5.50 05/01/2023 733,032 326,122 FNMA #985509 6.00 09/01/2038 351,436 1,311,892 FNMA #985815 6.00 07/01/2038 1,413,725 218,011 FNMA #986250 6.00 07/01/2038 234,934 391,874 FNMA #987128 6.00 09/01/2038 422,292 127,845 FNMA #987283 6.50 07/01/2038 139,319 400,789 FNMA #987380 6.00 10/01/2023 432,542 197,031 FNMA #988044 6.00 08/01/2038 212,325 226,898 FNMA #988220 6.50 09/01/2038 247,737 470,772 FNMA #988714 6.00 10/01/2038 507,314 195,419 FNMA #988746 6.00 11/01/2023 210,902 15,604 FNMA #988953 5.50 08/01/2023 16,809 410,709 FNMA #990051 6.00 09/01/2038 442,590 738,052 FNMA #990080 6.00 08/01/2038 795,342 259,469 FNMA #990285 6.00 10/01/2038 279,610 359,121 FNMA #990380 6.50 09/01/2038 391,353 649,192 FNMA #990543 6.00 09/01/2038 699,584 207,233 FNMA #990741 6.00 09/01/2038 223,319 153,660 FNMA #991859 6.00 10/01/2038 165,587 454,280 FNMA #991932 6.00 12/01/2023 490,272 9,111 FNMA #992042 7.00 10/01/2038 10,124 4,222,684 FNMA #992235 6.00 11/01/2038 4,550,462 319,894 FNMA #992312 6.00 10/01/2038 344,726 436,970 FNMA #992490 5.50 11/01/2023 470,702 390,702 FNMA #992940 6.00 11/01/2038 421,030 336,069 FNMA #993091 6.00 01/01/2039 362,156 274,839 FNMA #993164 6.00 11/01/2038 296,173 29,076 FNMA #994282 5.50 11/01/2023 31,321 240,601 FNMA #994339 6.00 01/01/2039 259,278 767,304 FNMA #994436 6.00 12/01/2038 826,865 2,908,731 FNMA #994897 5.50 09/01/2033 3,144,446 15,807,742 FNMA #995119 5.50 11/01/2038 16,922,377 2,371,091 FNMA #995692 4.50 05/01/2024 2,513,509 189,888 FNMA #995778 6.00 11/01/2017 204,873 6,005,527 FNMA #995901 4.50 07/01/2024 6,364,368 482,035 FNMA #A82829 6.00 11/01/2038 518,597 287,639 FNMA #AA0731 6.50 02/01/2039 313,428 307,928 FNMA #AA0781 6.00 04/01/2039 331,831 717,520 FNMA #AA1090 4.50 12/01/2023 760,618 445,692 FNMA #AA3078 4.50 02/01/2039 468,905 2,816,567 FNMA #AA3295 4.00 02/01/2039 2,920,574 4,274,183 FNMA #AA4662 4.50 05/01/2039 4,494,793 1,077,388 FNMA #AA7895 4.00 06/01/2024 1,134,386 2,978,691 FNMA #AB1048 4.50 05/01/2040 3,134,615 5,819,598 FNMA #AC1258 4.00 08/01/2039 6,049,472 10,083,302 FNMA #AC1616 5.00 08/01/2039 10,721,911 1,322,860 FNMA #AC1928 4.00 08/01/2039 1,371,710 3,554,529 FNMA #AC2181 4.00 08/01/2039 3,685,788 3,855,221 FNMA #AC2968 4.50 09/01/2039 4,054,207 23,909 FNMA #AC2998 6.00 09/01/2024 25,893 4,795,795 FNMA #AC7962 4.50 01/01/2025 5,082,352 975,671 FNMA #AC8563 4.00 01/01/2040 1,011,699
102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 7,185,450 FNMA #AD0891 5.00% 03/01/2025 $ 7,646,560 5,413,071 FNMA #AD1654 4.50 03/01/2040 5,709,863 5,335,641 FNMA #AD3770 4.00 03/01/2025 5,618,435 4,953,889 FNMA #AD4317 4.00 04/01/2040 5,136,822 15,997,617 FNMA #AD7134 5.00 07/01/2040 17,010,799 2,579,918 FNMA #AD7948 4.50 06/01/2040 2,712,676 4,975,305 FNMA #AE1173 4.00 07/01/2025 5,233,856 369,412,296 ------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 4.71% 2,000,000 GNMA 4.00 12/01/2099 2,083,124 5,000,000 GNMA%% 4.50 05/15/2040 5,307,030 10,000,000 GNMA%% 5.00 10/15/2039 10,745,310 211,106 GNMA #672938 6.50 08/15/2038 232,081 182,760 GNMA #676812 6.50 04/15/2038 200,920 2,066,485 GNMA #745086 4.50 06/15/2040 2,197,490 1,441 GNMA #337120 6.50 11/15/2023 1,604 1,522 GNMA #379192 6.50 12/15/2023 1,694 1,311,882 GNMA #520782 5.00 03/15/2035 1,417,187 771,486 GNMA #605373 5.50 09/15/2034 839,802 40,623 GNMA #617417 6.50 02/15/2037 44,665 620,320 GNMA #617522 6.00 05/15/2037 676,484 150,533 GNMA #625436 6.50 09/15/2036 165,867 421,170 GNMA #632007 6.50 10/15/2036 464,071 994,791 GNMA #633305 5.50 12/15/2035 1,081,637 849,839 GNMA #648391 5.50 11/15/2035 924,031 602,717 GNMA #651722 5.50 02/15/2036 654,582 331,609 GNMA #651882 6.50 09/15/2036 365,387 520,788 GNMA #653068 5.50 03/15/2036 568,347 634,816 GNMA #654920 6.00 06/15/2036 700,255 138,963 GNMA #658328 4.50 03/15/2037 147,946 9,403 GNMA #659749 6.50 11/15/2036 10,361 51,802 GNMA #663342 6.50 12/15/2036 57,078 58,505 GNMA #664629 7.00 03/15/2037 65,098 111,331 GNMA #667470 6.00 05/15/2037 121,411 298,256 GNMA #668585 6.00 08/15/2037 325,260 334,392 GNMA #669078 6.00 06/15/2037 364,667 193,951 GNMA #671433 6.00 07/15/2037 211,512 241,424 GNMA #673220 6.00 10/15/2038 263,207 1,775,285 GNMA #676678 6.00 01/15/2038 1,935,464 6,028,116 GNMA #677213 5.50 08/15/2038 6,579,892 404,963 GNMA #677314 5.50 09/15/2038 441,983 212,660 GNMA #677606 6.50 12/15/2037 233,824 22,873 GNMA #681324 6.50 05/15/2038 25,146 249,128 GNMA #681332 6.50 05/15/2038 273,882 396,760 GNMA #683124 5.50 03/15/2038 430,157 52,111 GNMA #684230 6.50 08/15/2038 57,288 35,450 GNMA #691547 6.50 07/15/2038 38,973 175,418 GNMA #693431 5.50 06/15/2038 190,184 1,947,060 GNMA #694553 5.50 12/15/2038 2,110,956 10,214 GNMA #695742 6.50 11/15/2038 11,229 232,924 GNMA #695746 6.00 11/15/2038 253,940 207,864 GNMA #696456 5.50 08/15/2038 225,361 449,441 GNMA #697595 6.50 11/15/2038 494,098 1,554,769 GNMA #698033 5.50 01/15/2039 1,685,644
Wells Fargo Advantage Master Portfolios 103 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (continued) $ 963,476 GNMA #698223 4.00% 06/15/2039 $ 1,005,819 2,804,807 GNMA #698308 4.50 05/15/2039 2,982,617 1,324,288 GNMA #698507 6.00 10/15/2038 1,443,775 207,529 GNMA #698624 6.00 10/15/2038 226,254 619,058 GNMA #699457 6.00 10/15/2038 674,914 622,106 GNMA #700069 6.50 12/15/2038 683,919 293,544 GNMA #700821 6.50 10/15/2038 322,711 755,994 GNMA #702172 4.00 07/15/2039 789,219 226,975 GNMA #702190 4.00 07/15/2039 236,950 12,874 GNMA #704277 6.50 02/15/2039 14,153 1,423,704 GNMA #704439 4.50 03/15/2039 1,513,959 131,943 GNMA #706004 6.00 10/15/2038 143,848 10,435,233 GNMA #709475 5.00 06/15/2039 11,233,735 214,836 GNMA #709484 5.50 07/15/2039 232,920 806,763 GNMA #711321 6.00 01/15/2039 879,555 2,422,434 GNMA #712488 4.50 06/15/2039 2,576,004 1,413,838 GNMA #712495 4.50 06/15/2039 1,503,468 12,302,108 GNMA #713866 5.00 09/15/2039 13,243,463 9,881,556 GNMA #713872 4.50 09/15/2039 10,507,996 134,627 GNMA #716343 6.00 06/15/2039 146,774 133,070 GNMA #716586 6.00 08/15/2039 145,077 2,997,750 GNMA #716792 4.50 04/15/2039 3,187,792 1,425,599 GNMA #722269 4.50 09/15/2039 1,515,975 261,173 GNMA #722785 6.00 10/15/2039 284,738 2,893,312 GNMA #723449 5.00 11/15/2039 3,118,545 1,959,992 GNMA #723526 4.50 12/15/2039 2,084,246 4,898,560 GNMA #723616 5.00 01/15/2040 5,273,398 3,315,886 GNMA #726000 4.50 05/15/2040 3,541,801 3,911,739 GNMA #728627 4.50 01/15/2040 4,159,723 2,945,533 GNMA #737011 5.00 02/15/2040 3,170,924 83,735 GNMA #782167 6.00 06/15/2037 91,423 2,150,017 GNMA #782273 5.50 02/15/2038 2,333,909 2,225,048 GNMA #782365 6.00 07/15/2038 2,426,446 881,865 GNMA #782379 6.00 08/15/2038 961,479 395,205 GNMA #782407 5.50 09/15/2038 428,523 882,061 GNMA #782776 6.00 09/15/2038 961,807 6,061,747 GNMA #782789 5.50 10/15/2039 6,572,475 1,777,687 GNMA #782831 6.00 12/15/2039 1,938,546 137,785,009 ------------- TOTAL AGENCY SECURITIES (COST $769,951,894) 802,797,129 ------------- US TREASURY SECURITIES: 20.67% US TREASURY BONDS: 4.08% 3,100,000 US TREASURY BOND 3.50 02/15/2039 3,082,563 2,000,000 US TREASURY BOND 3.88 08/15/2040 2,129,539 3,600,000 US TREASURY BOND 4.25 05/15/2039 4,066,312 1,750,000 US TREASURY BOND 4.38 02/15/2038 2,025,079 5,800,000 US TREASURY BOND 4.38 11/15/2039 6,682,690 5,000,000 US TREASURY BOND 4.38 05/15/2040 5,768,750 3,150,000 US TREASURY BOND 4.50 02/15/2036 3,717,000 2,600,000 US TREASURY BOND 4.50 05/15/2038 3,069,625 4,600,000 US TREASURY BOND 4.50 08/15/2039 5,409,315 4,500,000 US TREASURY BOND 4.63 02/15/2040 5,398,596 1,550,000 US TREASURY BOND 4.75 02/15/2037 1,902,625
104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- US TREASURY BONDS (continued) $ 800,000 US TREASURY BOND 5.00% 05/15/2037 $ 1,019,875 4,000,000 US TREASURY BOND 5.25 11/15/2028 5,139,376 1,500,000 US TREASURY BOND 5.25 02/15/2029 1,928,204 2,750,000 US TREASURY BOND<< 5.38 02/15/2031 3,607,227 2,000,000 US TREASURY BOND 5.50 08/15/2028 2,637,812 1,150,000 US TREASURY BOND 6.00 02/15/2026 1,573,523 1,400,000 US TREASURY BOND 6.13 11/15/2027 1,961,313 1,500,000 US TREASURY BOND 6.13 08/15/2029 2,124,141 1,500,000 US TREASURY BOND 6.25 08/15/2023 2,048,672 3,250,000 US TREASURY BOND 6.25 05/15/2030 4,682,031 2,400,000 US TREASURY BOND 6.38 08/15/2027 3,440,251 2,000,000 US TREASURY BOND 6.50 11/15/2026 2,887,500 950,000 US TREASURY BOND 6.63 02/15/2027 1,389,821 1,500,000 US TREASURY BOND 6.88 08/15/2025 2,205,000 2,500,000 US TREASURY BOND 7.25 05/15/2016 3,279,688 1,000,000 US TREASURY BOND 7.25 08/15/2022 1,458,594 2,000,000 US TREASURY BOND 7.50 11/15/2016 2,680,000 2,000,000 US TREASURY BOND 7.50 11/15/2024 3,061,876 500,000 US TREASURY BOND 7.88 02/15/2021 744,688 4,100,000 US TREASURY BOND 8.00 11/15/2021 6,217,265 2,850,000 US TREASURY BOND 8.13 08/15/2019 4,190,389 1,700,000 US TREASURY BOND 8.50 02/15/2020 2,578,555 2,500,000 US TREASURY BOND 8.75 05/15/2017 3,595,703 400,000 US TREASURY BOND 8.75 08/15/2020 621,062 1,275,000 US TREASURY BOND 8.88 08/15/2017 1,858,710 1,200,000 US TREASURY BOND 8.88 02/15/2019 1,822,313 2,900,000 US TREASURY BOND 9.13 05/15/2018 4,411,851 2,000,000 US TREASURY BOND 11.25 02/15/2015 2,876,718 119,294,252 ------------- US TREASURY NOTES: 16.59% 5,000,000 US TREASURY NOTE 0.38 08/31/2012 4,989,665 4,500,000 US TREASURY NOTE 0.63 06/30/2012 4,513,185 5,000,000 US TREASURY NOTE 0.63 07/31/2012 5,015,050 5,000,000 US TREASURY NOTE 0.75 11/30/2011 5,023,635 3,000,000 US TREASURY NOTE 0.75 05/31/2012 3,015,360 5,000,000 US TREASURY NOTE 0.75 08/15/2013 5,006,853 3,000,000 US TREASURY NOTE 0.88 01/31/2012 3,020,508 4,500,000 US TREASURY NOTE 0.88 02/29/2012 4,532,175 3,500,000 US TREASURY NOTE 1.00 09/30/2011 3,525,158 5,000,000 US TREASURY NOTE 1.00 10/31/2011 5,037,500 5,000,000 US TREASURY NOTE 1.00 12/31/2011 5,041,015 6,000,000 US TREASURY NOTE 1.00 03/31/2012 6,055,080 4,500,000 US TREASURY NOTE 1.00 04/30/2012 4,541,310 5,000,000 US TREASURY NOTE 1.00 07/15/2013 5,043,350 3,500,000 US TREASURY NOTE 1.13 12/15/2011 3,533,768 5,000,000 US TREASURY NOTE 1.13 01/15/2012 5,050,780 5,000,000 US TREASURY NOTE<< 1.13 12/15/2012 5,064,060 3,500,000 US TREASURY NOTE 1.13 06/15/2013 3,542,665 5,000,000 US TREASURY NOTE 1.25 08/31/2015 4,978,337 2,000,000 US TREASURY NOTE 1.38 02/15/2012 2,028,438 2,500,000 US TREASURY NOTE 1.38 03/15/2012 2,537,793 1,500,000 US TREASURY NOTE 1.38 04/15/2012 1,523,496 5,000,000 US TREASURY NOTE 1.38 05/15/2012 5,078,710 5,000,000 US TREASURY NOTE 1.38 09/15/2012 5,088,280
Wells Fargo Advantage Master Portfolios 105 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- US TREASURY NOTES (continued) $ 5,000,000 US TREASURY NOTE 1.38% 10/15/2012 $ 5,090,625 4,000,000 US TREASURY NOTE 1.38 11/15/2012 4,072,500 3,000,000 US TREASURY NOTE<< 1.38 01/15/2013 3,056,016 3,500,000 US TREASURY NOTE<< 1.38 02/15/2013 3,565,625 5,000,000 US TREASURY NOTE<< 1.38 03/15/2013 5,096,100 5,000,000 US TREASURY NOTE 1.38 05/15/2013 5,096,500 3,000,000 US TREASURY NOTE 1.50 07/15/2012 3,059,883 4,000,000 US TREASURY NOTE<< 1.50 12/31/2013 4,091,248 2,000,000 US TREASURY NOTE 1.75 11/15/2011 2,033,516 5,000,000 US TREASURY NOTE 1.75 08/15/2012 5,124,805 3,000,000 US TREASURY NOTE<< 1.75 04/15/2013 3,087,180 4,500,000 US TREASURY NOTE 1.75 01/31/2014 4,636,404 5,000,000 US TREASURY NOTE 1.75 03/31/2014 5,150,390 5,000,000 US TREASURY NOTE 1.75 07/31/2015 5,104,700 5,000,000 US TREASURY NOTE 1.88 06/15/2012 5,127,735 1,500,000 US TREASURY NOTE 1.88 02/28/2014 1,551,563 4,400,000 US TREASURY NOTE 1.88 04/30/2014 4,549,873 4,250,000 US TREASURY NOTE 1.88 06/30/2015 4,366,875 4,000,000 US TREASURY NOTE 1.88 08/31/2017 3,987,047 3,800,000 US TREASURY NOTE 2.00 11/30/2013 3,948,436 3,500,000 US TREASURY NOTE 2.13 11/30/2014 3,645,194 3,500,000 US TREASURY NOTE 2.13 05/31/2015 3,639,195 3,500,000 US TREASURY NOTE<< 2.25 05/31/2014 3,668,984 5,000,000 US TREASURY NOTE 2.25 01/31/2015 5,229,295 5,000,000 US TREASURY NOTE<< 2.38 08/31/2014 5,259,765 5,500,000 US TREASURY NOTE 2.38 09/30/2014 5,786,600 5,000,000 US TREASURY NOTE 2.38 10/31/2014 5,258,595 5,000,000 US TREASURY NOTE<< 2.38 02/28/2015 5,257,800 2,500,000 US TREASURY NOTE 2.38 03/31/2016 2,609,570 3,500,000 US TREASURY NOTE 2.38 07/31/2017 3,607,188 6,500,000 US TREASURY NOTE<< 2.50 03/31/2015 6,871,735 5,000,000 US TREASURY NOTE<< 2.50 04/30/2015 5,286,330 3,000,000 US TREASURY NOTE 2.50 06/30/2017 3,118,125 3,500,000 US TREASURY NOTE 2.63 06/30/2014 3,716,563 5,750,000 US TREASURY NOTE 2.63 07/31/2014 6,107,127 5,000,000 US TREASURY NOTE<< 2.63 12/31/2014 5,309,765 2,500,000 US TREASURY NOTE 2.63 02/29/2016 2,644,530 2,500,000 US TREASURY NOTE 2.63 04/30/2016 2,641,993 3,500,000 US TREASURY NOTE 2.63 08/15/2020 3,545,952 3,375,000 US TREASURY NOTE 2.75 10/31/2013 3,585,148 2,500,000 US TREASURY NOTE 2.75 11/30/2016 2,646,095 4,000,000 US TREASURY NOTE 2.75 05/31/2017 4,222,500 5,950,000 US TREASURY NOTE<< 2.75 02/15/2019 6,183,817 3,500,000 US TREASURY NOTE 3.00 08/31/2016 3,763,869 4,000,000 US TREASURY NOTE 3.00 09/30/2016 4,299,064 2,000,000 US TREASURY NOTE 3.00 02/28/2017 2,143,750 550,000 US TREASURY NOTE 3.13 04/30/2013 586,910 3,500,000 US TREASURY NOTE 3.13 08/31/2013 3,753,204 3,300,000 US TREASURY NOTE 3.13 09/30/2013 3,541,313 6,000,000 US TREASURY NOTE 3.13 10/31/2016 6,489,846 5,000,000 US TREASURY NOTE 3.13 01/31/2017 5,399,610 3,000,000 US TREASURY NOTE 3.13 04/30/2017 3,239,064 8,000,000 US TREASURY NOTE 3.13 05/15/2019 8,522,496 4,000,000 US TREASURY NOTE<< 3.25 05/31/2016 4,362,500 1,000,000 US TREASURY NOTE 3.25 06/30/2016 1,090,312
106 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
INTEREST PRINCIPAL SECURITY NAME RATE MATURITY DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- US TREASURY NOTES (continued) $ 3,500,000 US TREASURY NOTE<< 3.25% 12/31/2016 $ 3,806,523 5,000,000 US TREASURY NOTE<< 3.25 03/31/2017 5,437,500 3,500,000 US TREASURY NOTE 3.38 06/30/2013 3,769,063 2,000,000 US TREASURY NOTE 3.38 07/31/2013 2,157,500 8,000,000 US TREASURY NOTE<< 3.38 11/15/2019 8,640,624 2,000,000 US TREASURY NOTE 3.50 05/31/2013 2,158,594 1,500,000 US TREASURY NOTE 3.50 02/15/2018 1,656,680 7,500,000 US TREASURY NOTE<< 3.50 05/15/2020 8,172,075 6,500,000 US TREASURY NOTE 3.63 08/15/2019 7,167,771 8,000,000 US TREASURY NOTE 3.63 02/15/2020 8,804,376 7,000,000 US TREASURY NOTE<< 3.75 11/15/2018 7,837,816 8,500,000 US TREASURY NOTE<< 3.88 10/31/2012 9,123,552 2,750,000 US TREASURY NOTE<< 3.88 02/15/2013 2,975,156 2,000,000 US TREASURY NOTE 3.88 05/15/2018 2,261,094 4,000,000 US TREASURY NOTE 4.00 11/15/2012 4,309,688 3,000,000 US TREASURY NOTE 4.00 02/15/2014 3,324,141 3,500,000 US TREASURY NOTE 4.00 02/15/2015 3,932,033 2,525,000 US TREASURY NOTE 4.00 08/15/2018 2,876,725 3,000,000 US TREASURY NOTE 4.13 05/15/2015 3,395,859 1,600,000 US TREASURY NOTE 4.25 08/15/2013 1,767,875 2,500,000 US TREASURY NOTE<< 4.25 11/15/2013 2,780,078 1,500,000 US TREASURY NOTE<< 4.25 08/15/2014 1,688,438 4,370,000 US TREASURY NOTE 4.25 11/15/2014 4,943,222 2,500,000 US TREASURY NOTE<< 4.25 08/15/2015 2,850,585 4,000,000 US TREASURY NOTE 4.25 11/15/2017 4,623,752 2,550,000 US TREASURY NOTE 4.38 08/15/2012 2,746,230 3,800,000 US TREASURY NOTE 4.50 04/30/2012 4,058,134 3,000,000 US TREASURY NOTE 4.50 11/15/2015 3,475,782 2,500,000 US TREASURY NOTE 4.50 02/15/2016 2,895,508 2,000,000 US TREASURY NOTE 4.50 05/15/2017 2,334,218 3,000,000 US TREASURY NOTE 4.63 10/31/2011 3,150,000 1,500,000 US TREASURY NOTE 4.63 12/31/2011 1,585,547 3,000,000 US TREASURY NOTE 4.63 02/29/2012 3,189,492 1,000,000 US TREASURY NOTE 4.63 07/31/2012 1,080,117 3,000,000 US TREASURY NOTE 4.63 11/15/2016 3,518,436 2,000,000 US TREASURY NOTE 4.75 05/15/2014 2,283,124 4,000,000 US TREASURY NOTE 4.88 02/15/2012 4,261,248 5,000,000 US TREASURY NOTE 4.88 08/15/2016 5,928,125 2,000,000 US TREASURY NOTE 5.13 05/15/2016 2,391,876 484,975,553 ------------- TOTAL US TREASURY SECURITIES (COST $570,566,703) 604,269,805 ------------- SHORT-TERM INVESTMENTS: 6.56% CORPORATE BONDS & NOTES: 0.13% 1,802,595 GRYPHON FUNDING LIMITED(v)(a)(i) 0.00 08/05/2011 733,280 5,648,935 VFNC CORPORATION(v)+++/-(a)(i) 0.33 09/29/2011 3,174,041 3,907,321 -------------
Wells Fargo Advantage Master Portfolios 107 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED FIXED INCOME PORTFOLIO
SHARES SECURITY NAME YIELD VALUE - ------------- --------------------------------------------------------------- --------- -------------- INVESTMENT COMPANIES: 6.43% 90,629,254 WELLS FARGO ADVANTAGE MONEY MARKET Trust(l)(u)(o) 0.29% $ 90,629,252 97,299,961 WELLS FARGO SECURITIES LENDING CASH INVESTMENT LLC(v)(l)(u) 0.31 97,299,961 187,929,213 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $190,726,213) 191,836,534 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $2,884,221,589)* 104.40% 3,052,094,056 Other Assets and Liabilities, Net (4.40) (128,516,669) Total Net ------ -------------- Assets 100.00% $2,923,577,387 ------ --------------
- ---------- (o) Security pledged as collateral for when issued (TBA) and/or delayed delivery securities. (v) Security represents investment of cash collateral received from securities on loan. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. << All or a portion of this security is on loan. +/- Variable rate investments. (l) Investment in an affiliate. @ Foreign bond principal is denominated in local currency. %% Securities issued on a when-issued (TBA) and/or delayed delivery basis. (u) Rate shown is the 7-day annualized yield at period end. ## Zero coupon security. Rate represents yield to maturity. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. * Cost for federal income tax purposes is $2,884,761,519 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $183,976,879 Gross unrealized depreciation (16,644,342) ------------ Net unrealized appreciation $167,332,537
The accompanying notes are an integral part of these financial statements. 108 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMON STOCKS: 97.60% CONSUMER DISCRETIONARY: 12.99% AUTO COMPONENTS: 0.62% 123,000 AAPICO HITECH PUBLIC COMPANY LIMITED $ 59,741 21,400 AISIN SEIKI COMPANY LIMITED 553,786 5,200 AKEBONO BRAKE INDUSTRY COMPANY LIMITED 26,121 19,334 BHARAT FORGE LIMITED 143,772 62,389 BORGWARNER INCORPORATED+<< 2,723,280 1,032 BOSCH LIMITED 131,108 67,200 BRIDGESTONE CORPORATION 1,166,261 4,725 BRIDGESTONE CORPORATION 163,013 7,000 CALSONIC KANSEI CORPORATION 19,664 242,283 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 492,371 7,915 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 587,875 2,446 CONTINENTAL AG 147,855 95,232 COOPER TIRE & RUBBER COMPANY 1,541,806 216,869 DANA HOLDING CORPORATION+ 2,225,076 55,800 DENSO CORPORATION 1,513,063 3,600 EXEDY CORPORATION 103,788 43,992 EXIDE INDUSTRIES LIMITED+ 138,036 3,300 FCC COMPANY LIMITED 70,470 6,100 FUTABA INDUSTRIAL COMPANY LIMITED 33,909 67,355 GENTEX CORPORATION 1,183,427 78,273 GKN PLC 173,823 10,640 HANKOOK TIRE COMPANY LIMITED 231,189 1,100 HI-LEX CORPORATION 14,888 9,388 HYUNDAI MOBIS+ 1,699,221 74,386 JOHNSON CONTROLS INCORPORATED 1,973,461 1,200 KANTO AUTO WORKS LIMITED 8,113 20,000 KAYABA INDUSTRY COMPANY LIMITED 91,656 3,500 KEIHIN CORPORATION 66,909 53,906 KENDA RUBBER INDUSTRIAL COMPANY LIMITED 56,373 17,000 KOITO MANUFACTURING COMPANY LIMITED 234,734 24,753 LEAR CORPORATION+ 1,823,306 469 LEONI AG 12,282 2,422 LINAMAR CORPORATION 41,974 5,900 MAGNA INTERNATIONAL INCORPORATED CLASS A 459,451 3,001 MARTINREA INTERNATIONAL INCORPORATED+ 21,754 44,000 MINTH GROUP LIMITED 71,271 1,900 MUSASHI SEIMITSU INDUSTRY COMPANY LIMITED 41,772 66,771 NAN KANG RUBBER TIRE COMPANY LIMITED 87,961 18,000 NGK SPARK PLUG COMPANY LIMITED 210,618 21,000 NHK SPRING COMPANY LIMITED 174,229 4,700 NIFCO INCORPORATED 104,451 4,000 NIPPON SEIKI COMPANY LIMITED 38,519 6,000 NISSAN SHATAI COMPANY LIMITED 41,138 3,200 NISSIN KOGYO COMPANY LIMITED 46,623 12,500 NOK CORPORATION 188,519 6,680 NOKIAN RENKAAT OYJ 191,484 5,000 PACIFIC INDUSTRIAL COMPANY LIMITED 21,545 11,055 PIRELLI & COMPANY SPA 73,410 4,000 PRESS KOGYO COMPANY LIMITED 12,332 164 RIETER HOLDING AG+ 47,976 4,000 RIKEN CORPORATION 12,998 14,000 SANDEN CORPORATION 45,995
Wells Fargo Advantage Master Portfolios 109 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- AUTO COMPONENTS (continued) 1,800 SHOWA CORPORATION $ 9,470 96,200 SOMBOON ADVANCE TECHNOLOGY PCL 69,380 17,400 STANLEY ELECTRIC COMPANY LIMITED 268,425 18,800 SUMITOMO RUBBER INDUSTRIES 170,523 700 TACHI-S COMPANY LIMITED 8,557 3,800 TAKATA CORPORATION 81,464 13,600 THAI STANLEY ELECTRIC PCL 74,312 5,300 TOKAI RIKA COMPANY LIMITED 82,519 6,500 TOKAI RUBBER INDUSTRIES INCORPORATED 67,236 88,000 TONG YANG INDUSTRY 138,728 4,200 TOPRE CORPORATION 29,696 19,000 TOYO TIRE & RUBBER COMPANY LIMITED 38,222 7,400 TOYODA GOSEI COMPANY LIMITED 151,330 4,400 TOYOTA AUTO BODY COMPANY LIMITED 66,149 8,900 TOYOTA BOSHOKU CORPORATION 129,458 23,200 TOYOTA INDUSTRIES CORPORATION 582,969 47,499 TRW AUTOMOTIVE HOLDINGS CORPORATION+<< 1,651,065 5,000 TS TECH COMPANY LIMITED 72,253 46,800 UMW HOLDINGS BHD 98,427 1,200 UNIPRES CORPORATION 18,584 2,677 VALEO SA 93,428 212,000 XINYI GLASS HOLDING COMPANY LIMITED 109,015 1,551,500 YARNAPUND PCL+ 23,797 27,000 YOKOHAMA RUBBER COMPANY LIMITED 124,057 25,503,461 -------------- AUTOMOBILES: 0.98% 322,114 TOYOTA MOTOR CORPORATION 10,965,909 10,417 BAJAJ AUTO 604,946 18,723 BAYERISCHE MOTOREN WERKE AG 988,574 74,500 BYD COMPNAY LIMITED 429,066 67,150 CHINA MOTOR COMPANY LIMITED 39,933 24 CHONGQING CHANGCHUN AUTOMOBILE CLASS B+ 20 28,000 DAIHATSU MOTOR COMPANY LIMITED 353,625 51,919 DAIMLER AG 2,523,872 342,000 DONGFENG MOTOR GROUP COMPANY LIMITED 531,108 40,665 FIAT SPA 476,420 3,220 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES) 24,402 1,733 FLEETWOOD CORPORATION LIMITED 15,434 8,512 FORD OTOMOTIV SANAYI AS 65,218 70,000 FUJI HEAVY INDUSTRIES LIMITED 393,287 530,000 GEELY AUTOMOBILE HOLDINGS LIMITED 173,743 3,188 GHABBOUR AUTO 21,154 265,454 GUANGZHOU AUTOMOBILE GROUP 311,225 117,400 HARLEY-DAVIDSON INCORPORATED<< 2,855,168 12,559 HERO HONDA MOTORS LIMITED 478,318 195,200 HONDA MOTOR COMPANY LIMITED 6,457,098 25 HONDA MOTOR COMPANY LIMITED ADR 823 17,881 HYUNDAI MOTOR COMPANY LIMITED 2,110,402 131,000 ISUZU MOTORS LIMITED 435,055 26,830 KIA MOTORS CORPORATION 689,269 20,144 MAHINDRA & MAHINDRA GDR 271,743 35,702 MAHINDRA & MAHINDRA LIMITED 475,647 15,759 MARUTI SUZUKI INDIA LIMITED 421,279 168,000 MAZDA MOTOR CORPORATION 375,955
110 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- AUTOMOBILES (continued) 415,000 MITSUBISHI MOTORS CORPORATION+<< $ 528,568 242,400 NISSAN MOTOR COMPANY LIMITED 1,852,408 28,320 ORIENTAL HOLDINGS BHD 46,476 9,102 PEUGEOT SA 239,110 12,700 PROTON HOLDINGS BHD 18,535 260,294 PT ASTRA INTERNATIONAL INCORPORATED 1,371,333 11,146 RENAULT SA 452,840 46,400 SUZUKI MOTOR CORPORATION 920,157 87,300 TAN CHONG MOTOR HOLDINGS BHD 132,140 46,104 THOR INDUSTRIES INCORPORATED 1,076,067 12,763 TOFAS TURK OTOMOBIL FABRIKASI AS+ 52,237 2,854 VOLKSWAGEN AG 259,501 29,600 YAMAHA MOTOR COMPANY LIMITED 397,791 158,929 YUE LOONG MOTOR 231,691 40,067,547 -------------- DISTRIBUTORS: 0.17% 6,400 CANON MARKETING JAPAN INCORPORATED 82,124 83 D'IETEREN SA 39,012 80,379 GENUINE PARTS COMPANY 3,370,291 23,572 IMPERIAL HOLDING LIMITED 326,332 20,586 INCHCAPE PLC 80,824 9,000 INTEGRATED DISTRIBUTION SERVICES GROUP LIMITED 26,148 8,439 JARDINE CYCLE & CARRIAGE LIMITED 202,461 258,000 LI & FUNG LIMITED 1,306,791 74,113 LKQ CORPORATION+<< 1,378,502 88,865 PACIFIC BRANDS LIMITED 82,621 432 UNI-SELECT INCORPORATED 10,513 2,000 YOKOHAMA REITO COMPANY 14,403 6,920,022 -------------- DIVERSIFIED CONSUMER SERVICES: 0.36% 19,750 APOLLO GROUP INCORPORATED CLASS A+ 838,980 10,600 BENESSE CORPORATION 477,574 32,835 DEVRY INCORPORATED<< 1,251,342 5,295 EDUCOMP SOLUTIONS LIMITED 61,404 166,011 H & R BLOCK INCORPORATED 2,133,241 95,400 HILLENBRAND INCORPORATED 1,815,462 10,697 INVOCARE LIMITED 61,005 18,311 ITT EDUCATIONAL SERVICES INCORPORATED+<< 975,244 38,834 MATTHEWS INTERNATIONAL CORPORATION 1,222,883 18,757 NAVITAS LIMITED 74,095 165,531 RAFFLES EDUCATION CORPORATION LIMITED 32,972 88,939 REGIS CORPORATION<< 1,491,507 396,843 SERVICE CORPORATION INTERNATIONAL US 3,051,723 7,430 STRAYER EDUCATION INCORPORATED<< 1,075,715 14,563,147 -------------- HOTELS, RESTAURANTS & LEISURE: 1.50% 83,500 A-MAX HOLDINGS LIMITED+ 827 7,625 ACCOR SA 233,936 85 ACCORDIA GOLF COMPANY LIMITED 83,776 41,200 AJISEN CHINA HOLDINGS LIMITED 61,757
Wells Fargo Advantage Master Portfolios 111 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HOTELS, RESTAURANTS & LEISURE (continued) 70,903 ARISTOCRAT LEISURE LIMITED $ 234,667 5,082 AUTOGRILL SPA 58,606 71,807 BALLY TECHNOLOGIES INCORPORATED+<< 2,258,330 13,000 BANYAN TREE HOLDINGS LIMITED+ 8,152 52,600 BERJAYA LAND BHD+ 72,912 78,950 BERJAYA SPORTS TOTO BHD 104,155 46,635 BOB EVANS FARMS INCORPORATED 1,191,524 88,331 BOYD GAMING CORPORATION+<< 613,017 157,593 BRINKER INTERNATIONAL INCORPORATED<< 2,482,090 48,742 BURGER KING HOLDINGS INCORPORATED 801,806 1,453 BWIN INTERACTIVE ENTERTAINMENT AG 69,445 18,000 CAFE DE CORAL HOLDINGS LIMITED 46,974 8,839 CARNIVAL PLC 286,979 28,040 CEC ENTERTAINMENT INCORPORATED+ 879,615 16,775 CHIPOTLE MEXICAN GRILL INCORPORATED+ 2,530,173 109,465 COMPASS GROUP PLC 895,645 47,891 CROWN LIMITED 352,800 5,200 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 68,892 16,982 EGYPTIAN FOR TOURISM RESORTS+ 5,477 33,373 EIH LIMITED 99,466 26,791 ENTERPRISE INNS PLC 36,157 6,238 FLIGHT CENTRE LIMITED 109,001 12,282 FORMOSA INTERNATIONAL HOTELS CORPORATION 197,070 2,000 FUJITA KANKO INCORPORATED 9,261 103,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 79,447 44,786 GAYLORD ENTERTAINMENT COMPANY+<< 1,171,602 292,400 GENTING BHD 880,512 151,000 GENTING HONG KONG LIMITED+ 42,124 500,320 GENTING INTERNATIONAL PLC+ 623,785 1,414 GREAT CANADIAN GAMING CORPORATION+ 9,362 10,307 GREENE KING PLC 65,284 1,200 H.I.S COMPANY LIMITED 25,626 63,657 HONG KONG & SHANGHAI HOTELS LIMITED 107,694 6,000 HOTEL PROPERTIES LIMITED 12,394 47,686 HYATT HOTELS CORPORATION CLASS A+ 1,795,855 1,450 IMPERIAL HOTEL LIMITED 33,622 66,498 INDIAN HOTELS COMPANY LIMITED 145,464 17,677 INTERCONTINENTAL HOTELS GROUP PLC 266,224 149,739 INTERNATIONAL GAME TECHNOLOGY 2,186,189 59,587 INTERVAL LEISURE GROUP INCORPORATED+ 745,433 4,444 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES+ 17,458 1,000 JACK IN THE BOX INCORPORATED+ 20,180 52,200 JOLLIBEE FOODS CORPORATION 89,762 12,760 KANGWON LAND INCORPORATED+ 233,616 2,100 KAPPA CREATE COMPANY LIMITED 42,995 2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 46,220 5,400 KFC HOLDINGS MALAYSIA BHD 18,584 3,500 KISOJI COMPANY LIMITED 76,074 74 KUONI REISEN HOLDING+ 26,167 49,263 LADBROKERS PLC 98,973 54,476 LIFE TIME FITNESS INCORPORATED+<< 1,850,550 2,636 LOTTOMATICA SPA 35,910 33,800 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,081,938 27,687 MARSTON'S PLC 39,575 119,614 MCDONALD'S CORPORATION 8,738,999
112 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HOTELS, RESTAURANTS & LEISURE (continued) 6,600 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED $ 157,517 84,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 33,368 5,836 MILLENNIUM & COPTHORNE HOTELS PLC 43,499 95,700 MINOR INTERNATIONAL PCL ADR 36,390 19,207 MITCHELLS & BUTLERS PLC 85,395 4,500 MOS FOOD SERVICES INCORPORATED 80,776 2,300 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 47,391 1,600 OHSHO FOOD SERVICE CORPORATION 36,110 10,037 OPAP SA 151,997 5,985 ORASCOM HOTELS & DEVELOPMENT(a)+(i) 21,354 2,450 ORBIS SA 29,136 160,827 ORIENT EXPRESS HOTELS LIMITED CLASS A+<< 1,389,545 7,000 ORIENTAL LAND COMPANY LIMITED 620,759 14 PACIFIC GOLF GROUP INTERNATIONAL 8,982 2,235 PADDY POWER PLC 77,577 39,771 PANERA BREAD COMPANY+<< 3,179,294 27,060 PAPA JOHN'S INTERNATIONAL INCORPORATED+ 644,299 14,431 PARTYGAMING PLC+<< 57,986 33,690 PENN NATIONAL GAMING INCORPORATED+ 949,384 28,115 PF CHANG'S CHINA BISTRO INCORPORATED<< 1,203,603 89,798 PINNACLE ENTERTAINMENT INCORPORATED+<< 880,020 2,000 PLENUS COMPANY LIMITED 31,020 32,370 PUNCH TAVERNS PLC 39,939 346,915 RESORTS WORLD BHD 333,854 2,880 RESORTTRUST INCORPORATED 42,132 5,909 RESTAURANT GROUP PLC 21,849 625,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED 52,226 1,200 ROUND ONE CORPORATION 5,199 67,772 ROYAL CARIBBEAN CRUISES LIMITED+ 1,664,480 1,300 ROYAL HOLDINGS COMPANY LIMITED 13,014 2,000 SAIZERIYA COMPANY LIMITED 38,948 297,523 SANDS CHINA LIMITED 462,038 168,000 SHANGRI-LA ASIA LIMITED 367,154 156,000 SJM HOLDINGS LIMITED 150,009 46,040 SKY CITY ENTERTAINMENT GROUP LIMITED 92,138 5,883 SODEXHO ALLIANCE SA 338,058 91,453 SONIC CORPORATION+ 701,445 300 ST. MARC HOLDINGS COMPANY LIMITED 11,588 108,470 STARBUCKS CORPORATION 2,493,725 62,093 TABCORP HOLDINGS LIMITED 353,010 160,556 TATTERSALL'S LIMITED 341,404 37,081 THOMAS COOK GROUP PLC 103,332 10,944 TIM HORTONS INCORPORATED 387,943 11,000 TOKYO DOME CORPORATION 27,366 12,000 TOKYOTOKEIBA COMPANY LIMITED 16,998 1,458 TRANSAT A.T. INCORPORATED CLASS A+ 15,915 6,630 TUI AG 66,845 24,735 TUI TRAVEL PLC 76,363 47,817 VAIL RESORTS INCORPORATED+<< 1,579,396 3,900 WATAMI FOOD SERVICE COMPANY+ 76,366 166,508 WENDY'S ARBY'S GROUP INCORPORATED 647,716 2,154 WETHERSPOON (J.D.) PLC 13,835 12,320 WHITBREAD PLC 263,768 37,488 WILLIAM HILL PLC 96,244 77,504 WMS INDUSTRIES INCORPORATED+ 2,738,991
Wells Fargo Advantage Master Portfolios 113 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HOTELS, RESTAURANTS & LEISURE (continued) 90,073 WYNDHAM WORLDWIDE CORPORATION<< $ 2,088,793 138,000 WYNN MACAU LIMITED+ 238,079 15,011 WYNN RESORTS LIMITED<< 1,210,037 37 YOSHINOYA D&C COMPANY LIMITED 43,426 7,800 ZENSHO COMPANY LIMITED 73,720 61,452,873 -------------- HOUSEHOLD DURABLES: 0.89% 3,700 ALPINE ELECTRONICS INCORPORATED 42,281 23,206 ARCELIK AS+ 110,176 3,700 ARNEST ONE CORPORATION 37,392 38,322 BARRATT DEVELOPMENTS PLC 56,451 5,665 BELLWAY PLC 45,439 11,306 BERKELEY GROUP HOLDINGS PLC+ 142,010 2,759 BOVIS HOMES GROUP PLC 14,937 27,400 CASIO COMPUTER COMPANY LIMITED 181,993 1,900 CHOFU SEISAKUSHO COMPANY LIMITED 42,790 5,200 CLEANUP CORPORATION 28,597 2,000 CORONA CORPORATION 19,688 1,167 DOREL INDUSTRIES INCORPORATED CLASS B 38,304 135,239 DR HORTON INCORPORATED<< 1,387,552 800 EKORNES ASA 18,074 14,855 ELECTROLUX AB CLASS B 286,386 76,700 FORTUNE BRANDS INCORPORATED 3,435,393 2,400 FOSTER ELECTRIC COMPANY LIMITED 51,451 6,000 FRANCE BED HOLDINGS COMPANY LIMITED 8,428 2,100 FUNAI ELECTRIC COMPANY LIMITED 63,667 6,509 GUD HOLDINGS LIMITED 55,884 91,526 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED+<< 2,852,865 150,000 HASEKO CORPORATION 124,985 5,000 HITACHI KOKI COMPANY LIMITED 42,852 1 HUSQVARNA AB A SHARES A NPV 6 18,839 HUSQVARNA AB B SHARES 118,286 10,914 INVENTEC APPLIANCES CORPORATION 7,802 2,686 JM AB 42,244 3,500 JVC KENWOOD HOLDINGS INCORPORATED+ 8,582 72,246 LEGGETT & PLATT INCORPORATED 1,384,956 10,363 LG ELECTRONICS INCORPORATED 833,258 20,000 MATSUNICHI COMMUNICATION HOLDINGS LIMITED+ 11,621 220,410 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 2,802,022 45,980 MDC HOLDINGS INCORPORATED<< 1,223,988 29,274 MOHAWK INDUSTRIES INCORPORATED+ 1,297,131 140,719 NEWELL RUBBERMAID INCORPORATED<< 2,113,599 429 NEXITY SA 13,154 5,775 NOBIA AB 30,080 3,171 NVR INCORPORATED+<< 1,915,791 12,000 PANAHOME CORPORATION 71,991 14,070 PERSIMMON PLC 78,373 27,300 PIONEER CORPORATION 80,915 3,458 REDROW PLC+ 5,675 5,300 RINNAI CORPORATION 316,700 54,925 RYLAND GROUP INCORPORATED 884,842 3,300 SANGETSU COMPANY LIMITED 70,470 187,000 SANYO ELECTRIC COMPANY LIMITED+ 304,952 1,103 SEB SA 81,071
114 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HOUSEHOLD DURABLES (continued) 49,000 SEKISUI CHEMICAL COMPANY LIMITED $ 287,549 62,000 SEKISUI HOUSE LIMITED 537,269 111,000 SHARP CORPORATION 1,062,302 132,000 SKYWORTH DIGITAL TECHNOLOGY COMPANY LIMITED 68,556 105,694 SONY CORPORATION 2,979,210 80,582 STANLEY BLACK & DECKER INCORPORATED 4,322,418 107,281 STEINHOFF INTERNATIONAL HOLDINGS LIMITED+ 273,476 15,100 SUMITOMO FORESTING 108,204 900 TAKAMATSU CORPORATION 11,152 937,000 TATUNG COMPANY LIMITED+ 156,781 144,697 TAYLOR WOODROW PLC 57,387 89,000 TECHTRONIC INDUSTRIES COMPANY 77,344 1,000 TOA CORPORATION 4,999 4,700 TOMTOM NV+<< 25,117 82,667 TUPPERWARE BRANDS CORPORATION<< 3,252,120 58,903 TURK SISE VE CAM FABRIKALARI AS+ 87,947 16,162 VIDEOCON INDUSTRIES LIMITED+ 88,128 514,000 WELLING HOLDING LIMITED+ 20,814 6,350 WOONGJIN COWAY COMPANY LIMITED+ 212,126 36,418,003 -------------- INTERNET & CATALOG RETAIL: 0.51% 50,727 AMAZON.COM INCORPORATED+ 6,332,251 2,300 ASKUL CORPORATION 43,120 3,000 BELLUNA COMPANY LIMITED 14,784 10,800 DENA COMPANY LIMITED 323,704 62,866 HOME RETAIL GROUP 210,762 284,628 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+ 3,002,825 3,324 N BROWN GROUP PLC 11,414 23,923 NETFLIX INCORPORATED+<< 3,002,815 2,200 NISSEN COMPANY LIMITED 9,454 25,153 PRICELINE.COM INCORPORATED+ 7,331,596 761 RAKUTEN INCORPORATED 576,117 1,800 SENSHUKAI COMPANY LIMITED 10,584 9,113 WOTIF.COM HOLDINGS LIMITED 35,674 20,905,100 -------------- LEISURE EQUIPMENT & PRODUCTS: 0.34% 86,000 ALTEK CORPORATION 126,850 6,650 AMER SPORTS OYJ 69,440 4,400 ARUZE CORPORATION 86,418 14,239 ASIA OPTICAL COMPANY INCORPORATED 20,136 1,319 BENETEAU SA 17,517 93,845 CALLAWAY GOLF COMPANY<< 586,531 395,202 EASTMAN KODAK COMPANY+<< 1,379,255 7 FIELDS CORPORATION 8,766 35,200 GIANT MANUFACTURING COMPANY LIMITED 127,465 65,875 HASBRO INCORPORATED 2,658,715 4,900 HEIWA CORPORATION 60,601 600 MARS ENGINEERING CORPORATION 10,070 182,295 MATTEL INCORPORATED<< 3,826,372 17,000 MIZUNO CORPORATION 76,289 29,100 NAMCO BANDAI HOLDINGS INCORPORATED 276,417 2,800 NIDEC COPAL ELECTRONICS CORPORATION 43,362 40,000 NIKON CORPORATION 665,159
Wells Fargo Advantage Master Portfolios 115 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- LEISURE EQUIPMENT & PRODUCTS (continued) 42,869 POLARIS INDUSTRIES INCORPORATED<< $ 2,286,204 800 ROLAND CORPORATION 7,942 6,500 SANKYO COMPANY LIMITED 328,830 25,800 SEGA SAMMY HOLDINGS INCORPORATED 382,962 8,400 SHIMANO INCORPORATED 411,951 600 TAMRON COMPANY LIMITED 10,827 8,100 TOMY COMPANY LIMITED<< 62,478 23,800 YAMAHA CORPORATION 244,204 14,000 YOUNG OPTICS INCORPORATED 75,170 13,849,931 -------------- MEDIA: 2.00% 38,611 AEGIS GROUP PLC 66,677 5,097 AGORA SA+ 40,244 8,316 AMALGAMATED HOLDINGS+ 43,209 1,425 ANTENA 3 DE TELEVISION SA 9,661 36,497 APN NEWS & MEDIA LIMITED 61,371 1,753 ARNOLDO MONDADORI EDITORE SPA 4,959 3,400 ASATSU-DK INCORPORATED 71,675 2,449 ASTRAL MEDIA INCORPORATED 83,161 57,954 AUSTAR UNITED COMMUNICATIONS LIMITED+ 47,437 4,600 AVEX GROUP HOLDINGS INCORPORATED 66,856 307 AXEL SPRINGER AG 35,792 121,700 BEC WORLD PCL 123,469 59,576 BRITISH SKY BROADCASTING PLC 646,434 133,279 CABLEVISION SYSTEMS CORPORATION 3,343,970 315,129 CBS CORPORATION CLASS B 4,355,083 1 CITADEL BROADCASTING CORPORATION(a)+ 0 1,258 COGECO CABLE INCORPORATED 42,258 3,691 CORUS ENTERTAINMENT INCORPORATED CLASS B 67,392 48 CYBERAGENT INCORPORATED 76,962 6,541 CYFROWY POLSAT SA 29,331 4,900 DAIICHIKOSHO COMPANY LIMITED 75,299 14,021 DAILY MAIL & GENERAL TRUST CLASS A NV 97,130 21,200 DENTSU INCORPORATED 483,252 129,456 DIRECTV+ 4,908,972 71,042 DISCOVERY COMMUNICATIONS INCORPORATED+<< 2,681,836 74,251 DISCOVERY COMMUNICATIONS INCORPORATED CLASS A+ 2,509,684 84,286 DREAMWORKS ANIMATION SKG INCORPORATED CLASS A+<< 2,497,394 8,400 ENIRO AB 10,682 3,000 ESUN HOLDINGS LIMITED+ 397 4,971 EUTELSAT COMMUNICATIONS 178,717 239,880 FAIRFAX MEDIA LIMITED<< 307,327 61 FUJI TELEVISION NETWORK INCORPORATED 82,703 115,118 GANNETT COMPANY INCORPORATED<< 1,391,777 5,315 GESTEVISION TELECINCO SA 53,816 353 GFK SE+ 13,420 9,321 GROUPE AEROPLAN INCORPORATED 99,123 379,802 GRUPO TELEVISA SA 1,405,619 2,960 HAKUHODO DY HOLDINGS INCORPORATED 138,293 14,292 HAVAS SA 65,564 1,224 HOT TELECOMMUNICATION SYSTEM LIMITED 12,179 42,987 INFORMA PLC 252,896 245,183 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 2,091,411 1,280 IPSOS 47,641
116 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MEDIA (continued) 189,797 ITV PLC $ 163,006 5,375 JC DECAUX SA 128,430 64,145 JOHN WILEY & SONS INCORPORATED 2,282,921 218 JUPITER TELECOMMUNICATIONS COMPANY LIMITED 232,246 3,300 KADOKAWA GROUP HOLDINGS INCORPORATED 73,338 5,647 LAGARDERE SCA 203,414 74,497 LAMAR ADVERTISING COMPANY+<< 1,952,566 64,246 LIBERTY GLOBAL INCORPORATED+<< 1,769,335 64,980 LIBERTY GLOBAL INCORPORATED SERIES A+<< 1,788,250 48,658 LIBERTY MEDIA HOLDING CORPORATION CAPITAL SERIES A+<< 2,193,503 222,511 LIVE NATION INCORPORATED+ 1,922,495 2,718 M6 METROPOLE TELEVISION 56,677 81,526 MADISON SQUARE GARDEN INCORPORATED CLASS A+ 1,596,687 33,700 MCGRAW-HILL COMPANIES INCORPORATED 931,805 43,712 MEDIASET SPA 270,877 55,917 MEREDITH CORPORATION<< 1,636,131 2,310 MODERN TIMES GROUP MTG B SHARES 132,852 10,976 MORNINGSTAR INCORPORATED+ 443,979 35,830 NASPERS LIMITED 1,446,706 145,268 NEW YORK TIMES COMPANY CLASS A+ 1,043,024 201,096 NEWS CORPORATION CLASS A 2,527,777 45,186 NEWS CORPORATION CLASS B 637,123 500 NIPPON TELEVISION NETWORK CORPORATION 66,302 5,117 PAGESJAUNES SA 48,627 47,100 PEARSON PLC 702,485 17,170 PREMIERE AG+ 21,171 7,553 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA 30,438 7,519 PUBLICIS GROUPE 314,915 41,433 PUBLISHING & BROADCASTING LIMITED 120,173 2,241 QUEBECOR INCORPORATED 68,427 42,557 REED ELSEVIER NV 509,804 72,594 REED ELSEVIER PLC 583,389 121,981 REGAL ENTERTAINMENT GROUP CLASS A 1,501,586 6,926 RIGHTMOVE PLC 68,725 543 RTL GROUP 42,904 4,610 SANOMAWSOY OYJ 85,294 3,560 SCHIBSTED ASA 81,277 41,617 SCHOLASTIC CORPORATION<< 975,086 47,201 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 1,896,536 259 SEAT PAGINE GIALLE SPA+ 44 17,382 SES FDR 399,025 21,200 SHAW COMMUNICATIONS INCORPORATED CLASS B<< 434,795 12,000 SHOCHIKU COMPANY LIMITED 81,847 182,000 SINGAPORE PRESS HOLDINGS LIMITED 547,813 17,723 SKY NETWORK TELEVISION LIMITED 62,656 92 SKY PERFECT JSAT HOLDINGS INCORPORATED 32,393 5,679 SOCIETE TELEVISION FRANCAISE 1 84,166 33,600 STAR PUBLICATIONS LIMITED 38,117 10,107 SUN TV NETWORK LIMITED 102,638 4,271 TECHNICOLOR REGR 20,648 28,000 TELEVISION BROADCASTS LIMITED 139,303 3,543 TELUS CORPORATION(a) 146,192 63,863 TEN NETWORK HOLDINGS LIMITED 77,842 7 THOMSON(a) 4 21,352 THOMSON CORPORATION 741,468 39,041 TIME WARNER CABLE INCORPORATED 2,014,906
Wells Fargo Advantage Master Portfolios 117 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MEDIA (continued) 126,873 TIME WARNER INCORPORATED $ 3,803,653 5,000 TOEI COMPANY LIMITED 21,962 18,300 TOHO COMPANY LIMITED TOKYO 297,122 2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 27,261 1,036 TORSTAR CORPORATION 9,230 9 TV ASAHI CORPORATION 11,977 16,466 TVN SA PLN 89,521 11,367 UNITED BUSINESS MEDIA LIMITED 96,230 61,496 VIACOM INCORPORATED CLASS B 1,932,204 71,101 VIVENDI SA 1,658,792 79,667 VODACOM GROUP PROPRIETARY LIMITED 666,394 199,608 WALT DISNEY COMPANY 6,505,225 2,926 WASHINGTON POST COMPANY CLASS B<< 1,054,033 17,103 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED<< 102,712 16,030 WOLTERS KLUWER NV 299,226 73,114 WPP PLC 724,368 98,003 YELL GROUP PLC+ 21,734 10,131 YELLOW PAGES INCOME FUND 49,023 34,653 ZEE ENTERTAINMENT ENTERPRISES LIMITED 211,535 5,000 ZENRIN COMPANY LIMITED 52,672 81,730,085 -------------- MULTILINE RETAIL: 0.79% 68,621 99 CENTS ONLY STORES+<< 1,200,868 9,700 AEON COMPANY M BHD 16,073 107,048 BIG LOTS INCORPORATED+<< 3,346,320 3,800 CANADIAN TIRE CORPORATION LIMITED 197,100 67,904 DAVID JONES LIMITED 297,842 63,852 DEBENHAMS PLC 56,553 85,290 DILLARD'S INCORPORATED<< 1,865,292 70,191 DOLLAR TREE INCORPORATED+ 3,181,758 2,958 DOLLARAMA INCORPORATED 70,181 4,200 DON QUIJOTE COMPANY LIMITED 102,538 101,749 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED 100,688 1,100 FUJI COMPANY LIMITED 21,042 51,000 GOLDEN EAGLE RETAIL GROUP LIMITED 134,405 9,000 HANKYU DEPARTMENT STORES 54,101 77,749 HARVEY NORMAN HOLDINGS LIMITED 238,648 1,916 HYUNDAI DEPARTMENT STORE COMPANY LIMITED+ 191,776 102,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED 125,226 45,000 ISETAN MITSUKOSHI HOLDINGS LIMITED 474,051 7,200 IZUMI COMPANY LIMITED 88,875 46,800 J FRONT RETAILING COMPANY LIMITED 225,059 104,600 JCPENNEY COMPANY INCORPORATED 2,092,000 41,891 KOHL'S CORPORATION+ 1,968,039 60,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 130,975 1,568 LOTTE SHOPPING COMPANY LIMITED+ 508,106 211,673 MACY'S INCORPORATED 4,114,923 89,125 MARKS & SPENCER GROUP PLC 473,072 27,200 MARUI COMPANY LIMITED 182,607 4,900 MATSUYA COMPANY LIMITED<< 35,112 136,000 METRO HOLDINGS LIMITED 76,252 55,082 MYER HOLDINGS LIMITED 180,344 14,000 NEW WORLD DEPARTMENT STORE CHINA LIMITED 12,130 10,004 NEXT PLC 303,784 10,098 PANTALOON RETAIL INDIA LIMITED+ 97,234
118 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MULTILINE RETAIL (continued) 3,200 PARCO COMPANY LIMITED $ 24,607 56,238 PARKSON HOLDINGS BHD 98,564 171,000 PARKSON RETAIL GROUP LIMITED 284,020 4,364 PINAULT-PRINTEMPTS-REDOUTE SA 568,236 188,400 ROBINSON DEPARTMENT STORE PCL 134,851 2,500 RYOHIN KEIKAKU COMPANY LIMITED 87,430 144,347 SACI FALABELLA+ 1,204,589 211,601 SAKS INCORPORATED+<< 1,669,532 655 SEARS CANADA INCORPORATED 14,005 7,101 SEARS HOLDINGS CORPORATION+<< 439,552 1,375 STOCKMANN OYJ ABP 43,631 36,000 TAKASHIMAYA COMPANY LIMITED 272,539 97,100 TARGET CORPORATION 4,967,636 2,400 THE DAIEI INCORPORATED 9,713 10,254 WAREHOUSE GROUP LIMITED 25,311 83,120 WOOLWORTHS HOLDINGS LIMITED 277,255 32,284,445 -------------- SPECIALTY RETAIL: 1.85% 91,939 AARON RENTS INCORPORATED<< 1,497,686 2,900 ABC-MART INCORPORATED 87,059 46,577 ADVANCE AUTO PARTS INCORPORATED 2,537,049 124,368 AEROPOSTALE INCORPORATED+<< 2,649,038 700 ALPEN COMPANY LIMITED 11,032 94,206 AMERICAN EAGLE OUTFITTERS INCORPORATED 1,190,764 3,300 AOKI HOLDINGS INCORPORATED 40,852 7,000 AOYAMA TRADING COMPANY LIMITED 96,405 2,500 AUTOBACS SEVEN COMPANY LIMITED 93,590 35,454 AUTONATION INCORPORATED+<< 800,551 15,400 AUTOZONE INCORPORATED+ 3,230,612 58,717 BARNES & NOBLE INCORPORATED<< 888,975 46,900 BED BATH & BEYOND INCORPORATED+ 1,686,993 446,000 BELLE INTERNATIONAL HOLDINGS LIMITED 778,619 8,000 BEST DENKI COMPANY LIMITED 18,760 2,534 CARPETRIGHT PLC 28,156 41,771 CATO CORPORATION 958,644 273,453 CHICO'S FAS INCORPORATED 2,255,987 2,000 CHIYODA COMPANY LIMITED 22,735 24,000 CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 45,910 15,200 CULTURE CONVENIENCE CLUB COMPANY LIMITED 66,583 13,300 DCM JAPAN HOLDINGS COMPANY LIMITED 62,693 1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 12,947 118,045 DICK'S SPORTING GOODS INCORPORATED+ 2,888,561 36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 23,603 1,280 DOUGLAS HOLDING AG 54,924 91,472 DRESS BARN INCORPORATED+<< 1,907,191 172,361 DSG INTERNATIONAL PLC 63,733 9,700 EDION CORPORATION 66,853 124,286 ESPRIT HOLDINGS LIMITED 696,625 8,000 FAST RETAILING COMPANY LIMITED 1,102,726 331 FIELMANN AG 27,290 78,132 FOOT LOCKER INCORPORATED 917,270 1,820 FOURLIS HOLDINGS SA 14,346 9,019 GAME GROUP PLC 9,164 50,800 GAP INCORPORATED 858,012
Wells Fargo Advantage Master Portfolios 119 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- SPECIALTY RETAIL (continued) 22 GEO COMPANY LIMITED $ 25,847 338,000 GIORDANO INTERNATIONAL LIMITED 190,319 1,024,000 GOME ELECTRICAL APPLIANCES 310,672 4,139 GRUPO ELEKTRA SA DE CV+ 131,861 29,823 GUESS? INCORPORATED<< 963,581 560 GULLIVER INTERNATIONAL COMPANY LIMITED 21,797 10,381 HALFORDS GROUP 77,025 56,702 HENNES & MAURITZ AB CLASS B 1,854,894 2,700 HIKARI TSUSHIN INCORPORATED 47,694 6,422 HMV GROUP PLC 5,860 188,230 HOME DEPOT INCORPORATED 5,234,676 49,000 HOTAI MOTOR COMPANY LIMITED 134,454 12,347 INDUSTRIA DE DISENO TEXTIL SA 823,801 172,900 IT CITY PUBLIC COMPANY LIMITED 47,514 68,832 J.CREW GROUP INCORPORATED+<< 2,098,688 10,762 JB HI-FI LIMITED<< 199,351 5,000 JOSHIN DENKI COMPANY LIMITED 46,780 3,484 JUMBO SA 22,252 5,600 K'S HOLDINGS CORPORATION+ 120,986 2,000 KEIYO COMPANY LIMITED<< 10,689 21,336 KESA ELECTRICALS PLC 43,586 129,357 KINGFISHER PLC 405,704 2,600 KOMERI COMPANY LIMITED 59,824 138,700 LIMITED BRANDS 3,273,320 159,900 LOWE'S COMPANIES INCORPORATED 3,245,970 26,000 LUK FOOK HOLDINGS INTERNATIONAL LIMITED 50,605 70,226 MEN'S WEARHOUSE INCORPORATED<< 1,353,957 1,400 NAFCO COMPANY LIMITED 22,297 11,076 NEW CARPHONE WAREHOUSE 36,946 8,400 NISHIMATSUYA CHAIN COMPANY LIMITED 72,991 4,450 NITORI COMPANY LIMITED 387,740 72,496 O'REILLY AUTOMOTIVE INCORPORATED+<< 3,426,886 424,800 OFFICE DEPOT INCORPORATED+<< 1,448,568 127,622 OFFICEMAX INCORPORATED+<< 1,243,038 3,500 PARIS MIKI INCORPORATED+ 27,872 1,450 POINT INCORPORATED 67,831 3,061 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 23,585 6,871 PREMIER INVESTMENTS LIMITED+ 40,041 61,208 RADIOSHACK CORPORATION 1,131,124 2,386 REITMAN'S CANADA LIMITED CLASS A 42,043 102,829 RENT-A-CENTER INCORPORATED 2,064,806 1,000 RIGHT ON COMPANY LIMITED 5,809 6,259 RONA INCORPORATED+ 74,250 64,878 ROSS STORES INCORPORATED 3,219,895 14,000 SA SA INTERNATIONAL HOLDINGS LIMITED 9,611 143,070 SALLY BEAUTY HOLDINGS INCORPORATED+<< 1,234,694 4,800 SANRIO COMPANY LIMITED 80,676 4,800 SHIMACHU COMPANY LIMITED 94,389 3,300 SHIMANURA COMPANY LIMITED 300,500 1,261 SIGNET JEWELERS LIMITED+ 33,341 4,458 SUPER CHEAP AUTO GROUP LIMITED 23,123 39,428 THE GYMBOREE CORPORATION+<< 1,483,676 59,500 TJX COMPANIES INCORPORATED 2,361,555 47,845 TRACTOR SUPPLY COMPANY 3,252,503 47,439 TRUWORTHS INTERNATIONAL LIMITED 376,617
120 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- SPECIALTY RETAIL (continued) 1,900 UNITED ARROWS LIMITED $ 26,303 70,681 URBAN OUTFITTERS INCORPORATED+<< 2,143,048 2,490 USS COMPANY LIMITED 183,764 55 VALORA HOLDING AG 14,789 7,923 WH SMITH PUBLIC LIMITED CORPORATION 49,528 55,566 WILLIAMS-SONOMA INCORPORATED<< 1,442,493 1,800 XEBIO COMPANY LIMITED 32,696 10,040 YAMADA DENKI COMPANY LIMITED 625,035 75,597,708 -------------- TEXTILES, APPAREL & LUXURY GOODS: 1.00% 12,185 ADIDAS-SALOMON AG 620,206 95,000 ANTA SPORTS PRODUCTS LIMITED 194,671 19,000 ASICS CORPORATION 178,443 8,000 ATSUGI COMPANY LIMITED 9,523 1,225 BENETTON GROUP SPA 8,282 21,069 BILLABONG INTERNATIONAL LIMITED 141,713 218,000 BOSIDENG INTERNATIONAL HOLDINGS LIMITED 70,903 7,742 BULGARI SPA<< 57,198 25,206 BURBERRY GROUP PLC 328,586 78,424 CARTER'S INCORPORATED+ 1,751,992 272,000 CHINA DONGXIANG GROUP COMPANY 143,365 37,000 CHINA HONGXING SPORTS LIMITED 4,504 3,350 CHRISTIAN DIOR SA 338,859 43,286 COACH INCORPORATED 1,551,370 30,403 COMPAGNIE FINANCIERE RICHEMONT SA 1,181,682 1,200 DAIDOH LIMITED 10,056 12,000 DAIWABO COMPANY LIMITED 24,997 50,891 DECKERS OUTDOOR CORPORATION+<< 2,212,232 3,000 DESCENTE LIMITED 18,105 20,000 FIBRECHEM TECHNOLOGIES LIMITED(a)+ 0 111,000 FORMOSA TAFFETA COMPANY LIMITED 82,988 62,295 FOSSIL INCORPORATED+ 2,958,390 950 GEOX SPA 4,472 5,637 GILDAN ACTIVEWEAR INCORPORATED+ 154,623 19,000 GUNZE LIMITED 62,421 146,039 HANESBRANDS INCORPORATED+ 3,496,174 3,269 HERMES INTERNATIONAL 592,398 165,900 INDORAMA VENTURES FOREIGN 135,180 15,488 JAYBHARAT TEXTILES & REAL ESTATE LIMITED 87,581 135,800 JONES APPAREL GROUP INCORPORATED<< 2,088,604 19,000 KURABO INDUSTRIES LIMITED 29,854 79,500 LI NING COMPANY LIMITED 256,015 126 LPP SA 70,975 10,398 LUXOTTICA GROUP SPA 240,346 14,933 LVMH MOET HENNESSY LOUIS VUITTON SA 1,736,642 750 NG2 SA 13,042 40,300 NIKE INCORPORATED CLASS B 2,821,000 17,000 NISSHINBO INDUSTRIES INCORPORATED 160,874 14,000 ONWARD KASHIYAMA COMPANY LIMITED 100,488 29,609 PHILLIPS-VAN HEUSEN CORPORATION 1,352,539 34,893 POLO RALPH LAUREN CORPORATION 2,642,796 33,000 PORTS DESIGN LIMITED 80,519 390,600 POU CHEN CORPORATION 315,197 88,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 90,616
Wells Fargo Advantage Master Portfolios 121 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- TEXTILES, APPAREL & LUXURY GOODS (continued) 229 PUMA AG RUDOLF DASSLER SPORT $ 62,161 81,618 RUENTEX INDUSTRIES LIMITED 241,027 5,000 SANYO SHOKAI LIMITED 20,117 12,000 SEIKO HOLDINGS CORPORATION CLASS C 34,424 2,100 SEIREN COMPANY LIMITED 12,349 38,000 SHENZHOU INTERNATIONAL GROUP HOLDINGS LIMITED 43,771 19,500 STELLA INTERNATIONAL 36,449 2,102 SWATCH GROUP AG 124,433 1,659 SWATCH GROUP AG CLASS B 534,017 332,520 TAINAN SPINNING COMPANY LIMITED 151,551 64,000 TEXWINCA HOLDINGS LIMITED 63,270 13,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED 98,417 68,087 TIMBERLAND COMPANY+ 1,094,158 2,574 TITAN INDUSTRIES LIMITED 160,415 207 TOD'S SPA 16,104 11,000 TOKYO STYLE COMPANY LIMITED 79,610 81,000 TOYOBO COMPANY LIMITED 124,378 46,194 UNDER ARMOUR INCORPORATED+<< 1,656,979 17,000 UNITIKA 13,558 46,229 VF CORPORATION 3,264,692 14,000 WACOAL CORPORATION 190,644 58,625 WARNACO GROUP INCORPORATED+<< 2,455,215 65,438 WOLVERINE WORLD WIDE INCORPORATED 1,653,618 154,500 XTEP INTERNATIONAL HOLDINGS 118,972 61,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED 201,607 40,872,357 -------------- CONSUMER STAPLES: 7.23% BEVERAGES: 1.44% 23,881 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 320,592 6,960 ANHEUSER-BUSCH INBEV NV+ 26 49,700 ASAHI BREWERIES LIMITED 937,680 10,808 BRITVIC PLC 79,961 9,114 BROWN-FORMAN CORPORATION 556,683 47,861 BROWN-FORMAN CORPORATION CLASS B<< 2,933,401 16,248 C&C GROUP PLC 63,418 5,600 CARLSBERG AS 527,632 9,100 CARLSBERG BREWERY MALAYSIA BERHAD 14,992 83,762 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+<< 1,916,475 11,518 CIA CERVECERIAS UNIDAS SA 133,944 6,611 CIA DE BEBIDAS DAS AMERICAS 628,633 57,549 COCA-COLA AMATIL LIMITED 610,832 1,000 COCA-COLA CENTRAL JAPAN COMPANY LIMITED 12,939 235,933 COCA-COLA COMPANY 13,193,373 35,000 COCA-COLA ENTERPRISES INCORPORATED 996,100 8,215 COCA-COLA HELLENIC BOTTLING COMPANY SA 194,051 8,224 COCA-COLA ICECEK URETIM AS 86,169 9,000 COCA-COLA WEST JAPAN COMPANY LIMITED 152,553 99,483 CONSTELLATION BRANDS INCORPORATED CLASS A+ 1,657,387 4,300 COTT CORPORATION+ 29,719 14,156 DAVID CAMPARI-MILANO SPA 73,237 142,779 DIAGEO PLC 2,318,925 283,200 FOMENTO ECONOMICO MEXICANO SAB DE CV 1,382,808 205,860 FOSTER'S GROUP LIMITED 1,109,911 5,500 FRASER & NEAVE HOLDINGS 24,887
122 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- BEVERAGES (continued) 8,900 GUINNESS ANCHOR BHD $ 22,972 37,489 HANSEN NATURAL CORPORATION+ 1,688,505 4,844 HEINEKEN HOLDING NV 186,489 14,265 HEINEKEN NV<< 638,853 418 HITE BREWERY COMPANY LIMITED 45,325 43,319 INBEV NA 2,253,207 5,200 ITO EN LIMITED 85,171 104,000 KIRIN BREWERY COMPANY LIMITED 1,438,495 93 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 57,790 1,300 MIKUNI COCA-COLA BOTTLING COMPANY LIMITED 11,018 79,217 MOLSON COORS BREWING COMPANY 3,450,693 235,363 PEPSICO INCORPORATED 15,105,597 11,794 PERNOD-RICARD 922,016 1,088 REMY COINTREAU SA 60,245 56,068 SABMILLER PLC 1,596,811 116,200 SAN MIGUEL CORPORATION 171,764 53,000 SAPPORO HOLDINGS LIMITED 247,935 20,000 TAKARA HOLDINGS INCORPORATED 103,797 1,069,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 220,819 36,000 TSINGTAO BREWERY COMPANY LIMITED 189,285 12,258 UNITED SPIRITS LIMITED 373,277 1,000 YOMEISHU SEIZO COMPANY LIMITED 9,558 58,835,950 ------------- FOOD & STAPLES RETAILING: 1.32% 81,700 AEON COMPANY LIMITED 872,335 5,981 ALIMENTATION COUCHE TARD INCORPORATED 128,387 413,000 ALLIANCE GLOBAL GROUP INCORPORATED 58,090 3,800 ARCS COMPANY LIMITED 49,801 66,581 AWB LIMITED 85,598 450 AXFOOD AB 12,821 19,310 BERJAYA CORP BHD 2,461 33,600 BIG C SUPERCENTER+ 62,272 34,400 BIG C SUPERCENTER (NON VOTING)+ 63,755 10,617 BIM BIRLESIK MAGAZALAR AS 290,272 277,000 C.P. SEVEN ELEVEN PCL 351,837 35,440 CARREFOUR SA 1,609,174 64,887 CASEY'S GENERAL STORES INCORPORATED<< 2,441,049 2,899 CASINO GUICHARD PERRACHON SA 234,716 2,100 CAWACHI LIMITED 38,195 201,766 CENCOSUD SA 1,209,272 142,000 CHINA RESOURCES ENTERPRISE LIMITED 591,458 2,900 CIRCLE K SUNKUS COMPANY LIMITED 39,663 842 COLRUYT SA 208,497 64,127 COSTCO WHOLESALE CORPORATION 3,626,382 42,300 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED 307,521 5,426 DELHAIZE GROUP 363,883 1,299 EMPIRE COMPANY LIMITED 66,317 9,166 EUROCASH SA 65,235 8,800 FAMILYMART COMPANY LIMITED 318,438 16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED(a)+ 0 2,300 GEORGE WESTON LIMITED 176,024 109 GUYENNE ET GASCOGNE SA+ 11,016 4,400 HEIWADO COMPANY LIMITED 52,218 2,000 INAGEYA COMPANY LIMITED 21,569
Wells Fargo Advantage Master Portfolios 123 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- FOOD & STAPLES RETAILING (continued) 5,000 IZUMIYA COMPANY LIMITED $ 20,355 68,469 J SAINSBURY PLC 383,487 10,195 JERONIMO MARTINS 112,620 10,000 KASUMI COMPANY LIMITED 53,327 3,500 KATO SANGYO COMPANY LIMITED 52,827 600 KESKO OYJ A SHARES 22,772 3,200 KESKO OYJ B SHARES 124,251 69,419 KONINKLIJKE AHOLD NV 854,641 6,900 LAWSON INCORPORATED 314,570 4,000 LIFE CORPORATION 62,326 5,600 LOBLAW COS LIMITED 228,390 22,032 MASSMART HOLDINGS LIMITED 365,836 3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 62,653 81,036 METCASH LIMITED 316,509 6,734 METRO AG 342,840 5,178 METRO INCORPORATED 219,192 500 MINISTOP COMPANY LIMITED 7,142 115,905 OLAM INTERNATIONAL LIMITED 228,304 21,770 PICK'N PAY STORES LIMITED 131,004 84,032 PRESIDENT CHAIN STORE CORPORATION+ 310,851 296 RALLYE SA+ 10,032 910,953 RITE AID CORPORATION+ 793,987 3,100 RYOSHOKU LIMITED 68,450 40,816 SAFEWAY INCORPORATED 767,341 90,180 SEVEN & I HOLDINGS COMPANY LIMITED 2,061,012 1,731 SHINSEGAE COMPANY LIMITED 833,086 11,300 SHOPPERS DRUG MART CORPORATION 384,773 42,173 SHOPRITE HOLDINGS LIMITED 516,941 12,000 SIAM MAKRO PLC 50,999 1,429 SLIGRO FOOD GROUP NV 41,904 5,300 SUGI PHARMACY COMPANY LIMITED 114,820 3,800 SUNDRUG COMPANY LIMITED 102,769 1,882 SUPER-SOL LIMITED 10,805 106,915 SUPERVALU INCORPORATED 1,039,214 65,248 SYSCO CORPORATION 1,793,668 462,480 TESCO PLC 2,886,426 5,911 THE JEAN COUTU GROUP PJC INCORPORATED 48,503 2,000 THE MARUETSU INCORPORATED 8,166 2,000 TSURUHA HOLDINGS INCORPORATED 82,252 52,423 UNITED NATURAL FOODS INCORPORATED+<< 1,821,175 19,700 UNY COMPANY LIMITED 144,684 2,100 VALOR COMPANY LIMITED 15,448 779,099 WAL-MART DE MEXICO SAB DE CV 1,766,038 235,843 WAL-MART STORES INCORPORATED<< 11,825,168 106,954 WESFARMERS LIMITED 3,041,218 71,476 WHOLE FOODS MARKET INCORPORATED+<< 2,486,650 133,137 WILLIAM MORRISON SUPERMARKETS PLC 592,138 130,992 WOOLWORTHS LIMITED 3,235,251 1,000 YAOKO COMPANY LIMITED 27,663 54,142,734 ------------ FOOD PRODUCTS: 2.16% 72,000 AJINOMOTO COMPANY INCORPORATED 706,202 31,963 ALICORP SA 42,282 65,100 ARCHER-DANIELS-MIDLAND COMPANY 2,003,778
124 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- FOOD PRODUCTS (continued) 900 ARIAKE JAPAN COMPANY LIMITED $ 13,895 4,530 ARYZTA AG 194,095 85,000 ASIA FOOD & PROPERTIES LIMITED+ 33,862 31,900 ASIATIC DEVELOPMENT BHD 74,104 22,261 ASSOCIATED BRITISH FOODS PLC 361,208 45,000 ASTRA AGRO LESTARI TBK PT 97,869 5,345 AUSTRALIAN AGRICULTURAL COMPANY LIMITED 7,751 66 BARRY CALLEBAUT AG 45,669 85,100 BRF BRASIL FOODS SA 1,141,127 72,702 BUNGE LIMITED<< 3,853,206 22,600 CAMPBELL SOUP COMPANY<< 842,076 277,776 CHAODA MODERN AGRICULTURE LIMITED 207,116 298,500 CHAROEN POKHAND FOODS PLC 247,995 198,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED 240,794 18,000 CHINA FISHERY GROUP LIMITED+ 24,434 48,000 CHINA GREEN HOLDINGS LIMITED 45,169 21,500 CHINA HUIYUAN JUICE GROUP 15,561 112,000 CHINA MENGNIU DAIRY COMPANY 309,561 112,000 CHINA YURUN FOOD GROUP LIMITED 406,749 67,530 CHIQUITA BRANDS INTERNATIONAL INCORPORATED+<< 848,177 1,434 CJ CHEILJEDANG CORPORATION 266,131 48,014 CONAGRA FOODS INCORPORATED 1,036,622 97,712 CORN PRODUCTS INTERNATIONAL INCORPORATED 3,334,911 3,198 CSM 83,161 6,886 DAIRY CREST GROUP PLC 38,842 2,500 DANISCO AS 180,397 123,706 DARLING INTERNATIONAL INCORPORATED+ 930,269 87,900 DEAN FOODS COMPANY+ 899,217 310,371 DEL MONTE FOODS COMPANY 4,047,238 1,200 DYDO DRINCO INCORPORATED 41,781 250 EAST ASIATIC COMPANY LIMITED A/S+ 5,937 3,868 EBRO PULEVA SA 67,693 11,000 EZAKI GLICO COMPANY LIMITED 141,805 63,073 FRESH DEL MONTE PRODUCE INCORPORATED+<< 1,385,714 6,700 FUJI OIL COMPANY LIMITED 103,359 1,000 FUJICCO COMPANY LIMITED 12,213 36,531 FUTURIS CORPORATION LIMITED+ 20,801 5,201 GLAXOSMITHKLINE CONSUMER HEA+ 200,698 179,200 GLOBAL BIO-CHEM TECHNOLOGY 26,953 782,045 GOLDEN AGRI-RESOURCES LIMITED 323,088 174,975 GOODMAN FIELDER LIMITED 208,605 15,867 GRAIN CORPORATION LIMITED 96,983 61,444 GREEN MOUNTAIN COFFEE ROASTERS INCORPORATED+<< 1,893,704 1,680 GREGGS PLC 11,584 35,257 GROUPE DANONE 1,894,632 73,300 GRUPO BIMBO SAB DE CV 503,960 34,100 H.J. HEINZ COMPANY<< 1,576,784 60,967 HAIN CELESTIAL GROUP INCORPORATED+ 1,362,003 2,600 HOKUTO CORPORATION 58,648 9,700 HOUSE FOODS CORPORATION 151,140 39,000 INDOFOOD AGRI RESOURCES LIMITED+ 66,175 533,424 INDOFOOD SUKSES MAKMUR TBK PT 268,631 377,646 IOI CORPORATION BHD 631,787 19,000 ITOHAM FOODS INCORPORATED 67,171 5,000 J-OIL MILLS INCORPORATED 13,867
Wells Fargo Advantage Master Portfolios 125 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- FOOD PRODUCTS (continued) 70,423 JBS SA $ 298,734 59,505 JM SMUCKER COMPANY 3,479,852 8,400 KAGOME COMPANY LIMITED 164,180 6,384 KERRY GROUP PLC 209,656 21,200 KHON KAEN SUGAR INDUSTRY PCL 7,994 19,000 KIKKOMAN CORPORATION 193,370 177,364 KRAFT FOODS INCORPORATED CLASS A 5,312,052 45,400 KUALA LUMPUR KEPONG BHD 245,362 16,900 KULIM (MALAYSIA) BERHAD 45,506 25,997 LANCASTER COLONY CORPORATION<< 1,184,683 41 LINDT & SPRUENGLI AG 96,033 7 LINDT & SPRUENGLI AG 184,886 117 LOTTE CONFECTIONERY COMPANY LIMITED 120,328 1,451 MAPLE LEAF FOODS INCORPORATED 14,328 116,200 MARINE HARVEST<< 88,651 5,000 MARUDAI FOOD COMPANY LIMITED 15,296 43,000 MARUHA NICHIRO HOLDINGS INCORPORATED 69,611 55,773 MCCORMICK & COMPANY INCORPORATED 2,223,670 108,420 MEAD JOHNSON & COMPANY 5,658,440 4,600 MEGMILK SNOW BRAND COMPANY LIMITED 86,733 8,200 MEIJI HOLDINGS COMPANY LIMITED 382,133 600 MEITO SANGYO COMPANY LIMITED 8,649 4,000 MITSUI SUGAR COMPANY LIMITED 14,760 36,000 MORINAGA & COMPANY LIMITED 84,847 21,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 90,739 2,000 NAKAMURAYA COMPANY LIMITED 10,689 5,741 NESTLE INDIA LIMITED+ 375,752 4,000 NESTLE MALAYSIA BHD 50,960 201,920 NESTLE SA 10,461,455 15 NESTLE SA ADR 773 29,000 NICHIREI CORPORATION 123,581 6,000 NIPPON BEET SUGAR MANUFACTURING COMPANY LIMITED 13,213 17,000 NIPPON FLOUR MILLS COMPANY LIMITED 87,823 26,000 NIPPON MEAT PACKERS INCORPORATED 312,272 27,000 NIPPON SUISAN KAISHA LIMITED<< 85,168 22,000 NISSHIN SEIFUN GROUP INCORPORATED 281,252 10,400 NISSIN FOOD PRODUCTS COMPANY LIMITED 370,270 24,790 NORTHERN FOODS PLC 17,204 1,509 NUTRECO HOLDING NV 87,563 3,453 OSEM INVESTMENT LIMITED+ 49,025 113,485 PARMALAT SPA 273,103 21,000 PEOPLES FOOD HOLDINGS LIMITED 10,225 54,000 PPB GROUP BHD 293,906 96,960 PREMIER FOODS PLC 23,792 12,700 QP CORPORATION 160,545 29,024 RALCORP HOLDINGS INCORPORATED+ 1,731,282 11,389 RIDLEY CORPORATION LIMITED 12,311 600 RIKEN VITAMIN COMPANY LIMITED 18,069 2,900 SAKATA SEED CORPORATION 38,593 10,004 SAPUTO INCORPORATED 318,315 315,500 SARA LEE CORPORATION 4,555,820 12,000 SHOWA SANGYO COMPANY LIMITED 36,424 50,603 SHREE RENUKA SUGARS LIMITED+ 68,579 75,676 SMITHFIELD FOODS INCORPORATED+<< 1,220,654 1,291 STRAUSS GROUP LIMITED 17,940
126 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- FOOD PRODUCTS (continued) 3,072 SUEDZUCKER AG $ 56,001 16,000 SYNEAR FOOD HOLDINGS LIMITED 2,774 52,710 TATA TEA LIMITED 135,025 25,124 TATE & LYLE PLC 157,632 29,400 THAI UNION FROZEN PRODUCTS PCL 59,890 12,000 THE NISSHIN OILLIO GROUP LIMITED 56,850 18,649 TIGER BRANDS LIMITED 457,059 176,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 444,822 11,000 TOYO SUISAN KAISHA LIMITED 231,889 45,936 TREEHOUSE FOODS INCORPORATED+<< 1,906,344 155,140 TYSON FOODS INCORPORATED CLASS A 2,541,193 90,000 UNI PRESIDENT CHINA HOLDINGS 53,685 579,522 UNI-PRESIDENT ENTERPRISES CORPORATION 670,266 88,939 UNILEVER NV 2,382,083 75,628 UNILEVER PLC ADR 1,997,307 3,600 UNITED PLANTATIONS BHD 17,093 238,100 UNIVERSAL ROBINA CORPORATION 181,357 2,096 VISCOFAN SA 61,570 68,000 VITASOY INTERNATIONAL HOLDINGS LIMITED 53,150 17,006 VITERRA INCORPORATED+ 133,962 734,000 WANT WANT CHINA HOLDINGS LIMITED 593,522 54,000 WEI CHUAN FOOD CORPORATION+ 55,123 77,930 WILMAR INTERNATIONAL LIMITED 359,898 18,500 YAKULT HONSHA COMPANY LIMITED 552,732 18,000 YAMAZAKI BAKING COMPANY LIMITED 218,974 88,482,436 -------------- HOUSEHOLD PRODUCTS: 1.17% 37,129 CHURCH & DWIGHT COMPANY INCORPORATED 2,273,409 73,400 CLOROX COMPANY 4,757,788 71,254 COLGATE-PALMOLIVE COMPANY 5,261,395 36,796 ENERGIZER HOLDINGS INCORPORATED+ 2,319,988 7,493 HENKEL KGAA 301,055 177,456 HINDUSTAN UNILEVER LIMITED 997,813 46,016 KIMBERLY-CLARK CORPORATION 2,963,430 35,100 KIMBERLY-CLARK DE MEXICO SAB DE CV 203,430 1,227 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H+ 411,422 27,000 LION CORPORATION 145,268 2,400 PIGEON CORPORATION 88,275 420,282 PROCTER & GAMBLE COMPANY 25,078,227 9,520 PZ CUSSONS PLC 47,714 35,674 RECKITT BENCKISER GROUP 1,785,235 5,800 UNI-CHARM CORPORATION 707,654 161,000 UNILEVER INDONESIA TBK PT 286,895 47,628,998 -------------- PERSONAL PRODUCTS: 0.43% 2,700 ADERANS COMPANY LIMITED 31,978 323 AMOREPACIFIC CORPORATION 296,355 734 ATRIUM INNOVATIONS INCORPORATED+ 9,809 82,000 BAWANG INTERNATIONAL GROUP HOLDING LIMITED 37,528 5,805 BEIERSDORF AG 310,329 6,846 COLGATE PALMOLIVE INDIA LIMITED+ 120,147 37,217 DABUR INDIA LIMITED 165,554 64,344 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 3,607,768
Wells Fargo Advantage Master Portfolios 127 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- PERSONAL PRODUCTS (continued) 4,500 FANCL CORPORATION $ 73,331 12,716 GODREJ CONSUMER PRODUCTS LIMITED 100,303 86,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 762,295 31,982 HERBALIFE LIMITED 1,777,560 58,900 KAO CORPORATION 1,369,262 2,700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 124,057 3,100 KOSE CORPORATION 72,878 13,968 L'OREAL SA 1,389,525 1,800 MANDOM CORPORATION 48,444 70,088 MARICO LIMITED+ 187,214 400 MILBON COMPANY LIMITED 10,475 75,750 NBTY INCORPORATED+ 4,127,618 79,863 NU SKIN ENTERPRISES INCORPORATED<< 2,042,097 1,903 ORIFLAME COSMETICS SA 99,610 40,300 SHISEIDO COMPANY LIMITED 905,683 17,669,820 -------------- TOBACCO: 0.71% 230,750 ALTRIA GROUP INCORPORATED 5,150,340 14,600 BRITISH AMERICAN TOBACCO MALAYSIA BHD 209,824 117,913 BRITISH AMERICAN TOBACCO PLC 4,007,356 2,662 EASTERN TOBACCO+ 59,253 61,752 IMPERIAL TOBACCO GROUP PLC 1,704,708 411,536 ITC LIMITED 1,427,341 521 JAPAN TOBACCO INCORPORATED 1,616,768 14,740 KT&G CORPORATION 749,971 16,467 LORILLARD INCORPORATED 1,251,657 206,678 PHILIP MORRIS INTERNATIONAL 10,631,516 68,500 PT GUDANG GARAM TBK 298,716 18,731 REYNOLDS AMERICAN INCORPORATED 1,021,589 9,000 SOUZA CRUZ SA 414,833 12,000 SWEDISH MATCH AB 276,478 28,820,350 -------------- ENERGY: 8.47% ENERGY EQUIPMENT & SERVICES: 1.77% 2,949 ABAN OFFSHORE LIMITED 47,987 8,290 ACERGY SA 127,294 309 AKER ASA CLASS A 5,438 7,775 AKER KVAERNER ASA 85,734 16,630 AMEC PLC 233,877 72,568 ATWOOD OCEANICS INCORPORATED+ 1,820,005 62,444 BAKER HUGHES INCORPORATED 2,346,646 1,896 BOURBON SA 72,346 52,963 BRISTOW GROUP INCORPORATED+<< 1,747,779 425 CALFRAC WELL SERVICES LIMITED 9,466 129,038 CAMERON INTERNATIONAL CORPORATION+ 4,746,018 6,535 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 110,558 689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+ 11,527 99,588 COMPLETE PRODUCTION SERVICES INCORPORATED+ 1,756,732 58,984 CORE LABORATORIES NV<< 4,655,607 8,849 DIAMOND OFFSHORE DRILLING INCORPORATED<< 514,835 43,447 DRESSER RAND GROUP INCORPORATED+ 1,543,237 39,336 DRIL-QUIP INCORPORATED+<< 2,079,694
128 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ENERGY EQUIPMENT & SERVICES (continued) 5,878 ENSIGN ENERGY SERVICES INCORPORATED $ 63,777 82,434 EXTERRAN HOLDINGS INCORPORATED+<< 1,824,264 30,000 EZRA HOLDINGS LIMITED(a) 36,826 64,773 FMC TECHNOLOGIES INCORPORATED+<< 4,006,210 1,236 FRED OLSEN ENERGY ASA 35,724 3,651 FUGRO NV 205,519 155,032 GLOBAL INDUSTRIES LIMITED+<< 707,721 1 HALLIBURTON COMPANY 28 147,324 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 1,340,648 51,280 HELMERICH & PAYNE INCORPORATED<< 1,899,411 153,965 HERCULES OFFSHORE INCORPORATED+<< 329,485 24,775 JOHN WOOD GROUP PLC 138,078 259,900 KENCANA PETROLEUM BHD 127,542 192,310 KEY ENERGY SERVICES INCORPORATED+<< 1,540,403 357,100 KNM GROUP BHD+ 55,190 122,385 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,568,976 500 MODEC INCORPORATED 6,529 4,400 MULLEN GROUP LIMITED 57,231 61,026 NATIONAL OILWELL VARCO INCORPORATED 2,293,967 29,223 OCEANEERING INTERNATIONAL INCORPORATED+ 1,461,442 65,213 OIL STATES INTERNATIONAL INCORPORATED+ 2,688,732 173,128 PARKER DRILLING COMPANY+<< 628,455 956 PASON SYSTEMS INCORPORATED 10,579 75,341 PATTERSON-UTI ENERGY INCORPORATED 1,112,033 12,521 PETROFAC LIMITED 269,032 8,368 PETROLEUM GEO-SERVICES ASA+ 75,224 15,312 PRECISION DRILLING CORPORATION+ 95,920 84,252 PRIDE INTERNATIONAL INCORPORATED+ 1,984,135 11,150 PROSAFE ASA 53,528 1,900 PROSAFE PRODUCTION PUBLIC LIMITED+ 3,886 13,259 SAIPEM SPA 464,084 170,300 SAPURACREST PETROLEUM BHD 125,358 839 SAVANNA ENERGY SERVICES CORPORATION 4,335 8,376 SBM OFFSHORE NV 127,427 261,105 SCHLUMBERGER LIMITED 13,924,730 225 SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG 11,819 29,775 SEACOR HOLDINGS INCORPORATED+<< 2,342,399 14,252 SEADRILL LIMITED 332,159 2,728 SHAWCOR LIMITED CLASS A 68,817 4,000 SHINKO PLANTECH COMPANY LIMITED 31,472 41,103 SUPERIOR ENERGY SERVICES INCORPORATED+ 883,715 5,928 TECHNIP SA 388,309 1,176 TECNICAS REUNIDAS SA 59,701 24,633 TENARIS SA 417,672 113,232 TETRA TECHNOLOGIES INCORPORATED+ 950,016 5,000 TGS NOPEC GEOPHYSICAL COMPANY ASA 67,223 25,993 TIDEWATER INCORPORATED 1,041,799 6,000 TOYO KANETSU K K 9,427 48,928 TRANSOCEAN LIMITED+ 2,490,435 6,146 TRICAN WELL SERVICE LIMITED 82,073 2,600 TRINIDAD DRILLING LIMITED 12,191 103,359 WEATHERFORD INTERNATIONAL LIMITED+ 1,541,083 5,218 WELLSTREAM HOLDINGS PLC 43,614 21,924 WORLEYPARSONS LIMITED 405,135 72,360,268 --------------
Wells Fargo Advantage Master Portfolios 129 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- OIL, GAS & CONSUMABLE FUELS: 6.70% 8,522 ADVANTAGE OIL & GAS LIMITED+ $ 50,987 63,259 ALPHA NATURAL RESOURCES INCORPORATED+ 2,348,807 4,348 ALTAGAS LIMITED 82,569 73,100 ANADARKO PETROLEUM CORPORATION 3,361,869 2,300 AOC HOLDINGS INCORPORATED 9,938 37,293 APACHE CORPORATION 3,350,776 13,928 AQUILA RESOURCES LIMITED+ 105,330 5,955 ARC ENERGY TRUST 110,628 86,138 ARCH COAL INCORPORATED 1,938,966 103,156 ATLAS ENERGY INCORPORATED+ 2,805,843 41,681 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 57,850 10,655 BANKERS PETROLEUM LIMITED+ 68,146 14,200 BANPU PCL 277,693 254,500 BAYAN RESOURCES GROUP+ 245,064 2,365 BAYTEX ENERGY TRUST 77,514 103,685 BEACH PETROLEUM LIMITED 60,423 72,788 BERRY PETROLEUM COMPANY CLASS A<< 1,976,194 195,272 BG GROUP PLC 3,143,032 21,354 BHARAT PETROLEUM CORPORATION LIMITED 345,573 64,186 BILL BARRETT CORPORATION+<< 2,089,896 4,522 BIRCHCLIFF ENERGY LIMITED+ 38,081 3,117 BONAVISTA ENERGY TRUST 72,024 1,083,155 BP PLC 6,322,456 153,656 BRIGHAM EXPLORATION COMPANY+ 2,354,010 160,000 BRIGHTOIL PETROLEUM HOLDINGS+ 64,586 2,575,358 BUMI RESOURCES TBK PT 473,170 55,090 CABOT OIL & GAS CORPORATION 1,533,706 75,694 CAIRN ENERGY PLC+ 542,596 81,372 CAIRN INDIA LIMITED+ 575,261 10,780 CALTEX AUSTRALIA LIMITED 107,802 22,900 CAMECO CORPORATION 558,783 62,054 CANADIAN NATURAL RESOURCES LIMITED 1,996,017 12,485 CANADIAN OIL SANDS TRUST 293,641 40,840 CARRIZO OIL & GAS INCORPORATED+ 856,006 11,766 CELTIC EXPLORATION LIMITED+ 126,117 43,871 CENOVUS ENERGY INCORPORATED 1,180,343 38,600 CENTENNIAL COAL COMPANY LIMITED 207,085 70,550 CHESAPEAKE ENERGY CORPORATION 1,458,974 222,123 CHEVRON CORPORATION<< 16,472,642 577,962 CHINA COAL ENERGY COMPANY 814,329 2,218,000 CHINA PETROLEUM & CHEMICAL CORPORATION 1,756,436 445,500 CHINA SHENHUA ENERGY COMPANY LIMITED 1,623,645 364 CIA ESPANOLA DE PETROLEOS SA 7,773 42,304 CIMAREX ENERGY COMPANY 2,767,528 1,944,000 CNOOC LIMITED 3,358,812 260,000 CNPC (HONG KONG) LIMITED 321,877 3,290 COAL & ALLIED INDUSTRIES LIMITED 286,272 58,720 COMSTOCK RESOURCES INCORPORATED+ 1,278,334 40,633 CONCHO RESOURCES INCORPORATED+ 2,373,780 22,597 CONNACHER OIL AND GAS LIMITED+ 25,429 153,695 CONOCOPHILLIPS 8,058,229 119,665 CONSOL ENERGY INCORPORATED 3,853,213 15,580 CONTINENTAL RESOURCES INCORPORATED+<< 631,302 1,363 CORRIDOR RESOURCES INCORPORATED+ 6,429 67,000 COSMO OIL COMPANY LIMITED 160,302 12,945 CRESCENT POINT ENERGY CORPORATION 455,840
130 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- OIL, GAS & CONSUMABLE FUELS (continued) 3,839 CREW ENERGY INCORPORATED+ $ 59,402 4,291 DANA PETROLEUM PLC+ 119,312 27,929 DART ENERGY LIMITED 19,630 11,272 DAYLIGHT ENERGY LIMITED 96,299 40,123 DENBURY RESOURCES INCORPORATED+ 591,413 1,265 DENISON MINES CORPORATION+ 1,708 46,505 DEVON ENERGY CORPORATION 2,803,321 102,500 DNO ASA+ 138,051 12,082 DRAGON OIL PLC+ 77,626 152,909 EASTERN STAR GAS LIMITED+ 114,276 355,772 EL PASO CORPORATION 4,052,243 19,800 ENBRIDGE INCORPORATED 985,033 44,034 ENCANA CORPORATION 1,207,853 4,826 ENERGY RESOURCES OF AUSTRALIA LIMITED 56,462 3,678 ENERPLUS RESOURCES 84,228 123,103 ENI SPA 2,444,557 9,439 ENI SPA ADR<< 374,256 47,816 ENQUEST PLC 86,679 36,748 EOG RESOURCES INCORPORATED 3,192,299 76,258 EQT CORPORATION 2,486,011 2,269 ERG SPA 27,992 90,955 ESSAR OIL LIMITED+ 237,442 26,300 ESSO THAILAND ALIEN MARKET 5,463 3,641 ESTABLISSEMENTS MAUREL ET PROM 39,925 10,481 EXTRACT RESOURCES LIMITED+ 56,509 565,931 EXXON MOBIL CORPORATION 33,480,478 1,661 FAIRBORNE ENERGY LIMITED+ 6,620 56,610 FOREST OIL CORPORATION+ 1,478,653 249,590 FORMOSA PETROCHEMICAL CORPORATION 560,202 136,663 FRONTIER OIL CORPORATION 1,600,324 1,079 GALLEON ENERGY INCORPORATED+ 3,562 11,515 GALP ENERGIA SGPS SA 187,074 351,801 GAZPROM ADR<< 7,194,330 3,776 GOODRICH PETROLEUM CORPORATION+<< 50,145 23,505 GRAN TIERRA ENERGY INCORPORATED+ 147,685 5,054 GRUPA LOTOS SA+ 47,677 6,650 GS HOLDINGS CORPORATION 272,900 2,590 HELLENIC PETROLEUM SA 19,398 19,511 HINDUSTAN PETROLEUM CORPORATION LIMITED 218,109 58,752 HOLLY CORPORATION<< 1,528,140 5,358 HUNTING PLC 49,674 13,000 HUSKY ENERGY INCORPORATED 302,827 3,500 IDEMITSU KOSAN COMPANY LIMITED 275,801 15,000 IMPERIAL OIL LIMITED 553,102 67,074 INDIAN OIL CORPORATION LIMITED 586,256 106,000 INDIKA ENERGY TBK PT 37,543 29,000 INDO TAMBANGRAYA MEGAH PT 125,822 97 INPEX HOLDINGS INCORPORATED 438,757 6,700 INTER PIPELINE FUND 81,995 974,221 IRPC PCL 125,144 6,000 ITOCHU ENEX COMPANY LIMITED 28,140 8,964 IVANHOE ENERGY INCORPORATED+ 14,795 3,800 JAPAN PETROLEUM EXPLORATION COMPANY 137,055 272,600 JX HOLDINGS INCORPORATED 1,375,817 14,087 KAROON GAS AUSTRALIA LIMITED+ 83,221
Wells Fargo Advantage Master Portfolios 131 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- OIL, GAS & CONSUMABLE FUELS (continued) 1,723 KEYERA FACILITIES INCOME FUND $ 47,488 8,953 LINC ENERGY LIMITED+ 13,183 60,610 LUKOIL ADR 3,203,239 11,247 LUNDIN PETROLEUM AB+ 62,720 21,310 MANGALORE REFINERY & PETROCHEMICALS LIMITED 34,067 78,661 MARATHON OIL CORPORATION 2,398,374 54,589 MASSEY ENERGY COMPANY 1,569,434 5,888 MOL HUNGARIAN OIL & GAS PLC 545,845 277,000 MONGOLIA ENERGY COMPANY LIMITED+ 109,322 681 MOTOR OIL (HELLAS) CORINTH REFINERIES SA 6,818 3,100 NAL OIL & GAS TRUST 31,193 6,080 NESTE OIL OYJ LIMITED 81,826 23,479 NEW HOPE CORPORATION LIMITED 96,717 16,885 NEW ZEALAND OIL & GAS LIMITED 13,540 30,300 NEXEN INCORPORATED 561,190 2,237 NIKO RESOURCE LIMITED 220,795 3,300 NIPPON GAS COMPANY LIMITED 52,244 24,935 NOBLE ENERGY INCORPORATED 1,739,964 3,905 NUVISTA ENERGY LIMITED 38,817 118,162 OCCIDENTAL PETROLEUM CORPORATION 8,635,279 423,600 OGX PETROLEO E GAS PARTICIPACOES SA+ 5,036,167 76,355 OIL & NATURAL GAS CORPORATION LIMITED 2,171,183 5,784 OIL INDIA LIMITED 178,863 37,539 OIL REFINERIES LIMITED 18,799 118,002 OIL SEARCH LIMITED 619,420 9,020 OMV AG 290,566 2,891 OPTI CANADA INCORPORATED+ 2,792 94,111 ORIGIN ENERGY LIMITED 1,276,891 40,398 OVERSEAS SHIPHOLDING GROUP INCORPORATED<< 1,300,816 20,295 PA RESOURCES AB+ 13,179 1,572 PACE OIL AND GAS LIMITED+ 10,537 14,007 PACIFIC RUBIALES ENERGY CORPORATION 330,357 70,555 PALADIN ENERGY LIMITED+ 232,887 173 PAZ OIL COMPANY LIMITED 24,358 38,387 PEABODY ENERGY CORPORATION 1,642,964 3,732 PEMBINA PIPELINE INCOME FUND 68,596 6,204 PENGROWTH ENERGY TRUST 60,100 9,855 PENN WEST ENERGY TRUST 185,113 3,000 PETROBAKKEN ENERGY LIMITED 56,632 6,135 PETROBANK ENERGY & RESOURCES LIMITED+ 212,756 1,769 PETROBRAS ENERGIA SA 26,464 2,736,000 PETROCHINA COMPANY LIMITED 2,968,580 159,490 PETROHAWK ENERGY CORPORATION+ 2,411,489 10,179 PETROL OFISI+ 40,328 294,562 PETROLEO BRASILEIRO SA 4,962,898 45,300 PETRONAS DAGANGAN BHD 155,323 48,131 PETRONET LNG LIMITED 110,914 4,002 PETROPLUS HOLDINGS AG 44,938 2,982 PEYTO ENERGY TRUST 39,402 58,200 PIONEER NATURAL RESOURCES COMPANY 3,365,124 190,312 POLISH OIL & GAS 211,993 40,626 POLSKI KONCERN NAFTOWY ORLEN SA+ 499,983 5,137 PREMIER OIL PLC+ 119,436 7,472 PROGRESS ENERGY RESOURCES CORPORATION 82,263 12,855 PROVIDENT ENERGY TRUST 80,528
132 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- OIL, GAS & CONSUMABLE FUELS (continued) 94,500 PT TAMBANG BATUBARA BUKIT ASAM TBK $ 183,038 102,272 PTT AROMATICS & REFINING PCL 76,471 146,300 PTT EXPLORATION & PRODUCTION PCL 670,844 87,400 PTT PCL 740,086 88,273 QEP RESOURCES INCORPORATED 2,562,565 8,414 QUESTERRE ENERGY CORPORATION+ 20,200 84,521 RANGE RESOURCES CORPORATION<< 2,857,655 46,602 RELIANCE INDUSTRIES LIMITED<< 1,821,672 195,843 RELIANCE INDUSTRIES LIMITED+ 3,826,932 46,077 REPSOL YPF SA 1,051,916 20,668 RIVERSDALE MINING LIMITED+ 167,518 8,115 ROC OIL COMPANY LIMITED+ 2,599 207,788 ROYAL DUTCH SHELL PLC CLASS A 5,523,118 158,508 ROYAL DUTCH SHELL PLC CLASS B 4,056,053 5,636 S-OIL CORPORATION 271,716 221,051 SANDRIDGE ENERGY INCORPORATED+<< 893,045 88,771 SANTOS LIMITED 1,121,510 12,269 SARAS SPA 20,850 56,748 SASOL LIMITED 2,161,041 14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 48,598 20,000 SHOWA SHELL SEKIYU KK 144,745 2,000 SINANEN COMPANY LIMITED 7,904 7,737 SK ENERGY COMPANY LIMITED 822,810 10,172 SOCO INTERNATIONAL PLC+ 73,384 56,874 SOUTHERN UNION COMPANY 1,279,665 50,513 SOUTHWESTERN ENERGY COMPANY+ 1,652,785 69,940 SPECTRA ENERGY CORPORATION 1,422,580 62,375 STATOIL ASA 1,171,877 281 STORM RES LIMITED(a) 864 53,000 STRAITS ASIA RESOURCES LIMITED 81,328 90,465 SUNCOR ENERGY INCORPORATED 2,741,055 60,804 SUNOCO INCORPORATED 2,047,879 102,230 SURGUTNEFTEGAZ 418,121 295,275 SURGUTNEFTEGAZ ADR<< 2,775,585 48,260 SWIFT ENERGY COMPANY+ 1,300,607 59,300 TALISMAN ENERGY INCORPORATED 932,584 65,820 TEEKAY CORPORATION<< 1,600,084 66,421 TESORO CORPORATION 745,908 104,800 THAI OIL PCL 147,346 13,632 THE GREAT EASTERN SHIPPING COMPANY LIMITED+ 86,127 27,000 TONENGENERAL SEKIYU KK 243,935 129,333 TOTAL SA 6,042,894 39,700 TRANSCANADA CORPORATION 1,414,733 51,269 TULLOW OIL PLC 957,698 18,430 TUPRAS TURKIYE PETROL RAFINERILERI AS 413,364 80,560 ULTRA PETROLEUM CORPORATION+ 3,142,646 18,762 URANIUM ONE INCORPORATED 61,933 169,046 USEC INCORPORATED+<< 794,516 19,013 UTS ENERGY CORPORATION+ 63,118 60,451 VALERO ENERGY CORPORATION 953,312 1,785 VERMILION ENERGY TRUST 59,709 30,440 WHITEHAVEN COAL LIMITED 161,953 25,543 WHITING PETROLEUM CORPORATION+ 2,167,068 61,900 WILLIAMS COMPANIES INCORPORATED 1,122,247
Wells Fargo Advantage Master Portfolios 133 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- OIL, GAS & CONSUMABLE FUELS (continued) 55,156 WOODSIDE PETROLEUM LIMITED $ 2,054,658 78,443 WORLD FUEL SERVICES CORPORATION<< 2,003,434 258,000 YANZHOU COAL MINING COMPANY LIMITED 529,350 273,921,091 -------------- FINANCIALS: 20.90% CAPITAL MARKETS: 1.80% 46,217 3I GROUP PLC 184,715 36,607 ABERDEEN ASSET MANAGEMENT PLC 75,568 23,619 AFFILIATED MANAGERS GROUP INCORPORATED+ 1,516,576 3,567 AGF MANAGEMENT LIMITED 48,169 128,668 AMERIPRISE FINANCIAL INCORPORATED 5,607,351 1 APOLLO INVESTMENT CORPORATION 10 14,340 ASHMORE GROUP PLC 63,800 636,000 ASIA PLUS SECURITIES PCL 44,304 6,204 AZIMUT HOLDING SPA 53,344 133,898 BANK OF NEW YORK MELLON CORPORATION 3,249,704 1,790 BANK SARASIN & CIE AG 64,883 15,559 BINCKBANK NV 200,721 6,193 BLACKROCK INCORPORATED 879,096 8,704 BREWIN DOLPHIN LIMITED 16,019 1,964 CANACCORD FINANCIAL INCORPORATED 19,302 357,353 CAPITAL SECURITIES CORPORATION+ 156,176 136,590 CHARLES SCHWAB CORPORATION 1,742,888 10,003 CI FINANCIAL CORPORATION 185,736 6,402 CLOSE BROTHERS GROUP PLC 65,342 62,813 CREDIT SUISSE GROUP 2,758,761 26,610 DAEWOO SECURITIES COMPANY LIMITED+ 489,407 187,000 DAIWA SECURITIES GROUP INCORPORATED 759,041 35,488 DEUTSCHE BANK AG 2,229,721 3,322 DUNDEE CORPORATION CLASS A+ 35,109 2,023 DUNDEEWEALTH INCORPORATED 24,663 114,660 E TRADE FINANCIAL CORPORATION+ 1,422,936 1,432 EFG INTERNATIONAL 15,374 28,449 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING+ 144,150 51,875 FEDERATED INVESTORS INCORPORATED CLASS B<< 1,081,594 22,740 FRANKLIN RESOURCES INCORPORATED 2,194,637 1,091,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 620,393 9 GCA SAVVIAN GROUP CORPORATION 8,303 259,550 GLG PARTNERS INCORPORATED+<< 1,160,189 3,500 GMP CAPITAL INCORPORATED 33,150 62,943 GOLDMAN SACHS GROUP INCORPORATED 8,619,414 14,962 GREENHILL & COMPANY INCORPORATED<< 1,053,774 12,382 HARGREAVES LANSDOWN PLC 73,889 39,881 HENDERSON GROUP PLC 76,393 15,167 HYUNDAI SECURITIES COMPANY+ 181,538 28,436 ICAP PLC 178,805 1,500 ICHIYOSHI SECURITIES COMPANY LIMITED 10,017 7,300 IGM FINANCIAL INCORPORATED 274,174 15,631 INTERMEDIATE CAPITAL GROUP PLC 65,445 220,035 INVESCO LIMITED 3,982,634 26,572 INVESTEC LIMITED 199,713 21,933 INVESTEC PLC 158,197 22,489 IOOF HOLDINGS LIMITED 131,256 1,000 IWAI SECURITIES COMPANY LIMITED 8,047
134 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CAPITAL MARKETS (continued) 2,800 JAFCO COMPANY LIMITED $ 62,226 286,061 JANUS CAPITAL GROUP INCORPORATED<< 2,597,434 11,434 JULIUS BAER GROUP LIMITED 403,301 9,300 JULIUS BAER HOLDING AG 115,878 9,400 KABU.COM SECURITIES COMPANY LIMITED<< 43,861 848,000 KGI SECURITIES (THAILAND) PCL+ 39,562 37,000 KIM ENG HOLDINGS LIMITED+ 45,039 86,600 KIM ENG SECURITIES THAILAND PCL 39,848 113,644 KNIGHT CAPITAL GROUP INCORPORATED+<< 1,350,091 4,364 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 114,478 80,800 LEGG MASON INCORPORATED 2,046,664 37,545 MACQUARIE GROUP LIMITED 1,251,306 90,461 MAN GROUP PLC 288,847 2,000 MARUSAN SECURITIES COMPANY LIMITED 10,665 131,000 MASTERLINK SECURITIES CORPORATION 46,619 12,600 MATSUI SECURITIES COMPANY LIMITED 71,991 32,109 MEDIOBANCA SPA 252,686 182,410 MF GLOBAL HOLDINGS LIMITED+<< 1,203,906 3,004 MIRAE ASSET SECURITIES COMPANY LIMITED 142,320 3,000 MITO SECURITIES COMPANY LIMITED 5,285 35,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 35,412 1,057 MLP AG 9,780 172 MONEX BEANS HOLDINGS INCORPORATED 68,997 141,352 MORGAN STANLEY 3,489,981 361,800 NOMURA HOLDINGS INCORPORATED 2,037,036 30,500 NOMURA HOLDINGS INCORPORATED ADR 170,800 34,400 NORTHERN TRUST CORPORATION 1,587,216 19,000 OKASAN HOLDINGS INCORPORATED 67,849 57,440 OPTIONSXPRESS HOLDINGS INCORPORATED+ 817,946 36,488 PAMPA CALICHERA 70,357 643 PARTNERS GROUP 89,428 4,092 PERPETUAL TRUSTEES AUSTRALIA LIMITED<< 113,297 33,100 PHATRA SECURITIES PCL 28,557 11,002 PIONEERS HOLDING 6,749 26,611 PIPER JAFFRAY COMPANIES INCORPORATED+ 734,996 20,450 PLATINUM ASSET MANAGEMENT LIMITED 89,334 225,828 POLARIS SECURITIES COMPANY LIMITED+ 100,457 100,000 POLYTEC ASSET HOLDINGS LIMITED 16,198 141,700 PRESIDENT SECURITIES CORPORATION 71,217 710 RATHBONE BROTHERS 9,386 4,600 RATOS AB B SHARES 122,973 48,390 RAYMOND JAMES FINANCIAL INCORPORATED<< 1,116,841 1,457 RICHEMONT SA+ 21,252 4 RISA PARTNERS INCORPORATED 1,786 7,053 SAMSUNG SECURITIES COMPANY LIMITED+ 341,208 1,889 SBI HOLDINGS INCORPORATED 234,523 5,824 SCHRODERS PLC 122,636 2,472 SCHRODERS PLC (NON VOTING) 42,082 61,000 SHINKO SECURITIES COMPANY LIMITED 136,508 54,800 STATE STREET CORPORATION 1,922,384 44,670 STIFEL FINANCIAL CORPORATION+<< 1,933,318 37,836 T. ROWE PRICE GROUP INCORPORATED<< 1,656,460 23,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 76,110 7,124 TONG YANG INVESTMENT BANK+ 58,054 11,401 TULLETT PREBON PLC 64,695
Wells Fargo Advantage Master Portfolios 135 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CAPITAL MARKETS (continued) 208,720 UBS AG $ 3,531,947 11,000 UOB-KAY HIAN HOLDINGS LIMITED 11,929 67,000 VALUE PARTNERS GROUP LIMITED 38,759 62 VERWALTUNGS-UND PRIVAT-BANK AG 6,901 1 VIRTUS INVESTMENT PARTNERS INCORPORATED+ 27 361 VONTOBEL HOLDINGS AG 10,667 251,914 WATERLAND FINANCIAL HOLDINGS+ 76,044 16,080 WOORI INVESTMENT & SECURITIES COMPANY LIMITED+ 235,386 73,673,918 -------------- COMMERCIAL BANKS: 7.38% 50,000 77 BANK LIMITED 248,780 77,679 ABSA GROUP LIMITED 1,298,161 72,100 AFFIN HOLDINGS BHD 70,534 3,420 AGRICULTURAL BANK OF GREECE+ 4,767 216,038 AKBANK TAS 1,145,940 22,824 ALLAHABAD BANK+ 101,408 36,469 ALLIED IRISH BANKS PLC 35,586 31,560 ALPHA BANK AE 203,972 30,160 ANDHRA BANK 97,360 61,000 AOZORA BANK LIMITED 82,050 269,310 ASSOCIATED BANC-CORP<< 3,247,879 48,136 ASYA KATILIM BANKASI AS 106,545 270,603 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 5,438,668 34,542 AXIS BANK LIMITED+ 977,111 33,259 BANCA CARIGE SPA 70,513 157,243 BANCA MONTE DEI PASCHI DI SIENA SPA 188,107 9,849 BANCA PICCOLO CREDITO VALTELLINESE SCARL+ 44,589 18,482 BANCA POPOL EMILIA ROMAGNA+ 200,252 1,251 BANCA POPOLARE DELL'ETRURIA E DEL LAZIO+ 5,465 16,468 BANCA POPOLARE DI MILANO SCARL 71,581 16,258 BANCA POPOLARE DI SONDRIO SCARL+ 132,992 208,518 BANCO BILBAO VIZCAYA ARGENTARIA SA 2,514,551 9,820 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR<< 118,429 8,813 BANCO BPI SA+ 18,193 66,874 BANCO BRADESCO SA 939,758 171,214 BANCO COMERCIAL PORTUGUES SA 136,692 16,952 BANCO CONTINENTAL PERU+ 42,425 1,049,717 BANCO DE CHILE 140,644 3,219 BANCO DE CREDITO DEL PERU 7,366 5,688 BANCO DE CREDITO E INVERSIONES+ 308,682 112,266 BANCO DE ORO 128,576 59,538 BANCO DE SABADE<< 287,840 11,163 BANCO DE VALENCIA SA+<< 59,132 161,485 BANCO DO BRASIL SA 2,618,701 3,199 BANCO ESPANOL DE CREDITO SA 27,360 22,698 BANCO ESPIRITO SANTO SA 97,942 1,156 BANCO GUIPUZCOANO SA+ 6,841 70,925 BANCO ITAU HOLDING FINANCEIRA SA 1,183,261 2,243 BANCO MACRO SA<< 84,763 5,963 BANCO PASTOR SA 29,924 30,717 BANCO POPOLARE SPA 172,735 53,934 BANCO POPULAR ESPANOL SA 321,645 73,514 BANCO SANTANDER BRASIL SA 933,445 403,133 BANCO SANTANDER CENTRAL HISPANO SA 4,724,019
136 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 67,208 BANCO SANTANDER CENTRAL HISPANO SA ADR $ 785,662 4,972,322 BANCO SANTANDER CHILE SA 412,672 39 BANCO SANTANDER SA 453 121,453 BANCORPSOUTH INCORPORATED<< 1,548,526 31,000 BANGKOK BANK PCL 151,558 31,000 BANGKOK BANK PCL (NON VOTING) 151,558 1,834,000 BANK CENTRAL ASIA TBK PT 1,177,333 4,008 BANK HANDLOWY W WARSZAWIE SA 98,805 71,656 BANK HAPOALIM LIMITED+ 292,523 61,229 BANK LEUMI LE-ISRAEL 253,007 846,500 BANK MANDIRI PERSERO TBK PT 552,778 37,612 BANK MILLENNIUM SA+ 52,609 210,000 BANK NIAGA+ 29,054 302,600 BANK OF AYUDHYA PCL 211,757 25,294 BANK OF BARODA 432,832 7,105,000 BANK OF CHINA LIMITED 3,571,339 842,500 BANK OF COMMUNICATIONS LIMITED 893,540 72,673 BANK OF CYPRUS PUBLIC COMPANY LIMITED 385,878 185,203 BANK OF EAST ASIA LIMITED 696,409 900 BANK OF GREECE 36,269 22,645 BANK OF INDIA 212,947 346,365 BANK OF IRELAND 337,977 38,000 BANK OF KYOTO LIMITED 302,607 31,900 BANK OF MONTREAL 1,762,001 60,100 BANK OF NOVA SCOTIA 2,888,475 28,536 BANK OF QUEENSLAND LIMITED 249,569 168,261 BANK OF THE PHILIPPINE ISLANDS 178,054 3,200 BANK OF THE RYUKYUS LIMITED 38,091 146,000 BANK OF YOKOHAMA LIMITED 634,329 13,993 BANK PEKAO SA 680,609 309 BANK PRZEMYSLOWO HANDLOWY PBK+ 5,290 648,000 BANK RAKYAT INDONESIA 667,006 3,417 BANK ZACHODNI WBK SA 203,182 11,042 BANKINTER SA 71,798 244 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 116,562 702,325 BARCLAYS PLC 3,257,214 78,097 BRANCH BANKING & TRUST CORPORATION 1,727,506 4,348 BBVA BANCO FRANCES SA 34,654 37,721 BENDIGO BANK LIMITED 282,914 128 BERNER KANTONALBANK AG 30,158 15,636 BNP PARIBAS ADR 486,592 48,949 BNP PARIBAS SA 3,062,453 467,500 BOC HONG KONG HOLDINGS LIMITED 1,229,037 12,662 BOK FINANCIAL CORPORATION 562,699 1,527 BRE BANK SA+ 122,740 569,000 BUMIPUTRA COMMERCE HOLDINGS BHD+ 1,414,273 19,201 BUSAN BANK+ 204,198 22,200 CANADIAN IMPERIAL BANK OF COMMERCE 1,509,354 3,039 CANADIAN WESTERN BANK 69,538 13,142 CANARA BANK 143,587 462,264 CAPITAL SOURCE INCORPORATED 2,334,433 118,133 CATHAY GENERAL BANCORP<< 1,132,895 579,000 CHANG HWA COMMERCIAL BANK 328,957 96,000 CHIBA BANK LIMITED 540,507 10,021 CHINA BANKING CORPORATION 86,822
Wells Fargo Advantage Master Portfolios 137 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 874,000 CHINA CITIC BANK $ 567,405 6,681,000 CHINA CONSTRUCTION BANK 5,513,999 1,520,342 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION+ 416,226 543,858 CHINA MERCHANTS BANK COMPANY LIMITED 1,401,813 521,900 CHINA MINSHENG BANKING 474,348 1,230,603 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 689,559 5,000 CHUKYO BANK LIMITED THE 16,129 142 CIA DE BEBIDAS DAS AMERICAS+ 14,998 94,971 CIT GROUP INCORPORATED+ 3,483,536 23,366 CITY NATIONAL CORPORATION<< 1,131,849 88,898 COMERICA INCORPORATED 3,058,980 36,311 COMMERCE BANCSHARES INCORPORATED 1,297,392 63,090 COMMERCIAL INTERNATIONAL BANK+ 426,048 43,597 COMMERZBANK AG<< 343,203 154,908 COMMONWEALTH BANK OF AUSTRALIA 6,932,431 14,460 CORPORATION BANK 175,140 6,797 CREDICORP LIMITED 715,384 137 CREDIT AGRICOLE D'ILE DE F<< 10,339 58,432 CREDIT AGRICOLE SA 736,407 1,169 CREDITO EMILIANO SPA 6,903 28,633 CULLEN FROST BANKERS INCORPORATED 1,467,441 12,674 DAEGU BANK 147,470 8,000 DAH SING BANKING GROUP LIMITED 12,259 12,031 DAH SING FINANCIAL HOLDINGS LIMITED 75,399 26,840 DANSKE BANK 597,150 186,080 DBS GROUP HOLDINGS LIMITED 1,905,415 3,415 DEUTSCHE POSTBANK AG 103,453 37,502 DEXIA+<< 156,308 53,200 DNB NOR ASA 587,470 651,306 E.SUN FINANCIAL HOLDING COMPANY LIMITED 291,760 230,420 EAST WEST BANCORP INCORPORATED<< 3,368,740 12,018 EFG EUROBANK ERGASIAS SA 78,281 640 EMPORIKI BANK OF GREECE SA+ 2,117 63,977 ENTIE COMMERCIAL BANK+ 26,562 16,500 EON CAPITAL BHD 36,700 10,920 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 396,331 212,006 FAR EASTERN INTERNATIONAL BANK+ 88,683 970 FIBI HOLDINGS LIMITED+ 19,710 118,629 FIFTH THIRD BANCORP 1,310,850 19,647 FINANSBANK AS TURKEY+ 72,050 26,402 FIRST FINANCIAL BANKSHARE<< 1,179,377 742,165 FIRST FINANCIAL HOLDING COMPANY LIMITED 428,609 353,589 FIRST HORIZON NATIONAL CORPORATION+<< 3,564,179 107,215 FIRST MIDWEST BANCORP INCORPORATED 1,177,221 167,835 FIRSTMERIT CORPORATION 2,903,546 171,477 FNB CORPORATION PA<< 1,332,376 86,000 FUKUOKA FINANCIAL GROUP INCORPORATED 343,959 307,178 FULTON FINANCIAL CORPORATION 2,543,434 38,197 GETIN HOLDING SA+ 116,042 109,739 GLACIER BANCORP INCORPORATED<< 1,518,788 8,178 GREEK POSTAL SAVINGS BANK+ 47,672 113,400 GRUPO FINANCIERO BANORTE SA DE CV 405,767 162,382 GRUPO FINANCIERO INBURSA SA DE CV 590,999 47,000 GUNMA BANK LIMITED 242,804 25,204 HANA FINANCIAL GROUP INCORPORATED 648,547
138 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 40,346 HANCOCK HOLDING COMPANY<< $ 1,098,218 73,600 HANG SENG BANK LIMITED 1,009,561 28,176 HDFC BANK LIMITED 1,278,372 4,397 HDFC BANK LIMITED ADR 702,641 5,000 HIGASHI-NIPPON BANK LIMITED 9,285 149,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 260,719 66,300 HONG LEONG BANK BHD+ 186,764 68,900 HONG LOENG FINANCIAL GROUP BHD 190,794 1,021,971 HSBC HOLDINGS PLC 10,089,009 727,649 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 427,040 360,596 HUNTINGTON BANCSHARES INCORPORATED 1,907,553 35,302 IBERIABANK CORPORATION<< 1,720,973 75,905 ICICI BANK LIMITED 1,577,643 16,121 ICICI BANK LIMITED ADR 665,959 9,142 INDIAN BANK 48,285 27,110 INDIAN OVERSEAS BANK+ 71,867 9,036,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 6,563,263 24,550 INDUSTRIAL BANK OF KOREA+ 296,918 31,351 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 81,010 346 ING BANK SLASKI SA+ 88,416 74,640 INTERNATIONAL BANCSHARES CORPORATION 1,164,384 586,891 INTESA SANPAOLO 1,647,379 49,378 INTESA SANPAOLO RNC 111,883 32,895 ISRAEL DISCOUNT BANK LIMITED+ 58,045 37,509 ITAUSA INVESTIMENTOS ITAU SA 265,473 82,000 JOYO BANK LIMITED 333,817 2,668 JYSKE BANK+ 87,880 76,000 KANSAI URBAN BANKING CORPORATION 114,891 145,600 KASIKORNBANK PCL 530,385 50,409 KB FINANCIAL GROUP INCORPORATED 2,043,438 7,751 KBC GROEP NV 321,784 443,050 KEYCORP 3,265,279 6,000 KIATNAKIN FINANCE 6,279 71,000 KIYO HOLDINGS 97,191 1,795 KOMERCNI BANKA 346,344 41,390 KOREA EXCHANGE BANK 436,720 1,838 KREDYT BANK SA 8,416 346,900 KRUNG THAI BANK PCL ADR 157,405 961 LAURENTIAN BANK OF CANADA 41,906 570 LIECHTENSTEIN LANDESBANK 37,616 6,000 LIU CHONG HING BANK LIMITED 12,634 2,274,500 LLOYDS TSB GROUP PLC 2,424,012 3,708 LLOYDS TSB GROUP PLC ADR 15,574 43,021 M&T BANK CORPORATION<< 3,684,318 353,356 MALAYAN BANKING BHD 944,715 134,800 MALAYSIAN PLANTATIONS BHD 131,873 264,626 MARSHALL & ILSLEY CORPORATION<< 1,733,300 79,015 MB FINANCIAL INCORPORATED 1,183,645 1,254,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 757,473 90,100 METROPOLITAN BANK & TRUST COMPANY 127,522 1,484,970 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 7,088,120 440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED ADR 2,090 143,000 MITSUI TRUST HOLDINGS INCORPORATED 507,249 15,000 MIYAZAKI BANK LIMITED 40,709 2,051,600 MIZUHO FINANCIAL GROUP INCORPORATED 3,150,296
Wells Fargo Advantage Master Portfolios 139 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 122,000 MIZUHO TRUST & BANKING COMPANY LIMITED $ 98,750 226,427 NATIONAL AUSTRALIA BANK LIMITED 4,673,690 8,600 NATIONAL BANK OF CANADA 496,636 30,258 NATIONAL BANK OF GREECE SA 381,911 24,348 NATIONAL BANK OF GREECE SA ADR 60,140 189,127 NATIONAL PENN BANCSHARES INCORPORATED<< 1,098,828 6,416 NATIONAL SOCIETE GENERALE BANK SAE+ 38,256 46,668 NATIXIS 254,302 20,509 NEDBANK GROUP LIMITED 390,325 105,000 NISHI-NIPPON CITY BANK LIMITED 294,965 145,574 NORDEA BANK AB 1,304,771 131,164 OLD NATIONAL BANCORP 1,209,332 12,374 ORIENTAL BANK OF COMMERCE 111,640 25,016 OTP BANK 528,975 284,842 OVERSEA-CHINESE BANKING CORPORATION LIMITED 1,821,896 47,083 PACWEST BANCORP<< 803,236 17,788 PIRAEUS BANK SA 92,422 89,587 PKO BANK POLSKI SA 1,080,147 58,287 PNC FINANCIAL SERVICES GROUP 2,970,306 996,047 POPULAR INCORPORATED 2,549,880 268,394 PT BANK DANAMON INDONESIA TBK 158,927 506,500 PT BANK PAN INDONESIA TBK+ 62,787 152,465 PUBLIC BANK BHD 584,956 91,000 PUBLIC BANK BHD FOREIGN MARKET 353,195 15,371 PUNJAB NATIONAL BANK LIMITED 385,664 2,580 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 105,442 599,255 REGIONS FINANCIAL CORPORATION 3,853,210 68,700 RESONA HOLDINGS INCORPORATED<< 680,376 73,600 RHB CAPITAL BHD 155,965 82,400 ROYAL BANK OF CANADA 3,940,920 1,001,717 ROYAL BANK OF SCOTLAND GROUP PLC 684,875 27,700 SAPPORO HOLDINGS 130,570 4,996 SBERBANK OF RUSSIAN FEDERATION 1,382,393 90,300 SENSHU IKEDA HOLDINGS INCORPORATED 127,910 58 SEVEN BANK LIMITED 110,325 26,000 SHIGA BANK 162,171 1,000 SHIMIZU BANK LIMITED THE 42,257 58,159 SHINHAN FINANCIAL GROUP COMPANY LIMITED 2,226,623 88,000 SHINSEI BANK LIMITED<< 67,040 75,000 SHIZUOKA BANK LIMITED 627,604 107,800 SIAM CITY BANK PCL+ 110,228 201,600 SIAM COMMERCIAL BANK PCL 608,762 1,058,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED 371,558 100,840 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 628,788 38,807 SOCIETE GENERALE 1,975,980 19,840 SOCIETE GENERALE ADR<< 202,368 210 ST. GALLER KANTONALBANK 95,149 150,066 STANDARD BANK GROUP LIMITED 2,126,969 95,583 STANDARD CHARTERED PLC 2,563,142 24,458 STATE BANK OF INDIA LIMITED 1,438,363 4,768 STATE BANK OF INDIA LIMITED GDR<< 561,432 154,031 STERLING BANCSHARES INCORPORATED (TEXAS)<< 763,994 149,100 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 4,438,747 988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED ADR 2,915 178,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 947,102
140 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 33,000 SURUGA BANK LIMITED $ 288,323 201,914 SUSQUEHANNA BANCSHARES INCORPORATED<< 1,597,140 54,615 SVB FINANCIAL GROUP+<< 2,030,040 27,900 SVENSKA HANDELSBANKEN 728,494 47,200 SWEDBANK AB 529,691 3,160 SYDBANK AG+ 66,701 18,615 SYNDICATE BANK 43,016 674,017 SYNOVUS FINANCIAL CORPORATION<< 1,388,475 394,000 TA CHONG BANK LIMITED+ 99,133 795,563 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 325,338 266,000 TAIWAN BUSINESS BANK+ 77,224 67,598 TCF FINANCIAL CORPORATION<< 965,299 1,100 THE AICHI BANK LIMITED 67,302 19,000 THE AKITA BANK LIMITED 62,195 14,000 THE AOMORI BANK LIMITED 35,496 25,000 THE AWA BANK LIMITED 161,588 1,800 THE BANK OF IWATE LIMITED 83,669 19,000 THE BANK OF NAGOYA LIMITED 66,492 2,000 THE BANK OF OKINAWA LIMITED 76,896 25,000 THE BANK OF SAGA LIMITED 71,122 4,700 THE CHIBA KOGYO BANK LIMITED+ 28,476 23,000 THE CHUGOKU BANK LIMITED 271,039 8,000 THE DAISAN BANK LIMITED 23,521 39,000 THE DAISHI BANK LIMITED 139,733 27,000 THE EHIME BANK LIMITED 70,384 25,000 THE EIGHTEENTH BANK LIMITED 72,908 32,000 THE FUKUI BANK LIMITED 110,082 52,000 THE HACHIJUNI BANK LIMITED 282,252 21,000 THE HIGO BANK LIMITED 112,487 78,000 THE HIROSHIMA BANK LIMITED 311,963 24,000 THE HOKKOKU BANK LIMITED 103,131 21,000 THE HOKUETSU BANK LIMITED 37,246 24,000 THE HYAKUGO BANK LIMITED 103,416 29,000 THE HYAKUJUSHI BANK LIMITED 110,118 34,000 THE IYO BANK LIMITED 288,156 35,000 THE JUROKU BANK LIMITED 116,653 15,000 THE KAGOSHIMA BANK LIMITED 91,061 2,400 THE KANTO TSUKUBA BANK LIMITED 7,399 28,000 THE KEIYO BANK LIMITED 142,650 5,000 THE MICHINOKU BANK LIMITED 10,237 4,000 THE MIE BANK LIMITED 10,808 7,000 THE MINATO BANK LIMITED 11,249 3,200 THE MUSASHINO BANK LIMITED 97,474 28,000 THE NANTO BANK LIMITED 162,314 33,000 THE OGAKI KYORITSU BANK LIMITED 102,524 23,000 THE OITA BANK LIMITED 75,289 16,000 THE SAN-IN GODO BANK LIMITED 112,177 28,000 THE SHIKOKU BANK LIMITED 89,989 9,000 THE TOCHIGI BANK LIMITED 35,996 21,000 THE TOHO BANK LIMITED 59,993 6,200 TISCO FINANCIAL GROUP PCL 6,835 2,682,765 TMB BANK PCL 231,458 5,300 TOKYO TOMIN BANK LIMITED 57,473 14,900 TOMONY HOLDINGS INCORPORATED 45,227 50,431 TORONTO-DOMINION BANK 3,412,197
Wells Fargo Advantage Master Portfolios 141 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL BANKS (continued) 535,675 TRANSCEND INFORMATION INCORPORATED $ 334,442 87,694 TRUSTMARK CORPORATION<< 1,672,325 13,375 TURK EKONOMI BANKASI AS+ 19,620 282,061 TURKIYE GARANTI BANKASI AS 1,366,852 47,994 TURKIYE HALK BANKASI AS 389,722 187,410 TURKIYE IS BANKASI 687,270 111,274 TURKIYE VAKIFLAR BANKASI TAO 301,676 41,648 UMB FINANCIAL CORPORATION 1,327,738 174,762 UMPQUA HOLDINGS CORPORATION<< 1,817,525 1,045,658 UNICREDITO ITALIANO SPA 2,454,105 44,320 UNION BANK HONG KONG 163,805 27,062 UNION BANK OF INDIA 189,273 33,246 UNIONE DI BANCHE SCPA 291,547 67,129 UNITED BANKSHARES INCORPORATED<< 1,544,638 8,324 UNITED MIZRAHI BANK LIMITED+ 68,203 129,803 UNITED OVERSEAS BANK LIMITED 1,792,632 211,863 US BANCORP 4,406,750 835 VALIANT HOLDING AG+ 163,505 79,379 VALLEY NATIONAL BANCORP<< 1,034,308 102,583 WEBSTER FINANCIAL CORPORATION 1,650,560 543,020 WELLS FARGO & COMPANY (i) 12,788,121 38,307 WESTAMERICA BANCORPORATION<< 1,941,399 319,193 WESTPAC BANKING CORPORATION 6,162,499 145,118 WHITNEY HOLDING CORPORATION<< 1,078,227 137,220 WILMINGTON TRUST CORPORATION<< 1,207,536 27,500 WING HANG BANK LIMITED 290,599 47,017 WINTRUST FINANCIAL CORPORATION 1,352,209 25,950 WOORI FINANCE HOLDINGS COMPANY LIMITED+ 291,123 1,200 YACHIYO BANK LIMITED 26,140 16,000 YAMAGATA BANK LIMITED 77,324 28,000 YAMAGUCHI FINANCIAL GROUP 264,968 18,000 YAMANASHI CHOU BANK LIMITED 73,063 96,014 YAPI VE KREDI BANKASI AS+ 286,712 40,135 YES BANK LIMITED+ 265,519 80,800 ZIONS BANCORPORATION<< 1,489,144 301,590,410 -------------- CONSUMER FINANCE: 0.28% 9,370 ACOM COMPANY LIMITED 141,426 8,400 AEON CREDIT SERVICE COMPANY LIMITED 88,689 2,600 AIFUL CORPORATION 3,250 6,000 ALLIED GROUP LIMITED 21,366 104,544 AMERICREDIT CORPORATION+ 2,529,965 36,400 CEDYNA FINANCIAL CORPORATION 63,259 21,626 CREDIT SAISON COMPANY LIMITED 274,669 274,268 DISCOVER FINANCIAL SERVICES 3,979,629 4,600 HITACHI CAPITAL CORPORATION 64,940 18,000 HONG LEONG SINGAPORE FINANCE LIMITED 40,502 10,364 INTERNATIONAL PERSONAL FINANCE PLC 37,988 5,000 JACCS COMPANY LIMITED 9,166 14,000 ORIENT CORPORATION+ 9,499 11,400 ORIX CORPORATION 857,612 12,150 PROMISE COMPANY LIMITED 95,308 6,375 PROVIDENT FINANCIAL PLC 81,052 7,397 SAMSUNG CARD COMPANY LIMITED 330,086
142 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CONSUMER FINANCE (continued) 15,921 SHRIRAM TRANSPORT FINANCE COMPANY LIMITED $ 243,012 245,000 SLM CORPORATION+ 2,707,250 9,810 TAKEFUJI CORPORATION<< 23,588 15,516 THANACHART CAPITAL PCL 17,105 11,619,361 -------------- DIVERSIFIED FINANCIAL SERVICES: 1.90% 904 ACKERMANS & VAN HAAREN NV+ 61,301 68,676 AFRICAN BANK INVESTMENTS LIMITED 301,709 213,600 AMMB HOLDINGS BHD 385,251 19,054 ASX LIMITED 493,483 20,393 AYALA CORPORATION CLASS A 155,105 9,936 BAJAJ AUTO LIMITED+ 157,605 1,101,166 BANK OF AMERICA CORPORATION 13,709,517 10 BANQUE NATIONALE DE BELGIQUE 47,357 245,528 BMF BOVESPA SA 1,789,471 2,908 BOLSAS Y MARCADOS ESPANOLES 75,620 42,500 BUND CENTER INVESTMENT 14,736 39,400 BURSA MALAYSIA BHD 90,021 9,852 CATTLES PLC(a) 0 6,100 CENTURY LEASING SYSTEM INCORPORATED 78,492 48,005 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 161,017 74,000 CHINA EVERBRIGHT LIMITED 163,245 2,338,000 CITIGROUP INCORPORATED+ 8,697,360 9,642 CME GROUP INCORPORATED 2,391,987 549 CORPORATION FINANCIERA ALBA 22,889 30,397 CRITERIA CAIXACORP SA<< 142,719 1,000 D. CARNEGIE & COMPANY AB(a)+ 0 11,357 DEUTSCHE BOERSE AG 693,990 46,763 ECM LIBRA BERHAD(a)+ 0 1,295 EURAZEO 75,507 158 FIMALAC 5,955 218,800 FIRST PACIFIC COMPANY LIMITED 162,861 313,697 FIRSTRAND LIMITED 822,205 847,306 FUBON FINANCIAL HOLDING COMPANY LIMITED 987,915 1,800 FUYO GENERAL LEASE COMPANY LIMITED 47,266 386 GIMV NV 18,515 4,409 GROUPE BRUXELLES LAMBERT SA 325,237 9,000 GUOCO GROUP LIMITED 91,229 128,936 HACI OMER SABANCI HOLDING AS 582,599 2,480 HELLENIC EXCHANGES SA HOLDING 15,557 110,500 HONG KONG EXCHANGES & CLEARING LIMITED 1,731,634 2,700 IBJ LEASING COMPANY LIMITED 54,829 16,704 IG GROUP HOLDINGS PLC 133,726 23,070 INDIABULLS FINANCIAL SERVICES LIMITED 68,465 9,600 INDUSTRIVARDEN AB CLASS A 114,617 5,600 INDUSTRIVARDEN AB CLASS C+ 64,398 118,186 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 447,217 222,846 ING GROEP NV 1,981,895 39,025 INTERCONTINENTAL EXCHANGE INCORPORATED+ 3,729,229 7,600 INVESTOR AB A SHARES 126,263 24,521 INVESTOR AB B SHARES 423,305 9,000 JAPAN SECURITIES FINANCE COMPANY LIMITED 51,101 440,277 JPMORGAN CHASE & COMPANY 16,008,472 25,027 K GREEN TRUST 20,125
Wells Fargo Advantage Master Portfolios 143 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- DIVERSIFIED FINANCIAL SERVICES (continued) 11,428 KINNEVIK INVESTMENT AB+ $ 207,640 25,753 KOTAK MAHINDRA BANK LIMITED 453,606 102,456 LEUCADIA NATIONAL CORPORATION+<< 2,187,436 5,823 LONDON STOCK EXCHANGE GROUP PLC 58,986 850 LUNDBERGFORETAGEN AB+ 41,859 31,243 MARFIN INVESTMENT GROUP SA 36,821 5,280 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 187,920 108,210 MOODY'S CORPORATION<< 2,287,559 151,885 MSCI INCORPORATED+ 4,541,362 222,700 MULPHA INTERNATIONAL BHD+ 28,386 85,370 MULTI-PURPOSE HOLDINGS BHD 57,400 87,979 NASDAQ STOCK MARKET INCORPORATED+ 1,575,704 1,747 NATIONALE A PORTEFEUILLE 78,903 130,622 NYSE EURONEXT (PARIS) INCORPORATED 3,623,454 10,068 OKO BANK 110,299 4,500 ONEX CORPORATION 118,498 2,020 PARGESA HOLDING SA 131,715 84,222 PHH CORPORATION+<< 1,558,949 14,236 POWER FINANCE CORPORATION LIMITED 105,665 11,605 RELIANCE CAPITAL LIMITED 187,101 59,235 REMGRO LIMITED 799,171 1,117 RHJ INTERNATIONAL+ 8,974 600 RICOH LEASING COMPANY LIMITED 14,105 77,231 RMB HOLDINGS LIMITED 349,032 43,913 RURAL ELECTRIFICATION CORPORATION LIMITED 306,476 113,000 SINGAPORE EXCHANGE LIMITED 626,898 4,259 SNS REAAL 18,000 862 SOFINA SA 66,493 3,367 TMX GROUP INCORPORATED 89,578 11,190 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 119,469 77,700,456 -------------- INSURANCE: 3.71% 36,888 ACE LIMITED 1,972,401 13,631 ADMIRAL GROUP PLC 318,177 81,365 AEGON NV 416,358 51,600 AFLAC INCORPORATED 2,438,100 15,670 AKSIGORTA AS 19,394 26,346 ALLIANZ AG 2,702,342 5 ALLIANZ AG ADR 51 20,578 ALLIED WORLD ASSURANCE HOLDINGS 1,036,514 54,627 ALLSTATE CORPORATION 1,507,705 39,461 AMERICAN FINANCIAL GROUP INCORPORATED 1,135,293 23,157 AMLIN PLC 144,332 225,475 AMP LIMITED 1,011,050 26,622 ARCH CAPITAL GROUP LIMITED+<< 2,124,436 48,359 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,473,499 49,650 ARTHUR J. GALLAGHER & COMPANY 1,233,803 38,224 ASPEN INSURANCE HOLDINGS LIMITED 1,085,562 80,206 ASSICURAZIONI GENERALI SPA 1,450,418 56,399 ASSURANT INCORPORATED 2,061,947 82,124 ASSURED GUARANTY LIMITED 1,268,816 161,147 AVIVA PLC 936,673 106,126 AXA ASIA PACIFIC HOLDINGS LIMITED 519,312 105,713 AXA SA 1,643,079
144 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INSURANCE (continued) 63,922 AXIS CAPITAL HOLDINGS LIMITED $ 1,973,911 17,911 BAJAJ FINSERV 182,632 2,398 BALOISE HOLDING AG 194,155 26,836 BEAZLEY PLC 46,014 3,435 BRIT INSURANCE HOLDINGS NV 50,574 60,655 BROWN & BROWN INCORPORATED 1,154,871 1,098,100 CATHAY FINANCIAL HOLDING COMPANY LIMITED 1,580,271 16,460 CATLIN GROUP LIMITED 83,027 124,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED 384,972 265,106 CHINA LIFE INSURANCE COMPANY+ 215,170 919,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 3,508,829 109,000 CHINA PACIFIC INSURANCE+ 391,650 36,836 CHUBB CORPORATION 2,030,400 76,634 CINCINNATI FINANCIAL CORPORATION<< 2,044,595 832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED+ 17,942 7,344 CNP ASSURANCES 124,710 741 DAI ICHI MUTUAL LIFE INSURANCE 875,864 75,353 DELPHI FINANCIAL GROUP CLASS A 1,680,372 3,519 DELTA LLOYD NV 60,002 24,658 DISCOVERY HOLDINGS LIMITED 117,121 5,030 DONGBU INSURANCE COMPANY LIMITED+ 141,599 24,578 ENDURANCE SPECIALTY HOLDINGS LIMITED 905,454 13,890 ERIE INDEMNITY COMPANY<< 729,225 728 EULER HERMES SA 55,354 30,389 EVEREST REINSURANCE GROUP LIMITED 2,404,985 1,200 FAIRFAX FINANCIAL HOLDINGS LIMITED 475,893 116,314 FIDELITY NATIONAL TITLE GROUP INCORPORATED 1,687,716 188,042 FIRST AMERICAN FINANCIAL 2,788,663 1,751 FONDIARIA SAI SPA+ 16,620 1,309 FONDIARIA-SAI SPA RSP+ 7,863 124,524 FORTIS 315,448 6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 7,571 246,398 GENWORTH FINANCIAL INCORPORATED+ 2,668,490 6,000 GREAT EASTERN HOLDINGS LIMITED 70,646 14,500 GREAT-WEST LIFECO INCORPORATED 333,146 2,305 GRUPO CATALANA OCCIDENTE SA 38,937 2,795 HANNOVER RUECKVERSICHERUNG AG 123,986 438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED+ 20,212 62,882 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 1,267,701 56,025 HCC INSURANCE HOLDINGS INCORPORATED 1,413,511 249 HELVETIA HOLDING AG 81,426 60,836 HORACE MANN EDUCATORS CORPORATION 997,710 8,230 HYUNDAI MARINE & FIRE INSURANCE COMPANY LIMITED+ 144,157 3,839 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 108,364 208,157 INSURANCE AUSTRALIA GROUP LIMITED 637,079 4,404 INTACT FINANCIAL CORPORATION 183,288 13,014 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC 23,913 7,925 JARDINE LLOYD THOMPSON GROUP PLC 70,312 26,440 KOREA LIFE INSURANCE 176,649 10,787 KOREA REINSURANCE COMPANY+ 96,722 322,616 LEGAL & GENERAL GROUP PLC 458,414 28,345 LIBERTY HOLDINGS LIMITED+ 269,037 152,360 LINCOLN NATIONAL CORPORATION 3,559,130 38,454 LOEWS CORPORATION 1,351,274 6,000 LPI CAPITAL BHD 22,867
Wells Fargo Advantage Master Portfolios 145 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INSURANCE (continued) 104,200 MANULIFE FINANCIAL CORPORATION $ 1,159,895 38,330 MAPFRE SA 110,117 5,202 MARKEL CORPORATION+ 1,704,799 57,909 MARSH & MCLENNAN COMPANIES INCORPORATED 1,373,601 251,805 MBIA INCORPORATED+<< 2,356,895 9,857 MEDIOLANUM SPA<< 36,475 1,664 MENORAH MIVTACHIM HOLDINGS LIMITED+ 17,787 12,822 MERCURY GENERAL CORPORATION 502,879 64,226 METLIFE INCORPORATED 2,414,898 10,202 MIGDAL INSURANCE & FINANCIAL HOLDING LIMITED+ 17,841 8,878 MILANO ASSICURAZIONI SPA 15,402 84,300 MILLEA HOLDINGS INCORPORATED 2,261,781 59,800 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED 1,339,645 120,617 MONTPELIER RE HOLDINGS LIMITED<< 1,910,573 10,925 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 1,395,547 42,251 NIB HOLDINGS LIMITED 47,740 177,000 NKSJHOLDINGS INCORPORATED 990,239 301,957 OLD MUTUAL PLC 588,759 121,285 OLD REPUBLIC INTERNATIONAL CORPORATION<< 1,550,791 39,465 PARTNERRE LIMITED 2,938,169 280,000 PICC PROPERTY & CASUALTY COMPANY LIMITED+ 320,360 215,000 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED(a) 1,806,381 69,805 PLATINUM UNDERWRITERS HOLDINGS LIMITED 2,806,859 18,700 POWER CORPORATION OF CANADA 461,033 12,100 POWER FINANCIAL CORPORATION 323,052 7,115 POWSZECHNY ZAKLAD UBEZPIECZE 850,197 151,427 PRINCIPAL FINANCIAL GROUP INCORPORATED 3,490,392 42,793 PROASSURANCE CORPORATION+ 2,265,889 69,400 PROGRESSIVE CORPORATION 1,374,120 138,265 PROTECTIVE LIFE CORPORATION 2,582,790 51,262 PRUDENTIAL FINANCIAL INCORPORATED 2,592,319 147,007 PRUDENTIAL PLC 1,276,089 110,838 QBE INSURANCE GROUP LIMITED 1,626,122 36,698 REINSURANCE GROUP OF AMERICA INCORPORATED 1,605,171 28,625 RENAISSANCERE HOLDINGS LIMITED<< 1,625,614 22,495 RLI CORPORATION<< 1,180,088 186,573 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 352,236 28,154 SAMPO OYJ 678,242 5,370 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED+ 857,749 209,283 SANLAM LIMITED 660,637 8,724 SCOR REGROUPE 189,768 79,396 SELECTIVE INSURANCE GROUP INCORPORATED 1,179,825 1,133,192 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED+ 376,740 2,034 SOCIETA CATTOLICA DI ASSICURAZIONI - SOCIETA COOPERATIVA+ 47,737 93 SONY FINANCIAL HOLDINGS INCORPORATED 304,428 7,786 ST. JAMES'S PLACE PLC 30,509 73,755 STANCORP FINANCIAL GROUP INCORPORATED<< 2,627,891 121,617 STANDARD LIFE PLC 380,124 16,400 STOREBRAND ASA 81,280 33,000 SUN LIFE FINANCIAL INCORPORATED 774,905 135,770 SUNCORP-METWAY LIMITED 1,008,635 1,964 SWISS LIFE HOLDING 204,863 19,861 SWISS REINSURANCE 823,588 36,400 T&D HOLDINGS INCORPORATED 692,384
146 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INSURANCE (continued) 13,847 TAIWAN LIFE INSURANCE COMPANY LIMITED+ $ 13,962 54,624 THE TRAVELERS COMPANIES INCORPORATED 2,675,484 650 TOPDANMARK AS+ 74,687 41,727 TORCHMARK CORPORATION 2,059,227 30,246 TOWER AUSTRALIA GROUP LIMITED+ 57,856 52,203 TOWER GROUP INCORPORATED<< 1,120,276 32,002 TRANSATLANTIC HOLDING INCORPORATED 1,525,535 1,268 TRYGVESTA A/S 67,992 36,511 UNIPOL SPA 24,384 71,108 UNITRIN INCORPORATED 1,692,370 166,953 UNUM GROUP 3,347,408 43,470 VALIDUS HOLDINGS LIMITED 1,107,181 67,512 W.R. BERKLEY CORPORATION<< 1,778,941 4,195 WHITE MOUNTAIN INSURANCE GROUP LIMITED 1,273,518 1,746 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 82,199 84,901 WILLIS GROUP HOLDINGS 2,468,921 172,567 XL GROUP PLC 3,090,675 2,204 YAPI KREDI SIGORTA AS+ 16,454 7,260 ZURICH FINANCIAL SERVICES AG 1,618,975 11,963 ZURICH FINANCIAL SERVICES AG ADR 266,416 151,424,017 -------------- REAL ESTATE INVESTMENT TRUSTS: 4.33% 147,855 ABACUS PROPERTY GROUP 53,934 102 ADVANCE RESIDENCE INVESTMENT REIT+ 159,052 58,316 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED<< 4,045,381 84,815 AMB PROPERTY CORPORATION<< 2,017,749 80,730 AMP NZ OFFICE TRUST 40,531 312,534 ANNALY CAPITAL MANAGEMENT INCORPORATED 5,431,841 8,009 ARDENT LEISURE GROUP+ 6,591 129,000 ASCENDAS REIT 196,997 17,805 BABCOCK & BROWN JAPAN PROPERTY TRUST 4,515 354 BEFIMMO SCA SICAFI 26,468 176,821 BIOMED REALTY TRUST INCORPORATED 3,021,871 11 BLIFE INVESTMENT CORPORATION REIT 57,219 955 BOARDWALK REAL ESTATE INVESTMENT TRUST 39,934 19,889 BOSTON PROPERTIES INCORPORATED 1,618,965 204,626 BRANDYWINE REALTY TRUST 2,248,840 99,341 BRE PROPERTIES INCORPORATED 4,061,060 53,596 BRITISH LAND COMPANY PLC 375,150 35,322 BUNNINGS WAREHOUSE PROPERTY TRUST 57,981 1,567 CALLOWAY REAL ESTATE INVESTMENT TRUST 33,960 33,210 CAMDEN PROPERTY TRUST 1,519,690 740 CANADIAN APARTMENT PROPERTIES 11,554 1,306 CANADIAN REAL ESTATE INVESTMENT TRUST 38,175 203,464 CAPITACOMMERICAL TRUST 210,144 271,636 CAPITAMALL TRUST 388,767 400,000 CATHAY NO 1 REIT+ 139,477 214,709 CBL & ASSOCIATES PROPERTIES INCORPORATED<< 2,619,450 52,000 CDL HOSPITALITY TRUSTS 76,724 182,404 CFS RETAIL PROPERTY TRUST 314,021 178,653 CHAMPION REIT 87,733 48,461 CHARTER HALL GROUP 25,223 1,102,967 CHIMERA INVESTMENT CORPORATION 4,334,660 517 COFINIMMO SA 61,815
Wells Fargo Advantage Master Portfolios 147 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- REAL ESTATE INVESTMENT TRUSTS (continued) 103,795 COLONIAL PROPERTIES TRUST<< $ 1,646,189 148,306 COMMONWEALTH PROPERTY OFFICE FUND 124,691 100,605 COMMONWEALTH REIT<< 2,426,593 3,897 CORIO NV 223,614 77,795 CORPORATE OFFICE PROPERTIES TRUST<< 2,808,400 7 COUSINS PROPERTIES INCORPORATED 46 192,649 CROMWELL GROUP 124,265 24 DA OFFICE INVESTMENT CORPORATION 65,449 440,751 DB RREEF TRUST 325,473 328,857 DCT INDUSTRIAL TRUST INCORPORATED<< 1,522,608 4,612 DERWENT VALLEY HOLDINGS PLC 99,732 294,284 DEVELOPERS DIVERSIFIED REALTY CORPORATION<< 3,048,782 235,644 DIAMONDROCK HOSPITALITY+<< 2,064,241 44,984 DIGITAL REALITY TRUST INCORPORATED<< 2,666,202 189,161 DOUGLAS EMMETT INCORPORATED<< 3,049,275 120,755 DUKE REALTY CORPORATION 1,353,664 34,377 EASTGROUP PROPERTIES INCORPORATED 1,211,789 72,398 ENTERTAINMENT PROPERTIES TRUST<< 3,119,630 40,093 EQUITY LIFESTYLE PROPERTIES INCORPORATED 2,074,011 30,300 EQUITY RESIDENTIAL 1,388,649 17,266 ESSEX PROPERTY TRUST INCORPORATED<< 1,826,225 1,592 EUROCOMMERCIAL PROPERTIES NV 61,270 32,295 FEDERAL REALTY INVESTMENT TRUST 2,560,671 1,089 FONCIERE DES REGIONS 101,571 108,357 FRANKLIN STREET PROPERTIES CORPORATION<< 1,271,028 14 FRONTIER REAL ESTATE INVESTMENT CORPORATION 109,154 7 FUKUOKA REIT CORPORATION 44,745 973 GECINA SA 97,015 14 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 106,487 28,124 GOODMAN PROPERTY TRUST 18,238 207,193 GPT GROUP 551,176 14,876 GREAT PORTLAND ESTATES PLC 72,163 3,671 H&R REAL ESTATE INVESTMENT TRUST 65,925 36,904 HAMMERSON PLC 203,526 3 HANKYU REIT INCORPORATED 12,927 56,358 HATTERAS FINANCIAL CORPORATION<< 1,633,255 148,198 HCP INCORPORATED<< 5,219,534 62,040 HEALTH CARE REIT INCORPORATED 2,850,118 97,020 HEALTHCARE REALTY TRUST INCORPORATED 2,271,238 111,500 HIGHWOODS PROPERTIES INCORPORATED<< 3,487,720 47,969 HOME PROPERTIES INCORPORATED<< 2,422,435 192,157 HOSPITALITY PROPERTIES TRUST 3,756,669 331,993 HOST HOTELS & RESORTS INCORPORATED<< 4,359,068 881 ICADE 83,533 248,764 ING INDUSTRIAL FUND 100,703 217,512 ING OFFICE FUND 116,112 26,820 ING PROPERTY TRUST 13,091 13 JAPAN EXCELLENT INCORPORATED 62,207 12 JAPAN LOGISTICS FUND INCORPORATED<< 90,846 103 JAPAN PRIME REALTY INVESTMENT CORPORATION 229,638 52 JAPAN REAL ESTATE INVESTMENT CORPORATION 461,755 155 JAPAN RETAIL FUND INVESTMENT CORPORATION 207,749 13,000 K-REIT ASIA 11,509 20 KENEDIX REALTY INVESTMENT 69,992 81,443 KILROY REALTY CORPORATION<< 2,533,692
148 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- REAL ESTATE INVESTMENT TRUSTS (continued) 202,620 KIMCO REALTY CORPORATION $ 3,021,064 86,871 KIWI INCOME PROPERTY TRUST 58,152 4,808 KLEPIERRE 146,809 42,404 LAND SECURITIES GROUP PLC 397,676 108,716 LASALLE HOTEL PROPERTIES 2,290,646 163,843 LEXINGTON CORPORATE PROPERTIES TRUST<< 1,092,833 26,296 LIBERTY INTERNATIONAL PLC 133,650 57,116 LIBERTY PROPERTY TRUST 1,734,613 65,432 MACERICH COMPANY<< 2,710,193 38,743 MACK-CALI REALTY CORPORATION 1,195,222 391,207 MACQUAIRE OFFICE TRUST 85,274 151,575 MACQUARIE COUNTRYWIDE TRUST 80,240 567,699 MACQUARIE GOODMAN GROUP 320,727 46,000 MACQUARIE MEAG PRIME REIT 19,513 71,000 MAPLETREE LOGISTICS TRUST 43,999 3,326 MERCIALYS SA 108,681 436,661 MFA MORTGAGE INVESTMENTS INCORPORATED 3,218,192 5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 10,778 39,746 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 2,244,457 352,422 MIRVAC GROUP 420,157 5 MORI HILLS REIT INVESTMENT CORPORATION 10,118 18 MORI TRUST SOGO REIT INCORPORATED 148,911 129,753 NATIONAL RETAIL PROPERTIES INCORPORATED<< 3,160,783 60,419 NATIONWIDE HEALTH PROPERTIES INCORPORATED 2,324,319 11 NIPPON ACCOMMODATIONS FUND INCORPORATED 63,897 61 NIPPON BUILDING FUND INCORPORATED 516,986 38 NIPPON COMMERCIAL INVESTMENT CORPORATION 39,172 26 NOMURA REAL ESTATE OFFICE FUND 129,056 144,817 OMEGA HEALTHCARE INVESTORS INCORPORATED 3,106,325 23 ORIX JREIT INCORPORATED 108,553 33,000 PARKWAY LIFE REAL ESTATE INVESTMENT TRUST 38,466 82,100 PLUM CREEK TIMBER COMPANY<< 2,829,987 75,465 POST PROPERTIES INCORPORATED<< 1,916,811 62,225 POTLATCH CORPORATION<< 2,084,538 14 PREMIER INVESTMENT COMPANY 60,659 238,657 PROLOGIS 2,589,428 20,582 PUBLIC STORAGE INCORPORATED CLASS D 2,017,448 60,713 REALTY INCORPORATEDOME CORPORATION<< 1,978,637 108,663 REDWOOD TRUST INCORPORATED 1,500,636 41,549 REGENCY CENTERS CORPORATION<< 1,514,877 5,439 RIOCAN REAL ESTATE INVESTMENT TRUST 106,500 39,604 SEGRO PLC 164,237 197,739 SENIOR HOUSING PROPERTIES TRUST 4,646,867 11,203 SHAFTESBURY PLC 71,647 241 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE+ 26,540 42,186 SIMON PROPERTY GROUP INCORPORATED 3,815,724 39,320 SL GREEN REALTY CORPORATION<< 2,370,210 240,791 STOCKLAND AUSTRALIA 844,073 147,763 SUNSTONE HOTEL INVESTORS INCORPORATED+<< 1,266,329 170,000 SUNTEC REIT 178,089 53,173 TANGER FACTORY OUTLET CENTERS INCORPORATED<< 2,457,656 72,059 TAUBMAN CENTERS INCORPORATED<< 2,989,728 249,149 THE LINK REIT 727,068 17 TOKYU REIT INCORPORATED 92,477 21 TOP REIT INCORPORATED 112,612 5,314 UNIBAIL - RODAMCO SA 1,002,044
Wells Fargo Advantage Master Portfolios 149 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- REAL ESTATE INVESTMENT TRUSTS (continued) 19 UNITED URBAN INVESTMENT CORPORATION $ 123,033 983 VASTNED RETAIL NV 53,167 78,934 VENTAS INCORPORATED 3,986,956 94,610 WASHINGTON REAL ESTATE INVESTMENT TRUST<< 2,898,850 58,514 WEINGARTEN REALTY INVESTORS<< 1,180,813 1,030 WERELDHAVE NV 84,921 233,084 WESTFIELD GROUP 2,594,260 177,018,044 -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT: 0.87% 7,900 AEON MALL COMPANY LIMITED 181,114 534 AFRICA ISRAEL INVESTMENTS LIMITED 2,800 148,000 AGILE PROPERTY HOLDINGS LIMITED 172,948 65,000 ALLGREEN PROPERTIES LIMITED+ 48,912 17,000 ASCENDAS INDIA TRUST 12,040 10,857 ATRIUM EUROPEAN REAL ESTATE LIMITED 57,084 1,011 ATRIUM LJUNGBERG AB 8,856 22,783 AUSTRALAND PROPERTY GROUP 56,148 611,000 AYALA LAND INCORPORATED 220,908 6,222 BENI STABILI SPA 4,810 29,850 BROOKFIELD ASSET MANAGEMENT INCORPORATED 768,119 130,614 BROOKFIELD PROPERTIES CORPORATION<< 1,888,637 17,000 BUKIT SEMBAWANG ESTATES LIMITED 58,820 150,000 C C LAND HOLDINGS LIMITED 60,164 3,951 CA IMMOBILIEN ANLAGEN AG+ 46,564 26,296 CAPITAL + COUNTIES PROPERTIE 47,548 270,500 CAPITALAND LIMITED 780,269 136,000 CAPITAMALLS ASIA LIMITED 210,697 7,600 CASTELLUM AB 77,835 260,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 120,122 53,000 CENT PATTANA PUBLIC COMPANY+ 50,807 158,000 CHEUNG KONG HOLDINGS LIMITED 1,988,520 474,480 CHINA OVERSEAS LAND & INVESTMENT LIMITED 1,012,549 196,000 CHINA RESOURCES LAND LIMITED 374,929 80 CHINA VANKE COMPANY LIMITED CLASS B 98 43,696 CHINESE ESTATES HOLDINGS LIMITED 75,947 52,000 CITY DEVELOPMENTS LIMITED 419,683 8,904 CITYCON OYJ 30,127 3,761 CONWERT IMMOBILIEN INVEST SE+ 43,529 528,973 COUNTRY GARDEN HOLDINGS COMPANY LIMITED 158,445 5,400 DAIBIRU CORPORATION 39,852 29,000 DAIKYO INCORPORATED 40,733 10,200 DAITO TRUST CONSTRUCTION COMPANY LIMITED 585,216 62,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 581,550 1,898 DEUTSCHE EUROSHOP AG 56,174 97,256 DLF LIMITED 624,287 26,597 ECHO INVESTMENT+ 38,633 816 ELBIT IMAGING LIMITED+ 10,045 7,000 FABEGE AB 49,009 123,357 FAR EAST CONSORTIUM 36,157 49,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 105,850 1,089 FIRST CAPITAL REALTY INCORPORATED 15,033 638 FIRSTSERVICE CORPORATION+ 13,306 88,703 FKP PROPERTY GROUP 60,373
150 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) 188,153 FOREST CITY ENTERPRISES INCORPORATED+ $ 2,120,484 350,000 FRANSHION PROPERTIES CHINA LIMITED 100,787 956 GAGFAH SA 6,843 4,376 GAZIT GLOBE LIMITED 42,865 14,498 GLOBE TRADE CENTRE SA+ 104,331 1,440 GOLDCREST COMPANY LIMITED 30,014 273,900 GOLDEN LAND PROPERTY PCL+ 36,234 7,618 GRAINGER PLC 12,782 30,032 GREAT EAGLE HOLDINGS LIMITED 81,655 56,000 GREENTOWN CHINA HOLDINGS LIMITED 60,040 14,666 GUOCOLAND LIMITED 23,154 95,000 HANG LUNG GROUP LIMITED 567,893 196,000 HANG LUNG PROPERTIES LIMITED 875,591 6,500 HEIWA REAL ESTATE COMPANY LIMITED 15,552 945 HELIOPOLIS HOUSING+ 4,803 106,318 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 650,585 111,000 HIGHWEALTH CONSTRUCTION CORPORATION 176,025 33,600 HKR INTERNATIONAL LIMITED 13,174 122,000 HONGKONG LAND HOLDINGS LIMITED 655,140 65,000 HOPEWELL HOLDINGS 204,307 56,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 65,368 33,352 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED+ 178,849 59,338 HUAKU DEVELOPMENT COMPANY LIMITED 154,486 20,000 HUANG HSIANG CONSTRUCTION COMPANY 39,083 5,000 HUFVUDSTADEN AB 43,496 17,300 HULIC COMPANY LIMITED 119,026 62,183 HYSAN DEVELOPMENT COMPANY LIMITED 197,051 88,400 IGB CORPORATION BHD+ 52,114 40,400 IJM LAND BHD+ 29,095 15,082 IMMOEAST ANSPR NACHB(a) 0 19,870 IMMOFINANZ ANSPR NACHB(a) 0 52,222 IMMOFINANZ IMMOBILIEN ANLAGEN AG 170,740 43,692 INDIABULLS REAL ESTATE LIMITED+ 155,439 2,767 IVG IMMOBILIEN AG 18,129 23,274 JONES LANG LASALLE INCORPORATED<< 1,757,420 148,982 K WAH INTERNATIONAL HOLDINGS LIMITED 49,413 127 KENEDIX INCORPORATED 20,711 66,729 KEPPEL LAND LIMITED 191,006 61,553 KERRY PROPERTIES LIMITED 310,188 29,000 KLCC PROPERTY HOLDINGS BHD 30,496 12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 12,465 3,102 KUNGSLEDEN 20,270 103,000 KWG PROPERTY HOLDING LIMITED 71,900 380,700 LAND AND HOUSES PCL 75,422 53,319 LEND LEASE CORPORATION LIMITED 329,219 12,200 LEOPALACE21 CORPORATION<< 26,285 1,548,000 LIPPO KARAWACI TBK PT+ 85,667 2,676 MEDINET NASR HOUSING+ 13,423 700 MI DEVELOPMENTS INCORPORATED 7,858 56,000 MIDLAND HOLDINGS LIMITED 44,634 148,189 MITSUBISHI ESTATE COMPANY LIMITED 2,227,862 94,000 MITSUI FUDOSAN COMPANY LIMITED 1,525,080 168,000 NEW WORLD CHINA LAND LIMITED 55,289 269,189 NEW WORLD DEVELOPMENT LIMITED 431,879 7,900 NOMURA REAL ESTATE HOLDING INCORPORATED 104,569 106 NTT URBAN DEVELOPMENT CORPORATION 82,645
Wells Fargo Advantage Master Portfolios 151 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- REAL ESTATE MANAGEMENT & DEVELOPMENT (continued) 46,809 PALM HILLS DEVELOPMENTS SAE+ $ 42,497 19,918 PEET LIMITED 34,290 169,000 POLY HONG KONG INVESTMENTS 180,325 1,875 PSP SWISS PROPERTY AG 126,878 372,100 ROBINSONS LAND COMPANY+ 115,666 57,000 RUENTEX DEVELOPMENT COMPANY LIMITED 91,815 2,690 SAVILLS PLC 12,814 168,500 SHIMAO PROPERTY HOLDING LIMITED 273,369 1,300 SHOEI 9,207 174,778 SHUI ON LAND LIMITED 76,843 14,000 SINGAPORE LAND LIMITED 70,026 185,383 SINO LAND COMPANY 323,638 364,099 SINO-OCEAN LAND HOLDINGS LIMITED 255,097 454,563 SM PRIME HOLDINGS INCORPORATED 109,432 181,000 SOHO CHINA LIMITED 115,877 58,850 SP SETIA BHD 81,201 360 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 15,191 51,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 973,134 148,895 SUN HUNG KAI PROPERTIES LIMITED 2,086,396 3,148 SUN HUNG KAI PROPERTIES LIMITED ADR<< 44,135 600 SURUGA CORPORATION(a)+ 0 65,500 SWIRE PACIFIC LIMITED A SHARES 789,410 100,000 SWIRE PACIFIC LIMITED B SHARES 227,286 2,858 SWISS PRIME SITE AG 186,217 34,080 TA GLOBAL BHD 4,018 105,976 TALAAT MOUSTAFA GROUP+ 134,662 1,600 THE SANKEI BUILDING COMPANY LIMITED 8,761 48,626 THE ST. JOE COMPANY+<< 1,170,914 81,399 TIAN AN CHINA INVESTMENT 54,833 4,500 TOC COMPANY LIMITED 18,266 37,000 TOKYO TATEMONO COMPANY LIMITED 129,485 45,000 TOKYU LAND CORPORATION 177,836 600 TOKYU LIVABLE INCORPORATED 6,699 64,875 UEM LAND HOLDINGS BHD+ 34,524 203,870 UNITECH LIMITED 336,099 216,000 UNITED ENERGY GROUP LIMITED+ 18,049 40,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD+ 64,035 57,000 UNITED OVERSEAS LAND LIMITED 167,783 146,500 WHARF HOLDINGS LIMITED 788,176 105,000 WHEELOCK & COMPANY 303,037 10,000 WHEELOCK PROPERTIES (SINGAPORE) LIMITED+ 13,205 51,000 WING TAI HOLDINGS LIMITED 60,952 61,000 YANLORD LAND GROUP LIMITED 79,203 35,525,364 -------------- THRIFTS & MORTGAGE FINANCE: 0.63% 137,422 ASTORIA FINANCIAL CORPORATION<< 1,657,309 10,357 CAPITOL FEDERAL FINANCIAL<< 265,761 324,635 FIRST NIAGARA FINANCIAL GROUP INCORPORATED<< 3,665,129 2,068 GENWORTH MI CANADA INCORPORATED 51,198 1,479 HOME CAPITAL GROUP INCORPORATED 59,917 185,680 HOUSING DEVELOPMENT FINANCE CORPORATION 2,474,944 246,034 HUDSON CITY BANCORP INCORPORATED<< 2,835,542 11,318 LIC HOUSING FINANCE LIMITED 289,350 312,139 MGIC INVESTMENT CORPORATION+<< 2,253,644
152 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- THRIFTS & MORTGAGE FINANCE (continued) 219,611 NEW YORK COMMUNITY BANCORP INCORPORATED<< $ 3,489,619 154,920 NEWALLIANCE BANCSHARES INCORPORATED 1,896,221 16,492 PARAGON GROUP OF COMPANIES PLC 34,297 188,699 PEOPLE'S UNITED FINANCIAL INCORPORATED 2,400,251 85,191 PROVIDENT FINANCIAL SERVICES INCORPORATED<< 977,141 44,038 TFS FINANCIAL CORPORATION 404,709 115,666 TRUSTCO BANK CORPORATION NEW YORK SHARES 615,343 171,815 WASHINGTON FEDERAL INCORPORATED 2,451,800 25,822,175 -------------- HEALTH CARE: 9.03% BIOTECHNOLOGY: 1.48% 48,127 ACORDA THERAPEUTICS INCORPORATED+<< 1,449,585 6,746 ACTELION LIMITED+ 289,176 47,494 ALEXION PHARMACEUTICALS INCORPORATED+ 2,681,986 124,816 ALKERMES INCORPORATED+ 1,655,060 139,600 AMGEN INCORPORATED+ 7,125,184 68,996 AMYLIN PHARMACEUTICALS INCORPORATED+<< 1,417,178 184 BASILEA PHARMACEUTICA+ 10,584 929 BB BIOTECH AG 50,282 8,634 BIOCON LIMITED 62,387 35,807 BIOGEN IDEC INCORPORATED+<< 1,926,417 134,162 BIOMARIN PHARMACEUTICAL INCORPORATED+<< 2,722,147 16,423 BIOTA HOLDINGS LIMITED 13,589 123,362 CELERA CORPORATION+<< 814,189 67,178 CELGENE CORPORATION+<< 3,461,011 39,576 CEPHALON INCORPORATED+<< 2,240,397 75,813 CEPHEID INCORPORATED+<< 1,115,209 702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 40,159 3,169 CRUCELL NV+ 59,556 58,796 CSL LIMITED 1,724,165 75,035 CUBIST PHARMACEUTICALS INCORPORATED+<< 1,653,021 71,173 DENDREON CORPORATION+<< 2,550,840 1,600 GENMAB A/S+ 15,157 38,753 GENZYME CORPORATION+ 2,716,973 129,902 GILEAD SCIENCES INCORPORATED+ 4,138,678 6,518 GRIFOLS SA 75,901 99,326 HUMAN GENOME SCIENCES INCORPORATED+<< 2,889,393 149,113 INCYTE CORPORATION+<< 1,866,895 1,885 INTERCELL AG+ 34,637 118,484 ISIS PHARMACEUTICALS INCORPORATED+<< 928,915 49,669 MYRIAD GENETICS INCORPORATED+ 777,817 1,380 NICOX SA+ 4,218 82,027 ONYX PHARMACEUTICALS INCORPORATED+<< 1,976,030 179,515 PDL BIOPHARMA INCORPORATED 1,016,055 84,984 REGENERON PHARMACEUTICAL INCORPORATED+ 1,867,948 85,020 SAVIENT PHARMACEUTICALS INCORPORATED+<< 1,225,988 204,000 SINO BIOPHARMACEUTICAL 69,235 2 TAKARA BIO INCORPORATED+ 4,523 81,364 THERAVANCE INCORPORATED+<< 983,691 64,954 UNITED THERAPEUTICS CORPORATION+<< 3,002,174 107,101 VERTEX PHARMACEUTICALS INCORPORATED+<< 3,570,747 7,262 ZELTIA SA 29,311 60,256,408 --------------
Wells Fargo Advantage Master Portfolios 153 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HEALTH CARE EQUIPMENT & SUPPLIES: 1.75% 11,160 ALCON INCORPORATED $ 1,810,152 44,117 ALERE INCORPORATED+<< 1,233,952 12,859 ANSELL LIMITED 154,220 88,300 BAXTER INTERNATIONAL INCORPORATED 3,758,048 36,757 BECKMAN COULTER INCORPORATED<< 1,677,589 31,982 BECTON DICKINSON & COMPANY 2,180,853 674 BIOMERIEUX SA 68,715 26,000 BIOSENSORS INTERNATIONAL GROUP LIMITED+ 15,249 167,000 BOSTON SCIENTIFIC CORPORATION+ 866,730 6,615 COCHLEAR LIMITED 407,267 1,105 COLOPLAST AS CLASS B 117,562 51,194 CR BARD INCORPORATED 3,933,235 77,502 DENTSPLY INTERNATIONAL INCORPORATED 2,156,106 59,621 EDWARDS LIFESCIENCES CORPORATION+ 3,432,381 4,123 ELEKTA AB CLASS B 118,979 12,559 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 762,268 49,846 FISHER & PAYKEL HEALTHCARE CORPORATION 101,145 1,040 FRESENIUS SE 73,791 1,200 FUKUDA DENSHI COMPANY LIMITED 29,782 65,492 GEN-PROBE INCORPORATED+<< 2,949,105 10,844 GETINGE AB 217,715 10,963 GN STORE NORD+ 70,542 40,000 GOLDEN MEDITECH COMPANY LIMITED 6,839 33,167 HAEMONETICS CORPORATION+ 1,727,337 97,457 HILL-ROM HOLDINGS INCORPORATED<< 3,128,370 1,100 HOGY MEDICAL COMPANY LIMITED 54,928 87,468 HOSPIRA INCORPORATED+ 4,492,356 32,837 IDEXX LABORATORIES INCORPORATED+<< 1,814,901 92,307 IMMUCOR INCORPORATED+ 1,624,603 5,508 INTUITIVE SURGICAL INCORPORATED+<< 1,459,785 46,440 INVACARE CORPORATION<< 1,063,476 3,000 JEOL LIMITED 8,999 31,617 KINETIC CONCEPTS INCORPORATED+<< 1,009,215 70,716 MASIMO CORPORATION<< 1,609,496 122,923 MEDTRONIC INCORPORATED 3,869,616 700 NAGAILEBEN COMPANY LIMITED 16,748 400 NAKANISHI INCORPORATED 41,519 4,400 NIHON KOHDEN CORPORATION 89,247 9,000 NIKKISO COMPANY LIMITED 58,814 4,600 NIPRO CORPORATION 90,620 6,559 NOBEL BIOCARE HOLDING AG 103,109 51,609 NUVASIVE INCORPORATED+<< 1,514,724 22,800 OLYMPUS CORPORATION 544,421 3,365 OLYMPUS CORPORATION ADR 79,683 289 OMEGA PHARMA SA+ 10,494 800 PARAMOUNT BED COMPANY LIMITED 19,026 2,781 PHONAK HOLDING AG 355,826 80,256 RESMED INCORPORATED+ 2,418,916 51,398 SMITH & NEPHEW PLC 427,240 11,861 SSL INTERNATIONAL PLC 211,193 47,506 ST. JUDE MEDICAL INCORPORATED+ 1,642,282 71,272 STERIS CORPORATION 2,050,495 396 STRAUMANN HOLDING AG 83,471 44,408 STRYKER CORPORATION<< 1,917,982 3,671 SYNTHES INCORPORATED+ 404,976
154 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HEALTH CARE EQUIPMENT & SUPPLIES (continued) 52,371 TELEFLEX INCORPORATED<< $ 2,516,950 19,700 TERUMO CORPORATION 975,503 75,681 THORATEC CORPORATION+<< 2,436,928 4,400 TOA MEDICAL ELECTRONICS COMPANY 278,110 39,000 TOP GLOVE CORPORATION BHD 75,436 65,976 VARIAN MEDICAL SYSTEMS INCORPORATED+<< 3,512,562 42,392 WEST PHARMACEUTICAL SERVICES INCORPORATED 1,425,219 1,196 WILLIAM DEMANT HOLDING+ 81,151 71,387,952 -------------- HEALTH CARE PROVIDERS & SERVICES: 1.80% 2,189 ACIBADEM SAGLIK HIZMETLERI VE TICARET AS+ 18,635 47,800 AETNA INCORPORATED 1,277,216 4,900 ALFRESA HOLDINGS CORPORATION 218,432 35,684 AMEDISYS INCORPORATED+<< 825,014 600 AS ONE CORPORATION 11,270 491,925 BANGKOK CHAIN HOSPITAL PCL+ 77,337 109,900 BANGKOK DUSIT MEDICAL SERVICES PCL THB 115,888 28,900 BUMRUNGRAD HOSPITAL PCL 29,551 39,600 CARDINAL HEALTH INCORPORATED 1,186,416 51,289 CATALYST HEALTH SOLUTIONS INCORPORATED+ 2,056,176 3,478 CELESIO AG 70,520 80,213 CENTENE CORPORATION+ 1,621,907 30,145 CHEMED CORPORATION 1,504,236 138,680 CIGNA CORPORATION 4,468,270 896 CML HEALTHCARE INCOME FUND 9,411 74,702 COVENTRY HEALTH CARE INCORPORATED+ 1,445,484 54,184 DAVITA INCORPORATED+ 3,501,370 39,776 EMERGENCY MEDICAL SERVICES CORPORATION+ 1,911,237 74,320 EXPRESS SCRIPTS INCORPORATED+ 3,166,032 10,939 FRESENIUS MEDICAL CARE AG & COMPANY 619,374 226 GALENICA AG 96,555 380,553 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A+ 2,378,456 48,800 HEALTH NET INCORPORATED+ 1,165,344 27,302 HEALTHSCOPE LIMITED 149,387 123,177 HEALTHSOUTH REHABILITATION CORPORATION+<< 2,002,858 50,538 HEALTHWAYS INCORPORATED+ 631,725 48,445 HENRY SCHEIN INCORPORATED+<< 2,557,896 37,853 HMS HOLDINGS CORPORATION+<< 1,975,170 85,826 HUMANA INCORPORATED+ 4,101,625 55,371 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 4,021,042 85,325 LIFEPOINT HOSPITALS INCORPORATED+<< 2,595,587 39,200 MCKESSON CORPORATION 2,275,560 65,962 MEDCO HEALTH SOLUTIONS INCORPORATED+ 2,868,028 44,330 MEDI-CLINIC CORPORATION+ 151,053 20,600 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 256,489 62,088 MEDNAX INCORPORATED+ 2,877,158 5,800 MIRACA HOLDINGS INCORPORATED 194,277 175,722 NETWORK HEALTHCARE HOLDINGS LIMITED 315,227 4,000 NICHII GAKKAN COMPANY 34,282 58,805 OMNICARE INCORPORATED 1,129,056 2,925 OPG GROEP NV 47,946 742 ORPEA 28,012 82,477 OWENS & MINOR INCORPORATED 2,198,837 34,521 PHARMERICA CORPORATION+ 267,883
Wells Fargo Advantage Master Portfolios 155 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- HEALTH CARE PROVIDERS & SERVICES (continued) 32,930 PRIMARY HEALTH CARE LIMITED $ 94,632 75,136 PSS WORLD MEDICAL INCORPORATED+<< 1,379,497 70,029 PSYCHIATRIC SOLUTIONS INCORPORATED+ 2,335,467 21,221 QUEST DIAGNOSTICS INCORPORATED 923,114 12,422 RAMSAY HEALTH CARE LIMITED 161,578 6,385 RHOEN KLINIKUM AG 140,062 26,980 RYMAN HEALTHCARE LIMITED 38,567 92,241 SIGMA PHARMACEUTICALS LIMITED 38,571 38,269 SONIC HEALTHCARE LIMITED 376,230 2,071 SOUTHERN CROSS HEALTHCARE LIMITED 969 9,100 SUZUKEN COMPANY LIMITED 315,754 747,434 TENET HEALTHCARE CORPORATION+<< 2,929,941 6,200 TOHO PHARMACEUTICAL 89,373 3,346 UNITED DRUG PLC 9,634 126,800 UNITEDHEALTH GROUP INCORPORATED 4,022,096 111,728 VCA ANTECH INCORPORATED+<< 2,208,863 73,517,577 ------------- HEALTH CARE TECHNOLOGY: 0.12% 6,825 AGFA-GEVAERT NV<< 46,705 28,864 ALLSCRIPTS HEALTHCARE SOLUTIONS INCORPORATED+ 482,317 39,780 ATHENAHEALTH INCORPORATED+<< 1,071,673 36,770 CERNER CORPORATION+<< 2,678,695 77,813 IBA HEALTH GROUP LIMITED 9,692 12 M3 INCORPORATED 54,422 9,332 QUALITY SYSTEMS INCORPORATED<< 523,059 1,444 SXC HEALTH SOLUTIONS CORPORATION+ 113,018 4,979,581 ------------- LIFE SCIENCES TOOLS & SERVICES: 0.59% 24,239 BIO-RAD LABORATORIES INCORPORATED+ 2,000,445 5,880 BTG PLC+ 18,126 7,023 CELLESTIS LIMITED 14,746 34,303 COVANCE INCORPORATED+<< 1,301,113 23,409 DIONEX CORPORATION+<< 1,697,153 7,716 DIVI'S LABORATORIES LIMITED 122,031 4,299 FURIEX PHARMACEUTICALS+ 42,819 1,265 GERRESHEIMER AG+ 43,844 64,394 ILLUMINA INCORPORATED+<< 2,761,859 96,814 LIFE TECHNOLOGIES CORPORATION+ 4,140,735 3,369 LONZA GROUP AG 279,575 2,000 MDS INCORPORATED+ 19,056 17,773 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 1,965,516 53,664 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 1,232,662 14,303 QIAGEN NV+ 256,929 201 TECAN GROUP AG 12,275 49,492 TECHNE CORPORATION<< 2,857,173 60,000 THERMO FISHER SCIENTIFIC INCORPORATED+ 2,527,200 49,265 WATERS CORPORATION+ 2,981,518 24,274,775 ------------- PHARMACEUTICALS: 3.29% 170,494 ABBOTT LABORATORIES 8,412,174 6,158 ALAPIS HOLDING INDUSTRIAL 15,998 44,404 ALLERGAN INCORPORATED 2,727,294
156 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- PHARMACEUTICALS (continued) 45,707 ASPEN PHARMACARE HOLDINGS LIMITED $ 521,215 47,700 ASTELLAS PHARMA INCORPORATED 1,648,293 84,655 ASTRAZENECA PLC 4,190,951 62,249 AUXILIUM PHARMACEUTICALS INCORPORATED+<< 1,612,872 48,160 BAYER AG 2,940,463 6,800 BIOVAIL CORPORATION 155,532 190,377 BRISTOL-MYERS SQUIBB COMPANY 4,965,032 9,434 CADILA HEALTHCARE LIMITED 121,254 3,906 CARDIOME PHARMA CORPORATION+ 23,736 47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 123,259 25,300 CHUGAI PHARMACEUTICAL COMPANY LIMITED 431,856 76,430 CIPLA LIMITED INDIA 492,717 72,800 DAIICHI SANKYO COMPANY LIMITED 1,454,960 12,300 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 102,049 16,178 DR. REDDYS LABORATORIES LIMITED 469,262 62,202 EIS ECZACIBASI ILAC VE SINAI 98,575 29,000 EISAI COMPANY LIMITED 1,045,947 34,164 ELAN CORPORATION PLC+ 150,664 108,800 ELI LILLY & COMPANY 3,651,328 50,835 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+ 1,381,187 9,649 FAES FARMA SA 32,037 439 FINANCIERE DE TUBIZE 11,210 31,642 FOREST LABORATORIES INCORPORATED+ 863,510 4,000 FUSO PHARMACEUTICAL INDUSTRIES LIMITED 12,237 5,866 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED+ 232,034 304,982 GLAXOSMITHKLINE PLC 5,711,054 14,398 GLENMARK PHARMACEUTICALS LIMITED 87,416 2,372 H LUNDBECK AS 36,037 6,650 HIKMA PHARMACEUTICALS PLC 78,021 8,600 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED 355,220 92,000 HUA HAN BIO PHARMACEUTICAL 28,622 1,094 IPSEN 37,363 306,504 JOHNSON & JOHNSON 17,476,858 10,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 108,320 890,500 KALBE FARMA TBK PT 229,155 122,112 KING PHARMACEUTICALS INCORPORATED+ 1,063,596 5,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 98,441 6,000 KYORIN COMPANY LIMITED 86,133 31,000 KYOWA HAKKO KOGYO COMPANY LIMITED 303,321 1,037 LABORATORIOS ALMIRALL SA 10,500 26,800 LUPIN LIMITED 203,051 10,885 MEDA AB CLASS A+ 84,750 93,956 MEDICIS PHARMACEUTICAL CORPORATION CLASS A 2,583,790 345,197 MERCK & COMPANY INCORPORATED 12,137,127 3,966 MERCK KGAA 344,476 11,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 109,987 2,600 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 94,239 15,667 NICHOLAS PIRAMAL INDIA LIMITED 165,879 6,000 NIPPON SHINYAKU COMPANY LIMITED 77,277 142,547 NOVARTIS AG 7,490,650 24,590 NOVO NORDISK AS CLASS B 2,109,670 12,200 ONO PHARMACEUTICAL COMPANY LIMITED 535,865 2,073 ORION OYJ CLASS A 37,619 4,268 ORION OYJ CLASS B 77,992 44,066 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 1,162,020
Wells Fargo Advantage Master Portfolios 157 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- PHARMACEUTICALS (continued) 43,737 PERRIGO COMPANY<< $ 2,492,572 892,550 PFIZER INCORPORATED 14,218,322 22,924 PHARMAXIS LIMITED+ 41,403 18,964 RANBAXY LABORATORIES LIMITED+ 197,804 6,569 RECORDATI SPA 51,654 1,670 RICHTER GEDEON PLC 345,757 40,919 ROCHE HOLDING AG 5,562,001 1,278 ROCHE HOLDINGS AG - BEARER SHARES 182,526 12,000 ROHTO PHARMACEUTICAL COMPANY LIMITED 146,554 75,131 SALIX PHARMACEUTICALS LIMITED+<< 2,844,460 55,162 SANOFI-AVENTIS SA 3,164,557 17,805 SANOFI-AVENTIS SA ADR 509,401 10,300 SANTEN PHARMACEUTICAL COMPANY LIMITED 369,039 1,500 SAWAI PHARMACEUTICAL COMPANY LIMITED 153,732 5,500 SEIKAGAKU CORPORATION 58,725 33,800 SHIONOGI & COMPANY LIMITED 589,820 32,610 SHIRE LIMITED 703,174 2,792 STADA ARZNEIMITTEL AG 85,252 12,329 SUN PHARMACEUTICAL INDUSTRIES LIMITED 461,918 24,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 478,514 81,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED 3,726,294 24,000 TANABE SEIYAKU COMPANY LIMITED 375,955 54,294 TEVA PHARMACEUTICAL INDUSTRIES LIMITED 2,744,594 1,100 TOWA PHARMACEUTICAL COMPANY LIMITED 65,730 7,000 TSUMURA & COMPANY 218,141 5,128 UCB SA 146,280 34,975 VALEANT PHARMACEUTICALS INTERNATIONAL 2,017,708 52,749 WARNER CHILCOTT LIMITED 1,499,127 930 YUHAN CORPORATION+ 138,077 3,000 ZERIA PHARMACEUTICAL COMPANY LIMITED 35,674 134,436,860 ------------- INDUSTRIALS: 11.39% AEROSPACE & DEFENSE: 0.97% 49,628 AAR CORPORATION+ 762,286 16,612 ALLIANT TECHSYSTEMS INCORPORATED+ 1,094,731 208,542 BAE SYSTEMS PLC 942,541 2,301 BHARAT ELECTRONICS LIMITED+ 81,215 86,159 BOMBARDIER INCORPORATED CLASS B 358,743 12,300 BOMBARDIER INCORPORATED CLASS A 51,214 11,900 CAE INCORPORATED 112,154 32,913 CERADYNE INCORPORATED+ 718,820 1,689 CHEMRING GROUP PLC 67,401 74,067 COBHAM PLC 237,409 60,489 CURTISS-WRIGHT CORPORATION 1,608,403 1,785 ELBIT SYSTEMS LIMITED 88,922 39,195 ESTERLINE TECHNOLOGIES CORPORATION+ 1,802,970 19,915 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY 438,246 24,043 FINMECCANICA SPA 241,463 35,657 GENERAL DYNAMICS CORPORATION 1,992,157 66,116 GOODRICH CORPORATION 4,527,624 77,330 HONEYWELL INTERNATIONAL INCORPORATED 3,022,830 31,410 MEGGITT PLC 128,282 54,116 MOOG INCORPORATED CLASS A+<< 1,688,419 2,336 MTU AERO ENGINES HOLDINGS 129,942
158 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- AEROSPACE & DEFENSE (continued) 31,251 NORTHROP GRUMMAN CORPORATION $ 1,691,304 20,678 PRECISION CASTPARTS CORPORATION 2,340,336 31,275 QINETIQ PLC 51,754 83,824 ROCKWELL COLLINS INCORPORATED 4,520,628 107,905 ROLLS ROYCE GROUP PLC 916,807 2,300 SAAB AB+ 28,456 13,687 SAFRAN SA 336,317 147,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 347,031 47,353 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,713,232 6,586 THALES SA 210,572 18,854 TRANSDIGN GROUP INCORPORATED 1,091,458 3,231 ULTRA ELECTRONICS HOLDINGS 82,703 95,824 UNITED TECHNOLOGIES CORPORATION 6,248,683 2,058 ZODIAC SA 123,698 39,798,751 -------------- AIR FREIGHT & LOGISTICS: 0.64% 98 BOLLORE INVESTISSEMENT 16,573 87,950 CH ROBINSON WORLDWIDE INCORPORATED<< 5,715,871 48,967 DEUTSCHE POST AG 800,800 112,956 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 4,471,928 42,400 FEDEX CORPORATION 3,309,320 5,254 FREIGHTWAYS LIMITED 10,515 798 GLOVIS COMPANY LIMITED+ 109,160 11,000 GOODPACK LIMITED 15,662 48,903 HUB GROUP INCORPORATED CLASS A+ 1,299,842 1,700 KINTETSU WORLD EXPRESS INCORPORATED 40,390 3,167 MAINFREIGHT LIMITED 14,686 782 OESTERREICHISCHE POST AG 20,216 558 PANALPINA WELTTRANSPORT HOLDINGS AG 53,863 138,000 SINGAPORE POST LIMITED 116,060 2,000 THE SHIBUSAWA WAREHOUSE COMPANY LIMITED 7,118 20,917 TNT NV 530,937 75,669 TOLL HOLDINGS LIMITED 408,649 104,200 UNITED PARCEL SERVICE INCORPORATED CLASS B 6,647,960 155,175 UTI WORLDWIDE INCORPORATED 2,174,002 46,700 YAMATO HOLDINGS COMPANY LIMITED 549,216 26,312,768 -------------- AIRLINES: 0.52% 264,000 AIR CHINA 281,691 16,025 AIR FRANCE-KLM 210,591 180,000 AIRASIA BHD+ 96,363 46,360 ALASKA AIR GROUP INCORPORATED+ 2,050,503 32,900 ALITALIA SPA(a)+ 0 102,000 ALL NIPPON AIRWAYS COMPANY LIMITED 369,099 27,402 BRITISH AIRWAYS PLC 88,673 95,000 CATHAY PACIFIC AIRWAYS LIMITED 234,241 541,604 CHINA AIRLINES 322,927 184,045 CONTINENTAL AIRLINES INCORPORATED CLASS B+<< 4,111,565 15,953 DEUTSCHE LUFTHANSA AG 251,796 10,419 EASYJET PLC+ 55,703 322,878 EVA AIRWAYS CORPORATION+ 229,302 27,436 IBERIA LINEAS AEREAS DE ESPANA SA 88,485 63 JAZZ AIR INCOME FUND 255
Wells Fargo Advantage Master Portfolios 159 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- AIRLINES (continued) 381,555 JETBLUE AIRWAYS CORPORATION+<< $ 2,178,679 5,649 KOREAN AIR LINES COMPANY LIMITED+ 343,492 16,135 LAN AIRLINES SA 431,400 46,134 MALAYSIAN AIRLINE SYSTEM BHD+ 31,607 138,003 QANTAS AIRWAYS LIMITED 308,181 16,200 RYANAIR HOLDINGS PLC ADR+ 459,270 22,716 SAS AB+<< 80,212 44,200 SINGAPORE AIRLINES LIMITED 492,379 71,000 SINGAPORE AIRLINES LIMITED NPV 789,878 84,157 SKYWEST INCORPORATED 1,072,160 373,900 SOUTHWEST AIRLINES COMPANY<< 4,131,595 76,300 THAI AIRWAYS INTERNATIONAL PCL 91,428 59,841 TURK HAVA YOLLARI ANONIM ORTAKLIGI+ 188,099 95,865 UAL CORPORATION+<< 2,031,379 177,317 VIRGIN BLUE HOLDINGS LIMITED 54,427 1,900 WESTJET AIRLINES LIMITED+ 20,277 21,095,657 ------------- BUILDING PRODUCTS: 0.34% 8,600 AICA KOGYO COMPANY LIMITED 96,227 130,000 ASAHI GLASS COMPANY LIMITED 1,268,897 17,200 ASSA ABLOY AB CLASS B 343,695 3,000 BUNKA SHUTTER COMPANY LIMITED 7,571 21,000 CENTRAL GLASS COMPANY LIMITED 76,241 5,625 CERSANIT-KRASNYSTAW SA+ 26,274 25,191 COMPAGNIE DE SAINT-GOBAIN 927,053 7,606 CRANE GROUP LIMITED 54,407 29,700 DAIKIN INDUSTRIES LIMITED 1,011,801 101,100 DYNASTY CERAMIC PCL 142,144 2,244 GEBERIT AG 361,604 28,791 GWA INTERNATIONAL LIMITED 76,078 25,544 HASTIE GROUP LIMITED 31,817 20,176 HILLS INDUSTRIES LIMITED 39,671 29,800 JS GROUP CORPORATION 569,680 154 KABA HOLDING 43,003 469 KCC CORPORATION 116,575 6,643 KINGSPAN GROUP PLC 45,880 68,982 LENNOX INTERNATIONAL INCORPORATED<< 2,924,147 903 LINDAB INTERNATIONAL AB 9,700 181,278 MASCO CORPORATION 1,901,606 9,000 NICHIAS CORPORATION 37,174 66,000 NIPPON SHEET GLASS COMPANY LIMITED<< 144,554 9,000 NITTO BOSEKI COMPANY LIMITED 17,462 6,700 NORITZ CORPORATION 128,322 57,861 OWENS CORNING INCORPORATED+<< 1,573,819 56,680 QUANEX BUILDING PRODUCTS CORPORATION 895,544 100 ROCKWOOL INTERNATIONAL AS B SHARES+ 8,562 100 ROCKWOOL INTERNATIONAL AS A SHARES+ 8,852 12,000 SANKYO-TATEYAMA HOLDINGS INCORPORATED 12,998 23,000 SANWA SHUTTER CORPORATION 67,623 2,000 SEKISUI JUSHI CORPORATION 18,355 157,079 TAIWAN GLASS INDUSTRIAL CORPORATION 152,009 9,000 TAKARA STANDARD COMPANY LIMITED 60,314 10,000 TAKASAGO THERMAL ENGINEERING COMPANY 75,705 41,000 TOTO LIMITED 260,124
160 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- BUILDING PRODUCTS (continued) 677 ULTRATECH CEMENT LIMITED GDR(a) $ 25,961 2,800 UPONOR OYJ 38,854 331,800 VANACHAI GROUP PCL 70,506 5,585 WIENERBERGER AG 72,333 13,743,142 -------------- COMMERCIAL SERVICES & SUPPLIES: 1.37% 64,792 ABM INDUSTRIES INCORPORATED<< 1,270,571 6,384 ADECCO SA 297,679 700 AEON DELIGHT COMPANY LIMITED 13,123 14,347 AGGREKO PLC 312,227 1,700 ASAHI HOLDINGS INCORPORATED 30,252 53,800 AVERY DENNISON CORPORATION 1,749,576 16,555 BABCOCK INTERNATIONAL GROUP 128,345 12,017 BFI CANADA LIMITED 284,549 130,770 BRAMBLES LIMITED 681,788 2,753 BUREAU VERITAS SA 167,460 11,765 CABCHARGE AUSTRALIA LIMITED 50,348 6,366 CAMPBELL BROTHERS LIMITED 180,519 34,198 CAPITA GROUP PLC 368,708 66,900 CINTAS CORPORATION 1,705,281 30,271 CLEAN HARBORS INCORPORATED+<< 1,829,882 39,436 COPART INCORPORATED+ 1,303,360 69,000 DAI NIPPON PRINTING COMPANY LIMITED 802,440 4,200 DAISEKI COMPANY LIMITED 76,341 8,093 DAVIS SERVICE GROUP PLC 47,227 4,668 DE LA RUE PLC 50,114 77,194 DELUXE CORPORATION 1,291,456 27,185 DOWNER EDI LIMITED 96,262 26,715 DUN & BRADSTREET CORPORATION 1,760,519 6,000 DUSKIN COMPANY LIMITED 107,487 7,625 EDENRED<< 131,414 59,612 EXPERIAN GROUP LIMITED 568,200 60,705 FTI CONSULTING INCORPORATED+<< 1,989,910 76,411 G4S PLC 295,782 60,193 HAYS PLC 83,268 57,936 HNI CORPORATION<< 1,353,964 13,090 HOMESERVE PLC 91,364 24,866 IHS INCORPORATED+ 1,536,470 8,858 INTERTEK GROUP PLC 228,773 3,400 INTRUM JUSTITIA AB 34,499 97,925 IRON MOUNTAIN INCORPORATED 1,985,919 1,000 ITOKI CORPORATION 2,797 10,900 KOKUYO COMPANY LIMITED 83,557 6,000 KYODO PRINTING COMPANY LIMITED 14,141 1,440 LOOMIS AB 14,416 43,400 MANPOWER INCORPORATED 1,844,500 1,800 MATSUDA SANGYO COMPANY LIMITED 25,797 3,000 MEITEC CORPORATION 49,387 15,109 MICHAEL PAGE INTERNATIONAL PLC 91,923 20,394 MINERAL RESOURCES LIMITED 154,592 16,517 MITIE GROUP 49,447 1,200 MITSUBISHI PENCIL COMPANY LIMITED 19,526 1,850 MOSHI MOSHI HOTLINE INCORPORATED 37,656 75,081 NAVIGANT CONSULTING INCORPORATED+ 743,302 500 NIPPON KANZAI COMPANY LIMITED 8,451
Wells Fargo Advantage Master Portfolios 161 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMERCIAL SERVICES & SUPPLIES (continued) 3,900 NISSHA PRINTING COMPANY LIMITED<< $ 86,022 8,000 OKAMURA CORPORATION 42,281 1,000 OYO CORPORATION 8,261 8,600 PARK24 COMPANY LIMITED 92,848 8 PILOT CORPORATION 14,627 104,700 PITNEY BOWES INCORPORATED<< 2,014,428 14,400 PMP LIMITED 8,071 835 POYRY OYJ 11,513 9,887 PROGRAMMED MAINTENANCE SERVICES LIMITED 17,681 6,850 RANDSTAD HOLDINGS NV 254,561 29,594 REGUS PLC 31,362 129,934 RENTOKIL INITIAL PLC 186,918 46,300 REPUBLIC SERVICES INCORPORATED 1,362,609 69,805 RESOURCES GLOBAL PROFESSIONALS 774,137 4,529 RITCHIE BROS AUCTIONEERS INCORPORATED 83,118 80,240 ROBERT HALF INTERNATIONAL INCORPORATED<< 1,731,579 3,331 RPS GROUP PLC 8,690 103,400 RR DONNELLEY & SONS COMPANY 1,565,993 2,323 S1 CORPORATION INCORPORATED (KOREA)+ 112,381 17,979 SAI GLOBAL LIMITED 67,503 5,981 SALMAT LIMITED 22,083 1,100 SATO CORPORATION 13,277 23,300 SECOM COMPANY LIMITED 1,013,707 14,400 SECURITAS AB 132,573 5,403 SECURITAS SYSTEMS AB CLASS B 6,908 42,741 SEEK LIMITED 276,074 28,595 SERCO GROUP PLC 255,235 319 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 461,886 6,285 SHANKS GROUP PLC 9,470 1,292 SOCIETE BIC SA 94,701 6,900 SOHGO SECURITY SERVICES COMPANY LIMITED 67,349 26,052 SPOTLESS GROUP LIMITED 46,589 1,835 STANTEC INCORPORATED+ 44,260 45,002 STERICYCLE INCORPORATED+<< 2,947,631 24,000 TAIWAN SECOM COMPANY LIMITED 38,060 2,343 TELEPERFORMANCE 56,533 1,300 TEMP HOLDINGS COMPANY LIMITED 11,343 76,848 TETRA TECH INCORPORATED+ 1,394,791 61,069 THE BRINK'S COMPANY 1,152,372 2,200 TOMRA SYSTEMS ASA 12,313 6,500 TOPPAN FORMS COMPANY LIMITED 61,433 213,000 TOPPAN PRINTING COMPANY LIMITED 1,622,664 55,955 TOWERS WATSON & COMPANY 2,512,380 3,424 TRANSCONTINENTAL INCORPORATED 39,013 28,837 TRANSFIELD SERVICES LIMITED 84,409 60,087 TRANSPACIFIC INDUSTRIES GROUP LIMITED 55,598 66,322 TRUEBLUE INCORPORATED+ 715,614 2,000 UCHIDA YOKO COMPANY LIMITED 5,452 30,884 UNITED STATIONERS INCORPORATED+ 1,386,383 2,832 USG PEOPLE NV 35,996 54,720 VERISK ANALYTICS INCORPORATED CLASS A+ 1,522,310 101,947 WASTE CONNECTIONS INCORPORATED+<< 3,848,499 50,053 WASTE MANAGEMENT INCORPORATED<< 1,656,254 5,238 WS ATKINS PLC 54,626 56,176,938 --------------
162 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CONSTRUCTION & ENGINEERING: 0.77% 2,020 ABENGOA SA $ 48,381 8,185 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 339,438 52,731 AECOM TECHNOLOGY CORPORATION+ 1,186,448 8,690 AECON GROUP INCORPORATED 95,102 6,310 ARCADIS NV 128,102 9,255 AUSENCO LIMITED 18,609 29,832 AVENG LIMITED 153,711 32,204 BALFOUR BEATTY PLC 118,387 2,315 BILFINGER BERGER AG 138,015 45,853 BOART LONGYEAR GROUP 118,714 16,698 BOUYGUES SA 677,878 489 BUDIMEX SA 14,082 4,169 CARDNO LIMITED 15,912 18,787 CARILLION PLC 87,533 184,900 CH KARNCHANG PCL 49,925 579,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 512,792 227,000 CHINA RAILWAY CONSTRUCTION CORPORATION 289,486 552,000 CHINA RAILWAY GROUP LIMITED CLASS H 401,648 16,000 CHIYODA CORPORATION 110,653 3,900 CHUDENKO CORPORATION 42,106 3,000 CHUGAI RO COMPANY LIMITED 9,535 19,478 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 171,155 12,300 COMSYS HOLDINGS CORPORATION 105,416 47,000 CTCI CORPORATION 51,645 3,508 DAELIM INDUSTRIAL COMPANY LIMITED+ 220,622 10,694 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED+ 88,128 1,000 DAIMEI TELECOM ENGINEERING CORPORATION 6,737 85,394 DIALOG GROUP BHD 29,933 6,756 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 387,699 4,842 EIFFAGE SA+ 220,836 86,269 EMCOR GROUP INCORPORATED+ 1,961,757 3,800 FLSMIDTH & COMPANY A/S 224,460 26,460 FLUOR CORPORATION 1,181,704 2,658 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA<< 62,567 61,824 FOSTER WHEELER AG+<< 1,318,706 199,300 GAMUDA BHD 219,740 43,730 GRANITE CONSTRUCTION INCORPORATED<< 962,497 5,835 GS ENGINEERING & CONSTRUCTION CORPORATION 416,612 6,620 HELLENIC TECHNODOMIKI TEV SA 24,077 18,000 HENDERSON INVESTMENTS LIMITED 1,504 2,000 HIBIYA ENGINEERING LIMITED 17,807 197,170 HKC HOLDINGS LIMITED 12,167 2,412 HOCHTIEF AG 159,586 10,493 HOUSING & CONSTRUCTION HOLDINGS LIMITED 21,104 6,803 HYUNDAI DEVELOPMENT COMPANY 156,045 13,369 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED+ 713,668 96,920 IJM CORPORATION BHD 154,113 13,306 IMPREGILO SPA+ 33,606 3,635 IMTECH NV 102,102 50,795 INSITUFORM TECHNOLOGY INCORPORATED+ 1,034,186 5,289 INTERSERVE PLC 15,757 22,390 IRB INFRASTRUCTURE DEVELOPERS LIMITED 132,274 82,400 ITALIAN-THAI DEVELOPMENT PCL+ 9,005 65,695 JACOBS ENGINEERING GROUP INCORPORATED+ 2,278,303 29,000 JGC CORPORATION 443,923
Wells Fargo Advantage Master Portfolios 163 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CONSTRUCTION & ENGINEERING (continued) 130,000 KAJIMA CORPORATION $ 304,845 15,000 KANDENKO COMPANY LIMITED 88,561 589 KIER GROUP PLC+ 8,943 16,000 KINDEN CORPORATION 140,936 3,660 KONIN KLIJKE BOSKAILS WOSTMINSTER NV 136,547 5,624 KONINKLIJKE BAM GROEP NV 28,152 10,000 KYOWA EXEO CORPORATION 87,371 2,000 KYUDENKO CORPORATION 10,237 198,580 LANCO INFRATECH LIMITED+ 279,042 59,099 LARSEN & TOUBRO LIMITED 2,278,591 19,347 LARSEN & TOUBRO LIMITED SP GDR 744,860 15,597 LEIGHTON HOLDINGS LIMITED 426,013 78,049 MACMAHON HOLDINGS LIMITED 41,317 12,000 MAEDA CORPORATION 28,997 6,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 43,281 8,385 MONADELPHOUS GROUP LIMITED 111,529 37,410 MURRAY & ROBERTS HOLDINGS LIMITED 210,511 2,400 NCC AB+ 39,515 1,000 NEC NETWORKS & SYSTEM INTEGRATION CORPORATION 12,463 2,000 NIPPO CORPORATION 13,117 4,000 NIPPON DENSETSU KOGYO COMPANY LIMITED 36,710 7,000 NIPPON KOEI COMPANY LIMITED 18,914 12,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 13,998 77,000 OBAYASHI CORPORATION 293,298 2,064 OBRASCON HUARTE LAIN SA 51,527 26,000 OKUMURA CORPORATION 86,037 11,526 ORASCOM CONSTRUCTION INDUSTRIES+ 508,666 2,063 OUTOTEC OYJ 69,515 1,180 PBG SA 84,766 7,800 PEAB AB 46,537 10,000 PEACE MARK HOLDINGS LIMITED(a)+ 0 8,500 PENTA-OCEAN CONSTRUCTION COMPANY LIMITED 11,231 39,075 POLIMEX MOSTOSTAL SA 54,656 244,400 POWER LINE ENGINEERING PCL+ 14,370 22,537 PUNJ LLOYD LIMITED 50,497 103,674 PYI CORPORATION LIMITED 3,399 110,897 QUANTA SERVICES INCORPORATED+<< 1,989,492 5,288 SACYR VALLEHERMOSO SA 23,890 3,423 SAMSUNG ENGINEERING COMPANY LIMITED+ 376,875 2,000 SANKI ENGINEERING COMPANY LIMITED 14,760 43,951 SHAW GROUP INCORPORATED+ 1,424,012 78,000 SHIMIZU CORPORATION 276,681 1,100 SHO-BOND HOLDINGS COMPANY LIMITED 22,979 291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL+ 111,698 21,289 SKANSKA AB 327,189 7,900 SNC-LAVALIN GROUP INCORPORATED 365,607 1,052 STRABAG SE 22,044 2,000 TAIHEI DENGYO KAISHA LIMITED 13,451 2,800 TAIKISHA 43,861 138,000 TAISEI CORPORATION 272,682 24,015 TEKFEN HOLDING AS 88,068 9,000 TOA CORPORATION 8,892 23,000 TODA CORPORATION 72,825 2,000 TOENEC CORPORATION 10,832 1,000 TOKYO ENERGY & SYSTEMS INCORPORATED 6,844
164 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CONSTRUCTION & ENGINEERING (continued) 3,880 TOKYU CONSTRUCTION COMPANY LIMITED $ 10,253 2,000 TOSHIBA PLANT SYSTEMS & SERVICES CORPORATION 22,902 20,000 TOYO ENGINEERING CORPORATION 56,898 21,698 UNITED CONSTRUCTION GROUP LIMITED 277,988 5,000 UNITED ENGINEERS+ 8,189 31,363 VINCI SA 1,376,163 51,077 VOLTAS LIMITED 217,327 5,040 YIT OYJ 104,490 2,000 YOKOGAWA BRIDGE HOLDINGS CORPORATION 12,260 31,433,999 -------------- ELECTRICAL EQUIPMENT: 1.09% 135,285 ABB LIMITED 2,614,422 242 ABB LIMITED INDIA 4,009 56,880 ACUITY BRANDS INCORPORATED<< 2,203,531 11,991 ALSTOM SA 571,962 55,090 AMERICAN SUPERCONDUCTOR CORPORATION+<< 1,481,370 56,210 AMETEK INCORPORATED 2,416,468 5,981 AREVA T&D INDIA LIMITED 37,076 152,371 BABCOCK + WILCOX COMPANY 3,413,110 56,230 BALDOR ELECTRIC COMPANY 1,972,548 585 BEKAERT SA+ 118,615 20,708 BHARAT HEAVY ELECTRICAL LIMITED 1,059,436 89,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY LIMITED 198,394 1,900 CHIYODA INTEGRE COMPANY LIMITED 20,377 13,757 CHLORIDE GROUP 79,056 2,700 COSEL COMPANY LIMITED 31,882 60,032 CROMPTON GREAVES LIMITED+ 378,135 8,000 DAIHEN CORPORATION 32,948 5,736 ELSWEDY CABLES HOLDING COMPANY+ 66,714 61,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 151,030 48,000 FUJIKURA LIMITED 208,547 78,000 FURUKAWA ELECTRIC COMPANY LIMITED 283,181 3,800 FUTABA CORPORATION CHIBA 58,712 7,940 GAMESA CORPORATION TECNOLOGICA SA 53,328 68,561 GENERAL CABLE CORPORATION+<< 1,525,482 190,482 GRAFTECH INTERNATIONAL LIMITED+ 2,678,177 41,000 GS YUASA CORPORATION<< 241,578 28,000 HITACHI CABLE LIMITED 68,325 25,805 HUBBELL INCORPORATED CLASS B 1,160,709 300 HUBER & SUHNER AG+ 15,366 1,100 IDEC CORPORATION 10,043 145,500 JOHNSON ELECTRIC HOLDINGS LIMITED 64,532 8,345 LEGRAND SA 253,435 3,836 LS CABLE LIMITED+ 375,953 3,641 LS INDUSTRIAL SYSTEMS COMPANY LIMITED+ 293,369 3,500 MABUCHI MOTOR COMPANY LIMITED 164,772 38,000 MATSUSHITA ELECTRIC WORKS LIMITED 498,917 232,000 MITSUBISHI ELECTRIC CORPORATION 1,850,256 163,500 NEO NEON HOLDINGS LIMITED 97,107 1,104 NEXANS SA 66,161 12,500 NIDEC CORPORATION 1,098,084 11,000 NIPPON CARBON COMPANY LIMITED 32,472 4,700 NIPPON SIGNAL COMPANY LIMITED 33,456 8,000 NISSIN ELECTRIC COMPANY LIMITED 32,568
Wells Fargo Advantage Master Portfolios 165 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ELECTRICAL EQUIPMENT (continued) 1,300 NITTO KOGYO CORPORATION $ 10,677 816 NORDEX AG+ 7,568 3,095 ORMAT INDUSTRIES 22,884 10,030 PRYSMIAN SPA 157,229 49,474 REGAL-BELOIT CORPORATION 2,736,902 75,000 ROCKWELL AUTOMATION INCORPORATED 3,835,500 49,776 ROPER INDUSTRIES INCORPORATED 2,890,990 6,000 SANYO DENKI COMPANY LIMITED 22,997 15,613 SCHNEIDER ELECTRIC SA 1,655,855 2,158 SGL CARBON AG+ 67,055 44,000 SHIHLIN ELECTRIC 48,623 10,000 SHOWA ELECTRIC WIRE 8,689 34,340 SILITECH TECHNOLOGY CORPORATION 94,978 79,900 SUMITOMO ELECTRIC INDUSTRIES LIMITED 858,823 89,769 SUZLON ENERGY LIMITED+ 88,261 198,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 95,495 26,855 THOMAS & BETTS CORPORATION+ 992,292 4,785 TOGNUM AG 88,077 1,300 TOYO TANSO COMPANY LIMITED<< 62,903 17,300 USHIO INCORPORATED 292,418 11,591 VESTAS WIND SYSTEMS AS+ 432,501 336,000 WALSIN LIHWA CORPORATION 158,382 76,764 WOODWARD GOVERNOR COMPANY 2,005,076 40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(a)+ 0 44,649,788 -------------- INDUSTRIAL CONGLOMERATES: 1.26% 95,300 3M COMPANY 7,485,815 237,000 ABOITIZ EQUITY VENTURES INCORPORATED+ 112,335 13,276 ADITYA BIRLA NUVO LIMITED 229,663 21,880 ANTARCHILE SA 452,345 66,000 BEIJING ENTERPRISES HOLDINGS LIMITED 465,807 193,100 BERJAYA CORPORATION BHD 58,456 40,938 BIDVEST GROUP LIMITED 756,035 51,819 BOUSTEAD HOLDINGS BHD 70,344 129,000 CITIC PACIFIC LIMITED 263,680 1,178 CJ CORPORATION+ 86,859 2,926 CLAL INDUSTRIES AND INVESTMENTS+ 18,566 19,942 COMPAGNIE INDUSTRIALI RIUNITE 34,597 12,635 COOKSON GROUP PLC 81,231 161,228 CSR LIMITED 244,573 2,629 DCC CORPORATION 66,132 1,395 DCC PLC 34,932 312 DELEK GROUP LIMITED 78,286 1,353 DISCOUNT INVESTMENT CORPORATION 25,478 88,596 DOGAN SIRKETLER GRUBU HOLDINGS+ 58,018 2,874 DOOSAN CORPORATION+ 287,664 67,952 EMPRESAS COPEC SA 1,181,950 108,583 ENKA INSAAT VE SANAYI AS 394,640 495,524 FAR EASTERN TEXTILE COMPANY LIMITED 578,529 99,000 FRASER & NEAVE LIMITED 405,349 21,000 GALLANT VENTURE LIMITED+ 3,563 1,182,307 GENERAL ELECTRIC COMPANY 17,119,805 62,977 GRUPO CARSO SAB DE CV 278,400 136,000 HANKYU HANSHIN HOLDINGS INCORPORATED 624,878
166 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INDUSTRIAL CONGLOMERATES (continued) 14,000 HAW PAR CORPORATION LIMITED $ 60,834 11,000 HONG LEONG ASIA LIMITED 26,699 233,000 HUTCHISON WHAMPOA LIMITED 1,722,320 205,052 JAIPRAKASH ASSOCIATES LIMITED+ 475,360 32,869 JARDINE MATHESON HOLDINGS LIMITED 1,426,515 22,310 JARDINE STRATEGIC HOLDINGS LIMITED 555,073 1,000 KATAKURA INDUSTRIES COMPANY LIMITED 9,618 73,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED 334,544 132,138 KEPPEL CORPORATION LIMITED 872,471 96,309 KOC HOLDING AS 375,259 56,205 KONINKLIJKE PHILIPS ELECTRONICS NV 1,574,803 1,354 KOOR INDUSTRIES LIMITED 27,336 17,390 LG CORPORATION 1,247,427 38,850 MALAYSIAN RESOURCES CORPORATION BHD+ 20,551 9,000 MIRAMAR HOTEL & INVESTMENT 9,140 109,200 MMC CORPORATION BHD 88,038 90,005 NWS HOLDINGS LIMITED 163,377 43,739 ORKLA ASA 365,801 1,096 PRZEDSIEBIORSTWO EKSPORTU I IMPORTU KOPEX SA 6,153 23,401 QUINENCO SA+ 74,429 1,852 RHEINMETALL BERLIN 102,515 5,696 SAMSUNG TECHWIN COMPANY LIMITED+ 524,988 109,000 SEMBCORP INDUSTRIES LIMITED 342,560 62,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED 302,079 50,274 SIEMENS AG 4,573,086 22,187 SIEMENS INDIA LIMITED+ 326,673 287,840 SIME DARBY BHD 765,886 5,571 SK CORPORATION 427,502 20,425 SM INVESTMENTS CORPORATION 212,986 20,401 SMITHS GROUP PLC 358,248 38,828 SONAE SGPS SA+ 42,070 49,139 TOMKINS PLC 244,173 57,370 TYCO INTERNATIONAL LIMITED 2,138,754 1,564 WENDEL 80,092 4,064 YAZICILAR HOLDING AS+ 27,944 51,403,234 -------------- MACHINERY: 2.33% 5,196 AALBERTS INDUSTRIES NV 73,583 2,700 AIDA ENGINEERING LIMITED 8,710 18,100 ALFA LAVAL AB 264,954 41,000 AMADA COMPANY LIMITED 243,531 5,200 AMANO CORPORATION 40,048 1,797 ANDRITZ AG 109,308 5,000 ASAHI DIAMOND INDUSTRIAL COMPANY LIMITED 73,860 158,796 ASHOK LEYLAND LIMITED 248,456 395,800 ASIAN INSULATORS PCL 49,072 24,459 ASTEC INDUSTRIES INCORPORATED+<< 628,596 37,551 ATLAS COPCO AB CLASS A 571,021 23,892 ATLAS COPCO AB CLASS B 327,759 4,800 ATS AUTOMATION TOOLING SYSTEMS INCORPORATED+ 27,278 9,718 AUSTAL LIMITED 19,454 3,000 BANDO CHEMICAL INDUSTRIES LIMITED 10,142 2,770 BODYCOTE PLC 9,588 10,494 BRADKEN LIMITED 70,397
Wells Fargo Advantage Master Portfolios 167 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MACHINERY (continued) 75,235 BRIGGS & STRATTON CORPORATION<< $ 1,365,515 256 BUCHER INDUSTRIES AG+ 33,360 39,831 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 2,289,884 2,050 CARGOTEC CORPORATION 66,557 82,300 CATERPILLAR INCORPORATED 5,362,668 34,789 CHART INDUSTRIES INCORPORATED+ 553,841 7,702 CHARTER INTERNATIONAL PLC 72,054 150,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 128,234 5,000 CKD CORPORATION 29,639 67,295 CLARCOR INCORPORATED<< 2,263,804 139 CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES SA 58,904 88,000 COSCO CORPORATION SINGAPORE LIMITED 102,575 79,023 CRANE COMPANY 2,678,880 41,847 CSBC CORPORATION TAIWAN 34,357 26,350 CUMMINS INCORPORATED 1,960,704 10,280 CUMMINS INDIA LIMITED 161,171 11,150 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 216,694 14,500 DAIFUKU COMPANY LIMITED 68,349 73,694 DANAHER CORPORATION 2,677,303 338 DEMAG CRANES AG 10,323 37,807 DONALDSON COMPANY INCORPORATED<< 1,584,113 9,560 DOOSAN INFRACORE COMPANY LIMITED+ 153,898 42,000 EBARA CORPORATION 166,480 33,716 ESCO TECHNOLOGIES INCORPORATED 1,050,253 19,500 FANUC LIMITED 2,093,679 29,587 FLOWSERVE CORPORATION 2,644,486 3,700 FUJI MACHINE MANUFACTURING COMPANY LIMITED 58,576 3,000 FUJITEC COMPANY LIMITED 13,927 61,000 FURUKAWA COMPANY LIMITED 58,814 68,285 GARDNER DENVER INCORPORATED<< 3,259,926 8,906 GEA GROUP AG 184,980 206 GEORG FISCHER AG 75,785 689 GILDEMEISTER AG+ 8,402 6,500 GLORY LIMITED 138,728 50,000 HAITIAN INTERNATIONAL HOLDINGS 39,852 3,221 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 77,241 2,009 HANJIN HEAVY INDUSTRIES COMPANY 20,192 783 HEIDELBERGER DRUCKMASCHINEN AG 6,073 10,500 HEXAGON AB 171,601 33,000 HINO MOTORS LIMITED 145,340 1,000 HISAKA WORKS LIMITED 9,570 12,600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED+ 250,320 77,500 HITACHI ZOSEN CORPORATION<< 105,166 7,200 HOSHIZAKI ELECTRIC COMPANY LIMITED 128,299 4,000 HOSOKAWA MICRON CORPORATION 12,903 5,106 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED 1,124,351 1,347 HYUNDAI MIPO DOCKYARD COMPANY LIMITED+ 180,327 106,527 IDEX CORPORATION 3,173,439 14,858 IMI PLC 155,635 203 INDUSTREA LIMITED 62 39,367 INVENSYS PLC 138,984 22,000 ISEKI & COMPANY LIMITED+<< 58,660 139,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 246,530 7,973 JAIN IRRIGATION SYSTEMS LIMITED 211,046 42,000 JAPAN STEEL WORKS 371,956 61,000 JAYA HOLDINGS LIMITED 30,376
168 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MACHINERY (continued) 54,143 JOY GLOBAL INCORPORATED $ 3,072,074 21,300 JTEKT CORPORATION 174,690 7,000 JUKI CORPORATION<< 10,749 188,000 KAWASAKI HEAVY INDUSTRIES LIMITED 501,274 42,397 KAYDON CORPORATION<< 1,374,087 2,500 KCI KONECRANES OYJ 76,193 9,000 KITZ CORPORATION 37,067 104,430 KOMATSU LIMITED 2,119,428 6,600 KOMORI CORPORATION 63,164 10,251 KONE OYJ 471,428 626 KRONES AG 33,775 132,865 KUBOTA CORPORATION 1,065,957 11,100 KURITA WATER INDUSTRIES LIMITED 292,397 56,608 LINCOLN ELECTRIC HOLDINGS INCORPORATED 2,806,059 11,000 MAKINO MILLING MACHINE COMPANY LIMITED 61,147 13,700 MAKITA CORPORATION 389,588 1 MAKITA CORPORATION ADR 28 5,198 MAN AG 447,203 202,198 MANITOWOC COMPANY INCORPORATED<< 1,852,134 2,000 MAX COMPANY LIMITED 23,521 20,000 MEIDENSHA CORPORATION<< 60,231 7,085 METSO OYJ 258,849 5,526 MEYER BURGER TECHNOLOGY AG+ 152,132 50,000 MINEBEA COMPANY LIMITED 230,330 369,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 1,330,877 3,000 MITSUBOSHI BELTING COMPANY LIMITED 14,605 77,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED 164,064 3,000 MIURA COMPANY LIMITED 63,635 11,798 MORGAN CRUCIBLE COMPANY 35,175 11,000 MORI SEIKI COMPANY LIMITED 93,620 231,545 MUELLER WATER PRODUCTS INCORPORATED 548,762 10,000 NABTESCO CORPORATION 150,220 35,000 NACHI-FUJIKOSHI CORPORATION 85,823 1,000 NAMURA SHIPBUILDING COMPANY LIMITED 4,999 28,093 NAVISTAR INTERNATIONAL CORPORATION+ 1,176,535 29,000 NGK INSULATORS LIMITED 439,436 14,000 NIPPON SHARYO LIMITED 60,493 6,000 NIPPON THOMPSON COMPANY LIMITED 34,139 900 NITTA CORPORATION 12,127 700 NITTO KOHKI COMPANY LIMITED 16,531 1,131 NKT HOLDING AS 42,760 40,332 NORDSON CORPORATION 2,588,104 4,000 NORITAKE COMPANY LIMITED 12,522 54,000 NSK LIMITED 322,033 68,000 NTN CORPORATION 257,398 2,380 OILES CORPORATION 36,262 15,000 OKUMA CORPORATION 72,670 1,000 ORGANO CORPORATION 6,154 9,500 OSG CORPORATION 88,882 47,465 OSHKOSH TRUCK CORPORATION+ 1,180,929 50,300 PACCAR INCORPORATED 2,061,797 85,400 PARKER HANNIFIN CORPORATION 5,052,264 49,567 PENTAIR INCORPORATED<< 1,491,967 4,110 ROTORK PLC 99,340 8,000 RYOBI LIMITED 27,140 25,110 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 558,163
Wells Fargo Advantage Master Portfolios 169 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MACHINERY (continued) 61,147 SANDVIK AB $ 724,262 4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED 7,999 16,220 SCANIA AB CLASS B 299,316 3,274 SCHINDLER HOLDING AG 326,352 1,005 SCHINDLER HOLDING SA 98,941 1,200 SECO TOOLS 13,962 99,200 SEMBCORP MARINE LIMITED 278,828 2,500 SHIMA SEIKI MANUFACTURING LIMITED 46,721 13,649 SHIN ZU SHING COMPANY LIMITED 30,848 11,000 SHINMAYWA INDUSTRIES LIMITED 38,234 180,000 SINGAMAS CONTAINER HOLDING 36,330 86,000 SINOTRUK HONG KONG LIMITED 81,260 5,500 SINTOKOGIO LIMITED 36,859 976 SKF AB CLASS A+ 17,548 18,900 SKF AB CLASS B 339,310 6,900 SMC CORPORATION 850,899 75,827 SNAP-ON INCORPORATED 3,126,347 3,670 SPIRAX-SARCO ENGINEERING PLC 89,155 26,400 SPX CORPORATION<< 1,479,984 3,438 STX SHIPBUILDING COMPANY LIMITED+ 37,996 1,131 SULZER AG 112,181 60,000 SUMITOMO HEAVY INDUSTRIES LIMITED 277,824 9,000 TADANO LIMITED 43,816 22,564 TATA MOTORS LIMITED 484,642 10,088 TATA MOTORS LIMITED ADR<< 215,984 11,575 THERMAX INDIA LIMITED 186,556 12,200 THK COMPANY LIMITED 200,986 1,100 TOCALO COMPANY LIMITED 15,555 1,300 TORISHIMA PUMP MANUFACTURING COMPANY LIMITED 19,188 45,181 TORO COMPANY<< 2,254,532 4,043 TOROMONT INDUSTRIES LIMITED 101,990 10,000 TOSHIBA MACHINE COMPANY LIMITED 32,020 12,469 TRELLEBORG AB CLASS B 82,896 123,871 TRINITY INDUSTRIES INCORPORATED<< 2,120,672 11,000 TSUBAKIMOTO CHAIN COMPANY 40,067 18,000 TSUGAMI CORPORATION<< 109,701 1,000 TSUKISHIMA KIKAI COMPANY LIMITED 6,321 500 UNION TOOL COMPANY 10,808 188,083 UNITED TRACTORS 383,036 5,708 VALLOUREC SA 490,357 11,186 VALMONT INDUSTRIES INCORPORATED<< 749,798 27,800 VOLVO AB CLASS A 304,833 62,080 VOLVO AB CLASS B 719,775 279 VOSSLOH AG 27,850 63,338 WABTEC CORPORATION 2,693,765 4,539 WARTSILA OYJ CLASS B 242,046 11,814 WEIR GROUP PLC 218,691 181,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED 212,313 5,982 ZARDOYA-OTIS SA 93,318 95,176,146 -------------- MARINE: 0.26% 63,862 ALEXANDER & BALDWIN INCORPORATED<< 2,161,090 23 AP MOLLER-MAERSK AS A 169,489 87 AP MOLLER-MAERSK AS B 655,327 6,000 CHINESE MARITIME TRANSPORT LIMITED 12,868
170 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MARINE (continued) 227 COMPAGNIE MARITIME BELGE SA+ $ 6,150 307,000 COSCO HOLDINGS 319,284 1,300 D S NORDEN 49,017 12,000 DAIICHI CHUO KISEN KAISHA 29,425 303,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 200,997 45,497 GENCO SHIPPING & TRADING LIMITED+<< 684,275 8,635 HANJIN SHIPPING COMPANY LIMITED+ 217,514 11,912 HANJIN SHIPPING HOLDING COMPANY+ 151,521 5,690 HYUNDAI MERCHANT MARINE COMPANY LIMITED+ 147,838 9,500 IINO KAIUN KAISHA LIMITED 49,304 1,100 INUI STEAMSHIP COMPANY LIMITED 6,180 82,000 KAWASAKI KISEN KAISHA LIMITED 305,511 27,290 KIRBY CORPORATION+ 1,005,091 3,262 KUEHNE & NAGEL INTERNATIONAL AG 340,257 14,000 MALAYSIAN BULK CARRIERS BHD+ 12,715 385,200 MISC BHD 1,078,950 127,000 MITSUI OSK LINES LIMITED 798,191 80,000 NEPTUNE ORIENT LINES LIMITED 112,726 181,000 NIPPON YUSEN KABUSHIKI KAISHA 698,060 19,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 152,171 155,000 PACIFIC BASIN SHIPPING LIMITED 105,210 70,800 PRECIOUS SHIPPING PCL 40,948 73,800 REGIONAL CONTAINER LINES PCL+ 36,081 284 SCHMITT INDUSTRIES INCORPORATED(a)(i) 21,530 31,652 SHIH WEI NAVIGATION COMPANY LIMITED 38,584 2,000 SHINWA KAIUN KAISHA LIMITED 4,976 33,100 SHIPPING CORP OF INDIA LIMITED 113,254 132,000 SHUN TAK HOLDINGS LIMITED 75,853 128,800 SINCERE NAVIGATION CORPORATION 146,355 3,981 STX PAN OCEAN COMPANY LIMITED 38,020 9,000 STX PAN OCEAN COMPANY LIMITED 86,448 20,000 TAIWAN NAVIGATION COMPANY LIMITED 22,788 81,840 THORESEN THAI AGENCIES PCL 63,286 58,000 U-MING TRANSPORT CORPORATION 112,075 199,250 WAN HAI LINES LIMITED 127,509 259,416 YANG MING MARINE TRANSPORT 153,865 10,550,733 -------------- ROAD & RAIL: 0.95% 290,942 ASCIANO GROUP 433,576 159,500 AVIS BUDGET GROUP INCORPORATED+<< 1,454,640 27,100 CANADIAN NATIONAL RAILWAY COMPANY 1,653,676 9,100 CANADIAN PACIFIC RAILWAY LIMITED 536,007 213 CENTRAL JAPAN RAILWAY COMPANY 1,719,010 181,000 COMFORTDELGRO CORPORATION LIMITED 198,960 71,048 CON-WAY INCORPORATED 1,862,168 5,767 CONTAINER CORPORATION OF INDIA 159,917 14,780 DSV A/S 234,234 42,100 EAST JAPAN RAILWAY COMPANY 2,726,152 124,000 EVERGREEN INTERNATIONAL STORAGE & TRANSPORT CORPORATION 95,611 25,434 FIRSTGROUP PLC 135,705 19,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 97,024 50,654 GENESEE & WYOMING INCORPORATED+<< 1,965,882 1,463 GO-AHEAD GROUP PLC 24,569 83,332 HEARTLAND EXPRESS INCORPORATED<< 1,213,314 4,600 HITACHI TRANSPORT SYSTEM LIMITED 67,130
Wells Fargo Advantage Master Portfolios 171 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ROAD & RAIL (continued) 50,562 J.B. HUNT TRANSPORT SERVICES INCORPORATED $ 1,655,400 53,934 KANSAS CITY SOUTHERN+ 1,810,564 51,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 517,224 63,000 KEIO CORPORATION<< 432,698 34,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 218,141 182,000 KINTETSU CORPORATION 608,761 1,506 KOREA EXPRESS COMPANY LIMITED+ 73,736 66,335 LANDSTAR SYSTEM INCORPORATED 2,386,733 3,000 MARUZEN SHOWA UNYU COMPANY LIMITED 9,713 148,062 MTR CORPORATION LIMITED 529,150 112,000 NAGOYA RAILROAD COMPANY LIMITED+ 337,293 52,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 230,258 29,635 NATIONAL EXPRESS GROUP PLC 101,717 94,000 NIPPON EXPRESS COMPANY LIMITED 328,961 7,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 82,324 39,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 170,837 40,600 NORFOLK SOUTHERN CORPORATION 2,179,408 66,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 609,642 58,031 OLD DOMINION FREIGHT LINE+<< 1,352,691 26,027 RYDER SYSTEM INCORPORATED 998,656 38,000 SAGAMI RAILWAY COMPANY LIMITED 182,288 28,000 SANKYU INCORPORATED 106,987 1,684 SBS TRANSIT LIMITED 2,249 13,000 SEINO HOLDINGS COMPANY LIMITED 80,931 4,000 SENKO COMPANY LIMITED 11,665 65,000 SMRT CORPORATION LIMITED 98,783 25,848 STAGECOACH GROUP PLC 68,263 96,000 TOBU RAILWAY COMPANY LIMITED 548,506 123,000 TOKYU CORPORATION 562,219 2,911 TRANSFORCE INCORPORATED 26,398 24,000 TRANSPORT INTERNATIONAL HOLDINGS LIMITED+ 72,814 72,800 UNION PACIFIC CORPORATION 5,310,032 80,133 WERNER ENTERPRISES INCORPORATED<< 1,597,852 198 WEST JAPAN RAILWAY COMPANY 735,341 38,615,810 -------------- TRADING COMPANIES & DISTRIBUTORS: 0.74% 25,432 ADANI ENTERPRISES LIMITED 351,474 3,463 ALESCO CORPORATION LIMITED 8,534 26,651 ASHTEAD GROUP PLC 31,452 313 BAYWA AG 11,554 15,150 BUNZL PLC 165,199 14,236 DAEWOO INTERNATIONAL CORPORATION+ 396,005 72,497 FASTENAL COMPANY<< 3,281,939 9,000 FINNING INTERNATIONAL INCORPORATED 173,864 62,957 GATX CORPORATION<< 1,718,726 8,472 GRAFTON GROUP PLC 28,912 21,000 HANWHA CHEMICAL CORPORATION 75,991 2,200 INABA DENKI SANGYO COMPANY LIMITED 50,882 173,400 ITOCHU CORPORATION 1,415,931 24,000 IWATANI INTERNATIONAL CORPORATION 66,278 11,000 JAPAN PULP & PAPER COMPANY LIMITED 35,484 9,000 JFE SHOJI HOLDINGS INCORPORATED 31,068 34,000 KANEMATSU CORPORATION+ 27,116 3,266 KLOECKNER & COMPANY 64,007
172 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- TRADING COMPANIES & DISTRIBUTORS (continued) 3,100 KURODA ELECTRIC COMPANY LIMITED $ 35,240 185,000 MARUBENI CORPORATION 953,517 8,100 MISUMI GROUP INCORPORATED 157,642 171,000 MITSUBISHI CORPORATION 3,663,850 33 MITSUBISHI CORPORATION ADR 1,403 188,000 MITSUI & COMPANY LIMITED 2,445,947 263 MITSUI & COMPANY LIMITED ADR 67,591 59,171 MSC INDUSTRIAL DIRECT COMPANY 2,637,251 13,000 NAGASE & COMPANY LIMITED 140,817 500 NICHIDEN CORPORATION 14,760 339,113 NOBLE GROUP LIMITED 392,776 1,500 OKAYA & COMPANY LIMITED 14,820 700 ONOKEN COMPANY LIMITED 5,283 1,108 RAMIRENT OYJ+ 9,815 5,331 REECE AUSTRALIA LIMITED 112,172 2,527 REXEL SA 35,354 3,149 RUSSEL METALS INCORPORATED 56,404 16,282 SAMSUNG CORPORATION 765,956 17,008 SEVEN NETWORK LIMITED 94,726 500 SHINWA COMPANY LIMITED NAGOYA 5,690 15,730 SIG PLC 22,472 9,660 SK NETWORKS COMPANY LIMITED+ 79,526 160,700 SOJITZ CORPORATION 258,237 136,600 SUMITOMO CORPORATION 1,565,835 4,592 SUPERIOR PLUS CORPORATION 50,470 7,000 TAT HONG HOLDINGS LIMITED 4,699 22,900 TOYOTA TSUSHO CORPORATION 327,649 8,910 TRAVIS PERKINS PLC 104,126 900 TRUSCO NAKAYAMA CORPORATION 11,795 90,471 UNITED RENTALS INCORPORATED+<< 1,017,799 36,707 WATSCO INCORPORATED<< 1,884,904 54,884 WESCO INTERNATIONAL INCORPORATED+<< 1,771,656 14,929 WOLSELEY PLC 288,259 32,780 WW GRAINGER INCORPORATED<< 3,467,796 2,900 YAMAZEN CORPORATION 10,494 10,000 YUASA TRADING COMPANY LIMITED 9,404 30,420,551 -------------- TRANSPORTATION INFRASTRUCTURE: 0.15% 18,072 ABERTIS INFRAESTRUCTURAS SA 299,555 1,420 AEROPORTS DE PARIS 100,196 53,200 AIRPORTS OF THAILAND PCL 67,573 3,972 ANSALDO STS SPA 47,542 16,101 ATLANTIA SPA 303,407 148,561 AUCKLAND INTERNATIONAL AIRPORT LIMITED 207,183 48,400 BANGKOK EXPRESSWAY PCL 29,230 22,153 BBA AVIATION PLC 60,204 6,400 BINTULU PORT HOLDINGS BERHAD 13,990 12,968 BRISA-AUTO ESTRADAS DE PORTUGAL SA 81,511 136,507 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 460,654 19,155 CIA DE CONCESSOES RODOVIARIAS 439,542 333,697 CONNECTEAST GROUP 120,241 252,518 COSCO PACIFIC LIMITED 332,416 155 FLUGHAFEN WIEN AG 9,036 200 FLUGHAFEN ZUERICH AG+ 66,486
Wells Fargo Advantage Master Portfolios 173 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- TRANSPORTATION INFRASTRUCTURE (continued) 2,361 FORTH PORTS PLC $ 47,181 1,636 FRAPORT AG 85,044 10,922 GEMINA SPA+ 6,616 20,824 GROUPE EUROTUNNEL SA 154,720 1,110 HAMBURGER HAFEN UND LOGISTIK AG 38,831 67,500 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 51,631 134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 94,956 7,800 JAPAN AIRPORT TERMINAL COMPANY LIMITED 133,513 36,000 KAMIGUMI COMPANY LIMITED 260,969 3,272 KONINKLIJKE VOPAK NV 131,422 133,332 MACQUARIE AIRPORTS GROUP 351,132 27,037 MACQUARIE ATLAS ROADS LIMITED+ 30,069 170,979 MACQUARIE INFRASTRUCTURE GROUP 224,377 50,200 MALAYSIA AIRPORTS HOLDINGS BHD 87,342 21,000 MITSUBISHI LOGISTICS CORPORATION 231,722 9,000 MITSUI-SOKO COMPANY LIMITED 32,460 29,280 MUNDRA PORT & SPECIAL ECONOMIC ZONE LIMITED 478,445 4,000 NISSIN CORPORATION 8,666 136,500 PLUS EXPRESSWAYS BHD 182,687 2,269 PORT OF TAURANGA LIMITED 10,680 16,000 SIA ENGINEERING COMPANY 48,750 53,666 SINGAPORE AIRPORT TERMINAL SERVICES LIMITED 110,460 1,409 SOCIETA INIZIATIVE AUTOSTRADALI E SERVIZI SPA 11,892 299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 20,442 17,000 SUMITOMO WAREHOUSE COMPANY LIMITED 81,347 40,981 TAV HAVALIMANLARI HOLDING AS+ 181,148 109,348 TRANSURBAN GROUP 473,787 6,209,055 -------------- INFORMATION TECHNOLOGY: 14.05% COMMUNICATIONS EQUIPMENT: 1.55% 60,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED 109,838 150,000 ADC TELECOMMUNICATIONS INCORPORATED+<< 1,900,500 800 AIPHONE COMPANY LIMITED 12,741 125,318 ALCATEL SA 323,018 25,746 BLACK BOX CORPORATION 726,037 217,051 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 1,089,596 64,000 BYD ELECTRONIC INTERNATIONAL COMPANY LIMITED 30,771 296,000 CHINA WIRELESS TECH LIMITED 122,529 122,180 CIENA CORPORATION+<< 1,523,585 841,849 CISCO SYSTEMS INCORPORATED+ 16,879,072 57,200 COMBA TELECOM SYSTEMS HOLDINGS LIMITED 58,533 123,572 COMMSCOPE INCORPORATED+ 2,316,975 40,025 COMPAL COMMUNICATIONS INCORPORATED 31,299 35,894 COMTECH TELECOMMUNICATIONS CORPORATION+<< 731,161 73,749 D-LINK CORPORATION 59,857 2,000 DENKI KOGYO COMPANY LIMITED 9,023 5,800 ECHOSTAR CORPORATION+ 108,228 121,515 EMULEX CORPORATION+ 1,159,253 552 EVS BROADCAST EQUIPMENT SA 27,841 41,647 F5 NETWORKS INCORPORATED+ 3,641,197 142,962 HARMONIC INCORPORATED+ 830,609 100,944 HIGH TECH COMPUTER CORPORATION 1,843,424 5,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 37,674 600 ICOM INCORPORATED 15,741
174 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMMUNICATIONS EQUIPMENT (continued) 57,379 INTERDIGITAL INCORPORATED+<< $ 1,418,409 4,000 JAPAN RADIO COMPANY LIMITED 9,189 339,449 JDS UNIPHASE CORPORATION+ 3,119,536 77,084 JUNIPER NETWORKS INCORPORATED+ 2,096,685 238,000 MOTOROLA INCORPORATED+ 1,792,140 213,713 NOKIA OYJ 1,826,734 45,541 POLYCOM INCORPORATED+ 1,297,008 239,397 QUALCOMM INCORPORATED 9,171,299 27,340 RESEARCH IN MOTION LIMITED+ 1,171,696 74,707 RIVERBED TECHNOLOGY INCORPORATED+ 2,865,761 317,935 SONUS NETWORKS INCORPORATED+ 941,088 99,462 TEKELEC+ 1,090,104 3,200 TELEFONAKTIEBOLAGET LM ERICSSON CLASS A 30,132 171,778 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 1,666,292 173,064 TELLABS INCORPORATED 1,228,754 16,000 VTECH HOLDINGS LIMITED 158,997 23,446 ZINWELL CORPORATION 36,595 63,508,921 -------------- COMPUTERS & PERIPHERALS: 1.78% 345,517 ACER INCORPORATED 810,025 46,092 ADVANTECH COMPANY LIMITED 104,460 164,761 AMTRAN TECHNOLOGY COMPANY LIMITED+ 124,468 132,388 APPLE INCORPORATED+ 32,219,268 83,280 ASUSTEK COMPUTER INCORPORATED 555,044 168,032 BENQ CORPORATION+ 94,942 91,614 CATCHER TECHNOLOGY COMPANY LIMITED 202,481 57,017 CHICONY ELECTRONICS COMPANY LIMITED 102,344 65,586 CLEVO COMPANY+ 136,151 511,000 CMC MAGNETICS CORPORATION+ 125,062 581,754 COMPAL ELECTRONIC INCORPORATED 651,963 33,436 DIEBOLD INCORPORATED 867,330 1,900 EIZO NANAO CORPORATION 37,046 71,978 ELECTRONICS FOR IMAGING INCORPORATED+ 766,206 43,672 ELITEGROUP COMPUTER SYSTEMS 14,519 295,220 EMC CORPORATION+ 5,384,813 136,935 FOXCONN TECHNOLOGY COMPANY LIMITED 392,415 226,000 FUJITSU LIMITED 1,565,671 3,654 GEMALTO NV 125,024 342,315 HEWLETT-PACKARD COMPANY 13,172,281 288,775 INVENTEC COMPANY LIMITED 141,981 35,200 JESS LINK PRODUCTS COMPANY LIMITED 122,520 596,000 LENOVO GROUP LIMITED 341,721 38,200 LEXMARK INTERNATIONAL INCORPORATED+<< 1,336,618 51,466 LITE-ON IT CORPORATION 48,198 329,011 LITE-ON TECHNOLOGY CORPORATION 378,988 8,712 LOGITECH INTERNATIONAL SA+ 129,489 900 MEGACHIPS CORPORATION 16,091 2,000 MELCO HOLDINGS INCORPORATED 60,279 112,218 MICRO-STAR INTERNATIONAL COMPANY LIMITED 54,999 90,131 MITAC INTERNATIONAL CORPORATION 33,482 81,085 NCR CORPORATION+ 1,041,942 277,149 NEC ELECTRONICS CORPORATION 705,986 61,112 NETAPP INCORPORATED+ 2,471,369 224,150 PEGATRON CORPORATION+ 280,590
Wells Fargo Advantage Master Portfolios 175 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- COMPUTERS & PERIPHERALS (continued) 55,800 QLOGIC CORPORATION+ $ 831,141 426,766 QUANTA COMPUTER INCORPORATED 647,463 272,159 RITEK CORPORATION+ 71,706 246,383 SEAGATE TECHNOLOGY PLC+ 2,495,860 20,800 SEIKO EPSON CORPORATION 266,654 42,762 SYNAPTICS INCORPORATED+<< 1,129,772 454,000 TOSHIBA CORPORATION 2,134,627 122,000 TPV TECHNOLOGY LIMITED 72,773 35 WACOM COMPANY LIMITED 39,329 1,542 WINCOR NIXDORF AG 89,625 275,267 WISTRON CORPORATION 430,507 72,825,223 -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS: 1.60% 50,000 AGILENT TECHNOLOGIES INCORPORATED+ 1,348,500 16,500 ALPS ELECTRIC COMPANY LIMITED+ 113,719 92,013 AMPHENOL CORPORATION CLASS A 3,746,769 38,718 ANIXTER INTERNATIONAL INCORPORATED+<< 1,776,382 9,000 ANRITSU CORPORATION<< 53,886 3,400 ARISAWA MANUFACTURING COMPANY LIMITED 20,762 59,166 ARROW ELECTRONICS INCORPORATED+ 1,353,718 1,011,319 AU OPTRONICS CORPORATION 872,915 76,279 AVNET INCORPORATED+ 1,746,789 25,028 AVX CORPORATION 311,098 98,361 BENCHMARK ELECTRONICS INCORPORATED+ 1,380,005 101,779 BRIGHTPOINT INCORPORATED+ 606,603 243,600 CALCOMP ELECTRONICS PCL 29,112 2,400 CANON ELECTRONICS INCORPORATED 55,908 3,400 CELESTICA INCORPORATED NPV+ 25,635 7,738 CELESTICA INCORPORATED+ 58,112 70,443 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 113,909 81,370 CHROMA ATE INCORPORATED 186,952 608,075 CHUNGHWA PICTURE TUBES LIMITED+ 93,962 25,500 CITIZEN HOLDINGS COMPANY LIMITED 130,824 4,800 CMK CORPORATION 21,483 54,311 COGNEX CORPORATION 1,059,065 6,000 DAISHINKU CORPORATION 22,426 22,600 DELTA ELECTRONICS (THAILAND) PCL+ 20,762 289,531 DELTA ELECTRONICS INCORPORATED 1,098,146 88,000 DIGITAL CHINA HOLDINGS LIMITED 136,886 28,452 DOLBY LABORATORIES INCORPORATED CLASS A+<< 1,576,810 44,350 ELECTROCOMPONENTS PLC 143,517 3,900 ENPLAS CORPORATION 61,836 3,600 ESPEC CORPORATION 19,241 41,210 EVERLIGHT ELECTRONICS COMPANY LIMITED 105,874 1,640 EVERTZ TECHNOLOGIES LIMITED 23,546 408,300 FLEXTRONICS INTERNATIONAL LIMITED+<< 2,012,919 81,058 FLIR SYSTEMS INCORPORATED+<< 2,036,177 173,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 114,981 52,200 FUJIFILM HOLDINGS CORPORATION 1,584,454 4,800 HAKUTO COMPANY LIMITED 40,395 15,334 HALMA PLC 64,507 10,200 HAMAMATSU PHOTONICS 309,485 194,800 HANA MICROELECTRONICS PCL 163,397 523,962 HANNSTAR DISPLAY CORPORATION+ 96,012
176 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS (continued) 900 HIOKI EE CORPORATION $ 17,859 3,400 HIROSE ELECTRIC COMPANY LIMITED 328,628 5,900 HITACHI HIGH-TECHNOLOGIES CORPORATION 95,723 483,000 HITACHI LIMITED 1,954,767 1,028,535 HON HAI PRECISION INDUSTRY COMPANY LIMITED 3,628,159 4,000 HORIBA LIMITED 95,227 6,500 HOSIDEN CORPORATION 60,582 46,000 HOYA CORPORATION 1,014,070 16,200 IBIDEN COMPANY LIMITED 390,296 1,024 INGENICO SA 24,969 80,916 INGRAM MICRO INCORPORATED+ 1,218,595 919,724 INNOLUX DISPLAY CORPORATION 950,330 68,546 INSIGHT ENTERPRISES INCORPORATED+ 900,694 52,799 ITRON INCORPORATED+ 2,851,146 98,100 JABIL CIRCUIT INCORPORATED 1,005,525 2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 10,951 2,900 JAPAN CASH MACHINE COMPANY LIMITED 20,194 76,000 JU TENG INTERNATIONAL HOLDINGS LIMITED 39,960 3,800 KAGA ELECTRONICS COMPANY LIMITED 40,936 4,400 KEYENCE CORPORATION 911,844 54,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 257,480 82,500 KINGBOARD LAMINATES HOLDINGS LIMITED 79,225 3,700 KOA CORPORATION 33,120 2,324 KUDELSKI SA 58,372 20,300 KYOCERA CORPORATION 1,725,295 30 KYOCERA CORPORATION ADR 2,567 7,493 LAIRD GROUP PLC 14,962 20,244 LARGAN PRECISION COMPANY LIMITED 365,269 579 LG INNOTEK COMPANY LIMITED 63,748 28,650 LG PHILLIPS LCD COMPANY LIMITED+ 795,767 27,652 LITTELFUSE INCORPORATED+<< 1,029,760 8,700 MITSUMI ELECTRIC COMPANY LIMITED 121,993 31,391 MOLEX INCORPORATED<< 554,051 34,247 MOLEX INCORPORATED CLASS A 516,445 300 MURAMOTO ELECTRON THAILAND PCL+ 1,888 22,900 MURATA MANUFACTURING COMPANY LIMITED 1,087,621 25,434 NAN YA PRINTED CIRCUIT BOARD CORPORATION 81,779 80,900 NATIONAL INSTRUMENTS CORPORATION 2,332,347 9,200 NICHICON CORPORATION 98,560 7,000 NIDEC COPAL ELECTRONICS CORPORATION 57,660 3,000 NIDEC SANKYO CORPORATION 21,819 3,200 NIHON DEMPA KOGYO COMPANY LIMITED 41,595 17,000 NIPPON CHEMI-CON CORPORATION 67,790 38,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 425,640 64,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED+ 49,518 24,604 OMRON CORPORATION 523,359 2,730 OPTEX COMPANY LIMITED 33,081 5,000 OSAKI ELECTRIC COMPANY LIMITED 37,615 58,591 PAN-INTERNATIONAL INDUSTRIAL 79,380 51,596 PLEXUS CORPORATION+<< 1,187,740 18,366 PREMIER FARNELL PLC 62,981 4,200 RYOSAN COMPANY LIMITED 106,987 800 RYOYO ELECTRO CORPORATION 7,256 379,400 SAMART CORPORATION PCL+ 92,744 7,560 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED+ 718,859
Wells Fargo Advantage Master Portfolios 177 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ELECTRONIC EQUIPMENT & INSTRUMENTS (continued) 4,754 SAMSUNG SDI COMPANY LIMITED+ $ 666,171 900 SANSHIN ELECTRONICS COMPANY LIMITED 7,628 26,000 SHIMADZU CORPORATION 176,098 188,000 SINTEK PHOTRONIC CORPORATION+ 106,812 11,000 SMK CORPORATION 46,090 5,597 SPECTRIS PLC 75,409 2,000 STAR MICRONICS COMPANY LIMITED 17,165 186,462 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 383,006 11,000 TAIYO YUDEN COMPANY LIMITED 121,247 16,000 TAMURA CORPORATION 40,567 13,800 TDK CORPORATION 722,771 68,030 TECH DATA CORPORATION+ 2,462,686 2,000 TEIKOKY TSUSHIN KOGYO COMPANY 4,547 14,000 TOKO INCORPORATED 18,664 6,200 TOPCON CORPORATION 25,756 3,700 TOYO CORPORATION 41,003 63,708 TRIMBLE NAVIGATION LIMITED+ 1,792,106 71,407 TRIPOD TECHNOLOGY CORPORATION 245,201 4,000 TRULY INTERNATIONAL 4,978 49,972 TYCO ELECTRONICS LIMITED 1,225,313 208,402 UNIMICRON TECHNOLOGY CORPORATION 329,836 25,000 VENTURE CORPORATION LIMITED+ 160,457 267,859 VISHAY INTERTECHNOLOGY INCORPORATED+ 2,059,836 17,768 VISHAY PRECISION GROUP+ 257,458 28,000 WASION GROUP HOLDINGS LIMITED+ 20,517 16,000 WBL CORPORATION LIMITED 51,357 205,000 WINTEK CORPORATION 254,698 146,768 WPG HOLDINGS COMPANY LIMITED 272,149 232,000 YAGEO CORPORATION 90,891 6,000 YAMATAKE CORPORATION 146,768 33,000 YASKAWA ELECTRIC CORPORATION 228,616 23,500 YOKOGAWA ELECTRIC CORPORATION 146,298 3,200 YOKOWO COMPANY LIMITED 18,893 11,883 YOUNG FAST OPTOELECTRONICS COMPANY LIMITED 125,381 65,378,580 -------------- INTERNET SOFTWARE & SERVICES: 1.26% 32 ACCESS COMPANY LIMITED 43,538 91,561 AKAMAI TECHNOLOGIES INCORPORATED+<< 4,218,215 133,266 ALIBABA.COM LIMITED 260,065 51,928 AOL INCORPORATED+ 1,153,840 50,561 DIGITAL RIVER INCORPORATED+<< 1,333,294 120 EACCESS LIMITED 87,418 162,317 EARTHLINK INCORPORATED 1,389,434 163,708 EBAY INCORPORATED+ 3,804,574 23,998 EQUINIX INCORPORATED+<< 2,188,858 1,353,000 G RESOURCES GROUP LIMITED+ 66,095 35,619 GOOGLE INCORPORATED CLASS A+ 16,029,262 18 GOURMET NAVIGATOR INCORPORATED<< 24,126 2,100 GREE INCORPORATED 154,732 43,440 IAC INTERACTIVECORP+ 1,076,878 6 INTERNET INITIATIVE JAPAN INCORPORATED 15,784 16 KAKAKU.COM INCORPORATED 78,181 4 MIXI INCORPORATED+ 21,474 64,284 MONSTER WORLDWIDE INCORPORATED+<< 709,053
178 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INTERNET SOFTWARE & SERVICES (continued) 5,475 NHN CORPORATION+ $ 897,354 2,700 OPEN TEXT CORPORATION+ 118,852 136,789 RACKSPACE HOSTING INCORPORATED+<< 2,693,375 51,430 SAVVIS INCORPORATED+<< 900,539 4 SO-NET ENTERTAINMENT CORPORATION 10,332 82,000 TENCENT HOLDINGS LIMITED 1,500,061 588 TISCALI SPA+ 74 5,507 UNITED INTERNET AG 70,590 131,105 UNITED ONLINE INCORPORATED 646,348 122,829 VALUECLICK INCORPORATED+<< 1,338,836 96,600 VERISIGN INCORPORATED+<< 2,813,958 52,952 VISTAPRINT NV+ 1,624,567 61,213 WEBMD HEALTH CORPORATION+ 3,118,190 192,550 YAHOO! INCORPORATED+ 2,518,554 1,580 YAHOO! JAPAN CORPORATION 568,920 51,475,371 -------------- IT SERVICES: 2.06% 92,302 ACCENTURE LIMITED CLASS A 3,378,253 121,913 ACXIOM CORPORATION+ 1,511,112 28,285 ALLIANCE DATA SYSTEMS CORPORATION+<< 1,589,334 2,486 ATOS ORIGIN SA 96,150 61,695 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 1,317,188 39,603 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,616,198 8,248 CAP GEMINI SA 348,688 13,600 CGI GROUP INCORPORATED+ 187,991 118,475 CIELO SA 1,011,886 43,695 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,517,050 77,500 COMPUTER SCIENCES CORPORATION 3,085,275 49,614 COMPUTERSHARE LIMITED 418,904 168,177 CONVERGYS CORPORATION+ 1,703,633 57,456 CORELOGIC INCORPORATED 992,265 51,239 CSG SYSTEMS INTERNATIONAL INCORPORATED+<< 937,674 3,400 CSK HOLDINGS CORPORATION<< 11,130 34,572 DIMENSION DATA HOLDINGS PLC 63,838 20,245 DST SYSTEMS INCORPORATED<< 824,781 60,865 EURONET WORLDWIDE INCORPORATED+ 856,979 49,400 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,276,496 81,614 FISERV INCORPORATED+ 4,083,148 32,964 GARTNER INCORPORATED+ 945,408 43,212 GLOBAL PAYMENTS INCORPORATED 1,626,068 26,435 HCL TECHNOLOGIES LIMITED 214,981 49,961 HEWITT ASSOCIATES INCORPORATED+ 2,411,617 309,000 HI SUN TECHNOLOGY CHINA LIMITED+ 108,048 6,012 INDRA SISTEMAS SA 100,605 2,500 INES CORPORATION 16,278 51,314 INFOSYS TECHNOLOGIES LIMITED 2,960,427 23,617 INFOSYS TECHNOLOGIES LIMITED ADR<< 1,353,018 187,146 INTERNATIONAL BUSINESS MACHINES CORPORATION 23,062,002 10,643 IRESS MARKET TECHNOLOGY LIMITED 73,196 8,106 IT HOLDINGS CORPORATION 91,471 3,000 ITOCHU TECHNO-SCIENCE CORPORATION 97,774 72,745 LOGICA PLC 121,048 29,229 MANTECH INTERNATIONAL CORPORATION CLASS A+ 1,034,414 14,038 MASTERCARD INCORPORATED CLASS A 2,784,578
Wells Fargo Advantage Master Portfolios 179 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- IT SERVICES (continued) 9,756 MPHASIS LIMITED+ $ 128,753 800 NEC FIELDING LIMITED 8,561 60 NET ONE SYSTEMS COMPANY LIMITED 69,135 37,505 NEUSTAR INCORPORATED CLASS A+ 830,361 9,400 NIHON UNISYS LIMITED 64,226 17,300 NOMURA RESEARCH INSTITUTE LIMITED 336,280 600 NS SOLUTIONS CORPORATION 10,392 148 NTT DATA CORPORATION 462,973 720 OBIC COMPANY LIMITED 135,498 2,000 OTSUKA CORPORATION 131,651 8,475 PATNI COMPUTER SYSTEMS LIMITED 81,714 50,976 REDECARD SA 696,612 195,018 SAIC INCORPORATED+<< 2,901,868 16,451 SATYAM COMPUTER SERVICES LIMITED<< 74,359 39,385 SATYAM COMPUTER SERVICES LIMITED+ 66,981 7,620 SMS MANAGEMENT & TECHNOLOGY LIMITED 42,101 57,236 TATA CONSULTANCY SERVICES LIMITED 1,026,634 3,875 TECH MAHINDRA LIMITED+ 52,577 39,904 TELETECH HOLDINGS INCORPORATED+ 505,983 88,389 TERADATA CORPORATION+ 2,893,856 2,740 TIETOENATOR OYJ 45,070 2,200 TKC AS 39,726 96,294 TOTAL SYSTEM SERVICES INCORPORATED 1,367,375 1,300 TRANSCOSMOS INCORPORATED 10,554 72,244 VISA INCORPORATED 4,983,391 28,597 WIPRO LIMITED<< 366,896 20,880 WIPRO LIMITED 177,662 3,790 WIRECARD AG 44,004 50,085 WRIGHT EXPRESS CORPORATION+<< 1,608,229 83,992,328 -------------- OFFICE ELECTRONICS: 0.22% 40,000 ABILITY ENTERPRISE COMPANY LIMITED 61,809 24,100 BROTHER INDUSTRIES LIMITED 258,757 123,000 CANON INCORPORATED 5,014,582 7 CANON INCORPORATED ADR 286 53,000 KONICA MINOLTA HOLDINGS INCORPORATED 463,064 1,475 NEOPOST SA 104,235 3,572 OCE NV 31,854 79,565 RICOH COMPANY LIMITED 1,017,174 3,700 RISO KAGAKU CORPORATION 44,527 19,000 TOSHIBA TEC CORPORATION 68,075 148,139 XEROX CORPORATION<< 1,250,293 30,607 ZEBRA TECHNOLOGIES CORPORATION+ 875,972 9,190,628 -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT: 2.31% 677,999 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED 466,688 18,500 ADVANTEST CORPORATION 351,018 4,393 AIXTRON AG << 109,114 61,000 ALI CORPORATION 89,308 159,216 ALTERA CORPORATION 3,927,859 175,359 AMKOR TECHNOLOGY INCORPORATED+<< 889,070 148,700 APPLIED MATERIALS INCORPORATED 1,544,993 99,687 APPLIED MICRO CIRCUITS CORPORATION+<< 1,074,626
180 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) 88,071 ARM HOLDINGS PLC $ 495,437 1,848 ASM INTERNATIONAL NV 40,831 17,500 ASM PACIFIC TECHNOLOGY 141,620 25,119 ASML HOLDING NV 626,296 90,717 ATHEROS COMMUNICATIONS INCORPORATED+<< 2,237,081 626,014 ATMEL CORPORATION+<< 3,630,881 1,400 AXELL CORPORATION 41,578 64,300 BROADCOM CORPORATION CLASS A 1,927,071 29,942 CABOT MICROELECTRONICS CORPORATION+ 896,164 51,897 CREE INCORPORATED+<< 2,778,565 9,097 CSR PLC+ 39,190 38,392 CYMER INCORPORATED+<< 1,129,877 23,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 100,750 3,000 DISCO CORPORATION 149,804 44,000 ELAN MICROELECTRONICS CORPORATION 58,444 19,200 ELPIDA MEMORY INCORPORATED+ 230,601 114,210 EPISTAR CORPORATION 294,492 193,152 FAIRCHILD SEMICONDUCTOR INTERNATIONAL INCORPORATED+ 1,493,065 22,410 FARADAY TECHNOLOGY CORPORATION 36,587 6,900 FIRST SOLAR INCORPORATED+<< 882,165 62,964 FORMFACTOR INCORPORATED+ 442,007 12,600 FORMOSA SUMCO TECHNOLOGY CORPORATION 22,853 62,865 GINTECH ENERGY CORPORATION 182,900 4,386 GLOBAL UNICHIP CORPORATION 14,445 58,066 GREATEK ELECTRONIC INCORPORATED 53,292 79,807 HYNIX SEMICONDUCTOR INCORPORATED+ 1,404,561 57,136 INFINEON TECHNOLOGIES AG+ 318,657 214,888 INOTERA MEMORIES INCORPORATED 103,640 247,836 INTEGRATED DEVICE TECHNOLOGY INCORPORATED+<< 1,268,920 616,334 INTEL CORPORATION 10,921,438 57,902 INTERSIL CORPORATION CLASS A<< 578,730 144,063 KING YUAN ELECTRONICS COMPANY LIMITED 58,014 27,582 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 55,105 3,147 KONTRON AG 22,169 321,544 LSI LOGIC CORPORATION+<< 1,292,607 509,192 MACRONIX INTERNATIONAL 271,016 73,627 MARVELL TECHNOLOGY GROUP LIMITED+ 1,173,614 153,700 MAXIM INTEGRATED PRODUCTS INCORPORATED<< 2,439,219 141,367 MEDIATEK INCORPORATED 1,926,288 115,859 MEMC ELECTRONIC MATERIALS INCORPORATED+<< 1,192,189 91,700 MICROCHIP TECHNOLOGY INCORPORATED<< 2,539,173 600 MICRONICS JAPAN COMPANY LIMITED 6,285 600 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 5,942 6,300 MITSUI HIGH-TEC INCORPORATED 33,296 332,833 NANYA TECHNOLOGY CORPORATION 190,137 1,400 NEC ELECTRONICS CORPORATION+ 11,565 75,475 NETLOGIC MICROSYSTEMS INCORPORATED+<< 1,822,721 83,790 NOVATEK MICROELECTRONICS CORPORATION LIMITED 199,836 78,948 OMNIVISION TECHNOLOGIES INCORPORATED+<< 1,618,434 348,498 PMC-SIERRA INCORPORATED+ 2,411,606 96,286 POWERTECH TECHNOLOGY INCORPORATED 285,546 8,268 PV CRYSTALOX SOLAR PLC 7,101 2,396 Q-CELLS AG+ 15,546 151,256 RAMBUS INCORPORATED+<< 2,696,894 49,983 REALTEK SEMICONDUCTOR CORPORATION 98,768
Wells Fargo Advantage Master Portfolios 181 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT (continued) 22,630 RENEWABLE ENERGY CORPORATION AS+<< $ 58,339 376,166 RF MICRO DEVICES INCORPORATED+<< 1,835,690 15,166 RICHTEK TECHNOLOGY CORPORATION 103,209 10,800 ROHM COMPANY LIMITED 651,780 15,614 SAMSUNG ELECTRONICS COMPANY LIMITED 9,845,845 7,000 SANKEN ELECTRIC COMPANY LIMITED 22,164 1,637,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 104,170 9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 29,889 2,200 SHINKAWA LIMITED 24,092 6,300 SHINKO ELECTRIC INDUSTRIES 69,067 14,168 SILEX SYSTEMS LIMITED+ 56,724 60,291 SILICON LABORATORIES INCORPORATED+<< 2,299,499 483,471 SILICONWARE PRECISION INDUSTRIES COMPANY 435,417 3,034 SOITEC SA+ 25,734 3,922 SOLARWORLD AG<< 44,602 39,442 STMICROELECTRONICS NV 261,910 14,300 SUMCO CORPORATION 243,241 71,000 SUNPOWER CORPORATION+<< 767,510 51,551 SUNPOWER CORPORATION CLASS B+ 533,037 2,872,298 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 5,281,212 276,308 TERADYNE INCORPORATED+<< 2,481,246 64,071 TESSERA TECHNOLOGIES INCORPORATED+ 973,879 19,800 TOKYO ELECTRON LIMITED 928,604 4,100 TOKYO SEIMITSU COMPANY LIMITED 50,219 36,130 TRANSCEND INFORMATION INCORPORATED 93,049 3,800 ULVAC INCORPORATED 62,828 1,710,301 UNITED MICROELECTRONICS CORPORATION 694,072 98,156 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,436,232 53,521 VEECO INSTRUMENTS INCORPORATED+<< 1,778,503 44,971 VIA TECHNOLOGIES INCORPORATED+ 31,657 630,000 WINDBOND ELECTRONICS CORPORATION+ 158,710 76,988 ZORAN CORPORATION+ 622,063 94,371,882 -------------- SOFTWARE: 3.27% 51,189 ACI WORLDWIDE INCORPORATED+ 972,079 76,544 ADOBE SYSTEMS INCORPORATED+ 2,124,861 18,490 ADVENT SOFTWARE INCORPORATED+<< 918,398 47,900 ANSYS INCORPORATED+ 1,857,562 6,672 ASSECO POLAND SA 116,443 121,550 AUTODESK INCORPORATED+<< 3,373,013 13,333 AUTONOMY CORPORATION PLC+ 318,991 3,449 AVEVA GROUP PLC 75,482 45,068 BLACKBOARD INCORPORATED+<< 1,491,300 96,800 BMC SOFTWARE INCORPORATED+ 3,490,608 60,900 CA INCORPORATED 1,096,809 421,000 CADENCE DESIGN SYSTEMS INCORPORATED+<< 2,862,800 5,100 CAPCOM COMPANY LIMITED 74,305 148,917 CHECK POINT SOFTWARE TECHNOLOGIES+ 5,195,714 98,500 CITRIX SYSTEMS INCORPORATED+ 5,707,090 55,518 CONCUR TECHNOLOGIES INCORPORATED+<< 2,596,577 4,240 DASSAULT SYSTEMES SA 255,681 800 DTS CORPORATION 8,123 173,132 ELECTRONIC ARTS INCORPORATED+ 2,638,532 22,635 FACTSET RESEARCH SYSTEMS INCORPORATED<< 1,664,804
182 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- SOFTWARE (continued) 73,534 FAIR ISAAC CORPORATION<< $ 1,646,426 3,146 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 90,805 2,600 FUJI SOFT INCORPORATED 39,398 110,620 HENRY JACK & ASSOCIATES INCORPORATED<< 2,603,995 3,445 HONG KONG ENERGY HOLDINGS LIMITED+ 235 2,030 I-FLEX SOLUTIONS LIMITED 87,846 118,087 INFORMATICA CORPORATION+ 3,797,678 51,742 INTUIT INCORPORATED+ 2,214,558 340,000 KINGDEE INTERNATIONAL SOFTWARE 128,941 9,500 KONAMI CORPORATION 152,887 1,752 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 76,629 83,343 MCAFEE INCORPORATED+ 3,921,288 157,717 MENTOR GRAPHICS CORPORATION+ 1,433,648 20,166 MICRO FOCUS INTERNATIONAL PLC 93,216 105,183 MICROS SYSTEMS INCORPORATED+<< 4,007,472 1,138,471 MICROSOFT CORPORATION 26,731,299 26,285 MISYS PLC 110,294 1,699 NCSOFT CORPORATION 325,940 4,405 NICE SYSTEMS LIMITED+ 118,267 12,500 NINTENDO COMPANY LIMITED 3,478,753 4,000 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 43,090 537,713 NOVELL INCORPORATED+ 3,021,947 128,042 NUANCE COMMUNICATIONS INCORPORATED+<< 1,879,657 300 OBIC BUSINESS CONSULTANTS LIMITED 15,373 558,415 ORACLE CORPORATION 12,218,120 3,300 ORACLE CORPORATION JAPAN 169,301 180,640 PARAMETRIC TECHNOLOGY CORPORATION+ 3,079,912 99,676 RED HAT INCORPORATED+ 3,443,806 54,107 ROVI CORPORATION+ 2,354,196 914 ROYALBLUE GROUP PLC 19,218 73,020 SAGE GROUP PLC 274,257 20,050 SALESFORCE.COM INCORPORATED+ 2,203,094 53,836 SAP AG 2,350,647 940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 38,196 959 SOFTWARE AG 100,614 91,027 SOLERA HOLDINGS INCORPORATED<< 3,611,951 5,000 SQUARE ENIX COMPANY LIMITED 103,202 900 SUMISHO COMPUTER SYSTEMS 13,884 127,219 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 1,058,462 8,000 TECMO KOEI HOLDINGS COMPANY LIMITED 51,327 5,073 TEMENOS GROUP AG+ 130,416 259,415 TIBCO SOFTWARE INCORPORATED+<< 3,758,923 170,394 TIVO INCORPORATED+<< 1,339,297 10,500 TREND MICRO INCORPORATED 284,841 3,327 UBISOFT ENTERTAINMENT+ 28,771 39,071 VMWARE INCORPORATED+<< 3,069,808 50,972 WEBSENSE INCORPORATED+ 991,405 13 WORKS APPLICATIONS COMPANY LIMITED 6,213 133,558,675 -------------- MATERIALS: 7.17% CHEMICALS: 2.74% 46,994 A SCHULMAN INCORPORATED 853,881 8,000 ACHILLES CORPORATION 10,856 9,800 ADEKA CORPORATION 99,971
Wells Fargo Advantage Master Portfolios 183 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CHEMICALS (continued) 9,200 AGRIUM INCORPORATED $ 640,596 16,217 AIR LIQUIDE SA 1,686,415 25,000 AIR WATER INCORPORATED 278,241 35,459 AIRGAS INCORPORATED 2,333,202 13,492 AKZO NOBEL NV 712,377 1,424 ALEXANDRIA MINERAL OILS COMPANY 11,688 2,484 ARKEMA 103,438 142,000 ASAHI KASEI CORPORATION 701,464 3,000 ASAHI ORGANIC CHEMICALS INDUSTRY COMPANY LIMITED 6,928 35,774 ASHLAND INCORPORATED 1,662,060 9,321 ASIAN PAINTS LIMITED 547,421 53,532 BASF SE NPV 2,824,454 20,600 BATU KAWAN BHD 78,904 300 C UYEMURA & COMPANY LIMITED 11,195 78,495 CABOT CORPORATION 2,231,613 71,420 CALGON CARBON CORPORATION+ 891,322 13,536 CASTROL INDIA LIMITED 137,015 37,670 CF INDUSTRIES HOLDINGS INCORPORATED 3,484,475 5,638 CHEIL INDUSTRIES INCORPORATED+ 491,426 189,100 CHINA PETROCHEMICAL DEVELOPMENT CORPORATION+ 111,569 9,000 CHINA STEEL CHEMICAL CORPORATION 28,039 5,000 CHUGOKU MARINE PAINTS LIMITED 34,044 645 CIECH SA 5,705 17,409 CLARIANT AG 223,946 6,649 CRODA INTERNATIONAL 130,525 63,995 CYTEC INDUSTRIES INCORPORATED 3,035,283 44,000 DAICEL CHEMICAL INDUSTRIES LIMITED 269,730 4,000 DAINICHISEIKA COLOR & CHEMICALS MANUFACTURING COMPANY LIMITED 16,903 65,000 DAINIPPON INK & CHEMICALS INCORPORATED 106,773 4,000 DAISO COMPANY LIMITED 10,903 2,076 DC CHEMICAL COMPANY LIMITED+ 644,150 66,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 265,540 126,744 DOW CHEMICAL COMPANY 3,088,751 38,228 DULUXGROUP LTD COMMON STOCK+ 88,430 1,200 EARTH CHEMICAL COMPANY LIMITED 38,195 34,467 EASTMAN CHEMICAL COMPANY 2,121,444 41,838 ECOLAB INCORPORATED 1,983,121 99,591 EI DU PONT DE NEMOURS & COMPANY<< 4,060,325 477 EMS-CHEMIE HOLDINGS AG 69,254 89,112 ETERNAL CHEMICAL COMPANY LIMITED 87,070 4,197 FILTRONA PLC 15,139 38,530 FMC CORPORATION 2,399,648 572,170 FORMOSA CHEMICALS & FIBRE CORPORATION 1,271,727 677,298 FORMOSA PLASTICS CORPORATION 1,501,160 1,818 FRUTAROM INDUSTRIES LIMITED 15,968 66,000 FUFENG GROUP LIMITED 42,338 1,000 FUJIMI INCORPORATED 13,677 483 GIVAUDAN SA 461,473 6,865 GRASIM INDUSTRIES LIMITED 294,966 2,371 GRASIM INDUSTRIES LIMITED GDR(a) 101,809 7,410 HANWHA CHEMICAL (KOREA) CORPORATION 275,349 10,113 HANWHA CHEMICAL CORPORATION+ 226,486 75,880 HB FULLER COMPANY 1,440,961 13,500 HITACHI CHEMICAL COMPANY LIMITED 234,133 1,667 HONAM PETROCHEMICAL CORPORATION 260,013
184 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CHEMICALS (continued) 123,000 HUABAO INTERNATIONAL HOLDINGS LIMITED $ 179,628 96,993 HUNTSMAN CORPORATION 883,606 2,543 HYOSUNG CORPORATION 226,959 174,542 INCITEC PIVOT LIMITED 523,328 39,615 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 1,810,009 10,000 ISHIHARA SANGYO KAISHA LIMITED+ 7,261 27,021 ISRAEL CHEMICALS LIMITED 340,986 13,446 JOHNSON MATTHEY PLC 327,675 23,700 JSR CORPORATION 349,251 7,703 K&S AG 402,960 43,000 KANEKA CORPORATION 256,946 35,000 KANSAI PAINT COMPANY LIMITED 291,215 6,000 KANTO DENKA KOGYO COMPANY LIMITED 35,496 5,300 KEMIRA OYJ 63,470 9,813 KONINKLIJKE DSM NV 407,823 39,500 KURARAY COMPANY LIMITED 447,143 14,000 KUREHA CORPORATION 71,158 4,643 LANXESS AG 203,346 57,100 LEE CHANG YUNG CHEMICAL INDUSTRY CORPORATION 110,692 5,918 LG CHEM LIMITED 1,702,986 9,796 LINDE AG 1,103,603 6,500 LINTEC CORPORATION 132,074 36,193 LUBRIZOL CORPORATION 3,377,169 17,856 MAKHTESHIM-AGAN INDUSTRIES LIMITED 61,332 4,300 METHANEX CORPORATION 91,779 23,915 MINERALS TECHNOLOGIES INCORPORATED 1,281,844 147,000 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 696,417 43,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 232,377 13,000 MITSUBISHI RAYON COMPANY LIMITED 48,435 95,000 MITSUI CHEMICALS INCORPORATED 243,126 78,608 MONSANTO COMPANY 4,138,711 67,276 NALCO HOLDING COMPANY 1,528,511 911,570 NAN YA PLASTICS CORPORATION 1,758,601 14,451 NEWMARKET CORPORATION 1,452,759 2,000 NIHON NOHYAKU COMPANY LIMITED 10,927 6,000 NIHON PARKERIZING COMPANY LIMITED 71,491 4,000 NIPPON CHEMICAL INDUSTRIAL COMPANY LIMITED 8,570 18,000 NIPPON KAYAKU COMPANY LIMITED 169,480 24,000 NIPPON PAINT COMPANY LIMITED 147,697 15,000 NIPPON SHOKUBAI COMPANY LIMITED 130,699 15,000 NIPPON SODA COMPANY LIMITED 48,566 7,000 NIPPON SYNTHETIC CHEMICAL INDUSTRY COMPANY LIMITED 36,996 4,000 NIPPON VALQUA INDUSTRIES LIMITED 10,237 22,000 NISSAN CHEMICAL INDUSTRIES LIMITED 223,378 17,800 NITTO DENKO CORPORATION 570,803 17,000 NOF CORPORATION 70,015 2,850 NOVOZYMES A/S CLASS B 334,749 10,286 NUFARM LIMITED 35,233 13,846 NUPLEX INDUSTRIES LIMITED 29,930 4,000 OKAMOTO INDUSTRIES INCORPORATED 17,284 39,204 OM GROUP INCORPORATED+ 1,003,622 38,228 ORICA LIMITED 851,987 72,660 ORIENTAL UNION CHEMICAL CORPORATION 55,118 51,350 PETKIM PETROKIMYA HOLDING SA+ 73,643 17,000 POTASH CORPORATION OF SASKATCHEWAN 2,502,931
Wells Fargo Advantage Master Portfolios 185 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CHEMICALS (continued) 17,728 PPG INDUSTRIES INCORPORATED $ 1,167,034 45,002 PRAXAIR INCORPORATED<< 3,871,522 67,700 PTT CHEMICAL PCL ADR 229,308 4,871 RHODIA SA 91,542 200,472 RPM INTERNATIONAL INCORPORATED 3,387,977 3,000 SAKAI CHEMICAL INDUSTRY COMPANY LIMITED 11,356 3,000 SANYO CHEMICAL INDUSTRIES LIMITED 20,676 59,322 SCOTTS MIRACLE-GRO COMPANY<< 2,801,778 76,814 SENSIENT TECHNOLOGIES CORPORATION 2,130,052 49,000 SHERWIN-WILLIAMS COMPANY 3,448,620 4,000 SHIKOKU CHEMICALS CORPORATION 22,283 43,200 SHIN-ETSU CHEMICAL COMPANY LIMITED 2,000,333 3,100 SHIN-ETSU POLYMER COMPANY LIMITED 17,269 179,000 SHOWA DENKO KK 317,474 9,866 SIDI KERIR PETROCHEMCIALS COMPANY 20,871 55,444 SIGMA-ALDRICH CORPORATION<< 2,947,957 120 SIKA AG 210,864 280,000 SINO UNION ENERGY INVESTMENT+ 23,757 212,000 SINOCHEM HONG KONG HOLDING LIMITED 110,378 10,619 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 454,904 156,683 SOLUTIA INCORPORATED+ 2,121,488 3,563 SOLVAY SA 322,883 700 ST CORPORATION 8,282 600 STELLA CHEMIFA CORPORATION 21,569 3,100 SUMIDA ELECTRIC 83,875 17,000 SUMITOMO BAKELITE COMPANY LIMITED 82,359 177,000 SUMITOMO CHEMICAL COMPANY LIMITED 726,878 5,273 SYMRISE AG 130,303 5,707 SYNGENTA AG 1,317,627 113,000 TAIWAN FERTILIZER COMPANY LIMITED 345,695 30,000 TAIYO NIPPON SANSO CORPORATION 237,472 13,000 TAKASAGO INTERNATIONAL CORPORATION 60,969 18,422 TATA CHEMICALS LIMITED 154,848 105,000 TEIJIN LIMITED 322,462 1,000 TENMA CORPORATION 9,951 865 TESSENDERLO CHEMIE NV 24,445 41 TESSENDERLO CHEMIE STRIP NPV 16 200 THE ISRAEL CORPORATION LIMITED+ 160,986 21,055 THE MOSAIC COMPANY 1,235,086 1,325 TIKKURILA OY 26,009 72,700 TITAN CHEMICALS CORPORATION+ 52,125 25,000 TOAGOSEI COMPANY LIMITED 94,632 21,000 TOKAI CARBON COMPANY LIMITED 121,985 47,000 TOKUYAMA CORPORATION 227,699 4,200 TOKYO OHKA KOKYO 67,592 182,000 TORAY INDUSTRIES INCORPORATED 961,885 60,000 TOSOH CORPORATION 149,982 22,000 TOYO INK MANUFACTURING COMPANY LIMITED 80,657 63,000 TSRC CORPORATION 91,941 96,000 UBE INDUSTRIES LIMITED JAPAN 203,404 5,961 UMICORE SA 207,208 41,622 UNITED PHOSPHORUS LIMITED 163,117 3,441 VICTREX PLC 56,784 925 WACKER CHEMIE AG 140,313 79,563 WR GRACE & COMPANY+ 2,012,944
186 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CHEMICALS (continued) 9,800 YARA INTERNATIONAL ASA $ 393,874 600 YUSHIRO CHEMICAL INDUSTRY COMPANY LIMITED 7,892 351 ZAKLADY AZOTOWE PULAWY SA 8,497 22,000 ZEON CORPORATION 148,220 111,835,430 -------------- CONSTRUCTION MATERIALS: 0.33% 37,679 ADELAIDE BRIGHTON LIMITED 109,956 93,738 AMBUJA CEMENTS LIMITED 250,187 112,000 ANHUI CONCH CEMENT COMPANY LIMITED 398,110 315,329 ASIA CEMENT CORPORATION 283,495 11,219 ASSOCIATED CEMENT COMPANIES LIMITED+ 207,578 183,000 BBMG CORPORATION 235,256 76,495 BORAL LIMITED 299,454 6,701 BRICKWORKS LIMITED+ 66,654 3,462 BUZZI UNICEM SPA 31,413 1,279,343 CEMEX SAB DE CV+ 995,413 140,000 CHINA SHANSHUI CEMENT GROUP LIMITED 76,670 116 CIMENTS FRANCAIS SA 8,757 13,097 CIMPOR CIMENTOS DE PORTUGAL SA 80,330 39,109 CRH PLC 608,360 64,333 FLETCHER BUILDING LIMITED 337,343 145,223 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 64,374 8,071 HEIDELBERGCEMENT AG 323,716 14,343 HOLCIM LIMITED 863,194 1,463 IMERYS SA 72,649 26,354 INDIA CEMENTS LIMITED 59,946 214,500 INDOCEMENT TUNGGAL PRAKARSA TBK PT 419,029 3,427 ITALCEMENTI SPA 24,624 2,435 ITALCEMENTI SPA RSP 9,898 261 ITALMOBILIARE SPA 5,054 39,731 JAMES HARDIE INDUSTRIES NV 188,408 30,270 LAFARGE MALAYAN CEMENT BHD 72,151 10,817 LAFARGE SA 498,349 24,032 MARTIN MARIETTA MATERIALS INCORPORATED<< 1,759,142 7,805 NUH CIMENTO 53,156 76,819 PRETORIA PORTLAND CEMENT COMPANY LIMITED 312,797 386 RHI AG+ 10,304 887 SA DES CIMENTS VICAT 53,634 163,000 SEMEN GRESIK PERSERO TBK PT 156,956 2,671 SHREE CEMENT LIMITED 106,315 31,300 SIAM CEMENT PUB COMPANY 310,050 10,000 SIAM CITY CEMENT PCL 69,979 4,510 SUEZ CEMENT COMPANY 30,519 40,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 66,183 90,000 TAIHEIYO CEMENT CORPORATION<< 100,702 461,854 TAIWAN CEMENT CORPORATION 424,599 39,000 TCC INTERNATIONAL HOLDINGS LIMITED 13,437 29,627 TEXAS INDUSTRIES INCORPORATED<< 895,920 2,650 TITAN CEMENT COMPANY SA 49,702 13,602 ULTRA TECH CEMENT LIMITED 260,965 61,145 VULCAN MATERIALS COMPANY<< 2,247,690 14,000 YTL CEMENT BHD 17,800 13,530,218 --------------
Wells Fargo Advantage Master Portfolios 187 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- CONTAINERS & PACKAGING: 0.48% 129,355 AMCOR LIMITED $ 775,688 14,000 AMVIG HOLDINGS LIMITED 8,999 83,015 APTARGROUP INCORPORATED 3,457,575 54,467 BEMIS COMPANY INCORPORATED 1,572,462 2,512 CASCADES INCORPORATED 14,864 424 CCL INDUSTRIES INCORPORATED 12,243 85,792 CROWN HOLDINGS INCORPORATED+ 2,390,165 15,849 DS SMITH PLC 32,936 1,500 FP CORPORATION 81,240 2,400 FUJI SEAL INTERNATIONAL INCORPORATED 47,480 4,400 HUHTAMAKI OYJ 51,410 48,278 LA SEDA DE BARCELONA SA+ 4,221 155 MAYR-MELNHOF KARTON AG+ 14,757 9,000 NIHON YAMAMURA GLASS COMPANY LIMITED 21,747 50,096 PACKAGING CORPORATION OF AMERICA 1,116,640 23,000 RENGO COMPANY LIMITED 153,863 60,844 REXAM PLC 282,366 51,155 ROCK-TENN COMPANY CLASS A 2,464,648 79,700 SEALED AIR CORPORATION 1,634,647 26,957 SILGAN HOLDINGS INCORPORATED 805,745 6,101 SMURFIT KAPPA GROUP PLC 52,188 50,144 SONOCO PRODUCTS COMPANY 1,577,029 167,500 TEMPLE-INLAND INCORPORATED 2,668,275 20,200 TOYO SEIKAN KAISHA LIMITED 321,478 19,562,666 -------------- METALS & MINING: 3.32% 3,050 ABER DIAMOND CORPORATION+ 30,690 4,982 ACERINOX SA 78,571 9,417 AFRICAN RAINBOW MINERALS LIMITED+ 196,997 9,122 AGNICO EAGLE MINES LIMITED 594,019 18,000 AICHI STEEL CORPORATION 81,633 142,180 AK STEEL HOLDING CORPORATION<< 1,811,373 4,367 ALAMOS GOLD INCORPORATED 69,456 244,013 ALUMINA LIMITED 372,324 516,000 ALUMINUM CORPORATION OF CHINA LIMITED 409,948 46,746 ANDEAN RESOURCES LIMITED+ 206,702 392,674 ANEKA TAMBANG TBK PT 90,182 78,160 ANGLO AMERICAN PLC 2,804,961 8,786 ANGLO PLATINUM LIMITED 727,302 47,455 ANGLOGOLD ASHANTI LIMITED 2,035,900 23,413 ANTOFAGASTA PLC 370,564 38,947 AQUARIUS PLATINUM LIMITED 163,207 53,489 ARCELORMITTAL<< 1,560,726 2,580 ASSORE LIMITED 244,182 33,910 ATLAS IRON LIMITED+ 63,055 6,389 AURIZON MINES LIMITED+ 42,480 6,662 AUSDRILL LIMITED 10,669 19,101 AVOCA RESOURCES LIMITED+ 50,643 57,100 BARRICK GOLD CORPORATION<< 2,674,680 362,505 BHP BILLITON LIMITED 11,949,396 129,946 BHP BILLITON PLC 3,650,029 1,665 BHUSHAN STEEL LIMITED 64,331 203,248 BLUESCOPE STEEL LIMITED 386,976 12,500 BOLIDEN AB 141,631
188 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- METALS & MINING (continued) 4,300 BRADESPAR SA $ 90,101 13,343 CAP SA 527,832 68,658 CARPENTER TECHNOLOGY CORPORATION 2,129,085 66,898 CENTAMIN EGYPT LIMITED+ 182,625 13,776 CENTERRA GOLD INCORPORATED 193,395 28,363 CGA MINING LIMITED+ 54,002 28,200 CHINA METAL RECYCLING HOLDINGS LIMITED 27,842 156,000 CHINA MINING RESOURCES GROUP LIMITED+ 4,252 278,043 CHINA RARE EARTH HOLDINGS LIMITED 69,701 1,319,965 CHINA STEEL CORPORATION 1,248,515 128,000 CHINA ZHONGWANG HOLDINGS LIMITED 75,693 2,600 CHUBU STEEL PLATE COMPANY LIMITED 13,246 130,203 CHUNG HUNG STEEL CORPORATION 58,123 19,009 CIA DE MINAS BUENAVENTURA SA+ 775,448 65,483 CIA MINERA MILPO SA 162,713 103,178 CIA SIDERURGICA NACIONAL SA 1,580,349 170,946 CIA VALE DO RIO DOCE 4,563,102 71,800 CLIFFS NATURAL RESOURCES INCORPORATED 4,393,442 38,864 COAL OF AFRICA LIMITED+ 45,815 137,123 COEUR D'ALENE MINES CORPORATION+<< 2,353,031 174,936 COMMERCIAL METALS COMPANY<< 2,279,416 42,765 COMPASS MINERALS INTERNATIONAL INCORPORATED<< 3,068,389 8,600 CONS THOMPSON IRON MINES LIMITED+ 67,745 10,995 CUDECO LIMITED+ 20,738 39,000 DAIDO STEEL COMPANY LIMITED 184,764 7,000 DELONG HOLDINGS LIMITED+ 2,556 4,548 DETOUR GOLD CORPORATION+ 135,841 3,875 DOMINION RESOURCES BLACK WARRIOR 7,619 3,623 DONGKUK STEEL MILL COMPANY LIMITED+ 72,526 29,000 DOWA MINING COMPANY LIMITED 149,816 32,617 EASTERN PLATINUM LIMITED+ 32,729 164 EL EZZ ALDEKHELA STEEL ALEXANDRIA+ 24,720 15,612 EL EZZ STEEL COMPANY+ 49,718 30,770 ELDORADO GOLD CORPORATION 604,233 28,674 EQUINOX MINERALS LIMITED+ 127,996 305 ERAMET 77,360 95,296 EREGLI DEMIR VE CELIK FABRIKALARI TAS 275,831 13,254 EURASIAN NATURAL RESOURCES CORPORATION 172,373 6,327 EUROPEAN GOLDFIELDS LIMITED+ 56,485 8,718 EXXARO RESOURCES LIMITED 135,280 61,690 FENG HSIN IRON & STEEL COMPANY 94,748 3,961 FIRST QUANTUM MINERALS LIMITED 228,370 3,084 FIRST QUANTUM MINERALS LIMITED(a) 164,543 139,305 FORTESCUE METALS GROUP LIMITED+ 580,038 103,500 FOSUN INTERNATIONAL 79,035 6,007 FRANCO-NEVADA CORPORATION 179,193 62,741 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 4,516,097 7,329 FRESNILLO PLC 122,517 4,776 FRONTEER GOLD INCORPORATED+ 35,472 358,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED 187,313 32,774 GABRIEL RESOURCES LIMITED+ 153,059 6,192 GAMMON LAKE RESOURCES INCORPORATED+ 44,363 8,909 GERDAU SA 88,164 42,268 GINDALBIE METALS LIMITED+ 33,469 7,000 GODO STEEL LIMITED 14,998
Wells Fargo Advantage Master Portfolios 189 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- METALS & MINING (continued) 88,354 GOLD FIELDS LIMITED $ 1,269,902 41,936 GOLDCORP INCORPORATED 1,860,152 13,559 GOLDEN STAR RESOURCES LIMITED+ 63,704 456,658 GRUPO MEXICO SAB DE CV 1,173,180 47,245 HARMONY GOLD MINING COMPANY LIMITED 489,811 377,174 HECLA MINING COMPANY+<< 2,157,435 88,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED 72,063 141,841 HINDALCO INDUSTRIES LIMITED 501,750 47,917 HINDALCO INDUSTRIES LIMITED GDR(a) 169,396 2,626 HINDUSTAN ZINC LIMITED 58,412 16,000 HITACHI METALS LIMITED 172,360 6,164 HUDBAY MINERALS INCORPORATED 85,320 7,606 HYUNDAI STEEL COMPANY+ 685,168 22,249 IAMGOLD CORPORATION 417,293 44,558 ILUKA RESOURCES LIMITED+ 220,020 77,789 IMPALA PLATINUM HOLDINGS LIMITED 1,835,293 9,187 INDEPENDENCE GROUP NL 44,710 13,243 INDOPHIL RESOURCES NL+ 10,015 10,423 INDUSTRIAS PENOLES SAB DE CV 217,945 2,652 INMET MINING CORPORATION 127,010 247,428 INTERNATIONAL NICKEL INDONESIA TBK 117,073 18,593 IVANHOE MINES LIMITED+ 331,286 57,100 JFE HOLDINGS INCORPORATED 1,686,289 198,000 JIANGXI COPPER COMPANY LIMITED 429,663 84,355 JINDAL STEEL & POWER LIMITED 1,227,039 115,718 JSC MMC NORILSK NICKEL ADR<< 1,961,420 18,584 JSW STEEL LIMITED 446,921 22,105 KAISER ALUMINUM CORPORATION<< 816,117 10,160 KAZAKHMYS PLC 180,127 18,365 KGHM POLSKA MIEDZ SA 621,272 9,114 KINGSGATE CONSOLIDATED LIMITED 81,249 40,869 KINROSS GOLD CORPORATION 691,019 320,000 KOBE STEEL LIMITED 662,778 1,674 KOREA ZINC COMPANY LIMITED 372,109 9,411 KUMBA IRON ORE LIMITED 427,827 2,500 KYOEI STEEL LIMITED 34,371 1,778 LABRADOR IRON ORE ROYALTY COMPANY UNIT NPV 76,115 38,384 LAKE SHORE GOLD CORPORATION+ 136,424 110,078 LIHIR GOLD LIMITED(a) 454,709 8,473 LONMIN PLC 198,558 21,355 LUNDIN MINING CORPORATION+ 84,911 176,167 LYNAS CORPORATION LIMITED+ 153,601 12,547 MACARTHUR COAL LIMITED 125,919 303 MAJOR DRILLING GROUP INTERNATIONAL 6,697 12,400 MARUICHI STEEL TUBE LIMITED 236,162 13,856 MEDUSA MINING LIMITED+ 49,311 65,000 MIDAS HOLDINGS LIMITED 41,479 62,536 MINARA RESOURCES LIMITED 41,172 16,028 MINCOR RESOURCES NL 24,670 4,880 MINEFINDERS CORPORATION+ 45,031 51,259 MINERAL DEPOSIT LIMITED+ 42,413 17,239 MIRABELA NICKEL LIMITED+ 25,997 144,000 MITSUBISHI MATERIALS CORPORATION 380,526 10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 19,641 57,000 MITSUI MINING & SMELTING COMPANY LIMITED 153,339 5,500 MITSUI MINING COMPANY LIMITED 7,463 21,413 MITTAL STEEL SOUTH AFRICA LIMITED 239,245
190 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- METALS & MINING (continued) 106,035 MOUNT GIBSON IRON LIMITED+ $ 164,151 36,942 MURCHISON METALS LIMITED+ 45,686 1,152 MYTILINEOS HOLDINGS SA+ 6,131 14,000 NAKAYAMA STEEL WORKS LIMITED 18,998 5,418,300 NAKORNTHAI STRIP MILL PCL+ 41,553 9,139 NATIONAL ALUMINIUM COMPANY LIMITED 77,285 900 NETUREN COMPANY LIMITED 6,203 19,186 NEW GOLD INCORPORATED+ 121,447 51,351 NEWCREST MINING LIMITED 1,701,841 70,564 NEWMONT MINING CORPORATION 4,326,984 2,560 NEWMONT MINING CORPORATION OF CANADA LIMITED 157,055 10,000 NIPPON DENKO COMPANY LIMITED 74,634 79,000 NIPPON LIGHT METAL COMPANY LIMITED 126,009 19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 24,426 674,000 NIPPON STEEL CORPORATION 2,222,331 12,500 NIPPON YAKIN KOGYO COMPANY LIMITED 36,305 75,000 NISSHIN STEEL COMPANY LIMITED 120,521 3,000 NITTETSU MINING COMPANY LIMITED 9,749 21,975 NMDC LIMITED 112,351 1,317 NORDDEUTSCHE AFFINERIE AG 52,314 56,832 NORSK HYDRO ASA<< 270,764 27,423 NORTHAM PLATINUM LIMITED 149,665 2,200 NORTHERN DYNASTY MINERALS+ 15,143 15,900 NORTHGATE MINERALS CORPORATION+ 48,012 4,131 NOVAGOLD RESOURCES INCORPORATED+ 30,759 40,600 NUCOR CORPORATION 1,493,268 4,393 NYRSTAR 47,041 28,126 OM HOLDINGS LIMITED 38,161 151,751 ONESTEEL LIMITED 388,837 15,082 OSISKO MINING CORPORATION+ 200,697 5,218 OUTOKUMPU OYJ 85,301 309,228 OZ MINERALS LIMITED 335,647 14,000 PACIFIC METALS COMPANY LIMITED 100,655 5,599 PAN AMERICAN SILVER CORPORATION 139,194 182,747 PAN AUSTRALIAN RESOURCES LIMITED+ 95,928 8,612 PETROPAVLOVSK PLC 140,663 8,542 POSCO 3,466,247 9,673 QUADRA FNX MINING LIMITED+ 105,769 4,767 RANDGOLD RESOURCES LIMITED 444,503 4,052 RAUTARUUKKI OYJ 71,118 41,000 REAL GOLD MINING LIMITED 61,563 13,239 RED BACK MINING INCORPORATED+ 395,177 46,637 RIO TINTO LIMITED 2,908,241 82,179 RIO TINTO PLC 4,159,118 27,172 ROYAL GOLD INCORPORATED<< 1,333,330 39,608 RTI INTERNATIONAL METALS INCORPORATED+<< 1,093,181 21,272 SALLY MALAY MINING LIMITED 45,422 2,771 SALZGITTER AG 168,151 9,000 SANYO SPECIAL STEEL COMPANY LIMITED 41,459 28,979 SCHNITZER STEEL INDUSTRY<< 1,282,031 2,100 SEABRIDGE GOLD INCORPORATED+ 62,940 11,996 SEMAFO INCORPORATED+ 98,321 55,179 SESA GOA LIMITED 372,787 13,540 SHERRITT INTERNATIONAL CORPORATION 86,978 3,781 SHREE PRECOATED STEELS LIMITED+ 961 3,223 SILVER STANDARD RESOURCES INCORPORATED+ 56,762
Wells Fargo Advantage Master Portfolios 191 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- METALS & MINING (continued) 19,941 SILVER WHEATON CORPORATION+ $ 449,741 8,391 SILVERCORP METALS INCORPORATED 61,535 15,116 SIMS GROUP LIMITED 223,249 3,244 SOCIEDAD MINERA CERRO VERDE SA 78,505 3,920 SOCIEDAD MINERA EL BROCAL SA 57,041 28,766 SOUTHERN COPPER CORPORATION 869,884 9,251 SSAB SVENSKT STAL AB CLASS A 126,658 4,150 SSAB SVENSKT STAL AB CLASS B+ 50,194 125,356 ST BARBARA LIMITED+ 36,247 76,756 STEEL AUTHORITY OF INDIA LIMITED 304,642 179,540 STERLITE INDUSTRIES INDIA LIMITED 576,330 3,800 STRAITS RESOURCES LIMITED 5,088 11,000 SUMITOMO LIGHT METAL INDUSTRIES LIMITED 11,653 402,000 SUMITOMO METAL INDUSTRIES LIMITED 942,673 59,000 SUMITOMO METAL MINING COMPANY LIMITED 754,970 2,700 SUMITOMO TITANIUM CORPORATION 124,217 42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 5,519 6,222 SYLVANIA RESOURCES LIMITED+ 4,207 8,732 TASEKO MINES LIMITED+ 38,487 85,152 TATA STEEL LIMITED 946,194 27,808 TECK COMINCO INCORPORATED LIMITED 930,193 6,878 THOMPSON CREEK METALS COMPANY INCORPORATED+ 58,889 17,584 THYSSENKRUPP AG 481,209 40,538 TITANIUM METALS CORPORATION+<< 734,549 3,000 TOHO TITANIUM COMPANY LIMITED 74,634 18,000 TOHO ZINC COMPANY LIMITED 63,207 29,000 TOKYO ROPE MANUFACTURING<< 64,897 11,200 TOKYO STEEL MANUFACTURING COMPANY LIMITED 122,385 47,000 TON YI INDUSTRIAL CORPORATION 21,935 18,000 TOPY INDUSTRIES LIMITED 37,710 87,962 TUNG HO STEEL ENTERPRISE CORPORATION 76,061 54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL+ 12,974 75,987 UNITED STATES STEEL CORPORATION<< 3,230,207 17,994 USINAS SIDERURGICAS DE MINAS GERAIS SA 472,736 6,812 VEDANTA RESOURCES PLC 197,348 1,430 VIOHALCO SA 6,669 5,693 VOESTALPINE AG 168,963 110,396 VOLCAN CIA MINERA SAA 120,382 28,393 WALTER INDUSTRIES INCORPORATED 2,045,432 13,015 WESTERN AREAS NL 59,634 8,237 WESTERN COAL CORPORATION+ 30,898 96,772 WORTHINGTON INDUSTRIES<< 1,376,098 111,508 XSTRATA PLC 1,754,607 40,068 YAMANA GOLD INCORPORATED 405,809 4,800 YAMATO KOGYO COMPANY LIMITED 108,501 114,845 YIEH PHUI ENTERPRISE 42,663 16,000 YODOGAWA STEEL WORKS LIMITED 60,564 476,000 ZIJIN MINING GROUP COMPANY LIMITED CLASS H 329,215 474 ZPH STALPRODUKT SA 63,450 135,857,956 -------------- PAPER & FOREST PRODUCTS: 0.30% 1,791 AHLSTROM OYJ 33,364 5,308 CANFOR CORPORATION+ 40,519 86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 2,432 4,000 CHUETSU PULP & PAPER COMPANY LIMITED 7,237
192 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- PAPER & FOREST PRODUCTS (continued) 15,684 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA+ $ 717,339 5,000 DAIKEN CORPORATION 13,332 10,000 DAIO PAPER CORPORATION 71,420 18,315 FIBRIA CELULOSE SA+ 282,194 59,667 GUNNS LIMITED 33,444 16,000 HOKUETSU PAPER MILLS LIMITED 76,753 2,500 HOLMEN AB CLASS B 66,157 203,800 INTERNATIONAL PAPER COMPANY 4,169,748 168,000 LEE & MAN PAPER MANUFACTURING LIMITED 116,625 190,795 LOUISIANA-PACIFIC CORPORATION+<< 1,270,695 86,100 MEADWESTVACO CORPORATION 1,873,536 15,000 MITSUBISHI PAPER MILLS LIMITED 16,070 17,129 MONDI PLC 123,048 1,542 MONDI SWIECIE SA+ 36,940 122,000 NINE DRAGONS PAPER HOLDINGS LIMITED 167,502 11,500 NIPPON PAPER GROUP INCORPORATED 298,691 113,000 OJI PAPER COMPANY LIMITED 535,341 60,182 PAPERLINX LIMITED 29,717 61,001 SAPPI LIMITED 289,083 26,000 SHIHLIN PAPER CORPORATION+ 52,756 14,102 SINO-FOREST CORPORATION+ 242,935 28,100 STORA ENSO OYJ 216,685 1,000 SVENSKA CELLULOSA AB CLASS A+ 13,373 32,300 SVENSKA CELLULOSA AB CLASS B 429,557 7,000 TOKUSHU TOKAI HOLDINGS COMPANY LIMITED 17,415 29,797 UPM-KYMMENE OYJ 408,944 62,181 WAUSAU PAPER CORPORATION+ 393,606 1,275 WEST FRASER TIMBER COMPANY LIMITED 44,252 172,971 YUEN FOONG YU PAPER MANUFACTURING COMPANY LIMITED 69,385 12,160,095 -------------- METAL MINING: 0.00% 306,000 OCEAN GRAND HOLDINGS LIMITED(a)+ 0 -------------- TELECOMMUNICATION SERVICES: 3.21% DIVERSIFIED TELECOMMUNICATION SERVICES: 2.00% 29,641 ABOVENET INCORPORATED+ 1,530,068 658,300 AT&T INCORPORATED 17,793,849 13,400 BCE INCORPORATED 419,335 8,553 BELGACOM SA 304,787 2,969 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 70,971 88,132 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED 194,542 474,874 BT GROUP PLC 970,083 158,839 CABLE & WIRELESS WORLDWIDE 162,727 158,839 CABLE & WIRELESS COMMUNICATION 137,392 151,471 CENTURYTEL INCORPORATED<< 5,477,191 1,818,000 CHINA TELECOM CORPORATION LIMITED 878,763 1,667,688 CHINA UNICOM LIMITED 2,298,263 610,753 CHUNGHWA TELECOM COMPANY LIMITED 1,248,808 305,407 CINCINNATI BELL INCORPORATED+<< 717,706 350 CITIC 1616 HOLDINGS LIMITED 89 4,296 COLT TELECOM GROUP SA+ 7,610 170,954 DEUTSCHE TELEKOM AG 2,250,906 6,200 ELISA OYJ 122,883 325 FASTWEB SPA+ 4,638
Wells Fargo Advantage Master Portfolios 193 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- DIVERSIFIED TELECOMMUNICATION SERVICES (continued) 97,564 FRANCE TELECOM SA<< $ 1,983,154 11,264 FRANCE TELECOM SA ADR<< 228,659 503,192 FRONTIER COMMUNICATIONS CORPORATION<< 3,889,672 12,060 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 82,834 196,000 HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LIMITED 56,693 714 ILIAD SA 67,137 28,161 INMARSAT PLC 288,935 16,761 KT CORPORATION+ 613,037 835,400 LEVEL 3 COMMUNICATIONS INCORPORATED+<< 860,462 31,079 LG TELECOM LIMITED+ 194,163 48,339 MAGYAR TELEKOM PLC 146,814 8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 10,504 3,045 MANITOBA TELECOM SERVICES INCORPORATED 78,527 38,966 NETIA SA+ 59,189 47,000 NIPPON TELEGRAPH & TELEPHONE CORPORATION 2,028,032 3,636 OILEXCO INCORPORATED(a)+ 0 44,738 PORTUGAL TELECOM SGPS SA 523,855 702,200 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 3,967,430 94,869 ROYAL KPN NV 1,375,349 188,600 SHIN SATELLITE PCL 48,514 61,000 SINGAPORE TELECOMMUNICATIONS 137,706 687,100 SINGAPORE TELECOMMUNICATIONS LIMITED 1,561,245 1,177 SWISSCOM AG 457,700 22,153 TALKTALK TELECOM GROUP PLC 44,066 3,567 TATA COMMUNICATIONS LIMITED 25,251 4,735 TDC AS 33,023 8,554 TELE NORTE LESTE PARTICIPACOES SA 148,310 16,685 TELE2 AB 300,222 2,951 TELECOM ARGENTINA SA ADR 55,508 237,483 TELECOM CORPORATION OF NEW ZEALAND LIMITED 341,130 36,313 TELECOM EGYPT+ 107,686 332,171 TELECOM ITALIA RNC SPA 365,590 604,372 TELECOM ITALIA SPA 817,205 158,200 TELECOM MALAYSIA BHD 177,954 3,600 TELECOMUNICACOES DE SAO PAULO SA+ 75,515 10,454 TELEFONICA O2 CZECH REPUBLIC AS 234,828 207,353 TELEFONICA SA 4,598,443 643,036 TELEFONOS DE MEXICO SA DE CV 447,710 15,208 TELEKOM AUSTRIA AG 194,458 85,222 TELEKOMUNIKACJA POLSKA SA 462,248 1,289,500 TELEKOMUNIKASI INDONESIA TBK PT 1,234,552 2,640 TELENET GROUP HOLDING NV 78,787 41,800 TELENOR ASA 612,352 128,151 TELIASONERA AB 921,488 22,371 TELKOM SOUTH AFRICA LIMITED 101,921 375,075 TELSTRA CORPORATION LIMITED 917,687 8,300 TELUS CORPORATION (NON-VOTING) 327,299 262,500 TRUE CORPORATION PCL+ 55,360 270,800 TT&T PCL+ 4,067 63,713 TURK TELEKOMUNIKASYON AS 262,854 196,776 TW TELECOM INCORPORATED+ 3,450,467 316,924 VERIZON COMMUNICATIONS INCORPORATED 9,352,427 243,740 WINDSTREAM CORPORATION 2,811,541 81,810,171 --------------
194 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- WIRELESS TELECOMMUNICATION SERVICES: 1.21% 202,100 ADVANCED INFO SERVICE PCL THB $ 595,741 11,397 AMERICA MOVIL SAB DE CV CLASS A 26,335 2,992,415 AMERICA MOVIL SAB DE CV CLASS L 6,998,489 58,592 AMERICAN TOWER CORPORATION CLASS A+ 2,745,621 159,183 BHARTI AIRTEL LIMITED 1,107,750 546,500 CHINA MOBILE LIMITED 5,560,723 35,766 CROWN CASTLE INTERNATIONAL CORPORATION+ 1,470,698 33,100 DIGI.COM BHD 260,948 2,934 EGYPTIAN COMPANY FOR MOBILE SERVICES+ 88,864 11,355 EMPRESA NACIONAL DE TELECOMUNICACIONES SA+ 182,384 322,722 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 418,086 3,280 FREENET AG 32,974 4,050 GLOBE TELECOM INCORPORATED 71,429 220,290 IDEA CELLULAR LIMITED+ 335,071 330 KDDI CORPORATION 1,590,882 78,475 LEAP WIRELESS INTERNATIONAL INCORPORATED+<< 813,786 132,553 METROPCS COMMUNICATIONS INCORPORATED+<< 1,185,024 21,400 MOBILONE LIMITED 34,259 1,295 MOBISTAR SA 72,561 139,711 MTN GROUP LIMITED 2,282,736 1,487 NTT DOCOMO INCORPORATED 2,516,979 22,450 NTT DOCOMO INCORPORATED ADR 378,732 6 OKINAWA CELLULAR TELEPHONE COMPANY 12,163 313,006 ORASCOM TELECOM HOLDING SAE+ 289,109 5,768 PARTNER COMMUNICATIONS COMPANY LIMITED 96,017 8,960 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 482,370 138,500 PT INDONESIAN SATELLITE CORPORATION TBK 67,449 99,697 RELIANCE COMMUNICATIONS LIMITED 330,734 32,828 RELIANCE COMMUNICATIONS LIMITED GDR(a) 108,835 27,400 ROGERS COMMUNICATIONS INCORPORATED 950,977 61,813 SBA COMMUNICATIONS CORPORATION+<< 2,212,905 4,693 SK TELECOM COMPANY LIMITED 632,179 91,500 SOFTBANK CORPORATION 2,625,955 315,276 SPRINT NEXTEL CORPORATION+ 1,286,326 55,000 STARHUB LIMITED 99,816 472,447 TAIWAN MOBILE COMPANY LIMITED 929,143 26,818 TATA TELESERVICES MAHARASHTRA LIMITED+ 12,770 23,769 TELEPHONE & DATA SYSTEMS INCORPORATED 686,686 20,796 TELEPHONE & DATA SYSTEMS INCORPORATED - SPECIAL SHS 525,723 310,850 TM INTERNATIONAL SDN BHD+ 442,777 81,100 TOTAL ACCESS GROUP, INCORPORATED+ 132,165 92,437 TURKCELL ILETISIM HIZMETLERI AS 584,144 7,619 UNITED STATES CELLULAR CORPORATION+ 319,388 2,854,636 VODAFONE GROUP PLC 6,880,049 31,716 VODAFONE GROUP PLC ADR<< 766,893 49,244,645 -------------- UTILITIES: 5.14% ELECTRIC UTILITIES: 2.15% 1,157 ACCIONA SA 91,330 45,808 ALLETE INCORPORATED 1,629,391 52,798 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 1,869,577 133 ATEL HOLDING AG 48,798 678 BKW FMB ENERGIE AG 46,647 36,800 CENTRAIS ELECTRICAS BRASILEIRAS SA 447,781
Wells Fargo Advantage Master Portfolios 195 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ELECTRIC UTILITIES (continued) 11,882 CESC LIMITED $ 95,367 21,596 CEZ AS 905,231 32,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 123,207 79,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED 2,096,831 5,980 CIA ENERGETICA DE MINAS GERAIS+ 72,254 33,397 CIA GENERAL DE ELECTRICIDAD SA 224,395 94,072 CLECO CORPORATION<< 2,665,060 211,000 CLP HOLDINGS LIMITED 1,615,305 27,727 CONTACT ENERGY LIMITED+ 109,237 8,154 CPFL ENERGIA SA 188,267 60,403 DPL INCORPORATED 1,529,404 144,559 DUKE ENERGY CORPORATION 2,484,969 116,543 E.ON AG 3,279,438 32,068 EDISON INTERNATIONAL 1,082,295 16,314 ELECTRICITE DE FRANCE 649,781 5,213 EMERA INCORPORATED 128,082 6,772 EMPRESA ELECTRICA PEHUENCHE SA 40,184 3,909 ENDESA SA 90,801 23,564 ENEA SA 149,214 368,118 ENEL SPA 1,754,031 133,061 ENERGIAS DE PORTUGAL SA 404,692 1,623,229 ENERSIS SA (CHILE) 719,571 20,539 ENTERGY CORPORATION 1,619,295 529 EVN AG+ 8,433 73,200 EXELON CORPORATION 2,980,704 32,584 FIRSTENERGY CORPORATION<< 1,190,294 9,974 FORTIS INCORPORATED/CANADA 275,832 25,418 FORTUM OYJ 585,273 66,138 GREAT PLAINS ENERGY INCORPORATED 1,222,892 142,559 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 3,424,267 19,800 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 445,683 23,400 HOKURIKU ELECTRIC POWER COMPANY 559,862 139,605 HONG KONG ELECTRIC HOLDINGS LIMITED 847,994 236,091 IBERDROLA SA 1,663,477 73,426 IDACORP INCORPORATED 2,574,316 43,915 INFRATIL LIMITED 49,914 65,895 ITC HOLDINGS CORPORATION<< 3,819,274 12 JAPAN WIND DEVELOPMENT COMPANY LIMITED<< 14,455 88,700 KANSAI ELECTRIC POWER COMPANY INCORPORATED 2,274,251 38,644 KOREA ELECTRIC POWER CORPORATION 939,588 40,370 KSK ENERGY VENTURES LIMITED+ 132,035 48,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 1,143,957 52,410 MANILA ELECTRIC COMPANY 206,821 45,801 NEXTERA ENERGY INCORPORATED 2,460,888 88,325 NORTHEAST UTILITIES 2,558,775 117,868 NV ENERGY INCORPORTED 1,508,710 112,388 PEPCO HOLDINGS INCORPORATED 2,017,365 50,754 PINNACLE WEST CAPITAL CORPORATION 2,022,547 118,080 PNM RESOURCES INCORPORATED<< 1,350,835 31,046 POLSKA GRUPA ENERGETYCZNA SA 224,494 117,011 PORTLAND GENERAL ELECTRIC COMPANY 2,337,880 67,365 POWER GRID CORPORATION OF INDIA LIMITED 155,810 53,566 PPL CORPORATION 1,454,853 20,314 PRIME INFRASTRUCTURE GROUP STAPLED UNITS 79,161 30,429 PROGRESS ENERGY INCORPORATED 1,305,708 5,300 PUBLIC POWER CORPORATION SA 75,358
196 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- ELECTRIC UTILITIES (continued) 6,567 RED ELECTRICA DE ESPANA $ 270,633 17,204 RELIANCE ENERGY LIMITED 366,426 7 ROMANDE ENERGIE HOLDING SA+ 11,721 53,606 SCOTTISH & SOUTHERN ENERGY PLC 941,337 22,500 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 697,149 90,938 SOUTHERN COMPANY 3,336,515 134,095 SP AUSNET 95,443 22,659 TATA POWER COMPANY LIMITED 588,826 226,750 TENAGA NASIONAL BHD 640,188 78,220 TERNA SPA 314,472 34,000 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 743,459 1,600 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 84,657 55,700 TOHOKU ELECTRIC POWER COMPANY INCORPORATED 1,291,556 144,400 TOKYO ELECTRIC POWER COMPANY INCORPORATED 4,204,290 26,581 TORRENT POWER LIMITED 191,616 3,817 TRUSTPOWER LIMITED 19,297 56,098 UNISOURCE ENERGY CORPORATION 1,824,868 3,577 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 127,149 172,046 WESTAR ENERGY INCORPORATED 4,123,943 87,945,686 -------------- GAS UTILITIES: 0.98% 121,496 AGL RESOURCES INCORPORATED 4,458,903 40,927 APA GROUP 136,184 144,926 ATMOS ENERGY CORPORATION 4,101,406 6,312 AYGAZ AS+ 27,488 174,000 CHINA GAS HOLDINGS LIMITED 88,356 12,390 ENAGAS SA 219,032 36,492 ENERGEN CORPORATION 1,557,479 27,213 ENVESTRA LIMITED 12,106 70,916 GAIL INDIA LIMITED 696,572 13,417 GAS NATURAL SDG SA 202,927 461,406 HONG KONG & CHINA GAS COMPANY LIMITED 1,112,772 3,903 KOREA GAS CORPORATION+ 140,637 31,464 LACLEDE GROUP INCORPORATED 1,047,751 69,948 NICOR INCORPORATED<< 2,958,101 35,090 NORTHWEST NATURAL GAS COMPANY 1,594,490 49,657 ONEOK INCORPORATED 2,130,782 219,000 OSAKA GAS COMPANY LIMITED 826,366 1,483,500 PERUSAHAAN GAS NEGARA PT 656,779 25,900 PETRONAS GAS BHD 86,659 103,377 PIEDMONT NATURAL GAS COMPANY INCORPORATED<< 2,820,125 85,286 QUESTAR CORPORATION 1,388,456 32,000 SAIBU GAS COMPANY LIMITED 92,941 5,500 SHIZUOKA GAS COMPANY LIMITED 34,764 86,225 SNAM RETE GAS SPA 399,377 39,335 SOUTH JERSEY INDUSTRIES INCORPORATED<< 1,848,352 70,541 SOUTHWEST GAS CORPORATION 2,218,514 56,000 TOHO GAS COMPANY LIMITED 289,965 2,000 TOKAI CORPORATION 9,118 281,000 TOKYO GAS COMPANY LIMITED 1,311,177 169,543 UGI CORPORATION 4,679,387 76,852 WGL HOLDINGS INCORPORATED<< 2,710,570 94,000 XINAO GAS HOLDINGS LIMITED 251,956 40,109,492 --------------
Wells Fargo Advantage Master Portfolios 197 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS: 0.32% 223,000 ABOITIZ POWER CORPORATION $ 92,917 70,726 ADANI POWER LIMITED+ 204,405 66,482 BABCOCK & BROWN WIND PARTNERS 39,038 2,800 BROOKFIELD RENEWABLE POWER FUND 53,435 323,000 CHINA LONGYUAN POWER GROUP+ 325,959 220,600 CHINA RESOURCES POWER HOLDINGS COMPANY 486,646 956,543 COLBUN SA+ 266,018 90,800 CONSTELLATION ENERGY GROUP INCORPORATED 2,663,164 16,810 DRAX GROUP PLC 102,323 158,499 DYNEGY INCORPORATED+ 781,400 525 EDF ENERGIES NOUVELLES SA 20,448 19,099 EDISON SPA 21,287 9,632 EDP RENOVAVEIS SA+ 53,585 15,400 ELECTRIC POWER DEVELOPMENT COMPANY 495,674 29,800 ELECTRICITY GENERATING PCL 89,033 430,156 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 739,658 25,459 ENERGY WORLD CORPORATION LIMITED+ 8,947 31,600 GLOW ENERGY PCL 44,429 111,348 GMR INFRASTRUCTURE LIMITED+ 131,847 127,035 GVK POWER & INFRASTRUCTURE LIMITED+ 122,066 61,276 IBERDROLA RENOVABLES 200,420 81,849 INTERNATIONAL POWER PLC 466,210 68,316 MIRANT CORPORATION+ 662,665 4,901 NEYVELI LIGNITE CORPORATION LIMITED 16,368 199,612 NHPC LIMITED 129,001 129,318 NRG ENERGY INCORPORATED+<< 2,627,742 181,719 NTPC LIMITED 756,969 938,750 PNOC ENERGY DEVELOPMENT CORPORATION+ 96,441 20,700 RATCHABURI ELECTRICITY GENERATING HOLDING PCL ADR 25,631 100,801 RELIANCE NATURAL RESOURCES LIMITED+ 79,822 57,633 RELIANCE POWER LIMITED+ 186,597 165,719 RRI ENERGY INCORPORATED+ 575,045 456 SECHILIENNE SA 11,913 391,200 SOLARTRON PCL+ 36,001 16,929 TRACTEBEL ENERGIA SA 223,921 10,500 TRANSALTA CORPORATION 208,060 13,045,085 -------------- MULTI-UTILITIES: 1.56% 1,765 ACEA SPA 19,571 58,540 AEM SPA 81,752 47,773 AGL ENERGY LIMITED 638,405 55,637 ALLIANT ENERGY CORPORATION 1,948,408 119,506 AMEREN CORPORATION 3,354,533 1,929 ATCO LIMITED 92,710 84,678 AVISTA CORPORATION<< 1,767,230 60,244 BLACK HILLS CORPORATION 1,833,225 4,999 CANADIAN UTILITIES LIMITED CLASS A 223,615 258 CANADIAN UTILITIES LIMITED CLASS B 11,529 186,210 CENTERPOINT ENERGY INCORPORATED 2,754,046 307,580 CENTRICA PLC 1,534,506 115,801 CMS ENERGY CORPORATION<< 2,026,518 30,715 CONSOLIDATED EDISON INCORPORATED 1,459,884 66,186 DOMINION RESOURCES INCORPORATED 2,830,113 84,974 DTE ENERGY COMPANY 3,981,032 77,631 GAZ DE FRANCE 2,403,864
198 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME VALUE - ------------- --------------------------------------------------------------- -------------- MULTI-UTILITIES (continued) 15,096 HERA SPA $ 27,490 38,544 INTEGRYS ENERGY GROUP INCORPORATED<< 1,867,457 3,203 JUST ENERGY INCOME FUND 41,872 87,588 MDU RESOURCES GROUP INCORPORATED 1,647,530 212,268 NATIONAL GRID PLC 1,787,242 139,583 NISOURCE INCORPORATED 2,420,369 55,928 NORTHWESTERN CORPORATION 1,572,695 53,810 NSTAR<< 2,046,394 48,994 OGE ENERGY CORPORATION<< 1,913,216 40,165 PG&E CORPORATION 1,878,115 56,302 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 1,799,412 23,842 RWE AG 1,561,448 56,139 SCANA CORPORATION<< 2,191,105 25,109 SEMPRA ENERGY 1,278,550 15,347 SUEZ ENVIRONNEMENT SA 246,996 101,720 TECO ENERGY INCORPORATED<< 1,717,034 41,317 UNITED UTILITIES GROUP PLC 361,502 8,821 VECTOR LIMITED 13,101 126,118 VECTREN CORPORATION<< 3,094,936 23,284 VEOLIA ENVIRONNEMENT 542,037 59,001 WISCONSIN ENERGY CORPORATION 3,288,716 229,838 XCEL ENERGY INCORPORATED 5,127,686 72,636 YTL CORPORATION BHD 170,355 258,603 YTL POWER INTERNATIONAL BHD 185,414 63,741,613 -------------- WATER UTILITIES: 0.13% 88,039 AMERICAN WATER WORKS COMPANY INCORPORATED 1,987,921 66,995 AQUA AMERICA INCORPORATED<< 1,331,861 24,635 CALIFORNIA WATER SERVICE GROUP 857,544 100,000 CHINA WATER AFFAIRS GROUP LIMITED 34,839 254,000 GUANGDONG INVESTMENT LIMITED 123,755 35,000 HYFLUX LIMITED 77,462 64,900 MANILA WATER COMPANY 25,067 18,233 NORTHUMBRIAN WATER GROUP PLC 92,306 16,628 PENNON GROUP PLC 146,124 13,700 PUNCAK NIAGA HOLDING BHD 12,573 13,143 SEVERN TRENT PLC 261,030 168,000 SOUND GLOBAL LIMITED 87,996 5,038,478 -------------- TOTAL COMMON STOCKS (COST $4,094,566,545) 3,989,022,939 -------------- RIGHTS: 0.00% 400 LPI CAPITAL(a)+ 635 8,016 SOMBOON ADVANCE TECHNOLOGY(a)+ 2,209 TOTAL RIGHTS (COST $0) 2,844 --------------
EXPIRATION DATE ------------- WARRANTS: 0.00% 1,583 BURU ENERGY LIMITED (OIL & GAS EXTRACTION)(a)+ 10/10/2010 8 20,952 HENDERSON LAND DEVELOPMENT (REAL ESTATE MANAGEMENT & DEVELOPMENT)+ 06/01/2011 2,828 17,924 HKC HOLDINGS (REAL ESTATE MANAGEMENT & DEVELOPMENT)+ 12/31/2011 115 1,086 HONG KONG ENERGY HOLDINGS (ENERGY EQUIPMENT & SERVICES)+ 06/09/2011 7
Wells Fargo Advantage Master Portfolios 199 Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
EXPIRATION SHARES SECURITY NAME DATE VALUE - ------------- --------------------------------------------------------------- ------------- -------------- WARRANTS (continued) 5,450 KINGBOARD CHEMICALS HOLDINGS (CHEMICALS)+ 10/31/2012 $ 2,396 138 KRISPY KREME DOUGHNUTS INCORPORATED (FOOD & STAPLES Retailing)(a)+ 03/02/2012 14 2,120 KSL W1 (HOUSEHOLD PRODUCTS)+ 03/15/2013 249 3,641 MAUREL ET PROM (OIL, GAS & CONSUMABLE FUELS)+ 06/30/2014 521 9,570 MINOR INTERNATIONAL PCL (HOTELS, RESTAURANTS & LEISURE)+ 05/18/2013 765 17,515 OSIM INTERNATIONAL LIMITED (MEASURING, ANALYZING, & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS)+ 06/23/2011 7,947 321 RESOLUTE MINING LIMITED (METAL MINING)+ 12/31/2011 94 112 STORM RESOURCES (OIL, GAS & CONSUMABLE FUELS)(a)+ 09/08/2010 0 700 TAT HONG HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS)(a)+ 08/02/2013 16 TOTAL WARRANTS (COST $1,132) 14,960 --------------
YIELD --------- PREFERRED STOCKS: 0.88% CONSUMER DISCRETIONARY: 0.04% 2,478 BAYERISCHE MOTOREN WERKE AG (AUTOMOBILES) 1.00% 91,789 1,069 FIAT SPA (AUTOMOBILES) 4.53 7,647 588 HUGO BOSS AG (APPAREL) 2.49 25,294 4,196 PORSCHE AG (AUTO MANUFACTURERS) 0.14 195,334 4,409 PROSIEBENSAT.1 MEDIA AG (COMMUNICATIONS) 0.12 79,172 11,721 VOLKSWAGEN AG (AUTOMOBILES) 1.83 1,166,441 1,565,677 -------------- CONSUMER STAPLES: 0.07% 20,594 CIA DE BEBIDAS DAS AMERICAS (BEVERAGES) 1.92 2,268,887 9,400 HENKEL KGAA PREFERRED (HOUSEHOLD PRODUCTS) 1.35 441,941 2,710,828 -------------- ENERGY: 0.15% 405,904 PETROLEO BRASILEIRO SA (OIL, GAS & CONSUMABLE FUELS) 4.06 6,022,980 -------------- FINANCIALS: 0.31% 246,526 BANCO BRADESCO SA (COMMERCIAL BANKS) 2.44 4,275,691 268,731 BANCO ITAU HOLDING FINANCEIRA SA (COMMERCIAL BANKS) 2.46 5,786,993 355,408 INVESTIMENTOS ITAU SA (COMMERCIAL BANKS) 2.75 2,489,121 67 SHINKIN CENTRAL BANK (COMMERCIAL BANKS) 4.08 127,444 10,037 SWEDBANK AB (COMMERCIAL BANKS) 10.00 115,422 18,590 UNIPOL (INSURANCE) 11.23 8,139 12,802,810 -------------- HEALTH CARE: 0.01% 4,839 FRESENIUS AG (HEALTH CARE PROVIDERS & SERVICES) 1.29 344,263 -------------- MATERIALS: 0.23% 30,000 BRADESPAR SA (METALS & MINING) 2.64 625,196 266,230 COMPANHIA VALE DO RIO DOCE CLASS A (METAL & MINING) 2.11 6,280,375 624 FUCHS PETROLUB AG (OIL & GAS EXTRACTION) 2.03 61,395 82,502 GERDAU SA (METALS & MINING) 2.14 1,097,365 36,456 METALURGICA GERDAU SA (PRIMARY METAL INDUSTRIES) 2.80 584,749 31,601 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A (METALS & MINING) 1.78 792,252 9,441,332 --------------
200 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) DIVERSIFIED STOCK PORTFOLIO
SHARES SECURITY NAME YIELD VALUE - ------------- --------------------------------------------------------------- -------- -------------- TELECOMMUNICATION SERVICES: 0.04% 31,319 BRASIL TELECOM SA (DIVERSIFIED TELECOMMUNICATION SERVICES)+ 0.00% $ 198,123 31,177 TELE NORTE LESTE PARTICIPACOES SA (DIVERSIFIED TELECOMMUNICATION SERVICES) 12.94 424,273 3,803 TELECOMUNICACOES DE SAO PAULO SA (DIVERSIFIED TELECOMMUNICATION SERVICES) 9.13 87,288 3,078 TELEMAR NORTE LESTE SA (DIVERSIFIED TELECOMMUNICATION SERVICES)+ 0.00 78,008 68,500 TIM PARTICIPACOES SA (WIRELESS TELECOMMUNICATION SERVICES) 2.29 193,458 21,777 VIVO PARTICIPACOES SA (WIRELESS TELECOMMUNICATION SERVICES) 4.45 523,268 1,504,418 -------------- UTILITIES: 0.03% 27,100 CENTRAIS ELECTRICAS BRASILEIRAS SA PREFERRED B (ELECTRIC UTILITIES) 7.32 391,320 50,343 CIA ENERGETICA DE MINAS GERAIS (ELECTRIC UTILITIES) 5.12 802,621 2,018 RWE AG (MULTI - UTILITIES) 7.27 124,221 1,318,162 -------------- TOTAL PREFERRED STOCKS (COST $31,342,983) 35,710,470 -------------- SHORT-TERM INVESTMENTS: 16.07%
INTEREST MATURITY PRINCIPAL RATE DATE - ------------- --------- ------------- CORPORATE BONDS & NOTES: 0.18% $ 6,429,905 GRYPHON FUNDING LIMITED(a)(i)(v) 0.00% 08/05/2011 2,614,897 8,342,517 VFNC CORPORATION(a)(i)(v)+/-++ 0.33 09/29/2011 4,795,739 7,410,636 --------------
SHARES YIELD - ------------- --------- INVESTMENT COMPANIES: 15.89% 101,376,701 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u) 0.29% 101,376,701 548,073,924 WELLS FARGO SECURITIES LENDING CASH INVESTMENTS LLC(v)(l)(u) 0.31 548,073,924 649,450,625 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $654,810,505) 656,861,261 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $4,780,721,165)* 114.55% 4,681,612,474 OTHER ASSETS AND LIABILITIES, NET (14.55) (594,551,465) ------- -------------- TOTAL NET ASSETS 100.00% $4,087,061,009 ------- --------------
- ---------- (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. << All or a portion of this security is on loan. (v) Security represents investment of cash collateral received from securities on loan. +/- Variable rate investments. ++ 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. (l) Investment in an affiliate. (u) Rate shown is the 7-day annualized yield at period end. + Non-income earning securities. * Cost for federal income tax purposes is $4,830,152,180 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 305,366,541 Gross unrealized depreciation (453,906,247) ------------- Net unrealized depreciation $(148,539,706)
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 201 Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- AGENCY SECURITIES: 0.33% FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.33% $ 1,000,000 FHLMC+/-ss 0.23% 02/02/2012 $ 998,816 ------------- TOTAL AGENCY SECURITIES (COST $998,855) 998,816 ------------- CORPORATE BONDS & NOTES: 1.45% ENERGY: 0.07% OIL, GAS & CONSUMABLE FUELS: 0.07% 200,000 SEARIVER MARITIME INCORPORATED+/-ss(i) 0.55 10/01/2011 200,000 ------------- FINANCIALS: 1.35% DIVERSIFIED FINANCIAL SERVICES: 0.52% 179,000 GBG LLC CUSTODY RECEIPTS+/-ss++ 0.28 09/01/2027 179,000 1,000,000 JPMORGAN CHASE & COMPANY+/- 0.49 05/16/2011 1,000,831 390,000 LTF REAL ESTATE VRDN I LLC+/-ss++ 0.35 06/01/2033 390,000 1,569,831 ------------- INSURANCE: 0.83% 2,500,000 BERKSHIRE HATHAWAY INCORPORATED+/- 0.39 02/10/2011 2,500,110 ------------- HEALTH CARE: 0.03% HEALTH CARE PROVIDERS & SERVICES: 0.03% 100,000 ACTS RETIREMENT LIFE COMMUNITIES INCORPORATED+/-ss 0.26 11/15/2029 100,000 ------------- TOTAL CORPORATE BONDS & NOTES (COST $4,369,613) 4,369,941 ------------- MUNICIPAL BONDS & NOTES: 8.83% ALABAMA: 0.75% 1,300,000 LOWER ALABAMA GAS DISTRICT SUPPLY REVENUE SERIES A (UTILITIES REVENUE, SOCIETE GENERALE LOC)+/-ss 0.30 11/01/2027 1,300,000 965,000 SOUTHEAST ALABAMA GAS DISTRICT ALABAMA REVENUE SUPPLY PROJECT SERIES A (IDR)+/-ss 0.29 08/01/2027 965,000 2,265,000 ------------- CALIFORNIA: 1.24% 500,000 CALIFORNIA PCFA PCR PACIFIC GAS & ELECTRIC COMPANY (IDR, JPMORGAN CHASE & COMPANY LOC)+/-ss 0.28 11/01/2026 500,000 200,000 CALIFORNIA SERIES H (HFFA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 07/01/2035 200,000 230,000 CALIFORNIA STANFORD HOSPITAL SERIES B (HFA REVENUE, FNMA LOC)+/-ss 0.26 08/01/2036 230,000 75,000 CALIFORNIA STATE DWR POWER SUPPLY SUBSERIES G6 (WATER REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.27 05/01/2017 75,000 500,000 CALIFORNIA STATE SERIES B SUBSERIES B6 (OTHER REVENUE, KBC BANK NV LOC)+/-ss 0.29 05/01/2040 500,000 500,000 CITY OF NEWPORT BEACH CA (HOSPITAL REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.24 12/01/2040 500,000 1,000,000 DEXIA CREDIT LOCAL CERTIFICATES TRUST (FSA INSURED, DEXIA LOCAL BANK LOC)+/-ss 0.44 08/01/2027 1,000,000 250,000 PASADENA CA COP SERIES A (LEASE REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 02/01/2035 250,000 500,000 RIVERSIDE CA SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.30 10/01/2035 500,000 3,755,000 ------------- COLORADO: 0.71% 250,000 COLORADO HFA TAXABLE MULTIFAMILY PROJECT B II (HOUSING REVENUE, FNMA INSURED)+/-ss 0.29 05/01/2050 250,000 400,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES A (LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.38 12/15/2037 400,000
202 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COLORADO (continued) $ 500,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT #1 SERIES B (LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.45% 12/15/2037 $ 500,000 1,000,000 DENVER CO CITY & COUNTY SCHOOL DISTRICT SERIES B-2 (LEASE REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.45 12/15/2037 1,000,000 2,150,000 ------------- CONNECTICUT: 0.33% 1,000,000 CONNECTICUT STATE SERIES A1 (PROPERTY TAX REVENUE)+/-ss 0.28 03/01/2023 1,000,000 ------------- DELAWARE: 0.07% 200,000 DELAWARE STATE ECONOMIC DEVELOPMENT AUTHORITY (RESOURCE RECOVERY REVENUE)+/-ss 0.30 08/01/2029 200,000 ------------- FLORIDA: 0.53% 500,000 FLORIDA MUNICIPAL POWER AGENCY ALL REQUIREMENTS SUPPLY SERIES C (ELECTRIC REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.26 10/01/2035 500,000 500,000 LEE MEMORIAL HEALTH SYSTEM FLORIDA SERIES A (HOSPITAL & NURSING REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 04/01/2033 500,000 590,000 PALM BEACH COUNTY FL PINE CREST PREPARATORY SCHOOL PROJECT (EDUCATION REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.31 06/01/2032 590,000 1,590,000 ------------- INDIANA: 0.08% 250,000 RICHMOND IN REID HOSPITAL & HEALTH CARE SERVICES INCORPORATED HOSPITAL AUTHORITY HOSPITAL SERIES A (HOSPITAL REVENUE, FIRST SECURITY BANK LOC)+/-ss 0.28 01/01/2040 250,000 ------------- MASSACHUSETTS: 0.77% 340,000 MASSACHUSETTS DEVELOPMENT FINANCE AGENCY BABSON COLLEGE B (OTHER REVENUE, CITIBANK NA LOC)+/-ss 0.27 10/01/2031 340,000 2,000,000 MASSACHUSETTS STATE HEFA SERIES N-3 (HOSPITAL & NURSING HOME REVENUE, JPMORGAN CHASE BANK NA LOC)+/-ss 0.26 10/01/2038 2,000,000 2,340,000 ------------- MINNESOTA: 0.08% 230,000 MINNESOTA STATE HFA RESIDENTIAL HOUSING SERIES T (HOUSING REVENUE, GO OF AUTHORITY INSURED)+/-ss 0.29 07/01/2048 230,000 ------------- NEW JERSEY: 0.06% 195,000 NEW JERSEY STATE HOUSING & MORTGAGE FINANCE AGENCY TAXABLE SERIES 4 (HOUSING REVENUE, DEXIA CREDIT LOCAL DE FRANCE LOC)+/-ss 0.50 11/01/2037 195,000 ------------- NEW YORK: 1.07% 1,000,000 NEW YORK NY SERIES E SUBSERIES E-2 (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 08/01/2034 1,000,000 1,000,000 NEW YORK NY SUBSERIES C-4 (PROPERTY TAX REVENUE)+/-ss 0.27 08/01/2020 1,000,000 500,000 NEW YORK STATE HOUSING FINANCE AGENCY VICTORY HOUSING SERIES 2004-A (HOUSING REVENUE, FHLMC INSURED)+/-ss 0.28 11/01/2033 500,000 250,000 NEW YORK STATE MORTGAGE AGENCY (HOUSING REVENUE)+/-ss 0.30 04/01/2037 250,000 500,000 NEW YORK STATE MORTGAGE AGENCY (HOUSING REVENUE)+/-ss 0.32 10/01/2037 500,000 3,250,000 ------------- OHIO: 0.35% 214,000 OHIO STATE HFA RESIDENTIAL MANAGEMENT TAXABLE SERIES I (HOUSING REVENUE, GNMA INSURED)+/-ss 0.26 09/01/2039 214,000 442,000 OHIO STATE HFA RESIDENTIAL MORTGAGE SECURITIES PROGRAM (HOUSING REVENUE, GNMA INSURED)+/-ss 0.30 09/01/2029 442,000 400,000 PARMA OH COMMUNITY GENERAL HOSPITAL SERIES A (OTHER REVENUE, JPMORGAN CHASE BANK LOC)+/-ss 0.26 11/01/2029 400,000 1,056,000 -------------
Wells Fargo Advantage Master Portfolios 203 Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- PENNSYLVANIA: 0.50% $ 500,000 DOYLESTOWN HOSPITAL AUTHORITY SERIES B (HFFA, PNC BANK NA LOC)+/-ss 0.26% 07/01/2037 $ 500,000 1,000,000 PHILADELPHIA PA SCHOOL DISTRICT (PROPERTY TAX REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.31 09/01/2030 1,000,000 1,500,000 ------------- TEXAS: 1.46% 250,000 AUSTIN TEXAS AIRPORT SYSTEM (AIRPORT & MARINA REVENUE, FSA INSURED)+/-ss 0.36 11/15/2025 250,000 2,000,000 BEXAR COUNTY TX HEALTH FACILITIES DEVELOPMENT (HOSPITAL & NURSING HOME REVENUE, JP MORGAN CHASE BANK NA LOC)+/-ss 0.32 12/01/2032 2,000,000 250,000 HARRIS COUNTY TX CULTURAL EDUCATION FACILITIES FINANCE CORPORATION YMCA GREATER HOUSTON SERIES B (RECREATIONAL REVENUE, ALLIED IRISH BANK LOC)+/-ss 1.00 06/01/2038 250,000 500,000 HARRIS COUNTY TX INDUSTRIAL DEVELOPMENT CORPORATION DEER PARK REFINING (RESOURCE RECOVERY REVENUE)+/-ss 0.25 03/01/2023 500,000 1,000,000 MIDLOTHIAN INDUSTRIAL DEVELOPMENT CORPORATION (INDUSTRIAL REVENUE, UBS AG LOC)+/-ss 0.24 08/01/2034 1,000,000 100,000 TEXAS STATE TAXABLE PRODUCT DEVELOPMENT PROGRAM SERIES A (OTHER REVENUE, NATIONS BANK NA LOC)+/-ss 0.29 06/01/2045 100,000 300,000 TYLER TX HEALTH FACILITIES DEVELOPMENT CORPORATION MOTHER FRANCES HOSPITAL SERIES B (HCFR, BANK OF AMERICA NA LOC)+/-ss 0.31 07/01/2020 300,000 4,400,000 ------------- VIRGINIA: 0.66% 2,000,000 HARRISONBURG VA REDEVELOPMENT & HOUSING AUTHORITY (HOUSING REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.32 05/01/2026 2,000,000 ------------- WASHINGTON: 0.17% 500,000 PORT OF TACOMA WA SERIES B (AIRPORT & MARINA REVENUE, BANK OF AMERICA NA LOC)+/-ss 0.25 12/01/2044 500,000 ------------- TOTAL MUNICIPAL BONDS & NOTES (COST $26,681,000) 26,681,000 ------------- SHORT-TERM INVESTMENTS: 0.99% US TREASURY BILLS: 0.99% 3,000,000 US TREASURY BILL## 0.22 11/18/2010 2,999,142 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $2,998,563) 2,999,142 ------------- REPURCHASE AGREEMENTS: 13.42% 1,000,000 BANK OF AMERICA SECURITIES LLC, DATED 08/31/2010, MATURITY VALUE $1,000,009 (1) 0.32 09/01/2010 1,000,000 2,000,000 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010, MATURITY VALUE $2,000,014 (2) 0.26 09/01/2010 2,000,000 6,570,403 BARCLAYS CAPITAL INCORPORATED, DATED 08/31/2010, MATURITY VALUE $6,570,447 (3) 0.24 09/01/2010 6,570,403 2,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010, MATURITY VALUE $2,000,014 (4) 0.25 09/01/2010 2,000,000 5,000,000 BNP PARIBAS SECURITIES CORPORATION, DATED 08/31/2010, MATURITY VALUE $5,000,033 (5) 0.24 09/01/2010 5,000,000 1,000,000 CITIGROUP GLOBAL MARKETS, DATED 08/31/2010, MATURITY VALUE $1,000,007 (6) 0.26 09/01/2010 1,000,000 3,000,000 CREDIT SUISSE SECURITIES (USA), DATED 08/31/2010, MATURITY VALUE $3,000,020 (7) 0.24 09/01/2010 3,000,000 1,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010, MATURITY VALUE $1,000,007 (8) 0.24 09/01/2010 1,000,000 5,000,000 DEUTSCHE BANK SECURITIES, DATED 08/31/2010, MATURITY VALUE $5,000,035 (9) 0.25 09/01/2010 5,000,000 3,000,000 JPMORGAN SECURITIES, DATED 8/31/2010, MATURITY VALUE $3,000,021 (10) 0.25 09/01/2010 3,000,000 4,000,000 RBS SECURITIES INCORPORATED, DATED 08/31/2010, MATURITY VALUE $4,000,029 (11) 0.26 09/01/2010 4,000,000 3,000,000 RBS SECURITIES INCORPORTED, DATED 08/31/2010, MATURITY VALUE $3,000,020 (12) 0.24 09/01/2010 3,000,000 4,000,000 SOCIETE GENERALE (NEW YORK), DATED 08/31/2010, MATURITY VALUE $4,000,028 (13) 0.25 09/01/2010 4,000,000 TOTAL REPURCHASE AGREEMENTS (COST $40,570,403) 40,570,403 ------------- COMMERCIAL PAPER: 56.03% 1,000,000 ABBEY NATIONAL NA LLC## 0.36 09/02/2010 999,990 400,000 ABBEY NATIONAL NA LLC## 0.55 11/08/2010 399,792 1,000,000 ABN AMRO FUNDING USA LLC##++ 0.27 09/10/2010 999,940
204 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COMMERCIAL PAPER (continued) $ 250,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.41% 10/29/2010 $ 249,878 800,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.52 11/05/2010 799,560 300,000 AMSTERDAM FUNDING CORPORATION##++(p) 0.49 11/10/2010 299,820 1,000,000 ANGLO IRISH BANK##++ 0.47 09/02/2010 999,980 400,000 ANTALIS US FUNDING CORPORATION##++(p) 0.46 09/08/2010 399,976 300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.29 09/10/2010 299,976 300,000 ANTALIS US FUNDING CORPORATION##++(p) 0.45 09/17/2010 299,958 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.40 09/01/2010 999,990 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.38 09/23/2010 999,810 1,500,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.23 10/13/2010 1,499,475 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.50 10/26/2010 999,540 1,000,000 ARGENTO VARIABLE FUNDING COMPANY LIMITED##++(p) 0.39 11/10/2010 999,400 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.41 12/13/2010 999,860 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.60 01/12/2011 999,840 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.34 01/27/2011 999,840 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 02/01/2011 999,800 700,000 ASPEN FUNDING CORPORATION##++(p) 0.36 09/15/2010 699,916 800,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.36 10/04/2010 799,800 600,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.34 10/18/2010 599,784 700,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 10/25/2010 699,706 1,000,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 10/26/2010 999,570 300,000 ATLANTIC ASSET SECURITIZATION##++(p) 0.51 11/01/2010 299,856 700,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.23 09/08/2010 699,972 1,600,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.24 09/10/2010 1,599,920 1,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.56 09/14/2010 999,930 250,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.55 11/10/2010 249,893 1,000,000 ATLANTIS ONE FUNDING CORPORATION##++(p) 0.28 11/29/2010 999,308 350,000 AUTOBAHN FUNDING COMPANY LLC##++(p) 0.46 10/26/2010 349,839 250,000 BANQUE ET CAISSE D'EPARGNE DE E'TAT## 0.25 09/30/2010 249,952 1,000,000 BEETHOVEN FUNDING CORPORATION##++(p) 0.22 09/02/2010 999,990 800,000 BG ENERGY FINANCE INCORPORATED##++ 0.44 09/27/2010 799,848 1,000,000 BGL BNP PARIBAS SA## 0.51 09/08/2010 999,960 2,000,000 BGL BNP PARIBAS SA## 0.53 09/29/2010 1,999,640 900,000 BGL BNP PARIBAS SA## 0.53 10/05/2010 899,793 500,000 BGL BNP PARIBAS SA## 0.55 10/28/2010 499,785 1,000,000 BGL BNP PARIBAS SA## 0.56 11/10/2010 999,460 2,000,000 BNP PARIBAS FINANCE INCORPORATED## 0.65 11/09/2010 1,998,940 1,000,000 BNZ INTERNATIONAL FUNDING LIMITED##++ 0.44 12/07/2010 999,220 1,700,000 BPCE##++ 0.39 09/13/2010 1,699,864 300,000 BPCE##++ 0.49 11/08/2010 299,826 800,000 BPCE##++ 0.42 12/01/2010 799,360 1,100,000 CAFCO LLC##++(p) 0.50 10/06/2010 1,099,736 500,000 CAFCO LLC##++(p) 0.53 11/04/2010 499,745 300,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.55 10/08/2010 299,907 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.59 10/18/2010 999,610 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.47 10/20/2010 999,590 250,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.48 10/22/2010 249,893 650,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.29 10/27/2010 649,694 800,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.44 10/28/2010 799,616 1,000,000 CANCARA ASSET SECURITIZATION LLC##++(p) 0.54 11/10/2010 999,400 500,000 CHARIOT FUNDING LLC##++(p) 0.54 09/15/2010 499,955 300,000 CHARTA LLC##++(p) 0.46 09/16/2010 299,970 400,000 CHARTA LLC##++(p) 0.40 10/04/2010 399,912 1,500,000 CHARTA LLC##++(p) 0.36 11/02/2010 1,499,265 300,000 CHARTA LLC##++(p) 0.36 11/03/2010 299,850 300,000 CHARTA LLC##++(p) 0.36 11/05/2010 299,847 250,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.35 09/15/2010 249,972
Wells Fargo Advantage Master Portfolios 205 Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COMMERCIAL PAPER (continued) $ 1,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.44% 10/06/2010 $ 999,760 1,000,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.58 10/07/2010 999,750 400,000 CITIBANK CREDIT CARD ISSUANCE TRUST##++(p) 0.36 10/08/2010 399,900 500,000 CITY OF SAN JOSE CA INTERNATIONAL AIRPORT 0.31 09/08/2010 500,000 1,000,000 COMMERZBANK US FINANCE INCORPORATED## 0.00 09/01/2010 999,990 1,000,000 COMMERZBANK US FINANCE INCORPORATED## 0.28 09/09/2010 999,940 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC##++(p) 0.47 09/21/2010 999,830 1,000,000 CONCORD MINUTEMEN CAPITAL COMPANY LLC##++(p) 0.55 09/29/2010 999,770 900,000 CRC FUNDING LLC##++(p) 0.50 10/04/2010 899,802 1,000,000 CRC FUNDING LLC##++(p) 0.34 10/08/2010 999,740 500,000 CRC FUNDING LLC##++(p) 0.08 11/04/2010 499,745 400,000 CREDIT AGRICOLE NORTH AMERICA INCORPORATED## 0.27 09/07/2010 399,984 1,000,000 CREDIT AGRICOLE NORTH AMERICA INCORPORATED## 0.37 11/04/2010 999,510 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.38 09/07/2010 999,940 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.27 09/09/2010 999,930 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.33 09/10/2010 999,920 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.30 09/15/2010 999,880 1,000,000 CROWN POINT CAPITAL COMPANY##++(p) 0.50 09/17/2010 999,860 1,000,000 DANSKE CORPORATION##++ 0.44 09/30/2010 999,780 1,000,000 DANSKE CORPORATION##++ 0.39 10/25/2010 999,550 700,000 DANSKE CORPORATION##++ 0.55 11/15/2010 699,552 1,000,000 DANSKE CORPORATION##++ 0.51 12/10/2010 999,100 500,000 DANSKE CORPORATION##++ 0.55 12/17/2010 499,510 900,000 DEPARTMENT OF AIRPORT LA## 0.51 10/14/2010 899,640 3,000,000 DEXIA CREDIT LOCAL SA 0.42 09/07/2010 3,000,000 1,000,000 DEXIA DELAWARE## 0.34 09/03/2010 999,980 1,000,000 DEXIA DELAWARE## 0.44 09/27/2010 999,810 300,000 DISTRICT OF COLUMBIA WATER & SEWER AUTHORITY 0.28 10/14/2010 300,000 1,000,000 EBBETS FUNDING LLC##++(p) 0.53 09/21/2010 999,830 250,000 ENI COORDINATION CENTER SA##++ 0.34 09/29/2010 249,948 1,700,000 FORTIS FUNDING LLC##++ 0.60 10/04/2010 1,699,626 300,000 GEMINI SECURITIZATION CORPORATION##++(p) 0.31 09/09/2010 299,979 300,000 GOVCO LLC##++(p) 0.25 09/17/2010 299,958 400,000 GRAMPIAN FUNDING LIMITED##++(p) 0.24 09/14/2010 399,972 500,000 GRAMPIAN FUNDING LIMITED##++(p) 0.25 10/12/2010 499,900 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.39 10/13/2010 999,800 300,000 GRAMPIAN FUNDING LIMITED##++(p) 0.37 10/22/2010 299,925 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.40 11/08/2010 999,650 1,000,000 GRAMPIAN FUNDING LIMITED##++(p) 0.36 11/16/2010 999,600 1,600,000 ICICI BANK LIMITED## 0.25 09/29/2010 1,599,632 500,000 ICICI BANK LIMITED## 0.25 09/29/2010 499,885 400,000 INTESA FUNDING LLC## 0.33 09/01/2010 399,996 1,000,000 INTESA FUNDING LLC## 0.63 09/16/2010 999,900 1,000,000 IRISH LIFE & PERMANENT GROUP HOLDINGS PLC##++ 0.68 09/07/2010 999,908 250,000 JUPITER SECURITIZATION COMPANY LLC##++(p) 0.52 12/03/2010 249,826 1,000,000 LEGACY CAPITAL COMPANY##++ 0.55 09/15/2010 999,880 1,000,000 LEXINGTON PARKER CAPITAL##++(p) 0.51 09/07/2010 999,930 1,000,000 LEXINGTON PARKER CAPITAL COMPANY LLC##++(p) 0.26 09/14/2010 999,870 1,000,000 LEXINGTON PARKER CAPITAL COMPANY LLC##++(p) 0.43 09/16/2010 999,850 2,200,000 LIBERTY STREET FUNDING COMPANY##++ 0.51 09/01/2010 2,199,978 250,000 LMA SA##++(p) 0.39 09/15/2010 249,970 250,000 LMA SA##++(p) 0.39 09/21/2010 249,957 1,000,000 LMA SA##++(p) 0.27 09/23/2010 999,810 1,000,000 LMA SA##++(p) 0.33 10/18/2010 999,610 1,300,000 LMA SA##++(p) 0.35 10/25/2010 1,299,415 3,000,000 MATCHPOINT MASTER TRUST##++(p) 0.27 09/13/2010 2,999,730 750,000 MATCHPOINT MASTER TRUST##++(p) 0.37 09/27/2010 749,857
206 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COMMERCIAL PAPER (continued) $ 1,500,000 MATCHPOINT MASTER TRUST##++(p) 0.40% 11/03/2010 $ 1,499,280 250,000 MATCHPOINT MASTER TRUST##++(p) 0.37 11/05/2010 249,875 1,750,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.25 09/08/2010 1,749,860 500,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.49 10/12/2010 499,800 1,000,000 MONT BLANC CAPITAL CORPORATION##++(p) 0.33 11/12/2010 999,280 1,000,000 NATEXIS BANQUES POPULAIRES## 0.63 10/01/2010 999,780 1,100,000 NATEXIS BANQUES POPULAIRES## 0.31 10/06/2010 1,099,703 1,000,000 NATIONWIDE BUILDING SOCIETY##++ 0.52 10/07/2010 999,720 1,000,000 NEWPORT FUNDING CORPORATION##++(p) 0.26 09/22/2010 999,820 250,000 NEWPORT FUNDING CORPORATION##++(p) 0.44 10/21/2010 249,895 800,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.25 10/12/2010 799,752 500,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.27 10/13/2010 499,840 500,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.27 10/29/2010 499,782 300,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.61 11/05/2010 299,844 300,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION##++(p) 0.61 11/09/2010 299,835 400,000 PORT OF OAKLAND CA## 0.59 10/14/2010 399,840 500,000 RANGER FUNDING COMPANY LLC##++(p) 0.59 09/13/2010 499,960 3,000,000 RANGER FUNDING COMPANY LLC##++(p) 0.28 10/19/2010 2,998,920 1,200,000 RBS HOLDINGS USA INCORPORATED##++ 0.44 10/08/2010 1,199,652 1,600,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.61 10/12/2010 1,599,456 2,000,000 RHEIN-MAIN SECURITIZATION LIMITED##++(p) 0.52 10/15/2010 1,999,280 250,000 RHEINGOLD SECURITIZATION LIMITED##++(p) 0.27 09/20/2010 249,960 800,000 RHEINGOLD SECURITIZATION LIMITED##++(p) 0.49 10/15/2010 799,712 1,000,000 ROMULUS FUNDING CORPORATION##++(p) 0.42 09/14/2010 999,890 2,300,000 ROYAL PARK INVESTMENTS##++(p) 0.56 09/24/2010 2,299,609 900,000 ROYAL PARK INVESTMENTS##++(p) 0.56 09/28/2010 899,820 300,000 ROYAL PARK INVESTMENTS##++(p) 0.50 10/04/2010 299,925 500,000 ROYAL PARK INVESTMENTS##++(p) 0.40 10/12/2010 499,850 500,000 SALISBURY RECEIVABLES COMPANY##++(p) 0.50 09/13/2010 499,955 700,000 SAN JOSE INTERNATIONAL AIRPORT 0.35 09/02/2010 700,000 1,000,000 SAN JOSE INTERNATIONAL AIRPORT 0.40 09/02/2010 1,000,000 400,000 SCALDIS CAPITAL LLC##++(p) 0.29 09/03/2010 399,992 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.28 09/28/2010 999,790 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.30 10/15/2010 999,660 1,000,000 SCALDIS CAPITAL LLC##++(p) 0.50 10/19/2010 999,630 300,000 SCALDIS CAPITAL LLC##++(p) 0.26 10/27/2010 299,868 1,000,000 SHEFFIELD RECEIVABLES CORPORATION##++(p) 0.55 09/16/2010 999,880 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.47 09/07/2010 999,960 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.34 09/10/2010 999,940 1,000,000 SKANDINAVISKA ENSKILDA BANKEN AB##++ 0.28 09/17/2010 999,890 750,000 SOLITAIRE FUNDING LLC##++(p) 0.28 09/08/2010 749,955 2,000,000 SOLITAIRE FUNDING LLC##++(p) 0.31 09/13/2010 1,999,820 500,000 SOLITAIRE FUNDING LLC##++(p) 0.23 09/28/2010 499,900 1,000,000 SOLITAIRE FUNDING LLC##++(p) 0.33 10/21/2010 999,630 350,000 SOLITAIRE FUNDING LLC##++(p) 0.30 11/15/2010 349,797 300,000 STARBIRD FUNDING CORPORATION##++(p) 0.29 09/16/2010 299,961 300,000 STARBIRD FUNDING CORPORATION##++(p) 0.33 11/30/2010 299,790 500,000 STRAIGHT A FUNDING LLC##++(p) 0.41 10/14/2010 499,860 400,000 STRAIGHT A FUNDING LLC##++(p) 0.41 10/18/2010 399,872 1,200,000 STRAIGHT A FUNDING LLC##++(p) 0.57 10/25/2010 1,199,520 700,000 STRAIGHT A FUNDING LLC##++(p) 0.31 11/01/2010 699,657 700,000 STRAIGHT A FUNDING LLC##++(p) 0.31 11/01/2010 699,657 982,000 STRAIGHT A FUNDING LLC##++(p) 0.49 11/02/2010 981,509 500,000 STRAIGHT A FUNDING LLC##++(p) 0.29 11/16/2010 499,754 300,000 SURREY FUNDING CORPORATION##++(p) 0.37 11/17/2010 299,814 1,000,000 TASMAN FUNDING INCORPORATED##++(p) 0.24 09/13/2010 999,900 300,000 TASMAN FUNDING INCORPORATED##++(p) 0.54 09/17/2010 299,958
Wells Fargo Advantage Master Portfolios 207 Portfolio of Investments--August 31, 2010 (Unaudited)
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- COMMERCIAL PAPER (continued) $ 400,000 TASMAN FUNDING INCORPORATED##++(p) 0.31% 10/27/2010 $ 399,812 250,000 TASMAN FUNDING INCORPORATED##++(p) 0.63 11/05/2010 249,863 400,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.51 09/07/2010 399,976 1,300,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.44 09/13/2010 1,299,870 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.27 10/06/2010 999,710 300,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.64 10/07/2010 299,910 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.30 10/13/2010 999,650 400,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.44 12/07/2010 399,652 1,000,000 THAMES ASSET GLOBAL SECURITIZATION INCORPORATED##++(p) 0.58 01/07/2011 998,750 300,000 THUNDER BAY FUNDING LLC##++(p) 0.66 12/09/2010 299,777 1,000,000 TOYOTA FINANCIAL SERVICES DE PUERTO RICO INCORPORATED## 0.40 11/30/2010 999,440 1,000,000 UBS FINANCE DELAWARE LLC## 0.68 09/27/2010 999,870 1,100,000 UBS FINANCE DELAWARE LLC## 0.23 11/08/2010 1,099,582 1,000,000 UNICREDIT US FINANCE INCORPORATED##++ 0.21 09/03/2010 999,980 1,000,000 UNICREDIT US FINANCE INCORPORATED##++ 0.59 10/01/2010 999,730 1,000,000 VERSAILLES CDS LLC##++(p) 0.61 09/17/2010 999,860 1,000,000 VERSAILLES CDS LLC##++(p) 0.19 10/12/2010 999,660 2,200,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.25 09/03/2010 2,199,956 800,000 VICTORY RECEIVABLES CORPORATION##++(p) 0.24 09/13/2010 799,920 1,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.39 02/03/2011 1,499,490 1,000,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.38 08/19/2011 999,530 300,000 WINDMILL FUNDING CORPORATION##++(p) 0.39 09/02/2010 299,997 1,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/04/2010 999,490 1,000,000 WINDMILL FUNDING CORPORATION##++(p) 0.36 11/17/2010 999,383 TOTAL COMMERCIAL PAPER (COST $169,360,761) 169,386,601 ------------- CERTIFICATES OF DEPOSIT: 10.14% 2,000,000 ABBEY NATIONAL TREASURY SERVICES 0.33 12/10/2010 1,999,720 2,000,000 ABBEY NATIONAL TREASURY SERVICES+/- 0.32 02/14/2011 1,999,800 1,000,000 ALLIED IRISH BANKS+/- 0.51 06/24/2011 999,590 1,000,000 ALLIED IRISH BANKS PLC+/- 0.53 07/12/2011 999,500 1,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.42 10/20/2010 1,000,050 2,000,000 ANZ NATIONAL (INTERNATIONAL) LIMITED+/-++ 0.38 01/11/2011 1,999,920 1,000,000 ASB FINANCE LIMITED (LONDON)+/-++ 0.39 01/10/2011 999,960 2,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA+/- 0.38 06/16/2011 2,000,060 1,000,000 BANCO BILBAO VIZCAYA ARGENTARIA SA+/- 0.31 06/28/2011 999,650 1,650,000 BANK OF AMERICA NA## 0.38 09/30/2010 1,649,670 1,500,000 BARCLAYS BANK PLC (NEW YORK)+/-(a) 0.52 01/19/2011 1,500,000 500,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.80 04/29/2011 499,935 1,000,000 BARCLAYS BANK PLC (NEW YORK)+/- 0.84 08/12/2011 999,530 1,000,000 DZ BANK AG (NEW YORK) 0.57 09/20/2010 1,000,160 1,500,000 LLOYDS TSB BANK PLC (NEW YORK)+/- 0.52 11/12/2010 1,499,265 1,000,000 NATIXIS (NEW YORK)+/- 0.74 02/04/2011 1,001,340 1,000,000 RABOBANK NEDERLAND NV+/-ss 0.29 01/07/2011 999,650 1,000,000 RABOBANK NEDERLAND NV (NEW YORK)+/- 0.27 10/19/2010 1,000,210 2,000,000 ROYAL BANK OF SCOTLAND PLC+/- 0.96 04/26/2011 2,000,540 1,000,000 SOCIETE GENERALE NA+/- 0.65 08/12/2011 999,670 1,000,000 TORONTO DOMINION BANK+/- 0.30 02/04/2011 999,870 2,000,000 UNICREDITO ITALIANO SPA 0.44 09/14/2010 2,000,120 1,500,000 WESTPAC SECURITIES NZ LIMITED+/-++ 0.41 11/05/2010 1,499,910 TOTAL CERTIFICATES OF DEPOSIT (COST $30,649,508) 30,648,120 ------------- SECURED MASTER NOTE AGREEMENT: 1.39% 4,200,000 BANK OF AMERICA NA+/-ss(a) 0.38 09/09/2034 4,200,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $4,200,000) 4,200,000 -------------
208 Wells Fargo Advantage Master Portfolios Portfolio of Investments--August 31, 2010 (Unaudited) SHORT-TERM INVESTMENT PORTFOLIO
INTEREST MATURITY PRINCIPAL SECURITY NAME RATE DATE VALUE - ------------- --------------------------------------------------------------- --------- ------------- ------------- TIME DEPOSITS: 7.94% $ 1,000,000 ALLIED IRISH BANKS PLC 0.65% 09/03/2010 $ 1,000,030 2,000,000 BANK OF IRELAND 0.50 09/01/2010 2,000,000 2,000,000 BANK OF IRELAND 0.65 09/02/2010 2,000,040 3,000,000 CREDIT AGRICOLE CIB 0.25 09/01/2010 3,000,000 2,000,000 DANSKE BANK A S COPENHAGEN 0.26 09/02/2010 2,000,000 1,000,000 DEXIA BANK SA 0.42 09/01/2010 1,000,000 3,000,000 GROUPE BPCE 0.26 09/01/2010 3,000,000 5,000,000 KBC BANK NV BRUSSELS 0.20 09/01/2010 5,000,000 2,000,000 NATIXIS SA 0.26 09/01/2010 2,000,000 3,000,000 SOCIETE GENERALE PARIS 0.23 09/01/2010 3,000,000 TOTAL TIME DEPOSITS (COST $24,000,000) 24,000,070 ------------- YANKEE CORPORATE BONDS & NOTES: 0.16% FINANCIALS: 0.16% COMMERCIAL BANKS: 0.16% 500,000 EKSPORTFINANS ASA+/- 0.35 09/22/2010 500,008 ------------- TOTAL YANKEE CORPORATE BONDS & NOTES (COST $500,000) 500,008 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $304,328,703)* 100.68% 304,354,101 OTHER ASSETS AND LIABILITIES, NET (0.68) (2,066,418) ------ ------------- TOTAL NET ASSETS 100.00% $ 302,287,683 ------ -------------
- ---------- +/- Variable rate investments. ss These securities are subject to a demand feature which reduces the effective maturity. ## Zero coupon security. Rate represents yield to maturity. ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. (p) Asset-backed commercial paper. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (z) Collateralized by: (1) U.S. government securities, 5.00% to 5.50%, 12/1/2039 to 8/1/2040, market value including accrued interest is $1,030,000. (2) U.S. government securities, 0.00% to 5.25%, 9/1/2010 to 9/28/2029, market value including accrued interest is $2,040,000. (3) U.S. government securities, 1.625% to 3.875%, 1/15/2011 to 4/15/2029, market value including accrued interest is $6,701,811. (4) U.S. government securities, 4.00% to 6.50%, 12/1/2019 to 9/1/2040, market value including accrued interest is $2,060,000. (5) U.S. government securities, 1.25% to 4.25%, 11/30/2013 to 5/15/2019, market value including accrued interest is $5,100,000. (6) U.S. government securities, 2.70% to 6.50%, 11/1/2019 to 7/1/2040, market value including accrued interest is $1,030,000. (7) U.S. government securities, 1.75% to 6.125%, 8/15/2012 to 8/15/2029, market value including accrued interest is $3,060,020. (8) U.S. government securities, 0.00% to 5.60%, 12/6/2010 to 5/15/2037, market value including accrued interest is $1,020,001. (9) U.S. government securities, 4.50% to 7.00%, 3/1/2037 to 8/1/2040, market value including accrued interest is $5,150,000. (10) U.S. government securities, 4.00% to 11.50%, 9/1/2012 to 8/1/2040, market value including accrued interest is $3,090,006. (11) U.S. government securities, 0.00% to 6.16%, 9/1/2024 to 9/1/2040, market value including accrued interest is $4,120,008. (12) U.S. government securities, 0.50% to 3.875%, 1/15/2011 to 2/15/2040, market value including accrued interest is $3,060,003. (13) U.S. government securities, 2.04% to 6.64%, 8/1/2017 to 11/1/2048, market value including accrued interest is $4,120,000. * Cost for federal income tax purposes is $304,328,703 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $30,557 Gross unrealized depreciation (5,159) ------- Net unrealized appreciation $25,398
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 209 Statements of Assets and Liabilities--August 31, 2010 (Unaudited)
Diversified Fixed Diversified Stock Short-Term Investment Income Portfolio Portfolio Portfolio ----------------- ----------------- -------------------- ASSETS Investments In unaffiliated securities (including securities on loan), at value .............................................. $2,849,656,965 $4,019,373,728 $263,783,698 In affiliated securities, at value ....................... 202,437,091 662,238,746 0 In repurchase agreements, at value ....................... 0 0 40,570,403 -------------- -------------- ------------ Total investments, at value (see cost below) ................ 3,052,094,056 4,681,612,474 304,354,101 Segregated cash ............................................. 0 10,210,000 0 Foreign currency, at value (see cost below) ................. 2,029,086 6,860,236 0 Principal paydown receivable ................................ 128,764 0 0 Receivable for daily variation margin on open futures contracts ................................................ 0 335,570 0 Receivable for investments sold ............................. 12,637,065 177,276 215,000 Receivable for dividends and interest ....................... 24,550,914 7,306,783 23,804 Receivable for securities lending income .................... 18,304 134,586 0 Prepaid expenses and other assets ........................... 16,900 28,593 42,877 -------------- -------------- ------------ Total Assets ................................................... 3,091,475,089 4,706,665,518 304,635,782 -------------- -------------- ------------ LIABILITIES Payable for investments purchased ........................... 67,073,807 65,063,971 2,299,777 Payable due to custodian bank ............................... 10,720 0 0 Payable upon receipt of securities loaned ................... 100,096,961 553,433,804 0 Advisory fee payable ........................................ 604,937 884,713 25,160 Accrued expenses and other liabilities ...................... 111,277 222,021 23,162 -------------- -------------- ------------ Total liabilities .............................................. 167,897,702 619,604,509 2,348,099 -------------- -------------- ------------ TOTAL NET ASSETS ............................................... $2,923,577,387 $4,087,061,009 $302,287,683 ============== ============== ============ Total investments, at cost ..................................... $2,884,221,589 $4,780,721,165 $304,328,703 -------------- -------------- ------------ Foreign currency, at cost ...................................... $ 2,020,277 $ 6,837,082 $ 0 -------------- -------------- ------------ Security on loan, at value ..................................... $ 98,104,608 $ 538,767,983 $ 0 -------------- -------------- ------------
The accompanying notes are an integral part of these financial statements. 210 Wells Fargo Advantage Master Portfolios Statements of Operations--For the Six Months Ended August 31, 2010 (Unaudited)
Diversified Fixed Diversified Stock Short-Term Investment Income Portfolio Portfolio Portfolio ----------------- ----------------- -------------------- INVESTMENT INCOME Dividends(1) .................................................. $ 0 $ 42,435,671 $ 0 Interest ...................................................... 42,456,468 11,496 498,846 Income from affiliated securities ............................. 446,748 108,070 0 Securities lending income, net ................................ 63,788 1,025,631 0 ------------ ------------- --------- Total investment income .......................................... 42,967,004 43,580,868 498,846 ------------ ------------- --------- EXPENSES Advisory fees ................................................. 3,625,666 6,315,073 141,241 Custody and accounting fees ................................... 54,531 474,276 11,521 Professional fees ............................................. 26,270 25,116 21,396 Shareholder reports expenses .................................. 2,017 3,025 1,260 Trustees' fees ................................................ 5,332 5,332 5,332 Other fees and expenses ....................................... 8,422 30,547 1,465 ------------ ------------- --------- Total expenses ................................................... 3,722,238 6,853,369 182,215 LESS Waived fees and/or reimbursed expenses ........................ (298,585) (1,254,745) 0 ------------ ------------- --------- Net expenses ..................................................... 3,423,653 5,598,624 182,215 ------------ ------------- --------- Net investment income ............................................ 39,543,351 37,982,244 316,631 ------------ ------------- --------- REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS NET REALIZED GAINS (LOSSES) FROM Unaffiliated securities ....................................... 8,301,786 50,203,781 (280,592) Affiliated securities ......................................... 378,492 0 0 Foreign currency related transactions ......................... (348,275) 73,947 0 Futures transactions .......................................... 0 418,223 0 ------------ ------------- --------- Net realized gains (losses) from investments ..................... 8,332,003 50,695,951 (280,592) ------------ ------------- --------- NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Unaffiliated securities ....................................... 102,181,191 (165,484,560) 360,890 Affiliated securities ......................................... 298,810 (46,336) 0 Futures transactions .......................................... 0 (1,427,579) 0 Foreign currency related transactions ......................... 31,453 46,337 0 ------------ ------------- --------- Net change in unrealized appreciation (depreciation) of investments ................................................... 102,511,454 (166,912,138) 360,890 ------------ ------------- --------- Net realized and unrealized gains (losses) on investments ........ 110,843,457 (116,216,187) 80,298 ------------ ------------- --------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .. $150,386,808 $ (78,233,943) $ 396,929 ============ ============= ========= (1.) Net of foreign withholding taxes of ......................... $ 0 $ 2,425,830 $ 0
The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 212 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
DIVERSIFIED FIXED INCOME PORTFOLIO ------------------------------------ For the Six Months Ended For the August 31, 2010 Year Ended (Unaudited) February 28, 2010 ---------------- ----------------- OPERATIONS Net investment income ........................ $ 39,543,351 $ 54,076,998 Net realized gains (losses) on investments ... 8,332,003 1,097,939 Net change in unrealized appreciation (depreciation) of investments ............. 102,511,454 62,873,792 -------------- -------------- Net increase (decrease) in net assets resulting from operations .............................. 150,386,808 118,048,729 -------------- -------------- CAPITAL SHARES TRANSACTIONS Contributions ................................ 664,124,511 1,423,774,624 Withdrawals .................................. (237,252,846) (114,788,338) -------------- -------------- Net increase in net assets resulting from capital share transactions ........................... 426,871,665 1,308,986,286 -------------- -------------- TOTAL INCREASE IN NET ASSETS .................... 577,258,473 1,427,035,015 -------------- -------------- Net assets Beginning of period ............................. 2,346,318,914 919,283,899 ============== ============== End of period ................................... $2,923,577,387 $2,346,318,914 ============== ==============
The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 213 Statements of Changes in Net Assets
DIVERSIFIED STOCK PORTFOLIO SHORT-TERM INVESTMENT PORTFOLIO - ------------------------------------ ------------------------------------ For the For the Six Months Ended For the Six Months Ended For the August 31, 2010 Year Ended August 31, 2010 Year Ended (Unaudited) February 28, 2010 (Unaudited) February 28, 2010 - ---------------- ----------------- ---------------- ----------------- $ 37,982,244 $ 38,577,284 $ 316,631 $ 389,143 50,695,951 (120,017,439) (280,592) 2,037 (166,912,138) 933,498,075 360,890 144,598 -------------- -------------- ------------ ------------ (78,233,943) 852,057,920 396,929 535,778 -------------- -------------- ------------ ------------ 827,690,883 2,100,503,527 80,993,631 180,541,973 (294,386,234) (434,360,690) (36,577,087) (15,916,234) -------------- -------------- ------------ ------------ 533,304,649 1,666,142,837 44,416,544 164,625,739 -------------- -------------- ------------ ------------ 455,070,706 2,518,200,757 44,813,473 165,161,517 -------------- -------------- ------------ ------------ 3,631,990,303 1,113,789,546 257,474,210 92,312,693 ============== ============== ============ ============ $4,087,061,009 $3,631,990,303 $302,287,683 $257,474,210 ============== ============== ============ ============
214 Wells Fargo Advantage Master Portfolios Financial Highlights
Ratio to Average Net Assets (Annualized) -------------------------------- Net Portfolio Investment Gross Net Total Turnover Income Expenses Expenses Return(1) Rate(3) ---------- -------- -------- --------- --------- DIVERSIFIED FIXED INCOME PORTFOLIO March 1, 2010 to August 31, 2010 (Unaudited) ... 1.50% 0.28% 0.26% 5.65% 29% March 1, 2009 to February 28, 2010 ............. 3.47% 0.31% 0.28% 10.44% 113% March 1, 2008 to February 28, 2009 ............. 4.18% 0.35% 0.35% 0.00% 51% March 1, 2007 to February 29, 2008 ............. 4.54% 0.35% 0.35% 9.56% 84% June 26, 2006(2) to February 28, 2007 .......... 4.52% 0.37% 0.36% 6.70% 165% DIVERSIFIED STOCK PORTFOLIO March 1, 2010 to August 31, 2010 (Unaudited) ... 1.88% 0.34% 0.28% (1.57)% 17% March 1, 2009 to February 28, 2010 ............. 1.66% 0.38% 0.31% 66.83% 22% March 1, 2008 to February 28, 2009 ............. 2.02% 0.43% 0.42% (46.36)% 29% March 1, 2007 to February 29, 2008 ............. 1.66% 0.43% 0.43% (2.23)% 29% June 26, 2006(2) to February 28, 2007 .......... 1.25% 0.44% 0.43% 16.12% 87% SHORT-TERM INVESTMENT PORTFOLIO March 1, 2010 to August 31, 2010 (Unaudited) ... 0.22% 0.13% 0.13% 0.00% NA March 1, 2009 to February 28, 2010 ............. 0.24% 0.17% 0.16% 0.45% NA March 1, 2008 to February 28, 2009 ............. 2.32% 0.19% 0.18% 0.92% NA March 1, 2007 to February 29, 2008 ............. 4.99% 0.17% 0.16% 4.81% NA June 26, 2006(2) to February 28, 2007 .......... 5.21% 0.18% 0.17% 4.00% NA
- ---------- (1.) Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized. (2.) Commencement of operations. (3.) Portfolio turnover rates presented for periods of less than one year are not annualized. The accompanying notes are an integral part of these financial statements. Wells Fargo Advantage Master Portfolios 215 Notes to Financial Statements (Unaudited) 1. ORGANIZATION Wells Fargo Master Trust (the "Trust"), a Delaware statutory trust organized on March 10, 1999, 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 Diversified Fixed Income Portfolio ("Diversified Fixed Income Portfolio"), Wells Fargo Advantage Diversified Stock Portfolio ("Diversified Stock Portfolio") and Wells Fargo Advantage Short-Term Investment Portfolio ("Short-Term Investment 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 which require 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. 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. 216 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) 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. REPURCHASE AGREEMENTS The Funds may invest in repurchase agreements and may participate in pooled repurchase agreement transactions with other funds advised by Wells Fargo Funds Management, LLC. The repurchase agreements must be fully collateralized based on values that are marked-to-market daily. The collateral may be held by an agent bank under a tri-party agreement. It is the custodian's responsibility to value collateral daily and to take action to obtain additional collateral as necessary to maintain market value equal to or greater than the resale price. The repurchase agreements are collateralized by instruments such as U.S. Treasury, federal agency, or high-grade corporate obligations. There could be potential loss to a Fund in the event that such Fund is delayed or prevented from exercising its rights to dispose of the collateral, including the risk of a possible decline in the value of the underlying obligations during the period in which a Fund seeks to assert its rights. 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 lend their securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. A Fund continues to receive interest or dividends on the securities loaned. A Fund receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day and any additional required collateral is delivered to the Fund on the next business day. In the event of default or bankruptcy by the borrower, a Fund could experience delays and costs in recovering the loaned securities or in gaining access to the collateral. In addition, the investment of any cash collateral received may lose all or part of its value. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. Wells Fargo Advantage Master Portfolios 217 Notes to Financial Statements (Unaudited) The Funds lend their securities through an unaffiliated securities lending agent. Cash collateral received in connection with their securities lending transactions is invested in Wells Fargo Securities Lending Cash Investments, LLC (the "Cash Collateral Fund"). The Cash Collateral Fund is exempt from registration under Section 3(c)(7) of the 1940 Act and is managed by Wells Fargo Funds Management LLC ("Funds Management") and is sub-advised by Wells Capital Management Incorporated ("Wells Capital Management"). Funds Management receives an advisory fee starting at 0.05% and declining to 0.01% as the average daily net assets of the Cash Collateral Fund increase. All of the fees received by Funds Management are paid to Wells Capital Management for its services as sub-advisor. The Cash Collateral Fund seeks to provide a positive return compared to the daily Fed Funds Open rate by investing in high-quality, U.S. dollar-denominated short-term money market instruments. Cash Collateral Fund investments are fair valued based upon the amortized cost valuation technique. Income earned from investment in the Cash Collateral Fund is included in securities lending income on the Statement of Operations. Prior to April 1, 2010, Wells Fargo Bank, N.A. acted as the securities lending agent for the Funds and was entitled to receive for its services 25% of the revenues earned on the securities lending activities. For the six months ended August 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. had the impact of increasing securities lending income on the Statements of Operations. The value of the securities on loan and the liability to return the collateral are shown on the Statements of Assets and Liabilities. 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. The amount of securities lending activity undertaken by a Fund fluctuates from time to time. After the occurrence of a default or impairment of structured investment vehicles purchased in a joint account by the Funds' former 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 structured investment vehicles fluctuated 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 structured investment vehicles, 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 structured investment vehicles 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 structured investment vehicle in the joint account based on each such Fund's percentage ownership of the joint account as of such date. FUTURES CONTRACTS Certain Funds may be subject to equity price 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. 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. 218 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited) 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. 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 Funds' investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Funds' investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: - - Level 1 - quoted prices in active markets for identical securities - - Level 2 - other significant observable inputs (including quoted prices for similar securities, 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 those securities. As of August 31, 2010, the inputs used in valuing the Funds' assets, which are carried at fair value, were as follows:
Significant Other Significant Quoted Prices Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total - ------------------------- ------------- ----------------- ------------------- -------------- DIVERSIFIED FIXED INCOME PORTFOLIO CORPORATE BONDS AND NOTES $ 0 $ 628,005,379 $4,992,396 $ 632,997,775 YANKEE CORPORATE BONDS AND NOTES 0 106,664,917 0 106,664,917 FOREIGN GOVERNMENT BONDS 0 717,382,603 0 717,382,603 AGENCY NOTES - INTEREST BEARING 0 21,924,216 0 21,924,216 AGENCY SECURITIES 0 802,797,129 0 802,797,129 MUNICIPAL BONDS AND NOTES 0 52,614 0 52,614 U.S. TREASURY OBLIGATIONS 528,743,919 75,525,886 0 604,269,805 INVESTMENT COMPANIES 90,629,252 97,299,961 0 187,929,213 TOTAL $619,373,171 $2,427,728,489 $4,992,396 $3,052,094,056
Wells Fargo Advantage Master Portfolios 219 Notes to Financial Statements (Unaudited)
Significant Other Significant Quoted Prices Observable Inputs Unobservable Inputs INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total - ------------------------- -------------- ----------------- ------------------- -------------- DIVERSIFIED STOCK PORTFOLIO EQUITY SECURITIES COMMON STOCKS $3,985,964,471 $ 0 $ 3,058,468 $3,989,022,939 PREFERRED STOCKS 35,710,470 0 0 35,710,470 WARRANTS 0 14,922 38 14,960 RIGHTS 0 0 2,844 2,844 CORPORATE BONDS AND NOTES 0 0 7,410,636 7,410,636 INVESTMENT COMPANIES 101,376,701 548,073,924 0 649,450,625 TOTAL $4,123,051,642 $548,088,846 $ 10,471,986 $4,681,612,474 SHORT-TERM INVESTMENT PORTFOLIO AGENCY SECURITIES $ 0 $ 998,816 $ 0 $ 998,816 CERTIFICATE OF DEPOSIT 0 29,148,120 1,500,000 30,648,120 COMMERCIAL PAPER 0 169,386,601 0 169,386,601 CORPORATE BONDS AND NOTES 0 4,369,941 0 4,369,941 MUNICIPAL BONDS AND NOTES 0 26,681,000 0 26,681,000 REPURCHASE AGREEMENTS 0 40,570,403 0 40,570,403 SECURED MASTER NOTE AGREEMENT 0 0 4,200,000 4,200,000 TIME DEPOSITS 0 24,000,070 0 24,000,070 U.S. TREASURY OBLIGATIONS 0 2,999,142 0 2,999,142 YANKEE CORPORATE BONDS 0 500,008 0 500,008 TOTAL $ 0 $298,654,101 $ 5,700,000 $ 304,354,101
As of August 31, 2010, the inputs used in valuing Diversified Stock Portfolio's other financial instruments, which are carried at fair value, were as follows:
Significant Other Significant Quoted Prices Observable Inputs Unobservable Inputs FUTURES CONTRACTS (Level 1) (Level 2) (Level 3) Total - ----------------- -------------- ----------------- ------------------- ----------- DIVERSIFIED STOCK PORTFOLIO $(2,131,190) $0 $0 $(2,131,190)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Corporate Bonds and Notes --------------- DIVERSIFIED FIXED INCOME PORTFOLIO BALANCE AS OF FEBRUARY 28, 2010 $3,863,378 Change in unrealized gains or losses 429,957 Net purchases (sales) (386,015) Transfers in and/or out of Level 3 1,085,076 BALANCE AS OF AUGUST 31, 2010 $4,992,396 CHANGE IN UNREALIZED GAINS OR LOSSES INCLUDED IN EARNINGS RELATING TO SECURITIES STILL HELD AT AUGUST 31, 2010 $ 232,252
220 Wells Fargo Advantage Master Portfolios Notes to Financial Statements (Unaudited)
Corporate Common bonds stocks Rights and notes Warrants Total ---------- ------- ---------- -------- ----------- DIVERSIFIED STOCK PORTFOLIO BALANCE AS OF FEBRUARY 28, 2010 $ 722,454 $ 8,450 $7,330,925 $ 0 $ 8,061,829 Realized gains or losses (491,469) 0 0 0 (491,469) Change in unrealized gains or losses 469,546 (2,246) 858,038 13 1,325,351 Net purchases (sales) (245,823) (3,360) (778,327) 0 (1,027,510) Transfers in and/or out of Level 3 2,603,760 0 0 25 2,603,785 BALANCE AS OF AUGUST 31, 2010 $3,058,468 $ 2,844 $7,410,636 $38 $10,471,986 CHANGE IN UNREALIZED GAINS OR LOSSES INCLUDED IN EARNINGS RELATING TO SECURITIES STILL HELD AT AUGUST 31, 2010 $ (120,203) $ 2,844 $ 441,410 $13 $ 324,064
Corporate notes Certificates Secured Master and bonds of Deposit Note Agreement Total --------------- ------------ -------------- ---------- SHORT-TERM INVESTMENT PORTFOLIO BALANCE AS OF FEBRUARY 28, 2010 $ 527,454 $ 0 $ 0 $ 527,454 Realized gains or losses 53,915 0 0 53,915 Change in unrealized gains or losses 0 0 0 0 Net purchases (sales) (581,369) 0 0 (581,369) Transfers in and/or out of Level 3 0 1,500,000 4,200,000 5,700,000 BALANCE AS OF AUGUST 31, 2010 $ 0 $1,500,000 $4,200,000 $5,700,000 CHANGE IN UNREALIZED GAINS OR LOSSES INCLUDED IN EARNINGS RELATING TO SECURITIES STILL HELD AT AUGUST 31, 2010 $ 0 $ 0 $ 0 $ 0
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES ADVISORY FEES The Trust has entered into an advisory contract with Funds Management. The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management. Pursuant to the contract, Funds Management is paid an annual advisory fee starting at 0.30% and declining to 0.24% as the average daily net assets of Diversified Fixed Income Portfolio increases. Funds Management is paid an annual advisory fee starting at 0.35% and declining to 0.29% as the average daily net assets of Diversified Stock Portfolio increases. Short-Term Investment Portfolio pays an advisory fee at an annual rate of 0.10% of its average daily net assets. For the six months ended August 31, 2010, the advisory fee was equivalent to an annual rate for each Fund as follows:
Advisory Fees (% of Average Daily Net Assets) ------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO 0.27 DIVERSIFIED STOCK PORTFOLIO 0.31 SHORT-TERM INVESTMENT PORTFOLIO 0.10
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 the Short-Term Investment Portfolio. SSgA Funds Management Incorporated is the sub-adviser to Diversified Fixed Income Portfolio and Diversified Stock Portfolio. Funds Management has contractually waived and/or reimbursed advisory fees during the six months ended August 31, 2010 necessary to maintain certain net operating expense ratios for the Funds. Wells Fargo Advantage Master Portfolios 221 Notes to Financial Statements (Unaudited) 5. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date), for the year ended August 31, 2010, were as follows:
Purchases at Cost Sales Proceeds ------------------------------------- ------------------------------------- U.S. Government Non-U.S. Government U.S. Government Non-U.S. Government --------------- ------------------- --------------- ------------------- DIVERSIFIED FIXED INCOME PORTFOLIO $993,545,823 $ 340,115,360 $755,749,195 $120,187,228 DIVERSIFIED STOCK PORTFOLIO 0 2,715,194,992 0 620,898,805
6. DERIVATIVE TRANSACTIONS During the six months ended August 31, 2010, the Diversified Stock Portfolio entered into futures contracts for hedging purposes. At August 31, 2010, the Diversified Stock Portfolio had futures contracts outstanding as follows:
Initial Net Unrealized Expiration Contract Value at Appreciation/ Date Contracts Type Amount August 31, 2010 (Depreciation) - -------------- --------- -------------------- ----------- --------------- -------------- September 2010 452 Long Russell 2000 Index $28,202,684 $27,192,320 $(1,010,364) September 2010 431 Long MSCI EAFE Index 30,424,184 30,644,100 219,916 September 2010 407 Long S&P Midcap 400 Index 30,060,003 29,348,770 (711,233) September 2010 508 Long S&P 500 Index 27,256,329 26,626,820 (629,509)
These futures contracts were collateralized by segregated cash in the amount of $10,210,000. Diversified Stock Portfolio had an average contract amount of $101,084,932 in long futures contracts during the six months ended August 31, 2010. During the six months ended August 31, 2010, the Diversified Fixed Income Portfolio entered into forward foreign currency exchange contracts for speculative purposes. As of August 31, 2010, the Diversified Fixed Income Portfolio did not have any open forward foreign currency exchange contracts but had average market values of $46,339,923 and $32,545,344 in forward foreign currency exchange contracts to buy and forward foreign currency exchange contracts to sell, respectively, during the six months ended August 31, 2010. A summary of derivative instruments by primary risk exposure is outlined in the following tables, unless the only primary risk exposure category is already reflected in the appropriate financial statements. The effect of derivative instruments on the Statement of Operations for the six months ended August 31, 2010 was as follows for the Diversified Fixed Income Portfolio:
Amount of Realized Change in Unrealized Gain or Loss Appreciation or Depreciation on Derivatives on Derivatives ------------------ ---------------------------- FORWARD FOREIGN CURRENCY CONTRACTS $10,475 $20,914
On August 31, 2010, the cumulative depreciation on futures contracts in the amount of $2,131,190 is reflected in net assets on the Statement of Assets and Liabilities for the Diversified Stock Portfolio. The receivable for daily variation margin on open futures contracts only represents the current day's variation margin. The realized gains on futures contracts are reflected in the Statement of Operations. 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 MANAGEMENT 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) under 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: October 29, 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: October 29, 2010 By: /s/ Kasey L. Phillips Kasey L. Phillips Treasurer Date: October 29, 2010 EX-99.CERT 2 g06904exv99wcert.txt EX-99.CERT Exhibit 99.CERT CERTIFICATION I, Karla M. Rabusch, certify that: 1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, and Wells Fargo Advantage Short-Term Investment Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: October 29, 2010 /s/ Karla M. Rabusch - ----------------------- Karla M. Rabusch President Wells Fargo Master Trust Exhibit 99.CERT CERTIFICATION I, Kasey L. Phillips, certify that: 1. I have reviewed this report on Form N-CSRS of Wells Fargo Master Trust on behalf of the following series: Wells Fargo Advantage Diversified Fixed Income Portfolio, Wells Fargo Advantage Diversified Stock Portfolio, and Wells Fargo Advantage Short-Term Investment Portfolio; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal controls over financial reporting that occurred during the registrant's most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls over financial reporting. Date: October 29, 2010 /s/ Kasey L. Phillips - ----------------------- Kasey L. Phillips Treasurer Wells Fargo Master Trust EX-99.906CERT 3 g06904exv99w906cert.txt EX-99.906CERT Exhibit 99.906CERT SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Wells Fargo Master Trust (the "Trust"), hereby certifies, to the best of her knowledge, that the Trust's report on Form N-CSRS for the period ended August 31, 2010 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: October 29, 2010 By: /s/ Karla M. Rabusch Karla M. Rabusch President Wells Fargo Master Trust Exhibit 99.906CERT SECTION 906 CERTIFICATION Pursuant to 18 U.S.C. Section 1350, the undersigned officer of Wells Fargo Master Trust (the "Trust"), hereby certifies, to the best of his knowledge, that the Trust's report on Form N-CSRS for the period ended August 31, 2010 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. Date: October 29, 2010 By: /s/ Kasey L. Phillips Kasey L. Phillips Treasurer Wells Fargo Master Trust -----END PRIVACY-ENHANCED MESSAGE-----