-----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, QjSgNqHbZ5EL0kXtUcLsl7A4kqAkH2rxc55at+Y2KmJ1UHbscwJjkWRnrySnDPtB fMziX73Cc0Bf3W/ShXKmGA== 0000935069-08-001099.txt : 20080501 0000935069-08-001099.hdr.sgml : 20080501 20080501164157 ACCESSION NUMBER: 0000935069-08-001099 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080229 FILED AS OF DATE: 20080501 DATE AS OF CHANGE: 20080501 EFFECTIVENESS DATE: 20080501 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-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-09689 FILM NUMBER: 08795284 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 Money Market Portfolio C000035519 Money Market Portfolio N-CSR 1 g45829_ncsrmastertrust.txt G45829_NCSRMASTERTRUST.TXT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-09689 Wells Fargo Master Trust (Exact name of registrant as specified in charter) 525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: February 29, 2008 Date of reporting period: February 29, 2008 ITEM 1. REPORT TO SHAREHOLDERS =============================== 60 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE CORPORATE BONDS & NOTES: 21.61% AGRICULTURAL SERVICES: 0.02% $ 150,000 BUNGE LIMITED FINANCE CORPORATION 5.10% 07/15/2015 $ 146,517 -------------- APPAREL & ACCESSORY STORES: 0.09% 150,000 JCPENNEY CORPORATION INCORPORATED 6.38 10/15/2036 130,222 250,000 JCPENNEY CORPORATION INCORPORATED 7.95 04/01/2017 271,501 65,000 KOHL'S CORPORATION 6.00 01/15/2033 53,265 65,000 LIMITED BRANDS 5.25 11/01/2014 57,862 125,000 MAY DEPARTMENT STORES COMPANY 4.80 07/15/2009 125,056 637,906 -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.01% 100,000 VF CORPORATION 5.95 11/01/2017 102,572 -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.03% 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 252,848 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01% 100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 101,711 -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.02% 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 62,675 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 59,486 122,161 -------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.29% 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 158,778 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 176,379 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 102,113 50,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 48,184 180,000 HOME DEPOT INCORPORATED 4.63 08/15/2010 181,308 100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 101,183 50,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 49,270 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 640,814 250,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 205,826 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 402,433 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 74,570 2,140,858 -------------- BUSINESS SERVICES: 0.32% 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.50 08/01/2013 184,094 100,000 FISERV INCORPORATED 6.13 11/20/2012 105,344 100,000 FISERV INCORPORATED 6.80 11/20/2017 105,810 1,725,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 1,850,157 130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 130,926 2,376,331 -------------- CHEMICALS & ALLIED PRODUCTS: 1.03% 150,000 ABBOTT LABORATORIES 5.60 05/15/2011 160,282 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 161,227 100,000 AMGEN INCORPORATED 6.38 06/01/2037 99,397 250,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 241,413 150,000 CLOROX COMPANY 5.00 03/01/2013 151,977 300,000 CLOROX COMPANY 5.00 01/15/2015 293,941 100,000 CLOROX COMPANY 5.45 10/15/2012 103,532 90,000 CLOROX COMPANY 5.95 10/15/2017 90,713
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 61 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE CHEMICALS & ALLIED PRODUCTS (continued) $ 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20% 11/07/2016 $ 103,305 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 107,888 100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 108,974 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 584,591 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 51,197 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60 12/15/2036 23,700 180,000 E.I. DU PONT DE NEMOURS & COMPANY 6.88 10/15/2009 191,109 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 213,983 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 391,281 125,000 GENENTECH INCORPORATED 4.40 07/15/2010 129,036 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 252,513 250,000 JOHNSON & JOHNSON<< 5.55 08/15/2017 273,837 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 65,245 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 149,567 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 66,973 100,000 MONSANTO COMPANY 5.50 08/15/2025 94,531 300,000 PFIZER INCORPORATED 4.50 02/15/2014 307,694 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 76,055 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 163,426 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 523,889 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 102,320 150,000 PROCTER & GAMBLE COMPANY 6.88 09/15/2009 160,523 75,000 ROHM & HAAS COMPANY 7.85 07/15/2029 82,534 225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 229,718 120,000 SCHERING-PLOUGH CORPORATION 6.75 12/01/2033 125,546 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 198,640 500,000 WYETH 5.45 04/01/2017 515,862 180,000 WYETH 5.50 02/15/2016 185,108 625,000 WYETH 6.00 02/15/2036 608,471 300,000 WYETH 6.95 03/15/2011 326,705 7,716,703 -------------- COMMUNICATIONS: 2.39% 65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 62,842 300,000 AT&T INCORPORATED 4.13 09/15/2009 303,920 325,000 AT&T INCORPORATED 5.10 09/15/2014 329,858 300,000 AT&T INCORPORATED 6.25 03/15/2011 320,902 70,000 AT&T INCORPORATED 6.50 09/01/2037 70,820 550,000 AT&T INCORPORATED 8.00 11/15/2031 655,675 360,000 AT&T WIRELESS 7.88 03/01/2011 397,628 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,139,078 225,000 AT&T WIRELESS 8.75 03/01/2031 281,161 250,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 283,159 325,000 BELLSOUTH CORPORATION 4.20 09/15/2009 329,122 325,000 BELLSOUTH CORPORATION<< 5.20 09/15/2014 331,659 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 170,581 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 180,855 180,000 BRITISH TELEPHONE PLC 8.63 12/15/2010 202,466 180,000 CBS CORPORATION 4.63 05/15/2018 156,492 100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 93,683 240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 236,204 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 347,588 100,000 COMCAST CORPORATION 4.95 06/15/2016 94,090 300,000 COMCAST CORPORATION 5.30 01/15/2014 296,564 200,000 COMCAST CORPORATION 5.45 11/15/2010 206,855 75,000 COMCAST CORPORATION 5.88 02/15/2018 74,413
62 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COMMUNICATIONS (continued) $ 225,000 COMCAST CORPORATION 5.90% 03/15/2016 $ 225,992 500,000 COMCAST CORPORATION 6.30 11/15/2017 513,438 150,000 COMCAST CORPORATION 6.45 03/15/2037 142,820 200,000 COMCAST CORPORATION 6.50 11/15/2035 191,314 400,000 COMCAST CORPORATION 6.95 08/15/2037 404,962 180,000 COX COMMUNICATIONS INCORPORATED 4.63 01/15/2010 181,932 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 179,582 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 325,245 100,000 EMBARQ CORPORATION 6.74 06/01/2013 102,983 350,000 EMBARQ CORPORATION 7.08 06/01/2016 348,483 120,000 MOTOROLA INCORPORATED 7.63 11/15/2010 126,990 750,000 NEXTEL COMMUNICATIONS INCORPORATED SERIES E 6.88 10/31/2013 588,750 300,000 QWEST CORPORATION 6.88 09/15/2033 263,250 500,000 QWEST CORPORATION 7.50 06/15/2023 458,750 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 65,968 180,000 SPRINT CAPITAL CORPORATION 6.90 05/01/2019 132,300 300,000 SPRINT CAPITAL CORPORATION 8.38 03/15/2012 264,000 475,000 SPRINT CAPITAL CORPORATION 8.75 03/15/2032 370,500 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 411,108 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 148,211 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 241,138 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 261,532 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 173,089 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 46,621 360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 380,976 325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 346,473 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 322,392 300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 312,398 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 246,329 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 320,379 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 93,643 500,000 VERIZON GLOBAL FUNDING CORPORATION 7.25 12/01/2010 545,231 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,124,660 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 398,760 200,000 VIACOM INCORPORATED 5.50 05/15/2033 160,506 180,000 VIACOM INCORPORATED 5.75 04/30/2011 186,041 180,000 VIACOM INCORPORATED 6.25 04/30/2016 178,512 50,000 VIACOM INCORPORATED 6.75 10/05/2037 47,779 180,000 VIACOM INCORPORATED 6.88 04/30/2036 172,107 300,000 VODAFONE GROUP PLC 7.75 02/15/2010 322,052 17,892,811 -------------- DEPOSITORY INSTITUTIONS: 3.20% 150,000 ABBEY NATIONAL CAPITAL TRUST I+/- 8.96 12/31/2049 175,194 180,000 BAC CAPITAL TRUST VI 5.63 03/08/2035 154,595 200,000 BAC CAPITAL TRUST XI 6.63 05/23/2036 192,913 50,000 BAC CAPITAL TRUST XIV+/- 5.63 12/31/2049 40,271 1,250,000 BANK OF AMERICA CORPORATION 4.50 08/01/2010 1,287,536 250,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 247,885 700,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 727,241 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 245,023 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 102,757 500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 510,959 1,000,000 BANK OF AMERICA CORPORATION 7.80 02/15/2010 1,077,698 450,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 01/14/2011 466,497 150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 155,107
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 63 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE DEPOSITORY INSTITUTIONS (continued) $ 500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40% 06/15/2011 $ 547,861 240,000 BANK ONE CORPORATION 7.63 10/15/2026 267,771 250,000 BANK ONE CORPORATION 8.00 04/29/2027 292,536 100,000 BB&T CAPITAL TRUST IV+/- 6.82 06/12/2049 91,300 250,000 BB&T CORPORATION 5.20 12/23/2015 239,342 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 871,958 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 960,188 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 776,696 625,000 CITIGROUP INCORPORATED 6.50 01/18/2011 664,956 500,000 COMERCIA BANK SERIES BKNT 5.75 11/21/2016 475,700 100,000 COMERICA CAPITAL TRUST II+/- 6.58 02/20/2037 71,402 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 102,833 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 468,714 200,000 HSBC BANK USA NA NEW YORK 4.63 04/01/2014 193,826 225,000 HSBC BANK USA NA NEW YORK SERIES BKNT 5.63 08/15/2035 193,554 825,000 JPMORGAN CHASE & COMPANY<< 3.50 03/15/2009 823,127 250,000 JPMORGAN CHASE & COMPANY 5.25 05/01/2015 252,077 1,000,000 JPMORGAN CHASE & COMPANY<< 5.38 10/01/2012 1,050,258 600,000 JPMORGAN CHASE & COMPANY 5.60 06/01/2011 631,725 800,000 JPMORGAN CHASE & COMPANY<< 6.63 03/15/2012 865,634 350,000 KEYBANK NA 5.80 07/01/2014 354,822 250,000 LEHMAN BROTHERS HOLDINGS 6.88 07/17/2037 237,656 250,000 M&I MARSHALL & ILSLEY BANK SERIES BKNT 5.00 01/17/2017 235,051 200,000 MELLON FUNDING CORPORATION 5.00 12/01/2014 200,242 100,000 MELLON FUNDING CORPORATION 5.20 05/15/2014 103,568 360,000 NATIONAL CITY CORPORATION 4.90 01/15/2015 320,814 450,000 PNC FUNDING CORPORATION 5.13 12/14/2010 466,704 250,000 REGIONS BANK 6.45 06/26/2037 228,431 150,000 SUNTRUST BANK 5.00 09/01/2015 142,968 250,000 SUNTRUST CAPITAL VIII+/- 6.10 12/15/2049 211,203 200,000 UBS AG STAMFORD CT 5.88 07/15/2016 211,004 360,000 UBS PREFERRED FUNDING TRUST I+/- 8.62 12/31/2049 396,353 200,000 UNION BANK OF CALIFORNIA SERIES BKNT 5.95 05/11/2016 195,805 275,000 US BANK NA SERIES BKNT 4.95 10/30/2014 277,309 50,000 USB CAPITAL IX+/- 6.19 12/31/2049 40,938 250,000 WACHOVIA BANK NA 5.85 02/01/2037 217,292 150,000 WACHOVIA CAPITAL TRUST I+/- 5.80 12/31/2049 118,125 300,000 WACHOVIA CORPORATION<< 5.25 08/01/2014 300,601 400,000 WACHOVIA CORPORATION 5.50 08/01/2035 332,307 500,000 WACHOVIA CORPORATION 5.63 10/15/2016 501,489 325,000 WASHINGTON MUTUAL INCORPORATED 5.25 09/15/2017 280,824 900,000 WELLS FARGO & COMPANY(L) 4.20 01/15/2010 915,445 1,000,000 WELLS FARGO & COMPANY(L) 5.25 10/23/2012 1,050,261 500,000 WELLS FARGO & COMPANY(L) 5.30 08/26/2011 524,567 500,000 WELLS FARGO BANK NA(L) 4.75 02/09/2015 494,482 150,000 WELLS FARGO BANK NA(L) 5.95 08/26/2036 147,576 75,000 WESTERN UNION COMPANY 5.40 11/17/2011 77,435 75,000 WESTERN UNION COMPANY 5.93 10/01/2016 75,950 75,000 WESTERN UNION COMPANY 6.20 11/17/2036 69,789 23,954,145 -------------- EATING & DRINKING PLACES: 0.16% 250,000 DARDEN RESTAURANTS INCORPORATED 5.63 10/15/2012 252,863 105,000 DARDEN RESTAURANTS INCORPORATED 6.20 10/15/2017 102,546 20,000 DARDEN RESTAURANTS INCORPORATED 6.80 10/15/2037 18,211 100,000 MCDONALD'S CORPORATION 5.80 10/15/2017 105,650
64 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE EATING & DRINKING PLACES (continued) $ 150,000 MCDONALD'S CORPORATION 6.30% 10/15/2037 $ 153,452 100,000 MCDONALD'S CORPORATION SERIES MTN 4.30 03/01/2013 101,747 100,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 102,329 100,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 102,736 50,000 YUM! BRANDS INCORPORATED 6.25 03/15/2018 51,007 50,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 47,950 120,000 YUM! BRANDS INCORPORATED 8.88 04/15/2011 134,964 1,173,455 -------------- ELECTRIC, GAS & SANITARY SERVICES: 2.19% 75,000 AMERENUE 5.40 02/01/2016 75,331 100,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED SERIES C 5.38 03/15/2010 103,458 750,000 AMERICAN WATER CAPITAL CORPORATION++ 6.09 10/15/2017 775,016 315,000 APPALACHIAN POWER COMPANY SERIES L 5.80 10/01/2035 286,463 500,000 ARIZONA PUBLIC SERVICE COMPANY 6.38 10/15/2011 531,890 100,000 ATMOS ENERGY CORPORATION 4.95 10/15/2014 97,358 50,000 ATMOS ENERGY CORPORATION 6.35 06/15/2017 52,019 180,000 CAROLINA POWER & LIGHT COMPANY 5.25 12/15/2015 186,611 450,000 CENTERPOINT ENERGY HOUSTON SERIES J2 5.70 03/15/2013 476,289 150,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.13 11/01/2017 155,459 50,000 CENTERPOINT ENERGY RESOURCES CORPORATION 6.63 11/01/2037 49,763 250,000 COMMONWEALTH EDISON COMPANY 5.90 03/15/2036 233,466 65,000 COMMONWEALTH EDISON COMPANY SERIES 100 5.88 02/01/2033 60,310 50,000 COMMONWEALTH EDISON COMPANY SERIES 105 5.40 12/15/2011 51,558 180,000 CONSOLIDATED EDISON COMPANY OF NEW YORK 4.88 02/01/2013 185,394 100,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES 06-C 5.50 09/15/2016 103,225 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES D 5.30 12/01/2016 50,941 50,000 CONSOLIDATED EDISON COMPANY OF NEW YORK SERIES E 5.70 12/01/2036 46,590 100,000 CONSOLIDATED NATURAL GAS COMPANY SERIES A 5.00 12/01/2014 97,867 200,000 CONSTELLATION ENERGY GROUP INCORPORATED 7.00 04/01/2012 213,109 150,000 CONSUMERS ENERGY COMPANY SERIES B 5.38 04/15/2013 157,729 100,000 DOMINION RESOURCES INCORPORATED 4.75 12/15/2010 103,167 180,000 DOMINION RESOURCES INCORPORATED 5.70 09/17/2012 190,717 50,000 DOMINION RESOURCES INCORPORATED SERIES A 5.60 11/15/2016 51,275 125,000 DOMINION RESOURCES INCORPORATED SERIES B 5.95 06/15/2035 119,461 350,000 DTE ENERGY COMPANY 6.35 06/01/2016 367,569 150,000 DTE ENERGY COMPANY 7.05 06/01/2011 162,137 125,000 DUKE CAPITAL LLC 5.67 08/15/2014 126,905 100,000 DUKE CAPITAL LLC 8.00 10/01/2019 114,699 75,000 DUKE ENERGY CORPORATION 6.45 10/15/2032 78,405 500,000 DUKE ENERGY CORPORATION SERIES D 7.38 03/01/2010 540,506 120,000 DUKE ENERGY FIELD SERVICES LLC 7.88 08/16/2010 129,596 100,000 EMERSON ELECTRIC COMPANY<< 4.75 10/15/2015 100,273 55,000 ENERGY TRANSFER PARTNERS 6.13 02/15/2017 55,166 30,000 ENERGY TRANSFER PARTNERS 6.63 10/15/2036 28,508 125,000 EXELON CORPORATION 4.90 06/15/2015 120,396 65,000 EXELON CORPORATION 5.63 06/15/2035 58,067 150,000 EXELON GENERATION COMPANY LLC 6.95 06/15/2011 158,997 150,000 FIRST ENERGY CORPORATION SERIES B 6.45 11/15/2011 158,837 430,000 FIRST ENERGY CORPORATION SERIES C 7.38 11/15/2031 468,990 100,000 FLORIDA POWER & LIGHT COMPANY 4.80 03/01/2013 103,759 150,000 FLORIDA POWER & LIGHT COMPANY 5.63 04/01/2034 145,292 100,000 FLORIDA POWER & LIGHT COMPANY 5.85 05/01/2037 99,838 50,000 FLORIDA POWER & LIGHT COMPANY 5.95 02/01/2038 50,834 800,000 FPL GROUP CAPITAL INCORPORATED 5.63 09/01/2011 843,484 100,000 GEORGIA POWER COMPANY SERIES B 5.70 06/01/2017 104,518
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 65 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ELECTRIC, GAS & SANITARY SERVICES (continued) $ 100,000 ILLINOIS POWER COMPANY++ 6.13% 11/15/2017 $ 103,650 100,000 JERSEY CENTRAL POWER & LIGHT COMPANY 5.63 05/01/2016 100,283 125,000 KEYSPAN CORPORATION 5.80 04/01/2035 114,539 75,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.80 10/15/2036 72,845 180,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.88 10/01/2012 193,254 100,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 5.95 05/15/2037 96,753 250,000 MIDAMERICAN ENERGY HOLDINGS COMPANY 6.13 04/01/2036 248,131 1,000,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 1,096,204 180,000 NISOURCE FINANCE CORPORATION 5.25 09/15/2017 166,301 65,000 NISOURCE FINANCE CORPORATION 5.45 09/15/2020 58,928 100,000 NORTHERN STATES POWER COMPANY MINNESOTA 6.20 07/01/2037 103,283 65,000 ONEOK INCORPORATED 5.20 06/15/2015 63,914 200,000 ONEOK PARTNERS LP 6.15 10/01/2016 204,936 125,000 PACIFIC GAS & ELECTRIC COMPANY 4.80 03/01/2014 126,426 250,000 PACIFIC GAS & ELECTRIC COMPANY 5.80 03/01/2037 240,152 200,000 PACIFIC GAS & ELECTRIC COMPANY 6.05 03/01/2034 198,935 100,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 102,842 720,000 PACIFICORP 6.25 10/15/2037 747,693 100,000 POTOMAC ELECTRIC POWER 6.50 11/15/2037 99,844 500,000 PPL ENERGY SUPPLY LLC 6.20 05/15/2016 513,502 180,000 PROGRESS ENERGY INCORPORATED 7.10 03/01/2011 195,192 120,000 PROGRESS ENERGY INCORPORATED 7.75 03/01/2031 140,965 150,000 PSEG POWER LLC 7.75 04/15/2011 163,577 75,000 PSEG POWER LLC 8.63 04/15/2031 93,278 150,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 175,139 100,000 PUBLIC SERVICE ELECTRIC & GAS COMPANY SERIES MTN 5.80 05/01/2037 97,777 100,000 PUGET SOUND ENERGY INCORPORATED 6.27 03/15/2037 96,295 100,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-A 5.00 01/15/2016 100,640 180,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 05-E 5.35 07/15/2035 165,916 75,000 SOUTHERN CALIFORNIA GAS COMPANY 5.75 11/15/2035 73,157 100,000 SOUTHERN COMPANY SERIES A 5.30 01/15/2012 104,888 250,000 SOUTHERN POWER COMPANY SERIES D 4.88 07/15/2015 242,393 100,000 SOUTHWESTERN ELECTRIC POWER COMPANY SERIES E 5.55 01/15/2017 100,828 100,000 SOUTHWESTERN PUBLIC SERVICE 6.00 10/01/2036 95,267 75,000 TAMPA ELECTRIC COMPANY 6.15 05/15/2037 71,945 150,000 TENNESSEE VALLEY AUTHORITY<< 5.50 07/18/2017 166,440 50,000 TOLEDA EDISON COMPANY 6.15 05/15/2037 44,731 75,000 TXU ELECTRIC DELIVERY COMPANY 6.38 05/01/2012 77,847 75,000 TXU ELECTRIC DELIVERY COMPANY 7.00 05/01/2032 73,192 75,000 TXU ELECTRIC DELIVERY COMPANY 7.25 01/15/2033 75,326 100,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 4.75 03/01/2013 102,715 105,000 VIRGINIA ELECTRIC & POWER COMPANY SERIES A 6.00 05/15/2037 103,692 65,000 WASTE MANAGEMENT INCORPORATED 5.00 03/15/2014 63,573 150,000 WASTE MANAGEMENT INCORPORATED 7.75 05/15/2032 169,103 100,000 WISCONSIN ELECTRIC POWER COMPANY 5.63 05/15/2033 93,782 50,000 WISCONSIN ELECTRIC POWER COMPANY 5.70 12/01/2036 47,099 125,000 WISCONSIN ENERGY CORPORATION+/- 6.25 05/15/2049 113,731 100,000 WISCONSIN POWER & LIGHT COMPANY 6.38 08/15/2037 102,887 100,000 XCEL ENERGY INCORPORATED 7.00 12/01/2010 108,537 16,383,569 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.03% 50,000 EMERSON ELECTRIC COMPANY 5.25 10/15/2018 51,561 120,000 MOTOROLA INCORPORATED 7.50 05/15/2025 106,176 100,000 NISOURCE FINANCE CORPORATION 6.40 03/15/2018 100,191 257,928 --------------
66 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.01% $ 100,000 QUEST DIAGNOSTICS INCORPORATED 5.13% 11/01/2010 $ 102,690 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.03% 200,000 FORTUNE BRANDS INCORPORATED 5.38 01/15/2016 191,400 -------------- FOOD & KINDRED PRODUCTS: 0.78% 150,000 ALTRIA GROUP INCORPORATED 7.00 11/04/2013 174,195 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 184,226 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 52,151 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 245,546 350,000 ARCHER-DANIELS-MIDLAND COMPANY 5.38 09/15/2035 312,515 100,000 ARCHER-DANIELS-MIDLAND COMPANY 5.45 03/15/2018 100,925 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 104,342 180,000 COCA-COLA ENTERPRISES INCORPORATED 4.38 09/15/2009 183,619 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 198,523 200,000 COCA-COLA ENTERPRISES INCORPORATED 8.00 09/15/2022 249,342 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 152,224 150,000 CONAGRA FOODS INCORPORATED 6.75 09/15/2011 161,903 120,000 CONAGRA FOODS INCORPORATED 8.25 09/15/2030 138,229 100,000 GENERAL MILLS INCORPORATED 5.70 02/15/2017 101,183 225,000 GENERAL MILLS INCORPORATED 6.00 02/15/2012 238,290 150,000 GRAND METROPOLITAN INVESTMENT CORPORATION 7.45 04/15/2035 167,809 975,000 HJ HEINZ FINANCE COMPANY 6.63 07/15/2011 1,045,519 350,000 KELLOGG COMPANY SERIES B 6.60 04/01/2011 377,508 125,000 KRAFT FOODS INCORPORATED 4.13 11/12/2009 126,046 350,000 KRAFT FOODS INCORPORATED<< 5.25 10/01/2013 353,978 275,000 KRAFT FOODS INCORPORATED 5.63 11/01/2011 286,483 250,000 KRAFT FOODS INCORPORATED 6.50 08/11/2017 260,537 75,000 KRAFT FOODS INCORPORATED 6.50 11/01/2031 71,517 60,000 KRAFT FOODS INCORPORATED 7.00 08/11/2037 60,747 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 114,723 250,000 SARA LEE CORPORATION 6.25 09/15/2011 264,563 75,000 WM WRIGLEY JR COMPANY 4.30 07/15/2010 77,062 5,803,705 -------------- FOOD STORES: 0.11% 100,000 KROGER COMPANY 4.95 01/15/2015 98,938 50,000 KROGER COMPANY 6.15 01/15/2020 51,698 350,000 KROGER COMPANY 6.75 04/15/2012 378,690 75,000 KROGER COMPANY 7.50 04/01/2031 81,992 100,000 SAFEWAY INCORPORATED 4.95 08/16/2010 102,526 75,000 SAFEWAY INCORPORATED 7.25 02/01/2031 80,618 794,462 -------------- FORESTRY: 0.05% 180,000 WEYERHAEUSER COMPANY 6.75 03/15/2012 187,032 225,000 WEYERHAEUSER COMPANY 7.38 03/15/2032 212,353 399,385 -------------- FURNITURE & FIXTURES: 0.08% 50,000 CINTAS CORPORATION #2 6.15 08/15/2036 47,065 180,000 MASCO CORPORATION 5.88 07/15/2012 182,702 350,000 MASCO CORPORATION 6.13 10/03/2016 334,238 564,005 --------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 67 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE GENERAL MERCHANDISE STORES: 0.54% $ 100,000 COSTCO WHOLESALE CORPORATION 5.30% 03/15/2012 $ 105,974 200,000 COSTCO WHOLESALE CORPORATION 5.50 03/15/2017 208,964 405,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.35 03/15/2012 393,026 100,000 FEDERATED RETAIL HOLDINGS INCORPORATED 5.90 12/01/2016 91,481 350,000 TARGET CORPORATION 5.38 05/01/2017 351,607 100,000 TARGET CORPORATION 6.50 10/15/2037 98,186 150,000 TARGET CORPORATION 7.00 07/15/2031 155,304 500,000 WAL-MART STORES INCORPORATED 4.13 02/15/2011 512,342 180,000 WAL-MART STORES INCORPORATED 4.55 05/01/2013 187,559 325,000 WAL-MART STORES INCORPORATED 5.25 09/01/2035 288,787 100,000 WAL-MART STORES INCORPORATED 5.88 04/05/2027 100,165 650,000 WAL-MART STORES INCORPORATED<< 6.50 08/15/2037 693,696 800,000 WAL-MART STORES INCORPORATED 6.88 08/10/2009 845,797 4,032,888 -------------- HEALTH SERVICES: 0.23% 350,000 AETNA INCORPORATED 5.75 06/15/2011 367,980 350,000 AMGEN INCORPORATED 5.85 06/01/2017 362,077 350,000 ANTHEM INCORPORATED 6.80 08/01/2012 395,043 180,000 CARDINAL HEALTH INCORPORATED 5.85 12/15/2017 184,288 225,000 MERCK & COMPANY INCORPORATED 4.75 03/01/2015 230,777 100,000 QUEST DIAGNOSTICS INCORPORATED 6.95 07/01/2037 100,111 100,000 SCHERING-PLOUGH CORPORATION 5.55 12/01/2013 105,811 1,746,087 -------------- HOLDING & OTHER INVESTMENT OFFICES: 0.69% 50,000 ALLIED CAPITAL CORPORATION 6.63 07/15/2011 52,401 100,000 AMERIPRISE FINANCIAL INCORPORATED 5.35 11/15/2010 103,752 350,000 AVALONBAY COMMUNITIES INCORPORATED SERIES MTN 6.13 11/01/2012 351,600 500,000 BERKSHIRE HATHAWAY FINANCE CORPORATION 4.85 01/15/2015 514,869 100,000 BOSTON PROPERTIES LP 6.25 01/15/2013 103,403 65,000 COLONIAL REALTY LP 5.50 10/01/2015 54,495 1,350,000 CREDIT SUISSE USA INCORPORATED 6.50 01/15/2012 1,466,832 50,000 EQUIFAX INCORPORATED 7.00 07/01/2037 43,980 180,000 ERP OPERATING LP 5.25 09/15/2014 168,404 1,000,000 ERP OPERATING LP 5.50 10/01/2012 988,303 75,000 FUND AMERICAN COMPANIES INCORPORATED 5.88 05/15/2013 77,983 360,000 GOLDMAN SACHS GROUP INCORPORATED 5.15 01/15/2014 365,864 100,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 5.63 05/01/2017 84,508 180,000 ISTAR FINANCIAL INCORPORATED 5.15 03/01/2012 150,340 350,000 ISTAR FINANCIAL INCORPORATED SERIES 1 5.88 03/15/2016 279,664 150,000 LIBERTY PROPERTY LP 6.63 10/01/2017 146,772 100,000 MACK-CALI REALTY LP 7.75 02/15/2011 111,949 100,000 NATIONAL RETAIL PROPERTIES INCORPORATED 6.88 10/15/2017 102,464 5,167,583 -------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.05% 75,000 MARRIOTT INTERNATIONAL 5.81 11/10/2015 74,289 100,000 MARRIOTT INTERNATIONAL SERIES J 5.63 02/15/2013 99,965 100,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 6.25 02/15/2013 100,239 50,000 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 7.38 11/15/2015 51,302 50,000 WYNDHAM WORLDWIDE CORPORATION 6.00 12/01/2016 46,673 372,468 --------------
68 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.44% $ 250,000 CATERPILLAR INCORPORATED 6.05% 08/15/2036 $ 253,743 75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 81,235 500,000 DEERE & COMPANY 7.85 05/15/2010 549,725 200,000 DELL INCORPORATED 7.10 04/15/2028 212,643 180,000 HEWLETT-PACKARD COMPANY 6.50 07/01/2012 198,890 200,000 IBM CORPORATION<< 4.75 11/29/2012 209,297 500,000 IBM CORPORATION 5.70 09/14/2017 527,034 250,000 IBM CORPORATION 5.88 11/29/2032 247,242 180,000 IBM CORPORATION SERIES MTN 4.38 06/01/2009 184,070 100,000 ORACLE CORPORATION 5.00 01/15/2011 103,589 350,000 ORACLE CORPORATION 5.25 01/15/2016 355,844 250,000 PITNEY BOWES INCORPORATED SERIES MTN 4.75 01/15/2016 243,593 100,000 PITNEY BOWES INCORPORATED SERIES MTN 5.75 09/15/2017 102,728 3,269,633 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.07% 75,000 AON CORPORATION 8.21 01/01/2027 77,127 100,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4.63 07/15/2013 99,055 75,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 5.95 10/15/2036 66,916 200,000 MARSH & MCLENNAN COMPANIES INCORPORATED 5.15 09/15/2010 206,375 75,000 WILLIS NORTH AMERICA INCORPORATED 5.63 07/15/2015 73,513 522,986 -------------- INSURANCE CARRIERS: 0.98% 75,000 ACE INA HOLDINGS INCORPORATED 5.88 06/15/2014 77,343 75,000 AEGON FUNDING CORPORATION 5.75 12/15/2020 71,867 150,000 AETNA INCORPORATED 6.63 06/15/2036 145,991 330,000 ALLSTATE CORPORATION 5.55 05/09/2035 290,758 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 5.05 10/01/2015 245,572 250,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 05/01/2036 235,507 50,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 6.25 03/15/2037 40,845 75,000 ASSURANT INCORPORATED 6.75 02/15/2034 70,307 80,000 CHUBB CORPORATION 6.00 05/11/2037 74,493 350,000 CHUBB CORPORATION+/- 6.38 03/29/2049 333,624 50,000 CIGNA CORPORATION 6.15 11/15/2036 45,122 75,000 CINCINNATI FINANCIAL CORPORATION 6.92 05/15/2028 77,970 65,000 CNA FINANCIAL CORPORATION 5.85 12/15/2014 64,931 50,000 CNA FINANCIAL CORPORATION 6.00 08/15/2011 51,571 50,000 CNA FINANCIAL CORPORATION 6.50 08/15/2016 50,869 180,000 GE GLOBAL INSURANCE HOLDINGS 7.00 02/15/2026 189,268 100,000 GENWORTH FINANCIAL INCORPORATED 4.95 10/01/2015 94,540 350,000 GENWORTH GLOBAL FUNDING TRUSTS SERIES MTN 5.75 05/15/2013 355,971 250,000 JEFFERSON-PILOT CORPORATION 4.75 01/30/2014 260,588 100,000 LOEWS CORPORATION 5.25 03/15/2016 99,160 65,000 MBIA INCORPORATED 5.70 12/01/2034 44,652 250,000 METLIFE INCORPORATED 5.00 11/24/2013 260,189 100,000 METLIFE INCORPORATED 6.13 12/01/2011 107,310 280,000 METLIFE INCORPORATED 6.38 06/15/2034 271,855 75,000 NATIONWIDE FINANCIAL SERVICES 5.90 07/01/2012 81,115 100,000 PRINCIPAL LIFE INCOME FUNDING TRUSTS 3.20 04/01/2009 100,056 75,000 PROGRESSIVE CORPORATION 6.25 12/01/2032 73,534 100,000 PROTECTIVE LIFE SECURED TRUST 4.85 08/16/2010 102,459 105,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.10 12/14/2011 109,581 65,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 6.63 12/01/2037 64,615 500,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNB 5.75 07/15/2033 439,087
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 69 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE INSURANCE CARRIERS (continued) $ 180,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTNC 5.40% 06/13/2035 $ 149,675 75,000 SAFECO CORPORATION 4.88 02/01/2010 77,000 180,000 ST. PAUL TRAVELERS COMPANIES INCORPORATED 5.50 12/01/2015 184,195 100,000 THE TRAVELERS COMPANIES INCORPORATED 5.38 06/15/2012 103,750 150,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 5.75 12/15/2017 151,460 65,000 THE TRAVELERS COMPANIES INCORPORATED SERIES MTN 6.25 06/15/2037 62,959 75,000 TRANSATLANTIC HOLDINGS INCORPORATED 5.75 12/14/2015 77,447 250,000 TRAVELERS COS INCORPORATED+/- 6.25 03/15/2037 227,775 125,000 UNITEDHEALTH GROUP INCORPORATED 4.88 03/15/2015 119,588 250,000 UNITEDHEALTH GROUP INCORPORATED 5.25 03/15/2011 257,110 250,000 UNITEDHEALTH GROUP INCORPORATED 5.80 03/15/2036 211,492 100,000 UNITEDHEALTH GROUP INCORPORATED 6.00 11/15/2017 101,236 150,000 UNITEDHEALTH GROUP INCORPORATED 6.63 11/15/2037 142,450 100,000 UNITRIN INCORPORATED 6.00 05/15/2017 99,138 100,000 WELLPOINT INCORPORATED 5.00 01/15/2011 102,577 100,000 WELLPOINT INCORPORATED 5.25 01/15/2016 97,794 75,000 WELLPOINT INCORPORATED 5.85 01/15/2036 65,304 500,000 WELLPOINT INCORPORATED 5.88 06/15/2017 507,266 100,000 WR BERKLEY CORPORATION 6.25 02/15/2037 87,436 7,356,402 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.11% 60,000 AGILENT TECHNOLOGIES INCORPORATED 6.50 11/01/2017 61,156 50,000 BAXTER INTERNATIONAL INCORPORATED 5.90 09/01/2016 53,331 350,000 FISHER SCIENTIFIC INTERNATIONAL INCORPORATED 6.13 07/01/2015 353,175 125,000 MEDTRONIC INCORPORATED SERIES B 4.38 09/15/2010 129,421 225,000 RAYTHEON COMPANY 4.85 01/15/2011 232,323 829,406 -------------- METAL MINING: 0.02% 150,000 SOUTHERN COPPER CORPORATION 7.50 07/27/2035 154,221 -------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.02% 100,000 VULCAN MATERIALS COMPANY 5.60 11/30/2012 104,715 50,000 VULCAN MATERIALS COMPANY 7.15 11/30/2037 52,019 156,734 -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.09% 75,000 3M COMPANY SERIES MTN 5.70 03/15/2037 76,176 360,000 GENERAL ELECTRIC COMPANY 5.00 02/01/2013 374,868 200,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 210,521 661,565 -------------- MISCELLANEOUS RETAIL: 0.10% 65,000 CVS CAREMARK CORPORATION 4.00 09/15/2009 65,365 200,000 CVS CAREMARK CORPORATION 5.75 06/01/2017 206,342 250,000 CVS CAREMARK CORPORATION 6.13 08/15/2016 264,933 65,000 CVS CAREMARK CORPORATION 6.25 06/01/2027 65,867 180,000 FEDERATED DEPARTMENT STORES INCORPORATED 6.90 04/01/2029 152,583 755,090 -------------- MOTION PICTURES: 0.17% 180,000 NEWS AMERICA INCORPORATED 5.30 12/15/2014 182,199 450,000 NEWS AMERICA INCORPORATED 6.40 12/15/2035 440,677 100,000 NEWS AMERICA INCORPORATED<<++ 6.65 11/15/2037 100,727
70 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE MOTION PICTURES (continued) $ 180,000 WALT DISNEY COMPANY 6.38% 03/01/2012 $ 197,075 75,000 WALT DISNEY COMPANY 7.00 03/01/2032 86,687 250,000 WALT DISNEY COMPANY SERIES MTN 5.63 09/15/2016 264,568 1,271,933 -------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.04% 100,000 UNITED PARCEL SERVICE INCORPORATED 4.50 01/15/2013 104,158 100,000 UNITED PARCEL SERVICE INCORPORATED 5.50 01/15/2018 105,913 70,000 UNITED PARCEL SERVICE INCORPORATED 6.20 01/15/2038 74,360 284,431 -------------- NATIONAL SECURITY & INTERNATIONAL AFFAIRS: 0.01% 75,000 GOODRICH CORPORATION 7.63 12/15/2012 86,923 -------------- NETWORKING PRODUCTS: 0.06% 180,000 CISCO SYSTEMS INCORPORATED 5.25 02/22/2011 189,132 275,000 CISCO SYSTEMS INCORPORATED 5.50 02/22/2016 284,107 473,239 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 2.23% 100,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES 04-1 4.50 05/29/2009 101,405 100,000 ALLSTATE LIFE GLOBAL FUNDING TRUSTS SERIES MTN 4.25 02/26/2010 102,170 200,000 AMERICAN EXPRESS+/- 6.80 09/01/2049 193,997 250,000 AMERICAN EXPRESS BANK FSB SERIES BKN1 5.55 10/17/2012 260,662 500,000 AMERICAN EXPRESS CENTURION BANK SERIES BKN1 6.00 09/13/2017 507,876 100,000 AMERICAN EXPRESS CREDIT CORPORATION 5.30 12/02/2015 99,663 180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTN 4.88 05/15/2010 182,325 1,000,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNH 5.38 10/01/2012 1,003,041 180,000 AMERICAN GENERAL FINANCE CORPORATION SERIES MTNI 5.40 12/01/2015 171,122 300,000 BOEING CAPITAL CORPORATION 6.10 03/01/2011 323,985 100,000 BRANCH BANKING & TRUST SERIES BKNT 5.63 09/15/2016 97,891 200,000 CAPITAL ONE CAPITAL III 7.69 08/15/2036 153,425 50,000 CAPITAL ONE CAPITAL IV<<+/- 6.75 02/17/2037 34,259 115,000 CAPITAL ONE FINANCIAL COMPANY SERIES MTN 5.70 09/15/2011 113,344 300,000 CAPITAL ONE FINANCIAL CORPORATION 4.80 02/21/2012 285,292 180,000 CATERPILLAR FINANCIAL SERVICES CORPORATION 4.30 06/01/2010 184,690 275,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTN 5.50 03/15/2016 282,003 65,000 CATERPILLAR FINANCIAL SERVICES CORPORATION SERIES MTNF 4.75 02/17/2015 64,809 90,000 CIT GROUP INCORPORATED 5.40 02/13/2012 84,132 500,000 CIT GROUP INCORPORATED+/- 6.10 03/15/2049 338,100 275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 247,825 100,000 COUNTRYWIDE FINANCIAL CORPORATION<< 6.25 05/15/2016 85,974 125,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 127,553 525,000 GENERAL ELECTRIC CAPITAL CORPORATION 5.00 11/15/2011 545,298 300,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN<< 6.15 08/07/2037 299,982 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN<< 5.00 01/08/2016 508,347 500,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN<< 5.63 09/15/2017 514,219 750,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 3.13 04/01/2009 749,908 450,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 4.13 09/01/2009 458,292 1,200,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA<< 4.38 03/03/2012 1,219,474 400,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.75 03/15/2032 428,859 200,000 HSBC FINANCE CAPITAL TRUST IX+/- 5.91 11/30/2035 181,791 1,000,000 HSBC FINANCE CORPORATION 4.13 11/16/2009 1,005,180 300,000 HSBC FINANCE CORPORATION 4.63 09/15/2010 306,587 275,000 HSBC FINANCE CORPORATION<< 4.75 05/15/2009 277,509 325,000 HSBC FINANCE CORPORATION 5.00 06/30/2015 313,654
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 71 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE NON-DEPOSITORY CREDIT INSTITUTIONS (continued) $ 450,000 HSBC FINANCE CORPORATION<< 5.25% 01/14/2011 $ 456,102 800,000 HSBC FINANCE CORPORATION 6.38 11/27/2012 849,570 1,000,000 IBM INTERNATIONAL GROUP CAPITAL LLC 5.05 10/22/2012 1,053,008 250,000 JOHN DEERE CAPITAL CORPORATION 7.00 03/15/2012 280,681 100,000 JOHN DEERE CAPITAL CORPORATION SERIES MTN 5.50 04/13/2017 104,521 500,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 518,542 180,000 JPMORGAN CHASE CAPITAL XV 5.88 03/15/2035 154,396 150,000 JPMORGAN CHASE CAPITAL XXII SERIES V 6.45 02/02/2037 133,723 180,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC 7.25 03/01/2012 198,635 150,000 NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION SERIES MTNC<< 8.00 03/01/2032 175,905 65,000 SLM CORPORATION SERIES MTN 5.63 08/01/2033 50,160 300,000 SLM CORPORATION SERIES MTNA 5.00 10/01/2013 254,823 180,000 TEXTRON FINANCIAL CORPORATION 4.60 05/03/2010 185,134 175,000 TOYOTA MOTOR CREDIT CORPORATION 4.25 03/15/2010 180,518 100,000 UNILEVER CAPITAL CORPORATION 5.90 11/15/2032 99,848 100,000 UNILEVER CAPITAL CORPORATION 7.13 11/01/2010 110,176 16,660,385 -------------- OFFICE EQUIPMENT: 0.05% 70,000 XEROX CORPORATION 5.50 05/15/2012 71,751 250,000 XEROX CORPORATION 6.75 02/01/2017 265,784 337,535 -------------- OIL & GAS EXTRACTION: 0.72% 100,000 ANADARKO PETROLEUM CORPORATION 5.95 09/15/2016 103,648 100,000 ANADARKO PETROLEUM CORPORATION 6.45 09/15/2036 101,308 100,000 APACHE CORPORATION 5.25 04/15/2013 105,144 30,000 APACHE CORPORATION 5.63 01/15/2017 31,590 100,000 APACHE CORPORATION 6.00 01/15/2037 100,539 100,000 APACHE CORPORATION 6.25 04/15/2012 108,763 65,000 CANADIAN NATURAL RESOURCES LIMITED 5.85 02/01/2035 57,994 300,000 CONOCOPHILLIPS COMPANY 6.95 04/15/2029 344,469 750,000 CONOCOPHILLIPS COMPANY 8.75 05/25/2010 841,051 1,180,000 DEVON FINANCING CORPORATION ULC 6.88 09/30/2011 1,298,335 120,000 DEVON FINANCING CORPORATION ULC 7.88 09/30/2031 146,265 500,000 EL PASO ENERGY CORPORATION++ 5.90 04/01/2017 498,933 150,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 150,198 150,000 HALLIBURTON COMPANY 5.50 10/15/2010 158,976 180,000 HESS CORPORATION 7.88 10/01/2029 213,659 120,000 NEXEN INCORPORATED 7.88 03/15/2032 133,009 180,000 OCCIDENTAL PETROLEUM CORPORATION 6.75 01/15/2012 201,367 150,000 PANHANDLE EAST PIPE LINE 6.20 11/01/2017 149,662 250,000 PC FINANCIAL PARTNERSHIP 5.00 11/15/2014 245,800 50,000 PRAXAIR INCORPORATED 5.20 03/15/2017 51,561 65,000 TALISMAN ENERGY INCORPORATED 5.13 05/15/2015 64,017 125,000 XTO ENERGY INCORPORATED 4.90 02/01/2014 124,612 125,000 XTO ENERGY INCORPORATED 6.10 04/01/2036 123,997 5,354,897 -------------- PAPER & ALLIED PRODUCTS: 0.16% 125,000 INTERNATIONAL PAPER COMPANY 4.00 04/01/2010 125,925 180,000 INTERNATIONAL PAPER COMPANY 5.30 04/01/2015 176,546 300,000 KIMBERLY-CLARK CORPORATION 5.00 08/15/2013 315,899 200,000 KIMBERLY-CLARK CORPORATION 6.63 08/01/2037 218,924 75,000 MEADWESTVACO CORPORATION 6.85 04/01/2012 78,693
72 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE PAPER & ALLIED PRODUCTS (continued) $ 200,000 PACTIV CORPORATION 6.40% 01/15/2018 $ 204,690 75,000 WESTVACO CORPORATION 8.20 01/15/2030 76,457 1,197,134 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 0.20% 125,000 ENTERPRISE PRODUCTS OPERATING LP 4.95 06/01/2010 128,226 65,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 5.60 10/15/2014 66,139 120,000 HESS CORPORATION 7.30 08/15/2031 135,551 150,000 MARATHON OIL CORPORATION 6.00 07/01/2012 161,235 125,000 MARATHON OIL CORPORATION 6.00 10/01/2017 128,846 50,000 MARATHON OIL CORPORATION 6.60 10/01/2037 50,256 100,000 SEMPRA ENERGY 6.00 02/01/2013 107,708 100,000 SUNOCO INCORPORATED 5.75 01/15/2017 99,786 500,000 VALERO ENERGY CORPORATION 6.13 06/15/2017 515,548 100,000 VALERO ENERGY CORPORATION 7.50 04/15/2032 106,745 1,500,040 -------------- PIPELINES: 0.21% 100,000 BOARDWALK PIPELINES LP 5.88 11/15/2016 99,620 100,000 BUCKEYE PARTNERS LP 6.05 01/15/2018 102,376 75,000 CENTERPOINT ENERGY RESOURCES CORPORATION SERIES B 7.88 04/01/2013 84,938 65,000 ENBRIDGE ENERGY PARTNERS LP 5.88 12/15/2016 65,192 75,000 ENTERPRISE PRODUCTS OPERATING LP SERIES B 6.88 03/01/2033 76,033 100,000 KANEB PIPE LINE OPERATING PARTNERSHIP LP 5.88 06/01/2013 101,923 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.00 12/15/2013 99,516 500,000 KINDER MORGAN ENERGY PARTNERS LP 5.13 11/15/2014 495,470 100,000 KINDER MORGAN ENERGY PARTNERS LP 5.80 03/15/2035 87,927 50,000 PLAINS ALL AMERICAN PIPELINE LP 6.13 01/15/2017 51,704 200,000 PLAINS ALL AMERICAN PIPELINE LP 6.65 01/15/2037 197,201 75,000 TEXAS EASTERN TRANSMISSION LP 7.00 07/15/2032 78,696 1,540,596 -------------- PRIMARY METAL INDUSTRIES: 0.11% 25,000 ALCOA INCORPORATED 5.55 02/01/2017 24,348 300,000 ALCOA INCORPORATED 5.90 02/01/2027 270,017 25,000 ALCOA INCORPORATED<< 5.95 02/01/2037 22,587 250,000 ALCOA INCORPORATED 6.50 06/01/2011 262,652 75,000 ALCOA INCORPORATED 6.75 01/15/2028 73,705 50,000 COMMERCIAL METALS COMPANY 6.50 07/15/2017 52,755 100,000 US STEEL CORPORATION 6.05 06/01/2017 93,410 799,474 -------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.06% 75,000 RR DONNELLEY & SONS COMPANY 4.95 05/15/2010 75,767 65,000 RR DONNELLEY & SONS COMPANY 5.50 05/15/2015 62,746 20,000 RR DONNELLEY & SONS COMPANY 5.63 01/15/2012 20,312 50,000 RR DONNELLEY & SONS COMPANY 6.13 01/15/2017 48,977 250,000 VIACOM CORPORATION 7.70 07/30/2010 270,347 478,149 -------------- RAILROAD TRANSPORTATION: 0.27% 500,000 BURLINGTON NORTHERN SANTA FE CORPORATION 4. 88 01/15/2015 499,121 60,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5. 65 05/01/2017 61,372 50,000 BURLINGTON NORTHERN SANTA FE CORPORATION 6. 15 05/01/2037 48,289
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 73 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE RAILROAD TRANSPORTATION (continued) $ 100,000 CSX CORPORATION 5.60% 05/01/2017 $ 97,342 100,000 CSX CORPORATION 6.00 10/01/2036 88,490 70,000 CSX CORPORATION 6.15 05/01/2037 63,761 300,000 CSX CORPORATION 6.30 03/15/2012 315,850 275,000 NORFOLK SOUTHERN CORPORATION 5.59 05/17/2025 252,749 360,000 UNION PACIFIC CORPORATION 4.88 01/15/2015 354,529 200,000 UNION PACIFIC CORPORATION 5.75 11/15/2017 203,249 40,000 UNION PACIFIC CORPORATION 6.15 05/01/2037 38,326 2,023,078 -------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.42% 100,000 CAMDEN PROPERTY TRUST 5.70 05/15/2017 87,459 200,000 HEALTH CARE PROPERTY INVESTORS INCORPORATED 6.00 01/30/2017 172,938 75,000 HEALTHCARE REALTY TRUST INCORPORATED 8.13 05/01/2011 80,123 75,000 HOSPITALITY PROPERTIES TRUST 5.63 03/15/2017 64,205 750,000 INTERNATIONAL LEASE FINANCE CORPORATION 3.50 04/01/2009 747,961 325,000 INTERNATIONAL LEASE FINANCE CORPORATION 5.00 04/15/2010 329,957 100,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.40 02/15/2012 101,679 250,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.55 09/05/2012 256,925 125,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 129,009 75,000 LIBERTY PROPERTY LP 5.50 12/15/2016 67,752 100,000 PROLOGIS 5.25 11/15/2010 101,258 300,000 PROLOGIS TRUST 5.63 11/15/2016 275,903 100,000 REALTY INCOME CORPORATION 5.95 09/15/2016 95,309 100,000 REGENCY CENTERS LP 5.88 06/15/2017 92,928 50,000 SIMON PROPERTY GROUP LP 5.00 03/01/2012 49,045 50,000 SIMON PROPERTY GROUP LP 5.25 12/01/2016 45,784 300,000 SIMON PROPERTY GROUP LP 5.75 05/01/2012 303,171 125,000 SIMON PROPERTY GROUP LP 5.75 12/01/2015 120,314 3,121,720 -------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.01% 100,000 COOPER US INCORPORATED 6.10 07/01/2017 104,842 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.96% 180,000 BEAR STEARNS COMPANIES INCORPORATED 5.30 10/30/2015 163,116 600,000 BEAR STEARNS COMPANIES INCORPORATED<< 5.50 08/15/2011 602,327 25,000 BEAR STEARNS COMPANIES INCORPORATED<< 5.55 01/22/2017 21,723 120,000 BEAR STEARNS COMPANIES INCORPORATED 6.40 10/02/2017 110,570 500,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTN 6.95 08/10/2012 508,633 225,000 BEAR STEARNS COMPANIES INCORPORATED SERIES MTNB 4.55 06/23/2010 221,607 100,000 BROADRIDGE FINANCIAL SOLUTIONS INCORPORATED 6.13 06/01/2017 93,189 750,000 CITIGROUP CAPITAL XXI+/- 8.30 12/21/2049 761,445 500,000 CREDIT SUISSE USA INCORPORATED 5.50 08/15/2013 524,213 250,000 CREDIT SUISSE USA INCORPORATED 7.13 07/15/2032 271,536 50,000 EATON VANCE CORPORATION 6.50 10/02/2017 52,928 200,000 GOLDMAN SACHS CAPITAL II+/- 5.79 12/31/2049 149,442 700,000 GOLDMAN SACHS GROUP INCORPORATED 4.75 07/15/2013 707,063 275,000 GOLDMAN SACHS GROUP INCORPORATED 5.35 01/15/2016 274,662 100,000 GOLDMAN SACHS GROUP INCORPORATED 5.45 11/01/2012 104,681 500,000 GOLDMAN SACHS GROUP INCORPORATED 5.75 10/01/2016 505,585 70,000 GOLDMAN SACHS GROUP INCORPORATED 5.95 01/15/2027 62,361 500,000 GOLDMAN SACHS GROUP INCORPORATED 6.25 09/01/2017 517,880 450,000 GOLDMAN SACHS GROUP INCORPORATED 6.35 02/15/2034 398,863 725,000 GOLDMAN SACHS GROUP INCORPORATED 6.60 01/15/2012 784,719 325,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 303,428
74 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued) $ 1,000,000 GOLDMAN SACHS GROUP INCORPORATED 6.88% 01/15/2011 $ 1,082,377 150,000 JEFFERIES GROUP INCORPORATED 6.45 06/08/2027 129,963 50,000 LEHMAN BROTHERS HOLDINGS CAPITAL TRUST V SERIES MTN+/- 5.86 12/31/2049 37,500 200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED 5.50 04/04/2016 193,753 500,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.00 07/19/2012 514,014 95,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 6.20 09/26/2014 95,921 35,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTN 7.00 09/27/2027 35,235 200,000 LEHMAN BROTHERS HOLDINGS INCORPORATED SERIES MTNG 4.80 03/13/2014 192,575 500,000 LEHMAN BROTHERS HOLDINGS INCORPORATION 6.50 07/19/2017 494,253 450,000 MERRILL LYNCH & COMPANY INCORPORATED<< 5.45 07/15/2014 443,988 500,000 MERRILL LYNCH & COMPANY INCORPORATED 5.70 05/02/2017 477,929 250,000 MERRILL LYNCH & COMPANY INCORPORATED 6.05 05/16/2016 247,275 300,000 MERRILL LYNCH & COMPANY INCORPORATED 6.11 01/29/2037 251,045 100,000 MERRILL LYNCH & COMPANY INCORPORATED 6.22 09/15/2026 89,393 500,000 MERRILL LYNCH & COMPANY INCORPORATED 6.40 08/28/2017 511,564 500,000 MERRILL LYNCH & COMPANY INCORPORATED SERIES MTN 5.77 07/25/2011 515,666 525,000 MORGAN STANLEY 5.38 10/15/2015 514,826 500,000 MORGAN STANLEY 6.60 04/01/2012 533,421 120,000 MORGAN STANLEY 7.25 04/01/2032 124,914 500,000 MORGAN STANLEY SERIES EMTN 5.45 01/09/2017 491,404 500,000 MORGAN STANLEY SERIES MTN<< 5.55 04/27/2017 494,174 14,611,161 -------------- TOBACCO PRODUCTS: 0.04% 200,000 REYNOLDS AMERICAN INCORPORATED 7.25 06/15/2037 196,139 100,000 UST INCOPORATED 5.75 03/01/2018 102,209 298,348 -------------- TRANSPORTATION BY AIR: 0.11% 75,000 CONTINENTAL AIRLINES INCORPORATED SERIES A<< 5.98 04/19/2022 67,460 111,877 DELTA AIR LINES INCORPORATED++ 6.82 08/10/2022 110,805 50,000 FEDEX CORPORATION 5.50 08/15/2009 51,364 120,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 155,450 200,000 NORTHWEST AIRLINES INCORPORATED 7.03 11/01/2019 191,000 120,000 RAYTHEON COMPANY 7.20 08/15/2027 136,553 121,602 UNITED AIRLINES INCORPORATED 6.64 07/02/2022 121,496 834,128 -------------- TRANSPORTATION EQUIPMENT: 0.52% 180,000 BOEING COMPANY 6.13 02/15/2033 188,387 100,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 5.88 03/15/2011 104,371 330,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 6.50 11/15/2013 356,357 500,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 8.00 06/15/2010 543,566 225,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 8.50 01/18/2031 273,847 200,000 DAIMLERCHRYSLER NA HOLDINGS CORPORATION 7.30 01/15/2012 219,098 100,000 HONEYWELL INTERNATIONAL INCORPORATED 4.25 03/01/2013 101,570 100,000 HONEYWELL INTERNATIONAL INCORPORATED 5.30 03/01/2018 102,652 250,000 HONEYWELL INTERNATIONAL INCORPORATED 5.70 03/15/2037 244,445 150,000 HONEYWELL INTERNATIONAL INCORPORATED 7.50 03/01/2010 162,998 150,000 JOHNSON CONTROLS INCORPORATED 5.25 01/15/2011 156,186 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 644,071 180,000 UNITED TECHNOLOGIES CORPORATION 4.38 05/01/2010 185,717 100,000 UNITED TECHNOLOGIES CORPORATION 4.88 05/01/2015 102,291 430,000 UNITED TECHNOLOGIES CORPORATION 7.50 09/15/2029 510,888 3,896,444 --------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 75 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE WHOLESALE TRADE NON-DURABLE GOODS: 0.04% $ 300,000 MCKESSON HBOC INCORPORATED 5.25% 03/01/2013 $ 311,574 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.03% 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 168,434 25,000 MARTIN MARIETTA MATERIALS INCORPORATED 6.25 05/01/2037 22,368 190,802 -------------- TOTAL CORPORATE BONDS & NOTES (COST $159,452,613) 161,517,058 -------------- FOREIGN CORPORATE BONDS@: 2.96% 150,000 ALBERTA ENERGY COMPANY LIMITED 8.13 09/15/2030 178,398 180,000 ALCAN INCORPORATED 5.00 06/01/2015 179,298 100,000 ALCAN INCORPORATED 6.13 12/15/2033 95,448 100,000 AMERICA MOVIL SAB DE CV 4.13 03/01/2009 100,000 100,000 AMERICA MOVIL SAB DE CV 5.63 11/15/2017 99,071 100,000 AMERICA MOVIL SAB DE CV 6.13 11/15/2037 92,486 100,000 AMVESCAP PLC 5.63 04/17/2012 101,108 75,000 ANADARKO FINANCE COMPANY SERIES B 6.75 05/01/2011 81,213 325,000 ANADARKO FINANCE COMPANY SERIES B 7.50 05/01/2031 362,750 75,000 ASTRAZENECA PLC 5.40 06/01/2014 78,756 500,000 ASTRAZENECA PLC 5.90 09/15/2017 537,300 350,000 ASTRAZENECA PLC 6.45 09/15/2037 376,192 150,000 AXA SA 8.60 12/15/2030 168,911 65,000 AXIS CAPITAL HOLDINGS LIMITED 5.75 12/01/2014 64,351 300,000 BARCLAYS BANK PLC 5.45 09/12/2012 317,783 250,000 BHP BILLITON FINANCE LIMITED 5.00 12/15/2010 257,328 150,000 BHP BILLITON FINANCE LIMITED 5.25 12/15/2015 146,650 200,000 BHP BILLITON FINANCE LIMITED 5.40 03/29/2017 195,320 300,000 BRITISH TELECOMMUNICATIONS PLC 9.13 12/15/2030 390,240 125,000 BROOKFIELD ASSET MANAGEMENT INCORPORATED 5.80 04/25/2017 122,992 100,000 BURLINGTON RESOURCES FINANCE COMPANY 6.50 12/01/2011 109,710 500,000 BURLINGTON RESOURCES FINANCE COMPANY 7.20 08/15/2031 580,550 350,000 CANADIAN NATIONAL RAILWAY COMPANY 6.38 11/15/2037 352,947 65,000 CANADIAN NATURAL RESOURCES LIMITED 4.90 12/01/2014 64,007 150,000 CANADIAN NATURAL RESOURCES LIMITED 5.70 05/15/2017 151,267 200,000 CANADIAN NATURAL RESOURCES LIMITED 6.25 03/15/2038 190,373 360,000 CANADIAN PACIFIC RAILWAY COMPANY 5.75 03/15/2033 299,439 65,000 CANADIAN PACIFIC RAILWAY COMPANY 5.95 05/15/2037 55,062 65,000 CELULOSA ARAUCO Y CONSTITUCION SA 5.63 04/20/2015 64,939 275,000 CIT GROUP FUNDING COMPANY OF CANADA 4.65 07/01/2010 264,750 275,000 CIT GROUP FUNDING COMPANY OF CANADA 5.20 06/01/2015 229,831 25,000 CIT GROUP FUNDING COMPANY OF CANADA 5.60 11/02/2011 23,739 325,000 CONOCO FUNDING COMPANY 6.35 10/15/2011 357,541 150,000 CONOCOPHILLIPS CANADA 5.63 10/15/2016 159,397 100,000 COVIDIEN INTERNATIONAL FINANCE SA++ 5.45 10/15/2012 105,006 100,000 COVIDIEN INTERNATIONAL FINANCE SA++ 6.00 10/15/2017 104,599 50,000 COVIDIEN INTERNATIONAL FINANCE SA++ 6.55 10/15/2037 51,657 500,000 DEUTSCHE BANK AG LONDON 6.00 09/01/2017 530,413 275,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.75 03/23/2016 281,568 325,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.00 06/15/2010 353,440 330,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.25 06/15/2030 402,753 175,000 DIAGEO CAPITAL PLC 4.38 05/03/2010 178,660 50,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 51,876 50,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 51,464 75,000 DIAGEO CAPITAL PLC 5.88 09/30/2036 70,686 125,000 DIAGEO FINANCE BV 5.30 10/28/2015 126,875
76 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FOREIGN CORPORATE BONDS@ (CONTINUED) $ 100,000 ENBRIDGE INCORPORATED 5.60% 04/01/2017 $ 99,995 100,000 ENCANA HOLDINGS FINANCE CORPORATION 5.80 05/01/2014 104,834 100,000 FALCONBRIDGE LIMITED 6.00 10/15/2015 98,793 250,000 FRANCE TELECOM SA 7.75 03/01/2011 274,008 225,000 FRANCE TELECOM SA 8.50 03/01/2031 286,610 100,000 HANSON PLC 6.13 08/15/2016 99,963 350,000 HSBC HOLDINGS PLC 6.50 09/15/2037 327,033 100,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 102,569 180,000 ING GROEP NV+/- 5.78 12/31/2049 163,148 100,000 LAFARGE SA 6.15 07/15/2011 104,795 75,000 LAFARGE SA 6.50 07/15/2016 75,136 100,000 NEXEN INCORPORATED 5.65 05/15/2017 100,133 100,000 NEXEN INCORPORATED 6.40 05/15/2037 96,772 250,000 NORSK HYDRO ASA 6.80 01/15/2028 271,145 75,000 ORIX CORPORATION 5.48 11/22/2011 74,914 75,000 POTASH CORPORATION SASKATCHEWAN 5.88 12/01/2036 70,209 500,000 ROGERS WIRELESS INCORPORATED 7.50 03/15/2015 544,871 200,000 ROYAL BANK CANADA 5.65 07/20/2011 214,410 360,000 ROYAL BANK OF SCOTLAND GROUP PLC 5.00 10/01/2014 353,043 1,000,000 ROYAL BANK OF SCOTLAND GROUP PLC 6.40 04/01/2009 1,026,543 100,000 ROYAL BANK OF SCOTLAND GROUP PLC+/- 7.65 12/31/2049 103,186 120,000 ROYAL KPN NV 8.00 10/01/2010 130,724 75,000 ROYAL KPN NV 8.38 10/01/2030 87,453 225,000 SANTANDER CENTRAL HISPANO ISSUANCES LIMITED 7.63 09/14/2010 247,777 500,000 SHELL INTERNATIONAL FINANCE 4.95 03/22/2012 533,118 75,000 SUNCOR ENERGY INCORPORATED 5.95 12/01/2034 70,143 150,000 SUNCOR ENERGY INCORPORATED 6.50 06/15/2038 148,784 100,000 TALISMAN ENERGY 6.25 02/01/2038 93,469 65,000 TECK COMINCO LIMITED 6.13 10/01/2035 52,170 300,000 TELECOM ITALIA CAPITAL SA 4.00 01/15/2010 298,442 200,000 TELECOM ITALIA CAPITAL SA 5.25 10/01/2015 191,203 150,000 TELECOM ITALIA CAPITAL SA 6.00 09/30/2034 139,473 350,000 TELECOM ITALIA CAPITAL SA 6.20 07/18/2011 362,390 50,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 52,255 150,000 TELEFONICA EMISIONES SAU 6.42 06/20/2016 157,253 550,000 TELEFONICA EMISIONES SAU 7.05 06/20/2036 591,413 180,000 TELEFONICA EUROPE BV 7.75 09/15/2010 195,661 120,000 TELEFONICA EUROPE BV 8.25 09/15/2030 143,672 65,000 TELEFONOS DE MEXICO SA DE CV 5.50 01/27/2015 64,190 180,000 TELUS CORPORATION 8.00 06/01/2011 199,964 200,000 THOMSON CORPORATION 5.70 10/01/2014 207,299 65,000 TRANSCANADA PIPELINES LIMITED 4.88 01/15/2015 64,232 100,000 TRANSCANADA PIPELINES LIMITED 5.60 03/31/2034 90,959 585,000 TRANSCANADA PIPELINES LIMITED 6.20 10/15/2037 566,411 120,000 TRANSOCEAN INCORPORATED 7.50 04/15/2031 131,944 500,000 TYCO ELECTRONIC GROUP SA++ 6.00 10/01/2012 527,664 400,000 TYCO INTERNATIONAL GROUP SA 6.00 11/15/2013 420,285 75,000 TYCO INTERNATIONAL GROUP SA 6.88 01/15/2029 71,990 355,000 VALE OVERSEAS LIMITED 6.25 01/23/2017 357,614 210,000 VALE OVERSEAS LIMITED 6.88 11/21/2036 202,942 180,000 VODAFONE GROUP PLC 4.63 07/15/2018 164,608 1,000,000 VODAFONE GROUP PLC 5.00 12/16/2013 1,000,320 75,000 VODAFONE GROUP PLC 5.38 01/30/2015 74,974 250,000 VODAFONE GROUP PLC 7.88 02/15/2030 283,159 300,000 WEATHERFORD INTERNATIONAL INCORPORATED 6.50 08/01/2036 296,528
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 77 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FOREIGN CORPORATE BONDS@ (CONTINUED) $ 100,000 XL CAPITAL LIMITED 5.25% 09/15/2014 $ 91,503 100,000 XL CAPITAL LIMITED 6.25 05/15/2027 83,734 TOTAL FOREIGN CORPORATE BONDS (COST $21,881,921) 22,145,974 -------------- FOREIGN GOVERNMENT BONDS@: 24.85% 193,000 AUSTRALIA GOVERNMENT BOND SERIES 217 (AUD) 6.00 02/15/2017 177,097 98,000 AUSTRALIA GOVERNMENT BOND SERIES 513 (AUD) 6.50 05/15/2013 92,061 448,000 AUSTRALIA GOVERNMENT BOND SERIES 611 (AUD) 5.75 06/15/2011 406,822 98,000 AUSTRALIA GOVERNMENT BOND SERIES 909 (AUD) 7.50 09/15/2009 92,301 385,000 BELGIUM GOVERNMENT BOND SERIES 31 (EUR) 5.50 03/28/2028 654,354 1,364,000 BELGIUM GOVERNMENT BOND SERIES 38 (EUR) 5.00 09/28/2012 2,198,800 620,000 BELGIUM GOVERNMENT BOND SERIES 40 (EUR) 5.50 09/28/2017 1,044,145 855,000 BELGIUM GOVERNMENT BOND SERIES 43 (EUR) 4.25 09/28/2014 1,340,002 80,000 BELGIUM GOVERNMENT BOND SERIES 44 (EUR) 5.00 03/28/2035 127,525 600,000 BELGIUM GOVERNMENT BOND SERIES 45 (EUR) 3.00 03/28/2010 906,221 250,000 BELGIUM KINGDOM SERIES 49 (EUR) 4.00 03/28/2017 376,985 1,000,000 BUNDESOBLIGATION SERIES 144 (EUR) 3.25 04/17/2009 1,514,301 1,350,000 BUNDESREPUBLIC DEUTSCHLAND SERIES 06 (EUR) 4.00 07/04/2016 2,079,271 745,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 5.25 01/04/2011 1,192,577 700,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 00 (EUR) 6.25 01/04/2030 1,323,284 1,400,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 01/04/2012 2,251,286 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 02 (EUR) 5.00 07/04/2012 1,615,834 1,140,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.25 01/04/2014 1,800,220 660,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 03 (EUR) 4.75 07/04/2034 1,044,447 1,010,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 04 (EUR) 3.75 01/04/2015 1,546,172 1,000,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 3.50 01/04/2016 1,494,929 900,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 05 (EUR) 4.00 01/04/2037 1,266,763 655,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 94 (EUR) 6.25 01/04/2024 1,215,056 100,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 98 (EUR) 5.63 01/04/2028 175,379 159,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 99 (EUR) 4.00 07/04/2009 243,275 1,170,000 BUNDESREPUBLIK DEUTSCHLAND SERIES 99 (EUR) 4.50 07/04/2009 1,801,733 850,000 CANADIAN GOVERNMENT BOND (CAD) 4.00 06/01/2016 891,246 200,000 CANADIAN GOVERNMENT BOND (CAD) 5.00 06/01/2037 234,188 552,000 CANADIAN GOVERNMENT BOND (CAD) 5.25 06/01/2013 614,426 500,000 CANADIAN GOVERNMENT BOND (CAD) 5.50 06/01/2009 524,237 876,000 CANADIAN GOVERNMENT BOND (CAD) 5.50 06/01/2010 941,212 450,000 CANADIAN GOVERNMENT BOND (CAD) 5.75 06/01/2033 574,459 95,000 CANADIAN GOVERNMENT BOND SERIES A55 (CAD) 8.00 06/01/2023 140,520 593,000 CANADIAN GOVERNMENT BOND SERIES VW17 (CAD) 8.00 06/01/2027 914,880 1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2010 206,377 925,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2015 190,273 1,000,000 DENMARK GOVERNMENT BOND (DKK) 4.00 11/15/2017 203,591 2,500,000 DENMARK GOVERNMENT BOND (DKK) 5.00 11/15/2013 544,214 700,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2009 148,261 1,420,000 DENMARK GOVERNMENT BOND (DKK) 6.00 11/15/2011 313,991 473,000 DENMARK GOVERNMENT BOND (DKK) 7.00 11/10/2024 126,695 1,200,000 DEUTSCHE BUNDESREPUBLIK (EUR) 4.50 01/04/2013 1,914,407 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 3.75 04/25/2021 1,445,225 1,500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2009 2,289,624 500,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 10/25/2009 767,679 1,400,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.00 04/25/2014 2,172,795 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 10/25/2012 1,280,947 1,145,000 FRANCE GOVERNMENT BOND OAT (EUR) 4.75 04/25/2035 1,785,936 1,000,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 04/25/2012 1,609,564 800,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.00 10/25/2016 1,313,302
78 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FOREIGN GOVERNMENT BONDS@ (CONTINUED) $ 950,000 FRANCE GOVERNMENT BOND OAT (EUR) 5.50% 04/25/2010 $ 1,510,250 570,000 FRANCE GOVERNMENT BOND OAT (EUR) 6.00 10/25/2025 1,031,677 1,300,000 FRANCE GOVERNMENT BOND OAT (EUR) 8.50 10/25/2019 2,760,492 1,155,000 FRENCH TREASURY NOTE BTAN (EUR) 3.00 01/12/2011 1,740,268 1,024,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.00 01/15/2010 1,544,861 1,425,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 3.75 08/01/2016 2,111,518 1,190,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.00 02/01/2037 1,557,641 1,525,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 11/01/2009 2,346,745 1,047,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2015 1,625,210 1,411,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.25 02/01/2019 2,129,031 500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 4.75 02/01/2013 795,696 1,317,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.00 02/01/2012 2,099,862 2,500,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 5.50 11/01/2010 3,990,208 1,225,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.00 05/01/2031 2,156,275 1,000,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 6.50 11/01/2027 1,850,266 230,000 ITALY BUONI POLIENNALI DEL TESORO (EUR) 9.00 11/01/2023 516,950 200,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 35 (JPY) 0.60 03/20/2009 1,925,806 620,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 37 (JPY) 0.80 06/20/2009 5,984,960 467,700,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 43 (JPY) 0.50 12/20/2009 4,496,277 390,000,000 JAPAN GOVERNMENT FIVE YEAR BOND SERIES 47 (JPY) 0.50 06/20/2010 3,749,334 437,850,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 220 (JPY) 1.70 03/22/2010 4,311,602 452,650,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 226 (JPY) 1.80 12/20/2010 4,495,535 446,400,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 236 (JPY) 1.50 12/20/2011 4,418,440 215,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 237 (JPY) 1.50 03/20/2012 2,130,019 300,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 240 (JPY) 1.30 06/20/2012 2,950,104 410,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 243 (JPY) 1.10 09/20/2012 3,997,549 345,150,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 248 (JPY) 0.70 03/20/2013 3,297,191 335,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 253 (JPY) 1.60 09/20/2013 3,349,436 180,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 259 (JPY) 1.50 03/20/2014 1,789,310 50,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 265 (JPY) 1.50 12/20/2014 496,567 279,650,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 269 (JPY) 1.30 03/20/2015 2,739,744 370,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 277 (JPY) 1.60 03/20/2016 3,689,173 330,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 284 (JPY) 1.70 12/20/2016 3,300,029 350,000,000 JAPAN GOVERNMENT TEN YEAR BOND SERIES 285 (JPY) 1.70 03/20/2017 3,488,236 124,800,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 18 (JPY) 2.30 03/20/2035 1,209,028 120,000,000 JAPAN GOVERNMENT THIRTY YEAR BOND SERIES 25 (JPY) 2.30 12/20/2036 1,161,247 253,250,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 30 (JPY) 3.70 09/21/2015 2,896,384 391,850,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 41 (JPY) 1.50 03/20/2019 3,771,084 94,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 70 (JPY) 2.40 06/20/2024 977,488 230,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 73 (JPY) 2.00 12/20/2024 2,258,023 150,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 90 (JPY) 2.20 09/20/2026 1,496,325 190,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 92 (JPY) 2.10 12/20/2026 1,856,671 225,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND SERIES 93 (JPY) 2.00 03/20/2027 2,180,326 300,000 NETHERLANDS GOVERNMENT BOND (EUR) 3.75 07/15/2014 459,961 850,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 07/15/2016 1,304,396 95,000 NETHERLANDS GOVERNMENT BOND (EUR) 4.00 01/15/2037 132,093 2,500,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 07/15/2010 3,989,259 410,000 NETHERLANDS GOVERNMENT BOND (EUR) 5.50 01/15/2028 705,135 85,000 NETHERLANDS GOVERNMENT BOND (EUR) 7.50 01/15/2023 173,967 862,000 SPAIN GOVERNMENT BOND (EUR) 4.00 01/31/2010 1,326,318 81,000 SPAIN GOVERNMENT BOND (EUR) 4.20 01/31/2037 114,111 752,000 SPAIN GOVERNMENT BOND (EUR) 4.40 01/31/2015 1,187,594 493,000 SPAIN GOVERNMENT BOND (EUR) 5.00 07/30/2012 793,283 442,000 SPAIN GOVERNMENT BOND (EUR) 5.50 07/30/2017 745,059 750,000 SPAIN GOVERNMENT BOND (EUR) 5.75 07/30/2032 1,323,174 650,000 SPAIN GOVERNMENT BOND (EUR) 6.15 01/31/2013 1,103,017
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 79 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FOREIGN GOVERNMENT BONDS@ (CONTINUED) $ 2,300,000 SWEDEN GOVERNMENT BOND SERIES 1041 (SEK) 6.75% 05/05/2014 $ 431,383 1,320,000 SWEDEN GOVERNMENT BOND SERIES 1045 (SEK) 5.25 03/15/2011 223,429 1,640,000 SWEDEN GOVERNMENT BOND SERIES 1047 (SEK) 5.00 12/01/2020 288,737 3,500,000 SWEDEN GOVERNMENT BOND SERIES 1050 (SEK) 3.00 07/12/2016 530,043 500,000 UNITED KINGDOM GILT (GBP) 4.00 03/07/2009 991,754 750,000 UNITED KINGDOM GILT (GBP) 4.00 09/07/2016 1,445,455 675,000 UNITED KINGDOM GILT (GBP) 4.25 06/07/2032 1,300,615 450,000 UNITED KINGDOM GILT (GBP) 4.25 12/07/2046 881,115 700,000 UNITED KINGDOM GILT (GBP) 4.75 06/07/2010 1,412,462 575,000 UNITED KINGDOM GILT (GBP) 4.75 09/07/2015 1,167,778 500,000 UNITED KINGDOM GILT (GBP) 4.75 03/07/2020 1,015,578 815,000 UNITED KINGDOM GILT (GBP) 4.75 12/07/2038 1,718,713 250,000 UNITED KINGDOM GILT (GBP) 5.00 03/07/2012 512,796 585,000 UNITED KINGDOM GILT (GBP) 5.00 09/07/2014 1,206,546 600,000 UNITED KINGDOM GILT (GBP) 6.00 12/07/2028 1,424,234 200,000 UNITED KINGDOM GILT (GBP) 8.75 08/25/2017 525,549 TOTAL FOREIGN GOVERNMENT BONDS (COST $162,836,141) 185,745,281 -------------- AGENCY NOTES - INTEREST BEARING: 6.46% FEDERAL FARM CREDIT BANK: 0.01% 100,000 FFCB<< 5.00 10/23/2009 104,367 -------------- FEDERAL HOME LOAN BANK: 1.47% 1,000,000 FHLB 3.75 08/18/2009 1,021,608 1,000,000 FHLB<< 4.38 03/17/2010 1,040,170 1,000,000 FHLB<< 4.75 04/24/2009 1,027,355 1,500,000 FHLB<< 5.00 09/18/2009 1,562,342 2,050,000 FHLB<< 5.00 10/16/2009 2,078,548 1,000,000 FHLB<< 5.00 11/17/2017 1,059,615 100,000 FHLB 5.13 08/14/2013 108,123 1,200,000 FHLB 5.38 08/19/2011 1,298,869 100,000 FHLB 5.38 09/30/2022 105,977 100,000 FHLB 5.50 10/19/2016 104,080 800,000 FHLB SERIES 363 4.50 11/15/2012 841,722 400,000 FHLB SERIES 467<< 5.25 06/18/2014 435,081 250,000 FHLB SERIES 656 5.38 05/18/2016 271,721 10,955,211 -------------- FEDERAL HOME LOAN MORTGAGE CORPORATION: 2.41% 800,000 FHLMC 4.50 07/15/2013 840,708 650,000 FHLMC<< 4.75 01/19/2016 681,156 2,000,000 FHLMC<< 5.00 06/11/2009 2,067,636 1,000,000 FHLMC 5.13 04/18/2011 1,070,294 1,200,000 FHLMC<< 5.13 07/15/2012 1,294,856 250,000 FHLMC 5.20 03/05/2019 254,163 150,000 FHLMC<< 5.25 10/06/2011 151,910 650,000 FHLMC 5.25 04/18/2016 696,720 1,000,000 FHLMC 5.38 01/09/2014 1,015,617 250,000 FHLMC<< 5.45 09/02/2011 253,510 150,000 FHLMC 5.55 10/04/2016 159,785 250,000 FHLMC 5.60 09/26/2013 253,689 100,000 FHLMC 5.60 10/17/2013 101,426 1,500,000 FHLMC<< 5.75 03/15/2009 1,552,163 2,000,000 FHLMC<< 6.00 07/06/2017 2,082,768 100,000 FHLMC 6.00 10/20/2021 104,493
80 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL HOME LOAN MORTGAGE CORPORATION (CONTINUED) $ 1,000,000 FHLMC<< 6.00% 03/30/2022 $ 1,030,355 1,000,000 FHLMC<< 6.00 04/16/2037 1,040,751 200,000 FHLMC 6.25 07/15/2032 234,976 300,000 FHLMC 6.75 03/15/2031 371,327 1,700,000 FHLMC<< 6.88 09/15/2010 1,875,340 250,000 FHLMC SERIES MTN 3.29 06/16/2009 250,012 650,000 FHLMC SERIES MTN 5.00 12/14/2018 642,125 18,025,780 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 2.57% 1,500,000 FNMA<< 4.38 09/15/2012 1,573,353 1,500,000 FNMA<< 4.38 03/15/2013 1,568,583 3,500,000 FNMA<< 4.63 12/15/2009 3,640,368 950,000 FNMA<< 5.00 03/15/2016 1,008,343 500,000 FNMA 5.00 02/13/2017 529,367 1,200,000 FNMA<< 5.00 05/11/2017 1,271,382 2,200,000 FNMA<< 5.25 08/01/2012 2,352,893 1,000,000 FNMA<< 5.38 04/11/2022 1,027,976 1,000,000 FNMA<< 5.40 04/02/2012 1,002,325 200,000 FNMA 5.45 10/18/2021 211,794 75,000 FNMA 5.63 11/15/2021 78,900 150,000 FNMA 5.63 07/15/2037 164,343 2,400,000 FNMA 6.00 08/22/2016 2,430,941 200,000 FNMA 6.21 08/06/2038 237,264 1,000,000 FNMA<< 6.63 09/15/2009 1,065,414 300,000 FNMA 6.63 11/15/2030 365,692 500,000 FNMA 7.25 05/15/2030 649,777 50,000 FNMA SERIES 1<< 5.50 11/17/2016 52,058 19,230,773 -------------- TOTAL AGENCY NOTES - INTEREST BEARING (COST $46,244,870) 48,316,131 -------------- AGENCY SECURITIES: 25.16% FEDERAL HOME LOAN MORTGAGE CORPORATION: 8.65% 800,000 FHLMC<< 4.88 11/15/2013 855,228 1,000,000 FHLMC<< 6.63 09/15/2009 1,065,414 1,517,987 FHLMC #1J1368 5.91 10/01/2036 1,563,516 866,749 FHLMC #783191+/- 5.68 04/01/2037 906,802 6,537,524 FHLMC #A11964 5.00 08/01/2033 6,465,916 1,390,328 FHLMC #A15183 6.00 11/01/2033 1,426,241 1,062,409 FHLMC #A15966 5.00 11/01/2033 1,050,772 1,655,983 FHLMC #A16693 5.50 12/01/2033 1,672,205 1,258,822 FHLMC #A19717 5.00 03/01/2034 1,243,836 2,423,742 FHLMC #A24888 6.00 07/01/2034 2,484,089 2,331,238 FHLMC #A29757 5.50 01/01/2035 2,347,090 1,800,151 FHLMC #A35253 5.50 06/01/2035 1,812,392 1,138,764 FHLMC #A36541 5.00 08/01/2035 1,123,687 1,457,923 FHLMC #A41694 5.50 01/01/2036 1,467,837 2,999,391 FHLMC #A47041 5.00 09/01/2035 2,959,679 662,832 FHLMC #A54804 6.50 06/01/2036 688,716 2,021,379 FHLMC #A56988 5.50 02/01/2037 2,034,000 4,971,527 FHLMC #E01425<< 4.50 08/01/2018 4,995,279 18,451 FHLMC #E63170 6.00 03/01/2011 19,010 491,392 FHLMC #E95352 4.50 04/01/2018 493,743 1,930,724 FHLMC #G01740 5.50 12/01/2034 1,946,614
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 81 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL HOME LOAN MORTGAGE CORPORATION (CONTINUED) $ 1,389,095 FHLMC #G02074 5.50% 02/01/2036 $ 1,398,541 535,010 FHLMC #G02184 5.00 04/01/2036 527,926 1,734,622 FHLMC #G02386 6.00 11/01/2036 1,772,960 691,228 FHLMC #G02422 6.00 12/01/2036 706,505 2,697,900 FHLMC #G02478 5.50 12/01/2036 2,715,357 852,040 FHLMC #G03303 4.50 09/01/2035 813,424 5,859,314 FHLMC #G03616 6.00 12/01/2037 5,987,542 490,677 FHLMC #G08190 4.50 01/01/2037 467,762 477,071 FHLMC #G08192 5.50 04/01/2037 480,050 1,044,130 FHLMC #G11950 4.50 10/01/2018 1,049,126 515,837 FHLMC #G12697 5.50 05/01/2022 526,988 20,287 FHLMC #J02886 6.00 06/01/2021 20,952 879,922 FHLMC #J04533 6.00 03/01/2022 907,851 18,930 FHLMC #J04871 6.00 05/01/2022 19,531 521,370 FHLMC #J05191 6.00 07/01/2022 537,918 74,712 FHLMC #J05194 5.00 07/01/2022 75,643 398,583 FHLMC #J05195 5.00 07/01/2022 403,580 969,540 FHLMC #J05228 5.00 07/01/2022 981,624 428,036 FHLMC #J05243 5.00 07/01/2022 433,371 413,177 FHLMC #J05408 5.00 08/01/2022 418,327 562,745 FHLMC #J05455 5.00 09/01/2022 569,759 5,000,000 FHLMC TBA%% 6.50 03/01/2038 5,192,190 64,628,993 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 14.40% 300,000 FNMA^ 4.26 06/01/2017 203,852 600,000 FNMA 4.63 10/15/2013 633,687 200,000 FNMA^ 4.73 10/09/2019 116,958 1,000,000 FNMA<< 6.00 05/15/2011 1,094,469 700,000 FNMA 6.13 03/15/2012 779,382 2,000,000 FNMA<< 6.38 06/15/2009 2,102,832 500,000 FNMA<< 7.13 01/15/2030 640,381 1,000,000 FNMA<< 7.25 01/15/2010 1,089,261 587,236 FNMA #190360 5.00 08/01/2035 579,743 1,275,073 FNMA #254950 5.50 11/01/2033 1,287,519 631,203 FNMA #255407 5.00 09/01/2024 633,430 681,391 FNMA #255857 5.50 08/01/2025 693,237 277,312 FNMA #256758 4.50 05/01/2022 277,615 602,489 FNMA #256851 7.00 08/01/2037 634,304 464,339 FNMA #535733 6.50 08/01/2015 487,637 1,253,076 FNMA #545414 5.50 01/01/2017 1,287,699 831,996 FNMA #725690 6.00 08/01/2034 852,737 556,359 FNMA #725773 5.50 09/01/2034 561,012 1,481,490 FNMA #729333 5.50 07/01/2033 1,495,951 1,038,966 FNMA #745627+/- 5.50 04/01/2036 1,062,423 190,437 FNMA #753669 6.00 11/01/2033 195,458 2,113,179 FNMA #767097 4.00 06/01/2019 2,062,570 933,902 FNMA #775199+/- 4.26 05/01/2034 942,385 905,447 FNMA #776966 5.00 04/01/2034 894,965 3,061,271 FNMA #777075 5.00 04/01/2034 3,029,004 664,841 FNMA #779510 5.00 06/01/2019 674,341 3,363,621 FNMA #793607<< 5.00 09/01/2019 3,411,686 781,271 FNMA #793675 6.00 09/01/2034 800,747 850,735 FNMA #794514 5.00 10/01/2019 862,892 672,574 FNMA #795047 5.50 10/01/2034 678,199 701,339 FNMA #796334 6.00 10/01/2034 718,823
82 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL NATIONAL MORTGAGE ASSOCIATION (CONTINUED) $ 878,218 FNMA #804666 6.00% 11/01/2034 $ 900,111 2,307,478 FNMA #805412 5.50 01/01/2035 2,323,671 849,781 FNMA #811460 5.00 06/01/2020 860,945 525,590 FNMA #812338 6.00 03/01/2035 537,866 93,760 FNMA #821030 4.50 05/01/2035 89,806 262,633 FNMA #822651 4.50 04/01/2035 251,556 3,501,223 FNMA #824601 5.50 12/01/2034 3,530,503 670,936 FNMA #828346 5.00 07/01/2035 662,375 188,640 FNMA #828698 5.00 07/01/2035 186,233 698,077 FNMA #829190 5.00 07/01/2035 689,170 636,110 FNMA #830957 5.50 08/01/2035 640,574 627,230 FNMA #831406 6.00 03/01/2036 641,235 1,164,708 FNMA #831625 7.00 06/01/2036 1,226,181 53,039 FNMA #832199 4.50 07/01/2035 50,802 1,349,159 FNMA #834657 5.50 08/01/2035 1,358,627 2,409,332 FNMA #835284 5.50 09/01/2035 2,426,240 3,181,986 FNMA #835331<< 5.50 08/01/2035 3,204,316 401,490 FNMA #836068 4.50 10/01/2020 401,890 557,096 FNMA #836958 4.50 10/01/2035 533,599 3,146,628 FNMA #839064<< 6.00 01/01/2036 3,220,119 1,335,965 FNMA #843901 4.50 09/01/2035 1,279,618 5,110,097 FNMA #844158 5.00 11/01/2035 5,044,893 5,732,746 FNMA #844703 5.50 12/01/2035 5,772,977 274,063 FNMA #845782 4.50 10/01/2020 274,336 502,373 FNMA #847926 4.50 12/01/2020 502,874 1,381,077 FNMA #851264 5.50 05/01/2021 1,413,278 781,964 FNMA #878198 5.50 09/01/2036 787,021 1,854,892 FNMA #879094+/- 5.36 05/01/2036 1,896,695 926,478 FNMA #888221 5.50 03/01/2037 932,468 742,986 FNMA #888815 4.50 11/01/2022 743,738 2,659,074 FNMA #895995<< 6.50 07/01/2036 2,757,312 1,250,290 FNMA #897130 6.50 09/01/2036 1,296,481 246,232 FNMA #904767+/- 5.52 12/01/2036 249,911 636,830 FNMA #907860+/- 5.53 02/01/2037 651,503 885,726 FNMA #908182 5.50 12/01/2021 906,378 1,760,074 FNMA #908249 6.50 12/01/2036 1,825,098 885,631 FNMA #909855 5.50 02/01/2037 891,128 921,909 FNMA #910093+/- 5.73 03/01/2037 924,645 262,549 FNMA #910535+/- 5.54 01/01/2037 266,244 501,066 FNMA #914224+/- 5.46 03/01/2037 513,794 854,148 FNMA #917101 5.00 05/01/2037 841,591 466,469 FNMA #918049 6.50 05/01/2037 483,666 3,960,033 FNMA #919640 6.00 09/01/2037 4,047,934 4,729,253 FNMA #922672+/- 4.33 06/01/2036 4,773,011 1,989,301 FNMA #922674+/- 4.78 04/01/2036 2,027,926 1,238,469 FNMA #922675+/- 4.80 06/01/2035 1,256,062 850,484 FNMA #928433 7.00 05/01/2037 895,395 524,973 FNMA #928507 6.50 06/01/2037 544,327 5,659,473 FNMA #941164 6.00 10/01/2037 5,785,097 897,379 FNMA #949594 6.00 08/01/2022 927,419 1,088,177 FNMA #950300 6.00 08/01/2037 1,113,592 1,499,852 FNMA #955801 6.00 10/01/2037 1,533,144 107,680,574 --------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 83 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 2.11% $ 2,034 GNMA #337120 6.50% 11/15/2023 $ 2,134 2,074 GNMA #379192 6.50 12/15/2023 2,176 2,220,944 GNMA #520782<< 5.00 03/15/2035 2,227,323 1,174,209 GNMA #605373<< 5.50 09/15/2034 1,202,443 250,024 GNMA #617417 6.50 02/15/2037 261,339 815,197 GNMA #632007 6.50 10/15/2036 852,060 1,744,577 GNMA #633305<< 5.50 12/15/2035 1,785,782 1,242,216 GNMA #648391<< 5.50 11/15/2035 1,271,556 789,357 GNMA #653068 5.50 03/15/2036 807,512 1,061,329 GNMA #654920<< 6.00 06/15/2036 1,099,032 247,265 GNMA #658328 4.50 03/15/2037 238,436 423,985 GNMA #663342 6.50 12/15/2036 443,158 288,429 GNMA #664629 7.00 03/15/2037 305,085 232,103 GNMA #667470 6.00 05/15/2037 240,348 732,058 GNMA #668585 6.00 08/15/2037 758,064 712,320 GNMA #669078 6.00 06/15/2037 737,624 479,612 GNMA #671433 6.00 07/15/2037 496,649 216,200 GNMA #782167 6.00 06/15/2037 223,986 500,000 GNMA TBA%% 5.00 03/01/2038 500,469 2,250,000 GNMA TBA%% 6.00 03/01/2037 2,327,344 15,782,520 -------------- TOTAL AGENCY SECURITIES (COST $182,582,377) 188,092,087 -------------- US TREASURY SECURITIES: 17.67% US TREASURY BONDS: 5.64% 1,400,000 US TREASURY BOND 4.38 02/15/2038 1,389,391 450,000 US TREASURY BOND<< 4.50 02/15/2036 455,730 1,600,000 US TREASURY BOND<< 4.75 02/15/2037 1,686,250 2,000,000 US TREASURY BOND<< 5.50 08/15/2028 2,296,562 1,150,000 US TREASURY BOND<< 6.00 02/15/2026 1,388,446 1,000,000 US TREASURY BOND<< 6.25 08/15/2023 1,229,297 1,500,000 US TREASURY BOND<< 6.25 05/15/2030 1,894,218 700,000 US TREASURY BOND 6.38 08/15/2027 883,476 950,000 US TREASURY BOND<< 6.63 02/15/2027 1,228,171 1,500,000 US TREASURY BOND<< 6.88 08/15/2025 1,972,968 2,000,000 US TREASURY BOND<< 7.50 11/15/2016 2,599,376 1,100,000 US TREASURY BOND 8.00 11/15/2021 1,548,422 3,500,000 US TREASURY BOND<< 8.13 08/15/2019 4,872,658 1,700,000 US TREASURY BOND<< 8.50 02/15/2020 2,439,898 2,500,000 US TREASURY BOND<< 8.75 05/15/2017 3,511,720 2,900,000 US TREASURY BOND 8.75 08/15/2020 4,257,110 1,275,000 US TREASURY BOND<< 8.88 08/15/2017 1,811,496 2,000,000 US TREASURY BOND<< 8.88 02/15/2019 2,904,062 2,600,000 US TREASURY BOND<< 9.13 05/15/2018 3,798,233 42,167,484 -------------- US TREASURY NOTES: 12.03% 1,000,000 US TREASURY NOTE<< 3.13 11/30/2009 1,025,625 4,300,000 US TREASURY NOTE<< 3.38 09/15/2009 4,417,244 3,000,000 US TREASURY NOTE<< 3.38 10/15/2009 3,085,782 3,500,000 US TREASURY NOTE<< 3.50 12/15/2009 3,616,757 4,500,000 US TREASURY NOTE<< 3.63 06/15/2010 4,698,986 3,500,000 US TREASURY NOTE<< 3.88 05/15/2009 3,595,977 2,000,000 US TREASURY NOTE<< 3.88 09/15/2010 2,105,624 3,000,000 US TREASURY NOTE<< 3.88 10/31/2012 3,187,266
84 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE US TREASURY NOTES (CONTINUED) $ 3,750,000 US TREASURY NOTE<< 3.88% 02/15/2013 $ 3,989,355 6,200,000 US TREASURY NOTE<< 4.00 03/15/2010 6,494,500 4,300,000 US TREASURY NOTE<< 4.25 01/15/2011 4,590,250 9,700,000 US TREASURY NOTE<< 4.25 08/15/2013 10,496,457 3,000,000 US TREASURY NOTE<< 4.25 11/15/2013 3,247,734 1,870,000 US TREASURY NOTE<< 4.25 11/15/2014 2,015,802 3,800,000 US TREASURY NOTE<< 4.50 04/30/2012 4,131,907 4,000,000 US TREASURY NOTE<< 4.50 05/15/2017 4,309,064 3,000,000 US TREASURY NOTE<< 4.63 10/31/2011 3,265,077 2,000,000 US TREASURY NOTE 4.63 02/29/2012 2,183,124 4,000,000 US TREASURY NOTE<< 4.63 07/31/2012 4,373,436 2,500,000 US TREASURY NOTE<< 4.75 03/31/2011 2,711,720 3,000,000 US TREASURY NOTE<< 4.88 08/15/2009 3,142,500 2,500,000 US TREASURY NOTE<< 5.00 08/15/2011 2,747,655 2,500,000 US TREASURY NOTE<< 6.00 08/15/2009 2,659,180 3,500,000 US TREASURY NOTE<< 6.50 02/15/2010 3,823,698 89,914,720 -------------- TOTAL US TREASURY SECURITIES (COST $126,019,165) 132,082,204 -------------- SHARES COLLATERAL FOR SECURITIES LENDING: 24.68% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.94% 243,599 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 243,599 3,760,950 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 3,760,950 3,008,760 DAILY ASSETS FUND INSTITUTIONAL 3,008,760 7,013,309 -------------- PRINCIPAL COLLATERAL INVESTED IN OTHER ASSETS: 23.74% $ 511,489 AMSTEL FUNDING CORPORATION 3.32 03/17/2008 510,735 1,203,504 AMSTERDAM FUNDING CORPORATION 3.34 03/20/2008 1,201,389 1,504,380 APRECO LLC 3.20 03/10/2008 1,503,177 707,059 ASPEN FUNDING CORPORATION 3.31 03/18/2008 705,957 2,256,570 ATLANTIC ASSET SECURITIZATION CORPORATION 3.28 03/17/2008 2,253,281 9,026,280 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,028,710) 3.23 03/03/2008 9,026,280 3,760,950 BASF FINANCE EUROPE NV+/-++ 3.89 10/17/2008 3,758,088 2,256,570 BNP PARIBAS+/- 3.14 08/07/2008 2,253,596 3,760,950 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,761,944) 3.17 03/03/2008 3,760,950 5,265,330 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $5,266,738) 3.21 03/03/2008 5,265,330 1,466,771 CAFCO LLC++ 3.32 03/11/2008 1,465,418 2,136,746 CANCARA ASSET SECURITIZATION LIMITED 3.33 03/18/2008 2,133,396 752,190 CANCARA ASSET SECURITIZATION LIMITED 3.35 03/05/2008 751,910 3,384,855 CHARTA LLC++ 3.36 03/24/2008 3,377,611 2,143,742 CHEYNE FINANCE LLC+/-++^^(a)(i) 5.12 02/25/2008 1,929,370 466,358 CIESCO LLC 3.16 03/24/2008 465,419 9,026,280 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,028,710) 3.23 03/03/2008 9,026,280 1,880,475 CULLINAN FINANCE CORPORATION+/-++ 3.21 08/04/2008 1,873,421 9,026,280 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,028,710) 3.23 03/03/2008 9,026,280 1,861,670 EUREKA SECURITIZATION INCORPORATED 3.25 03/14/2008 1,859,485
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 85 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED) $ 5,453,378 FAIRWAY FINANCE CORPORATION++ 3.33% 03/12/2008 $ 5,447,829 3,046,370 FALCON ASSET SECURITIZATION CORPORATION 3.20 03/11/2008 3,043,662 5,295,418 GALLEON CAPITAL LLC++ 3.40 03/05/2008 5,293,417 1,504,380 GEMINI SECURITIZATION INCORPORATED++ 3.30 03/13/2008 1,502,725 1,203,504 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY+/- 3.20 06/16/2008 1,203,504 6,017,520 GRAMPIAN FUNDING LIMITED 3.23 03/06/2008 6,014,821 9,026,280 GREENWICH CAPITAL MARKETS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,028,687) 3.20 03/03/2008 9,026,280 2,632,665 ING USA ANNUITY & LIFE INSURANCE+/- 3.20 10/16/2008 2,632,665 9,092,583 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,095,030) 3.23 03/03/2008 9,092,583 2,068,523 LIBERTY STREET FUNDING CORPORATION++ 3.30 03/03/2008 2,068,143 9,026,280 MERRILL LYNCH & COMPANY INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,028,687) 3.20 03/03/2008 9,026,280 1,880,475 METLIFE GLOBAL FUNDING I+/-++ 3.12 10/21/2008 1,880,291 5,175,067 MONT BLANC CAPITAL CORPORATION 3.37 03/25/2008 5,163,475 1,128,285 MORGAN STANLEY+/- 3.20 04/07/2008 1,128,285 1,156,492 MORGAN STANLEY+/- 3.25 10/15/2008 1,156,314 5,641,425 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $5,642,934) 3.21 03/03/2008 5,641,425 1,880,475 NATEXIS BANQUES POPULAIRES+/-++ 4.92 09/08/2008 1,872,453 3,949,244 PICAROS FUNDING LLC++ 5.21 03/07/2008 3,945,331 1,338,898 PREMIUM ASSET TRUST+/-++ 4.40 07/15/2008 1,340,178 3,531,908 RACERS TRUST SERIES 2004-6-MM+/-++ 3.27 03/22/2008 3,527,076 2,068,523 SCALDIS CAPITAL LIMITED 3.29 03/20/2008 2,064,942 1,617,209 SHEFFIELD RECEIVABLES CORPORATION 3.22 03/06/2008 1,616,485 1,353,942 SHEFFIELD RECEIVABLES CORPORATION++ 3.32 03/12/2008 1,352,569 1,504,380 SLM CORPORATION+/-++ 3.16 05/12/2008 1,499,710 3,008,760 STANFIELD VICTORIA FUNDING LLC+/-++^^(A)(I) 5.27 04/03/2008 2,682,611 2,015,869 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 3.32 03/03/2008 2,015,497 3,610,512 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.35 03/17/2008 3,605,137 7,521,900 TRANSAMERICA OCCIDENTAL LIFE INSURANCE+/- 3.32 10/03/2008 7,521,900 1,880,475 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+/-++ 3.19 10/08/2008 1,879,114 3,806,082 VERSAILLES CDS LLC 3.60 03/13/2008 3,801,514 1,880,475 VICTORIA FINANCE LLC+/-++^^(a)(i) 3.61 08/07/2008 1,676,632 1,880,475 VICTORIA FINANCE LLC+/-++^^(a)(i) 5.11 05/02/2008 1,676,632 3,008,760 WACHOVIA BANK NA+/- 4.68 01/12/2009 2,989,357 977,847 WINDMILL FUNDING CORPORATION++ 3.33 03/24/2008 975,773 177,511,983 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $185,428,661) 184,525,292 -------------- SHORT-TERM INVESTMENTS: 2.50% 18,651,713 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~++ 3.22 03/03/2008 18,651,713 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $18,651,713) 18,651,713 --------------
86 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------
VALUE TOTAL INVESTMENTS IN SECURITIES (COST $903,097,461)* 125.89% $ 941,075,740 OTHER ASSETS AND LIABILITIES, NET (25.89) (193,535,725) ------ -------------- TOTAL NET ASSETS 100.00% $ 747,540,015 ------ --------------
- -------------------------------------------------------------------------------- << All or a portion of this security is on loan. (See Note 2) +/- 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. @ Foreign bond principal is denominated in US dollars. ^ Zero coupon bond. Interest rate presented is yield to maturity. %% Securities issued on a when-issued (TBA) basis. (See Note 2) ^^ This security is currently in default with regards to scheduled interest and/or principal payments. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. (l) Long-term security of an affiliate of the fund with a cost of $2,999,814. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund does not pay an investment advisory fee for such investments. +++ Short-term security of an affiliate of the fund with a cost of $18,651,713. * Cost for federal income tax purposes is $903,103,082 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $38,881,648 Gross unrealized depreciation (908,990) ----------- Net unrealized appreciation (depreciation) $37,972,658 The accompanying notes are an integral part of these financial statements. Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 87 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.26% ADMINISTRATION OF ECONOMIC PROGRAMS: 0.02% 59,505 HINDUSTAN UNILEVER LIMITED $ 334,320 -------------- ADMINISTRATION OF ENVIRONMENTAL QUALITY & HOUSING PROGRAMS: 0.01% 4,900 KURITA WATER INDUSTRIES LIMITED 154,462 -------------- AEROSPACE, DEFENSE: 0.02% 27,112 ROLLS ROYCE GROUP PLC 232,422 -------------- AGRICULTURAL PRODUCTION CROPS: 0.01% 1,105 EBRO PULEVA SA 20,782 54,500 SINAR MAS AGRO RESOURCES & TECHNOLOGY TBK PT 59,935 80,717 -------------- AGRICULTURAL SERVICES: 0.17% 2,265 ABB GRAIN LIMITEDZ 17,991 31,900 ASIATIC DEVELOPMENT BHD 91,704 14,500 ASTRA AGRO LESTARI TBK PT 49,422 43,700 AWB LIMITED 94,369 32,400 CHAODA MODERN AGRICULTURE LIMITED 36,521 1,228 CRESUD SACIFYA<< 21,785 124,000 GOLDEN AGRI-RESOURCES LIMITED 97,900 182,400 IOI CORPORATION BHD 453,666 48,700 KUALA LUMPUR KEPONG BHD 279,283 26,000 OLAM INTERNATIONAL LIMITED 47,304 3,600 UNITED PLANTATIONS BHD 15,960 35,005 VCA ANTECH INCORPORATED+ 1,124,011 2,800 YARA INTERNATIONAL ASA 156,342 2,486,258 -------------- AIRPORT DEVELOPMENT, MAINTENANCE: 0.02% 30,262 AUCKLAND INTERNATIONAL AIRPORT LIMITED 59,490 22,746 EMPRESA BRASILEIRA DE AERONAUTICA SA 254,213 313,703 -------------- AMUSEMENT & RECREATION SERVICES: 0.35% 12,871 ARISTOCRAT LEISURE LIMITED 122,575 500 ARUZE CORPORATION 15,954 44,700 BEC WORLD PCL 38,644 113,400 BERJAYA SPORTS TOTO BHD 181,234 60,000 CHINA TRAVEL INTERNATIONAL INVESTMENT HONG KONG LIMITED 32,316 1,141 CLUB MEDITERRANEE+ 53,573 1,500 DAIICHIKOSHO COMPANY LIMITED 14,807 1,861 FLIGHT CENTRE LIMITED 46,496 11 FUJI TELEVISION NETWORK INCORPORATED 16,639 917 GESTEVISION TELECINCO SA 19,516 1,200 H.I.S COMPANY LIMITED 20,087 4,270 INFORMA PLC 29,120 12,792 INTERNATIONAL GAME TECHNOLOGY 577,559 12,907 INTERNATIONAL SPEEDWAY CORPORATION CLASS A 514,215 6,984 INTRALOT SA-INTEGRATED LOTTERY SYSTEMS & SERVICES 130,315 5,120 KANGWON LAND INCORPORATED 112,086 74 KUONI REISEN HOLDING 34,694 10,076 LADBROKERS PLC 60,505 15,000 LI NING COMPAY LIMITED 46,381 14,346 LIFE TIME FITNESS INCORPORATED+<< 416,895
88 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE AMUSEMENT & RECREATION SERVICES (continued) 2,636 LOTTOMATICA SPA $ 95,184 48,700 MAGNUM CORPORATION BHD 50,526 72,300 MEDIA PRIMA BHD 54,297 7,100 NAMCO BANDAI HOLDINGS INCORPORATED 87,811 140 NIPPON TELEVISION NETWORK CORPORATION 19,266 4,627 OPAP SA 151,368 1,700 ORIENTAL LAND COMPANY LIMITED 99,040 664 PADDY POWER PLC 21,261 17,971 PARTYGAMING PLC 9,316 24,898 PINNACLE ENTERTAINMENT INCORPORATED+<< 389,903 131,215 RESORTS WORLD BHD 151,761 2,880 RESORTTRUST INCORPORATED 43,657 12 ROUND ONE CORPORATION 13,754 5,500 SEGA SAMMY HOLDINGS INCORPORATED 60,682 3,000 SHOCHIKU COMPANY LIMITED 19,812 609 SOGECABLE SA+ 25,550 16,526 TABCORP HOLDINGS LIMITED 232,971 47,996 TATTERSALL'S LIMITED 173,030 10,167 TEN NETWORK HOLDINGS LIMITED 23,468 3,000 TOEI COMPANY LIMITED 16,630 11,000 TOKYO DOME CORPORATION 53,166 12,000 TOKYOTOKEIBA COMPANY LIMITED 22,875 30 USJ COMPANY LIMITED 19,585 24,656 WARNER MUSIC GROUP CORPORATION<< 147,936 3,265 WILLIAM HILL PLC 24,284 18,770 WMS INDUSTRIES INCORPORATED+ 712,697 5,203,441 -------------- APPAREL & ACCESSORY STORES: 0.75% 12,837 ABERCROMBIE & FITCH COMPANY CLASS A 995,253 1,100 ADERANS COMPANY LIMITED 19,956 2,749 ADIDAS-SALOMON AG 174,439 33,361 AEROPOSTALE INCORPORATED+ 896,076 3,300 AOKI HOLDINGS INCORPORATED 58,694 3,400 AOYAMA TRADING COMPANY LIMITED 71,325 1,044 BEIERSDORF AG 82,681 128,000 BELLE INTERNATIONAL HOLDINGS LIMITED 154,671 1,126 BULGARI SPA 12,537 17,170 CATO CORPORATION 268,882 461 CHARLES VOEGELE HOLDING AG 41,081 69,601 CHARMING SHOPPES INCORPORATED+<< 383,502 58,000 CHINA DONGXIANG GROUP COMPANY+ 33,542 2,000 CHIYODA COMPANY LIMITED 29,174 19,705 CHRISTOPHER & BANKS CORPORATION<< 212,814 19,500 CITIZEN HOLDINGS COMPANY LIMITED 163,748 157,785 COMPAL ELECTRONIC INCORPORATED 142,208 2,449 DEBENHAMS PLC 3,294 356 DOUGLAS HOLDING AG 18,930 24,834 DRESS BARN INCORPORATED+<< 327,312 2,400 FAST RETAILING COMPANY LIMITED 177,294 950 GEOX SPA 13,957 256,000 GIORDANO INTERNATIONAL LIMITED 106,854 9,000 HANKYU DEPARTMENT STORES 64,696 24,513 HOT TOPIC INCORPORATED+<< 112,515 3,755 INDUSTRIA DE DISENO TEXTIL SA 193,583 6,600 ISETAN COMPANY LIMITED 78,406
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 89 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE APPAREL & ACCESSORY STORES (continued) 18,085 J.CREW GROUP INCORPORATED+<< $ 724,304 22,104 JUST GROUP LIMITED 71,237 11,391 KOHL'S CORPORATION+ 506,216 3,758 L'OREAL SA 445,966 465 LOTTE SHOPPING COMPANY LIMITED 157,381 12,300 MARUI COMPANY LIMITED 125,985 10,000 MITSUKOSHI LIMITED 40,173 3,051 NEXT PLC 77,379 2,400 NISHIMATSUYA CHAIN COMPANY LIMITED 22,973 8,068 NORDSTROM INCORPORATED 298,758 1,603 ORIFLAME COSMETICS SA 107,110 42,762 PACIFIC SUNWEAR OF CALIFORNIA+ 477,224 1,036 PINAULT-PRINTEMPTS-REDOUTE SA 141,297 730 POINT INCORPORATED 26,630 122 PUMA AG RUDOLF DASSLER SPORT 43,515 121,380 QUANTA COMPUTER INCORPORATED 159,123 2,386 REITMAN'S CANADA LIMITED CLASS A 39,635 1,000 RIGHT ON COMPANY LIMITED 8,774 27,099 ROSS STORES INCORPORATED 754,707 900 SHIMANURA COMPANY LIMITED 65,259 11,000 SHISEIDO COMPANY LIMITED 250,678 25,236 SIGNET GROUP PLC 30,424 533 SWATCH GROUP AG 30,360 437 SWATCH GROUP AG CLASS B 128,270 9,000 TAKASHIMAYA COMPANY LIMITED 99,397 12,464 TALBOTS INCORPORATED<< 101,956 2,076 THE WEIR GROUP PLC 31,761 18,357 TRUWORTHS INTERNATIONAL LIMITED 61,855 13,259 UNDER ARMOUR INCORPORATED+<< 488,196 1,500 UNI-CHARM CORPORATION 109,623 1,900 UNITED ARROWS LIMITED 14,916 16,950 URBAN OUTFITTERS INCORPORATED+<< 487,821 17,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED 51,791 11,018,118 -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.32% 7,091 BILLABONG INTERNATIONAL LIMITED 82,342 6,414 BURBERRY GROUP PLC 53,262 7,992 GUESS? INCORPORATED<< 328,711 5,000 GUNZE LIMITED 23,172 7,001 HENNES & MAURITZ AB CLASS B 392,673 1,094 HERMES INTERNATIONAL 128,034 973 INFOSYS TECHNOLOGIES LIMITED 37,143 16,400 JONES APPAREL GROUP INCORPORATED 231,404 19,800 LIZ CLAIBORNE INCORPORATED 352,044 43 LPP SA+ 41,268 3,000 MIZUNO CORPORATION 19,522 330 NOBEL BIOCARE HOLDING AG 79,808 5,000 ONWARD KASHIYAMA COMPANY LIMITED 48,703 24,300 PHILLIPS-VAN HEUSEN CORPORATION 887,193 8,580 POLO RALPH LAUREN CORPORATION 533,590 5,000 PORTS DESIGN LIMITED 14,782 103,006 POU CHEN CORPORATION 89,776 75,142 QUIKSILVER INCORPORATED+<< 676,278 3,000 SANYO SHOKAI LIMITED 15,751 12,800 THE GYMBOREE CORPORATION+<< 506,752
90 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS (continued) 3,000 THE JAPAN WOOL TEXTILE COMPANY LIMITED $ 25,571 2,000 TOKYO STYLE COMPANY LIMITED 18,971 4,000 WACOAL CORPORATION 60,344 34,000 YGM TRADING LIMITED 22,022 4,669,116 -------------- APPLICATIONS SOFTWARE: 0.01% 17,158 WIPRO LIMITED<< 198,003 -------------- AUTO PARTS & EQUIPMENT: 0.01% 4,240 HYUNDAI AUTONET COMPANY LIMITED 24,376 96,200 SOMBOON ADVANCE TECHNOLOGY PCL 44,614 310,300 YARNAPUND PCL 34,216 103,206 -------------- AUTO PARTS - ORIGINAL EQUIPMENT: 0.00% 1,800 TOKAI RIKA COMPANY LIMITED 51,755 -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.60% 96,814 TOYOTA MOTOR CORPORATION 5,261,613 700 AUTOBACS SEVEN COMPANY LIMITED 15,844 25,359 AUTONATION INCORPORATED+<< 369,481 6,400 AUTOZONE INCORPORATED+ 736,512 4,789 BAYERISCHE MOTOREN WERKE AG 262,500 8,100 BRIDGESTONE CORPORATION 133,252 1,200 CANADIAN TIRE CORPORATED LIMITED CLASS A 74,640 31,182 CARMAX INCORPORATED+<< 572,502 24 D'IETEREN SA 8,499 9,616 FREEWORLD COATINGS LIMITED+ 12,020 13,000 HOTAI MOTOR COMPANY LIMITED 36,717 78,300 NISSAN MOTOR COMPANY LIMITED 704,150 16,393 O'REILLY AUTOMOTIVE INCORPORATED+ 441,955 2,212 PEUGEOT SA 168,154 610 USS COMPANY LIMITED 37,372 8,835,211 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.06% 3,749 BAJAJ AUTO LIMITED 210,989 11,563 RYDER SYSTEM INCORPORATED 666,144 877,133 -------------- BANKING: 0.00% 569 EFG INTERNATIONAL 19,116 5 YACHIYO BANK LIMITED 20,248 39,364 -------------- BEVERAGES: 0.00% 2,737 COCA-COLA ICECEK URETIM AS 26,962 -------------- BIOPHARMACEUTICALS: 0.02% 21,443 THERAVANCE INCORPORATED+<< 352,737 -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.67% 4,977 AMEC PLC 75,921 4,729 BALFOUR BEATTY PLC 41,495 3,720 BARRATT DEVELOPMENTS PLC 30,093
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 91 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued) 16,464 BEAZER HOMES USA INCORPORATED+<< $ 116,894 1,697 BELLWAY PLC 26,711 1,204 BERKELEY GROUP HOLDINGS PLC 24,770 371 BILFINGER BERGER AG 29,488 1,216 BOVIS HOMES GROUP PLC 13,980 5,799 CARILLION PLC 42,829 184,900 CH KARNCHANG PCL 46,591 58,779 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED 152,299 3,000 COMSYS HOLDINGS CORPORATION 24,315 27,311 CSR LIMITED 85,090 1,149 DAELIM INDUSTRIAL COMPANY LIMITED 178,793 3,414 DAEWOO ENGINEERING & CONSTRUCTION COMPANY LIMITED 73,077 17,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED 173,587 59,800 DIALOG GROUP BHD 27,225 53,742 DR HORTON INCORPORATED<< 754,000 808 EIFFAGE SA 71,098 4,075 ENKA INSAAT VE SANAYI AS 61,312 147,600 GAMUDA BHD 179,457 12,747 GLOBE TRADE CENTRE SA+ 181,504 1,860 GS ENGINEERING & CONSTRUCTION CORPORATION 284,546 500 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 17,686 34,000 HASEKO CORPORATION 51,281 673 HOCHTIEF AG 73,357 3,031 HOLCIM LIMITED 309,084 2,963 HYUNDAI DEVELOPMENT COMPANY 211,296 2,554 HYUNDAI ENGINEERING & CONSTRUCTION COMPANY LIMITED 229,705 33,000 IJM CORPORATION BHD 74,096 13,306 IMPREGILO SPA 70,986 82,400 ITALIAN-THAI DEVELOPMENT PCL 23,456 8,000 JGC CORPORATION 129,732 771 JM AB 16,443 30,000 KAJIMA CORPORATION 93,109 15,451 KB HOME<< 369,742 6,000 KINDEN CORPORATION 55,925 1,090 KONINKLIJKE BAM GROEP NV 23,903 772 KUMHO INDUSTRIAL COMPANY LIMITED 37,496 151,700 LAND & HOUSES PCL 40,016 3,761 LEIGHTON HOLDINGS LIMITED 157,665 24,988 LENNAR CORPORATION CLASS A<< 465,027 826 LENNAR CORPORATION CLASS B 14,191 2,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED 16,484 25,900 MALAYSIAN RESOURCES CORPORATION BHD+ 15,968 1,000 NCC AB 26,280 63,843 NEW WORLD DEVELOPMENT LIMITED 171,610 7,000 NISHIMATSU CONSTRUCTION COMPANY LIMITED 17,812 23,000 OBAYASHI CORPORATION 110,019 9,000 OKUMURA CORPORATION 38,484 922 PBG SA+ 125,639 4,508 PERSIMMON PLC 65,497 625 POLNORD SA+ 30,845 34,558 PYI CORPORATION LIMITED 10,842 100 ROCKWOOL INTERNATIONAL AS 17,440 25,769 RYLAND GROUP INCORPORATED<< 729,005 16,000 SEKISUI CHEMICAL COMPANY LIMITED 112,226 19,000 SEKISUI HOUSE LIMITED 196,582 26,000 SEMBCORP INDUSTRIES LIMITED 87,421
92 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS (continued) 23,000 SHIMIZU CORPORATION $ 110,039 36,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED 87,046 291,300 SINO THAI ENGINEERING & CONSTRUCTION PCL 52,771 17,601 SUEZ SA 1,118,941 27,000 TAISEI CORPORATION 71,187 11,176 TAYLOR WIMPEY PLC 37,817 11,000 TODA CORPORATION 47,840 26,789 TOLL BROTHERS INCORPORATED+<< 568,195 8,065 UNITED CONSTRUCTION GROUP LIMITED 91,324 51,000 UNITED FIBER SYSTEM LIMITED 7,716 40,191 URBI DESARROLLOS URBANOS SA DE CV+ 140,725 4,564 VINCI SA 318,448 8,220 WCI COMMUNITIES INCORPORATED+<< 31,976 11,000 YANLORD LAND GROUP LIMITED 19,629 1,878 YIT OYJ 46,655 27,700 YTL CORPORATION BHD 66,111 10,000 ZELAN BHD 10,302 369 ZPH STALPRODUKT SA 123,708 9,881,855 -------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.43% 37,000 ASAHI GLASS COMPANY LIMITED 421,427 4,000 CENTRAL GLASS COMPANY LIMITED 17,661 9,000 DAIKIN INDUSTRIES LIMITED 404,977 4,800 DCM JAPAN HOLDINGS COMPANY LIMITED 25,418 20,836 FASTENAL COMPANY<< 847,192 19,318 FLETCHER BUILDING LIMITED 147,104 800 FLSMIDTH & COMPANY A/S 74,693 21,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED 80,201 622 GEBERIT AG 91,510 1,859 GRAFTON GROUP PLC 15,086 46,030 HOME DEPOT INCORPORATED 1,222,097 600 KCI KONECRANES OYJ 21,785 2,000 KEIYO COMPANY LIMITED 10,200 34,665 KINGFISHER PLC 89,484 1,140 KINGSPAN GROUP PLC 15,440 2,600 KOMERI COMPANY LIMITED 60,901 61,494 LOWE'S COMPANIES INCORPORATED 1,474,011 10,000 MATSUSHITA ELECTRIC WORKS LIMITED 99,264 18,000 NIPPON SHEET GLASS COMPANY LIMITED 84,160 1,435 REECE AUSTRALIA LIMITED 30,666 3,600 RINNAI CORPORATION 111,333 1,161 RONA INCORPORATED+ 16,408 15,374 SANDVIK AB 259,236 5,000 SANWA SHUTTER CORPORATION 24,271 522 SCHINDLER HOLDING AG 35,697 3,715 SCHNEIDER ELECTRIC SA 423,004 89,000 TECHTRONIC INDUSTRIES COMPANY 86,180 484 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG 40,520 1,242 WIENERBERGER AG 59,946 6,289,872 -------------- BUSINESS SERVICES: 6.18% 75,620 3COM CORPORATION+ 248,790 14,711 ACI WORLDWIDE INCORPORATED 259,796 42,911 ACTIVISION INCORPORATED 1,169,325
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 93 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 1,562 ADECCO SA $ 81,736 10,166 ADMINISTAFF INCORPORATED 250,694 23,744 ADOBE SYSTEMS INCORPORATED+ 798,986 7,412 ADVENT SOFTWARE INCORPORATED 333,095 8,857 AEGIS GROUP PLC 19,565 13,830 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A 701,873 24,882 AKAMAI TECHNOLOGIES INCORPORATED+<< 874,851 11,347 ALLIANCE DATA SYSTEMS CORPORATION 574,499 33,363 ANSYS INCORPORATED+<< 1,246,775 11,687 ARBITRON INCORPORATED<< 489,919 47,967 ARIBA INCORPORATED+ 427,866 3,691 ASIAN PAINTS LIMITED 101,906 1,039 ASSECO POLAND SA 31,007 5,349 ASX LIMITED 205,656 655 ATOS ORIGIN SA+ 35,296 34,056 AUTODESK INCORPORATED 1,058,801 22,029 AUTOMATIC DATA PROCESSING INCORPORATED 880,059 2,848 AUTONOMY CORPORATION PLC 52,976 61,430 AVIS BUDGET GROUP INCORPORATED 702,145 1,203 BAIDU.COM INCORPORATED ADR 302,350 2,762 BANCA CR FIRENZE 27,967 78,340 BEA SYSTEMS INCORPORATED 1,493,944 5,622 BIFFA PLC 38,586 28,800 BMC SOFTWARE INCORPORATED 929,664 985 BOLSAS Y MARCADOS ESPANOLES 49,267 39,511 BORLAND SOFTWARE CORPORATION 77,046 44,022 BRAMBLES LIMITED 422,739 16,700 CA INCORPORATED 382,096 12,508 CACI INTERNATIONAL INCORPORATED CLASS A+ 546,099 8,085 CAPITA GROUP PLC 104,760 9,200 CERNER CORPORATION+<< 399,740 3,000 CGI GROUP INCORPORATED+ 33,223 37,784 CHECK POINT SOFTWARE TECHNOLOGIES+ 828,225 37,000 CHINA EVERBRIGHT INTERNATIONAL LIMITED 17,599 202,000 CHINA UNICOM LIMITED 432,099 10,162 CHOICEPOINT INCORPORATED+<< 491,841 29,167 CIBER INCORPORATED+ 134,168 27,900 CITRIX SYSTEMS INCORPORATED+ 918,747 85,439 CNET NETWORKS INCORPORATED+ 620,287 42,349 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 1,279,363 34,166 COMPUTER SCIENCES CORPORATION+ 1,484,513 14,761 COMPUTERSHARE LIMITED 115,292 55,383 COMPUWARE CORPORATION+ 440,849 24,277 CONVERGYS CORPORATION+ 350,560 22,627 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 256,816 2,000 CSK HOLDINGS CORPORATION 50,232 15 CYBERAGENT INCORPORATED 17,954 1,100 DAISEKI COMPANY LIMITED 31,252 1,850 DAVIS SERVICE GROUP PLC 18,308 2,629 DCC PLC 66,146 1,565 DE LA RUE 27,997 31,045 DELUXE CORPORATION 646,667 17 DENA COMPANY LIMITED 110,154 66 DENTSU INCORPORATED 152,360 16,760 DIGITAL RIVER INCORPORATED+<< 546,879 19,745 DIMENSION DATA HOLDINGS PLC 20,078
94 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 743 DISCOUNT INVESTMENT CORPORATION $ 19,327 7,245 DST SYSTEMS INCORPORATED+<< 509,034 72,934 EARTHLINK INCORPORATED+ 527,313 48,508 EBAY INCORPORATED+ 1,278,671 13,232 ELECTRONIC ARTS INCORPORATED+ 625,741 34,726 ELECTRONICS FOR IMAGING INCORPORATED+ 522,974 15,129 EXPERIAN GROUP LIMITED 127,181 36,248 F5 NETWORKS INCORPORATED+ 803,256 6,584 FACTSET RESEARCH SYSTEMS INCORPORATED 346,582 28,874 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,197,982 1,415 FINANCIAL TECHNOLOGIES (INDIA) LIMITED 71,169 24,714 FISERV INCORPORATED+ 1,300,451 17,614 FOCUS MEDIA HOLDING LIMITED+<< 887,217 6,081 FORRESTER RESEARCH INCORPORATED+<< 161,998 21,000 GALLANT VENTURE LIMITED+ 9,996 1,693 GARDA WORLD SECURITY CORPORATION CLASS A+ 26,214 2,863 GEMALTO NV+ 79,585 11,623 GLOBAL PAYMENTS INCORPORATED 461,084 9,918 GOOGLE INCORPORATED CLASS A+ 4,673,163 1,520 GREATEK ELECTRONIC INCORPORATED 1,897 50,000 GUANGDONG INVESTMENT LIMITED 26,498 4,345 HAVAS SA 20,198 4,000 HAW PAR CORPORATION LIMITED 17,941 50,034 HENRY JACK & ASSOCIATES INCORPORATED 1,177,300 26,722 HLTH CORPORATION+<< 316,388 687 HOMESERVE PLC 26,866 34,500 HONG KONG EXCHANGES & CLEARING LIMITED 655,399 12,707 HOUSING DEVELOPMENT FINANCE CORPORATION 873,866 9,000 HYFLUX LIMITED 20,960 717 I-FLEX SOLUTIONS LIMITED 18,875 237 ILIAD SA 21,854 13,463 INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED 39,109 36,036 INFORMATICA CORPORATION+<< 629,189 13,856 INFOSPACE INCORPORATED+ 141,193 24,277 INFOSYS TECHNOLOGIES LIMITED ADR<< 944,861 1,400 INTEC HOLDINGS LIMITED 19,909 92,383 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+<< 796,341 23,190 INTERWOVEN INCORPORATED+ 314,225 45,542 INTUIT INCORPORATED+<< 1,209,596 2,779 INVOCARE LIMITED 17,266 2,812 IRESS MARKET TECHNOLOGY LIMITED 17,223 27,270 IRON MOUNTAIN INCORPORATED+ 820,282 718 JC DECAUX SA 21,636 21,984 JUNIPER NETWORKS INCORPORATED+ 589,611 560 JYSKE BANK+ 38,626 12 KABU.COM SECURITIES COMPANY LIMITED 14,466 8 KENEDIX INCORPORATED 10,571 38,138 KEPPEL CORPORATION LIMITED 287,375 2,384 KONE OYJ 83,415 2,000 KYOWA EXEO CORPORATION 13,768 9,556 LAMAR ADVERTISING COMPANY+<< 364,179 1,470 LG DACOM CORPORATION 24,594 15,304 LOGICACMG PLC 28,111 452 MACDONALD DETTWILER & ASSOCIATES LIMITED+ 22,507 25,513 MAN GROUP PLC 278,344 11,900 MANPOWER INCORPORATED 674,730
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 95 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 55,000 MARUBENI CORPORATION $ 416,411 10,317 MASTERCARD INCORPORATED CLASS A<< 1,960,230 3,363 MICHAEL PAGE INTERNATIONAL PLC 18,609 351,171 MICROSOFT CORPORATION 9,558,875 50,900 MITSUBISHI CORPORATION 1,552,984 3,000 MITSUI-SOKO COMPANY LIMITED 16,613 136 MONEX BEANS HOLDINGS INCORPORATED 77,084 17,153 MONSTER WORLDWIDE INCORPORATED+ 456,098 700 MOSHI MOSHI HOTLINE INCORPORATED 19,178 60,924 MPS GROUP INCORPORATED+ 694,534 14,385 NAVTEQ CORPORATION+ 1,078,156 26,085 NCR CORPORATION 578,044 9,712 NETEASE.COM INCORPORATED ADR+<< 208,322 21,565 NETFLIX INCORPORATED+<< 681,023 1,400 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED 19,668 67,574 NOVELL INCORPORATED+ 503,426 33,162 NWS HOLDINGS LIMITED 96,419 600 OPEN TEXT CORPORATION+ 19,330 165,315 ORACLE CORPORATION+ 3,107,922 68,843 PARAMETRIC TECHNOLOGY CORPORATION+ 1,053,986 3,458 PATNI COMPUTER SYSTEMS LIMITED 20,398 54,271 PEROT SYSTEMS CORPORATION CLASS A+ 748,397 1,297 PERPETUAL TRUSTEES AUSTRALIA LIMITED 65,842 499 PROKOM SOFTWARE SA 26,473 24,488 PSION PLC 50,790 54,329 REALNETWORKS INCORPORATED+ 317,825 27,867 RED HAT INCORPORATED+ 496,869 40,059 RENT-A-CENTER INCORPORATED+ 687,012 1,169 REUTERS GROUP PLC<< 82,824 500 RITCHIE BROS AUCTIONEERS INCORPORATED 36,139 23,240 ROBERT HALF INTERNATIONAL INCORPORATED 626,318 29,614 S1 CORPORATION+ 209,667 14,545 SALESFORCE.COM INCORPORATED+<< 868,627 13,202 SAP AG 631,652 21,343 SATYAM COMPUTER SERVICES LIMITED<< 533,148 4,800 SECURITAS AB 57,761 4,457 SEEK LIMITED 26,756 76 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA 102,078 197,500 SHENZHEN INTERNATIONAL HOLDINGS 21,816 1,020 SHREE CEMENT LIMITED 30,624 33,000 SINGAPORE EXCHANGE LIMITED 192,015 216 SOFTWARE AG 15,660 1,700 SOHGO SECURITY SERVICES COMPANY LIMITED 23,508 36,591 SONICWALL INCORPORATED+<< 304,803 28,632 SOTHEBY'S HOLDINGS INCORPORATED 965,471 30,538 SPHERION CORPORATION+ 197,886 1,700 SQUARE ENIX COMPANY LIMITED 56,751 17,874 SRA INTERNATIONAL INCORPORATED CLASS A+ 428,976 4,000 SUMITOMO WAREHOUSE COMPANY LIMITED 19,293 21,500 SWIRE PACIFIC LIMITED 245,061 54,939 SYBASE INCORPORATED+<< 1,462,476 35,668 SYMANTEC CORPORATION+<< 600,649 28,320 SYNOPSYS INCORPORATED+ 657,307 30,205 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 800,433 4,846 TAYLOR NELSON SOFRES PLC 17,749 559 TELEPERFORMANCE 17,648
96 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 16,468 TELETECH HOLDINGS INCORPORATED+ $ 371,683 863 TEMENOS GROUP AG+ 21,600 17,192 THE BRINK'S COMPANY 1,150,661 27,884 THQ INCORPORATED+<< 521,710 114,732 TIBCO SOFTWARE INCORPORATED+<< 808,861 600 TOKYU LIVABLE INCORPORATED 5,281 8,908 TOMKINS PLC 29,867 492 TOMTOM NV+ 23,056 23,865 TOTAL SYSTEM SERVICES INCORPORATED 530,519 7,659 TOWER AUSTRALIA GROUP LIMITED 16,707 7,200 TOYOTA TSUSHO CORPORATION 182,782 67,102 UNISYS CORPORATION+<< 277,131 41,403 UNITED ONLINE INCORPORATED 413,202 42,942 VALUECLICK INCORPORATED+<< 829,210 11,665 VIAD CORPORATION 404,426 15,013 VIGNETTE CORPORATION+ 189,914 18,437 WEBSENSE INCORPORATED+ 358,968 40,500 WHARF HOLDINGS LIMITED 204,856 50,401 WIND RIVER SYSTEMS INCORPORATED+<< 364,399 17,585 WPP GROUP PLC 207,569 1,062 WS ATKINS PLC 23,126 53,750 YAHOO! INCORPORATED+ 1,493,175 435 YAHOO! JAPAN CORPORATION 193,403 700 ZENRIN COMPANY LIMITED 16,904 91,022,214 -------------- CASINO & GAMING: 0.07% 4,328 MGM MIRAGE+<< 266,562 10,719 PENN NATIONAL GAMING INCORPORATED+ 491,252 2,565 WYNN RESORTS LIMITED+<< 258,296 1,016,110 -------------- CHEMICALS & ALLIED PRODUCTS: 6.95% 41,994 ABBOTT LABORATORIES 2,248,779 1,473 ACTELION LIMITED+ 76,782 2,300 ADEKA CORPORATION 23,068 2,300 AGRIUM INCORPORATED 170,213 1,900 AICA KOGYO COMPANY LIMITED 17,228 3,477 AIR LIQUIDE SA 492,073 5,440 AIR PRODUCTS & CHEMICALS INCORPORATED 496,835 5,000 AIR WATER INCORPORATED 52,001 3,972 AKZO NOBEL NV 291,257 11,368 ALBEMARLE CORPORATION 431,302 17,055 ALBERTO-CULVER COMPANY 457,074 15,982 ALEXION PHARMACEUTICALS INCORPORATED 968,669 42,005 ALKERMES INCORPORATED+<< 543,545 160 AMOREPACIFIC CORPORATION 99,605 20,186 AMYLIN PHARMACEUTICALS INCORPORATED 534,323 3,400 ARISAWA MANUFACTURING COMPANY LIMITED 26,646 44,000 ASAHI KASEI CORPORATION 242,147 15,600 ASTELLAS PHARMA INCORPORATED 681,810 22,436 ASTRAZENECA PLC 838,597 16,054 BARR PHARMACEUTICALS INCORPORATED 756,946 7,221 BASF AG 918,789 20,600 BATU KAWAN BHD 72,610 12,307 BIOGEN IDEC INCORPORATED+ 718,237
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 97 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 41,141 BIOMARIN PHARMACEUTICAL INCORPORATED+<< $ 1,565,004 1,400 BIOVAIL CORPORATION 19,871 53,825 BRISTOL-MYERS SQUIBB COMPANY 1,216,983 11,138 CABOT CORPORATION 305,181 15,771 CAMBREX CORPORATION 137,681 3,906 CARDIOME PHARMA CORPORATION+ 29,684 29,900 CELANESE CORPORATION CLASS A 1,163,110 417 CHEMRING GROUP PLC 20,228 46,104 CHEMTURA CORPORATION<< 380,819 36,000 CHINA AGRI-INDUSTRIES HOLDINGS LIMITED+ 26,334 16,000 CHINA PHARMACEUTICAL GROUP LIMITED+ 4,853 718 CHRISTIAN DIOR SA 78,246 8,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED 94,833 28,281 CHURCH & DWIGHT COMPANY INCORPORATED 1,511,902 697 CIBA SPECIALTY CHEMICALS AG 27,880 645 CIECH SA 23,353 3,406 CLARIANT AG 29,159 20,400 CLOROX COMPANY 1,187,076 21,819 COLGATE-PALMOLIVE COMPANY 1,660,208 1,741 CRODA INTERNATIONAL PLC 20,841 17,188 CSL LIMITED 576,476 22,955 CUBIST PHARMACEUTICALS INCORPORATED+<< 417,781 17,987 CYTEC INDUSTRIES INCORPORATED 1,030,295 11,000 DAICEL CHEMICAL INDUSTRIES LIMITED 61,962 21,300 DAIICHI SANKYO COMPANY LIMITED 661,014 19,000 DAINIPPON INK & CHEMICALS INCORPORATED 69,120 6,000 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED 50,121 608 DC CHEMICAL COMPANY LIMITED 217,577 15,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA 50,121 25,844 DOW CHEMICAL COMPANY 974,060 5,130 DR REDDYS LABORATORIES LIMITED 72,909 16,067 EASTMAN CHEMICAL COMPANY 1,057,369 26,338 ECOLAB INCORPORATED 1,232,355 24,491 EI DU PONT DE NEMOURS & COMPANY 1,136,872 8,500 EISAI COMPANY LIMITED 306,548 6,382 ELAN CORPORATION PLC+ 146,500 26,400 ELI LILLY & COMPANY 1,320,528 25,760 ETERNAL CHEMICAL COMPANY LIMITED 28,371 1,500 FANCLCORPORATION 19,678 26,344 FERRO CORPORATION 424,138 20,000 FIBRECHEM TECHNOLOGIES LIMITED 11,046 10,834 FMC CORPORATION 613,313 12,648 FOREST LABORATORIES INCORPORATED+ 503,011 197,000 FORMOSA CHEMICALS & FIBRE CORPORATION 478,743 223,000 FORMOSA PLASTICS CORPORATION 601,138 19,203 GENENTECH INCORPORATED+ 1,454,627 10,853 GENZYME CORPORATION+ 769,695 18,934 GEORGIA GULF CORPORATION<< 114,740 39,202 GILEAD SCIENCES INCORPORATED+ 1,855,039 95 GIVAUDAN SA 95,252 82,377 GLAXOSMITHKLINE PLC 1,798,171 672 H LUNDBECK AS 16,047 2,230 HANWHA CHEM CORPORATION 40,884 36,927 HB FULLER COMPANY<< 840,089 1,604 HENKEL KGAA 64,875 2,407 HENKEL KGAA PREFERRED 106,525
98 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 3,500 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED $ 111,610 2,200 HITACHI CHEMICAL COMPANY LIMITED 41,923 569 HONAM PETROCHEMICAL CORPORATION 55,337 17,993 HUNTSMAN CORPORATION 434,171 25,741 IDEXX LABORATORIES INCORPORATED+ 1,427,853 30,090 IMMUCOR INCORPORATED+ 896,682 1,576 INCITEC PIVOT LIMITED 214,056 490 INTERCELL AG+ 18,647 12,772 INTERMUNE INCORPORATED+<< 179,830 14,515 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 626,032 31,721 INVERNESS MEDICAL INNOVATIONS INCORPORATED+<< 937,990 6,680 INVITROGEN CORPORATION+ 564,393 363,121 IRPC PCL 68,363 10,000 ISHIHARA SANGYO KAISHA LIMITED 22,416 21,807 ISRAEL CHEMICALS LIMITED 295,998 3,266 JOHNSON MATTHEY PLC 125,560 6,100 JSR CORPORATION 133,881 473 K+S AG 137,630 3,000 KAKEN PHARMACEUTICAL COMPANY LIMITED 23,909 368,000 KALBE FARMA TBK PT 41,917 9,000 KANEKA CORPORATION 62,615 9,000 KANSAI PAINT COMPANY LIMITED 64,774 18,000 KAO CORPORATION 554,181 267 KCC CORPORATION 157,415 1,400 KEMIRA OYJ 20,859 47,997 KING PHARMACEUTICALS INCORPORATED+ 508,768 36,500 KINGBOARD CHEMICALS HOLDINGS LIMITED 162,236 1,000 KISSEI PHARMACEUTICAL COMPANY LIMITED 20,165 700 KOBAYASHI PHARMACEUTICAL COMPANY LIMITED 27,539 2,809 KONINKLIJKE DSM NV 123,613 2,000 KYORIN COMPANY LIMITED 28,207 9,000 KYOWA HAKKO KOGYO COMPANY LIMITED 86,988 854 LANXESS 32,559 431 LG HOUSEHOLD & HEALTH CARE LIMITED CLASS H 78,386 1,100 LINTEC CORPORATION 16,822 6,000 LION CORPORATION 28,575 705 LONZA GROUP AG 92,880 13,602 LUBRIZOL CORPORATION 792,997 12,486 MAKHTESHIM-AGAN INDUSTRIES LIMITED 104,074 600 MANDOM CORPORATION 17,543 52,447 MEDAREX INCORPORATED+<< 487,757 21,269 MEDICINES COMPANY+ 409,641 23,265 MEDICIS PHARMACEUTICAL CORPORATION CLASS A<< 477,165 59,413 MERCK & COMPANY INCORPORATED 2,631,996 822 MERCK KGAA 102,369 1,000 METHANEX CORPORORATION 28,905 63,262 MILLENNIUM PHARMACEUTICALS INCORPORATED+ 885,035 7,956 MINERALS TECHNOLOGIES INCORPORATED 479,588 1,900 MIRACA HOLDINGS INCORPORATED 40,755 51,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION 348,343 14,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED 103,821 22,000 MITSUI CHEMICALS INCORPORATED 155,994 22,808 MONSANTO COMPANY 2,638,429 300 MURAMOTO ELECTRON THAILAND PCL 1,559 59,635 MYLAN LABORATORIES INCORPORATED+<< 706,078 302,000 NAN YA PLASTICS CORPORATION 711,225
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 99 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 25,224 NBTY INCORPORATED+ $ 720,397 12,827 NEUROCRINE BIOSCIENCES INCORPORATED+ 64,263 800 NICHI-IKO PHARMACEUTICAL COMPANY LIMITED 20,945 1,000 NIHON PARKERIZING COMPANY LIMITED 13,938 4,000 NIPPON KAYAKU COMPANY LIMITED 23,861 5,000 NIPPON PAINT COMPANY LIMITED 19,391 2,000 NIPPON SHINYAKU COMPANY LIMITED 20,075 4,000 NIPPON SHOKUBAI COMPANY LIMITED 29,480 6,000 NISSAN CHEMICAL INDUSTRIES LIMITED 68,400 5,200 NITTO DENKO CORPORATION 253,178 6,000 NOF CORPORATION 23,450 800 NOVA CHEMICALS CORPORATION 24,360 37,478 NOVARTIS AG 1,851,143 5,340 NOVO NORDISK AS CLASS B 365,301 2,637 NUFARM LIMITED 39,185 39,843 OLIN CORPORATION 765,782 1,612 OMEGA PHARMA SA 76,509 4,300 ONO PHARMACEUTICAL COMPANY LIMITED 217,091 23,520 ONYX PHARMACEUTICALS INCORPORATED+<< 642,566 8,403 OSI PHARMACEUTICALS INCORPORATED+ 302,088 1,082 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 19,141 11,704 PAREXEL INTERNATIONAL CORPORATION+ 643,135 173 PAZ OIL COMPANY LIMITED 23,176 16,309 PDL BIOPHARMA INCORPORATED+ 260,618 47,098 PERRIGO COMPANY 1,574,015 2,943 PETKIM PETROKIMYA HOLDING SA 17,576 187,448 PFIZER INCORPORATED 4,176,341 11,540 PHARMERICA CORPORATION+<< 169,869 4,228 PPG INDUSTRIES INCORPORATED 262,051 13,302 PRAXAIR INCORPORATED 1,067,885 131,420 PROCTER & GAMBLE COMPANY 8,697,376 750,000 PT TEMPO SCAN PACIFIC TBK 52,951 59,400 PTT CHEMICAL PCL 219,237 10,241 RANBAXY LABORATORIES LIMITED 113,020 8,901 RECKITT BENCKISER GROUP 480,129 6,569 RECORDATI SPA 51,692 2,099 RHODIA SA 52,116 638 RICHTER GEDEON PLC 137,718 44 RIETER HOLDING AG 17,749 29,953 ROHM & HAAS COMPANY 1,605,780 4,000 ROHTO PHARMACEUTICAL COMPANY LIMITED 47,775 73,102 RPM INTERNATIONAL INCORPORATED 1,528,563 7,297 SANOFI-AVENTIS SA 539,337 17,805 SANOFI-AVENTIS SA ADR 660,387 3,200 SANTEN PHARMACEUTICAL COMPANY LIMITED 81,117 400 SAWAI PHARMACEUTICAL COMPANY LIMITED 18,501 120 SCHERING AG 18,940 67,096 SCHERING-PLOUGH CORPORATION 1,455,983 28,721 SENSIENT TECHNOLOGIES CORPORATION 773,744 15,924 SEPRACOR INCORPORATED+ 341,888 664 SGL CARBON AG+ 37,162 12,600 SHIN-ETSU CHEMICAL COMPANY LIMITED 679,976 10,000 SHIONOGI & COMPANY LIMITED 171,432 7,486 SHIRE PLC 146,130 333 SHISEIDO COMPANY LIMITED 7,645 39,000 SHOWA DENKO KK 138,774 42,051 SIGMA PHARMACEUTICALS LIMITED 53,604
100 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 16,944 SIGMA-ALDRICH CORPORATION $ 932,259 38,000 SINOCHEM HONG KONG HOLDING LIMITED 37,912 13,300 SMITH & NEPHEW PLC 172,808 4,995 SOCIEDAD QUIMICA Y MINERA DE CHILE SA CLASS B 97,230 755 SOLVAY SA 94,881 867 STADA ARZNEIMITTEL AG 60,904 10,468 STERLITE INDUSTRIES INDIA LIMITED ADR 39,664 4,000 SUMITOMO BAKELITE COMPANY LIMITED 21,930 51,000 SUMITOMO CHEMICAL COMPANY LIMITED 353,039 1,646 SYMRISE AG 44,748 1,416 SYNGENTA AG 407,113 35,000 TAIWAN FERTILIZER COMPANY LIMITED 136,513 12,000 TAIYO NIPPON SANSO CORPORATION 106,963 3,000 TAKASAGO INTERNATIONAL CORPORATION 23,714 25,300 TAKEDA PHARMACEUTICAL COMPANY LIMITED 1,411,715 7,000 TANABE SEIYAKU COMPANY LIMITED 80,855 37,500 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR 1,840,125 611,100 THAI PETROCHEM 115,049 72,700 TITAN CHEMICALS CORPORATION 29,370 6,000 TOAGOSEI COMPANY LIMITED 20,523 6,000 TOKAI CARBON COMPANY LIMITED 51,110 7,000 TOKUYAMA CORPORATION 52,128 1,000 TOKYO OHKA KOKYO 21,312 22,000 TOSOH CORPORATION 78,683 4,000 TOYAMA CHEMICAL COMPANY LIMITED+ 32,776 6,000 TOYO INK MANUFACTURING COMPANY LIMITED 20,854 3,609 TRANSPORTADORA DE GAS DEL SUR SA<< 17,034 2,000 TSUMURA & COMPANY 41,240 13,969 TURK SISE VE CAM FABRIKALARI AS 21,489 30,000 UBE INDUSTRIES LIMITED JAPAN 92,204 2,614 UCB SA 123,909 161,000 UNILEVER INDONESIA TBK PT 118,818 8,481 UNITED THERAPEUTICS CORPORATION+<< 713,846 45,431 USEC INCORPORATED 289,850 57,111 VALSPAR CORPORATION<< 1,238,738 19,085 VERTEX PHARMACEUTICALS INCORPORATED+<< 333,988 259 WACKER CHEMIE AG 55,253 36,391 WYETH 1,587,375 5,000 ZEON CORPORATION 24,361 8,127 ZEP INCORPORATED 127,594 102,380,639 -------------- COAL MINING: 0.72% 27,558 ALPHA NATURAL RESOURCES INCORPORATED+ 1,117,201 21,438 ARCH COAL INCORPORATED 1,095,267 33,621 BHP BILLITON PLC 1,075,538 426,500 BUMI RESOURCES TBK PT 351,892 7,416 CENTENNIAL COAL COMPANY LIMITED 30,324 63,962 CHINA COAL ENERGY COMPANY 140,382 147,000 CHINA SHENHUA ENERGY COMPANY LIMITED 748,760 27,489 CONSOL ENERGY INCORPORATED 2,088,614 621 CUDECO LIMITED+ 1,912 2,529 FELIX RESOURCES LIMITED 25,987 783 FORDING CANADIAN COAL TRUST 38,687 674 FOUNDATION COAL HOLDINGS INCORPORATED 38,937 30,000 FUSHAN INTERNATIONAL ENERGY GROUP LIMITED+ 15,887
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 101 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COAL MINING (continued) 17,000 HIDILI INDUSTRY INTERNATIONAL DEVELOPMENT LIMITED+ $ 29,240 3,755 KUMBA IRON ORE LIMITED 159,592 2,848 MACARTHUR COAL LIMITED 31,305 6,099 MINERAL DEPOSIT LIMITED+ 6,191 4,901 NEYVELI LIGNITE CORP LIMITED 18,190 10,987 PATRIOT COAL CORPORATION+ 590,002 10,889 PEABODY ENERGY CORPORATION 616,535 15,716 PENN VIRGINIA CORPORATION 668,873 89,000 PT ASTRA INTERNATIONAL INCORPORATED 267,045 36,500 PT TAMBANG BATUBARA BUKIT ASAM TBK 44,903 8,609 RESOURCE PACIFIC HOLDINGS LIMITED+ 25,416 21,659 SASOL LIMITED 1,107,684 4,140 SINO GOLD MINING LIMITED+ 28,952 10,000 STRAITS ASIA RESOURCES LIMITED 27,342 2,322 UK COAL PLC 21,036 88,000 YANZHOU COAL MINING COMPANY LIMITED 143,561 10,555,255 -------------- COMMERCIAL SERVICES: 0.00% 2,100 PARK24 COMPANY LIMITED 17,853 -------------- COMMUNICATIONS: 4.59% 53,900 ADVANCED INFO SERVICE PCL THB 177,502 2,110 AGORA SA 39,527 33,858 ALCATEL SA 198,552 2,211 ALVARION LIMITED+ 16,459 780,459 AMERICA MOVIL SA DE CV 2,359,595 11,397 AMERICA MOVIL SA DE CV CLASS A 35,862 16,766 AMERICAN TOWER CORPORATION CLASS A 644,485 5,483 APN NEWS & MEDIA LIMITED 25,133 800 ASATSU-DK INCORPORATED 25,825 87,800 ASTRO ALL ASIA NETWORKS PLC 102,625 167,373 AT&T INCORPORATED 5,829,602 15,840 AUSTAR UNITED COMMUNICATIONS LIMITED+ 21,035 11,800 BCE INCORPORATED 427,641 2,181 BELGACOM SA 104,452 729 BELL ALIANT REGIONAL COMMUNICATIONS INCOME FUND 21,909 35,372 BEZEQ ISRAELI TELECOMMUNICATION CORPORATION LIMITED 65,003 33,778 BHARTI AIRTEL LIMITED+ 688,483 30,626 BRIGHTPOINT INCORPORATED+<< 316,673 14,502 BRITISH SKY BROADCASTING GROUP PLC 162,721 120,264 BT GROUP PLC 541,231 33,446 CABLE & WIRELESS PLC 116,856 34,397 CABLEVISION SYSTEMS CORPORATION+<< 921,496 156,100 CARSO GLOBAL TELECOM SA DE CV+ 682,118 21,814 CENTURYTEL INCORPORATED 789,449 541,425 CHAMPION TECHNOLOGY HOLDINGS LIMITED 95,868 154,176 CHARTER COMMUNICATIONS INCORPORATED+<< 148,317 133,500 CHINA MOBILE LIMITED 1,998,914 56,000 CHINA NETCOM GROUP CORPORATION HONG KONG LIMITED 172,630 634,000 CHINA TELECOM CORPORATION LIMITED 466,923 211,000 CHUNGHWA TELECOM COMPANY LIMITED 524,615 23,072 CIA DE TELECOMUNICACIONES DE CHILE SA CLASS A 46,941 149,290 CINCINNATI BELL INCORPORATED+<< 579,246 350 CITIC 1616 HOLDINGS LIMITED+ 79
102 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMUNICATIONS (continued) 12,100 CLEAR CHANNEL COMMUNICATIONS INCORPORATED $ 387,200 80,609 COMCAST CORPORATION CLASS A<< 1,575,100 41,500 COMCAST CORPORATION SPECIAL CLASS A 803,025 10,500 COMPAL COMMUNICATIONS INCORPORATED 19,608 896 CORUS ENTERTAINMENT INCORPORATED CLASS B 18,352 42,344 CROWN CASTLE INTERNATIONAL CORPORATION+<< 1,528,195 5,183 CTC MEDIA INCORPORATED+ 152,173 11,480 CYBERTAN TECHNOLOGY INCORPORATED 18,556 35,904 D-LINK CORPORATION 57,041 3,066 DAILY MAIL & GENERAL TRUST CLASS A 28,346 44,354 DEUTSCHE TELEKOM AG 842,415 35,600 DIGI.COM BHD 264,571 28,981 DIRECTV GROUP INCORPORATED+ 725,974 30,848 DISH NETWORK CORPORATION+ 914,643 11,582 DISH TV INDIA LIMITED+ 17,292 6,027 ECHOSTAR CORPORATION+ 241,442 1,150 EGYPTIAN COMPANY FOR MOBILE SERVICES 48,704 2,200 ELISA OYJ 67,055 29,965 EMBARQ CORPORATION 1,256,732 9,059 EMPRESA NACIONAL DE TELECOMUNICACIONES SA 159,400 1,800 ENIRO AB 13,558 15,824 ENTERCOM COMMUNICATIONS CORPORATION 176,754 13,510 EQUINIX INCORPORATED+<< 936,919 1,001 EUTELSAT COMMUNICATIONS+ 27,530 62,608 EXTREME NETWORKS+ 188,450 42,839 FAIRFAX MEDIA LIMITED 153,191 116,000 FAR EASTONE TELECOMMUNICATIONS COMPANY LIMITED 161,981 17,703 FRANCE TELECOM SA 594,270 11,057 FRANCE TELECOM SA ADR 369,857 970 GLOBE TELECOM INCORPORATED 35,121 113,802 GRUPO TELEVISA SA 503,024 5,260 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 146,112 2,000 HITACHI KOKUSAI ELECTRIC INCORPORATED 22,580 7,638 HURRIYET GAZETECILIK VE MATBAACILIK AS 18,100 50,926 IDEA CELLULAR LIMITED+ 138,254 27,700 IDT CORPORATION<< 162,322 4,997 INDEPENDENT NEWS & MEDIA PLC 15,060 6,770 INMARSAT PLC 66,121 47,251 ITV PLC 62,455 20,686 J2 GLOBAL COMMUNICATIONS INCORPORATED 445,163 46 JUPITER TELECOMMUNICATIONS COMPANY LIMITED+ 38,185 19,114 KCOM GROUP PLC 16,499 94 KDDI CORPORATION 571,099 5,139 KT CORPORATION 252,675 3,740 KT FREETEL COMPANY LIMITED 97,541 1,785 LAGARDERE SCA 140,243 7,082 LEAP WIRELESS INTERNATIONAL INCORPORATED+ 302,826 26,839 LIBERTY GLOBAL INCORPORATED+ 941,244 26,503 LIBERTY GLOBAL INCORPORATED SERIES A+ 996,513 22,970 LIBERTY MEDIA HOLDING CORPORATION INTERACTIVE SERIES A+ 329,849 30,171 LIVE NATION INCORPORATED+<< 358,130 777 M6 METROPOLE TELEVISION 18,317 15,982 MAGYAR TELEKOM PLC 77,132 8,074 MAHANAGAR TELEPHONE NIGAM LIMITED 23,805 708 MANITOBA TELECOM SERVICES INCORPORATED 29,751 10,697 MEDIASET SPA 96,603 26,341 METROPCS COMMUNICATIONS INCORPORATED+ 420,139
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 103 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMUNICATIONS (continued) 68,400 MOBILONE LIMITED $ 97,810 580 MOBISTAR SA 49,425 5,673 MPHASIS LIMITED 32,031 69,315 MTN GROUP LIMITED 1,085,424 642 NEUF CEGETEL 33,936 11,178 NEUSTAR INCORPORATED CLASS A+<< 286,827 2,686 NICE SYSTEMS LIMITED+ 86,088 25,468 NII HOLDINGS INCORPORATED+ 1,011,844 142 NIPPON TELEGRAPH & TELEPHONE CORPORATION 619,224 5,940 NORTEL NETWORKS CORPORATION+ 51,177 242 NTT DOCOMO INCORPORATED 354,547 30,114 NTT DOCOMO INCORPORATED ADR 439,363 21,326 ORASCOM TELECOM HOLDING SAE 319,889 3,554 PARTNER COMMUNICATIONS 74,690 110,000 PCCW LIMITED 63,474 12,035 PEARSON PLC 158,266 3,370 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY 237,782 11,676 PORTUGAL TELECOM SGPS SA 149,028 786 PROSIEBENSAT.1 MEDIA AG 16,941 88,000 PT INDONESIAN SATELLITE CORPORATION TBK 64,544 2,716 PT MULTIMEDIA SERVICOS DE TELECOMUNICACOES E MULTIMEDIA SGPS SA 33,685 2,081 PUBLICIS GROUPE 75,150 61,100 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED<< 329,940 40,516 RADIO ONE INCORPORATED CLASS D+ 51,050 211 RAKUTEN INCORPORATED 100,335 15,580 RCN CORPORATION+<< 172,938 7,880 REED ELSEVIER NV 146,394 16,377 REED ELSEVIER PLC 206,119 32,828 RELIANCE COMMUNICATIONS LIMITED<<++ 471,479 23,396 RELIANCE INDUSTRIES LIMITED++ 2,848,463 26,855 RENTOKIL INITIAL PLC 44,234 11,890 REUTERS GROUP PLC 140,421 7,000 ROGERS COMMUNICATIONS INCORPORATED 276,302 28,083 ROYAL KPN NV 530,151 543 RTL GROUP 65,667 379,400 SAMART CORPORATION PCL 88,273 11,979 SAVVIS INCORPORATED+<< 232,752 41,619 SBA COMMUNICATIONS CORPORATION+ 1,292,270 51,873 SEAT PAGINE GIALLE SPA 15,238 5,262 SES FDR 130,057 5,200 SHAW COMMUNICATIONS INCORPORATED CLASS B 101,068 188,600 SHIN SATELLITE PCL+ 61,033 29,593 SINCLAIR BROADCAST GROUP INCORPORATED<< 273,143 217,100 SINGAPORE TELECOMMUNICATIONS LIMITED 587,417 1,626 SK TELECOM COMPANY LIMITED 330,513 4,812 SKY NETWORK TELEVISION LIMITED 19,221 1,239 SOCIETE TELEVISION FRANCAISE 1 29,197 76,441 SPRINT NEXTEL CORPORATION+ 543,496 13,000 STARHUB LIMITED 27,948 330 SWISSCOM AG 125,511 128,448 TAIWAN MOBILE COMPANY LIMITED 217,608 26,492 TATA TELESERVICES MAHARASHTRA LIMITED+ 22,844 147 TDC AS 8,388 4,654 TELE NORTE LESTE PARTICIPACOES SA 175,058 5,189 TELE2 AB 91,206 2,951 TELECOM ARGENTINA SA ADR+ 66,722 56,972 TELECOM CORPORATION OF NEW ZEALAND LIMITED 174,809
104 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE COMMUNICATIONS (continued) 12,733 TELECOM EGYPT $ 53,750 97,374 TELECOM ITALIA RNC SPA 187,877 152,308 TELECOM ITALIA SPA 379,731 172,900 TELECOM MALAYSIA BHD 610,393 3,803 TELECOMUNICACOES DE SAO PAULO SA 107,719 214,890 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B 462,319 39,044 TELEFONICA DEL PERU SAA+ 47,023 63,357 TELEFONICA SA 1,833,324 309,736 TELEFONOS DE MEXICO SA DE CV 515,648 4,322 TELEKOM AUSTRIA AG 97,761 32,978 TELEKOMUNIKACJA POLSKA SA 307,216 2,078 TELEMAR NORTE LESTE SA 114,965 678 TELENET GROUP HOLDING NV+ 14,399 11,600 TELENOR ASA 237,529 7,645 TELEPHONE & DATA SYSTEMS INCORPORATED 358,551 7,537 TELEPHONE & DATA SYSTEMS INCORPORATED - SPECIAL SHS 324,845 32,151 TELIASONERA AB 256,138 9,578 TELKOM SOUTH AFRICA LIMITED 170,791 112,407 TELSTRA CORPORATION LIMITED 505,313 2,249 TELUS CORPORATION 102,642 2,000 TELUS CORPORATION (NON-VOTING) 89,449 21,000 TENCENT HOLDINGS LIMITED 130,545 21,369 TIME WARNER TELECOM INCORPORATED+<< 340,622 2,200 TOKYO BROADCASTING SYSTEM INCORPORATED 47,512 2,973 TRINITY MIRROR PLC 16,706 262,500 TRUE CORPORATION PCL+ 44,200 270,800 TT&T PCL+ 6,801 22,703 TURKCELL ILETISIM HIZMETLERI AS 224,315 2,757 UNITED BUSINESS MEDIA PLC 29,049 1,860 UNITED COMMUNICATION INDUSTRY PCL+ 1,306 1,385 UNITED INTERNET AG 26,323 2,282 UNITED STATES CELLULAR CORPORATION+ 143,766 79,024 VERIZON COMMUNICATIONS INCORPORATED 2,870,152 341 VIACOM INCORPORATED+ 13,572 17,337 VIVENDI SA 685,163 23,800 VIVO PARTICIPACOES SA 143,552 409,015 VODAFONE GROUP PLC 1,316,806 39,982 VODAFONE GROUP PLC ADR 1,288,620 4,000 VTECH HOLDINGS LIMITED 19,719 94,062 WINDSTREAM CORPORATION 1,106,169 44,099 XM SATELLITE RADIO HOLDINGS INCORPORATED+<< 520,368 11,533 YELL GROUP PLC 49,751 8,000 ZINWELL CORPORATION 24,284 18,360 ZYXEL COMMUNICATIONS CORPORATION 20,009 67,606,067 -------------- COMPUTER TECHNOLOGIES: 0.04% 22,080 METAVANTE TECHNOLOGIES INCORPORATED+ 478,474 521 UBISOFT ENTERTAINMENT+ 43,789 522,263 -------------- COMPUTERS & OFFICE EQUIPMENT: 0.02% 14,673 AGILYSYS INCORPORATED 185,907 243,600 CALCOMP ELECTRONICS PCL THB 46,014 231,921 --------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 105 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.14% 597 BOSKALIS WESTMINSTER $ 32,962 9,935 CHEMED CORPORATION 473,999 26,616 EMCOR GROUP INCORPORATED+ 641,179 155 FLUGHAFEN WIEN AG 17,723 142,000 HKC HOLDINGS LIMITED 31,753 14,706 INSITUFORM TECHNOLGY INCORPORATED+<< 205,443 5,899 IVRCL INFRASTRUCTURES & PROJECTS LIMITED 68,372 171 KOBENHAVNS LUFTHAVNE 78,754 3,353 ORASCOM CONSTRUCTION INDUSTRIES 406,818 55,923 STEINHOFF INTERNATIONAL HOLDINGS LIMITED 128,441 1,110 WELLSTREAM HOLDINGS PLC+ 28,051 2,113,495 -------------- CONSUMER SERVICES: 0.03% 670 HAKUHODO DY HOLDINGS INCORPORATED 38,340 3,751 LVMH MOET HENNESSY LOUIS VUITTON SA 385,382 423,722 -------------- DEPOSITORY INSTITUTIONS: 8.43% 14,000 77 BANK LIMITED 82,515 13,802 ABSA GROUP LIMITED 195,363 33,916 AFRICAN BANK INVESTMENTS LIMITED 133,612 48,299 AKBANK TAS 255,677 7,938 ALLAHABAD BANK 21,489 5,637 ALLIANCE & LEICESTER PLC 62,518 13,683 ALLIED IRISH BANKS PLC 276,989 6,430 ALPHA BANK AE 195,052 12,303 AMCORE FINANCIAL INCORPORATED 238,924 87,300 AMMB HOLDINGS BHD 100,392 10,416 ANCHOR BANCORP WISCONSIN INCORPORATED 197,175 10,732 ANDHRA BANK 23,761 9,749 ANGLO IRISH BANK CORPORATION PLC 138,071 21,000 AOZORA BANK LIMITED 55,972 23,696 ASSOCIATED BANC-CORP 590,504 17,161 ASTORIA FINANCIAL CORPORATION 449,103 3,744 ASYA KATILIM BANKASI AS+ 34,804 58,822 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED 1,186,992 10,168 AXIS BANK LIMITED 255,489 10,613 BANCA CARIGE SPA 41,383 18,545 BANCA MONTE DEI PASCHI DI SIENA SPA 84,208 1,746 BANCA PICCOLO CREDITO VALTELLINESE SCARL 23,518 6,183 BANCA POPOLARE DI MILANO SCARL 73,638 46,241 BANCO BILBAO VIZCAYA ARGENTARIA SA 953,391 9,665 BANCO BILBAO VIZCAYA ARGENTARIA SA ADR 198,229 3,925 BANCO BPI SA 18,794 12,436 BANCO BRADESCO SA 349,305 142 BANCO BRADESCO SA+(A) 3,641 537 BANCO BRADESCO SA RECEPTS PREFERRED+(A) 15,115 46,788 BANCO COMERCIAL PORTUGUES SA 134,787 217,179 BANCO DE CHILE 20,540 49,235 BANCO DE CREDITO DEL PERU 181,809 4,433 BANCO DE CREDITO E INVERSIONES 146,255 33,466 BANCO DE ORO 43,184 3,706 BANCO DE SABADE 34,137 655 BANCO DE VALENCIA SA 34,733
106 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 10,668 BANCO DO BRASIL SA $ 177,768 1,017 BANCO ESPANOL DE CREDITO SA 17,404 3,640 BANCO ESPIRITO SANTO SA 65,613 1,141 BANCO GUIPUZCOANO SA 18,388 7,946 BANCO ITAU HOLDING FINANCEIRA SA 186,539 2,243 BANCO MACRO SA 51,387 1,704 BANCO PASTOR SA 25,546 9,542 BANCO POPOLARE SPA+ 180,429 11,229 BANCO POPULAR ESPANOL SA 175,854 9,388 BANCO SABADELL SA 86,939 62,939 BANCO SANTANDER CENTRAL HISPANO SA 1,124,684 30,427 BANCO SANTANDER CENTRAL HISPANO SA ADR 540,992 4,041,047 BANCO SANTANDER CHILE SA 202,652 46,634 BANCORPSOUTH INCORPORATED 1,048,332 43,100 BANGKOK BANK PCL 175,975 18,000 BANGKOK BANK PCL (NON VOTING DEPOSITARY RECEIPT) 73,493 516,000 BANK CENTRAL ASIA TBK PT 199,280 3,440 BANK HANDLOWY W WARSZAWIE SA 117,525 43,193 BANK LEUMI LE-ISRAEL 198,454 287,000 BANK MANDIRI PERSERO TBK PT 100,730 31,624 BANK MILLENNIUM SA 100,873 210,000 BANK NIAGA 17,127 123,443 BANK OF AMERICA CORPORATION 4,905,625 261,000 BANK OF AYUDHYA PCL 201,729 7,611 BANK OF BARODA 68,326 1,430,000 BANK OF CHINA LIMITED 598,986 48,947 BANK OF EAST ASIA LIMITED 262,901 189 BANK OF GREECE 25,979 6,796 BANK OF INDIA 60,009 14,538 BANK OF IRELAND 204,508 10,000 BANK OF KYOTO LIMITED 115,424 7,200 BANK OF MONTREAL 363,566 31,185 BANK OF NEW YORK MELLON CORPORATION 1,368,086 14,800 BANK OF NOVA SCOTIA 718,610 3,825 BANK OF QUEENSLAND LIMITED 49,311 41,000 BANK OF THE PHILIPPINE ISLANDS 55,340 44,000 BANK OF YOKOHAMA LIMITED 285,441 4,862 BANK PEKAO SA 364,713 313 BANK PRZEMYSLOWO HANDLOWY PBK 11,494 225,000 BANK RAKYAT INDONESIA 174,665 4 BANK SARASIN & CIE AG 17,939 809 BANK ZACHODNI WBK SA 59,804 2,580 BANKINTER SA 38,071 42 BANQUE CANTONALE VAUDOISE WAADTLAENDER KANTONALBANK 21,695 103,213 BARCLAYS PLC 967,342 15,190 BB&T CORPORATION 472,865 5,903 BBVA BANCO FRANCES SA 43,977 6,921 BENDIGO BANK LIMITED 64,545 15,636 BNP PARIBAS ADR 707,005 4,949 BNP PARIBAS SA 442,438 112,500 BOC HONG KONG HOLDINGS LIMITED 275,692 4,100 BOK FINANCIAL CORPORATION 212,052 6,567 BRADFORD & BINGLEY PLC 28,916 876 BRE BANK SA 154,932 147,000 BUMIPUTRA COMMERCE HOLDINGS BHD 476,661 5,200 CANADIAN IMPERIAL BANK OF COMMERCE 352,866
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 107 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 739 CANADIAN WESTERN BANK $ 20,948 5,024 CANARA BANK 34,048 30,205 CATHAY GENERAL BANCORP<< 662,094 63,303 CENTURION BANK OF PUNJAB LIMITED 76,347 168,000 CHANG HWA COMMERCIAL BANK 104,962 28,000 CHIBA BANK LIMITED 178,080 7,202 CHINA BANKING CORPORATION 111,491 167,000 CHINA CITIC BANK+ 90,800 414,060 CHINA DEVELOPMENT FINANCIAL HOLDING CORPORATION 169,550 16,000 CHINA EVERBRIGHT LIMITED 36,580 121,300 CHINA MERCHANTS BANK COMPANY LIMITED 421,068 141,500 CITIGROUP INCORPORATED 3,354,965 46,182 CITIZENS REPUBLIC BANCORP INCORPORATED<< 514,006 7,908 CITY NATIONAL CORPORATION 405,285 30,577 COLONIAL BANCGROUP INCORPORATED<< 369,370 29,798 COMERICA INCORPORATED 1,079,880 37,902 COMMERCE BANCORP INCORPORATED 1,431,938 13,462 COMMERCE BANCSHARES INCORPORATED 560,694 7,877 COMMERCIAL INTERNATIONAL BANK 132,575 8,746 COMMERZBANK AG 265,319 42,108 COMMONWEALTH BANK OF AUSTRALIA 1,630,586 51,100 COSMOS BANK TAIWAN+ 5,008 11,187 CREDIT AGRICOLE SA 303,444 5,404 CREDITO EMILIANO SPA 69,525 11,499 CULLEN FROST BANKERS INCORPORATED 587,829 5,070 DAEGU BANK 69,349 2,800 DAH SING FINANCIAL HOLDINGS LIMITED 20,548 6,840 DANSKE BANK 261,276 34,000 DBS GROUP HOLDINGS LIMITED 413,939 7,460 DEUTSCHE BANK AG 833,119 1,061 DEUTSCHE POSTBANK AG 103,373 8,328 DEXIA 195,791 18,365 DIME COMMUNITY BANCSHARES 279,515 10,000 DNB NOR ASA 146,276 12,576 DOWNEY FINANCIAL CORPORATION<< 329,365 108,000 E.SUN FINANCIAL HOLDING COMPANY LIMITED 62,090 5,304 EFG EUROBANK ERGASIAS SA 152,790 12,923 EGYPTIAN FINANCIAL GROUP-HERMES HOLDING 149,523 640 EMPORIKI BANK OF GREECE SA+ 19,063 97,000 ENTIE COMMERCIAL BANK+ 24,511 16,500 EON CAPITAL BHD 25,793 3,248 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG 187,935 48,000 FAR EASTERN INTERNATIONAL BANK 16,157 16,000 FERROCHINA LIMITED 15,724 13,229 FIFTH THIRD BANCORP 302,944 46,910 FIRST BANCORP (PUERTO RICO)<< 424,066 24,941 FIRST HORIZON NATIONAL CORPORATION<< 405,042 29,329 FIRST MIDWEST BANCORP INCORPORATED<< 764,020 63,501 FIRST NIAGARA FINANCIAL GROUP INCORPORATED<< 725,181 7,914 FIRSTFED FINANCIAL CORPORATION+<< 247,313 45,181 FIRSTMERIT CORPORATION 848,047 207,745 FIRSTRAND LIMITED 491,650 36,630 FNB CORPORATION PA<< 502,197 9,582 FORTIS+ 145 33,356 FORTIS 735,336 26,831 FRONTIER FINANCIAL CORPORATION<< 401,928
108 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 240,000 FUBON FINANCIAL HOLDING COMPANY LIMITED $ 261,197 27,000 FUKUOKA FINANCIAL GROUP INCORPORATED 138,399 104,720 FULTON FINANCIAL CORPORATION 1,217,894 34,673 GETIN HOLDING SA+ 170,854 79,679 GRUPO SECURITY SA 32,247 15,000 GUNMA BANK LIMITED 102,014 9,674 HANA FINANCIAL GROUP INCORPORATED 429,264 21,200 HANG SENG BANK LIMITED 401,277 28,978 HBOS PLC 344,345 26,961 HBOS PLC ADR<< 323,664 5,859 HDFC BANK LIMITED ADR 639,275 5,000 HIGASHI-NIPPON BANK LIMITED 17,290 40,000 HOKUHOKU FINANCIAL GROUP INCORPORATED 113,098 48 HOME CAPITAL GROUP INCORPORATED 1,950 66,300 HONG LEONG BANK BHD 115,103 6,000 HONG LEONG SINGAPORE FINANCE LIMITED 16,054 68,900 HONG LOENG FINANCIAL GROUP BHD 99,763 178,362 HSBC HOLDINGS PLC 2,696,356 170,000 HUA NAN FINANCIAL HOLDINGS COMPANY LIMITED 134,274 94,750 HUDSON CITY BANCORP INCORPORATED 1,503,683 72,496 HUNTINGTON BANCSHARES INCORPORATED<< 885,901 2,890 HYPO REAL ESTATE HOLDING AG 82,747 3,660 ICICI BANK LIMITED 97,547 17,440 ICICI BANK LIMITED 904,090 3,899 INDIAN BANK 19,587 9,647 INDIAN OVERSEAS BANK 38,979 1,767,103 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H 1,225,944 5,970 INDUSTRIAL BANK OF KOREA 96,253 48,917 INDYMAC BANCORP INCORPORATED+<< 300,840 152 ING BANK SLASKI SA 35,528 32,627 INTERNATIONAL BANCSHARES CORPORATION 707,353 119,700 INTESA SANPAOLO 803,959 31,448 INTESA SANPAOLO RNC 199,731 18,129 ISRAEL DISCOUNT BANK LIMITED+ 46,205 6,032 JARDINE STRATEGIC HOLDINGS LIMITED 98,322 23,000 JOYO BANK LIMITED 115,277 92,877 JPMORGAN CHASE & COMPANY 3,775,450 3,122 JULIUS BAER HOLDING AG 230,487 6,000 KANSAI URBAN BANKING CORPORATION 17,602 74,100 KASIKORNBANK PCL THB 204,239 2,362 KBC GROEP NV 296,164 9,850 KEYCORP 217,185 129,200 KIATNAKIN FINANCE 120,179 14,000 KIYO HOLDINGS 21,424 6,200 KOREA EXCHANGE BANK 86,700 1,740 KOREA INVESTMENT HOLDINGS COMPANY LIMITED 94,399 8,334 KOTAK MAHINDRA BANK LIMITED 164,840 566,100 KRUNG THAI BANK PCL 187,051 84,090 LLOYDS TSB GROUP PLC 751,618 2,014 M&T BANK CORPORATION 165,309 8,424 MACQUARIE GROUP LIMITED 420,698 221,125 MALAYAN BANKING BHD 624,185 134,800 MALAYSIAN PLANTATIONS BHD 119,663 49,199 MARSHALL & ILSLEY CORPORATION 1,141,417 5,812 MEDIOBANCA SPA 112,130 371,000 MEGA FINANCIAL HOLDING COMPANY LIMITED 264,919
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 109 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 335,020 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED $ 2,952,649 31,000 MITSUI TRUST HOLDINGS INCORPORATED 213,696 5,000 MIYAZAKI BANK LIMITED 20,546 356 MIZUHO FINANCIAL GROUP INCORPORATED 1,472,077 42,000 MIZUHO TRUST & BANKING COMPANY LIMITED 66,925 50,294 NATIONAL AUSTRALIA BANK LIMITED 1,329,358 2,300 NATIONAL BANK OF CANADA 113,522 2,065 NATIONAL BANK OF GREECE SA 111,887 23,412 NATIONAL BANK OF GREECE SA 255,893 14,673 NATIONAL CITY CORPORATION 232,714 4,848 NATIXIS 70,951 10,227 NEDBANK GROUP LIMITED 150,845 63,762 NEW YORK COMMUNITY BANCORP INCORPORATED<< 1,041,233 63,662 NEWALLIANCE BANCSHARES INCORPORATED 724,474 1,100 NIS GROUP COMPANY LIMITED 1,837 22,000 NISHI-NIPPON CITY BANK LIMITED 57,329 28,290 NORDEA BANK AB 425,381 4,039 NORTHERN ROCK PLC 7,223 1,400 OKO BANK 24,444 40,412 OLD NATIONAL BANCORP 627,194 6,000 ORIENT CORPORATION 8,656 4,403 ORIENTAL BANK OF COMMERCE 26,951 76,000 OVERSEA-CHINESE BANKING CORPORATION LIMITED 409,985 28,624 PACIFIC CAPITAL BANCORP 599,673 4,847 PARK NATIONAL CORPORATION<< 293,244 11,159 PFF BANCORP INCORPORATED+<< 94,517 33,100 PHATRA SECURITIES PCL 41,280 5,026 PIRAEUS BANK SA 149,596 22,156 PKO BANK POLSKI SA 397,184 9,391 PNC FINANCIAL SERVICES GROUP 576,889 50,446 POPULAR INCORPORATED<< 556,924 18,969 PROVIDENT BANKSHARES CORPORATION 241,475 32,772 PROVIDENT FINANCIAL SERVICES INCORPORATED 392,936 218,000 PT BANK DANAMON INDONESIA TBK 179,500 821,500 PT BANK INTERNASIONAL INDONESIA TBK 30,125 264,000 PT BANK PAN INDONESIA TBK 18,421 127,500 PUBLIC BANK BHD 416,523 6,035 PUNJAB NATIONAL BANK LIMITED 89,114 6,120 PUSAN BANK 80,986 630 RAIFFEISEN INTERNATIONAL BANK HOLDINGS 80,727 18,635 REGIONS FINANCIAL CORPORATION<< 395,062 178 RESONA HOLDINGS INCORPORATED 287,918 73,600 RHB CAPITAL BHD 112,907 48,041 RMB HOLDINGS LIMITED 170,004 19,400 ROYAL BANK OF CANADA 973,499 149,080 ROYAL BANK OF SCOTLAND GROUP PLC 1,127,118 8 SAPPORO HOLDINGS 62,454 3,823 SBERBANK 1,273,059 1,689,320 SCOTIABANK PERU SA 93,543 10,000 SENSHU BANK LIMITED 23,544 8,000 SHIGA BANK 51,215 168,772 SHIN KONG FINANCIAL HOLDING COMPANY LIMITED 121,194 8,000 SHINSEI BANK LIMITED 32,387 22,000 SHIZUOKA BANK LIMITED 232,287 107,800 SIAM CITY BANK PCL 58,094 82,300 SIAM COMMERCIAL BANK PCL 225,575
110 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 296,000 SINOPAC FINANCIAL HOLDINGS COMPANY LIMITED $ 128,061 8,150 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A 203,053 1,713 SNS REAAL 36,091 490,509 SOCIEDAD MATRIZ BANCO DE CHILE CLASS B 64,732 3,167 SOCIETE GENERALE 338,865 19,202 SOCIETE GENERALE ADR<< 414,519 44,232 SOUTH FINANCIAL GROUP INCORPORATED<< 638,268 65,234 SOVEREIGN BANCORP INCORPORATED+<< 719,534 16,693 ST. GEORGE BANK LIMITED 364,521 47,735 STANDARD BANK GROUP LIMITED 595,750 20,904 STANDARD CHARTERED PLC 688,704 1,046 STATE BANK OF INDIA LIMITED<<++ 110,398 5,232 STATE BANK OF INDIA LIMITED++ 571,596 44,693 STERLING BANCSHARES INCORPORATED (TEXAS) 416,092 31,031 STERLING FINANCIAL CORPORATION 462,052 242 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 1,747,871 52,000 SUMITOMO TRUST & BANKING COMPANY LIMITED 350,288 28,444 SUNCORP-METWAY LIMITED 364,886 9,590 SUNTRUST BANKS INCORPORATED 557,467 8,000 SURUGA BANK LIMITED 88,826 53,901 SUSQUEHANNA BANCSHARES INCORPORATED<< 1,072,091 13,800 SVB FINANCIAL GROUP+<< 625,140 7,200 SVENSKA HANDELSBANKEN 200,584 4,900 SWEDBANK AB 132,437 670 SYDBANK AG 24,273 7,938 SYNDICATE BANK 19,061 16,000 SYNEAR FOOD HOLDINGS LIMITED 7,590 54,117 SYNOVUS FINANCIAL CORPORATION<< 623,969 258,000 TAISHIN FINANCIAL HOLDINGS COMPANY LIMITED 120,039 78,000 TAIWAN BUSINESS BANK+ 24,999 23,754 TCF FINANCIAL CORPORATION<< 442,062 15,516 THANACHART CAPITAL PCL 7,511 200 THE AICHI BANK LIMITED 15,760 5,000 THE AKITA BANK LIMITED 21,249 5,000 THE AOMORI BANK LIMITED 18,818 5,000 THE AWA BANK LIMITED 27,060 600 THE BANK OF IKEDA LIMITED 17,030 400 THE BANK OF IWATE LIMITED 24,616 4,000 THE BANK OF NAGOYA LIMITED 22,948 600 THE BANK OF OKINAWA LIMITED 20,700 1,400 THE CHIBA KOGYO BANK LIMITED+ 17,773 7,000 THE CHUGOKU BANK LIMITED 94,744 5,000 THE DAISAN BANK LIMITED 17,007 12,000 THE DAISHI BANK LIMITED 45,487 5,000 THE EHIME BANK LIMITED 17,151 6,000 THE EIGHTEENTH BANK LIMITED 21,335 7,000 THE FUKUI BANK LIMITED 19,755 14,000 THE HACHIJUNI BANK LIMITED 92,007 5,000 THE HIGO BANK LIMITED 29,118 17,000 THE HIROSHIMA BANK LIMITED 83,716 6,000 THE HOKKOKU BANK LIMITED 26,761 8,000 THE HOKUETSU BANK LIMITED 18,272 8,000 THE HYAKUGO BANK LIMITED 45,419 14,000 THE HYAKUJUSHI BANK LIMITED 68,674 10,000 THE IYO BANK LIMITED 97,778 11,000 THE JUROKU BANK LIMITED 57,070 4,000 THE KAGOSHIMA BANK LIMITED 27,762
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 111 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS (continued) 8,000 THE KEIYO BANK LIMITED $ 44,989 4,000 THE MIE BANK LIMITED 19,521 1,100 THE MUSASHINO BANK LIMITED 44,768 5,000 THE NANTO BANK LIMITED 22,190 9,000 THE OGAKI KYORITSU BANK LIMITED 49,559 4,000 THE OITA BANK LIMITED 25,642 5,000 THE SAN-IN GODO BANK LIMITED 40,497 6,000 THE SHIKOKU BANK LIMITED 22,048 3,000 THE TOCHIGI BANK LIMITED 17,610 6,000 THE TOHO BANK LIMITED 24,111 132,800 TISCO BANK PCL 123,928 2,682,766 TMB BANK PCL+ 111,159 800 TOKYO TOMIN BANK LIMITED 17,907 10,731 TORONTO-DOMINION BANK 718,489 45,187 TRUSTCO BANK CORPORATION NEW YORK SHARES 390,868 30,738 TRUSTMARK CORPORATION 607,383 47,111 TURKIYE GARANTI BANKASI AS 279,394 40,814 TURKIYE IS BANKASI 187,204 23,212 TURKIYE VAKIFLAR BANKASI TAO 54,263 62,624 UCBH HOLDINGS INCORPORATED<< 707,025 36,288 UMPQUA HOLDINGS CORPORATION<< 514,201 42,354 UNIBANCO - UNIAO DE BANCOS BRASILEIROS SA 252,957 198,762 UNICREDITO ITALIANO SPA 1,462,255 10,000 UNION BANK HONG KONG 21,704 10,211 UNION BANK OF INDIA 46,568 10,549 UNIONBANCAL CORPORATION 491,267 9,138 UNIONE DI BANCHE SCPA 214,843 25,981 UNITED BANKSHARES INCORPORATED<< 682,521 4,444 UNITED MIZRAHI BANK LIMITED 33,741 38,000 UNITED OVERSEAS BANK LIMITED 481,816 47,263 US BANCORP 1,513,361 165 VALIANT HOLDING AG 29,539 23,962 VALLEY NATIONAL BANCORP 447,610 70,635 W HOLDING COMPANY INCORPORATED<< 92,532 54,334 WACHOVIA CORPORATION 1,663,707 52,316 WASHINGTON FEDERAL INCORPORATED 1,187,573 23,392 WASHINGTON MUTUAL INCORPORATED<< 346,202 32,910 WEBSTER FINANCIAL CORPORATION 920,493 87,065 WELLS FARGO & COMPANY<<(L) 2,544,910 31,106 WESTERN UNION COMPANY 647,005 59,678 WESTPAC BANKING CORPORATION 1,276,432 40,909 WHITNEY HOLDING CORPORATION<< 982,225 13,602 WILMINGTON TRUST CORPORATION<< 418,942 7,000 WING HANG BANK LIMITED 102,293 2,400 WING LUNG BANK LIMITED 29,612 4,000 YAMAGATA BANK LIMITED 22,102 8,000 YAMAGUCHI FINANCIAL GROUP 88,451 8,719 YES BANK LIMITED+ 52,871 124,121,259 -------------- DIVERSIFIED OPERATIONS: 0.05% 7,785 BOUSTEAD HOLDINGS BHD 11,955 278,043 CHINA RARE EARTH HOLDINGS LIMITED 61,387 66,000 HUTCHISON WHAMPOA LIMITED 618,535 20,000 MELCO INTERNATIONAL DEVELOPMENT LIMITED 28,209 720,086 --------------
112 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE DURABLE GOODS - CONSUMER: 0.00% 29,743 GOODMAN FIELDER LIMITED $ 51,367 -------------- EATING & DRINKING PLACES: 0.52% 836 AUTOGRILL SPA 13,359 21,457 BOB EVANS FARMS INCORPORATED 621,180 19,410 BRINKER INTERNATIONAL INCORPORATED 357,920 3,345 C&C GROUP PLC 22,779 7,566 CBRL GROUP INCORPORATED 275,554 28,463 CHEESECAKE FACTORY INCORPORATED+<< 595,161 5,624 ENTERPRISE INNS PLC 46,174 16,692 FU JI FOOD & CATERING SERVICES HOLDINGS LIMITED 29,211 3,649 HEINEKEN NV 205,804 6,956 IHOP CORPORATION<< 318,446 2,300 ITO EN LIMITED 46,865 25,760 JACK IN THE BOX INCORPORATED+ 676,715 2,914 MARSTON'S PLC 13,871 32,914 MCDONALD'S CORPORATION 1,780,977 4,377 MITCHELLS & BUTLERS PLC 38,512 547 OBRASCON HUARTE LAIN SA 18,306 10,830 PF CHANG'S CHINA BISTRO INCORPORATED+<< 308,980 4,791 PUNCH TAVERNS PLC 60,984 28,087 RUBY TUESDAY INCORPORATED 199,699 12,394 SABMILLER PLC 257,493 2,000 SAIZERIYA COMPANY LIMITED 19,364 12,000 SAPPORO HOLDINGS LIMITED 90,471 12,639 SCOTTISH & NEWCASTLE PLC 197,694 4,000 TAKARA HOLDINGS INCORPORATED 24,270 2,804 TIM HORTONS INCORPORATION 98,685 25,386 TRIARC COMPANIES INCORPORATED CLASS B 213,750 16,700 WENDY'S INTERNATIONAL INCORPORATED 405,476 1,986 WHITBREAD PLC 49,690 21,072 YUM! BRANDS INCORPORATED 725,930 7,713,320 -------------- EDUCATIONAL SERVICES: 0.21% 20,052 APOLLO GROUP INCORPORATED CLASS A 1,230,792 2,600 BENESSE CORPORATION 106,343 51,318 CORINTHIAN COLLEGES INCORPORATED+<< 407,978 5,735 ITT EDUCATIONAL SERVICES INCORPORATED+<< 316,687 6,123 STRAYER EDUCATION INCORPORATED 953,351 3,015,151 -------------- ELECTRIC, GAS & SANITARY SERVICES: 5.33% 1,091 ACEA SPA 20,161 18,336 AEM SPA 74,176 27,469 AES CORPORATION+ 493,893 12,558 AGL ENERGY LIMITED 129,764 47,076 AGL RESOURCES INCORPORATED 1,632,596 24,747 ALLEGHENY ENERGY INCORPORATED 1,253,930 15,298 ALLETE INCORPORATED 551,340 56,823 ALLIED WASTE INDUSTRIES INCORPORATED 587,550 552,035 ALMENDRAL SA 61,560 1,019 ALSTOM PROJECTS INDIA LIMITED 18,347 40,706 AMEREN CORPORATION 1,738,146 10,798 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 441,854 26,222 AQUA AMERICA INCORPORATED<< 499,267
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 113 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES (continued) 225,612 AQUILA INCORPORATED+<< $ 735,495 395,800 ASIAN INSULATORS PCL 80,577 447 ATCO LIMITED 21,186 53,404 ATMOS ENERGY CORPORATION 1,388,504 311,116 AU OPTRONICS CORPORATION 593,420 32,029 AVISTA CORPORATION 584,209 14,895 BABCOCK & BROWN POWER 28,224 7,217 BHARAT HEAVY ELECTRICAL LIMITED 405,352 177 BKW FMB ENERGIE AG 21,608 22,803 BLACK HILLS CORPORATION 815,435 2,000 BRADESPAR SA 54,402 13,772 BRITISH ENERGY GROUP PLC 153,422 306 BROOKFIELD INFRASTRUCTURE PARTNERS LP 5,753 55,910 CENTERPOINT ENERGY INCORPORATED 820,759 52,775 CENTRICA PLC 336,953 7,207 CEZ AS 531,056 45,000 CHINA POWER INTERNATIONAL DEVELOPMENT LIMITED 17,105 32,000 CHINA RESOURCES POWER HOLDINGS COMPANY 79,407 23,000 CHUBU ELECTRIC POWER COMPANY INCORPORATED 579,361 10,592 CIA GENERAL DE ELECTRICIDAD SA 76,880 64,651 CITIZENS COMMUNICATIONS COMPANY 694,352 36,041 CLECO CORPORATION 825,699 50,000 CLP HOLDINGS LIMITED 390,857 44,185 CMS ENERGY CORPORATION 635,822 807,230 COLBUN SA 126,948 1,202 COMPANIA CERVECERIAS UNIDAS SA ADR 54,894 7,315 CONSOLIDATED EDISON INCORPORATED 299,110 7,994 CONTACT ENERGY LIMITED 50,106 15,783 COVANTA HOLDING CORPORATION 452,656 3,854 CPFL ENERGIA SA 83,069 19,111 CROSSTEX ENERGY INCORPORATED<< 683,218 15,786 DOMINION RESOURCES INCORPORATED 630,493 22,260 DPL INCORPORATED<< 567,853 3,512 DRAX GROUP PLC 40,279 32,174 DTE ENERGY COMPANY 1,282,777 34,508 DUKE ENERGY CORPORATION 605,270 1,600 DUSKIN COMPANY LIMITED 27,046 79,332 DYNEGY INCORPORATED CLASS A+ 587,057 9,960 E.ON AG 1,871,894 8,268 EDISON INTERNATIONAL 408,439 19,099 EDISON SPA 53,362 138,572 EL PASO CORPORATION 2,258,724 28,019 EL PASO ELECTRIC COMPANY+ 573,269 4,800 ELECTRIC POWER DEVELOPMENT COMPANY 173,695 4,188 ELECTRICITE DE FRANCE 390,612 48,600 ELECTRICITY GENERATING PCL 148,485 1,198 EMERA INCORPORATED 24,903 149,915 EMPRESA NACIONAL DE ELECTRICIDAD SA (CHILE) 214,329 1,783 ENAGAS 53,630 4,500 ENBRIDGE INCORPORATED 185,395 1,351 ENDESA SA 67,709 45,327 ENEL SPA 489,092 3,431 ENEL SPA ADR<< 185,816 31,192 ENERGY EAST CORPORATION 831,267 5,140 ENERGY SAVINGS INCOME FUND 70,187 587,564 ENERSIS SA (CHILE) 187,390
114 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES (continued) 5,339 ENTERGY CORPORATION $ 548,529 14,532 ENVESTRA LIMITED 10,567 18,063 EXELON CORPORATION 1,352,016 80,100 FIRST PHILIPPINE HOLDINGS CORPORATION 90,585 8,384 FIRSTENERGY CORPORATION 566,675 1,956 FORTIS INCORPORATED 55,744 6,564 FORTUM OYJ 274,063 10,213 FPL GROUP INCORPORATED 615,742 1,920 GAMESA CORPORATION TECNOLOGICA SA 78,205 1,893 GAS NATURAL SDG SA 114,703 17,029 GREAT PLAINS ENERGY INCORPORATED 433,047 2,790 GRUPO ELEKTRA SA DE CV 65,126 49,248 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED 1,106,110 5,474 HERA SPA 24,683 6,000 HOKURIKU ELECTRIC POWER COMPANY 133,610 42,105 HONG KONG ELECTRIC HOLDINGS LIMITED 238,450 204,000 HUANENG POWER INTERNATIONAL INCORPORATED 166,685 69,933 IBERDROLA SA 1,010,024 27,288 IDACORP INCORPORATED<< 813,182 14,925 INTEGRYS ENERGY GROUP INCORPORATED 686,102 21,845 INTERNATIONAL POWER PLC 164,117 26,500 KANSAI ELECTRIC POWER COMPANY INCORPORATED 648,353 11,705 KOREA ELECTRIC POWER CORPORATION 410,117 1,080 KOREA GAS CORPORATION 80,557 13,900 KYUSHU ELECTRIC POWER COMPANY INCORPORATED 350,222 1,879 LINDE AG 249,999 33,265 MDU RESOURCES GROUP INCORPORATED 873,539 13,942 NATIONAL FUEL GAS COMPANY 655,971 8,937 NICOR INCORPORATED 304,752 54,183 NISOURCE INCORPORATED 931,406 513 NORDEX AG+ 18,356 30,323 NORTHEAST UTILITIES 769,295 16,093 NORTHWEST NATURAL GAS COMPANY<< 676,550 22,499 NORTHWESTERN CORPORATION 580,249 35,328 NRG ENERGY INCORPORATED+<< 1,457,987 19,544 NSTAR 603,910 18,041 OGE ENERGY CORPORATION<< 585,791 19,143 ONEOK INCORPORATED 891,490 67,000 OSAKA GAS COMPANY LIMITED 268,827 5,271 PENNON GROUP PLC 66,738 39,488 PEPCO HOLDINGS INCORPORATED 997,862 55,500 PERUSAHAAN GAS NEGARA PT 82,502 76,900 PETRONAS GAS BHD 241,280 9,665 PG&E CORPORATION 363,984 42,704 PIEDMONT NATURAL GAS COMPANY INCORPORATED<< 1,050,518 19,532 PINNACLE WEST CAPITAL CORPORATION 694,363 42,272 PNM RESOURCES INCORPORATED 500,500 187,000 PNOC ENERGY DEVELOPMENT CORPORATION 29,134 10,066 PPL CORPORATION 456,795 6,529 PROGRESS ENERGY INCORPORATED 273,630 1,690 PUBLIC POWER CORPORATION SA 71,775 13,702 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 604,258 23,072 PUGET ENERGY INCORPORATED 616,022 710 Q-CELLS AG+ 57,046 25,360 QUESTAR CORPORATION 1,401,140 114,600 RATCHABURI ELECTRICITY GENERATING HOLDING PCL 159,232
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 115 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRIC, GAS & SANITARY SERVICES (continued) 1,386 RED ELECTRICA DE ESPANA $ 86,472 5,599 RELIANCE ENERGY LIMITED 216,113 66,727 RELIANT ENERGY INCORPORATED+ 1,521,376 2,142 RENEWABLE ENERGY CORPORATION AS+ 52,389 32,491 REPUBLIC SERVICES INCORPORATED 991,950 6,940 RWE AG 839,348 9,000 SAIBU GAS COMPANY LIMITED 20,001 20,753 SCANA CORPORATION 785,916 12,403 SCOTTISH & SOUTHERN ENERGY PLC 362,672 5,909 SEMPRA ENERGY 313,945 2,997 SEVERN TRENT PLC 84,124 7,500 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED 216,176 43,490 SIERRA PACIFIC RESOURCES 561,456 20,738 SOUTHERN COMPANY 716,083 25,381 SOUTHWEST GAS CORPORATION 649,500 21,824 SP AUSNET 25,123 17,319 SPECTRA ENERGY CORPORATION<< 400,242 13,214 STERICYCLE INCORPORATED+ 712,102 41,087 TECO ENERGY INCORPORATED 615,483 72,200 TENAGA NASIONAL BHD 202,578 19,033 TERNA SPA 82,327 9,200 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED 193,620 400 THE OKINAWA ELECTRIC POWER COMPANY INCORPORATED 15,931 15,800 TOHOKU ELECTRIC POWER COMPANY INCORPORATED 362,526 43,200 TOKYO ELECTRIC POWER COMPANY INCORPORATED 1,109,897 74,000 TOKYO GAS COMPANY LIMITED 331,947 7,429 TRACTEBEL ENERGIA SA 93,527 2,600 TRANSALTA CORPORATION 92,747 4,857 TRANSPACIFIC INDUSTRIES GROUP LIMITED 43,477 3,817 TRUSTPOWER LIMITED 22,888 63,279 UGI CORPORATION 1,620,575 1,795 UNION FENOSA SA 118,270 21,358 UNISOURCE ENERGY CORPORATION 505,117 11,893 UNITED UTILITIES PLC 162,853 46,020 VECTREN CORPORATION 1,185,935 5,758 VEOLIA ENVIRONNEMENT 512,307 1,003 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG 74,233 29,432 WASTE CONNECTIONS INCORPORATED+<< 893,556 13,753 WASTE MANAGEMENT INCORPORATED 451,511 29,733 WGL HOLDINGS INCORPORATED 927,372 23,120 WISCONSIN ENERGY CORPORATION 1,008,494 2,000 WOONGJIN COWAY COMPANY LIMITED 67,199 83,038 XCEL ENERGY INCORPORATED 1,645,813 20,000 XINAO GAS HOLDINGS LIMITED 36,979 78,561,661 -------------- ELECTRICAL PRODUCTS: 0.00% 9,450 INVENTEC APPLIANCES CORPORATION 18,281 -------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.85% 16,000 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED+ 15,251 98,455 ACER INCORPORATED 178,628 14,157 ACTEL CORPORATION 167,760 18,180 ACUITY BRANDS INCORPORATED 807,374 64,319 ADAPTEC INCORPORATED+ 170,445 79,980 ADVANCED MICRO DEVICES INCORPORATED 576,656
116 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 174,485 ADVANCED SEMICONDUCTOR ENGINEERING INCORPORATED $ 159,968 4,600 ADVANTEST CORPORATION 114,486 1,171 AIXTRON AG+ 15,536 42,534 ALCO HOLDINGS LIMITED 14,704 7,800 ALPINE ELECTRONICS INCORPORATED 92,244 8,900 ALPS ELECTRIC COMPANY LIMITED 103,999 50,316 ALTERA CORPORATION 860,907 15,294 AMETEK INCORPORATED 651,371 63,968 AMKOR TECHNOLOGY INCORPORATED 749,065 26,231 AMPHENOL CORPORATION CLASS A 969,760 12,921 ANALOG DEVICES INCORPORATED 347,833 9,000 ANRITSU CORPORATION 29,179 3,169 ARCELIK AS 17,846 35,433 ARM HOLDINGS PLC 63,358 11,143 ARRIS GROUP INCORPORATED+ 64,073 5,050 ASIA OPTICAL COMPANY INCORPORATED 13,701 4,000 ASM PACIFIC TECHNOLOGY 26,569 165,367 ASUSTEK COMPUTER INCORPORATED 456,536 14,130 ATMI INCORPORATED+ 386,314 14 AXELL CORPORATION 45,974 82 BANG & OLUFSEN AS 5,531 284,000 BANK OF COMMUNICATIONS LIMITED 337,879 99 BARCO NV 7,185 43,898 BENCHMARK ELECTRONICS INCORPORATED+ 737,486 1,435 BF UTILITIES LIMITED+ 42,474 18,746 BROADCOM CORPORATION CLASS A+ 354,487 14,000 BROTHER INDUSTRIES LIMITED 148,816 2,400 CANON ELECTRONICS INCORPORATED 53,851 38,300 CANON INCORPORATED 1,716,808 7 CANON INCORPORATED ADR 314 7,738 CELESTICA INCORPORATED+ 50,607 10,543 CERADYNE INCORPORATED+<< 327,993 27,000 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED+ 13,923 82 CHARTERED SEMICONDUCTOR MANUFACTURING LIMITED ADR+ 431 23,968 CHECKPOINT SYSTEMS INCORPORATED+ 580,026 16,800 CHENG UEI PRECISION INDUSTRY COMPANY LIMITED 38,257 278,280 CHI MEI OPTOELECTRONICS CORPORATION 366,026 30,000 CHINA WATER AFFAIRS GROUP LIMITED+ 11,306 1,900 CHIYODA INTEGRE COMPANY LIMITED 32,180 269,000 CHUNGHWA PICTURE TUBES LIMITED+ 90,024 1,278 CIA ENERGETICA DE MINAS GERAIS 22,672 36,581 CIENA CORPORATION+<< 944,887 256,349 CISCO SYSTEMS INCORPORATED+ 6,247,225 8,000 CLARION COMPANY LIMITED 20,570 300 CMK CORPORATION 2,390 287,307 CONEXANT SYSTEMS INCORPORATED+<< 152,273 30,500 COOPER INDUSTRIES LIMITED CLASS A 1,278,865 2,000 CORONA CORPORATION 25,715 19,700 CTS CORPORATION 191,090 12,720 CYMER INCORPORATED+<< 360,358 16,000 DAIDO STEEL COMPANY LIMITED 112,863 5,000 DAINIPPON SCREEN MANUFACTURING COMPANY LIMITED 22,094 6,000 DAISHINKU CORPORATION 26,725 22,600 DELTA ELECTRONICS (THAILAND) PCL 16,532 7,862 DIONEX CORPORATION+ 580,373 17,935 DSP GROUP INCORPORATED+ 208,046
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 117 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 1,900 EIZO NANAO CORPORATION $ 45,250 19,642 ELECTROCOMPONENTS PLC 68,359 3,662 ELECTROLUX AB CLASS B 58,757 43,000 ELITEGROUP COMPUTER SYSTEMS 15,910 34,332 ENERGIAS DE PORTUGAL SA 200,765 8,529 ENERGIZER HOLDINGS INCORPORATED+ 791,747 3,900 ENPLAS CORPORATION 42,058 19,931 EPISTAR CORPORATION 59,674 8,239 EVERLIGHT ELECTRONICS COMPANY LIMITED 30,379 796 EVERTZ TECHNOLOGIES LIMITED 17,728 5,900 FANUC LIMITED 550,050 10,198 FARADAY TECHNOLOGY CORPORATION 19,854 5,187 FIRST SOLAR INCORPORATED+ 1,064,372 37,124 FLEXTRONICS INTERNATIONAL LIMITED+ 376,440 2,400 FOSTER ELECTRIC COMPANY LIMITED 59,678 1,000 FUNAI ELECTRIC COMPANY LIMITED 28,223 5,600 FUTABA CORPORATION CHIBA 99,152 277,307 GENERAL ELECTRIC COMPANY 9,189,954 27,708 GENTEX CORPORATION 446,653 1,963 GN STORE NORD 9,579 63,024 GRAFTECH INTERNATIONAL LIMITED+<< 1,009,644 25,000 GS YUASA CORPORATION 61,948 4,300 HAMAMATSU PHOTONICS 130,172 194,800 HANA MICROELECTRONICS PCL 116,631 177,640 HANNSTAR DISPLAY CORPORATION+ 76,411 8,724 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED<< 359,429 56,504 HARMONIC INCORPORATED+ 503,451 20,267 HARRIS CORPORATION 989,638 900 HIOKI EE CORPORATION 16,973 1,000 HIROSE ELECTRIC COMPANY LIMITED 105,953 5,900 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED 132,120 3,600 HORIBA LIMITED 117,931 6,700 HOSIDEN CORPORATION 114,964 14,031 HUTCHINSON TECHNOLOGY INCORPORATED+<< 235,721 14,677 HYNIX SEMICONDUCTOR INCORPORATED+ 377,424 4,600 IBIDEN COMPANY LIMITED 219,654 20,899 IMATION CORPORATION<< 471,272 510 INDESIT COMPANY SPA 6,363 1,594 INFINEON TECHNOLOGIES AG+ 12,891 8,113 INFINEON TECHNOLOGIES AG 65,472 99,466 INNOLUX DISPLAY CORPORATION 274,462 95,400 INOTERA MEMORIES INCORPORATED 83,274 244,934 INTEL CORPORATION 4,886,433 19,288 INTERDIGITAL INCORPORATED+<< 335,418 10,001 INTERNATIONAL RECTIFIER CORPORATION+ 227,723 25,890 INTERSIL CORPORATION CLASS A 602,460 900 JABIL CIRCUIT INCORPORATED 11,628 31,490 JDS UNIPHASE CORPORATION+<< 414,094 7,000 JUKI CORPORATION 30,979 45,434 KEMET CORPORATION+ 225,353 19,000 KENWOOD CORPORATION 20,575 5,831 KESA ELECTRICALS PLC 24,634 1,100 KEYENCE CORPORATION 256,664 16,500 KINSUS INTERCONNECT TECHNOLOGY CORPORATION 43,036 7,238 KLA-TENCOR CORPORATION 304,068 3,700 KOA CORPORATION 23,763
118 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 15,843 KONINKLIJKE PHILIPS ELECTRONICS NV $ 618,106 3,147 KONTRON AG 48,143 2,324 KUDELSKI SA 30,498 5,800 KYOCERA CORPORATION 474,476 18,708 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 1,988,473 7,493 LAIRD GROUP PLC 73,589 62,241 LATTICE SEMICONDUCTOR CORPORATION+<< 160,582 1,026 LEGRAND SA 32,435 4,224 LG ELECTRONICS INCORPORATED 454,940 17,053 LINCOLN ELECTRIC HOLDINGS INCORPORATED 1,144,938 30,382 LINEAR TECHNOLOGY CORPORATION<< 841,885 9,451 LITTELFUSE INCORPORATED+ 294,588 1,340 LS CABLE LIMITED 126,651 1,200 MABUCHI MOTOR COMPANY LIMITED 60,234 70,212 MACRONIX INTERNATIONAL 31,051 5,701 MAKITA CORPORATION 201,366 8,700 MALAYSIAN PACIFIC INDUSTRIES 24,059 3,800 MARUBUN CORPORATION 25,913 19,279 MARVELL TECHNOLOGY GROUP LIMITED+ 218,045 45,450 MEDIATEK INCORPORATED 509,745 187 MELEXIS NV 3,037 9,491 MEMC ELECTRONIC MATERIALS INCORPORATED+ 723,973 21,863 METHODE ELECTRONICS INCORPORATED 232,841 31,300 MICREL INCORPORATED 230,055 2,032 MICRO-STAR INTERNATIONAL COMPANY LIMITED 1,616 1,369 MICRONAS SEMICONDUCTOR HOLDING 12,558 28,853 MICROSEMI CORPORATION+<< 627,553 3,300 MIMASU SEMICONDUCTOR INDUSTRY COMPANY LIMITED 62,165 14,000 MINEBEA COMPANY LIMITED 89,684 2,700 MITSUMI ELECTRIC COMPANY LIMITED 83,907 14,460 MOLEX INCORPORATED CLASS A 314,794 15,902 MOOG INCORPORATED CLASS A+<< 652,618 26,780 MOSEL VITELIC INCORPORATED 20,310 95,928 MOTOROLA INCORPORATED 956,402 68,712 MRV COMMUNICATIONS INCORPORATED+ 109,939 6,900 MURATA MANUFACTURING COMPANY LIMITED 374,380 5,132 NAN YA PRINTED CIRCUIT BOARD CORPORATION 25,185 86,516 NANYA TECHNOLOGY CORPORATION 49,800 38,848 NATIONAL GRID PLC 563,289 38,073 NATIONAL SEMICONDUCTOR CORPORATION 627,062 59,000 NEC CORPORATION 254,099 800 NEC ELECTRONICS CORPORATION+ 16,194 8,000 NEC TOKIN CORPORATION 20,448 14,735 NETWORK APPLIANCE INCORPORATED+ 318,571 255 NEXANS SA 27,841 11,000 NGK INSULATORS LIMITED 249,787 1,700 NICHICON CORPORATION 13,300 7,000 NIDEC COPAL ELECTRONICS CORPORATION 46,353 300 NIHON DEMPA KOGYO COMPANY LIMITED 9,995 3,700 NINTENDO COMPANY LIMITED 1,842,214 11,000 NIPPON CARBON COMPANY LIMITED 42,814 3,000 NIPPON CHEMI-CON CORPORATION 13,311 8,000 NISSIN ELECTRIC COMPANY LIMITED 35,748 58,613 NOKIA OYJ 2,105,812 21,420 NOVATEK MICROELECTRONICS CORPORATION LIMITED 75,372 16,700 NOVELLUS SYSTEMS INCORPORATED+<< 368,736
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 119 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 39,543 NTPC LIMITED $ 196,402 40 NTT DATA CORPORATION 187,184 23,399 NVIDIA CORPORATION+ 500,505 271 OC OERLIKON CORPORATION AG+ 87,504 34,000 OKI ELECTRIC INDUSTRY COMPANY LIMITED 60,742 2,000 OLYMPUS CORPORATION 58,563 6,704 OMRON CORPORATION 149,103 42,340 ON SEMICONDUCTOR CORPORATION+<< 254,040 1,000 ONEX CORPORATION 34,737 45,355 OPENWAVE SYSTEMS INCORPORATED+ 93,431 2,730 OPTEX COMPANY LIMITED 36,254 10,398 PAN-INTERNATIONAL INDUSTRIAL 18,648 7,772 PARK ELECTROCHEMICAL CORPORATION 183,031 107 PHOENIX MECANO AG 54,226 22,109 PHOENIX PRECISION TECHNOLOGY CORPORATION 15,049 22,985 PHOTRONICS INCORPORATED+ 231,459 29,300 PLANTRONICS INCORPORATED 552,598 131,541 PMC-SIERRA INCORPORATED+ 630,081 13,504 POLYCOM INCORPORATED+ 294,387 41,651 POWER-ONE INCORPORATED+ 108,293 21,850 POWERTECH TECHNOLOGY INCORPORATED 72,410 18,366 PREMIER FARNELL PLC 54,294 1,054 PRYSMIAN SPA+ 20,603 25,600 QLOGIC CORPORATION+<< 405,760 68,897 QUALCOMM INCORPORATED 2,919,166 19,123 RAMBUS INCORPORATED+<< 344,788 17,850 REALTEK SEMICONDUCTOR CORPORATION 52,883 13,333 REGAL-BELOIT CORPORATION 492,254 7,034 RESEARCH IN MOTION LIMITED+ 732,737 7,040 REUNERT LIMITED 51,321 162,329 RF MICRO DEVICES INCORPORATED+<< 511,336 3,450 RICHTEK TECHNOLOGY CORPORATION 30,442 23,565 RICOH COMPANY LIMITED 378,457 23,998 ROCKWELL COLLINS INCORPORATED 1,413,482 3,300 ROHM COMPANY LIMITED 240,687 1,094 ROTORK PLC 21,440 700 RYOSAN COMPANY LIMITED 16,713 3,839 SAFRAN SA 76,828 2,380 SAMSUNG ELECTRO-MECHANICS COMPANY LIMITED 109,690 5,700 SAMSUNG ELECTRONICS COMPANY LIMITED 3,341,182 1,516 SAMSUNG SDI COMPANY LIMITED 105,698 2,400 SAMSUNG TECHWIN COMPANY LIMITED 122,549 7,000 SANKEN ELECTRIC COMPANY LIMITED 41,240 93,664 SANMINA-SCI CORPORATION+ 154,546 9,000 SANSHIN ELECTRONICS COMPANY LIMITED 102,222 6,000 SANYO DENKI COMPANY LIMITED 26,500 5,833 SANYO ELECTRIC COMPANY LIMITED 62,473 116 SEB SA 20,112 7,100 SECOM COMPANY LIMITED 358,046 5,800 SEIKO EPSON CORPORATION 148,036 344,000 SEMICONDUCTOR MANUFACTURING INTERNATIONAL CORPORATION+ 27,601 36,796 SEMTECH CORPORATION+<< 468,781 34,000 SHARP CORPORATION 618,717 9,000 SHINDENGEN ELECTRIC MANUFACTURING COMPANY LIMITED 18,431 2,200 SHINKAWA LIMITED 29,257 3,100 SHINKO ELECTRIC INDUSTRIES 44,232
120 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 49,000 SILICON INTEGRATED SYSTEMS CORPORATION $ 16,675 22,720 SILICON LABORATORIES INCORPORATED+ 703,184 50,410 SILICON STORAGE TECHNOLOGY INCORPORATED+ 142,660 96,207 SKYWORKS SOLUTIONS INCORPORATED+<< 794,670 4,916 SMITHS GROUP PLC 96,568 11,000 SMK CORPORATION 64,744 31,394 SONY CORPORATION 1,483,153 1,237 SPECTRIS PLC 19,196 2,000 STAR MICRONICS COMPANY LIMITED 31,906 10,889 STERLITE INDUSTRIES INDIA LIMITED 223,985 13,769 STMICROELECTRONICS NV 165,366 1,500 SUMIDA ELECTRIC CORPORATION 20,024 11,564 SUNPLUS TECHNOLOGY COMPANY LIMITED 12,915 5,327 SUNPOWER CORPORATION+<< 350,090 829 TAIHAN ELECTRIC WIRE COMPANY LIMITED 40,392 7,000 TAIYO YUDEN COMPANY LIMITED 76,229 16,000 TAMURA CORPORATION 57,654 1,100 TANBERG ASA 16,074 5,750 TATA POWER COMPANY LIMITED 196,853 160,000 TATUNG COMPANY LIMITED+ 93,739 618,000 TCL MULTIMEDIA TECHNOLOGY HOLDINGS LIMITED+ 35,454 45,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED 25,334 23,000 TEIKOKY TSUSHIN KOGYO COMPANY 72,604 35,917 TEKELEC+ 427,771 989 TELE ATLAS NV+ 42,191 16,790 TELEFLEX INCORPORATED 949,475 4,469 TELEFONICA O2 CZECH REPUBLIC AS 139,828 79,664 TELLABS INCORPORATED+<< 524,189 20,202 TESSERA TECHNOLOGIES INCORPORATED+<< 475,959 58,910 TEXAS INSTRUMENTS INCORPORATED 1,764,944 8,631 THOMAS & BETTS CORPORATION+ 346,535 10,000 TOA CORPORATION 83,619 14,000 TOKO INCORPORATED 27,121 5,200 TOKYO ELECTRON LIMITED 322,307 29,000 TOKYO ROPE MANUFACTURING 46,092 800 TOKYO SEIMITSU COMPANY LIMITED 14,668 23,000 TOSHIBA TEC CORPORATION 144,246 300 TOYO TANSO COMPANY LIMITED 25,638 15,148 TRANSCEND INFORMATION INCORPORATED 41,867 24,612 TRIDENT MICROSYSTEMS INCORPORATED+<< 122,814 17,100 TRIPOD TECHNOLOGY CORPORATION 58,139 84,714 TRIQUINT SEMICONDUCTOR INCORPORATED+ 399,850 4,000 TRULY INTERNATIONAL 5,986 876 ULTRA ELECTRONICS HOLDINGS 20,763 1,200 ULVAC INCORPORATED 50,870 32,153 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 1,086,128 7,000 VENTURE CORPORATION LIMITED 50,471 53,000 VIA TECHNOLOGIES INCORPORATED+ 32,402 8,000 VICTOR COMPANY OF JAPAN LIMITED 14,889 31,443 VISHAY INTERTECHNOLOGY INCORPORATED+<< 287,075 8 WACOM COMPANY LIMITED 18,350 134,000 WALSIN LIHWA CORPORATION 64,216 60,238 WESTAR ENERGY INCORPORATED 1,369,210 15,200 WHIRLPOOL CORPORATION 1,282,424 75,000 WINDBOND ELECTRONICS CORPORATION 20,553 37,000 WINTEK CORPORATION 36,120
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 121 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 57,800 XILINX INCORPORATED $ 1,292,408 40,000 YA HSIN INDUSTRIAL COMPANY LIMITED(A) 3,856 57,000 YAGEO CORPORATION 17,335 5,000 YAMAICHI ELECTRONICS COMPANY LIMITED 23,920 7,000 YASKAWA ELECTRIC CORPORATION 77,024 9,700 YOKOGAWA ELECTRIC CORPORATION 100,816 3,200 YOKOWO COMPANY LIMITED 21,435 100,806,631 -------------- ENERGY: 0.01% 444 SECHILIENNE SA 30,709 1,240 SOLARWORLD AG 56,233 86,942 -------------- ENERGY - EXPLORATION & PRODUCTION: 0.01% 39,234 RELIANCE NATURAL RESOURCES LIMITED+ 127,879 -------------- ENGINEERING CONSTRUCTION: 0.02% 2,422 AKER KVAERNER ASA 57,542 20,000 ANHUI CONCH CEMENT COMPANY LIMITED 154,153 10,000 PEACE MARK HOLDINGS LIMITED 11,154 222,849 -------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.40% 24,937 ACCENTURE LIMITED CLASS A 879,029 2,885 ACERGY SA 61,636 47,701 APPLERA CORPORATION - CELERA GROUP 661,136 1,876 AUSENCO LIMITED 21,722 11,468 AVENG LIMITED 90,144 111,473 BEARINGPOINT INCORPORATED 180,586 46,000 BEIJING CAPITAL INTERNATIONAL AIRPORT COMPANY LIMITED CLASS H 48,382 874 BHARAT EARTH MOVERS LIMITED 25,804 4,131 BOUYGUES SA 282,147 15,984 CELGENE CORPORATION+ 901,018 9,645 CEPHALON INCORPORATED+<< 581,979 5,000 CHIYODA CORPORATION 50,135 1,100 CHUDENKO CORPORATION 16,418 9,942 CORE LABORATORIES NV+<< 1,208,947 4,871 CORPORATE EXECUTIVE BOARD COMPANY 197,811 22,840 CV THERAPEUTICS INCORPORATED+<< 133,386 10,031 DOWNER EDI LIMITED 57,290 13,130 FLUOR CORPORATION 1,828,353 318 FRAPORT AG 23,694 22,618 GEN-PROBE INCORPORATED+ 1,081,367 9,836 HCL TECHNOLOGIES LIMITED 67,133 42,353 HEWITT ASSOCIATES INCORPORATED+<< 1,671,249 1,600 HONG KONG AIRCRAFT ENGINEERG 35,360 843 IMTECH NV 19,935 17,674 JACOBS ENGINEERING GROUP INCORPORATED+<< 1,419,045 30,241 JAIPRAKASH ASSOCIATES LIMITED 195,474 3,000 JAPAN AIRPORT TERMINAL COMPANY LIMITED 55,746 3,000 KANDENKO COMPANY LIMITED 16,083 375 KBC ANCORA 37,469 50,200 MALAYSIA AIRPORTS HOLDINGS BHD 47,768 1,985 MONADELPHOUS GROUP LIMITED 22,662 9,110 MOODY'S CORPORATION<< 345,998
122 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued) 18,858 MYRIAD GENETICS INCORPORATED+<< $ 698,123 10,448 NAGARJUNA CONSTRUCTION COMPANY 69,767 12,688 NAVIGANT CONSULTING INCORPORATED+<< 206,941 13,494 PAYCHEX INCORPORATED 424,521 15,614 PHARMACEUTICAL PRODUCT DEVELOPMENT INCORPORATED 703,723 244,400 POWER LINE ENGINEERING PCL 40,417 9,437 PUNJ LLOYD LIMITED 87,615 6,817 QINETIQ PLC 26,646 6,221 QUEST DIAGNOSTICS INCORPORATED<< 296,555 26,623 REGENERON PHARMACEUTICAL INCORPORATED+ 526,337 20,197 RESOURCES GLOBAL PROFESSIONALS+<< 325,172 77,265 SAIC INCORPORATED+<< 1,472,671 1,360 SAMSUNG ENGINEERING COMPANY LIMITED 141,933 1,300 SHINKO PLANTECH COMPANY LIMITED 17,299 1,900 SNC-LAVALIN GROUP INCORPORATED 83,046 391,200 SOLARTRON PCL 35,242 578 STANTEC INCORPORATED+ 18,968 2,000 TAKASAGO THERMAL ENGINEERING COMPANY 15,087 35,271 TETRA TECH INCORPORATED+<< 665,564 3,000 TOYO ENGINEERING CORPORATION 13,812 2,796 TRANSFIELD SERVICES LIMITED 29,613 20,000 TRANSMILE GROUP BHD 11,358 34,368 URS CORPORATION+ 1,384,343 18,240 WATSON WYATT & COMPANY HOLDINGS 967,632 16,400 WCT ENGINEERING BHD 20,669 20,547,960 -------------- ENTERTAINMENT: 0.01% 12,441 CROWN LIMITED 134,437 1,189 PREMIERE AG+ 25,389 159,826 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.53% 5,622 ACERINOX SA 141,064 13,749 ALLIANT TECHSYSTEMS INCORPORATED 1,442,820 27,547 APTARGROUP INCORPORATED 1,032,462 12,299 ARCELOR SA 933,839 4,200 ASSA ABLOY AB CLASS B 75,207 22,894 COMMERCIAL METALS COMPANY 697,351 46,763 ECM LIBRA BHD 0 4,100 FORTUNE BRANDS INCORPORATED 266,418 200 FP CORPORATION 5,293 400 FUJI SEAL INTERNATIONAL INCORPORATED 5,877 156 HOGANAS AB 3,331 2,000 HULAMIN LIMITED 5,736 5,269 JINDAL STEEL & POWER LIMITED 297,873 95,000 KOBE STEEL LIMITED 296,201 26,936 NAMPAK LIMITED 63,064 8,550 NCI BUILDING SYSTEMS INCORPORATED+ 259,407 41,000 NISSHIN STEEL COMPANY LIMITED 146,993 14,000 NTN CORPORATION 104,148 1,800 SKF AB CLASS B 33,105 24,406 SNAP-ON INCORPORATED 1,218,348 4,651 SSAB SVENSKT STAL AB CLASS A 130,229 750 SSAB SVENSKT STAL AB CLASS B 19,051
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 123 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT (continued) 131,000 SUMITOMO METAL INDUSTRIES LIMITED $ 554,926 1,624 VOESTALPINE AG 102,079 7,834,822 -------------- FINANCE & FINANCIAL SERVICES: 0.12% 636,000 ASIA PLUS SECURITIES PCL 76,171 8,160 AUSTRALIAN WEALTH MANAGEMENT LIMITED 12,978 9,954 CHALLENGER FINANCIAL SERVICES GROUP LIMITED 19,905 996,000 CHINA CONSTRUCTION BANK 754,626 33,562 JANUS CAPITAL GROUP INCORPORATED 812,872 848,000 KGI SECURITIES COMPANY LIMITED 64,930 47 SBI E*TRADE SECURITIES COMPANY LIMITED 40,401 1,781,883 -------------- FINANCIAL: 0.01% 3,313 LONDON STOCK EXCHANGE GROUP PLC 88,843 -------------- FINANCIAL SERVICES: 0.28% 186,000 AYALA LAND INCORPORATED 52,857 43,866 BANK HAPOALIM LIMITED 187,427 347,000 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED 310,221 4,125 GRUPO FINANCIERO GALICIA SA ADR+<< 28,751 33,164 ING GROEP NV 1,102,090 676 KOMERCNI BANKA AS 165,308 15,620 KOOKMIN BANK 962,654 16,872 SHINHAN FINANCIAL GROUP COMPANY LIMITED 908,891 9,770 WOORI FINANCE HOLDINGS COMPANY LIMITED 174,956 935 ZURICH FINANCIAL SERVICES AG 292,291 4,185,446 -------------- FISHING, HUNTING & TRAPPING: 0.00% 214 LIGHTHOUSE CALEDONIA ASA+ 176 25,200 MARINE HARVEST+ 14,928 4,900 NIPPON SUISAN KAISHA LIMITED 18,793 33,897 -------------- FOOD & KINDRED PRODUCTS: 2.46% 22,000 AJINOMOTO COMPANY INCORPORATED 264,440 31,963 ALICORP SA 30,420 20,036 ANHEUSER-BUSCH COMPANIES INCORPORATED 943,495 14,800 ASAHI BREWERIES LIMITED 276,642 30,000 ASIA FOOD & PROPERTIES LIMITED 16,084 5,000 ASIA PACIFIC BREWERIES LIMITED 47,614 5,244 ASSOCIATED BRITISH FOODS PLC 87,869 27 BARRY CALLEBAUT AG 23,099 14,058 BIDVEST GROUP LIMITED 207,305 439 BIM BIRLESIK MAGAZALAR AS 38,608 1,841 BIOCON LIMITED 20,182 30,628 CADBURY SCHWEPPES PLC 340,925 500 CARLSBERG AS 62,144 29,000 CHINA MENGNIU DAIRY COMPANY 78,222 17,000 CHINA YURUN FOOD GROUP LIMITED 21,023 4,944 CIA CERVECERIAS UNIDAS SA 34,254 7,400 CIA DE BEBIDAS DAS AMERICAS 609,556 2,100 CIA DE BEBIDAS DAS AMERICAS 159,558
124 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 332 CJ CHEILJEDANG CORPORATION+ $ 94,791 889 CJ CORPORATION 66,577 23,007 COCA-COLA AMATIL LIMITED 204,209 58,033 COCA-COLA COMPANY 3,392,609 2,145 COCA-COLA HELLENIC BOTTLING COMPANY SA 93,876 1,500 COCA-COLA WEST JAPAN COMPANY LIMITED 32,589 20,000 COFCO INTERNATIONAL LIMITED 12,201 26,068 COMPASS GROUP PLC 168,025 13,614 CONAGRA FOODS INCORPORATED 300,869 37,714 CONSTELLATION BRANDS INCORPORATED CLASS A+ 724,486 724 CSM 22,328 1,680 DAIRY CREST GROUP PLC 17,537 500 DANISCO AS 35,194 2,056 DAVID CAMPARI-MILANO SPA 17,656 38,549 DEL MONTE FOODS COMPANY 346,170 38,663 DIAGEO PLC 790,072 8,213 EMBOTELLADORA ANDINA SA 26,192 7,326 EMBOTELLADORA ANDINA SA 24,573 4,000 EZAKI GLICO COMPANY LIMITED 42,981 60,240 FOSTER'S GROUP LIMITED 296,794 2,200 FUJI OIL COMPANY LIMITED 19,296 9,233 GENERAL MILLS INCORPORATED 516,956 400 GENMAB A S+ 23,465 5,161 GLENMARK PHARMACEUTICALS LIMITED 61,873 1,518 GREENE KING PLC 19,529 7,641 GROUPE DANONE 598,548 24,800 GRUPO BIMBO SAB DE CV 134,304 29,700 GRUPO MODELO SA DE CV 135,855 7,800 H.J. HEINZ COMPANY 344,058 10,830 HANSEN NATURAL CORPORATION+ 449,445 1,495 HEINEKEN HOLDING NV 76,008 70,251 HERCULES INCORPORATED 1,286,998 22,889 HERSHEY COMPANY 848,724 473 HITE BREWERY COMPANY LIMITED 58,784 14,552 HORMEL FOODS CORPORATION 594,595 1,800 HOUSE FOODS CORPORATION 27,390 1,031 IAWS GROUP PLC 20,876 2,834 INBEV NA 256,139 582,500 INDOFOOD SUKSES MAKMUR TBK PT 182,621 5,000 ITOHAM FOODS INCORPORATED 27,605 22,394 J SAINSBURY PLC 157,003 521,200 JG SUMMIT HOLDINGS 123,593 11,416 JM SMUCKER COMPANY 584,385 1,800 KAGOME COMPANY LIMITED 31,185 1,997 KERRY GROUP PLC 62,659 6,000 KIKKOMAN CORPORATION 69,280 30,000 KIRIN BREWERY COMPANY LIMITED 503,460 42,446 KRAFT FOODS INCORPORATED CLASS A 1,323,042 2 LINDT & SPRUENGLI AG 71,072 9 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) 29,971 7,867 LION NATHAN LIMITED 69,308 24 LOTTE CHILSUNG BEVERAGE COMPANY LIMITED 25,798 38 LOTTE CONFECTIONERY COMPANY LIMITED 55,763 836 MARTSON PLC 4,008 14,000 MARUHA NICHIRO HOLDINGS INCORPORATED 20,482 20,970 MCCORMICK & COMPANY INCORPORATED 722,417
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 125 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 10,000 MEIJI DAIRIES CORPORATION $ 57,320 12,000 MEIJI SEIKA KAISHA LIMITED 56,369 6,000 MORINAGA MILK INDUSTRY COMPANY LIMITED 15,858 1,680 NESTLE INDIA LIMITED 57,334 5,954 NESTLE SA 2,841,775 6 NESTLE SA ADR 718 6,000 NICHIREI CORPORATION 29,726 7,421 NICHOLAS PIRAMAL INDIA LIMITED 49,903 5,000 NIPPON FLOUR MILLS COMPANY LIMITED 20,295 7,000 NIPPON MEAT PACKERS INCORPORATED 86,113 7,000 NISSHIN SEIFUN GROUP INCORPORATED 69,632 3,200 NISSIN FOOD PRODUCTS COMPANY LIMITED 105,895 24,790 NORTHERN FOODS PLC 44,232 3,883 NORTHUMBRIAN WATER GROUP PLC 26,912 326 NUTRECO HOLDING NV 23,191 764 OPG GROEP NV 22,865 179 ORION CORPORATION 37,046 2,336 OSEM INVESTMENT LIMITED 26,592 21,116 PARMALAT SPA 80,508 27,392 PEPSI BOTTLING GROUP INCORPORATED 931,602 11,797 PEPSIAMERICAS INCORPORATED 298,464 68,023 PEPSICO INCORPORATED 4,731,680 2,515 PERNOD-RICARD 266,073 32,700 PPB GROUP BHD 109,397 2,800 QP CORPORATION 27,843 10,806 RALCORP HOLDINGS INCORPORATED+ 599,193 252 REMY COINTREAU SA 15,832 600 RIKEN VITAMIN COMPANY LIMITED 19,568 38,100 SAN MIGUEL CORPORATION 47,025 1,390 SAPUTO INCORPORATED 38,116 18,500 SARA LEE CORPORATION 233,655 24,576 SMITHFIELD FOODS INCORPORATED+ 677,069 6,500 SNOW BRAND MILK PRODUCTS COMPANY LIMITED 16,500 1,497 SODEXHO ALLIANCE SA 84,107 857 SUEDZUCKER AG 18,841 3,964 SUN PHARMACEUTICAL INDUSTRIES LIMITED 119,957 7,036 TATE & Lyle plc 72,855 119,191 TESCO PLC 941,891 205,000 THAI BEVERAGE PUBLIC COMPANY LIMITED 37,138 7,423 TIGER BRANDS LIMITED 132,124 116,000 TINGYI (CAYMAN ISLANDS) HOLDING CORPORATION 146,336 1,910 TONGAAT-HULETT 20,550 3,000 TOYO SUISAN KAISHA LIMITED 48,899 56,357 TYSON FOODS INCORPORATED CLASS A 812,104 1,900 UNICHARM PETCARE CORPORATION 107,868 25,547 UNILEVER NV 789,941 19,520 UNILEVER PLC 615,000 4,922 UNITED BREWERIES LIMITED 31,076 18,387 VINA CONCHA Y TORO SA 37,166 88,930 WILMAR INTERNATIONAL LIMITED 275,302 8,800 WM. WRIGLEY JR. COMPANY 526,768 4,800 YAKULT HONSHA COMPANY LIMITED 134,276 5,000 YAMAZAKI BAKING COMPANY LIMITED 48,648 36,172,812 -------------
126 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FOOD STORES: 0.44% 13,200 AJISEN CHINA HOLDINGS LIMITED+ $ 18,789 1,581 ALIMENTATION COUCHE TARD INCORPORATED CLASS B 26,825 277,000 C.P. SEVEN ELEVEN PCL 95,780 4,000 CAFE DE CORAL HOLDINGS LIMITED 8,149 8,101 CARREFOUR SA 569,707 557 CASINO GUICHARD PERRACHON SA 45,367 238 CASINO GUICHARD PERRACHON SA 26,919 129 COLRUYT SA 31,521 1,274 DELHAIZE GROUP 96,483 107,244 DISTRIBUCION Y SERVICIO D&S SA 48,113 500 GEORGE WESTON LIMITED 23,459 15,100 JOLLIBEE FOODS CORPORATION 18,073 2,100 KAPPA CREATE COMPANY LIMITED 45,554 2,100 KENTUCKY FRIED CHICKEN (JAPAN) LIMITED 35,649 300 KESKO OYJ CLASS A 14,349 700 KESKO OYJ CLASS B 31,893 18,870 KONINKLIJKE AHOLD NV 247,980 1,000 LOBLAW COMPANIES LIMITED 29,383 392 LUMINAR GROUP HOLDINGS PLC 2,725 6,800 MCDONALD'S HOLDINGS COMPANY (JAPAN) LIMITED 110,658 2,930 METRO AG 244,017 3,292 MIGROS TURK TAS 51,729 4,400 MINISTOP COMPANY LIMITED 84,034 5,500 NISSIN HEALTHCARE FOOD SERVICE COMPANY LIMITED 62,395 12,834 PANERA BREAD COMPANY+<< 479,607 2,000 PLENUS COMPANY LIMITED 23,573 24,000 PRESIDENT CHAIN STORE CORPORATION 81,599 158,086 RIPLEY CORPORATION SA 159,946 11,816 SAFEWAY INCORPORATED 339,592 27,880 SEVEN & I Holdings Company Limited 693,244 19,798 SHOPRITE HOLDINGS LIMTIED 102,136 29,670 STARBUCKS CORPORATION+ 533,170 20,812 WHOLE FOODS MARKET INCORPORATED<< 731,542 31,737 WILLIAM MORRISON SUPERMARKETS PLC 186,043 38,505 WOOLWORTHS LIMITED 1,028,358 2,300 YAOKO COMPANY LIMITED 64,813 37 YOSHINOYA D&C Company LIMITED 61,719 2,200 ZENSHO COMPANY LIMITED 15,288 6,470,181 ------------- FOOTWEAR: 0.02% 5,000 ASICS CORPORATION 58,274 11,164 CROCS INCORPORATED+<< 271,508 329,782 ------------- FORESTRY: 0.03% 8,611 GUNNS LIMITED 25,967 3,000 SUMITOMO FORESTING 23,513 5,924 WEYERHAEUSER COMPANY 362,549 412,029 ------------- FURNITURE & FIXTURES: 0.52% 39,618 BE AEROSPACE INCORPORATED 1,358,897 3,110 CERSANIT-KRASNYSTAW SA 35,162 16,301 ETHAN ALLEN INTERIORS INCORPORATED<< 444,039
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 127 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE FURNITURE & FIXTURES (continued) 28,472 FURNITURE BRANDS INTERNATIONAL INCORPORATED<< $ 370,136 8,435 HERMAN MILLER INCORPORATED 251,616 11,525 HILLENBRAND INDUSTRIES INCORPORATED 604,717 44,413 HOUSEWARES INTERNATIONAL LIMITED 73,746 1,000 ITOKI CORPORATION 6,252 7,717 KINETIC CONCEPTS INCORPORATED+<< 396,577 30,315 LA-Z-BOY INCORPORATED<< 255,555 33,610 LEGGETT & PLATT INCORPORATED 561,287 72,478 MASCO CORPORATION<< 1,354,614 55,019 NEWELL RUBBERMAID INCORPORATED 1,248,931 5,775 NOBIA AB 48,980 1,000 OKAMURA CORPORATION 7,596 4,500 SANGETSU COMPANY LIMITED 97,573 16,944 SELECT COMFORT CORPORATION+<< 72,520 25,883 STEELCASE INCORPORATED<< 367,021 3,600 TOKYO STEEL MANUFACTURING COMPANY LIMITED 43,036 7,598,255 --------------- GAS DISTRIBUTION: 0.02% 14,020 GAIL INDIA LIMITED 145,946 2,961 GAZ DE FRANCE 169,411 315,357 --------------- GENERAL MERCHANDISE STORES: 1.03% 31,670 99 CENTS ONLY STORES+<< 294,214 747 ARCANDOR AG 13,198 2,300 ASKUL CORPORATION 48,041 3,000 BELLUNA COMPANY LIMITED 19,666 33,600 BIG C SUPERCENTER PCL 49,187 14,809 BIG LOTS INCORPORATED 249,532 12,554 BJ'S WHOLESALE CLUB INCORPORATED+ 396,204 30,578 CASEY'S GENERAL STORES INCORPORATED<< 765,979 2,100 CAWACHI LIMITED 54,789 61,805 CENCOSUD SA 254,207 2,900 CIRCLE K SUNKUS COMPANY LIMITED 43,455 7,909 COMPAGNIE FINANCIERE RICHEMONT AG 457,842 12,966 DAVID JONES LIMITED 48,346 1,100 DON QUIJOTE COMPANY LIMITED 17,618 23,706 DSG INTERNATIONAL PLC 29,633 26,301 FAMILY DOLLAR STORES INCORPORATED<< 503,664 3,600 FAMILYMART COMPANY LIMITED 106,083 32,000 FAR EASTERN DEPARTMENT STORES COMPANY LIMITED 58,521 30,032 FOOT LOCKER INCORPORATED 369,394 20,351 FRED'S INCORPORATED 178,682 15,000 GOLDEN EAGLE RETAIL GROUP LIMITED 15,493 42,895 HARVEY NORMAN HOLDINGS LIMITED 179,419 3,701 HELLENIC DUTY FREE SHOPS SA 63,492 11,167 HOME RETAIL GROUP 57,042 679 HYUNDAI DEPARTMENT STORE COMPANY LIMITED 63,854 24,000 INTIME DEPARTMENT STORE GROUP COMPANY LIMITED+ 21,242 5,000 IZUMIYA COMPANY LIMITED 24,126 3,400 LAWSON INCORPORATED 129,960 19,000 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED 49,824 11,761 MACY'S INCORPORATED 290,261
128 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE GENERAL MERCHANDISE STORES (continued) 24,916 MARKS & SPENCER GROUP PLC $ 197,506 1,800 MATSUYA COMPANY LIMITED 37,508 85,355 ORGANIZACION SORIANA SAB DE CV CLASS B 223,629 10,882 PACIFIC BRANDS LIMITED 22,332 1,800 PARCO COMPANY LIMITED 21,905 14,348 PICK'N PAY STORES LIMITED 56,763 22,000 ROBINSON & COMPANY LIMITED 105,103 77,699 SACI FALABELLA 403,320 75,666 SAKS INCORPORATED+<< 1,177,363 2,000 SEARS HOLDINGS CORPORATION+<< 191,245 660 SHINSEGAE COMPANY LIMITED 409,809 12,000 SIAM MAKRO PLC 37,387 1,091 SONAE CAPITAL+ 2,502 8,731 SONAE SGPS SA 15,869 14,866 STEIN MART INCORPORATED+<< 87,858 2,200 SUGI PHARMACY COMPANY LIMITED 59,167 2,400 SUNDRUG COMPANY LIMITED 60,601 31,731 TARGET CORPORATION 1,669,368 18,700 TJX COMPANIES INCORPORATED 598,400 600 TSURUHA HOLDINGS INCORPORATED 19,351 22,122 UNION DE CERVECERIAS PERUANAS BACKUS & JOHNSTON SAA 24,499 387,909 WAL-MART DE MEXICO SA DE CV SERIES V 1,414,003 68,928 WAL-MART STORES INCORPORATED 3,418,140 3,951 WAREHOUSE GROUP LIMITED 18,721 56,000 WUMART STORES INCORPORATED 44,432 15,169,749 --------------- HEALTH SERVICES: 1.13% 602 ABENGOA SA 20,570 26,452 APRIA HEALTHCARE GROUP INCORPORATED 574,273 82,500 BANGKOK DUSIT MEDICAL SERVICE PCL THB 87,218 27,400 BANGKOK DUSIT MEDICAL SERVICES PCL 28,967 99 BASILEA PHARMACEUTICA+ 18,942 184 BIOMERIEUX 21,025 57,733 BIOTON SA+ 25,504 6,414 BROOKDALE SENIOR LIVING INCORPORATED<< 167,341 47,000 CHINA SHINEWAY PHARMACEUTICAL GROUP LIMITED 30,521 702,000 CK LIFE SCIENCES INTERNATIONAL HOLDINGS INCORPORATED+ 48,306 9,547 COVANCE INCORPORATED+ 805,862 15,717 DAVITA INCORPORATED+ 780,035 1,438 DIVI'S LABORATORIES LIMITED 48,505 25,132 EDWARDS LIFESCIENCES CORPORATION 1,096,007 24,100 ENZON PHARMACEUTICALS INCORPORATED+<< 207,019 2,521 FRESENIUS MEDICAL CARE AG & COMPANY 132,447 256 FRESENIUS SE 22,784 1,914 GLAXOSMITHKLINE PHARMACEUTICALS LIMITED 52,393 1,596 GRIFOLS SA 36,504 145,853 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A 780,314 16,024 HEALTHSCOPE LIMITED 76,472 32,854 HEALTHSOUTH REHABILITATION CORPORATION+<< 528,292 15,334 HEALTHWAYS INCORPORATED+<< 526,723 55,209 HUMAN GENOME SCIENCES INCORPORATED+ 326,285 16,971 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,312,028 16,828 MAGELLAN HEALTH SERVICES INCORPORATED+<< 729,157 1,200 MDS INCORPORATED+ 20,092
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 129 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HEALTH SERVICES (continued) 38,489 NEKTAR THERAPEUTICS+<< $ 267,499 69,244 NETWORK HEALTHCARE HOLDINGS LIMITED 84,488 700 NOVOZYMES A/S CLASS B 61,112 18,224 ODYSSEY HEALTHCARE INCORPORATED+ 159,278 13,000 PARKWAY HOLDINGS LIMITED 28,113 20,346 PEDIATRIX MEDICAL GROUP INCORPORATED+ 1,343,039 8,963 PRIMARY HEALTH CARE LIMITED 53,375 23,340 PSYCHIATRIC SOLUTIONS INCORPORATED+<< 660,289 2,775 QIAGEN NV+ 62,112 2,412 RAMSAY HEALTH CARE LIMITED 25,176 866 RHOEN KLINIKUM AG 25,023 10,645 ROCHE HOLDING AG 2,087,575 9,627 SONIC HEALTHCARE LIMITED 127,209 2,071 SOUTHERN CROSS HEALTHCARE LIMITED 15,954 18,275 SUNRISE SENIOR LIVING INCORPORATED+<< 500,370 34,540 SYMBION HEALTH LIMITED 131,521 2 TAKARA BIO INCORPORATED+ 5,064 285,134 TENET HEALTHCARE CORPORATION+<< 1,371,495 7,435 UNIVERSAL HEALTH SERVICES CLASS B 397,178 790 VALLOUREC SA 163,954 20,298 WATSON PHARMACEUTICALS INCORPORATED+<< 564,487 2,266 ZELTIA SA 15,032 16,652,929 --------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.45% 3,491 ABB LIMITED INDIA 99,282 325 ACCIONA SA 82,562 2,678 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 136,775 2,240 AUTOSTRADA TORINO-MILANO SPA 44,667 10,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED 39,489 6,555 CIA DE CONCESSOES RODOVIARIAS 111,052 3,950 DAEWOO SHIPBUILDING & MARINE ENGINEERING COMPANY LIMITED 155,662 461 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA 27,797 21,521 FOSTER WHEELER LIMITED+ 1,408,549 14,698 GMR INFRASTRUCTURE LIMITED+ 63,323 14,356 GRANITE CONSTRUCTION INCORPORATED 433,408 591 GRUPO FERROVIAL SA 38,676 1,350 HANJIN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 82,705 1,500 HELLENIC TECHNODOMIKI TEV SA 18,372 16,500 HITACHI ZOSEN CORPORATION+ 16,620 11,000 HOPEWELL HIGHWAY INFRASTRUCTURE LIMITED 9,382 2,282 HYUNDAI HEAVY INDUSTRIES COMPANY LIMITED 903,718 8,699 LANCO INFRATECH LIMITED+ 101,286 33,600 MCDERMOTT INTERNATIONAL INCORPORATED+ 1,754,592 1,000 NAMURA SHIPBUILDING COMPANY LIMITED 10,710 136,500 PLUS EXPRESSWAYS BHD 132,277 8,530 SAMSUNG HEAVY INDUSTRIES COMPANY LIMITED 282,769 4,000 SASEBO HEAVY INDUSTRIES COMPANY LIMITED 15,959 7,789 SKANSKA AB 150,089 14,631 TECHNICAL OLYMPIC SA 16,883 31,371 UNITECH LIMITED 277,256 2,614 VINCI SA 180,498 1,908 VT GROUP PLC 25,068 6,619,426 ---------------
130 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOLDING & OTHER INVESTMENT OFFICES: 3.68% 5,778 3I GROUP PLC $ 93,382 34,470 ABB LIMITED 858,796 8,137 ABERDEEN ASSET MANAGEMENT PLC 21,527 227 ACKERMANS & VAN HAAREN NV 23,293 8,025 ADANI ENTERPRISES LIMITED 136,656 4,311 AFFILIATED MANAGERS GROUP INCORPORATED 415,365 445 AFRICA ISRAEL INVESTMENTS LIMITED 28,400 3,060 ALCON INCORPORATED 442,874 13,402 ALEXANDRIA REAL ESTATE EQUITIES INCORPORATED 1,230,304 6,000 ALLIED GROUP LIMITED 26,319 14,810 AMB PROPERTY CORPORATION 743,166 8,981 ANADOLU EFES BIRACILIK VE MALT SANAYII AS 99,013 88,933 ANNALY CAPITAL MANAGEMENT INCORPORATED 1,840,024 16,201 ANTARCHILE SA 388,411 1,110 ARC ENERGY TRUST 26,570 8,096 ASHMORE GROUP PLC 42,358 15,071 ASPEN INSURANCE HOLDINGS LIMITED 436,155 14,585 ASPEN PHARMACARE HOLDINGS LIMITED 57,539 11,854 AVALONBAY COMMUNITIES INCORPORATED 1,095,665 997 AVEVA GROUP PLC 19,449 7,278 AYALA CORPORATION CLASS A 76,656 98,518 BABCOCK & BROWN INFRASTRUCTURE GROUP 108,973 9,616 BARLOWORLD LIMITED 115,789 6,000 BEIJING ENTERPRISES HOLDINGS LIMITED 24,867 39,597 BIOMED REALTY TRUST INCORPORATED<< 867,966 4,786 BODYCOTE INTERNATIONAL 17,717 4,789 BOSTON PROPERTIES INCORPORATED<< 412,668 9,600 BRADESPAR SA 248,018 22,005 BRE PROPERTIES INCORPORATED 947,535 8,650 BROOKFIELD ASSET MANAGEMENT INCORPORATED 255,919 8,182 CAMDEN PROPERTY TRUST<< 388,563 869 CI FINANCIAL INCOME FUND 20,395 29,000 CITIC INTERNATIONAL FINANCIAL HOLDINGS LIMITED 14,552 36,000 CITIC RESOURCES HOLDINGS LIMITED+ 16,077 832 CLAL INSURANCE ENTERPRISE HOLDINGS LIMITED 18,175 27,812 COLONIAL PROPERTIES TRUST<< 677,500 27,324 CONNECTEAST GROUP 34,031 19,737 CORPORATE OFFICE PROPERTIES TRUST 604,742 348 CORPORATION FINANCIERA ALBA 21,140 25,166 COUSINS PROPERTIES INCORPORATED<< 610,527 1,000 D CARNEGIE & COMPANY AB 17,171 44,000 DAIWA SECURITIES GROUP INCORPORATED 407,980 101,530 DCT INDUSTRIAL TRUST INCORPORATED 909,709 181 DELEK GROUP LIMITED 29,106 57,767 DIAMONDROCK HOSPITALITY 721,510 25,512 DIGITAL REALITY TRUST INCORPORATED<< 915,881 19,241 DOGAN SIRKETLER GRUBU HOLDINGS+ 24,209 7,934 DOGAN YAYIN HOLDING+ 20,055 1,100 DOUTOR NICHIRES HOLDINGS COMPANY LIMITED 19,980 28,848 DUKE REALTY CORPORATION 661,196 30,069 EMECO HOLDINGS LIMITED 21,210 23,682 EMPRESAS COPEC SA 406,290 9,366 EQUITY LIFESTYLE PROPERTIES INCORPORATED 427,839 7,100 EQUITY RESIDENTIAL 271,078 10,578 ESSEX PROPERTY TRUST INCORPORATED<< 1,111,113
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 131 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOLDING & OTHER INVESTMENT OFFICES (continued) 345 EURAZEO $ 41,614 9,710 EXTERRAN HOLDINGS INCORPORATED+ 676,302 37,705 FELCOR LODGING TRUST INCORPORATED 475,837 72,600 FIRST GEN CORPORATION 71,689 38,961 FRANKLIN STREET PROPERTIES CORPORATION<< 491,688 2,283 GEA GROUP AG 74,519 111,500 GENTING BHD 235,862 145 GIMV NV 10,249 42,860 GOME ELECTRICAL APPLIANCES HOLDINGS LIMITED 94,255 1,000 GREAT EASTERN HOLDINGS LIMITED 11,549 106,771 GRUPO CARSO SA DE CV 468,556 2,050 GS HOLDINGS CORPORATION 99,387 86,000 GUANGZHOU INVESTMENT COMPANY LIMITED 20,130 971 H&R REAL ESTATE INVESTMENT TRUST 20,224 20,411 HACI OMER SABANCI HOLDING AS 91,802 42,638 HCP INCORPORATED 1,244,177 7,256 HENDERSON GROUP PLC 14,543 5,600 HKR INTERNATIONAL LIMITED 4,302 13,923 HOME PROPERTIES INCORPORATED<< 640,736 18,152 HOSPITALITY PROPERTIES TRUST<< 659,462 13,400 HOST HOTELS & RESORTS INCORPORATED 216,946 135,915 HRPT PROPERTIES TRUST 935,095 1,661 HUNTING PLC 25,417 6,525 ICAP PLC 81,246 721 IDB DEVELOPMENT CORPORATION LIMITED 21,908 3,561 IG GROUP HOLDINGS PLC 24,593 20,681 IMPAC MORTGAGE HOLDINGS INCORPORATED<< 21,095 8,852 IMPERIAL HOLDING LIMITED 89,547 134,610 IMPULSORA DEL DESARROLLO Y EL EMPLEO EN AMERICA LATINA SA DE CV+ 173,573 2,000 INDUSTRIVARDEN AB CLASS A 33,666 1,200 INDUSTRIVARDEN AB CLASS C 18,248 11,580 INFRATIL LIMITED 21,576 4,745 INVERCAP SA 52,183 6,151 INVESTEC PLC 44,708 84,879 INVESTIMENTOS ITAU SA 537,050 5,321 INVESTOR AB 112,552 4,600 INVESTOR AB A SHARES 94,650 25,045 ISTAR FINANCIAL INCORPORATED<< 493,637 2,492 ISTITUTO FINANZIARIO INDUSTRIALE SPA+ 70,410 30,000 ITAUSA INVESTIMENTOS ITAU SA 294,660 18,800 J FRONT RETAILING COMPANY LIMITED 123,106 600 JAFCO COMPANY LIMITED 20,708 3,000 JAPAN ASIA INVESTMENT COMPANY LIMITED 15,747 8,468 JARDINE MATHESON HOLDINGS LIMITED 236,257 13,493 KILROY REALTY CORPORATION 639,973 43,095 KIMCO REALTY CORPORATION 1,455,318 1,586 KKR FINANCIAL CORPORATION<< 22,823 33,600 KNM GROUP BHD 63,206 13,172 KOC HOLDING AS+ 49,608 16,700 LASALLE HOTEL PROPERTIES 482,630 7,069 LG CORPORATION 491,661 18,129 LIBERTY PROPERTY TRUST<< 538,613 26,000 LION DIVERSIFIED HOLDINGS BHD 12,736 10,859 MACERICH COMPANY<< 694,976 13,082 MACK-CALI REALTY CORPORATION 451,198
132 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOLDING & OTHER INVESTMENT OFFICES (continued) 21,239 MACQUARIE COMMUNICATIONS INFRASTRUCTURE GROUP $ 91,100 79,314 MACQUARIE INFRASTRUCTURE GROUP 212,775 6,164 MACQUARIE LEISURE TRUST GROUP 14,967 3,300 MATSUMOTOKIYOSHI HOLDINGS COMPANY LIMITED 67,499 20,400 METROPOLITAN BANK & TRUST COMPANY 20,949 10,571 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED<< 512,588 4,015 MITIE GROUP 20,459 440 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED 3,876 109,200 MMC CORPORATION BHD 128,149 222,700 MULPHA INTERNATIONAL BHD+ 70,929 42,700 MULTI-PURPOSE HOLDINGS BHD 27,135 13,385 MURRAY & ROBERTS HOLDINGS LIMITED 167,447 43,159 NATIONAL RETAIL PROPERTIES INCORPORATED<< 893,391 1,128 NATIONALE A PORTEFEUILLE 78,273 56,012 NATIONWIDE HEALTH PROPERTIES INCORPORATED<< 1,698,844 32,159 NEWCASTLE INVESTMENT CORPORATION<< 345,709 742 NPIL RESEARCH & DEVELOPMEN+(A) 0 294 PARGESA HOLDING SA 30,002 36,691 PETROBRAS ENERGIA PARTICIPACIONES SA<< 436,990 33,826 PLUM CREEK TIMBER COMPANY 1,376,380 16,000 PRIVEE INVESTMENT HOLDINGS COMPANY LIMITED 3,597 5,214 PUBLIC STORAGE INCORPORATED CLASS D 424,211 34,498 RAIT FINANCIAL TRUST<< 263,910 1,000 RATOS AB B SHARES 31,407 60,935 REALTY INCORPORATEDOME CORPORATION 1,402,114 16,072 REDWOOD TRUST INCORPORATED<< 537,126 9,984 REGENCY CENTERS CORPORATION<< 592,550 19,258 REMGRO LIMITED 496,768 6,570 RESOLUTION PLC 89,959 5,542 RHJ INTERNATIONAL+ 72,166 290 SBI HOLDINGS INCORPORATED 71,023 1,267 SCHRODERS PLC 23,922 14,000 SHANGHAI INDUSTRIAL HOLDINGS LIMITED(A) 57,091 5,982 SIEMENS INDIA LIMITED 120,530 250,040 SIME DARBY BHD 907,956 9,298 SIMON PROPERTY GROUP INCORPORATED 779,172 66,500 SINO-OCEAN LAND HOLDINGS LIMITED+ 69,570 8,860 SL GREEN REALTY CORPORATION<< 810,690 4,996 SM INVESTMENTS CORPORATION 34,952 163 SOFINA SA 17,985 22,400 SOFTBANK CORPORATION 436,434 154 SOLVAC SA 25,426 37 SONY FINANCIAL HOLDINGS INCORPORATED 147,801 7,000 STRAITS TRADING COMPANY LIMITED 33,722 45,210 STRATEGIC HOTEL & RESORTS INCORPORATED 643,790 535 STX CORPORATION 35,166 16,799 SUN HUNG KAI PROPERTIES LIMITED 300,111 4,109 SUN INTERNATIONAL LIMITED 68,340 36,413 SUNSTONE HOTEL INVESTORS INCORPORATED 570,228 72,500 SWIRE PACIFIC LIMITED B SHARES 161,237 3,970 TAKEFUJI CORPORATION 100,274 22,641 TAUBMAN CENTERS INCORPORATED<< 1,103,749 121 THE ISRAEL CORPORATION LIMITED 129,280 78,927 THORNBURG MORTGAGE INCORPORATED<< 702,450 26,548 UDR INCORPORATED 593,348 34,600 UEM WORLD BHD 37,130
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 133 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOLDING & OTHER INVESTMENT OFFICES (continued) 216,000 UNITED ENERGY GROUP LIMITED+ $ 32,855 26,287 VENTAS INCORPORATED 1,099,322 42,172 VIRGIN MEDIA INCORPORATED 632,580 200 VORNADO REALTY TRUST 16,712 3,091 WASHINGTON H SOUL PATTINSON & COMPANY LIMITED 22,016 83,640 WATERLAND FINANCIAL HOLDINGS 31,964 15,600 WEINGARTEN REALTY INVESTORS 500,916 475 WENDEL INVESTISSEMENT 53,572 110,442 YTL POWER INTERNATIONAL BHD 86,978 54,149,168 -------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.37% 900 AMER SPORTS OYJ 18,798 39,042 BED BATH & BEYOND INCORPORATED 1,106,450 14,150 BEST BUY COMPANY INCORPORATED 608,592 8,000 BEST DENKI COMPANY LIMITED 63,454 4,008 CARPHONE WAREHOUSE GROUP PLC 24,287 102,821 CIRCUIT CITY STORES INCORPORATED<< 454,469 7,785 FISHER & PAYKEL APPLIANCES HOLDINGS LIMITED 15,988 570 FOURLIS HOLDINGS SA 16,769 4,347 GAME GROUP PLC 16,017 2,714 JB HI-FI LIMITED 26,467 8,526 JD GROUP LIMITED 45,960 1,600 K'S HOLDINGS CORPORATION 28,680 2,200 KOKUYO COMPANY LIMITED 17,990 68,310 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED 1,438,704 1,400 NAFCO COMPANY LIMITED 20,915 1,700 NITORI COMPANY LIMITED 84,379 49,377 PIER 1 IMPORTS INCORPORATED+<< 258,735 6,700 PIONEER CORPORATION 70,395 25,908 RADIOSHACK CORPORATION 452,095 2,400 SHIMANO INCORPORATED 100,837 8,586 THOMSON 65,956 8,000 TOTO LIMITED 67,370 1,800 XEBIO COMPANY LIMITED 37,905 2,990 YAMADA DENKI COMPANY LIMITED 261,486 6,100 YAMAHA CORPORATION 119,812 5,422,510 -------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.32% 13,000 BANYAN TREE HOLDINGS LIMITED 11,913 8,474 BOYD GAMING CORPORATION 178,717 629,100 CENTRAL PLAZA HOTEL PCL 115,926 5,169 CHOICE HOTELS INTERNATIONAL INCORPORATED 167,734 12,352 EIH LIMITED 52,667 2,000 FORMOSA INTERNATIONAL HOTELS CORPORATION 29,759 17,047 GAYLORD ENTERTAINMENT COMPANY+<< 512,944 22,045 HONGKONG & SHANGHAI HOTELS LIMITED 35,506 450 IMPERIAL HOTEL LIMITED 21,132 20,653 INDIAN HOTELS COMPANY LIMITED 64,393 4,460 INTERCONTINENTAL HOTELS GROUP PLC 67,879 29,000 KLCC PROPERTY HOLDINGS BHD 28,564 4,338 LAS VEGAS SANDS CORPORATION+ 361,355 13,009 MARRIOTT INTERNATIONAL INCORPORATED CLASS A<< 443,607 304,200 MINOR INTERNATIONAL PCL 158,703 2,794 ORASCOM HOTELS & DEVELOPMENT+ 45,490
134 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES (continued) 1,136 ORBIS SA $ 27,878 18,271 ORIENT EXPRESS HOTELS LIMITED CLASS A<< 989,740 72,000 SHANGRI-LA ASIA LIMITED 219,160 122,533 SINO HOTELS HOLDINGS LIMITED 64,717 14,482 SKY CITY ENTERTAINMENT GROUP LIMITED 45,666 8,201 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 388,153 5,316 TUI TRAVEL PLC 28,349 12,754 VAIL RESORTS INCORPORATED+<< 577,119 4,637,071 -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.05% 18,100 3M COMPANY 1,419,040 835,000 A-MAX HOLDINGS LIMITED+ 9,233 23,161 ACTUANT CORPORATION CLASS A<< 622,568 19,951 ADVANTECH COMPANY LIMITED 46,068 1,443 ALSTOM RGPT 303,259 12,000 AMADA COMPANY LIMITED 90,209 383 ANDRITZ AG 21,437 36,888 APPLE INCORPORATED 4,611,738 57,281 APPLIED MATERIALS INCORPORATED 1,098,077 7,175 ASTEC INDUSTRIES INCORPORATED 271,646 9,678 ATLAS COPCO AB CLASS A 150,413 5,775 ATLAS COPCO AB CLASS B 82,114 59,094 AXCELIS TECHNOLOGIES INCORPORATED 339,791 35,400 BENQ CORPORATION 32,990 10,228 BLACK BOX CORPORATION 317,068 30,039 BRIGGS & STRATTON CORPORATION 536,797 76,845 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 590,938 40,323 BROOKS AUTOMATION INCORPORATED+ 406,456 80 BUCHER INDUSTRIES AG 20,295 15,792 BUCYRUS INTERNATIONAL INCORPORATED CLASS A 1,577,305 32,038 CAMERON INTERNATIONAL CORPORATION+<< 1,360,974 3,700 CANON FINETECH INCORPORATED 46,427 1,846 CAP GEMINI SA 100,871 1,700 CAPCOM COMPANY LIMITED 46,623 26,224 CARLISLE COMPANIES INCORPORATED 957,963 8,500 CASIO COMPUTER COMPANY LIMITED 110,527 23,400 CATCHER TECHNOLOGY COMPANY LIMITED 86,786 138,000 CHEN HSONG HOLDINGS 73,675 17,600 CHICONY ELECTRONICS COMPANY LIMITED 27,219 21,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED 32,805 2,400 CKD CORPORATION 15,779 1,477 CRANE GROUP LIMITED 19,876 10,191 CROMPTON GREAVES LIMITED 79,234 26,919 CUMMINS INCORPORATED 1,356,179 8,000 DAIHEN CORPORATION 28,916 1,169 DASSAULT SYSTEMES SA 63,741 12,106 DEERE & COMPANY 1,031,552 82,988 DELL INCORPORATED+ 1,647,312 87,650 DELTA ELECTRONICS INCORPORATED 249,299 700 DISCO CORPORATION 32,899 30,045 DONALDSON COMPANY INCORPORATED 1,266,697 2,155 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED 311,271 3,870 DOOSAN INFRACORE COMPANY LIMITED 120,450 551 DRESSER RAND GROUP INCORPORATED+ 18,773 34 EACCESS LIMITED 21,982
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 135 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 28,700 EATON CORPORATION $ 2,314,081 16,000 EBARA CORPORATION 45,587 86,920 EMC CORPORATION 1,350,737 50,196 EMULEX CORPORATION+<< 746,916 70,435 ENTEGRIS INCORPORATED+<< 496,567 8,542 FLOWSERVE CORPORATION 930,224 19,130 FMC TECHNOLOGIES INCORPORATED+ 1,083,906 90,000 FONG'S INDUSTRIES COMPANY LIMITED 53,204 27,600 FOXCONN TECHNOLOGY COMPANY LIMITED 180,058 18,000 FUJI HEAVY INDUSTRIES LIMITED 78,525 1,600 FUJI MACHINE MANUFACTURING COMPANY LIMITED 34,890 64,000 FUJITSU LIMITED 455,368 10,000 FURUKAWA COMPANY LIMITED 18,941 21,904 GAMESTOP CORPORATION CLASS A+ 927,853 22,530 GARDNER DENVER INCORPORATED+ 831,582 18,861 GRANT PRIDECO INCORPORATED+ 951,915 108,615 HEWLETT-PACKARD COMPANY 5,188,539 3,200 HEXAGON AB 65,417 24,900 HIGH TECH COMPUTER CORPORATION 514,028 3,200 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED 87,366 5,000 HITACHI KOKI COMPANY LIMITED 69,851 104,000 HITACHI LIMITED 753,566 900 HITACHI SOFTWARE ENGINEERING COMPANY LIMITED 21,283 238,000 HON HAI PRECISION INDUSTRY COMPANY LIMITED 1,419,937 4,000 HOSOKAWA MICRON CORPORATION 27,765 34,617 IDEX CORPORATION<< 1,044,049 1,249 INDRA SISTEMAS SA 34,712 7,272 INGERSOLL-RAND COMPANY LIMITED CLASS A 304,406 19,667 INTERMEC INCORPORATED+<< 433,461 37,446 INTERNATIONAL BUSINESS MACHINES CORPORATION 4,263,602 100,800 INVENTEC COMPANY LIMITED 58,249 700 ITOCHU TECHNO-SCIENCE CORPORATION 19,584 22,500 JOHNSON ELECTRIC HOLDINGS LIMITED 10,427 16,179 JOY GLOBAL INCORPORATED 1,073,800 11,748 KAYDON CORPORATION 501,757 32,509 KENNAMETAL INCORPORATED 987,298 5,000 KITZ CORPORATION 27,821 29,000 KOMATSU LIMITED 736,730 2,800 KONAMI CORPORATION 92,716 35,865 KUBOTA CORPORATION 243,295 29,598 KULICKE & SOFFA INDUSTRIES INCORPORATED+<< 152,430 18,498 LAM RESEARCH CORPORATION+<< 744,360 10,297 LARSEN & TOUBRO LIMITED 895,839 104,000 LENOVO GROUP LIMITED 69,872 6,510 LG PHILLIPS LCD COMPANY LIMITED 309,287 160,390 LITE-ON TECHNOLOGY CORPORATION 219,098 3,810 LOGITECH INTERNATIONAL SA+ 97,536 2,251 MAHARASHTRA SEAMLESS LIMITED 18,593 2,000 MAKINO MILLING MACHINE COMPANY LIMITED 14,226 1 MAKITA CORPORATION 36 1,767 MAN AG 232,588 19,124 MANITOWOC COMPANY INCORPORATED 779,112 1,000 MARUYAMA MANUFACTURING COMPANY INCORPORATED 2,171 800 MEITEC CORPORATION 23,641 2,000 MELCO HOLDINGS INCORPORATED 36,872 2,085 METSO OYJ 108,478
136 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 35,408 MICROS SYSTEMS INCORPORATED+<< $ 1,134,472 1,500 MISUMI GROUP INCORPORATED 23,938 4,996 MISYS PLC 14,713 23,743 MITAC INTERNATIONAL CORPORATION 20,355 69,000 MITSUBISHI ELECTRIC CORPORATION 632,002 6,300 MITSUI HIGH-TEC INCORPORATED 49,891 3,000 MIURA COMPANY LIMITED 70,677 16,126 MODINE MANUFACTURING COMPANY 201,252 3,400 MORI SEIKI COMPANY LIMITED 60,672 4,000 NABTESCO CORPORATION 53,058 5,000 NACHI-FUJIKOSHI CORPORATION 17,585 14,701 NATIONAL OILWELL VARCO INCORPORATED+ 915,872 601 NCSOFT CORPORATION+ 28,688 149 NEC CORPORATION 657 897 NEOPOST SA 93,107 900 NETUREN COMPANY LIMITED 9,382 1,900 NIHON UNISYS LIMITED 22,738 4,700 NOMURA RESEARCH INSTITUTE LIMITED 133,861 12,765 NORDSON CORPORATION 655,993 150 OBIC COMPANY LIMITED 27,691 1,107 OCE NV 20,530 900 OILES CORPORATION 18,773 7,000 OKAYA & COMPANY LIMITED 84,622 1,000 ORACLE CORPORATION JAPAN 44,078 3,095 ORMAT INDUSTRIES 40,138 700 OTSUKA CORPORATION 55,016 402 OUTOTEC OYJ 22,203 24,167 PALL CORPORATION 951,455 55,878 PALM INCORPORATED+<< 361,531 25,200 PARKER HANNIFIN CORPORATION 1,628,676 19,855 PENTAIR INCORPORATED 647,670 5,900 PITNEY BOWES INCORPORATED<< 211,102 588 PRAKTIKER BAU- UND HEIMWERKERMAERKTE AG 14,630 112,890 QUANTUM CORPORATION+<< 282,225 1,108 RAMIRENT OYJ 19,183 3,700 RISO KAGAKU CORPORATION 54,296 52,000 RITEK CORPORATION+ 12,418 8,000 RYOBI LIMITED 33,431 19,416 SAGE GROUP PLC 75,692 9,461 SANDISK CORPORATION+ 222,807 30,000 SANYO ELECTRIC COMPANY LIMITED+ 63,330 292 SCHINDLER HOLDING SA 19,801 10,203 SCIENTIFIC GAMES CORPORATION CLASS A+<< 210,896 668 SHAW INDUSTRIES LIMITED CLASS A 21,148 2,500 SHIMA SEIKI MANUFACTURING LIMITED 106,619 3,360 SIMS GROUP LIMITED 100,434 4,176 SKF AB 76,477 2,000 SMC CORPORATION 213,241 29,911 SMITH INTERNATIONAL INCORPORATED 1,885,290 1,061 SPIRAX-SARCO ENGINEERING PLC 19,724 5,000 STANLEY ELECTRIC COMPANY LIMITED 105,650 16,430 STANLEY WORKS 797,512 75 SULZER AG 86,096 17,000 SUMITOMO HEAVY INDUSTRIES LIMITED 135,583 2,000 TADANO LIMITED 19,798 1,665 TATA TEA LIMITED 33,644
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 137 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued) 4,000 TDK CORPORATION $ 284,331 26,038 TERADATA CORPORATION+ 656,939 15,396 TEREX CORPORATION+ 1,038,460 2,505 THERMAX INDIA LIMITED 40,779 3,300 THK COMPANY LIMITED 62,311 760 TIETOENATOR OYJ 14,266 15,086 TIMKEN COMPANY 454,541 12,000 TORI HOLDINGS COMPANY LIMITED 1,710 17,074 TORO COMPANY 822,625 100,000 TOSHIBA CORPORATION 750,074 3,000 TOSHIBA MACHINE COMPANY LIMITED 22,907 32,000 TPV TECHNOLOGY LIMITED 19,178 3,500 TREND MICRO INCORPORATED 120,578 11,000 TSUBAKIMOTO CHAIN COMPANY 68,858 18,576 VARIAN MEDICAL SYSTEMS INCORPORATED+ 974,311 9,735 VERIFONE HOLDINGS INCORPORATED+<< 201,028 10,040 WATSCO INCORPORATED<< 381,520 43,644 WESTERN DIGITAL CORPORATION+ 1,347,290 317 WINCOR NIXDORF AG 25,182 48,755 WISTRON CORPORATION 80,513 1,113 ZARDOYA-OTIS SA 27,725 9,950 ZEBRA TECHNOLOGIES CORPORATION+<< 331,534 74,428,407 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.52% 6,912 AON CORPORATION 287,608 18,164 ARTHUR J. GALLAGHER & COMPANY<< 428,670 759 BALOISE HOLDING AG 68,453 415,000 CATHAY FINANCIAL HOLDING COMPANY LIMITED 1,039,799 402 CNP ASSURANCES 44,234 670 GRUPO CATALANA OCCIDENTE SA 22,383 438 HAREL INSURANCE INVESTMENTS & FINANCES LIMITED 22,922 15,234 HILB ROGAL & HOBBS COMPANY 466,465 24,891 HUMANA INCORPORATED+ 1,700,802 96,239 LEGAL & GENERAL GROUP PLC 236,777 14,609 MARSH & MCLENNAN COMPANIES INCORPORATED 372,091 3,200 MATSUI SECURITIES COMPANY LIMITED 21,250 16,154 NATIONAL FINANCIAL PARTNERS CORPORATION<< 383,981 29,469 STANDARD LIFE PLC 127,384 10,000 TOKYO TATEMONO COMPANY LIMITED 67,763 70,953 UNUM GROUP 1,625,533 21,581 WILLIS GROUP HOLDINGS LIMITED 708,936 7,625,051 -------------- INSURANCE CARRIERS: 4.03% 8,968 ACE LIMITED 504,360 1,991 ADMIRAL GROUP PLC 39,819 21,129 AEGON NV 315,548 21,094 AETNA INCORPORATED 1,046,262 14,000 AIOI INSURANCE COMPANY LIMITED 71,937 4,510 AKSIGORTA AS 22,389 4,966 ALLEANZA ASSICURAZIONI SPA 63,810 770 ALLEGHANY CORPORATION 277,970 6,706 ALLIANZ AG 1,161,003 5 ALLIANZ SE ADR 88
138 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INSURANCE CARRIERS (continued) 6,644 ALLIED WORLD ASSURANCE HOLDINGS $ 289,346 15,627 ALLSTATE CORPORATION 745,877 19,549 AMBAC FINANCIAL GROUP INCORPORATED 217,776 13,358 AMERICAN FINANCIAL GROUP INCORPORATED 345,571 60,809 AMERICAN INTERNATIONAL GROUP INCORPORATED 2,849,510 3,093 AMERICAN NATIONAL INSURANCE COMPANY 350,901 22,512 AMERIGROUP CORPORATION+<< 810,432 4,865 AMLIN PLC 26,592 57,625 AMP LIMITED 425,427 45,491 AMR CORPORATION 582,740 9,152 ARCH CAPITAL GROUP LIMITED+ 626,729 17,345 ASSICURAZIONI GENERALI SPA 745,501 19,385 ASSURANT INCORPORATED 1,212,532 11,588 ASSURED GUARANTY LIMITED 297,232 38,418 AVIVA PLC 463,067 25,164 AXA ASIA PACIFIC HOLDINGS LIMITED 134,031 27,615 AXA SA 931,076 27,593 AXIS CAPITAL HOLDINGS LIMITED 1,017,354 3,585 BRIT INSURANCE HOLDINGS PLC 16,473 2,598 CATLIN GROUP LIMITED 19,514 12,000 CHINA INSURANCE INTERNATIONAL HOLDINGS COMPANY LIMITED+ 31,027 320,000 CHINA LIFE INSURANCE COMPANY LIMITED CLASS H 1,242,648 10,336 CHUBB CORPORATION 526,102 7,280 CIGNA CORPORATION 324,542 30,434 CINCINNATI FINANCIAL CORPORATION 1,131,232 33,097 COMMERCE GROUP INCORPORATED 1,199,435 36,502 CONSECO INCORPORATED+ 428,168 18,724 DISCOVERY HOLDINGS LIMITED 64,925 540 DONGBU INSURANCE COMPANY LIMITED 21,380 11,485 ENDURANCE SPECIALTY HOLDINGS LIMITED 451,361 8,371 ERIE INDEMNITY COMPANY 413,109 155 EULER HERMES SA 15,846 12,451 EVEREST REINSURANCE GROUP LIMITED 1,206,253 300 FAIRFAX FINANCIAL HOLDINGS LIMITED 91,404 42,678 FIDELITY NATIONAL TITLE GROUP INCORPORATED 751,560 15,674 FIRST AMERICAN CORPORATION 545,925 521 FONDIARIA-SAI SPA (COMMON) 23,122 1,309 FONDIARIA-SAI SPA (NON-CONVERTIBLE SAVINGS SHARES) 39,840 39,449 FREMONT GENERAL CORPORATION+<< 41,421 29,869 FRIENDS PROVIDENT PLC 78,661 6,000 FUJI FIRE & MARINE INSURANCE COMPANY LIMITED 16,901 11,143 GENWORTH FINANCIAL INCORPORATED 258,295 3,500 GREAT-WEST LIFECO INCORPORATED 109,667 653 HANNOVER RUECKVERSICHERUNG AG 31,193 8,582 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 599,882 22,090 HCC INSURANCE HOLDINGS INCORPORATED 531,485 16,499 HEALTH NET INCORPORATED+ 724,966 64 HELVETIA HOLDING AG 24,329 26,042 HORACE MANN EDUCATORS CORPORATION 452,610 795 INDUSTRIAL ALLIANCE INSURANCE & FINANCIAL SERVICES INCORPORATED 28,432 478 ING CANADA INCORPORATED 19,426 57,926 INSURANCE AUSTRALIA GROUP LIMITED 201,102 11,602 IPC HOLDINGS LIMITED 314,646 3,330 KOREA REINSURANCE COMPANY 34,264 5,960 LIBERTY GROUP LIMITED 57,780 902 LIBERTY HOLDINGS LIMITED 22,538
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 139 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INSURANCE CARRIERS (continued) 7,460 LINCOLN NATIONAL CORPORATION $ 381,262 12,282 LOEWS CORPORATION 513,879 23,000 MANULIFE FINANCIAL CORPORATION 891,725 6,201 MAPFRE SA 27,960 1,491 MARKEL CORPORATION+ 692,942 39,905 MBIA INCORPORATED+<< 517,568 2,596 MEDIOLANUM SPA 16,330 4,766 MERCURY GENERAL CORPORATION<< 217,330 1,194 MERITZ FIRE MARINE INSURANCE 11,554 12,520 METLIFE INCORPORATED 729,415 14,439 MGIC INVESTMENT CORPORATION<< 213,842 10,534 MILANO ASSICURAZIONI SPA 69,028 26,400 MILLEA HOLDINGS INCORPORATED 976,151 43,000 MITSUI SUMITOMO INSURANCE COMPANY LIMITED 451,839 19,048 MONTPELIER RE HOLDINGS LIMITED<< 303,054 3,246 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG 572,062 226 MUTUAL & FEDERAL INSURANCE COMPANY LIMITED 648 28,644 NATIONWIDE FINANCIAL SERVICES 1,181,565 23,000 NIPPONKOA INSURANCE COMPANY LIMITED 186,226 5,000 NISSAY DOWA GENERAL INSURANCE COMPANY LIMITED 27,273 81,501 OLD MUTUAL PLC 201,313 45,885 OLD REPUBLIC INTERNATIONAL CORPORATION 629,542 10,982 PARTNERRE LIMITED 844,406 25,773 PHILADELPHIA CONSOLIDATED HOLDING CORPORATION+ 874,220 120,000 PICC PROPERTY & CASUALTY COMPANY LIMITED 125,830 60,500 PING AN INSURANCE GROUP COMPANY OF CHINA LIMITED 458,226 34,501 PLATINUM UNDERWRITERS HOLDINGS LIMITED 1,190,285 15,877 PMI GROUP INCORPORATED<< 115,426 4,300 POWER CORPORATION OF CANADA 150,331 3,100 POWER FINANCIAL CORPORATION 113,354 7,013 PRINCIPAL FINANCIAL GROUP INCORPORATED 387,328 13,000 PROASSURANCE CORPORATION+ 691,210 13,767 PROTECTIVE LIFE CORPORATION 531,269 12,362 PRUDENTIAL FINANCIAL INCORPORATED<< 902,055 37,275 PRUDENTIAL PLC 447,237 27,433 QBE INSURANCE GROUP LIMITED 567,417 14,813 RADIAN GROUP INCORPORATED<< 105,469 5,360 REINSURANCE GROUP OF AMERICA INCORPORATED 293,246 13,077 RENAISSANCERE HOLDINGS LIMITED 717,927 8,712 RLI CORPORATION 455,028 44,476 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC 115,946 18,609 SAFECO CORPORATION 860,852 1,833 SAMSUNG FIRE & MARINE INSURANCE COMPANY LIMITED 362,334 103,021 SANLAM LIMITED 244,827 2,513 SCOR REGROUPE 56,897 32,247 SELECTIVE INSURANCE GROUP INCORPORATED 766,189 515 SOCIETA CATTOLICA DI ASSICURAZIONI SCRL 23,691 31,000 SOMPO JAPAN INSURANCE INCORPORATED 287,498 1 STANCORP FINANCIAL GROUP INCORPORATED 27 7,000 STOREBRAND ASA 54,151 8,200 SUN LIFE FINANCIAL INCORPORATED 392,817 455 SWISS LIFE HOLDING 114,052 5,309 SWISS REINSURANCE 425,535 7,600 T&D HOLDINGS INCORPORATED 388,595 65,639 THE PHOENIX COMPANIES INCORPORATED 746,972
140 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE INSURANCE CARRIERS (continued) 200 TOPDANMARK AS+ $ 30,383 18,345 TORCHMARK CORPORATION 1,105,470 17,727 TRAVELERS COMPANIES INCORPORATED 822,710 7,013 UNIPOL SPA 19,756 54,402 UNITEDHEALTH GROUP INCORPORATED 2,528,605 9,420 UNITRIN INCORPORATED 335,352 6,016 WELLCARE HEALTH PLANS INCORPORATED+ 287,204 15,600 WELLPOINT INCORPORATED+ 1,093,248 1,145 WHITE MOUNTAIN INSURANCE GROUP LIMITED 564,943 31,670 WR BERKLEY CORPORATION 911,779 4,644 XL CAPITAL LIMITED CLASS A 167,463 30,412 YAPI VE KREDI BANKASI AS 68,742 22,479 ZENITH NATIONAL INSURANCE CORPORATION<< 766,084 12,540 ZURICH FINANCIAL SERVICES AG 394,353 59,385,591 -------------- INTEREST RATE SWAPS: 0.02% 10,052 TATA CONSULTANCY SERVICES LIMITED 218,016 -------------- INTERNET SOFTWARE: 0.00% 6 ACCESS COMPANY LIMITED+ 21,355 732 FREENET AG 14,099 35,454 -------------- INVESTMENT COMPANIES: 0.00% 260 BB BIOTECH AG 19,771 -------------- INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.02% 750,000 ABOITIZ EQUITY VENTURES INCORPORATED 127,790 1,138 GROUPE BRUXELLES LAMBERT SA 136,317 2,719 TULLETT PREBON PLC 27,111 291,218 -------------- JUSTICE, PUBLIC ORDER & SAFETY: 0.09% 51,327 CORRECTIONS CORPORATION OF AMERICA+ 1,378,643 -------------- LEATHER & LEATHER PRODUCTS: 0.05% 1,109 BROWN SHOE COMPANY INCORPORATED 16,280 14,986 COACH INCORPORATED+ 454,376 9,364 GENESCO INCORPORATED+<< 280,452 751,108 -------------- LEGAL SERVICES: 0.14% 20,204 FTI CONSULTING INCORPORATED+<< 1,282,954 3,699 PRE-PAID LEGAL SERVICES INCORPORATED+<< 176,257 15,273 RAYONIER INCORPORATED 649,866 2,109,077 -------------- LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS TRANSPORTATION: 0.01% 16 AP MOLLER-MAERSK AS 164,413 14,273 MACMAHON HOLDINGS LIMITED 22,330 186,743 -------------- LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.02% 2,487 BABCOCK INTERNATIONAL GROUP 27,859 20,795 LOUISIANA-PACIFIC CORPORATION 226,250
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 141 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE (continued) 1,466 SINO-FOREST CORPORATION+ $ 28,270 325 TECNICAS REUNIDAS SA 22,021 120,930 TERRANOVA SA 25,668 1,055 TRAVIS PERKINS PLC 22,553 352,621 -------------- MACHINERY: 0.03% 3,500 DAIFUKU COMPANY LIMITED 46,060 9,139 HUSQVARNA AB B SHARES 99,428 11,000 JAPAN STEEL WORKS 178,759 4,000 OKUMA CORPORATION 38,039 3,400 OSG CORPORATION 33,632 359 RHEINMETALL BERLIN 25,035 2,589 SEVAN MARINE ASA+ 32,921 453,874 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.93% 2,200 A&D COMPANY LIMITED 18,188 8,585 ADVANCED MEDICAL OPTICS INCORPORATED+<< 196,425 9,918 AFFYMETRIX INCORPORATED+<< 190,227 2,819 AGFA-GEVAERT NV 27,195 16,263 AGILENT TECHNOLOGIES INCORPORATED+ 497,810 1,400 ALFA LAVAL AB 75,178 12,504 ALLERGAN INCORPORATED 740,612 708 ALTANA AG 16,439 30,012 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+<< 437,875 33,246 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 1,120,723 11,473 ARTHROCARE CORPORATION 460,641 26,300 BAXTER INTERNATIONAL INCORPORATED 1,552,226 11,560 BAYER AG 890,171 9,037 BECKMAN COULTER INCORPORATED 609,998 9,482 BECTON DICKINSON & COMPANY 857,362 123 BEKAERT SA 16,199 7,877 BIO-RAD LABORATORIES INCORPORATED CLASS A 743,904 56,953 BOSTON SCIENTIFIC CORPORATION+ 717,038 2,298 COCHLEAR LIMITED 114,568 1,123 COLOPLAST AS CLASS B 94,296 273 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS+ 66,601 2,700 COSEL COMPANY LIMITED 28,274 15,294 CR BARD INCORPORATED 1,449,718 10,197 DANAHER CORPORATION 756,108 20,950 DENTSPLY INTERNATIONAL INCORPORATED 817,888 17,259 DRS TECHNOLOGIES INCORPORATED 968,057 56,402 EASTMAN KODAK COMPANY<< 957,706 1,156 ELEKTA AB CLASS B 21,096 16,258 ENERGY CONVERSION DEVICES INCORPORATED+<< 431,975 10,772 ESCO TECHNOLOGIES INCORPORATED+<< 356,122 3,600 ESPEC CORPORATION 31,863 2,817 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE 167,266 12,230 ESTERLINE TECHNOLOGIES CORPORATION+<< 640,852 10,735 FISHER & PAYKEL HEALTHCARE CORPORATION 22,534 19,128 FLIR SYSTEMS INCORPORATED+ 544,383 20,177 FORMFACTOR INCORPORATED+<< 361,774 1,153 FRESENIUS AG 97,314 15,900 FUJIFILM HOLDINGS CORPORATION 596,218
142 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 10,000 FUJIKURA LIMITED $ 49,244 20,000 FURUKAWA ELECTRIC COMPANY LIMITED 70,432 5,180 GARMIN LIMITED<< 304,118 2,000 GETINGE AB 50,869 10,594 HAEMONETICS CORPORATION+<< 615,511 4,796 HALMA PLC 19,745 20,000 HITACHI CABLE LIMITED 89,416 53,940 HOLOGIC INCORPORATED+<< 3,253,121 13,300 HOYA CORPORATION 337,460 5,722 INTUITIVE SURGICAL INCORPORATED+ 1,613,146 12,867 ITRON INCORPORATED+<< 1,226,611 16,500 KONICA MINOLTA HOLDINGS INCORPORATED 233,758 4,080 LARGAN PRECISION COMPANY LIMITED 43,980 2,058 LUXOTTICA GROUP SPA 56,695 48,023 MEDTRONIC INCORPORATED 2,370,415 14,117 MENTOR CORPORATION<< 418,710 5,312 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 518,982 7,873 MILLIPORE CORPORATION+ 550,323 9,220 MINE SAFETY APPLIANCES COMPANY<< 369,814 3,000 MOCHIDA PHARMACEUTICAL COMPANY LIMITED 29,454 24,304 NATIONAL INSTRUMENTS CORPORATION 628,501 14,632 NEWPORT CORPORATION+<< 153,782 1,500 NIHON KOHDEN CORPORATION 30,257 12,000 NIKON CORPORATION 336,120 1,000 NIPRO CORPORATION 19,141 5,932 OLYMPUS CORPORATION ADR<< 176,641 20,332 ORBOTECH LIMITED+ 367,806 951 ORION OYJ 20,317 5,000 OSAKI ELECTRIC COMPANY LIMITED 22,062 69,000 OSIM INTERNATIONAL LIMITED 18,607 3,500 PARIS MIKI INCORPORATED 48,018 5,016 PHARMAXIS LIMITED+ 12,010 692 PHONAK HOLDING AG 65,577 11,151 RESMED INCORPORATED+<< 451,504 9,830 RESPIRONICS INCORPORATED+ 645,634 5,451 ROCKWELL AUTOMATION INCORPORATED 298,224 13,222 ROPER INDUSTRIES INCORPORATED 745,721 9,000 SHIMADZU CORPORAION 84,402 2,276 SILEX SYSTEMS LIMITED+ 13,557 2,425 SSL INTERNATIONAL PLC 23,414 14,106 ST. JUDE MEDICAL INCORPORATED+ 606,276 38,424 STERIS CORPORATION<< 945,999 84 STRAUMANN HOLDING AG 24,659 13,008 STRYKER CORPORATION 846,951 23,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED 341,834 2,700 SUZUKEN COMPANY LIMITED 97,256 752 SYNTHES INCORPORATED 105,386 8,000 TAISHO PHARMACEUTICAL COMPANY LIMITED 163,027 16,553 TECHNE CORPORATION+ 1,132,060 13,548 TELEDYNE TECHNOLOGIES INCORPORATED+ 601,531 32,308 TERADYNE INCORPORATED+ 387,373 6,300 TERUMO CORPORATION 342,073 1,200 TGS NOPEC GEOPHYSICAL COMPANY ASA+ 17,718 970 TITAN INDUSTRIES LIMTED 26,115 1,200 TOA MEDICAL ELECTRONICS COMPANY 48,648 1,400 TOPCON CORPORATION 12,013
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 143 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 17,700 TRIMBLE NAVIGATION LIMITED+ $ 483,918 4,300 USHIO INCORPORATED 89,526 12,714 VARIAN INCORPORATED+ 688,463 2,791 VESTAS WIND SYSTEMS AS 282,946 14,965 WATERS CORPORATION+ 892,064 196 WILLIAM DEMANT HOLDING+ 14,030 4,100 YAMATAKE CORPORATION 103,810 9,855 ZIMMER HOLDINGS INCORPORATED+ 741,983 43,071,582 ------------- MEDIA: 0.00% 560 MODERN TIMES GROUP MTG B SHARES 36,600 977 VOCENTO SA 18,341 54,941 ------------- MEDICAL EQUIPMENT & SUPPLIES: 0.03% 18,061 INVACARE CORPORATION 450,803 ------------- MEDICAL MANAGEMENT SERVICES: 0.09% 281,100 BANGKOK CHAIN HOSPITAL PCL 66,913 23,368 COVENTRY HEALTH CARE INCORPORATED+ 1,212,098 1,279,011 ------------- MEDICAL PRODUCTS: 0.12% 23,625 ILLUMINA INCORPORATED+<< 1,710,686 397 ROCHE HOLDINGS AG - BEARER SHARES 86,049 1,796,735 ------------- METAL MINING: 1.35% 2,931 ACCOR SA 208,184 3,611 AFRICAN RAINBOW MINERALS LIMITED 93,203 2,222 AGNICO EAGLE MINES LIMITED 153,514 35,295 ALUMINA LIMITED 207,951 482,500 ANEKA TAMBANG TBK PT 211,167 20,009 ANGLO AMERICAN PLC 1,270,025 2,746 ANGLO PLATINUM LIMITED 430,438 10,161 ANGLOGOLD ASHANTI LIMITED 363,027 3,058 AQUILA RESOURCES LIMITED+ 25,417 16,281 AURIZON MINES LIMITED+ 74,933 5,200 BANPU PCL 78,021 3,268 BANRO CORPORATION+ 33,203 12,800 BARRICK GOLD CORPORATION 665,847 9,025 BHARAT FORGE LIMITED 64,393 3,000 BOLIDEN AB 34,306 4,500 CAMECO CORPORATION 176,251 19,141 CENTAMIN EGYPT LIMITED+ 29,486 4,123 CIA DE MINAS BUENAVENTURA SA 311,233 22,218 CIA MINERA MILPO SA 49,980 56,046 CIA VALE DO RIO DOCE 1,954,037 6,168 CLEVELAND CLIFFS INCORPORATED 736,829 629 COMPASS RESOURCES NL+ 920 2,814 CUMERIO NV SA 128,123 1,265 DENISON MINES CORPORATION+ 11,631 8,467 EASTERN PLATINUM LIMITED+ 30,539 4,392 ELDORADO GOLD CORPORATION+ 30,477
144 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE METAL MINING (continued) 6,051 EQUINOX MINERALS LIMITED+ $ 34,735 122 ERAMET 92,388 861 FIRST QUANTUM MINERALS LIMITED 79,885 842 FNX MINING COMPANY INCORPORATED+ 27,709 71,678 FORTESCUE METALS GROUP LIMITED+ 508,120 6,162 GABRIEL RESOURCES LIMITED+ 11,582 22,810 GOLD FIELDS LIMITED 318,614 10,036 GOLDCORP INCORPORATED 433,253 120,471 GRUPO MEXICO SAB DE CV 838,010 1,859 GUYANA GOLDFIELDS INCORPORATED+ 13,599 15,239 HARMONY GOLD MINING COMPANY LIMITED+ 185,120 6,787 HINDUSTAN ZINC LIMITED 109,885 1,248 HUDBAY MINERALS INCORPORATED+ 23,838 2,426 IAMGOLD CORPORATION 19,620 27,385 IMPALA PLATINUM HOLDINGS LIMITED 1,133,212 1,432 INDEPENDENCE GROUP NL 11,993 422 INMET MINING CORPORATION 36,547 250,000 INTERNATIONAL NICKEL INDONESIA TBK 254,587 2,425 IVANHOE MINES LIMITED+ 31,611 12,681 KAGARA ZINC LIMITED 60,303 2,214 KATANGA MINING LIMITED+ 38,240 2,846 KAZAKHMYS PLC 86,691 5,223 KGHM POLSKA MIEDZ SA 241,693 8,969 KINROSS GOLD CORPORATION 221,890 587 KOREA ZINC COMPANY LIMITED 88,630 1,573 LONMIN PLC 102,628 4,655 LUNDIN MINING CORPORATION+ 39,775 6,401 MINARA RESOURCES LIMITED 37,721 5,400 MINCOR RESOURCES NL 16,437 4,880 MINEFINDERS CORPORATION+ 56,225 22,000 MITSUI MINING & SMELTING COMPANY LIMITED 80,496 6,736 MURCHISON METALS LIMITED+ 25,611 13,952 NEWCREST MINING LIMITED 485,063 17,964 NEWMONT MINING CORPORATION 919,218 608 NEWMONT MINING CORPORATION OF CANADA LIMITED 31,177 17,000 NIPPON DENKO COMPANY LIMITED 154,708 11,000 NIPPON LIGHT METAL COMPANY LIMITED 16,979 4,935 NORTHAM PLATINUM LIMITED 46,395 306,000 OCEAN GRAND HOLDINGS LIMITED 39,718 3,400 ONOKEN COMPANY LIMITED 44,285 4,018 OUTOKUMPU OYJ 152,398 5,000 PACIFIC METALS COMPANY LIMITED 59,740 837 PAN AMERICAN SILVER CORPORATION+ 33,523 46,179 PAN AUSTRALIAN RESOURCES LIMITED+ 44,552 12,593 QUEST CAPITAL CORPORATION 29,044 2,243 RED BACK MINING INCORPORATED+ 19,849 8,671 RESOLUTE MINING LIMITED 19,456 9,080 RIO TINTO LIMITED 1,131,407 15,102 RIO TINTO PLC 1,699,085 5,032 RIVERSDALE MINING LIMITED+ 32,061 5,152 SALLY MALAY MINING LIMITED 23,162 875 SESA GOA LIMITED 74,793 2,990 SHERRITT INTERNATIONAL CORPORATION 50,428 680 SILVER STANDARD RESOURCES INCORPORATED+ 25,445 1,187 SILVER WHEATON CORPORATION+ 20,502 1,891 SILVERCORP METALS INCORPORATED 19,020
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 145 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE METAL MINING (continued) 944 SOCIEDAD MINERA CERRO VERDE SA $ 25,488 3,920 SOCIEDAD MINERA EL BROCAL SA 60,370 1,920 SOUTHERN COPPER CORPORATION<< 219,091 26,049 STILLWATER MINING COMPANY+<< 534,786 42,782 SUNDANCE RESOURCES LIMITED AUSTRALIA+ 9,019 5,907 SXR URANIUM ONE INCORPORATED+ 31,148 6,475 TECK COMINCO INCORPORATED LIMITED 258,360 1,162 THOMPSON CREEK METALS COMPANY INCORPORATED+ 23,730 600 TOHO TITANIUM COMPANY LIMITED 17,046 54,500 TYCOONS WORLDWIDE GROUPS THAILAND PCL 10,111 8,018 UNITED PHOSPHORUS LIMITED 66,124 1,983 VEDANTA RESOURCES PLC 85,311 15,212 VOLCAN CIA MINERA SAA 43,065 213 WESTERN AREAS NL+ 1,166 24,703 YAMANA GOLD INCORPORATED<< 444,415 7,333 YAMANA GOLD INCORPORATED 131,946 15,436 ZINIFEX LIMITED 155,306 19,922,273 ------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.55% 588 ABER DIAMOND CORPORATION 15,383 107,347 BHP BILLITON LIMITED 3,884,112 46,958 BOART LONGYEAR GROUP 87,962 2,547 BRADKEN LIMITED 15,228 43,000 CHINA MOLYBDENUM COMPANY LIMITED+ 60,247 8,000 DOWA MINING COMPANY LIMITED 55,803 22,086 ILUKA RESOURCES LIMITED 73,399 67,212 LIHIR GOLD LIMITED+ 260,294 17,759 LYNAS CORPORATION LIMITED+ 23,967 14,182 MINSUR SA 39,510 41,000 MITSUBISHI MATERIALS CORPORATION 191,554 40,000 MONGOLIA ENERGY COMPANY LIMITED+ 41,660 18,676 MOUNT GIBSON IRON LIMITED+ 58,902 43,782 OXIANA LIMITED 157,133 13,646 PALADIN RESOURCES LIMITED+ 76,204 4,400 POTASH CORPORATION OF SASKATCHEWAN 699,530 813 QUADRA MINING LIMITED+ 16,702 1,115 RANDGOLD RESOURCES LIMITED 57,440 22,281 ST BARBARA LIMITED+ 19,182 3,800 STRAITS RESOURCES LIMITED 26,508 18,000 SUMITOMO METAL MINING COMPANY LIMITED 378,684 1,850 UMICORE 93,988 14,145 VULCAN MATERIALS COMPANY 991,571 9,459 XSTRATA PLC 737,898 8,062,861 ------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.06% 881 AALBERTS INDUSTRIES NV 17,041 6,434 AFRICAN OXYGEN LIMITED 23,801 180,000 ALLIANCE GLOBAL GROUP INCORPORATED+ 19,051 1,800 AMANO CORPORATION 20,753 608 AREVA T&D INDIA LIMITED 27,522 882 BHARAT ELECTRONICS LIMITED 31,052 22,950 BLUESCOPE STEEL LIMITED 229,572 16,876 BLYTH INCORPORATED 334,651
146 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MISCELLANEOUS MANUFACTURING INDUSTRIES (continued) 3,602 BUNZL PLC $ 49,503 35,609 CALLAWAY GOLF COMPANY 542,681 1,166 CAMPBELL BROTHERS LIMITED 30,114 2,080 CHEIL INDUSTRIES INCORPORATED 93,300 25,200 CHINA AEROSPACE INTERNATIONAL HOLDINGS LIMITED+ 3,235 26,356 CIPLA LIMITED INDIA 134,877 2,628 COLGATE PALMOLIVE INDIA LIMITED 24,205 1,915 COOKSON GROUP PLC 22,539 4,431 CUMMINS INDIA LIMITED 36,915 11,414 DABUR INDIA LIMITED 28,069 903 DOOSAN CORPORATION+ 173,029 40,000 FIRST PACIFIC COMPANY LIMITED 30,275 18,484 FKI PLC 26,580 32,000 FOSUN INTERNATIONAL+ 24,823 47,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED+ 73,628 15,535 FUTURIS CORPORATION LIMITED 28,765 47,000 GALAXY ENTERTAINMENT GROUP LIMITED+ 37,638 4,300 GLORY LIMITED 97,717 6,278 GRASIM INDUSTRIES LIMITED 457,038 6,598 GWA INTERNATIONAL LIMITED 18,813 25,097 HASBRO INCORPORATED 646,750 42,000 HENGAN INTERNATIONAL GROUP COMPANY LIMITED 165,493 4,000 HILLS INDUSTRIES LIMITED 17,892 70,723 HINDALCO INDUSTRIES LIMITED++ 341,592 700 HITACHI MAXELL LIMITED 7,666 360 IAWS GROUP PLC 7,226 237,835 IDT INTERNATIONAL LIMITED+ 9,141 3,409 IMI PLC 26,085 17,823 INDUSTRIAS PENOLES SA DE CV 416,036 11,785 INVENSYS PLC 59,613 40,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED 78,324 17,210 JAKKS PACIFIC INCORPORATED 481,020 2,900 JAPAN CASH MACHINE COMPANY LIMITED 25,337 78,563 JOHNSON & JOHNSON 4,867,763 8,400 JS GROUP CORPORATION 142,858 46,000 KAWASAKI HEAVY INDUSTRIES LIMITED 110,745 332 KOOR INDUSTRIES LIMITED 23,375 2,100 KOSE CORPORATION 48,022 2,025 LUPIN LIMITED 27,594 72,095 MATTEL INCORPORATED 1,392,875 103,000 MITSUBISHI HEAVY INDUSTRIES LIMITED 481,663 5,500 MITSUI MINING COMPANY LIMITED 19,247 7,106 MOSER BAER INDIA LIMITED 30,936 100 NAKANISHI INCORPORATED 11,950 3,781 NATIONAL ALUMINIUM COMPANY LIMITED 43,173 11,000 NIPPON ELECTRIC GLASS COMPANY LIMITED 159,481 231 NKT HOLDING AS 17,186 53,000 NOBLE GROUP LIMITED 82,946 9,120 ORICA LIMITED 241,452 8,000 RELIANCE INDUSTRIES LIMITED<<++ 985,010 100 ROCKWOOL INTERNATIONAL AS 17,311 5,402 SHREE PRECOATED STEELS LIMITED 32,199 60,000 SINGAMAS CONTAINER HOLDING 17,601 54,408 SUZLON ENERGY LIMITED 377,635 823 TRELLEBORG AB CLASS B 14,732 13,577 TYCO INTERNATIONAL LIMITED 543,895
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 147 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MISCELLANEOUS MANUFACTURING INDUSTRIES (continued) 21,420 UNIMICRON TECHNOLOGY CORPORATION $ 32,321 2,771 UNITED SPIRITS LIMITED 115,766 10,093 VIDEOCON INDUSTRIES LIMITED 104,876 1,139 WARTSILA OYJ CLASS B 77,858 3,568 WESFARMERS LIMITED 126,146 16,952 WESFARMERS LIMITED 587,352 15,653,330 -------------- MISCELLANEOUS RETAIL: 1.13% 25,200 AEON COMPANY LIMITED 303,626 309 AKER ASA CLASS A 17,482 24,000 ALIBABA.COM LIMITED+ 58,170 12,327 AMAZON.COM INCORPORATED 794,722 3,800 ARCS COMPANY LIMITED 49,537 35,697 BORDERS GROUP INCORPORATED 330,554 30,000 CHINA RESOURCES ENTERPRISE LIMITED 106,505 45,000 CITIC PACIFIC LIMITED 243,334 25,374 COLDWATER CREEK INCORPORATED+<< 140,318 9,434 COMERCIAL SIGLO XXI SA 59,239 18,127 COSTCO WHOLESALE CORPORATION 1,122,424 4,900 CREDIT SAISON COMPANY LIMITED 134,248 3,800 CULTURE CONVENIENCE CLUB COMPANY LIMITED 14,787 62,376 CVS CORPORATION 2,518,743 35,344 DICK'S SPORTING GOODS INCORPORATED+<< 974,788 36,000 DICKSON CONCEPTS INTERNATIONAL LIMITED 29,018 39,782 DILLARD'S INCORPORATED<< 588,376 8,610 EXPRESS SCRIPTS INCORPORATED+ 508,851 1,347 FAES FARMA SA 19,301 8,378 FOSCHINI LIMITED 44,237 500 FUJI COMPANY LIMITED 8,246 22 GEO COMPANY LIMITED 22,722 4,400 HEIWADO COMPANY LIMITED 68,156 900 HIKARI TSUSHIN INCORPORATED 27,260 7,634 INDIABULLS FINANCIAL SERVICES LIMITED 114,565 4,412 INMOBILIARIA COLONIAL SA 8,592 4,200 IZUMI COMPANY LIMITED 60,234 1,094 JEAN COUTU GROUP INCORPORATED CLASS A 11,515 10,000 KASUMI COMPANY LIMITED 52,157 4,000 LIFE CORPORATION 57,728 13,576 LONGS DRUG STORES CORPORATION 652,055 9,114 MASSMART HOLDINGS LIMITED 83,375 136,000 METRO HOLDINGS LIMITED 76,914 20,509 MSC INDUSTRIAL DIRECT COMPANY 832,255 10,988 NATURA COSMETICOS SA 111,758 13,367 NUTRI SYSTEM INCORPORATED+<< 191,282 4,000 OKUWA COMPANY LIMITED 45,634 2,730 ORIX CORPORATION 408,160 11,053 ORKLA ASA 137,400 19,577 PETSMART INCORPORATED 421,493 14,746 PRICELINE.COM INCORPORATED+<< 1,681,339 107,964 RITE AID CORPORATION+<< 288,264 800 RYOHIN KEIKAKU COMPANY LIMITED 42,527 152,000 SA SA INTERNATIONAL HOLDINGS LIMITED 64,745 940 SHANDA INTERACTIVE ENTERTAINMENT LIMITED+ 26,523 3,600 SHIMACHU COMPANY LIMITED 93,065 2,900 SHOPPERS DRUG MART CORPORATION 148,234
148 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MISCELLANEOUS RETAIL (continued) 2,930 SK NETWORKS COMPANY LIMITED+ $ 58,164 29,302 STAPLES INCORPORATED 651,970 450 STOCKMANN OYJ ABP 20,485 8,000 UNY COMPANY LIMITED 63,712 41,081 WALGREEN COMPANY 1,499,867 37,659 WOOLWORTHS HOLDINGS LIMITED 59,564 28,907 ZALE CORPORATION+<< 558,483 16,706,703 -------------- MISCELLANEOUS SERVICES: 0.06% 8,680 DUN & BRADSTREET CORPORATION 758,111 13,042 IFIL INVESTMENTS SPA 101,116 47,471 INVERSIONES AGUAS METROPOLITANAS SA 56,905 916,132 -------------- MOTION PICTURES: 0.51% 549 ASTRAL MEDIA INCORPORATED 20,945 17,015 AVID TECHNOLOGY INCORPORATED+<< 414,656 60,508 BLOCKBUSTER INCORPORATED CLASS A 183,944 2,000 ESUN HOLDINGS LIMITED+ 970 484,500 GLOBAL MEDIACOM TBK PT 46,591 76,077 NEWS CORPORATION CLASS A 1,400,578 17,697 NEWS CORPORATION CLASS B 338,190 8,000 TELEVISION BROADCASTS LIMITED 46,813 152,189 TIME WARNER INCORPORATED 2,375,670 3,800 TOHO COMPANY LIMITED TOKYO 88,010 6,370 TVN SA PLN 61,302 75,100 WALT DISNEY COMPANY 2,433,991 13,569 ZEE ENTERTAINMENT ENTERPRISES LIMITED 80,911 7,492,571 -------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.27% 12,597 ARKANSAS BEST CORPORATION 336,466 32,281 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED 173,273 1,088 CONTAINER CORPORATION OF INDIA 47,354 32,000 COSCO PACIFIC LIMITED 69,021 2,980 DSV A/S 58,254 2,389 FORD OTOMOTIV SANAYI AS 22,511 12,114 FORWARD AIR CORPORATION 355,546 5,000 FUKUYAMA TRANSPORTING COMPANY LIMITED 18,302 1,400 HITACHI TRANSPORT SYSTEM LIMITED 17,132 22,601 LANDSTAR SYSTEM INCORPORATED<< 1,048,234 5,000 MITSUBISHI LOGISTICS CORPORATION 58,921 30,000 NIPPON EXPRESS COMPANY LIMITED 160,034 2,000 NIPPON KONPO UNYU SOKO COMPANY LIMITED 27,269 12,655 OLD DOMINION FREIGHT LINE+<< 344,849 9,000 SANKYU INCORPORATED 42,935 700 SCANIA AB 19,164 3,000 SEINO HOLDINGS COMPANY LIMITED 19,884 33,000 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION 80,867 30,878 WERNER ENTERPRISES INCORPORATED<< 549,320 35,284 YRC WORLDWIDE INCORPORATED+<< 485,508 3,934,844 --------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 149 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE MULTI MEDIA: 0.00% 1,120 SANOMAWSOY OYJ $ 28,242 -------------- MULTI-INDUSTRY COMPANIES: 0.01% 32,000 FRASER & NEAVE LIMITED 110,194 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.58% 2,820 ACOM COMPANY LIMITED 81,568 1,700 AEON CREDIT SERVICE COMPANY LIMITED 24,776 1,650 AIFUL CORPORATION 29,362 43,680 AMERICAN EXPRESS COMPANY 1,847,664 21,403 AMERICREDIT CORPORATION+<< 307,775 462 BANCA ITALEASE SPA 4,476 11,449 CAPITAL ONE FINANCIAL CORPORATION<< 526,997 30,641 CAPITAL SOURCE INCORPORATED<< 485,353 4,014 CATTLES PLC 18,485 37,279 CIT GROUP INCORPORATED 828,339 17,333 COMPUCREDIT CORPORATION+<< 179,917 15,488 COUNTRYWIDE FINANCIAL CORPORATION<< 97,729 15,206 CREDIT SUISSE GROUP 747,619 26,907 FANNIE MAE 743,979 51,215 FINANSBANK AS TURKEY 206,004 215,220 FIRST FINANCIAL HOLDING COMPANY LIMITED 192,137 11,579 FIRST MARBLEHEAD CORPORATION+<< 139,295 110,100 FOMENTO ECONOMICO MEXICANO SAB DE CV 441,017 18,222 FREDDIE MAC 458,830 700 FUYO GENERAL LEASE COMPANY LIMITED 20,901 4,600 HITACHI CAPITAL CORPORATION 65,236 2,700 IBJ LEASING COMPANY LIMITED 51,710 45,372 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED 218,022 1,108 INTERNATIONAL PERSONAL FINANCE PLC 4,479 2,992 IRISH LIFE & PERMANENT PLC 48,668 2,260 MITSUBISHI UFJ SECURITIES COMPANY LIMITED 81,279 263 ORIX CORPORATION ADR 19,467 5,321 POWER FINANCE CORPORATION LIMITED 24,492 2,500 PROMISE COMPANY LIMITED 83,584 1,666 PROVIDENT FINANCIAL PLC 26,394 1,690 REDECARD SA 26,083 7,373 SAMPO OYJ 200,104 447 SAMSUNG CARD COMPANY LIMITED 23,717 11 SHINKIN CENTRAL BANK 52,718 5,000 TOKAI TOKYO SECURITIES COMPANY LIMITED 20,816 3,100 TOKYO LEASING COMPANY 32,723 107,060 TRANSCEND INFORMATION INCORPORATED 88,804 12,014 TURKIYE HALK BANKASI AS+ 76,022 20,000 UFJ NICOS COMPANY LIMITED 55,092 8,581,633 -------------- NON-FERROUS METALS: 0.00% 800 SUMITOMO TITANIUM CORPORATION 53,141 -------------- OFFICE EQUIPMENT: 0.04% 38,900 XEROX CORPORATION 571,830 -------------- OIL & GAS EXTRACTION: 5.76% 845 ABAN OFFSHORE LIMITED 85,697 700 ADDAX PETROLEUM CORPORATION 32,004
150 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION (continued) 12,856 ANADARKO PETROLEUM CORPORATION $ 819,441 2,300 AOC HOLDINGS INCORPORATED 23,936 9,093 APACHE CORPORATION 1,043,058 610 ARKEMA+ 34,693 10,603 ARROW ENERGY NL+ 23,788 11,230 ATWOOD OCEANICS INCORPORATED 1,045,401 12,226 AUSTRALIAN WORLDWIDE EXPLORATION LIMITED+ 39,899 13,333 BAKER HUGHES INCORPORATED 897,178 24,648 BEACH PETROLEUM LIMITED 32,684 50,051 BG GROUP PLC 1,179,750 5,902 BHARAT PETROLEUM CORPORATION LIMITED 67,578 617 BONAVISTA ENERGY TRUST 18,298 424 BOURBON SA 24,238 286,855 BP PLC 3,093,645 41,848 CABOT OIL & GAS CORPORATION 2,081,938 1,669 CAIRN ENERGY PLC+ 89,544 59,664 CAIRN INDIA LIMITED+ 334,966 7,827 CANADIAN NATURAL RESOURCES LIMITED 586,558 3,474 CANADIAN OIL SANDS TRUST 147,184 18,614 CHENIERE ENERGY INCORPORATED+<< 545,949 18,531 CHESAPEAKE ENERGY CORPORATION 837,972 780,000 CHINA PETROLEUM & CHEMICAL CORPORATION 852,461 119 CIA ESPANOLA DE PETROLEOS SA 12,352 16,310 CIMAREX ENERGY COMPANY 859,537 50,000 CNPC (HONG KONG) LIMITED 27,681 1,801 COMPTON PETROLEUM CORPORATION+ 21,372 24,000 COSMO OIL COMPANY LIMITED 79,307 745 CRESCENT POINT ENERGY TRUST 20,550 1,383 DANA PETROLEUM PLC+ 36,406 27,341 DELTA PETROLEUM CORPORATION+<< 655,090 36,178 DENBURY RESOURCES INCORPORATED+ 1,153,716 11,405 DEVON ENERGY CORPORATION 1,171,522 2,714 DIAMOND OFFSHORE DRILLING INCORPORATED 327,933 11,000 DNO ASA 14,215 657 DUVERNAY OIL CORPORATION+ 25,466 11,222 ENCANA CORPORATION 855,460 30,701 ENCORE ACQUISITION COMPANY+ 1,129,797 277,500 ENERGI MEGA PERSADA 40,631 1,269 ENERGY RESOURCES OF AUSTRALIA LIMITED 24,793 604 ENERPLUS RESOURCES 26,050 9,439 ENI SPA 650,630 21,342 ENSCO INTERNATIONAL INCORPORATED 1,277,105 1,247 ENSIGN ENERGY SERVICES INCORPORATED 23,211 10,148 EOG RESOURCES INCORPORATED 1,207,511 48,461 ESSAR OIL LIMITED 308,657 1,056 ESTABLISSEMENTS MAUREL ET PROM 20,299 50,919 EXCO RESOURCES INCORPORATED+ 883,445 1,191 EXPRO INTERNATIONAL GROUP 29,579 397 FRED OLSEN ENERGY ASA 22,274 2,281 GALP ENERGIA SGPS SA 57,962 164,551 GAZPROM ADR<< 8,359,191 36,478 GLOBAL INDUSTRIES LIMITED+<< 671,560 112,471 GREY WOLF INCORPORATED+ 697,320 5,054 GRUPA LOTOS SA 73,161 36,538 HALLIBURTON COMPANY 1,399,401 932 HARVEST ENERGY TRUST 22,811
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 151 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION (continued) 12,035 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+<< $ 423,873 1,450 HELLENIC PETROLEUM SA 20,303 13,790 HELMERICH & PAYNE INCORPORATED 618,206 114,808 HONG KONG & CHINA GAS COMPANY LIMITED 334,326 61,794 HORIZON OIL LIMITED+ 19,474 3,300 HUSKY ENERGY INCORPORATED 139,812 600 IDEMITSU KOSAN COMPANY LIMITED 49,293 5,244 INDIAN OIL CORPORATION LIMITED 72,266 800 JAPAN PETROLEUM EXPLORATION COMPANY 55,816 4,002 JOHN WOOD GROUP PLC 32,702 37,939 LUKOIL ADR 2,834,043 3,029 LUNDIN PETROLEUM AB+ 39,444 303 MAJOR DRILLING GROUP INTERNATIONAL+ 17,547 9,088 MANGALORE REFINERY & PETROCHEMICALS LIMITED 19,214 48,477 MARINER ENERGY INCORPORATED+ 1,344,267 174,000 MEDCO ENERGI INTERNASIONAL TBK PT 76,923 2,147 MOL HUNGARIAN OIL & GAS PLC 292,479 1,893 NESTE OIL OYJ LIMITED 66,234 6,900 NEXEN INCORPORATED 215,220 14,594 NEXUS ENERGY LIMITED+ 22,960 604 NIKO RESOURCES LIMITED 56,776 26,500 NIPPON MINING HOLDINGS INCORPORATED 156,956 45,000 NIPPON OIL CORPORATION 306,975 40,204 NOBLE CORPORATION 1,976,027 10,524 NORSK HYDRO ASA 148,674 22,762 OCCIDENTAL PETROLEUM CORPORATION 1,761,096 8,026 OCEANEERING INTERNATIONAL INCORPORATED+ 481,560 17,887 OIL & NATURAL GAS CORPORATION LIMITED 447,307 37,539 OIL REFINERIES LIMITED 33,573 27,309 OIL SEARCH LIMITED 106,967 2,743 OILEXCO INCORPORATED+ 41,915 2,064 OMV AG 149,133 2,891 OPTI CANADA INCORPORATED+ 50,815 27,450 ORIGIN ENERGY LIMITED 223,727 68,013 PARKER DRILLING COMPANY+ 450,926 1,300 PENGROWTH ENERGY TRUST 24,237 3,356 PENN WEST ENERGY TRUST 94,708 7,100 PETRO-CANADA 339,833 788 PETROBANK ENERGY & RESOURCES LIMITED+ 46,411 856,000 PETROCHINA COMPANY LIMITED 1,252,998 2,631 PETROFAC LIMITED 28,684 52,181 PETROLEO BRASILEIRO SA 3,064,642 2,151 PETROLEUM GEO-SERVICES ASA+ 51,599 910 PRECISION DRILLING TRUST 20,202 1,318 PREMIER OIL PLC+ 36,225 24,814 PRIDE INTERNATIONAL INCORPORATED+ 879,408 1,900 PROSAFE ASA 32,544 1,765 PROVIDENT ENERGY TRUST 19,313 210,873 PTT AROMATICS & REFINING PCL 283,062 65,100 PTT EXPLORATION & PRODUCTION PCL 327,674 5,700 PTT PCL 60,957 31,800 PTT PCL THB 340,077 15,191 QUEENSLAND GAS COMPANY LIMITED+ 59,972 15,997 QUICKSILVER RESOURCES INCORPORATED+<< 550,297 21,873 RANGE RESOURCES CORPORATION 1,338,190
152 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION (continued) 11,715 REPSOL YPF SA $ 404,126 8,115 ROC OIL COMPANY LIMITED+ 14,243 21,803 ROWAN COMPANIES INCORPORATED 878,879 25,222 ROYAL DUTCH SHELL PLC CLASS A 901,845 41,112 ROYAL DUTCH SHELL PLC CLASS B 1,442,283 3,393 SAIPEM SPA 138,623 17,105 SANTOS LIMITED 202,751 44,700 SAPURACREST PETROLEUM BHD 16,785 3,882 SARAS SPA 19,912 50,200 SCHLUMBERGER LIMITED 4,339,790 9,905 SEACOR HOLDINGS INCORPORATED+<< 950,781 6,300 SHOWA SHELL SEKIYU KK 63,915 12,355 SNAM RETE GAS SPA 85,915 834 SOCO INTERNATIONAL PLC 32,058 25,322 SOUTHWESTERN ENERGY COMPANY+ 1,651,754 27,008 ST. MARY LAND & EXPLORATION COMPANY 996,055 15,936 STONE ENERGY CORPORATION+ 808,911 33,912 SUPERIOR ENERGY SERVICES INCORPORATED+ 1,379,879 4,412 SURGUTNEFTEGAZ 229,424 25,440 SURGUTNEFTEGAZ ADR<< 1,172,784 15,300 TALISMAN ENERGY INCORPORATED 260,065 1,448 TECHNIP SA+ 118,210 30,815 TETRA TECHNOLOGIES INCORPORATED+ 529,402 9,000 TONENGENERAL SEKIYU KK 85,441 32,106 TOTAL SA 2,417,697 13,041 TRANSOCEAN INCORPORATED+ 1,832,391 1,149 TRICAN WELL SERVICE LIMITED 20,091 9,719 TULLOW OIL PLC 120,480 22,753 ULTRA PETROLEUM CORPORATION+ 1,785,428 4,468 UTS ENERGY CORPORATION+ 26,420 2,097 VENTURE PRODUCTION PLC 29,852 485 VERMILION ENERGY TRUST 19,237 13,056 W-H ENERGY SERVICES INCORPORATED 820,831 14,066 WEATHERFORD INTERNATIONAL LIMITED+ 969,429 1,617 WESTERNZAGROS RESOURCES LIMITED+ 4,846 14,012 WOODSIDE PETROLEUM LIMITED 732,708 20,213 XTO ENERGY INCORPORATED 1,247,344 84,812,302 -------------- OIL FIELD SERVICES: 0.01% 860 FUGRO NV 64,881 -------------- PAPER & ALLIED PRODUCTS: 0.40% 19,845 BEMIS COMPANY INCORPORATED 492,553 10,000 C C LAND HOLDINGS LIMITED 10,263 4,969 COMPANIA MANUFACTURERA DE PAPELES Y CARTONES SA 189,623 3,000 DAIO PAPER CORPORATION 21,617 91,234 DOMTAR CORPORATION+ 581,161 4,990 DS SMITH PLC 15,626 5,000 HOKUETSU PAPER MILLS LIMITED 22,121 600 HOLMEN AB CLASS B 20,621 11,600 INTERNATIONAL PAPER COMPANY<< 367,720 11,716 KIMBERLY-CLARK CORPORATION 763,649 12,000 LEE & MAN PAPER MANUFACTURING LIMITED 33,503 36,058 MEADWESTVACO CORPORATION 925,248 9,000 MITSUBISHI PAPER MILLS LIMITED 16,838
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 153 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PAPER & ALLIED PRODUCTS (continued) 5,436 MONDI PLC $ 41,930 6,201 NEENAH PAPER INCORPORATED 161,536 33,000 NINE DRAGONS PAPER HOLDINGS LIMITED 58,095 29 NIPPON PAPER GROUP INCORPORATED 68,703 500 NORSKE SKOGINDUSTRIER ASA 2,518 30,000 OJI PAPER COMPANY LIMITED 126,102 18,476 PACKAGING CORPORATION OF AMERICA 421,068 8,834 PAPERLINX LIMITED 17,208 516 POTLATCH CORPORATION 21,295 8,000 RENGO COMPANY LIMITED 43,250 8,799 SAPPI LIMITED 108,758 1,521 SMURFIT KAPPA GROUP PLC 21,887 306 SOCIETE BIC SA 19,348 19,668 SONOCO PRODUCTS COMPANY 554,048 7,700 STORA ENSO OYJ 96,155 5,700 SVENSKA CELLULOSA AB+ 94,290 2,300 SVENSKA CELLULOSA AB CLASS B 37,754 14,300 TEMPLE-INLAND INCORPORATED 196,339 7,162 UPM-KYMMENE OYJ 123,906 29,856 WAUSAU PAPER CORPORATION 234,071 5,908,804 -------------- PERSONAL SERVICES: 0.30% 64,311 H & R BLOCK INCORPORATED 1,199,400 3,350 PANTALOON RETAIL INDIA LIMITED 43,270 18,407 REGIS CORPORATION 461,095 51,254 SALLY BEAUTY HOLDINGS INCORPORATED 392,093 173,443 SERVICE CORPORATION INTERNATIONAL US 1,873,184 5,325 WEIGHT WATCHERS INTERNATIONAL INCORPORATED 250,275 6,199 WORLEYPARSONS LIMITED 212,193 4,431,510 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 2.53% 97,165 POLISH OIL & GAS 182,477 11,119 ASHLAND INCORPORATED 491,126 4,220 CALTEX AUSTRALIA LIMITED 57,288 58,466 CHEVRON CORPORATION 5,066,664 58,000 CHINA SHIPPING DEVELOPMENT COMPANY LIMITED CLASS H 179,392 452,000 CNOOC LIMITED 750,657 689 COMPAGNIE GENERALE DE GEOPHYSIQUE-VERITAS ADR+<< 33,499 40,380 CONOCOPHILLIPS 3,339,830 17,880 ENI SPA 617,414 149,922 EXXON MOBIL CORPORATION 13,044,713 89,000 FORMOSA PETROCHEMICAL CORPORATION 246,265 24,607 HEADWATERS INCORPORATED+<< 301,682 7,820 HESS CORPORATION 728,668 4,030 HINDUSTAN PETROLEUM CORPORATION LIMITED 29,805 19,772 HOLLY CORPORATION 1,055,627 3,800 IMPERIAL OIL LIMITED 213,696 30 INPEX HOLDINGS INCORPORATED 337,066 19,461 MARATHON OIL CORPORATION 1,034,534 5,582 PETROL OFISI+ 26,440 1,071,000 PETRON CORPORATION 160,384 45,300 PETRONAS DAGANGAN BHD 118,262 871 PETROPLUS HOLDINGS AG+ 57,821 13,864 POLSKI KONCERN NAFTOWY ORLEN SA 235,186
154 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PETROLEUM REFINING & RELATED INDUSTRIES (continued) 41,106 RELIANCE PETROLEUM LIMITED+ $ 177,947 54,346 ROYAL DUTCH SHELL PLC CLASS A 1,943,378 3,283 S-OIL CORPORATION 231,967 2,087 SBM OFFSHORE NV 67,283 3,386 SEADRILL LIMITED 87,213 14,200 SHELL REFINING COMPANY FEDERATION OF MALAYA BHD 49,040 6,000 SINGAPORE PETROLEUM COMPANY LIMITED 29,327 1,766 SK CORPORATION 313,854 3,494 SK ENERGY COMPANY LIMITED 474,391 17,375 STATOIL ASA 529,444 6,900 SUNCOR ENERGY INCORPORATED 711,557 23,174 SUNOCO INCORPORATED 1,415,468 26,967 TESORO CORPORATION 1,001,554 85,700 THAI OIL PCL 211,914 17,000 TOHO GAS COMPANY LIMITED 89,312 5,604 TUPRAS TURKIYE PETROL RAFINERILERI AS 142,078 15,151 VALERO ENERGY CORPORATION 875,273 8,980 WD-40 COMPANY 279,098 11,759 WORLD FUEL SERVICES CORPORATION 367,822 37,306,416 -------------- PHARMACEUTICALS: 0.03% 22,108 SAVIENT PHARMACEUTICALS INCORPORATED+<< 501,409 -------------- PIPELINES: 0.03% 11,319 APA GROUP 33,410 64,000 CHINA GAS HOLDINGS LIMITED 21,114 7,800 TRANSCANADA CORPORATION 313,347 367,871 -------------- PRIMARY METAL INDUSTRIES: 1.90% 14,000 AICHI STEEL CORPORATION 70,008 16,425 AK STEEL HOLDING CORPORATION 864,284 23,165 ALCOA INCORPORATED 860,348 14,179 ALLEGHENY TECHNOLOGIES INCORPORATED 1,096,746 21,968 ALLEGIANCE MINING NL+ 22,098 176,000 ALUMINUM CORPORATION OF CHINA LIMITED 341,409 1,700 ASAHI PRETEC CORPORATION 47,601 31,298 ASHOK LEYLAND LIMITED 28,737 19,369 BELDEN INCORPORATED 761,202 578 BOSCH LIMITED 56,884 8,746 CAP SA 276,048 20,663 CARPENTER TECHNOLOGY CORPORATION 1,298,256 395,540 CHINA STEEL CORPORATION 584,404 2,600 CHUBU STEEL PLATE COMPANY LIMITED 21,815 53,000 CHUNG HUNG STEEL CORPORATION 35,877 17,139 CIA SIDERURGICA NACIONAL SA 640,014 27,835 COMMSCOPE INCORPORATED+<< 1,165,730 2,370 DONGKUK STEEL MILL COMPANY LIMITED 106,015 17,993 EREGLI DEMIR VE CELIK FABRIKALARI TAS 126,519 3,309 EXXARO RESOURCES LIMITED 42,751 23,000 FENG HSIN IRON & STEEL COMPANY 43,103 21,971 GENERAL CABLE CORPORATION+<< 1,356,050 1,742 GERDAU AMERISTEEL CORPORATION 25,787 8,996 GERDAU SA 239,383 10,251 GERDAU SA 335,275
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 155 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PRIMARY METAL INDUSTRIES (continued) 2,000 GODO STEEL LIMITED $ 6,379 4,000 HITACHI METALS LIMITED 55,930 9,989 HUBBELL INCORPORATED CLASS B 453,201 2,650 HYUNDAI STEEL COMPANY 205,026 18,400 JFE HOLDINGS INCORPORATED 819,863 80,880 JSC MMC NORILSK NICKEL ADR<< 2,293,757 6,047 JSW STEEL LIMITED 158,015 24,000 KURIMOTO LIMITED 32,641 903 LINDAB INTERNATIONAL AB 20,473 2,500 MARUICHI STEEL TUBE LIMITED 74,221 13,239 MATTHEWS INTERNATIONAL CORPORATION 593,902 65,000 MIDAS HOLDINGS LIMITED 52,114 10,000 MITSUBISHI STEEL MANUFACTURING COMPANY LIMITED 35,434 9,306 MITTAL STEEL SOUTH AFRICA LIMITED 220,688 22,527 MUELLER INDUSTRIES INCORPORATED 647,201 1,152 MYTILINEOS HOLDINGS SA 17,410 14,000 NAKAYAMA STEEL WORKS LIMITED 29,409 5,418,300 NAKORNTHAI STRIP MILL PCL+ 44,254 19,000 NIPPON METAL INDUSTRY COMPANY LIMITED 69,355 213,000 NIPPON STEEL CORPORATION 1,120,636 2,500 NIPPON YAKIN KOGYO COMPANY LIMITED 23,739 15,000 NSK LIMITED 128,596 25,456 ONESTEEL LIMITED 165,194 33,800 PARKSON HOLDINGS BHD 81,471 39,075 POLIMEX MOSTOSTAL SA 131,645 3,520 POSCO 1,936,081 5,680 PRECISION CASTPARTS CORPORATION 627,015 852 RAUTARUUKKI OYJ 37,147 9,625 RTI INTERNATIONAL METALS INCORPORATED+<< 528,124 9,000 SANYO SPECIAL STEEL COMPANY LIMITED 54,494 54,000 SHOUGANG CONCORD INTERNATIONAL ENTERPRISES COMPANY LIMITED 15,419 26,750 STEEL AUTHORITY OF INDIA LIMTED 167,131 19,021 STEEL DYNAMICS INCORPORATED 1,108,163 22,094 TATA STEEL LIMITED 436,349 4,500 TENARIS SA 99,730 11,411 TEXAS INDUSTRIES INCORPORATED<< 657,274 5,071 THYSSENKRUPP AG 291,695 12,907 TITANIUM METALS CORPORATION 266,142 3,000 TOHO ZINC COMPANY LIMITED 19,902 4,000 TOPY INDUSTRIES LIMITED 10,796 15,361 TREDEGAR CORPORATION 242,857 36,000 TUNG HO STEEL ENTERPRISE CORPORATION 57,034 23,273 UNITED STATES STEEL CORPORATION 2,523,957 4,063 USINAS SIDERURGICAS DE MINAS GERAIS SA 245,279 39,439 WORTHINGTON INDUSTRIES<< 693,732 1,700 YAMATO KOGYO COMPANY LIMITED 71,539 3,000 YODOGAWA STEEL WORKS LIMITED 15,279 28,032,037 -------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.87% 32,800 ACCO BRANDS CORPORATION+ 454,936 2,555 AGGREKO PLC 29,656 10,623 AH BELO CORPORATION 129,282 29,247 AMERICAN GREETINGS CORPORATION CLASS A 550,429 53,119 BELO CORPORATION CLASS A 625,211 15,071 BOWNE & COMPANY INCORPORATED 199,992
156 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued) 15,774 CBS CORPORATION CLASS B $ 359,963 5,850 COMPAGNIE INDUSTRIALI RIUNITE 18,024 20,000 DAI NIPPON PRINTING COMPANY LIMITED 315,410 2,347 EMAP PLC 42,846 6,018 GANNETT COMPANY INCORPORATED 181,443 29,409 HARTE HANKS INCORPORATED 497,306 13,932 HAYS PLC 29,953 783 HEIDELBERGER DRUCKMASCHINEN AG 18,970 28,761 IDEARC INCORPORATED<< 138,628 1,578 INTERTEK GROUP PLC 27,992 20,714 JOHN WILEY & SONS INCORPORATED 755,647 2,905 JOHNSTON PRESS PLC 11,062 600 KADOKAWA GROUP HOLDINGS INCORPORATED 13,372 4,000 KOMORI CORPORATION 83,476 23,220 LEE ENTERPRISES INCORPORATED<< 239,398 33,578 MCCLATCHY COMPANY CLASS A<< 322,349 13,514 MCGRAW-HILL COMPANIES INCORPORATED 553,128 11,556 MEDIA GENERAL INCORPORATED CLASS A 180,274 16,537 MEREDITH CORPORATION 716,879 13,253 NASPERS LIMITED 250,834 28,368 NEW YORK TIMES COMPANY CLASS A<< 528,496 900 NISSHA PRINTING COMPANY LIMITED 37,936 1,278 PAGESJAUNES SA 23,771 12,441 PUBLISHING & BROADCASTING LIMITED 50,529 541 QUEBECOR INCORPORATED 16,248 644 RANDSTAD HOLDINGS NV 24,466 10,148 RH DONNELLEY CORPORATION+<< 71,949 42,129 RR DONNELLEY & SONS COMPANY 1,340,966 600 SCHIBSTED ASA 18,881 19,968 SCHOLASTIC CORPORATION+ 696,284 7,160 SERCO GROUP PLC 61,547 5,768 SEVEN NETWORK LIMITED 60,123 46,000 SINGAPORE PRESS HOLDINGS LIMITED 143,340 33,600 STAR PUBLICATIONS LIMITED 36,678 503 TELEGRAAF MEDIA GROEP NV 18,224 2,400 THOMSON CORPORATION 79,907 1,000 TIS INCORPORATED 18,292 21,000 TOPPAN PRINTING COMPANY LIMITED 229,392 27,844 VALASSIS COMMUNICATIONS INCORPORATED+<< 312,410 2,570 VEDIOR NV 64,371 23,575 VIACOM INCORPORATED CLASS B+<< 937,106 16,987 VISTAPRINT LIMITED+<< 533,732 865 WASHINGTON POST COMPANY CLASS B 626,260 4,997 WEST AUSTRALIAN NEWSPAPERS HOLDING LIMITED 52,461 4,569 WOLTERS KLUWER NV 118,175 2,550 YELLOW PAGES INCOME FUND 27,748 12,875,752 -------------- RAILROAD TRANSPORTATION: 0.41% 78,069 ALL AMERICA LATINA LOGISTICA 146,804 8,500 BURLINGTON NORTHERN SANTA FE CORPORATION 746,130 6,600 CANADIAN NATIONAL RAILWAY COMPANY 349,027 1,900 CANADIAN PACIFIC RAILWAY LIMITED 138,101 61 CENTRAL JAPAN RAILWAY COMPANY 580,881 128 EAST JAPAN RAILWAY COMPANY 1,027,374 36,000 HANKYU HANSHIN HOLDINGS INCORPORATED 159,568
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 157 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE RAILROAD TRANSPORTATION (continued) 18,000 KEIHAN ELECTRIC RAILWAY COMPANY LIMITED $ 75,860 13,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED 88,567 17,000 KEIO CORPORATION 96,239 11,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED 57,566 49,000 KINTETSU CORPORATION 164,147 36,585 MTR CORPORATION LIMITED 135,593 28,000 NAGOYA RAILROAD COMPANY LIMITED 88,939 17,000 NANKAI ELECTRIC RAILWAY COMPANY LIMITED 52,902 12,000 NISHI-NIPPON RAILROAD COMPANY LIMITED 43,940 10,600 NORFOLK SOUTHERN CORPORATION 560,634 18,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED 117,701 8,000 SAGAMI RAILWAY COMPANY LIMITED 30,841 26,000 TOBU RAILWAY COMPANY LIMITED 124,309 7,155 UNION PACIFIC CORPORATION 892,658 85,000 WAN HAI LINES LIMITED 72,182 63 WEST JAPAN RAILWAY COMPANY 288,224 6,038,187 -------------- REAL ESTATE: 1.05% 14,140 ABACUS PROPERTY GROUP 18,173 1,900 AEON MALL COMPANY LIMITED 46,595 44,000 AGILE PROPERTY HOLDINGS LIMITED 60,937 18,000 ALLGREEN PROPERTIES LIMITED 16,177 14,649 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 504,658 200 ATRIUM COMPANY LIMITED 3,600 10,515 AUSTRALAND PROPERTY GROUP 19,293 16,393 BABCOCK & BROWN JAPAN PROPERTY TRUST 18,521 162 BEFIMMO SCA SICAFI 18,967 7,598 BRITISH LAND COMPANY PLC 142,526 2,419 BRIXTON PLC 15,620 5,168 BUNNINGS WAREHOUSE PROPERTY TRUST 9,362 1,016 CA IMMOBILIEN ANLAGEN AG+ 22,302 16,000 CAPITACOMMERICAL TRUST 23,229 54,000 CAPITALAND LIMITED 238,575 1,600 CASTELLUM AB 19,570 55,000 CATHAY REAL ESTATE DEVELOPMENT COMPANY LIMITED 36,411 29,330 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+<< 588,360 13,000 CDL HOSPITALITY TRUSTS 21,372 24,714 CENTRO PROPERTIES GROUP 10,005 35,798 CENTRO RETAIL GROUP 12,219 59,230 CFS RETAIL PROPERTY TRUST 116,016 38,000 CHAMPION REIT 20,564 5,198 CHARTER HALL GROUP 7,040 47,000 CHEUNG KONG HOLDINGS LIMITED 702,057 118,000 CHINA OVERSEAS LAND & INVESTMENT LIMITED 228,539 42,000 CHINA RESOURCES LAND LIMITED 77,459 50 CHINA VANKE COMPANY LIMITED CLASS B 114 34,546 CHINESE ESTATES HOLDINGS LIMITED 50,764 13,000 CITY DEVELOPMENTS LIMITED 109,106 114,317 COMMONWEALTH PROPERTY OFFICE FUND 136,973 1,137 CONWERT IMMOBILIEN INVEST SE+ 18,248 128,000 COUNTRY GARDEN HOLDINGS COMPANY LIMITED+ 118,274 5 DA OFFICE INVESTMENT CORPORATION 23,393 2,800 DAITO TRUST CONSTRUCTION COMPANY LIMITED 151,901 113,668 DB RREEF TRUST 174,839 878 DERWENT LONDON PLC 24,833
158 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE REAL ESTATE (continued) 33,225 DLF LIMITED $ 639,153 11,760 ECHO INVESTMENT 33,556 390 EUROCOMMERCIAL PROPERTIES NV 21,507 2,000 FABEGE AB 21,884 36,000 FAR EAST CONSORTIUM 15,935 20,000 FARGLORY LAND DEVELOPMENT COMPANY LIMITED 69,653 4,694 FKP PROPERTY GROUP 15,718 333 FONCIERE DES REGIONS 48,781 9,325 FOREST CITY ENTERPRISES INCORPORATED 327,774 13,713 FORESTAR REAL ESTATE GROUP INCORPORATED+<< 334,323 40,000 FRANSHION PROPERTIES CHINA LIMITED+ 15,734 2 FRONTIER REAL ESTATE INVESTMENT CORPORATION 14,323 2,050 GAZIT GLOBE LIMITED 17,595 252 GECINA SA 36,514 116,600 GENTING INTERNATIONAL PLC+ 52,244 4 GLOBAL ONE REAL ESTATE INVESTMENT CORPORATION 47,423 310 GOLDCREST COMPANY LIMITED 8,399 273,900 GOLDEN LAND PROPERTY PCL 69,348 66,103 GPT GROUP 193,895 10,089 GREAT EAGLE HOLDINGS LIMITED 30,452 1,892 GREAT PORTLAND ESTATES PLC 18,681 12,000 GREENTOWN CHINA HOLDINGS LIMITED 14,486 40,000 GUANGZHOU R&F PROPERTIES 121,213 14,666 GUOCOLAND LIMITED 43,572 3,686 HAMMERSON PLC 80,372 23,000 HANG LUNG GROUP LIMITED 105,198 57,000 HANG LUNG PROPERTIES LIMITED 204,678 3,000 HEIWA REAL ESTATE COMPANY LIMITED 15,249 18,000 HENDERSON INVESTMENTS LIMITED 893 28,762 HENDERSON LAND DEVELOPMENT COMPANY LIMITED 223,302 39,000 HONGKONG LAND HOLDINGS LIMITED 170,820 30,000 HOPEWELL HOLDINGS 137,491 10,000 HOPSON DEVELOPMENT HOLDINGS LIMITED 16,756 6,897 HOUSING DEVELOPMENT & INFRASTRUCTURE LIMITED 145,142 19,302 HYSAN DEVELOPMENT COMPANY LIMITED 53,085 165 ICADE 23,257 56,200 IGB CORPORATION BHD 33,288 6,108 IMMOEAST IMMOBILIEN ANLAGEN AG+ 54,892 6,839 IMMOFINANZ IMMOBILIEN ANLAGEN AG 74,192 7,280 INDIABULLS REAL ESTATE LIMITED+ 113,683 26,910 ING INDUSTRIAL FUND 51,794 39,341 ING OFFICE FUND 48,139 855 IRSA INVERSIONES Y REPRESENTACIONES SA ADR 11,996 1,008 IVG IMMOBILIEN AG 35,192 3 JAPAN EXCELLENT INCORPORATED 19,528 2 JAPAN LOGISTICS FUND INCORPORATED 12,565 300 JOINT CORPORATION 3,872 5,455 JONES LANG LASALLE INCORPORATED 416,707 6 KENEDIX REALTY INVESTMENT 36,236 10,000 KEPPEL LAND LIMITED 41,548 17,099 KERRY PROPERTIES LIMITED 114,241 20,241 KIWI INCOME PROPERTY TRUST 19,981 1,018 KLEPIERRE 59,449 12,000 KOWLOON DEVELOPMENT COMPANY LIMITED 26,827 1,731 KUNGSLEDEN 20,514 18,000 KWG PROPERTY HOLDING LIMITED+ 17,650
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 159 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE REAL ESTATE (continued) 7,009 LAND SECURITIES GROUP PLC $ 218,524 10,841 LEND LEASE CORPORATION LIMITED 138,478 4,000 LEOPALACE21 CORPORATION 81,734 3,848 LIBERTY INTERNATIONAL PLC 73,163 644,500 LIPPO KARAWACI TBK PT 51,423 128,255 MACQUAIRE OFFICE TRUST 128,191 31,993 MACQUARIE COUNTRYWIDE TRUST 36,565 22,034 MACQUARIE DDR TRUST 12,362 42,224 MACQUARIE GOODMAN GROUP 169,213 257,000 MEGAWORLD CORPORATION 15,294 4,470 MEINL EUROPEAN LAND LIMITED+ 55,812 13,494 MERITAGE CORPORATION+<< 204,299 261 METROVACESA SA 32,769 5 MID REAL ESTATE INVESTMENT TRUST INCORPORATED 18,233 24,000 MIDLAND HOLDINGS LIMITED 31,958 44,554 MIRVAC GROUP 157,932 17,147 MIRVAC REAL ESTATE INVESTMENT TRUST 18,597 43,000 MITSUBISHI ESTATE COMPANY LIMITED 1,047,931 28,000 MITSUI FUDOSAN COMPANY LIMITED 568,511 35,000 NEO-CHINA GROUP HOLDINGS LIMITED(A) 26,403 4 NEW CITY RESIDENCE INVESTMENT CORPORATION 14,543 31,600 NEW WORLD CHINA LAND LIMITED 21,569 429 NEXITY SA 17,878 5 NIPPON COMMERCIAL INVESTMENT CORPORATION 22,611 4 NIPPON RESIDENTIAL INVESTMENT CORPORATION 15,291 900 NOMURA REAL ESTATE HOLDING INCORPORATED 16,521 40 NTT URBAN DEVELOPMENT CORPORATION 49,580 7 ORIX JREIT INCORPORATED 39,830 4 PREMIER INVESTMENT COMPANY 23,915 597 PSP SWISS PROPERTY AG 36,580 1,378 QUINTAIN ESTATES & DEVELOPMENT PLC 12,005 1,177 SACYR VALLEHERMOSO SA 35,704 6,496 SEGRO PLC 66,418 1,988 SHAFTESBURY PLC 22,536 30,000 SHENZHEN INVESTMENT LIMITED 15,978 34,000 SHIMAO PROPERTY HOLDING LIMITED 68,025 52,000 SHUI ON LAND LIMITED 49,463 48,000 SHUN TAK HOLDINGS LIMITED 70,861 151 SILIC STE IMMOBILIERE DE LOCATION POUR L'INDUSTRIE ET LE COMMERCE 20,384 4,000 SINGAPORE LAND LIMITED 19,942 52,469 SINO LAND COMPANY 131,106 186,563 SM PRIME HOLDINGS INCORPORATED 42,082 53,500 SOHO CHINA LIMITED+ 42,215 46,050 SP SETIA BHD 70,817 51,790 STEWART ENTERPRISES INCORPORATED 309,186 45,665 STOCKLAND 295,524 40 SUMITOMO REAL ESTATE SALES COMPANY LIMITED 1,687 16,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED 273,057 26,000 SUN HUNG KAI PROPERTIES LIMITED 453,088 5,618 SUNLAND GROUP LIMITED 17,874 600 SURUGA CORPORATION 6,677 342 SWISS PRIME SITE AG+ 20,701 23,000 TIAN AN CHINA INVESTMENT 22,912 2,500 TOC COMPANY LIMITED 19,190 13,000 TOKYU LAND CORPORATION 87,621 4,500 TOWA REAL ESTATE DEVELOPMENT COMPANY LIMITED 6,242
160 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE REAL ESTATE (continued) 1,217 UNIBAIL $ 296,303 14,000 UNITED INDUSTRIAL CORPORATION LIMITED SGD 29,676 16,000 UNITED OVERSEAS LAND LIMITED 43,740 3 UNITED URBAN INVESTMENT CORPORATION 19,122 4,800 URBAN CORPORATION 31,163 34,359 VALAD PROPERTY GROUP 29,248 214 VASTNED RETAIL NV 21,866 57,610 WESTFIELD GROUP 923,526 28,000 WHEELOCK & COMPANY 81,979 7,000 WING TAI HOLDINGS LIMITED 10,561 2 ZEPHYR COMPANY LIMITED 1,247 15,422,728 ------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.56% 78,158 AMERICAN FINANCIAL REALTY TRUST 604,161 18,000 ASCENDAS REIT 28,449 52,714 BRANDYWINE REALTY TRUST 882,432 341 CALLOWAY REAL ESTATE INVESTMENT TRUST 7,466 27,019 CAPITAMALL TRUST 61,967 107 COFINIMMO SA 21,945 983 CORIO NV 91,110 8,124 FEDERAL REALTY INVESTMENT TRUST<< 582,328 51,136 HEALTH CARE REIT INCORPORATED<< 2,104,758 30,734 HEALTHCARE REALTY TRUST INCORPORATED 731,162 18 JAPAN PRIME REALTY INVESTMENT CORPORATION 59,846 13 JAPAN REAL ESTATE INVESTMENT CORPORATION 144,665 11 JAPAN RETAIL FUND INVESTMENT CORPORATION 66,257 5,000 K-REIT ASIA 5,878 35,351 LEXINGTON CORPORATE PROPERTIES TRUST<< 511,529 125,000 MACQUARIE MEAG PRIME REIT 109,450 2 MORI HILLS REIT INVESTMENT CORPORATION 13,310 2 MORI TRUST SOGO REIT INCORPORATED 17,852 15 NIPPON BUILDING FUND INCORPORATED 184,545 7 NOMURA REAL ESTATE OFFICE FUND 58,746 23,544 PENNSYLVANIA REIT 582,243 1,009 RIOCAN REIT 21,036 50,547 SENIOR HOUSING PROPERTIES TRUST 1,075,135 44,000 SUNTEC REIT 46,965 49,848 THE LINK REIT 121,995 5 TOKYU REIT INCORPORATED 41,077 3 TOP REIT INCORPORATED 13,557 264 WERELDHAVE NV 31,912 8,221,776 ------------- RENTAL AUTO/EQUIPMENT: 0.07% 47,412 UNITED RENTALS INCORPORATED+ 952,981 ------------- RETAIL:0.00% 2,451 WH SMITH PLC 18,372 ------------- RETAIL DEPARTMENT STORES: 0.05% 3,200 EDION CORPORATION 31,468 20,408 MEN'S WEARHOUSE INCORPORATED 470,200 14,500 PARKSON RETAIL GROUP LIMITED 150,943 188,400 ROBINSON DEPARTMENT STORE PCL 66,907 719,518 -------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 161 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE RETAIL-GROCERY: 0.00% 4,153 SUPER-SOL LIMITED $ 17,522 ------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.33% 15,317 A SCHULMAN INCORPORATED 313,079 26,980 AMCOR LIMITED 176,509 3,039 ANSELL LIMITED 35,843 21,000 BANDO CHEMICAL INDUSTRIES LIMITED 76,008 7,323 BRIDGESTONE CORPORATION 245,495 38,520 CHENG SHIN RUBBER INDUSTRY COMPANY LIMITED 70,891 2,129 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN CLASS B 209,685 2,363 CONTINENTAL AG 231,552 37,335 COOPER TIRE & RUBBER COMPANY 674,643 4,510 HANKOOK TIRE COMPANY LIMITED 68,650 28,989 JARDEN CORPORATION+<< 698,345 4,000 KUREHA CORPORATION 23,935 7,978 NAN KANG RUBBER TIRE COMPANY LIMITED 13,370 1,200 TOKAI RUBBER INDUSTRIES INCORPORATED 18,828 5,000 TOYO TIRE & RUBBER COMPANY LIMITED 13,789 21,000 TSRC CORPORATION 28,249 36,677 TUPPERWARE BRANDS CORPORATION 1,337,977 700 UPONOR OYJ 18,283 13,727 WEST PHARMACEUTICAL SERVICES INCORPORATED 566,925 15,000 YOKOHAMA RUBBER COMPANY LIMITED 77,180 4,899,236 ------------- S&L THRIFTS-SOUTHERN US: 0.01% 13,713 GUARANTY FINANCIAL GROUP INCORPORATED+ 179,503 ------------- SCHOOLS: 0.00% 8,806 ABC LEARNING CENTRES LIMITED 17,555 20,000 RAFFLES EDUCATION CORPORATION LIMITED 37,450 55,005 ------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.64% 780 AGF MANAGEMENT LIMITED 18,623 7,850 ALLCO FINANCE GROUP LIMITED 6,196 6,111 AMERIPRISE FINANCIAL INCORPORATED 309,461 1,647 AZIMUT HOLDING SPA 18,840 8,330 BABCOCK & BROWN LIMITED 130,488 3,032 BEAR STEARNS COMPANIES INCORPORATED 242,136 20,100 BURSA MALAYSIA BHD 70,441 2,587 CABCHARGE AUSTRALIA LIMITED 22,865 60,900 CAPITAL SECURITIES CORPORATION 40,455 38,990 CHARLES SCHWAB CORPORATION 764,594 1,302 CLOSE BROTHERS GROUP PLC 16,910 2,205 CME GROUP INCORPORATED 1,131,827 4,830 DAEWOO SECURITIES COMPANY LIMITED 118,373 2,912 DEUTSCHE BOERSE AG 461,565 18,901 FEDERATED INVESTORS INCORPORATED CLASS B<< 767,003 6,840 FRANKLIN RESOURCES INCORPORATED 645,491 82,408 FRIEDMAN BILLINGS RAMSEY GROUP INCORPORATED CLASS A+ 205,196 370,960 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED 325,220 9,943 GOLDMAN SACHS GROUP INCORPORATED 1,686,631 92,146 GRUPO FINANCIERO BANORTE SA DE CV 382,866 136,969 GRUPO FINANCIERO INBURSA SA DE CV 354,252 3,000 GUOCO GROUP LIMITED 34,049
162 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES (continued) 820 HELLENIC EXCHANGES SA HOLDING $ 19,766 2,756 HYUNDAI SECURITIES COMPANY 48,177 1,700 IGM FINANCIAL INCORPORATED 74,011 10,162 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,324,109 1,274 INTERMEDIATE CAPITAL GROUP PLC 37,698 4,726 INVESCO LIMITED 121,033 9,235 INVESTEC LIMITED 70,060 19,161 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 892,519 1,900 JAPAN SECURITIES FINANCE COMPANY LIMITED 14,009 21,415 JEFFERIES GROUP INCORPORATED 380,116 86,600 KIM ENG SECURITIES THAILAND PCL 69,593 4,103 KINNEVIK INVESTMENT AB 78,804 60,341 KNIGHT CAPITAL GROUP INCORPORATED+<< 967,266 31,584 LABRANCHE & COMPANY INCORPORATED+<< 146,550 14,677 LEHMAN BROTHERS HOLDINGS INCORPORATED<< 748,380 46,483 MACQUARIE AIRPORTS GROUP 149,987 2,000 MARUSAN SECURITIES COMPANY LIMITED 18,154 22,142 MERRILL LYNCH & COMPANY INCORPORATED 1,097,358 902 MIRAE ASSET SECURITIES COMPANY LIMITED 128,616 12,000 MIZUHO INVESTORS SECURITIES COMPANY LIMITED 16,464 26,352 MORGAN STANLEY 1,109,946 15,716 NASDAQ STOCK MARKET INCORPORATED+ 652,371 30,900 NOMURA HOLDINGS INCORPORATED 485,243 30,500 NOMURA HOLDINGS INCORPORATED ADR<< 477,630 2,503 NYMEX HOLDINGS INCORPORATED 247,271 137 NYSE EURONEXT 8,990 7,763 NYSE EURONEXT INCORPORATED 509,796 4,000 OKASAN HOLDINGS INCORPORATED 22,277 12 PACIFIC MANAGEMENT CORPORATION 9,217 178 PARTNERS GROUP 24,223 7,644 PIPER JAFFRAY COMPANIES INCORPORATED+ 296,052 4,384 PLATINUM ASSET MANAGEMENT LIMITED 18,232 83,489 POLARIS SECURITIES COMPANY LIMITED+ 46,971 48,645 PRESIDENT SECURITIES CORPORATION 33,928 19,082 RAYMOND JAMES FINANCIAL INCORPORATED 428,773 5,085 RELIANCE CAPITAL LIMITED 227,949 150,000 REXCAPITAL FINANCIAL HOLDINGS LIMITED+ 19,894 4 RISA PARTNERS INCORPORATED 7,822 2,470 SAMSUNG SECURITIES COMPANY LIMITED 171,510 20,461 SEI INVESTMENTS COMPANY 511,730 140 SFCG COMPANY LIMITED 16,795 17,000 SHINKO SECURITIES COMPANY LIMITED 58,344 38,400 SUMITOMO CORPORATION 552,238 16,220 SWS GROUP INCORPORATED 184,746 39,536 T. ROWE PRICE GROUP INCORPORATED 1,997,754 9,240 TD AMERITRADE HOLDING CORPORATION+<< 169,092 5,082 TONG YANG INVESTMENT BANK 97,420 740 TSX GROUP INCORPORATED 33,292 28,835 UBS AG 940,845 16,699 WADDELL & REED FINANCIAL INCORPORATED 523,347 5,530 WOORI INVESTMENT & SECURITIES COMPANY LIMITED 125,449 4,000 YAMANASHI CHOU BANK LIMITED 23,008 24,188,307 -------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 163 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 0.03% 6,280 ASML HOLDING NV $ 150,805 9,834 CABOT MICROELECTRONICS CORPORATION+<< 329,341 480,146 ------------- SEMICONDUCTORS: 0.17% 134,130 SILICONWARE PRECISION INDUSTRIES COMPANY 218,578 992,859 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED 1,939,594 555,193 UNITED MICROELECTRONICS CORPORATION 329,542 2,487,714 ------------- SOCIAL SERVICES: 0.04% 4,667 ABERTIS INFRAESTRUCTURAS SA 147,288 3,631 ATLANTIA SPA 116,438 4,616 BRISA-AUTO ESTRADAS DE PORTUGAL SA 69,552 16,407 G4S PLC 70,758 33,018 TRANSURBAN GROUP 196,537 600,573 ------------- STEEL PRODUCERS, PRODUCTS: 0.01% 1,009 SALZGITTER AG 178,044 ------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.58% 7,768 ADELAIDE BRIGHTON LIMITED 25,350 59,156 AMBUJA CEMENTS LIMITED 176,535 78,840 ASIA CEMENT CORPORATION 129,437 5,289 ASSOCIATED CEMENT COMPANIES LIMITED 103,777 16,316 BORAL LIMITED 90,698 1,819 BRICKWORKS LIMITED 16,630 751 BUZZI UNICEM SPA 18,425 11,173 CEMENTOS BIO-BIO SA 26,541 1,393 CEMENTOS LIMA SA 35,434 363,831 CEMEX SAB DE CV+ 1,001,130 29,980 CHINA INTERNATIONAL MARINE CONTAINERS COMPANY LIMITED CLASS B 53,626 4,000 CHOFU SEISAKUSHO COMPANY LIMITED 71,154 116 CIMENTS FRANCAIS SA 18,308 3,113 CIMPOR CIMENTOS DE PORTUGAL SA 25,964 5,200 CLEANUP CORPORATION 27,749 4,897 COMPAGNIE DE SAINT-GOBAIN 382,818 65,876 CORNING INCORPORATED 1,530,299 8,095 CRH PLC 300,854 101,100 DYNASTY CERAMIC PCL 51,276 18,313 EAGLE MATERIALS INCORPORATED<< 651,210 1,470 GOLDSUN DEVELOPMENT & CONSTRUCTION COMPANY LIMITED 920 180 HEIDELBERGCEMENT AG 28,760 321 IMERYS SA 26,923 8,370 INDIA CEMENTS LIMITED 42,796 40,000 INDOCEMENT TUNGGAL PRAKARSA TBK PT 32,516 888 ITALCEMENTI SPA 18,064 1,337 ITALCEMENTI SPA 20,333 13,135 JAMES HARDIE INDUSTRIES NV 72,095 33,000 K WAH INTERNATIONAL HOLDINGS LIMITED 15,125 30,270 LAFARGE MALAYAN CEMENT BHD 48,733 2,084 LAFARGE SA 360,261 365 MADRAS CEMENTS LIMITED 32,829 3,000 NICHIAS CORPORATION 13,338
164 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE STONE, CLAY, GLASS & CONCRETE PRODUCTS (continued) 2,000 NIHON YAMAMURA GLASS COMPANY LIMITED $ 4,376 28,888 OWENS-ILLINOIS INCORPORATED+ 1,630,728 3,000 PANAHOME CORPORATION 19,242 25,992 PRETORIA PORTLAND CEMENT COMPANY LIMITED 141,133 17,662 REXAM PLC 153,756 250 SA DES CIMENTS VICAT 20,001 65,000 SEMEN GRESIK PERSERO TBK PT 37,062 11,300 SIAM CEMENT PCL 76,800 1,177 SIG PLC 19,366 22 SIKA AG 40,698 4,510 SUEZ CEMENT COMPANY 46,824 9,000 SUMITOMO OSAKA CEMENT COMPANY LIMITED 18,314 26,000 TAIHEIYO CEMENT CORPORATION 60,609 143,420 TAIWAN CEMENT CORPORATION 255,154 74,528 TAIWAN GLASS INDUSTRIAL CORPORATION 86,811 4,000 TAKARA STANDARD COMPANY LIMITED 17,087 5,677 TATA CHEMICALS LIMITED 45,911 600 TITAN CEMENT COMPANY SA 25,810 6,000 TOYO SEIKAN KAISHA LIMITED 105,223 2,000 ULTRA TECH CEMENT LIMITED 44,205 105,500 UNITED TRACTORS TBK PT 150,901 331,800 VANACHAI GROUP PCL 38,595 8,488,514 ------------- TELECOMMUNICATIONS: 0.03% 3,084 FIRST QUANTUM MINERALS LIMITED 286,138 58,000 HUTCHISON TELECOMMUNICATIONS INTERNATIONAL LIMITED+ 77,697 363,835 ------------- TEXTILE MILL PRODUCTS: 0.21% 2,920 ADITYA BIRLA NUVO LIMITED 122,257 15,491 ALBANY INTERNATIONAL CORPORATION CLASS A 531,806 2,687 CENTURY TEXTILE & INDUSTRIES LIMITED 53,151 86,000 CHINA GRAND FORESTRY RESOURCES GROUP LIMITED+ 12,781 141,110 FAR EASTERN TEXTILE COMPANY LIMITED 229,902 43,000 FORMOSA TAFFETA COMPANY LIMITED 42,718 1,637 GILDAN ACTIVEWEAR INCORPORATED+ 61,588 22,647 INTERFACE INCORPORATED 379,564 10,500 KURARAY COMPANY LIMITED 125,252 406 LAKSHMI MACHINE WORKS LIMITED 20,474 16,000 MITSUBISHI RAYON COMPANY LIMITED 54,656 6,000 NISSHINBO INDUSTRIES INCORPORATED 62,887 5,925 SPOTLESS GROUP LIMITED 22,094 28,000 TEIJIN LIMITED 108,488 42,000 TORAY INDUSTRIES INCORPORATED 259,662 15,000 TOYOBO COMPANY LIMITED 30,472 298,300 UNIVERSAL ROBINA CORPORATION 103,777 31,655 WOLVERINE WORLD WIDE INCORPORATED 838,858 3,060,387 ------------- THEATERS & ENTERTAINMENT: 0.06% 47,168 REGAL ENTERTAINMENT GROUP CLASS A 930,625 ------------- TOBACCO PRODUCTS: 0.72% 57,591 ALTRIA GROUP INCORPORATED 4,212,206 6,700 BRITISH AMERICAN TOBACCO MALAYSIA BHD 89,735
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 165 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TOBACCO PRODUCTS (continued) 21,467 BRITISH AMERICAN TOBACCO PLC $ 804,941 25,000 HUABAO INTERNATIONAL HOLDINGS LIMITED 21,212 10,026 IMPERIAL TOBACCO GROUP PLC 464,126 105,978 ITC LIMITED 529,051 154 JAPAN TOBACCO INCORPORATED 777,923 68,500 PT GUDANG GARAM TBK 59,076 4,616 REYNOLDS AMERICAN INCORPORATED 294,132 861 ROTHMANS INCORPORATED 22,456 3,500 SOUZA CRUZ SA 102,552 4,000 SWEDISH MATCH AB 93,226 449,000 TELEKOMUNIKASI INDONESIA TBK PT 475,292 16,524 UNIVERSAL CORPORATION 940,381 30,806 UST INCORPORATED<< 1,672,458 10,558,767 ------------- TRANSPORTATION BY AIR: 0.47% 314 ACE AVIATION HOLDINGS INCORPORATED+ 7,503 1,247 AEROPLAN INCOME FUND 25,652 463 AEROPORTS DE PARIS 56,289 116,000 AIR CHINA 108,776 2,750 AIR FRANCE-KLM 74,091 58,400 AIRASIA BHD+ 28,266 53,200 AIRPORTS OF THAILAND PCL 95,511 24,599 ALASKA AIR GROUP INCORPORATED 600,216 32,900 ALITALIA SPA+ 31,036 20,000 ALL NIPPON AIRWAYS COMPANY LIMITED 83,199 1,917 ARRIVA PLC 25,811 51,077 BAE SYSTEMS PLC 486,200 6,732 BRITISH AIRWAYS PLC 34,125 27,000 CATHAY PACIFIC AIRWAYS LIMITED 55,637 54,582 CHINA AIRLINES 29,428 15,943 COBHAM PLC 57,355 19,180 CONTINENTAL AIRLINES INCORPORATED CLASS B+ 463,772 40,298 DELTA AIR LINES INCORPORATED+ 537,978 3,411 DEUTSCHE LUFTHANSA AG 79,834 2,133 EASYJET PLC 17,198 820 ELBIT SYSTEMS LIMITED 45,722 4,103 EUROPEAN AERONAUTIC DEFENCE & Space Company 107,597 128,000 EVA AIRWAYS CORPORATION+ 70,254 7,800 FEDEX CORPORATION 687,414 4,249 FINMECCANICA SPA 130,671 52 FLUGHAFEN ZUERICH AG 21,754 5,427 IBERIA LINEAS AEREAS DE ESPANA SA 19,487 28,000 JAPAN AIRLINES CORPORATION 69,088 63 JAZZ AIR INCOME FUND 507 100,978 JETBLUE AIRWAYS CORPORATION+<< 550,330 397 KLOECKNER & Company 18,766 1,500 KOREAN AIR LINES COMPANY LIMITED 113,332 5,565 LAN AIRLINES SA 76,501 5,767 MALAYSIAN AIRLINE REDEM CONV PREF SHS+ 1,661 23,067 MALAYSIAN AIRLINE SYSTEM BHD+ 29,475 6,876 MEGGITT PLC 37,910 33,414 QANTAS AIRWAYS LIMITED 129,956 31,852 RYANAIR HOLDINGS PLC+ 152,080 37,542 SKYWEST INCORPORATED 830,429 30,400 SOUTHWEST AIRLINES COMPANY 372,704
166 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TRANSPORTATION BY AIR (continued) 8,860 TAV HAVALIMANLARI HOLDING AS+ $ 54,764 76,300 THAI AIRWAYS INTERNATIONAL PCL 77,374 1,403 THALES SA 85,851 4,845 TUI AG 116,421 3,565 TURK HAVA YOLLARI ANONIM ORTAKLIGI+ 21,181 16,323 US AIRWAYS GROUP INCORPORATED+ 202,405 1,900 WESTJET AIRLINES LIMITED+ 38,608 444 ZODIAC SA 23,104 6,983,223 ------------- TRANSPORTATION EQUIPMENT: 2.01% 123,000 AAPICO HITECH PCL 46,511 15,721 AAR CORPORATION 407,017 6,300 AISIN SEIKI COMPANY LIMITED 250,944 27,681 AMERICAN AXLE & Manufacturing Holdings Incorporated 544,762 5,547 AMTEK AUTO LIMITED 42,059 44,013 ARVINMERITOR INCORPORATED 496,907 664 BAYERISCHE MOTOREN WERKE AG 30,716 4,521 BBA AVIATION PLC 16,450 29,150 BOEING COMPANY 2,413,329 18,211 BOMBARDIER INCORPORATED CLASS B+ 104,169 8,000 BOSCH CORPORATION 33,245 17,678 BRUNSWICK CORPORATION 287,975 2,500 CAE INCORPORATED 31,496 7,000 CALSONIC KANSEI CORPORATION 28,846 1,812 CHARTER PLC 29,537 30,150 CHINA MOTOR COMPANY LIMITED 22,571 20 CHONGQING CHANGAN AUTOMOBILE COMPANY LIMITED 18 5,000 DAIHATSU MOTOR COMPANY LIMITED 53,031 14,547 DAIMLERCHRYSLER AG 1,221,006 16,200 DENSO CORPORATION 604,771 132,000 DENWAY MOTORS LIMITED 66,723 94,900 DRB-HICOM BHD 41,222 800 EXEDY CORPORATION 23,912 1,100 FCC COMPANY LIMITED 14,941 10,405 FIAT SPA (COMMON) 219,922 1,014 FIAT SPA (NON-CONVERTIBLE SAVINGS SHARES) 16,946 1,069 FIAT SPA (PREFERRED) 18,052 84,800 FORD MOTOR COMPANY+<< 553,744 1,900 FUTABA INDUSTRIAL COMPANY LIMITED 46,032 9,259 GENERAL DYNAMICS CORPORATION 757,849 13,602 GENERAL MOTORS CORPORATION<< 316,655 32,979 GENUINE PARTS COMPANY 1,360,384 115 GEORG FISCHER AG 57,377 10,427 GKN PLC 54,333 13,213 GROUP 1 AUTOMOTIVE INCORPORATED<< 323,719 899 GUD HOLDINGS LIMITED 8,643 12,586 HARSCO CORPORATION 710,983 4,377 HERO HONDA MOTORS LIMITED 82,202 16,000 HINO MOTORS LIMITED 113,353 58,500 HONDA MOTOR COMPANY LIMITED 1,785,732 25 HONDA MOTOR COMPANY LIMITED ADR 765 18,665 HONEYWELL INTERNATIONAL INCORPORATED 1,073,984 527 HYUNDAI MIPO DOCKYARD COMPANY LIMITED 148,291 2,900 HYUNDAI MOBIS 222,601 6,220 HYUNDAI MOTOR COMPANY LIMITED 436,129
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 167 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TRANSPORTATION EQUIPMENT (continued) 41,000 ISUZU MOTORS LIMITED $ 186,703 27,184 ITT CORPORATION 1,528,828 2,000 JAPAN AVIATION ELECTRONICS INDUSTRY LIMITED 20,887 16,286 JOHNSON CONTROLS INCORPORATED 535,158 8,500 JTEKT CORPORATION 150,592 5,000 KAYABA INDUSTRY COMPANY LIMITED 20,399 2,100 KEIHIN CORPORATION 33,886 10,340 KIA MOTORS CORPORATION 105,739 27,498 KING YUAN ELECTRONICS COMPANY LIMITED 13,655 4,000 KOITO MANUFACTURING COMPANY LIMITED 52,427 39,021 LEAR CORPORATION+<< 1,076,199 1,700 MAGNA INTERNATIONAL INCORPORATED CLASS A 124,670 13,942 MAHINDRA & Mahindra Limited 234,783 4,971 MARUTI SUZUKI INDIA LIMITED 106,270 28,000 MAZDA MOTOR CORPORATION 114,089 122,000 MITSUBISHI MOTORS CORPORATION+ 195,816 24,000 MITSUI ENGINEERING & Shipbuilding Company Limited 73,126 16,274 MONACO COACH CORPORATION 159,160 558 MTU AERO ENGINES HOLDINGS 28,366 5,000 NGK SPARK PLUG COMPANY LIMITED 78,160 6,000 NHK SPRING COMPANY LIMITED 46,643 1,100 NIFCO INCORPORATED 23,636 1,000 NIPPON SEIKI COMPANY LIMITED 15,280 6,000 NISSAN SHATAI COMPANY LIMITED 51,264 900 NISSIN KOGYO COMPANY LIMITED 15,955 3,300 NOK CORPORATION 68,360 1,530 NOKIAN RENKAAT OYJ 62,903 8,668 NORTHROP GRUMMAN CORPORATION 681,391 23,600 ORIENTAL HOLDINGS BHD 42,363 10,578 OSHKOSH TRUCK CORPORATION 423,860 28,055 PIRELLI & Company SpA 27,690 130 PORSCHE AG 222,816 12,700 PROTON HOLDINGS BHD 16,102 2,862 RENAULT SA 305,793 800 SAAB AB 19,580 4,000 SANDEN CORPORATION 18,693 5,320 SCANIA AB CLASS B 128,347 22,200 SEMBCORP MARINE LIMITED 56,854 11,000 SHINMAYWA INDUSTRIES LIMITED 37,075 43,093 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,164,373 1,469 STX SHIPBUILDING COMPANY LIMITED 58,030 6,900 SUMITOMO RUBBER INDUSTRIES 53,173 11,774 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED<< 204,397 14,200 SUZUKI MOTOR CORPORATION 383,540 700 TACHI-S COMPANY LIMITED 6,243 900 TAKATA CORPORATION 22,772 16,949 TATA MOTORS LIMITED<< 296,946 6,900 TEXTRON INCORPORATED 373,773 13,600 THAI STANLEY ELECTRIC PCL 61,968 4,538 TOFAS TURK OTOMOBIL FABRIKASI AS 20,755 2,400 TOYODA GOSEI COMPANY LIMITED 86,831 5,200 TOYOTA AUTO BODY COMPANY LIMITED 91,841 4,300 TOYOTA BOSHOKU CORPORATION 147,815 6,500 TOYOTA INDUSTRIES CORPORATION 246,040 11,944 TRINITY INDUSTRIES INCORPORATED 336,462 600 TS TECH COMPANY LIMITED 22,480
168 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE TRANSPORTATION EQUIPMENT (continued) 46,800 UMW HOLDINGS BHD $ 101,822 25,147 UNITED TECHNOLOGIES CORPORATION 1,773,115 2,740 VALEO SA 103,635 2,063 VOLKSWAGEN AG 468,919 6,500 VOLVO AB CLASS A 96,059 15,880 VOLVO AB CLASS B 235,756 16,092 WABASH NATIONAL CORPORATION 127,127 20,258 WABTEC CORPORATION 701,129 20,000 XINYI GLASS HOLDING COMPANY LIMITED 17,245 6,800 YAMAHA MOTOR COMPANY LIMITED 135,165 59,471 YANG MING MARINE TRANSPORT 39,225 31,461 YUE LOONG MOTOR 42,512 29,642,520 ------------- TRANSPORTATION SERVICES: 0.44% 5,780 ANTOFAGASTA PLC 92,123 19,479 ASCIANO GROUP+ 88,772 48,400 BANGKOK EXPRESSWAY PCL 33,494 104,000 BERLIAN LAJU TANKER 27,296 394 CARGOTEC CORPORATION 19,459 25,005 CH ROBINSON WORLDWIDE INCORPORATED 1,269,504 15,000 CHINA HIGH SPEED TRANSMISSION EQUIPMENT GROUP COMPANY LIMITED+ 26,841 2,049 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA 32,491 108,000 COMFORTDELGRO CORPORATION LIMITED 120,792 1,187 DELEK AUTOMOTIVE SYSTEMS LIMITED 17,022 12,700 DEUTSCHE POST AG 422,507 41,291 EXPEDIA INCORPORATED+ 946,803 31,356 EXPEDITORS INTERNATIONAL WASHINGTON INCORPORATED 1,232,918 5,561 FIRSTGROUP PLC 63,489 291 GLOVIS COMPANY LIMITED 16,332 462 GO-AHEAD GROUP PLC 16,425 9,000 KAMIGUMI COMPANY LIMITED 67,903 700 KINTETSU WORLD EXPRESS INCORPORATED 16,289 356 KONINKLIJKE VOPAK NV 18,538 786 KUEHNE & Nagel International AG 76,161 1,411 NATIONAL EXPRESS GROUP PLC 31,567 508 OESTERREICHISCHE POST AG 19,935 19,364 PACER INTERNATIONAL INCORPORATED 297,625 143 PANALPINA WELTTRANSPORT HOLDING AG 23,994 41,000 POS MALAYSIA & Services Holdings BHD 25,702 1,684 SBS TRANSIT LIMITED 2,965 15,200 SINGAPORE AIRLINES LIMITED 164,873 31,000 SINGAPORE POST LIMITED 24,590 19,000 SMRT CORPORATION LIMITED 23,675 299 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE 33,936 5,131 STAGECOACH GROUP PLC 25,447 5,854 THE GREAT EASTERN SHIPPING COMPANY LIMITED 59,521 4,625 THOMAS COOK GROUP PLC 27,986 6,847 TNT NV 269,650 1,085 TOGNUM AG 26,175 33,000 TOKYU CORPORATION 191,136 19,065 TOLL HOLDINGS LIMITED 179,839 7,600 TRANSPORT INTERNATIONAL HOLDINGS LIMITED 35,292 13,114 UTI WORLDWIDE INCORPORATED 220,053 13,000 YAMATO HOLDINGS COMPANY LIMITED 189,997 6,479,117 -------------
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 169 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE WATER TRANSPORTATION: 0.41% 12 A.P. MOLLER-MAERSK A/S $ 123,862 16,056 AMERICAN COMMERCIAL LINES INCORPORATED 272,952 11,600 CARNIVAL CORPORATION 456,460 2,167 CARNIVAL PLC 85,600 45,650 CHINA SHIPPING CONTAINER LINES COMPANY LIMITED CLASS H 20,244 29,545 CIA SUDAMERICANA DE VAPORES SA+ 58,421 22,000 COSCO CORPORATION SINGAPORE LIMITED 62,414 85,000 COSCO HOLDINGS 247,504 226 D S NORDEN 24,632 4,000 DAIICHI CHUO KISEN KAISHA 28,876 2,574 DS TORM AS 77,679 98,000 EVERGREEN MARINE CORPORATION (TAIWAN) LIMITED 80,095 30,000 EZRA HOLDINGS LIMITED 49,821 578 FORTH PORTS PLC 22,428 14,650 GENERAL MARITIME CORPORATION<< 344,861 2,610 HANJIN SHIPPING COMPANY LIMITED 98,792 2,670 HYUNDAI MERCHANT MARINE COMPANY LIMITED 111,819 2,200 IINO KAIUN KAISHA LIMITED 19,682 134,600 INTERNATIONAL CONTAINER TERM SERVICES INCORPORATED 109,576 61,000 JAYA HOLDINGS LIMITED 57,091 20,000 KAWASAKI KISEN KAISHA LIMITED 202,880 7,603 KIRBY CORPORATION+<< 342,743 169,800 MISC BHD 474,614 37,000 MITSUI OSK LINES LIMITED 480,552 10,000 NEPTUNE ORIENT LINES LIMITED 21,854 38,000 NIPPON YUSEN KABUSHIKI KAISHA 351,136 4,000 ORIENT OVERSEAS INTERNATIONAL LIMITED 23,557 41,000 PACIFIC BASIN SHIPPING LIMITED 67,939 17,127 PETRONET LNG LIMITED 31,069 73,800 REGIONAL CONTAINER LINES PCL 59,111 27,805 ROYAL CARIBBEAN CRUISES LIMITED<< 973,453 10,900 SCOMI MARINE BHD 2,593 2,000 SHINWA KAIUN KAISHA LIMITED 13,100 16,000 SINCERE NAVIGATION CORPORATION 32,606 30,000 STX PAN OCEAN COMPANY LIMITED 63,736 8,195 TEEKAY CORPORATION 352,221 74,400 THORESEN THAI AGENCIES PCL 111,127 22,000 U-MING TRANSPORT CORPORATION 60,488 6,017,588 ------------- WHOLESALE TRADE NON-DURABLE GOODS: 1.01% 10,398 AIRGAS INCORPORATED 505,239 25,072 ALFA SA DE CV 156,846 1,300 ALFRESA HOLDINGS CORPORATION 90,274 24,723 AMERISOURCEBERGEN CORPORATION 1,031,444 8,640 BROWN-FORMAN CORPORATION CLASS B 550,973 131 EMS-CHEMIE HOLDINGS AG REG SHARES 19,282 19,220 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED+<< 504,717 34,500 ESPRIT HOLDINGS LIMITED 433,562 77 GALENICA AG 29,584 13,217 HENRY SCHEIN INCORPORATED+ 790,641 7,074 HERBALIFE LIMITED 295,905 2,500 HITACHI HIGH-TECHNOLOGIES CORPORATION 48,734 4,562 INCHCAPE PLC 35,251 172,900 IT CITY PCL 34,295 50,000 ITOCHU CORPORATION 526,518
170 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE WHOLESALE TRADE NON-DURABLE GOODS (continued) 8,227 JARDINE CYCLE & Carriage Limited $ 123,990 2,722 JERONIMO MARTINS 20,039 5,260 KT&G Corporation 433,984 2,579 LG CHEM LIMITED 215,555 70,000 LI & Fung Limited 254,614 11,942 MCKESSON CORPORATION 701,712 3,448 MEDA AB CLASS A 35,268 22,562 MEDCO HEALTH SOLUTIONS INCORPORATED+ 999,722 6,600 MEDICEO PALTAC HOLDINGS COMPANY LIMITED 111,855 968 METRO INCORPORATED CLASS A 20,781 31,785 NU SKIN ENTERPRISES INCORPORATED 526,360 19,875 PERFORMANCE FOOD GROUP COMPANY+<< 645,938 24,000 PRIME SUCCESS INTERNATIONAL GROUP LIMITED 14,387 1,900 SANKYO COMPANY LIMITED 101,533 3,300 SASKATCHEWAN WHEAT POOL+ 42,949 4,000 SATORI ELECTRIC COMPANY LIMITED 37,630 13,079 SIEMENS AG 1,684,045 50,157 SMURFIT-STONE CONTAINER CORPORATION+<< 398,748 34,600 SOJITZ CORPORATION 129,699 41,891 SUPERVALU INCORPORATED 1,099,639 25,248 SYSCO CORPORATION 708,459 1,400 TOHO PHARMACEUTICAL 30,822 14,039 TRACTOR SUPPLY COMPANY+ 525,620 148,400 UNI-PRESIDENT ENTERPRISES CORPORATION 213,038 16,345 UNITED NATURAL FOODS INCORPORATED+<< 276,557 10,403 UNITED STATIONERS INCORPORATED+<< 513,492 14,919,701 ------------- WHOLESALE TRADE-DURABLE GOODS: 0.95% 1,800 ABC-MART INCORPORATED 35,650 3,083 ALESCO CORPORATION LIMITED 29,812 13,812 ANIXTER INTERNATIONAL INCORPORATED 903,167 17,865 ARROW ELECTRONICS INCORPORATED 582,578 22,382 AVNET INCORPORATED 754,497 17,095 BORGWARNER INCORPORATED 736,965 5,200 CANON MARKETING JAPAN INCORPORATED 92,340 1,194 CELESIO AG 68,518 235 CIA DE DISTRIBUCION INTEGRAL LOGISTA SA 18,724 70,000 CMC MAGNETICS CORPORATION+ 22,612 1,706 CORPORATE EXPRESS 20,202 3,960 DAEWOO INTERNATIONAL CORPORATION 149,496 248,180 DIGITAL CHINA HOLDINGS LIMITED 187,933 15,852 DYNO NOBEL LIMITED 33,715 2,700 FINNING INTERNATIONAL INCORPORATED 76,124 3,100 FUJI ELECTRONICS COMPANY LIMITED 29,130 4,800 HAKUTO COMPANY LIMITED 47,726 12,000 HANWA COMPANY LIMITED 55,307 2,640 HANWHA CORPORATION 160,579 57,071 IKON OFFICE SOLUTIONS INCORPORATED 406,346 2,200 INABA DENKI SANGYO COMPANY LIMITED 78,526 29,343 INGRAM MICRO INCORPORATED+ 448,068 29,692 INSIGHT ENTERPRISES INCORPORATED+ 520,501 7,000 IWATANI INTERNATIONAL CORPORATION 19,502 9,000 JFE SHOJI HOLDINGS INCORPORATED 58,358 3,800 KAGA ELECTRONICS COMPANY LIMITED 47,771 12,000 KANEMATSU CORPORATION+ 16,838
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 171 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE WHOLESALE TRADE-DURABLE GOODS (continued) 3,500 KATO SANGYO COMPANY LIMITED $ 39,262 3,100 KURODA ELECTRIC COMPANY LIMITED 47,787 30 KYOCERA CORPORATION 2,431 1,600 LG INTERNATIONAL CORPORATION 28,532 1,300 MACNICA INCORPORATED 18,448 6,259 MARTIN MARIETTA MATERIALS INCORPORATED<< 673,468 23,972 METCASH LIMITED 92,268 33 MITSUBISHI CORPORATION 2,073 53,000 MITSUI & Company Limited 1,152,614 263 MITSUI & Company Limited ADR 117,650 6,000 NAGASE & Company Limited 61,147 3,700 NIDEC CORPORATION 245,182 23,970 OMNICARE INCORPORATED 502,891 18,642 PATTERSON COMPANIES INCORPORATED+<< 656,198 23,926 PEP BOYS-MANNY, MOE & Jack 273,713 19,541 POOL CORPORATION<< 372,256 8,092 PREMIER FOODS PLC 14,676 13,112 RELIANCE STEEL & Aluminum Company 727,847 807 RUSSEL METALS INCORPORATED 20,949 3,400 RYOSHOKU LIMITED 69,033 9,300 RYOYO ELECTRO CORPORATION 99,864 6,603 SAMSUNG CORPORATION 402,813 1,291 STRAUSS GROUP LIMITED+ 18,089 988 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED 7,327 114,338 SYCAMORE NETWORKS INCORPORATED+ 399,040 7,000 TAT HONG HOLDINGS LIMITED 10,764 33,199 TECH DATA CORPORATION+ 1,107,187 2,600 TOMEN ELECTRONICS CORPORATION 28,835 818 TOROMONT INDUSTRIES LIMITED 24,592 3,700 TOYO CORPORATION 49,944 274 TRYGVESTA A/S 21,091 2,100 VALOR COMPANY LIMITED 22,012 6,167 WESCO INTERNATIONAL INCORPORATED+ 246,680 9,784 WOLSELEY PLC 119,727 9,980 WW GRAINGER INCORPORATED 735,127 14,012,502 ------------- TOTAL COMMON STOCKS (COST $1,475,004,376) 1,447,205,339 ------------- RIGHTS: 0.04% 1,228 CRESUD RIGHTS+(A) 528 2,000 GETINGE AB RIGHTS+(A) 772 4,131 INDIAN HOTELS RIGHTS (COMMON STOCK)+ 5,749 2,065 INDIAN HOTELS RIGHTS (DEBENTURE)+ 1,105 12,788 OTP BANK RIGHTS 516,730 3,658 PRIMARY HEALTH CARE LIMITED RIGHTS+(A) 3,544 9,352 SHIN KONG RIGHTS+(A) 67 TOTAL RIGHTS (COST $653,895) 528,495 ------------- WARRANTS: 0.00% 105,766 CHAMPION TECHNOLOGY WARRANTS+(A) 0 6,000 CHINA OVERSEAS LAND & INVESTMENTS WARRANTS+ 2,583 203,875 MATAHARI PUTRA WARRANTS+ 1,282 TOTAL WARRANTS (COST $0) 3,865 -------------
172 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
SHARES SECURITY NAME VALUE PREFERRED STOCKS: 0.70% 23,200 ARACRUZ CELULOSE SA PREFERRED CLASS B $ 167,645 46,416 BANCO BRADESCO SA 1,454,703 46,390 BANCO ITAU HOLDING FINANCEIRA SA 1,176,003 12,286 CIA ENERGETICA DE MINAS GERAIS PREFERRED 233,936 87,730 COMPANHIA VALE DO RIO DOCE CLASS A 2,598,024 1,111 INDUSTRIAL & COMMERCIAL BANK OF CHINA ASIA LIMITED+ 158 2,628 METALURGICA GERDAU SA 113,381 71,852 PETROLEO BRASILEIRO SA 3,497,214 424 RWE AG PREFERRED 42,648 3,167 SOCIETE GENERALE+ 27,838 12,177 TELE NORTE LESTE PARTICIPACOES SA 304,875 9,782 UNIPOL PREFERRED 25,793 7,568 USINAS SIDERURGICAS DE MINAS GERAIS SA CLASS A 441,165 1,532 VOLKSWAGEN AG PREFERRED 213,133 TOTAL PREFERRED STOCKS (COST $6,302,207) 10,296,516 -------------- COLLATERAL FOR SECURITIES LENDING: 14.76% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.50% 128,506 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 128,506 4,627,638 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 4,627,638 2,644,365 DAILY ASSETS FUND INSTITUTIONAL 2,644,365 7,400,509 -------------- PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 14.26% $ 535,484 AMSTERDAM FUNDING CORPORATION 3.30% 03/17/2008 534,699 2,644,365 APRECO LLC 3.20 03/10/2008 2,642,249 5,949,821 ATLANTIC ASSET SECURITIZATION CORPORATION 3.28 03/17/2008 5,941,147 1,652,728 BANCO SANTANDER TOTTA LOAN+++/- 3.13 10/15/2008 1,650,728 10,114,696 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,117,419) 3.23 03/03/2008 10,114,696 1,652,728 BANK OF IRELAND+++/- 3.06 10/14/2008 1,651,226 1,322,182 BNP PARIBAS+/- 3.14 08/07/2008 1,320,440 4,495,420 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $4,496,608) 3.17 03/03/2008 4,495,420 7,272,003 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $7,273,948) 3.21 03/03/2008 7,272,003 3,305,456 CAFCO LLC++ 3.32 03/11/2008 3,302,408 1,983,274 CANCARA ASSET SECURITIZATION LIMITED 3.33 03/18/2008 1,980,164 661,091 CANCARA ASSET SECURITIZATION LIMITED 3.35 03/05/2008 660,845 337,157 CHARTA LLC++ 3.36 03/24/2008 336,435 4,297,093 CHEYNE FINANCE LLC+++/-^^(A)(I) 5.12 02/25/2008 3,867,384 3,305,456 CHEYNE FINANCE LLC+++/-^^(A)(I) 5.18 05/19/2008 2,974,909 1,097,411 CLIPPER RECEIVABLES CORPORATION++ 3.30 03/04/2008 1,097,110 10,577,459 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,580,306) 3.23 03/03/2008 10,577,459 4,958,184 CULLINAN FINANCE CORPORATION+++/- 3.21 08/04/2008 4,939,586 11,767,424 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $11,770,591) 3.23 03/03/2008 11,767,424 1,652,728 EUREKA SECURITIZATION INCORPORATED 3.25 03/14/2008 1,650,788 7,073,676 FAIRWAY FINANCE CORPORATION++ 3.33 03/12/2008 7,066,478 2,987,537 FALCON ASSET SECURITIZATION CORPORATION++ 3.20 03/10/2008 2,985,147 594,982 FALCON ASSET SECURITIZATION CORPORATION 3.20 03/11/2008 594,453 2,682,311 FALCON ASSET SECURITIZATION CORPORATION 3.31 03/26/2008 2,676,165 6,610,912 FIVE FINANCE INCORPORATED+++/- 4.50 07/09/2008 6,579,034
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 173 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (CONTINUED) $ 1,705,681 GALLEON CAPITAL LLC++ 3.30% 03/07/2008 $ 1,704,743 5,024,293 GALLEON CAPITAL LLC++ 3.40 03/05/2008 5,022,395 1,163,521 GEMINI SECURITIZATION INCORPORATED++ 3.30 03/13/2008 1,162,241 6,677,021 GRAMPIAN FUNDING LIMITED 3.23 03/06/2008 6,674,026 7,272,003 GREENWICH CAPITAL MARKETS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $7,273,942) 3.20 03/03/2008 7,272,003 661,091 HARRIER FINANCE FUNDING LLC+/- 3.16 04/25/2008 661,091 4,297,093 ING USA ANNUITY & LIFE INSURANCE+/- 3.20 10/16/2008 4,297,093 1,652,728 INTESA BANK (IRELAND) PLC+++/- 3.15 10/24/2008 1,651,044 4,495,420 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $4,496,611) 3.18 03/03/2008 4,495,420 7,227,053 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $7,228,992) 3.22 03/03/2008 7,227,053 661,091 KESTREL FUNDING US LLC+/- 3.16 04/25/2008 661,091 3,305,456 LINKS FINANCE LLC+++/- 3.22 08/15/2008 3,278,388 10,114,696 MERRILL LYNCH & COMPANY INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,117,393) 3.20 03/03/2008 10,114,696 3,305,456 MONT BLANC CAPITAL CORPORATION 3.37 03/25/2008 3,298,052 305,755 MORGAN STANLEY+/- 3.25 10/15/2008 305,708 137,803 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $137,840) 3.18 03/03/2008 137,803 3,636,002 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,636,975) 3.21 03/03/2008 3,636,002 3,305,456 NORTHERN ROCK PLC+++/- 3.27 10/03/2008 3,281,035 2,197,467 OLD LINE FUNDING CORPORATION++ 3.30 03/04/2008 2,196,863 267,411 RACERS TRUST SERIES 2004-6-MM+++/- 3.27 03/22/2008 267,046 5,949,821 SCALDIS CAPITAL LIMITED 3.29 03/20/2008 5,939,521 2,379,928 SEDNA FINANCE INCORPORATED+++/- 3.14 04/10/2008 2,376,870 1,983,274 SHEFFIELD RECEIVABLES CORPORATION 3.22 03/06/2008 1,982,387 2,644,365 SHEFFIELD RECEIVABLES CORPORATION++ 3.32 03/12/2008 2,641,682 1,685,783 SHIPROCK FINANCE SERIES 2007-4A+++/- 3.19 04/11/2008 1,684,042 1,322,182 SLM CORPORATION+++/- 3.16 05/12/2008 1,318,078 661,091 SOLITAIRE FUNDING LLC 3.37 03/17/2008 660,104 2,049,383 STANFIELD VICTORIA FUNDING LLC+++/-^^(A)(I) 5.27 04/03/2008 1,827,230 3,305,456 STANFIELD VICTORIA FUNDING LLC+++/-^^(A)(I) 5.47 02/15/2008 2,947,145 6,610,912 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED++ 3.32 03/03/2008 6,609,693 224,771 TULIP FUNDING CORPORATION 3.35 03/17/2008 224,436 1,652,728 UNICREDITO ITALIANO BANK (IRELAND)+/- 3.14 11/14/2008 1,651,335 1,652,728 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- 3.19 10/08/2008 1,651,531 1,884,110 VERSAILLES CDS LLC++ 3.60 03/11/2008 1,882,226 2,842,692 VICTORIA FINANCE LLC+++/-^^(A)(I) 3.58 07/28/2008 2,534,544 1,652,728 VICTORIA FINANCE LLC+++/-^^(A)(I) 3.61 08/07/2008 1,473,572 3,305,456 WHITE PINE FINANCE LLC+++/-^^(A)(I) 5.24 02/22/2008 3,140,183 2,644,365 WINDMILL FUNDING CORPORATION++ 3.33 03/24/2008 2,638,756 793,309 YORKTOWN CAPITAL LLC 3.50 03/06/2008 792,924 209,998,449 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING** (COST $219,018,861) 217,398,958 -------------- SHORT-TERM INVESTMENTS: 0.71% MUTUAL FUNDS: 0.71% 10,457,655 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 3.22 10,457,655 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $10,457,655) 10,457,655 --------------
174 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------
VALUE TOTAL INVESTMENTS IN SECURITIES (COST $1,711,436,994)* 114.47% $1,685,890,828 OTHER ASSETS AND LIABILITIES, NET (14.47) (213,079,938) ------ -------------- TOTAL NET ASSETS 100.00% $1,472,810,890 ====== ==============
- -------------------------------------------------------------------------------- + Non-income earning securities. << All or a portion of this security is on loan. (See Note 2) ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. +/- Variable rate investments. (l) Long-term security of an affiliate of the fund with a cost of $2,943,888. ** Securities purchased with cash collateral from securities out-on-loan. The fund has also received non-cash collateral in the amount of $4,135,766. The total collateral received represents 106.26% of the value of the portfolio securities loaned. ^^ This security is currently in default with regards to scheduled interest and/or principal payments. (a) Security fair valued in accordance with the procedures approved by the Board of Trustees. (i) Illiquid security. ~ This Wells Fargo Advantage Fund invests cash balances that it retains for liquidity purposes in a Wells Fargo Advantage Money Market Fund. The Fund does not pay an investment advisory fee for such investments. +++ Short-term security of an affiliate of the fund with a cost of $10,457,655. * Cost for federal income tax purposes is $1,719,226,642 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 138,506,435 Gross unrealized depreciation (171,842,249) ------------- Net unrealized appreciation (depreciation) $ (33,335,814) The accompanying notes are an integral part of these financial statements. Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 175 MONEY MARKET PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ASSET BACKED SECURITIES: 0.80% $ 1,000,000 SHIPROCK FINANCE SF1 SERIES 2007-1A+++/- 4.90% 04/11/2008 $ 1,000,000 TOTAL ASSET BACKED SECURITIES (COST $1,000,000) 1,000,000 -------------- COLLATERALIZED MORTGAGE OBLIGATIONS: 0.71% 884,596 PARAGON MORTGAGES PLC+++/-SS. 3.11 11/15/2038 884,596 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $884,596) 884,596 -------------- CORPORATE BONDS & NOTES: 2.05% BANKING: 0.64% 800,000 ALLIED IRISH BANKS PLC+++/- 3.10 11/18/2008 800,000 -------------- DOMESTIC BANKS: 0.21% 260,000 MORGAN STANLEY+/- 3.26 09/15/2008 259,240 -------------- MUNICIPAL: 1.20% 1,500,000 FLORIDA HURRICANE CATASTROPHE+/- 3.33 12/12/2008 1,500,000 -------------- TOTAL CORPORATE BONDS & NOTES (COST $2,559,240) 2,559,240 -------------- MUNICIPAL BONDS & NOTES: 0.96% TENNESSEE: 0.80% 1,000,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK)+/-SS. 4.05 07/01/2033 1,000,000 -------------- TEXAS: 0.16% 200,000 NORTH TEXAS HIGHER EDUCATIONAL AUTHORITY INCORPORATED SERIES D (HEFAR, BANK OF AMERICA NA LOC)+/-SS. 3.13 06/01/2045 199,998 -------------- TOTAL MUNICIPAL BONDS & NOTES (COST $1,199,998) 1,199,998 -------------- COMMERCIAL PAPER: 51.42% 1,000,000 APRECO LLC^ 3.96 03/19/2008 998,240 1,000,000 ASPEN FUNDING CORPORATION^ 3.35 03/25/2008 997,953 1,000,000 ATLANTIC ASSET SECURITIES CORPORATION^ 3.30 03/05/2008 999,817 1,250,000 ATLANTIC ASSET SECURITIZATION CORPORATION^ 3.18 04/23/2008 1,244,369 750,000 BARCLAYS US FUNDING LLC^ 3.01 08/28/2008 738,856 500,000 BEAGLE FUNDING LLC^ 3.15 05/16/2008 496,763 500,000 BEAGLE FUNDING LLC^ 4.44 03/31/2008 498,273 750,000 BEAGLE FUNDING LLC^ 4.44 04/09/2008 746,578 1,000,000 BEAR STEARNS COMPANY INCORPORATED^ 3.23 03/03/2008 1,000,000 1,000,000 CAFCO LLC^ 3.60 03/20/2008 998,300 1,000,000 CAFCO LLC^ 4.20 03/13/2008 998,833 500,000 CANCARA ASSET SECURITY LLC^ 3.95 04/15/2008 497,641 750,000 CANCARA ASSET SECURITY LLC^ 4.27 04/14/2008 746,264 1,000,000 CHARIOT FUNDING LLC^ 3.30 03/17/2008 998,717 500,000 CHARTA LLC^ 3.20 04/25/2008 497,644 500,000 CHARTA LLC^ 3.89 04/16/2008 497,623 1,000,000 CHARTA LLC^ 4.20 03/14/2008 998,717 1,000,000 CIESCO LLC^ 4.20 03/13/2008 998,833 850,000 CITIBANK OMNI MASTER TRUST^ 3.72 04/24/2008 845,433 1,000,000 CITIBANK OMNI MASTER TRUST^ 4.25 04/11/2008 995,396 1,000,000 CLIPPER RECEIVABLES COMPANY LLC^ 3.40 03/05/2008 999,811 500,000 CLIPPER RECEIVABLES COMPANY LLC^ 3.40 03/06/2008 499,858 1,000,000 CLIPPER RECIEVEABLES COMPANY LLC^ 3.40 03/07/2008 999,622 1,000,000 CRC FUNDING LLC^ 3.10 05/06/2008 994,489 250,000 CRC FUNDING LLC^ 4.00 03/12/2008 249,750
176 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 MONEY MARKET PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COMMERCIAL PAPER (continued) $ 400,000 DNB NOR BANK ASA^ 3.69% 07/07/2008 $ 394,834 500,000 EBBETS FUNDING LLC^ 3.47 03/14/2008 499,470 500,000 EBBETS FUNDING LLC^ 3.50 03/07/2008 499,806 400,000 EBBETS FUNDING LLC^ 3.55 03/26/2008 399,093 1,000,000 ERASMUS CAPITAL CORPORATION^ 3.41 03/28/2008 997,632 500,000 ERASMUS CAPITAL CORPORATION^ 3.95 04/18/2008 497,476 750,000 FAIRWAY FINANCE CORPORATION^ 3.19 04/04/2008 747,873 1,000,000 FAIRWAY FINANCE CORPORATION^ 3.32 03/03/2008 1,000,000 1,000,000 FAIRWAY FINANCE CORPORATION^ 3.40 03/10/2008 999,339 500,000 FAIRWAY FINANCE CORPORATION^ 4.19 03/07/2008 499,767 750,000 FALCON ASSET SECURITY COMPANY LLC^ 3.10 05/07/2008 745,802 500,000 FALCON ASSET SECURITY COMPANY LLC^ 3.33 03/27/2008 498,890 500,000 FCAR OWNER TRUST I^ 4.60 04/02/2008 498,083 1,250,000 FCAR OWNER TRUST II^ 3.25 03/03/2008 1,250,000 1,000,000 FORTIS FUNDING LLC^ 3.01 05/13/2008 994,064 700,000 GALLEON CAPITAL LLC^ 3.41 03/04/2008 699,934 1,000,000 GALLEON CAPITAL LLC^ 3.43 03/05/2008 999,809 400,000 GALLEON CAPITAL LLC^ 3.43 03/06/2008 399,886 500,000 GEMINI SECURITIZATION CORPORATION LLC^ 3.25 03/03/2008 500,000 500,000 GEMINI SECURITIZATION CORPORATION LLC^ 3.25 03/04/2008 499,955 1,000,000 GEMINI SECURITIZATION CORPORATION LLC^ 3.28 03/21/2008 998,360 250,000 GOVCO LLC^ 2.97 07/24/2008 247,051 750,000 GRAMPIAN FUNDING LLC^ 4.45 04/08/2008 746,663 250,000 GRAMPIAN FUNDING LLC^ 5.12 04/08/2008 248,720 500,000 IRISH LIFE & PERMANENT^ 4.40 04/04/2008 498,044 1,554,000 JUPITER SECURITIZATION COMPANY LLC^ 3.30 03/10/2008 1,553,003 250,000 LIBERTY STREET FUNDING LLC^ 3.22 03/17/2008 249,687 1,000,000 LIBERTY STREET FUNDING LLC^ 3.30 03/03/2008 1,000,000 1,000,000 LIBERTY STREET FUNDING LLC^ 3.30 03/19/2008 998,533 1,000,000 MONT BLANC CAPITAL CORPORATION^ 3.87 04/18/2008 995,055 1,250,000 NIEUW AMSTERDAM RECEIVABLES CORPORATION^ 3.30 03/03/2008 1,250,000 500,000 OLD LINE FUNDING LLC^ 3.12 04/09/2008 498,397 250,000 OLD LINE FUNDING LLC^ 3.12 04/10/2008 249,177 1,000,000 OLD LINE FUNDING LLC^ 3.30 03/03/2008 1,000,000 400,000 OLD LINE FUNDING LLC^ 4.02 03/17/2008 399,375 400,000 OLD LINE FUNDING LLC^ 4.02 03/18/2008 399,330 1,250,000 PARK AVENUE RECEIVABLES CORPORATION^ 3.15 04/07/2008 1,246,172 629,000 PARK AVENUE RECEIVABLES CORPORATION^ 3.32 03/20/2008 628,014 500,000 PERRY GLOBAL FUNDING LLC^ 4.30 03/07/2008 499,761 1,000,000 PICAROS FUNDING LLC^ 3.20 03/20/2008 998,489 500,000 PICAROS FUNDING LLC^ 4.00 03/14/2008 499,389 300,000 PRUDENTIAL PLC^ 4.09 07/07/2008 295,706 1,250,000 RANGER FUNDING COMPANY LLC^ 3.30 03/24/2008 1,247,594 500,000 REGENCY MARKETS NUMBER 1 LLC^ 3.15 05/15/2008 496,806 1,000,000 REGENCY MARKETS NUMBER 1 LLC^ 3.20 04/17/2008 996,000 500,000 SCALDIS CAPITAL LLC^ 3.15 05/15/2008 496,806 500,000 SCALDIS CAPITAL LLC^ 3.95 04/15/2008 497,641 250,000 SCALDIS CAPITAL LLC^ 4.46 04/08/2008 248,885 500,000 SHEFFIELD RECEIVABLES CORPORATION^ 3.14 04/07/2008 498,474 1,000,000 SHEFFIELD RECEIVABLES CORPORATION^ 3.95 04/18/2008 994,953 750,000 SOCIETE GENERALE NORTH AMERICA^ 3.87 04/17/2008 746,377 750,000 SOCIETE GENERALE NORTH AMERICA^ 4.25 04/09/2008 746,724 500,000 SWEDBANK MORTGAGE AB^ 3.88 04/16/2008 497,629 500,000 SWEDBANK MORTGAGE AB^ 4.36 07/08/2008 492,309 500,000 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED^ 3.12 05/28/2008 496,273 1,000,000 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED^ 3.25 03/03/2008 1,000,000
Portfolio of Investments--February 29, 2008 Wells Fargo Advantage Master Portfolios 177 MONEY MARKET PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COMMERCIAL PAPER (continued) $ 500,000 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED^ 4.15% 04/07/2008 $ 497,983 500,000 THUNDER BAY FUNDING LLC^ 3.13 04/03/2008 498,652 1,250,000 THUNDER BAY FUNDING LLC^ 3.17 03/03/2008 1,250,000 250,000 TULIP FUNDING CORPORATION^ 3.21 03/11/2008 249,822 1,000,000 UBS FINANCE DELAWARE LLC^ 4.00 07/10/2008 985,667 750,000 VERSAILLES CDS LLC^ 4.60 03/27/2008 747,700 1,000,000 VICTORIA FINANCE LLC+/-^^(a)(i) 4.82 01/17/2008 891,600 TOTAL COMMERCIAL PAPER (COST $64,344,709) 64,236,314 -------------- EXTENDABLE BONDS: 6.48% 700,000 BASF FINANCE EUROPE NV+++/- 3.88 03/20/2009 700,000 700,000 BES FINANCE LIMITED+++/- 3.19 03/02/2009 700,000 750,000 CAISSE NATIONALE CDEE+++/- 3.07 03/10/2009 750,000 500,000 COMMONWEALTH BANK AUSTRALIA+++/- 4.71 02/03/2009 500,000 1,500,000 GENERAL ELECTRIC CAPITAL CORPORATION+/- 3.19 03/09/2009 1,500,000 1,000,000 INTESA BANK (IRELAND) PLC+++/- 3.15 03/25/2009 1,000,000 1,000,000 IRISH LIFE & PERMANENT+++/- 3.15 03/20/2009 1,000,000 700,000 LEHMAN BROTHERS HOLDINGS INCORPORATED+/- 5.02 03/27/2009 700,000 1,000,000 MERRILL LYNCH & COMPANY INCORPORATED+/- 3.28 03/24/2009 1,000,000 250,000 WACHOVIA BANK+/- 4.75 02/04/2009 250,000 TOTAL EXTENDABLE BONDS (COST $8,100,000) 8,100,000 -------------- MEDIUM TERM NOTES: 6.80% 1,000,000 BEAR STEARNS COMPANY INCORPORATED+/- 3.12 07/11/2008 1,000,000 1,000,000 BNP PARIBAS+/- 4.98 09/16/2008 1,000,000 1,000,000 K2 (USA) LLC+++/- 3.08 08/11/2008 999,907 500,000 LIBERTY LIGHT US CAPITAL+++/- 4.69 04/02/2008 499,988 1,000,000 MBIA GLOBAL FUNDING LLC+++/- 3.27 11/18/2008 1,000,000 1,000,000 MORGAN STANLEY+/- 3.36 04/25/2008 1,000,077 500,000 ROYAL BANK SCOTLAND GROUP PLC+++/- 5.12 09/18/2008 500,000 600,000 SEDNA FINANCE INCORPORATED+++/- 4.82 03/25/2008 599,995 900,000 SEDNA FINANCE INCORPORATED++ 5.35 05/29/2008 900,000 1,000,000 TOTTA IRELAND PLC+++/- 3.22 09/05/2008 1,000,000 TOTAL MEDIUM TERM NOTES (COST $8,499,967) 8,499,967 -------------- SECURED MASTER NOTE AGREEMENT: 4.04% 932,000 BANK OF AMERICA SECURITIESss.(e) 3.19 932,000 1,100,000 BANK OF AMERICA SECURITIES+/-ss.(e) 3.19 1,100,000 200,000 BEAR STEARNS COMPANY INCORPORATEDss.(e) 3.33 200,000 610,000 BEAR STEARNS COMPANY INCORPORATEDss.(e) 3.33 610,000 2,200,000 CITIGROUP GLOBAL+/-ss.(e) 3.20 2,200,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $5,042,000) 5,042,000 -------------- TIME DEPOSITS: 4.00% 3,000,000 CALYON (PARIS) 3.15 03/03/2008 3,000,000 1,000,000 DEXIA BANK SA 3.07 03/05/2008 1,000,000 1,000,000 KBC BANK NV 3.09 03/06/2008 1,000,000 TOTAL TIME DEPOSITS (COST $5,000,000) 5,000,000 -------------- CERTIFICATES OF DEPOSIT: 10.41% 1,000,000 BANCO SANTANDER TOTTA LOAN 4.16 07/11/2008 1,000,035 750,000 BANK OF NOVA SCOTIA (PORTLAND) 4.28 04/11/2008 750,000 1,000,000 BANK OF SCOTLAND PLC (NEW YORK)+/- 4.50 11/10/2008 1,000,000 1,000,000 CALYON (NEW YORK) 4.03 07/14/2008 1,000,000
178 Wells Fargo Advantage Master Portfolios Portfolio of Investments--February 29, 2008 MONEY MARKET PORTFOLIO - --------------------------------------------------------------------------------
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE CERTIFICATES OF DEPOSIT (continued) $ 1,500,000 CREDIT AGRICOLE SA 4.31% 04/01/2008 $ 1,500,000 1,000,000 DEXIA CREDIT LOCAL SA (NEW YORK) 3.08 05/30/2008 1,000,000 750,000 NATIXIS+/- 3.15 03/06/2008 750,000 1,000,000 NATIXIS (NEW YORK) 4.48 05/08/2008 1,000,000 1,250,000 ROYAL BANK OF CANADA (NEW YORK)+/- 3.06 04/16/2008 1,249,852 750,000 ROYAL BANK OF SCOTLAND (NEW YORK)+/- 3.08 07/03/2008 749,701 1,000,000 ROYAL BANK OF SCOTLAND (NEW YORK)+/- 3.09 04/03/2008 999,979 1,000,000 UNICREDITO ITALIANO BANK (NEW YORK)+/- 3.13 05/02/2008 1,000,016 1,000,000 UNICREDITO ITALIANO BANK (NEW YORK) 4.40 04/10/2008 1,000,000 TOTAL CERTIFICATES OF DEPOSIT (COST $12,999,583) 12,999,583 -------------- REPURCHASE AGREEMENTS: 12.13% 2,156,896 BANK OF AMERICA NA - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,157,468) 3.18 03/03/2008 2,156,896 1,000,000 BANK OF AMERICA SECURITIES LLC - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,268) 3.22 03/03/2008 1,000,000 3,000,000 CREDIT SUISSE FIRST BOSTON CORPORATION - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $3,000,808) 3.23 03/03/2008 3,000,000 3,000,000 DEUTSCHE BANK SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $3,000,803) 3.21 03/03/2008 3,000,000 4,000,000 JPMORGAN SECURITIES - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $4,001,070) 3.21 03/03/2008 4,000,000 2,000,000 LEHMAN BROTHERS INCORPORATED - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $2,000,538) 3.23 03/03/2008 2,000,000 TOTAL REPURCHASE AGREEMENTS (COST $15,156,896) 15,156,896 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $124,786,989)* 99.80% $ 124,678,594 OTHER ASSETS AND LIABILITIES, NET 0.20 245,232 ------ -------------- TOTAL NET ASSETS 100.00% $ 124,923,826 ------ --------------
- -------------------------------------------------------------------------------- ++ Securities that may be resold to "qualified institutional buyers" under rule 144A or securities offered pursuant to section 4(2) of the Securities Act of 1933, as amended. +/- Variable rate investments. ss. These securities are subject to a demand feature which reduces the effective maturity. ^ Zero coupon bond. Interest rate presented is yield to maturity. (e) The security is a private placement with no stated maturity date. ^^ This security is currently in default with regards to scheduled interest and/or principal payments. (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 $124,786,989 and net unrealized appreciation (depreciation) consists of: Gross unrealized appreciation $ 0 Gross unrealized depreciation (108,395) ---------- Net unrealized appreciation (depreciation) $ (108,395) The accompanying notes are an integral part of these financial statements. THIS PAGE IS INTENTIONALLY LEFT BLANK. 180 Wells Fargo Advantage Master Portfolios Statements of Assets and Liabilities--February 29, 2008
Diversified Fixed Diversified Stock Money Market Income Portfolio Portfolio Portfolio - ----------------------------------------------------------------------------------------------------------------------------------- ASSETS Investments In securities, at market value (Note 2) ............................. $ 734,766,404 $ 1,455,489,305 $ 109,521,698 Collateral for securities loaned (Note 2) ........................... 184,525,292 217,398,958 0 Investments in affiliates ........................................... 21,784,044 13,002,565 0 Repurchase Agreements ............................................... 0 0 15,156,896 ----------------------------------------------------- Total investments at market value (see cost below) ..................... 941,075,740 1,685,890,828 124,678,594 ----------------------------------------------------- Cash ................................................................... 0 0 50,000 Foreign currency, at value ............................................. 171,828 3,510,543 0 Variation margin receivable on futures contracts ....................... 0 273,223 0 Receivable for investments sold ........................................ 373,507 105,552 0 Receivables for dividends and interest ................................. 8,215,431 2,596,180 223,052 Unrealized appreciation on forward foreign currency contracts .......... 47,948 0 0 Prepaid expenses and other assets ...................................... 0 34,819 0 ----------------------------------------------------- Total assets .............................................................. 949,884,454 1,692,411,145 124,951,646 ----------------------------------------------------- LIABILITIES Foreign taxes payable .................................................. 0 49,881 0 Payable for investments purchased ...................................... 16,687,294 16,794 0 Payable to investment advisor and affiliates (Note 3) .................. 210,853 506,006 10,492 Payable upon receipt of securities loaned (Note 2) ..................... 185,428,661 219,018,861 0 Accrued expenses and other liabilities ................................. 17,631 8,713 17,328 ----------------------------------------------------- Total liabilities ......................................................... 202,344,439 219,600,255 27,820 ----------------------------------------------------- TOTAL NET ASSETS .......................................................... $ 747,540,015 $ 1,472,810,890 $ 124,923,826 ===================================================== Investments at cost ....................................................... $ 903,097,461 $ 1,711,436,994 $ 124,786,989 ----------------------------------------------------- Foreign currencies at cost ................................................ $ 164,378 $ 3,378,454 $ 0 ----------------------------------------------------- Securities on loan, at market value (Note 2) .............................. $ 184,014,165 $ 208,492,624 $ 0 -----------------------------------------------------
- -------------------------------------------------------------------------------- 1 Each Fund has an unlimited number of authorized shares. The accompanying notes are an integral part of these financial statements. Statements of Operations--For the Year Ended February 29, 2008 Wells Fargo Advantage Master Portfolios 181
Diversified Fixed Diversified Stock Money Market Income Portfolio Portfolio Portfolio - ------------------------------------------------------------------------------------------------------------------------------------ INVESTMENT INCOME Dividends 1 ............................................................ $ 0 $ 23,837,352 $ 0 Interest ............................................................... 30,114,048 26,967 6,625,590 Income from affiliated securities ...................................... 1,418,354 686,373 0 Securities lending income, net 557,605 683,226 0 ------------------------------------------------------ Total investment income ................................................... 32,090,007 25,233,918 6,625,590 ------------------------------------------------------ EXPENSES Advisory fees .......................................................... 1,976,566 4,187,705 129,246 Custody fees ........................................................... 263,542 848,415 25,849 Accounting fees ........................................................ 29,836 28,207 18,888 Professional fees ...................................................... 41,874 45,308 29,703 Shareholder reports .................................................... 1,615 2,402 1,584 Trustees' fees ......................................................... 8,646 8,646 8,646 Other fees and expenses ................................................ 6,986 46,004 3,357 ------------------------------------------------------ Total expenses ............................................................ 2,329,065 5,166,687 217,273 ------------------------------------------------------ LESS Waived fees and reimbursed expenses (Note 3) ........................... (5,015) (8,605) (8,726) Net expenses ........................................................... 2,324,050 5,158,082 208,547 ------------------------------------------------------ Net investment income (loss) .............................................. 29,765,957 20,075,836 6,417,043 ------------------------------------------------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS NET REALIZED GAIN (LOSS) FROM Securities, foreign currencies and foreign currency translation ........ 8,403,026 60,221,969 7,006 Futures transactions ................................................... 0 (58,991) 0 Affiliated Securities .................................................. 0 (2,129) 0 ------------------------------------------------------ Net realized gain and loss from investments ............................... 8,403,026 60,160,849 7,006 ------------------------------------------------------ NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF Securities, foreign currencies and foreign currency translation ........ 26,944,770 (142,147,257) (108,395) Forward foreign currency contracts ..................................... 193,952 305 0 Futures transactions ................................................... 0 (338,680) 0 ------------------------------------------------------ Net change in unrealized appreciation (depreciation) of investments ....... 27,138,722 (142,485,632) (108,395) ------------------------------------------------------ Net realized and unrealized gain (loss) on investments .................... 35,541,748 (82,324,783) (101,389) ------------------------------------------------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ........... $ 65,307,705 $ (62,248,947) $ 6,315,654 ====================================================== 1 Net of foreign withholding taxes of ..................................... $ 0 $ 916,891 $ 0
- -------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. 182 Wells Fargo Advantage Master Portfolios Statements of Changes in Net Assets
DIVERSIFIED FIXED INCOME PORTFOLIO 1 ------------------------------------- For the For the Year Ended Period Ended February 29, 2008 February 28, 2007 - ------------------------------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS Beginning net assets .............................................................. $ 511,061,689 $ 0 OPERATIONS Net investment income (loss) ...................................................... 29,765,957 12,696,955 Net realized gain (loss) on investments ........................................... 8,403,026 (9,320,024) Net change in unrealized appreciation (depreciation) of investments ............... 27,138,722 11,142,371 ------------------------------------- Net increase (decrease) in net assets resulting from operations ...................... 65,307,705 14,519,302 ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ..................................................................... 497,469,524 604,657,020 Withdrawals ....................................................................... (326,298,903) (108,114,633) Net increase (decrease) from transactions in investors' beneficial interests ......... 171,170,621 496,542,387 ------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS ................................................ 236,478,326 511,061,689 ===================================== ENDING NET ASSETS .................................................................... $ 747,540,015 $ 511,061,689 =====================================
- -------------------------------------------------------------------------------- 1 This Portfolio commenced operations on June 26, 2006. The accompanying notes are an integral part of these financial statements. Statements of Changes in Net Assets Wells Fargo Advantage Master Portfolios 183
DIVERSIFIED STOCK PORTFOLIO 1 ------------------------------------- For the For the Year Ended Period Ended February 29, 2008 February 28, 2007 - ------------------------------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS Beginning net assets .............................................................. $ 876,896,308 $ 0 OPERATIONS Net investment income (loss) ...................................................... 20,075,836 6,248,832 Net realized gain (loss) on investments ........................................... 60,160,849 119,211,688 Net change in unrealized appreciation (depreciation) of investments ............... (142,485,632) 116,679,580 ------------------------------------- Net increase (decrease) in net assets resulting from operations ...................... (62,248,947) 242,140,100 ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ..................................................................... 859,258,927 852,508,950 Withdrawals ....................................................................... (201,095,398) (217,752,742) Net increase (decrease) from transactions in investors' beneficial interests ......... 658,163,529 634,756,208 ------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS ................................................ 595,914,582 876,896,308 ===================================== ENDING NET ASSETS .................................................................... $ 1,472,810,890 $ 876,896,308 ===================================== MONEY MARKET PORTFOLIO 1 ------------------------------------- For the For the Year Ended Period Ended February 29, 2008 February 28, 2007 - ------------------------------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS Beginning net assets .............................................................. $ 152,041,503 $ 0 OPERATIONS Net investment income (loss) ...................................................... 6,417,043 4,540,257 Net realized gain (loss) on investments ........................................... 7,006 172 Net change in unrealized appreciation (depreciation) of investments ............... (108,395) 0 ------------------------------------- Net increase (decrease) in net assets resulting from operations ...................... 6,315,654 4,540,429 ------------------------------------- CAPITAL SHARES TRANSACTIONS TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS Contributions ..................................................................... 88,952,041 190,814,460 Withdrawals ....................................................................... (122,385,372) (43,313,386) Net increase (decrease) from transactions in investors' beneficial interests ......... (33,433,331) 147,501,074 ------------------------------------- NET INCREASE (DECREASE) IN NET ASSETS ................................................ (27,117,677) 152,041,503 ===================================== ENDING NET ASSETS .................................................................... $ 124,923,826 $ 152,041,503 =====================================
184 Wells Fargo Advantage Master Portfolios Financial Highlights
Ratio to Average Net Assets (Annualized) 1 ----------------------------------------------- Portfolio Net Investment Gross Expenses Net Total Turnover Income (Loss) Expenses Waived Expenses Return 2 Rate 4 - --------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO - --------------------------------------------------------------------------------------------------------------------------- March 1, 2007 to February 29, 2008 ............... 4.54% 0.35% 0.00% 5 0.35% 9.56% 84% June 26, 2006 3 to February 28, 2007 ............. 4.52% 0.37% (0.01)% 0.36% 6.70% 165% DIVERSIFIED STOCK PORTFOLIO - --------------------------------------------------------------------------------------------------------------------------- March 1, 2007 to February 29, 2008 ............... 1.66% 0.43% 0.00% 5 0.43% (2.23)% 29% June 26, 2006 3 to February 28, 2007 ............. 1.25% 0.44% (0.01)% 0.43% 16.12% 87% MONEY MARKET PORTFOLIO - --------------------------------------------------------------------------------------------------------------------------- March 1, 2007 to February 29, 2008 ............... 4.99% 0.17% (0.01)% 0.16% 4.81% NA June 26, 2006 3 to February 28, 2007 ............. 5.21% 0.18% (0.01)% 0.17% 4.00% NA
- -------------------------------------------------------------------------------- 1 During each period, various fees and expenses were waived and reimbursed, as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 3). 2 Total return calculations do not include any sales charges, and would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized. 3 Commencement of operations. 4 Portfolio turnover rates presented for periods of less than one year are not annualized. 5 Amount calculated is less than .005%. The accompanying notes are an integral part of these financial statements. Notes to Financial Statements Wells Fargo Advantage Master Portfolios 185 1. ORGANIZATION Wells Fargo Master Trust (the "Trust") is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently has 23 separate investment portfolios. These financial statements are for three of those portfolios as follows: the Diversified Fixed Income Portfolio, Diversified Stock Portfolio and Money Market Portfolio (each, a "Fund" and collectively, the "Funds"). Interests in the Funds are sold without any sales charge in private placement transactions to qualified investors, including open-end management investment companies. 2. SIGNIFICANT ACCOUNTING POLICIES The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Trust, are in conformity with accounting principles generally accepted in the United States of America ("GAAP") for investment companies. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Under the Trust's organizational documents, their 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; however, based on experience, the risk of loss from such claims is considered remote. 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. In the absence of any sale of securities listed on the NASDAQ, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed "stale" and the valuations will be determined in accordance with the Funds' Fair Valuation Procedures. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price. Debt securities maturing in 60 days or less generally are valued at amortized cost. 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 market value. Money Market Portfolio invests only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolio may have maturities in excess of 397 days provided that these variable rate instruments are either Government Securities or carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity. 186 Wells Fargo Advantage Master Portfolios Notes to Financial Statements The amortized cost method is used to value portfolio securities, 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 market value. Money Market Portfolio seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so. Investments which are not valued using any of the methods discussed above are valued at their fair value as determined by procedures approved by the Board of Trustees. 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. 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. FOREIGN CURRENCY TRANSLATION The accounting records 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 from 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 losses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes. FEDERAL INCOME TAXES Each Fund of the Trust is treated as a separate entity for U.S. federal income tax purposes. The Funds of the Trust are not required to pay U.S. federal income taxes on their net investment income and net capital gain as they are treated as partnerships for U.S. federal income tax purposes. All interest, dividends, gains and losses of a Fund are deemed to have been "passed through" to the interestholders in proportion to their holdings of the Fund regardless of whether such interest, dividends, or gains have been distributed by the Fund. Management has analyzed the Funds' tax positions taken on federal income tax returns for all open tax years and has concluded that as of February 29, 2008, no provision for income tax would be required in the Funds' financial statements. The Funds' federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired (open tax years: February 28, 2007; February 29, 2008) are subject to examination by the Internal Revenue Service and state departments of revenue. FORWARD FOREIGN CURRENCY CONTRACTS The Funds may enter into forward foreign currency contracts to protect against a possible loss resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar, or between foreign currencies. A forward contract is an agreement between two counterparties for future delivery or receipt of currency at a specified price. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movements in currency values. Realized gains or losses are recognized when the transaction is completed. Contracts which have been offset but have not reached their settlement date are included in unrealized gains and losses. Notes to Financial Statements Wells Fargo Advantage Master Portfolios 187 As of February 29, 2008, outstanding forward contracts were as folows:
- ----------------------------------------------------------------------------------------------------------------------------- Net Unrealized Currency Amount Type of Currency Amount Appreciation PORTFOLIO to be Received Currency Settlement Date to be Delivered (Depreciation) - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO 250,000 British Pound 6/6/08 $ 493,250 $ 3,511 300,000 Euro 6/6/08 447,315 8,128 150,000,000 Japanese Yen 6/6/08 1,407,526 36,309 - -----------------------------------------------------------------------------------------------------------------------------
FUTURES CONTRACTS The Funds may purchase futures contracts to gain exposure to market changes, which may be more efficient or cost effective than actually buying the securities. A futures contract is an agreement between parties to buy or sell a security at a set price on a future date. Upon entering into such a contract, a Fund is required to pledge to the broker an amount of cash, U.S. Government obligations or other high-quality debt securities equal to the minimum "initial margin" requirements of the exchange on which the futures contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as "variation margin" and are recorded by the Fund as unrealized gains or losses. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Pursuant to regulations and/or published positions of the Securities and Exchange Commission (the "SEC") for long futures positions, the Fund is required to segregate highly liquid securities as permitted by the SEC in connection with futures transactions in an amount generally equal to the value of the underlying contracts. Risks of entering into futures contracts include the possibility that there may be an illiquid market and that a change in the value of the contract may not correlate with changes in the value of the underlying securities. At February 29, 2008, the following Fund held futures contracts:
- ----------------------------------------------------------------------------------------------------------------------------- Notional Net Unrealized Contract Appreciation PORTFOLIO Contracts Type Expiration Date Amount (Depreciation) - ----------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED STOCK PORTFOLIO 9 Long Midcap 400 March-2008 $ 775,245 $ (64,785) 10 Long Russell Mini March-2008 755,884 (69,084) 32 Long S&P 500 Index March-2008 2,365,307 (235,227) - -----------------------------------------------------------------------------------------------------------------------------
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. SECURITY LOANS The Funds may loan securities in return for securities, irrevocable letters of credit or cash collateral, which is invested in various short-term fixed income securities. A Fund may receive compensation for lending securities in the form of fees or by retaining a portion of interest on the investment securities or cash received as collateral. A Fund also continues to receive interest or dividends on the securities loaned. Security loans are secured at all times by collateral. The collateral is equal to at least 102% of the market value of the securities loaned plus accrued interest when the transaction is entered into. The collateral supporting loans of domestic and foreign equity securities and corporate bonds is remarked daily while collateral supporting loans of U.S. government securities is remarked back to 102% only if the given collateral falls below 100% of the market value of the securities loaned plus any accrued interest. Cash collateral received by a Fund pursuant to these loans is invested on behalf of the Fund by the securities lending agent in high-quality short-term debt investments (including money market instruments) according to written investment guidelines that are approved by the Fund's adviser and designed to be consistent with the investment objective, principal investment strategies and policies 188 Wells Fargo Advantage Master Portfolios Notes to Financial Statements of the Fund. Gain or loss in the market price of the securities loaned and securities in which the cash collateral is invested by a Fund that may occur during the term of the loan are reflected in the value of the Funds. A risk from securities lending is that the borrower may not provide additional collateral when required or return the securities when due or when called for by the Fund. A further risk is the potential loss in the market price of the securities in which the cash collateral may be invested. Wells Fargo Bank, N.A., the Funds' custodian, acts as the securities lending agent for the Funds and receives for its services 25% of the revenues earned on the securities lending activities (reduced from 30% effective September 1, 2007) and incurs all expenses. For a portion of the period, Wells Fargo Bank, N.A. waived its share of revenues earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of increasing securities lending income on the Statements of Operations. The value of the securities on loan and the value of the related collateral at February 29, 2008, are shown on the Statements of Assets and Liabilities. STRUCTURED INVESTMENT VEHICLES The Portfolios may invest in structured debt securities, such as those issued by Structured Investment Vehicles, or "SIVs". SIVs invest in a diversified pool of underlying securities, which may include finance company debt and structured finance assets, residential mortgage-backed securities, commercial mortgage-backed securities, collateralized loan obligations, collateralized debt obligations and other asset backed securities. The ability of a SIV to repay debt depends primarily on the cash collections received from the SIV's underlying asset portfolio, which may include certain assets such as subprime mortgages that are subject to heightened risks of credit quality or market value deterioration under the continuing adverse conditions in the U.S. credit markets, and on the ability to obtain short-term funding through the issuance of new debt. Investments in these securities present increased credit and liquidity risks as there could be losses to a Fund in the event of credit or market value deterioration in a SIV's underlying portfolio, mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing securities issued by a SIV, or a SIV's inability to issue new debt. As of February 29, 2008, the following funds owned certain of these types of structured securities which are currently in default and valued at fair value in the Portfolio of Investments or have been restructured following default, including the percentage of each Fund's net assets invested in these securities: - -------------------------------------------------------------------------------- FUND Defaulted SIVs ($MV) % of Net Assets - -------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO $ 7,965,245 1.07 - -------------------------------------------------------------------------------- DIVERSIFIED STOCK PORTFOLIO 18,764,967 1.27 - -------------------------------------------------------------------------------- MONEY MARKET PORTFOLIO 891,600 0.71 - -------------------------------------------------------------------------------- 3. EXPENSES ADVISORY FEES The Trust has entered into an advisory contract with Wells Fargo Funds Management, LLC ("Funds Management"). The adviser is responsible for implementing investment policies and guidelines and for supervising the sub-adviser, who is responsible for day-to-day portfolio management. Pursuant to the contract, Funds Management is entitled to receive an advisory fee for its services as adviser. Funds Management may retain the services of certain investment subadvisers to provide daily portfolio management. The fees related to subadvisory services are borne directly by the adviser and do not increase the overall fees paid by a Fund to the adviser. Funds Management and the investment subadviser(s) are entitled to be paid a monthly fee at the following annual rates:
- ------------------------------------------------------------------------------------------------------------------------- Advisory Subadvisory Fees (% of Fees (% of Average Daily Average Daily Average Daily Average Daily PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets) - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO First $1 billion 0.300 SSgA Funds First $1 billion 0.100 Next $4 billion 0.275 Management Over $1 billion 0.080 Over $5 billion 0.250 Incorporated - ------------------------------------------------------------------------------------------------------------------------
Notes to Financial Statements Wells Fargo Advantage Master Portfolios 189
- ------------------------------------------------------------------------------------------------------------------------- Advisory Subadvisory Fees (% of Fees (% of Average Daily Average Daily Average Daily Average Daily PORTFOLIO Net Assets Net Assets) Subadviser Net Assets Net Assets) - ------------------------------------------------------------------------------------------------------------------------- DIVERSIFIED STOCK PORTFOLIO First $1 billion 0.350 SSgA Funds First $1 billion 0.100 Next $4 billion 0.325 Management Over $1 billion 0.080 Over $5 billion 0.300 Incorporated - ------------------------------------------------------------------------------------------------------------------------- MONEY MARKET PORTFOLIO All asset levels 0.100 Wells Capital First $1 billion 0.050 Management Next $2 billion 0.030 Incorporated Next $3 billion 0.020 Over $6 billion 0.010 - -------------------------------------------------------------------------------------------------------------------------
ADMINISTRATION AND TRANSFER AGENT FEES Currently, there are no administration or transfer agency fees charged to the Master Trust. CUSTODY FEES The Trust has entered into a contract with Wells Fargo Bank, N.A. ("WFB"), whereby WFB is responsible for providing custody services. Pursuant to the contract, WFB is entitled to a monthly fee for custody services at the following rates: - -------------------------------------------------------------------------------- % of Average PORTFOLIO Daily Net Assets - -------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO 0.04 - -------------------------------------------------------------------------------- DIVERSIFIED STOCK PORTFOLIO 0.07 - -------------------------------------------------------------------------------- MONEY MARKET PORTFOLIO 0.02 - -------------------------------------------------------------------------------- OTHER FEES PFPC Inc. ("PFPC") serves as fund accountant for the Trust and is entitled to receive an annual fixed fee from each Fund. PFPC is also entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Each Fund also bears its share of other fees and expenses incurred in the normal course of business, including but not limited to: professional fees, registration fees, shareholder reporting costs, and Trustees fees and expenses. The Trust compensates its Trustees for their services, plus travel and other expenses incurred in attending Board meetings. WAIVED FEES AND REIMBURSED EXPENSES All amounts shown as waived fees or reimbursed expenses on the Statements of Operations, for the year ended February 29, 2008, were waived by Funds Management, first from advisory fees, and then any remaining amount consecutively from custody fees collected, if any. 4. INVESTMENT PORTFOLIO TRANSACTIONS Purchases and sales of investments, exclusive of short-term securities (securities with maturities of one year or less at purchase date) and U.S. Government obligations for the year ended February 29, 2008, were as follows: - -------------------------------------------------------------------------------- PORTFOLIO Purchases at Cost Sales Proceeds - -------------------------------------------------------------------------------- DIVERSIFIED FIXED INCOME PORTFOLIO $ 743,296,385 $ 529,588,758 - -------------------------------------------------------------------------------- DIVERSIFIED STOCK PORTFOLIO 1,008,995,725 340,397,779 - -------------------------------------------------------------------------------- 5. NEW ACCOUNTING PRONOUNCEMENTS In September 2006, the FASB issued Statement on Financial Accounting Standards ("SFAS") No. 157, "Fair Value Measurements." This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The changes to current generally accepted accounting principles from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. As of February 29, 2008, 190 Wells Fargo Advantage Master Portfolios Notes to Financial Statements Funds Management does not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. In March 2008, the FASB issued Statement of Financial Accounting Standards 161 ("FAS 161"), "Disclosures about Derivative Instruments and Hedging Activities-an amendment of FASB Statement No. 133."FAS 161 requires additional discussion about the reporting entity's derivative instruments and hedging activities, by providing for qualitative disclosures about the objectives and strategies for using derivatives, quantitative data about the fair value of and gains and losses on derivative contracts, and details of credit-risk-related contingent features in their hedged positions. FAS 161 is effective for financial statements issued for fiscal years beginning after November 15, 2008 and interim periods within those years. As of February 29, 2008, Management is continuing to evaluate the impact, if any, that adoption of FAS 161 may have on the financial statements. Report of Independent Registered Public Accounting Firm Wells Fargo Advantage Master Portfolios 191 THE BOARD OF TRUSTEES AND INTEREST HOLDERS OF WELLS FARGO MASTER TRUST: We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of the Diversified Stock Portfolio, Diversified Fixed Income Portfolio, and Money Market Portfolio, three of the portfolios constituting the Wells Fargo Master Trust (collectively the "Portfolios"), as of February 29, 2008, and the related statements of operations for the year then ended and statements of changes in net assets and the financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of February 29, 2008, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the aforementioned Portfolios of Wells Fargo Master Trust as of February 29, 2008, the results of their operations for the year then ended and changes in their net assets and the financial highlights for the periods presented, in conformity with U.S. generally accepted accounting standards. /s/ KPMG LLP Philadelphia, Pennsylvania April 25, 2008 ITEM 2. CODE OF ETHICS ======================= As of the end of the period, February 29, 2008, Wells Fargo Master Trust has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT ========================================= The Board of Trustees of Wells Fargo Master Trust has determined that Thomas S. Goho is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Goho is independent for purposes of Item 3 of Form N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES ====================== (a) AUDIT FEES - Provided below are the aggregate fees billed for the fiscal years ended February 28, 2007 and February 29, 2008 for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements. For the fiscal years ended February 28, 2007 and February 29, 2008, the Audit Fees were $ 471,450 and $514,160, respectively. (b) AUDIT-RELATED FEES - There were no audit-related fees incurred for the fiscal years ended February 28, 2007 and February 29, 2008 for assurance and related services by the principal accountant for the Registrant. (c) TAX FEES - Provided below are the aggregate fees billed for the fiscal years ended February 28, 2007 and February 29, 2008 for professional services rendered by the principal accountant for the Registrant for tax compliance, tax advice, and tax planning. For the fiscal years ended February 28, 2007 and February 29, 2008, the Tax Fees were $30,470 and $31,680, respectively. The incurred Tax Fees are comprised of excise tax review services. For the fiscal years ended February 28, 2007 and February 29, 2008, the Tax Fees were $62,865 and $72,010, respectively. The incurred Tax Fees are comprised of tax preparation and consulting services. (d) ALL OTHER FEES - There were no other fees incurred for the fiscal years ended February 28, 2007 and February 29, 2008. (e)(1) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services to the mutual funds of Wells Fargo Funds Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (the "Funds"); (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors ("Auditors") if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund's investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings. (e)(2) Not Applicable. (f) Not Applicable. (g) Provided below are the aggregate non-audit fees billed for the fiscal years ended February 28, 2007 and February 29, 2008, by the principal accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant. For the fiscal years ended February 28, 2007 and February 29, 2008, the Registrant incurred non-audit fees in the amount of $170,000 and $210,000, respectively. The non-audit fees consist of SAS70 control reviews of Wells Fargo Bank, N.A., the Funds' custodian ($145,000) and SAS70 control reviews of Securities Lending department ($46,000) For the fiscal years ended February 28, 2007 and February 29, 2008, the Registrant's investment adviser incurred non-audit fees in the amount of $44,000 and $46,000, respectively. The non-audit fees for the year-ended February 28, 2007 and February 29, 2008 relates to examination of securities pursuant to rule 206 (4)-2 under the Investment Advisors Act of 1940. (h) The Registrant's audit committee of the board of directors has determined that non-audit services rendered to the registrant's investment adviser, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of the Regulation S-X, does not compromise the independence of the principal accountant. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS ============================================= Not applicable. ITEMS 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 SECUIRTY HOLDERS ============================================================ Not applicable. 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 significant changes in the Trust's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. ITEM 12. EXHIBITS ================= (a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit 10a. (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: April 17, 2008 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: April 17, 2008 By: /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Date: April 17, 2008 CERTIFICATION ------------- I, Karla M. Rabusch, certify that: 1. I have reviewed this report on Form N-CSR 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 Money Market 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) 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 (the registrant's second fiscal half-year in the case of an annual report) 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 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: April 17, 2008 /s/ Karla M. Rabusch - ------------------------ Karla M. Rabusch President Wells Fargo Master Trust Exhibit 99.CERT CERTIFICATION ------------- I, Stephen W. Leonhardt, certify that: 1. I have reviewed this report on Form N-CSR 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 Money Market 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) 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 (the registrant's second fiscal half-year in the case of an annual report) 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 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: April 17, 2008 /s/ Stephen W. Leonhardt - ------------------------ Stephen W. Leonhardt Treasurer Wells Fargo Master Trust Exhibit 99.CERT SECTION 906 CERTIFICATION ------------------------- Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo Master Trust, hereby certifies, to the best of her knowledge, that the Trust's report on Form N-CSR for the period ended February 29, 2008 (the "Report") fully complies with the requirements of Section 15(d) 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. /s/ Karla M. Rabusch Karla M. Rabusch President Wells Fargo Master Trust Date: April 17, 2008 This certification is being furnished to the Securities and Exchnage Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission. SECTION 906 CERTIFICATION ------------------------- Pursuant to 18 U.S.C. ss. 1350, the undersigned officer of Wells Fargo Master Trust, hereby certifies, to the best of his knowledge, that the Trust's report on Form N-CSR for the period ended February 29, 2008 (the "Report") fully complies with the requirements of Section 15(d) 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. /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Wells Fargo Master Trust Date: April 17, 2008 This certification is being furnished to the Securities and Exchnage Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission. EX-99.CODE ETH 2 codeeth.txt CODEETH.TXT WELLS FARGO FUNDS TRUST WELLS FARGO MASTER TRUST WELLS FARGO VARIABLE TRUST JOINT CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS I. COVERED OFFICERS / PURPOSE OF THE CODE This Code of Ethics ("Code") of Wells Fargo Funds Trust, Wells Fargo Master Trust and Wells Fargo Variable Trust (collectively, the "Trusts" and each, "a Trust") applies to each Trust's Principal Executive Officer, Principal Financial Officer and any other Trust officer's listed on Exhibit A (the "Covered Officers") for the purpose of promoting: o honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; o full, fair, accurate, timely and understandable financial disclosure in reports and documents that a Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust; o compliance with applicable laws and governmental rules and regulations; o the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and o accountability for adherence to the Code. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. II. COVERED OFFICERS SHOULD HANDLE ETHICALLY BOTH ACTUAL AND APPARENT CONFLICTS OF INTEREST OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, a Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust. Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. The compliance programs and procedures of the Trust and Wells Fargo Funds Management, LLC (the "Adviser") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the Adviser, of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Each Covered Officer recognizes that, as an officer of a Trust, he or she has a duty to act in the best interests of the Trust and its shareholders. If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser are likely to materially compromise his or her objectivity or his or her ability to perform the duties of his or her role as an officer of the Trust, he or she should consult with the Chief Legal Officer. Under appropriate circumstances, a Covered Officer should also consider whether to present the matter to the Board. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes. Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust. * * * * Each Covered Officer must: o not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; o not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of a Trust; o not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; o not retaliate against any other Covered Officer or any employee of a Trust or its affiliated persons for reports of potential violations that are made in good 2 faith; and o not engage in personal, business or professional relationships or dealings that would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Trust and their shareholders. There are some conflict of interest situations that should always be approved in advance by the Chief Legal Officer of the Trust (the "Chief Legal Officer") if material. Examples of these include: o service as a director on the board of any public or private for-profit company (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may serve as a director of such company or any entity, controlling, controlled by, or under common control with, such company); o acquiring a financial interest in any company that provides services to the Trust (provided, however, that a Covered Officer who is employed by another company (e.g., Wells Fargo) may have an ownership interest in his or her employer or the employer's parent company); o the receipt of any entertainment or gifts from any person or company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; o any consulting or employment relationship with any of the Trust's service providers, other than with the primary employer of the Covered Officer; and o a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's primary employment, such as compensation or equity ownership. III. DISCLOSURE AND COMPLIANCE Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Trust. Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Board and the Trust's auditors, and to governmental regulators and self-regulatory organizations. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Adviser with the goal of promoting full, fair, accurate, timely and understandable 3 disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust. It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations. Each Covered Officer should, consistent with his or her responsibilities, exercise appropriate supervision over and assist relevant Trust service providers in developing financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner. Each Covered Officer is responsible for the accuracy of the records and reports that he or she is responsible for maintaining. The books and records of the Trust shall meet the highest standards and accurately reflect the true nature of the transactions they record. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he shall promptly report it to Chief Legal Officer for a determination as to what, if any, corrective action is necessary or appropriate. No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in a Trust's books or records for any reason. No disbursement of a Trust's assets shall be made without adequate supporting documentation or for any purpose other than as described in the Trust's documents or contracts. A Trust will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board. IV. REPORTING AND ACCOUNTABILITY Each Covered Officer must: o upon adoption of the Code (or thereafter upon becoming a Covered Officer), affirm in writing (in the form attached to this Code) to the Board that he or she has received, read, and understands the Code; o annually thereafter affirm in writing (in the form attached to this Code) to the Board that he or she has complied with the requirements of the Code; and 4 o notify the Chief Legal Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code. The Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. While the Chief Legal Officer in authorized to interpret this Code, an approval of a situation that is expressly prohibited by this Code is deemed to be a "waiver" and can be approved only by the Board. The Trust will follow these procedures in investigating and enforcing this Code: o the Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him or her; o if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action; o any matter that the Chief Legal Officer believes is a violation will be reported to the Board; o if the Board concurs that a violation has occurred, it will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Adviser; or a recommendation to dismiss the Covered Officer; o the Board will be responsible for granting waivers, as appropriate (a "waiver" is the approval of a situation that is expressly prohibited by this Code); and o any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. V. OTHER POLICIES AND PROCEDURES This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts or the Adviser govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The codes of ethics adopted by the Trusts and the Adviser under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code. 5 VI. AMENDMENTS Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent Trustees. VII. CONFIDENTIALITY All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except upon request of the SEC or another regulatory agency, or as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than Board and its counsel. VIII. INTERNAL USE The Code is intended solely for the internal use by each Trust and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion. Adopted: August 5, 2003 6 EXHIBIT A PERSONS COVERED BY THE CODE Karla Rabusch, President of each Trust Stephen Leonhardt, Treasurer of each Trust Exhibit A amended: May 9, 2007 7 EXHIBIT B COMPLIANCE CERTIFICATIONS INITIAL CERTIFICATION I CERTIFY THAT I: (I) HAVE RECEIVED, READ AND REVIEWED THE JOINT CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS (the "Code"); (II) UNDERSTAND THE POLICIES AND PROCEDURES IN THE CODE; (III) RECOGNIZE THAT I AM SUBJECT TO SUCH POLICIES AND PROCEDURES; (IV) UNDERSTAND THE PENALTIES FOR NON-COMPLIANCE; (V) WILLFULLY COMPLY WITH THE CODE AND ANY RELATED PROCEDURES; (VI) ACKNOWLEDGE MY RESPONSIBILITY TO REPORT ANY VIOLATION OF THE CODE TO LEGAL COUNSEL; (VII) UNDERSTAND THAT THE TRUSTS HAVE THE RIGHT TO AMEND, INTERPRET, MODIFY OR WITHDRAW ANY OF THE PROVISIONS OF THE CODE AT ANY TIME IN THEIR SOLE DISCRETION, WITH OR WITHOUT NOTICE; AND (VIII) HAVE FULLY AND ACCURATELY COMPLETED THIS CERTIFICATE. Signature: -------------------------------------------------------- (Please print) Name: -------------------------------------------------------- Date Submitted: -------------------------------------------------------- Date Due: -------------------------------------------------------- 8 ANNUAL CERTIFICATION I CERTIFY THAT I: (I) HAVE RECEIVED, READ AND REVIEWED THE JOINT CODE OF ETHICS FOR PRINCIPAL EXECUTIVE OFFICER AND SENIOR FINANCIAL OFFICERS (the "Code"); (II) UNDERSTAND THE POLICIES AND PROCEDURES IN THE CODE; (III) RECOGNIZE THAT I AM SUBJECT TO SUCH POLICIES AND PROCEDURES; (IV) UNDERSTAND THE PENALTIES FOR NON-COMPLIANCE; (V) HAVE FULLY COMPLIED WITH THE CODE AND ANY RELATED PROCEDURES; (VI) HAVE FULLY DISCLOSED ANY EXCEPTIONS TO MY COMPLIANCE WITH THE CODE; (VII) WILLFULLY COMPLY WITH THE CODE OF ETHICS; (VIII) ACKNOWLEDGE MY RESPONSIBILITY TO REPORT ANY VIOLATION OF THE CODE TO LEGAL COUNSEL; (IX) UNDERSTAND THAT THE TRUSTS HAVE THE RIGHT TO AMEND, INTERPRET, MODIFY OR WITHDRAW ANY OF THE PROVISIONS OF THE CODE AT ANY TIME IN THEIR SOLE DISCRETION, WITH OR WITHOUT NOTICE; AND (X) HAVE FULLY AND ACCURATELY COMPLETED THIS CERTIFICATE EXCEPTION(S): - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Signature: -------------------------------------------------------- (Please print) Name: -------------------------------------------------------- Date Submitted: -------------------------------------------------------- Date Due: -------------------------------------------------------- 9 -----END PRIVACY-ENHANCED MESSAGE-----