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: 811-09253
Wells Fargo Fund Trust
(Exact name of registrant as specified in charter)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
C. David Messman
Wells Fargo Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant's telephone number, including area code: 800-643-9691
Date of fiscal year end: September 30, 2010
Date of reporting period: March 31, 2010
ITEM 1. REPORT TO SHAREHOLDERS
(WELLS FARGO ADVANTAGE FUNDS LOGO)
(GRAPHIC) REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder
reports at www.wellsfargo.com/advantagedelivery
(GRAPHIC)
Semi-Annual Report
March 31, 2010
WELLS FARGO ADVANTAGE ALLOCATION FUNDS
- WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
- WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
- WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
- WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND
(FORMERLY NAMED WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND)
- WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Aggressive Allocation Fund ............................................... 4
Conservative Allocation Fund ............................................. 6
Growth Balanced Fund ..................................................... 8
Index Asset Allocation Fund .............................................. 10
Moderate Balanced Fund ................................................. 12
FUND EXPENSES ............................................................ 14
PORTFOLIO OF INVESTMENTS
Aggressive Allocation Fund ............................................... 16
Conservative Allocation Fund ............................................. 17
Growth Balanced Fund ..................................................... 18
Index Asset Allocation Fund .............................................. 19
Moderate Balanced Fund ................................................... 35
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 36
Statements of Operations ................................................. 38
Statements of Changes in Net Assets ...................................... 40
Financial Highlights ..................................................... 46
NOTES TO FINANCIAL STATEMENTS ............................................ 50
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ............................................ 61
Disciplined Growth Portfolio ............................................. 65
Emerging Growth Portfolio ................................................ 69
Equity Income Portfolio .................................................. 74
Equity Value Portfolio ................................................... 78
Index Portfolio .......................................................... 83
International Core Portfolio ............................................. 98
International Growth Portfolio ........................................... 103
International Index Portfolio ............................................ 106
International Value Portfolio ............................................ 126
Large Cap Appreciation Portfolio ......................................... 131
Large Company Growth Portfolio ........................................... 136
Small Cap Index Portfolio ................................................ 139
Small Company Growth Portfolio ........................................... 155
Small Company Value Portfolio ............................................ 160
Strategic Small Cap Value Portfolio ...................................... 165
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 176
Statements of Operations ................................................. 180
Statements of Changes in Net Assets ...................................... 184
Financial Highlights ..................................................... 192
NOTES TO FINANCIAL STATEMENTS ............................................ 194
OTHER INFORMATION ........................................................ 207
LIST OF ABBREVIATIONS .................................................... 213
The views expressed are as of March 31, 2010, and are those of the Fund
managers. Any reference to a specific security in this report is not a
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recommendation to purchase or sell any specific security or adopt any investment
strategy. The views are subject to change at any time in response to changing
circumstances in the market and are not intended to predict or guarantee the
future performance of any individual security, market sector or the markets
generally, or the WELLS FARGO ADVANTAGE ALLOCATION FUNDS.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(GRAPHIC)
WELLS FARGO
INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF FUNDS"
THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO THE
WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF OVER 100 FUNDS AND PLACING IT AMONG THE TOP
20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS (SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
WELLS FARGO ADVANTAGE FUNDS(R)
WELLS FARGO ADVANTAGE FUNDS skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of investors is backed by our
unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. And,
because we're part of a highly diversified financial enterprise, we offer the
depth of resources to help investors succeed.
EXPERTISE
Our multi-boutique model offers investors access to the independent thinking of
premier investment managers that have been chosen for their time-tested
strategies. While each team specializes in a specific investment strategy,
collectively they provide investors a wide choice of distinct investment styles.
Our dedication to investment excellence doesn't end with our expertise in
manager selection--risk management, analysis, and rigorous ongoing review seek
to ensure each manager's investment process remains consistent.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER
STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT
STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT www.wellsfargo.com/advantagefunds. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, Wells Fargo Managed Account Services, and certain 529
college savings plans. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds and shares in the 529
plans are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC,
an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2010.
EQUITY FUNDS
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund+
Diversified Equity Fund
Diversified International Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund
U.S. Value Fund
BOND FUNDS
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
Aggressive Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Index Asset Allocation Fund
Moderate Balanced Fund
WealthBuilder Conservative Allocation Portfolio+
WealthBuilder Equity Portfolio+
WealthBuilder Growth Allocation Portfolio+
WealthBuilder Growth Balanced Portfolio+
WealthBuilder Moderate Balanced Portfolio+
WealthBuilder Tactical Equity Portfolio+
Target Today Fund(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+
MONEY MARKET FUNDS
100% Treasury Money Market Fund(1)
California Municipal Money Market Fund
California Municipal Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)
VARIABLE TRUST FUNDS(3)
VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT Index Asset Allocation Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
(1.) The U.S. government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
(2.) The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
(3.) The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO
ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE
FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE
SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED
Portfolio(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY
PORTFOLIO(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS
FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW
JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020
FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO
ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES
TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM),
WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE
DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET
FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS
FARGO ADVANTAGE VT DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT
OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select
Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund,
WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity
Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth
Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio,
WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010
Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030
Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050
Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery
Fund, and VT Opportunity Fund, respectively.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Allocation Funds
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE PERIOD WAS MARKED BY GROWING OPTIMISM, AS SIGNS CONTINUED TO EMERGE THAT THE
WORST OF THE ECONOMIC CRISIS MAY HAVE PASSED.
Dear Valued Shareholder:
We're pleased to offer you this semi-annual report for the WELLS FARGO ADVANTAGE
ALLOCATION FUNDS for the six-month period that ended March 31, 2010. The period
was marked by growing optimism, as signs continued to emerge that the worst of
the economic crisis may have passed. Global stock markets rallied strongly
throughout the period, even as the overall economic picture remained mixed.
SOLID ECONOMIC REPORTS SPARKED A MARKET RALLY.
The period began on a positive note, as initial estimates of third-quarter real
Gross Domestic Product (GDP) supported the case for a slow recovery. The final
estimate was that real GDP advanced by 2.2% in the third quarter of 2009--an
improvement from the 0.7% decline in the second quarter of 2009, and a noted
increase from the 6.4% sequential decline for the first quarter of 2009.
Third-quarter GDP was supported by government expenditures but also reflected
contributions from personal consumption expenditures, exports, private inventory
investment, and residential fixed investment.
Even before the third-quarter numbers were released, most economists surveyed by
THE WALL STREET JOURNAL in August 2009 said that the recession that officially
began in December 2007 was now over, a judgment that received support from the
February 2010 estimate of a 5.9% increase in GDP for the fourth quarter of 2009.
A stubbornly high unemployment rate was the main sour note during the period,
rising to a seasonally adjusted 10.1% in October and ending the period slightly
lower at 9.7%.
For most of the period, international news supported the fairly positive
outlook. The two largest eurozone economies, France and Germany, posted modest
sequential growth rates in the third quarter of 2009; French GDP again expanded
modestly in the fourth quarter, while German GDP was unchanged. Toward the end
of the period, though, investors became concerned about the possibility that
eurozone member Greece would default on its sovereign debt, sparking increased
concerns about the debt burdens of other eurozone member states such as
Portugal, Italy, and Spain and causing weakness in the euro. In Japan, the
economy posted a 0.9% sequential growth rate in the fourth quarter, largely
because of exports.
GOVERNMENTS MAINTAINED AN ACTIVE ROLE IN THE WORLDWIDE ECONOMY, AIDING THE
TENTATIVE ECONOMIC RECOVERY.
Both the European Central Bank (ECB) and the Federal Reserve kept their key
interest rates at low levels (1% for the ECB, effectively zero for the Federal
Reserve), continued to provide cash to banks, and purchased debt securities
backed by mortgages in order to support the financial system.
However, as signs accumulated that the economy was stabilizing, the U.S.
government began to dial down its intervention. In early 2010, the Federal
Reserve announced that it would stop buying mortgage-backed securities at the
end of March. The Fed also raised its discount rate--which applies to bank
borrowing from the central bank--by 0.25% to 0.75%, while keeping the more
important federal funds rate undisturbed. Within the eurozone, although the
larger countries such as France and Germany showed signs of stabilization, the
ongoing problems in Greece led to widespread talk of a European-funded bailout.
Wells Fargo Advantage Allocation Funds 3
Letter to Shareholders
STOCKS RALLIED ON THE WIDESPREAD HOPE OF A NEAR-TERM RESUMPTION IN ECONOMIC
GROWTH, WITH MOST PARTS OF THE STOCK MARKET POSTING DOUBLE-DIGIT GAINS.
GLOBAL STOCK AND BOND MARKETS RALLIED.
Stocks rallied on the widespread hope of a near-term resumption in economic
growth, with most parts of the stock market posting double-digit gains. For the
period, growth stocks outperformed value stocks among large caps, but value
stocks outperformed among small caps. Small cap value benefited from a strong
bounce-back in smaller financials stocks. However, returns on international
large cap stocks did not keep pace with domestic issues for the six-month time
frame.
Most sectors of the bond market also posted gains. Higher-quality government and
corporate bonds continued to benefit from relatively low interest rates, though
longer-term Treasuries posted a loss for the period. High-yield bonds, which
posted losses during the depth of the credit crisis, continued to rally as
economic conditions seemed to improve.
MANY VARIABLES ARE AT WORK IN THE MARKET.
The full effect of the ongoing credit crisis remains unknown. Growing
unemployment and debt defaults continue to pressure consumers and businesses
alike.
Experience tells us that strict adherence to time-tested strategies has its
rewards. As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a
range of asset classes and investment styles, giving you an opportunity to
create a diversified investment portfolio. While diversification may not prevent
losses in a downturn, it does provide you with one way of managing risk.
Thank you for choosing to invest with WELLS FARGO ADVANTAGE FUNDS. We appreciate
your confidence in us and remain committed to helping you meet your financial
needs. For current information about your fund investments, contact your
investment professional, visit our Web site at
www.wellsfargo.com/advantagefunds, or call us directly at 1-800-222-8222.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
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4 Wells Fargo Advantage Allocation Funds
Performance Highlights
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC
Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA
FUND INCEPTION
December 2, 1997
TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)
Microsoft Corporation 1.55%
US Treasury Bill, 0.10%, 08/05/2010 1.50%
Apple Incorporated 1.43%
Goldman Sachs Group Incorporated 1.37%
Cisco Systems Incorporated 1.36%
Google Incorporated Class A 1.26%
Exxon Mobil Corporation 1.26%
General Electric Company 0.94%
JP Morgan Chase & Company 0.94%
Bank of America Corporation 0.91%
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NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)
EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)
(1.) The ten largest holdings are calculated based on the value of the portfolio
securities of the Master Portfolio(s) allocable to the Fund divided by the
total investments of the Fund. See Notes to Financial Statements for a
discussion of the Master Portfolio(s). Holdings are subject to change and
may have changed since the date specified.
(2.) Neutral allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
(3.) Effective allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents, and
including the value of futures contracts at period end.
Wells Fargo Advantage Allocation Funds 5
Performance Highlights
WELLS FARGO ADVANTAGE AGGRESSIVE ALLOCATION FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)
Expense Ratio
-----------------
6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
--------- ------ ------ ------- -------- ------
Administrator Class (NWBEX) 10.42 50.21 1.67 1.12 1.22% 1.00%
Aggressive Allocation Composite Index(7) 9.06 42.83 3.41 1.69
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate Bond Index(9) 1.99 7.69 5.44 6.29
|
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk, mortgage- and asset-backed
securities risk, and smaller company securities risk. Consult the Fund's
prospectus for additional information on these and other risks.
(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in
two or more Master Portfolios of the Wells Fargo Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the Master Portfolios in
which it invests.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's returns
would have been lower.
(7.) The Aggressive Allocation Composite Index is weighted 20% in the Barclays
Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities), 20% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 20% in the S&P 500 Index, 20% in the Russell 1000(R) Growth
(measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth values), 12% in the MSCI
EAFE Index (an unmanaged group of securities generally representative of
the stock markets of Europe, Australasia and the Far East), and 8% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index). You cannot invest directly in an
Index.
(8.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the index proportionate to its market value. You
cannot invest directly in an index.
(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays
Capital Government/Credit Index and the Barclay Capital Mortgage-Backed
Securities Index and includes U.S. Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities. You cannot invest
directly in an index.
6 Wells Fargo Advantage Allocation Funds
Performance Highlights
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (the Fund) seeks total
return, consisting primarily of current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC
Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)
US Treasury Bond, 3.62%, 02/15/2020 1.41%
US Treasury Bond, 2.62%, 12/31/2014 1.11%
FNMA, 6.00%, 05/01/2040 1.09%
GNMA, 7.00%, 08/16/2042 0.97%
US Treasury Bond, 3.37%, 04/15/2032 0.81%
WI Treasury Bond, 3.37%, 11/15/2019 0.71%
College Loan Corporation Trust
Series 2006-A Class A3 0.67%
Treasury Inflation Protected
Securities, 2.50%, 01/15/2029 0.67%
FNMA, 4.50%, 04/01/2040 0.62%
FNMA, 5.28%, 08/01/2019 0.57%
|
NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)
EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)
(1.) The ten largest holdings are calculated based on the value of the portfolio
securities of the Master Portfolio(s) allocable to the Fund divided by the
total investments of the Fund. See Notes to Financial Statements for a
discussion of the Master Portfolio(s). Holdings are subject to change and
may have changed since the date specified.
(2.) Neutral allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
(3.) Effective allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents, and
including the value of futures contracts at period end.
Wells Fargo Advantage Allocation Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE CONSERVATIVE ALLOCATION FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)
Expense Ratio
-----------------
6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
--------- ------ ------ ------- -------- ------
Administrator Class (NVCBX) 6.06 22.08 3.64 3.88 1.10% 0.85%
Conservative Allocation Composite Index(7) 3.35 13.92 4.66 4.62
Barclays Capital U.S. Aggregate Bond Index(8) 1.99 7.69 5.44 6.29
S&P 500 Index(9) 11.75 49.77 1.92 (0.65)
|
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Active trading results in increased turnover
and trading expenses, and may generate higher short term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This Fund is exposed to mortgage-and asset-backed
securities risk. Consult the Fund's prospectus for additional information on
these and other risks.
(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in
two or more Master Portfolios of the Wells Fargo Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the Master Portfolios in
which it invests.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's returns
would have been lower.
(7.) The Conservative Allocation Composite Index is weighted 55% in the Barclays
Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues,
corporate bond issues and mortgage-backed securities), 25% in the Barclays
Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that
includes aged U.S. Treasury bills, notes, and bonds with a remaining
maturity from one up to but not including 12 months), 5% in the Russell
1000(R) Value Index (measures the performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values), 5% in the S&P 500 Index, 5% in the Russell 1000 Growth (measures
the performance of those Russell 1000 companies with higher price-to-book
ratios and higher forecasted growth values), 3% in the MSCI EAFE Index (an
unmanaged group of securities generally representative of the stock markets
of Europe, Australasia and the Far East), and 2% in the Russell 2000(R)
Index (measures the performance of the 2,000 smallest companies in the
Russell 3000(R) Index. You cannot invest directly in an index.
(8.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays
Capital Government/Credit Index and the Barclays Capital Mortgage-Backed
Securities Index and includes U.S. Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities. You cannot invest
directly in an index.
(9.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the index proportionate to its market value. You
cannot invest directly in an index.
8 Wells Fargo Advantage Allocation Funds
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (the Fund) seeks total return,
consisting of capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC
Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)
Microsoft Corporation 1.26%
Apple Incorporated 1.16%
US Treasury Bill, 0.10%, 08/05/2010 1.12%
Goldman Sachs Group Incorporated 1.11%
Cisco Systems Incorporated 1.10%
Google Incorporated Class A 1.02%
Exxon Mobil Corporation 1.02%
US Treasury Bond, 3.62%, 02/15/2020 0.90%
General Electric Company 0.76%
JP Morgan Chase & Company 0.76%
|
NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)
EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)
(1.) The ten largest holdings are calculated based on the value of the portfolio
securities of the Master Portfolio(s) allocable to the Fund divided by the
total investments of the Fund. See Notes to Financial Statements for a
discussion of the Master Portfolio(s). Holdings are subject to change and
may have changed since the date specified.
(2.) Neutral allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
(3.) Effective allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents, and
including the value of futures contracts at period end.
Wells Fargo Advantage Allocation Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH BALANCED FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFGBX) 3.20 35.88 0.87 1.26 9.50 44.17 2.07 1.86 1.33% 1.20%
Class B (NVGRX)** 4.08 38.08 0.93 1.33 9.08 43.08 1.31 1.33 2.08% 1.95%
Class C (WFGWX) 8.10 42.10 1.31 1.10 9.10 43.10 1.31 1.10 2.08% 1.95%
Administrator Class (NVGBX) 9.65 44.59 2.33 2.11 1.15% 0.95%
Growth Balanced Composite Index(7) 7.75 35.66 3.94 2.68
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate
Bond Index(9) 1.99 7.69 5.44 6.29
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk, mortgage- and asset-backed
securities risk, and smaller company securities risk. Consult the Fund's
prospectus for additional information on these and other risks.
(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in
two or more Master Portfolios of the Wells Fargo Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the Master Portfolios in
which it invests.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's returns
would have been lower.
(7.) The Growth Balanced Composite Index is weighted 35% in the Barclays Capital
Aggregate Bond Index (includes Treasury issues, agency issues, corporate
bond issues, and mortgage-backed securities), 16.25% in the Russell 1000(R)
Value Index (measures the performance of those Russell 1000 companies with
lower price-to-book ratios and lower forecasted growth values), 16.25% in
the S&P 500 Index, 16.25% in the Russell 1000(R) Growth (measures the
performance of those Russell 1000 companies with higher price-to-book
ratios and higher forecasted growth values), 9.75% in the MSCI EAFE Index
(an unmanaged group of securities generally representative of the stock
markets of Europe, Australasia, and the Far East), and 6.50% in the Russell
2000(R) Index (measures the performance of the 2,000 smallest companies in
the Russell 3000(R) Index). You cannot invest directly in an index.
(8.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the index proportionate to its market value. You
cannot invest directly in an index.
(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays
Capital Government/Credit Index and the Barclays Capital Mortgage-Backed
Securities Index and includes U.S. Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities. You cannot invest
directly in an index.
10 Wells Fargo Advantage Allocation Funds
Performance Highlights
WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND(1)
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND (the Fund) seeks long-term
total return, consisting of capital appreciation and current income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Gregory T. Genung, CFA
Jeffrey P. Mellas, CAIA
FUND INCEPTION
November 13, 1986
TEN LARGEST HOLDINGS(2)
(AS OF MARCH 31, 2010)
US Treasury Bond, 4.38%, 11/15/2039 5.36%
US Treasury Bond, 4.50%, 08/15/2039 4.94%
US Treasury Bond, 4.25%, 05/15/2039 4.18%
US Treasury Bond, 4.50%, 02/15/2036 3.14%
US Treasury Bond, 3.50%, 02/15/2039 2.63%
US Treasury Bond, 4.50%, 05/15/2038 2.59%
US Treasury Bond, 6.25%, 05/15/2030 2.35%
US Treasury Bond, 4.63%, 02/15/2040 2.13%
US Treasury Bond, 5.38%, 02/15/2031 2.10%
US Treasury Bond, 5.00%, 05/15/2037 1.98%
|
SECTOR DISTRIBUTION(3)
(AS OF MARCH 31, 2010)
(PIE CHART)
Consumer Discretionary (6%)
Consumer Staples (4%)
Energy (11%)
Financials (15%)
Health Care (6%)
Industrials (7%)
Information Technology (6%)
Materials (2%)
Telecommunication Services (3%)
U.S. Treasury Securities (37%)
Utilities (3%)
|
NEUTRAL ALLOCATION(3)
(AS OF MARCH 31, 2010)
EFFECTIVE ALLOCATION(4)
(AS OF MARCH 31, 2010)
(1.) Prior to March 1, 2010, the WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION
FUND was named WELLS FARGO ADVANTAGE ASSET ALLOCATION FUND.
(2.) The ten largest holdings are calculated based on the market value of the
securities divided by total market value of the Fund. Holdings are subject
to change and may have changed since the date specified.
(3.) Sector distribution and neutral allocation are subject to change and are
calculated based on the total investments of the Fund, excluding cash and
cash equivalents.
(4.) Effective allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents, and
including the value of futures contracts at period end.
Wells Fargo Advantage Allocation Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE INDEX ASSET ALLOCATION FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (SFAAX) 0.93 28.01 0.49 0.38 7.08 35.85 1.69 0.97 1.29% 1.15%
Class B (SASBX)** 1.65 29.76 0.56 0.45 6.65 34.76 0.95 0.45 2.04% 1.90%
Class C (WFALX) 5.69 33.75 0.93 0.22 6.69 34.75 0.93 0.22 2.04% 1.90%
Administrator Class (WFAIX) 7.24 36.18 1.95 1.17 1.11% 0.90%
Asset Allocation Composite Index(7) 3.91 22.13 3.59 2.79
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital 20+ Treasury Index(9) (7.42) (11.66) 4.60 6.63
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Consult the Fund's prospectus for additional
information on these and other risks.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio shown. Without these reductions, the Fund's
returns would have been lower.
(7.) The Asset Allocation Composite Index is weighted 60% in the S&P 500 Index
and 40% in the Barclays Capital 20+ Year Treasury Index (a subset of the
Barclays Capital U.S. Treasury Index, which contains public obligations of
the U.S. Treasury with a remaining maturity of one year or more). You
cannot invest directly in an index.
(8.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the Index proportionate to its market value. You
cannot invest directly in an index.
(9.) The Barclays Capital 20+ Treasury index is an unmanaged index composed of
securities in the U.S. Treasury Index with maturities of 20 years or
greater. You cannot invest directly in an index.
12 Wells Fargo Advantage Allocation Funds
Performance Highlights
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (the Fund) seeks total return,
consisting of current income and capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
MASTER PORTFOLIO SUBADVISERS
Artisan Partners Limited Partnership
Cadence Capital Management
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC
Galliard Capital Management, Inc.
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Doug Beath
Thomas C. Biwer, CFA
Petros Bocray, CFA
Christian L. Chan, CFA
Jeffrey P. Mellas, CAIA
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
TEN LARGEST HOLDINGS(1)
(AS OF MARCH 31, 2010)
US Treasury Bond, 3.62%, 02/15/2020 1.16%
WI Treasury Bill 1.00%, 08/05/2010 1.07%
US Treasury Bond, 2.62%, 12/31/2014 0.91%
FNMA, 6.00%, 05/01/2040 0.89%
GNMA, 7.00%, 08/16/2042 0.79%
Microsoft Corporation 0.77%
Apple Incorporated 0.71%
Goldman Sachs Group Incorporated 0.68%
Cisco Systems Incorporated 0.67%
US Treasury Bond, 3.37%, 04/15/2032 0.66%
|
NEUTRAL ALLOCATION(2)
(AS OF MARCH 31, 2010)
EFFECTIVE ALLOCATION(3)
(AS OF MARCH 31, 2010)
(1.) The ten largest holdings are calculated based on the value of the portfolio
securities of the Master Portfolio(s) allocable to the Fund divided by the
total investments of the Fund. See Notes to Financial Statements for a
discussion of the Master Portfolio(s). Holdings are subject to change and
may have changed since the date specified.
(2.) Neutral allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
(3.) Effective allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents, and
including the value of futures contracts at period end.
Wells Fargo Advantage Allocation Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE MODERATE BALANCED FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(5) Net(6)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFMAX) 1.27 24.02 1.67 2.37 7.45 31.58 2.88 2.98 1.31% 1.15%
Class B (WMOBX)** 2.04 25.55 1.73 2.44 7.04 30.55 2.10 2.44 2.06% 1.90%
Class C (WFBCX) 6.04 29.60 2.10 2.21 7.04 30.60 2.10 2.21 2.06% 1.90%
Administrator Class (NVMBX) 7.57 31.83 3.13 3.23 1.13% 0.90%
Moderate Balanced Composite
Index(7) 5.29 23.13 4.40 3.80
S&P 500 Index(8) 11.75 49.77 1.92 (0.65)
Barclays Capital U.S. Aggregate
Bond Index(9) 1.99 7.69 5.44 6.29
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Balanced funds may invest in stocks and bonds. Stock values fluctuate in
response to the activities of individual companies and general market and
economic conditions. Bond values fluctuate in response to the financial
condition of individual issuers, general market and economic conditions, and
changes in interest rates. In general, when interest rates rise, bond values
fall and investors may lose principal value. The use of derivatives may reduce
returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk and mortgage- and asset-backed
securities risk. Consult the Fund's prospectus for additional information on
these and other risks.
(4.) The Fund is a gateway fund in a Master/Gateway structure that invests in
two or more Master Portfolios of the Wells Fargo Master Trust in varying
proportions. References to the investment activities of the Fund are
intended to refer to the investment activities of the Master Portfolios in
which it invests.
Performance shown prior to the inception of the Class A, Class B and Class
C reflects the performance of the Administrator Class, adjusted to reflect
Class A, Class B and Class C sales charges and expenses, as applicable.
Class A, Class B, and Class C incepted on January 30, 2004.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's returns
would have been lower.
(7.) The Moderate Balanced Composite Index is weighted 45% in the Barclays
Capital U.S. Aggregate Bond Index (includes Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities), 15% in the Barclays
Capital 9-12 Month U.S. Treasury Bond Index (an unmanaged index that
includes aged U.S. Treasury bills, notes, and bonds with a remaining
maturity from one up to but not including 12 months), 10% in the Russell
1000(R) Value Index (measures the performance of those Russell 1,000
companies with lower price-to-book ratios and lower forecasted growth
values), 10% in the S&P 500 Index, 10% in the Russell 1000(R) Growth Index
(measures the performance of those Russell 1000 companies with higher
price-to-book ratios and higher forecasted growth values), 6% in the MSCI
EAFE Index (an unmanaged group of securities generally representative of
the stock markets of Europe, Australasia and the Far East), and 4% in the
Russell 2000(R) Index (measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index). You cannot invest directly in an
Index.
(8.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the index proportionate to its market value. You
cannot invest directly in an index.
(9.) The Barclays Capital U.S. Aggregate Bond Index is composed of the Barclays
Capital Government/Credit Index and the Barclays Capital Mortgage-Backed
Securities Index and includes U.S. Treasury issues, agency issues,
corporate bond issues, and mortgage-backed securities. You cannot invest
directly in an index.
14 Wells Fargo Advantage Allocation Funds
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire six-month period from October 1, 2009 to March
31, 2010.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
10-01-2009 03-31-2010 Period* Expense Ratio
------------- ------------- ----------- -------------
AGGRESSIVE ALLOCATION FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,104.20 $ 5.19 0.99%
Hypothetical (5% return before expenses) $1,000.00 $1,020.00 $ 4.99 0.99%
CONSERVATIVE ALLOCATION FUND
ADMINISTRATOR CLASS
Actual $1,000.00 $1,060.60 $ 4.37 0.85%
Hypothetical (5% return before expenses) $1,000.00 $1,020.69 $ 4.28 0.85%
GROWTH BALANCED FUND
CLASS A
Actual $1,000.00 $1,095.00 $ 6.22 1.19%
Hypothetical (5% return before expenses) $1,000.00 $1,019.00 $ 5.99 1.19%
CLASS B
Actual $1,000.00 $1,090.80 $10.11 1.94%
Hypothetical (5% return before expenses) $1,000.00 $1,015.26 $ 9.75 1.94%
CLASS C
Actual $1,000.00 $1,091.00 $10.11 1.94%
Hypothetical (5% return before expenses) $1,000.00 $1,015.26 $ 9.75 1.94%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,096.50 $ 4.91 0.94%
Hypothetical (5% return before expenses) $1,000.00 $1,020.24 $ 4.73 0.94%
|
Wells Fargo Advantage Allocation Funds 15
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
10-01-2009 03-31-2010 Period* Expense Ratio
------------- ------------- ----------- -------------
INDEX ASSET ALLOCATION FUND
CLASS A
Actual $1,000.00 $1,070.80 $ 5.89 1.14%
Hypothetical (5% return before expenses) $1,000.00 $1,019.25 $ 5.74 1.14%
CLASS B
Actual $1,000.00 $1,066.50 $ 9.74 1.89%
Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%
CLASS C
Actual $1,000.00 $1,066.90 $ 9.79 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.46 $ 9.55 1.90%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,072.40 $ 4.60 0.89%
Hypothetical (5% return before expenses) $1,000.00 $1,020.49 $ 4.48 0.89%
MODERATE BALANCED FUND
CLASS A
Actual $1,000.00 $1,074.50 $ 5.90 1.14%
Hypothetical (5% return before expenses) $1,000.00 $1,019.25 $ 5.74 1.14%
CLASS B
Actual $1,000.00 $1,070.40 $ 9.76 1.89%
Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%
CLASS C
Actual $1,000.00 $1,070.40 $ 9.76 1.89%
Hypothetical (5% return before expenses) $1,000.00 $1,015.51 $ 9.50 1.89%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,075.70 $ 4.61 0.89%
Hypothetical (5% return before expenses) $1,000.00 $1,020.49 $ 4.48 0.89%
|
* Expenses are equal to the Portfolio's annualized expense ratio multiplied
by the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year divided by the number of days in
the fiscal year (to reflect the one-half year period).
16 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
AGGRESSIVE ALLOCATION FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.71%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 6,805,661
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 4,070,425
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 956,723
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 6,795,362
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 6,810,720
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 20,377,988
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 2,052,253
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 3,091,514
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 3,084,783
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 3,086,966
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 3,090,623
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,036,206
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 14,184,645
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 14,311,574
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,724,066
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,761,776
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 271,494
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,443,409
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 4,085,297
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $96,353,278) 102,041,485
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.50%
US TREASURY BILLS: 1.50%
$1,545,000 US TREASURY BILL### 0.10% 08/05/2010 1,544,135
------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,544,135) 1,544,135
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $97,897,413)* 100.21% 103,585,620
OTHER ASSETS AND LIABILITIES, NET (0.21) (213,490)
------ ------------
TOTAL NET ASSETS 100.00% $103,372,130
------ ------------
|
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 17
Portfolio of Investments--March 31, 2010 (Unaudited)
CONSERVATIVE ALLOCATION FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.53%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 5,681,212
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 3,403,500
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 793,194
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 5,694,433
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 5,698,127
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 17,062,141
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 18,481,454
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 2,573,766
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 2,558,132
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 2,565,789
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 2,559,278
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 1,703,662
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 11,879,606
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 128,931,884
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,270,624
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,465,125
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 220,825
N/A WELLS FARGO ADVANTAGE STABLE INCOME PORTFOLIO 83,666,084
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,030,383
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 36,790,142
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $333,606,819) 336,029,361
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 0.55%
US TREASURY BILLS: 0.55%
$ 1,840,000 US TREASURY BILL## # 0.10% 08/05/2010 1,838,970
------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,838,970) 1,838,970
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $335,445,789)* 100.08% 337,868,331
OTHER ASSETS AND LIABILITIES, NET (0.08) (263,591)
------ ------------
TOTAL NET ASSETS 100.00% $337,604,740
------ ------------
|
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
18 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
GROWTH BALANCED FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.90%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 47,590,303
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 28,498,799
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 6,652,436
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 47,623,428
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 47,716,125
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 142,852,322
N/A WELLS FARGO ADVANTAGE INFLATION-PROTECTED BOND PORTFOLIO 30,855,349
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 21,571,010
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 21,564,266
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 21,534,634
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 21,558,455
N/A WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 14,259,969
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 99,398,780
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 215,203,960
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 18,935,180
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 12,239,719
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,882,221
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 16,988,188
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 61,422,023
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $846,966,709) 878,347,167
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.51%
US TREASURY BILLS: 1.51%
$ 10,000,000 US TREASURY BILL## # 0.10% 08/05/2010 9,994,402
3,400,000 US TREASURY BILL## # 0.20 05/06/2010 3,399,471
13,393,873
------------
TOTAL SHORT-TERM INVESTMENTS (COST $13,393,873) 13,393,873
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $860,360,582)* 100.41% 891,741,040
OTHER ASSETS AND LIABILITIES, NET (0.41) (3,673,717)
------ ------------
TOTAL NET ASSETS 100.00% $888,067,323
------ ------------
|
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 19
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
COMMON STOCKS: 59.04%
AEROSPACE, DEFENSE: 0.62%
30,147 BOEING COMPANY $ 2,188,974
4,984 GOODRICH CORPORATION 351,472
12,559 LOCKHEED MARTIN CORPORATION 1,045,160
15,097 RAYTHEON COMPANY 862,341
4,447,947
------------
APPAREL & ACCESSORY STORES: 0.54%
3,504 ABERCROMBIE & FITCH COMPANY CLASS A 159,923
12,513 COACH INCORPORATED 494,514
18,961 GAP INCORPORATED 438,189
12,210 KOHL'S CORPORATION+ 668,864
10,653 LIMITED BRANDS INCORPORATED 262,277
15,530 NIKE INCORPORATED CLASS B 1,141,455
2,278 POLO RALPH LAUREN CORPORATION 193,721
5,167 URBAN OUTFITTERS INCORPORATED+ 196,501
3,523 VF CORPORATION 282,368
3,837,812
------------
AUTO & TRUCKS: 0.24%
134,147 FORD MOTOR COMPANY+ 1,686,228
------------
AUTO PARTS & EQUIPMENT: 0.12%
26,753 JOHNSON CONTROLS INCORPORATED 882,581
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.07%
3,599 AUTONATION INCORPORATED+ 65,070
1,182 AUTOZONE INCORPORATED+ 204,592
5,478 O'REILLY AUTOMOTIVE INCORPORATED+ 228,487
498,149
------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.01%
2,127 RYDER SYSTEM INCORPORATED 82,443
------------
BIOPHARMACEUTICALS: 0.49%
18,309 CELGENE CORPORATION+ 1,134,426
2,984 CEPHALON INCORPORATED+ 202,256
10,597 GENZYME CORPORATION+ 549,243
35,978 GILEAD SCIENCES INCORPORATED+ 1,636,279
3,522,204
------------
BIOTECHNOLOGY: 0.33%
39,002 AMGEN INCORPORATED+ 2,330,760
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.06%
11,016 D.R. HORTON INCORPORATED 138,802
6,480 LENNAR CORPORATION 111,521
12,636 PULTE HOMES INCORPORATED+ 142,155
392,478
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.58%
5,225 FASTENAL COMPANY 250,748
67,721 HOME DEPOT INCORPORATED 2,190,774
|
20 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
58,626 LOWE'S COMPANIES INCORPORATED $ 1,421,094
3,665 SHERWIN-WILLIAMS COMPANY 248,047
4,110,663
------------
BUSINESS SERVICES: 0.88%
9,149 AUTODESK INCORPORATED+ 269,164
20,105 AUTOMATIC DATA PROCESSING INCORPORATED 894,069
4,462 AVERY DENNISON CORPORATION 162,461
15,740 CA INCORPORATED 369,418
7,321 CITRIX SYSTEMS INCORPORATED+ 347,528
11,850 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 604,113
6,117 COMPUTER SCIENCES CORPORATION+ 333,315
9,056 COMPUWARE CORPORATION+ 76,070
5,032 EQUIFAX INCORPORATED 180,146
13,140 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 308,002
6,066 FISERV INCORPORATED+ 307,910
19,350 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 160,992
7,217 IRON MOUNTAIN INCORPORATED 197,746
20,926 JUNIPER NETWORKS INCORPORATED+ 642,010
5,002 MONSTER WORLDWIDE INCORPORATED+ 83,083
12,364 OMNICOM GROUP INCORPORATED 479,847
5,918 ROBERT HALF INTERNATIONAL INCORPORATED 180,085
4,377 SALESFORCE.COM INCORPORATED+ 325,868
7,855 TOTAL SYSTEM SERVICES INCORPORATED 123,009
7,306 VERISIGN INCORPORATED+ 190,029
6,234,865
------------
CASINO & GAMING: 0.06%
11,813 INTERNATIONAL GAME TECHNOLOGY 217,950
2,749 WYNN RESORTS LIMITED 208,457
426,407
------------
CHEMICALS & ALLIED PRODUCTS: 1.22%
8,449 AIR PRODUCTS & CHEMICALS INCORPORATED 624,804
10,737 BIOGEN IDEC INCORPORATED+ 615,874
1,934 CF INDUSTRIES HOLDINGS INCORPORATED 176,342
45,812 DOW CHEMICAL COMPANY 1,354,661
35,996 E.I. DU PONT DE NEMOURS & COMPANY 1,340,491
2,895 EASTMAN CHEMICAL COMPANY 184,354
9,409 ECOLAB INCORPORATED 413,526
2,888 FMC CORPORATION 174,840
3,148 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 150,065
7,201 LIFE TECHNOLOGIES CORPORATION+ 376,396
21,732 MONSANTO COMPANY 1,552,099
6,605 PPG INDUSTRIES INCORPORATED 431,967
12,199 PRAXAIR INCORPORATED 1,012,517
4,849 SIGMA-ALDRICH CORPORATION 260,197
8,668,133
------------
COAL MINING: 0.15%
8,748 CONSOL ENERGY INCORPORATED 373,190
3,785 MASSEY ENERGY COMPANY 197,918
10,703 PEABODY ENERGY CORPORATION 489,127
1,060,235
------------
|
Wells Fargo Advantage Allocation Funds 21
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
COMMERCIAL SERVICES: 0.09%
12,810 PAYCHEX INCORPORATED $ 393,267
12,141 SAIC INCORPORATED+ 214,896
608,163
------------
COMMUNICATIONS: 2.16%
235,060 AT&T INCORPORATED 6,073,950
11,930 CENTURYTEL INCORPORATED 423,038
113,011 COMCAST CORPORATION CLASS A 2,126,867
10,395 METROPCS COMMUNICATIONS INCORPORATED+ 73,597
89,744 NEWS CORPORATION CLASS A 1,293,211
59,261 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 309,342
3,567 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 158,196
118,578 SPRINT NEXTEL CORPORATION+ 450,596
14,041 TIME WARNER CABLE INCORPORATED 748,526
112,937 VERIZON COMMUNICATIONS INCORPORATED 3,503,306
18,197 WINDSTREAM CORPORATION 198,165
15,358,794
------------
COMPUTER SOFTWARE & SERVICES: 0.03%
6,853 AKAMAI TECHNOLOGIES INCORPORATED+ 215,253
------------
COMPUTER TECHNOLOGIES: 2.98%
36,114 APPLE INCORPORATED+ 8,484,262
68,576 DELL INCORPORATED+ 1,029,326
93,755 HEWLETT-PACKARD COMPANY 4,983,078
51,735 INTERNATIONAL BUSINESS MACHINES CORPORATION 6,635,014
3,110 LEXMARK INTERNATIONAL INCORPORATED+ 112,209
21,243,889
------------
CONGLOMERATES: 1.09%
424,944 GENERAL ELECTRIC COMPANY 7,733,981
------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.02%
8,365 QUANTA SERVICES INCORPORATED+ 160,273
------------
COSMETICS , PERSONAL CARE: 0.12%
17,025 AVON PRODUCTS INCORPORATED 576,637
4,707 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 305,343
881,980
------------
CRUDE PETROLEUM & NATURAL GAS: 0.07%
6,947 NOBLE ENERGY INCORPORATED 507,131
------------
DATA SERVICES: 0.06%
13,725 NETAPP INCORPORATED+ 446,886
------------
DEPARTMENT STORES: 0.17%
9,398 JCPENNEY COMPANY INCORPORATED 302,334
16,767 MACY'S INCORPORATED 365,018
6,583 NORDSTROM INCORPORATED 268,916
4,933 ROSS STORES INCORPORATED 263,768
1,200,036
------------
DEPOSITORY INSTITUTIONS: 4.81%
399,542 BANK OF AMERICA CORPORATION 7,131,825
48,118 BANK OF NEW YORK MELLON CORPORATION 1,485,884
|
22 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
DEPOSITORY INSTITUTIONS (continued)
27,507 BB&T CORPORATION $ 890,952
782,558 CITIGROUP INCORPORATED+ 3,169,360
6,931 COMERICA INCORPORATED 263,655
31,665 FIFTH THIRD BANCORP 430,327
8,971 FIRST HORIZON NATIONAL CORPORATION+ 126,038
18,871 HUDSON CITY BANCORP INCORPORATED 267,213
28,531 HUNTINGTON BANCSHARES INCORPORATED 153,211
158,232 JPMORGAN CHASE & COMPANY 7,080,882
34,973 KEYCORP 271,041
3,308 M&T BANK CORPORATION 262,589
20,975 MARSHALL & ILSLEY CORPORATION 168,849
9,625 NORTHERN TRUST CORPORATION 531,878
20,589 PNC FINANCIAL SERVICES GROUP INCORPORATED 1,229,163
47,499 REGIONS FINANCIAL CORPORATION 372,867
19,729 STATE STREET CORPORATION 890,567
19,887 SUNTRUST BANKS INCORPORATED 532,773
76,203 US BANCORP 1,972,134
206,331 WELLS FARGO & COMPANY(l) 6,421,021
27,192 WESTERN UNION COMPANY 461,176
5,990 ZIONS BANCORPORATION 130,702
34,244,107
------------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
7,314 JANUS CAPITAL GROUP INCORPORATED 104,517
------------
DIVERSIFIED MANUFACTURING: 0.19%
30,449 HONEYWELL INTERNATIONAL INCORPORATED 1,378,426
------------
E-COMMERCE/SERVICES: 1.37%
13,632 AMAZON.COM INCORPORATED+ 1,850,271
45,009 EBAY INCORPORATED+ 1,212,993
9,624 GOOGLE INCORPORATED CLASS A+ 5,456,904
1,815 PRICELINE.COM INCORPORATED+ 462,825
47,400 YAHOO! INCORPORATED+ 783,522
9,766,515
------------
EATING & DRINKING PLACES: 0.54%
5,568 DARDEN RESTAURANTS INCORPORATED 247,999
42,852 MCDONALD'S CORPORATION 2,859,085
18,689 YUM! BRANDS INCORPORATED 716,349
3,823,433
------------
EDUCATIONAL SERVICES: 0.07%
5,119 APOLLO GROUP INCORPORATED CLASS A+ 313,744
2,465 DEVRY INCORPORATED 160,718
474,462
------------
ELECTRIC, GAS & SANITARY SERVICES: 2.52%
26,622 AES CORPORATION+ 292,842
6,753 ALLEGHENY ENERGY INCORPORATED 155,319
9,435 AMEREN CORPORATION 246,065
19,039 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 650,753
15,640 CENTERPOINT ENERGY INCORPORATED 224,590
9,151 CMS ENERGY CORPORATION 141,474
11,205 CONSOLIDATED EDISON INCORPORATED 499,071
|
Wells Fargo Advantage Allocation Funds 23
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
8,008 CONSTELLATION ENERGY GROUP INCORPORATED $ 281,161
23,900 DOMINION RESOURCES INCORPORATED 982,529
6,568 DTE ENERGY COMPANY 292,933
52,145 DUKE ENERGY CORPORATION 851,006
12,976 EDISON INTERNATIONAL 443,390
27,931 EL PASO CORPORATION 302,772
29,967 EMERSON ELECTRIC COMPANY 1,508,539
7,535 ENTERGY CORPORATION 612,972
26,281 EXELON CORPORATION 1,151,371
12,140 FIRSTENERGY CORPORATION 474,553
16,462 FPL GROUP INCORPORATED 795,608
12,439 FRONTIER COMMUNICATIONS CORPORATION 92,546
3,047 INTEGRYS ENERGY GROUP INCORPORATED 144,367
1,801 NICOR INCORPORATED 75,498
11,023 NISOURCE INCORPORATED 174,163
6,988 NORTHEAST UTILITIES 193,148
10,430 NRG ENERGY INCORPORATED+ 217,987
4,201 ONEOK INCORPORATED 191,776
8,855 PEPCO HOLDINGS INCORPORATED 151,863
14,789 PG&E CORPORATION 627,349
4,040 PINNACLE WEST CAPITAL CORPORATION 152,429
15,017 PPL CORPORATION 416,121
11,335 PROGRESS ENERGY INCORPORATED 446,146
20,150 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 594,828
6,955 QUESTAR CORPORATION 300,456
12,897 REPUBLIC SERVICES INCORPORATED 374,271
4,440 SCANA CORPORATION 166,900
9,837 SEMPRA ENERGY 490,866
25,787 SPECTRA ENERGY CORPORATION 580,981
3,376 STERICYCLE INCORPORATED+ 183,992
8,513 TECO ENERGY INCORPORATED 135,272
32,672 THE SOUTHERN COMPANY 1,083,404
19,314 WASTE MANAGEMENT INCORPORATED 664,981
4,655 WISCONSIN ENERGY CORPORATION 230,004
18,186 XCEL ENERGY INCORPORATED 385,543
17,981,839
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.87%
11,844 ALTERA CORPORATION 287,928
6,899 AMPHENOL CORPORATION CLASS A 291,069
11,856 ANALOG DEVICES INCORPORATED 341,690
17,172 BROADCOM CORPORATION CLASS A 569,767
1,934 FIRST SOLAR INCORPORATED<<+ 237,205
2,765 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 129,347
5,209 HARRIS CORPORATION 247,375
7,690 JABIL CIRCUIT INCORPORATED 124,501
8,901 JDS UNIPHASE CORPORATION+ 111,530
6,853 KLA-TENCOR CORPORATION 211,895
4,603 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 421,773
8,901 LINEAR TECHNOLOGY CORPORATION 251,720
26,147 LSI LOGIC CORPORATION+ 160,020
9,055 MEMC ELECTRONIC MATERIALS INCORPORATED+ 138,813
5,399 MOLEX INCORPORATED 112,623
9,471 NATIONAL SEMICONDUCTOR CORPORATION 136,856
3,818 NOVELLUS SYSTEMS INCORPORATED+ 95,450
|
24 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
4,536 QLOGIC CORPORATION+ $ 92,081
6,261 ROCKWELL COLLINS INCORPORATED 391,876
15,307 TELLABS INCORPORATED 115,874
49,460 TEXAS INSTRUMENTS INCORPORATED 1,210,286
2,979 WHIRLPOOL CORPORATION 259,918
11,017 XILINX INCORPORATED 280,934
6,220,531
------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.11%
7,120 FLUOR CORPORATION 331,151
4,961 JACOBS ENGINEERING GROUP INCORPORATED+ 224,188
7,831 MOODY'S CORPORATION 232,972
788,311
------------
ENTERTAINMENT: 0.12%
24,188 VIACOM INCORPORATED CLASS B+ 831,583
------------
ENTERTAINMENT PRODUCTION: 0.05%
11,292 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 381,557
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.14%
3,747 BALL CORPORATION 200,015
15,407 ILLINOIS TOOL WORKS INCORPORATED 729,676
2,300 SNAP-ON INCORPORATED 99,682
1,029,373
------------
FOOD & KINDRED PRODUCTS: 2.64%
25,592 ARCHER DANIELS MIDLAND COMPANY 739,609
7,511 CAMPBELL SOUP COMPANY 265,514
12,727 COCA-COLA ENTERPRISES INCORPORATED 352,029
17,659 CONAGRA FOODS INCORPORATED 442,711
7,954 CONSTELLATION BRANDS INCORPORATED CLASS A+ 130,764
7,220 DEAN FOODS COMPANY+ 113,282
10,120 DR PEPPER SNAPPLE GROUP INCORPORATED 355,920
13,124 GENERAL MILLS INCORPORATED 929,048
12,594 H.J. HEINZ COMPANY 574,412
2,767 HORMEL FOODS CORPORATION 116,242
4,740 JM SMUCKER COMPANY 285,632
10,154 KELLOGG COMPANY 542,528
69,163 KRAFT FOODS INCORPORATED CLASS A 2,091,489
5,262 MCCORMICK & COMPANY INCORPORATED 201,850
8,144 MEAD JOHNSON & COMPANY 423,732
6,309 MOLSON COORS BREWING COMPANY 265,357
65,085 PEPSICO INCORPORATED 4,306,024
27,772 SARA LEE CORPORATION 386,864
23,599 SYSCO CORPORATION 696,171
91,805 THE COCA-COLA COMPANY 5,049,275
6,626 THE HERSHEY COMPANY 283,659
12,148 TYSON FOODS INCORPORATED CLASS A 232,634
18,784,746
------------
FOOD STORES: 0.29%
25,883 KROGER COMPANY 560,626
15,484 SAFEWAY INCORPORATED 384,932
29,607 STARBUCKS CORPORATION 718,562
|
Wells Fargo Advantage Allocation Funds 25
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
FOOD STORES (continued)
8,443 SUPERVALU INCORPORATED $ 140,829
6,784 WHOLE FOODS MARKET INCORPORATED+ 245,242
2,050,191
------------
FORESTRY: 0.05%
8,417 WEYERHAEUSER COMPANY 381,038
------------
FURNITURE & FIXTURES: 0.05%
5,912 LEGGETT & PLATT INCORPORATED 127,936
14,288 MASCO CORPORATION 221,750
349,686
------------
GENERAL MERCHANDISE STORES: 1.06%
3,292 BIG LOTS INCORPORATED+ 119,895
5,511 FAMILY DOLLAR STORES INCORPORATED 201,758
1,933 SEARS HOLDINGS CORPORATION+ 209,595
29,962 TARGET CORPORATION 1,576,001
16,715 TJX COMPANIES INCORPORATED 710,722
84,978 WAL-MART STORES INCORPORATED 4,724,777
7,542,748
------------
HEALTH CARE: 0.05%
6,525 HOSPIRA INCORPORATED+ 369,641
------------
HEALTH SERVICES: 0.70%
11,246 AMERISOURCEBERGEN CORPORATION 325,234
14,395 CARDINAL HEALTH INCORPORATED 518,652
5,894 COVENTRY HEALTH CARE INCORPORATED+ 145,700
4,110 DAVITA INCORPORATED+ 260,574
10,964 EXPRESS SCRIPTS INCORPORATED+ 1,115,697
6,779 HUMANA INCORPORATED+ 317,054
4,169 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 315,635
10,729 MCKESSON CORPORATION 705,110
18,482 MEDCO HEALTH SOLUTIONS INCORPORATED+ 1,193,198
17,246 TENET HEALTHCARE CORPORATION+ 98,647
4,995,501
------------
HOLDING & OTHER INVESTMENT OFFICES: 0.75%
65,909 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 5,356,424
------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.06%
10,434 BED BATH & BEYOND INCORPORATED+ 456,592
------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
10,137 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 319,518
7,440 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 347,002
7,121 WYNDHAM WORLDWIDE CORPORATION 183,223
849,743
------------
HOUSEHOLD PRODUCTS, WARE: 1.38%
5,585 CLOROX COMPANY 358,222
19,664 COLGATE-PALMOLIVE COMPANY 1,676,553
6,052 FORTUNE BRANDS INCORPORATED 293,583
11,063 NEWELL RUBBERMAID INCORPORATED 168,158
115,680 PROCTER & GAMBLE COMPANY 7,319,074
9,815,590
------------
|
26 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.50%
28,346 3M COMPANY $ 2,368,875
53,492 APPLIED MATERIALS INCORPORATED 721,072
12,422 BAKER HUGHES INCORPORATED 581,846
9,735 CAMERON INTERNATIONAL CORPORATION+ 417,242
24,880 CATERPILLAR INCORPORATED 1,563,708
8,019 CUMMINS INCORPORATED 496,777
16,886 DEERE & COMPANY 1,004,042
7,420 DOVER CORPORATION 346,885
6,587 EATON CORPORATION 499,097
2,224 FLOWSERVE CORPORATION 245,240
4,858 FMC TECHNOLOGIES INCORPORATED+ 313,973
4,674 PALL CORPORATION 189,250
6,404 PARKER HANNIFIN CORPORATION 414,595
8,262 PITNEY BOWES INCORPORATED 202,006
9,893 SMITH INTERNATIONAL INCORPORATED 423,618
6,269 STANLEY BLACK & DECKER INCORPORATED 359,903
6,639 TERADATA CORPORATION+ 191,801
9,106 WESTERN DIGITAL CORPORATION+ 355,043
10,694,973
------------
INSURANCE CARRIERS: 2.07%
17,165 AETNA INCORPORATED 602,663
18,684 AFLAC INCORPORATED 1,014,354
21,369 ALLSTATE CORPORATION 690,432
5,373 AMERICAN INTERNATIONAL GROUP INCORPORATED+ 183,434
10,627 AON CORPORATION 453,879
4,639 ASSURANT INCORPORATED 159,489
13,086 CHUBB CORPORATION 678,509
10,951 CIGNA CORPORATION 400,588
6,488 CINCINNATI FINANCIAL CORPORATION 187,503
19,478 GENWORTH FINANCIAL INCORPORATED+ 357,227
17,672 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 502,238
7,557 LEUCADIA NATIONAL CORPORATION+ 187,489
12,038 LINCOLN NATIONAL CORPORATION 369,567
14,132 LOEWS CORPORATION 526,841
21,195 MARSH & MCLENNAN COMPANIES INCORPORATED 517,582
32,622 METLIFE INCORPORATED 1,413,837
12,723 PRINCIPAL FINANCIAL GROUP INCORPORATED 371,639
18,519 PRUDENTIAL FINANCIAL INCORPORATED 1,120,400
26,746 THE PROGRESSIVE CORPORATION 510,581
20,454 THE TRAVELERS COMPANIES INCORPORATED 1,103,289
3,299 TORCHMARK CORPORATION 176,529
46,100 UNITEDHEALTH GROUP INCORPORATED 1,506,087
13,237 UNUMPROVIDENT CORPORATION 327,880
17,680 WELLPOINT INCORPORATED+ 1,138,238
13,624 XL CAPITAL LIMITED CLASS A 257,494
14,757,769
------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.82%
13,892 AGILENT TECHNOLOGIES INCORPORATED+ 477,746
9,387 BECTON DICKINSON & COMPANY 739,039
60,192 BOSTON SCIENTIFIC CORPORATION+ 434,586
3,809 C.R. BARD INCORPORATED 329,936
7,061 CAREFUSION CORPORATION+ 186,622
10,435 DANAHER CORPORATION 833,861
|
Wells Fargo Advantage Allocation Funds 27
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
5,861 DENTSPLY INTERNATIONAL INCORPORATED $ 204,256
10,699 EASTMAN KODAK COMPANY 61,947
6,088 FLIR SYSTEMS INCORPORATED+ 171,682
2,231 MILLIPORE CORPORATION+ 235,594
4,682 PERKINELMER INCORPORATED 111,900
5,985 QUEST DIAGNOSTICS INCORPORATED 348,866
5,685 ROCKWELL AUTOMATION INCORPORATED 320,407
3,731 ROPER INDUSTRIES INCORPORATED 215,801
7,058 TERADYNE INCORPORATED+ 78,838
16,307 THERMO FISHER SCIENTIFIC INCORPORATED+ 838,832
3,727 WATERS CORPORATION+ 251,722
5,841,635
------------
MEDIA - COMMUNICATION: 0.23%
26,964 CBS CORPORATION CLASS B 375,878
37,243 DIRECTV+ 1,259,186
1,635,064
------------
MEDICAL EQUIPMENT & SUPPLIES: 0.47%
1,550 INTUITIVE SURGICAL INCORPORATED+ 539,602
43,994 MEDTRONIC INCORPORATED 1,981,050
12,960 ST. JUDE MEDICAL INCORPORATED+ 532,008
4,935 VARIAN MEDICAL SYSTEMS INCORPORATED+ 273,054
3,325,714
------------
MEDICAL PRODUCTS: 0.47%
12,247 ALLERGAN INCORPORATED 799,974
24,002 BAXTER INTERNATIONAL INCORPORATED 1,396,916
11,255 STRYKER CORPORATION 644,011
8,482 ZIMMER HOLDINGS INCORPORATED+ 502,134
3,343,035
------------
METAL MINING: 0.39%
5,385 CLIFFS NATURAL RESOURCES INCORPORATED 382,066
17,148 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,432,544
19,554 NEWMONT MINING CORPORATION 995,885
2,810,495
------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.03%
5,031 VULCAN MATERIALS COMPANY 237,664
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.07%
4,888 HASBRO INCORPORATED 187,113
14,483 MATTEL INCORPORATED 329,343
516,456
------------
MISCELLANEOUS RETAIL: 0.78%
17,497 COSTCO WHOLESALE CORPORATION 1,044,746
55,379 CVS CAREMARK CORPORATION 2,024,656
6,562 GAMESTOP CORPORATION CLASS A+ 143,773
10,941 OFFICE DEPOT INCORPORATED+ 87,309
4,987 RADIOSHACK CORPORATION 112,856
29,033 STAPLES INCORPORATED 679,082
39,236 WALGREEN COMPANY 1,455,263
5,547,685
------------
|
28 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
MISCELLANEOUS SERVICES: 0.02%
2,031 DUN & BRADSTREET CORPORATION $ 151,147
------------
MOTION PICTURES: 0.58%
45,810 TIME WARNER INCORPORATED 1,432,479
77,244 WALT DISNEY COMPANY 2,696,588
4,129,067
------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.52%
12,462 FEDEX CORPORATION 1,163,951
39,542 UNITED PARCEL SERVICE INCORPORATED CLASS B 2,546,900
3,710,851
------------
NETWORKING: 0.83%
228,033 CISCO SYSTEMS INCORPORATED+ 5,935,699
------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.86%
47,661 AMERICAN EXPRESS COMPANY 1,966,493
18,132 CAPITAL ONE FINANCIAL CORPORATION 750,846
21,650 DISCOVER FINANCIAL SERVICES 322,585
3,843 MASTERCARD INCORPORATED CLASS A 976,122
14,787 PEOPLE'S UNITED FINANCIAL INCORPORATED 231,269
19,312 SLM CORPORATION+ 241,786
17,778 VISA INCORPORATED CLASS A 1,618,331
6,107,432
------------
OFFICE EQUIPMENT: 0.07%
53,843 XEROX CORPORATION 524,969
------------
OIL & GAS EXTRACTION: 2.10%
19,617 ANADARKO PETROLEUM CORPORATION 1,428,706
13,403 APACHE CORPORATION 1,360,405
11,688 BJ SERVICES COMPANY 250,123
4,128 CABOT OIL & GAS CORPORATION 151,910
25,961 CHESAPEAKE ENERGY CORPORATION 613,718
15,749 DENBURY RESOURCES INCORPORATED+ 265,686
17,794 DEVON ENERGY CORPORATION 1,146,467
2,768 DIAMOND OFFSHORE DRILLING INCORPORATED 245,826
10,059 EOG RESOURCES INCORPORATED 934,883
5,729 EQT CORPORATION 234,889
11,337 NABORS INDUSTRIES LIMITED+ 222,545
32,337 OCCIDENTAL PETROLEUM CORPORATION 2,733,770
4,601 PIONEER NATURAL RESOURCES COMPANY 259,128
6,338 RANGE RESOURCES CORPORATION 297,062
4,533 ROWAN COMPANIES INCORPORATED+ 131,956
47,656 SCHLUMBERGER LIMITED 3,024,250
13,783 SOUTHWESTERN ENERGY COMPANY+ 561,244
23,232 XTO ENERGY INCORPORATED 1,096,086
14,958,654
------------
OIL & OIL SERVICES: 0.18%
36,046 HALLIBURTON COMPANY 1,086,066
4,210 HELMERICH & PAYNE INCORPORATED 160,317
1,246,383
------------
|
Wells Fargo Advantage Allocation Funds 29
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
OIL FIELD EQUIPMENT & SERVICES: 0.10%
16,665 NATIONAL OILWELL VARCO INCORPORATED $ 676,266
------------
PAPER & ALLIED PRODUCTS: 0.12%
4,341 BEMIS COMPANY INCORPORATED 124,674
17,248 INTERNATIONAL PAPER COMPANY 424,473
6,821 MEADWESTVACO CORPORATION 174,277
5,270 PACTIV CORPORATION+ 132,699
856,123
------------
PERSONAL SERVICES: 0.05%
5,235 CINTAS CORPORATION 147,051
13,363 H&R BLOCK INCORPORATED 237,861
384,912
------------
PETROLEUM REFINING & RELATED INDUSTRIES: 3.42%
79,986 CHEVRON CORPORATION 6,065,338
59,216 CONOCOPHILLIPS 3,030,083
188,033 EXXON MOBIL CORPORATION 12,594,450
11,598 HESS CORPORATION 725,455
28,194 MARATHON OIL CORPORATION 892,058
7,612 MURPHY OIL CORPORATION 427,718
4,657 SUNOCO INCORPORATED 138,359
5,598 TESORO PETROLEUM CORPORATION 77,812
22,494 VALERO ENERGY CORPORATION 443,132
24,394,405
------------
PHARMACEUTICALS: 3.48%
61,836 ABBOTT LABORATORIES 3,257,520
68,268 BRISTOL-MYERS SQUIBB COMPANY 1,822,756
40,414 ELI LILLY & COMPANY 1,463,795
12,042 FOREST LABORATORIES INCORPORATED+ 377,637
109,600 JOHNSON & JOHNSON 7,145,920
9,895 KING PHARMACEUTICALS INCORPORATED+ 116,365
124,073 MERCK & COMPANY INCORPORATED 4,634,127
12,214 MYLAN LABORATORIES INCORPORATED+ 277,380
321,417 PFIZER INCORPORATED 5,512,302
4,244 WATSON PHARMACEUTICALS INCORPORATED+ 177,272
24,785,074
------------
PIPELINES: 0.08%
23,242 THE WILLIAMS COMPANIES INCORPORATED 536,890
------------
PRIMARY METAL INDUSTRIES: 0.36%
4,375 AK STEEL HOLDING CORPORATION 100,013
40,634 ALCOA INCORPORATED 578,628
3,910 ALLEGHENY TECHNOLOGIES INCORPORATED 211,101
12,542 NUCOR CORPORATION 569,156
5,642 PRECISION CASTPARTS CORPORATION 714,898
3,362 TITANIUM METALS CORPORATION+ 55,776
5,709 UNITED STATES STEEL CORPORATION 362,636
2,592,208
------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.14%
9,453 GANNETT COMPANY INCORPORATED 156,164
12,572 MCGRAW-HILL COMPANIES INCORPORATED 448,192
|
30 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
1,462 MEREDITH CORPORATION $ 50,307
4,633 NEW YORK TIMES COMPANY CLASS A+ 51,565
8,183 RR DONNELLEY & SONS COMPANY 174,707
243 WASHINGTON POST COMPANY CLASS B 107,936
988,871
------------
RAILROAD TRANSPORTATION: 0.43%
15,533 CSX CORPORATION 790,630
14,722 NORFOLK SOUTHERN CORPORATION 822,813
20,123 UNION PACIFIC CORPORATION 1,475,016
3,088,459
------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 0.75%
4,665 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 85,883
3,247 AVALONBAY COMMUNITIES INCORPORATED 280,378
5,534 BOSTON PROPERTIES INCORPORATED 417,485
10,766 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 170,641
11,226 EQUITY RESIDENTIAL 439,498
11,702 HCP INCORPORATED 386,166
4,926 HEALTH CARE REIT INCORPORATED 222,803
26,014 HOST HOTELS & RESORTS INCORPORATED 381,105
16,151 KIMCO REALTY CORPORATION 252,602
6,484 PLUM CREEK TIMBER COMPANY 252,292
18,886 PROLOGIS 249,295
5,403 PUBLIC STORAGE INCORPORATED 497,022
11,549 SIMON PROPERTY GROUP INCORPORATED 968,961
6,241 VENTAS INCORPORATED 296,323
6,278 VORNADO REALTY TRUST 475,245
5,375,699
------------
RETAIL: 0.11%
13,652 BEST BUY COMPANY INCORPORATED 580,756
4,956 TIFFANY & COMPANY 235,360
816,116
------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.04%
6,329 SEALED AIR CORPORATION 133,415
9,646 THE GOODYEAR TIRE & RUBBER COMPANY+ 121,925
255,340
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.40%
10,175 AMERIPRISE FINANCIAL INCORPORATED 461,538
38,935 CHARLES SCHWAB CORPORATION 727,695
2,654 CME GROUP INCORPORATED 838,956
63,401 E*TRADE FINANCIAL CORPORATION+ 104,612
3,526 FEDERATED INVESTORS INCORPORATED CLASS B 93,016
5,908 FRANKLIN RESOURCES INCORPORATED 655,197
20,958 GOLDMAN SACHS GROUP INCORPORATED 3,576,064
2,931 INTERCONTINENTAL EXCHANGE INCORPORATED+ 328,800
17,076 INVESCO LIMITED 374,135
6,475 LEGG MASON INCORPORATED 185,638
55,681 MORGAN STANLEY 1,630,896
5,894 NASDAQ STOCK MARKET INCORPORATED+ 124,481
10,394 NYSE EURONEXT INCORPORATED 307,766
10,314 T. ROWE PRICE GROUP INCORPORATED 566,548
9,975,342
------------
|
Wells Fargo Advantage Allocation Funds 31
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.10%
22,485 ADVANCED MICRO DEVICES INCORPORATED+ $ 208,436
81,753 EMC CORPORATION+ 1,474,824
220,003 INTEL CORPORATION 4,897,267
7,337 MICROCHIP TECHNOLOGY INCORPORATED 206,610
33,879 MICRON TECHNOLOGY INCORPORATED+ 352,003
22,099 NVIDIA CORPORATION+ 384,081
9,109 SANDISK CORPORATION+ 315,445
7,838,666
------------
SOFTWARE: 2.20%
20,874 ADOBE SYSTEMS INCORPORATED+ 738,313
7,273 BMC SOFTWARE INCORPORATED+ 276,374
13,009 ELECTRONIC ARTS INCORPORATED+ 242,748
12,502 INTUIT INCORPORATED+ 429,319
6,320 MCAFEE INCORPORATED+ 253,622
303,890 MICROSOFT CORPORATION 8,894,860
13,871 NOVELL INCORPORATED+ 83,087
155,673 ORACLE CORPORATION 3,999,239
7,515 RED HAT INCORPORATED+ 219,964
32,109 SYMANTEC CORPORATION+ 543,284
15,680,810
------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.21%
62,085 CORNING INCORPORATED 1,254,738
6,714 OWENS-ILLINOIS INCORPORATED+ 238,616
1,493,354
------------
TELECOMMUNICATIONS: 0.58%
16,037 AMERICAN TOWER CORPORATION CLASS A+ 683,337
92,114 MOTOROLA INCORPORATED+ 646,640
66,932 QUALCOMM INCORPORATED 2,810,475
4,140,452
------------
TOBACCO PRODUCTS: 0.90%
82,860 ALTRIA GROUP INCORPORATED 1,700,287
6,165 LORILLARD INCORPORATED 463,855
74,912 PHILIP MORRIS INTERNATIONAL 3,907,410
6,732 REYNOLDS AMERICAN INCORPORATED 363,393
6,434,945
------------
TRANSPORTATION BY AIR: 0.06%
29,601 SOUTHWEST AIRLINES COMPANY 391,325
------------
TRANSPORTATION EQUIPMENT: 0.91%
15,362 GENERAL DYNAMICS CORPORATION 1,185,946
6,320 GENUINE PARTS COMPANY 266,957
9,331 HARLEY-DAVIDSON INCORPORATED 261,921
7,284 ITT CORPORATION 390,495
12,058 NORTHROP GRUMMAN CORPORATION 790,643
14,504 PACCAR INCORPORATED 628,603
10,857 TEXTRON INCORPORATED 230,494
37,294 UNITED TECHNOLOGIES CORPORATION 2,745,211
6,500,270
------------
|
32 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE
---------- ----------------------------------------------------------------------------------------- ------------
TRANSPORTATION SERVICES: 0.10%
6,633 C.H. ROBINSON WORLDWIDE INCORPORATED $ 370,453
8,448 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 311,900
682,353
------------
TRAVEL & RECREATION: 0.12%
17,285 CARNIVAL CORPORATION 672,041
8,421 EXPEDIA INCORPORATED 210,188
882,229
------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.07%
3,294 AIRGAS INCORPORATED 209,564
4,328 BROWN-FORMAN CORPORATION CLASS B 257,300
466,864
------------
WHOLESALE TRADE-DURABLE GOODS: 0.20%
16,580 KIMBERLY-CLARK CORPORATION 1,042,538
3,715 PATTERSON COMPANIES INCORPORATED 115,351
2,451 W.W. GRAINGER INCORPORATED 265,003
1,422,892
------------
TOTAL COMMON STOCKS (COST $408,220,364) 420,648,402
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
COLLATERALIZED MORTGAGE OBLIGATIONS: 0.12%
$ 244,121 BANC OF AMERICA ALTERNATIVE LOAN TRUST SERIES 2005-10
CLASS 6A1 5.50% 11/25/2020 217,153
31,509 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED
SERIES 2004-HYB4 CLASS AA+/- 0.58 12/25/2034 27,332
300,000 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED
SERIES 2006-NCB1 CLASS 2A2+/- 0.35 05/15/2036 154,449
120,389 FHLMC STRUCTURED PASS-THROUGH SECURITIES
SERIES T-57 CLASS 2A1+/- 4.77 07/25/2043 117,944
130,502 FHLMC STRUCTURED PASS-THROUGH SECURITIES
SERIES T-59 CLASS 2A1+/- 4.53 10/25/2043 127,851
203,247 FNMA GRANTOR TRUST SERIES 2002-T1 CLASS A4 9.50 11/25/2031 238,816
17,814 TERWIN MORTGAGE TRUST SERIES 2004-21HE CLASS 1A1+/- 1.21 12/25/2034 14,747
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $1,070,071) 898,292
------------
AGENCY SECURITIES: 0.00%
FEDERAL HOME LOAN MORTGAGE CORPORATION: 0.00%
759 FHLMC #170151 10.50 01/01/2016 855
------------
TOTAL AGENCY SECURITIES (COST $759) 855
------------
COLLATERAL FOR SECURITIES LENDING: 2.43%
COLLATERAL INVESTED IN OTHER ASSETS: 2.43%
501,659 BNP PARIBAS SECURITIES CORPORATION REPURCHASE
AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $501,659) 0.01 04/01/2010 501,659
83,081 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 83,081
241,690 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.38 06/01/2028 241,690
4,138,797 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE BACKED SECURITIES (MATURITY VALUE $4,138,799) 0.02 04/01/2010 4,138,797
200,339 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 200,339
377,641 COOK COUNTY IL+/-ss 0.25 11/01/2030 377,641
376,282 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $376,282) 0.03 04/01/2010 376,282
|
Wells Fargo Advantage Allocation Funds 33
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
---------- --------------------------------------------------------- ------------- ------------- ------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 723,334 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $723,334) 0.01% 04/01/2010 $ 723,334
3,003,427 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,234,408
124,622 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 124,622
216,011 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 216,011
151,056 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 151,056
2,508,368 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE BACKED SECURITIES (MATURITY VALUE $2,508,369) 0.01 04/01/2010 2,508,368
226,585 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 226,585
151,056 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 151,056
339,499 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 339,499
498,486 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 498,486
226,585 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 226,585
9,254,246 VFNC CORPORATION+++/-(a)(i) 0.25 09/30/2010 4,997,293
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $15,981,300) 17,316,792
------------
US TREASURY SECURITIES: 35.97%
US TREASURY BONDS: 35.97%
23,724,000 US TREASURY BOND 3.50 02/15/2039 19,197,912
32,883,000 US TREASURY BOND 4.25 05/15/2039 30,468,138
14,499,000 US TREASURY BOND<< 4.38 02/15/2038 13,787,650
41,329,000 US TREASURY BOND 4.38 11/15/2039 39,081,736
23,413,000 US TREASURY BOND 4.50 02/15/2036 22,867,922
19,452,000 US TREASURY BOND 4.50 05/15/2038 18,871,475
37,296,000 US TREASURY BOND 4.50 08/15/2039 36,013,950
15,744,000 US TREASURY BOND 4.63 02/15/2040 15,517,680
13,456,000 US TREASURY BOND 4.75 02/15/2037 13,641,020
13,708,000 US TREASURY BOND 5.00 05/15/2037 14,434,099
13,808,000 US TREASURY BOND 5.38 02/15/2031 15,275,100
13,983,000 US TREASURY BOND 6.25 05/15/2030 17,116,058
TOTAL US TREASURY SECURITIES (COST $275,352,287) 256,272,740
------------
SHORT-TERM INVESTMENTS: 4.79%
|
SHARES YIELD
---------- -------------
MUTUAL FUNDS: 2.01%
14,285,965 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(l)(u) 0.09 14,285,965
------------
|
PRINCIPAL INTEREST RATE
---------- -------------
US TREASURY BILLS: 2.78%
$12,775,000 US TREASURY BILL### 0.10 08/05/2010 12,767,854
7,050,000 US TREASURY BILL### 0.20 05/06/2010 7,048,903
19,816,757
------------
TOTAL SHORT-TERM INVESTMENTS (COST $34,102,722) 34,102,722
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $734,727,503)* 102.35% 729,239,803
OTHER ASSETS AND LIABILITIES, NET (2.35) (16,718,612)
------ ------------
TOTAL NET ASSETS 100.00% $712,521,191
------ ------------
|
34 Wells Fargo Advantage Allocation Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX ASSET ALLOCATION FUND
<< All or a ortion of this security is on loan.
+ Non-income earning securities.
(l) Investment in an affiliate.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
+/- Variable rate investments.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is $761,482,032 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 58,707,440
Gross unrealized depreciation (90,949,669)
-------------
Net unrealized depreciation $ (32,242,229)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 35
Portfolio of Investments--March 31, 2010 (Unaudited)
MODERATE BALANCED FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
---------- --------------------------------------------------------- ------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.67%
N/A WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 7,191,560
N/A WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 4,309,611
N/A WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 1,002,211
N/A WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 7,215,309
N/A WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 7,201,878
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO 21,604,586
N/A WELLS FARGO ADVANTAGE INFLATED-PROTECTED BOND PORTFOLIO 9,775,673
N/A WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 3,252,712
N/A WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 3,248,396
N/A WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 3,254,750
N/A WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 3,248,305
N/A WELLS FORGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 2,157,227
N/A WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 15,066,052
N/A WELLS FARGO ADVANTAGE MANAGED FIXED INCOME PORTFOLIO 68,270,142
N/A WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 2,873,354
N/A WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 1,859,613
N/A WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 286,068
N/A WELLS FORGO ADVANTAGE STABLE INCOME PORTFOLIO 32,459,897
N/A WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 2,566,631
N/A WELLS FARGO ADVANTAGE TOTAL RETURN BOND PORTFOLIO 19,485,974
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $211,004,466) 216,329,949
-------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
---------- ------------- -------------
SHORT-TERM INVESTMENTS: 1.09%
US TREASURY BILLS: 1.09%
$2,360,000 US TREASURY BILL## # 0.10% 08/05/2010 2,358,679
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,358,679)
2,358,679
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $213,363,145)* 100.76% $ 218,688,628
OTHER ASSETS AND LIABILITIES, NET (0.76) (1,648,669)
------ -------------
TOTAL NET ASSETS 100.00% $ 217,039,959
------ -------------
|
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is substantially the same as for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Allocation Funds
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Aggressive Conservative
Allocation Allocation
Fund Fund
------------ ------------
ASSETS
Investments
In unaffiliated securities, at value (including securities on loan) $ 1,544,135 $ 1,838,970
In affiliated Master Portfolios, at value ......................... 102,041,485 336,029,361
In affiliated securities, at value ................................ 0 0
------------ ------------
Total investments, at value (see cost below) ......................... 103,585,620 337,868,331
------------ ------------
Cash ................................................................. 25,000 25,000
Receivable for Fund shares issued .................................... 57,080 104,713
Receivables for dividends and interest ............................... 0 0
------------ ------------
Total assets ............................................................ 103,667,700 337,998,044
------------ ------------
LIABILITIES
Payable for daily variation margin on futures contracts .............. 114,756 127,931
Payable for Fund shares redeemed ..................................... 142,548 144,683
Payable for investments purchased .................................... 0 0
Dividends payable .................................................... 0 0
Payable upon receipt of securities loaned ............................ 0 0
Payable to investment advisor and affiliates ......................... 31,639 105,022
Accrued expenses and other liabilities ............................... 6,627 15,668
------------ ------------
Total liabilities ....................................................... 295,570 393,304
------------ ------------
TOTAL NET ASSETS ........................................................ $103,372,130 $337,604,740
============ ============
NET ASSETS CONSIST OF
Paid-in capital ...................................................... $140,527,447 $359,859,998
Undistributed (overdistributed) net investment income ................ 480,625 (911,311)
Accumulated net realized loss on investments ......................... (43,728,662) (24,208,716)
Net unrealized appreciation (depreciation) of investments ............ 5,688,207 2,422,542
Net unrealized appreciation (depreciation) of futures ................ 404,513 442,227
------------ ------------
TOTAL NET ASSETS ........................................................ $103,372,130 $337,604,740
============ ============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A ................................................. NA NA
Shares outstanding - Class A ......................................... NA NA
Net asset value per share - Class A .................................. NA NA
Maximum offering price per share - Class A(2) ........................ NA NA
Net assets - Class B ................................................. NA NA
Shares outstanding - Class B ......................................... NA NA
Net asset value and offering price per share - Class B ............... NA NA
Net assets - Class C ................................................. NA NA
Shares outstanding - Class C ......................................... NA NA
Net asset value and offering price per share - Class C ............... NA NA
Net assets - Administrator Class ..................................... $103,372,130 $337,604,740
Shares outstanding - Administrator Class ............................. 8,905,014 18,967,705
Net asset value and offering price per share - Administrator Class ... $ 11.61 $ 17.80
------------ ------------
Investments at cost ..................................................... $ 97,897,413 $335,445,789
------------ ------------
Securities on loan, at value ............................................ $ 0 $ 0
------------ ------------
|
(1.) Each Fund has an unlimited number of authorized shares.
(2.) Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 37
Statements of Assets and Liabilities-March 31, 2010 (Unaudited)
Growth Index Asset Moderate
Balanced Allocation Balanced
Fund Fund Fund
-------------- ------------- ------------
$ 13,393,873 $ 708,532,817 $ 2,358,679
878,347,167 0 216,329,949
0 20,706,986 0
-------------- ------------- ------------
891,741,040 729,239,803 218,688,628
-------------- ------------- ------------
25,000 100,000 25,000
340,546 80,138 183,887
0 3,452,460 0
-------------- ------------- ------------
892,106,586 732,872,401 218,897,515
-------------- ------------- ------------
1,005,338 669,900 168,975
2,649,080 1,316,676 1,605,639
0 88,584 0
0 89 0
0 17,535,338 0
324,558 631,183 81,379
60,287 109,440 1,563
-------------- ------------- ------------
4,039,263 20,351,210 1,857,556
-------------- ------------- ------------
$ 888,067,323 $ 712,521,191 $217,039,959
============== ============= ============
$1,039,240,157 $ 845,953,539 $244,799,467
7,752,926 303,742 3,374,750
(193,854,073) (133,263,409) (37,055,417)
31,380,458 (5,487,700) 5,325,483
3,547,855 5,015,019 595,676
-------------- ------------- ------------
$ 888,067,323 $ 712,521,191 $217,039,959
============== ============= ============
$ 57,076,987 $ 655,826,394 $ 7,634,911
2,194,204 37,596,770 428,566
$ 26.01 $ 17.44 $ 17.82
$ 27.60 $ 18.50 $ 18.91
$ 10,103,825 $ 12,454,463 $ 1,506,119
434,318 1,168,117 84,800
$ 23.26 $ 10.66 $ 17.76
$ 8,198,403 $ 18,501,255 $ 1,711,613
354,538 1,738,458 96,815
$ 23.12 $ 10.64 $ 17.68
$ 812,688,108 $ 25,739,078 $206,187,316
34,647,059 1,474,627 11,503,216
$ 23.46 $ 17.45 $ 17.92
-------------- ------------- ------------
$ 860,360,582 $ 734,727,503 $213,363,145
-------------- ------------- ------------
$ 0 $ 14,170,000 $ 0
-------------- ------------- ------------
|
38 Wells Fargo Advantage Allocation Funds
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Aggressive Conservative
Allocation Allocation
Fund Fund
----------- ------------
INVESTMENT INCOME
Dividends .......................................................... $ 0 $ 0
Dividends allocated from affiliated Master Portfolios(1) ........... 644,193 61,798
Dividends from affiliated securities ............................... 0 0
Interest ........................................................... 1,242 1,460
Interest allocated from affiliated Master Portfolios ............... 410,599 3,210,640
Interest from affiliated securities ................................ 0 0
Securities lending income .......................................... 0 0
Securities lending income from affiliated Master Portfolios ........ 8,951 10,800
Expenses allocated from affiliated Master Portfolios ............... (341,854) (837,308)
Waivers allocated from affiliated Master Portfolios ................ 36,962 40,427
----------- -----------
Total investment income ............................................... 760,093 2,487,817
----------- -----------
EXPENSES
Advisory fees ...................................................... 125,701 421,441
Administration fees
Fund level ...................................................... 25,140 84,288
Class A ......................................................... NA NA
Class B ......................................................... NA NA
Class C ......................................................... NA NA
Administrator Class ............................................. 50,280 168,576
Custody fees ....................................................... 0 0
Shareholder servicing fees
Class A ......................................................... NA NA
Class B ......................................................... NA NA
Class C ......................................................... NA NA
Administrator Class ............................................. 125,701 421,441
Accounting fees .................................................... 1,198 9,825
Distribution fees
Class B ......................................................... NA NA
Class C ......................................................... NA NA
Professional fees .................................................. 13,400 0
Registration fees .................................................. 7,480 7,480
Shareholder reports ................................................ 8,976 22,439
Trustees' fees ..................................................... 5,274 0
Other fees and expenses ............................................ 10,170 13,026
----------- -----------
Total expenses ........................................................ 373,320 1,148,516
----------- -----------
LESS
Waived fees and/or reimbursed expenses ............................. (140,596) (457,705)
Net expenses ....................................................... 232,724 690,811
----------- -----------
Net investment income ................................................. 527,369 1,797,006
----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities ............................................ 0 0
Affiliated securities .............................................. 0 0
Futures transactions ............................................... 2,094,328 1,952,945
Transactions allocated from Master Portfolios ...................... 677,443 (987,975)
----------- -----------
Net realized gain from investments .................................... 1,416,885 964,970
----------- -----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities ............................................ 0 0
Affiliated securities .............................................. 0 0
Futures transactions ............................................... 4,829 91,409
Transactions allocated from Master Portfolios ...................... 8,315,610 16,461,412
----------- -----------
Net change in unrealized appreciation (depreciation) of investments ... 8,320,439 16,552,821
----------- -----------
Net realized and unrealized gain (loss) on investments ................ 9,737,324 17,517,791
----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................. $10,264,693 $19,314,797
=========== ===========
1. Net of foreign withholding taxes of ................................ $ 10,655 $ 0
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 39
Statements of Assets and Liabilities-March 31, 2010 (Unaudited)
Growth Index Asset Moderate
Balanced Allocation Balanced
Fund Fund Fund
----------- ------------ -----------
$ 0 $ 4,151,140 $ 0
4,452,517 0 774,045
0 9,961 0
10,831 5,644,512 2,040
10,774,270 0 5,334,541
0 909 0
0 78,187 0
75,021 0 21,928
(2,775,224) 0 (858,949)
293,198 0 86,757
----------- ------------ -----------
12,830,613 9,884,709 5,360,362
----------- ------------ -----------
1,045,595 2,242,326 289,115
209,119 176,472 57,823
80,458 904,213 12,668
16,123 19,007 2,140
11,039 26,395 2,221
379,803 13,797 109,390
0 30,502 0
72,389 805,294 11,322
14,187 16,970 1,913
9,856 23,275 1,986
945,164 34,491 270,934
8,653 12,493 5,059
43,187 50,910 5,735
29,568 70,702 5,953
13,372 22,339 13,406
22,439 12,465 17,452
64,821 77,288 22,439
5,274 5,274 5,274
25,726 101,316 12,949
----------- ------------ -----------
2,996,773 4,645,529 847,779
----------- ------------ -----------
(1,000,622) (519,580) (317,514)
1,996,151 4,125,949 530,265
----------- ------------ -----------
10,834,462 5,758,760 4,830,097
----------- ------------ -----------
0 (16,841,536) 0
0 (281,390) 0
15,497,285 22,809,648 3,128,427
2,333,397 0 (442,348)
----------- ------------ -----------
17,830,682 5,686,722 2,686,079
----------- ------------ -----------
0 32,439,527 0
0 2,873,766 0
1,331,864 1,823,839 48,511
48,477,260 0 9,677,013
----------- ------------ -----------
49,809,124 37,137,132 9,725,524
----------- ------------ -----------
67,639,806 42,823,854 12,411,603
----------- ------------ -----------
$78,474,268 $ 48,582,614 $17,241,700
=========== ============ ===========
$ 0 $ 74,074 $ 11,910
|
40 Wells Fargo Advantage Allocation Funds
Statements of Changes in Net Assets
AGGRESSIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets .................................................. $169,286,410 $204,445,407
OPERATIONS
Net investment income ................................................. 527,369 2,671,643
Net realized gain (loss) on investments ............................... 1,416,885 (27,857,556)
Net change in unrealized appreciation (depreciation) of investments ... 8,320,439 9,867,473
------------ ------------
Net increase (decrease) in net assets resulting from operations .......... 10,264,693 (15,318,440)
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ............................................................. NA NA
Class B ............................................................. NA NA
Class C ............................................................. NA NA
Administrator Class ................................................. (2,209,287) (3,643,110)
Net realized gains
Class A ............................................................. NA NA
Class B ............................................................. NA NA
Class C ............................................................. NA NA
Administrator Class ................................................. 0 (20,605)
------------ ------------
Total distributions to shareholders ...................................... (2,209,287) (3,663,715)
------------ ------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................... NA NA
Reinvestment of distributions - Class A ............................... NA NA
Cost of shares redeemed - Class A ..................................... NA NA
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ............................................. NA NA
------------ ------------
Proceeds from shares sold - Class B ................................... NA NA
Reinvestment of distributions - Class B ............................... NA NA
Cost of shares redeemed - Class B ..................................... NA NA
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ............................................. NA NA
------------ ------------
Proceeds from shares sold - Class C ................................... NA NA
Reinvestment of distributions - Class C ............................... NA NA
Cost of shares redeemed - Class C ..................................... NA NA
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................. NA NA
------------ ------------
Proceeds from shares sold - Administrator Class ....................... 16,472,947 61,702,225
Reinvestment of distributions - Administrator Class ................... 2,204,396 3,643,300
Cost of shares redeemed - Administrator Class ......................... (92,647,029) (81,522,367)
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................. (73,969,686) (16,176,842)
------------ ------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ............................................... (73,969,686) (16,176,842)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .................................... (65,914,280) (35,158,997)
============ ============
ENDING NET ASSETS ........................................................ $103,372,130 $169,286,410
============ ============
Ending balance of undistributed (overdistributed) net investment
income ................................................................ $ 480,625 $ 2,162,543
------------ ------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 41
Statements of Changes in Net Assets
CONSERVATIVE ALLOCATION FUND GROWTH BALANCED FUND INDEX ASSET ALLOCATION FUND
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 424,388,975 $ 479,237,779 $ 938,324,045 $1,258,315,439 $708,273,722 $ 869,482,980
1,797,006 12,946,387 10,834,462 18,363,725 5,758,760 13,770,477
964,970 (17,154,589) 17,830,682 (154,148,174) 5,686,722 (56,244,749)
16,552,821 14,503,476 49,809,124 30,694,799 37,137,132 (17,727,983)
------------- ------------- ------------- -------------- ------------ -------------
19,314,797 10,295,274 78,474,268 (105,089,650) 48,582,614 (60,202,255)
------------- ------------- ------------- -------------- ------------ -------------
NA NA (886,051) (1,141,385) (5,296,159) (12,622,827)
NA NA (74,228) (292,490) (31,234) (235,221)
NA NA (84,420) (130,410) (49,663) (243,696)
(12,043,396) (18,792,992) (14,342,061) (29,490,388) (291,116) (611,627)
NA NA 0 (168,242) 0 (73,264)
NA NA 0 (89,368) 0 (2,649)
NA NA 0 (30,238) 0 (2,215)
0 (2,638,483) 0 (3,731,321) 0 (3,167)
------------- ------------- ------------- -------------- ------------ -------------
(12,043,396) (21,431,475) (15,386,760) (35,073,842) (5,668,172) (13,794,666)
------------- ------------- ------------- -------------- ------------ -------------
NA NA 6,458,951 16,321,997 6,537,504 17,596,987
NA NA 859,542 1,269,345 5,078,151 12,175,152
NA NA (9,863,332) (14,812,025) (41,503,099) (96,663,066)
------------- ------------- ------------- -------------- ------------ -------------
NA NA (2,544,839) 2,779,317 (29,887,444) (66,890,927)
------------- ------------- ------------- -------------- ------------ -------------
NA NA 25,699 203,510 11,426 98,066
NA NA 72,091 371,902 28,691 218,798
NA NA (4,755,504) (14,431,131) (3,612,020) (12,870,713)
------------- ------------- ------------- -------------- ------------ -------------
NA NA (4,657,714) (13,855,719) (3,571,903) (12,553,849)
------------- ------------- ------------- -------------- ------------ -------------
NA NA 222,521 381,417 149,910 750,786
NA NA 80,397 151,841 42,532 206,821
NA NA (432,493) (1,641,652) (2,000,742) (4,519,330)
------------- ------------- ------------- -------------- ------------ -------------
NA NA (129,575) (1,108,394) (1,808,300) (3,561,723)
------------- ------------- ------------- -------------- ------------ -------------
31,223,941 107,926,719 175,704,141 627,120,674 7,684,719 5,005,582
12,013,888 21,405,584 14,299,006 33,070,800 290,433 609,911
(137,293,465) (173,044,906) (296,015,249) (827,834,580) (11,374,478) (9,821,331)
------------- ------------- ------------- -------------- ------------ -------------
(94,055,636) (43,712,603) (106,012,102) (167,643,106) (3,399,326) (4,205,838)
------------- ------------- ------------- -------------- ------------ -------------
(94,055,636) (43,712,603) (113,344,230) (179,827,902) (38,666,973) (87,212,337)
------------- ------------- ------------- -------------- ------------ -------------
(86,784,235) (54,848,804) (50,256,722) (319,991,394) 4,247,469 (161,209,258)
============= ============= ============= ============== ============ =============
$ 337,604,740 $ 424,388,975 $ 888,067,323 $ 938,324,045 $712,521,191 $ 708,273,722
============= ============= ============= ============== ============ =============
$ (911,311) $ 9,335,079 $ 7,752,926 $ 12,305,224 $ 303,742 $ 213,154
------------- ------------- ------------- -------------- ------------ -------------
|
42 Wells Fargo Advantage Allocation Funds
Statements of Changes in Net Assets
AGGRESSIVE ALLOCATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ...................................................... NA NA
Shares issued in reinvestment of distributions - Class A ................... NA NA
Shares redeemed - Class A .................................................. NA NA
---------- ----------
Net increase (decrease) in shares outstanding - Class A .................... NA NA
---------- ----------
Shares sold - Class B ...................................................... NA NA
Shares issued in reinvestment of distributions - Class B ................... NA NA
Shares redeemed - Class B .................................................. NA NA
---------- ----------
Net decrease in shares outstanding - Class B ............................... NA NA
---------- ----------
Shares sold - Class C ...................................................... NA NA
Shares issued in reinvestment of distributions - Class C ................... NA NA
Shares redeemed - Class C .................................................. NA NA
---------- ----------
Net decrease in shares outstanding - Class C ............................... NA NA
---------- ----------
Shares sold - Administrator Class .......................................... 1,500,637 6,906,822
Shares issued in reinvestment of distributions - Administrator Class ....... 199,855 437,810
Shares redeemed - Administrator Class ...................................... (8,533,945) (9,194,289)
---------- ----------
Net decrease in shares outstanding - Administrator Class ................... (6,833,453) (1,849,657)
---------- ----------
NET DECREASE IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (6,833,453) (1,849,657)
---------- ----------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 43
Statements of Changes in Net Assets
CONSERVATIVE ALLOCATION FUND GROWTH BALANCED FUND INDEX ASSET ALLOCATION FUND
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
NA NA 262,068 795,101 389,956 1,234,205
NA NA 34,645 66,280 292,581 838,017
NA NA (395,774) (738,648) (2,461,854) (6,830,133)
---------- ----------- ----------- ----------- ---------- ----------
NA NA (99,061) 122,733 (1,779,317) (4,757,911)
---------- ----------- ----------- ----------- ---------- ----------
NA NA 1,155 11,032 1,109 11,491
NA NA 3,243 21,681 2,663 24,804
NA NA (216,320) (791,291) (353,326) (1,482,104)
---------- ----------- ----------- ----------- ---------- ----------
NA NA (211,922) (758,578) (349,554) (1,445,809)
---------- ----------- ----------- ----------- ---------- ----------
NA NA 10,022 22,124 14,646 85,352
NA NA 3,638 8,868 3,299 23,405
NA NA (20,292) (90,958) (195,749) (518,967)
---------- ----------- ----------- ----------- ---------- ----------
NA NA (6,632) (59,966) (177,804) (410,210)
---------- ----------- ----------- ----------- ---------- ----------
1,780,324 6,778,676 7,891,821 34,150,289 466,438 356,722
697,266 1,393,541 639,777 1,912,938 17,060 41,938
(7,825,139) (10,828,737) (13,378,488) (46,422,491) (678,509) (700,526)
---------- ----------- ----------- ----------- ---------- ----------
(5,347,549) (2,656,520) (4,846,890) (10,359,264) (195,011) (301,866)
---------- ----------- ----------- ----------- ---------- ----------
(5,347,549) (2,656,520) (5,164,505) (11,055,075) (2,501,686) (6,915,796)
---------- ----------- ----------- ----------- ---------- ----------
|
44 Wells Fargo Advantage Allocation Funds
Statements of Changes in Net Assets
MODERATE BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................. $ 342,174,335 $ 420,207,990
OPERATIONS
Net investment income ................................................ 4,830,097 8,790,347
Net realized gain (loss) on investments .............................. 2,686,079 (29,245,227)
Net change in unrealized appreciation (depreciation) of investments .. 9,725,524 12,201,507
------------- -------------
Net increase (decrease) in net assets resulting from operations ......... 17,241,700 (8,253,373)
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ........................................................... (296,526) (263,142)
Class B ........................................................... (36,142) (53,839)
Class C ........................................................... (42,451) (37,718)
Administrator Class ............................................... (7,225,301) (13,200,377)
Net realized gains
Class A ........................................................... 0 (81,272)
Class B ........................................................... 0 (22,182)
Class C ........................................................... 0 (15,819)
Administrator Class ............................................... 0 (3,791,484)
------------- -------------
Total distributions to shareholders ..................................... (7,600,420) (17,465,833)
------------- -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .................................. 2,158,253 3,447,139
Reinvestment of distributions - Class A .............................. 286,367 331,213
Cost of shares redeemed - Class A .................................... (3,805,905) (3,433,436)
------------- -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ............................................ (1,361,285) 344,916
------------- -------------
Proceeds from shares sold - Class B .................................. 23,709 521,701
Reinvestment of distributions - Class B .............................. 33,463 73,607
Cost of shares redeemed - Class B .................................... (337,807) (920,587)
------------- -------------
Net decrease in net assets resulting from capital share transactions
- Class B ......................................................... (280,635) (325,279)
------------- -------------
Proceeds from shares sold - Class C .................................. 268,125 231,733
Reinvestment of distributions - Class C .............................. 39,202 49,780
Cost of shares redeemed - Class C .................................... (107,284) (426,119)
------------- -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................ 200,043 (144,606)
------------- -------------
Proceeds from shares sold - Administrator Class ...................... 19,860,340 47,800,651
Reinvestment of distributions - Administrator Class .................. 7,188,444 16,658,857
Cost of shares redeemed - Administrator Class ........................ (160,382,563) (116,648,988)
------------- -------------
Net decrease in net assets resulting from capital share transactions
- Administrator Class ............................................. (133,333,779) (52,189,480)
------------- -------------
Net decrease in net assets resulting from capital share transactions
- Total ........................................................... (134,775,656) (52,314,449)
------------- -------------
NET DECREASE IN NET ASSETS .............................................. (125,134,376) (78,033,655)
============= =============
ENDING NET ASSETS ....................................................... $ 217,039,959 $ 342,174,335
============= =============
Ending balance of undistributed net investment income ................... $ 3,374,750 $ 6,145,073
------------- -------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 45
Statements of Changes in Net Assets
MODERATE BALANCED FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ...................................................... 124,810 230,988
Shares issued in reinvestment of distributions - Class A ................... 16,708 22,975
Shares redeemed - Class A .................................................. (219,247) (225,138)
---------- ----------
Net increase (decrease) in shares outstanding - Class A .................... (77,729) 28,825
---------- ----------
Shares sold - Class B ...................................................... 1,357 34,723
Shares issued in reinvestment of distributions - Class B ................... 1,955 5,117
Shares redeemed - Class B .................................................. (19,789) (61,775)
---------- ----------
Net decrease in shares outstanding - Class B ............................... (16,477) (21,935)
---------- ----------
Shares sold - Class C ...................................................... 15,512 14,915
Shares issued in reinvestment of distributions - Class C ................... 2,301 3,467
Shares redeemed - Class C .................................................. (6,201) (28,224)
---------- ----------
Net increase (decrease) in shares outstanding - Class C .................... 11,612 (9,842)
---------- ----------
Shares sold - Administrator Class .......................................... 1,142,602 3,066,484
Shares issued in reinvestment of distributions - Administrator Class ....... 417,205 1,149,823
Shares redeemed - Administrator Class ...................................... (9,226,311) (7,732,355)
---------- ----------
Net decrease in shares outstanding - Administrator Class ................... (7,666,504) (3,516,048)
---------- ----------
NET DECREASE IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS .. (7,749,098) (3,519,000)
---------- ----------
|
46 Wells Fargo Advantage Allocation Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income on Investments Income Realized Gains
--------- ---------- -------------- ------------- --------------
AGGRESSIVE ALLOCATION FUND
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.76 0.15 0.96 (0.26) 0.00
October 1, 2008 to September 30, 2009 .......... $11.62 0.19 (0.83) (0.22) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $16.92 0.21 (3.91) (0.23) (1.37)
October 1, 2006 to September 30, 2007 .......... $15.32 0.23 2.39 (0.18) (0.84)
October 1, 2005 to September 30, 2006 .......... $14.57 0.22 1.08 (0.20) (0.35)
October 1, 2004 to September 30, 2005 .......... $13.09 0.19 1.45 (0.16) 0.00
CONSERVATIVE ALLOCATION FUND
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.45 0.25 0.78 (0.68) 0.00
October 1, 2008 to September 30, 2009 .......... $17.77 0.58 (0.05) (0.75) (0.10)
October 1, 2007 to September 30, 2008 .......... $20.35 0.73 (2.04) (0.72) (0.55)
October 1, 2006 to September 30, 2007 .......... $19.74 0.70 0.84 (0.64) (0.29)
October 1, 2005 to September 30, 2006 .......... $19.78 0.67 0.30 (0.63) (0.38)
October 1, 2004 to September 30, 2005 .......... $19.48 0.54 0.40 (0.41) (0.23)
GROWTH BALANCED FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $24.12 0.26(4) 2.01 (0.38) 0.00
October 1, 2008 to September 30, 2009 .......... $25.63 0.41(4) (1.32) (0.52) (0.08)
October 1, 2007 to September 30, 2008 .......... $36.21 0.63(4) (7.32) (0.63) (3.26)
October 1, 2006 to September 30, 2007 .......... $33.51 0.61 4.40 (0.53) (1.78)
October 1, 2005 to September 30, 2006 .......... $33.09 0.60 1.98 (0.45) (1.71)
October 1, 2004 to September 30, 2005 .......... $30.51 0.52 2.68 (0.41) (0.21)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.46 0.13(4) 1.81 (0.14) 0.00
October 1, 2008 to September 30, 2009 .......... $22.70 0.22(4) (1.13) (0.25) (0.08)
October 1, 2007 to September 30, 2008 .......... $32.51 0.36(4) (6.52) (0.39) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.29 0.33 3.95 (0.28) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.12 0.30 1.81 (0.23) (1.71)
October 1, 2004 to September 30, 2005 .......... $27.83 0.23 2.47 (0.20) (0.21)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.42 0.14(4) 1.80 (0.24) 0.00
October 1, 2008 to September 30, 2009 .......... $22.77 0.23(4) (1.17) (0.33) (0.08)
October 1, 2007 to September 30, 2008 .......... $32.60 0.36(4) (6.54) (0.39) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.37 0.33 3.97 (0.29) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.19 0.32 1.80 (0.23) (1.71)
October 1, 2004 to September 30, 2005 .......... $27.81 0.21 2.50 (0.12) (0.21)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $21.81 0.28(4) 1.80 (0.43) 0.00
October 1, 2008 to September 30, 2009 .......... $23.29 0.41(4) (1.21) (0.60) (0.08)
October 1, 2007 to September 30, 2008 .......... $33.29 0.64(4) (6.67) (0.71) (3.26)
October 1, 2006 to September 30, 2007 .......... $30.98 0.70 3.99 (0.60) (1.78)
October 1, 2005 to September 30, 2006 .......... $30.76 0.62 1.85 (0.54) (1.71)
October 1, 2004 to September 30, 2005 .......... $28.41 0.56 2.50 (0.50) (0.21)
|
(1.) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(2.) Includes net expenses allocated from the Master Portfolio(s) in which the
Fund invests.
(3.) Portfolio turnover rate is calculated by aggregating the results of
multiplying the Fund's investment percentage in the respective Master
Portfolio by the corresponding Master Portfolio's portfolio turnover rate.
(4.) Calculated based upon average shares outstanding.
(5.) Amount is less than $0.005
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Allocation Funds 47
Financial Highlights
Ratio to
Ending Average Net Assets (Annualized)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------
$11.61 1.83% 1.27%(2) 0.99%(2) 10.42% 47%(3) $ 103,372
$10.76 1.83% 1.22%(2) 1.00%(2) (4.96)% 80%(3) $ 169,286
$11.62 1.76% 1.21%(2) 1.00%(2) (23.80)% 62%(3) $ 204,445
$16.92 1.55% 1.20%(2) 1.00%(2) 17.79% 58%(3) $ 273,273
$15.32 1.55% 1.20%(2) 1.00%(2) 9.14% 61%(3) $ 223,488
$14.57 1.42% 1.12%(2) 1.00%(2) 12.61% 64%(3) $ 196,484
$17.80 3.18% 1.12%(2) 0.85%(2) 6.06% 91%(3) $ 337,605
$17.45 3.18% 1.09%(2) 0.85%(2) 3.68% 130%(3) $ 424,389
$17.77 3.80% 1.06%(2) 0.85%(2) (6.85)% 100%(3) $ 479,238
$20.35 3.75% 1.05%(2) 0.85%(2) 8.05% 91%(3) $ 615,216
$19.74 3.69% 1.04%(2) 0.85%(2) 5.14% 106%(3) $ 515,658
$19.78 2.78% 1.01%(2) 0.85%(2) 4.91% 102%(3) $ 442,285
$26.01 2.06% 1.37%(2) 1.19%(2) 9.50% 67%(3) $ 57,077
$24.12 1.95% 1.32%(2) 1.20%(2) (2.95)% 105%(3) $ 55,318
$25.63 2.09% 1.34%(2) 1.20%(2) (20.42)% 80%(3) $ 55,626
$36.21 1.89% 1.32%(2) 1.20%(2) 15.55% 75%(3) $ 79,411
$33.51 1.89% 1.30%(2) 1.20%(2) 8.13% 80%(3) $ 64,560
$33.09 1.59% 1.33%(2) 1.20%(2) 10.58% 80%(3) $ 58,091
$23.26 1.46% 2.12%(2) 1.94%(2) 9.08% 67%(3) $ 10,104
$21.46 1.21% 2.08%(2) 1.95%(2) (3.66)% 105%(3) $ 13,869
$22.70 1.31% 2.09%(2) 1.95%(2) (21.02)% 80%(3) $ 31,892
$32.51 1.12% 2.06%(2) 1.95%(2) 14.69% 75%(3) $ 66,097
$30.29 1.12% 2.05%(2) 1.95%(2) 7.30% 80%(3) $ 73,602
$30.12 0.84% 2.08%(2) 1.95%(2) 9.76% 80%(3) $ 85,327
$23.12 1.29% 2.12%(2) 1.94%(2) 9.10% 67%(3) $ 8,198
$21.42 1.21% 2.06%(2) 1.95%(2) (3.69)% 105%(3) $ 7,738
$22.77 1.33% 2.08%(2) 1.95%(2) (21.02)% 80%(3) $ 9,588
$32.60 1.12% 2.06%(2) 1.95%(2) 14.72% 75%(3) $ 15,226
$30.37 1.12% 2.05%(2) 1.95%(2) 7.29% 80%(3) $ 16,351
$30.19 0.84% 2.08%(2) 1.95%(2) 9.79% 80%(3) $ 18,262
$23.46 2.26% 1.19%(2) 0.94%(2) 9.65% 67%(3) $ 812,688
$21.81 2.18% 1.14%(2) 0.95%(2) (2.68)% 105%(3) $ 861,399
$23.29 2.32% 1.16%(2) 0.95%(2) (20.25)% 80%(3) $1,161,210
$33.29 2.12% 1.14%(2) 0.95%(2) 15.84% 75%(3) $1,804,249
$30.98 2.13% 1.12%(2) 0.95%(2) 8.40% 80%(3) $1,919,297
$30.76 1.84% 1.07%(2) 0.95%(2) 10.87% 80%(3) $1,848,078
|
48 Wells Fargo Advantage Allocation Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income on Investments Income Realized Gains
--------- ---------- -------------- ------------- --------------
INDEX ASSET ALLOCATION FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.42 0.14(4) 1.16 (0.28) 0.00
October 1, 2008 to September 30, 2009 .......... $17.63 0.31(4) (1.21) (0.31) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $23.12 0.44(4) (4.36) (0.44) (1.13)
October 1, 2006 to September 30, 2007 .......... $20.94 0.47(4) 2.58 (0.47) (0.40)
October 1, 2005 to September 30, 2006 .......... $19.99 0.44 1.16 (0.43) (0.22)
October 1, 2004 to September 30, 2005 .......... $18.80 0.40 1.64 (0.41) (0.44)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.02 0.04(4) 0.67 (0.07) 0.00
October 1, 2008 to September 30, 2009 .......... $10.74 0.13(4) (0.74) (0.11) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $14.07 0.18(4) (2.66) (0.16) (0.69)
October 1, 2006 to September 30, 2007 .......... $12.73 0.19(4) 1.57 (0.18) (0.24)
October 1, 2005 to September 30, 2006 .......... $12.15 0.18 0.70 (0.17) (0.13)
October 1, 2004 to September 30, 2005 .......... $11.42 0.15 1.00 (0.15) (0.27)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $10.00 0.04(4) 0.68 (0.08) 0.00
October 1, 2008 to September 30, 2009 .......... $10.73 0.12(4) (0.73) (0.12) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $14.07 0.18(4) (2.66) (0.17) (0.69)
October 1, 2006 to September 30, 2007 .......... $12.75 0.18(4) 1.56 (0.18) (0.24)
October 1, 2005 to September 30, 2006 .......... $12.16 0.17 0.72 (0.17) (0.13)
October 1, 2004 to September 30, 2005 .......... $11.44 0.17 0.98 (0.16) (0.27)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.44 0.16(4) 1.18 (0.33) 0.00
October 1, 2008 to September 30, 2009 .......... $17.65 0.34(4) (1.20) (0.35) 0.00(5)
October 1, 2007 to September 30, 2008 .......... $23.15 0.50(4) (4.38) (0.49) (1.13)
October 1, 2006 to September 30, 2007 .......... $20.97 0.54(4) 2.57 (0.53) (0.40)
October 1, 2005 to September 30, 2006 .......... $20.02 0.41 1.24 (0.48) (0.22)
October 1, 2004 to September 30, 2005 .......... $18.82 0.47 1.63 (0.46) (0.44)
MODERATE BALANCED FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.12 0.29(4) 0.97 (0.56) 0.00
October 1, 2008 to September 30, 2009 .......... $17.85 0.38(4) (0.36) (0.57) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.76 0.55 (3.34) (0.61) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.97 0.65(4) 1.73 (0.61) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.23 0.60 0.75 (0.51) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.72 0.43 1.13 (0.40) (0.65)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.99 0.20(4) 0.98 (0.41) 0.00
October 1, 2008 to September 30, 2009 .......... $17.67 0.26(4) (0.34) (0.42) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.53 0.42 (3.34) (0.43) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.76 0.47(4) 1.72 (0.44) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.04 0.42 0.76 (0.36) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.62 0.31 1.08 (0.32) (0.65)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .. $16.96 0.23(4) 0.95 (0.46) 0.00
October 1, 2008 to September 30, 2009 .......... $17.64 0.26(4) (0.34) (0.42) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.52 0.41 (3.33) (0.45) (1.51)
October 1, 2006 to September 30, 2007 .......... $21.77 0.47(4) 1.72 (0.46) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.05 0.43 0.75 (0.36) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.62 0.31 1.08 (0.31) (0.65)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .. $17.23 0.29(4) 0.99 0.59) 0.00
October 1, 2008 to September 30, 2009 .......... $17.98 0.42(4) (0.37) (0.62) (0.18)
October 1, 2007 to September 30, 2008 .......... $22.90 0.60 (3.36) (0.65) (1.51)
October 1, 2006 to September 30, 2007 .......... $22.08 0.67(4) 1.77 (0.64) (0.98)
October 1, 2005 to September 30, 2006 .......... $22.32 0.64 0.78 (0.56) (1.10)
October 1, 2004 to September 30, 2005 .......... $21.76 0.52 1.10 (0.41) (0.65)
|
Wells Fargo Advantage Allocation Funds 49
Financial Highlights
Ratio to
Ending Average Net Assets (Annualized)(1)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------
$17.44 1.66% 1.29% 1.14% 7.08% 13% $655,826
$16.42 2.13% 1.29% 1.15% (4.85)% 43% $646,455
$17.63 2.17% 1.29% 1.15% (17.92)% 45% $777,876
$23.12 2.12% 1.25% 1.15% 14.83% 16% $914,716
$20.94 2.13% 1.26% 1.15% 8.13% 11% $871,848
$19.99 2.06% 1.23% 1.15% 11.03% 6% $934,783
$10.66 0.90% 2.04% 1.89% 6.65% 13% $ 12,454
$10.02 1.43% 2.04% 1.90% (5.48)% 43% $ 15,201
$10.74 1.42% 2.04% 1.90% (18.56)% 45% $ 31,831
$14.07 1.36% 2.00% 1.90% 14.03% 16% $ 85,203
$12.73 1.38% 2.01% 1.90% 7.33% 11% $125,661
$12.15 1.33% 1.98% 1.90% 10.19% 6% $146,644
$10.64 0.90% 2.04% 1.90% 6.69% 13% $ 18,501
$10.00 1.39% 2.03% 1.90% (5.51)% 43% $ 19,162
$10.73 1.42% 2.03% 1.90% (18.56)% 45% $ 24,975
$14.07 1.37% 2.00% 1.90% 13.91% 16% $ 36,028
$12.75 1.38% 2.01% 1.90% 7.42% 11% $ 36,261
$12.16 1.26% 1.98% 1.90% 10.15% 6% $ 40,795
$17.45 1.90% 1.11% 0.89% 7.24% 13% $ 25,739
$16.44 2.39% 1.11% 0.90% (4.61)% 43% $ 27,455
$17.65 2.43% 1.11% 0.90% (17.73)% 45% $ 34,802
$23.15 2.35% 1.07% 0.90% 15.10% 16% $ 49,620
$20.97 2.39% 1.08% 0.90% 8.43% 11% $ 78,458
$20.02 2.31% 1.00% 0.90% 11.35% 6% $ 36,815
$17.82 3.34% 1.36%(2) 1.14%(2) 7.45% 79%(3) $ 7,635
$17.12 2.47% 1.31%(2) 1.15%(2) 0.94% 116%(3) $ 8,669
$17.85 2.88% 1.31%(2) 1.15%(2) (13.39)% 89%(3) $ 8,524
$22.76 2.80% 1.28%(2) 1.15%(2) 11.33% 82%(3) $ 9,839
$21.97 2.75% 1.27%(2) 1.15%(2) 6.39% 93%(3) $ 5,618
$22.23 2.11% 1.30%(2) 1.15%(2) 7.32% 91%(3) $ 4,745
$17.76 2.58% 2.11%(2) 1.89%(2) 7.04% 79%(3) $ 1,506
$16.99 1.72% 2.06%(2) 1.90%(2) 0.19% 116%(3) $ 1,720
$17.67 2.13% 2.06%(2) 1.90%(2) (14.06)% 89%(3) $ 2,177
$22.53 2.01% 2.03%(2) 1.90%(2) 10.49% 82%(3) $ 3,699
$21.76 1.99% 2.02%(2) 1.90%(2) 5.60% 93%(3) $ 3,283
$22.04 1.35% 2.05%(2) 1.90%(2) 6.50% 91%(3) $ 3,121
$17.68 2.57% 2.11%(2) 1.89%(2) 7.04% 79%(3) $ 1,712
$16.96 1.72% 2.05%(2) 1.90%(2) 0.21% 116%(3) $ 1,445
$17.64 2.13% 2.05%(2) 1.90%(2) (14.05)% 89%(3) $ 1,677
$22.52 2.03% 2.03%(2) 1.90%(2) 10.49% 82%(3) $ 2,034
$21.77 2.00% 2.02%(2) 1.90%(2) 5.58% 93%(3) $ 1,602
$22.05 1.35% 2.05%(2) 1.90%(2) 6.50% 91%(3) $ 1,223
$17.92 4.23% 1.17%(2) 0.89%(2) 7.57% 79%(3) $206,187
$17.23 2.72% 1.13%(2) 0.90%(2) 1.14% 116%(3) $330,340
$17.98 3.13% 1.13%(2) 0.90%(2) (13.17)% 89%(3) $407,829
$22.90 3.00% 1.10%(2) 0.90%(2) 11.59% 82%(3) $533,729
$22.08 2.98% 1.09%(2) 0.90%(2) 6.68% 93%(3) $558,601
$22.32 2.34% 1.04%(2) 0.90%(2) 7.57% 91%(3) $557,564
|
50 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage Aggressive Allocation Fund ("Aggressive Allocation Fund"), Wells
Fargo Advantage Conservative Allocation Fund ("Conservative Allocation Fund"),
Wells Fargo Advantage Growth Balanced Fund ("Growth Balanced Fund") Wells Fargo
Advantage Index Asset Allocation Fund ("Index Asset Allocation Fund") (formerly
Wells Fargo Advantage Asset Allocation Fund) and Wells Fargo Advantage Moderate
Balanced Fund ("Moderate Balanced Fund") (each, a "Fund", collectively, the
"Funds"). Each Fund is a diversified series of the Trust, a Delaware statutory
trust organized on November 8, 1999.
Each Fund, except Index Asset Allocation Fund, seeks to achieve its investment
objective by investing all investable assets in one or more separate diversified
portfolios (each, a "Master Portfolio", collectively, the "Master Portfolios")
of Wells Fargo Master Trust, a registered open-end investment management
company. Each Master Portfolio directly acquires portfolio securities, and a
Fund investing in a Master Portfolio acquires an indirect interest in those
securities. Each Fund accounts for its investment in the Master Portfolios as
partnership investments and records daily its share of the Master Portfolio's
income, expense and realized and unrealized gains and losses. The financial
statements of Master Portfolios for the six months ended March 31, 2010 are
included elsewhere in this report and should be read in conjunction with the
respective Fund's financial statements. As of March 31, 2010, each Fund, except
Index Asset Allocation Fund, owns in the following percentages in Master
Portfolios:
Aggressive Conservative Growth Moderate
Allocation Allocation Balanced Balanced
Fund Fund Fund Fund
---------- ------------ -------- --------
C&B LARGE CAP VALUE PORTFOLIO 7% 1% 6% 3%
DISCIPLINED GROWTH PORTFOLIO 4% 1% 3% 2%
EMERGING GROWTH PORTFOLIO 1% 0%* 1% 0%*
EQUITY INCOME PORTFOLIO 7% 2% 5% 3%
EQUITY VALUE PORTFOLIO 7% 2% 5% 3%
INDEX PORTFOLIO 21% 5% 16% 10%
INFLATION-PROTECTED BOND PORTFOLIO 2% 5% 4% 4%
INTERNATIONAL CORE PORTFOLIO 3% 1% 3% 2%
INTERNATIONAL GROWTH PORTFOLIO 3% 1% 2% 2%
INTERNATIONAL INDEX PORTFOLIO 3% 1% 2% 2%
INTERNATIONAL VALUE PORTFOLIO 3% 1% 2% 2%
LARGE CAP APPRECIATION PORTFOLIO 2% 1% 2% 1%
LARGE COMPANY GROWTH PORTFOLIO 14% 3% 11% 7%
MANAGED FIXED INCOME PORTFOLIO 14% 38% 25% 32%
SMALL CAP INDEX PORTFOLIO 3% 1% 2% 1%
SMALL COMPANY GROWTH PORTFOLIO 2% 0%* 2% 1%
SMALL COMPANY VALUE PORTFOLIO 0%* 0%* 0%* 0%*
STABLE INCOME PORTFOLIO 0% 25% 0% 15%
STRATEGIC SMALL CAP VALUE PORTFOLIO 3% 1% 2% 1%
TOTAL RETURN BOND PORTFOLIO 4% 11% 7% 9%
|
* Amount represents less than 0.05%
Wells Fargo Advantage Allocation Funds 51
Notes to Financial Statements (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Funds' Fair Valuation
Procedures.
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. This service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' fair values. For some
securities, such prices are not readily available. These securities will
generally be fair valued using methods which may include consideration of yields
or prices of securities of comparable quality, coupon rate, maturity and type of
issue, indications as to values from dealers in securities, trading
characteristics and general market conditions.
Debt securities of sufficient credit quality with original maturities of 60 days
or less and any collateral received from securities lending invested in
securities, generally are valued at amortized cost which approximates fair
value. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments in the Master Portfolios are valued daily based on each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in the this report.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
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.
52 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral, although the loans may not be fully supported at all
times if, for example, the instruments in which cash collateral is invested
decline in value or the borrower fails to provide additional collateral when
required in a timely manner or at all. The collateral is equal to at least 102%
of the market value of the securities loaned plus accrued interest when the
transaction is entered into. Cash collateral received by a Fund pursuant to
these loans generally is invested on behalf of the Fund by the securities
lending agent in securities that, at the time of investment, are considered
high-quality short-term debt investments (including money market instruments)
and have been evaluated and approved by the Fund's adviser and are permissible
investments for the Fund. Cash collateral is invested on behalf of a Fund
through a joint account in a manner similar to the Fund's investment of its cash
reserves and the Fund is entitled to the gains and bears the losses on such
investments. The net asset value of a Fund will be affected by an increase or
decrease in the value of the securities loaned and by an increase or decrease in
the value of instruments purchased with cash collateral. Another risk from
securities lending is that the borrower may not provide additional collateral
when required or return the securities when due or when called for by the Fund.
In either case, a Fund could experience delays in recovering securities or
collateral or could lose all or part of the value of the loaned securities.
Wells Fargo Bank, N.A., currently acts as the securities lending agent for the
Funds, subject to the overall supervision of the Funds' investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services as sub-agents. The securities lending agent may
make payments to borrowers and placing brokers that are not affiliated, directly
or indirectly, with the Trust, the adviser or the distributor. For the six
months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues
earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A.
have the impact of increasing securities lending income on the Statements of
Operations. The value of the securities on loan and the liability to return the
collateral are shown on the Statements of Assets and Liabilities.
FUTURES CONTRACTS
Certain Funds may be subject to interest rate risk and/or equity price risk in
the normal course of pursuing its investment objectives. The Funds may buy and
sell futures contracts in order to gain exposure to, or protect against changes
in, security values and interest rates. The primary risks associated with the
use of futures contracts are the imperfect correlation between changes in market
values of securities held by the Fund and the prices of futures contracts, and
the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statements of Assets and Liabilities as an asset or liability and in the
Statements of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With futures contracts, there is minimal counterparty risk to
the Fund since futures are exchange traded and the exchange's clearinghouse, as
counterparty to all exchange traded futures, guarantees the futures against
default.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the
Wells Fargo Advantage Allocation Funds 53
Notes to Financial Statements (Unaudited)
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 March 31, 2010, the following Fund owned certain of these types of
structured securities in the amounts shown in the table. These securities were
originally purchased by the Fund's securities lending agent on behalf of the
Fund through a joint account with cash collateral received by the Fund pursuant
to loans of the Fund's securities. Although considered high-quality, short-term
money market instruments when originally purchased by the securities lending
agent through the joint account, the SIVs have been restructured following
default and are valued at fair value as shown in the Portfolio of Investments.
Restructured
SIVs ($Value) % of Net Assets
------------- ---------------
INDEX ASSET ALLOCATION FUND $6,231,701 0.87%
|
In a securities lending transaction, the net asset value of a Fund will be
affected by an increase or decrease in the value of the securities loaned and by
an increase or decrease in the value of instruments in which cash collateral is
invested. Thus, the current net asset value of each Fund reflects the current
valuations assigned to the restructured SIVs that were purchased on its behalf
through the investment of cash collateral. Fluctuations in the values of
restructured SIVs generate unrealized gains or losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities.
The amount of securities lending activity undertaken by a Fund fluctuates from
time to time. After the occurrence of a default or impairment of a SIV purchased
in a joint account by the securities lending agent, as the various participating
Funds' lending activity fluctuated, their ratable interest in the joint account,
including their ratable exposure to the defaulted or impaired SIVs would
fluctuate depending on the relative activity of each participating Fund. In
order to eliminate the fluctuation of the various Funds' ratable exposure to the
defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of
Trustees, and the Board of Trustees approved, actions designed to fix the
allocation of percentage ownership in defaulted or impaired SIVs among all funds
participating in securities lending ("side pocketing") based on each Fund's
percentage ownership of the total cash collateral investment joint account as of
the date the fixed allocation is implemented. Accordingly, on February 13, 2009
a side pocketing occurred, which fixed each Fund's ownership of defaulted or
impaired SIVs in the joint account based on each such Fund's percentage
ownership of the joint account as of such date.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date.
For each Fund that invests in a Master Portfolio, the securities transactions,
realized gains or losses, and interest and dividend income are recorded by each
Master Portfolio and each Fund records its daily proportionate share of each
Master Portfolio's income and realized and unrealized gains and losses.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of Index Asset Allocation Fund, for which net
investment income, if any, is declared and distributed quarterly. Distributions
to shareholders from net realized capital gains, if any, are declared and
distributed at least annually.
54 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
FEDERAL AND OTHER TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by distributing substantially all of its investment company
taxable income and any net realized capital gains (after reduction for capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
federal income taxes. Accordingly, no provision for federal income taxes was
required.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
At September 30, 2009 estimated net capital loss carryforwards, which are
available to offset future net realized capital gains were as follows:
Expiration
-------------------------
2016 2017
---------- ------------
AGGRESSIVE ALLOCATION FUND $ 0 $ 26,721,224
CONSERVATIVE ALLOCATION FUND 0 15,438,774
GROWTH BALANCED FUND 0 106,543,939
INDEX ASSET ALLOCATION FUND 4,414,660 90,934,457
MODERATE BALANCED FUND 0 21,001,170
|
At September 30, 2009 current year deferred post-October capital losses, which
will be treated as realized for tax purposes on the first day of the succeeding
year were:
Deferred
Post-October
Capital Loss
------------
AGGRESSIVE ALLOCATION FUND $17,468,379
CONSERVATIVE ALLOCATION FUND 11,053,895
GROWTH BALANCED FUND 99,452,086
INDEX ASSET ALLOCATION FUND 5,870,621
MODERATE BALANCED FUND 20,102,712
|
CLASS ALLOCATIONS
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio, and are allocated unrealized gains and losses pro
rata based on the average daily net assets of each class, without distinction
between share classes. Dividends are determined separately for each class based
on income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
Wells Fargo Advantage Allocation Funds 55
Notes to Financial Statements (Unaudited)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Funds' investments in securities:
Significant Significant
Quoted Prices Other Observable Unobservable
INVESTMENTS IN SECURITIES (Level 1) Inputs (Level 2) Inputs (Level 3) Total
------------------------- ------------- ---------------- ---------------- ------------
AGGRESSIVE ALLOCATION FUND
Equity securities
AFFILIATED MASTER PORTFOLIOS $ 0 $102,041,485 $ 0 $102,041,485
U.S. Treasury obligations 0 1,544,135 0 1,544,135
$ 0 $103,585,620 $ 0 $103,585,620
CONSERVATIVE ALLOCATION FUND
Equity securities
AFFILIATED MASTER PORTFOLIOS $ 0 $336,029,361 $ 0 $336,029,361
U.S. Treasury obligations 0 1,838,970 0 1,838,970
$ 0 $337,868,331 $ 0 $337,868,331
GROWTH BALANCED FUND
Equity securities
AFFILIATED MASTER PORTFOLIOS $ 0 $878,347,167 $ 0 $878,347,167
U.S. Treasury obligations 0 13,393,873 0 13,393,873
$ 0 $891,741,040 $ 0 $891,741,040
INDEX ASSET ALLOCATION FUND
Equity securities
COMMON STOCKS $420,648,402 $ 0 $ 0 $420,648,402
Agency securities 0 855 0 855
Collaterized mortgage obligations 0 898,292 0 898,292
Corporate bonds and notes 0 0 6,231,701 6,231,701
Debt securities issued by states in the U.S.
and its political subdivisions 0 2,836,651 0 2,836,651
Short-term investments 14,285,965 8,248,440 0 22,534,405
U.S. Treasury obligations 256,272,740 19,816,757 0 276,089,497
$691,207,107 $ 31,800,995 $6,231,701 $729,239,803
MODERATE BALANCED FUND
Equity securities
AFFILIATED MASTER PORTFOLIOS $ 0 $216,329,949 $ 0 $216,329,949
U.S. Treasury obligations 0 2,358,679 0 2,358,679
$ 0 $218,688,628 $ 0 $218,688,628
|
Further details on the major security types listed above for each fund can be
found in the Portfolio of Investments.
As of March 31, 2010, the inputs used in valuing the Funds' other financial
instruments*, which are carried at fair value, were as follows:
Significant Significant
Quoted Prices Other Observable Unobservable
(Level 1) Inputs (Level 2) Inputs (Level 3) Total
------------- ---------------- ---------------- ------------
AGGRESSIVE ALLOCATION FUND $ 404,513 $0 $0 $ 404,513
CONSERVATIVE ALLOCATION FUND 442,227 0 0 442,227
GROWTH BALANCED FUND 3,547,855 0 0 3,547,855
INDEX ASSET ALLOCATION FUND 5,015,019 0 0 5,015,019
MODERATE BALANCED FUND 595,676 0 0 595,676
|
* Other financial instruments includes futures contracts.
56 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
INDEX ASSET ALLOCATION FUND
CORPORATE BONDS
AND NOTES
---------------
Balance as of September 30, 2009 $ 5,428,124
Accrued discounts (premiums) 0
Realized gain (loss) (5,340,683)
Change in unrealized appreciation (depreciation) 6,793,653
Net purchases (sales) (649,393)
Transfer in (out) of Level 3 0
Balance as of March 31, 2010 $ 6,231,701
Change in unrealized appreciation (depreciation)
relating to securities held at the end of reporting period $ 1,184,910
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
For each Fund, except the Index Asset Allocation Fund, Funds Management is paid
an annual rate of 0.25% of each Fund's average daily net assets.
For Index Asset Allocation Fund, Funds Management is paid an annual advisory fee
starting at 0.65% and declining to 0.50% as average daily net assets increase.
For the six months ended March 31, 2010, the advisory fee was equivalent to an
annual rate of 0.64% of the Fund's average daily net assets.
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by a
Fund to the adviser.
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
the Funds.
Each Fund that invests its assets in one or more Master Portfolio may withdraw
all of its investments from its corresponding Master Portfolio(s) and invest
directly in securities at any time if the Board of Trustees determines that it
is in the best interest of the Fund to do so. Upon such redemption and
subsequent direct investment in a portfolio of securities, Funds Management (and
the corresponding sub-adviser, if any) may receive an investment advisory fee
for the direct management of those assets.
Funds Management also acts as adviser to each Master Portfolio and is entitled
to receive fees from each Master Portfolio for those services.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive from each Fund the following annual fees:
Wells Fargo Advantage Allocation Funds 57
Notes to Financial Statements (Unaudited)
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
---------------- -------------------
Fund level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
Class A, Class B, Class C All asset levels 0.28
Administrator Class All asset levels 0.10
|
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Funds.
Expenses were waived and/or reimbursed by Funds Management proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable.
CUSTODY AND FUND ACCOUNTING FEES
State Street Bank and Trust Company ("State Street") provides custody services
to Index Asset Allocation Fund and is entitled to an annual asset-based fee for
domestic and global custody service. Prior to November 16, 2009, Wells Fargo
Bank, N.A. provided custody services to Index Asset Allocation Fund and received
a monthly fee at an annual rate of 0.02% of the Fund's average daily net assets.
Any Fund that invests its assets solely in one or more Master Portfolio or other
investment companies does not incur a custody fee.
State Street also provides fund accounting services to each Fund and is entitled
to receive annual asset-based fees and is reimbursed for out-of-pocket expenses
incurred for providing these services. Prior to November 16, 2009, PNC Global
Investment Servicing ("PNC") served as fund accountant to each Fund and received
an annual asset-based fee and an annual fixed fee from each Fund. PNC was also
reimbursed for all out-of-pocket expenses reasonably incurred in providing these
services.
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class B and Class C shares of the
applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class B and Class C shares and paid to Wells Fargo Funds
Distributor, LLC, the principal underwriter of each Fund, at an annual rate of
0.75% of the average daily net assets of each class.
For the six months ended March 31, 2010, Wells Fargo Funds Distributor, LLC
received the following amounts in front-end sales charges and contingent
deferred sales charges.
Front-end Contingent
sales charges deferred sales charges
------------- -----------------------
Class A Class B Class C
------------- ------------- -------
GROWTH BALANCED FUND $ 7,852 $ 68 $178
INDEX ASSET ALLOCATION FUND 70,700 7,370 584
MODERATE BALANCED FUND 46,444 300 6
|
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby Class A, Class B, Class C and Administrator Class of each
applicable Fund is charged a fee at an annual rate of 0.25% of the average daily
net assets of each respective class.
A portion of these total shareholder servicing fees were paid to affiliates of
Wells Fargo & Company.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
58 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
Purchases at Cost Sales Proceeds
----------------- --------------
AGGRESSIVE ALLOCATION FUND $ 510,980,348* $ 569,611,195*
CONSERVATIVE ALLOCATION FUND 1,211,204,955* 1,146,687,387*
GROWTH BALANCED FUND 820,178,906* 830,707,585*
INDEX ASSET ALLOCATION FUND 83,300,934 92,970,699
MODERATE BALANCED FUND 1,023,656,772* 988,952,431*
|
* Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, the Fund entered into futures
contracts for hedging purposes.
At March 31, 2010, the following Funds had futures contracts outstanding as
follows:
Initial Value at Net Unrealized
Expiration Contract March 31, Appreciation/
Date Contracts Type Amount 2010 (Depreciation)
---------- ----------- ---------------- ------------ ----------- --------------
AGGRESSIVE ALLOCATION FUND June 2010 52 Long S&P 500 Index $ 14,766,700 15,147,600 $ 380,900
June 2010 132 Short US Treasury Bond $ 15,352,113 15,328,500 $ 23,613
CONSERVATIVE ALLOCATION FUND June 2010 58 Long S&P 500 Index 16,470,550 16,895,400 424,850
June 2010 143 Short US Treasury Bond 16,623,252 16,605,875 17,377
GROWTH BALANCED FUND June 2010 453 Long S&P 500 Index 128,642,275 131,958,900 3,316,625
June 2010 1,152 Short US Treasury Bond 134,007,230 133,776,000 231,230
INDEX ASSET ALLOCATION FUND June 2010 638 Long S&P 500 Index 181,111,500 185,849,400 4,737,900
June 2010 46 Long US Treasury Bond 5,318,688 5,341,750 23,062
June 2010 1,528 Short US Treasury Bond 177,693,057 177,439,000 254,057
MODERATE BALANCED FUND June 2010 77 Long S&P 500 Index 21,866,075 22,430,100 564,025
June 2010 188 Short US Treasury Bond 21,863,151 21,831,500 31,651
|
The Aggressive Allocation Fund, Conservative Allocation Fund, Growth Balanced
Fund, Index Asset Allocation Fund and Moderate Balanced fund had average
contract amounts of $29,920,593, $32,908,030, $263,958,949, $362,207,776 and
$46,102,100 in futures contracts during the six months ended March 31, 2010.
The fair value of derivative instruments as of March 31, 2010 was as follows for
the Aggressive Allocation Fund:
Asset Derivatives
----------------------------------------
Balance Sheet Location Fair Value
--------------------------- ----------
Equity contracts Net assets - Net unrealized
appreciation of futures $380,900*
Interest rate contracts Net assets - Net unrealized
appreciation of futures 23,613*
--------
$404,513
|
* Includes cumulative unrealized appreciation (depreciation) on futures
contracts. The variation margin only shows the one day change in unrealized
appreciation (depreciation) on the futures contracts.
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows for the Aggressive Allocation Fund:
Amount of Change in
Realized Gain Unrealized
or Loss on Gains or Losses
Futures on Futures
Transactions Transactions
------------- ---------------
Equity contracts $1,942,713 $(391,518)
Interest rate contracts 151,615 396,347
---------- ---------
$2,094,328 $ 4,829
|
Wells Fargo Advantage Allocation Funds 59
Notes to Financial Statements (Unaudited)
The fair value of derivative instruments as of March 31, 2010 was as follows for
the Conservative Allocation Fund:
Asset Derivatives
----------------------------------------
Balance Sheet Location Fair Value
--------------------------- ----------
Equity contracts Net assets - Net unrealized
appreciation of futures $424,850*
Interest rate contracts Net assets - Net unrealized
appreciation of futures 17,377*
--------
$442,227
|
* Includes cumulative unrealized appreciation (depreciation) on futures
contracts. The variation margin only shows the one day change in unrealized
appreciation (depreciation) on the futures contracts.
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows for the Conservative Allocation Fund:
Amount of Change in
Realized Gain Unrealized
or Loss on Gains or Losses
Futures on Futures
Transactions Transactions
------------- ---------------
Equity contracts $1,796,414 $(234,924)
Interest rate contracts 156,531 326,333
---------- ---------
$1,952,945 $ 91,409
|
The fair value of derivative instruments as of March 31, 2010 was as follows for
the Growth Balanced Fund:
Asset Derivatives
----------------------------------------
Balance Sheet Location Fair Value
--------------------------- ----------
Equity contracts Net assets - Net unrealized
appreciation of futures $3,316,625*
Interest rate contracts Net assets - Net unrealized
appreciation of futures 231,230*
----------
$3,547,855
|
* Includes cumulative unrealized appreciation (depreciation) on futures
contracts. The variation margin only shows the one day change in unrealized
appreciation (depreciation) on the futures contracts.
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows for the Growth Balanced Fund:
Amount of Change in
Realized Gain Unrealized
or Loss on Gains or Losses
Futures on Futures
Transactions Transactions
------------- ---------------
Equity contracts $14,460,405 $ (963,860)
Interest rate contracts 1,036,880 2,295,724
----------- ----------
$15,497,285 $1,331,864
|
The fair value of derivative instruments as of March 31, 2010 was as follows for
the Index Asset Allocation Fund:
Asset Derivatives
----------------------------------------
Balance Sheet Location Fair Value
--------------------------- ----------
Equity contracts Net assets - Net unrealized
appreciation of futures $4,737,900*
Interest rate contracts Net assets - Net unrealized
appreciation of futures 277,119*
----------
$5,015,019
|
* Includes cumulative unrealized appreciation (depreciation) on futures
contracts. The variation margin only shows the one day change in unrealized
appreciation (depreciation) on the futures contracts.
60 Wells Fargo Advantage Allocation Funds
Notes to Financial Statements (Unaudited)
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows for the Index Asset Allocation Fund:
Amount of Amount of
Realized Gain Realized
or Loss on Gain or Losses
Futures on Futures
Transactions Transactions
------------- --------------
Equity contracts $ 21,475,208 $ (865,354)
Interest rate contracts 1,334,440 2,689,193
----------- ----------
$22,809,648 $1,823,839
|
The fair value of derivative instruments as of March 31, 2010 was as follows for
the Moderate Balanced Fund:
Asset Derivatives
--------------------------------------
Fair
Balance Sheet Location Value
--------------------------- --------
Equity contracts Net assets - Net unrealized
appreciation of futures $564,025*
Interest rate contracts Net assets - Net unrealized
appreciation of futures 31,651*
--------
$595,676
|
* Includes cumulative unrealized appreciation (depreciation) on futures
contracts. The variation margin only shows the one day change in unrealized
appreciation (depreciation) on the futures contracts.
The effect of derivative instruments on the Statement of Operations for the six
months ended March 31, 2010 was as follows for the Moderate Balanced Fund:
Amount of Change in
Realized Gain Unrealized
or Loss on Gains or Losses
Futures on Futures
Transactions Transactions
------------- ---------------
Equity contracts $2,918,867 $ 564,025
Interest rate contracts 209,560 (515,514)
---------- ---------
$3,128,427 $ 48,511
|
7. BANK BORROWINGS
The Funds are permitted to use bank borrowings for temporary or emergency
purposes, such as to fund shareholder redemption requests. Each Fund, except
Index Asset Allocation Fund, and certain other funds in the Trust are party to a
$25,000,000 revolving credit agreement with the Bank of New York Mellon. Index
Asset Allocation Fund and certain funds in the Trust and Wells Fargo Variable
Trust are party to a $125,000,000 revolving credit agreement with State Street
Bank and Trust Company. Interest under each credit agreement is charged to each
Fund based on a borrowing rate equal to the higher of the Federal Funds rate in
effect on that day plus 1.25% or the overnight LIBOR rate in effect on that day
plus 1.25%. In addition, under the credit agreement, the Funds pay an annual
commitment fee equal to 0.15% of the unused balance, which is allocated pro
rata.
For the six months ended March 31, 2010, there were no borrowings by any of the
Fund under the agreement.
8. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated.
9. REORGANIZATION
At a meeting of the Board of Trustees of Aggressive Allocation Fund held on
January 11, 2010, the Trustees approved a Plan of Reorganization (the "Plan").
Under the Plan, Wells Fargo Advantage Growth Balanced Fund will acquire the
assets and assume the liabilities of Aggressive Allocation Fund in exchange for
shares of Wells Fargo Advantage Growth Balanced Fund.
A Special Meeting of Shareholders of Aggressive Allocation Fund will be held in
June 2010 to consider and vote on the Plan. In April 2010, materials for this
meeting were mailed to shareholders of record on March 10, 2010. If approved by
the shareholders at this meeting, the reorganization will take place in July
2010.
Wells Fargo Advantage Master Portfolios 61
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.17%
APPAREL & ACCESSORY STORES: 1.68%
124,635 VF CORPORATION $ 9,989,495
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65%
13,500 NVR INCORPORATED+ 9,807,750
---------------
BUSINESS SERVICES: 7.78%
307,700 AVERY DENNISON CORPORATION 11,203,357
185,510 FISERV INCORPORATED+<< 9,416,488
109,700 MANPOWER INCORPORATED 6,266,064
497,400 OMNICOM GROUP INCORPORATED 19,304,094
46,190,003
---------------
CHEMICALS & ALLIED PRODUCTS: 2.52%
313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545
---------------
CONGLOMERATES: 1.97%
644,300 GENERAL ELECTRIC COMPANY 11,726,260
---------------
COSMETICS, PERSONAL CARE: 1.48%
258,900 AVON PRODUCTS INCORPORATED 8,768,943
---------------
DEPOSITORY INSTITUTIONS: 7.55%
713,700 BANK OF AMERICA CORPORATION 12,739,545
266,400 JPMORGAN CHASE & COMPANY 11,921,400
446,700 STATE STREET CORPORATION 20,164,038
44,824,983
---------------
EATING & DRINKING PLACES: 4.48%
291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410
204,200 MCDONALD'S CORPORATION 13,624,224
26,607,634
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.96%
400,500 REPUBLIC SERVICES INCORPORATED 11,622,510
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34%
1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056
464,300 MOLEX INCORPORATED CLASS A 8,194,895
393,100 TYCO ELECTRONICS LIMITED 10,802,388
31,744,339
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00%
251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832
---------------
FOOD & KINDRED PRODUCTS: 2.20%
194,100 DIAGEO PLC ADR 13,092,045
---------------
GENERAL MERCHANDISE STORES: 2.32%
251,500 KOHL'S CORPORATION+ 13,777,169
---------------
HEALTH SERVICES: 1.35%
223,100 CARDINAL HEALTH INCORPORATED 8,038,293
---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.91%
140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800
---------------
|
62 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HOUSEHOLD PRODUCTS, WARE: 4.42%
223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610
155,100 HENKEL AG & COMPANY KGAA ADR<< 7,181,130
26,236,740
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31%
261,600 DIEBOLD INCORPORATED 8,308,416
328,500 DOVER CORPORATION 15,357,375
176,700 EATON CORPORATION 13,388,559
179,600 LAM RESEARCH CORPORATION+ 6,702,672
471,800 PITNEY BOWES INCORPORATED 11,535,510
55,292,532
---------------
INSURANCE CARRIERS: 6.05%
253,900 ALLSTATE CORPORATION 8,203,509
150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000
172,600 CHUBB CORPORATION 8,949,310
450,300 WILLIS GROUP HOLDINGS 14,089,887
35,931,706
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92%
66,500 BECTON DICKINSON & COMPANY 5,235,545
309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584
23,282,129
---------------
MEDICAL PRODUCTS: 1.27%
129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27%
197,000 TYCO INTERNATIONAL LIMITED 7,535,250
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01%
185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39%
487,900 AMERICAN EXPRESS COMPANY 20,130,754
---------------
PERSONAL SERVICES: 0.99%
208,400 CINTAS CORPORATION 5,853,956
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.21%
140,400 CHEVRON CORPORATION 10,646,532
302,700 EXXON MOBIL CORPORATION 20,274,846
30,921,378
---------------
PHARMACEUTICALS: 2.91%
265,000 JOHNSON & JOHNSON 17,278,000
---------------
SOFTWARE: 1.97%
399,750 MICROSOFT CORPORATION 11,700,683
---------------
TELECOMMUNICATIONS: 2.56%
652,900 VODAFONE GROUP PLC ADR 15,206,041
---------------
TRAVEL & RECREATION: 2.64%
403,000 CARNIVAL CORPORATION 15,668,640
---------------
|
Wells Fargo Advantage Master Portfolios 63
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
WHOLESALE TRADE-DURABLE GOODS: 2.06%
194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024
---------------
TOTAL COMMON STOCKS (COST $559,014,031) 571,210,731
---------------
|
DIVIDEND
YIELD
-------------
PREFERRED STOCKS: 1.96%
217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250
TOTAL PREFERRED STOCKS (COST $9,772,032) 11,636,250
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.26%
COLLATERAL INVESTED IN OTHER ASSETS: 1.26%
$ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $267,136) 0.01 04/01/2010 267,136
79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993
109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990
2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,203,843) 0.02 04/01/2010 2,203,842
52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945
159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986
200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $200,342) 0.03 04/01/2010 200,342
307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $307,572) 0.01 04/01/2010 307,572
1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544
32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997
99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991
39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996
1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,335,660) 0.01 04/01/2010 1,335,660
59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995
39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996
116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890
179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984
59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996
2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $7,091,887) 7,473,591
---------------
|
SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 2.81%
MUTUAL FUNDS: 2.81%
16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,713,155) 16,713,155
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $592,591,105)* 102.20% 607,033,727
OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537)
------ ---------------
TOTAL NET ASSETS 100.00% $ 593,951,190
------ ---------------
|
64 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $606,283,098 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 64,898,079
Gross unrealized depreciation (64,147,450)
------------
Net unrealized appreciation $ 750,629
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 65
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.35%
APPAREL & ACCESSORY STORES: 4.18%
57,600 GAP INCORPORATED $ 1,331,135
62,300 LIMITED BRANDS INCORPORATED 1,533,826
2,864,961
---------------
AUTO & TRUCKS: 2.53%
138,100 FORD MOTOR COMPANY+ 1,735,917
---------------
BIOPHARMACEUTICALS: 1.46%
22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426
---------------
BIOTECHNOLOGY: 1.64%
18,875 AMGEN INCORPORATED+ 1,127,970
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98%
41,995 HOME DEPOT INCORPORATED 1,358,538
---------------
BUSINESS SERVICES: 2.12%
61,905 CA INCORPORATED 1,452,910
---------------
CHEMICALS: 2.09%
30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752
---------------
COMMERCIAL SERVICES: 1.40%
54,100 SAIC INCORPORATED+ 957,570
---------------
COMPUTER TECHNOLOGIES: 6.15%
5,410 APPLE INCORPORATED+ 1,270,971
28,770 HEWLETT-PACKARD COMPANY 1,529,126
11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728
4,219,825
---------------
DATA SERVICES: 1.75%
36,800 NETAPP INCORPORATED+ 1,198,208
---------------
E-COMMERCE/SERVICES: 2.16%
5,800 PRICELINE.COM INCORPORATED+ 1,479,000
---------------
EATING & DRINKING PLACES: 2.04%
20,985 MCDONALD'S CORPORATION 1,400,119
---------------
EDUCATIONAL SERVICES: 1.63%
9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301
---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.30%
109,475 EL PASO CORPORATION 1,186,709
25,415 PG&E CORPORATION 1,078,104
2,264,813
---------------
ELECTRONIC: 2.01%
71,100 GENTEX CORPORATION 1,380,762
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27%
27,000 HARRIS CORPORATION 1,282,230
73,000 JABIL CIRCUIT INCORPORATED 1,181,870
27,400 TECH DATA CORPORATION+ 1,148,060
3,612,160
---------------
|
66 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72%
24,900 ILLINOIS TOOL WORKS INCORPORATED $ 1,179,264
---------------
FOOD & KINDRED PRODUCTS: 3.96%
23,235 THE COCA-COLA COMPANY 1,277,925
74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335
2,712,260
---------------
GENERAL MERCHANDISE STORES: 1.98%
24,435 WAL-MART STORES INCORPORATED 1,358,586
---------------
HEALTH SERVICES: 4.60%
16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234
34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231
3,153,465
---------------
HOUSEHOLD PRODUCTS, WARE: 3.95%
20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946
15,310 COLGATE-PALMOLIVE COMPANY 1,305,331
2,710,277
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
16,555 3M COMPANY 1,383,501
18,800 EATON CORPORATION 1,424,476
33,200 WESTERN DIGITAL CORPORATION+ 1,294,468
4,102,445
---------------
INFORMATION & BUSINESS SERVICES: 1.83%
2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91%
23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188
---------------
METAL MINING: 2.16%
17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26%
16,600 FEDEX CORPORATION 1,550,440
---------------
NETWORKING: 2.19%
57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04%
33,700 AMERICAN EXPRESS COMPANY 1,390,462
32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107
5,505 MASTERCARD INCORPORATED<< 1,398,270
4,142,839
---------------
OIL & GAS EXTRACTION: 2.52%
33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841
---------------
PAPER & ALLIED PRODUCTS: 1.38%
37,545 PACTIV CORPORATION+ 945,383
---------------
PHARMACEUTICALS: 4.03%
24,405 ABBOTT LABORATORIES 1,285,655
55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510
2,762,165
---------------
|
Wells Fargo Advantage Master Portfolios 67
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34%
46,400 SANDISK CORPORATION+ $ 1,606,832
---------------
SOFTWARE: 5.93%
37,545 BMC SOFTWARE INCORPORATED+ 1,426,710
41,500 MICROSOFT CORPORATION 1,214,705
48,605 RED HAT INCORPORATED+ 1,422,668
4,064,083
---------------
TOBACCO PRODUCTS: 1.86%
24,445 PHILIP MORRIS INTERNATIONAL 1,275,051
---------------
TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.55%
COLLATERAL INVESTED IN OTHER ASSETS: 1.55%
$ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE
$29,300) 0.01% 04/01/2010 29,300
8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774
12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064
241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725
5,807 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 5,807
17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548
21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974
33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736
431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210
3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619
10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967
4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387
146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 146,500) 0.01 04/01/2010 146,500
6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580
4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387
12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821
19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741
6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580
550,042 VFNCCORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744
---------------
|
SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.47%
MUTUAL FUNDS: 1.47%
1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,528,737)* 101.37% 69,517,736
OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751)
------ ---------------
TOTAL NET ASSETS 100.00% $ 68,576,985
------ ---------------
|
68 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $58,728,476 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $12,303,557
Gross unrealized depreciation (1,514,297)
-----------
Net unrealized appreciation $10,789,260
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 69
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.29%
ANTHRACITE MINING: 0.32%
5,870 LOGMEIN INCORPORATED+ $ 121,450
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.75%
6,000 WARNACO GROUP INCORPORATED+ 286,260
---------------
BIOPHARMACEUTICALS: 4.61%
10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360
8,600 AFFYMAX INCORPORATED+ 201,498
14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676
10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120
1,300 UNITED THERAPEUTICS CORPORATION+ 71,929
1,767,583
---------------
BUSINESS SERVICES: 11.71%
53,030 ARIBA INCORPORATED+ 681,436
19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936
15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964
2,000 COSTAR GROUP INCORPORATED+ 83,040
18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841
39,620 GSE SYSTEMS INCORPORATED+ 214,344
5,030 MEDASSETS INCORPORATED+ 105,630
5,310 MERCADOLIBRE INCORPORATED+ 255,995
47,500 PERFICIENT INCORPORATED+ 535,325
42,140 SKILLSOFT PLC ADR+ 434,885
41,410 SUCCESSFACTORS INCORPORATED+ 788,446
4,494,842
---------------
CASINO & GAMING: 3.18%
6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645
22,960 WMS INDUSTRIES INCORPORATED+ 962,942
1,221,587
---------------
COMMERCIAL SERVICES: 0.28%
3,600 WRIGHT EXPRESS CORPORATION+ 108,432
---------------
COMMUNICATIONS: 8.01%
40,500 ARUBA NETWORKS INCORPORATED+ 553,230
36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165
10,320 DG FASTCHANNEL INCORPORATED+ 329,724
52,400 LOOPNET INCORPORATED+ 588,976
27,900 SOURCEFIRE INCORPORATED+ 640,305
3,072,400
---------------
COMPUTER DATA SECURITY: 0.37%
8,000 FORTINET INCORPORATED+ 140,640
---------------
COMPUTER TECHNOLOGIES: 1.53%
76,700 LIVEPERSON INCORPORATED+ 588,289
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15%
2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881
---------------
E-COMMERCE/SERVICES: 1.77%
20,420 GSI COMMERCE INCORPORATED+ 565,021
3,000 OPENTABLE INCORPORATED+ 114,390
679,411
---------------
|
70 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EDUCATIONAL SERVICES: 1.40%
3,420 AMERICAN PUBLIC EDUCATION INCORPORATED+ $ 159,372
4,070 CAPELLA EDUCATION COMPANY+ 377,859
537,231
---------------
ELECTRICAL PRODUCTS: 1.75%
31,090 HARBIN ELECTRIC INCORPORATED+ 671,233
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 11.10%
22,190 BALDOR ELECTRIC COMPANY 829,906
9,300 CEVA INCORPORATED+ 108,438
103,300 ENTROPIC COMMUNICATIONS INCORPORATED+ 524,764
1,050 MAXLINEAR INCORPORATED+ 18,638
52,600 MONOLITHIC POWER SYSTEMS+ 1,172,980
16,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 491,481
9,800 OSI SYSTEMS INCORPORATED+ 274,890
10,170 POLYPORE INTERNATIONAL INCORPORATED+ 177,568
5,700 REGAL-BELOIT CORPORATION 338,637
8,300 SOLERA HOLDINGS INCORPORATED 320,795
4,258,097
---------------
ENERGY: 0.41%
5,300 ENERNOC INCORPORATED+ 157,304
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.48%
7,500 ICF INTERNATIONAL INCORPORATED+ 186,300
---------------
ENVIRONMENTAL CONTROL: 0.38%
22,100 SHARPS COMPLIANCE CORPORATION+ 144,534
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.45%
36,000 MUELLER WATER PRODUCTS INCORPORATED 172,080
---------------
HEALTH SERVICES: 1.45%
15,850 IPC THE HOSPITALIST COMPANY+ 556,494
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.23%
26,120 ORION MARINE GROUP INCORPORATED+ 471,466
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.21%
18,400 HHGREGG INCORPORATED+ 464,416
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 6.44%
52,340 ALTRA HOLDINGS INCORPORATED+ 718,628
31,100 ARCSIGHT INCORPORATED+ 875,465
44,010 ENTEGRIS INCORPORATED+ 221,810
6,500 MERU NETWORKS INCORPORATED+ 124,605
8,160 RIVERBED TECHNOLOGY INCORPORATED+ 231,744
17,400 SUPER MICRO COMPUTER INCORPORATED+ 300,672
2,472,924
---------------
INSURANCE CARRIERS: 0.05%
1,300 PRIMERICA INCORPORATED+ 19,500
---------------
LEISURE, SPORTING & RECREATION: 2.50%
13,160 DICK'S SPORTING GOODS INCORPORATED+ 343,608
24,020 HIBBETT SPORTS INCORPORATED+ 614,432
958,040
---------------
|
Wells Fargo Advantage Master Portfolios 71
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.75%
2,950 BADGER METER INCORPORATED $ 113,605
27,400 DEXCOM INCORPORATED+ 266,602
58,350 ENDOLOGIX INCORPORATED+ 235,734
30,670 EV3 INCORPORATED+ 486,426
12,190 MASIMO CORPORATION 323,645
1,820 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 198,744
38,600 NXSTAGE MEDICAL INCORPORATED+ 441,970
5,500 SIRONA DENTAL SYSTEMS INCORPORATED+ 209,165
7,200 VEECO INSTRUMENTS INCORPORATED+ 313,200
2,589,091
---------------
MEDICAL EQUIPMENT & SUPPLIES: 2.56%
37,640 CONCEPTUS INCORPORATED+<< 751,294
5,110 NUVASIVE INCORPORATED+ 230,972
982,266
---------------
MEDICAL PRODUCTS: 1.49%
23,660 VOLCANO CORPORATION+ 571,626
---------------
MOTION PICTURES: 1.34%
28,650 IMAX CORPORATION+ 515,414
---------------
OIL & GAS EXPLORATION: 1.49%
36,000 NORTHERN OIL & GAS INCORPORATED+ 570,600
---------------
OIL & GAS EXTRACTION: 2.54%
6,710 ARENA RESOURCES INCORPORATED+ 224,114
40,300 BRIGHAM EXPLORATION COMPANY+<< 642,785
10,010 SMARTHEAT INCORPORATED+ 107,507
974,406
---------------
PHARMACEUTICALS: 2.35%
10,290 CATALYST HEALTH SOLUTIONS INCORPORATED+ 425,800
8,200 MAP PHARMACEUTICALS INCORPORATED+ 130,298
2,360 ONYX PHARMACEUTICALS INCORPORATED+ 71,461
4,100 SXC HEALTH SOLUTIONS CORPORATION+ 275,848
903,407
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 5.80%
11,280 ROVI CORPORATION+ 418,826
34,836 SHUTTERFLY INCORPORATED+ 839,199
16,930 VISTAPRINT NV+<< 969,243
2,227,268
---------------
RETAIL FOOD: 1.41%
7,100 PANERA BREAD COMPANY+ 543,079
---------------
RETAIL, TRADE & SERVICES: 1.03%
14,900 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 397,383
---------------
RETAIL-SPECIAL LINE: 0.24%
1,680 BLUE NILE INCORPORATED+ 92,434
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.71%
47,490 GFI GROUP INCORPORATED 274,492
---------------
|
72 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SOCIAL SERVICES: 0.98%
10,030 ALMOST FAMILY INCORPORATED+ $ 378,031
---------------
SOFTWARE: 2.82%
4,800 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR+ 154,608
56,340 PROS HOLDINGS INCORPORATED+ 556,639
17,050 SOLARWINDS INCORPORATED+ 369,303
1,080,550
---------------
TRANSPORTATION BY AIR: 1.69%
9,100 ALLEGIANT TRAVEL COMPANY+ 526,526
3,240 BRISTOW GROUP INCORPORATED+ 122,245
648,771
---------------
WATER TRANSPORTATION: 2.29%
30,980 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED 879,212
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.27%
8,400 TRACTOR SUPPLY COMPANY 487,620
---------------
TOTAL COMMON STOCKS (COST $28,512,238) 37,722,044
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 4.86%
COLLATERAL INVESTED IN OTHER ASSETS: 4.86%
$ 47,233 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $47,233) 0.01% 04/01/2010 47,233
14,144 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 14,144
19,448 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 19,448
389,670 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $389,670) 0.02 04/01/2010 389,670
9,361 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 9,361
28,288 COOK COUNTY IL+/-ss 0.25 11/01/2030 28,288
35,423 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,423) 0.03 04/01/2010 35,423
54,383 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $54,383) 0.01 04/01/2010 54,383
834,629 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 343,033
5,834 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 5,834
17,680 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 17,680
7,072 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,072
236,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $236,163) 0.01 04/01/2010 236,163
10,608 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 10,608
7,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,072
20,668 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 20,668
31,824 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 31,824
10,608 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 10,608
1,064,736 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 574,957
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,698,674) 1,863,469
---------------
|
Wells Fargo Advantage Master Portfolios 73
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.73%
MUTUAL FUNDS: 1.73%
663,091 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 663,091
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $663,091) 663,091
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $30,874,003)* 104.88% 40,248,604
OTHER ASSETS AND LIABILITIES, NET (4.88) (1,873,213)
------ ---------------
TOTAL NET ASSETS 100.00% $ 38,375,391
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $33,347,634 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,600,180
Gross unrealized depreciation (2,699,210)
-----------
Net unrealized appreciation $ 6,900,970
|
The accompanying notes are an integral part of these financial statements.
74 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.82%
APPAREL & ACCESSORY STORES: 1.05%
30,275 VF CORPORATION $ 2,426,537
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.18%
84,525 HOME DEPOT INCORPORATED 2,734,384
---------------
CHEMICALS & ALLIED PRODUCTS: 3.07%
44,147 AIR PRODUCTS & CHEMICALS INCORPORATED 3,264,671
103,309 E.I. DU PONT DE NEMOURS & COMPANY 3,847,227
7,111,898
---------------
COMMUNICATIONS: 4.91%
237,440 AT&T INCORPORATED 6,135,450
10,701 TIME WARNER CABLE INCORPORATED 570,470
150,336 VERIZON COMMUNICATIONS INCORPORATED 4,663,423
11,369,343
---------------
COMPUTER TECHNOLOGIES: 3.48%
90,070 HEWLETT-PACKARD COMPANY 4,787,221
25,492 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,269,349
8,056,570
---------------
CONGLOMERATES: 2.37%
302,194 GENERAL ELECTRIC COMPANY 5,499,931
---------------
DEPOSITORY INSTITUTIONS: 14.44%
400,246 BANK OF AMERICA CORPORATION 7,144,391
200,505 BANK OF NEW YORK MELLON CORPORATION 6,191,594
240,590 JPMORGAN CHASE & COMPANY 10,766,403
59,150 STATE STREET CORPORATION 2,670,031
258,156 US BANCORP 6,681,077
33,453,496
---------------
DIVERSIFIED MANUFACTURING: 2.19%
111,830 HONEYWELL INTERNATIONAL INCORPORATED 5,062,544
---------------
E-COMMERCE/SERVICES: 0.05%
4,582 AOL INCORPORATED+ 115,833
---------------
EATING & DRINKING PLACES: 1.24%
43,020 MCDONALD'S CORPORATION 2,870,294
---------------
ELECTRIC, GAS & SANITARY SERVICES: 7.14%
69,066 DOMINION RESOURCES INCORPORATED 2,839,303
88,575 EMERSON ELECTRIC COMPANY 4,458,866
24,295 FIRSTENERGY CORPORATION 949,692
111,370 FPL GROUP INCORPORATED 5,382,512
15,800 PG&E CORPORATION 670,236
75,730 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,235,550
16,536,159
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.58%
87,195 NOKIA OYJ ADR<< 1,355,010
---------------
|
Wells Fargo Advantage Master Portfolios 75
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FOOD & KINDRED PRODUCTS: 3.23%
41,975 MCCORMICK & COMPANY INCORPORATED $ 1,610,161
63,195 PEPSICO INCORPORATED 4,180,981
56,925 SYSCO CORPORATION 1,679,288
7,470,430
---------------
GENERAL MERCHANDISE STORES: 2.71%
119,195 TARGET CORPORATION 6,269,657
---------------
HOUSEHOLD PRODUCTS, WARE: 2.12%
11,925 COLGATE-PALMOLIVE COMPANY 1,016,726
40,285 FORTUNE BRANDS INCORPORATED 1,954,225
30,510 PROCTER & GAMBLE COMPANY 1,930,368
4,901,319
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.73%
47,816 3M COMPANY 3,995,983
---------------
INSURANCE CARRIERS: 6.26%
121,705 METLIFE INCORPORATED 5,274,695
51,400 PRUDENTIAL FINANCIAL INCORPORATED 3,109,700
113,550 THE TRAVELERS COMPANIES INCORPORATED 6,124,887
14,509,282
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.90%
26,334 BECTON DICKINSON & COMPANY 2,073,276
---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.24%
63,675 MEDTRONIC INCORPORATED 2,867,285
---------------
MISCELLANEOUS RETAIL: 2.38%
33,500 COSTCO WHOLESALE CORPORATION 2,000,285
95,975 CVS CAREMARK CORPORATION 3,508,846
5,509,131
---------------
MOTION PICTURES: 1.51%
46,816 TIME WARNER INCORPORATED 1,463,936
58,515 WALT DISNEY COMPANY 2,042,759
3,506,695
---------------
NETWORKING: 1.11%
98,700 CISCO SYSTEMS INCORPORATED+ 2,569,161
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.09%
76,610 AMERICAN EXPRESS COMPANY 3,160,929
40,725 CAPITAL ONE FINANCIAL CORPORATION 1,686,422
4,847,351
---------------
OIL & GAS EXTRACTION: 2.16%
7,925 APACHE CORPORATION 804,388
95,500 CHESAPEAKE ENERGY CORPORATION 2,257,620
23,050 OCCIDENTAL PETROLEUM CORPORATION 1,948,647
5,010,655
---------------
OIL & OIL SERVICES: 1.72%
131,875 HALLIBURTON COMPANY 3,973,394
---------------
|
76 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 13.01%
126,170 CHEVRON CORPORATION $ 9,567,471
141,100 CONOCOPHILLIPS 7,220,087
147,236 EXXON MOBIL CORPORATION 9,861,867
110,250 MARATHON OIL CORPORATION 3,488,310
30,137,735
---------------
PHARMACEUTICALS: 6.67%
95,225 ABBOTT LABORATORIES 5,016,453
100,725 BRISTOL-MYERS SQUIBB COMPANY 2,689,358
42,515 JOHNSON & JOHNSON 2,771,978
59,137 MERCK & COMPANY INCORPORATED 2,208,767
161,685 PFIZER INCORPORATED 2,772,898
15,459,454
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.49%
32,000 MCGRAW-HILL COMPANIES INCORPORATED 1,140,800
---------------
RETAIL: 0.31%
17,000 BEST BUY COMPANY INCORPORATED 723,180
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.34%
68,572 AMERIPRISE FINANCIAL INCORPORATED 3,110,426
---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.25%
130,150 INTEL CORPORATION 2,897,139
---------------
SOFTWARE: 2.56%
60,125 MICROSOFT CORPORATION 1,759,859
113,800 ORACLE CORPORATION 2,923,522
73,225 SYMANTEC CORPORATION+ 1,238,967
5,922,348
---------------
TRANSPORTATION EQUIPMENT: 2.33%
73,200 UNITED TECHNOLOGIES CORPORATION 5,388,252
---------------
TOTAL COMMON STOCKS (COST $206,562,141) 228,874,952
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.58%
COLLATERAL INVESTED IN OTHER ASSETS: 0.58%
$ 52,798 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $52,798) 0.01% 04/01/2010 52,798
15,810 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 15,810
21,739 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 21,739
435,574 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $435,574) 0.02 04/01/2010 435,574
10,464 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 10,464
31,620 COOK COUNTY IL+/-ss 0.25 11/01/2030 31,620
39,596 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $39,596) 0.03 04/01/2010 39,596
60,790 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $60,790) 0.01 04/01/2010 60,790
270,455 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 111,157
6,522 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 6,522
19,763 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 19,763
7,905 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,905
|
Wells Fargo Advantage Master Portfolios 77
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
------------- ----------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 263,984 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $263,984) 0.01% 04/01/2010 $ 263,984
11,858 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 11,858
7,905 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,905
23,102 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 23,102
35,573 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 35,573
11,858 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 11,856
345,019 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 186,310
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,300,926) 1,354,326
---------------
|
SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.16%
MUTUAL FUNDS: 1.16%
2,670,386 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,670,386
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,670,386) 2,670,386
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $210,533,453)* 100.56% 232,899,664
OTHER ASSETS AND LIABILITIES, NET (0.56) (1,296,530)
------ ---------------
TOTAL NET ASSETS 100.00% $ 231,603,134
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $211,336,200 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 47,477,417
Gross unrealized depreciation (25,913,953)
------------
Net unrealized appreciation $ 21,563,464
|
The accompanying notes are an integral part of these financial statements.
78 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.95%
AUTO & TRUCKS: 0.93%
390,000 FORD MOTOR COMPANY+<< $ 4,902,300
---------------
BIOTECHNOLOGY: 2.85%
155,000 AMGEN INCORPORATED+ 9,262,800
110,400 LIFE TECHNOLOGIES CORPORATION+ 5,770,608
15,033,408
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.07%
61,000 WALTER INDUSTRIES INCORPORATED 5,628,470
---------------
CHEMICALS & ALLIED PRODUCTS: 3.10%
197,000 CELANESE CORPORATION CLASS A 6,274,450
37,325 CF INDUSTRIES HOLDINGS INCORPORATED 3,403,294
53,800 EASTMAN CHEMICAL COMPANY 3,425,984
53,300 MOSAIC COMPANY 3,239,041
16,342,769
---------------
COAL MINING: 0.97%
102,200 ALPHA NATURAL RESOURCES INCORPORATED+ 5,098,758
---------------
COMMUNICATIONS: 3.34%
164,500 COMCAST CORPORATION CLASS A 3,095,890
1,345,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 7,020,900
240,400 VERIZON COMMUNICATIONS INCORPORATED 7,457,208
17,573,998
---------------
COMPUTER TECHNOLOGIES: 2.01%
76,000 LEXMARK INTERNATIONAL INCORPORATED+ 2,742,080
430,600 SEAGATE TECHNOLOGY 7,862,756
10,604,836
---------------
CONGLOMERATES: 4.64%
1,343,800 GENERAL ELECTRIC COMPANY 24,457,160
---------------
DEPARTMENT STORES: 0.72%
173,700 MACY'S INCORPORATED 3,781,449
---------------
DEPOSITORY INSTITUTIONS: 14.22%
1,066,000 BANK OF AMERICA CORPORATION 19,028,100
2,366,000 CITIGROUP INCORPORATED+ 9,582,300
119,500 COMERICA INCORPORATED 4,545,780
206,000 FIFTH THIRD BANCORP 2,799,540
327,000 JPMORGAN CHASE & COMPANY 14,633,250
486,400 KEYCORP 3,769,600
111,000 NORTHERN TRUST CORPORATION 6,133,860
102,000 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,089,400
654,700 REGIONS FINANCIAL CORPORATION 5,139,395
120,700 SUNTRUST BANKS INCORPORATED 3,233,553
74,954,778
---------------
DRILLING OIL & NATURAL GAS WELLS: 1.15%
145,000 NOBLE CORPORATION 6,063,900
---------------
EATING & DRINKING PLACES: 0.51%
60,500 DARDEN RESTAURANTS INCORPORATED 2,694,670
---------------
|
Wells Fargo Advantage Master Portfolios 79
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.06%
168,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 5,742,240
114,000 DTE ENERGY COMPANY 5,084,400
490,400 EL PASO CORPORATION 5,315,936
16,142,576
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.42%
186,500 COOPER INDUSTRIES PLC 8,940,810
476,000 LSI LOGIC CORPORATION+ 2,913,120
97,900 TYCO ELECTRONICS LIMITED 2,690,292
40,000 WHIRLPOOL CORPORATION 3,490,000
18,034,222
---------------
FOOD & KINDRED PRODUCTS: 1.36%
62,500 JM SMUCKER COMPANY 3,766,250
176,900 TYSON FOODS INCORPORATED CLASS A 3,387,635
7,153,885
---------------
GENERAL MERCHANDISE STORES: 1.27%
122,000 KOHL'S CORPORATION+ 6,683,159
---------------
HEALTH SERVICES: 1.43%
116,900 AMERISOURCEBERGEN CORPORATION 3,380,748
114,600 CARDINAL HEALTH INCORPORATED 4,129,038
7,509,786
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.72%
352,300 WYNDHAM WORLDWIDE CORPORATION 9,064,679
---------------
HOUSEHOLD PRODUCTS, WARE: 1.06%
368,300 NEWELL RUBBERMAID INCORPORATED 5,598,160
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.79%
90,200 CATERPILLAR INCORPORATED 5,669,070
61,500 CUMMINS INCORPORATED 3,809,925
51,000 EATON CORPORATION 3,864,270
115,000 STANLEY BLACK & DECKER INCORPORATED 6,602,150
19,945,415
---------------
INSURANCE CARRIERS: 6.20%
115,500 ASSURED GUARANTY LIMITED 2,537,535
268,000 GENWORTH FINANCIAL INCORPORATED+ 4,915,120
151,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,314,156
107,500 PRUDENTIAL FINANCIAL INCORPORATED 6,503,750
201,600 UNITEDHEALTH GROUP INCORPORATED 6,586,272
52,500 WELLPOINT INCORPORATED+ 3,379,950
234,300 XL CAPITAL LIMITED CLASS A 4,428,270
32,665,053
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.69%
195,600 HOLOGIC INCORPORATED+ 3,626,424
---------------
MEDIA: 1.08%
165,000 VIACOM INCORPORATED CLASS B+ 5,672,700
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.50%
58,600 MEDTRONIC INCORPORATED 2,638,758
---------------
|
80 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
METAL MINING: 2.74%
93,000 CLIFFS NATURAL RESOURCES INCORPORATED<< $ 6,598,350
94,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,852,760
14,451,110
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.72%
128,000 CAPITAL ONE FINANCIAL CORPORATION 5,300,480
252,000 DISCOVER FINANCIAL SERVICES 3,754,800
9,055,280
---------------
OFFICE EQUIPMENT: 0.59%
316,000 XEROX CORPORATION 3,081,000
---------------
OIL & GAS EXTRACTION: 5.83%
317,000 CHESAPEAKE ENERGY CORPORATION 7,493,880
82,000 DEVON ENERGY CORPORATION 5,283,260
143,500 NEWFIELD EXPLORATION COMPANY+ 7,469,175
129,800 WHITING PETROLEUM CORPORATION+ 10,493,032
30,739,347
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 7.36%
184,800 CHEVRON CORPORATION 14,013,384
209,800 EXXON MOBIL CORPORATION 14,052,404
171,800 HESS CORPORATION 10,746,090
38,811,878
---------------
PHARMACEUTICALS: 2.48%
47,200 ABBOTT LABORATORIES 2,486,496
65,200 JOHNSON & JOHNSON 4,251,040
170,000 MERCK & COMPANY INCORPORATED 6,349,500
13,087,036
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.13%
359,000 GANNETT COMPANY INCORPORATED 5,930,680
---------------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.39%
128,200 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 2,047,584
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 3.17%
107,000 BOSTON PROPERTIES INCORPORATED 8,072,080
103,000 SIMON PROPERTY GROUP INCORPORATED 8,641,700
16,713,780
---------------
RENTAL AUTO/EQUIPMENT: 0.55%
292,000 HERTZ GLOBAL HOLDINGS INCORPORATED+<< 2,917,080
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.74%
257,000 AMERIPRISE FINANCIAL INCORPORATED 11,657,520
47,300 GOLDMAN SACHS GROUP INCORPORATED 8,070,799
19,728,319
---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.61%
535,500 ADVANCED MICRO DEVICES INCORPORATED+ 4,964,085
848,000 MICRON TECHNOLOGY INCORPORATED+ 8,810,720
13,774,805
---------------
TOBACCO PRODUCTS: 0.58%
56,400 REYNOLDS AMERICAN INCORPORATED 3,044,472
---------------
|
Wells Fargo Advantage Master Portfolios 81
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION BY AIR: 0.36%
210,900 AMR CORPORATION+ $ 1,921,299
---------------
TRANSPORTATION EQUIPMENT: 4.61%
37,300 GENERAL DYNAMICS CORPORATION 2,879,560
125,000 ITT CORPORATION 6,701,250
64,500 LEAR CORPORATION+ 5,118,075
324,000 TEXTRON INCORPORATED<< 6,878,520
95,900 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 2,740,822
24,318,227
---------------
TOTAL COMMON STOCKS (COST $439,995,553) 521,493,210
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 2.23%
COLLATERAL INVESTED IN OTHER ASSETS: 2.23%
$ 514,533 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $514,533) 0.01% 04/01/2010 514,533
154,075 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 154,075
211,853 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 211,853
4,244,837 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $4,244,839) 0.02 04/01/2010 4,244,837
101,978 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 101,978
308,150 COOK COUNTY IL+/-ss 0.25 11/01/2030 308,150
385,880 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $385,880) 0.03 04/01/2010 385,880
592,418 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $592,418) 0.01 04/01/2010 592,418
1,344,989 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 552,790
63,556 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 63,556
192,593 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 192,593
77,037 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 77,037
2,572,625 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,572,626) 0.01 04/01/2010 2,572,625
115,556 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 115,556
77,037 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 77,037
225,142 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 225,142
346,668 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 346,668
115,556 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 115,557
1,715,801 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 926,533
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,513,254) 11,778,818
---------------
|
SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 1.75%
MUTUAL FUNDS: 1.75%
9,199,253 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 9,199,253
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,199,253) 9,199,253
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $460,708,060)* 102.93% 542,471,281
OTHER ASSETS AND LIABILITIES, NET (2.93) (15,438,700)
------ ---------------
TOTAL NET ASSETS 100.00% $ 527,032,581
------ ---------------
|
82 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $464,188,373 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $86,853,004
Gross unrealized depreciation (8,570,096)
-----------
Net unrealized appreciation $78,282,908
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 83
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 99.10%
AEROSPACE, DEFENSE: 1.15%
148,626 BOEING COMPANY $ 10,791,728
24,575 GOODRICH CORPORATION 1,733,029
22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451
61,918 LOCKHEED MARTIN CORPORATION 5,152,816
74,429 RAYTHEON COMPANY 4,251,384
24,008,408
---------------
APPAREL & ACCESSORY STORES: 0.63%
17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385
93,477 GAP INCORPORATED 2,160,253
52,521 LIMITED BRANDS INCORPORATED 1,293,067
76,565 NIKE INCORPORATED CLASS B 5,627,528
11,232 POLO RALPH LAUREN CORPORATION 955,169
25,474 URBAN OUTFITTERS INCORPORATED+ 968,776
17,370 VF CORPORATION 1,392,206
13,185,384
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12%
61,690 COACH INCORPORATED 2,437,989
---------------
AUTO & TRUCKS: 0.40%
661,332 FORD MOTOR COMPANY+ 8,312,943
---------------
AUTO PARTS & EQUIPMENT: 0.33%
17,744 AUTONATION INCORPORATED+ 320,812
5,830 AUTOZONE INCORPORATED+ 1,009,115
131,890 JOHNSON CONTROLS INCORPORATED 4,351,051
27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587
6,807,565
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
10,487 RYDER SYSTEM INCORPORATED 406,476
---------------
BIOPHARMACEUTICALS: 0.83%
90,264 CELGENE CORPORATION+ 5,592,757
14,712 CEPHALON INCORPORATED+ 997,179
52,246 GENZYME CORPORATION+ 2,707,910
177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833
17,364,679
---------------
BIOTECHNOLOGY: 0.78%
192,278 AMGEN INCORPORATED+ 11,490,533
52,934 BIOGEN IDEC INCORPORATED+ 3,036,294
35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742
16,382,569
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09%
54,309 D.R. HORTON INCORPORATED 684,293
31,946 LENNAR CORPORATION 549,791
62,295 PULTE HOMES INCORPORATED+ 700,819
1,934,903
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97%
25,762 FASTENAL COMPANY 1,236,318
333,862 HOME DEPOT INCORPORATED 10,800,436
|
84 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869
18,070 SHERWIN-WILLIAMS COMPANY 1,222,978
20,265,601
---------------
BUSINESS SERVICES: 1.32%
45,103 AUTODESK INCORPORATED+ 1,326,930
99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822
22,001 AVERY DENNISON CORPORATION 801,056
77,598 CA INCORPORATED 1,821,225
36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287
58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405
30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473
44,649 COMPUWARE CORPORATION+ 375,052
24,810 EQUIFAX INCORPORATED 888,198
64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420
29,906 FISERV INCORPORATED+ 1,518,029
95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695
35,580 IRON MOUNTAIN INCORPORATED 974,892
24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619
60,954 OMNICOM GROUP INCORPORATED 2,365,625
29,179 ROBERT HALF INTERNATIONAL INCORPORATED<< 887,917
21,580 SALESFORCE.COM INCORPORATED+ 1,606,631
38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418
36,018 VERISIGN INCORPORATED+ 936,828
27,573,522
---------------
CASINO & GAMING: 0.10%
58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528
13,556 WYNN RESORTS LIMITED 1,027,951
2,102,479
---------------
CHEMICALS & ALLIED PRODUCTS: 1.81%
41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313
9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584
225,851 DOW CHEMICAL COMPANY 6,678,414
177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648
14,275 EASTMAN CHEMICAL COMPANY 909,032
46,388 ECOLAB INCORPORATED 2,038,753
14,238 FMC CORPORATION 861,969
15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791
107,138 MONSANTO COMPANY 7,651,796
32,564 PPG INDUSTRIES INCORPORATED 2,129,686
60,143 PRAXAIR INCORPORATED 4,991,869
23,909 SIGMA-ALDRICH CORPORATION 1,282,957
37,842,812
---------------
COAL MINING: 0.25%
43,129 CONSOL ENERGY INCORPORATED 1,839,883
18,661 MASSEY ENERGY COMPANY 975,784
52,768 PEABODY ENERGY CORPORATION 2,411,498
5,227,165
---------------
COMMERCIAL SERVICES: 0.14%
63,153 PAYCHEX INCORPORATED 1,938,797
59,855 SAIC INCORPORATED+ 1,059,434
2,998,231
---------------
|
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMUNICATIONS: 3.62%
1,158,825 AT&T INCORPORATED $ 29,944,038
58,818 CENTURYTEL INCORPORATED 2,085,686
557,135 COMCAST CORPORATION CLASS A 10,485,281
51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829
442,433 NEWS CORPORATION CLASS A 6,375,460
292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023
17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939
584,578 SPRINT NEXTEL CORPORATION+ 2,221,396
69,222 TIME WARNER CABLE INCORPORATED 3,690,225
556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067
89,710 WINDSTREAM CORPORATION 976,942
75,717,886
---------------
COMPUTER SOFTWARE & SERVICES: 0.05%
33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250
---------------
COMPUTER TECHNOLOGIES: 5.00%
178,042 APPLE INCORPORATED+ 41,827,407
338,073 DELL INCORPORATED+ 5,074,476
462,205 HEWLETT-PACKARD COMPANY 24,566,196
255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906
15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251
104,731,236
---------------
CONGLOMERATES: 1.82%
2,094,934 GENERAL ELECTRIC COMPANY 38,127,799
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04%
41,243 QUANTA SERVICES INCORPORATED+ 790,216
---------------
CONTAINER, PACKAGING: 0.06%
33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481
---------------
COSMETICS, PERSONAL CARE: 0.21%
83,935 AVON PRODUCTS INCORPORATED 2,842,878
23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373
4,348,251
---------------
CRUDE PETROLEUM & NATURAL GAS: 0.12%
34,250 NOBLE ENERGY INCORPORATED 2,500,250
---------------
DATA SERVICES: 0.11%
67,667 NETAPP INCORPORATED+ 2,203,238
---------------
DEPARTMENT STORES: 0.28%
46,333 JCPENNEY COMPANY INCORPORATED 1,490,533
82,662 MACY'S INCORPORATED 1,799,552
32,454 NORDSTROM INCORPORATED 1,325,746
24,321 ROSS STORES INCORPORATED 1,300,444
5,916,275
---------------
DEPOSITORY INSTITUTIONS: 8.07%
1,969,705 BANK OF AMERICA CORPORATION 35,159,234
237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354
135,609 BB&T CORPORATION 4,392,376
3,857,935 CITIGROUP INCORPORATED+ 15,624,637
34,169 COMERICA INCORPORATED 1,299,789
|
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
156,105 FIFTH THIRD BANCORP $ 2,121,467
44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308
93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376
140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317
780,069 JPMORGAN CHASE & COMPANY 34,908,088
172,415 KEYCORP 1,336,216
16,311 M&T BANK CORPORATION<< 1,294,767
103,408 MARSHALL & ILSLEY CORPORATION 832,434
47,451 NORTHERN TRUST CORPORATION 2,622,142
101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729
234,166 REGIONS FINANCIAL CORPORATION 1,838,203
97,264 STATE STREET CORPORATION 4,390,497
98,043 SUNTRUST BANKS INCORPORATED 2,626,572
375,673 US BANCORP 9,722,417
1,017,194 WELLS FARGO & COMPANY(l) 31,655,077
134,056 WESTERN UNION COMPANY 2,273,590
29,530 ZIONS BANCORPORATION 644,345
168,820,935
---------------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
36,061 JANUS CAPITAL GROUP INCORPORATED 515,312
---------------
DIVERSIFIED MANUFACTURING: 0.32%
150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616
---------------
E-COMMERCE/SERVICES: 2.12%
67,207 AMAZON.COM INCORPORATED+ 9,122,006
221,893 EBAY INCORPORATED+ 5,980,016
47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490
8,949 PRICELINE.COM INCORPORATED+ 2,281,995
44,287,507
---------------
EATING & DRINKING PLACES: 0.90%
27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757
211,256 MCDONALD'S CORPORATION 14,095,000
92,138 YUM! BRANDS INCORPORATED 3,531,650
18,849,407
---------------
EDUCATIONAL SERVICES: 0.11%
25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960
12,156 DEVRY INCORPORATED 792,571
2,339,531
---------------
ELECTRIC, GAS & SANITARY SERVICES: 4.21%
131,248 AES CORPORATION+ 1,443,728
33,293 ALLEGHENY ENERGY INCORPORATED 765,739
46,517 AMEREN CORPORATION 1,213,163
93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203
77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257
45,114 CMS ENERGY CORPORATION 697,462
55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434
39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213
117,826 DOMINION RESOURCES INCORPORATED 4,843,827
32,382 DTE ENERGY COMPANY 1,444,237
257,073 DUKE ENERGY CORPORATION 4,195,431
63,970 EDISON INTERNATIONAL 2,185,855
|
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES (continued)
137,698 EL PASO CORPORATION $ 1,492,646
147,736 EMERSON ELECTRIC COMPANY 7,437,030
37,147 ENTERGY CORPORATION 3,021,908
129,565 EXELON CORPORATION 5,676,243
59,851 FIRSTENERGY CORPORATION 2,339,576
81,157 FPL GROUP INCORPORATED 3,922,318
15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837
8,880 NICOR INCORPORATED 372,250
54,346 NISOURCE INCORPORATED 858,667
34,450 NORTHEAST UTILITIES 952,198
51,421 NRG ENERGY INCORPORATED+ 1,074,699
20,712 ONEOK INCORPORATED 945,503
43,658 PEPCO HOLDINGS INCORPORATED 748,735
72,908 PG&E CORPORATION 3,092,757
19,917 PINNACLE WEST CAPITAL CORPORATION 751,468
74,034 PPL CORPORATION 2,051,482
55,883 PROGRESS ENERGY INCORPORATED 2,199,555
99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487
34,290 QUESTAR CORPORATION 1,481,328
63,582 REPUBLIC SERVICES INCORPORATED 1,845,150
21,890 SCANA CORPORATION 822,845
48,497 SEMPRA ENERGY 2,420,000
127,128 SPECTRA ENERGY CORPORATION 2,864,194
16,646 STERICYCLE INCORPORATED+ 907,207
41,971 TECO ENERGY INCORPORATED 666,919
161,073 THE SOUTHERN COMPANY 5,341,181
95,221 WASTE MANAGEMENT INCORPORATED 3,278,459
22,952 WISCONSIN ENERGY CORPORATION 1,134,058
89,658 XCEL ENERGY INCORPORATED 1,900,750
88,194,999
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21%
58,389 ALTERA CORPORATION 1,419,437
34,012 AMPHENOL CORPORATION CLASS A 1,434,966
58,449 ANALOG DEVICES INCORPORATED 1,684,500
9,538 FIRST SOLAR INCORPORATED+<< 1,169,836
13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752
25,682 HARRIS CORPORATION 1,219,638
37,911 JABIL CIRCUIT INCORPORATED 613,779
43,884 JDS UNIPHASE CORPORATION+ 549,867
33,785 KLA-TENCOR CORPORATION 1,044,632
43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040
128,906 LSI LOGIC CORPORATION+ 788,905
44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362
26,617 MOLEX INCORPORATED 555,231
46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699
18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600
30,868 ROCKWELL COLLINS INCORPORATED 1,932,028
75,466 TELLABS INCORPORATED 571,278
243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642
14,687 WHIRLPOOL CORPORATION 1,281,441
54,317 XILINX INCORPORATED 1,385,084
25,325,717
---------------
|
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19%
35,105 FLUOR CORPORATION $ 1,632,734
24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347
38,606 MOODY'S CORPORATION<< 1,148,529
3,886,610
---------------
ENTERTAINMENT PRODUCTION: 0.09%
55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24%
18,472 BALL CORPORATION 986,035
75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229
11,340 SNAP-ON INCORPORATED 491,476
5,074,740
---------------
FOOD & KINDRED PRODUCTS: 4.43%
126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226
37,031 CAMPBELL SOUP COMPANY 1,309,046
62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444
87,059 CONAGRA FOODS INCORPORATED 2,182,569
39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711
35,597 DEAN FOODS COMPANY+ 558,517
49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737
64,701 GENERAL MILLS INCORPORATED 4,580,184
62,090 H.J. HEINZ COMPANY 2,831,925
13,645 HORMEL FOODS CORPORATION 573,226
23,370 JM SMUCKER COMPANY 1,408,276
50,063 KELLOGG COMPANY 2,674,866
340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933
25,943 MCCORMICK & COMPANY INCORPORATED 995,173
40,151 MEAD JOHNSON & COMPANY 2,089,057
31,106 MOLSON COORS BREWING COMPANY 1,308,318
320,865 PEPSICO INCORPORATED 21,228,428
136,914 SARA LEE CORPORATION 1,907,212
116,342 SYSCO CORPORATION 3,432,089
452,592 THE COCA-COLA COMPANY 24,892,560
32,668 THE HERSHEY COMPANY 1,398,517
59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932
92,608,946
---------------
FOOD STORES: 0.48%
127,600 KROGER COMPANY 2,763,816
76,337 SAFEWAY INCORPORATED 1,897,738
145,960 STARBUCKS CORPORATION 3,542,449
41,625 SUPERVALU INCORPORATED 694,305
33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109
10,107,417
---------------
FORESTRY: 0.09%
41,498 WEYERHAEUSER COMPANY 1,878,614
---------------
FURNITURE & FIXTURES: 0.08%
29,148 LEGGETT & PLATT INCORPORATED 630,763
70,443 MASCO CORPORATION 1,093,275
1,724,038
---------------
|
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GENERAL MERCHANDISE STORES: 1.93%
16,230 BIG LOTS INCORPORATED+ $ 591,097
27,169 FAMILY DOLLAR STORES INCORPORATED 994,657
60,198 KOHL'S CORPORATION+ 3,297,646
9,530 SEARS HOLDINGS CORPORATION+<< 1,033,338
147,710 TARGET CORPORATION 7,769,546
82,406 TJX COMPANIES INCORPORATED 3,503,903
418,934 WAL-MART STORES INCORPORATED 23,292,730
40,482,917
---------------
HEALTH CARE: 0.09%
32,170 HOSPIRA INCORPORATED+ 1,822,431
---------------
HEALTH SERVICES: 1.18%
55,443 AMERISOURCEBERGEN CORPORATION 1,603,412
70,969 CARDINAL HEALTH INCORPORATED 2,557,013
29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388
20,262 DAVITA INCORPORATED+ 1,284,611
54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332
33,422 HUMANA INCORPORATED+ 1,563,147
20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370
52,893 MCKESSON CORPORATION 3,476,128
91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320
85,022 TENET HEALTHCARE CORPORATION+ 486,326
24,628,047
---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.39%
16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464
324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655
31,967 PLUM CREEK TIMBER COMPANY 1,243,836
29,032,955
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20%
49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338
36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709
35,110 WYNDHAM WORLDWIDE CORPORATION 903,380
4,189,427
---------------
HOUSEHOLD PRODUCTS, WARE: 2.31%
27,535 CLOROX COMPANY 1,766,095
96,943 COLGATE-PALMOLIVE COMPANY 8,265,360
29,839 FORTUNE BRANDS INCORPORATED 1,447,490
54,543 NEWELL RUBBERMAID INCORPORATED 829,054
570,293 PROCTER & GAMBLE COMPANY 36,082,438
48,390,437
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52%
139,743 3M COMPANY 11,678,323
263,711 APPLIED MATERIALS INCORPORATED 3,554,824
61,240 BAKER HUGHES INCORPORATED 2,868,482
47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151
122,659 CATERPILLAR INCORPORATED 7,709,118
39,535 CUMMINS INCORPORATED 2,449,193
83,250 DEERE & COMPANY 4,950,045
|
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
36,580 DOVER CORPORATION $ 1,710,115
32,474 EATON CORPORATION 2,460,555
10,965 FLOWSERVE CORPORATION 1,209,111
23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889
23,043 PALL CORPORATION 933,011
31,571 PARKER HANNIFIN CORPORATION 2,043,907
40,731 PITNEY BOWES INCORPORATED 995,873
48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460
30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313
32,733 TERADATA CORPORATION+ 945,656
44,892 WESTERN DIGITAL CORPORATION+ 1,750,339
52,726,365
---------------
INFORMATION & BUSINESS SERVICES: 0.18%
233,680 YAHOO! INCORPORATED+ 3,862,730
---------------
INSURANCE CARRIERS: 3.48%
84,623 AETNA INCORPORATED 2,971,114
92,110 AFLAC INCORPORATED 5,000,652
105,351 ALLSTATE CORPORATION 3,403,891
26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+<< 904,403
52,394 AON CORPORATION 2,237,748
22,871 ASSURANT INCORPORATED 786,305
64,513 CHUBB CORPORATION 3,344,999
53,987 CIGNA CORPORATION 1,974,844
31,989 CINCINNATI FINANCIAL CORPORATION 924,482
96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099
87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979
37,258 LEUCADIA NATIONAL CORPORATION+ 924,371
59,346 LINCOLN NATIONAL CORPORATION 1,821,922
69,670 LOEWS CORPORATION 2,597,298
104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646
160,827 METLIFE INCORPORATED 6,970,242
62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168
91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590
131,855 THE PROGRESSIVE CORPORATION 2,517,112
100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094
16,266 TORCHMARK CORPORATION 870,394
227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976
65,259 UNUMPROVIDENT CORPORATION 1,616,465
87,162 WELLPOINT INCORPORATED+ 5,611,490
67,168 XL CAPITAL LIMITED CLASS A 1,269,475
72,755,759
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38%
68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371
46,277 BECTON DICKINSON & COMPANY 3,643,388
296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499
18,781 C.R. BARD INCORPORATED 1,626,810
34,909 CAREFUSION CORPORATION+ 922,645
51,445 DANAHER CORPORATION 4,110,970
28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026
52,746 EASTMAN KODAK COMPANY 305,399
30,015 FLIR SYSTEMS INCORPORATED+ 846,423
11,000 MILLIPORE CORPORATION+ 1,161,600
23,084 PERKINELMER INCORPORATED 551,708
|
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021
28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714
18,394 ROPER INDUSTRIES INCORPORATED 1,063,909
34,799 TERADYNE INCORPORATED+ 388,705
80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467
18,374 WATERS CORPORATION+ 1,240,980
28,802,635
---------------
MEDIA-COMMUNICATION: 0.58%
132,931 CBS CORPORATION CLASS B 1,853,058
183,607 DIRECTV+ 6,207,753
119,245 VIACOM INCORPORATED CLASS B+ 4,099,643
12,160,454
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.78%
7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106
216,889 MEDTRONIC INCORPORATED 9,766,512
63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890
24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345
16,396,853
---------------
MEDICAL PRODUCTS: 0.79%
60,377 ALLERGAN INCORPORATED 3,943,826
118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748
55,489 STRYKER CORPORATION 3,175,081
41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507
16,481,162
---------------
METAL MINING: 0.66%
26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723
84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305
96,401 NEWMONT MINING CORPORATION 4,909,703
13,855,731
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
24,804 VULCAN MATERIALS COMPANY<< 1,171,741
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12%
24,097 HASBRO INCORPORATED 922,433
71,401 MATTEL INCORPORATED 1,623,659
2,546,092
---------------
MISCELLANEOUS RETAIL: 1.31%
86,259 COSTCO WHOLESALE CORPORATION 5,150,525
273,016 CVS CAREMARK CORPORATION 9,981,465
32,350 GAMESTOP CORPORATION CLASS A+ 708,789
53,942 OFFICE DEPOT INCORPORATED+ 430,457
24,589 RADIOSHACK CORPORATION 556,449
143,133 STAPLES INCORPORATED 3,347,881
193,431 WALGREEN COMPANY 7,174,356
27,349,922
---------------
MISCELLANEOUS SERVICES: 0.04%
10,013 DUN & BRADSTREET CORPORATION 745,167
---------------
|
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MOTION PICTURES: 0.97%
225,838 TIME WARNER INCORPORATED $ 7,061,954
380,808 WALT DISNEY COMPANY 13,294,007
20,355,961
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87%
61,438 FEDEX CORPORATION 5,738,309
194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957
18,294,266
---------------
NETWORKING: 1.68%
84,657 BROADCOM CORPORATION CLASS A 2,808,919
1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483
103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102
35,236,504
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44%
234,967 AMERICAN EXPRESS COMPANY 9,694,738
89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764
106,733 DISCOVER FINANCIAL SERVICES 1,590,322
18,949 MASTERCARD INCORPORATED 4,813,046
72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156
95,208 SLM CORPORATION+ 1,192,004
87,645 VISA INCORPORATED CLASS A 7,978,324
30,110,354
---------------
OFFICE EQUIPMENT: 0.12%
265,441 XEROX CORPORATION 2,588,050
---------------
OIL & GAS EXTRACTION: 3.52%
96,710 ANADARKO PETROLEUM CORPORATION 7,043,389
66,078 APACHE CORPORATION 6,706,917
57,624 BJ SERVICES COMPANY 1,233,154
20,351 CABOT OIL & GAS CORPORATION 748,917
127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613
77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821
87,725 DEVON ENERGY CORPORATION 5,652,122
13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901
49,591 EOG RESOURCES INCORPORATED 4,608,988
28,241 EQT CORPORATION 1,157,881
55,892 NABORS INDUSTRIES LIMITED+ 1,097,160
159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451
22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732
31,246 RANGE RESOURCES CORPORATION 1,464,500
22,350 ROWAN COMPANIES INCORPORATED+ 650,609
234,940 SCHLUMBERGER LIMITED 14,909,292
67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965
114,535 XTO ENERGY INCORPORATED 5,403,761
73,746,173
---------------
OIL & OIL SERVICES: 0.29%
177,707 HALLIBURTON COMPANY 5,354,312
20,756 HELMERICH & PAYNE INCORPORATED 790,388
6,144,700
---------------
|
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
OIL FIELD EQUIPMENT & SERVICES: 0.16%
82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012
---------------
PAPER & ALLIED PRODUCTS: 0.20%
21,403 BEMIS COMPANY INCORPORATED 614,694
85,034 INTERNATIONAL PAPER COMPANY 2,092,687
33,628 MEADWESTVACO CORPORATION 859,195
25,983 PACTIV CORPORATION+ 654,252
4,220,828
---------------
PERSONAL SERVICES: 0.09%
25,812 CINTAS CORPORATION 725,059
65,880 H&R BLOCK INCORPORATED 1,172,664
1,897,723
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.75%
394,324 CHEVRON CORPORATION 29,901,589
291,928 CONOCOPHILLIPS 14,937,956
926,984 EXXON MOBIL CORPORATION 62,089,388
57,181 HESS CORPORATION 3,576,672
138,995 MARATHON OIL CORPORATION 4,397,802
37,528 MURPHY OIL CORPORATION 2,108,698
22,961 SUNOCO INCORPORATED 682,171
27,600 TESORO PETROLEUM CORPORATION 383,640
110,895 VALERO ENERGY CORPORATION 2,184,632
120,262,548
---------------
PHARMACEUTICALS: 5.84%
304,849 ABBOTT LABORATORIES 16,059,445
336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099
199,241 ELI LILLY & COMPANY 7,216,509
59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780
540,319 JOHNSON & JOHNSON 35,228,799
48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712
611,667 MERCK & COMPANY INCORPORATED 22,845,762
60,213 MYLAN LABORATORIES INCORPORATED+<< 1,367,437
1,584,553 PFIZER INCORPORATED 27,175,084
20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995
122,188,622
---------------
PIPELINES: 0.13%
114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890
---------------
PRIMARY METAL INDUSTRIES: 0.61%
21,571 AK STEEL HOLDING CORPORATION 493,113
200,323 ALCOA INCORPORATED 2,852,600
19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927
61,831 NUCOR CORPORATION 2,805,891
27,817 PRECISION CASTPARTS CORPORATION 3,524,692
16,577 TITANIUM METALS CORPORATION+ 275,012
28,149 UNITED STATES STEEL CORPORATION<< 1,788,024
12,780,259
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23%
46,603 GANNETT COMPANY INCORPORATED 769,882
61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694
|
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
7,208 MEREDITH CORPORATION $ 248,027
22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231
40,343 RR DONNELLEY & SONS COMPANY 861,323
1,199 WASHINGTON POST COMPANY CLASS B 532,572
4,875,729
---------------
RAILROAD TRANSPORTATION: 0.73%
76,580 CSX CORPORATION 3,897,922
72,578 NORFOLK SOUTHERN CORPORATION 4,056,384
99,208 UNION PACIFIC CORPORATION 7,271,946
15,226,252
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14%
23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430
27,284 BOSTON PROPERTIES INCORPORATED 2,058,305
53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255
55,345 EQUITY RESIDENTIAL 2,166,757
57,693 HCP INCORPORATED 1,903,869
24,284 HEALTH CARE REIT INCORPORATED 1,098,365
128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819
79,625 KIMCO REALTY CORPORATION 1,245,335
93,106 PROLOGIS 1,228,999
26,639 PUBLIC STORAGE INCORPORATED 2,450,522
56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930
30,767 VENTAS INCORPORATED 1,460,817
30,954 VORNADO REALTY TRUST 2,343,218
23,876,621
---------------
RETAIL: 0.19%
67,303 BEST BUY COMPANY INCORPORATED 2,863,070
24,434 TIFFANY & COMPANY 1,160,371
4,023,441
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06%
31,206 SEALED AIR CORPORATION 657,822
47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108
1,258,930
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35%
50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484
191,947 CHARLES SCHWAB CORPORATION 3,587,489
13,085 CME GROUP INCORPORATED 4,136,299
312,563 E*TRADE FINANCIAL CORPORATION+ 515,729
17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643
29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073
103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345
14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225
84,187 INVESCO LIMITED 1,844,537
31,921 LEGG MASON INCORPORATED 915,175
274,503 MORGAN STANLEY 8,040,193
29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726
51,245 NYSE EURONEXT INCORPORATED 1,517,364
50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245
49,179,527
---------------
|
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.87%
110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598
403,036 EMC CORPORATION+ 7,270,769
1,084,593 INTEL CORPORATION 24,143,040
36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632
167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338
108,950 NVIDIA CORPORATION+ 1,893,551
22,364 QLOGIC CORPORATION+ 453,989
44,906 SANDISK CORPORATION+ 1,555,095
39,098,012
---------------
SOFTWARE: 3.69%
102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785
35,856 BMC SOFTWARE INCORPORATED+ 1,362,528
64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722
61,635 INTUIT INCORPORATED+ 2,116,546
31,158 MCAFEE INCORPORATED+ 1,250,371
1,498,149 MICROSOFT CORPORATION 43,850,821
68,382 NOVELL INCORPORATED+ 409,608
767,452 ORACLE CORPORATION 19,715,842
37,051 RED HAT INCORPORATED+ 1,084,483
158,298 SYMANTEC CORPORATION+ 2,678,402
77,305,108
---------------
TELECOMMUNICATIONS: 1.00%
79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747
61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243
454,115 MOTOROLA INCORPORATED+ 3,187,887
329,972 QUALCOMM INCORPORATED 13,855,524
20,868,401
---------------
TELECOMMUNICATIONS EQUIPMENT: 0.30%
306,074 CORNING INCORPORATED 6,185,756
---------------
TOBACCO PRODUCTS: 1.52%
408,496 ALTRIA GROUP INCORPORATED 8,382,338
30,395 LORILLARD INCORPORATED 2,286,920
369,312 PHILIP MORRIS INTERNATIONAL 19,263,314
33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488
31,724,060
---------------
TRANSPORTATION BY AIR: 0.09%
145,934 SOUTHWEST AIRLINES COMPANY 1,929,247
---------------
TRANSPORTATION EQUIPMENT: 1.53%
75,734 GENERAL DYNAMICS CORPORATION 5,846,665
31,160 GENUINE PARTS COMPANY 1,316,198
46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304
35,910 ITT CORPORATION 1,925,135
59,446 NORTHROP GRUMMAN CORPORATION 3,897,874
71,506 PACCAR INCORPORATED 3,099,070
53,526 TEXTRON INCORPORATED 1,136,357
183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714
32,046,317
---------------
|
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION SERVICES: 0.16%
32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518
41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644
3,364,162
---------------
TRAVEL & RECREATION: 0.21%
85,217 CARNIVAL CORPORATION 3,313,237
41,515 EXPEDIA INCORPORATED 1,036,214
4,349,451
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.11%
16,243 AIRGAS INCORPORATED 1,033,380
21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722
2,302,102
---------------
WHOLESALE TRADE-DURABLE GOODS: 0.33%
81,738 KIMBERLY-CLARK CORPORATION 5,139,684
18,317 PATTERSON COMPANIES INCORPORATED 568,743
12,087 W.W. GRAINGER INCORPORATED 1,306,846
7,015,273
---------------
TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.66%
COLLATERAL INVESTED IN OTHER ASSETS: 0.66%
$ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $379,141) 0.01% 04/01/2010 379,141
113,532 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 113,532
156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 156,107
3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873
75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 75,144
227,065 COOK COUNTY IL+/-ss 0.25 11/01/2030 227,065
284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $284,342) 0.03 04/01/2010 284,342
436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532
5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341
46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 46,832
141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 141,915
56,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 56,766
1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678
85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 85,149
56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 56,766
165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 165,899
255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 255,448
85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 85,151
7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778
---------------
|
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 0.78%
MUTUAL FUNDS: 0.68%
14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
US TREASURY BILLS: 0.10%
$ 500,000 US TREASURY BILL## # 0.00 04/01/2010 500,000
1,655,000 US TREASURY BILL## # 0.13 08/05/2010 1,654,073
2,154,073
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,009,396,672)* 100.54% 2,103,997,634
OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974)
------ ---------------
TOTAL NET ASSETS 100.00% $ 2,092,664,660
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
(l) Investment in an affiliate.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(##) Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is $2,054,486,886 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 378,107,231
Gross unrealized depreciation (328,596,483)
-------------
Net unrealized appreciation $ 49,510,748
|
The accompanying notes are an integral part of these financial statements.
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.05%
ARGENTINA: 0.19%
9,810 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 105,946
---------------
AUSTRALIA: 3.53%
55,976 AMP LIMITED (INSURANCE CARRIERS) 321,554
8,350 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 260,061
9,101 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 470,108
634 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 27,490
11,383 NEWCREST MINING LIMITED (METAL MINING) 342,825
26,984 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 211,466
14,938 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 381,627
2,015,131
---------------
AUSTRIA: 0.32%
5,239 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 180,227
---------------
BELGIUM: 1.01%
39,072 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,387
5,404 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 272,213
574,600
---------------
BRAZIL: 0.40%
12,351 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 227,629
---------------
CANADA: 6.45%
6,312 AGNICO-EAGLE MINES LIMITED (METAL MINING) 351,389
21,777 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 553,571
12,423 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 919,448
11,760 ENCANA CORPORATION (OIL & GAS EXPLORATION) 365,890
6,404 GOLDCORP INCORPORATED (METAL MINING) 239,287
13,348 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 259,298
5,494 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 655,709
4,478 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 331,148
3,675,740
---------------
CHINA: 4.48%
244,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 182,271
23,974 CHINA MOBILE LIMITED (COMMUNICATIONS) 230,654
6,825 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 328,419
7,560 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 268,153
23,812 SINA CORPORATION (BUSINESS SERVICES)+ 897,474
7,100 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 142,471
22,603 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 503,821
2,553,263
---------------
DENMARK: 0.35%
2,395 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 201,010
---------------
FINLAND: 0.44%
16,191 NOKIA OYJ (COMMUNICATIONS) 252,142
---------------
FRANCE: 6.37%
4,017 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 250,498
16,385 AXA SA (INSURANCE CARRIERS) 364,488
5,474 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 420,392
6,469 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 311,050
|
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
7,744 FRANCE TELECOM SA (COMMUNICATIONS) $ 185,289
5,473 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES DIVERSIFIED) 639,713
3,845 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 511,899
5,854 PUBLICIS GROUPE (BUSINESS SERVICES) 250,485
6,051 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 492,002
3,544 TOTAL SA (OIL & GAS EXTRACTION) 205,733
3,631,549
---------------
GERMANY: 9.29%
12,511 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 669,160
4,375 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 157,330
2,858 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 358,339
3,931 BASF AG (OIL & GAS EXTRACTION) 243,808
4,949 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 334,753
18,479 DAIMLER AG (TRANSPORTATION EQUIPMENT) 869,934
1,947 DEUTSCHE BANK AG (BANKING) 149,973
4,435 DEUTSCHE BOERSE AG (DIVERSIFIED FINANCIAL SERVICES) 328,739
2,030 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 170,596
40,410 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT)+ 280,486
9,603 KLOECKNER & COMPANY (METAL FABRICATE, HARDWARE) 283,855
4,936 LANXESS (CHEMICALS & ALLIED PRODUCTS) 227,438
2,392 METRO AG (FOOD STORES) 141,895
2,457 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 398,724
2,315 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 214,902
2,787 SAP AG (BUSINESS SERVICES) 134,986
3,303 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 330,798
5,295,716
---------------
GREECE: 0.76%
37,106 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 325,762
5,359 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 107,848
433,610
---------------
HONG KONG: 0.27%
9,345 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 155,986
---------------
IRELAND: 0.39%
22,753 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 223,912
---------------
ISRAEL: 0.31%
2,762 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 174,227
---------------
JAPAN: 16.68%
21,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 236,528
8,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 375,152
2,000 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 139,242
31,300 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 616,358
465,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 1,258,370
25,300 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 530,410
19,100 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 629,244
19,100 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 320,955
500 NINTENDO COMPANY LIMITED (SOFTWARE) 167,398
23,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 324,003
80,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 315,756
60,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 448,819
2,090 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 185,326
|
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
29,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) $ 206,721
233,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,403,134
4,900 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 326,003
5,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 331,586
78,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 402,974
71,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,257
3,900 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 156,225
4,300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 415,328
1,144 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 416,656
9,508,445
---------------
LUXEMBOURG: 0.55%
7,133 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 313,015
---------------
NETHERLANDS: 6.53%
17,585 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 628,456
5,877 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 206,184
11,866 ING GROEP NV (FINANCIAL SERVICES) 118,470
22,173 NEW WORLD RESOURCES NV (ENERGY) 260,936
23,259 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 1,105,329
20,148 UNILEVER NV (FOOD & KINDRED PRODUCTS) 609,433
41,924 USG PEOPLE NV (BUSINESS SERVICES) 791,613
3,720,421
---------------
NORWAY: 0.36%
15,081 TELENOR ASA (COMMUNICATIONS) 204,524
---------------
POLAND: 0.27%
2,630 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 152,832
---------------
RUSSIA: 1.24%
5,774 GAZPROM ADR (OIL & GAS EXTRACTION) 135,516
3,337 LUKOIL OIL COMPANY ADR (OIL & GAS EXTRACTION) 189,208
13,375 MECHEL ADR (PRIMARY METAL INDUSTRIES) 380,118
704,842
---------------
SINGAPORE: 0.34%
19,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 194,217
---------------
SOUTH KOREA: 0.79%
161 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 187,687
363 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 262,437
450,124
---------------
SPAIN: 1.80%
18,853 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 250,564
50,488 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 250,195
5,020 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 330,911
8,185 TELEFONICA SA (COMMUNICATIONS) 193,906
1,025,576
---------------
SWEDEN: 1.19%
4,001 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 259,933
23,190 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 228,830
10,590 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 192,423
681,186
---------------
|
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWITZERLAND: 11.46%
26,496 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 578,720
7,713 ADECCO SA (BUSINESS SERVICES) 437,806
7,698 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 298,093
13,813 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 712,004
19,846 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,016,392
10,847 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 585,866
4,419 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 716,663
3,486 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 1,111,526
6,149 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 531,151
2,135 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 547,316
6,535,537
---------------
TAIWAN: 0.61%
20,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 346,999
---------------
UNITED KINGDOM: 18.67%
9,590 ANGLO AMERICAN PLC (COAL MINING) 418,248
40,193 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 634,326
135,615 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 196,432
104,732 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 572,627
15,222 BG GROUP PLC (OIL & GAS EXTRACTION) 263,448
27,604 BHP BILLITON PLC (COAL MINING) 946,692
94,484 BP PLC (OIL & GAS EXTRACTION) 893,827
54,399 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 200,598
27,445 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 297,573
37,325 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 309,541
6,740 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 129,435
286,072 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 471,014
91,918 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 931,763
16,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 256,708
6,604 INTERTEK GROUP PLC (BUSINESS SERVICES) 146,114
44,017 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 227,573
40,163 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 130,671
242,021 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 230,533
4,044 NEXT PLC (APPAREL & ACCESSORY STORES) 132,800
4,137 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 227,071
15,284 RIO TINTO PLC (METAL MINING) 905,704
20,349 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 589,800
30,901 SAVILLS PLC (SOCIAL SERVICES) 163,185
6,880 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 187,666
12,053 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 149,707
90,821 VODAFONE GROUP PLC (COMMUNICATIONS) 209,488
29,462 WPP PLC (COMMUNICATIONS) 305,359
27,361 XSTRATA PLC (METAL MINING) 518,381
10,646,284
---------------
TOTAL COMMON STOCKS (COST $46,918,294) 54,184,690
---------------
|
DIVIDEND YIELD
--------------
PREFERRED STOCKS: 1.67%
12,611 FRESENIUS AG (HEALTHCARE) 1.31% 952,148
TOTAL PREFERRED STOCKS (COST $690,908) 952,148
---------------
|
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.09%
MUTUAL FUNDS: 2.09%
1,193,423 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 1,193,423
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,193,423) 1,193,423
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $48,802,625)* 98.81% 56,330,261
OTHER ASSETS AND LIABILITIES, NET 1.19 678,385
------ ---------------
TOTAL NET ASSETS 100.00% $ 57,008,646
------ ---------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $50,876,106 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 7,902,423
Gross unrealized depreciation (2,448,268)
-----------
Net unrealized appreciation $ 5,454,155
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.17%
AUSTRALIA: 0.20%
61,339 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) $ 297,760
---------------
BELGIUM: 1.42%
29,353 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 1,478,584
19,796 UMICORE (CHEMICALS & ALLIED PRODUCTS) 691,297
2,169,881
---------------
BRAZIL: 1.30%
50,088 PETROLEO BRASILEIRO SA ADR CLASS A (OIL & GAS) 1,982,984
---------------
CANADA: 2.26%
61,631 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,466,127
---------------
CHINA: 7.17%
767 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES)+ 457,899
2,531,029 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 2,073,265
472,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,261,442
145,657 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY
BROKERS, DEALERS, EXCHANGES & SERVICES) 393,959
227,746 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING &
OTHER INVESTMENT OFFICES) 838,914
7,541 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION)+ 295,607
1,905,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY
INSTITUTIONS) 1,452,503
901,495 SANDS CHINA LIMITED (CASINO & GAMING) 1,432,778
15,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 300,995
1,026,350 WYNN MACAU LIMITED (CASINO & GAMING)+ 1,480,519
10,987,881
---------------
DENMARK: 1.23%
76,726 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,887,595
---------------
FRANCE: 12.45%
35,384 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,957,536
40,864 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 3,138,273
17,517 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 842,273
55,674 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 974,542
283,822 NATIXIS (DEPOSITORY INSTITUTIONS) 1,531,461
43,461 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,690,508
38,542 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,424,024
9,109 UNIBAIL (REAL ESTATE) 1,845,461
45,213 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 2,664,657
19,068,735
---------------
GERMANY: 13.64%
62,595 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,233,962
71,910 DAIMLER AG (TRANSPORTATION EQUIPMENT) 3,385,301
4,321 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 320,289
175,656 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,047,474
38,288 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 4,568,389
24,297 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE
CARRIERS) 3,942,933
765 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,580
15,611 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,383,176
20,901,104
---------------
HONG KONG: 5.04%
236,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 871,727
76,051 BEIJING ENTERPRISES HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 528,441
|
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HONG KONG (continued)
132,100 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) $ 1,042,100
1,405,582 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 889,196
1,194,373 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,435,232
412,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,027,034
466,129 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 930,547
7,724,277
---------------
INDIA: 2.31%
15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 910,454
61,595 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,630,107
3,540,561
---------------
IRELAND: 5.40%
56,768 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,381,418
58,230 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,927,804
301,219 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 2,964,291
8,273,513
---------------
ITALY: 1.58%
649,962 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,420,731
---------------
JAPAN: 7.95%
48,197 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,435,754
6,350 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,103,728
46,600 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 1,644,882
14,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 379,987
83,300 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY
INSTITUTIONS) 436,592
218,800 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,676,701
14,950 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 1,135,362
79,660 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 1,757,820
22,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS &
SANITARY SERVICES) 605,074
12,175,900
---------------
NETHERLANDS: 9.91%
35,981 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 2,050,582
203,129 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 7,259,467
379,768 ING GROEP NV (FINANCIAL SERVICES) 3,791,607
72,705 TNT NV (TRANSPORTATION SERVICES) 2,084,766
15,186,422
---------------
SINGAPORE: 0.98%
241,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY
INSTITUTIONS) 1,502,980
---------------
SPAIN: 0.72%
16,602 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,094,379
---------------
SWEDEN: 1.16%
84,283 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 1,053,450
40,775 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 724,515
1,777,965
---------------
SWITZERLAND: 10.73%
50,111 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,735,513
85,494 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,378,486
56,506 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,051,989
19,156 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 3,106,673
|
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWITZERLAND (continued)
4,621 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED
PRODUCTS) $ 770,897
85,919 UBS AG (DEPOSITORY INSTITUTIONS) 1,396,673
16,440,231
---------------
TAIWAN: 1.37%
183,448 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR
(SEMICONDUCTORS) 1,924,370
149,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE
NON-DURABLE GOODS) 169,606
2,093,976
---------------
TURKEY: 0.09%
16,394 COCA-COLA ICECEK URETIM AS (BEVERAGES) 139,340
---------------
UNITED KINGDOM: 9.71%
8,545 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 350,758
270,491 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,744,166
88,891 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,711,329
489,248 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 1,591,777
80,563 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 784,261
178,529 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,778,574
20,824 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 568,017
658,481 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,351,209
14,880,091
---------------
UNITED STATES: 1.55%
45,404 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,368,273
---------------
TOTAL COMMON STOCKS (COST $130,972,643) 150,380,706
---------------
|
YIELD
-------------
SHORT-TERM INVESTMENTS: 2.18%
MUTUAL FUNDS: 2.18%
3,339,209 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% 3,339,209
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,339,209) 3,339,209
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $134,311,852)* 100.35% 153,719,915
OTHER ASSETS AND LIABILITIES, NET (0.35) (528,606)
------ ---------------
TOTAL NET ASSETS 100.00% $ 153,191,309
------ ---------------
|
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $142,191,901 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $20,784,270
Gross unrealized depreciation (9,256,256)
-----------
Net unrealized appreciation $11,528,014
|
The accompanying notes are an integral part of these financial statements.
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 97.77%
AUSTRALIA: 8.47%
2,390 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 32,179
12,646 ALUMINA LIMITED (METAL MINING) 20,018
6,626 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 38,853
11,151 AMP LIMITED (INSURANCE CARRIERS) 64,057
2,007 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 8,343
3,015 ARROW ENERGY NL (OIL & GAS EXTRACTION)+ 13,917
14,918 ASCIANO GROUP (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 25,942
939 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 29,245
13,619 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY
INSTITUTIONS) 316,936
5,461 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 31,671
1,894 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,380
18,408 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 736,327
1,035 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED
PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 10,732
9,443 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT) 25,216
3,155 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,242
7,687 BRAMBLES LIMITED (BUSINESS SERVICES) 51,917
701 CALTEX AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 7,275
9,255 CFS RETAIL PROPERTY TRUST (REAL ESTATE) 15,924
2,963 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 30,589
290 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 19,384
8,424 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 435,138
2,417 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 27,769
2,534 CROWN LIMITED (EATING & DRINKING PLACES) 19,021
3,028 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 101,226
7,438 CSR LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 11,296
25,191 DB RREEF TRUST (REAL ESTATE) 18,724
345 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 5,984
10,969 FAIRFAX MEDIA LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 18,118
6,737 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 30,293
10,365 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 50,316
6,668 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 8,750
49,877 GPT GROUP (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,318
68,250 GPT GROUP HOLDINGS ENTITLEMENT SHARES (REAL ESTATE INVESTMENT
TRUSTS (REITS))(a) 0
2,751 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 9,139
8,767 INCITEC PIVOT LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 27,916
11,116 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 39,578
2,240 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE
PRODUCTS) 14,923
812 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 29,060
3,445 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 27,377
633 MACQUAIRE OFFICE TRUST (HOLDING & OTHER INVESTMENT OFFICES) 166
4,045 MACQUARIE AIRPORTS GROUP (MISCELLANEOUS REPAIR SERVICES) 11,470
31,028 MACQUARIE GOODMAN GROUP (REAL ESTATE) 18,650
1,811 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 78,523
11,743 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT
OFFICES) 12,069
3,964 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 15,060
14,429 MIRVAC GROUP (REAL ESTATE) 19,530
11,394 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 287,741
2,599 NEWCREST MINING LIMITED (METAL MINING) 78,275
6,997 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 25,041
1,957 ORICA LIMITED (CHEMICALS & ALLIED PRODUCTS) 48,111
4,780 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 72,594
16,176 OZ MINERALS LIMITED (METAL MINING) 16,996
3,321 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 12,038
5,749 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 14,983
|
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
AUSTRALIA (continued)
5,576 QBE INSURANCE GROUP LIMITED (INSURANCE AGENTS, BROKERS &
SERVICE) $ 106,583
2,371 RIO TINTO LIMITED (METAL MINING) 170,579
4,465 SANTOS LIMITED (OIL & GAS EXTRACTION) 60,067
865 SIMS GROUP LIMITED (PRIMARY METAL INDUSTRIES) 17,193
2,009 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 26,492
7,216 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,993
12,984 STOCKLAND (REAL ESTATE) 47,540
6,918 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 54,215
3,474 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 21,997
6,639 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 14,987
23,416 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 64,248
3,559 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 24,233
6,587 TRANSURBAN GROUP (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY
PASS TRANSPORTATION) 30,525
5,573 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 162,576
787 WESFARMERS LIMITED PRICE PROTECTED SHARES (PPS) (MISCELLANEOUS
MANUFACTURING INDUSTRIES) 23,016
11,306 WESTFIELD GROUP (REAL ESTATE) 125,122
16,541 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 422,579
2,960 WOODSIDE PETROLEUM LIMITED (PETROLEUM REFINING & RELATED
INDUSTRIES) 127,392
6,744 WOOLWORTHS LIMITED (FOOD STORES) 173,282
849 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 19,828
4,822,787
---------------
AUSTRIA: 0.30%
998 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY
INSTITUTIONS) 41,921
2,181 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 11,960
816 OMV AG (OIL & GAS EXTRACTION) 30,617
280 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 13,312
1,668 TELEKOM AUSTRIA AG (COMMUNICATIONS) 23,317
399 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG
(ELECTRIC, GAS & SANITARY SERVICES) 15,839
608 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 24,595
199 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE AGENTS,
BROKERS & SERVICE) 10,509
172,070
---------------
BELGIUM: 0.92%
2,600 ANHEUSER-BUSCH INBEV NV STRIP VVPR (FOOD & KINDRED PRODUCTS)+ 25
3,926 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 197,762
828 BELGACOM SA (COMMUNICATIONS) 32,342
78 COLRUYT SA (FOOD STORES) 19,200
540 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 43,396
2,741 DEXIA (DEPOSITORY INSTITUTIONS) 16,349
11,989 FORTIS (DEPOSITORY INSTITUTIONS) 42,685
9,100 FORTIS STRIP VVPR (DEPOSITORY INSTITUTIONS)+ 25
433 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 38,260
864 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 41,841
155 MOBISTAR SA (COMMUNICATIONS) 9,539
170 NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 8,909
323 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,204
522 UCB SA (CHEMICALS & ALLIED PRODUCTS) 22,290
589 UMICORE (CHEMICALS & ALLIED PRODUCTS) 20,569
526,396
---------------
BERMUDA: 0.06%
50 INDEPENDENT TANKERS CORPORATION LIMITED (CRUDE PETROLEUM &
NATURAL GAS)+ 40
1,499 SEADRILL LIMITED (OIL & GAS EXTRACTION) 34,933
34,973
---------------
|
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CHINA: 0.08%
4,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) $ 6,851
16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF
NONMETALLIC MINERALS, EXCEPT FUELS)+ 7,398
10,400 SANDS CHINA LIMITED (CASINO & GAMING) 16,529
8,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER
LODGE PLACES) 15,703
46,481
---------------
CYPRUS: 0.03%
2,942 BANK OF CYPRUS PUBLIC COMPANY LIMITED (INSURANCE CARRIERS) 18,597
---------------
DENMARK: 0.93%
7 A.P. MOLLER-MAERSK A/S CLASS A (WATER TRANSPORTATION) 53,340
3 A.P. MOLLER-MAERSK A/S CLASS B (WATER TRANSPORTATION) 21,848
612 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 51,365
118 COLOPLAST AS CLASS B (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,995
2,428 DANSKE BANK (DEPOSITORY INSTITUTIONS) 59,733
1,150 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 20,551
300 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 5,655
2,402 NOVO NORDISK AS CLASS B (CHEMICALS & ALLIED PRODUCTS) 186,388
256 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 28,332
83 TOPDANMARK A/S (INSURANCE CARRIERS)+ 10,812
123 TRYGVESTA A/S (INSURANCE CARRIERS) 8,118
1,148 VESTAS WIND SYSTEMS A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 62,380
120 WILLIAM DEMANT HOLDING (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 8,491
530,008
---------------
FINLAND: 1.20%
707 ELISA OYJ (COMMUNICATIONS) 14,581
2,388 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 58,411
338 KESKO OYJ (WHOLESALE TRADE-DURABLE GOODS) 13,303
825 KONE OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,097
657 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 21,217
664 NESTE OIL OYJ LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 11,578
20,376 NOKIA OYJ (COMMUNICATIONS) 317,315
550 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 14,285
668 OKO BANK (DEPOSITORY INSTITUTIONS) 7,507
463 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,243
638 OUTOKUMPU OYJ (PRIMARY METAL INDUSTRIES) 14,003
400 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 8,644
2,259 SAMPO OYJ (BUSINESS SERVICES) 59,924
420 SANOMAWSOY OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 9,303
3,160 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 24,072
2,830 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 37,555
488 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,717
680,755
---------------
FRANCE: 9.80%
787 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 43,539
153 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,597
700 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 11,067
1,365 AIR LIQUIDE SA (CHEMICALS & ALLIED PRODUCTS) 163,863
12,444 ALCATEL SA (COMMUNICATIONS) 39,346
1,085 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 67,660
235 ATOS ORIGIN SA (BUSINESS SERVICES) 11,801
9,237 AXA SA (INSURANCE CARRIERS) 205,479
71 BIOMERIEUX (HEALTH SERVICES) 8,154
5,207 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 399,887
|
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
1,203 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) $ 60,476
251 BUREAU VERITAS SA (SOCIAL SERVICES) 13,323
786 CAP GEMINI SA (BUSINESS SERVICES) 38,717
3,452 CARREFOUR SA (FOOD STORES) 166,379
300 CASINO GUICHARD PERRACHON SA (FOOD STORES) 25,385
341 CHRISTIAN DIOR SA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 36,376
192 CNP ASSURANCES (INSURANCE CARRIERS) 18,132
2,094 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 100,686
743 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING,
ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL)+ 21,079
798 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER &
MISCELLANEOUS PLASTICS PRODUCTS) 58,806
5,050 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 88,397
336 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 19,875
210 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 10,862
1,271 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 69,354
27 ERAMET (METAL MINING) 9,294
1,081 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING,
ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 69,017
143 EURAZEO (HOLDING & OTHER INVESTMENT OFFICES) 9,933
511 EUTELSAT COMMUNICATIONS (COMMUNICATIONS) 18,166
120 FONCIERE DES REGIONS (REAL ESTATE) 13,217
10,080 FRANCE TELECOM SA (COMMUNICATIONS) 241,182
6,758 GAZ DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 261,052
1,715 GDF SUEZ (ENERGY) 2
97 GECINA SA (REAL ESTATE) 10,735
2,992 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 180,235
2,562 GROUPE EUROTUNNEL SA (RAILROAD TRANSPORTATION) 26,108
283 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS) 39,313
126 ICADE (HOLDING & OTHER INVESTMENT OFFICES) 14,025
84 ILIAD SA (BUSINESS SERVICES) 8,662
176 IMERYS SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 10,849
131 IPSEN (CHEMICALS & ALLIED PRODUCTS) 6,397
345 JC DECAUX SA (BUSINESS SERVICES) 9,641
472 KLEPIERRE (REAL ESTATE) 18,539
1,303 L'OREAL SA (COSMETICS, PERSONAL CARE) 137,026
1,074 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 75,576
611 LAGARDERE SCA (COMMUNICATIONS) 24,724
544 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 17,186
1,333 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING
COMPANIES-DIVERSIFIED) 155,808
334 M6 METROPOLE TELEVISION (AMUSEMENT & RECREATION SERVICES) 8,639
4,508 NATIXIS (DEPOSITORY INSTITUTIONS) 24,324
166 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 13,266
655 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 7,522
1,064 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 90,350
788 PEUGEOT SA (AUTOMOBILE) 23,202
408 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 54,319
645 PUBLICIS GROUPE (BUSINESS SERVICES) 27,599
994 RENAULT SA (AUTOMOBILE) 46,586
972 SAFRAN SA (TRANSPORTATION EQUIPMENT) 25,338
5,781 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 430,930
1,283 SCHNEIDER ELECTRIC SA (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 150,484
858 SCOR SE (INSURANCE CARRIERS) 21,671
138 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 10,566
117 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (HEAVY CONSTRUCTION
OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 8,415
3,415 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 214,780
|
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
609 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) $ 11,298
513 SODEXHO ALLIANCE SA (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 30,660
1,466 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 33,740
557 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 45,289
463 THALES SA (TRANSPORTATION EQUIPMENT) 18,585
11,588 TOTAL SA (OIL & GAS EXTRACTION) 672,694
496 UNIBAIL (REAL ESTATE) 100,488
312 VALLOUREC SA (PIPELINES) 62,915
2,149 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 74,537
2,405 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 141,740
6,686 VIVENDI SA (COMMUNICATIONS) 178,938
5,576,802
---------------
GERMANY: 7.24%
1,125 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 60,171
2,468 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 309,440
4,994 BASF AG (OIL & GAS EXTRACTION) 309,737
4,510 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 305,059
1,780 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 82,174
480 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 28,711
441 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 14,099
3,858 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 33,042
4,903 DAIMLER AG (AUTOMOBILE) 230,818
3,207 DEUTSCHE BANK AG (BANKING) 247,028
1,048 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 77,682
1,187 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 19,688
4,549 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 78,921
453 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 14,534
15,406 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 208,810
10,441 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 385,482
190 FRAPORT AG (TRANSPORTATION SERVICES) 10,004
1,029 FRESENIUS MEDICAL CARE AG & COMPANY (HEALTH SERVICES) 58,060
146 FRESENIUS SE (HEALTH SERVICES) 10,867
810 GEA GROUP AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES) 18,774
313 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,456
765 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,673
707 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 32,758
217 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 18,236
5,832 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 40,480
926 K+S AG (CHEMICALS & ALLIED PRODUCTS) 56,194
816 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES) 97,362
567 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 47,465
352 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 28,526
617 METRO AG (FOOD STORES) 36,601
1,074 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE
CARRIERS) 174,289
31 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 9,821
2,278 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 201,837
202 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 18,752
4,666 SAP AG (BUSINESS SERVICES) 225,995
4,518 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 452,481
434 SOLARWORLD AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,545
343 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,570
1,798 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 61,817
719 TUI AG (AMUSEMENT & RECREATION SERVICES) 8,085
651 UNITED INTERNET AG (BUSINESS SERVICES) 9,874
|
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GERMANY (continued)
159 VOLKSWAGEN AG (AUTOMOBILE) $ 15,355
81 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 12,078
4,123,351
---------------
GREECE: 0.39%
2,509 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 23,755
995 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 26,824
1,711 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS)+ 15,715
580 HELLENIC PETROLEUM SA (PETROLEUM REFINING & RELATED INDUSTRIES) 6,643
1,270 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 15,764
3,291 MARFIN INVESTMENT GROUP SA (INVESTMENT COMPANIES) 7,556
3,263 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 65,667
1,160 OPAP SA (AMUSEMENT & RECREATION SERVICES) 26,321
1,568 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS)+ 13,702
600 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 10,535
300 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,942
220,424
---------------
HONG KONG: 2.36%
1,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,473
7,802 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 28,739
20,000 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 47,706
6,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 12,643
8,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 103,036
2,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (BUILDING
CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 7,741
11,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 78,630
6,208 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 48,973
11,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 11,603
24,000 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 15,183
4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,225
11,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 44,344
4,100 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,136
6,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 42,271
21,220 HONG KONG & CHINA GAS COMPANY LIMITED
(ELECTRIC, GAS & SANITARY SERVICES) 52,912
400 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED
(TRANSPORTATION EQUIPMENT) 5,051
7,500 HONG KONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY
SERVICES) 44,483
6,000 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY
BROKERS, DEALERS, EXCHANGES & SERVICES) 100,151
3,000 HOPEWELL HOLDINGS (REAL ESTATE) 8,887
12,000 HUTCHISON WHAMPOA LIMITED (BUSINESS SERVICES) 87,787
3,701 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 10,701
3,976 KERRY PROPERTIES LIMITED (REAL ESTATE) 21,329
12,200 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 60,024
3,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL
MERCHANDISE STORES) 6,320
7,946 MTR CORPORATION LIMITED (RAILROAD TRANSPORTATION) 30,088
13,387 NEW WORLD DEVELOPMENT LIMITED (REAL ESTATE) 26,208
10,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,623
4,449 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 8,882
1,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 8,895
18,977 PCCW LIMITED (COMMUNICATIONS) 5,646
10,050 SINO LAND COMPANY (REAL ESTATE) 19,701
8,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 120,346
4,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 54,133
2,000 TELEVISION BROADCASTS LIMITED (COMMUNICATIONS) 9,685
11,606 THE LINK REIT (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES) 28,610
|
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HONG KONG (continued)
7,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) $ 42,965
5,000 WHEELOCK & COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 14,747
1,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,144
3,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED
PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)(a) 12,123
1,341,144
---------------
IRELAND: 0.36%
6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0
3,798 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 94,826
2,565 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 19,331
5,517 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 54,293
726 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,553
480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 13,042
204,045
---------------
ITALY: 3.06%
5,668 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 10,633
6,353 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 152,479
1,402 ATLANTIA SPA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 32,722
528 AUTOGRILL SPA (EATING & DRINKING PLACES) 6,425
3,355 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 9,165
11,380 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 16,846
2,043 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 12,686
3,318 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS) 23,080
35,815 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 200,266
14,304 ENI SPA (OIL & GAS EXTRACTION) 335,583
375 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,514
4,103 FIAT SPA (COMMON) (TRANSPORTATION EQUIPMENT) 53,422
2,204 FINMECCANICA SPA (TRANSPORTATION BY AIR) 29,411
322 FONDIARIA SAI SPA (INSURANCE CARRIERS) 4,845
41,907 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 156,079
4,832 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS)+ 14,472
367 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,243
600 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,046
3,858 MEDIASET SPA (COMMUNICATIONS) 33,141
2,578 MEDIOBANCA SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 27,699
1,138 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,659
8,824 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 24,164
13,596 PIRELLI & COMPANY SPA (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 8,355
516 PRYSMIAN SPA (COMMUNICATIONS) 10,140
1,421 SAIPEM SPA (OIL & GAS EXTRACTION) 54,987
7,773 SNAM RETE GAS SPA (ELECTRIC, GAS & SANITARY SERVICES) 39,396
32,340 TELECOM ITALIA RSP SPA (COMMUNICATIONS) 36,473
53,959 TELECOM ITALIA SPA (COMMUNICATIONS) 77,690
7,079 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,620
89,048 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 263,097
3,087 UNIONE DI BANCHE SCPA (DEPOSITORY INSTITUTIONS) 41,653
3,829 UNIPOL SPA (INSURANCE AGENTS, BROKERS & SERVICE) 4,323
1,743,314
---------------
JAPAN: 22.09%
2,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,424
100 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,198
300 ACOM COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 4,910
|
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) $ 22,507
3,400 AEON COMPANY LIMITED (GENERAL MERCHANDISE STORES) 38,586
400 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,749
500 AEON MALL COMPANY LIMITED (REAL ESTATE) 10,541
1,000 AIR WATER INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 11,445
1,000 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,950
4,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 39,619
200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 8,621
5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 14,280
2,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,772
5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,060
2,100 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 39,376
6,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 67,579
7,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 37,662
1,000 ASICS CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 9,776
2,500 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 90,518
2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 18,419
7,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 34,292
400 BENESSE CORPORATION (EDUCATIONAL SERVICES) 17,328
3,300 BRIDGESTONE CORPORATION (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 56,335
1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 13,296
5,800 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 268,628
300 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 4,085
1,200 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,229
8 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 60,926
4,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,917
1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,926
3,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 89,990
1,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 22,565
1,500 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,252
300 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 4,906
3,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 7,252
800 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,408
3,000 DAI NIPPON PRINTING COMPANY LIMITED (BUSINESS SERVICES) 40,528
2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,755
2,000 DAIDO STEEL COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 8,407
1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,552
3,700 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,298
1,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 53,188
800 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,333
400 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 19,296
3,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 33,854
9,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 47,363
2 DENA COMPANY LIMITED (BUSINESS SERVICES) 14,804
3,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,900
2,600 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 77,452
900 DENTSU INCORPORATED (BUSINESS SERVICES) 23,653
1,100 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,624
1,900 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 132,100
1,400 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 49,941
680 ELECTRIC POWER DEVELOPMENT COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 22,402
900 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 17,723
300 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,546
1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 116,718
|
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
300 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) $ 52,145
3,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 8,183
3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 15,531
3 FUJI TELEVISION NETWORK INCORPORATED (MEDIA) 4,444
2,500 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 86,105
10,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,462
4,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 16,986
4,000 FURUKAWA ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 20,794
2,000 GS YUASA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 13,499
2,000 GUNMA BANK LIMITED (BUSINESS SERVICES) 11,060
120 HAKUHODO DY HOLDINGS INCORPORATED (BUSINESS SERVICES) 6,315
6,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 31,494
1,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,225
200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 23,061
400 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 14,868
600 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,964
600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS)+ 14,177
400 HITACHI HIGH-TECHNOLOGIES CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 9,177
24,000 HITACHI LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 89,592
1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 10,514
1,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 19,189
7,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 15,349
1,000 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 21,992
9,000 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 317,681
2,200 HOYA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 60,454
700 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 24,110
100 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 7,573
5 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 36,688
1,960 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,070
7,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 12,804
6,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 16,237
300 ITO EN LIMITED (EATING & DRINKING PLACES) 4,643
8,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 70,082
200 ITOCHU TECHNO-SCIENCE CORPORATION (BUSINESS SERVICES) 6,568
2,800 J FRONT RETAILING COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 16,472
200 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 5,252
200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 10,140
3 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE) 6,678
3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE) 25,575
8 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE) 9,413
2,000 JAPAN STEEL WORKS (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,912
25 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 93,058
2,700 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 108,734
1,000 JGC CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 17,841
4,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,841
1,300 JS GROUP CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 26,462
1,000 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,890
1,000 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,809
13 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 15,018
5,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,247
2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 16,087
2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,964
4,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 96,228
1,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,151
2,900 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 73,516
|
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
8,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 22,077
4,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,959
16 KDDI CORPORATION (COMMUNICATIONS) 82,832
3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 24,644
3,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 20,248
2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 12,172
200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 47,791
1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 11,702
1,000 KINDEN CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 8,760
9,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 28,014
5,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 73,751
13,000 KOBE STEEL LIMITED (PRIMARY METAL INDUSTRIES)+ 27,950
1,000 KOITO MANUFACTURING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 14,847
5,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 106,921
500 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
2,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,174
6,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 54,680
2,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 26,912
600 KURITA WATER INDUSTRIES LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,975
900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 87,699
2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,644
2,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 45,711
400 LAWSON INCORPORATED (FOOD STORES) 17,071
200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 11,509
600 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,767
9,000 MARUBENI CORPORATION (BUSINESS SERVICES) 55,931
1,100 MARUI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 7,977
200 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 4,056
600 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 4,287
10,700 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 163,665
2,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 25,243
8,000 MAZDA MOTOR CORPORATION (AUTOMOBILE) 22,505
400 MCDONALD'S HOLDINGS COMPANY LIMITED (FOOD STORES) 8,121
700 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 8,289
400 MEIJI HOLDINGS COMPANY LIMITED (PHARMACEUTICALS)+ 15,531
3,900 MILLEA HOLDINGS INCORPORATED (INSURANCE AGENTS, BROKERS & SERVICE) 109,837
2,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 12,172
6,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,234
6,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 180,821
11,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 101,070
7,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 114,558
2,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,044
17,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 70,371
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 12,429
6,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 17,264
19,000 MITSUBISHI MOTORS CORPORATION (AUTOMOBILE)+ 25,810
69,170 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 362,534
300 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,910
9,400 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 157,957
5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,135
4,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,969
5,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 84,875
3,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,985
6,000 MITSUI OSK LINES LIMITED (WATER TRANSPORTATION) 43,063
|
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
3,061 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED (INSURANCE CARRIERS) $ 84,964
5,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 18,772
400 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 8,754
74,500 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 147,422
8,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 8,044
1,200 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,157
1,000 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 9,744
14,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 42,079
1,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 20,398
1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 13,584
1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,177
600 NIDEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,306
1,700 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 37,113
500 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 167,398
3 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE) 25,832
2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174
5,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 21,500
1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 12,654
5,000 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 23,818
7,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 33,346
500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 12,862
3,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 8,857
28,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 109,916
2,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 118,002
8,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 31,576
4,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(a) 25,662
4,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,809
1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,991
13,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOBILE) 114,808
100 NISSHA PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,904
1,000 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 12,910
4,000 NISSHIN STEEL COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,343
1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 10,354
400 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,456
200 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 15,189
900 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 34,945
600 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 9,030
20,100 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 148,132
500 NOMURA REAL ESTATE HOLDING INCORPORATED (REAL ESTATE) 7,712
2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE) 11,231
500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,392
3,000 NSK LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 23,682
3,000 NTN CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,542
7 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 23,323
84 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 127,945
6 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 5,070
4,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,756
40 OBIC COMPANY LIMITED (BUSINESS SERVICES) 7,265
4,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 33,287
5,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 21,927
1,200 OLYMPUS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 38,507
1,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 25,532
500 ONO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 22,248
200 ORACLE CORPORATION JAPAN (BUSINESS SERVICES) 9,274
|
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
300 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) $ 20,922
560 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,657
11,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 39,416
100 OTSUKA CORPORATION (BUSINESS SERVICES) 6,354
38 RAKUTEN INCORPORATED (BUSINESS SERVICES) 27,477
2,600 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 32,872
4,000 RICOH COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 62,467
200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,504
600 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 44,796
300 SANKYO COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 14,841
400 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,006
10,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 16,045
1,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,851
1,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 5,220
87 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 17,169
1,200 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 52,498
1,100 SEGA SAMMY HOLDINGS INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,319
700 SEIKO EPSON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,872
3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,344
3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,971
2,900 SENSHU IKEDA HOLDINGS INCORPORATED (BANKING)+ 5,273
4,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 101,968
3 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,033
5,200 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 65,021
1,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 28,335
2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL &
OPTICAL) 16,023
400 SHIMANO INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,692
100 SHIMANURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 8,857
3,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,515
2,300 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 133,586
300 SHINKO ELECTRIC INDUSTRIES (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 4,640
3,000 SHINKO SECURITIES COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,498
5,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,043
1,600 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,429
1,900 SHISEIDO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 41,256
3,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,153
8,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 18,055
1,000 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 6,760
300 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,721
4,100 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 100,998
6,400 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 12,391
5,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 35,642
5,500 SONY CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 210,611
5 SONY FINANCIAL HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 16,419
300 SQUARE ENIX COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 6,559
800 STANLEY ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 15,514
600 SUMCO CORPORATION (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 12,759
9,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 43,994
6,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 70,141
4,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 50,258
3,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 18,066
18,000 SUMITOMO METAL INDUSTRIES LIMITED (PRIMARY METAL INDUSTRIES) 54,487
3,000 SUMITOMO METAL MINING COMPANY LIMITED (METAL MINING) 44,636
7,000 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 231,362
2,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 38,058
900 SUMITOMO RUBBER INDUSTRIES (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,932
|
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 46,893
1,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 8,942
400 SUZUKEN COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 14,098
1,900 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 41,926
1,500 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 35,506
4,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 5,733
5,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,017
1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 18,184
2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 19,553
2,000 TAKASHIMAYA COMPANY LIMITED (GENERAL MERCHANDISE STORES) 16,430
4,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 180,463
1,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,119
700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,572
5,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 16,793
900 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 47,941
1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,499
1,500 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 29,811
2,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,381
3,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,675
1,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,509
600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,092
200 TOA MEDICAL ELECTRONICS COMPANY (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,723
5,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,757
600 TOHO COMPANY LIMITED TOKYO (AMUSEMENT & RECREATION SERVICES) 9,665
3,000 TOHO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,365
2,300 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 48,613
2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 11,081
6,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 175,925
1,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 66,317
13,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 57,290
500 TOKYO STEEL MANUFACTURING COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,263
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 7,188
6,000 TOKYU CORPORATION (RAILROAD TRANSPORTATION) 25,094
2,000 TOKYU LAND CORPORATION (REAL ESTATE) 7,637
2,000 TONENGENERAL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 16,879
3,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,083
7,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 40,881
22,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 113,659
3,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,637
2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,627
800 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,171
1,000 TOYO SUISAN KAISHA LIMITED (FOOD STORES) 25,864
400 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 11,214
300 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,763
1,000 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 28,559
16,100 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 644,930
1,100 TOYOTA TSUSHO CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 17,249
600 TREND MICRO INCORPORATED (BUSINESS SERVICES) 20,922
300 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 8,712
5,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 12,836
200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 19,318
1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 8,268
600 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,179
120 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 8,151
9 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 30,998
79 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 28,773
|
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
500 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 13,488
470 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 34,688
1,000 YAMAGUCHI FINANCIAL GROUP (HOLDING & OTHER INVESTMENT OFFICES) 10,942
800 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,328
1,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,484
2,200 YAMATO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 30,921
200 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,642
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,376
1,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,145
1,200 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,448
12,574,335
---------------
LUXEMBOURG: 0.59%
4,671 ARCELORMITTAL (IRON, STEEL) 204,976
414 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS) 37,039
1,519 SES FDR (BUSINESS SERVICES) 38,355
2,539 TENARIS SA (PRIMARY METAL INDUSTRIES) 54,800
335,170
---------------
NETHERLANDS: 2.75%
8,397 AEGON NV (INSURANCE CARRIERS) 57,501
1,246 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 71,010
2,319 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,877
344 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,184
276 CORIO NV (REAL ESTATE) 18,428
2,186 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (AEROSPACE, DEFENSE) 43,978
359 FUGRO NV (OIL & GAS EXTRACTION) 23,464
599 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 26,646
1,317 HEINEKEN NV (FOOD & KINDRED PRODUCTS) 67,684
19,805 ING GROEP NV (FINANCIAL SERVICES) 197,733
6,408 KONINKLIJKE AHOLD NV (FOOD STORES) 85,425
828 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 36,922
5,291 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 169,653
163 KONINKLIJKE VOPAK NV (TRANSPORTATION SERVICES) 12,837
1,258 QIAGEN NV (HEALTH SERVICES)+ 28,970
527 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 25,044
3,884 REED ELSEVIER NV (HOLDING & OTHER INVESTMENT OFFICES) 47,203
9,091 ROYAL KPN NV (COMMUNICATIONS) 144,030
884 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 17,689
3,716 STMICROELECTRONICS (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 36,990
1,995 TNT NV (TRANSPORTATION SERVICES) 57,205
8,919 UNILEVER NV (FOOD & KINDRED PRODUCTS) 269,780
1,514 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,831
1,567,084
---------------
NEW ZEALAND: 0.12%
7,944 AUCKLAND INTERNATIONAL AIRPORT LIMITED (TRANSPORTATION BY AIR) 10,947
1,646 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 7,483
3,196 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 18,957
885 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,684
2,983 SKY CITY ENTERTAINMENT GROUP LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,823
10,406 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 16,040
66,934
---------------
|
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
NORWAY: 0.66%
4,861 DNB NOR ASA (DEPOSITORY INSTITUTIONS) $ 55,536
3,558 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 27,120
4,141 ORKLA ASA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 36,615
1,724 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 8,064
6,102 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 141,277
4,493 TELENOR ASA (COMMUNICATIONS) 60,933
1,000 YARA INTERNATIONAL ASA (CHEMICALS & ALLIED PRODUCTS) 43,411
372,956
---------------
PORTUGAL: 0.25%
12,164 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 13,538
2,721 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 14,700
932 BRISA-AUTO ESTRADAS DE PORTUGAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 7,905
1,220 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,219
9,467 ENERGIAS DE PORTUGAL SA (ELECTRIC, GAS & SANITARY SERVICES) 37,631
799 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 13,878
1,142 JERONIMO MARTINS (FOOD & KINDRED PRODUCTS) 11,568
3,172 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 35,465
143,904
---------------
SINGAPORE: 1.41%
8,000 ASCENDAS REIT (REAL ESTATE) 10,980
14,000 CAPITALAND LIMITED (REAL ESTATE) 39,730
11,670 CAPITAMALL TRUST (REAL ESTATE) 14,765
7,000 CAPITAMALLS ASIA LIMITED (REAL ESTATE) 11,308
3,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 22,731
10,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 11,151
7,000 COSCO CORPORATION SINGAPORE LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,205
9,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 97,109
5,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 17,156
34,672 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 14,375
1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 23,564
40 K-REIT ASIA (REAL ESTATE) 31
7,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 45,634
5,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 7,184
6,590 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 12,201
14,130 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 87,975
4,980 SEMBCORP INDUSTRIES LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 14,702
5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 14,976
2,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 28,250
5,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 27,342
9,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,576
7,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (ENGINEERING, ACCOUNTING,
RESEARCH MANAGEMENT & RELATED SERVICES) 15,962
43,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 97,437
4,000 STARHUB LIMITED (COMMUNICATIONS) 6,548
7,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 96,172
3,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 8,363
7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 33,525
9,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,463
797,415
---------------
SOUTH AFRICA: 0.07%
490 RANDGOLD RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 37,290
---------------
|
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SPAIN: 3.80%
1,533 ABERTIS INFRAESTRUCTURAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 29,505
132 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 14,639
724 ACERINOX SA (PRIMARY METAL INDUSTRIES) 14,252
770 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (RAILROAD TRANSPORTATION) 35,526
19,358 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 264,858
4,664 BANCO DE SABADE (DEPOSITORY INSTITUTIONS) 25,752
1,104 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS)+ 7,038
4,650 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 34,229
45,146 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 600,008
1,471 BANKINTER SA (DEPOSITORY INSTITUTIONS) 12,239
2,363 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA
(HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,979
4,355 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,581
1,131 EDP RENOVAVEIS SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 8,837
928 ENAGAS (ELECTRIC, GAS & SANITARY SERVICES) 20,336
197 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 7,212
945 GAMESA CORPORATION TECNOLOGICA SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,955
1,254 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 23,153
511 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 8,020
662 GRIFOLS SA (CHEMICALS & ALLIED PRODUCTS) 9,889
4,378 IBERDROLA RENOVABLES (ELECTRIC UTILITIES) 18,183
20,013 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 169,617
2,472 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,641
510 INDRA SISTEMAS SA (BUSINESS SERVICES) 10,456
1,173 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 77,322
3,791 MAPFRE SA (INSURANCE CARRIERS) 13,907
589 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 31,611
3,944 REPSOL YPF SA (OIL & GAS EXTRACTION) 93,382
473 SACYR VALLEHERMOSO SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 4,173
23,236 TELEFONICA SA (COMMUNICATIONS) 550,470
690 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,957
2,162,727
---------------
SWEDEN: 2.69%
1,768 ALFA LAVAL AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,028
1,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 33,013
3,604 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,902
2,122 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,741
1,304 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 29,798
1,192 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 28,576
2,780 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 180,608
331 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 8,916
2,110 HUSQVARNA AB B SHARES (COMMUNICATIONS) 15,341
2,400 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 46,035
1,175 KINNEVIK INVESTMENT AB (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 21,643
1,153 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 9,765
17,856 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 176,196
600 RATOS AB B SHARES (HOLDING & OTHER INVESTMENT OFFICES) 19,901
5,422 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 67,769
1,692 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 26,760
1,707 SECURITAS AB (BUSINESS SERVICES) 18,203
8,238 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 52,630
2,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 42,518
2,140 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,025
992 SSAB SVENSKT STAL AB CLASS A (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 17,833
|
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWEDEN (continued)
475 SSAB SVENSKT STAL AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT)+ $ 7,710
3,077 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 43,381
2,614 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 76,603
3,300 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 33,866
1,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 38,844
1,695 TELE2 AB (COMMUNICATIONS) 28,287
17,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 185,355
12,411 TELIASONERA AB (COMMUNICATIONS) 88,090
2,400 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 23,765
5,795 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 58,306
1,529,408
---------------
SWITZERLAND: 7.69%
11,997 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 262,036
555 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS)+ 25,250
660 ADECCO SA (BUSINESS SERVICES) 37,463
420 ARYZTA AG (CONSUMER STAPLES) 18,403
259 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 22,967
83 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 6,168
2,809 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 108,774
6,119 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 315,409
211 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 37,761
41 GIVAUDAN SA (CHEMICALS & ALLIED PRODUCTS) 35,968
1,321 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 98,474
1,093 JULIUS BAER GROUP LIMITED (BANKING) 39,650
1,093 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 13,424
294 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 29,751
1 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 27,077
5 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) (FOOD & KINDRED PRODUCTS) 11,831
943 LOGITECH INTERNATIONAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 15,517
236 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 19,249
19,013 NESTLE SA (FOOD & KINDRED PRODUCTS) 973,731
644 NOBEL BIOCARE HOLDING AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,224
11,577 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 625,294
140 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 11,884
240 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,818
3,854 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 625,032
253 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 22,267
111 SCHINDLER HOLDING SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
29 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 39,991
41 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,207
224 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 13,320
166 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 52,930
154 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,229
1,857 SWISS REINSURANCE (INSURANCE CARRIERS) 91,406
125 SWISSCOM AG (COMMUNICATIONS) 45,618
515 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 143,012
19,347 UBS AG (DEPOSITORY INSTITUTIONS) 314,499
801 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 205,340
4,376,617
---------------
UNITED KINGDOM: 20.38%
4,985 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 22,029
962 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 19,270
1,725 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,915
|
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
UNITED KINGDOM (continued)
7,158 ANGLO AMERICAN PLC (COAL MINING) $ 312,181
2,147 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 33,884
1,939 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 28,792
7,965 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 355,233
1,175 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,505
15,059 AVIVA PLC (INSURANCE CARRIERS) 88,049
19,270 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 108,576
3,541 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 15,701
62,944 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 344,149
18,520 BG GROUP PLC (OIL & GAS EXTRACTION) 320,527
12,120 BHP BILLITON PLC (COAL MINING) 415,661
102,860 BP PLC (OIL & GAS EXTRACTION) 973,065
2,991 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 11,029
10,966 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 377,998
4,539 BRITISH LAND COMPANY PLC (REAL ESTATE) 33,138
6,126 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 55,963
41,747 BT GROUP PLC (COMMUNICATIONS) 78,492
1,712 BUNZL PLC (BUSINESS SERVICES) 18,731
2,246 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 24,352
7,389 CAIRN ENERGY PLC (ENERGY)+ 46,757
3,342 CAPITA GROUP PLC (BUSINESS SERVICES) 38,366
908 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 37,272
128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)(a) 0
27,925 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 124,544
5,924 COBHAM PLC (TRANSPORTATION EQUIPMENT) 23,103
9,950 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 79,421
13,607 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 228,374
1,890 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 10,715
1,331 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 24,076
2,498 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 13,609
928 FRESNILLO PLC (MATERIALS) 11,942
6,900 G4S PLC (SOCIAL SERVICES) 27,381
28,478 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 546,890
3,693 HAMMERSON PLC (REAL ESTATE) 22,047
4,544 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 18,687
95,440 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 967,465
2,686 ICAP PLC (BUSINESS SERVICES) 15,236
5,531 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 168,705
2,284 INMARSAT PLC (COMMUNICATIONS) 26,203
1,332 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 20,860
8,168 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 39,527
4,385 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,671
2,179 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 17,823
6,440 J SAINSBURY PLC (FOOD STORES) 32,015
1,169 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 30,973
1,164 KAZAKHMYS PLC (METAL MINING) 26,972
12,851 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 41,811
4,115 LAND SECURITIES GROUP PLC (REAL ESTATE) 42,338
31,457 LEGAL & GENERAL GROUP PLC (INSURANCE AGENTS, BROKERS & SERVICE) 42,032
2,675 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 20,439
207,493 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 197,644
772 LONDON STOCK EXCHANGE GROUP PLC (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 8,324
799 LONMIN PLC (METAL MINING) 24,710
9,184 MAN GROUP PLC (BUSINESS SERVICES) 33,657
8,474 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 47,592
13,265 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 129,132
|
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
UNITED KINGDOM (continued)
1,065 NEW CARPHONE WAREHOUSE (RETAIL, CONSUMER ELECTRONIC PRODUCTS) $ 2,578
1,073 NEXT PLC (APPAREL & ACCESSORY STORES) 35,236
28,717 OLD MUTUAL PLC (INSURANCE CARRIERS) 53,383
4,357 PEARSON PLC (COMMUNICATIONS) 68,498
1,074 PETROFAC LIMITED (OIL & GAS EXTRACTION) 19,590
13,782 PRUDENTIAL PLC (INSURANCE CARRIERS) 114,505
3,313 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 181,844
6,517 REED ELSEVIER PLC (COMMUNICATIONS) 51,970
13,673 RESOLUTION LIMITED (INVESTMENT COMPANIES) 17,004
4,544 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,197
7,531 RIO TINTO PLC (METAL MINING) 446,275
9,965 ROLLS ROYCE GROUP PLC (TRANSPORTATION EQUIPMENT) 90,051
90,747 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 60,592
19,569 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 566,505
14,804 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 407,853
5,139 SABMILLER PLC (EATING & DRINKING PLACES) 150,666
7,140 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 25,906
637 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,601
4,955 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 82,786
3,807 SEGRO PLC (REAL ESTATE) 18,464
2,667 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,323
1,226 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 22,232
3,013 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 66,480
4,819 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 48,009
2,088 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 35,995
10,999 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 300,020
12,172 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 36,997
2,131 TALKTALK TELECOM GROUP PLC (COMMUNICATIONS) 4,172
43,172 TESCO PLC (FOOD & KINDRED PRODUCTS) 285,278
4,491 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 18,387
4,572 TOMKINS PLC (BUSINESS SERVICES) 16,374
2,895 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 13,245
4,816 TULLOW OIL PLC (OIL & GAS EXTRACTION) 91,353
7,041 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 206,749
3,710 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 31,471
714 VEDANTA RESOURCES PLC (PRIMARY METAL INDUSTRIES) 30,078
288,575 VODAFONE GROUP PLC (COMMUNICATIONS) 665,627
911 WHITBREAD PLC (EATING & DRINKING PLACES) 20,377
11,394 WILLIAM MORRISON SUPERMARKETS PLC (FOOD STORES) 50,747
1,523 WOLSELEY PLC (WHOLESALE TRADE-DURABLE GOODS) 36,794
6,738 WPP PLC (COMMUNICATIONS) 69,836
10,373 XSTRATA PLC (METAL MINING) 196,527
11,598,128
---------------
UNITED STATES: 0.07%
7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 28
1 NYSE EURONEXT INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 30
319 SYNTHES INCORPORATED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS)+ 39,814
39,872
---------------
TOTAL COMMON STOCKS (COST $53,322,369) 55,642,987
---------------
|
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
EXPIRATION
SHARES SECURITY NAME DATE VALUE
------------- --------------------------------------------------------------------------------- ------------- ---------------
RIGHTS: 0.00%
724 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT)+ 04/09/2010 $ 450
TOTAL RIGHTS (COST $0) 450
---------------
WARRANTS: 0.00%
2,828 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE SERVICES)+ 07/23/2012 253
TOTAL WARRANTS (COST $0) 253
---------------
|
DIVIDEND
YIELD
-------------
PREFERRED STOCKS: 0.34%
270 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 1.17% 9,556
439 FRESENIUS AG (HEALTHCARE) 1.31 33,145
956 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 1.32 51,468
476 PORSCHE AG (AUTO & TRUCKS) 0.11 29,050
202 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 6.26 16,613
565 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT) 2.36 51,816
TOTAL PREFERRED STOCKS (COST $156,253) 191,648
---------------
|
YIELD
-------------
SHORT-TERM INVESTMENTS: 0.90%
MUTUAL FUNDS: 0.90%
511,273 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 511,273
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $511,273) 511,273
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $53,989,895)* 99.01% 56,346,611
OTHER ASSETS AND LIABILITIES, NET 0.99 565,935
------ ---------------
TOTAL NET ASSETS 100.00% $ 56,912,546
------ ---------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $54,833,764 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,144,274
Gross unrealized depreciation (7,631,427)
-----------
Net unrealized appreciation $ 1,512,847
|
The accompanying notes are an integral part of these financial statements.
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.11%
AUSTRALIA: 6.19%
187,200 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 1,097,702
600,118 AWB LIMITED (AGRICULTURAL SERVICES) 525,917
404,900 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,081,229
755,171 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,910,527
340,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 2,361,503
1,718,600 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 2,255,215
29,469 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,277,745
500,681 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 1,902,123
570,994 MINCOR RESOURCES NL (METAL MINING) 1,053,185
368,800 SALLY MALAY MINING LIMITED (METAL MINING) 812,230
153,900 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,206,073
210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 1,332,208
527,300 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,446,792
19,262,449
---------------
AUSTRIA: 0.95%
32,300 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 1,356,769
39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,589,763
2,946,532
---------------
BELGIUM: 2.25%
39,400 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 3,166,330
53,300 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 2,581,190
37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,237,358
6,984,878
---------------
DENMARK: 0.92%
45,600 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,121,840
93,000 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 1,753,093
2,874,933
---------------
FINLAND: 1.40%
156,300 NOKIA OYJ (COMMUNICATIONS) 2,434,060
82,700 TIETOENATOR OYJ (BUSINESS SERVICES) 1,914,517
4,348,577
---------------
FRANCE: 9.92%
54,000 AXA SA (INSURANCE CARRIERS) 1,201,242
20,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,597,398
31,998 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2,707,615
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,307,581
86,100 FRANCE TELECOM SA (COMMUNICATIONS) 2,060,095
31,800 LAGARDERE SCA (COMMUNICATIONS) 1,286,803
36,000 RALLYE SA (FOOD STORES)+ 1,328,149
74,500 SAFRAN SA (TRANSPORTATION EQUIPMENT) 1,942,033
79,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,941,029
105,400 SCOR REGROUPE (INSURANCE CARRIERS) 2,662,105
4,300 SCOR SE (INSURANCE CARRIERS) 108,275
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,106,917
32,500 THALES SA (TRANSPORTATION EQUIPMENT) 1,304,593
48,200 TOTAL SA (OIL & GAS EXTRACTION) 2,798,056
130,400 VIVENDI SA (COMMUNICATIONS) 3,489,913
30,841,804
---------------
|
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
GERMANY: 8.95%
33,100 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) $ 4,150,107
69,900 BASF AG (OIL & GAS EXTRACTION) 4,335,329
20,100 DEUTSCHE BANK AG (BANKING) 1,548,255
77,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,290,390
114,700 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,234,728
31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,530,773
22,800 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,699,999
25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,334,732
25,900 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,294,809
78,400 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,695,455
6,754 VOSSLOH AG (TRANSPORTATION EQUIPMENT) 721,209
27,835,786
---------------
HONG KONG: 2.28%
2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 2,407,213
993,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,172,043
1,000,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 2,503,783
7,083,039
---------------
IRELAND: 0.34%
79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 128,314
225,000 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 486,234
111,500 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (DIVERSIFIED FINANCIAL SERVICES, MORTGAGE,
SAVING, INVESTMENTS & PENSION PRODUCTS) 443,209
1,057,757
---------------
ITALY: 2.63%
141,055 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,169,768
688,400 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 3,849,321
135,200 ENI SPA (OIL & GAS EXTRACTION) 3,171,900
8,190,989
---------------
JAPAN: 20.09%
203,200 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,030,044
85,600 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 3,099,326
266,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,314,494
208,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,243,684
169,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,641,758
161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 389,197
90,000 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,395,871
73,600 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 758,122
63,300 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,560,664
378,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,605,156
57,700 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 821,464
214,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,874,703
40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 1,622,949
52,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 337,063
500 KDDI CORPORATION (COMMUNICATIONS) 2,588,512
23,900 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 460,923
98,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,417,221
148,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 1,206,289
516,000 MARUBENI CORPORATION (BUSINESS SERVICES) 3,206,717
52,200 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,591,293
64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,679,805
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,629,982
1,831,300 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 3,623,815
|
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
131,300 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) $ 1,279,434
213,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 915,884
406,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,936,430
303,300 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,444,819
14,200 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED (BUSINESS SERVICES) 170,570
74,600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,143,908
168,000 NISSAN SHATAI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,340,550
1,000 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,523,158
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,018,719
384,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,281,506
678,000 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,312,632
267,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 3,071,264
42,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,404,696
68,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 3,023,858
64,200 TAKEFUJI CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 273,308
62,000 THE KEIYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 299,091
234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 926,088
28,000 TSURUHA HOLDINGS INCORPORATED (GENERAL MERCHANDISE STORES) 1,003,316
62,468,283
---------------
NETHERLANDS: 3.28%
151,800 AEGON NV (INSURANCE CARRIERS) 1,039,496
82,761 CSM (FOOD & KINDRED PRODUCTS) 2,570,967
77,200 ING GROEP NV (FINANCIAL SERVICES) 770,765
52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 2,349,984
37,904 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 992,160
39,100 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 2,463,607
10,186,979
---------------
NORWAY: 0.94%
132,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 1,508,076
61,700 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,428,510
2,936,586
---------------
PORTUGAL: 0.89%
245,688 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 653,058
131,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 709,902
126,300 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,412,120
2,775,080
---------------
SINGAPORE: 0.29%
606,490 MOBILONE LIMITED (COMMUNICATIONS) 901,747
---------------
SPAIN: 4.49%
185,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,533,923
146,100 BANCO ESPANOL DE CREDITO SA (DEPOSITORY INSTITUTIONS) 1,539,174
430,300 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,718,859
123,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,931,201
52,400 TELEFONICA SA (COMMUNICATIONS) 1,241,377
13,964,534
---------------
SWEDEN: 2.68%
120,300 BOLIDEN AB (METAL MINING) 1,719,381
113,500 SAAB AB (AEROSPACE, DEFENSE)+ 1,729,081
101,800 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 1,435,233
|
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SWEDEN (continued)
68,600 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 2,010,326
137,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,449,152
8,343,173
---------------
SWITZERLAND: 6.79%
28,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,553,870
173,900 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 2,211,683
27,500 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 1,417,512
3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,358,024
76,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 4,142,702
28,900 SWISS REINSURANCE (INSURANCE CARRIERS) 1,422,525
7,500 SWISSCOM AG (COMMUNICATIONS) 2,737,102
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 517,830
7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 850,721
15,200 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,896,586
21,108,555
---------------
UNITED KINGDOM: 19.83%
190,400 AMLIN PLC (INSURANCE CARRIERS) 1,121,344
109,800 ASTRAZENECA PLC (PHARMACEUTICALS) 4,897,003
220,500 AVIVA PLC (INSURANCE CARRIERS) 1,289,247
242,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,328,068
720,100 BP PLC (OIL & GAS EXTRACTION) 6,812,210
83,025 BRIT INSURANCE HOLDINGS NV (PROPERTY - CASUALTY INSURANCE) 948,077
1,092,100 BT GROUP PLC (COMMUNICATIONS) 2,053,346
328,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,465,979
87,468 CHARTER INTERNATIONAL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 996,158
279,000 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,581,756
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 797,780
213,300 GLAXOSMITHKLINE PLC (PHARMACEUTICALS) 4,096,203
184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,252,824
358,800 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 1,475,537
323,800 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,243,017
67,900 KAZAKHMYS PLC (METAL MINING) 1,573,393
653,600 LOGICACMG PLC (BUSINESS SERVICES) 1,353,858
632,790 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 880,557
544,300 MEGGITT PLC (TRANSPORTATION BY AIR) 2,525,005
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 209,403
1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,087,957
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 151,769
443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 858,863
14,300 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 413,616
264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 7,273,252
124,200 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,559,617
319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 2,204,905
389,400 THOMAS COOK GROUP PLC (LEISURE) 1,594,286
14,800 TOMKINS PLC (BUSINESS SERVICES) 53,003
1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 3,918,680
223,600 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 1,648,722
61,665,435
---------------
TOTAL COMMON STOCKS (COST $323,674,421) 295,777,116
---------------
|
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.34%
MUTUAL FUNDS: 2.34%
7,289,152 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,289,152
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,289,152) 7,289,152
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $330,963,573)* 97.45% 303,066,268
OTHER ASSETS AND LIABILITIES, NET 2.55 7,932,668
------ ---------------
TOTAL NET ASSETS 100.00% $ 310,998,936
------ ---------------
|
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $324,949,432 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 31,267,611
Gross unrealized depreciation (53,150,775)
------------
Net unrealized depreciation $(21,883,164)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.43%
AEROSPACE, DEFENSE: 1.09%
10,650 GOODRICH CORPORATION $ 751,034
---------------
APPAREL & ACCESSORY STORES: 0.96%
7,780 POLO RALPH LAUREN CORPORATION 661,611
---------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.06%
18,620 COACH INCORPORATED 735,862
---------------
AUTO PARTS & EQUIPMENT: 1.14%
23,940 JOHNSON CONTROLS INCORPORATED 789,781
---------------
BIOPHARMACEUTICALS: 1.03%
15,660 GILEAD SCIENCES INCORPORATED+ 712,217
---------------
BIOTECHNOLOGY: 2.22%
13,790 AMGEN INCORPORATED+ 824,090
12,390 BIOGEN IDEC INCORPORATED+ 710,690
1,534,780
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.92%
880 NVR INCORPORATED+ 639,320
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.25%
26,670 HOME DEPOT INCORPORATED 862,775
---------------
BUSINESS SERVICES: 2.13%
28,420 CA INCORPORATED 667,017
20,790 OMNICOM GROUP INCORPORATED 806,860
1,473,877
---------------
CHEMICALS & ALLIED PRODUCTS: 2.44%
8,920 CF INDUSTRIES HOLDINGS INCORPORATED 813,326
23,410 E.I. DU PONT DE NEMOURS & COMPANY 871,788
1,685,114
---------------
COAL MINING: 0.59%
8,890 PEABODY ENERGY CORPORATION 406,273
---------------
COMMUNICATIONS: 1.31%
48,260 COMCAST CORPORATION CLASS A 908,253
---------------
COMPUTER TECHNOLOGIES: 6.56%
8,890 APPLE INCORPORATED+ 2,088,528
21,650 HEWLETT-PACKARD COMPANY 1,150,698
10,130 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,299,173
4,538,399
---------------
DATA SERVICES: 1.01%
21,360 NETAPP INCORPORATED+ 695,482
---------------
DEPARTMENT STORES: 1.13%
19,140 NORDSTROM INCORPORATED<< 781,869
---------------
E-COMMERCE/SERVICES: 4.52%
6,280 AMAZON.COM INCORPORATED+ 852,384
36,410 EBAY INCORPORATED+ 981,250
2,280 GOOGLE INCORPORATED CLASS A+ 1,292,783
3,126,417
---------------
|
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EATING & DRINKING PLACES: 1.34%
13,920 MCDONALD'S CORPORATION $ 928,742
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.19%
16,370 EMERSON ELECTRIC COMPANY 824,066
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 2.51%
19,610 COOPER INDUSTRIES PLC 940,103
32,460 TEXAS INSTRUMENTS INCORPORATED 794,296
1,734,399
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.09%
28,060 CROWN HOLDINGS INCORPORATED+ 756,498
---------------
FOOD & KINDRED PRODUCTS: 3.77%
30,780 ARCHER DANIELS MIDLAND COMPANY 889,542
12,290 GENERAL MILLS INCORPORATED 870,009
18,600 H.J. HEINZ COMPANY 848,346
2,607,897
---------------
FOOD STORES: 1.32%
37,720 STARBUCKS CORPORATION 915,464
---------------
FURNITURE & FIXTURES: 1.33%
42,640 LEGGETT & PLATT INCORPORATED 922,730
---------------
GENERAL MERCHANDISE STORES: 2.10%
26,090 WAL-MART STORES INCORPORATED 1,450,604
---------------
HEALTH CARE: 1.03%
12,640 HOSPIRA INCORPORATED+ 716,056
---------------
HEALTH SERVICES: 3.68%
31,120 AMERISOURCEBERGEN CORPORATION 899,990
13,950 MCKESSON CORPORATION 916,794
11,300 MEDCO HEALTH SOLUTIONS INCORPORATED+ 729,528
2,546,312
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.28%
20,230 BED BATH & BEYOND INCORPORATED+ 885,265
---------------
HOUSEHOLD PRODUCTS, WARE: 1.20%
13,110 PROCTER & GAMBLE COMPANY 829,470
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.41%
10,040 3M COMPANY 839,043
21,930 CAMERON INTERNATIONAL CORPORATION+ 939,920
19,120 DOVER CORPORATION 893,860
6,720 JOY GLOBAL INCORPORATED 380,352
3,053,175
---------------
INSURANCE CARRIERS: 2.77%
29,890 LINCOLN NATIONAL CORPORATION 917,623
16,550 PRUDENTIAL FINANCIAL INCORPORATED 1,001,275
1,918,898
---------------
|
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.41%
24,390 AGILENT TECHNOLOGIES INCORPORATED+ $ 838,772
16,120 THERMO FISHER SCIENTIFIC INCORPORATED+ 829,213
1,667,985
---------------
MEDIA - COMMUNICATION: 1.22%
24,970 DIRECTV+ 844,236
---------------
MEDICAL EQUIPMENT & SUPPLIES: 1.17%
17,920 MEDTRONIC INCORPORATED 806,938
---------------
METAL MINING: 0.50%
4,830 CLIFFS NATURAL RESOURCES INCORPORATED 342,689
---------------
MISCELLANEOUS RETAIL: 2.48%
13,670 COSTCO WHOLESALE CORPORATION 816,236
24,270 WALGREEN COMPANY 900,174
1,716,410
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.26%
13,490 UNITED PARCEL SERVICE INCORPORATED CLASS B 868,891
---------------
NETWORKING: 2.42%
64,220 CISCO SYSTEMS INCORPORATED+ 1,671,647
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.21%
20,350 AMERICAN EXPRESS COMPANY 839,641
---------------
OIL & GAS EXTRACTION: 1.17%
9,590 OCCIDENTAL PETROLEUM CORPORATION 810,739
---------------
PHARMACEUTICALS: 3.39%
14,360 ABBOTT LABORATORIES 756,485
12,150 JOHNSON & JOHNSON 792,180
21,321 MERCK & COMPANY INCORPORATED 796,339
2,345,004
---------------
RAILROAD TRANSPORTATION: 1.31%
16,250 NORFOLK SOUTHERN CORPORATION 908,213
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.31%
3,310 BLACKROCK INCORPORATED 720,786
4,440 GOLDMAN SACHS GROUP INCORPORATED 757,597
22,660 LAZARD LIMITED 808,962
2,287,345
---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.48%
26,700 BROADCOM CORPORATION CLASS A 885,906
46,070 EMC CORPORATION+ 831,103
1,717,009
---------------
SOFTWARE: 7.11%
18,360 BMC SOFTWARE INCORPORATED+ 697,680
19,600 MCAFEE INCORPORATED+ 786,548
76,920 MICROSOFT CORPORATION 2,251,448
46,040 ORACLE CORPORATION 1,182,768
4,918,444
---------------
|
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.17%
31,810 OWENS CORNING INCORPORATED+ $ 809,246
---------------
TELECOMMUNICATIONS: 1.11%
17,950 AMERICAN TOWER CORPORATION CLASS A+ 764,850
---------------
TOBACCO PRODUCTS: 1.36%
17,990 PHILIP MORRIS INTERNATIONAL 938,358
---------------
TRANSPORTATION BY AIR: 1.35%
70,420 SOUTHWEST AIRLINES COMPANY 930,952
---------------
TRANSPORTATION EQUIPMENT: 1.21%
12,780 NORTHROP GRUMMAN CORPORATION 837,985
---------------
WHOLESALE TRADE-DURABLE GOODS: 2.42%
12,030 KIMBERLY-CLARK CORPORATION 756,446
8,480 W.W. GRAINGER INCORPORATED 916,858
1,673,304
---------------
TOTAL COMMON STOCKS (COST $56,309,649) 68,092,526
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.77%
COLLATERAL INVESTED IN OTHER ASSETS: 1.77%
$ 30,988 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $30,988) 0.01% 04/01/2010 30,988
9,279 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 9,279
12,759 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,759
255,649 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,649) 0.02 04/01/2010 255,649
6,142 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 6,142
18,559 COOK COUNTY IL+/-ss 0.25 11/01/2030 18,559
23,240 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $23,240) 0.03 04/01/2010 23,240
35,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,679) 0.01 04/01/2010 35,679
548,971 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 225,627
3,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,828
11,599 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 11,599
4,640 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,640
154,939 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $154,939) 0.01 04/01/2010 154,939
6,959 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,959
4,640 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,640
13,559 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 13,559
20,878 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 20,878
6,959 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,960
700,322 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 378,174
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,115,706) 1,224,098
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,425,355)* 100.20% 69,316,624
OTHER ASSETS AND LIABILITIES, NET (0.20) (141,494)
------ ---------------
TOTAL NET ASSETS 100.00% $69,175,130
------ ---------------
|
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
* Cost for federal income tax purposes is $58,793,841 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $12,152,090
Gross unrealized depreciation (1,629,307)
-----------
Net unrealized appreciation $10,522,783
|
The accompanying notes are an integral part of these financial statements.
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 97.49%
BIOPHARMACEUTICALS: 2.28%
288,240 GENZYME CORPORATION+ $ 14,939,479
---------------
BIOTECHNOLOGY: 0.95%
103,600 AMGEN INCORPORATED+ 6,191,136
---------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 4.83%
323,200 FASTENAL COMPANY<< 15,510,368
664,400 LOWE'S COMPANIES INCORPORATED 16,105,056
31,615,424
---------------
BUSINESS SERVICES: 2.75%
210,500 AUTOMATIC DATA PROCESSING INCORPORATED 9,360,935
118,200 FACTSET RESEARCH SYSTEMS INCORPORATED 8,672,334
18,033,269
---------------
COMMERCIAL SERVICES: 3.23%
689,600 PAYCHEX INCORPORATED 21,170,720
---------------
COMPUTER TECHNOLOGIES: 6.65%
185,400 APPLE INCORPORATED+ 43,556,022
---------------
E-COMMERCE/SERVICES: 12.50%
214,800 AMAZON.COM INCORPORATED+ 29,154,804
356,770 EBAY INCORPORATED+ 9,614,952
76,100 GOOGLE INCORPORATED CLASS A+ 43,149,461
81,919,217
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.39%
322,000 LINEAR TECHNOLOGY CORPORATION 9,106,160
---------------
GENERAL MERCHANDISE STORES: 8.25%
157,600 KOHL'S CORPORATION+ 8,633,328
538,860 TARGET CORPORATION 28,344,036
306,700 WAL-MART STORES INCORPORATED 17,052,520
54,029,884
---------------
MEDICAL EQUIPMENT & SUPPLIES: 3.60%
524,010 MEDTRONIC INCORPORATED 23,596,170
---------------
NETWORKING: 6.45%
1,624,443 CISCO SYSTEMS INCORPORATED+ 42,284,251
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.05%
147,300 VISA INCORPORATED CLASS A 13,408,719
---------------
OIL & GAS EXTRACTION: 1.51%
156,300 SCHLUMBERGER LIMITED 9,913,718
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.27%
1,744,537 CHARLES SCHWAB CORPORATION 32,605,397
27,000 CME GROUP INCORPORATED 8,534,970
185,400 FRANKLIN RESOURCES INCORPORATED 20,560,860
305,490 GOLDMAN SACHS GROUP INCORPORATED 52,125,759
345,200 T. ROWE PRICE GROUP INCORPORATED 18,961,836
132,788,822
---------------
|
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 6.01%
827,800 EMC CORPORATION+ $ 14,933,512
1,098,570 INTEL CORPORATION 24,454,168
39,387,680
---------------
SOFTWARE: 6.11%
1,367,598 MICROSOFT CORPORATION 40,029,593
---------------
TELECOMMUNICATIONS: 4.39%
684,900 QUALCOMM INCORPORATED 28,758,951
---------------
TRANSPORTATION SERVICES: 4.27%
257,000 C.H. ROBINSON WORLDWIDE INCORPORATED 14,353,450
368,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 13,605,020
27,958,470
---------------
TOTAL COMMON STOCKS (COST $539,527,091) 638,687,685
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 0.95%
COLLATERAL INVESTED IN OTHER ASSETS: 0.95%
$ 150,763 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $150,763) 0.01% 04/01/2010 150,763
45,145 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 45,145
62,075 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 62,075
1,243,780 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,243,781) 0.02 04/01/2010 1,243,780
29,881 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 29,881
90,291 COOK COUNTY IL+/-ss 0.25 11/01/2030 90,291
113,067 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $113,067) 0.03 04/01/2010 113,067
173,584 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $173,584) 0.01 04/01/2010 173,584
2,904,320 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,193,676
18,623 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 18,623
56,432 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 56,432
22,573 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 22,573
753,805 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $753,805) 0.01 04/01/2010 753,805
33,859 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 33,859
22,573 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 22,573
65,969 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 65,969
101,577 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 101,577
33,859 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 33,858
3,705,039 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 2,000,721
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,638,803) 6,212,252
---------------
|
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ---------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.21%
MUTUAL FUNDS: 1.21%
7,933,097 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,933,097
TOTAL SHORT-TERM INVESTMENTS (COST $7,933,097) 7,933,097
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $553,098,991)* 99.65% 652,833,034
OTHER ASSETS AND LIABILITIES, NET 0.35 2,269,501
------ ---------------
TOTAL NET ASSETS 100.00% $ 655,102,535
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $594,219,738 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $131,394,619
Gross unrealized depreciation (72,781,323)
------------
Net unrealized appreciation $ 58,613,296
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 98.89%
AEROSPACE, DEFENSE: 0.22%
8,760 AAR CORPORATION+ $ 217,425
---------------
APPAREL & ACCESSORY STORES: 3.75%
13,249 CARTER'S INCORPORATED+ 399,457
6,164 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 274,606
8,098 CHRISTOPHER & BANKS CORPORATION 64,784
13,432 DRESS BARN INCORPORATED+ 351,381
12,743 FINISH LINE INCORPORATED CLASS A 207,966
6,744 GYMBOREE CORPORATION+ 348,193
9,967 HOT TOPIC INCORPORATED 64,786
4,116 JOS. A. BANK CLOTHIERS INCORPORATED+ 224,939
21,337 LIZ CLAIBORNE INCORPORATED+ 158,534
4,852 MAIDENFORM BRANDS INCORPORATED+ 106,016
11,764 MEN'S WEARHOUSE INCORPORATED 281,630
28,938 QUIKSILVER INCORPORATED+ 136,877
7,550 SKECHERS U.S.A. INCORPORATED CLASS A+ 274,216
8,565 STAGE STORES INCORPORATED 131,815
5,729 THE BUCKLE INCORPORATED 210,598
6,657 THE CATO CORPORATION CLASS A 142,726
5,703 TRUE RELIGION APPAREL INCORPORATED+ 173,143
3,729 VOLCOM INCORPORATED+ 72,790
4,697 ZUMIEZ INCORPORATED+ 96,242
3,720,699
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.13%
4,774 LITHIA MOTORS INCORPORATED CLASS A+ 30,554
8,916 SONIC AUTOMOTIVE INCORPORATED+ 98,076
128,630
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.20%
3,205 MIDAS INCORPORATED+ 36,152
4,466 MONRO MUFFLER BRAKE INCORPORATED 159,704
195,856
---------------
BIOTECHNOLOGY: 0.47%
13,046 CUBIST PHARMACEUTICALS INCORPORATED+ 294,057
7,488 MARTEK BIOSCIENCES CORPORATION+ 168,555
462,612
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.16%
4,167 M/I HOMES INCORPORATED+ 61,047
22,113 STANDARD-PACIFIC CORPORATION+ 99,951
160,998
---------------
BUSINESS SERVICES: 8.02%
10,514 ABM INDUSTRIES INCORPORATED 222,897
5,006 ADMINISTAFF INCORPORATED 106,828
7,342 AMN HEALTHCARE SERVICES INCORPORATED+ 64,610
5,982 ARBITRON INCORPORATED 159,480
10,025 BLACKBAUD INCORPORATED 252,530
9,363 BLUE COAT SYSTEMS INCORPORATED+ 290,628
11,792 BRADY CORPORATION CLASS A 366,967
6,782 CACI INTERNATIONAL INCORPORATED CLASS A+ 331,301
15,590 CIBER INCORPORATED+ 58,307
|
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUSINESS SERVICES (continued)
8,925 COGNEX CORPORATION $ 165,023
5,135 COMPELLENT TECHNOLOGIES INCORPORATED+ 90,119
2,197 COMPUTER PROGRAMS & SYSTEMS INCORPORATED 85,859
5,451 COMSCORE INCORPORATED+ 90,977
9,670 CONCUR TECHNOLOGIES INCORPORATED+ 396,567
8,021 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 168,120
15,877 CYBERSOURCE CORPORATION+ 280,070
9,094 DEALERTRACK HOLDINGS INCORPORATED+ 155,326
6,800 EBIX INCORPORATED+<< 108,596
12,868 ECLIPSYS CORPORATION+ 255,816
3,335 FORRESTER RESEARCH INCORPORATED+ 100,283
11,617 GEO GROUP INCORPORATED+ 230,249
5,673 GERBER SCIENTIFIC INCORPORATED+ 35,229
9,784 HEALTHCARE SERVICES GROUP 219,064
8,443 HEARTLAND PAYMENT SYSTEMS INCORPORATED 157,040
3,842 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 107,691
7,960 INFOSPACE INCORPORATED+ 87,958
3,914 INTEGRAL SYSTEMS INCORPORATED MD+ 37,692
2,876 INTERACTIVE INTELLIGENCE INCORPORATED+ 53,752
5,982 KELLY SERVICES INCORPORATED CLASS A+ 99,660
4,082 LOJACK CORPORATION+ 16,859
5,088 MANHATTAN ASSOCIATES INCORPORATED+ 129,642
1,560 NCI INCORPORATED+ 47,159
7,782 NETSCOUT SYSTEMS INCORPORATED+ 115,096
6,761 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 37,253
7,269 OMNICELL INCORPORATED+ 101,984
8,123 ON ASSIGNMENT INCORPORATED+ 57,917
4,203 PCTEL INCORPORATED+ 25,975
6,785 PERFICIENT INCORPORATED+ 76,467
9,742 PHASE FORWARD INCORPORATED+ 127,328
7,882 PHOENIX TECHNOLOGIES LIMITED+ 25,380
3,773 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+<< 207,025
4,258 QUALITY SYSTEMS INCORPORATED 261,612
6,186 RADIANT SYSTEMS INCORPORATED+ 88,274
5,349 RADISYS CORPORATION+ 47,927
1,961 REWARDS NETWORK INCORPORATED 26,277
11,609 SFN GROUP INCORPORATED+ 92,988
2,679 STARTEK INCORPORATED+ 18,619
4,557 STRATASYS INCORPORATED+ 111,100
9,066 SYKES ENTERPRISES INCORPORATED+ 207,067
4,738 SYNNEX CORPORATION+ 140,055
8,632 TALEO CORPORATION CLASS A+ 223,655
7,229 TELETECH HOLDINGS INCORPORATED+ 123,471
6,754 THE KNOT INCORPORATED+ 52,816
15,205 THQ INCORPORATED+ 106,587
9,906 TRUEBLUE INCORPORATED+ 153,543
19,119 UNITED ONLINE INCORPORATED 143,010
5,088 USA MOBILITY INCORPORATED 64,465
4,624 VIAD CORPORATION 95,023
2,720 VOLT INFORMATION SCIENCE INCORPORATED+ 27,771
9,738 WEBSENSE INCORPORATED+ 221,734
7,952,718
---------------
|
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CASINO & GAMING: 0.18%
2,539 MONARCH CASINO & RESORT INCORPORATED+ $ 21,683
6,147 MULTIMEDIA GAMES INCORPORATED+ 23,973
13,520 PINNACLE ENTERTAINMENT INCORPORATED+ 131,685
177,341
---------------
CHEMICALS & ALLIED PRODUCTS: 2.20%
4,643 AMERICAN VANGUARD CORPORATION 37,840
5,647 ARCH CHEMICALS INCORPORATED 194,200
6,340 ARQULE INCORPORATED+ 36,518
6,296 BALCHEM CORPORATION 155,196
6,597 CAMBREX CORPORATION+ 26,718
3,742 EMERGENT BIOSOLUTIONS INCORPORATED+ 62,828
10,962 HB FULLER COMPANY 254,428
3,515 MANNATECH INCORPORATED 11,740
2,635 NEWMARKET CORPORATION 271,379
6,875 OM GROUP INCORPORATED+ 232,925
13,071 PAREXEL INTERNATIONAL CORPORATION+ 304,685
2,558 PENFORD CORPORATION 26,220
20,824 POLYONE CORPORATION+ 213,238
2,506 QUAKER CHEMICAL CORPORATION 67,938
1,715 STEPAN COMPANY 95,851
3,924 SURMODICS INCORPORATED+ 82,169
4,863 ZEP INCORPORATED 106,402
2,180,275
---------------
COAL MINING: 0.25%
10,218 PENN VIRGINIA CORPORATION 250,341
---------------
COMMERCIAL SERVICES: 1.03%
5,789 HMS HOLDINGS CORPORATION+ 295,181
32,006 LIVE NATION INCORPORATED+ 464,087
8,599 WRIGHT EXPRESS CORPORATION+ 259,002
1,018,270
---------------
COMMUNICATIONS: 1.26%
6,496 ANIXTER INTERNATIONAL INCORPORATED+ 304,338
4,171 AUDIOVOX CORPORATION CLASS A+ 32,450
15,788 BRIGHTPOINT INCORPORATED+ 118,884
6,045 CBEYOND INCORPORATED+ 82,696
10,040 GENERAL COMMUNICATION INCORPORATED CLASS A+ 57,931
7,412 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 123,780
10,165 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 237,861
7,568 NEUTRAL TANDEM INCORPORATION+ 120,937
6,941 NOVATEL WIRELESS INCORPORATED+ 46,713
6,717 NTELOS HOLDINGS CORPORATION 119,495
1,245,085
---------------
COMPUTERS-INTEGRATED SYSTEMS: 0.05%
4,521 AGILYSYS INCORPORATED 50,500
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.23%
5,116 CHEMED CORPORATION 278,208
8,532 COMFORT SYSTEMS USA INCORPORATED 106,565
4,240 DREW INDUSTRIES INCORPORATED+ 93,365
8,804 DYCOM INDUSTRIES INCORPORATED+ 77,211
14,899 EMCOR GROUP INCORPORATED+ 366,962
|
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued)
8,805 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ $ 234,301
5,919 MATRIX SERVICE COMPANY+ 63,688
1,220,300
---------------
DEPOSITORY INSTITUTIONS: 6.62%
10,233 BANK MUTUAL CORPORATION 66,515
2,925 BANK OF THE OZARKS INCORPORATED 102,931
14,602 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 107,617
13,283 BROOKLINE BANCORP INCORPORATED 141,331
3,576 CITY HOLDING COMPANY 122,621
6,337 COLUMBIA BANKING SYSTEM INCORPORATED 128,704
7,368 COMMUNITY BANK SYSTEM INCORPORATED 167,843
5,727 DIME COMMUNITY BANCSHARES 72,332
20,760 EAST WEST BANCORP INCORPORATED 361,639
17,076 FIRST BANCORP PUERTO RICO 41,153
17,148 FIRST COMMONWEALTH FINANCIAL CORPORATION 115,063
11,039 FIRST FINANCIAL BANCORP 196,384
4,689 FIRST FINANCIAL BANKSHARE 241,718
16,657 FIRST MIDWEST BANCORP INCORPORATED 225,702
16,182 GLACIER BANCORP INCORPORATED 246,452
6,385 HANCOCK HOLDING COMPANY 266,957
11,521 HANMI FINANCIAL CORPORATION+<< 27,650
4,397 HOME BANCSHARES INCORPORATED 116,257
4,709 INDEPENDENT BANK CORPORATION 116,124
7,286 NARA BANK NATIONAL ASSOCIATION 63,825
28,335 NATIONAL PENN BANCSHARES INCORPORATED 195,512
7,743 NBT BANCORP INCORPORATED 176,928
19,616 OLD NATIONAL BANCORP 234,411
7,493 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 113,219
13,162 PRIVATEBANCORP INCORPORATED 180,319
5,433 S&T BANCORP INCORPORATED 113,550
9,134 SIGNATURE BANK+ 338,415
3,468 SIMMONS FIRST NATIONAL CORPORATION 95,613
48,481 SOUTH FINANCIAL GROUP INCORPORATED<< 33,515
6,017 STERLING BANCORPORATION 60,471
22,320 STERLING BANCSHARES INCORPORATED 124,546
27,897 SUSQUEHANNA BANCSHARES INCORPORATED 273,670
1,732 TOMPKINS TRUST COMPANY INCORPORATED 63,183
17,273 TRUSTCO BANK CORPORATION 106,574
6,734 UMB FINANCIAL CORPORATION 273,400
25,745 UMPQUA HOLDINGS CORPORATION 341,379
8,601 UNITED BANKSHARES INCORPORATED<< 225,518
18,602 UNITED COMMUNITY BANKS INCORPORATED+ 82,035
21,704 WHITNEY HOLDING CORPORATION 299,298
4,368 WILSHIRE BANCORP INCORPORATED 48,179
6,782 WINTRUST FINANCIAL CORPORATION 252,358
6,560,911
---------------
DURABLE GOODS - CONSUMER: 0.05%
4,291 STURM, RUGER & COMPANY INCORPORATED 51,449
---------------
E-COMMERCE/SERVICES: 0.15%
6,963 NUTRI SYSTEM INCORPORATED 124,011
2,627 STAMPS.COM INCORPORATED+ 26,533
150,544
---------------
|
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
EATING & DRINKING PLACES: 2.53%
4,759 BJ'S RESTAURANTS INCORPORATED+ $ 110,885
4,063 BUFFALO WILD WINGS INCORPORATED+ 195,471
5,442 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 91,371
4,994 CEC ENTERTAINMENT INCORPORATED+ 190,221
12,418 CKE RESTAURANTS INCORPORATED 137,467
5,149 CRACKER BARREL OLD COUNTRY STORE INCORPORATED 238,811
3,427 DINEEQUITY INCORPORATED+ 135,469
12,436 JACK IN THE BOX INCORPORATED+ 292,868
1,816 LANDRY'S RESTAURANTS INCORPORATED+ 32,543
4,220 O'CHARLEYS INCORPORATED+ 37,727
5,160 PF. CHANG'S CHINA BISTRO INCORPORATED+ 227,711
4,769 PAPA JOHNS INTERNATIONAL INCORPORATED+ 122,611
3,514 RED ROBIN GOURMET BURGERS INCORPORATED+ 85,882
14,512 RUBY TUESDAY INCORPORATED+ 153,392
6,415 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 34,000
13,746 SONIC CORPORATION+ 151,893
274 STEAK 'N SHAKE COMPANY+ 104,468
11,610 TEXAS ROADHOUSE INCORPORATED CLASS A+ 161,263
2,504,053
---------------
EDUCATIONAL SERVICES: 0.60%
4,118 AMERICAN PUBLIC EDUCATION INCORPORATED+ 191,899
3,273 CAPELLA EDUCATION COMPANY+ 303,865
4,562 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED+ 104,105
599,869
---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.33%
6,741 ALLETE INCORPORATED 225,689
4,165 AMERICAN STATES WATER COMPANY 144,526
12,326 AVISTA CORPORATION 255,271
2,630 CENTRAL VERMONT PUBLIC SERVICE 53,047
3,556 CH ENERGY GROUP INCORPORATED 145,227
9,884 EL PASO ELECTRIC COMPANY+ 203,610
5,009 LACLEDE GROUP INCORPORATED 168,903
9,319 NEW JERSEY RESOURCES 350,022
5,967 NORTHWEST NATURAL GAS COMPANY 278,062
16,451 PIEDMONT NATURAL GAS COMPANY 453,719
6,708 SOUTH JERSEY INDUSTRIES INCORPORATED 281,669
10,177 SOUTHWEST GAS CORPORATION 304,496
6,735 UIL HOLDINGS CORPORATION 185,213
8,087 UNISOURCE ENERGY CORPORATION 254,255
3,303,709
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23%
5,892 ACTEL CORPORATION+ 81,604
9,769 ACUITY BRANDS INCORPORATED 412,349
27,083 ADAPTEC INCORPORATED+ 88,561
7,471 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 123,720
5,126 AO SMITH CORPORATION 269,474
2,993 APPLIED SIGNAL TECHNOLOGY INCORPORATED 58,603
28,210 ARRIS GROUP INCORPORATED+ 338,802
7,102 ATMI INCORPORATED+ 137,140
2,780 AZZ INCORPORATED 94,103
9,441 BALDOR ELECTRIC COMPANY 353,093
2,619 BEL FUSE INCORPORATED CLASS B 52,773
|
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
14,330 BENCHMARK ELECTRONICS INCORPORATED+ $ 297,204
5,717 CERADYNE INCORPORATED+ 129,719
8,798 CHECKPOINT SYSTEMS INCORPORATED+ 194,612
6,361 COMTECH TELECOMMUNICATIONS CORPORATION+ 203,488
7,643 CTS CORPORATION 71,997
3,488 CUBIC CORPORATION 125,568
6,756 CYMER INCORPORATED+ 251,999
36,456 CYPRESS SEMICONDUCTOR CORPORATION+ 419,244
7,876 DIODES INCORPORATED+ 176,422
3,978 DIONEX CORPORATION+ 297,475
5,153 DSP GROUP INCORPORATED+ 42,924
3,937 DTS INCORPORATED+ 134,015
6,203 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 79,460
3,436 EMS TECHNOLOGIES INCORPORATED+ 57,038
9,859 EXAR CORPORATION+ 69,506
5,224 GREATBATCH INCORPORATED+ 110,697
21,722 HARMONIC INCORPORATED+ 137,066
6,870 HELEN OF TROY LIMITED+ 179,032
4,827 HITTITE MICROWAVE CORPORATION+ 212,243
5,256 HUTCHINSON TECHNOLOGY INCORPORATED+ 32,797
4,914 LITTELFUSE INCORPORATED+ 186,781
6,994 MAGNETEK INCORPORATED+ 11,750
5,302 MERCURY COMPUTER SYSTEMS INCORPORATED+ 72,743
8,378 METHODE ELECTRONICS INCORPORATED 82,942
9,677 MICREL INCORPORATED 103,157
18,663 MICROSEMI CORPORATION+ 323,616
10,210 MOOG INCORPORATED CLASS A+ 361,638
1,080 NATIONAL PRESTO INDUSTRIES INCORPORATED 128,423
4,622 PARK ELECTROCHEMICAL CORPORATION 132,836
5,760 PERICOM SEMICONDUCTOR+ 61,690
8,950 PLEXUS CORPORATION+ 322,469
1,960 POWELL INDUSTRIES INCORPORATED+ 63,759
3,550 ROGERS CORPORATION+ 102,986
39,549 SKYWORKS SOLUTIONS INCORPORATED+<< 616,964
5,025 STANDARD MICROSYSTEMS CORPORATION+ 116,982
2,910 SUPERTEX INCORPORATED+ 74,467
9,808 SYMMETRICOM INCORPORATED+ 57,181
7,540 SYNAPTICS INCORPORATED+ 208,179
9,280 TECHNITROL INCORPORATED 48,998
15,175 TEKELEC+ 275,578
11,209 TESSERA TECHNOLOGIES INCORPORATED+ 227,319
2,856 TOLLGRADE COMMUNICATIONS INCORPORATED+ 17,964
34,525 TRIQUINT SEMICONDUCTOR INCORPORATED+ 241,675
9,714 TTM TECHNOLOGIES INCORPORATED+ 86,260
3,081 UNIVERSAL ELECTRONICS INCORPORATED+ 68,830
16,731 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 554,131
8,557 VIASAT INCORPORATED+ 296,158
4,406 VICOR CORPORATION+ 60,847
10,139,051
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.39%
2,860 CDI CORPORATION 41,928
9,488 ERESEARCH TECHNOLOGY INCORPORATED+ 65,562
3,075 EXPONENT INCORPORATED+ 87,699
2,110 LANDAUER INCORPORATED 137,614
3,912 MAXMUS INCORPORATED 238,358
|
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (continued)
14,515 REGENERON PHARMACEUTICAL INCORPORATED+ $ 384,502
3,630 STANLEY INCORPORATED+ 102,693
13,879 TETRA TECH INCORPORATED+ 319,772
1,378,128
---------------
ENVIRONMENTAL CONTROL: 0.22%
12,596 CALGON CARBON CORPORATION+ 215,644
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.96%
9,924 GRIFFON CORPORATION+ 123,653
3,216 GULF ISLAND FABRICATION INCORPORATED 69,948
8,159 MOBILE MINI INCORPORATED+ 126,383
4,069 NCI BUILDING SYSTEMS INCORPORATED+ 44,922
8,512 QUANEX BUILDING PRODUCTS CORPORATION 140,703
8,668 SIMPSON MANUFACTURING COMPANY INCORPORATED 240,624
6,603 WATTS WATER TECHNOLOGIES INCORPORATED 205,089
951,322
---------------
FOOD & KINDRED PRODUCTS: 1.84%
2,277 BOSTON BEER COMPANY INCORPORATED+ 118,996
2,839 CAL-MAINE FOODS INCORPORATED 96,214
18,503 DARLING INTERNATIONAL INCORPORATED+ 165,787
4,754 DIAMOND FOODS INCORPORATED 199,858
3,186 J & J SNACK FOODS CORPORATION 138,495
7,211 LANCE INCORPORATED 166,790
2,924 PEET'S COFFEE & TEA INCORPORATED+ 115,937
3,943 SANDERSON FARMS INCORPORATED 211,384
7,729 TREEHOUSE FOODS INCORPORATED+ 339,071
9,693 UNITED NATURAL FOODS INCORPORATED+ 272,664
1,825,196
---------------
FOOD STORES: 0.05%
6,228 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+ 47,769
---------------
FOOD-WHOLESALE: 0.05%
2,643 CALAVO GROWERS INCORPORATED 48,208
---------------
FOOTWEAR: 0.57%
19,278 CROCS INCORPORATED+<< 169,068
2,897 DECKERS OUTDOOR CORPORATION+ 399,786
568,854
---------------
FURNITURE & FIXTURES: 0.27%
5,856 ETHAN ALLEN INTERIORS INCORPORATED 120,809
11,599 LA-Z-BOY INCORPORATED+ 145,451
266,260
---------------
GENERAL MERCHANDISE STORES: 0.68%
9,090 CABELA'S INCORPORATED+ 158,984
11,456 CASEY'S GENERAL STORES INCORPORATED 359,718
8,926 FRED'S INCORPORATED 106,933
5,872 STEIN MART INCORPORATED+ 53,024
678,659
---------------
|
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
HEALTH SERVICES: 3.03%
6,363 AMEDISYS INCORPORATED+<< $ 351,365
6,951 AMSURG CORPORATION+ 150,072
2,683 BIO-REFERENCE LABORATORIES INCORPORATED+ 117,972
1,605 CORVEL CORPORATION+ 57,379
6,939 CROSS COUNTRY HEALTHCARE INCORPORATED+ 70,153
6,411 CRYOLIFE INCORPORATED+ 41,479
7,496 ENZO BIOCHEM INCORPORATED+ 45,126
3,906 GENOPTIX INCORPORATED+ 138,624
6,595 GENTIVA HEALTH SERVICES INCORPORATED+ 186,507
7,605 HEALTHWAYS INCORPORATED+ 122,212
7,603 INVENTIV HEALTH INCORPORATED+ 170,763
3,066 IPC THE HOSPITALIST COMPANY+ 107,647
4,189 LCA-VISION INCORPORATED+ 34,852
3,403 LHC GROUP INCORPORATED+ 114,103
7,773 MAGELLAN HEALTH SERVICES INCORPORATED+ 337,970
4,148 MEDCATH CORPORATION+ 43,430
10,581 MEDNAX INCORPORATED+<< 615,708
4,635 NAUTILUS GROUP INCORPORATED+ 13,998
7,455 ODYSSEY HEALTHCARE INCORPORATED+ 135,010
5,548 REHABCARE GROUP INCORPORATED+ 151,294
3,005,664
---------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.12%
4,207 HAVERTY FURNITURE COMPANIES INCORPORATED 68,658
7,051 TUESDAY MORNING CORPORATION+ 46,466
115,124
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.06%
4,703 MARCUS CORPORATION 61,092
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.24%
2,828 AAON INCORPORATED 63,969
15,270 ACTUANT CORPORATION CLASS A 298,529
4,466 ASTEC INDUSTRIES INCORPORATED+ 129,335
3,948 BLACK BOX CORPORATION 121,440
11,251 BRIGGS & STRATTON CORPORATION 219,395
14,525 BROOKS AUTOMATION INCORPORATED+ 128,111
2,057 CASCADE CORPORATION 66,256
6,798 DRIL-QUIP INCORPORATED+ 413,590
4,567 ENPRO INDUSTRIES INCORPORATED+ 132,808
11,746 GARDNER DENVER INCORPORATED 517,294
11,106 INTERMEC INCORPORATED+ 157,483
5,000 INTEVAC INCORPORATED+ 69,100
6,335 JOHN BEAN TECHNOLOGIES CORPORATION 111,116
7,546 KAYDON CORPORATION 283,730
15,702 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 113,840
2,807 LINDSAY MANUFACTURING COMPANY 116,238
3,358 LUFKIN INDUSTRIES INCORPORATED 265,786
7,849 NETGEAR INCORPORATED+ 204,859
11,219 OIL STATES INTERNATIONAL INCORPORATED+ 508,669
7,406 ROBBINS & MYERS INCORPORATED 176,411
5,985 SCANSOURCE INCORPORATED+ 172,248
6,031 SIGMA DESIGNS INCORPORATED+ 70,744
7,566 TORO COMPANY 372,020
5,366 ULTRATECH INCORPORATED+ 72,978
7,275 WATSCO INCORPORATED 413,802
5,199,751
---------------
|
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INSURANCE CARRIERS: 3.69%
1,993 AMERICAN PHYSICIANS CAPITAL INCORPORATED $ 63,676
11,496 AMERIGROUP CORPORATION+ 382,127
4,248 AMERISAFE INCORPORATED+ 69,540
11,017 CENTENE CORPORATION+ 264,849
10,710 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 269,464
5,282 EHEALTH INCORPORATED+ 83,192
9,902 EMPLOYERS HOLDINGS INCORPORATED 147,045
11,011 HEALTHSPRING INCORPORATED+ 193,794
3,060 INFINITY PROPERTY & CASUALTY CORPORATION 139,046
2,989 MOLINA HEALTHCARE INCORPORATED+ 75,233
9,317 NATIONAL FINANCIAL PARTNERS CORPORATION+ 131,370
4,658 PRESIDENTIAL LIFE CORPORATION 46,440
7,293 PROASSURANCE CORPORATION+ 426,932
3,903 RLI CORPORATION 222,549
3,386 SAFETY INSURANCE GROUP INCORPORATED 127,551
11,965 SELECTIVE INSURANCE GROUP INCORPORATED 198,619
4,102 STEWART INFORMATION SERVICES CORPORATION 56,608
3,000 THE NAVIGATORS GROUP INCORPORATED+ 117,990
10,123 TOWER GROUP INCORPORATED 224,427
4,986 UNITED FIRE & CASUALTY COMPANY 89,698
8,523 ZENITH NATIONAL INSURANCE CORPORATION 326,601
3,656,751
---------------
LEATHER & LEATHER PRODUCTS: 0.38%
9,647 BROWN SHOE COMPANY INCORPORATED 149,336
5,345 GENESCO INCORPORATED+ 165,748
6,088 K-SWISS INCORPORATED 63,680
378,764
---------------
LEGAL SERVICES: 0.06%
1,514 PRE-PAID LEGAL SERVICES INCORPORATED+ 57,305
---------------
LEISURE, SPORTING & RECREATION: 0.50%
4,853 BIG 5 SPORTING GOODS CORPORATION 73,863
14,490 CALLAWAY GOLF COMPANY 127,802
6,450 HIBBETT SPORTS INCORPORATED+ 164,991
8,904 INTERVAL LEISURE GROUP INCORPORATED+ 129,642
496,298
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.30%
2,410 DELTIC TIMBER CORPORATION 106,161
1,529 SKYLINE CORPORATION 28,439
4,341 UNIVERSAL FOREST PRODUCTS 167,215
301,815
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.08%
4,968 ABAXIS INCORPORATED+ 135,080
15,232 ALIGN TECHNOLOGY INCORPORATED+ 294,587
16,903 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 314,058
2,024 AMERICAN SCIENCE & ENGINEERING INCORPORATED 151,638
2,897 ANALOGIC CORPORATION 123,789
3,369 BADGER METER INCORPORATED 129,740
2,900 CANTEL INDUSTRIES 57,565
5,298 COHU INCORPORATED 72,953
6,562 CONMED CORPORATION+ 156,241
|
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
10,221 COOPER COMPANIES INCORPORATED $ 397,392
5,376 CYBERONICS INCORPORATED+ 103,004
5,949 ESCO TECHNOLOGIES INCORPORATED 189,238
6,712 ESTERLINE TECHNOLOGIES CORPORATION+ 331,774
3,627 FARO TECHNOLOGIES INCORPORATED+ 93,395
8,525 FEI COMPANY+ 195,308
5,653 HAEMONETICS CORPORATION+ 323,069
7,178 HANGER ORTHOPEDIC GROUP INCORPORATED+ 130,496
2,712 ICU MEDICAL INCORPORATED+ 93,428
5,809 II-VI INCORPORATED+ 196,577
4,646 INTEGRA LIFESCIENCES HOLDINGS+ 203,634
26,709 ION GEOPHYSICAL CORPORATION+ 131,408
3,051 KEITHLEY INSTRUMENTS INCORPORATED 20,137
2,460 KENSEY NASH CORPORATION+ 58,031
14,911 KOPIN CORPORATION+ 55,171
9,136 MERIDIAN DIAGNOSTICS INCORPORATED 186,100
6,320 MERIT MEDICAL SYSTEMS INCORPORATED+ 96,380
11,143 MKS INSTRUMENTS INCORPORATED+ 218,291
3,712 MTS SYSTEMS CORPORATION 107,759
6,388 NATUS MEDICAL INCORPORATED+ 101,633
5,009 NEOGEN CORPORATION+ 125,726
8,172 NEWPORT CORPORATION+ 102,150
4,054 OSTEOTECH INCORPORATED+ 15,892
4,167 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 45,254
6,984 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,853
6,863 SONIC SOLUTIONS+ 64,306
8,064 SYMMETRY MEDICAL INCORPORATED+ 80,963
8,147 TELEDYNE TECHNOLOGIES INCORPORATED+ 336,227
7,529 THERAGENICS CORPORATION+ 12,498
8,985 VEECO INSTRUMENTS INCORPORATED+ 390,848
4,804 ZOLL MEDICAL CORPORATION+ 126,633
6,028,226
---------------
MEDICAL EQUIPMENT & SUPPLIES: 0.51%
7,275 INVACARE CORPORATION 193,079
13,249 PSS WORLD MEDICAL INCORPORATED+ 311,484
504,563
---------------
MEDICAL PRODUCTS: 0.32%
7,449 WEST PHARMACEUTICAL SERVICES INCORPORATED 312,486
---------------
METAL FABRICATE, HARDWARE: 0.13%
3,824 CIRCOR INTERNATIONAL INCORPORATED 126,995
---------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.15%
5,590 AMCOL INTERNATIONAL CORPORATION 152,048
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94%
1,341 BLYTH INCORPORATED 41,906
14,500 CENTRAL GARDEN & PET COMPANY CLASS A+ 132,820
7,761 DAKTRONICS INCORPORATED 59,139
14,007 HILLENBRAND INCORPORATED 308,014
6,279 JAKKS PACIFIC INCORPORATED+ 81,941
3,821 KID BRANDS INCORPORATED+ 33,052
3,847 LYDALL INCORPORATED 30,199
|
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
4,812 RC2 CORPORATION+ $ 72,036
12,065 SHUFFLE MASTER INCORPORATED+ 98,812
2,806 STANDEX INTERNATIONAL CORPORATION 72,311
930,230
---------------
MISCELLANEOUS RETAIL: 0.52%
8,964 HSN INCORPORATED+ 263,900
6,031 JO ANN STORES INCORPORATED+ 253,181
517,081
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.75%
5,693 ARKANSAS BEST CORPORATION 170,107
6,520 FORWARD AIR CORPORATION 171,476
11,836 HEARTLAND EXPRESS INCORPORATED 195,294
6,292 OLD DOMINION FREIGHT LINE INCORPORATED+ 210,090
746,967
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
6,649 CASH AMERICA INTERNATIONAL INCORPORATED 262,503
5,974 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 128,859
3,693 WORLD ACCEPTANCE CORPORATION+ 133,243
524,605
---------------
OFFICE SUPPLIES: 0.32%
19,045 OFFICEMAX INCORPORATED+ 312,719
---------------
OIL & GAS EXTRACTION: 1.95%
5,123 BASIC ENERGY SERVICES INCORPORATED+ 39,498
4,329 PETROLEUM DEVELOPMENT CORPORATION+ 100,303
11,937 PETROQUEST ENERGY INCORPORATED+ 60,043
12,178 PIONEER DRILLING COMPANY+ 85,733
5,088 SEACOR HOLDINGS INCORPORATED+ 410,398
2,659 SEAHAWK DRILLING INCORPORATED+ 50,122
14,126 ST. MARY LAND & EXPLORATION COMPANY 491,726
9,487 STONE ENERGY CORPORATION+ 168,394
4,145 SUPERIOR WELL SERVICES+ 55,460
8,443 SWIFT ENERGY COMPANY+ 259,538
17,004 TETRA TECHNOLOGIES INCORPORATED+ 207,789
1,929,004
---------------
PAPER & ALLIED PRODUCTS: 1.00%
8,723 BUCKEYE TECHNOLOGIES INCORPORATED+ 114,097
2,557 CLEARWATER PAPER CORPORATION+ 125,932
3,297 NEENAH PAPER INCORPORATED 52,224
8,734 ROCK-TENN COMPANY CLASS A 398,008
3,981 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 189,336
2,856 STANDARD REGISTER COMPANY 15,280
11,029 WAUSAU PAPER CORPORATION 94,188
989,065
---------------
PERSONAL SERVICES: 0.51%
7,002 COINSTAR INCORPORATED+ 227,565
4,178 G&K SERVICES INCORPORATED CLASS A 108,127
3,227 UNIFIRST CORPORATION 166,191
501,883
---------------
|
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 0.82%
13,601 HEADWATERS INCORPORATED+ $ 62,429
9,798 HOLLY CORPORATION 273,462
3,732 WD-40 COMPANY 122,522
13,363 WORLD FUEL SERVICES CORPORATION 355,990
---------------
814,403
PHARMACEUTICALS: 1.67%
8,680 CATALYST HEALTH SOLUTIONS INCORPORATED+ 359,178
3,348 KENDLE INTERNATIONAL INCORPORATED+ 58,523
7,862 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 194,978
6,890 PHARMERICA CORPORATION+ 125,536
12,492 SALIX PHARMACEUTICALS LIMITED+ 465,327
15,066 SAVIENT PHARMACEUTICALS INCORPORATED+ 217,704
17,435 VIROPHARMA INCORPORATED+ 237,639
1,658,885
---------------
PRIMARY METAL INDUSTRIES: 1.91%
10,499 BELDEN CDT INCORPORATED 288,303
4,552 BRUSH ENGINEERED MATERIALS INCORPORATED+ 102,739
12,909 CENTURY ALUMINUM COMPANY+ 177,628
10,309 CURTISS-WRIGHT CORPORATION 358,753
4,273 ENCORE WIRE CORPORATION 88,878
6,804 GIBRALTAR INDUSTRIES INCORPORATED+ 85,798
8,472 MUELLER INDUSTRIES INCORPORATED 226,965
2,032 OLYMPIC STEEL INCORPORATED 66,345
6,763 RTI INTERNATIONAL METALS INCORPORATED+ 205,122
6,243 TEXAS INDUSTRIES INCORPORATED<< 213,323
4,851 TREDEGAR CORPORATION 82,855
1,896,709
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.26%
9,022 BOWNE & COMPANY INCORPORATED 100,686
2,513 CONSOLIDATED GRAPHICS INCORPORATED+ 104,063
6,538 EW SCRIPPS COMPANY+ 55,246
259,995
---------------
REAL ESTATE: 0.15%
7,153 MERITAGE CORPORATION+ 150,213
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 6.57%
9,026 ACADIA REALTY TRUST 161,204
22,353 BIOMED REALTY TRUST INCORPORATED 369,719
12,161 CEDAR SHOPPING CENTERS INCORPORATED 96,194
14,921 COLONIAL PROPERTIES TRUST 192,182
27,948 DIAMONDROCK HOSPITALITY+ 282,554
6,034 EASTGROUP PROPERTIES INCORPORATED 227,723
9,626 ENTERTAINMENT PROPERTIES TRUST 395,917
19,514 EXTRA SPACE STORAGE INCORPORATED 247,438
8,188 FORESTAR REAL ESTATE GROUP INCORPORATED+ 154,589
15,240 FRANKLIN STREET PROPERTIES CORPORATION 219,913
13,814 HEALTHCARE REALTY TRUST INCORPORATED 321,728
7,868 HOME PROPERTIES INCORPORATED 368,222
16,147 INLAND REAL ESTATE CORPORATION 147,745
9,697 KILROY REALTY CORPORATION 299,055
14,175 KITE REALTY GROUP TRUST 67,048
15,527 LASALLE HOTEL PROPERTIES 361,779
|
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
24,846 LEXINGTON CORPORATE PROPERTIES TRUST $ 161,747
5,245 LTC PROPERTIES INCORPORATED 141,930
18,095 MEDICAL PROPERTIES TRUST INCORPORATED 189,636
6,547 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 339,069
18,658 NATIONAL RETAIL PROPERTIES INCORPORATED 425,962
4,854 PARKWAY PROPERTIES INCORPORATED 91,158
8,932 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 111,382
10,935 POST PROPERTIES INCORPORATED 240,789
4,060 PS BUSINESS PARKS INCORPORATED 216,804
6,192 SOVRAN SELF STORAGE INCORPORATED 215,853
9,099 TANGER FACTORY OUTLET CENTERS INCORPORATED 392,713
4,836 URSTADT BIDDLE PROPERTIES INCORPORATED 76,457
6,516,510
---------------
RETAIL: 0.23%
10,965 EZCORP INCORPORATED+ 225,879
---------------
RETAIL, TRADE & SERVICES: 0.26%
3,499 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 93,318
4,936 MARINEMAX INCORPORATED+ 53,111
5,143 PETMED EXPRESS INCORPORATED<< 114,020
260,449
---------------
RETAIL-SPECIAL LINE: 0.24%
3,259 BLUE NILE INCORPORATED+ 179,310
4,035 NORTH AMERICAN WATCH CORPORATION 45,515
5,335 ZALE CORPORATION+ 14,618
239,443
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.14%
5,873 A. SCHULMAN INCORPORATED 143,712
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.02%
9,900 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 165,231
9,628 LABRANCHE & COMPANY INCORPORATED+ 50,643
9,566 OPTIONSXPRESS HOLDINGS INCORPORATED 155,830
3,565 PIPER JAFFRAY COMPANIES INCORPORATED+ 143,670
6,949 STIFEL FINANCIAL CORPORATION+ 373,509
6,448 SWS GROUP INCORPORATED 74,345
7,444 TRADESTATION GROUP INCORPORATED+ 52,182
1,015,410
---------------
SOCIAL SERVICES: 0.14%
1,833 ALMOST FAMILY INCORPORATED+ 69,086
5,768 RES-CARE INCORPORATED+ 69,158
138,244
---------------
SOFTWARE: 1.16%
9,576 COMMVAULT SYSTEMS INCORPORATED+ 204,448
10,361 EPICOR SOFTWARE CORPORATION+ 99,051
7,328 EPIQ SYSTEMS INCORPORATED+ 91,087
7,990 JDA SOFTWARE GROUP INCORPORATED+ 222,282
9,286 PROGRESS SOFTWARE CORPORATION+ 291,859
6,685 SMITH MICRO SOFTWARE INCORPORATED+ 59,095
18,719 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+<< 184,382
1,152,204
---------------
|
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.84%
6,295 APOGEE ENTERPRISES INCORPORATED $ 99,524
5,304 CABOT MICROELECTRONICS CORPORATION+ 200,650
4,306 CARBO CERAMICS INCORPORATED 268,436
9,858 EAGLE MATERIALS INCORPORATED 261,631
830,241
---------------
TECHNOLOGY: 0.09%
6,399 AVID TECHNOLOGY INCORPORATED+ 88,178
---------------
TEXTILE MILL PRODUCTS: 0.68%
6,176 ALBANY INTERNATIONAL CORPORATION CLASS A 132,969
12,668 INTERFACE INCORPORATED 146,695
3,122 OXFORD INDUSTRIES INCORPORATED 63,470
11,206 WOLVERINE WORLD WIDE INCORPORATED 326,767
669,901
---------------
TEXTILES - PRODUCTS: 0.25%
16,070 ICONIX BRAND GROUP INCORPORATED+ 246,835
---------------
TOBACCO PRODUCTS: 0.10%
20,047 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 102,039
---------------
TRANSPORTATION BY AIR: 0.77%
2,453 AIR METHODS CORPORATION+ 83,402
3,396 ALLEGIANT TRAVEL COMPANY+ 196,493
8,086 BRISTOW GROUP INCORPORATED+ 305,085
12,604 SKYWEST INCORPORATED 179,985
764,965
---------------
TRANSPORTATION EQUIPMENT: 2.41%
3,343 AEROVIRONMENT INCORPORATED+ 87,286
2,748 ARCTIC CAT INCORPORATED+ 29,816
4,512 ATC TECHNOLOGY CORPORATION+ 77,426
19,902 BRUNSWICK CORPORATION 317,835
11,344 CLARCOR INCORPORATED 391,255
11,452 GENCORP INCORPORATED+ 65,964
5,512 GROUP 1 AUTOMOTIVE INCORPORATED+ 175,612
5,180 HORNBECK OFFSHORE+ 96,193
12,816 ORBITAL SCIENCES CORPORATION+ 243,632
7,396 POLARIS INDUSTRIES INCORPORATED 378,379
7,399 SPARTAN MOTORS INCORPORATED 41,434
4,122 STANDARD MOTOR PRODUCTS INCORPORATED 40,890
5,220 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 83,938
3,750 TRIUMPH GROUP INCORPORATED 262,838
6,542 WINNEBAGO INDUSTRIES INCORPORATED+ 95,579
2,388,077
---------------
TRANSPORTATION SERVICES: 0.24%
8,566 HUB GROUP INCORPORATED CLASS A+ 239,677
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 1.47%
9,188 HAIN CELESTIAL GROUP INCORPORATED+ 159,412
6,350 MYERS INDUSTRIES INCORPORATED 66,548
2,881 NASH FINCH COMPANY 96,946
2,294 PERRY ELLIS INTERNATIONAL INCORPORATED+ 51,959
3,607 SCHOOL SPECIALTY INCORPORATED+ 81,915
|
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
WHOLESALE TRADE NON-DURABLE GOODS (continued)
5,052 SPARTAN STORES INCORPORATED $ 72,850
4,117 THE ANDERSONS INCORPORATED 137,837
8,123 TRACTOR SUPPLY COMPANY 471,540
5,402 UNITED STATIONERS INCORPORATED+ 317,908
1,456,915
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.69%
3,763 A.M. CASTLE & COMPANY 49,220
8,390 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 208,492
9,766 BARNES GROUP INCORPORATED 189,949
5,570 DIGI INTERNATIONAL INCORPORATED+ 59,265
10,326 INSIGHT ENTERPRISES INCORPORATED+ 148,281
5,800 KAMAN CORPORATION CLASS A 145,058
13,124 KNIGHT TRANSPORTATION INCORPORATED 276,785
901 LAWSON PRODUCTS INCORPORATED 13,938
2,749 MWI VETERINARY SUPPLY INCORPORATED+ 111,060
10,484 PEP BOYS-MANNY, MOE & JACK 105,364
11,063 POOL CORPORATION 250,466
6,237 TYLER TECHNOLOGIES INCORPORATED+ 116,881
1,674,759
---------------
TOTAL COMMON STOCKS (COST $97,202,021) 98,052,755
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 3.25%
COLLATERAL INVESTED IN OTHER ASSETS: 3.25%
$ 65,225 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $65,225) 0.01% 04/01/2010 65,225
19,531 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 19,531
26,856 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 26,856
538,100 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $538,100) 0.02 04/01/2010 538,100
12,927 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 12,927
39,063 COOK COUNTY IL+/-ss 0.25 11/01/2030 39,063
48,916 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $48,916) 0.03 04/01/2010 48,916
75,098 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $75,098) 0.01 04/01/2010 75,098
1,742,565 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 716,194
8,057 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,057
24,414 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 24,414
9,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 9,766
326,121 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $326,121) 0.01 04/01/2010 326,121
14,649 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 14,649
9,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 9,766
28,540 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 28,540
43,946 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 43,946
14,649 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 14,648
2,222,989 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,200,414
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,878,167) 3,222,231
----------------
|
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 1.08%
MUTUAL FUNDS: 0.91%
897,297 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 897,297
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
US TREASURY BILLS: 0.17%
$ 170,000 US TREASURY BILL## # 0.08 05/06/2010 169,974
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,067,271) 1,067,271
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $101,147,459)* 103.22% 102,342,257
OTHER ASSETS AND LIABILITIES, NET (3.22) (3,190,102)
------ ---------------
TOTAL NET ASSETS 100.00% $ 99,152,155
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
# Security pledged as collateral for futures transactions.
## Zero coupon security. Rate represents yield to maturity.
* Cost for federal income tax purposes is $106,708,649 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,970,435
Gross unrealized depreciation (17,336,827)
------------
Net unrealized depreciation $ (4,366,392)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 95.32%
APPAREL & ACCESSORY STORES: 8.22%
292,420 CHARMING SHOPPES INCORPORATED+ $ 1,596,613
168,370 COLLECTIVE BRANDS INCORPORATED+ 3,828,734
188,300 DRESS BARN INCORPORATED+ 4,925,928
272,440 FINISH LINE INCORPORATED CLASS A 4,446,221
169,360 HANESBRANDS INCORPORATED+ 4,711,595
114,150 RUE21 INCORPORATED+ 3,957,581
1,124,790 WET SEAL INCORPORATED CLASS A+ 5,354,000
28,820,672
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.12%
87,841 COPART INCORPORATED+ 3,127,140
391,400 SONIC AUTOMOTIVE INCORPORATED+ 4,305,400
7,432,540
---------------
BIOTECHNOLOGY: 0.58%
171,840 SEATTLE GENETICS INCORPORATED+ 2,051,770
---------------
BUSINESS SERVICES: 14.34%
108,420 ARBITRON INCORPORATED<< 2,890,477
166,240 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 2,797,819
520,080 CADENCE DESIGN SYSTEMS INCORPORATED+ 3,463,733
202,720 CARDTRONICS INCORPORATED+ 2,520,347
61,412 CONCUR TECHNOLOGIES INCORPORATED+ 2,518,506
190,450 MEDIDATA SOLUTIONS INCORPORATED+ 2,894,840
144,660 OMNICELL INCORPORATED+ 2,029,580
274,180 PARAMETRIC TECHNOLOGY CORPORATION+ 4,948,949
339,280 PHASE FORWARD INCORPORATED+ 4,434,390
395,160 SFN GROUP INCORPORATED+ 3,165,232
136,000 SKILLSOFT PLC ADR+ 1,403,520
245,220 SUCCESSFACTORS INCORPORATED+ 4,668,989
188,970 SYKES ENTERPRISES INCORPORATED+ 4,316,075
139,790 TNS INCORPORATED+ 3,117,317
68,610 ULTIMATE SOFTWARE GROUP INCORPORATED+ 2,260,700
167,210 VOCUS INCORPORATED+ 2,850,931
50,281,405
---------------
CASINO & GAMING: 0.64%
55,020 BALLY TECHNOLOGIES INCORPORATED+<< 2,230,498
---------------
CHEMICALS & ALLIED PRODUCTS: 5.09%
184,940 ALNYLAM PHARMACEUTICALS INCORPORATED+ 3,147,679
175,890 CRUCELL NV ADR+ 3,588,156
168,530 ELIZABETH ARDEN INCORPORATED+ 3,033,540
205,845 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,284,473
180,430 OLIN CORPORATION 3,540,037
163,790 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 3,262,697
17,856,582
---------------
COMMERCIAL SERVICES: 0.48%
104,070 TRANSCEND SERVICES INCORPORATED+ 1,691,138
---------------
COMMUNICATIONS: 1.52%
268,850 ARUBA NETWORKS INCORPORATED+ 3,672,491
63,170 ASIAINFO HOLDINGS INCORPORATED+ 1,672,742
5,345,233
---------------
|
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS: 3.61%
485,730 FBR CAPITAL MARKETS CORPORATION+ $ 2,210,072
27,660 HANCOCK HOLDING COMPANY 1,156,465
109,200 HOME BANCSHARES INCORPORATED 2,887,248
61,450 SIGNATURE BANK+ 2,276,723
111,300 WINTRUST FINANCIAL CORPORATION 4,141,473
12,671,981
---------------
EATING & DRINKING PLACES: 0.84%
211,190 TEXAS ROADHOUSE INCORPORATED CLASS A+ 2,933,429
---------------
EDUCATIONAL SERVICES: 0.98%
156,910 EDUCATION MANAGEMENT CORPORATION+<< 3,436,329
---------------
ELECTRONIC: 0.90%
162,780 GENTEX CORPORATION 3,161,188
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.32%
189,400 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 661,006
44,970 APPLIED SIGNAL TECHNOLOGY INCORPORATED 880,513
776,930 ATMEL CORPORATION+ 3,907,958
51,950 CALIX NETWORKS INCORPORATED+ 698,728
314,420 MICREL INCORPORATED 3,351,717
149,740 MICROSEMI CORPORATION+ 2,596,492
95,420 NETLOGIC MICROSYSTEMS INCORPORATED+ 2,808,211
184,820 OSI SYSTEMS INCORPORATED+ 5,184,201
281,840 PMC-SIERRA INCORPORATED+ 2,514,013
75,690 POLYCOM INCORPORATED+ 2,314,600
52,675 SILICON LABORATORIES INCORPORATED+<< 2,511,017
176,550 TESSERA TECHNOLOGIES INCORPORATED+ 3,580,434
76,800 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,543,616
76,520 VIASAT INCORPORATED+ 2,648,357
36,200,863
---------------
ENVIRONMENTAL CONTROL: 0.51%
104,190 CALGON CARBON CORPORATION+ 1,783,733
---------------
FOOD & KINDRED PRODUCTS: 0.96%
119,590 UNITED NATURAL FOODS INCORPORATED+ 3,364,067
---------------
GENERAL MERCHANDISE STORES: 0.95%
204,060 99 CENTS ONLY STORES+ 3,326,178
---------------
HEALTH CARE: 0.42%
29,510 GEN-PROBE INCORPORATED+ 1,475,500
---------------
HEALTH SERVICES: 3.41%
123,120 GENOPTIX INCORPORATED+ 4,369,529
108,190 LHC GROUP INCORPORATED+ 3,627,611
260,550 NEKTAR THERAPEUTICS+ 3,962,966
11,960,106
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.25%
242,880 ORION MARINE GROUP INCORPORATED+ 4,383,984
---------------
HOLDING & OTHER INVESTMENT OFFICES: 0.37%
77,890 FINANCIAL ENGINES INCORPORATED+ 1,316,341
---------------
|
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.72%
135,980 COLUMBUS MCKINNON CORPORATION+ $ 2,158,003
205,350 ENTEGRIS INCORPORATED+ 1,034,964
227,100 INTERMEC INCORPORATED+ 3,220,278
233,970 NETEZZA CORPORATION+ 2,992,476
128,010 RIVERBED TECHNOLOGY INCORPORATED+ 3,635,484
13,041,205
---------------
INSURANCE CARRIERS: 2.03%
82,120 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 2,676,291
16,700 ENSTAR GROUP LIMITED+ 1,154,972
119,210 VALIDUS HOLDINGS LIMITED 3,281,851
7,113,114
---------------
LEISURE, SPORTING & RECREATION: 1.09%
146,610 DICK'S SPORTING GOODS INCORPORATED+ 3,827,987
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.76%
158,170 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 2,938,799
82,455 ARGON ST INCORPORATED+ 2,194,128
400,530 DEXCOM INCORPORATED+ 3,897,157
215,860 EMDEON INCORPORATED+ 3,566,007
421,730 ENDOLOGIX INCORPORATED+ 1,703,789
60,310 HEARTWARE INTERNATIONAL INCORPORATED+ 2,681,986
599,508 INFINERA CORPORATION+<< 5,107,808
216,100 SENSATA TECHNOLOGIES HOLDINGS N.V+ 3,881,156
98,505 SONOSITE INCORPORATED+ 3,162,996
340,900 SPECTRANETICS CORPORATION+ 2,355,619
104,510 ZOLL MEDICAL CORPORATION+ 2,754,884
34,244,329
---------------
MEDICAL PRODUCTS: 1.12%
100,540 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 3,916,033
---------------
METAL MINING: 0.58%
150,560 THOMPSON CREEK METALS COMPANY INCORPORATED+ 2,037,077
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.92%
138,050 STR HOLDINGS INCORPORATED+ 3,244,175
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.84%
232,570 HEARTLAND EXPRESS INCORPORATED 3,837,405
112,250 WERNER ENTERPRISES INCORPORATED 2,600,833
6,438,238
---------------
OIL & GAS EXTRACTION: 3.92%
218,120 COMPLETE PRODUCTION SERVICES INCORPORATED+ 2,519,286
42,720 COMSTOCK RESOURCES INCORPORATED+ 1,358,496
74,850 CONCHO RESOURCES INCORPORATED+ 3,769,446
233,150 GULFPORT ENERGY CORPORATION+ 2,620,606
165,280 SUPERIOR ENERGY SERVICES INCORPORATED+ 3,474,186
13,742,020
---------------
PAPER & RELATED PRODUCTS: 0.52%
155,190 KAPSTONE PAPER AND PACKAGING CORPORATION+ 1,842,105
---------------
PHARMACEUTICALS: 0.52%
165,950 ISIS PHARMACEUTICALS INCORPORATED+ 1,812,174
---------------
|
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRIMARY METAL INDUSTRIES: 1.76%
313,710 HORSEHEAD HOLDING CORPORATION+ $ 3,714,326
140,960 STEEL DYNAMICS INCORPORATED 2,462,571
6,176,897
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.79%
169,400 ROVI CORPORATION+ 6,289,822
---------------
RAILROAD TRANSPORTATION: 0.63%
64,350 GENESEE & WYOMING INCORPORATED+ 2,195,622
---------------
RENTAL AUTO/EQUIPMENT: 0.67%
236,390 HERTZ GLOBAL HOLDINGS INCORPORATED+<< 2,361,536
---------------
RETAIL-SPECIAL LINE: 1.12%
173,910 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 3,933,844
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.01%
106,300 JARDEN CORPORATION 3,538,727
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.85%
94,710 EVERCORE PARTNERS INCORPORATED CLASS A 2,841,300
362,300 GFI GROUP INCORPORATED 2,094,094
94,940 OPTIONSXPRESS HOLDINGS INCORPORATED 1,546,573
6,481,967
---------------
SOFTWARE: 1.54%
105,730 COMMVAULT SYSTEMS INCORPORATED+ 2,257,336
144,510 SOLARWINDS INCORPORATED+ 3,130,087
5,387,423
---------------
TRANSPORTATION BY AIR: 0.36%
170,000 US AIRWAYS GROUP INCORPORATED+ 1,249,500
---------------
TRANSPORTATION SERVICES: 1.06%
132,770 HUB GROUP INCORPORATED CLASS A+ 3,714,905
---------------
TOTAL COMMON STOCKS (COST $268,409,380) 334,312,237
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.99%
COLLATERAL INVESTED IN OTHER ASSETS: 1.99%
$ 222,088 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $222,088) 0.01% 04/01/2010 222,088
66,503 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 66,503
91,442 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 91,442
1,832,204 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,832,205) 0.02 04/01/2010 1,832,204
44,017 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 44,017
133,007 COOK COUNTY IL+/-ss 0.25 11/01/2030 133,007
166,558 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $166,558) 0.03 04/01/2010 166,558
255,706 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,706) 0.01 04/01/2010 255,706
2,310,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 949,727
27,433 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 27,433
|
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
------------- ----------------------------------------------------------------- ------------- ------------- ---------------
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 83,129 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28% 07/01/2029 $ 83,129
33,252 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 33,252
1,110,425 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,110,425) 0.01 04/01/2010 1,110,425
49,878 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 49,878
33,252 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 33,252
97,178 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 97,178
149,633 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 149,633
49,878 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 49,877
2,947,847 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,591,838
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,530,892) 6,987,147
---------------
|
SHARES YIELD
------------- -------------
SHORT-TERM INVESTMENTS: 4.19%
MUTUAL FUNDS: 4.19%
14,708,242 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 14,708,242
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $14,708,242) 14,708,242
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,648,514)* 101.50% 356,007,626
OTHER ASSETS AND LIABILITIES, NET (1.50) (5,257,419)
------ ---------------
TOTAL NET ASSETS 100.00% $ 350,750,207
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $306,097,849 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 70,979,900
Gross unrealized depreciation (21,070,123)
------------
Net unrealized appreciation $ 49,909,777
|
The accompanying notes are an integral part of these financial statements.
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.82%
AMUSEMENT & RECREATION SERVICES: 0.71%
45,460 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 1,171,498
---------------
APPAREL & ACCESSORY STORES: 5.54%
37,730 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 1,680,872
58,100 DSW INCORPORATED CLASS A+ 1,483,293
84,900 HANESBRANDS INCORPORATED+ 2,361,918
64,400 TRUE RELIGION APPAREL INCORPORATED+ 1,955,184
87,490 VOLCOM INCORPORATED+ 1,707,805
9,189,072
---------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.85%
105,520 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,403,416
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.00%
76,310 TUTOR PRINI CORPORATION+ 1,659,743
---------------
BUSINESS SERVICES: 7.76%
153,240 AIRCASTLE LIMITED 1,451,183
34,540 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,687,279
203,740 EARTHLINK INCORPORATED 1,739,940
21,170 MICROSTRATEGY INCORPORATED CLASS A+ 1,800,932
27,520 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+ 1,510,022
47,610 RENT-A-CENTER INCORPORATED+ 1,125,977
65,740 SYNNEX CORPORATION+ 1,943,274
81,500 TAL INTERNATIONAL GROUP INCORPORATED 1,628,370
12,886,977
---------------
CASINO & GAMING: 1.11%
101,180 AMERISTAR CASINOS INCORPORATED 1,843,500
---------------
CHEMICALS & ALLIED PRODUCTS: 4.86%
45,900 CYTEC INDUSTRIES INCORPORATED 2,145,366
83,200 OLIN CORPORATION 1,632,384
101,810 ROCKWOOD HOLDINGS INCORPORATED+ 2,710,182
79,130 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 1,576,270
8,064,202
---------------
COMMUNICATIONS: 1.10%
533,340 CINCINNATI BELL INCORPORATED+ 1,818,689
---------------
COMMUNICATIONS EQUIPMENT: 0.96%
56,970 COMMSCOPE INCORPORATED+ 1,596,299
---------------
COMPUTER TECHNOLOGIES: 1.13%
51,760 LEXMARK INTERNATIONAL INCORPORATED+ 1,867,501
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.91%
27,720 CHEMED CORPORATION 1,507,414
---------------
DEPOSITORY INSTITUTIONS: 13.22%
121,400 ASSOCIATED BANC-CORP 1,675,320
46,870 BANK OF THE OZARKS INCORPORATED 1,649,355
76,990 CARDINAL FINANCIAL CORPORATION 822,253
32,200 CITY NATIONAL CORPORATION 1,737,834
105,640 EAST WEST BANCORP INCORPORATED<< 1,840,249
118,609 FIRST HORIZON NATIONAL CORPORATION+ 1,666,454
|
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
70,400 MB FINANCIAL INCORPORATED $ 1,586,112
117,000 NORTHWEST BANCSHARES INCORPORATED 1,373,580
85,210 PACWEST BANCORP 1,944,492
72,700 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 1,098,497
30,900 SVB FINANCIAL GROUP+ 1,441,794
131,850 UMPQUA HOLDINGS CORPORATION 1,748,331
88,010 WASHINGTON FEDERAL INCORPORATED 1,788,363
42,190 WINTRUST FINANCIAL CORPORATION 1,569,890
21,942,524
---------------
ELECTRIC, GAS & SANITARY SERVICES: 3.82%
48,000 ENERGEN CORPORATION 2,233,440
78,830 GREAT PLAINS ENERGY INCORPORATED 1,463,873
94,180 PORTLAND GENERAL ELECTRIC COMPANY 1,818,616
35,780 UNITIL CORPORATION 831,885
6,347,814
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.58%
176,700 AVIAT NETWORKS INCORPORATED+ 1,171,521
49,980 COMTECH TELECOMMUNICATIONS CORPORATION+ 1,598,860
131,700 GRAFTECH INTERNATIONAL LIMITED+ 1,800,339
324,010 RF MICRO DEVICES INCORPORATED+ 1,613,570
159,060 TTM TECHNOLOGIES INCORPORATED+ 1,412,453
7,596,743
---------------
FOOD & KINDRED PRODUCTS: 1.74%
47,930 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,678,029
35,080 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,215,873
2,893,902
---------------
GENERAL MERCHANDISE STORES: 0.85%
80,770 CABELA'S INCORPORATED+ 1,412,667
---------------
HEALTH SERVICES: 1.04%
107,520 HEALTHWAYS INCORPORATED+ 1,727,846
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.54%
172,320 GREAT LAKES DREDGE & DOCK COMPANY 904,680
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.39%
78,510 GAYLORD ENTERTAINMENT COMPANY+<< 2,299,558
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.62%
101,920 ALTRA HOLDINGS INCORPORATED+ 1,399,362
41,760 BLACK BOX CORPORATION 1,284,538
2,683,900
---------------
INSURANCE CARRIERS: 3.12%
62,060 AMERIGROUP CORPORATION+ 2,062,874
45,071 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,468,864
91,410 UNITED FIRE & CASUALTY COMPANY 1,644,466
5,176,204
---------------
INVESTMENT COMPANIES: 1.20%
156,600 APOLLO INVESTMENT CORPORATION 1,993,518
---------------
|
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
LEISURE, SPORTING & RECREATION: 2.05%
184,290 CALLAWAY GOLF COMPANY $ 1,625,438
57,180 GENESCO INCORPORATED+ 1,773,152
3,398,590
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.13%
45,360 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,872,007
---------------
METAL FABRICATE, HARDWARE: 1.62%
134,860 CHART INDUSTRIES INCORPORATED+ 2,697,200
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.67%
74,610 RC2 CORPORATION+ 1,116,912
---------------
MISCELLANEOUS REPAIR SERVICES: 1.04%
150,890 DYNCORP INTERNATIONAL INCORPORATED+ 1,733,726
---------------
OIL & GAS EXTRACTION: 4.02%
68,410 BERRY PETROLEUM COMPANY CLASS A 1,926,426
252,900 GLOBAL INDUSTRIES LIMITED+ 1,623,618
156,200 KEY ENERGY SERVICES INCORPORATED+ 1,491,710
38,400 UNIT CORPORATION+ 1,623,552
6,665,306
---------------
PAPER & ALLIED PRODUCTS: 1.44%
117,250 TEMPLE-INLAND INCORPORATED 2,395,418
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.07%
63,400 HOLLY CORPORATION 1,769,494
---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.99%
78,840 AMERICAN GREETINGS CORPORATION CLASS A 1,643,026
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 9.64%
51,150 AMERICAN CAMPUS COMMUNITIES 1,414,809
112,190 BIOMED REALTY TRUST INCORPORATED 1,855,623
46,290 CORPORATE OFFICE PROPERTIES TRUST 1,857,618
100,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,174,113
116,220 FIRST POTOMAC REALTY TRUST 1,746,787
100,580 LASALLE HOTEL PROPERTIES 2,343,514
104,500 REDWOOD TRUST INCORPORATED 1,611,390
39,200 SOVRAN SELF STORAGE INCORPORATED 1,366,512
146,594 SUNSTONE HOTEL INVESTORS INCORPORATED 1,637,455
16,007,821
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.76%
94,980 COOPER TIRE & RUBBER COMPANY 1,806,520
126,970 TITAN INTERNATIONAL INCORPORATED<< 1,108,448
2,914,968
---------------
SATELLITE: 1.46%
299,790 IRADIUM COMMUNICATIONS INCORPORATED+<< 2,431,297
---------------
SOCIAL SERVICES: 0.96%
132,340 RES-CARE INCORPORATED+ 1,586,757
---------------
SOFTWARE: 0.98%
53,870 DIGITAL RIVER INCORPORATED+ 1,632,261
---------------
|
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
TRANSPORTATION BY AIR: 3.41%
334,160 AIRTRAN HOLDINGS INCORPORATED+ $ 1,697,533
74,830 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED+ 3,969,732
5,667,265
---------------
TRANSPORTATION EQUIPMENT: 3.22%
83,490 MARTEN TRANSPORT LIMITED+ 1,645,588
66,460 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,553,835
30,560 TRIUMPH GROUP INCORPORATED 2,141,950
5,341,373
---------------
TRANSPORTATION SERVICES: 0.89%
51,470 GATX CORPORATION 1,474,616
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.42%
83,590 A.M. CASTLE & COMPANY 1,093,357
36,620 WESCO INTERNATIONAL INCORPORATED+ 1,271,080
2,364,437
---------------
TOTAL COMMON STOCKS (COST $114,079,991) 160,700,141
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
------------- ------------- -------------
COLLATERAL FOR SECURITIES LENDING: 1.93%
COLLATERAL INVESTED IN OTHER ASSETS: 1.93%
$ 70,778 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $70,778) 0.01% 04/01/2010 70,778
21,194 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 21,194
29,142 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 29,142
583,910 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $583,910) 0.02 04/01/2010 583,910
14,028 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 14,028
42,388 COOK COUNTY IL+/-ss 0.25 11/01/2030 42,388
53,081 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $53,081) 0.03 04/01/2010 53,081
81,492 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $81,492) 0.01 04/01/2010 81,492
1,617,785 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 664,910
8,743 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,743
26,493 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 26,493
10,597 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 10,597
353,885 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $353,885) 0.01 04/01/2010 353,885
15,896 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 15,896
10,597 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 10,597
30,970 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 30,970
47,687 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 47,687
15,896 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 15,894
2,063,807 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,114,456
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,876,714) 3,196,141
---------------
|
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------- ------------- ---------------
SHORT-TERM INVESTMENTS: 2.60%
MUTUAL FUNDS: 2.60%
4,319,642 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 4,319,642
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,319,642) 4,319,642
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $121,276,347)* 101.35% 168,215,924
OTHER ASSETS AND LIABILITIES, NET (1.35) (2,245,612)
------ ---------------
TOTAL NET ASSETS 100.00% $ 165,970,312
------ ---------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $146,644,524 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 48,627,735
Gross unrealized depreciation (27,056,335)
------------
Net unrealized appreciation $ 21,571,400
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.31%
AMUSEMENT & RECREATION SERVICES: 0.09%
3,300 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 85,041
---------------
APPAREL & ACCESSORY STORES: 5.02%
1,800 ABERCROMBIE & FITCH COMPANY CLASS A 82,152
24,300 BEBE STORES INCORPORATED 216,270
44,700 CHARMING SHOPPES INCORPORATED+ 244,062
1,700 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 75,735
31,300 CHRISTOPHER & BANKS CORPORATION 250,400
4,800 CITI TRENDS INCORPORATED+ 155,712
40,100 COLDWATER CREEK INCORPORATED+ 278,294
22,170 COLLECTIVE BRANDS INCORPORATED+ 504,146
2,600 COLUMBIA SPORTSWEAR COMPANY 136,578
62,411 DELIA*S INCORPORATED+ 107,971
14,400 DESTINATION MATERNITY CORPORATION+ 369,504
37,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 473,970
29,482 LIZ CLAIBORNE INCORPORATED+ 219,051
12,900 MAIDENFORM BRANDS INCORPORATED+ 281,865
84,700 NEW YORK & COMPANY INCORPORATED+ 405,713
4,500 SKECHERS U.S.A. INCORPORATED CLASS A+ 163,440
5,600 STAGE STORES INCORPORATED 86,184
12,500 THE CATO CORPORATION CLASS A 268,000
34,900 WET SEAL INCORPORATED CLASS A+ 166,124
4,485,171
---------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.90%
8,032 MIDAS INCORPORATED+ 90,601
20,020 MONRO MUFFLER BRAKE INCORPORATED 715,915
806,516
---------------
BIOPHARMACEUTICALS: 0.09%
1,200 CEPHALON INCORPORATED+ 81,336
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.97%
12,111 CAVCO INDUSTRIES INCORPORATED+ 413,470
42,005 PALM HARBOR HOMES INCORPORATED+ 84,430
16,775 TUTOR PRINI CORPORATION+ 364,856
862,756
---------------
BUSINESS SERVICES: 7.39%
22,639 ABM INDUSTRIES INCORPORATED 479,947
4,800 ADMINISTAFF INCORPORATED 102,432
62,100 APAC CUSTOMER SERVICES INCORPORATED+ 357,075
83,392 ASSET ACCEPTANCE CAPITAL CORPORATION+ 526,204
9,000 BARRETT BUSINESS SERVICES INCORPORATED 122,040
13,900 CAI INTERNATIONAL INCORPORATED+ 171,248
38,800 CONVERGYS CORPORATION+ 475,688
12,200 FAIR ISAAC CORPORATION 309,148
34,639 GEO GROUP INCORPORATED+ 686,545
17,350 GERBER SCIENTIFIC INCORPORATED+ 107,744
19,000 GSE SYSTEMS INCORPORATED+ 102,790
22,500 HACKETT GROUP INCORPORATED+ 62,550
21,806 HEALTHCARE SERVICES GROUP 488,236
125,310 HILL INTERNATIONAL INCORPORATED+ 730,557
46,100 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 167,343
|
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
BUSINESS SERVICES (continued)
5,600 MDC PARTNERS INCORPORATED $ 57,960
9,600 MENTOR GRAPHICS CORPORATION+ 76,992
33,300 MONSTER WORLDWIDE INCORPORATED+ 553,113
31,591 PLATO LEARNING INCORPORATED+ 175,646
5,600 ROLLINS INCORPORATED 121,408
7,000 SYKES ENTERPRISES INCORPORATED+ 159,880
71,095 TIER TECHNOLOGIES INCORPORATED CLASS B+ 565,916
6,600,462
---------------
CASINO & GAMING: 0.23%
83,410 CENTURY CASINOS INCORPORATED+ 208,525
---------------
CHEMICALS & ALLIED PRODUCTS: 3.17%
21,700 ELIZABETH ARDEN INCORPORATED+ 390,600
38,500 FERRO CORPORATION 338,415
21,300 ICO INCORPORATED 172,104
1,775 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,614
13,500 LANDEC CORPORATION+ 89,505
26,900 OLIN CORPORATION 527,778
50,420 ORASURE TECHNOLOGIES INCORPORATED+ 298,991
69,726 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 627,534
6,100 ROCKWOOD HOLDINGS INCORPORATED+ 162,382
3,600 RPM INTERNATIONAL INCORPORATED 76,824
15,652 SERACARE LIFE SCIENCES INCORPORATED+ 62,608
2,831,355
---------------
COMMUNICATIONS: 1.31%
71,645 CHINA GRENTECH CORPORATION LIMITED ADR+ 275,833
63,220 CINCINNATI BELL INCORPORATED+ 215,580
9,100 KRATOS DEFENSE & SECURITY SOLUTIONS INCORPORATED+ 129,857
21,800 PREMIERE GLOBAL SERVICES INCORPORATED+ 180,068
192,190 SANDVINE CORPORATION+(a) 369,293
1,170,631
---------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.02%
13,880 CHICAGO BRIDGE & IRON COMPANY NV+ 322,849
7,800 COMFORT SYSTEMS USA INCORPORATED 97,422
9,400 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 250,134
22,640 MATRIX SERVICE COMPANY+ 243,606
914,011
---------------
DATA SERVICES: 0.25%
38,395 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 219,235
---------------
DEPOSITORY INSTITUTIONS: 8.05%
15,075 1ST UNITED BANCORP INCORPORATED+ 121,354
18,721 ASSOCIATED BANC-CORP 258,350
8,600 ASTORIA FINANCIAL CORPORATION 124,700
11,642 BANCORP INCORPORATED+ 103,614
3,100 BANK OF THE OZARKS INCORPORATED 109,089
10,800 BANNER CORPORATION 41,472
18,300 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 134,871
16,900 BROOKLINE BANCORP INCORPORATED 179,816
1,700 CATHAY GENERAL BANCORPORATION 19,805
5,190 CITY NATIONAL CORPORATION 280,104
|
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
DEPOSITORY INSTITUTIONS (continued)
4,000 COLUMBIA BANKING SYSTEM INCORPORATED $ 81,240
4,100 EAST WEST BANCORP INCORPORATED 71,422
12,900 FIRST BUSEY CORPORATION 57,018
2,400 FIRST FINANCIAL CORPORATION 69,504
12,177 FIRST HORIZON NATIONAL CORPORATION+ 171,083
13,300 FIRST MIDWEST BANCORP INCORPORATED 180,215
5,970 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 84,893
32,308 FIRST SECURITY GROUP INCORPORATED 69,785
38,000 GLACIER BANCORP INCORPORATED 578,740
5,400 GREAT SOUTHERN BANCORP INCORPORATION 121,176
5,150 HANCOCK HOLDING COMPANY 215,322
2,600 HUDSON VALLEY HOLDING CORPORATION 62,920
6,470 IBERIABANK CORPORATION 388,265
3,400 NBT BANCORP INCORPORATED 77,690
30,800 NEW YORK COMMUNITY BANCORP INCORPORATED 509,432
22,000 NEWALLIANCE BANCSHARES INCORPORATED 277,640
13,500 NEWBRIDGE BANCORPORATION+ 47,925
4,400 NORTHRIM BANCORP INCORPORATED 75,152
2,635 NORTHWEST BANCSHARES INCORPORATED 30,935
9,200 PACIFIC CONTINENTAL CORPORATION 96,600
24,900 PACIFIC PREMIER BANCORP INCORPORATED+ 122,010
9,300 PACWEST BANCORP 212,226
3,900 STELLARONE CORPORATION 52,143
22,900 STERLING BANCSHARES INCORPORATED 127,782
4,300 TCF FINANCIAL CORPORATION 68,542
6,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 113,940
10,100 UMB FINANCIAL CORPORATION 410,060
22,248 UNITED COMMUNITY BANKS INCORPORATED+ 98,114
8,710 UNIVEST CORPORATION OF PENNSYLVANIA 162,790
7,000 WASHINGTON BANKING COMPANY 88,130
26,650 WASHINGTON FEDERAL INCORPORATED 541,528
11,699 WEST COAST BANCORP (OREGON) 30,183
8,730 WESTERN LIBERTY BANCORP+ 61,110
24,170 WHITNEY HOLDING CORPORATION 333,304
7,890 WILMINGTON TRUST CORPORATION 130,737
7,192,731
---------------
E-COMMERCE/SERVICES: 0.20%
21,600 SUPPORT.COM INCORPORATED+ 70,632
19,100 WEB.COM GROUP INCORPORATED+ 104,095
174,727
---------------
EATING & DRINKING PLACES: 0.72%
3,700 CEC ENTERTAINMENT INCORPORATED+ 140,933
11,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 110,770
14,300 MORTON'S RESTAURANT GROUP INCORPORATED+ 87,373
7,900 O'CHARLEYS INCORPORATED+ 70,626
46,400 WENDY'S ARBY'S GROUP INCORPORATED 232,000
641,702
---------------
EDUCATIONAL SERVICES: 0.19%
11,900 LEARNING TREE INTERNATIONAL INCORPORATED+ 167,433
58,950 VOYAGER EXPANDED LEARNING CORPORATION(a) 0
167,433
---------------
|
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
ELECTRIC, GAS & SANITARY SERVICES: 2.76%
12,796 ALLETE INCORPORATED $ 428,410
4,900 BLACK HILLS CORPORATION 148,715
15,100 CLEAN HARBORS INCORPORATED+ 838,956
8,975 EL PASO CORPORATION 97,289
26,677 EL PASO ELECTRIC COMPANY+ 549,546
15,065 NEWALTA INCORPORATED 137,092
3,400 NICOR INCORPORATED 142,528
3,500 PORTLAND GENERAL ELECTRIC COMPANY 67,585
1,700 WGL HOLDINGS INCORPORATED 58,905
2,469,026
---------------
ELECTRONIC: 0.82%
37,765 GENTEX CORPORATION 733,396
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.71%
24,300 ADAPTEC INCORPORATED+ 79,461
9,900 ADC TELECOMMUNICATIONS INCORPORATED+ 72,369
7,700 ARRIS GROUP INCORPORATED+ 92,477
55,200 ATMI INCORPORATED+ 1,065,912
6,400 AVIAT NETWORKS INCORPORATED+ 42,432
13,400 CTS CORPORATION 126,228
3,600 DIODES INCORPORATED+ 80,640
33,560 GRAFTECH INTERNATIONAL LIMITED+ 458,765
8,400 HELEN OF TROY LIMITED+ 218,904
10,100 HOUSTON WIRE & CABLE COMPANY 116,958
10,600 IMATION CORPORATION+ 116,706
16,250 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 91,813
9,600 INTERSIL CORPORATION CLASS A 141,696
15,700 MAXIM INTEGRATED PRODUCTS INCORPORATED 304,423
17,100 MIPS TECHNOLOGIES INCORPORATED+ 76,266
37,500 MOLEX INCORPORATED CLASS A 661,875
295,510 MRV COMMUNICATIONS INCORPORATED+ 393,028
12,280 OSI SYSTEMS INCORPORATED+ 344,454
76,325 POWER-ONE INCORPORATED+ 322,092
20,656 RICHARDSON ELECTRONICS LIMITED 164,215
6,700 SPECTRUM BRANDS INCORPORATED+ 183,446
67,382 TECHNITROL INCORPORATED 355,777
12,500 TELLABS INCORPORATED 94,625
154,325 TRIDENT MICROSYSTEMS INCORPORATED+ 268,526
5,500 UNIVERSAL ELECTRONICS INCORPORATED+ 122,870
5,995,958
---------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.10%
32,500 CRA INTERNATIONAL INCORPORATED+ 744,900
10,135 INFINITY PHARMACEUTICALS INCORPORATED+ 61,824
39,260 SYMYX TECHNOLOGIES INCORPORATED+ 176,277
983,001
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.44%
3,700 CROWN HOLDINGS INCORPORATED+ 99,752
17,500 QUANEX BUILDING PRODUCTS CORPORATION 289,275
389,027
---------------
|
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
FOOD & KINDRED PRODUCTS: 0.42%
4,600 AMERICAN ITALIAN PASTA COMPANY CLASS A+ $ 178,802
13,240 DEL MONTE FOODS COMPANY 193,304
372,106
---------------
FOOD STORES: 0.70%
50,400 WINN-DIXIE STORES INCORPORATED+ 629,496
---------------
FOOTWEAR: 0.12%
800 DECKERS OUTDOOR CORPORATION+ 110,400
---------------
FURNITURE & FIXTURES: 0.48%
15,400 FURNITURE BRANDS INTERNATIONAL INCORPORATED+ 99,022
6,000 HNI CORPORATION 159,780
7,600 KIMBALL INTERNATIONAL INCORPORATED CLASS B 52,820
17,200 LSI INDUSTRIES INCORPORATED 117,304
428,926
---------------
HEALTH SERVICES: 3.39%
33,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 91,936
11,400 AMERICAN DENTAL PARTNERS INCORPORATED+ 148,770
29,100 BIOSCRIP INCORPORATED+ 232,218
21,600 CARDIAC SCIENCE CORPORATION+ 40,392
22,317 CROSS COUNTRY HEALTHCARE INCORPORATED+ 225,625
7,100 EMERITUS CORPORATION+ 144,485
23,135 ENSIGN GROUP INCORPORATED 400,930
24,000 FIVE STAR QUALITY CARE INCORPORATED+ 73,200
8,340 GENTIVA HEALTH SERVICES INCORPORATED+ 235,855
4,440 HEALTHSOUTH REHABILITATION CORPORATION+ 83,028
356,800 HOOPER HOLMES INCORPORATED+ 310,416
2,800 HUMANA INCORPORATED+ 130,956
12,000 LHC GROUP INCORPORATED+ 402,360
13,805 MDS INCORPORATED+ 111,959
15,500 NAUTILUS GROUP INCORPORATED+ 46,810
33,723 NOVAMED INCORPORATED+ 114,658
8,600 REHABCARE GROUP INCORPORATED+ 234,522
3,028,120
---------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.46%
1,500 GRANITE CONSTRUCTION INCORPORATED 45,330
7,275 MYR GROUP INCORPORATED+ 118,655
15,833 STERLING CONSTRUCTION COMPANY INCORPORATED+ 248,895
412,880
---------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
58,938 EMPIRE RESORTS INCORPORATED 107,267
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86%
18,510 ACTUANT CORPORATION CLASS A 361,871
12,200 ALTRA HOLDINGS INCORPORATED+ 167,506
7,900 BLOUNT INTERNATIONAL INCORPORATED+ 81,844
9,300 COLUMBUS MCKINNON CORPORATION+ 147,591
29,520 CRAY INCORPORATED+ 175,644
2,600 DIEBOLD INCORPORATED 82,576
15,500 FLANDER CORPORATION+ 58,900
3,200 GARDNER DENVER INCORPORATED 140,928
103,990 INTERMEC INCORPORATED+ 1,474,578
|
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
9,500 INTEVAC INCORPORATED+ $ 131,290
1,256 KADANT INCORPORATED+ 18,099
12,800 KENNAMETAL INCORPORATED 359,936
23,374 MODINE MANUFACTURING COMPANY+ 262,724
17,700 NN INCORPORATED+ 97,350
164,500 QUANTUM CORPORATION+ 432,635
18,600 SPARTECH CORPORATION 217,620
2,700 TENNANT COMPANY 73,953
1,900 TIMKEN COMPANY 57,019
4,342,064
---------------
INSURANCE CARRIERS: 4.00%
13,400 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 142,710
8,850 AMERISAFE INCORPORATED+ 144,875
14,311 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 466,395
26,987 BROWN & BROWN INCORPORATED 483,607
5,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 128,316
11,100 DONEGAL GROUP INCORPORATED CLASS A 161,061
3,100 EMC INSURANCE GROUP INCORPORATED 69,812
10,900 HALLMARK FINANCIAL SERVICES INCORPORATED+ 98,100
29,982 MEADOWBROOK INSURANCE GROUP INCORPORATED 236,858
6,745 MERCURY GENERAL CORPORATION 294,891
7,005 NYMAGIC INCORPORATED 148,716
9,000 ONEBEACON INSURANCE GROUP LIMITED 155,250
8,600 PENN MILLERS HOLDING CORPORATION+ 104,490
20,700 PMA CAPITAL CORPORATION CLASS A+ 127,098
22,500 SEABRIGHT INSURANCE HOLDINGS 247,725
4,200 STATE AUTO FINANCIAL CORPORATION 75,390
35,318 STEWART INFORMATION SERVICES CORPORATION 487,388
3,572,682
---------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.39%
421,960 SANDSTORM RESOURCES LIMITED+ 344,830
---------------
LEATHER & LEATHER PRODUCTS: 0.29%
7,400 SHOE CARNIVAL INCORPORATED+ 169,164
3,700 WEYCO GROUP INCORPORATED 87,024
256,188
---------------
LEGAL SERVICES: 0.35%
6,900 RAYONIER INCORPORATED 313,467
---------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.55%
19,815 NOBILITY HOMES INCORPORATED 193,989
16,063 SKYLINE CORPORATION 298,772
492,761
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.20%
61,859 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 231,971
15,200 CANTEL INDUSTRIES 301,720
9,163 COHERENT INCORPORATED+ 292,849
6,000 HANGER ORTHOPEDIC GROUP INCORPORATED+ 109,080
46,100 HEALTHTRONICS INCORPORATED+ 165,038
27,625 HERLEY INDUSTRIES INCORPORATED+ 404,983
2,600 ICU MEDICAL INCORPORATED+ 89,570
38,330 ION GEOPHYSICAL CORPORATION+ 188,584
|
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
108,601 LTX-CREDENCE CORPORATION+ $ 329,061
19,700 MEDICAL ACTION INDUSTRIES INCORPORATED+ 241,719
36,000 NEWPORT CORPORATION+ 450,000
3,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 40,182
37,300 PERKINELMER INCORPORATED 891,470
9,700 WATERS CORPORATION+ 655,138
9,500 ZOLL MEDICAL CORPORATION+ 250,420
4,641,785
---------------
MEDIA: 0.29%
39,820 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 262,414
---------------
METAL MINING: 2.75%
11,995 ELDORADO GOLD CORPORATION+ 144,900
3,680 GOLDCORP INCORPORATED 136,970
130,400 GREAT BASIN GOLD LIMITED+ 225,592
105,940 PETAQUILLA MINERALS LIMITED+ 58,267
21,075 RANDGOLD RESOURCES LIMITED ADR 1,619,192
5,905 ROYAL GOLD INCORPORATED 272,870
2,457,791
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.35%
38,030 ACCO BRANDS CORPORATION+ 291,310
10,133 BLYTH INCORPORATED 316,656
17,000 KID BRANDS INCORPORATED+ 147,050
25,600 LEAPFROG ENTERPRISES INCORPORATED+ 167,680
8,200 RC2 CORPORATION+ 122,754
6,300 STANDEX INTERNATIONAL CORPORATION 162,351
1,207,801
---------------
MISCELLANEOUS RETAIL: 0.73%
12,400 AC MOORE ARTS & CRAFTS INCORPORATED+ 36,332
71,300 OFFICE DEPOT INCORPORATED+ 568,974
10,200 PC MALL INCORPORATED+ 51,612
656,918
---------------
MOTION PICTURES: 0.07%
2,200 ASCENT MEDIA CORPORATION+ 59,950
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.38%
11,200 ARKANSAS BEST CORPORATION 334,656
7,650 YRC WORLDWIDE INCORPORATED+ 4,160
338,816
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.16%
151,271 CAPITALSOURCE INCORPORATED 845,605
36,158 MCG CAPITAL CORPORATION+ 188,383
1,033,988
---------------
NURSING HOME: 0.06%
1,521 ASSISTED LIVING CONCEPTS INCORPORATED+ 49,950
---------------
OIL & GAS EXPLORATION: 0.06%
17,300 CRIMSON EXPLORATION INCORPORATED+ 50,516
---------------
|
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
OIL & GAS EXTRACTION: 5.88%
3,400 ATWOOD OCEANICS INCORPORATED+ $ 117,742
12,400 COMPLETE PRODUCTION SERVICES INCORPORATED+ 143,220
2,100 COMSTOCK RESOURCES INCORPORATED+ 66,780
8,305 FOREST OIL CORPORATION+ 214,435
72,994 GLOBAL INDUSTRIES LIMITED+ 468,621
22,155 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 288,680
8,500 HERCULES OFFSHORE INCORPORATED+ 36,635
29,530 KEY ENERGY SERVICES INCORPORATED+ 282,012
63,839 MCMORAN EXPLORATION COMPANY+ 933,965
139,245 NEWPARK RESOURCES INCORPORATED+ 731,036
5,235 OCEANEERING INTERNATIONAL INCORPORATED+ 332,370
3,465 PRIDE INTERNATIONAL INCORPORATED+ 104,331
13,005 RANGE RESOURCES CORPORATION 609,544
14,040 SANDRIDGE ENERGY INCORPORATED+ 108,108
14,800 STONE ENERGY CORPORATION+ 262,700
5,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 105,100
1,900 UNIT CORPORATION+ 80,332
34,950 WARREN RESOURCES INCORPORATED+ 88,074
23,204 WILLBROS GROUP INCORPORATED+ 278,680
5,252,365
---------------
OIL & GAS-EQUIPMENT & SERVICES: 0.10%
12,000 CAL DIVE INTERNATIONAL INCORPORATED+ 87,960
---------------
OIL & OIL SERVICES: 0.26%
6,010 HELMERICH & PAYNE INCORPORATED 228,861
---------------
PAPER & ALLIED PRODUCTS: 0.78%
4,835 CELLU TISSUE HOLDINGS INCORPORATED+ 48,253
9,000 CLEARWATER PAPER CORPORATION+ 443,250
3,200 SONOCO PRODUCTS COMPANY 98,528
12,475 WAUSAU PAPER CORPORATION 106,537
696,568
---------------
PERSONAL SERVICES: 0.42%
3,700 COINSTAR INCORPORATED+ 120,250
13,800 REGIS CORPORATION 257,784
378,034
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.66%
7,700 DELEK US HOLDINGS INCORPORATED 56,056
28,664 INTEROIL CORPORATION+ 1,857,427
14,000 WD-40 COMPANY 459,620
2,373,103
---------------
PHARMACEUTICALS: 0.16%
7,800 PHARMERICA CORPORATION+ 142,116
---------------
PIPELINES: 0.13%
2,300 ENBRIDGE ENERGY PARTNERS LP 116,311
---------------
PRIMARY METAL INDUSTRIES: 0.30%
3,600 BELDEN CDT INCORPORATED 98,856
6,400 MUELLER INDUSTRIES INCORPORATED 171,456
270,312
---------------
|
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.52%
5,900 AMERICAN GREETINGS CORPORATION CLASS A $ 122,956
9,100 ENNIS INCORPORATED 148,057
4,900 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 20,580
6,700 MULTI-COLOR CORPORATION 80,266
19,900 PRESSTEK INCORPORATED+ 89,152
461,011
---------------
PROPERTY - CASUALTY INSURANCE: 0.07%
2,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 62,500
---------------
PUBLISHING: 0.15%
34,472 CAMBIUM LEARNING GROUP INCORPORATED+ 137,888
---------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 8.41%
6,500 AGREE REALTY CORPORATION 148,590
31,120 ANNALY CAPITAL MANAGEMENT INCORPORATED 534,642
113,677 ANWORTH MORTGAGE ASSET CORPORATION 766,183
37,555 CAPSTEAD MORTGAGE CORPORATION 449,158
14,200 CEDAR SHOPPING CENTERS INCORPORATED 112,322
301,681 CHIMERA INVESTMENT CORPORATION 1,173,539
2,800 COLONIAL PROPERTIES TRUST 36,064
29,212 EXTERRAN HOLDINGS INCORPORATED+ 706,054
25,104 FORESTAR REAL ESTATE GROUP INCORPORATED+ 473,964
4,200 FRANKLIN STREET PROPERTIES CORPORATION 60,606
10,420 HATTERAS FINANCIAL CORPORATION 268,523
43,360 HILLTOP HOLDINGS INCORPORATED+ 509,480
4,500 LASALLE HOTEL PROPERTIES 104,850
30,483 LEXINGTON CORPORATE PROPERTIES TRUST 198,444
16,050 MEDICAL PROPERTIES TRUST INCORPORATED 168,204
78,795 MFA MORTGAGE INVESTMENTS INCORPORATED 579,931
122,575 ORIGEN FINANCIAL INCORPORATED+ 204,700
39,606 PRIMORIS SERVICES CORPORATION 306,550
8,045 REDWOOD TRUST INCORPORATED 124,054
5,370 SILVER STANDARD RESOURCES INCORPORATED+ 95,532
30,008 THOMAS PROPERTIES GROUP INCORPORATED 99,927
13,000 U-STORE-IT TRUST 93,600
36,755 UMH PROPERTIES INCORPORATED 300,288
7,515,205
---------------
RETAIL-DRUG STORES: 0.06%
2,555 VITAMIN SHOPPE INCORPORATED+ 57,360
---------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.92%
104,868 INTERTAPE POLYMER GROUP INCORPORATED+ 347,113
5,021 JARDEN CORPORATION 167,149
14,663 SEALED AIR CORPORATION 309,096
823,358
---------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.43%
10,200 ALLIANCE BERNSTEIN HOLDING LP 312,732
9,700 TRADESTATION GROUP INCORPORATED+ 67,997
380,729
---------------
SOFTWARE: 2.33%
17,700 AMERICAN SOFTWARE INCORPORATED CLASS A 102,837
24,200 CHORDIANT SOFTWARE INCORPORATED+ 122,694
|
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
------------- ------------------------------------------------------------------------------------------------- ---------------
SOFTWARE (continued)
23,600 ELECTRONIC ARTS INCORPORATED+ $ 440,376
18,700 EPICOR SOFTWARE CORPORATION+ 178,772
7,800 EPIQ SYSTEMS INCORPORATED+ 96,954
17,200 JDA SOFTWARE GROUP INCORPORATED+ 478,504
14,800 LAWSON SOFTWARE INCORPORATED+ 97,828
8,200 NOVELL INCORPORATED+ 49,118
6,900 PROS HOLDINGS INCORPORATED+ 68,172
49,355 REALNETWORKS INCORPORATED+ 238,385
4,533 SYBASE INCORPORATED+ 211,328
2,084,968
---------------
TRANSPORTATION BY AIR: 0.82%
70,855 AIRTRAN HOLDINGS INCORPORATED+ 359,943
31,125 JETBLUE AIRWAYS CORPORATION+ 173,678
2,856 PHI INCORPORATED (VOTING)+ 63,346
6,615 PHI INCORPORATED (NON-VOTING)+ 140,106
737,073
---------------
TRANSPORTATION EQUIPMENT: 0.49%
7,400 ATC TECHNOLOGY CORPORATION+ 126,984
11,898 EXIDE TECHNOLOGIES+ 68,414
21,700 SPARTAN MOTORS INCORPORATED 121,520
2,800 WABTEC CORPORATION 117,936
434,854
---------------
TRANSPORTATION SERVICES: 0.26%
8,200 DYNAMEX INCORPORATED+ 141,040
3,200 GATX CORPORATION 91,680
232,720
---------------
WATER TRANSPORTATION: 0.02%
2,700 HORIZON LINES INCORPORATED 14,688
---------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.26%
10,300 SCHOOL SPECIALTY INCORPORATED+ 233,913
---------------
WHOLESALE TRADE-DURABLE GOODS: 1.27%
2,900 BARNES GROUP INCORPORATED 56,405
4,300 INTERLINE BRANDS INCORPORATED+ 82,302
16,700 KAMAN CORPORATION CLASS A 417,667
5,800 LKQ CORPORATION+ 117,740
1,700 OMNICARE INCORPORATED 48,093
2,700 OWENS & MINOR INCORPORATED 125,253
33,996 PATRICK INDUSTRIES INCORPORATED+ 98,588
12,200 WILLIS LEASE FINANCE CORPORATION+ 192,516
1,138,564
---------------
TOTAL COMMON STOCKS (COST $73,117,958) 86,043,617
---------------
INVESTMENT COMPANIES: 0.28%
9,579 KBW REGIONAL BANKING ETF 251,161
TOTAL INVESTMENT COMPANIES (COST $212,809) 251,161
---------------
|
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME DIVIDEND YIELD VALUE
------------- -------------------------------------------------------------------------------- -------------- ---------------
PREFERRED STOCKS: 0.32%
1,200 CARRIAGE SERVICES INCORPORATED (FUNERAL SERVICES & RELATED ITEMS)(a) 11.86% $ 35,400
55 CENTER FINANCIAL CORPORATION SERIES B (BANKING)(a)(i) 12.00 71,133
3,600 LASALLE HOTEL PROPERTIES (REAL ESTATE INVESTMENT TRUST) 8.42 85,572
3,953 SVB CAPITAL II (COMMERCIAL BANKS) 7.54 91,710
TOTAL PREFERRED STOCKS (COST $200,498) 283,815
---------------
YIELD
--------------
SHORT-TERM INVESTMENTS: 2.76%
MUTUAL FUNDS: 2.76%
2,471,710 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,471,710
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,471,710) 2,471,710
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $76,002,975)* 99.67% 89,050,303
OTHER ASSETS AND LIABILITIES, NET 0.33 292,715
------ ---------------
TOTAL NET ASSETS 100.00% $ 89,343,018
------ ---------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $80,086,381 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 21,772,730
Gross unrealized depreciation (12,808,808)
------------
Net unrealized appreciation $ 8,963,922
|
The accompanying notes are an integral part of these financial statements.
176 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
------------ -----------
ASSETS
Investments
In unaffiliated securities (including securities on loan) ... $590,320,572 $68,509,276
In affiliated securities .................................... 16,713,155 1,008,460
------------ -----------
Total investments at value (see cost below) .................... 607,033,727 69,517,736
------------ -----------
Segregated cash ................................................ 0 0
Foreign currency, at value (see cost below) .................... 0 0
Receivable for investments sold ................................ 0 0
Receivables for dividends ...................................... 1,208,534 139,950
Unrealized appreciation on forward foreign currency contracts .. 0 0
------------ -----------
Total Assets ...................................................... 608,242,261 69,657,686
------------ -----------
LIABILITIES
Variation margin payable on futures contracts .................. 0 0
Payable for investments purchased .............................. 6,672,717 0
Unrealized depreciation of forward foreign currency contracts .. 0 0
Payable upon receipt of securities loaned ...................... 7,272,712 1,026,018
Payable to investment advisor and affiliates ................... 325,943 38,694
Payable for custodian fee ...................................... 3,601 1,471
Accrued expenses and other liabilities ......................... 16,098 14,518
------------ -----------
Total liabilities ................................................. 14,291,071 1,080,701
------------ -----------
TOTAL NET ASSETS .................................................. $593,951,190 $68,576,985
============ ===========
Investments, at cost .............................................. $592,591,105 $57,528,737
------------ -----------
Securities on loan, at value ...................................... $ 6,893,910 $ 762,000
------------ -----------
Foreign currencies, at cost ....................................... $ 0 $ 0
------------ -----------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 177
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ------------ ------------ -------------- ------------- -------------
$39,585,513 $230,229,278 $533,272,028 $2,058,091,066 $55,136,838 $150,380,706
663,091 2,670,386 9,199,253 45,906,568 1,193,423 3,339,209
----------- ------------ ------------ -------------- ----------- ------------
40,248,604 232,899,664 542,471,281 2,103,997,634 56,330,261 153,719,915
----------- ------------ ------------ -------------- ----------- ------------
0 0 0 0 1,136,500 0
0 0 0 0 65,751 75,679
220,571 0 15,566,036 0 0 974,428
29,016 178,344 520,195 2,675,446 175,665 353,630
0 0 0 0 61,382 22
----------- ------------ ------------ -------------- ----------- ------------
40,498,191 233,078,008 558,557,512 2,106,673,080 57,769,559 155,123,674
----------- ------------ ------------ -------------- ----------- ------------
0 0 0 57,750 0 0
282,293 0 19,533,051 436,477 630,928 1,549,067
0 0 0 0 6,544 25
1,796,247 1,332,544 11,670,492 13,336,663 0 0
25,576 121,836 293,409 120,229 43,513 89,043
3,233 0 6,055 20,949 41,887 257,573
15,451 20,494 21,924 36,352 38,041 36,657
----------- ------------ ------------ -------------- ----------- ------------
2,122,800 1,474,874 31,524,931 14,008,420 760,913 1,932,365
----------- ------------ ------------ -------------- ----------- ------------
$38,375,391 $231,603,134 $527,032,581 $2,092,664,660 $57,008,646 $153,191,309
=========== ============ ============ ============== =========== ============
$30,874,003 $210,533,453 $460,708,060 $2,009,396,672 $48,802,625 $134,311,852
----------- ------------ ------------ -------------- ----------- ------------
$ 1,189,257 $ 1,351,980 $ 12,895,930 $ 9,619,845 $ 0 $ 0
----------- ------------ ------------ -------------- ----------- ------------
$ 0 $ 0 $ 0 $ 0 $ 65,275 $ 75,679
----------- ------------ ------------ -------------- ----------- ------------
|
178 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
------------- -------------
ASSETS
Investments
In unaffiliated securities (including securities on loan) .... $55,835,338 $295,777,116
In affiliated securities ..................................... 511,273 7,289,152
----------- ------------
Total investments at value (see cost below) ..................... 56,346,611 303,066,268
----------- ------------
Segregated cash ................................................. 0 0
Foreign currency, at value (see cost below) ..................... 331,686 7,099,150
Variation margin receivable on futures contracts ................ 245,471 0
Receivable for investments sold ................................. 0 0
Receivables for dividends ....................................... 269,812 1,610,226
Receivable from investment advisor and affiliates ............... 34,984 0
Unrealized appreciation on forward foreign currency contracts ... 5,521 0
----------- ------------
Total Assets ....................................................... 57,234,085 311,775,644
----------- ------------
LIABILITIES
Foreign taxes payable ........................................... 10,996 108,770
Payable to custodian for overdrafts ............................. 0 0
Variation margin payable on futures contracts ................... 6,132 0
Payable for investments purchased ............................... 0 107,343
Unrealized depreciation of forward foreign currency contracts ... 3,071 0
Payable upon receipt of securities loaned ....................... 0 0
Payable to investment advisor and affiliates .................... 0 210,079
Payable for custodian fee ....................................... 267,695 292,394
Payable for audit fee ........................................... 17,741 12,929
Accrued expenses and other liabilities .......................... 15,904 45,193
----------- ------------
Total liabilities .................................................. 321,539 776,708
----------- ------------
TOTAL NET ASSETS ................................................... $56,912,546 $310,998,936
=========== ============
Investments, at cost ............................................... $53,989,895 $330,963,573
----------- ------------
Securities on loan, at value ....................................... $ 0 $ 0
----------- ------------
Foreign currencies, at cost ........................................ $ 332,358 $ 7,154,058
----------- ------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 179
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
------------ ------------- ------------ ------------- ------------- ---------------
$69,316,624 $644,899,937 $101,444,960 $341,299,384 $163,896,282 $86,578,593
0 7,933,097 897,297 14,708,242 4,319,642 2,471,710
----------- ------------ ------------ ------------ ------------ -----------
69,316,624 652,833,034 102,342,257 356,007,626 168,215,924 89,050,303
----------- ------------ ------------ ------------ ------------ -----------
0 0 0 0 0 50,000
0 0 0 0 0 0
0 0 0 0 0 0
1,186,578 18,190,303 1,300 5,563,772 1,197,363 409,792
81,827 285,452 88,939 39,875 187,539 151,475
0 0 0 0 0 0
0 0 0 0 0 0
----------- ------------ ------------ ------------ ------------ -----------
70,585,029 671,308,789 102,432,496 361,611,273 169,600,826 89,661,570
----------- ------------ ------------ ------------ ------------ -----------
0 0 0 0 0 0
179,672 0 0 0 0 0
0 0 9,512 0 0 0
0 9,913,718 147,897 3,799,879 430,015 234,749
0 0 0 0 0 0
1,179,884 5,978,335 3,081,883 6,801,035 3,065,842 0
35,558 277,609 13,294 235,437 111,234 61,461
2,546 4,087 10,422 5,643 7,468 7,823
10,638 17,768 13,347 13,752 12,161 11,641
1,601 14,737 3,986 5,320 3,794 2,878
----------- ------------ ------------ ------------ ------------ -----------
1,409,899 16,206,254 3,280,341 10,861,066 3,630,514 318,552
----------- ------------ ------------ ------------ ------------ -----------
$69,175,130 $655,102,535 $ 99,152,155 $350,750,207 $165,970,312 $89,343,018
=========== ============ ============ ============ ============ ===========
$57,425,355 $553,098,991 $101,147,459 $289,648,514 $121,276,347 $76,002,975
----------- ------------ ------------ ------------ ------------ -----------
$ 776,150 $ 3,853,597 $ 1,572,059 $ 5,508,335 $ 1,742,951 $ 0
----------- ------------ ------------ ------------ ------------ -----------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
----------- ------------ ------------ ------------ ------------ -----------
|
180 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
------------ -----------
INVESTMENT INCOME
Dividends(1) ................................................................... $ 5,884,299 $ 474,578
Interest ....................................................................... 0 0
Income from affiliated securities .............................................. 9,199 722
Securities lending income ...................................................... 10,664 1,011
------------ ----------
Total investment income ........................................................... 5,904,162 476,311
------------ ----------
EXPENSES
Advisory fees .................................................................. 2,044,092 235,558
Custody fees ................................................................... 18,944 3,242
Professional fees .............................................................. 18,902 19,394
Other fees and expenses ........................................................ 13,632 7,352
------------ ----------
Total expenses .................................................................... 2,095,570 265,546
------------ ----------
LESS
Waived fees and/or reimbursed expenses ......................................... (68,598) 0
Net expenses ................................................................... 2,026,972 265,546
------------ ----------
Net investment income (loss) ...................................................... 3,877,190 210,765
------------ ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation ... (19,403,831) 2,383,763
Affiliated securities .......................................................... 0 0
Forward foreign currency contracts ............................................. 0 0
Futures transactions ........................................................... 0 0
------------ ----------
Net realized gain (loss) from investments ......................................... (19,403,831) 2,383,763
------------ ----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation ... 70,751,791 3,736,949
Affiliated securities .......................................................... 0 0
Forward foreign currency contracts ............................................. 0 0
Futures transactions ........................................................... 0 0
------------ ----------
Net change in unrealized appreciation (depreciation) of investments ............... 70,751,791 3,736,949
------------ ----------
Net realized and unrealized gain on investments ................................... 51,347,960 6,120,712
------------ ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $ 55,225,150 $6,331,477
============ ==========
(1) Net of foreign withholding taxes of ........................................... $ 7,082 $ 0
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 181
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
----------- ----------- ----------- ------------ ------------- -------------
$ 44,068 $ 2,834,835 $ 3,928,056 $ 19,978,246 $ 399,268 $ 840,522
0 0 0 2,477 0 0
776 0 2,500 9,216 2,772 1,546
13,962 1,892 24,877 137,384 4,104 7,393
----------- ----------- ----------- ------------ ----------- ----------
58,806 2,836,727 3,955,433 20,127,323 406,144 849,461
----------- ----------- ----------- ------------ ----------- ----------
177,275 794,975 1,712,881 875,174 263,152 679,551
4,537 9,133 18,268 68,468 49,216 275,518
19,394 23,478 17,649 23,660 24,564 24,788
7,272 10,169 13,079 29,075 14,226 12,310
----------- ----------- ----------- ------------ ----------- ----------
208,478 837,755 1,761,877 996,377 351,158 992,167
----------- ----------- ----------- ------------ ----------- ----------
(12,358) (4,135) (59,020) (7,064) (12,546) (161,987)
196,120 833,620 1,702,857 989,313 338,612 830,180
----------- ----------- ----------- ------------ ----------- ----------
(137,314) 2,003,107 2,252,576 19,138,010 67,532 19,281
----------- ----------- ----------- ------------ ----------- ----------
10,797,923 (5,607,484) 24,124,035 14,987,315 8,564,401 2,283,441
0 0 0 25,601 0 0
0 0 0 0 (8,069) (3,709)
0 0 0 3,085,831 0 0
----------- ----------- ----------- ------------ ----------- ----------
10,797,923 (5,607,484) 24,124,035 18,098,747 8,556,332 2,279,732
----------- ----------- ----------- ------------ ----------- ----------
(5,069,232) 25,200,842 35,516,973 181,377,738 (6,538,455) (291,921)
0 0 0 3,102,890 0 0
0 0 0 0 497,413 (3)
0 0 0 101,911 0 0
----------- ----------- ----------- ------------ ----------- ----------
(5,069,232) 25,200,842 35,516,973 184,582,539 (6,041,042) (291,924)
----------- ----------- ----------- ------------ ----------- ----------
5,728,691 19,593,358 59,641,008 202,681,286 2,515,290 1,987,808
----------- ----------- ----------- ------------ ----------- ----------
$ 5,591,377 $21,596,465 $61,893,584 $221,819,296 $ 2,582,822 $2,007,089
=========== =========== =========== ============ =========== ==========
$ 0 $ 0 $ 17,301 $ 0 $ 37,658 $ 67,010
|
182 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
------------- -------------
INVESTMENT INCOME
Dividends(1) ................................................................... $ 574,150 $ 3,095,614
Interest ....................................................................... 0 0
Income from affiliated securities .............................................. 2,021 4,037
Securities lending income ...................................................... 17,405 39,906
---------- ------------
Total investment income ........................................................... 593,576 3,139,557
---------- ------------
EXPENSES
Advisory fees .................................................................. 97,052 1,427,200
Custody fees ................................................................... 275,059 330,609
Professional fees .............................................................. 23,620 19,503
Other fees and expenses ........................................................ 14,053 20,591
---------- ------------
Total expenses .................................................................... 409,784 1,797,903
---------- ------------
LESS
Waived fees and/or reimbursed expenses ......................................... (235,462) (259,904)
Net expenses ................................................................... 174,322 1,537,999
---------- ------------
Net investment income (loss) ...................................................... 419,254 1,601,558
---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation ... 1,070,143 (15,781,282)
Forward foreign currency contracts ............................................. (40,492) 0
Futures transactions ........................................................... 176,307 0
---------- ------------
Net realized gain (loss) from investments ......................................... 1,205,958 (15,781,282)
---------- ------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation ... 19,309 17,616,610
Forward foreign currency contracts ............................................. 5,984 0
Futures transactions ........................................................... 13,622 0
---------- ------------
Net change in unrealized appreciation (depreciation) of investments ............... 38,915 17,616,610
---------- ------------
Net realized and unrealized gain on investments ................................... 1,244,873 1,835,328
---------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .............................. $1,664,127 $ 3,436,886
========== ============
1 Net of foreign withholding taxes of ............................................. $ 67,060 $ 363,507
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 183
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
------------ ------------- ------------ ------------- ------------- ---------------
$ 528,503 $ 4,389,027 $ 604,189 $ 427,124 $ 891,860 $ 808,448
0 0 394 0 0 0
672 6,799 1,969 3,146 2,363 3,268
1,055 61,258 37,004 23,601 8,464 0
---------- ----------- ------------ ----------- ------------ ------------
530,230 4,457,084 643,556 453,871 902,687 811,716
---------- ----------- ------------ ----------- ------------ ------------
271,105 2,291,009 110,056 1,423,105 717,264 419,421
4,679 22,515 13,970 14,282 12,505 10,996
17,419 23,950 21,592 21,043 19,988 20,118
7,695 21,116 9,160 11,419 9,898 8,940
---------- ----------- ------------ ----------- ------------ ------------
300,898 2,358,590 154,778 1,469,849 759,655 459,475
---------- ----------- ------------ ----------- ------------ ------------
(31,579) (278,652) (13,755) (20,317) (1,562) (8,818)
269,319 2,079,938 141,023 1,449,532 758,093 450,657
---------- ----------- ------------ ----------- ------------ ------------
260,911 2,377,146 502,533 (995,661) 144,594 361,059
---------- ----------- ------------ ----------- ------------ ------------
7,490,274 25,817,256 (26,559,069) 34,185,248 21,697,313 (14,693,224)
0 0 0 0 0 0
0 0 1,607,557 0 0 0
---------- ----------- ------------ ----------- ------------ ------------
7,490,274 25,817,256 (24,951,512) 34,185,248 21,697,313 (14,693,224)
---------- ----------- ------------ ----------- ------------ ------------
584,880 36,018,807 38,372,492 5,013,701 (1,387,585) 21,951,808
0 0 0 0 0 0
0 0 (93,510) 0 0 0
---------- ----------- ------------ ----------- ------------ ------------
584,880 36,018,807 38,278,982 5,013,701 (1,387,585) 21,951,808
---------- ----------- ------------ ----------- ------------ ------------
8,075,154 61,836,063 13,327,470 39,198,949 20,309,728 7,258,584
---------- ----------- ------------ ----------- ------------ ------------
$8,336,065 $64,213,209 $ 13,830,003 $38,203,288 $ 20,454,322 $ 7,619,643
========== =========== ============ =========== ============ ============
$ 2,388 $ 0 $ 0 $ 0 $ 0 $ 342
|
184 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO
--------------------------------
For the For the
Six Months Ended Year Ended
March 31, 2010 September 30,
(Unaudited) 2009
---------------- -------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 635,871,240 $ 676,445,814
OPERATIONS
Net investment income (loss) ................................................ 3,877,190 11,286,676
Net realized gain (loss) on investments ..................................... (19,403,831) (71,204,167)
Net change in unrealized appreciation (depreciation) of investments ......... 70,751,791 25,300,192
------------- -------------
Net increase (decrease) in net assets resulting from operations ................ 55,225,150 (34,617,299)
------------- -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 26,344,494 114,730,358
Withdrawals ................................................................. (123,489,694) (120,687,633)
------------- -------------
Net increase (decrease) from transactions in investors' beneficial interests ... (97,145,200) (5,957,275)
------------- -------------
NET DECREASE IN NET ASSETS ..................................................... (41,920,050) (40,574,574)
============= =============
ENDING NET ASSETS .............................................................. $ 593,951,190 $ 635,871,240
============= =============
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 185
Statements of Changes in Net Assets
DISCIPLINED GROWTH PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 88,895,931 $ 108,621,365 $ 88,625,473 $ 99,217,350 $263,302,372 $ 358,051,926
210,765 423,486 (137,314) (383,603) 2,003,107 6,586,974
2,383,763 (31,162,876) 10,797,923 (23,525,696) (5,607,484) (8,276,559)
3,736,949 9,883,779 (5,069,232) 16,900,670 25,200,842 (42,154,866)
------------ ------------- ------------ ------------ ------------ -------------
6,331,477 (20,855,611) 5,591,377 (7,008,629) 21,596,465 (43,844,451)
------------ ------------- ------------ ------------ ------------ -------------
4,433,324 19,431,523 2,147,527 14,074,802 7,515,956 15,470,818
(31,083,747) (18,301,346) (57,988,986) (17,658,050) (60,811,659) (66,375,921)
------------ ------------- ------------ ------------ ------------ -------------
(26,650,423) 1,130,177 (55,841,459) (3,583,248) (53,295,703) (50,905,103)
------------ ------------- ------------ ------------ ------------ -------------
(20,318,946) (19,725,434) (50,250,082) (10,591,877) (31,699,238) (94,749,554)
============ ============= ============ ============ ============ =============
$ 68,576,985 $ 88,895,931 $ 38,375,391 $ 88,625,473 $231,603,134 $ 263,302,372
============ ============= ============ ============ ============ =============
|
186 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $513,115,704 $ 610,647,019
OPERATIONS
Net investment income ....................................................... 2,252,576 8,564,863
Net realized gain (loss) on investments ..................................... 24,124,035 (171,525,727)
Net change in unrealized appreciation (depreciation) of investments ......... 35,516,973 110,011,229
------------ -------------
Net increase (decrease) in net assets resulting from operations ................ 61,893,584 (52,949,635)
------------ -------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 40,619,358 73,995,358
Withdrawals ................................................................. (88,596,065) (118,577,038)
------------ -------------
Net increase (decrease) from transactions in investors' beneficial interests ... (47,976,707) (44,581,680)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... 13,916,877 (97,531,315)
============ =============
ENDING NET ASSETS .............................................................. $527,032,581 $ 513,115,704
============ =============
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 187
Statements of Changes in Net Assets
INDEX PORTFOLIO INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$1,966,584,375 $2,237,608,527 $ 72,541,985 $ 85,536,172 $155,627,337 $131,370,011
19,138,010 43,817,844 67,532 1,124,652 19,281 1,943,425
18,098,747 (1,206,803) 8,556,332 (37,177,159) 2,279,732 (41,563,740)
184,582,539 (221,743,261) (6,041,042) 26,898,537 (291,924) 49,952,778
-------------- -------------- ------------ ------------ ------------ ------------
221,819,296 (179,132,220) 2,582,822 (9,153,970) 2,007,089 10,332,463
-------------- -------------- ------------ ------------ ------------ ------------
190,855,626 168,953,827 6,565,665 12,972,699 26,858,291 47,353,096
(286,594,637) (260,845,759) (24,681,826) (16,812,916) (31,301,408) (33,428,233)
-------------- -------------- ------------ ------------ ------------ ------------
(95,739,011) (91,891,932) (18,116,161) (3,840,217) (4,443,117) 13,924,863
-------------- -------------- ------------ ------------ ------------ ------------
126,080,285 (271,024,152) (15,533,339) (12,994,187) (2,436,028) 24,257,326
============== ============== ============ ============ ============ ============
$2,092,664,660 $1,966,584,375 $ 57,008,646 $ 72,541,985 $153,191,309 $155,627,337
============== ============== ============ ============ ============ ============
|
188 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 72,676,443 $ 86,405,709
OPERATIONS
Net investment income ....................................................... 419,254 1,839,039
Net realized gain (loss) on investments ..................................... 1,205,958 (3,860,283)
Net change in unrealized appreciation (depreciation) of investments ......... 38,915 273,186
------------ ------------
Net increase (decrease) in net assets resulting from operations ................ 1,664,127 (1,748,058)
------------ ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 6,402,130 9,195,379
Withdrawals ................................................................. (23,830,154) (21,176,587)
------------ ------------
Net decrease from transactions in investors' beneficial interests .............. (17,428,024) (11,981,208)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS .......................................... (15,763,897) (13,729,266)
============ ============
ENDING NET ASSETS .............................................................. $ 56,912,546 $ 72,676,443
============ ============
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 189
Statements of Changes in Net Assets
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 315,042,164 $312,461,025 $ 94,632,067 $145,700,178 $ 984,855,684 $1,373,797,607
1,601,558 7,188,690 260,911 840,517 2,377,146 8,784,107
(15,781,282) (35,211,563) 7,490,274 (46,529,618) 25,817,256 (73,157,003)
17,616,610 48,006,861 584,880 27,482,892 36,018,807 (3,942,699)
------------- ------------ ------------ ------------ ------------- --------------
3,436,886 19,983,988 8,336,065 (18,206,209) 64,213,209 (68,315,595)
------------- ------------ ------------ ------------ ------------- --------------
19,446,445 52,555,498 1,743,185 12,075,054 15,649,093 29,275,266
(26,926,559) (69,958,347) (35,536,187) (44,936,956) (409,615,451) (349,901,594)
------------- ------------ ------------ ------------ ------------- --------------
(7,480,114) (17,402,849) (33,793,002) (32,861,902) (393,966,358) (320,626,328)
------------- ------------ ------------ ------------ ------------- --------------
(4,043,228) 2,581,139 (25,456,937) (51,068,111) (329,753,149) (388,941,923)
============= ============ ============ ============ ============= ==============
$ 310,998,936 $315,042,164 $ 69,175,130 $ 94,632,067 $ 655,102,535 $ 984,855,684
============= ============ ============ ============ ============= ==============
|
190 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO
-----------------------------------
For the
Six Months
Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................... $ 243,094,590 $282,510,520
OPERATIONS
Net investment income (loss) ........................................... 502,533 2,946,644
Net realized gain (loss) on investments ................................ (24,951,512) (9,376,550)
Net change in unrealized appreciation (depreciation) of investments .... 38,278,982 (24,573,330)
------------- ------------
Net increase (decrease) in net assets resulting from operations ........... 13,830,003 (31,003,236)
------------- ------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .......................................................... 5,114,070 23,376,006
Withdrawals ............................................................ (162,886,508) (31,788,700)
------------- ------------
Net decrease from transactions in investors' beneficial interests ......... (157,772,438) (8,412,694)
------------- ------------
NET DECREASE IN NET ASSETS ................................................ (143,942,435) (39,415,930)
============= ============
ENDING NET ASSETS ......................................................... $ 99,152,155 $243,094,590
============= ============
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 191
Statements of Changes in Net Assets
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$ 391,788,240 $ 481,304,784 $ 239,231,863 $ 439,963,198 $ 219,129,458 $255,355,235
(995,661) (1,746,971) 144,594 3,036,418 361,059 2,378,279
34,185,248 (91,099,903) 21,697,313 (190,649,157) (14,693,224) (63,513,017)
5,013,701 72,864,087 (1,387,585) 128,533,240 21,951,808 36,276,909
------------- ------------- ------------- ------------- ------------- ------------
38,203,288 (19,982,787) 20,454,322 (59,079,499) 7,619,643 (24,857,829)
------------- ------------- ------------- ------------- ------------- ------------
36,182,364 71,091,475 16,472,995 64,432,062 5,836,056 17,652,796
(115,423,685) (140,625,232) (110,188,868) (206,083,898) (143,242,139) (29,020,744)
------------- ------------- ------------- ------------- ------------- ------------
(79,241,321) (69,533,757) (93,715,873) (141,651,836) (137,406,083) (11,367,948)
------------- ------------- ------------- ------------- ------------- ------------
(41,038,033) (89,516,544) (73,261,551) (200,731,335) (129,786,440) (36,225,777)
============= ============= ============= ============= ============= ============
$ 350,750,207 $ 391,788,240 $ 165,970,312 $ 239,231,863 $ 89,343,018 $219,129,458
============= ============= ============= ============= ============= ============
|
192 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average Net Assets
(Annualized)
------------------------------------ Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
-------------- -------- -------- --------- ---------
C&B LARGE CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.31% 0.71% 0.69% 9.60% 6%
October 1, 2008 to September 30, 2009 .......... 2.19% 0.73% 0.64% (5.53)% 28%
October 1, 2007 to September 30, 2008 .......... 1.71% 0.73% 0.68% (20.18)% 21%
October 1, 2006 to September 30, 2007 .......... 1.48% 0.74% 0.68% 11.88% 24%
October 1, 2005 to September 30, 2006 .......... 1.77% 0.76% 0.66% 15.30% 29%
December 6, 2004(3) to September 30, 2005 ...... 0.98% 0.77% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.63% 0.79% 0.79% 9.61% 39%
October 1, 2008 to September 30, 2009 .......... 0.54% 0.79% 0.77% (18.88)% 104%
October 1, 2007 to September 30, 2008 .......... 0.07% 0.77% 0.76% (25.19)% 103%
October 1, 2006 to September 30, 2007 .......... 0.10% 0.79% 0.79% 21.22% 68%
October 1, 2005 to September 30, 2006 .......... 0.12% 0.79% 0.78% 1.41% 90%
October 1, 2004 to September 30, 2005 .......... 0.44% 0.79% 0.78% 11.76% 45%
EMERGING GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. (0.66)% 1.00% 0.94% 14.94% 52%
October 1, 2008 to September 30, 2009 .......... (0.53)% 0.94% 0.91% (5.70)% 147%
October 1, 2007 to September 30, 2008 .......... (0.49)% 0.93% 0.92% (30.95)% 191%
January 31, 2007(2) to September 30, 2007 ...... (0.54)% 1.01% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.76% 0.74% 0.73% 9.45% 2%
October 1, 2008 to September 30, 2009 .......... 2.69% 0.75% 0.69% (9.66)% 11%
October 1, 2007 to September 30, 2008 .......... 2.16% 0.75% 0.57% (23.18)% 8%
October 1, 2006 to September 30, 2007 .......... 1.91% 0.76% 0.57% 15.91% 16%
October 1, 2005 to September 30, 2006 .......... 1.84% 0.75% 0.70% 11.21% 7%
October 1, 2004 to September 30, 2005 .......... 2.04% 0.73% 0.60% 13.30% 20%
EQUITY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.92% 0.72% 0.70% 12.93% 66%
October 1, 2008 to September 30, 2009 .......... 1.89% 0.73% 0.69% (7.21)% 142%
October 1, 2007 to September 30, 2008 .......... 1.68% 0.74% 0.70% (27.44)% 152%
October 1, 2006 to September 30, 2007 .......... 1.29% 0.77% 0.69% 20.21% 108%
October 1, 2005 to September 30, 2006 .......... 1.18% 0.78% 0.77% 10.73% 107%
October 1, 2004 to September 30, 2005 .......... 1.22% 0.78% 0.76% 21.61% 145%
INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.94% 0.10% 0.10% 11.50% 10%
October 1, 2008 to September 30, 2009 .......... 2.61% 0.12% 0.10% (7.00)% 10%
October 1, 2007 to September 30, 2008 .......... 2.07% 0.11% 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007 .......... 1.86% 0.11% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006 .......... 1.86% 0.11% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005 .......... 2.08% 0.12% 0.04% 12.23% 8%
INTERNATIONAL CORE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.24% 1.27% 1.22% 4.09% 59%
October 1, 2008 to September 30, 2009 .......... 1.77% 1.23% 1.15% (10.14)% 212%
October 1, 2007 to September 30, 2008 .......... 1.60% 1.14% 1.12% (31.42)% 55%
October 1, 2006 to September 30, 2007 .......... 1.27% 1.09% 1.08% 23.70% 66%
October 1, 2005 to September 30, 2006 .......... 1.99% 1.09% 1.03% 14.58% 39%
October 1, 2004 to September 30, 2005 .......... 1.51% 1.09% 1.08% 18.69% 108%
INTERNATIONAL GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.03% 1.39% 1.16% 0.71% 46%
October 1, 2008 to September 30, 2009 .......... 1.71% 1.14% 1.11% 6.23% 95%
October 1, 2007 to September 30, 2008 .......... 1.17% 1.08% 1.05% (28.68)% 57%
October 1, 2006 to September 30, 2007 .......... 1.09% 1.06% 1.03% 27.40% 73%
October 1, 2005 to September 30, 2006 .......... 0.87% 1.07% 0.98% 19.95% 62%
October 6, 2004(3) to September 30, 2005 ....... 1.02% 1.08% 1.06% 22.30% 67%
|
(1.) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(2.) Portfolio turnover rates presented for periods of less than one year are
not annualized.
(3.) Commencement of operations.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 193
Financial Highlights
Ratio to Average Net Assets
(Annualized)
------------------------------------ Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
-------------- -------- -------- --------- ---------
INTERNATIONAL INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.51% 1.48% 0.63% 2.31% 9%
October 1, 2008 to September 30, 2009 .......... 2.86% 0.55% 0.46% 1.65% 13%
October 1, 2007 to September 30, 2008 .......... 2.84% 0.51% 0.50% (29.67)% 14%
October 1, 2006 to September 30, 2007 .......... 2.15% 0.49% 0.49% 24.52% 3%
October 1, 2005 to September 30, 2006 .......... 2.59% 0.49% 0.37% 19.44% 7%
October 6, 2004(3) to September 30, 2005 ....... 2.41% 0.49% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.07% 1.20% 1.02% 0.92% 14%
October 1, 2008 to September 30, 2009 .......... 2.72% 1.08% 1.03% 5.26% 41%
October 1, 2007 to September 30, 2008 .......... 3.68% 1.07% 1.01% (34.21)% 23%
October 1, 2006 to September 30, 2007 .......... 2.47% 1.07% 1.03% 21.91% 19%
October 1, 2005 to September 30, 2006 .......... 2.34% 1.09% 1.09% 19.32% 31%
October 1, 2004 to September 30, 2005 .......... 2.21% 1.11% 1.10% 25.92% 14%
LARGE CAP APPRECIATION PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.67% 0.78% 0.70% 11.30% 48%
October 1, 2008 to September 30, 2009 .......... 0.88% 0.78% 0.71% (10.97)% 144%
October 1, 2007 to September 30, 2008 .......... 0.41% 0.74% 0.69% (25.49)% 151%
October 1, 2006 to September 30, 2007 .......... 0.57% 0.74% 0.69% 21.80% 145%
October 1, 2005 to September 30, 2006 .......... 0.65% 0.75% 0.72% 3.34% 155%
October 1, 2004 to September 30, 2005 .......... 0.83% 0.74% 0.74% 20.02% 133%
LARGE COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.71% 0.71% 0.62% 9.72% 4%
October 1, 2008 to September 30, 2009 .......... 0.97% 0.70% 0.62% 3.31% 13%
October 1, 2007 to September 30, 2008 .......... 0.48% 0.68% 0.67% (22.59)% 7%
October 1, 2006 to September 30, 2007 .......... 0.46% 0.70% 0.68% 17.80% 10%
October 1, 2005 to September 30, 2006 .......... 0.14% 0.70% 0.61% 1.41% 6%
October 1, 2004 to September 30, 2005 .......... 0.69% 0.69% 0.68% 11.03% 18%
SMALL CAP INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.91% 0.28% 0.26% 13.76% 9%
October 1, 2008 to September 30, 2009 .......... 1.46% 0.26% 0.24% (10.87)% 20%
October 1, 2007 to September 30, 2008 .......... 1.36% 0.23% 0.18% (14.30)% 22%
October 1, 2006 to September 30, 2007 .......... 1.10% 0.23% 0.18% 14.78% 24%
October 1, 2005 to September 30, 2006 .......... 0.95% 0.24% 0.23% 6.89% 20%
October 1, 2004 to September 30, 2005 .......... 1.00% 0.23% 0.18% 21.03% 14%
SMALL COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. (0.59)% 0.88% 0.87% 11.94% 61%
October 1, 2008 to September 30, 2009 .......... (0.53)% 0.89% 0.87% 1.75% 169%
October 1, 2007 to September 30, 2008 .......... (0.53)% 0.89% 0.89% (27.50)% 150%
October 1, 2006 to September 30, 2007 .......... (0.46)% 0.90% 0.90% 17.74% 138%
October 1, 2005 to September 30, 2006 .......... (0.33)% 0.91% 0.90% 7.02% 125%
October 1, 2004 to September 30, 2005 .......... (0.45)% 0.91% 0.91% 16.51% 142%
SMALL COMPANY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.17% 0.90% 0.90% 15.85% 35%
October 1, 2008 to September 30, 2009 .......... 1.16% 0.90% 0.88% (6.28)% 99%
October 1, 2007 to September 30, 2008 .......... 1.02% 0.90% 0.89% (22.01)% 82%
October 1, 2006 to September 30, 2007 .......... 0.53% 0.93% 0.92% 6.53% 69%
October 1, 2005 to September 30, 2006 .......... 0.64% 0.92% 0.79% 6.70% 114%
October 1, 2004 to September 30, 2005 .......... 0.61% 0.92% 0.82% 24.77% 70%
STRATEGIC SMALL CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 0.73% 0.93% 0.91% 9.96% 24%
October 1, 2008 to September 30, 2009 .......... 1.31% 0.91% 0.74% (8.76)% 50%
October 1, 2007 to September 30, 2008 .......... 0.80% 0.91% 0.83% (16.47)% 46%
October 1, 2006 to September 30, 2007 .......... 0.30% 0.93% 0.92% 8.65% 64%
January 31, 2006(3) to September 30, 2006 ...... 0.75% 0.94% 0.75% 0.60% 37%
|
194 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage C&B Large Cap Value Portfolio ("C&B Large Cap Value Portfolio"),
Wells Fargo Advantage Disciplined Growth Portfolio ("Disciplined Growth
Portfolio"), Wells Fargo Advantage Emerging Growth Portfolio ("Emerging Growth
Portfolio"), Wells Fargo Advantage Equity Income Portfolio ("Equity Income
Portfolio"), Wells Fargo Advantage Equity Value Portfolio ("Equity Value
Portfolio"), Wells Fargo Advantage Index Portfolio ("Index Portfolio"), Wells
Fargo Advantage International Core Portfolio ("International Core Portfolio"),
Wells Fargo Advantage International Growth Portfolio ("International Growth
Portfolio"), Wells Fargo Advantage International Index Portfolio ("International
Index Portfolio"), Wells Fargo Advantage International Value Portfolio
("International Value Portfolio"), Wells Fargo Advantage Large Cap Appreciation
Portfolio ("Large Cap Appreciation Portfolio"), Wells Fargo Advantage Large
Company Growth Portfolio ("Large Company Growth Portfolio"), Wells Fargo
Advantage Small Cap Index Portfolio ("Small Cap Index Portfolio"), Wells Fargo
Advantage Small Company Growth Portfolio ("Small Company Growth Portfolio"),
Wells Fargo Advantage Small Company Value Portfolio ("Small Company Value
Portfolio") and Wells Fargo Advantage Strategic Small Cap Value Portfolio
("Strategic Small Cap Value Portfolio") (each, a "Fund", collectively, the
"Funds").
Interests in the Funds are sold without any sales charge in private placement
transactions to qualified investors, including open-end investment management
companies
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Funds' Fair Valuation
Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Wells Fargo Advantage Master Portfolios 195
Notes to Financial Statements (Unaudited)
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. This service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' fair values. For some
securities, such prices are not readily available. These securities will
generally be fair valued using methods which may include consideration of yields
or prices of securities of comparable quality, coupon rate, maturity and type of
issue, indications as to values from dealers in securities, trading
characteristics and general market conditions.
Debt securities of sufficient credit quality with original maturities of 60 days
or less and any collateral received from securities lending invested in
securities, generally are valued at amortized cost which approximates fair
value. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Assets,
including investment securities, and liabilities denominated in foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at the date
of valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting in changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and loses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS
Certain Funds may be subject to foreign currency exchange rate risk in the
normal course of pursuing its investment objectives. A forward foreign currency
contract is an agreement between two parties to purchase or sell a specific
currency for an agreed-upon price at a future date. The Fund enters into forward
foreign currency contracts to facilitate transactions in foreign-denominated
securities and to attempt to minimize the risk to the Fund from adverse changes
in the relationship between currencies. Forward foreign currency contracts are
recorded at the forward rate and marked-to-market daily. When the contracts are
closed, realized gains and losses arising from such transactions are recorded as
realized gains or losses on foreign currency related transactions. The Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The Fund's maximum risk of loss from counterparty credit
risk is the unrealized gains or losses on the contracts. This risk is mitigated
by having a master netting arrangement between the Fund and the counterparty.
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest
196 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
or dividends on the securities loaned. Security loans are secured at all times
by collateral, although the loans may not be fully supported at all times if,
for example, the instruments in which cash collateral is invested decline in
value or the borrower fails to provide additional collateral when required in a
timely manner or at all. The collateral is equal to at least 102% of the market
value of the securities loaned plus accrued interest when the transaction is
entered into. Cash collateral received by a Fund pursuant to these loans
generally is invested on behalf of the Fund by the securities lending agent in
securities that, at the time of investment, are considered high-quality
short-term debt investments (including money market instruments) and have been
evaluated and approved by the Fund's adviser and are permissible investments for
the Fund. Cash collateral is invested on behalf of a Fund through a joint
account and the Fund is entitled to the gains and bears the losses on such
investments. The net asset value of a Fund will be affected by an increase or
decrease in the value of the securities loaned and by an increase or decrease in
the value of instruments purchased with cash collateral. Another risk from
securities lending is that the borrower may not provide additional collateral
when required or return the securities when due or when called for by the Fund.
In either case, a Fund could experience delays in recovering securities or
collateral or could lose all or part of the value of the loaned securities.
Wells Fargo Bank, N.A., currently acts as the securities lending agent for the
Funds, subject to the overall supervision of the Funds' investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services as sub-agents. The securities lending agent may
make payments to borrowers and placing brokers that are not affiliated, directly
or indirectly, with the Trust, the adviser or the distributor. For the six
months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues
earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A.
have the impact of increasing securities lending income on the Statements of
Operations. For foreign equity securities, Bank of New York Mellon serves as the
securities lending sub-agent and receives for its services 20% of the revenues
earned on the securities lending activities that it conducts with respect to
foreign equity securities. The value of the securities on loan and the liability
to return the collateral are shown on the Statements of Assets and Liabilities.
FUTURES CONTRACTS
Certain Funds may be subject to equity price risk and foreign currency exchange
rate risk in the normal course of pursuing its investment objectives. The Funds
may buy and sell futures contracts in order to gain exposure to, or protect
against changes in, security values and interest rates. The primary risks
associated with the use of futures contracts are the imperfect correlation
between changes in market values of securities held by the Fund and the prices
of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset or liability and in the
Statement of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With futures contracts, there is minimal counterparty risk to
the Fund since futures are exchange traded and the exchange's clearinghouse, as
counterparty to all exchange traded futures, guarantees the futures against
default.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the
Wells Fargo Advantage Master Portfolios 197
Notes to Financial Statements (Unaudited)
timing of the cash flows of the underlying asset interests and the repayment
obligations of maturing securities issued by a SIV, or a SIV's inability to
issue new debt.
As of March 31, 2010, the following Funds owned certain of these types of
structured securities in the amounts shown in the table. These securities were
originally purchased by the Funds' securities lending agent on behalf of the
Funds through a joint account with cash collateral received by the Funds
pursuant to loans of the Funds' securities. Although considered high-quality,
short-term money market instruments when originally purchased by the securities
lending agent through the joint account, the SIVs have been restructured
following default and are valued at fair value as shown in the Portfolio of
Investments.
Restructured
SIVs ($ Value) % of Net Assets
-------------- ---------------
C&B LARGE CAP VALUE PORTFOLIO $2,126,280 0.36%
DISCIPLINED GROWTH PORTFOLIO 474,232 0.69%
EMERGING GROWTH PORTFOLIO 917,990 2.39%
EQUITY INCOME PORTFOLIO 297,467 0.13%
EQUITY VALUE PORTFOLIO 1,479,323 0.28%
INDEX PORTFOLIO 6,201,438 0.30%
LARGE CAP APPRECIATION PORTFOLIO 603,801 0.87%
LARGE COMPANY GROWTH PORTFOLIO 3,194,397 0.49%
SMALL CAP INDEX PORTFOLIO 1,916,608 1.93%
SMALL COMPANY GROWTH PORTFOLIO 2,541,565 0.72%
SMALL COMPANY VALUE PORTFOLIO 1,779,366 1.07%
|
In a securities lending transaction, the net asset value of a Fund will be
affected by an increase or decrease in the value of the securities loaned and by
an increase or decrease in the value of instruments in which cash collateral is
invested. Thus, the current net asset value of each Fund reflects the current
valuations assigned to the restructured SIVs that were purchased on its behalf
through the investment of cash collateral. Fluctuations in the values of
restructured SIVs generate unrealized gains or losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities.
The amount of securities lending activity undertaken by a Fund fluctuates from
time to time. After the occurrence of a default or impairment of a SIV purchased
in a joint account by the securities lending agent, as the various participating
Funds' lending activity fluctuated, their ratable interest in the joint account,
including their ratable exposure to the defaulted or impaired SIVs would
fluctuate depending on the relative activity of each participating Fund. In
order to eliminate the fluctuation of the various Funds' ratable exposure to the
defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of
Trustees, and the Board of Trustees approved, actions designed to fix the
allocation of percentage ownership in defaulted or impaired SIVs among all funds
participating in securities lending ("side pocketing") based on each Fund's
percentage ownership of the total cash collateral investment joint account as of
the date the fixed allocation is implemented. Accordingly, on February 13, 2009
a side pocketing occurred, which fixed each Fund's ownership of defaulted or
impaired SIVs in the joint account based on each such Fund's percentage
ownership of the joint account as of such date.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
198 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
FEDERAL AND OTHER TAXES
Each Fund of the Trust is treated as a separate entity for federal income tax
purposes. The Funds of the Trust are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends and gains have been distributed by the Fund.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Funds' investments in securities:
Significant
Other Significant
Observable Unobservable
Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
C&B LARGE CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 571,210,731 $ 0 $ 0 $ 571,210,731
PREFERRED STOCKS 11,636,250 0 0 11,636,250
Corporate debt securities 0 0 2,126,280 2,126,280
Debt securities issued by states in the U.S. and its political
subdivisions 0 1,032,759 0 1,032,759
Short-term investments 16,713,155 4,314,552 0 21,027,707
TOTAL $ 599,560,136 $ 5,347,311 $ 2,126,280 $ 607,033,727
DISCIPLINED GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 67,448,532 $ 0 $ 0 $ 67,448,532
Corporate debt securities 0 0 474,232 474,232
Debt securities issued by states in the U.S. and its political
subdivisions 0 113,277 0 113,277
Short-term investments 1,008,460 473,235 0 1,481,695
TOTAL $ 68,456,992 $ 586,512 $ 474,232 $ 69,517,736
|
Wells Fargo Advantage Master Portfolios 199
Notes to Financial Statements (Unaudited)
Significant
Other Significant
Observable Unobservable
Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
EMERGING GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 37,722,044 $ 0 $ 0 $ 37,722,044
Corporate debt securities 0 0 917,990 917,990
Debt securities issued by states in the U.S. and its political
subdivisions 0 182,607 0 182,607
Short-term investments 663,091 762,872 0 1,425,963
TOTAL $ 38,385,135 $ 945,479 $ 917,990 $ 40,248,604
EQUITY INCOME PORTFOLIO
Equity securities
COMMON STOCKS $ 228,874,952 $ 0 $ 0 $ 228,874,952
Corporate debt securities 0 0 297,467 297,467
Debt securities issued by states in the U.S. and its political
subdivisions 0 204,117 0 204,117
Short-term investments 2,670,386 852,742 0 3,523,128
TOTAL $ 231,545,338 $ 1,056,859 $ 297,467 $ 232,899,664
EQUITY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 521,493,210 $ 0 $ 0 $ 521,493,210
Corporate debt securities 0 0 1,479,323 1,479,323
Debt securities issued by states in the U.S. and its political
subdivisions 0 1,989,202 0 1,989,202
Short-term investments 9,199,253 8,310,293 0 17,509,546
TOTAL $ 530,692,463 $10,299,495 $ 1,479,323 $ 542,471,281
INDEX PORTFOLIO
Equity securities
COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292
Corporate debt securities 0 0 6,201,438 6,201,438
Debt securities issued by states in the U.S. and its political
subdivisions 0 1,465,774 0 1,465,774
Short-term investments 16,405,564 6,123,566 0 22,529,130
TOTAL $2,090,206,856 $ 7,589,340 $ 6,201,438 $2,103,997,634
INTERNATIONAL CORE PORTFOLIO
Equity securities
COMMON STOCKS $ 53,977,969 $ 0 $ 206,721 $ 54,184,690
PREFERRED STOCKS 952,148 0 0 952,148
Short-term investments 1,193,423 0 0 1,193,423
TOTAL $ 56,123,540 $ 0 $ 206,721 $ 56,330,261
|
200 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
Significant
Other Significant
Observable Unobservable
Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
INTERNATIONAL GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 150,380,706 $ 0 $ 0 $ 150,380,706
Short-term investments 3,339,209 0 0 3,339,209
TOTAL $ 153,719,915 $ 0 $ 0 $ 153,719,915
INTERNATIONAL INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 55,512,396 $ 0 $ 130,591 $ 55,642,987
PREFERRED STOCKS 191,648 0 0 191,648
RIGHTS 450 0 0 450
WARRANTS 253 0 0 253
Short-term investments 511,273 0 0 511,273
TOTAL $ 56,216,020 $ 0 $ 130,591 $ 56,346,611
INTERNATIONAL VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 292,395,867 $ 0 $ 3,381,249 $ 295,777,116
Short-term investments 7,289,152 0 0 7,289,152
TOTAL $ 299,685,019 $ 0 $ 3,381,249 $ 303,066,268
LARGE CAP APPRECIATION PORTFOLIO
Equity securities
COMMON STOCKS $ 68,092,526 $ 0 $ 0 $ 68,092,526
Corporate debt securities 0 0 603,801 603,801
Debt securities issued by states in the U.S. and its political
subdivisions 0 119,802 0 119,802
Short-term investments 0 500,495 0 500,495
TOTAL $ 68,092,526 $ 620,297 $ 603,801 $ 69,316,624
LARGE COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 638,687,685 $ 0 $ 0 $ 638,687,685
Corporate debt securities 0 0 3,194,397 3,194,397
Debt securities issued by states in
the U.S. and its political subdivisions 0 582,856 0 582,856
Short-term investments 7,933,097 2,434,999 0 10,368,096
TOTAL $ 646,620,782 $ 3,017,855 $ 3,194,397 $ 652,833,034
|
Wells Fargo Advantage Master Portfolios 201
Notes to Financial Statements (Unaudited)
Significant
Other Significant
Observable Unobservable
Quoted Price Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- -------------- ----------- ------------ --------------
SMALL CAP INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 98,052,755 $ 0 $ 0 $ 98,052,755
Corporate debt securities 0 0 1,916,608 1,916,608
Debt securities issued by states in the U.S. and its political
subdivisions 0 252,163 0 252,163
Short-term investments 1,067,271 1,053,460 0 2,120,731
TOTAL $ 99,120,026 $ 1,305,623 $ 1,916,608 $ 102,342,257
SMALL COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 334,312,237 $ 0 $ 0 $ 334,312,237
Corporate debt securities 0 0 2,541,565 2,541,565
Debt securities issued by states in the U.S. and its political
subdivisions 0 858,601 0 858,601
Short-term investments 14,708,242 3,586,981 0 18,295,223
TOTAL $ 349,020,479 $ 4,445,582 $ 2,541,565 $ 356,007,626
SMALL COMPANY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 160,700,141 $ 0 $ 0 $ 160,700,141
Corporate debt securities 0 0 1,779,366 1,779,366
Debt securities issued by states in the U.S. and its political
subdivisions 0 273,629 0 273,629
Short-term investments 4,319,642 1,143,146 0 5,462,788
TOTAL $ 165,019,783 $ 1,416,775 $ 1,779,366 $ 168,215,924
STRATEGIC SMALL CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 85,674,324 $ 0 $ 369,293 $ 86,043,617
INVESTMENT COMPANIES 251,161 0 0 251,161
PREFERRED STOCKS 177,282 0 106,533 283,815
Short-term investments 2,471,710 0 0 2,471,710
TOTAL $ 88,574,477 $ 0 $ 475,826 $ 89,050,303
|
Further details on the major security types listed above for each fund can be
found in the Portfolio of Investments.
202 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
As of March 31, 2010, the inputs used in valuing the Funds' other financial
instruments, which are carried at fair value, were as follows:
Significant
Other Significant
Observable Unobservable
Quoted Price Inputs Inputs
OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total
--------------------------- -------------- ----------- ------------ --------------
INDEX PORTFOLIO
Futures contracts $ 601,925 $ 0 $ 0 $ 601,925
INTERNATIONAL CORE PORTFOLIO
Forward foreign currency contracts 0 54,838 0 54,838
INTERNATIONAL INDEX PORTFOLIO
Futures contracts 29,054 0 0 29,054
Forward foreign currency contracts 0 2,450 0 2,450
SMALL CAP INDEX PORTFOLIO
Futures contracts 33,450 0 0 33,450
|
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
C&B Large Disciplined Emerging Equity Equity
Cap Value Growth Growth Income Value Index International
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Core Portfolio
----------- ----------- ---------- ---------- ---------- ----------- -------------------
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE
DEBT DEBT DEBT DEBT DEBT DEBT COMMON SHORT-TERM
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS SECURITIES
----------- ----------- ---------- ---------- ---------- ----------- -------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 1,849,905 $ 412,591 $ 798,669 $ 258,803 $1,287,041 $ 5,395,372 $ 0 $ 15,654
Realized gain (loss) (1,050,830) (240,264) (607,064) (608,416) (936,436) (5,528,046) 0 (15,262)
Change in unrealized
appreciation
(depreciation) 1,448,761 329,016 778,865 664,086 1,213,290 6,688,638 0 3,914
Net purchases (sales) (121,556) (27,111) (52,480) (17,006) (84,572) (354,526) 0 (4,306)
Net transfer in (out) of
Level 3 0 0 0 0 0 0 206,721 0
BALANCE AS OF MARCH 31, 2010 $ 2,126,280 $ 474,232 $ 917,990 $ 297,467 $1,479,323 $ 6,201,438 $206,721 $ 0
Change in unrealized
appreciation
(depreciation) relating to
securities held at the
end of reporting period $ 381,704 $ 85,133 $ 164,795 $ 53,401 $ 265,564 $ 1,113,265 $ 0 $ 0
|
International
Growth
Portfolio International Index Portfolio International Value Portfolio
------------- ----------------------------- ---------------------------------
SHORT-TERM COMMON SHORT-TERM COMMON SHORT-TERM
SECURITIES STOCKS WARRANTS SECURITIES STOCKS RIGHTS SECURITIES
------------- -------- -------- ---------- ---------- ----------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 46,080 $ 14 $ 3,065 $ 23,194 $ 0 $ 110,787 $ 140,944
Realized gain (loss) (44,928) 0 0 (22,614) 0 0 (137,420)
Change in unrealized
appreciation
(depreciation) 11,520 0 0 5,799 0 0 35,236
Net purchases (sales) (12,672) 12,109 0 (6,379) 0 0 (38,760)
Net transfer in (out) of
Level 3 0 118,468 (3,065) 0 3,381,249 (110,787) 0
BALANCE AS OF MARCH 31, 2010 $ 0 $130,591 $ 0 $ 0 $3,381,249 $ 0 $ 0
Change in unrealized
appreciation
(depreciation) relating to
securities held at the end
of reporting period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
|
Wells Fargo Advantage Master Portfolios 203
Notes to Financial Statements (Unaudited)
Large Small Small
Large Cap Company Small Company Company Strategic
Appreciation Growth Cap Index Growth Value Small Cap Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------ ----------- ----------- ----------- ----------- ------------------
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE
DEBT DEBT DEBT DEBT DEBT COMMON PREFERRED
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS STOCKS
------------ ----------- ----------- ----------- ----------- -------- ---------
BALANCE AS OF SEPTEMBER 30, 2009 $ 525,319 $ 2,779,188 $ 1,667,487 $ 2,211,209 $ 1,548,083 $ 0 $ 42,400
Accrued discounts (premiums) 0 0 0 0 0 0 0
Realized gain (loss) (182,955) (3,454,315) (1,589,917) (1,715,642) (1,139,513) 0 368
Change in unrealized
appreciation
(depreciation) 295,956 4,052,142 1,948,608 2,191,293 1,472,519 0 3,616
Net purchases (sales) (34,519) (182,618) (109,570) (145,295) (101,723) 0 60,149
Net transfer in (out) of
Level 3 0 0 0 0 0 369,293 0
BALANCE AS OF MARCH 31, 2010 $ 603,801 $ 3,194,397 $ 1,916,608 $ 2,541,565 $ 1,779,366 $369,293 $106,533
Change in unrealized appreciation
(depreciation) relating to
securities held at the end of
reporting period $ 108,393 $ 573,449 $ 344,064 $ 456,255 $ 319,427 $ 0 $ 1,500
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of C&B Large Cap Value
Portfolio, Disciplined Growth Portfolio, Equity Income Portfolio and Equity
Value Portfolio increases. For the six months ended March 31, 2010, Disciplined
Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio each paid
an advisory fee at an annual rate equivalent to 0.70% of each Fund's average
daily net assets. C&B Large Cap Value Portfolio paid an advisory fee at an
annual rate equivalent to 0.69% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.85% and declining
to 0.75% as the average daily net assets of each of Emerging Growth Portfolio,
Small Company Growth Portfolio, Small Company Value Portfolio and Strategic
Small Cap Value Portfolio increases. For the six months ended March 31, 2010,
each of these Funds paid an advisory fee at an annual rate equivalent to 0.85%
of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.10% and declining
to 0.05% as the average daily net assets of Index Portfolio increases. For the
six months ended March 31, 2010, Index Portfolio paid an advisory fee at an
annual rate equivalent to 0.09% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.95% and declining
to 0.80% as the average daily net assets of each of International Core
Portfolio, International Growth Portfolio and International Value Portfolio
increases. For the six months ended March 31, 2010, each of these Funds paid an
advisory fee at an annual rate equivalent to 0.95% of each Fund's average daily
net assets.
Funds Management is paid an annual advisory fee starting at 0.35% and declining
to 0.30% as the average daily net assets of International Index Portfolio
increases. For the six months ended March 31, 2010, International Index
Portfolio paid an advisory fee at an annual rate equivalent to 0.35% of its
average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of Large Cap Appreciation
Portfolio and Large Company Growth Portfolio increases. For the six months ended
March 31, 2010, Large Cap Appreciation Portfolio and Large Company Growth
Portfolio paid an advisory fee at an annual rate equivalent to 0.70% and 0.69%,
respectively, of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.20% and declining
to 0.15% as the average daily net assets of Small Cap Index Portfolio increases.
For the six months ended March 31, 2010, Small Cap Index Portfolio paid an
advisory fee at an annual rate equivalent to 0.20% of its average daily net
assets.
204 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by a
Fund to the adviser.
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap
Index Portfolio and Strategic Small Cap Value Portfolio.
Peregrine Capital Management, Inc., an affiliate of Funds Management and direct
wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Large
Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value
Portfolio.
Evergreen Investment Management Company, LLC, an affiliate of Funds Management
and indirect wholly owned subsidiary of Wells Fargo & Company, is the
sub-adviser to International Core Portfolio.
Cooke & Bieler LP is the sub-adviser to C&B Large Cap Value Portfolio. Smith
Asset Management Group LP is the sub-adviser to Disciplined Growth Portfolio.
Systematic Financial Management LP is the subadviser to Equity Value Portfolio.
Artisan Partners LP is the sub-adviser to International Growth Portfolio. SSgA
Funds Management is the sub-adviser to International Index Portfolio. LSV Asset
Management is the sub-adviser to International Value Portfolio. Cadence Capital
Management LLC is the sub-adviser to Large Cap Appreciation Portfolio.
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Funds.
CUSTODY FEES
State Street Bank and Trust Company ("State Street") provides custody and fund
accounting services to the Funds. For providing custody services, State Street
is entitled to an annual asset-based fee for domestic and global custody
services for the Funds. For providing fund accounting services to the Funds,
State Street is entitled to receive annual asset-based fees and is reimbursed
for out-of-pocket expenses incurred for providing these services.
Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to
the Funds and received a monthly fee at an annual rate of 0.02% of the average
daily net assets of each Fund, except International Core Portfolio,
International Growth Portfolio, International Index Portfolio and International
Value Portfolio. Wells Fargo Bank, N.A. was paid at an annual rate of 0.10% of
the average daily net assets of International Core Portfolio, International
Growth Portfolio, International Index Portfolio and International Value
Portfolio. PNC Global Investment Servicing ("PNC") served as fund accountant for
the Funds prior to November 16, 2009 and received an annual asset-based fee and
an annual fixed fee from each Fund. PNC was also reimbursed for all
out-of-pocket expenses reasonably incurred in providing these services.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
Purchases Sales
at Cost Proceeds
------------ ------------
C&B LARGE CAP VALUE PORTFOLIO $ 32,604,335 $128,896,046
DISCIPLINED GROWTH PORTFOLIO 26,197,618 52,196,220
EMERGING GROWTH PORTFOLIO 23,100,164 76,947,340
EQUITY INCOME PORTFOLIO 4,680,770 56,643,261
EQUITY VALUE PORTFOLIO 316,505,659 360,319,988
INDEX PORTFOLIO 198,902,928 282,307,063
INTERNATIONAL CORE PORTFOLIO 32,048,457 50,493,844
INTERNATIONAL GROWTH PORTFOLIO 63,820,590 69,483,075
INTERNATIONAL INDEX PORTFOLIO 4,831,131 21,400,928
INTERNATIONAL VALUE PORTFOLIO 38,802,284 50,256,769
|
Wells Fargo Advantage Master Portfolios 205
Notes to Financial Statements (Unaudited)
Purchases Sales
at Cost Proceeds
------------ ------------
LARGE CAP APPRECIATION PORTFOLIO $ 36,443,172 $ 69,377,033
LARGE COMPANY GROWTH PORTFOLIO 25,131,944 429,388,022
SMALL CAP INDEX PORTFOLIO 10,045,743 166,169,238
SMALL COMPANY GROWTH PORTFOLIO 200,714,614 296,341,739
SMALL COMPANY VALUE PORTFOLIO 59,804,164 144,196,323
STRATEGIC SMALL CAP VALUE PORTFOLIO 24,955,824 148,614,025
|
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, certain Funds entered into futures
contracts for hedging purposes.
At March 31, 2010, the Funds had long futures contracts outstanding as follows:
Initial Net Unrealized
Contract Appreciation/
Expiration Date Contracts Type Amount (Depreciation)
--------------- --------- ----------------------- ----------- --------------
INDEX PORTFOLIO June 2010 55 Long S&P 500 Index $15,419,575 $601,925
INTERNATIONAL INDEX PORTFOLIO June 2010 10 Long Dow Jones Euro 381,153 3,917
STOXX 50 Index
June 2010 6 Long FTSE 100 Index 505,747 5,089
June 2010 3 Long TOPIX Index 293,623 20,048
SMALL CAP INDEX PORTFOLIO June 2010 10 Long Russell 2000 MINI Index 643,650 33,450
|
The Index Portfolio, International Index Portfolio, and Small Cap Index
Portfolio had average contract amounts of $19,901,492, $1,488,974, and
$3,025,831 respectively, in futures contracts during the six months ended March
31, 2010.
During the six months ended March 31, 2010, certain Funds entered into forward
foreign currency exchange contracts for hedging purposes.
At March 31, 2010, the Funds had forward foreign currency exchange contracts
outstanding as follows:
Forward Foreign Currency Exchange Contracts to Buy:
U.S. Value Net Unrealized
Contracts at March 31, In Exchange Appreciation/
Exchange Date to Receive 2010 for U.S. $ (Depreciation)
------------- -------------- ------------ ----------- --------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $712,745 $718,902 $(6,157)
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 44,882 EUR 60,620 60,645 (25)
INTERNATIONAL INDEX PORTFOLIO 06/30/2010 225,000 EUR 303,910 300,551 3,359
06/30/2010 100,000 GBP 151,672 149,510 2,162
06/30/2010 12,000,000 JPY 128,419 131,490 (3,071)
|
Forward Foreign Currency Exchange Contracts to Sell:
U.S. Value Net Unrealized
Contracts at March 31, In Exchange Appreciation/
Exchange Date to Receive 2010 for U.S. $ (Depreciation)
------------- -------------- ------------ ----------- --------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 712,358 $ (387)
04/30/2010 132,307,000 JPY 1,415,390 1,476,772 61,382
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 21,485 GBP 32,603 32,625 22
|
The International Core Portfolio had average market values of $1,055,954 and
$5,601,977 in forward foreign currency exchange contracts to buy and forward
foreign currency exchange contracts to sell, respectively, during the six months
ended March 31, 2010. The International Growth Portfolio had average market
values of $134,520 and $34,965 in forward foreign currency exchange contracts to
buy and forward foreign currency exchange contracts to sell, respectively,
during
206 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
the six months ended March 31, 2010. The International Index Portfolio had
average market values of $818,240 and $180,566 in forward foreign currency
exchange contracts to buy and forward foreign currency exchange contracts to
sell, respectively, during the six months ended March 31, 2010.
For Index Portfolio, International Core Portfolio, International Growth
Portfolio, and Small Cap Index Portfolio, the fair value, realized gains or
losses and change in unrealized gains or losses on derivative instruments are
reflected in the appropriate financial statements of each Fund.
For International Index Portfolio, a summary of derivative instruments by
primary risk exposure is outlined in the following tables.
The fair values of derivative instruments as of March 31, 2010 was as follows
for International Index Portfolio:
ASSET DERIVATIVES LIABILITY DERIVATIVES
-------------------------------------------- ------------------------------------------
Fair Fair
Balance Sheet Location Value Balance Sheet Location Value
---------------------------------- -------- ---------------------------------- ------
Equity contracts Variation margin $245,471* Variation margin $6,132*
Forward foreign currency contracts Unrealized appreciation on forward Unrealized depreciation on
foreign currency contracts 5,521 forward foreign currency contracts 3,071
-------- ------
$250,992 $9,203
|
* Amount represents current day's variation margin. Prior variation movements
have been reflected in cash on the Statement of Assets and Liabilities upon
receipt of payment.
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2010 was as follows for International Index Portfolio:
AMOUNT OF REALIZED GAINS OR LOSSES ON
DERIVATIVES
------------------------------------------------
Futures Forward Currency Contracts Total
-------- -------------------------- --------
Equity contracts $176,307 $ 0 $176,307
Forward foreign currency contracts 0 (40,492) (40,492)
-------- -------- --------
$176,307 $(40,492) $135,815
|
CHANGE IN UNREALIZED GAINS OR LOSSES ON
DERIVATIVES
----------------------------------------------
Futures Forward Currency Contracts Total
------- -------------------------- -------
Equity contracts $13,622 $ 0 $13,622
Forward foreign currency contracts 0 5,984 5,984
------- ------ -------
$13,622 $5,984 $19,606
|
7. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated.
Wells Fargo Advantage Allocation Funds 207
Other Information (Unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (www.wellsfargo.com/advantagefunds) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
WWW.SEC.GOV. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust") and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 132 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
INDEPENDENT TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser. None
67 Chairman, since 2005 Water Company.
(Lead Trustee since 2001)
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
57 Trustee, since 2008 Advertising and Publishing Corp from 2005 to 2007, Deluxe Corporation
President and CEO of BellSouth Enterprises from 2004 to
2005 and President of BellSouth Consumer Services from
2000 to 2003. Currently a member of the Iowa State
University Foundation Board of Governors and a member of
the Advisory Board of Iowa State University School of
Business.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement
Fund from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
59 Trustee, since 2008 School of Business, Stanford University, Director of
Corporate Governance Research Program and Co-Director of
The Rock Center for Corporate Governance since 2006. From
2005 to 2008, Professor of Accounting at the Graduate
School of Business, Stanford University. Prior thereto,
Ernst & Young Professor of Accounting at The Wharton
School, University of Pennsylvania from 1985 to 2005.
|
208 Wells Fargo Advantage Allocation Funds
Other Information (Unaudited)
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton None
57 School, University of Pennsylvania. Director of the
Boettner Center on Pensions and Retirement Research.
Research associate and board member, Penn Aging Research
Center. Research associate, National Bureau of Economic
Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 Foundation, a non-profit organization, since 2007 and
Senior Fellow at the Humphrey Institute Policy Forum at
the University of Minnesota since 1995. Member of the
Board of Trustees of NorthStar Education Finance, Inc., a
non-profit organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
|
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ---------------------------------------------------------- -------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
50 President of Wells Fargo Funds Management, LLC since 2003.
Senior Vice President and Chief Administrative Officer of
Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
49 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips(3) Treasurer, since 2009 Senior Vice President of Evergreen Investment Management None
39 Company, LLC since 2006 and currently the Treasurer of the
Evergreen Funds since 2005. Vice President and Assistant
Vice President of Evergreen Investment Services, Inc. from
1999 to 2006.
David Berardi(4) Assistant Treasurer, Vice President of Evergreen Investment Management Company, None
34 since 2009 LLC since 2008. Assistant Vice President of Evergreen
Investment Services, Inc. from 2004 to 2008. Manager of
Fund Reporting and Control for Evergreen Investment
Management Company, LLC since 2004.
Jeremy DePalma(4) Assistant Treasurer, Senior Vice President of Evergreen Investment Management None
36 since 2009 Company, LLC since 2008. Vice President, Evergreen
Investment Services, Inc. from 2004 to 2007. Assistant
Vice President, Evergreen Investment Services, Inc. from
2000 to 2004 and the head of the Fund Reporting and
Control Team within Fund Administration since 2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus
Investments from 2005 to 2007. Chief Financial Officer of
Parnassus Investments from 2004 to 2007 and Senior Audit
Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
|
(1.) The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
www.wellsfargo.com/advantagefunds.
(2.) Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
(3.) Effective November 1, 2009.
(4.) Treasurer during the period from June 1, 2009 to October 31, 2009.
Assistant Treasurer effective November 1, 2009.
Wells Fargo Advantage Allocation Funds 209
Other Information (Unaudited)
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
AGGRESSIVE ALLOCATION FUND, INDEX ASSET ALLOCATION FUND, CONSERVATIVE ALLOCATION
FUND, GROWTH BALANCED FUND, MODERATE BALANCED FUND, C&B LARGE CAP VALUE
PORTFOLIO, DISCIPLINED GROWTH PORTFOLIO, EMERGING GROWTH PORTFOLIO, EQUITY
INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO, INDEX PORTFOLIO, INTERNATIONAL CORE
PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO, INTERNATIONAL INDEX PORTFOLIO,
INTERNATIONAL VALUE PORTFOLIO, LARGE CAP APPRECIATION PORTFOLIO, LARGE COMPANY
GROWTH PORTFOLIO, SMALL CAP INDEX PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO,
SMALL COMPANY VALUE PORTFOLIO AND STRATEGIC SMALL CAP VALUE PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that each Board of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master
Trust ("Master Trust") (collectively, the "Trusts"), all of the members of which
have no direct or indirect interest in the investment advisory and sub-advisory
agreements and are not "interested persons" of each Trust, as defined in the
1940 Act (the "Independent Trustees"), will meet in person to review and
consider the continuation of any investment advisory and sub-advisory
agreements. In this regard, the Funds Trust Board reviewed and re-approved:
investment advisory agreements with Wells Fargo Funds Management, LLC ("Funds
Management") for the Aggressive Allocation Fund, Index Asset Allocation Fund,
Conservative Allocation Fund, Growth Balanced Fund and Moderate Balanced Fund
(the "Allocation Funds"). The Master Trust Board reviewed and re-approved:
investment advisory agreements with Funds Management for: C&B Large Cap Value
Portfolio, Disciplined Growth Portfolio, Emerging Growth Portfolio, Equity
Income Portfolio, Equity Value Portfolio, Index Portfolio, International Core
Portfolio, International Growth Portfolio, International Index Portfolio,
International Value Portfolio, Large Cap Appreciation Portfolio, Large Company
Growth Portfolio, Small Cap Index Portfolio, Small Company Growth Portfolio,
Small Company Value Portfolio and Strategic Small Cap Value Portfolio (the
"Master Portfolios"). The Allocation Funds and the Master Portfolios are,
collectively, the "Funds."
The Boards also reviewed and re-approved an investment sub-advisory agreement
with Wells Capital Management Incorporated ("Wells Capital Management") for the
Allocation Funds, Emerging Growth Portfolio, Equity Income Portfolio, Index
Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio.
The Master Trust Board also reviewed and re-approved: (i) an investment
sub-advisory agreement with Artisan Partners Limited Partnership ("Artisan") for
the International Growth Portfolio; (ii) an investment sub-advisory agreement
with Cadence Capital Management, LLC ("Cadence") for the Large Cap Appreciation
Portfolio; (iii) an investment sub-advisory agreement with Cooke & Bieler L.P.
("Cooke & Bieler") for the C&B Large Cap Value Portfolio; (iv) an investment
sub-advisory agreement with Evergreen Investment Management Company, LLC
("Evergreen") for the International Core Portfolio; (v) an investment
sub-advisory agreement with LSV Asset Management ("LSV") for the International
Value Portfolio; (vi) investment sub-advisory agreements with Peregrine Capital
Management, Inc. ("Peregrine") for the Large Company Growth Portfolio, Small
Company Growth Portfolio and Small Company Value Portfolio; (vii) investment
sub-advisory agreements with Smith Asset Management, L.P. ("Smith") for the
Disciplined Growth Portfolio; (viii) an investment sub-advisory agreement with
SSgA Funds Management ("SSgA") for the International Index Portfolio; and (ix)
an investment sub-advisory agreement with Systematic Financial Management, L.P.
("Systematic") for the Equity Value Portfolio. The investment advisory
agreements with Funds Management and the investment sub-advisory agreements with
Wells Capital Management, Artisan, Cadence, Cooke & Bieler, Evergreen, LSV,
Peregrine, Smith, SSgA, and Systematic (the "Sub-Advisers") are collectively
referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 25-26, 2010 (the "Meeting"), the
Boards considered the factors and reached the conclusions described below
relating to the selection of Funds Management and the Sub-Advisers and the
continuation of the Advisory Agreements. Prior to the meeting held on March
25-26, 2010, the Trustees conferred extensively among themselves and with
representatives of Funds Management about these matters. The Boards also met
throughout the year and received information that was useful to them in
considering the continuation of the Advisory Agreements. The Independent
Trustees were assisted in their evaluation of the Advisory Agreements by
independent legal counsel, from whom they received separate legal advice and
with whom they met separately from Funds Management.
Because the Allocation Funds are gateway blended funds that invest all of their
assets in multiple Master Portfolios identified above, information provided to
the Boards regarding the Allocation Funds is also applicable to the Master
Portfolios identified above.
210 Wells Fargo Advantage Allocation Funds
Other Information (Unaudited)
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various information regarding the nature,
extent and quality of services provided to the Funds by Funds Management and the
Sub-Advisers under the Advisory Agreements. The Boards also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for the day-to-day portfolio management of the Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Boards further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers. In addition, the Boards took into account the administrative
services provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below,
each Board concluded that it was satisfied with the nature, extent and quality
of the investment advisory services provided to the Funds by Funds Management
and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for the Funds over various time
periods ended December 31, 2009. With respect to the Allocation Funds, the Funds
Trust Board also considered these results in comparison to the median
performance of a universe of relevant funds (the "Universe") that was determined
by Lipper Inc. ("Lipper") to be similar to the Allocation Funds, and in
comparison to each Allocation Fund's benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Funds
Trust Board received a description of the methodology used by Lipper to select
the mutual funds in the Universe.
The Funds Trust Board noted that the longer-term performance of the Aggressive
Allocation Fund, the Conservative Allocation Fund and the Moderate Balanced Fund
was lower than the median performance of their respective Universe. The Funds
Trust Board also noted that each such Allocation Fund's more recent performance
was higher than the median performance of its Universe. The Funds Trust Board
noted that the 3- and 5-year performance of the Growth Balanced Fund was lower
than the median performance of the Universe, but also noted that such Allocation
Fund's 1- and 10-year performance was higher than the median performance of the
Universe. The Funds Trust Board noted that the performance of the Index Asset
Allocation Fund was lower than the median performance of the Universe for all
periods under review and required further inquiry. Funds Management provided
information about factors that contributed to the Index Asset Allocation Fund's
underperformance. The Funds Trust Board noted the change in the portfolio
management team that occurred during the annual review period, and agreed that
Funds Management was taking responsible steps to address such Fund's
underperformance.
With respect to the Master Portfolios, the Master Trust Board reviews
performance on both an absolute basis and relative to a universe of relevant
funds on a quarterly basis. The Master Trust Board also took note of the
performance of the Master Portfolios in the context of reviewing the performance
of the Allocation Funds.
The Funds Trust Board received and considered information regarding the
Allocation Funds' contractual advisory fee and net operating expense ratios and
their various components, including actual management fees (which reflect fee
waivers, if any), transfer agent, custodian and other non-management fees, Rule
12b-1 and non-Rule 12b-1 fees, service fees and fee waiver and expense
reimbursement arrangements. The Funds Trust Board also considered these ratios
in comparison to the median ratios of an expense Universe and a narrower expense
group of mutual funds (the "Expense Group") that was determined by Lipper to be
similar to the Allocation Funds. The Funds Trust Board received a description of
the methodology used by Lipper to select the mutual funds in the Allocation
Funds' Expense Group. The Funds Trust Board noted that the net operating expense
ratios of the Allocation Funds were equal to, lower than, or in range of their
respective Expense Group's median net operating expense ratio.
With respect to the Master Portfolios, the Master Trust Board reviewed the fee
rates that are payable to Funds Management for investment advisory services (as
discussed below) and the rates payable pursuant to a custody agreement, in each
case relative to an Expense Group.
Wells Fargo Advantage Allocation Funds 211
Other Information (Unaudited)
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense structure of the Funds
supported the re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
that are payable by the Funds to Funds Management for investment advisory
services (the "Advisory Agreement Rates"), on a stand-alone basis and, with
respect to the Allocation Funds, on a combined basis with the Allocation Funds'
administration fee rates. The Funds Trust Board took into account the separate
administrative and other services covered by the administration fee rates. The
Funds Trust Board also reviewed and considered the contractual investment
sub-advisory fee rates that are payable by Funds Management to the Sub-Advisers
for investment sub-advisory services (the "Sub-Advisory Agreement Rates"). In
addition, the Funds Trust Board reviewed and considered the existing fee
waiver/cap arrangements applicable to the Advisory Agreement Rates and
considered the Advisory Agreement Rates after taking the waivers/caps into
account (the "Net Advisory Rates").
AGGRESSIVE ALLOCATION FUND, CONSERVATIVE ALLOCATION FUND, GROWTH BALANCED FUND
AND MODERATE BALANCED FUND
The Funds Trust Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with the median rate of those of other
funds in each Fund's Expense Group. The Funds Trust Board noted that the
Advisory Agreement Rates and Net Advisory Rates were in range of or lower than
each Fund's Expense Group median.
INDEX ASSET ALLOCATION FUND
The Funds Trust Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with the median rate of those of other
funds in the Fund's Expense Group. The Funds Trust Board noted that the Advisory
Agreement Rate and Net Advisory Rate were higher than the Expense Group median
for the Class A shares, but the Advisory Agreement Rate and Net Advisory Rate
were in range of or lower than the Expense Group median of the Administrator
Class shares. The Funds Trust Board noted that, at the time of review, the Fund
was benefiting from breakpoints applicable to the Advisory Agreement Rates. The
Funds Trust Board also considered that Funds Management had agreed to waive a
portion of its advisory fees.
With respect to the Allocation Funds, the Funds Trust Board concluded that the
Advisory Agreement Rates, both with and without administration fee rates and
before and after waivers, were acceptable in light of the Allocation Funds'
Expense Group information, the net expense ratio commitments and the services
covered by the Advisory Agreements.
THE MASTER PORTFOLIOS
The Master Trust Board received and considered information comparing the
Advisory Agreement Rate with the median rate of other funds in each Master
Portfolio's Expense Group. The Master Trust Board noted that the Master
Portfolios' Advisory Agreement Rates were in range of or lower than the Expense
Group median.
The Master Trust Board concluded that the Advisory Agreement Rates were
acceptable in light of the Master Portfolios' Expense Group information and the
services covered by the Advisory Agreements.
SUB-ADVISORY AGREEMENT RATES
Both the Funds Trust Board and the Master Trust Board also reviewed and
considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory
Agreement Rates were acceptable in light of the services covered by the
Sub-Advisory Agreements.
PROFITABILITY
The Boards received and considered a profitability analysis of Funds Management
based on the Advisory Agreement Rates and Net Advisory Rates, as well as an
analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Boards concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
The Boards did not consider separate profitability information with respect to
Wells Capital Management, Evergreen, Peregrine and Smith, because, as affiliates
of Funds Management, their profitability information was subsumed in the
profitability analysis provided by Funds Management. The Board of the Master
Trust also did not consider separate profitability information with respect to
Artisan, Cadence, Cooke & Bieler, LSV, SSgA, and Systematic, which are not
affiliated with Funds Management. The Master Trust Board considered that the
sub-advisory fees paid to these Sub-Advisers had
212 Wells Fargo Advantage Allocation Funds
Other Information (Unaudited)
been negotiated by Funds Management on an arm's length basis and that Artisan's,
Cadence's, Cooke & Bieler's, LSV's, SSgA's and Systematic's profitability from
their relationships with the Master Portfolios managed by them was not a
material factor in determining whether to renew the agreements.
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of scale
made at the March 2010 Board meeting. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and fee waiver and expense reimbursement arrangements applicable to
the Funds.
INFORMATION ABOUT SERVICES AND FEES OFFERED TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to similarly situated
series of the Trusts, and those offered by the Sub-Advisers to other clients.
The Boards concluded that the Advisory Agreement Rates, the Sub-Advisory
Agreement Rates and the Net Advisory Rates were within an acceptable range of
the fee rates offered to similarly situated series of the Trusts by Funds
Management and to other clients by the Sub-Advisers, giving effect to
differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Allocation Funds and
Master Portfolios. Ancillary benefits could include, among others, benefits
directly attributable to the relationship of Funds Management and the
Sub-Advisers with the Allocation Funds and Master Portfolios and benefits
potentially derived from an increase in Funds Management's and the Sub-Advisers'
business as a result of their relationship with the Allocation Funds and Master
Portfolios (such as the ability to market to shareholders/interestholders other
financial products offered by Funds Management and its affiliates or the
Sub-Advisers and their affiliates).
The Boards have reviewed information about the policies of the Sub-Advisers in
seeking the best execution of portfolio transactions, whether and to what extent
soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards have reviewed
information about Funds Management's and the Sub-Advisers' methods for
allocating portfolio investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Allocation Funds'
shares, including the multiple channels through which the Allocation Funds'
shares are offered and sold. The Boards noted that the Allocation Funds are part
of one of the few fund families that have both direct-to-fund and intermediary
distribution channels. As discussed above, the Boards review detailed materials
received from Funds Management and the Sub-Advisers annually as part of the
re-approval process under Section 15(c) of the 1940 Act. The Boards also review
and assess information about the quality of the services that the Funds receive
throughout the year. In this regard, the Boards have reviewed reports of Funds
Management at each of their quarterly meetings, which include, among other
things, portfolio reviews and fund performance reports. In addition, the Boards
confer with portfolio managers at various times throughout the year.
CONCLUSION
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that approval of the continuation of the Advisory Agreements for the Funds was
in the best interest of the Funds and their shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one-year period.
Wells Fargo Advantage Allocation Funds 213
List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial
Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
ETF -- Exchange-Traded Fund
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Farm Service Agency
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MFMR -- Multi-Family Mortgage Revenue
MMD -- Municipal Market Data
MTN -- Medium Term Note
MUD -- Municipal Utility District
NATL-RE -- National Public Finance Guarantee Corporation
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
SPDR -- Standard & Poor's Depositary Receipts
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
|
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More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1- 800-222-8222
Retail Investment Professionals: 1- 888-877-9275
Institutional Investment Professionals: 1- 866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Source: MSCI. MSCI makes no express or implied warranties or representations and
shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for
other indices or any securities or financial products. This report is not
approved, reviewed or produced by MSCI.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(GRAPHIC)
Printed on Recycled paper
(C) 2010 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 112811 05-10
SAAFLD/SAR110 03-10
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Semi-Annual Report
March 31, 2010
WELLS FARGO ADVANTAGE EQUITY GATEWAY FUNDS
- WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
- WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
- WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
- WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
- WELLS FARGO ADVANTAGE EQUITY INCOME FUND
- WELLS FARGO ADVANTAGE EQUITY VALUE FUND
- WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
- WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
- WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
- WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
- WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
- WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder reports at
WWW.WELLSFARGO.COM/ADVANTAGEDELIVERY
Contents
LETTER TO SHAREHOLDERS ........................................ 2
PERFORMANCE HIGHLIGHTS
C&B Large Cap Value Fund ...................................... 6
Diversified Equity Fund ....................................... 8
Diversified Small Cap Fund .................................... 10
Emerging Growth Fund .......................................... 12
Equity Income Fund ............................................ 14
Equity Value Fund ............................................. 16
Growth Equity Fund ............................................ 18
International Value Fund ...................................... 20
Large Cap Appreciation Fund ................................... 22
Large Company Growth Fund ..................................... 24
Small Company Growth Fund ..................................... 26
Small Company Value Fund ...................................... 28
FUND EXPENSES ................................................. 30
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Fund ...................................... 35
Diversified Equity Fund ....................................... 35
Diversified Small Cap Fund .................................... 36
Emerging Growth Fund .......................................... 36
Equity Income Fund ............................................ 37
Equity Value Fund ............................................. 37
Growth Equity Fund ............................................ 38
International Value Fund ...................................... 38
Large Cap Appreciation Fund ................................... 39
Large Company Growth Fund ..................................... 39
Small Company Growth Fund ..................................... 40
Small Company Value Fund ...................................... 40
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .......................... 42
Statements of Operations ...................................... 46
Statements of Changes in Net Assets ........................... 50
Financial Highlights .......................................... 62
NOTES TO FINANCIAL STATEMENTS ................................. 78
MASTER PORTFOLIOS
PORTFOLIO OF INVESTMENTS
C&B Large Cap Value Portfolio ................................. 85
Disciplined Growth Portfolio .................................. 89
Emerging Growth Portfolio ..................................... 93
Equity Income Portfolio ....................................... 98
Equity Value Portfolio ........................................ 102
Index Portfolio ............................................... 107
International Core Portfolio .................................. 122
International Growth Portfolio ................................ 127
International Index Portfolio ................................. 130
International Value Portfolio ................................. 150
Large Cap Appreciation Portfolio .............................. 155
Large Company Growth Portfolio ................................ 160
Small Cap Index Portfolio ..................................... 163
Small Company Growth Portfolio ................................ 179
Small Company Value Portfolio ................................. 184
Strategic Small Cap Value Portfolio ........................... 189
FINANCIAL STATEMENTS
Statements of Assets and Liabilities .......................... 200
Statements of Operations ...................................... 204
Statements of Changes in Net Assets ........................... 208
Financial Highlights .......................................... 216
NOTES TO FINANCIAL STATEMENTS ................................. 218
OTHER INFORMATION ............................................. 231
LIST OF ABBREVIATIONS ......................................... 239
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(LOGO)
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF MORE THAN 100 FUNDS AND PLACING IT AMONG
THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
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WELLS FARGO ADVANTAGE FUNDS(R)
WELLS FARGO ADVANTAGE FUNDS skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of investors is backed by our
unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. And,
because we're part of a highly diversified financial enterprise, we offer the
depth of resources to help investors succeed.
EXPERTISE
Our multi-boutique model offers investors access to the independent thinking of
premier investment managers that have been chosen for their time-tested
strategies. While each team specializes in a specific investment strategy,
collectively they provide investors a wide choice of distinct investment styles.
Our dedication to investment excellence doesn't end with our expertise in
manager selection--risk management, analysis, and rigorous ongoing review seek
to ensure each manager's investment process remains consistent.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER
STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT
STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, the Wells Fargo Managed Account Services, and certain 529
college savings plans. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds and shares in the 529
plans are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC,
an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2010.
EQUITY FUNDS
Asia Pacific Fund Equity Value Fund Small Cap Disciplined Fund
C&B Large Cap Value Fund Growth Fund Small Cap Growth Fund
C&B Mid Cap Value Fund Growth Equity Fund Small Cap Opportunities Fund
Capital Growth Fund Index Fund Small Cap Value Fund
Common Stock Fund International Core Fund Small Company Growth Fund
Discovery Fund+ International Value Fund Small Company Value Fund
Diversified Equity Fund Large Cap Appreciation Fund Small/Mid Cap Value Fund
Diversified International Fund Large Cap Growth Fund Social Sustainability Fund+
Diversified Small Cap Fund Large Company Core Fund Specialized Financial Services Fund
Emerging Growth Fund Large Company Growth Fund Specialized Technology Fund
Emerging Markets Equity Fund Large Company Value Fund U.S. Value Fund
Endeavor Select Fund+ Mid Cap Disciplined Fund
Enterprise Fund+ Mid Cap Growth Fund
Equity Income Fund Opportunity Fund+
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BOND FUNDS
California Limited-Term Tax-Free Fund Inflation-Protected Bond Fund Short-Term Municipal Bond Fund
California Tax-Free Fund Intermediate Tax/AMT-Free Fund Stable Income Fund
Colorado Tax-Free Fund Minnesota Tax-Free Fund Strategic Income Fund
Diversified Bond Fund Municipal Bond Fund Total Return Bond Fund
Government Securities Fund(1) Short Duration Government Bond Fund(1) Ultra Short-Term Income Fund
High Income Fund Short-Term Bond Fund Ultra Short-Term Municipal Income Fund
Income Plus Fund Short-Term High Yield Bond Fund Wisconsin Tax-Free Fund
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ASSET ALLOCATION FUNDS
Aggressive Allocation Fund WealthBuilder Growth Allocation Portfolio+ Target 2020 Fund(2)+
Conservative Allocation Fund WealthBuilder Growth Balanced Portfolio+ Target 2025 Fund(2)+
Growth Balanced Fund WealthBuilder Moderate Balanced Portfolio+ Target 2030 Fund(2)+
Index Asset Allocation Fund WealthBuilder Tactical Equity Portfolio+ Target 2035 Fund(2)+
Moderate Balanced Fund Target Today Fund(2)+ Target 2040 Fund(2)+
WealthBuilder Conservative Allocation Portfolio+ Target 2010 Fund(2)+ Target 2045 Fund(2)+
WealthBuilder Equity Portfolio+ Target 2015 Fund(2)+ Target 2050 Fund(2)+
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MONEY MARKET FUNDS
100% Treasury Money Market Fund(1) Heritage Money Market Fund+ National Tax-Free Money Market Fund
California Municipal Money Market Fund Minnesota Money Market Fund National Tax-Free Money Market Trust
California Municipal Money Market Trust Money Market Fund Overland Express Sweep Fund+
Cash Investment Money Market Fund Money Market Trust Prime Investment Money Market Fund
Government Money Market Fund(1) Municipal Money Market Fund Treasury Plus Money Market Fund(1)
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VARIABLE TRUST FUNDS(3)
VT C&B Large Cap Value Fund VT International Core Fund VT Small Cap Growth Fund
VT Discovery Fund+ VT Large Company Core Fund VT Small Cap Value Fund
VT Equity Income Fund VT Large Company Growth Fund VT Total Return Bond Fund
VT Index Asset Allocation Fund VT Opportunity Fund+
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AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
1. The U.S. government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
2. The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
3. The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO
ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE
FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO
ADVANTAGE SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE
WEALTHBUILDER CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE
WEALTHBUILDER EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
GROWTH ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
GROWTH BALANCED PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
MODERATE BALANCED PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
TACTICAL EQUITY Portfolio(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET
TODAY FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM),
WELLS FARGO ADVANTAGE DOW JONES TARGET 2015 FUND(SM), WELLS FARGO
ADVANTAGE DOW JONES TARGET 2020 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES
TARGET 2025 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2030
FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2035 FUND(SM), WELLS
FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM), WELLS FARGO ADVANTAGE DOW
JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2050
FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET FUND(SM), WELLS
FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS FARGO ADVANTAGE VT
DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT OPPORTUNITY FUND(SM) are
referred to as the Discovery Fund, Endeavor Select Fund, Enterprise Fund,
Opportunity Fund, Social Sustainability Fund, WealthBuilder Conservative
Allocation Portfolio, WealthBuilder Equity Portfolio, WealthBuilder Growth
Allocation Portfolio, WealthBuilder Growth Balanced Portfolio,
WealthBuilder Moderate Balanced Portfolio, WealthBuilder Tactical Equity
Portfolio, Target Today Fund, Target 2010 Fund, Target 2015 Fund, Target
2020 Fund, Target 2025 Fund, Target 2030 Fund, Target 2035 Fund, Target
2040 Fund, Target 2045 Fund, Target 2050 Fund, Heritage Money Market Fund,
Overland Express Sweep Fund, VT Discovery Fund, and VT Opportunity Fund,
respectively.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Equity Gateway Funds
Letter to Shareholders
[PHOTO OF KARLA M. RABUSCH]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
ECONOMIC GROWTH WAS STRONG THROUGHOUT THE SIX-MONTH PERIOD AS THE ECONOMIC
RECOVERY APPEARED TO GAIN MOMENTUM.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the Wells Fargo
Advantage Equity Gateway Funds for the six-month period that ended March 31,
2010. The period brought additional signs of economic improvement, continuing to
support a strong rally in the financial markets after the severe downturn in
2008 and early 2009. We believe that the continued advance in the financial
markets during the six-month period underscores the importance of maintaining a
disciplined focus on a long-term investment strategy. Although periods of
volatility can be challenging for investors, staying focused on a long-term
strategy based on individual goals and risk tolerance can help avoid missing
potential periods of strong recovery.
ECONOMIC GROWTH TURNED POSITIVE AFTER SEVERE CONTRACTION.
Economic growth was strong throughout the six-month period as the economic
recovery appeared to gain momentum. Gross Domestic Product (GDP) growth was 3.2%
in the first quarter of 2010 and 5.6% in the fourth quarter of 2009, the
strongest since 2003. GDP returned to positive growth in the third quarter of
2009, following four consecutive quarters of contraction for the first time in
at least 60 years. The consensus among economists was that the recession that
began in December 2007 had likely ended during the summer of 2009. However, with
much of the growth attributable to government stimulus, questions remained over
the sustainability of the recovery. By the end of the six-month period, the
National Bureau of Economic Research had not declared an official end to the
recession.
PAYROLL GROWTH RESUMED, THOUGH THE UNEMPLOYMENT RATE REMAINED HIGH.
Employment data turned positive during the six-month period, a welcome sign that
the economic recovery appeared to be moving toward self-sustainability. U.S.
employers added 162,000 jobs in March 2010, the most in three years. The
unemployment rate edged down to 9.7% in the final months of the period, after
having peaked at 10.1% in October 2009--its highest level in more than 25
years. Other encouraging news in March included increases in temporary jobs,
average hours worked, and manufacturing employment. Still, more than 8 million
jobs were lost during the recession, and the number of long-term unemployed--
those out of work for 27 weeks or longer--continued to increase, ending the
period at 6.5 million.
Other economic data continued to show additional signs of improvement.
Industrial production, manufacturing, and consumer sentiment had all improved
significantly as the six-month period came to a close. Retail sales strengthened
significantly during the period, with particular strength in March. Although
housing inventory and foreclosure rates remained elevated, home sales and prices
began to show signs of improvement in many areas of the country--spurred in
part by the government's $8,000 tax credit for first-time home buyers, which was
extended through the end of April 2010.
THE FED CONTINUED TO FOCUS ON ECONOMIC STIMULUS.
Despite extensive quantitative easing measures by the Federal Reserve, bank
lending remained constrained during the six-month period. This indicates that
the trillions of dollars of government stimulus that were added to the monetary
Wells Fargo Equity Gateway Funds 3
Letter to Shareholders
system might not have an inflationary impact in the near term. Throughout the
period, the Federal Open Market Committee (FOMC) held the federal funds rate at
the range of 0% to 0.25% that it first targeted in December 2008. The Fed did,
however, begin to remove some of its unconventional stimulus measures. It
concluded its purchases of longer-term Treasuries in October 2009 and
mortgage-backed securities in March 2010.
The FOMC's final statement during the six-month period noted that economic
activity continued to strengthen, the labor market was stabilizing, business
spending had risen significantly, and inflation remained subdued. However, the
committee also noted that unemployment remained high and credit continued to be
tight, reiterating that it was likely to keep the federal funds rate at
exceptionally low levels for an extended period because of the continued
substantial economic slack.
FINANCIAL MARKETS CONTINUED TO ADVANCE ON THE SIGNS OF ECONOMIC IMPROVEMENT.
The strong rally in the equity markets continued during the six-month period.
The advance was interrupted only briefly by modest corrections in October 2009
and January 2010, due primarily to concerns about sovereign debt, with
particular focus on Greece. The euro weakened significantly against the U.S.
dollar as the European Union continued to debate potential support plans for
Greece throughout the period.
Despite the macroeconomic concerns, strong corporate earnings reports throughout
the six-month period provided support for the equity markets to continue to move
higher. Companies in the S&P 500 Index exceeded analysts' earnings estimates at
a pace of nearly 80% in the third quarter of 2009 and more than 70% in the
fourth quarter of 2009. Other than brief spikes in late October and early
January, market volatility, as measured by the Chicago Board Options Exchange
Volatility Index, declined over the course of the six-month period, ending at
its lowest level since early 2008.
Among major stock-market indices, the S&P 500 Index gained 11.8% during the
six-month period, and the Dow Jones Industrial Average rose 13.3%. The
tech-heavy NASDAQ Composite Index advanced 13.5%, as information technology
remained one of the strongest-performing sectors.
Over the six-month period, mid cap stocks outpaced both large cap and small cap
stocks, which had similar returns, as measured by the Russell indices. The
Russell Midcap(R) Index rose 15.1%, while the Russell 1000(R) Index of large cap
stocks advanced 12.1%, and the Russell 2000(R) Index of small cap stocks gained
13.1%. Performance leadership between the growth and value investment styles was
mixed according to market capitalization during the period. Among large cap
stocks, the growth style outpaced value. Conversely, value outpaced growth among
small cap stocks.
International stocks, as measured by the MSCI EAFE Index, rose 3.1% during the
six-month period. Emerging markets, as measured by the MSCI Emerging Markets
Index, climbed 11.2% for the six-month period.
STRONG CORPORATE EARNINGS REPORTS THROUGHOUT THE SIX-MONTH PERIOD PROVIDED
SUPPORT FOR THE EQUITY MARKETS TO CONTINUE TO MOVE HIGHER.
4 Wells Fargo Equity Gateway Funds
Letter to Shareholders
DON'T LET SHORT-TERM VOLATILITY DERAIL LONG-TERM INVESTMENT GOALS.
The six-month period that ended March 31, 2010, saw a continued advance in the
equity markets and a welcome reprieve from the volatility of 2008 and early
2009. The sustained rebound in market performance that began in early 2009
underscores the importance of maintaining focus on long-term investment goals
through periods of volatility, so as not to miss potential periods of strong
recovery. Although periods of volatility can present challenges, experience has
taught us that maintaining a long-term investment strategy based on individual
goals and risk tolerance can be an effective way to plan for the future.
As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a broad
range of asset classes and investment styles, giving you an opportunity to
create a diversified investment portfolio. Although diversification may not
prevent losses in a downturn, it may help to reduce them and provide you with
one way of managing risk. Our diverse family of mutual funds may also help. We
offer more than 100 Funds that cover a broad spectrum of investment styles and
asset classes.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
Sincerely,
-s- Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
THIS PAGE IS INTENTIONALLY LEFT BLANK.
6 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (the Fund) seeks maximum
long-term total return (current income and capital appreciation), consistent
with minimizing risk to principal.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Cooke & Bieler, L.P.
PORTFOLIO MANAGERS
Kermit S. Eck, CFA
Daren C. Heitman, CFA
Steve Lyons, CFA
Michael M. Meyer, CFA
Edward W. O'Connor, CFA
R. James O'Neil, CFA
Mehul Trivedi, CFA
FUND INCEPTION
May 15, 1990
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Exxon Mobil Corporation 3.38%
State Street Corporation 3.36%
American Express Company 3.36%
Omnicom Group Incorporated 3.22%
Colgate-Palmolive Company 3.18%
Quest Diagnostics Incorporated 3.01%
Johnson & Johnson 2.88%
Carnival Corporation 2.61%
Dover Corporation 2.56%
Vodafone Group plc ADR 2.54%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 16%
Consumer Staples 12%
Energy 5%
Financials 19%
Health Care 10%
Industrials 20%
Information Technology 12%
Materials 3%
Telecommunications Services 3%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (CBEAX) 3.15 44.40 (0.20) 4.96 9.43 53.29 0.98 5.59 1.39% 1.15%
Class B (CBEBX)** 4.07 46.92 (0.17) 5.06 9.07 51.92 0.23 5.06 2.15% 1.90%
Class C (CBECX) 8.01 51.14 0.23 4.83 9.01 52.14 0.23 4.83 2.14% 1.90%
Administrator Class (CBLLX) 9.48 53.36 1.21 5.71 1.21% 0.95%
Institutional Class (CBLSX) 9.66 53.96 1.49 5.89 0.94% 0.70%
Investor Class (CBEQX) 9.45 53.19 0.99 5.58 1.49% 1.20%
Russell 1000 Value Index(6) 11.28 53.56 1.05 3.10
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of Class A, Class B and Class C
on July 26, 2004, reflects the performance of the unnamed share class of
the C&B Large Cap Value Portfolio, predecessor fund, adjusted to reflect
Class A, Class B and Class C sales charges and expenses, as applicable.
Performance shown prior to the inception of the Administrator Class and
Institutional Class on July 26, 2004, reflects the performance of the
unnamed share class of the C&B Large Cap Value Portfolio and includes
expenses that are not applicable to and are higher than those of the
Administrator Class and Institutional Class. Effective June 20, 2008,
Class D was renamed Investor Class and modified to assume the features and
attributes of the Investor Class.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 1000(R) Value Index measures performance of those Russell 1000
companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
8 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISERS FOR MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Cadence Capital Management LLC
Cooke & Bieler, L.P.
Evergreen Investment Management Company, LLC
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group L.P.
SSgA Funds Management
Systematic Financial Management, L.P.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
December 31, 1988
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Microsoft Corporation 1.99%
Apple Incorporated 1.83%
Goldman Sachs Group Incorporated 1.76%
Cisco Systems Incorporated 1.74%
Google Incorporated Class A 1.61%
Exxon Mobil Corporation 1.61%
General Electric Company 1.21%
JPMorgan Chase & Company 1.21%
Bank of America Corporation 1.16%
Chevron Corporation 1.08%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 13%
Consumer Staples 7%
Energy 8%
Financials 20%
Health Care 10%
Industrials 12%
Information Technology 20%
Materials 4%
Telecommunication Services 4%
Utilities 2%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED EQUITY FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (NVDAX) 3.05 40.01 0.06 (1.09) 9.34 48.55 1.25 (0.50) 1.43% 1.25%
Class B (NVDBX)** 3.94 42.49 0.10 (1.02) 8.94 47.49 0.49 (1.02) 2.18% 2.00%
Class C (WFDEX) 7.90 46.42 0.50 (1.25) 8.90 47.42 0.50 (1.25) 2.18% 2.00%
Administrator Class (NVDEX) 9.47 48.95 1.51 (0.27) 1.25% 1.00%
Diversified Equity
Composite Index(6) 10.77 52.84 2.61 0.26
S&P 500 INDEX(7) 11.75 49.77 1.92 (0.65)
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk and smaller company securities risk.
Consult the Fund's prospectus for additional information on these and other
risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in two or more Master Portfolios of the Wells Fargo Master
Trust in varying proportions. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolios in which it invests.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. Diversified Equity Composite Index is weighted 25% in the Russell 1000(R)
Value Index (measures the performance of those Russell 1000 companies with
lower price-to-book ratios and lower forecasted growth values), 25% in the
S&P 500 Index, 25% in the Russell 1000(R) Growth Index (measures the
performance of those Russell 1000 companies with higher price-to-book
ratios and higher forecasted growth values), 15% in the MSCI EAFE Index
(an unmanaged group of securities generally representative of the sock
markets of Europe, Australasia and the Far East), 10% in the Russell
2000(R) Index (measures the performance of the 2,000 smallest companies in
the Russell 3000 Index). You cannot invest directly in an index.
7. S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index
with each stock's weight in the index proportionate to its market value.
You cannot invest directly in an index.
10 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER FOR
MASTER PORTFOLIOS
Peregrine Capital Management, Inc.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
December 31, 1997
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Intermec Incorporated 0.75%
Interoil Corporation 0.63%
Randgold Resources Limited ADR 0.54%
SuccessFactors Incorporated 0.53%
OSI Systems Incorporated 0.52%
Macrovision Solutions Corporation 0.52%
Concur Technologies Incorporated 0.48%
Gentex Corporation 0.44%
Olin Corporation 0.43%
Dress Barn Incorporated 0.42%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 17%
Consumer Staples 2%
Energy 5%
Financials 18%
Health Care 13%
Industrials 16%
Information Technology 21%
Materials 5%
Telecommunications Services 1%
Utilities 2%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED SMALL CAP FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Expense Ratio
----------------
6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- -------- ------
Administrator Class (NVDSX) 12.32 62.84 2.12 5.15 1.32% 1.00%
Russell 2000(R) Index(6) 13.07 62.76 3.36 3.68
|
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Certain investment
strategies tend to increase the total risk of an investment (relative to the
broader market). This fund is exposed to foreign investment risk. Consult the
Fund's prospectus for additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in two or more Master Portfolios of the Wells Fargo Master
Trust in varying proportions. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolios in which it invests.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratios, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. Russell 2000(R) Index measures the performance of the 2,000 smallest
companies in the Russell 3000(R) Index, which represents approximately 8%
of the total market capitalization of the Russell 3000 Index. You cannot
invest directly in an index.
12 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Joseph M. Eberhardy, CFA, CPA
Thomas C. Ognar, CFA
Bruce C. Olson, CFA
FUND INCEPTION
January 31, 2007
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Monolithic Power Systems Incorporated 3.06%
VistaPrint NV 2.53%
WMS Industries Incorporated 2.51%
AsiaInfo Holdings Incorporated 2.50%
Aegean Marine Petroleum Network Incorporated 2.29%
Arcsight Incorporated 2.28%
Shutterfly Incorporated 2.19%
Baldor Electric Company 2.16%
Alexion Pharmaceuticals Incorporated 2.10%
SuccessFactors Incorporated 2.05%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 17%
Energy 4%
Financials 1%
Health Care 20%
Industrials 15%
Information Technology 43%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE EMERGING GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
------------------------------- ------------------------------- ----------------
6 Months* 1 Year Life of Fund 6 Months* 1 Year Life of Fund Gross(4) Net(5)
--------- ------ ------------ --------- ------ ------------ -------- ------
Class A (WEMAX) 8.04 45.95 (4.61) 14.63 54.86 (2.81) 8.27% 1.45%
Class C (WEMCX) 13.01 52.52 (3.54) 14.01 53.52 (3.54) 7.98% 2.20%
Administrator Class (WFGDX) 14.68 55.18 (2.55) 6.93% 1.20%
Institutional Class (WEMIX) 14.89 55.59 (2.41) 6.79% 0.95%
Investor Class (WFGTX) 14.54 54.61 (2.82) 7.28% 1.49%
Russell 2000 Growth
Index(6) 12.07 60.32 (2.11)
|
* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Active trading
results in increased turnover and trading expenses, and may generate higher
short-term capital gains. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This fund is
exposed to foreign investment risk. Consult the Fund's prospectus for additional
information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of the Class A and Class C on
March 31, 2008 reflects the performance of the Investor Class, which
incepted on January 31, 2007, and includes expenses that are not
applicable to and are higher than Class A and lower than Class C.
Performance shown prior to the inception of the Institutional Class on
March 31, 2008 reflects the performance of the Administrator Class, which
incepted on January 31, 2007, and includes expenses that are not
applicable to and are higher than those of the Institutional Class.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 2000 Growth Index measures the performance of those Russell
2000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an Index.
14 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE EQUITY INCOME FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY INCOME FUND (the Fund) seeks long-term capital
appreciation and dividend income.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Gary J. Dunn, CFA
Robert M. Thornburg
FUND INCEPTION
March 31, 1989
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
JPMorgan Chase & Company 4.65%
Exxon Mobil Corporation 4.26%
Chevron Corporation 4.13%
ConocoPhillips 3.12%
Bank of America Corporation 3.09%
U.S. Bancorp 2.89%
Target Corporation 2.71%
Bank of New York Mellon Corporation 2.67%
AT&T Incorporated 2.65%
The Travelers Companies Incorporated 2.65%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 10%
Consumer Staples 7%
Energy 17%
Financials 24%
Health Care 9%
Industrials 11%
Information Technology 9%
Materials 3%
Telecommunication Services 5%
Utilities 5%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 15
Performance Highlights
WELLS FARGO ADVANTAGE EQUITY INCOME FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (NVAEX) 3.27 34.41 (1.17) 0.54 9.57 42.61 0.01 1.13 1.42% 1.10%
Class B (NVBEX)** 4.11 36.55 (1.18) 0.60 9.11 41.55 (0.76) 0.60 2.17% 1.85%
Class C (WFEEX) 8.19 40.65 (0.74) 0.38 9.19 41.65 (0.74) 0.38 2.17% 1.85%
Administrator Class (NVIEX) 9.71 43.04 0.26 1.38 1.24% 0.85%
Russell 1000(R) Value
Index(6) 11.28 53.56 1.05 3.10
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUNDS' WEB SITE AT
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 1000 Value Index measures the performance of those Russell
1000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
16 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE EQUITY VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EQUITY VALUE FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Systematic Financial Management, L.P.
PORTFOLIO MANAGERS
D. Kevin McCreesh, CFA
Ronald M. Mushock, CFA
FUND INCEPTION
August 29, 2003
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
General Electric Company 4.61%
Bank of America Corporation 3.59%
JPMorgan Chase & Company 2.76%
Exxon Mobil Corporation 2.65%
Chevron Corporation 2.64%
Ameriprise Financial Incorporated 2.20%
Hess Corporation 2.02%
Whiting Petroleum Corporation 1.98%
Citigroup Incorporated 1.81%
Amgen Incorporated 1.75%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 12%
Consumer Staples 2%
Energy 16%
Financials 29%
Health Care 10%
Industrials 13%
Information Technology 6%
Materials 7%
Telecommunication Services 3%
Utilities 2%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 17
Performance Highlights
WELLS FARGO ADVANTAGE EQUITY VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
--------------------------------------- --------------------------------------- ----------------
6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
--------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WLVAX) 6.07 42.00 0.37 4.15 12.54 50.66 1.57 5.09 1.42% 1.25%
Class B (WLVBX)** 7.18 44.63 0.43 4.32 12.18 49.63 0.82 4.32 2.16% 2.00%
Class C (WLVCX) 10.96 48.51 0.79 4.30 11.96 49.51 0.79 4.30 2.17% 2.00%
Administrator Class (WLVIX) 12.72 51.31 1.86 5.39 1.24% 1.00%
Institutional Class (WLVSX) 12.99 51.67 2.02 5.52 0.97% 0.75%
Russell 1000 Value Index(6) 11.28 53.56 1.05 5.11
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses, and may generate higher short-term capital gains.
Consult the Fund's prospectus for additional information on these and other
risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of the Institutional Class on
August 31, 2006 reflects the performance of the Administrator Class and
includes expenses that are not applicable to and are higher than those of
the Institutional Class.
4. Reflects the gross expense ratio is as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 1000 Value Index measures the performance of those Russell
1000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
18 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISERS OF
MASTER PORTFOLIOS
Artisan Partners Limited Partnership
Evergreen Investment Management
Company, LLC
LSV Asset Management
Peregrine Capital Management, Inc.
Smith Asset Management Group, L.P.
SSgA Funds Management, Inc.
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Thomas C. Biwer, CFA
Christian L. Chan, CFA
Andrew Owen, CFA
FUND INCEPTION
April 30, 1989
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Goldman Sachs Group Incorporated 2.39%
Apple Incorporated 2.09%
Google Incorporated Class A 2.07%
Cisco Systems Incorporated 2.05%
Microsoft Corporation 1.93%
Charles Schwab Corporation 1.50%
Amazon.com Incorporated 1.34%
Qualcomm Incorporated 1.32%
Target Corporation 1.30%
Intel Corporation 1.12%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Cash Equivalents 1%
Consumer Discretionary 14%
Consumer Staples 5%
Energy 4%
Financials 20%
Health Care 10%
Industrials 12%
Information Technology 26%
Materials 5%
Telecommunication Services 1%
Utilities 2%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 19
Performance Highlights
WELLS FARGO ADVANTAGE GROWTH EQUITY FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ----------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ -------- -------- ------
Class A (NVEAX) 1.89 43.25 0.65 (0.88) 8.10 51.99 1.85 (0.29) 1.65% 1.50%
Class B (NVEBX)** 2.72 45.69 0.70 (0.82) 7.72 50.69 1.09 (0.82) 2.40% 2.25%
Class C (WFGGX) 6.65 49.78 1.09 (1.04) 7.65 50.78 1.09 (1.04) 2.40% 2.25%
Administrator Class (NVGEX) 8.23 52.38 2.10 (0.05) 1.47% 1.25%
Institutional Class (WGEIX) 8.36 52.70 2.31 0.06 1.20% 1.05%
Growth Equity Composite Index(6) 10.06 55.96 3.69 0.38
S&P 500 Index(7) 11.75 49.77 1.92 (0.65)
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk and smaller company securities risk.
Consult the Fund's prospectus for additional information on these and other
risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in two or more Master Portfolios of the Wells Fargo Master
Trust in varying proportions. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolios in which it invests.
Performance shown prior to the inception of the Institutional Class on
April 11, 2005 reflects the performance of the Administrator Class and
includes expenses that are not applicable to and are higher than those of
the Institutional Class.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolios' fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. Growth Equity Composite Index is weighted 35% in the Russell 1000(R)
Growth Index (measures the performance of those Russell 1000 companies
with higher price-to-book ratios and higher forecasted growth values), 35%
in the Russell 2000 Index (measures the performance of the 2,000 smallest
companies in the Russell 3000 Index), 30% in the MSCI EAFE(R) Index (an
unmanaged group of securities generally representative of the stock
markets of Europe, Australasia and the Far East). You cannot invest
directly in an index.
7. S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index
with each stock's weighting in the index proportionate to its market
value. You cannot invest directly in an index.
20 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
LSV Asset Management
PORTFOLIO MANAGERS
Josef Lakonishok
Puneet Mansharamani, CFA
Menno Vermeulen, CFA
FUND INCEPTION
October 31, 2003
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Royal Dutch Shell plc 2.40%
BP plc 2.25%
Sanofi Aventis SA 1.96%
Banco Santander SA 1.89%
Astrazeneca plc 1.62%
BASF SE 1.43%
E.ON AG 1.40%
Allianz SE NPV 1.37%
Novartis Limited AG 1.37%
GlaxoSmithKline plc 1.35%
|
GEOGRAPHIC ALLOCATION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Australia/New Zealand 6%
United Kingdom 20%
Cash Equivalents 5%
Continental Europe 46%
Japan 20%
Southeast Asia 3%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Geographic allocation is subject to change and represents the geographic
allocation of the Master Portfolio, which is calculated based on the total
net assets of the Master Portfolio. See Notes to Financial Statements for
a discussion of the Master Portfolio.
Wells Fargo Equity Gateway Funds 21
Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
--------------------------------------- --------------------------------------- -----------------
6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
--------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WFFAX) (5.11) 49.34 0.12 5.27 0.68 58.45 1.32 6.24 1.74% 1.50%
Class B (WFVBX)** (4.59) 52.17 0.13 5.42 0.41 57.17 0.53 5.42 2.50% 2.25%
Class C (WFVCX) (0.64) 56.13 0.52 5.42 0.36 57.13 0.52 5.42 2.49% 2.25%
Administrator Class (WFVDX) 0.88 58.70 1.52 6.41 1.56% 1.25%
Institutional Class (WFVIX) 0.93 58.96 1.66 6.52 1.28% 1.05%
MSCI EAFE Value Index(6) 0.04 58.52 3.20 7.86
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE AT THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile, and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. The use of derivatives
may reduce returns and/or increase volatility. Certain investment strategies
tend to increase the total risk of an investment (relative to the broader
market). This fund is exposed to smaller company securities risk. Consult the
Fund's prospectus for additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of the Class B and Class C on
April 11, 2005, reflects the performance of the Class A, adjusted to
reflect Class B and Class C sales charges and expenses, as applicable.
Performance shown prior to the inception of the Administrator Class on
April 11, 2005 reflects the performance of the Class A and includes
expenses that are not applicable to and are higher than those of the
Administrator Class but does not include Class A sales charges. If it did
include Class A sales charges, returns would be lower. Performance shown
prior to the inception of the Institutional Class on August 31, 2006
reflects the performance of the Administrator Class, and includes expenses
that are not applicable to and are higher than those of the Institutional
Class. Performance shown prior to April 11, 2005 for the Institutional
Class reflects the performance of the Class A and includes expenses that
are not applicable to and are higher than those of the Institutional Class
but does not include Class A sales charges. If it did include Class A
sales charges, returns would be lower.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Value Index(SM) is an unmanaged market capitalization index
designed to measure the performance of value securities within developed
equity markets, excluding the US & Canada. You cannot invest directly in
an index.
22 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Cadence Capital Management, LLC
PORTFOLIO MANAGERS
William B. Bannick, CFA
Robert L. Fitzpatrick, CFA
Michael J. Skillman
FUND INCEPTION
August 31, 2001
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Microsoft Corporation 3.31%
Apple Incorporated 3.07%
Cisco Systems Incorporated 2.45%
Wal-Mart Stores Incorporated 2.13%
International Business Machines Corporation 1.91%
Google Incorporated Class A 1.90%
Oracle Corporation 1.74%
Hewlett-Packard Company 1.69%
Prudential Financial Incorporated 1.47%
eBay Incorporated 1.44%
|
[PIE CHART]
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
Consumer Discretionary 17%
Consumer Staples 12%
Energy 3%
Financials 7%
Health Care 14%
Industrials 15%
Information Technology 27%
Materials 4%
Telecommunication Services 1%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 23
Performance Highlights
WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
--------------------------------------- --------------------------------------- ----------------
6 Months* 1 Year 5 Year Life of Fund 6 Months* 1 Year 5 Year Life of Fund Gross(4) Net(5)
--------- ------ ------ ------------ --------- ------ ------ ------------ -------- ------
Class A (WFAPX) 4.57 29.88 (1.45) 0.14 10.95 37.81 (0.27) 0.83 1.60% 1.23%
Class B (WFABX)** 5.75 32.04 (1.42) 0.22 10.75 37.04 (1.00) 0.22 2.35% 1.98%
Class C (WFACX) 9.75 36.04 (1.00) 0.08 10.75 37.04 (1.00) 0.08 2.36% 1.98%
Administrator Class (WFAKX) 11.54 38.81 0.02 1.10 1.42% 1.00%
Institutional Class (WFASX) 11.16 38.52 0.12 1.16 1.16% 0.70%
Russell 1000 Growth Index(6) 12.96 49.75 3.42 1.84
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Active trading results in increased
turnover and trading expenses, and may generate higher short-term capital gains.
Consult the Fund's prospectus for additional information on these and other
risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of the Institutional Class on
August 31, 2006 reflects the performance of the Administrator Class and
includes expenses that are not applicable to and are higher than those of
the Institutional Class.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an index.
24 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
PORTFOLIO MANAGERS
John S. Dale, CFA
Gary E. Nussbaum, CFA
FUND INCEPTION
December 31, 1982
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Goldman Sachs Group Incorporated 8.06%
Apple Incorporated 6.74%
Google Incorporated Class A 6.67%
Cisco Systems Incorporated 6.54%
Microsoft Corporation 6.19%
Charles Schwab Corporation 5.04%
Amazon.com Incorporated 4.51%
Qualcomm Incorporated 4.45%
Target Corporation 4.38%
Intel Corporation 3.78%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 13%
Consumer Staples 3%
Financials 21%
Health Care 7%
Industrials 7%
Information Technology 49%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 25
Performance Highlights
WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- -----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- -------
Class A (NVLAX) 3.38 38.74 1.24 (4.66) 9.68 47.21 2.45 (4.09) 1.31% 1.20%
Class B (NVLOX)** 4.26 41.08 1.31 (4.55) 9.26 46.08 1.69 (4.55) 2.07% 1.95%
Class C (WFLCX) 8.27 45.07 1.70 (4.74) 9.27 46.07 1.70 (4.74) 2.07% 1.95%
Administrator Class (NVLCX) 9.75 47.46 2.69 (3.87) 1.14% 0.95%
Institutional Class (WLCSX) 9.92 47.82 2.91 (3.75) 0.86% 0.75%
Investor Class (WFLZX) 9.63 47.05 2.32 (4.25) 1.42% 1.27%
Russell 1000 Growth Index(6) 12.96 49.75 3.42 (4.21)
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS, AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Certain investment strategies tend to
increase the total risk of an investment (relative to the broader market). This
fund is exposed to foreign investment risk. Consult the Fund's prospectus for
additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of the Institutional Class on
June 30, 2004, reflects the performance of the Administrator Class and
includes expenses that are not applicable to and are higher than those of
the Institutional Class. Effective June 20, 2008, Class Z was renamed
Investor Class and modified to assume the features and attributes of the
Investor Class. Performance shown prior to the inception of the Investor
Class on April 11, 2005 reflects the performance of the Administrator
Class, adjusted to reflect Class Z expenses.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 1000 Growth Index measures the performance of those Russell
1000 companies with higher price-to-book ratios and higher forecasted
growth values. You cannot invest directly in an index.
26 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
PORTFOLIO MANAGERS
William A. Grierson, CFA
Daniel J. Hagen, CFA
Robert B. Mersky, CFA
James P. Ross, CFA
Paul E.von Kuster, CFA
FUND INCEPTION
December 31, 1982
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Macrovision Solutions Corporation 1.80%
Wet Seal Incorporated Class A 1.53%
OSI Systems Incorporated 1.49%
Infinera Corporation 1.46%
Parametric Technology Corporation 1.42%
Dress Barn Incorporated 1.41%
Hanesbrands Incorporated 1.35%
Success Factors Incorporated 1.34%
Finish Line Class A 1.27%
Phase Forward Incorporated 1.27%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 19%
Consumer Staples 2%
Energy 4%
Financials 9%
Health Care 20%
Industrials 12%
Information Technology 28%
Materials 6%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 27
Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (WFSAX) 5.02 52.32 1.05 (0.05) 11.43 61.61 2.25 0.54 1.57% 1.45%
Class B (WFSBX)** 6.04 55.53 1.11 0.02 11.04 60.53 1.49 0.02 2.32% 2.20%
Class C (WSMCX) 10.09 59.62 1.52 (0.12) 11.09 60.62 1.52 (0.12) 2.32% 2.20%
Administrator Class (NVSCX) 11.64 62.18 2.53 0.80 1.38% 1.20%
Institutional Class (WSCGX) 11.71 62.42 2.61 0.84 1.11% 0.95%
Russell 2000 Growth Index(6) 12.07 60.32 3.82 (1.53)
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS AND INSTITUTIONAL CLASS SHARES ARE SOLD WITHOUT A
FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Active trading
results in increased turnover and trading expenses, and may generate higher
short-term capital gains. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This fund is
exposed to foreign investment risk. Consult the Fund's prospectus for additional
information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to the inception of Class A, Class B, and Class C
on January 30, 2004 reflects the performance of the Administrator Class,
adjusted to reflect Class A, Class B, and Class C sales charges and
expenses, as applicable. Performance shown prior to the inception of the
Institutional Class on March 31, 2008, reflects the performance of the
Administrator Class and includes expenses that are not applicable to and
are higher than those of the Institutional Class.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 2000 Growth Index measures the performance shown of those
Russell 2000 companies with higher price-to-book ratios and higher
forecasted growth values. You cannot invest directly in an index.
28 Wells Fargo Equity Gateway Funds
Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Peregrine Capital Management, Inc.
FUND MANAGERS
Jason R. Ballsrud, CFA
Tasso H. Coin, Jr., CFA
Douglas G. Pugh, CFA
FUND INCEPTION
June 1, 1997
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Atlas Air Worldwide Holdings Incorporated 2.41%
Rockwood Holdings Incorporated 1.64%
Chart Industries Incorporated 1.63%
Iridium Communications Incorporated 1.47%
Temple-Inland Incorporated 1.45%
Hanesbrands Incorporated 1.43%
Lasalle Hotel Properties 1.42%
Gaylord Entertainment Company 1.39%
Energen Corporation 1.35%
DuPont Fabros Technology Incorporated 1.32%
|
SECTOR DISTRIBUTION(2)
(AS OF MARCH 31, 2010)
[PIE CHART]
Consumer Discretionary 16%
Consumer Staples 2%
Energy 5%
Financials 28%
Health Care 5%
Industrials 19%
Information Technology 12%
Materials 6%
Telecommunication Services 3%
Utilities 4%
|
1. The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio(s) allocable to the Fund
divided by the total investments of the Fund. See Notes to Financial
Statements for a discussion of the Master Portfolio(s). Holdings are
subject to change and may have changed since the date specified.
2. Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio(s), which is calculated based on
total investments of the Master Portfolio(s) excluding cash and cash
equivalents. See Notes to Financial Statements for a discussion of the
Master Portfolio(s).
Wells Fargo Equity Gateway Funds 29
Performance Highlights
WELLS FARGO ADVANTAGE SMALL COMPANY VALUE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
---------------------------------- ---------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
--------- ------ ------ ------- --------- ------ ------ ------- -------- ------
Class A (SCVAX) 8.70 83.65 (0.41) 8.43 15.33 94.85 0.78 9.07 1.57% 1.45%
Class B (SCVBX)** 10.20 88.97 (0.34) 8.49 15.20 93.97 0.06 8.49 2.32% 2.20%
Class C (SCVFX) 14.20 92.97 0.08 8.28 15.20 93.97 0.08 8.28 2.32% 2.20%
Administrator Class (SCVIX) 15.90 95.92 1.08 9.34 1.39% 1.20%
Russell 2000(R) Value Index(6) 14.01 65.07 2.75 8.90
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE AT -
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Smaller company stocks
tend to be more volatile and less liquid than those of larger companies. The use
of derivatives may reduce returns and/or increase volatility. Consult the Fund's
Prospectus for additional information on these and other risks.
3. The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single Master Portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially
similar investment strategies. References to the investment activities of
the Fund are intended to refer to the investment activities of the Master
Portfolio in which it invests.
Performance shown prior to inception of the Class A, Class B, Class C and
Administrator Class on January 31, 2002, January 31, 2002, August 30, 2002
and January 31, 2002, respectively, reflects the performance of the Small
Company Value Portfolio, a Master Portfolio in which the Fund invests
substantially all of its assets, adjusted to reflect Class A, Class B,
Class C and Administrator Class sales charges and expenses, as applicable.
4. Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
5. The investment adviser has contractually committed through January 31,
2011 to waive fees and/or reimburse expenses to the extent necessary to
maintain the net operating expense ratio, including the underlying Master
Portfolio's fees and expenses. Without these reductions, the Fund's
returns would have been lower.
6. The Russell 2000 Value Index measures the performance of those Russell
2000 companies with lower price-to-book ratios and lower forecasted growth
values. You cannot invest directly in an index.
30 Wells Fargo Equity Gateway Funds
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire six-month period from October 1, 2009 to March
31, 2010.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During the Net Annual
C&B LARGE CAP VALUE FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
Actual $ 1,000.00 $ 1,094.30 $ 6.00 1.15%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.20 $ 5.79 1.15%
CLASS B
Actual $ 1,000.00 $ 1,090.70 $ 9.90 1.90%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
CLASS C
Actual $ 1,000.00 $ 1,090.10 $ 9.90 1.90%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.46 $ 9.55 1.90%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,094.80 $ 4.96 0.95%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,096.60 $ 3.66 0.70%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.44 $ 3.53 0.70%
INVESTOR CLASS
Actual $ 1,000.00 $ 1,094.50 $ 6.27 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
|
Wells Fargo Equity Gateway Funds 31
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During the Net Annual
DIVERSIFIED EQUITY FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
Actual $ 1,000.00 $ 1,093.40 $ 6.47 1.24%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.75 $ 6.24 1.24%
CLASS B
Actual $ 1,000.00 $ 1,089.40 $ 10.37 1.99%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.01 $ 10.00 1.99%
CLASS C
Actual $ 1,000.00 $ 1,089.00 $ 10.36 1.99%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.01 $ 10.00 1.99%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,094.70 $ 5.17 0.99%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.00 $ 4.99 0.99%
DIVERSIFIED SMALL CAP FUND
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,123.20 $ 5.29 1.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
EMERGING GROWTH FUND
CLASS A
Actual $ 1,000.00 $ 1,146.30 $ 7.76 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS C
Actual $ 1,000.00 $ 1,140.10 $ 11.74 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,146.80 $ 6.42 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,148.90 $ 5.14 0.96%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.14 $ 4.84 0.96%
INVESTOR CLASS
Actual $ 1,000.00 $ 1,145.40 $ 7.97 1.49%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.50 $ 7.49 1.49%
EQUITY INCOME FUND
CLASS A
Actual $ 1,000.00 $ 1,095.70 $ 5.75 1.10%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.45 $ 5.54 1.10%
CLASS B
Actual $ 1,000.00 $ 1,091.10 $ 9.64 1.85%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
CLASS C
Actual $ 1,000.00 $ 1,091.90 $ 9.65 1.85%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.71 $ 9.30 1.85%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,097.10 $ 4.44 0.85%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.69 $ 4.28 0.85%
|
32 Wells Fargo Equity Gateway Funds
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During the Net Annual
EQUITY VALUE FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- -------------
CLASS A
Actual $ 1,000.00 $ 1,125.40 $ 6.62 1.25%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.70 $ 6.29 1.25%
CLASS B
Actual $ 1,000.00 $ 1,121.80 $ 10.58 2.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
CLASS C
Actual $ 1,000.00 $ 1,119.60 $ 10.57 2.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.96 $ 10.05 2.00%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,127.20 $ 5.30 1.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,129.90 $ 3.98 0.75%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.19 $ 3.78 0.75%
GROWTH EQUITY FUND
CLASS A
Actual $ 1,000.00 $ 1,081.00 $ 7.68 1.48%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.55 $ 7.44 1.48%
CLASS B
Actual $ 1,000.00 $ 1,077.20 $ 11.55 2.23%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.81 $ 11.20 2.23%
CLASS C
Actual $ 1,000.00 $ 1,076.50 $ 11.54 2.23%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.81 $ 11.20 2.23%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,082.30 $ 6.39 1.23%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.80 $ 6.19 1.23%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,083.60 $ 5.35 1.03%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.80 $ 5.19 1.03%
INTERNATIONAL VALUE FUND
CLASS A
Actual $ 1,000.00 $ 1,006.80 $ 7.15 1.43%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.80 $ 7.19 1.43%
CLASS B
Actual $ 1,000.00 $ 1,004.10 $ 10.89 2.18%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.06 $ 10.95 2.18%
CLASS C
Actual $ 1,000.00 $ 1,003.60 $ 10.89 2.18%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.06 $ 10.95 2.18%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,008.80 $ 5.91 1.18%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.05 $ 5.94 1.18%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,009.30 $ 4.91 0.98%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.04 $ 4.94 0.98%
|
Wells Fargo Equity Gateway Funds 33
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During the Net Annual
LARGE CAP APPRECIATION FUND 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- --------------
CLASS A
Actual $ 1,000.00 $ 1,109.50 $ 6.47 1.23%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.80 $ 6.19 1.23%
CLASS B
Actual $ 1,000.00 $ 1,107.50 $ 10.40 1.98%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.06 $ 9.95 1.98%
CLASS C
Actual $ 1,000.00 $ 1,107.50 $ 10.40 1.98%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.06 $ 9.95 1.98%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,115.40 $ 5.27 1.00%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,019.95 $ 5.04 1.00%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,111.60 $ 3.63 0.69%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.49 $ 3.48 0.69%
LARGE COMPANY GROWTH FUND
CLASS A
Actual $ 1,000.00 $ 1,096.80 $ 6.27 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
CLASS B
Actual $ 1,000.00 $ 1,092.60 $ 10.12 1.94%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.26 $ 9.75 1.94%
CLASS C
Actual $ 1,000.00 $ 1,092.70 $ 10.12 1.94%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,015.26 $ 9.75 1.94%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,097.50 $ 4.86 0.93%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.29 $ 4.68 0.93%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,099.20 $ 3.72 0.71%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,021.39 $ 3.58 0.71%
INVESTOR CLASS
Actual $ 1,000.00 $ 1,096.30 $ 6.64 1.27%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.60 $ 6.39 1.27%
SMALL COMPANY GROWTH FUND
CLASS A
Actual $ 1,000.00 $ 1,114.30 $ 7.64 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS B
Actual $ 1,000.00 $ 1,110.40 $ 11.52 2.19%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.01 $ 11.00 2.19%
CLASS C
Actual $ 1,000.00 $ 1,110.90 $ 11.53 2.19%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,014.01 $ 11.00 2.19%
|
34 Wells Fargo Equity Gateway Funds
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During the Net Annual
SMALL COMPANY GROWTH FUND (CONTINUED) 10-01-2009 03-31-2010 Period(1) Expense Ratio
------------------------------------------- ------------- ------------- --------------- --------------
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,116.40 $ 6.33 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
INSTITUTIONAL CLASS
Actual $ 1,000.00 $ 1,117.10 $ 5.01 0.95%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,020.19 $ 4.78 0.95%
SMALL COMPANY VALUE FUND
CLASS A
Actual $ 1,000.00 $ 1,153.30 $ 7.78 1.45%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,017.70 $ 7.29 1.45%
CLASS B
Actual $ 1,000.00 $ 1,152.00 $ 11.80 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
CLASS C
Actual $ 1,000.00 $ 1,152.00 $ 11.80 2.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,013.96 $ 11.05 2.20%
ADMINISTRATOR CLASS
Actual $ 1,000.00 $ 1,159.00 $ 6.46 1.20%
Hypothetical (5% return before expenses) $ 1,000.00 $ 1,018.95 $ 6.04 1.20%
|
1. Expenses are equal to the Fund's annualized expense ratio of each class
multiplied by the average account value over the period, multiplied by the
number of days in the most recent fiscal half-year divided by the number
of days in the fiscal year (to reflect the one-half year period.)
Wells Fargo Equity Gateway Funds 35
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.99%
NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 490,781,976
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $466,803,635) 490,781,976
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $466,803,635)* 99.99% 490,781,976
OTHER ASSETS AND LIABILITIES, NET 0.01 45,538
------ -------------
TOTAL NET ASSETS 100.00% $ 490,827,514
------ -------------
|
* Cost for federal income tax purposes is $ 477,386,890 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 13,395,086
Gross unrealized depreciation 0
------------
Net unrealized appreciation $ 13,395,086
|
DIVERSIFIED EQUITY FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.34%
NA WELLS FARGO ADVANTAGE C&B LARGE CAP VALUE PORTFOLIO $ 35,900,479
NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO 21,428,336
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 5,017,355
NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO 35,886,478
NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO 35,852,477
NA WELLS FARGO ADVANTAGE INDEX PORTFOLIO 107,618,883
NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 16,137,534
NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 16,014,580
NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 16,083,304
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 16,047,984
NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO 10,732,872
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 74,918,586
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 14,201,448
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 9,232,703
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,425,419
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 12,724,800
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $ 371,061,658) 429,223,238
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $371,061,658)* 100.34% 429,223,238
OTHER ASSETS AND LIABILITIES, NET (0.34) (1,444,871)
------ -------------
TOTAL NET ASSETS 100.00% $ 427,778,367
------ -------------
|
* Cost for federal income tax purposes is $ 383,503,550 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 56,648,676
Gross unrealized depreciation (10,928,988)
------------
Net unrealized appreciation $ 45,719,688
|
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Equity Gateway Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED SMALL CAP FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.48%
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 14,812,892
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 42,194,123
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 27,514,649
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 4,219,988
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 38,158,562
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $94,205,796) 126,900,214
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $94,205,796)* 100.48% 126,900,214
OTHER ASSETS AND LIABILITIES, NET (0.48) (608,611)
------ --------------
TOTAL NET ASSETS 100.00% $ 126,291,603
------ --------------
|
* Cost for federal income tax purposes is $ 107,608,811 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 32,694,418
Gross unrealized depreciation (13,403,015)
------------
Net unrealized appreciation $ 19,291,403
|
EMERGING GROWTH FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
------------- ------------------------------------------------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 98.23%
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO $ 3,532,284
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $ 3,121,980) 3,532,284
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,121,980)* 98.23% 3,532,284
OTHER ASSETS AND LIABILITIES, NET 1.77 63,612
------ --------------
TOTAL NET ASSETS 100.00% $ 3,595,896
------ --------------
|
* Cost for federal income tax purposes is $3,215,848 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 316,436
Gross unrealized depreciation 0
------------
Net unrealized appreciation $ 316,436
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 37
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.31%
NA WELLS FARGO ADVANTAGE EQUITY INCOME PORTFOLIO $ 128,388,123
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $388,176,817) 128,388,123
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $388,176,817)* 100.31% 128,388,123
OTHER ASSETS AND LIABILITIES, NET (0.31) (391,893)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 127,996,230
-------------- --------------
* Cost for federal income tax purposes is $388,620,321 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 0
Gross unrealized depreciation (260,232,198)
--------------
Net unrealized depreciation $ (260,232,198)
|
EQUITY VALUE FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.15%
NA WELLS FARGO ADVANTAGE EQUITY VALUE PORTFOLIO $ 245,774,660
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $208,875,296) 245,774,660
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $208,875,296)* 100.15% 245,774,660
OTHER ASSETS AND LIABILITIES, NET (0.15) (357,144)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 245,417,516
-------------- --------------
* Cost for federal income tax purposes is $210,282,839 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 35,491,821
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $ 35,491,821
|
The accompanying notes are an integral part of these financial statements.
38 Wells Fargo Equity Gateway Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
GROWTH EQUITY FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.23%
NA WELLS FARGO ADVANTAGE DISCIPLINED GROWTH PORTFOLIO $ 6,866,314
NA WELLS FARGO ADVANTAGE EMERGING GROWTH PORTFOLIO 5,608,296
NA WELLS FARGO ADVANTAGE INTERNATIONAL CORE PORTFOLIO 10,398,032
NA WELLS FARGO ADVANTAGE INTERNATIONAL GROWTH PORTFOLIO 10,388,421
NA WELLS FARGO ADVANTAGE INTERNATIONAL INDEX PORTFOLIO 10,371,298
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO 10,383,376
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO 41,149,842
NA WELLS FARGO ADVANTAGE SMALL CAP INDEX PORTFOLIO 15,953,359
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO 10,398,083
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO 1,576,381
NA WELLS FARGO ADVANTAGE STRATEGIC SMALL CAP VALUE PORTFOLIO 14,431,045
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $114,372,742) 137,524,447
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $114,372,742)* 100.23% 137,524,447
OTHER ASSETS AND LIABILITIES, NET (0.23) (320,499)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 137,203,948
-------------- --------------
* Cost for federal income tax purposes is $121,957,597 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 15,566,850
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $ 15,566,850
|
INTERNATIONAL VALUE FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.80%
NA WELLS FARGO ADVANTAGE INTERNATIONAL VALUE PORTFOLIO $ 254,110,914
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $286,939,390) 254,110,914
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $286,939,390)* 99.80% 254,110,914
OTHER ASSETS AND LIABILITIES, NET 0.20 509,626
-------------- --------------
TOTAL NET ASSETS 100.00% $ 254,620,540
-------------- --------------
* Cost for federal income tax purposes is $287,536,384 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 0
Gross unrealized depreciation (33,425,470)
--------------
Net unrealized depreciation $ (33,425,470)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 39
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 100.09%
NA WELLS FARGO ADVANTAGE LARGE CAP APPRECIATION PORTFOLIO $ 38,285,194
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $31,170,029) 38,285,194
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $31,170,029)* 100.09% 38,285,194
OTHER ASSETS AND LIABILITIES, NET (0.09) (36,075)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 38,249,119
-------------- --------------
* Cost for federal income tax purposes is $31,933,259 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 6,351,935
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $ 6,351,935
|
LARGE COMPANY GROWTH FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 103.25%
NA WELLS FARGO ADVANTAGE LARGE COMPANY GROWTH PORTFOLIO $ 398,505,024
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $348,958,452) 398,505,024
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $348,958,452)* 103.25% 398,505,024
OTHER ASSETS AND LIABILITIES, NET (3.25) (12,527,610)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 385,977,414
-------------- --------------
* Cost for federal income tax purposes is $376,793,778 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 21,711,246
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $ 21,711,246
|
The accompanying notes are an integral part of these financial statements.
40 Wells Fargo Equity Gateway Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 103.62%
NA WELLS FARGO ADVANTAGE SMALL COMPANY GROWTH PORTFOLIO $ 286,278,540
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $287,497,527) 286,278,540
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $287,497,527)* 103.62% 286,278,540
OTHER ASSETS AND LIABILITIES, NET (3.62) (10,012,305)
-------------- --------------
TOTAL NET ASSETS 100.00% $ 276,266,235
-------------- --------------
* Cost for federal income tax purposes is $298,593,493 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 0
Gross unrealized depreciation (12,314,953)
--------------
Net unrealized depreciation $ (12,314,953)
|
SMALL COMPANY VALUE FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS: 99.85%
NA WELLS FARGO ADVANTAGE SMALL COMPANY VALUE PORTFOLIO $ 92,493,930
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIOS (COST $63,577,000) 92,493,930
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $63,577,000)* 99.85% 92,493,930
OTHER ASSETS AND LIABILITIES, NET 0.15 138,269
-------------- --------------
TOTAL NET ASSETS 100.00% $ 92,632,199
-------------- --------------
* Cost for federal income tax purposes is $79,780,660 and net unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,713,270
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $ 12,713,270
|
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
42 Wells Fargo Equity Gateway Funds
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
C&B Large Diversified
Cap Value Equity
Fund Fund
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in affiliated Master Portfolios, at value (see cost below) ................ $ 490,781,976 $ 429,223,238
Cash .................................................................................. 25,000 25,000
Receivable for Fund shares issued ..................................................... 909,916 7,427
Receivable from investment advisor and/or affiliates .................................. 0 0
Prepaid expenses and other assets ..................................................... 38,516 25,616
----------------------------------
Total assets ............................................................................. 491,755,408 429,281,281
----------------------------------
LIABILITIES
Payable for Fund shares redeemed ...................................................... 769,739 1,138,250
Payable to investment advisor and/or affiliates ....................................... 137,243 284,214
Shareholder reporting expenses payable ................................................ 20,912 80,450
Accrued expenses and other liabilities ................................................ 0 0
----------------------------------
Total liabilities ........................................................................ 927,894 1,502,914
----------------------------------
TOTAL NET ASSETS ......................................................................... $ 490,827,514 $ 427,778,367
==================================
NET ASSETS CONSIST OF
Paid-in capital ....................................................................... $ 577,232,930 $ 438,666,242
Undistributed/overdistributed net investment income (loss) ............................ 1,184,820 (316,770)
Accumulated net realized loss on investments .......................................... (111,568,577) (68,732,685)
Net unrealized appreciation (depreciation) of investments ............................. 23,978,341 58,161,580
----------------------------------
TOTAL NET ASSETS ......................................................................... $ 490,827,514 $ 427,778,367
==================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A .................................................................. $ 35,172,439 $ 85,119,888
Shares outstanding - Class A .......................................................... 4,604,271 3,374,978
Net asset value per share - Class A ................................................... $ 7.64 $ 25.22
Maximum offering price per share - Class A(2) ......................................... $ 8.11 $ 26.76
Net assets - Class B .................................................................. $ 8,215,327 $ 9,264,597
Shares outstanding - Class B .......................................................... 1,076,740 390,207
Net asset value and offering price per share - Class B ................................ $ 7.63 $ 23.74
Net assets - Class C .................................................................. $ 7,074,717 $ 2,995,333
Shares outstanding - Class C .......................................................... 928,477 123,699
Net asset value and offering price per share - Class C ................................ $ 7.62 $ 24.21
Net assets - Administrator Class ...................................................... $ 206,270,572 $ 330,398,549
Shares outstanding - Administrator Class .............................................. 27,017,309 13,070,402
Net asset value and offering price per share - Administrator Class .................... $ 7.63 $ 25.28
Net assets - Institutional Class ...................................................... $ 32,453,573 NA
Shares outstanding - Institutional Class .............................................. 4,237,868 NA
Net asset value and offering price per share - Institutional Class .................... $ 7.66 NA
Net assets - Investor Class ........................................................... $ 201,640,886 NA
Shares outstanding - Investor Class ................................................... 26,470,500 NA
Net asset value and offering price per share - Investor Class ......................... $ 7.62 NA
----------------------------------
Investments, at cost ..................................................................... $ 466,803,635 $ 371,061,658
----------------------------------
|
1. Each Fund has an unlimited number of authorized shares.
2. Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 43
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Diversified Emerging Equity Equity Growth International
Small Cap Growth Income Value Equity Value
Fund Fund Fund Fund Fund Fund
---------------------------------------------------------------------------------------------------------
$ 126,900,214 $ 3,532,284 $ 128,388,123 $ 245,774,660 $ 137,524,447 $ 254,110,914
25,000 0 0 0 25,000 25,157
9,134 2,833 7,834 181,905 8,248 1,037,116
10,131 7,481 0 0 0 0
0 53,298 3,761 29,761 25,462 16,616
---------------------------------------------------------------------------------------------------------
126,944,479 3,595,896 128,399,718 245,986,326 137,583,157 255,189,803
---------------------------------------------------------------------------------------------------------
529,584 0 310,827 516,240 291,002 495,107
0 0 22,274 38,007 45,265 22,530
49,362 0 70,387 14,563 42,942 51,626
73,930 0 0 0 0 0
---------------------------------------------------------------------------------------------------------
652,876 0 403,488 568,810 379,209 569,263
---------------------------------------------------------------------------------------------------------
$ 126,291,603 $ 3,595,896 $ 127,996,230 $ 245,417,516 $ 137,203,948 $ 254,620,540
=========================================================================================================
$ 242,412,987 $ 5,177,710 $ 392,130,394 $ 297,826,049 $ 128,357,950 $ 339,319,259
308,582 (29,853) (47,135) 346,331 (1,017,936) 1,161,012
(149,124,384) (1,962,265) (4,298,335) (89,654,228) (13,287,771) (53,031,255)
32,694,418 410,304 (259,788,694) 36,899,364 23,151,705 (32,828,476)
---------------------------------------------------------------------------------------------------------
$ 126,291,603 $ 3,595,896 $ 127,996,230 $ 245,417,516 $ 137,203,948 $ 254,620,540
=========================================================================================================
NA $ 93,265 $ 87,413,030 $ 4,916,494 $ 17,070,409 $ 8,345,406
NA 10,265 6,543,872 409,901 1,536,323 662,192
NA $ 9.09 $ 13.36 $ 11.99 $ 11.11 $ 12.60
NA $ 9.64 $ 14.18 $ 12.72 $ 11.79 $ 13.37
NA NA $ 3,010,778 $ 636,588 $ 1,375,757 $ 419,426
NA NA 224,990 53,165 169,384 33,592
NA NA $ 13.38 $ 11.97 $ 8.12 $ 12.49
NA $ 11,042 $ 2,027,327 $ 777,296 $ 434,901 $ 705,011
NA 1,233 139,090 65,408 47,362 56,860
NA $ 8.96 $ 14.58 $ 11.88 $ 9.18 $ 12.40
$ 126,291,603 $ 18,522 $ 35,545,095 $ 164,811,980 $ 112,256,384 $ 243,330,075
11,746,126 2,027 2,665,459 13,506,081 9,748,861 19,424,770
$ 10.75 $ 9.14 $ 13.34 $ 12.20 $ 11.51 $ 12.53
NA $ 9,732 NA $ 74,275,158 $ 6,066,497 $ 1,820,622
NA 1,060 NA 6,090,806 526,845 144,794
NA $ 9.18 NA $ 12.19 $ 11.51 $ 12.57
NA $ 3,463,335 NA NA NA NA
NA 382,296 NA NA NA NA
NA $ 9.06 NA NA NA NA
---------------------------------------------------------------------------------------------------------
$ 94,205,796 $ 3,121,980 $ 388,176,817 $ 208,875,296 $ 114,372,742 $ 286,939,390
---------------------------------------------------------------------------------------------------------
|
44 Wells Fargo Equity Gateway Funds
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Large Cap Large
Appreciation Company
Fund Growth Fund
---------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments in affiliated Master Portfolios, at value (see cost below) .................. $ 38,285,194 $ 398,505,024
Cash .................................................................................... 28,000 30,000
Receivable for Fund shares issued ....................................................... 4,312 31,698
Prepaid expenses and other assets ....................................................... 27,444 24,060
---------------------------------
Total assets ............................................................................... 38,344,950 398,590,782
---------------------------------
LIABILITIES
Payable for Fund shares redeemed ........................................................ 83,507 12,240,143
Payable to investment advisor and/or affiliates ......................................... 2,781 161,322
Shareholder reporting expenses payable .................................................. 9,543 211,903
---------------------------------
Total liabilities .......................................................................... 95,831 12,613,368
---------------------------------
TOTAL NET ASSETS ........................................................................... $ 38,249,119 $ 385,977,414
=================================
NET ASSETS CONSIST OF
Paid-in capital ......................................................................... $ 62,478,291 $ 552,207,218
Undistributed net investment income (loss) .............................................. 100,832 575,145
Accumulated net realized loss on investments ............................................ (31,445,169) (216,351,521)
Net unrealized appreciation (depreciation) of investments ............................... 7,115,165 49,546,572
---------------------------------
TOTAL NET ASSETS ........................................................................... $ 38,249,119 $ 385,977,414
=================================
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A .................................................................... $ 5,578,475 $ 230,310,562
Shares outstanding - Class A ............................................................ 641,880 4,571,939
Net asset value per share - Class A ..................................................... $ 8.69 $ 50.37
Maximum offering price per share - Class A(2) ........................................... $ 9.22 $ 53.44
Net assets - Class B .................................................................... $ 749,328 $ 9,464,875
Shares outstanding - Class B ............................................................ 92,075 213,260
Net asset value and offering price per share - Class B .................................. $ 8.14 $ 44.38
Net assets - Class C .................................................................... $ 360,165 $ 5,657,002
Shares outstanding - Class C ............................................................ 44,240 127,655
Net asset value and offering price per share - Class C .................................. $ 8.14 $ 44.31
Net assets - Administrator Class ........................................................ $ 31,551,947 $ 66,196,072
Shares outstanding - Administrator Class ................................................ 3,576,622 1,368,668
Net asset value and offering price per share - Administrator Class ...................... $ 8.82 $ 48.37
Net assets - Institutional Class ........................................................ $ 9,204 $ 944,587
Shares outstanding - Institutional Class ................................................ 1,049 19,754
Net asset value and offering price per share - Institutional Class ...................... $ 8.77 $ 47.82
Net assets - Investor Class ............................................................. NA $ 73,404,316
Shares outstanding - Investor Class ..................................................... NA 1,547,687
Net asset value and offering price per share - Investor Class ........................... NA $ 47.43
---------------------------------
Investments, at cost ....................................................................... $ 31,170,029 $ 348,958,452
---------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 45
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Small Small
Company Company
Growth Fund Value Fund
---------------------------------
$ 286,278,540 $ 92,493,930
25,000 25,000
97,757 276,033
27,059 27,609
---------------------------------
286,428,356 92,822,572
---------------------------------
10,075,045 114,597
69,218 17,611
17,858 58,165
---------------------------------
10,162,121 190,373
---------------------------------
$ 276,266,235 $ 92,632,199
=================================
$ 390,082,984 $ 216,961,679
(2,355,598) 556,403
(110,242,164) (153,802,813)
(1,218,987) 28,916,930
---------------------------------
$ 276,266,235 $ 92,632,199
=================================
$ 3,199,245 $ 25,618,344
154,702 2,254,622
$ 20.68 $11.36
$ 21.94 $12.05
$ 301,635 $ 2,786,411
15,448 262,588
$ 19.53 $10.61
$ 880,272 $ 1,583,650
44,584 149,221
$ 19.74 $10.61
$ 271,657,016 $ 62,643,794
12,869,297 5,438,898
$ 21.11 $11.52
$ 228,067 NA
10,762 NA
$ 21.19 NA
NA NA
NA NA
NA NA
---------------------------------
$ 287,497,527 $ 63,577,000
---------------------------------
|
46 Wells Fargo Equity Gateway Funds
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
C&B Large Diversified
Cap Value Equity
Fund Fund
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios(1) ..................................... $ 4,895,466 $ 3,736,287
Interest allocated from affiliated Master Portfolios ......................................... 7,627 3,015
Security lending income from affiliated Master Portfolios .................................... 8,899 41,218
Expenses allocated from affiliated Master Portfolios ......................................... (1,739,567) (1,424,194)
Waivers allocated from affiliated Master Portfolios .......................................... 56,606 154,203
------------------------------
Total investment income (loss) .................................................................. 3,229,031 2,510,529
------------------------------
EXPENSES
Advisory fees ................................................................................ 0 544,670
Administration fees
Fund level ................................................................................. 122,334 108,934
Class A .................................................................................... 47,659 120,522
Class B .................................................................................... 11,697 13,916
Class C .................................................................................... 9,593 4,143
Administrator Class ........................................................................ 104,966 167,109
Institutional Class ........................................................................ 11,539 NA
Investor Class ............................................................................. 382,484 NA
Shareholder servicing fees
Class A .................................................................................... 42,553 108,165
Class B .................................................................................... 10,444 12,486
Class C .................................................................................... 8,565 3,719
Administrator Class ........................................................................ 253,978 414,037
Investor Class ............................................................................. 251,634 NA
Accounting fees .............................................................................. 6,587 12,144
Distribution fees
Class B .................................................................................... 31,331 37,361
Class C .................................................................................... 25,694 11,126
Professional fees ............................................................................ 12,458 13,189
Registration fees ............................................................................ 34,904 14,959
Shareholder reports .......................................................................... 59,836 69,808
Trustees' fees ............................................................................... 5,274 5,274
Other fees and expenses ...................................................................... 7,793 19,067
------------------------------
Total expenses .................................................................................. 1,441,323 1,680,629
------------------------------
LESS
Waived fees and/or reimbursed expenses ....................................................... (478,091) (617,254)
Net expenses ................................................................................. 963,232 1,063,375
------------------------------
Net investment income (loss) .................................................................... 2,265,799 1,447,154
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from securities transactions allocated from Master Portfolios .......... (19,134,868) 20,165,150
Net change in unrealized appreciation (depreciation) of securities transactions allocated from
Master Portfolios ............................................................................ 61,565,090 18,578,517
------------------------------
Net realized and unrealized gain on investments ................................................. 42,430,222 38,743,667
------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................ $ 44,696,021 $ 40,190,821
==============================
1. Net of foreign withholding taxes of .......................................................... $ 5,858 $ 56,989
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 47
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Diversified Emerging Equity Equity Growth International
Small Cap Growth Income Value Equity Value
Fund Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------------------------
$ 711,684 $ 3,824 $ 1,579,029 $ 1,800,385 $ 922,063 $ 2,531,029
3,931 53 (8,301) 1,111 2,665 3,993
47,840 1,049 1,072 11,486 27,253 32,726
(554,038) (16,221) (467,504) (811,460) (633,606) (1,468,579)
17,816 1,038 2,207 27,057 91,601 212,674
-------------------------------------------------------------------------------------------------
227,233 (10,257) 1,106,503 1,028,579 409,976 1,311,843
-------------------------------------------------------------------------------------------------
200,863 0 0 0 174,497 0
40,173 803 31,558 56,322 34,899 61,376
NA 88 120,061 6,385 23,304 11,908
NA NA 4,890 909 2,047 729
NA 12 2,706 893 657 1,078
80,345 9 17,524 77,216 58,232 117,055
NA 4 NA 25,957 1,823 638
NA 5,915 NA NA NA NA
NA 78 107,197 5,472 20,808 9,761
NA NA 4,366 813 1,829 651
NA 11 2,416 799 586 963
199,610 22 43,148 180,250 145,358 292,198
NA 3,891 NA NA NA NA
5,818 8,786 10,599 12,358 5,309 11,576
NA NA 13,098 2,437 5,485 1,953
NA 34 7,249 2,394 1,760 2,888
13,191 12,433 12,174 12,350 13,160 12,315
7,521 27,424 12,465 14,959 20,943 22,439
32,589 499 29,917 19,945 22,439 29,917
5,274 5,274 5,274 5,274 5,274 5,274
7,831 2,263 3,909 4,558 3,760 4,872
-------------------------------------------------------------------------------------------------
593,215 67,546 428,551 429,291 542,170 587,591
-------------------------------------------------------------------------------------------------
(328,173) (58,835) (222,986) (156,227) (198,250) (380,927)
265,042 8,711 205,565 273,064 343,920 206,664
-------------------------------------------------------------------------------------------------
(37,809) (18,968) 900,938 755,515 66,056 1,105,179
-------------------------------------------------------------------------------------------------
(15,063,262) 559,671 (2,203,242) 11,138,712 2,550,137 (12,336,528)
30,157,473 (98,087) 12,882,427 15,877,182 8,558,295 13,573,353
-------------------------------------------------------------------------------------------------
15,094,211 461,584 10,679,185 27,015,894 11,108,432 1,236,825
-------------------------------------------------------------------------------------------------
$ 15,056,402 $ 442,616 $ 11,580,123 $ 27,771,409 $ 11,174,488 $ 2,342,004
=================================================================================================
$ 145 $ 0 $ 0 $ 7,746 $ 36,212 $ 297,271
|
48 Wells Fargo Equity Gateway Funds
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Large Cap Large
Appreciation Company
Fund Growth Fund
-----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolios(1) ..................................... $ 322,274 $ 2,705,994
Interest allocated from affiliated Master Portfolios ......................................... 1,333 4,205
Security lending income from affiliated Master Portfolios .................................... 673 37,684
Expenses allocated from affiliated Master Portfolios ......................................... (183,475) (1,457,110)
Waivers allocated from affiliated Master Portfolios .......................................... 19,188 171,745
------------------------------
Total investment income (loss) .................................................................. 159,993 1,462,518
------------------------------
EXPENSES
Administration fees
Fund level ................................................................................. 11,798 102,797
Class A .................................................................................... 6,565 314,819
Class B .................................................................................... 934 14,805
Class C .................................................................................... 412 7,627
Administrator Class ........................................................................ 18,463 47,716
Institutional Class ........................................................................ 1,402 1,632
Investor Class ............................................................................. NA 134,485
Shareholder servicing fees
Class A .................................................................................... 7,011 281,088
Class B .................................................................................... 999 13,003
Class C .................................................................................... 441 6,810
Administrator Class ........................................................................ 36,144 113,109
Investor Class ............................................................................. NA 88,228
Accounting fees .............................................................................. 5,230 10,438
Distribution fees
Class B .................................................................................... 2,996 39,656
Class C .................................................................................... 1,324 20,430
Professional fees ............................................................................ 12,350 12,397
Registration fees ............................................................................ 17,452 27,424
Shareholder reports .......................................................................... 9,413 114,685
Trustees' fees ............................................................................... 5,274 5,274
Other fees and expenses ...................................................................... 2,845 15,045
------------------------------
Total expenses .................................................................................. 141,053 1,371,468
------------------------------
LESS
Waived fees and/or reimbursed expenses ....................................................... (64,477) (247,063)
Net expenses ................................................................................. 76,576 1,124,405
------------------------------
Net investment income (loss) .................................................................... 83,417 338,113
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from securities transactions allocated from Master Portfolios ................. 4,359,932 12,226,089
Net change in unrealized appreciation (depreciation) of securities transactions allocated from
Master Portfolios ............................................................................ 372,814 26,385,542
------------------------------
Net realized and unrealized gain (loss) on investment ........................................... 4,732,746 38,611,631
------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................................ $ 4,816,163 $ 38,949,744
==============================
1. Net of foreign withholding taxes of .......................................................... $ 1,350 $ 0
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 49
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Small Small
Company Company
Growth Fund Value Fund
--------------------------------
$ 342,387 $ 503,694
2,450 1,421
18,616 5,174
(1,161,862) (445,709)
15,408 930
--------------------------------
(783,001) 65,510
--------------------------------
65,988 24,778
3,936 31,307
404 3,721
952 2,036
129,515 36,042
0 NA
NA NA
3,514 28,137
361 3,341
850 1,830
325,085 89,934
NA NA
11,391 4,595
1,083 9,994
2,551 5,471
11,882 12,350
22,439 15,956
25,704 41,885
5,274 5,274
5,213 4,559
--------------------------------
616,142 321,210
--------------------------------
(173,820) (122,909)
442,322 198,301
--------------------------------
(1,225,323) (132,791)
--------------------------------
28,005,681 12,597,256
3,372,997 (3,075,636)
--------------------------------
31,378,678 9,521,620
--------------------------------
$ 30,153,355 $ 9,388,829
================================
$ 0 $ 0
|
50 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
C&B LARGE CAP VALUE FUND
--------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................. $ 498,134,787 $ 505,336,290
OPERATIONS
Net investment income (loss) ..................................................... 2,265,799 6,912,292
Net realized gain (loss) on investments .......................................... (19,134,868) (53,403,856)
Net change in unrealized appreciation (depreciation) of investments .............. 61,565,090 24,634,242
--------------------------------------
Net increase (decrease) in net assets resulting from operations ....................... 44,696,021 (21,857,322)
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ..................................................................... (382,177) (622,542)
Class B ..................................................................... (29,793) (96,851)
Class C ..................................................................... (29,114) (66,446)
Administrator Class ......................................................... (2,682,790) (4,072,816)
Institutional Class ......................................................... (427,090) (623,027)
Investor Class .............................................................. (2,494,070) (2,774,348)
Net realized gains
Class A ..................................................................... 0 (343)
Class B ..................................................................... 0 (111)
Class C ..................................................................... 0 (79)
Administrator Class ......................................................... 0 (2,377)
Institutional Class ......................................................... 0 (250)
Investor Class .............................................................. 0 (1,425)
--------------------------------------
Total distributions to shareholders ................................................... (6,045,034) (8,260,615)
--------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .............................................. 2,509,553 7,974,758
Reinvestment of distributions - Class A .......................................... 356,182 543,758
Cost of shares redeemed - Class A ................................................ (4,192,087) (10,994,479)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A .......................................................... (1,326,352) (2,475,963)
--------------------------------------
Proceeds from shares sold - Class B .............................................. 22,371 116,199
Reinvestment of distributions - Class B .......................................... 28,504 93,335
Cost of shares redeemed - Class B ................................................ (1,291,990) (3,213,938)
--------------------------------------
Net decrease in net assets resulting from capital share transactions - Class B ... (1,241,115) (3,004,404)
--------------------------------------
Proceeds from shares sold - Class C .............................................. 227,520 477,977
Reinvestment of distributions - Class C .......................................... 26,635 62,037
Cost of shares redeemed - Class C ................................................ (597,751) (2,029,988)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C .......................................................... (343,596) (1,489,974)
--------------------------------------
Proceeds from shares sold - Administrator Class .................................. 11,578,334 105,648,299
Reinvestment of distributions - Administrator Class .............................. 1,707,819 3,106,959
Cost of shares redeemed - Administrator Class .................................... (45,808,542) (130,035,108)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class .............................................. (32,522,389) (21,279,850)
--------------------------------------
Proceeds from shares sold - Institutional Class .................................. 6,023,274 3,411,024
Reinvestment of distributions - Institutional Class .............................. 361,970 519,556
Cost of shares redeemed - Institutional Class .................................... (2,873,886) (2,672,723)
--------------------------------------
Net increase in net assets resulting from capital share transactions -
Institutional Class .............................................................. 3,511,358 1,257,857
--------------------------------------
Proceeds from shares sold - Investor Class ....................................... 50,225,978 92,577,525
Reinvestment of distributions - Investor Class ................................... 2,463,677 2,620,557
Cost of shares redeemed - Investor Class ......................................... (66,725,821) (45,289,314)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ................................................... (14,036,166) 49,908,768
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ................................................................. (45,958,260) 22,916,434
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................. (7,307,273) (7,201,503)
--------------------------------------
ENDING NET ASSETS ..................................................................... $ 490,827,514 $ 498,134,787
--------------------------------------
Ending balance of undistributed/overdistributed net investment income (loss) .......... $ 1,184,820 $ 4,964,055
--------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 51
Statements of Changes in Net Assets
DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND EMERGING GROWTH FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
$ 695,598,899 $ 791,806,565 $ 515,568,509 $ 569,169,008 $ 2,939,102 $ 3,756,713
1,447,154 8,057,233 (37,809) 1,493,431 (18,968) (29,566)
20,165,150 (77,096,817) (15,063,262) (95,260,900) 559,671 (894,584)
18,578,517 17,291,905 30,157,473 48,911,717 (98,087) 596,927
--------------------------------------------------------------------------------------------------------------------------
40,190,821 (51,747,679) 15,056,402 (44,855,752) 442,616 (327,223)
--------------------------------------------------------------------------------------------------------------------------
(1,288,490) (927,684) NA NA 0 0
(77,748) 0 NA NA NA NA
(26,810) (3,365) NA NA 0 0
(5,224,703) (8,519,140) (1,273,368) (85,184) 0 0
NA NA NA NA 0 0
NA NA NA NA 0 0
0 (6,460,494) NA NA 0 0
0 (1,278,484) NA NA NA NA
0 (249,329) NA NA 0 0
0 (46,610,423) 0 0 0 0
NA NA NA NA 0 0
NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
(6,617,751) (64,048,919) (1,273,368) (85,184) 0 0
--------------------------------------------------------------------------------------------------------------------------
4,294,306 12,306,038 NA NA 42,597 27,465
1,222,735 7,102,006 NA NA 0 0
(12,240,315) (12,115,699) NA NA (2,000) 0
--------------------------------------------------------------------------------------------------------------------------
(6,723,274) 7,292,345 NA NA 40,597 27,465
--------------------------------------------------------------------------------------------------------------------------
0 197,630 NA NA NA NA
76,714 1,260,409 NA NA NA NA
(2,400,024) (5,922,036) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(2,323,310) (4,463,997) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
74,302 217,738 NA NA 1,480 0
26,311 248,290 NA NA 0 0
(286,870) (482,512) NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
(186,257) (16,484) NA NA 1,480 0
--------------------------------------------------------------------------------------------------------------------------
12,326,724 108,379,856 7,034,300 156,720,813 1,691 79,299
5,180,520 54,881,463 1,224,412 84,153 0 0
(309,668,005) (146,484,251) (411,318,652) (165,464,529) (1,931) (118,372)
--------------------------------------------------------------------------------------------------------------------------
(292,160,761) 16,777,068 (403,059,940) (8,659,563) (240) (39,073)
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 0 0
NA NA NA NA 0 0
NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 456,224 1,067,260
NA NA NA NA 0 0
NA NA NA NA (283,883) (1,546,040)
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 172,341 (478,780)
--------------------------------------------------------------------------------------------------------------------------
(301,393,602) 19,588,932 (403,059,940) (8,659,563) 214,178 (490,388)
--------------------------------------------------------------------------------------------------------------------------
(267,820,532) (96,207,666) (389,276,906) (53,600,499) 656,794 (817,611)
--------------------------------------------------------------------------------------------------------------------------
$ 427,778,367 $ 695,598,899 $ 126,291,603 $ 515,568,509 $ 3,595,896 $ 2,939,102
--------------------------------------------------------------------------------------------------------------------------
$ (316,770) $ 4,853,827 $ 308,582 $ 1,619,759 $ (29,853) $ (10,885)
--------------------------------------------------------------------------------------------------------------------------
|
52 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
C&B LARGE CAP VALUE FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................ 346,578 1,369,183
Shares issued in reinvestment of distributions - Class A ............................. 49,264 98,506
Shares redeemed - Class A ............................................................ (576,884) (1,906,421)
-------------------------------------
Net increase (decrease) in shares outstanding - Class A .............................. (181,042) (438,732)
-------------------------------------
Shares sold - Class B ................................................................ 3,120 20,768
Shares issued in reinvestment of distributions - Class B ............................. 3,943 16,909
Shares redeemed - Class B ............................................................ (179,417) (557,098)
-------------------------------------
Net decrease in shares outstanding - Class B ......................................... (172,354) (519,421)
-------------------------------------
Shares sold - Class C ................................................................ 31,464 87,922
Shares issued in reinvestment of distributions - Class C ............................. 3,689 11,239
Shares redeemed - Class C ............................................................ (82,780) (362,394)
-------------------------------------
Net increase (decrease) in shares outstanding - Class C .............................. (47,627) (263,233)
-------------------------------------
Shares sold - Administrator Class .................................................... 1,612,381 19,104,506
Shares issued in reinvestment of distributions - Administrator Class ................. 236,540 563,872
Shares redeemed - Administrator Class ................................................ (6,325,901) (22,046,208)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................. (4,476,980) (2,377,830)
-------------------------------------
Shares sold - Institutional Class .................................................... 830,886 550,515
Shares issued in reinvestment of distributions - Institutional Class ................. 49,996 94,122
Shares redeemed - institutional class ................................................ (393,160) (443,184)
-------------------------------------
Net increase in shares outstanding - Institutional Class ............................. 487,722 201,453
-------------------------------------
Shares sold - Investor Class ......................................................... 6,966,119 15,826,255
Shares issued in reinvestment of distributions - Investor Class ...................... 341,703 475,597
Shares redeemed - Investor Class ..................................................... (9,185,552) (7,992,843)
-------------------------------------
Net increase (decrease) in shares outstanding - Investor Class ....................... (1,877,730) 8,309,009
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (6,268,011) 4,911,246
-------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 53
Statements of Changes in Net Assets
DIVERSIFIED EQUITY FUND DIVERSIFIED SMALL CAP FUND EMERGING GROWTH FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
179,613 677,286 NA NA 4,998 3,812
50,948 380,617 NA NA 0 0
(508,657) (669,697) NA NA (243) 0
--------------------------------------------------------------------------------------------------------------------------
(278,096) 388,206 NA NA 4,755 3,812
--------------------------------------------------------------------------------------------------------------------------
0 10,474 NA NA NA NA
3,388 72,396 NA NA NA NA
(106,723) (322,037) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(103,335) (239,167) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
3,233 11,478 NA NA 173 0
1,140 13,950 NA NA 0 0
(12,560) (25,108) NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
(8,187) 320 NA NA 173 0
--------------------------------------------------------------------------------------------------------------------------
514,197 5,549,914 739,695 20,476,258 190 10,997
215,496 2,931,912 123,928 11,655 0 0
(13,067,726) (7,498,738) (42,408,429) (21,904,730) (217) (15,865)
--------------------------------------------------------------------------------------------------------------------------
(12,338,033) 983,088 (41,544,806) (1,416,817) (27) (4,868)
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 0 0
NA NA NA NA 0 0
NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 0 0
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 54,300 158,740
NA NA NA NA 0 0
NA NA NA NA (33,785) (228,772)
--------------------------------------------------------------------------------------------------------------------------
NA NA NA NA 20,515 (70,032)
--------------------------------------------------------------------------------------------------------------------------
(12,727,651) 1,132,447 (41,544,806) (1,416,817) 25,416 (71,088)
--------------------------------------------------------------------------------------------------------------------------
|
54 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
EQUITY INCOME FUND
--------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................ $ 126,196,928 $ 186,316,841
OPERATIONS
Net investment income ........................................................... 900,938 2,869,386
Net realized gain (loss) on investments ......................................... (2,203,242) (170,433)
Net change in unrealized appreciation (depreciation) of investments ............. 12,882,427 (27,616,193)
--------------------------------------
Net increase (decrease) in net assets resulting from operations ...................... 11,580,123 (24,917,240)
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A .................................................................... (610,834) (1,805,689)
Class B .................................................................... (10,082) (70,317)
Class C .................................................................... (5,469) (22,298)
Administrator Class ........................................................ (290,433) (954,149)
Institutional Class ........................................................ NA NA
Net realized gains
Class A .................................................................... (144,110) (11,011,081)
Class B .................................................................... (6,063) (765,764)
Class C .................................................................... (2,964) (215,982)
Administrator Class ........................................................ (59,142) (6,155,284)
Institutional Class ........................................................ NA NA
--------------------------------------
Total distributions to shareholders .................................................. (1,129,097) (21,000,564)
--------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ............................................. 1,440,541 1,805,090
Reinvestment of distributions - Class A ......................................... 722,710 12,300,273
Cost of shares redeemed - Class A ............................................... (6,502,959) (15,351,656)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ......................................................... (4,339,708) (1,246,293)
--------------------------------------
Proceeds from shares sold - Class B ............................................. 44,150 129,317
Reinvestment of distributions - Class B ......................................... 15,664 803,042
Cost of shares redeemed - Class B ............................................... (1,467,549) (3,221,154)
--------------------------------------
Net decrease in net assets resulting from capital share
transactions - Class B ......................................................... (1,407,735) (2,288,795)
--------------------------------------
Proceeds from shares sold - Class C ............................................. 103,541 117,677
Reinvestment of distributions - Class C ......................................... 7,495 215,226
Cost of shares redeemed - Class C ............................................... (101,765) (387,681)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ......................................................... 9,271 (54,778)
--------------------------------------
Proceeds from shares sold - Administrator Class ................................. 2,756,305 7,477,684
Reinvestment of distributions - Administrator Class ............................. 278,141 6,123,633
Cost of shares redeemed - Administrator Class ................................... (5,947,998) (24,213,560)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ............................................. (2,913,552) (10,612,243)
--------------------------------------
Proceeds from shares sold - Institutional Class ................................. NA NA
Proceeds from redemption fees - Institutional Class ............................. NA NA
Reinvestment of distributions - Institutional Class ............................. NA NA
Cost of shares redeemed - Institutional Class ................................... NA NA
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Institutional Class ............................................. NA NA
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ........................................................... (8,651,724) (14,202,109)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS ................................................ 1,799,302 (60,119,913)
--------------------------------------
ENDING NET ASSETS .................................................................... $ 127,996,230 $ 126,196,928
--------------------------------------
Ending balance of undistributed/overdistributed net investment income ................ $ (47,135) $ (31,255)
--------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 55
Statements of Changes in Net Assets
EQUITY VALUE FUND GROWTH EQUITY FUND INTERNATIONAL VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
$ 222,174,459 $ 255,569,690 $ 143,087,432 $ 191,634,651 $ 243,443,893 $ 226,041,283
755,515 3,315,237 66,056 877,082 1,105,179 4,926,538
11,138,712 (71,161,222) 2,550,137 (11,519,531) (12,336,528) (31,791,355)
15,877,182 48,048,577 8,558,295 (4,253,262) 13,573,353 45,504,224
--------------------------------------------------------------------------------------------------------------------------
27,771,409 (19,797,408) 11,174,488 (14,895,711) 2,342,004 18,639,407
--------------------------------------------------------------------------------------------------------------------------
(40,322) (45,075) (65,633) (84,959) (103,184) (851,406)
0 0 0 0 (5,466) (15,145)
(1,106) (2,022) 0 0 (9,627) (17,189)
(1,636,928) (2,486,187) (716,957) (876,375) (4,727,636) (7,598,321)
(837,569) (1,140,933) (32,096) (88,152) (35,242) (37,593)
0 (167) (3,668) (5,903,627) 0 0
0 (47) (446) (886,079) 0 0
0 (36) (130) (233,051) 0 0
0 (6,892) (25,493) (38,630,331) 0 0
0 (2,699) (842) (2,637,219) 0 0
--------------------------------------------------------------------------------------------------------------------------
(2,515,925) (3,684,058) (845,265) (49,339,793) (4,881,155) (8,519,654)
--------------------------------------------------------------------------------------------------------------------------
364,261 2,134,355 417,253 1,526,395 1,073,530 33,483,824
38,813 43,749 67,979 5,861,596 94,002 836,873
(396,538) (2,317,324) (1,283,646) (3,738,792) (1,540,818) (47,095,786)
--------------------------------------------------------------------------------------------------------------------------
6,536 (139,220) (798,414) 3,649,199 (373,286) (12,775,089)
--------------------------------------------------------------------------------------------------------------------------
9,355 1,833 3,978 39,421 7,035 1,265
0 44 434 849,843 5,244 14,524
(168,240) (546,224) (325,647) (970,057) (170,210) (312,830)
--------------------------------------------------------------------------------------------------------------------------
(158,885) (544,347) (321,235) (80,793) (157,931) (297,041)
--------------------------------------------------------------------------------------------------------------------------
177,642 84,570 10,119 23,709 72,554 295,535
1,060 1,999 126 217,681 8,602 15,465
(119,740) (307,425) (93,707) (138,772) (159,256) (332,080)
--------------------------------------------------------------------------------------------------------------------------
58,962 (220,856) (83,462) 102,618 (78,100) (21,080)
--------------------------------------------------------------------------------------------------------------------------
18,149,521 47,076,677 5,487,303 21,878,434 33,010,475 64,819,878
1,617,490 2,373,690 741,784 39,439,989 4,552,598 7,413,703
(28,565,625) (59,547,301) (22,910,580) (38,642,843) (23,309,742) (52,773,604)
--------------------------------------------------------------------------------------------------------------------------
(8,798,614) (10,096,934) (16,681,493) 22,675,580 14,253,331 19,459,977
--------------------------------------------------------------------------------------------------------------------------
6,338,704 17,580,407 1,989,805 3,394,642 93,808 1,261,320
0 0 0 0 0 242
835,165 1,138,147 32,938 2,725,371 35,242 37,593
(294,295) (17,630,962) (350,846) (16,778,332) (57,266) (383,065)
--------------------------------------------------------------------------------------------------------------------------
6,879,574 1,087,592 1,671,897 (10,658,319) 71,784 916,090
--------------------------------------------------------------------------------------------------------------------------
(2,012,427) (9,913,765) (16,212,707) 15,688,285 13,715,798 7,282,857
--------------------------------------------------------------------------------------------------------------------------
23,243,057 (33,395,231) (5,883,484) (48,547,219) 11,176,647 17,402,610
--------------------------------------------------------------------------------------------------------------------------
$ 245,417,516 $ 222,174,459 $ 137,203,948 $ 143,087,432 $ 254,620,540 $ 243,443,893
--------------------------------------------------------------------------------------------------------------------------
$ 346,331 $ 2,106,741 $ (1,017,936) $ (269,306) $ 1,161,012 $ 4,936,988
--------------------------------------------------------------------------------------------------------------------------
|
56 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
EQUITY INCOME FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................ 113,480 194,758
Shares issued in reinvestment of distributions - Class A ............................. 55,827 1,135,206
Shares redeemed - Class A ............................................................ (507,481) (1,381,665)
-------------------------------------
Net increase (decrease) in shares outstanding - Class A .............................. (338,174) (51,701)
-------------------------------------
Shares sold - Class B ................................................................ 3,460 11,080
Shares issued in reinvestment of distributions - Class B ............................. 1,213 74,060
Shares redeemed - Class B ............................................................ (115,714) (285,902)
-------------------------------------
Net increase (decrease) in shares outstanding - Class B .............................. (111,041) (200,762)
-------------------------------------
Shares sold - Class C ................................................................ 7,408 9,510
Shares issued in reinvestment of distributions - Class C ............................. 532 18,264
Shares redeemed - Class C ............................................................ (7,372) (31,090)
-------------------------------------
Net increase (decrease) in shares outstanding - Class C .............................. 568 (3,316)
-------------------------------------
Shares sold - Administrator Class .................................................... 216,063 709,915
Shares issued in reinvestment of distributions - Administrator Class ................. 21,517 565,615
Shares redeemed - Administrator Class ................................................ (465,779) (2,255,918)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................. (228,199) (980,388)
-------------------------------------
Shares sold - Institutional Class .................................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class ................. NA NA
Shares redeemed - Institutional Class ................................................ NA NA
-------------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................. NA NA
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (676,846) (1,236,167)
-------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 57
Statements of Changes in Net Assets
EQUITY VALUE FUND GROWTH EQUITY FUND INTERNATIONAL VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
31,992 248,013 39,376 153,875 84,728 3,351,004
3,469 5,069 6,428 754,416 7,630 90,180
(35,380) (256,169) (121,405) (414,227) (122,520) (4,084,312)
--------------------------------------------------------------------------------------------------------------------------
81 (3,087) (75,601) 494,064 (30,162) (643,128)
--------------------------------------------------------------------------------------------------------------------------
826 135 520 4,902 561 114
0 5 57 149,620 429 1,565
(15,488) (61,482) (42,168) (132,323) (13,630) (32,043)
--------------------------------------------------------------------------------------------------------------------------
(14,662) (61,342) (41,591) 22,199 (12,640) (30,364)
--------------------------------------------------------------------------------------------------------------------------
15,282 9,591 1,165 3,022 5,894 32,808
95 233 15 33,907 708 1,676
(10,835) (34,838) (10,723) (22,735) (12,965) (35,492)
--------------------------------------------------------------------------------------------------------------------------
4,542 (25,014) (9,543) 14,194 (6,363) (1,008)
--------------------------------------------------------------------------------------------------------------------------
1,575,970 5,198,071 504,289 2,400,724 2,642,477 6,646,662
142,259 270,942 67,754 4,887,912 371,944 798,927
(2,508,017) (6,444,269) (2,073,140) (3,843,668) (1,851,115) (5,470,697)
--------------------------------------------------------------------------------------------------------------------------
(789,788) (975,256) (1,501,097) 3,444,968 1,163,306 1,974,892
--------------------------------------------------------------------------------------------------------------------------
560,491 1,948,189 184,930 323,947 7,523 111,504
73,518 130,062 3,008 336,588 2,870 4,047
(25,520) (1,983,963) (31,685) (1,533,541) (4,529) (38,422)
--------------------------------------------------------------------------------------------------------------------------
608,489 94,288 156,253 (873,006) 5,864 77,129
--------------------------------------------------------------------------------------------------------------------------
(191,338) (970,411) (1,471,579) 3,102,419 1,120,005 1,377,521
--------------------------------------------------------------------------------------------------------------------------
|
58 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
LARGE CAP APPRECIATION FUND
--------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ................................................................ $ 53,451,459 $ 96,762,305
OPERATIONS
Net investment income (loss) ........................................................ 83,417 358,443
Net realized gain (loss) on investments ............................................. 4,359,932 (30,847,579)
Net change in unrealized appreciation (depreciation) of investments ................. 372,814 18,278,009
--------------------------------------
Net increase (decrease) in net assets resulting from operations .......................... 4,816,163 (12,211,127)
--------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ........................................................................ (12,823) 0
Class B ........................................................................ 0 0
Class C ........................................................................ 0 0
Administrator Class ............................................................ (149,893) (104,014)
Institutional Class ............................................................ (36,019) (29,985)
Investor Class ................................................................. NA NA
--------------------------------------
Total distributions to shareholders ...................................................... (198,735) (133,999)
--------------------------------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ................................................. 200,361 1,317,356
Reinvestment of distributions - Class A ............................................. 12,304 0
Cost of shares redeemed - Class A ................................................... (887,061) (15,217,910)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ............................................................. (674,396) (13,900,554)
--------------------------------------
Proceeds from shares sold - Class B ................................................. 0 20,472
Reinvestment of distributions - Class B ............................................. 0 0
Cost of shares redeemed - Class B ................................................... (163,734) (674,288)
--------------------------------------
Net decrease in net assets resulting from capital share transactions - Class B ...... (163,734) (653,816)
--------------------------------------
Proceeds from shares sold - Class C ................................................. 2,917 18,611
Reinvestment of distributions - Class C ............................................. 0 0
Cost of shares redeemed - Class C ................................................... (40,571) (84,281)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ............................................................. (37,654) (65,670)
--------------------------------------
Proceeds from shares sold - Administrator Class ..................................... 991,559 10,896,203
Reinvestment of distributions - Administrator Class ................................. 145,756 102,761
Cost of shares redeemed - Administrator Class ....................................... (15,494,366) (26,354,714)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ................................................. (14,357,051) (15,355,750)
--------------------------------------
Proceeds from shares sold - Institutional Class ..................................... 256,841 2,904,887
Reinvestment of distributions - Institutional Class ................................. 36,019 29,985
Cost of shares redeemed - Institutional Class ....................................... (4,879,793) (3,924,802)
--------------------------------------
Net increase (decrease) in net assets resulting from capital share
transactions - Institutional Class ................................................. (4,586,933) (989,930)
--------------------------------------
Proceeds from shares sold - Investor Class .......................................... NA NA
Reinvestment of distributions - Investor Class ...................................... NA NA
Cost of shares redeemed - Investor Class ............................................ NA NA
--------------------------------------
Net decrease in net assets resulting from capital share transactions -
Investor Class ..................................................................... NA NA
--------------------------------------
Net increase (decrease) in net assets resulting from capital share transactions -
Total ................................................................................... (19,819,768) (30,965,720)
--------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS .................................................... (15,202,340) (43,310,846)
--------------------------------------
ENDING NET ASSETS ........................................................................ $ 38,249,119 $ 53,451,459
--------------------------------------
Ending balance of undistributed net investment income (loss) ............................. $ 100,832 $ 216,150
--------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 59
Statements of Changes in Net Assets
LARGE COMPANY GROWTH FUND SMALL COMPANY GROWTH FUND SMALL COMPANY VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
$ 651,345,825 $ 955,083,201 $ 232,714,494 $ 300,313,080 $ 148,502,573 $ 294,052,923
338,113 3,273,313 (1,225,323) (1,642,258) (132,791) 1,400,110
12,226,089 (66,214,156) 28,005,681 (57,860,249) 12,597,256 (130,766,587)
26,385,542 5,479,436 3,372,997 43,564,137 (3,075,636) 88,865,204
--------------------------------------------------------------------------------------------------------------------------
38,949,744 (57,461,407) 30,153,355 (15,938,370) 9,388,829 (40,501,273)
--------------------------------------------------------------------------------------------------------------------------
(2,161,995) (418,303) 0 0 0 (109,667)
0 0 0 0 0 0
(21,607) 0 0 0 0 0
(298,355) (3,248,031) 0 0 0 (1,703,676)
(11,251) (443,620) 0 0 NA NA
(723,027) (181,488) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(3,216,235) (4,291,442) 0 0 0 (1,813,343)
--------------------------------------------------------------------------------------------------------------------------
4,575,267 16,022,082 838,737 3,471,875 6,075,820 17,209,930
2,080,832 402,250 0 0 0 105,779
(14,770,799) (45,730,444) (373,323) (3,709,629) (4,050,552) (26,315,226)
--------------------------------------------------------------------------------------------------------------------------
(8,114,700) (29,306,112) 465,414 (237,754) 2,025,268 (8,999,517)
--------------------------------------------------------------------------------------------------------------------------
23,493 57,700 6,746 17,343 16,162 11,559
0 0 0 0 0 0
(3,247,197) (9,119,255) (46,993) (42,501) (403,062) (1,483,583)
--------------------------------------------------------------------------------------------------------------------------
(3,223,704) (9,061,555) (40,247) (25,158) (386,900) (1,472,024)
--------------------------------------------------------------------------------------------------------------------------
281,404 264,553 262,917 487,731 67,026 143,460
19,432 0 0 0 0 0
(338,415) (1,192,933) (77,532) (167,885) (134,786) (244,079)
--------------------------------------------------------------------------------------------------------------------------
(37,579) (928,380) 185,385 319,846 (67,760) (100,619)
--------------------------------------------------------------------------------------------------------------------------
2,839,872 19,374,502 35,176,838 91,527,691 6,975,874 105,120,711
205,738 2,763,241 0 0 0 1,698,548
(250,448,651) (218,669,211) (22,590,205) (96,511,000) (73,805,685) (199,482,833)
--------------------------------------------------------------------------------------------------------------------------
(247,403,041) (196,531,468) 12,586,633 (4,983,309) (66,829,811) (92,663,574)
--------------------------------------------------------------------------------------------------------------------------
965,809 9,689,891 201,201 17,495,706 NA NA
1,910 400,415 0 0 NA NA
(42,356,343) (14,364,799) 0 (64,229,547) NA NA
--------------------------------------------------------------------------------------------------------------------------
(41,388,624) (4,274,493) 201,201 (46,733,841) NA NA
--------------------------------------------------------------------------------------------------------------------------
2,298,923 4,195,759 NA NA NA NA
705,542 176,688 NA NA NA NA
(3,938,737) (6,254,966) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(934,272) (1,882,519) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(301,101,920) (241,984,527) 13,398,386 (51,660,216) (65,259,203) (103,235,734)
--------------------------------------------------------------------------------------------------------------------------
(265,368,411) (303,737,376) 43,551,741 (67,598,586) (55,870,374) (145,550,350)
--------------------------------------------------------------------------------------------------------------------------
$ 385,977,414 $ 651,345,825 $ 276,266,235 $ 232,714,494 $ 92,632,199 $ 148,502,573
--------------------------------------------------------------------------------------------------------------------------
$ 575,145 $ 3,453,267 $ (2,355,598) $ (1,130,275) $ 556,403 $ 689,194
--------------------------------------------------------------------------------------------------------------------------
|
60 Wells Fargo Equity Gateway Funds
Statements of Changes in Net Assets
LARGE CAP APPRECIATION FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ................................................................ 24,436 184,273
Shares issued in reinvestment of distributions - Class A ............................. 1,490 0
Shares redeemed - Class A ............................................................ (108,266) (1,929,140)
-------------------------------------
Net increase (decrease) in shares outstanding - Class A .............................. (82,340) (1,744,867)
-------------------------------------
Shares sold - Class B ................................................................ 0 2,928
Shares issued in reinvestment of distributions - Class B ............................. 0 0
Shares redeemed - Class B ............................................................ (21,535) (104,952)
-------------------------------------
Net decrease in shares outstanding - Class B ......................................... (21,535) (102,024)
-------------------------------------
Shares sold - Class C ................................................................ 378 2,851
Shares issued in reinvestment of distributions - Class C ............................. 0 0
Shares redeemed - Class C ............................................................ (5,299) (13,691)
-------------------------------------
Net increase (decrease) in shares outstanding - Class C .............................. (4,921) (10,840)
-------------------------------------
Shares sold - Administrator Class .................................................... 120,397 1,584,403
Shares issued in reinvestment of distributions - Administrator Class ................. 17,393 15,499
Shares redeemed - Administrator Class ................................................ (1,866,519) (3,702,094)
-------------------------------------
Net increase (decrease) in shares outstanding - Administrator Class .................. (1,728,729) (2,102,192)
-------------------------------------
Shares sold - Institutional Class .................................................... 32,587 426,996
Shares issued in reinvestment of distributions - Institutional Class ................. 4,329 4,523
Shares redeemed - Institutional Class ................................................ (592,257) (601,094)
-------------------------------------
Net increase (decrease) in shares outstanding - Institutional Class .................. (555,341) (169,575)
-------------------------------------
Shares sold - Investor Class ......................................................... NA NA
Shares issued in reinvestment of distributions - Investor Class ...................... NA NA
Shares redeemed - Investor Class ..................................................... NA NA
-------------------------------------
Net decrease in shares outstanding - Investor Class .................................. NA NA
-------------------------------------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ... (2,392,866) (4,129,498)
-------------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 61
Statements of Changes in Net Assets
LARGE COMPANY GROWTH FUND SMALL COMPANY GROWTH FUND SMALL COMPANY VALUE FUND
-------------------------------------- -------------------------------------- --------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------------
95,301 426,839 44,826 236,699 600,962 2,360,852
42,824 12,189 0 0 0 15,718
(305,160) (1,191,577) (19,893) (221,675) (399,662) (3,636,336)
--------------------------------------------------------------------------------------------------------------------------
(167,035) (752,549) 24,933 15,024 201,300 (1,259,766)
--------------------------------------------------------------------------------------------------------------------------
558 1,717 368 1,341 1,521 1,385
0 0 0 0 0 0
(76,755) (284,053) (2,670) (3,170) (42,451) (212,060)
--------------------------------------------------------------------------------------------------------------------------
(76,197) (282,336) (2,302) (1,829) (40,930) (210,675)
--------------------------------------------------------------------------------------------------------------------------
6,668 7,808 14,756 33,938 6,721 18,364
454 0 0 0 0 0
(7,925) (37,915) (4,252) (12,861) (13,687) (36,791)
--------------------------------------------------------------------------------------------------------------------------
(803) (30,107) 10,504 21,077 (6,966) (18,427)
--------------------------------------------------------------------------------------------------------------------------
62,899 555,684 1,858,414 5,500,889 668,133 14,724,967
4,413 87,940 0 0 0 250,523
(5,597,117) (6,751,653) (1,127,230) (6,361,559) (7,705,555) (26,105,135)
--------------------------------------------------------------------------------------------------------------------------
(5,529,805) (6,108,029) 731,184 (860,670) (7,037,422) (11,129,645)
--------------------------------------------------------------------------------------------------------------------------
20,667 266,458 10,266 1,292,448 NA NA
41 12,744 0 0 NA NA
(925,893) (415,274) 0 (4,224,496) NA NA
--------------------------------------------------------------------------------------------------------------------------
(905,185) (136,072) 10,266 (2,932,048) NA NA
--------------------------------------------------------------------------------------------------------------------------
50,617 118,458 NA NA NA NA
15,418 5,678 NA NA NA NA
(86,641) (182,230) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(20,606) (58,094) NA NA NA NA
--------------------------------------------------------------------------------------------------------------------------
(6,699,631) (7,367,187) 774,585 (3,758,446) (6,884,018) (12,618,513)
--------------------------------------------------------------------------------------------------------------------------
|
62 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.06 0.03(7) 0.63 (0.08) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.69 0.10(7) (0.60) (0.13) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.19 0.11(7) (2.12) (0.09) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.67 0.09(7) 0.98 (0.11) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.27 0.05(7) 0.40 (0.03) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.00(1) 0.26 0.00 0.00
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.02 0.00(1,7) 0.64 (0.03) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.61 0.05(7) (0.58) (0.06) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.08 0.04(7) (2.11) 0.00 (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02(7) 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.02 0.00(1,7) 0.63 (0.03) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.60 0.05(7) (0.57) (0.06) 0.001
October 1, 2007 to September 30, 2008 ................ $10.08 0.04(7) (2.11) (0.01) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.58 0.02(7) 0.96 (0.04) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.56 0.05 1.15 0.00 (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.26 (0.01)(7) 0.40 (0.02) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 (0.01) 0.26 0.00 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.06 0.04(7) 0.62 (0.09) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.70 0.11(7) (0.60) (0.15) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.22 0.13(7) (2.13) (0.12) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.69 0.12(7) 0.98 (0.13) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.64 0.13 1.16 (0.06) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.27 0.07(7) 0.41 (0.04) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.01 0.25 0.00 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.09 0.05(7) 0.63 (0.11) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.75 0.12(7) (0.61) (0.17) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $10.27 0.15(7) (2.13) (0.14) (0.40)
October 1, 2006 to September 30, 2007 ................ $ 9.74 0.15(7) 0.97 (0.15) (0.44)
October 1, 2005 to September 30, 2006 ................ $ 8.67 0.16 1.17 (0.08) (0.18)
November 1, 2004(8) to September 30, 2005 ............ $ 8.28 0.09(7) 0.41 (0.04) (0.07)
July 26, 2004(9) to October 31, 2004 ................. $ 8.01 0.02 0.25 0.00 0.00
|
1. Amount calculated is less than $0.005.
2. Total return calculations would have been lower had certain expenses not
been waived or reimbursed during the periods shown. Returns for periods of
less than one year are not annualized.
3. Calculated on the basis of the Fund as a whole without distinguishing
between the classes of shares issued and is calculated by aggregating the
results of multiplying the Fund's investment percentage in the respective
Master Portfolio by the corresponding Master Portfolio's portfolio
turnover rate.
4. Includes net expenses allocated from Master Portfolio(s) in which the Fund
invests.
5. Effective July 9, 2007, the investment adviser voluntarily waived expenses
to further lower the net operating expense ratios by an additional 0.02%
with respect to Class A, Class B and Class C shares of the Fund.
6. On June 20, 2008, Class D and Class Z were renamed to Investor Class.
7. Calculated based upon average shares outstanding.
8. The Fund changed its fiscal year end from October 31 to September 30.
9. Commencement of class operations.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 63
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Net Asset ------------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------
$ 7.64 0.85% 1.32% 1.15% 9.43% 6% $ 35,172
$ 7.06 1.66% 1.30% 1.15% (6.05)% 28% $ 33,784
$ 7.69 1.20% 1.32% 1.19% (20.51)% 21% $ 40,157
$10.19 0.94% 1.30% 1.20% 11.20% 24% $ 72,865
$ 9.67 1.25% 1.30% 1.20% 15.02% 29% $ 57,288
$ 8.62 0.63% 1.35% 1.20% 5.45% 25% $ 51,719
$ 8.27 0.18% 1.60% 1.20% 3.25% 30% $ 11,408
$ 7.63 0.09% 2.07% 1.90% 9.07% 6% $ 8,215
$ 7.02 0.91% 2.04% 1.90% (6.73)% 28% $ 8,773
$ 7.61 0.43% 2.07% 1.94% (21.19)% 21% $ 13,461
$10.08 0.18% 2.05% 1.95% 10.33% 24% $ 25,029
$ 9.58 0.48% 2.05% 1.95% 14.20% 29% $ 26,082
$ 8.56 (0.11)% 2.10% 1.95% 4.70% 25% $ 24,296
$ 8.26 (0.60)% 2.35% 1.95% 3.12% 30% $ 5,790
$ 7.62 0.10% 2.07% 1.90% 9.01% 6% $ 7,075
$ 7.02 0.90% 2.04% 1.90% (6.62)% 28% $ 6,852
$ 7.60 0.44% 2.06% 1.94% (21.21)% 21% $ 9,424
$10.08 0.19% 2.05% 1.95% 10.34% 24% $ 16,926
$ 9.58 0.49% 2.05% 1.95% 14.20% 29% $ 15,120
$ 8.56 (0.12)% 2.10% 1.95% 4.71% 25% $ 13,075
$ 8.26 (0.58)% 2.35% 1.95% 3.12% 30% $ 2,732
$ 7.63 1.10% 1.13% 0.95% 9.48% 6% $206,271
$ 7.06 1.89% 1.11% 0.95% (5.83)% 28% $222,489
$ 7.70 1.43% 1.13% 0.95% (20.42)% 21% $260,883
$10.22 1.23% 1.12% 0.95% 11.52% 24% $590,511
$ 9.69 1.48% 1.12% 0.95% 15.24% 29% $241,435
$ 8.64 0.83% 1.13% 0.95% 5.74% 25% $201,181
$ 8.27 0.47% 1.39% 0.95% 3.37% 30% $ 9,627
$ 7.66 1.34% 0.87% 0.70% 9.66% 6% $ 32,454
$ 7.09 2.11% 0.85% 0.70% (5.62)% 28% $ 26,582
$ 7.75 1.68% 0.87% 0.70% (20.10)% 21% $ 27,494
$10.27 1.45% 0.85% 0.70% 11.69% 24% $ 57,189
$ 9.74 1.74% 0.85% 0.70% 15.63% 29% $ 70,113
$ 8.67 1.14% 0.90% 0.70% 6.05% 25% $ 63,303
$ 8.28 0.91% 1.22% 0.70% 3.37% 30% $ 15,030
|
64 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND (continued)
Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.04 0.03(7) 0.63 (0.08) 0.00
October 1, 2008 to September 30, 2009 ................ $ 7.68 0.09(7) (0.59) (0.14) 0.00(1)
October 1, 2007 to September 30, 2008(6) ............. $10.19 0.11(7) (2.13) (0.09) (0.40)
October 1, 2006 to September 30, 2007(6) ............. $ 9.67 0.10(7) 0.97 (0.11) (0.44)
October 1, 2005 to September 30, 2006(6) ............. $ 8.62 0.11 1.16 (0.04) (0.18)
November 1, 2004(8) to September 30, 2005(6) ......... $ 8.27 0.05(7) 0.40 (0.03) (0.07)
November 1, 2003 to October 31, 2004(6) .............. $ 7.42 0.03 0.85 (0.03) 0.00
Diversified Equity Fund
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $23.41 0.08(7) 2.09 (0.36) 0.00
October 1, 2008 to September 30, 2009 ................ $27.70 0.23(7) (2.30) (0.26) (1.96)
October 1, 2007 to September 30, 2008 ................ $42.92 0.27(7) (9.47) (0.25) (5.77)
October 1, 2006 to September 30, 2007 ................ $40.36 0.23(7) 6.33 (0.21) (3.79)
October 1, 2005 to September 30, 2006 ................ $41.90 0.22(7) 3.31 (0.12) (4.96)
October 1, 2004 to September 30, 2005 ................ $39.91 0.28(7) 5.22 (0.32) (3.19)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $21.96 (0.01)(7) 1.96 (0.17) 0.00
October 1, 2008 to September 30, 2009 ................ $26.00 0.08(7) (2.16) 0.00 (1.96)
October 1, 2007 to September 30, 2008 ................ $40.68 0.01(7) (8.92) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ................ $38.53 (0.08)(7) 6.02 0.00 (3.79)
October 1, 2005 to September 30, 2006 ................ $40.38 (0.07)(7) 3.18 0.00 (4.96)
October 1, 2004 to September 30, 2005 ................ $38.55 (0.01)(7) 5.03 0.00 (3.19)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $22.43 (0.01)(7) 2.00 (0.21) 0.00
October 1, 2008 to September 30, 2009 ................ $26.53 0.08(7) (2.20) (0.02) (1.96)
October 1, 2007 to September 30, 2008 ................ $41.38 0.02(7) (9.10) 0.00 (5.77)
October 1, 2006 to September 30, 2007 ................ $39.13 (0.07)(7) 6.11 0.00 (3.79)
October 1, 2005 to September 30, 2006 ................ $40.94 (0.07)(7) 3.22 0.00 (4.96)
October 1, 2004 to September 30, 2005 ................ $39.04 (0.02)(7) 5.11 0.00 (3.19)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $23.47 0.08(7) 2.12 (0.39) 0.00
October 1, 2008 to September 30, 2009 ................ $27.79 0.28(7) (2.32) (0.32) (1.96)
October 1, 2007 to September 30, 2008 ................ $43.03 0.36(7) (9.49) (0.34) (5.77)
October 1, 2006 to September 30, 2007 ................ $40.46 0.33(7) 6.33 (0.30) (3.79)
October 1, 2005 to September 30, 2006 ................ $41.98 0.32(7) 3.33 (0.21) (4.96)
October 1, 2004 to September 30, 2005 ................ $39.96 0.39(7) 5.22 (0.40) (3.19)
Diversified Small Cap Fund
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 9.67 (0.00)(1,7) 1.18 (0.10) 0.00
October 1, 2008 to September 30, 2009 ................ $10.40 0.03(7) (0.76) 0.00(1) 0.00
October 1, 2007 to September 30, 2008 ................ $14.89 0.01 (2.85) 0.00 (1.62)
October 1, 2006 to September 30, 2007 ................ $14.66 (0.03) 1.96 0.00 (1.70)
October 1, 2005 to September 30, 2006 ................ $14.97 (0.02) 1.01 0.00 (1.30)
October 1, 2004 to September 30, 2005 ................ $13.41 (0.02) 2.63 0.00 (1.05)
Emerging Growth Fund
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.93 (0.05)(7) 1.21 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.51 (0.07)(7) (0.51) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.05) (0.87) 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.85 (0.08)(7) 1.19 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.48 (0.12)(7) (0.51) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.09) (0.86) 0.00 0.00
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 65
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Return Net Asset ------------------------------------------ Portfolio Net Assets at
of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------
0.00 $ 7.62 0.76% 1.42% 1.20% 9.45% 6% $ 201,641
0.00 $ 7.04 1.62% 1.40% 1.20% (6.06)% 28% $ 199,654
0.00 $ 7.68 1.20% 1.35% 1.20% (20.59)% 21% $ 153,917
0.00 $10.19 0.95% 1.30% 1.20% 11.20% 24% $ 222,142
0.00 $ 9.67 1.22% 1.30% 1.20% 15.01% 29% $ 163,397
0.00 $ 8.62 0.67% 1.35% 1.20% 5.44% 25% $ 163,464
0.00 $ 8.27 0.40% 1.30% 1.16% 11.88% 30% $ 50,790
0.00 $25.22 0.69% 1.48% 1.24% 9.34% 20% $ 85,120
0.00 $23.41 1.16% 1.43% 1.25% (5.33)% 48% $ 85,504
0.00 $27.70 0.81% 1.42% 1.25% (24.44)% 37% $ 90,444
0.00 $42.92 0.57% 1.43% 1.25% 17.16% 36% $ 131,810
0.00 $40.36 0.57% 1.42% 1.25% 9.02% 35% $ 119,122
0.00 $41.90 0.69% 1.41% 1.25% 14.27% 42% $ 118,140
0.00 $23.74 (0.06)% 2.23% 1.99% 8.94% 20% $ 9,265
0.00 $21.96 0.43% 2.18% 1.99% (6.03)% 48% $ 10,839
0.00 $26.00 0.03% 2.17% 2.00% (25.01)% 37% $ 19,054
0.00 $40.68 (0.19)% 2.18% 2.00% 16.24% 36% $ 41,273
0.00 $38.53 (0.19)% 2.17% 2.00% 8.21% 35% $ 51,171
0.00 $40.38 (0.03)% 2.16% 2.00% 13.44% 42% $ 65,245
0.00 $24.21 (0.06)% 2.23% 1.99% 8.90% 20% $ 2,995
0.00 $22.43 0.41% 2.17% 2.00% (6.02)% 48% $ 2,958
0.00 $26.53 0.05% 2.15% 2.00% (25.00)% 37% $ 3,491
0.00 $41.38 (0.18)% 2.18% 2.00% 16.25% 36% $ 6,504
0.00 $39.13 (0.19)% 2.17% 2.00% 8.20% 35% $ 6,451
0.00 $40.94 (0.04)% 2.16% 2.00% 13.45% 42% $ 7,170
0.00 $25.28 0.68% 1.29% 0.99% 9.47% 20% $ 330,399
0.00 $23.47 1.41% 1.25% 1.00% (5.09)% 48% $ 596,298
0.00 $27.79 1.05% 1.24% 1.00% (24.24)% 37% $ 678,818
0.00 $43.03 0.81% 1.25% 1.00% 17.41% 36% $1,084,181
0.00 $40.46 0.82% 1.24% 1.00% 9.30% 35% $1,145,044
0.00 $41.98 0.96% 1.15% 1.00% 14.57% 42% $1,180,748
0.00 $10.75 (0.05)% 1.41% 1.00% 12.32% 31% $ 126,292
0.00 $ 9.67 0.36% 1.32% 1.00% (7.00)% 61% $ 515,569
(0.03) $10.40 0.06% 1.30% 1.14% (20.61)% 56% $ 569,169
0.00 $14.89 (0.21)% 1.36% 1.20% 13.75% 67% $ 757,352
0.00 $14.66 (0.14)% 1.31% 1.20% 6.93% 63% $ 679,774
0.00 $14.97 (0.17)% 1.26% 1.19% 20.09% 75% $ 564,318
0.00 $ 9.09 (1.11)% 4.91% 1.45% 14.63% 52% $ 93
0.00 $ 7.93 (1.09)% 8.23% 1.45% (6.82)% 147% $ 44
0.00 $ 8.51 (1.05)% 4.16% 1.45% (9.76)% 191% $ 14
0.00 $ 8.96 (1.88)% 5.84% 2.20% 14.01% 52% $ 11
0.00 $ 7.85 (1.84)% 7.93% 2.20% (7.43)% 147% $ 8
0.00 $ 8.48 (1.82)% 4.85% 2.20% (10.07)% 191% $ 9
|
66 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
EMERGING GROWTH FUND (continued)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.08 (0.03)(7) 1.09 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.53 (0.05)(7) (0.40) 0.00 0.00
October 1, 2007 to September 30, 2008 ................ $12.40 (0.07) (3.70) 0.00 (0.06)
January 31, 2007(9) to September 30, 2007 ............ $10.00 (0.06) 2.46 0.00 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.00 (0.03)(7) 1.21 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.53 (0.04)(7) (0.49) 0.00 0.00
March 31, 2008(9) to September 30, 2008 .............. $ 9.43 (0.03) (0.87) 0.00 0.00
Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.91 (0.05)(7) 1.20 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $ 8.49 (0.07)(7) (0.51) 0.00 0.00
October 1, 2007 to September 30, 2008 ................ $12.38 (0.13) (3.66) 0.00 (0.06)
January 31, 2007(9) to September 30, 2007 ............ $10.00 (0.05) 2.43 0.00 0.00
EQUITY INCOME FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.30 0.09(7) 1.08 (0.09) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.21 0.25(7) (2.20) (0.25) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.80 0.34(7) (5.78) (0.31) (9.84)
October 1, 2006 to September 30, 2007 ................ $32.01 0.43(7) 4.15 (0.51) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.21 0.44 2.85 (0.46) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.49 0.52 3.74 (0.52) (2.02)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.32 0.06(7) 1.06 (0.04) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.23 0.18(7) (2.22) (0.16) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.77 0.19(7) (5.78) (0.11) (9.84)
October 1, 2006 to September 30, 2007 ................ $32.03 0.20(7) 4.14 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.23 0.22 2.82 (0.21) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.49 0.25 3.74 (0.23) (2.02)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $13.41 0.05(7) 1.18 (0.04) (0.02)
October 1, 2008 to September 30, 2009 ................ $17.45 0.19(7) (2.36) (0.16) (1.71)
October 1, 2007 to September 30, 2008 ................ $33.37 0.20(7) (6.18) (0.10) (9.84)
October 1, 2006 to September 30, 2007 ................ $33.43 0.21(7) 4.33 (0.32) (4.28)
October 1, 2005 to September 30, 2006 ................ $37.49 0.23 2.94 (0.20) (7.03)
October 1, 2004 to September 30, 2005 ................ $35.61 0.27 3.86 (0.23) (2.02)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $12.28 0.10(7) 1.09 (0.11) (0.02)
October 1, 2008 to September 30, 2009 ................ $16.19 0.29(7) (2.21) (0.28) (1.71)
October 1, 2007 to September 30, 2008 ................ $31.77 0.41(7) (5.78) (0.37) (9.84)
October 1, 2006 to September 30, 2007 ................ $31.96 0.51(7) 4.14 (0.56) (4.28)
October 1, 2005 to September 30, 2006 ................ $36.17 0.53 2.82 (0.53) (7.03)
October 1, 2004 to September 30, 2005 ................ $34.45 0.62 3.73 (0.61) (2.02)
EQUITY VALUE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.76 0.02(7) 1.31 (0.10) 0.00
October 1, 2008 to September 30, 2009 ................ $11.79 0.12(7) (1.03) (0.12) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.53 0.17(7) (4.62) (0.12) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.12 0.12(7) 2.77 (0.10) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.82 0.09 1.32 (0.08) (0.03)
October 1, 2004 to September 30, 2005 ................ $11.48 0.10(7) 2.31 (0.07) 0.00
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 67
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Return Net Asset ------------------------------------------ Portfolio Net Assets at
of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------
0.00 $ 9.14 (0.60)% 4.82% 1.20% 14.68% 52% $ 19
0.00 $ 8.08 (0.79)% 6.89% 1.20% (5.28)% 147% $ 17
(0.04) $ 8.53 (0.76)% 3.87% 1.20% (30.63)% 191% $ 59
0.00 $12.40 (0.80)% 10.20% 1.20% 24.00% 125% $ 18
0.00 $ 9.18 (0.66)% 4.64% 0.96% 14.89% 52% $ 10
0.00 $ 8.00 (0.58)% 6.74% 0.95% (6.33)% 147% $ 8
0.00 $ 8.53 (0.56)% 3.64% 0.95% (9.54)% 191% $ 9
0.00 $ 9.06 (1.19)% 5.16% 1.49% 14.54% 52% $ 3,463
0.00 $ 7.91 (1.11)% 7.23% 1.49% (6.83)% 147% $ 2,862
(0.04) $ 8.49 (1.05)% 3.92% 1.49% (30.84)% 191% $ 3,665
0.00 $12.38 (1.12)% 5.86% 1.49% 23.80% 125% $ 3,242
0.00 $13.36 1.43% 1.44% 1.10% 9.57% 2% $ 87,413
0.00 $12.30 2.28% 1.36% 1.10% (10.07)% 11% $ 84,664
0.00 $16.21 1.65% 1.23% 1.10% (23.58)% 8% $112,416
0.00 $31.80 1.38% 1.22% 1.10% 15.36% 16% $172,385
0.00 $32.01 1.43% 1.31% 1.10% 10.73% 7% $172,361
0.00 $36.21 1.49% 1.22% 1.10% 12.74% 20% $185,533
0.00 $13.38 0.96% 2.18% 1.85% 9.11% 2% $ 3,011
0.00 $12.32 1.60% 2.10% 1.85% (10.78)% 11% $ 4,140
0.00 $16.23 0.89% 1.98% 1.85% (24.15)% 8% $ 8,713
0.00 $31.77 0.64% 1.97% 1.85% 14.49% 16% $ 23,822
0.00 $32.03 0.69% 2.06% 1.85% 9.88% 7% $ 39,233
0.00 $36.23 0.76% 1.97% 1.85% 11.91% 20% $ 59,606
0.00 $14.58 0.72% 2.19% 1.85% 9.19% 2% $ 2,027
0.00 $13.41 1.54% 2.09% 1.84% (10.78)% 11% $ 1,858
0.00 $17.45 0.89% 1.95% 1.85% (24.14)% 8% $ 2,475
0.00 $33.37 0.64% 1.97% 1.85% 14.48% 16% $ 4,579
0.00 $33.43 0.69% 2.06% 1.85% 9.90% 7% $ 4,903
0.00 $37.49 0.77% 1.97% 1.85% 11.90% 20% $ 6,937
0.00 $13.34 1.52% 1.26% 0.85% 9.71% 2% $ 35,545
0.00 $12.28 2.58% 1.17% 0.85% (9.86)% 11% $ 35,535
0.00 $16.19 1.89% 1.05% 0.85% (23.36)% 8% $ 62,713
0.00 $31.77 1.64% 1.04% 0.85% 15.65% 16% $209,112
0.00 $31.96 1.70% 1.13% 0.85% 10.98% 7% $530,585
0.00 $36.17 1.75% 0.96% 0.85% 13.04% 20% $756,225
0.00 $11.99 0.36% 1.33% 1.25% 12.54% 66% $ 4,916
0.00 $10.76 1.28% 1.37% 1.25% (7.48)% 142% $ 4,408
0.00 $11.79 1.14% 1.36% 1.25% (27.24)% 152% $ 4,868
0.00 $17.53 0.73% 1.35% 1.25% 19.50% 108% $ 5,714
0.00 $15.12 0.71% 1.52% 1.25% 10.23% 107% $ 4,537
0.00 $13.82 0.80% 2.48% 1.25% 21.06% 145% $ 3,796
|
68 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
EQUITY VALUE FUND (continued)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.67 (0.02)(7) 1.32 0.00 0.00
October 1, 2008 to September 30, 2009 ................ $11.63 0.06(7) (1.02) 0.00 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.31 0.06(7) (4.57) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $14.95 0.00(7) 2.74 0.00 (0.38)
October 1, 2005 to September 30, 2006 ................ $13.69 0.00 1.29 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $11.40 0.01(7) 2.28 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.63 (0.02)(7) 1.29 (0.02) 0.00
October 1, 2008 to September 30, 2009 ................ $11.61 0.06(7) (1.02) (0.02) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.29 0.05(7) (4.56) 0.00 (1.17)
October 1, 2006 to September 30, 2007 ................ $14.95 0.00(7) 2.74 (0.02) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.69 (0.01) 1.30 0.00 (0.03)
October 1, 2004 to September 30, 2005 ................ $11.40 0.01(7) 2.29 (0.01) 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.94 0.03(7) 1.35 (0.12) 0.00
October 1, 2008 to September 30, 2009 ................ $12.01 0.15(7) (1.06) (0.16) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.82 0.20(7) (4.70) (0.14) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.36 0.16(7) 2.82 (0.14) (0.38)
October 1, 2005 to September 30, 2006 ................ $13.96 0.14 1.33 (0.04) (0.03)
October 1, 2004 to September 30, 2005 ................ $11.51 0.08(7) 2.38 (0.01) 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.95 0.05(7) 1.34 (0.15) 0.00
October 1, 2008 to September 30, 2009 ................ $12.03 0.17(7) (1.06) (0.19) 0.00(1)
October 1, 2007 to September 30, 2008 ................ $17.84 0.24(7) (4.70) (0.18) (1.17)
October 1, 2006 to September 30, 2007 ................ $15.36 0.19(7) 2.82 (0.15) (0.38)
August 31, 2006(9) to September 30, 2006 ............. $15.17 0.01 0.18 0.00 0.00
GROWTH EQUITY FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.32 (0.00)(1,7) 0.83 (0.04) 0.00(1)
October 1, 2008 to September 30, 2009 ................ $18.14 0.04(7) (2.38) (0.05) (5.43)
October 1, 2007 to September 30, 2008 ................ $29.88 0.06(7) (6.35) (0.05) (5.40)
October 1, 2006 to September 30, 2007 ................ $28.42 0.01(7) 4.78 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $30.80 0.01(7) 2.24 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $27.70 0.04(7) 4.63 0.00 (1.57)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 7.54 (0.02)(7) 0.60 0.00 0.00(1)
October 1, 2008 to September 30, 2009 ................ $15.29 (0.02)(7) (2.30) 0.00 (5.43)
October 1, 2007 to September 30, 2008 ................ $26.18 (0.10)(7) (5.39) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ................ $25.45 (0.18)(7) 4.24 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $28.23 (0.19)(7) 2.04 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $25.69 (0.16)(7) 4.27 0.00 (1.57)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ........ $ 8.53 (0.03)(7) 0.68 0.00 0.00(1)
October 1, 2008 to September 30, 2009 ................ $16.31 (0.02)(7) (2.33) 0.00 (5.43)
October 1, 2007 to September 30, 2008 ................ $27.55 (0.10)(7) (5.74) 0.00 (5.40)
October 1, 2006 to September 30, 2007 ................ $26.63 (0.19)(7) 4.44 0.00 (3.33)
October 1, 2005 to September 30, 2006 ................ $29.32 (0.19)(7) 2.13 0.00 (4.63)
October 1, 2004 to September 30, 2005 ................ $26.61 (0.17)(7) 4.45 0.00 (1.57)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ........ $10.70 (0.00)(1,7) 0.88 (0.07) 0.00(1)
October 1, 2008 to September 30, 2009 ................ $18.54 0.07(7) (2.41) (0.07) (5.43)
October 1, 2007 to September 30, 2008 ................ $30.40 0.11(7) (6.46) (0.11) (5.40)
October 1, 2006 to September 30, 2007 ................ $28.84 0.07(7) 4.86 (0.04) (3.33)
October 1, 2005 to September 30, 2006 ................ $31.17 0.07(7) 2.29 (0.06) (4.63)
October 1, 2004 to September 30, 2005 ................ $27.97 0.12(7) 4.68 (0.03) (1.57)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 69
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Net Asset ------------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------
$11.97 (0.39)% 2.09% 2.00% 12.18% 66% $ 637
$10.67 0.66% 2.13% 2.00% (8.25)% 142% $ 724
$11.63 0.39% 2.11% 2.00% (27.77)% 152% $ 1,502
$17.31 (0.01)% 2.10% 2.00% 18.61% 108% $ 3,077
$14.95 (0.04)% 2.27% 2.00% 9.43% 107% $ 2,682
$13.69 0.07% 3.25% 2.00% 20.09% 145% $ 2,245
$11.88 (0.40)% 2.09% 2.00% 11.96% 66% $ 777
$10.63 0.63% 2.13% 2.00% (8.18)% 142% $ 647
$11.61 0.38% 2.10% 2.00% (27.80)% 152% $ 997
$17.29 (0.01)% 2.10% 2.00% 18.60% 108% $ 974
$14.95 (0.03)% 2.27% 2.00% 9.43% 107% $ 417
$13.69 0.06% 3.26% 2.00% 20.20% 145% $ 430
$12.20 0.61% 1.14% 1.00% 12.72% 66% $164,812
$10.94 1.58% 1.19% 1.00% (7.24)% 142% $156,382
$12.01 1.37% 1.16% 1.00% (27.05)% 152% $183,379
$17.82 0.98% 1.17% 1.00% 19.80% 108% $ 85,370
$15.36 0.96% 1.34% 1.00% 10.60% 107% $ 71,801
$13.96 0.67% 2.04% 1.00% 21.40% 145% $ 63,194
$12.19 0.86% 0.89% 0.75% 12.99% 66% $ 74,275
$10.95 1.82% 0.93% 0.75% (7.13)% 142% $ 60,014
$12.03 1.63% 0.91% 0.75% (26.84)% 152% $ 64,824
$17.84 1.13% 0.90% 0.75% 20.01% 108% $ 62,639
$15.36 0.82% 0.97% 0.65% 1.25% 107% $ 10
$11.11 (0.05)% 1.71% 1.48% 8.10% 23% $ 17,070
$10.32 0.49% 1.66% 1.50% (2.74)% 58% $ 16,635
$18.14 0.27% 1.62% 1.50% (24.89)% 38% $ 20,281
$29.88 0.05% 1.60% 1.50% 17.92% 42% $ 34,409
$28.42 0.02% 1.57% 1.49% 7.80% 39% $ 26,448
$30.80 0.15% 1.60% 1.50% 17.27% 50% $ 22,769
$ 8.12 (0.65)% 2.46% 2.23% 7.72% 23% $ 1,376
$ 7.54 (0.27)% 2.40% 2.25% (3.51)% 58% $ 1,591
$15.29 (0.52)% 2.37% 2.25% (25.41)% 38% $ 2,886
$26.18 (0.73)% 2.35% 2.25% 17.06% 42% $ 7,276
$25.45 (0.75)% 2.32% 2.24% 7.01% 39% $ 7,941
$28.23 (0.60)% 2.35% 2.25% 16.40% 50% $ 8,811
$ 9.18 (0.77)% 2.46% 2.23% 7.65% 23% $ 435
$ 8.53 (0.28)% 2.40% 2.25% (3.43)% 58% $ 485
$16.31 (0.48)% 2.35% 2.25% (25.42)% 38% $ 697
$27.55 (0.70)% 2.35% 2.25% 17.01% 42% $ 1,198
$26.63 (0.71)% 2.33% 2.24% 7.03% 39% $ 989
$29.32 (0.62)% 2.35% 2.25% 16.47% 50% $ 844
$11.51 (0.01)% 1.53% 1.23% 8.23% 23% $112,256
$10.70 0.73% 1.48% 1.25% (2.54)% 58% $120,405
$18.54 0.48% 1.44% 1.25% (24.68)% 38% $144,688
$30.40 0.26% 1.42% 1.25% 18.19% 42% $341,631
$28.84 0.26% 1.40% 1.25% 8.09% 39% $383,616
$31.17 0.42% 1.34% 1.25% 17.60% 50% $396,865
|
70 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
------------------------------------------------------------------------------------------------------------------------------------
GROWTH EQUITY FUND (continued)
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 10.71 0.20(7) 0.69 (0.09) 0.00(1)
October 1, 2008 to September 30, 2009 ............... $ 18.56 0.10(7) (2.41) (0.11) (5.43)
October 1, 2007 to September 30, 2008 ............... $ 30.43 0.11(7) (6.42) (0.16) (5.40)
October 1, 2006 to September 30, 2007 ............... $ 28.86 0.14(7) 4.86 (0.10) (3.33)
October 1, 2005 to September 30, 2006 ............... $ 31.19 0.13(7) 2.29 (0.12) (4.63)
April 11, 2005(9) to September 30, 2005 ............. $ 28.50 0.03(7) 2.66 0.00 0.00
INTERNATIONAL VALUE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.67 0.04(7) 0.04 (0.15) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.66 0.23(7) 0.22 (0.44) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.21 0.51(7) (7.24) (0.36) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.75 0.48(7) 3.07 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.13 0.35(7) 2.32 0.00 (0.05)
October 1, 2004 to September 30, 2005 ............... $ 11.94 0.11 2.68 (0.23) (0.37)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.57 (0.01)(7) 0.06 (0.13) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.42 0.14(7) 0.25 (0.24) 0.00
October 1, 2007 to September 30, 2008 ............... $ 19.82 0.38(7) (7.11) (0.21) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.55 0.27(7) 3.09 (0.08) (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.24(7) 2.27 0.00 (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.51 (0.01)(7) 0.05 (0.15) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.44 0.15(7) 0.23 (0.31) 0.00
October 1, 2007 to September 30, 2008 ............... $ 19.90 0.38(7) (7.13) (0.25) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.54 0.30(7) 3.07 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.09 0.21(7) 2.29 0.00 (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.05 0.77 0.00 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.68 0.06(7) 0.05 (0.26) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.69 0.25(7) 0.20 (0.46) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.23 0.58(7) (7.27) (0.39) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.65 0.44(7) 3.15 0.00 (0.01)
October 1, 2005 to September 30, 2006 ............... $ 14.15 0.32(7) 2.34 (0.11) (0.05)
April 11, 2005(9) to September 30, 2005 ............. $ 13.27 0.18 0.70 0.00 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 12.71 0.08(7) 0.03 (0.25) 0.00
October 1, 2008 to September 30, 2009 ............... $ 12.72 0.28(7) 0.20 (0.49) 0.00
October 1, 2007 to September 30, 2008 ............... $ 20.28 0.62(7) (7.31) (0.41) (0.46)
October 1, 2006 to September 30, 2007 ............... $ 16.67 0.46(7) 3.16 0.00 (0.01)
August 31, 2006(9) to September 30, 2006 ............ $ 16.52 0.01(7) 0.14 0.00 0.00
LARGE CAP APPRECIATION FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 7.85 0.01(7) 0.85 (0.02) 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.82 0.03(7) (1.00) 0.00 0.00
October 1, 2007 to September 30, 2008 ............... $ 12.75 (0.01)(7) (3.08) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............... $ 11.31 0.00(7) 2.28 (0.01) (0.83)
October 1, 2005 to September 30, 2006 ............... $ 11.54 0.01(7) 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............... $ 9.80 0.03(7) 1.87 (0.04) (0.12)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 7.35 (0.02)(7) 0.81 0.00 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.34 (0.02)(7) (0.97) 0.00 0.00
October 1, 2007 to September 30, 2008 ............... $ 12.18 (0.09)(7) (2.91) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............... $ 10.91 (0.08)(7) 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............... $ 11.22 (0.07)(7) 0.38 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............... $ 9.57 (0.05)(7) 1.82 0.00 (0.12)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 71
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Net Asset ----------------------------------------------- Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
-----------------------------------------------------------------------------------------------------------------------
$ 11.51 3.72% 1.26% 1.03% 8.36% 23% $ 6,066
$ 10.71 0.96% 1.19% 1.04% (2.28)% 58% $ 3,971
$ 18.56 0.40% 1.17% 1.05% (24.53)% 38% $ 23,084
$ 30.43 0.49% 1.15% 1.05% 18.44% 42% $ 158,895
$ 28.86 0.46% 1.12% 1.04% 8.30% 39% $ 140,423
$ 31.19 0.19% 1.12% 1.05% 9.44% 50% $ 131,489
$ 12.60 0.62% 1.65% 1.43% 0.68% 14% $ 8,345
$ 12.67 2.28% 1.68% 1.50% 4.82% 41% $ 8,769
$ 12.66 3.04% 1.74% 1.50% (34.48)% 23% $ 16,903
$ 20.21 2.45% 1.64% 1.50% 21.20% 19% $ 25,445
$ 16.75 2.26% 6.14% 1.41% 18.93% 31% $ 1,900
$ 14.13 2.21% 33.96% 1.50% 24.00% 14% $ 493
$ 12.49 (0.20)% 2.42% 2.18% 0.41% 14% $ 419
$ 12.57 1.39% 2.44% 2.25% 3.82% 41% $ 581
$ 12.42 2.24% 2.49% 2.25% (34.97)% 23% $ 951
$ 19.82 1.43% 2.40% 2.25% 20.32% 19% $ 2,512
$ 16.55 1.52% 6.84% 2.19% 17.85% 31% $ 1,110
$ 14.09 1.66% 20.77% 2.23% 6.18% 14% $ 184
$ 12.40 (0.12)% 2.42% 2.18% 0.36% 14% $ 705
$ 12.51 1.56% 2.43% 2.25% 3.90% 41% $ 791
$ 12.44 2.29% 2.46% 2.25% (34.99)% 23% $ 799
$ 19.90 1.54% 2.40% 2.25% 20.36% 19% $ 1,305
$ 16.54 1.38% 6.29% 2.14% 17.78% 31% $ 312
$ 14.09 1.84% 20.85% 2.23% 6.18% 14% $ 59
$ 12.53 0.91% 1.49% 1.18% 0.88% 14% $ 243,330
$ 12.68 2.50% 1.50% 1.25% 4.89% 41% $ 231,537
$ 12.69 3.50% 1.56% 1.25% (34.30)% 23% $ 206,603
$ 20.23 2.29% 1.47% 1.25% 21.55% 19% $ 263,305
$ 16.65 1.94% 1.61% 1.24% 18.98% 31% $ 138,269
$ 14.15 3.07% 20.19% 1.25% 6.63% 14% $ 207
$ 12.57 1.29% 1.22% 0.98% 0.93% 14% $ 1,821
$ 12.71 2.79% 1.23% 1.05% 5.15% 41% $ 1,766
$ 12.72 3.83% 1.29% 1.05% (34.22)% 23% $ 786
$ 20.28 2.40% 1.20% 1.05% 21.70% 19% $ 12
$ 16.67 1.08% 1.24% 0.94% 0.91% 31% $ 10
$ 8.69 0.21% 1.50% 1.23% 10.95% 48% $ 5,578
$ 7.85 0.46% 1.53% 1.11% (11.00)% 144% $ 5,686
$ 8.82 (0.13)% 1.40% 1.23%(5) (26.01)% 151% $ 21,785
$ 12.75 0.01% 1.37% 1.23%(5) 21.27% 145% $ 34,270
$ 11.31 0.12% 1.42% 1.25% 3.43% 155% $ 36,400
$ 11.54 0.27% 1.42% 1.25% 19.52% 133% $ 32,048
$ 8.14 (0.54)% 2.25% 1.98% 10.75% 48% $ 749
$ 7.35 (0.29)% 2.28% 1.91% (11.87)% 144% $ 835
$ 8.34 (0.87)% 2.15% 1.98%(5) (26.51)% 151% $ 1,797
$ 12.18 (0.73)% 2.12% 1.98%(5) 20.36% 145% $ 3,692
$ 10.91 (0.63)% 2.17% 2.00% 2.79% 155% $ 3,802
$ 11.22 (0.51)% 2.17% 2.00% 18.60% 133% $ 2,732
|
72 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
-----------------------------------------------------------------------------------------------------------------------------------
LARGE CAP APPRECIATION FUND (continued)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.35 (0.02)(7) 0.81 0.00 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.34 (0.02)(7) (0.97) 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.18 (0.09)(7) (2.91) 0.00 (0.84)
October 1, 2006 to September 30, 2007 ............ $ 10.91 (0.08)(7) 2.18 0.00 (0.83)
October 1, 2005 to September 30, 2006 ............ $ 11.23 (0.07)(7) 0.37 0.00 (0.62)
October 1, 2004 to September 30, 2005 ............ $ 9.58 (0.05)(7) 1.82 0.00 (0.12)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.94 0.02(7) 0.89 (0.03) 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.93 0.04(7) (1.02) (0.01) 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.89 0.01(7) (3.12) (0.01) (0.84)
October 1, 2006 to September 30, 2007 ............ $ 11.42 0.03(7) 2.31 (0.04) (0.83)
October 1, 2005 to September 30, 2006 ............ $ 11.64 0.05(7) 0.37 (0.02) (0.62)
October 1, 2004 to September 30, 2005 ............ $ 9.87 0.06(7) 1.87 (0.04) (0.12)
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 7.95 0.03(7) 0.85 (0.06) 0.00
October 1, 2008 to September 30, 2009 ............ $ 8.96 0.06(7) (1.03) (0.04) 0.00
October 1, 2007 to September 30, 2008 ............ $ 12.91 0.04(7) (3.11) (0.04) (0.84)
October 1, 2006 to September 30, 2007 ............ $ 11.43 0.06(7) 2.30 (0.05) (0.83)
August 31, 2006(9) to September 30, 2006 ......... $ 11.18 0.01(7) 0.24 0.00 0.00
LARGE COMPANY GROWTH FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 46.37 0.04(7) 4.42 (0.46) 0.00
October 1, 2008 to September 30, 2009 ............ $ 45.16 0.15(7) 1.14 (0.08) 0.00
October 1, 2007 to September 30, 2008 ............ $ 58.65 (0.02)(7) (13.47) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 50.04 (0.03)(7) 8.64 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 49.67 (0.22)(7) 0.66 (0.07) 0.00
October 1, 2004 to September 30, 2005 ............ $ 44.97 0.06(7) 4.64 0.00 0.00
Class B
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 40.62 (0.12)(7) 3.88 0.00 0.00
October 1, 2008 to September 30, 2009 ............ $ 39.76 (0.11)(7) 0.97 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 51.98 (0.38)(7) (11.84) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 44.69 (0.40)(7) 7.69 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 44.64 (0.54)(7) 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............ $ 40.72 (0.23)(7) 4.15 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 40.72 (0.12)(7) 3.88 (0.17) 0.00
October 1, 2008 to September 30, 2009 ............ $ 39.85 (0.11)(7) 0.98 0.00 0.00
October 1, 2007 to September 30, 2008 ............ $ 52.09 (0.37)(7) (11.87) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 44.77 (0.39)(7) 7.71 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 44.72 (0.54)(7) 0.59 0.00 0.00
October 1, 2004 to September 30, 2005 ............ $ 40.80 (0.20)(7) 4.12 0.00 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 44.23 0.09(7) 4.22 (0.17) 0.00
October 1, 2008 to September 30, 2009 ............ $ 43.25 0.23(7) 1.03 (0.28) 0.00
October 1, 2007 to September 30, 2008 ............ $ 56.01 0.10(7) (12.86) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 47.67 0.09(7) 8.25 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 47.24 (0.09)(7) 0.63 (0.11) 0.00
October 1, 2004 to September 30, 2005 ............ $ 42.73 0.21(7) 4.37 (0.07) 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) .... $ 44.30 0.07(7) 4.29 (0.84) 0.00
October 1, 2008 to September 30, 2009 ............ $ 43.49 0.31(7) 0.99 (0.49) 0.00
October 1, 2007 to September 30, 2008 ............ $ 56.23 0.20(7) (12.94) 0.00 0.00
October 1, 2006 to September 30, 2007 ............ $ 47.76 0.25(7) 8.22 0.00 0.00
October 1, 2005 to September 30, 2006 ............ $ 47.27 0.00 0.64 (0.15) 0.00
October 1, 2004 to September 30, 2005 ............ $ 42.75 0.24(7) 4.44 (0.16) 0.00
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 73
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Net Asset ---------------------------------------------------- Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
------------------------------------------------------------------------------------------------------------------------
$ 8.14 (0.54)% 2.25% 1.98% 10.75% 48% $ 360
$ 7.35 (0.34)% 2.29% 1.94% (11.87)% 144% $ 361
$ 8.34 (0.87)% 2.13% 1.98%(5) (26.51)% 151% $ 500
$ 12.18 (0.74)% 2.12% 1.98%(5) 20.36% 145% $ 791
$ 10.91 (0.63)% 2.17% 2.00% 2.69% 155% $ 879
$ 11.23 (0.44)% 2.17% 2.00% 18.58% 133% $ 771
$ 8.82 0.37% 1.27% 1.00% 11.54% 48% $ 31,552
$ 7.94 0.62% 1.33% 0.97% (10.89)% 144% $ 42,148
$ 8.93 0.09% 1.18% 1.00% (25.87)% 151% $ 66,176
$ 12.89 0.25% 1.19% 1.00% 21.64% 145% $ 52,580
$ 11.42 0.45% 1.24% 1.00% 3.70% 155% $ 50,711
$ 11.64 0.56% 1.16% 1.00% 19.70% 133% $ 18,060
$ 8.77 0.70% 1.03% 0.69% 11.16% 48% $ 9
$ 7.95 0.91% 1.09% 0.70% (10.70)% 144% $ 4,421
$ 8.96 0.40% 0.95% 0.70% (25.60)% 151% $ 6,504
$ 12.91 0.52% 0.90% 0.70% 21.90% 145% $ 9,266
$ 11.43 0.62% 0.91% 0.62% 2.24% 155% $ 10
$ 50.37 0.16% 1.30% 1.20% 9.68% 4% $ 230,311
$ 46.37 0.41% 1.23% 1.18% 2.94% 13% $ 219,750
$ 45.16 (0.03)% 1.27% 1.20% (23.00)% 7% $ 247,981
$ 58.65 (0.05)% 1.31% 1.20% 17.21% 10% $ 456,116
$ 50.04 (0.44)% 1.22% 1.20% 0.87% 6% $ 484,767
$ 49.67 0.12% 1.27% 1.20% 10.45% 18% $ 524,323
$ 44.38 (0.59)% 2.05% 1.94% 9.26% 4% $ 9,465
$ 40.62 (0.33)% 1.99% 1.93% 2.16% 13% $ 11,758
$ 39.76 (0.81)% 2.05% 1.95% (23.51)% 7% $ 22,732
$ 51.98 (0.83)% 2.06% 1.95% 16.31% 10% $ 61,402
$ 44.69 (1.20)% 1.97% 1.95% 0.11% 6% $ 104,320
$ 44.64 (0.53)% 2.02% 1.95% 9.63% 18% $ 187,895
$ 44.31 (0.59)% 2.05% 1.94% 9.27% 4% $ 5,657
$ 40.72 (0.34)% 1.99% 1.93% 2.18% 13% $ 5,230
$ 39.85 (0.80)% 2.05% 1.95% (23.50)% 7% $ 6,319
$ 52.09 (0.81)% 2.06% 1.95% 16.35% 10% $ 12,012
$ 44.77 (1.20)% 1.97% 1.95% 0.11% 6% $ 14,451
$ 44.72 (0.46)% 2.02% 1.95% 9.61% 18% $ 21,211
$ 48.37 0.36% 1.08% 0.93% 9.75% 4% $ 66,196
$ 44.23 0.66% 1.06% 0.94% 3.19% 13% $ 305,097
$ 43.25 0.20% 1.12% 0.95% (22.78)% 7% $ 562,568
$ 56.01 0.18% 1.13% 0.95% 17.50% 10% $ 1,148,716
$ 47.67 (0.20)% 1.04% 0.95% 1.12% 6% $ 1,481,399
$ 47.24 0.46% 1.01% 0.95% 10.73% 18% $ 1,850,677
$ 47.82 0.28% 0.86% 0.71% 9.92% 4% $ 945
$ 44.30 0.85% 0.78% 0.72% 3.44% 13% $ 40,977
$ 43.49 0.40% 0.85% 0.75% (22.66)% 7% $ 46,143
$ 56.23 0.48% 0.86% 0.75% 17.73% 10% $ 194,138
$ 47.76 0.01% 0.77% 0.75% 1.34% 6% $ 109,216
$ 47.27 0.53% 0.82% 0.75% 10.96% 18% $ 104,469
|
74 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
-----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND (continued)
Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 43.70 0.02(7) 4.17 (0.46) 0.00
October 1, 2008 to September 30, 2009 ............. $ 42.63 0.12(7) 1.06 (0.11) 0.00
October 1, 2007 to September 30, 2008(6) .......... $ 55.40 (0.07)(7) (12.70) 0.00 0.00
October 1, 2006 to September 30, 2007(6) .......... $ 47.35 (0.11)(7) 8.16 0.00 0.00
October 1, 2005 to September 30, 2006(6) .......... $ 47.14 (0.29)(7) 0.63 (0.13) 0.00
April 11, 2005(9) to September 30, 2005(6) ........ $ 42.80 (0.17)(7) 4.51 0.00 0.00
Small Company Growth Fund
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.56 (0.11)(7) 2.23 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.38 (0.17)(7) 0.35 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 30.20 (0.24)(7) (7.24) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.50 (0.29)(7) 5.04 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.87 (0.28)(7) 2.22 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.78 (0.29)(7) 4.55 0.00 (0.17)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 17.58 (0.17)(7) 2.12 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 17.55 (0.25)(7) 0.28 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 29.24 (0.40)(7) (6.95) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 29.87 (0.50)(7) 4.92 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.51 (0.48)(7) 2.15 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.66 (0.50)(7) 4.52 0.00 (0.17)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 17.77 (0.17)(7) 2.14 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 17.73 (0.26)(7) 0.30 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 29.49 (0.39)(7) (7.03) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.08 (0.50)(7) 4.96 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 30.69 (0.48)(7) 2.18 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.82 (0.50)(7) 4.54 0.00 (0.17)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.90 (0.09)(7) 2.30 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.68 (0.12)(7) 0.34 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 30.54 (0.19)(7) (7.33) 0.00 (4.17)
October 1, 2006 to September 30, 2007 ............. $ 30.73 (0.22)(7) 5.08 0.00 (5.05)
October 1, 2005 to September 30, 2006 ............. $ 31.01 (0.18)(7) 2.21 0.00 (2.31)
October 1, 2004 to September 30, 2005 ............. $ 26.83 (0.21)(7) 4.56 0.00 (0.17)
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 18.94 (0.07)(7) 2.32 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 18.70 (0.08)(7) 0.32 0.00 0.00
March 31, 2008(9) to September 30, 2008 ........... $ 20.18 (0.05)(7) (1.43) 0.00 0.00
SMALL COMPANY VALUE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 9.84 (0.02)(7) 1.54 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 10.55 0.04(7) (0.71) (0.04) 0.00
October 1, 2007 to September 30, 2008 ............. $ 15.35 0.05(7) (3.36) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ............. $ 15.55 0.00(7) 0.96 0.00 (1.16)
October 1, 2005 to September 30, 2006 ............. $ 15.95 0.01(7) 0.92 (0.01) (1.32)
October 1, 2004 to September 30, 2005 ............. $ 13.66 0.00 3.17 0.00 (0.88)
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ..... $ 9.20 (0.05)(7) 1.46 0.00 0.00
October 1, 2008 to September 30, 2009 ............. $ 9.89 (0.01)(7) (0.68) 0.00 0.00
October 1, 2007 to September 30, 2008 ............. $ 14.59 (0.04)(7) (3.17) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ............. $ 14.94 (0.12)(7) 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 ............. $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 ............. $ 13.38 (0.07) 3.05 0.00 (0.88)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 75
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Return Net Asset ----------------------------------------------- Portfolio Net Assets at
of Value Per Net Investment Gross Net Total Turnover End of Period
Capital Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
----------------------------------------------------------------------------------------------------------------------------------
0.00 $ 47.43 0.09% 1.40% 1.27% 9.63% 4% $ 73,404
0.00 $ 43.70 0.33% 1.34% 1.25% 2.89% 13% $ 68,534
0.00 $ 42.63 (0.14)% 1.44% 1.30% (23.05)% 7% $ 69,340
0.00 $ 55.40 (0.22)% 1.48% 1.37% 17.00% 10% $ 98,973
0.00 $ 47.35 (0.61)% 1.39% 1.37% 0.71% 6% $ 104,803
0.00 $ 47.14 (0.77)% 1.43% 1.37% 10.14% 18% $ 124,645
0.00 $ 20.68 (1.17)% 1.51% 1.45% 11.43% 61% $ 3,199
0.00 $ 18.56 (1.13)% 1.54% 1.44% 0.92% 169% $ 2,408
(0.17) $ 18.38 (1.09)% 1.53% 1.45% (27.91)% 150% $ 2,109
0.00 $ 30.20 (1.00)% 1.52% 1.45% 17.07% 138% $ 3,270
0.00 $ 30.50 (0.89)% 1.52% 1.45% 6.52% 125% $ 3,208
0.00 $ 30.87 (1.00)% 1.54% 1.45% 15.95% 142% $ 2,317
0.00 $ 19.53 (1.92)% 2.26% 2.19% 11.04% 61% $ 302
0.00 $ 17.58 (1.85)% 2.29% 2.19% 0.17% 169% $ 312
(0.17) $ 17.55 (1.85)% 2.28% 2.20% (28.45)% 150% $ 344
0.00 $ 29.24 (1.76)% 2.27% 2.20% 16.22% 138% $ 750
0.00 $ 29.87 (1.58)% 2.27% 2.20% 5.66% 125% $ 899
0.00 $ 30.51 (1.75)% 2.29% 2.20% 15.12% 142% $ 554
0.00 $ 19.74 (1.91)% 2.26% 2.19% 11.09% 61% $ 880
0.00 $ 17.77 (1.87)% 2.29% 2.19% 0.23% 169% $ 605
(0.17) $ 17.73 (1.85)% 2.23% 2.20% (28.44)% 150% $ 231
0.00 $ 29.49 (1.74)% 2.27% 2.20% 16.24% 138% $ 324
0.00 $ 30.08 (1.58)% 2.27% 2.20% 5.73% 125% $ 213
0.00 $ 30.69 (1.73)% 2.29% 2.20% 15.10% 142% $ 77
0.00 $ 21.11 (0.92)% 1.33% 1.20% 11.64% 61% $ 271,657
0.00 $ 18.90 (0.85)% 1.35% 1.19% 1.18% 169% $ 229,380
(0.17) $ 18.68 (0.84)% 1.34% 1.20% (27.70)% 150% $ 242,802
0.00 $ 30.54 (0.75)% 1.34% 1.20% 17.34% 138% $ 487,994
0.00 $ 30.73 (0.58)% 1.33% 1.20% 6.80% 125% $ 518,506
0.00 $ 31.01 (0.74)% 1.31% 1.20% 16.26% 142% $ 523,190
0.00 $ 21.19 (0.67)% 1.08% 0.95% 11.71% 61% $ 228
0.00 $ 18.94 (0.57)% 1.09% 0.95% 1.39% 169% $ 9
0.00 $ 18.70 (0.59)% 1.08% 0.95% (7.33)% 150% $ 54,827
0.00 $ 11.36 (0.30)% 1.66% 1.45% 15.33% 35% $ 25,618
0.00 $ 9.84 0.55% 1.55% 1.45% (6.14)% 99% $ 20,202
0.00 $ 10.55 0.42% 1.52% 1.45% (22.58)% 82% $ 34,964
0.00 $ 15.35 (0.02)% 1.55% 1.45% 5.95% 69% $ 66,379
0.00 $ 15.55 0.04% 1.44% 1.41% 6.06% 114% $ 81,432
0.00 $ 15.95 0.10% 1.44% 1.35% 23.97% 70% $ 72,680
0.00 $ 10.61 (1.07)% 2.41% 2.20% 15.20% 35% $ 2,786
0.00 $ 9.20 (0.20)% 2.30% 2.20% (6.88)% 99% $ 2,792
0.00 $ 9.89 (0.33)% 2.31% 2.20% (23.16)% 82% $ 5,086
0.00 $ 14.59 (0.77)% 2.30% 2.20% 5.15% 69% $ 10,413
0.00 $ 14.94 (0.71)% 2.18% 2.15% 5.24% 114% $ 13,463
0.00 $ 15.48 (0.70)% 2.21% 2.12% 23.01% 70% $ 15,802
|
76 Wells Fargo Equity Gateway Funds
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net Distributions
Value Per Investment Gain (Loss) Investment from Net
Share Income (Loss) on Investments Income Realized Gains
----------------------------------------------------------------------------------------------------------------------------------
SMALL COMPANY VALUE FUND (continued)
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ... $ 9.20 (0.05)(7) 1.46 0.00 0.00
October 1, 2008 to September 30, 2009 ........... $ 9.89 (0.02)(7) (0.67) 0.00 0.00
October 1, 2007 to September 30, 2008 ........... $ 14.59 (0.04)(7) (3.17) 0.00 (1.49)
October 1, 2006 to September 30, 2007 ........... $ 14.94 (0.12)(7) 0.93 0.00 (1.16)
October 1, 2005 to September 30, 2006 ........... $ 15.48 (0.11)(7) 0.89 0.00 (1.32)
October 1, 2004 to September 30, 2005 ........... $ 13.37 (0.04) 3.03 0.00 (0.88)
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ... $ 9.94 (0.01)(7) 1.59 0.00 0.00
October 1, 2008 to September 30, 2009 ........... $ 10.69 0.06(7) (0.74) (0.07) 0.00
October 1, 2007 to September 30, 2008 ........... $ 15.54 0.08(7) (3.39) (0.05) (1.49)
October 1, 2006 to September 30, 2007 ........... $ 15.69 0.04(7) 0.98 (0.01) (1.16)
October 1, 2005 to September 30, 2006 ........... $ 16.08 0.04(7) 0.92 (0.03) (1.32)
October 1, 2004 to September 30, 2005 ........... $ 13.74 0.02 3.20 0.00 (0.88)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Equity Gateway Funds 77
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Net Asset ----------------------------------------------- Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses(4) Expenses(4) Return(2) Rate(3) (000's omitted)
---------------------------------------------------------------------------------------------------------------------
$ 10.61 (1.06)% 2.41% 2.20% 15.20% 35% $ 1,584
$ 9.20 (0.26)% 2.30% 2.20% (6.88)% 99% $ 1,437
$ 9.89 (0.33)% 2.30% 2.20% (23.15)% 82% $ 1,728
$ 14.59 (0.77)% 2.30% 2.20% 5.15% 69% $ 3,754
$ 14.94 (0.71)% 2.18% 2.15% 5.24% 114% $ 4,711
$ 15.48 (0.67)% 2.20% 2.11% 23.11% 70% $ 4,847
$ 11.52 (0.21)% 1.46% 1.20% 15.90% 35% $ 62,644
$ 9.94 0.85% 1.37% 1.20% (6.06)% 99% $ 124,072
$ 10.69 0.71% 1.38% 1.20% (22.33)% 82% $ 252,275
$ 15.54 0.26% 1.37% 1.20% 6.28% 69% $ 327,372
$ 15.69 0.26% 1.27% 1.19% 6.26% 114% $ 272,787
$ 16.08 0.33% 1.22% 1.12% 24.21% 70% $ 140,337
|
78 Wells Fargo Equity Gateway Funds
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage C&B Large Cap Value Fund ("C&B Large Cap Value Fund"), Wells
Fargo Advantage Diversified Equity Fund ("Diversified Equity Fund"), Wells Fargo
Advantage Diversified Small Cap Fund ("Diversified Small Cap Fund"), Wells Fargo
Advantage Emerging Growth Fund ("Emerging Growth Fund"), Wells Fargo Advantage
Equity Income Fund ("Equity Income Fund"), Wells Fargo Advantage Equity Value
Fund ("Equity Value Fund"), Wells Fargo Advantage Growth Equity Fund ("Growth
Equity Fund"), Wells Fargo Advantage International Value Fund ("International
Value Fund"), Wells Fargo Advantage Large Cap Appreciation Fund ("Large Cap
Appreciation Fund"), Wells Fargo Advantage Large Company Growth Fund ("Large
Company Growth Fund"), Wells Fargo Advantage Small Company Growth Fund ("Small
Company Growth Fund") and Wells Fargo Advantage Small Company Value Fund ("Small
Company Value Fund")(each, a "Fund", collectively, the "Funds"). Each Fund is a
diversified series of the Trust, a Delaware statutory trust organized on
November 8, 1999.
The Funds each seek to achieve its investment objective by investing all
investable assets in one or more separate diversified portfolios (each, a
"Master Portfolio", collectively, the "Master Portfolios") of Wells Fargo Master
Trust, a registered open-end investment management company. Each Master
Portfolio directly acquires portfolio securities, and a Fund investing in a
Master Portfolio acquires an indirect interest in those securities. Each Fund
accounts for its investment in the Master Portfolios as partnership investments
and records daily its share of the Master Portfolio's income, expense and
realized and unrealized gains and losses. The financial statements of Master
Portfolios for the six months ended March 31, 2010 are included elsewhere in
this report and should be read in conjunction with each Fund's financial
statements. As of March 31, 2010, the Funds own the following percentages of the
Master Portfolio(s):
% invested in Master Portfolio(s)
C&B LARGE CAP VALUE FUND 83% C&B Large Cap Value Portfolio
DIVERSIFIED EQUITY FUND 6% C&B Large Cap Value Portfolio
31% Disciplined Growth Portfolio
13% Emerging Growth Portfolio
15% Equity Income Portfolio
7% Equity Value Portfolio
5% Index Portfolio
28% International Core Portfolio
10% International Growth Portfolio
28% International Index Portfolio
5% International Value Portfolio
16% Large Cap Appreciation Portfolio
11% Large Company Growth Portfolio
14% Small Cap Index Portfolio
3% Small Company Growth Portfolio
1% Small Company Value Portfolio
14% Strategic Small Cap Value Portfolio
DIVERSIFIED SMALL CAP FUND 39% Emerging Growth Portfolio
43% Small Cap Index Portfolio
8% Small Company Growth Portfolio
3% Small Company Value Portfolio
43% Strategic Small Cap Value Portfolio
EMERGING GROWTH FUND 9% Emerging Growth Portfolio
EQUITY INCOME FUND 55% Equity Income Portfolio
EQUITY VALUE FUND 47% Equity Value Portfolio
|
Wells Fargo Equity Gateway Funds 79
Notes to Financial Statements (Unaudited)
% invested in Master Portfolio(s)
GROWTH EQUITY FUND 10% Disciplined Growth Portfolio
15% Emerging Growth Portfolio
18% International Core Portfolio
7% International Growth Portfolio
18% International Index Portfolio
3% International Value Portfolio
6% Large Company Growth Portfolio
16% Small Cap Index Portfolio
3% Small Company Growth Portfolio
1% Small Company Value Portfolio
16% Strategic Small Cap Value Portfolio
INTERNATIONAL VALUE FUND 82% International Value Portfolio
LARGE CAP APPRECIATION FUND 55% Large Cap Appreciation Portfolio
LARGE COMPANY GROWTH FUND 61% Large Company Growth Portfolio
SMALL COMPANY GROWTH FUND 82% Small Company Growth Portfolio
SMALL COMPANY VALUE FUND 56% Small Company Value Portfolio
|
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in the Master Portfolios are valued daily based on each Fund's
proportionate share of each Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolios are valued as discussed in the
Notes to Financial Statements of the Master Portfolios, which are included
elsewhere in this report.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis in each Master
Portfolio. Realized gains or losses in the Master Portfolio are reported on the
basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method by each Master
Portfolio. To the extent debt obligations are placed on non-accrual status, any
related interest income may be reduced by writing off interest receivables when
the collection of all or a portion of interest has become doubtful based on
consistently applied procedures. If the issuer subsequently resumes interest
payments or when the collectability of interest is reasonably assured, the debt
obligation is removed from non-accrual status.
Dividend income in each Master Portfolio is recognized on the ex-dividend date,
except for certain dividends from foreign securities, which are recorded as soon
as the Master Portfolio is informed of the ex-dividend date. Dividend income
from foreign securities in each Master Portfolio is recorded net of foreign
taxes withheld where recovery of such taxes is not assured.
Each Fund records daily its proportionate share of each Master Portfolio's
interest and dividend income.
80 Wells Fargo Equity Gateway Funds
Notes to Financial Statements (Unaudited)
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually, with the exception of the Equity Income Fund, for which net investment
income, if any, is declared and distributed quarterly. Distributions to
shareholders from net realized capital gains, if any, are declared and
distributed at least annually.
FEDERAL AND OTHER TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by distributing substantially all of its investment company
taxable income and any net realized capital gains (after reduction for capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
federal income taxes. Accordingly, no provision for federal income taxes was
required.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three tax years are subject to
examination by the federal and Delaware revenue authorities.
At September 30, 2009, estimated net capital loss carryforwards, which are
available to offset future net realized capital gains, were as follows:
Expiration
--------------------------------------------------------------------------
2010 2011 2012 2013 2017
--------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 0 $ 0 $ 0 $ 0 $ 34,537,147
DIVERSIFIED EQUITY FUND 0 0 0 0 14,512,759
DIVERSIFIED SMALL CAP FUND 0 0 0 0 43,561,868
EMERGING GROWTH FUND 0 0 0 0 1,791,248
EQUITY INCOME FUND 0 0 0 0 1,563,842
EQUITY VALUE FUND 0 0 0 0 47,811,417
INTERNATIONAL VALUE FUND 0 0 0 0 8,318,503
LARGE CAP APPRECIATION FUND 0 0 0 0 13,782,120
LARGE COMPANY GROWTH FUND 26,227,519 45,522,537 46,100,191 10,507,524 14,566,675
SMALL COMPANY GROWTH FUND 0 0 0 0 89,085,896
SMALL COMPANY VALUE FUND 0 0 0 0 51,843,877
|
At September 30, 2009, current year deferred post-October capital losses, which
will be treated as realized for tax purposes on the first day of the succeeding
year were:
Deferred Post-October
Capital Loss
----------------------
C&B LARGE CAP VALUE FUND $ 41,754,353
DIVERSIFIED EQUITY FUND 66,842,530
DIVERSIFIED SMALL CAP FUND 75,562,220
EMERGING GROWTH FUND 768,625
EQUITY INCOME FUND 69,162
EQUITY VALUE FUND 53,879,683
GROWTH EQUITY FUND 10,475,517
INTERNATIONAL VALUE FUND 21,588,220
LARGE CAP APPRECIATION FUND 20,988,855
LARGE COMPANY GROWTH FUND 47,560,671
SMALL COMPANY GROWTH FUND 54,259,669
SMALL COMPANY VALUE FUND 75,607,387
|
Wells Fargo Equity Gateway Funds 81
Notes to Financial Statements (Unaudited)
CLASS ALLOCATIONS
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio, and are allocated unrealized gains and losses pro
rata based on the average daily net assets of each class, without distinction
between share classes. Dividends are determined separately for each class based
on income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 -- quoted prices in active markets for identical investments
- Level 2 -- other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 -- significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Fund's investments in securities:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
-----------------------------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE FUND
Investments in Affiliated Master Portfolio $ 0 $ 490,781,976 $ 0 $ 490,781,976
DIVERSIFIED EQUITY FUND
Investments in Affiliated Master Portfolios $ 0 $ 429,223,238 $ 0 $ 429,223,238
DIVERSIFIED SMALL CAP FUND
Investments in Affiliated Master Portfolios $ 0 $ 126,900,214 $ 0 $ 126,900,214
EMERGING GROWTH FUND
Investments in Affiliated Master Portfolio $ 0 $ 3,532,284 $ 0 $ 3,532,284
EQUITY INCOME FUND
Investments in Affiliated Master Portfolio $ 0 $ 128,388,123 $ 0 $ 128,388,123
EQUITY VALUE FUND
Investments in Affiliated Master Portfolio $ 0 $ 245,774,660 $ 0 $ 245,774,660
GROWTH EQUITY FUND
Investments in Affiliated Master Portfolios $ 0 $ 137,524,447 $ 0 $ 137,524,447
INTERNATIONAL VALUE FUND
Investments in Affiliated Master Portfolio $ 0 $ 254,110,914 $ 0 $ 254,110,914
LARGE CAP APPRECIATION FUND
Investments in Affiliated Master Portfolio $ 0 $ 38,285,194 $ 0 $ 38,285,194
|
82 Wells Fargo Equity Gateway Funds
Notes to Financial Statements (Unaudited)
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
-----------------------------------------------------------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
Investments in Affiliated Master Portfolio $ 0 $ 398,505,024 $ 0 $ 398,505,024
SMALL COMPANY GROWTH FUND
Investments in Affiliated Master Portfolio $ 0 $ 286,278,540 $ 0 $ 286,278,540
SMALL COMPANY VALUE FUND
Investments in Affiliated Master Portfolio $ 0 $ 92,493,930 $ 0 $ 92,493,930
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
For each Fund that invests all of its assets in a single Master Portfolio, Funds
Management does not currently receive investment advisory fees. For each Fund
that invests in multiple Master Portfolios, Funds Management is the adviser and
is entitled to receive an investment advisory fee of 0.25% of each Fund's
average daily net assets for providing such advisory services, including the
determination of the asset allocations of each Fund's investments in the various
Master Portfolios.
Each Fund that invests its assets in one or more Master Portfolio may withdraw
all of its investments from its corresponding Master Portfolio(s) and invest
directly in securities at any time if the Board of Trustees determines that it
is in the best interest of the Fund to do so. Upon such redemption and
subsequent direct investment in a portfolio of securities, Funds Management (and
the corresponding sub-adviser, if any) may receive an investment advisory fee
for the direct management of those assets.
Funds Management also acts as adviser to the Master Portfolios and is entitled
to receive fees from the Master Portfolios for those services.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive from each Fund the following annual fees:
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
------------------------------------------------
Fund level First $5 billion 0.05
Next $5 billion 0.04
Over $10 billion 0.03
Class A, Class B, and Class C All asset levels 0.28
Administrator Class All asset levels 0.10
Institutional Class All asset levels 0.08
Investor Class All asset levels 0.38
|
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Funds.
Expenses were waived and/or reimbursed by Funds Management proportionately from
all classes, first from advisory fees, and then from any class specific
expenses, if applicable.
Wells Fargo Equity Gateway Funds 83
Notes to Financial Statements (Unaudited)
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class B and Class C shares of the
applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class B and Class C shares and paid to Wells Fargo Funds
Distributor, LLC, the principal underwriter of each Fund, at an annual rate of
0.75% of the average daily net assets of each class.
For the six months ended March 31, 2010, Wells Fargo Funds Distributor, LLC
received the following amounts in front-end sales charges and contingent
deferred sales charges.
Front-end sales Contingent deferred sales
charges charges
---------------- ----------------------------
Class A Class B Class C
----------------------------------------------------------
C&B LARGE CAP VALUE FUND $ 19,819 $ 6,988 $ 0
DIVERSIFIED EQUITY FUND 28,847 5,639 78
EMERGING GROWTH FUND 2,407 0 0
EQUITY INCOME FUND 10,069 2,871 15
EQUITY VALUE FUND 4,735 998 0
GROWTH EQUITY FUND 4,492 438 0
INTERNATIONAL VALUE FUND 4,586 1,195 18
LARGE CAP APPRECIATION FUND 444 50 0
LARGE COMPANY GROWTH FUND 25,484 5,735 17
SMALL COMPANY GROWTH FUND 7,852 68 178
SMALL COMPANY VALUE FUND 2,322 966 27
|
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby Class A, Class B, Class C, Administrator Class and Investor
Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the
average daily net assets of each respective class.
A portion of these total shareholder servicing fees were paid to affiliates of
Wells Fargo & Company.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the six
months ended March 31, 2010, were as follows:
Purchases at Cost* Sales Proceeds*
-------------------------------------------------
C&B LARGE CAP VALUE FUND $ 26,940,968 $ 106,506,826
DIVERSIFIED EQUITY FUND 84,089,932 226,038,983
DIVERSIFIED SMALL CAP FUND 41,115,831 190,800,880
EMERGING GROWTH FUND 2,126,267 7,082,660
EQUITY INCOME FUND 2,594,763 31,399,929
EQUITY VALUE FUND 147,598,187 168,030,415
GROWTH EQUITY FUND 28,715,032 112,591,563
INTERNATIONAL VALUE FUND 31,704,558 41,063,785
LARGE CAP APPRECIATION FUND 20,169,589 38,396,938
LARGE COMPANY GROWTH FUND 15,288,001 261,200,830
SMALL COMPANY GROWTH FUND 163,821,409 241,871,383
SMALL COMPANY VALUE FUND 33,328,382 80,359,458
|
* Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
84 Wells Fargo Equity Gateway Funds
Notes to Financial Statements (Unaudited)
6. BANK BORROWINGS
The Trust (excluding the money market funds) and Wells Fargo Variable Trust are
parties to a $125,000,000 revolving credit agreement with State Street Bank and
Trust Company, whereby the Funds are permitted to use bank borrowings for
temporary or emergency purposes, such as to fund shareholder redemption
requests. Interest under the credit agreement is charged to each Fund based on a
borrowing rate equal to the higher of the Federal Funds rate in effect on that
day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In
addition, under the credit agreement, the Funds pay an annual commitment fee
equal to 0.15% of the unused balance, which is allocated pro rata.
During the six months ended March 31, 2010, the Funds had the following
borrowing activities:
Average Weighted
Borrowings Average
Outstanding Interest Rate (annualized) Interest Paid
------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND $ 109,110 1.46% $ 1,593
|
7. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated.
8. REORGANIZATIONS
At a meeting of the Board of Trustees held on January 11, 2010, the Trustees
approved a Plan of Reorganization (the "Plan") for each of the specified funds
("Target Funds") listed in the table below. Under each Plan, certain existing
Wells Fargo Advantage Funds ("Acquiring Funds") will acquire the assets and
assume the liabilities of the Target Fund in exchange for shares of the
Acquiring Fund.
TARGET FUND Acquiring Fund
------------------------------------------------------------------------------------------------------------------------
Equity Income Fund Wells Fargo Advantage Disciplined Value Fund*
Growth Equity Fund Wells Fargo Advantage Diversified Equity Fund
Large Cap Appreciation Fund Wells Fargo Advantage Capital Growth Fund
Large Company Growth Fund Wells Fargo Advantage Premier Large Company Growth Fund*
|
* This fund will be newly created in order to receive that assets of the
Target Fund upon completion of the reorganization.
A Special Meeting of Shareholders of each Target Fund will be held in June 2010
to consider and vote on the Plan. In April 2010 materials for this meeting were
mailed to shareholders of record as of March 10, 2010. If approved by the
shareholders at this meeting, the reorganizations will take place in July 2010.
9. REDEMPTION IN KIND
On or about June 18, 2010, Equity Income Fund, Large Cap Appreciation Fund and
Large Company Growth Fund will redeem in-kind its investment in its Master
Portfolio and receive its proportionate interest in the securities held in the
Master Portfolio. Upon such redemption and subsequent direct investment in a
portfolio of securities, each Fund will incur an investment advisory fee for the
direct management of those assets and custodian fees for the securities held.
Wells Fargo Advantage Master Portfolios 85
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.17%
APPAREL & ACCESSORY STORES: 1.68%
124,635 VF CORPORATION $ 9,989,495
---------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.65%
13,500 NVR INCORPORATED+ 9,807,750
---------------
BUSINESS SERVICES: 7.78%
307,700 AVERY DENNISON CORPORATION 11,203,357
185,510 FISERV INCORPORATED+~~ 9,416,488
109,700 MANPOWER INCORPORATED 6,266,064
497,400 OMNICOM GROUP INCORPORATED 19,304,094
46,190,003
---------------
CHEMICALS & ALLIED PRODUCTS: 2.52%
313,500 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 14,944,545
---------------
CONGLOMERATES: 1.97%
644,300 GENERAL ELECTRIC COMPANY 11,726,260
---------------
COSMETICS, PERSONAL CARE: 1.48%
258,900 AVON PRODUCTS INCORPORATED 8,768,943
---------------
DEPOSITORY INSTITUTIONS: 7.55%
713,700 BANK OF AMERICA CORPORATION 12,739,545
266,400 JPMORGAN CHASE & COMPANY 11,921,400
446,700 STATE STREET CORPORATION 20,164,038
44,824,983
---------------
EATING & DRINKING PLACES: 4.48%
291,500 DARDEN RESTAURANTS INCORPORATED 12,983,410
204,200 MCDONALD'S CORPORATION 13,624,224
26,607,634
---------------
ELECTRIC, GAS & SANITARY SERVICES: 1.96%
400,500 REPUBLIC SERVICES INCORPORATED 11,622,510
---------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.34%
1,625,900 FLEXTRONICS INTERNATIONAL LIMITED+ 12,747,056
464,300 MOLEX INCORPORATED CLASS A 8,194,895
393,100 TYCO ELECTRONICS LIMITED 10,802,388
31,744,339
---------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.00%
251,200 ILLINOIS TOOL WORKS INCORPORATED 11,896,832
---------------
FOOD & KINDRED PRODUCTS: 2.20%
194,100 DIAGEO PLC ADR 13,092,045
---------------
GENERAL MERCHANDISE STORES: 2.32%
251,500 KOHL'S CORPORATION+ 13,777,169
---------------
HEALTH SERVICES: 1.35%
223,100 CARDINAL HEALTH INCORPORATED 8,038,293
---------------
HOLDING & OTHER INVESTMENT OFFICES: 1.91%
140,000 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 11,377,800
---------------
|
86 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
HOUSEHOLD PRODUCTS, WARE: 4.42%
223,500 COLGATE-PALMOLIVE COMPANY $ 19,055,610
155,100 HENKEL AG & COMPANY KGAA ADR~~ 7,181,130
26,236,740
---------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.31%
261,600 DIEBOLD INCORPORATED 8,308,416
328,500 DOVER CORPORATION 15,357,375
176,700 EATON CORPORATION 13,388,559
179,600 LAM RESEARCH CORPORATION+ 6,702,672
471,800 PITNEY BOWES INCORPORATED 11,535,510
55,292,532
---------------
INSURANCE CARRIERS: 6.05%
253,900 ALLSTATE CORPORATION 8,203,509
150,000 AXIS CAPITAL HOLDINGS LIMITED 4,689,000
172,600 CHUBB CORPORATION 8,949,310
450,300 WILLIS GROUP HOLDINGS 14,089,887
35,931,706
---------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.92%
66,500 BECTON DICKINSON & COMPANY 5,235,545
309,600 QUEST DIAGNOSTICS INCORPORATED 18,046,584
23,282,129
---------------
MEDICAL PRODUCTS: 1.27%
129,800 BAXTER INTERNATIONAL INCORPORATED 7,554,360
---------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.27%
197,000 TYCO INTERNATIONAL LIMITED 7,535,250
---------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.01%
185,700 UNITED PARCEL SERVICE INCORPORATED CLASS B 11,960,937
---------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 3.39%
487,900 AMERICAN EXPRESS COMPANY 20,130,754
---------------
PERSONAL SERVICES: 0.99%
208,400 CINTAS CORPORATION 5,853,956
---------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.21%
140,400 CHEVRON CORPORATION 10,646,532
302,700 EXXON MOBIL CORPORATION 20,274,846
30,921,378
---------------
PHARMACEUTICALS: 2.91%
265,000 JOHNSON & JOHNSON 17,278,000
---------------
SOFTWARE: 1.97%
399,750 MICROSOFT CORPORATION 11,700,683
---------------
TELECOMMUNICATIONS: 2.56%
652,900 VODAFONE GROUP PLC ADR 15,206,041
---------------
TRAVEL & RECREATION: 2.64%
403,000 CARNIVAL CORPORATION 15,668,640
---------------
|
Wells Fargo Advantage Master Portfolios 87
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
WHOLESALE TRADE-DURABLE GOODS: 2.06%
194,800 KIMBERLY-CLARK CORPORATION $ 12,249,024
---------------
TOTAL COMMON STOCKS (COST $ 559,014,031) 571,210,731
---------------
|
DIVIDEND YIELD
PREFERRED STOCKS: 1.96%
217,500 HENKEL AG & COMPANY KGAA ADR (HOUSEHOLD PRODUCTS, WARES) 1.50% 11,636,250
TOTAL PREFERRED STOCKS (COST $ 9,772,032) 11,636,250
---------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.26%
COLLATERAL INVESTED IN OTHER ASSETS: 1.26%
$ 267,136 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $ 267,136) 0.01 04/01/2010 267,136
79,993 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 79,993
109,990 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 109,990
2,203,842 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 2,203,843) 0.02 04/01/2010 2,203,842
52,945 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 52,945
159,986 COOK COUNTY IL+/-ss 0.25 11/01/2030 159,986
200,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 200,342) 0.03 04/01/2010 200,342
307,572 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 307,572) 0.01 04/01/2010 307,572
1,933,197 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 794,544
32,997 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 32,997
99,991 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 99,991
39,996 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 39,996
1,335,660 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $ 1,335,660) 0.01 04/01/2010 1,335,660
59,995 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 59,995
39,996 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 39,996
116,890 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 116,890
179,984 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 179,984
59,995 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 59,996
2,466,178 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,331,736
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $ 7,091,887) 7,473,591
---------------
|
SHARES YIELD
SHORT-TERM INVESTMENTS: 2.81%
MUTUAL FUNDS: 2.81%
16,713,155 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 16,713,155
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $ 16,713,155) 16,713,155
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $592,591,105)* 102.20% 607,033,727
OTHER ASSETS AND LIABILITIES, NET (2.20) (13,082,537)
------ ---------------
TOTAL NET ASSETS 100.00% $ 593,951,190
------ ---------------
|
88 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
C&B LARGE CAP VALUE PORTFOLIO
------------------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers"
under rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $606,283,098 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 64,898,079
Gross unrealized depreciation (64,147,450)
--------------
Net unrealized appreciation $ 750,629
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 89
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.35%
APPAREL & ACCESSORY STORES: 4.18%
57,600 GAP INCORPORATED $1,331,135
62,300 LIMITED BRANDS INCORPORATED 1,533,826
2,864,961
----------
AUTO & TRUCKS: 2.53%
138,100 FORD MOTOR COMPANY+ 1,735,917
----------
BIOPHARMACEUTICALS: 1.46%
22,085 GILEAD SCIENCES INCORPORATED+ 1,004,426
----------
BIOTECHNOLOGY: 1.64%
18,875 AMGEN INCORPORATED+ 1,127,970
----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.98%
41,995 HOME DEPOT INCORPORATED 1,358,538
----------
BUSINESS SERVICES: 2.12%
61,905 CA INCORPORATED 1,452,910
----------
CHEMICALS: 2.09%
30,890 SCOTTS MIRACLE-GRO COMPANY 1,431,752
----------
COMMERCIAL SERVICES: 1.40%
54,100 SAIC INCORPORATED+ 957,570
----------
COMPUTER TECHNOLOGIES: 6.15%
5,410 APPLE INCORPORATED+ 1,270,971
28,770 HEWLETT-PACKARD COMPANY 1,529,126
11,070 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,419,728
4,219,825
----------
DATA SERVICES: 1.75%
36,800 NETAPP INCORPORATED+ 1,198,208
----------
E-COMMERCE/SERVICES: 2.16%
5,800 PRICELINE.COM INCORPORATED+ 1,479,000
----------
EATING & DRINKING PLACES: 2.04%
20,985 MCDONALD'S CORPORATION 1,400,119
----------
EDUCATIONAL SERVICES: 1.63%
9,960 ITT EDUCATIONAL SERVICES INCORPORATED+ 1,120,301
----------
ELECTRIC, GAS & SANITARY SERVICES: 3.30%
109,475 EL PASO CORPORATION 1,186,709
25,415 PG&E CORPORATION 1,078,104
2,264,813
----------
ELECTRONIC: 2.01%
71,100 GENTEX CORPORATION 1,380,762
----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.27%
27,000 HARRIS CORPORATION 1,282,230
73,000 JABIL CIRCUIT INCORPORATED 1,181,870
27,400 TECH DATA CORPORATION+ 1,148,060
3,612,160
----------
|
90 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.72%
24,900 ILLINOIS TOOL WORKS INCORPORATED $1,179,264
----------
FOOD & KINDRED PRODUCTS: 3.96%
23,235 THE COCA-COLA COMPANY 1,277,925
74,900 TYSON FOODS INCORPORATED CLASS A 1,434,335
2,712,260
----------
GENERAL MERCHANDISE STORES: 1.98%
24,435 WAL-MART STORES INCORPORATED 1,358,586
----------
HEALTH SERVICES: 4.60%
16,610 EXPRESS SCRIPTS INCORPORATED+ 1,690,234
34,100 VALEANT PHARMACEUTICALS INTERNATIONAL+ 1,463,231
3,153,465
----------
HOUSEHOLD PRODUCTS, WARE: 3.95%
20,985 CHURCH & DWIGHT COMPANY INCORPORATED 1,404,946
15,310 COLGATE-PALMOLIVE COMPANY 1,305,331
2,710,277
----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.98%
16,555 3M COMPANY 1,383,501
18,800 EATON CORPORATION 1,424,476
33,200 WESTERN DIGITAL CORPORATION+ 1,294,468
4,102,445
----------
INFORMATION & BUSINESS SERVICES: 1.83%
2,210 GOOGLE INCORPORATED CLASS A+ 1,253,092
----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.91%
23,300 ROCKWELL AUTOMATION INCORPORATED 1,313,188
----------
METAL MINING: 2.16%
17,720 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 1,480,329
----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 2.26%
16,600 FEDEX CORPORATION 1,550,440
----------
NETWORKING: 2.19%
57,655 CISCO SYSTEMS INCORPORATED+ 1,500,760
----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 6.04%
33,700 AMERICAN EXPRESS COMPANY 1,390,462
32,700 CAPITAL ONE FINANCIAL CORPORATION 1,354,107
5,505 MASTERCARD INCORPORATED~~ 1,398,270
4,142,839
----------
OIL & GAS EXTRACTION: 2.52%
33,215 NEWFIELD EXPLORATION COMPANY+ 1,728,841
----------
PAPER & ALLIED PRODUCTS: 1.38%
37,545 PACTIV CORPORATION+ 945,383
----------
PHARMACEUTICALS: 4.03%
24,405 ABBOTT LABORATORIES 1,285,655
55,300 BRISTOL-MYERS SQUIBB COMPANY 1,476,510
2,762,165
----------
|
Wells Fargo Advantage Master Portfolios 91
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.34%
46,400 SANDISK CORPORATION+ $ 1,606,832
-----------
SOFTWARE: 5.93%
37,545 BMC SOFTWARE INCORPORATED+ 1,426,710
41,500 MICROSOFT CORPORATION 1,214,705
48,605 RED HAT INCORPORATED+ 1,422,668
4,064,083
-----------
TOBACCO PRODUCTS: 1.86%
24,445 PHILIP MORRIS INTERNATIONAL 1,275,051
-----------
TOTAL COMMON STOCKS (COST $55,544,666) 67,448,532
-----------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.55%
COLLATERAL INVESTED IN OTHER ASSETS: 1.55%
$ 29,300 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $29,300) 0.01% 04/01/2010 29,300
8,774 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 8,774
12,064 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,064
241,725 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $241,725) 0.02 04/01/2010 241,725
5,807 COLORADO HOUSING & Finance Authority+/-ss 0.25 10/01/2038 5,807
17,548 COOK COUNTY IL+/-ss 0.25 11/01/2030 17,548
21,974 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $21,974) 0.03 04/01/2010 21,974
33,736 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $33,736) 0.01 04/01/2010 33,736
431,169 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 177,210
3,619 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,619
10,967 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 10,967
4,387 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,387
146,500 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $146,500) 0.01 04/01/2010 146,500
6,580 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,580
4,387 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,387
12,821 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 12,821
19,741 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 19,741
6,580 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,580
550,042 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 297,024
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $975,611) 1,060,744
---------
|
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.47%
MUTUAL FUNDS: 1.47%
1,008,460 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 1,008,460
-----------
TOTAL SHORT-TERM INVESTMENTS (COST $1,008,460) 1,008,460
-----------
TOTAL INVESTMENTS IN SECURITIES (COST $57,528,737)* 101.37% 69,517,736
OTHER ASSETS AND LIABILITIES, NET (1.37) (940,751)
------ -----------
TOTAL NET ASSETS 100.00% $68,576,985
------ -----------
|
92 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
DISCIPLINED GROWTH PORTFOLIO
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $58,728,476 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,303,557
Gross unrealized depreciation (1,514,297)
------------
Net unrealized appreciation $ 10,789,260
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 93
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.29%
ANTHRACITE MINING: 0.32%
5,870 LOGMEIN INCORPORATED+ $ 121,450
----------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS: 0.75%
6,000 WARNACO GROUP INCORPORATED+ 286,260
----------
BIOPHARMACEUTICALS: 4.61%
10,800 ACORDA THERAPEUTICS INCORPORATED+ 369,360
8,600 AFFYMAX INCORPORATED+ 201,498
14,800 ALEXION PHARMACEUTICALS INCORPORATED+ 804,676
10,600 HUMAN GENOME SCIENCES INCORPORATED+ 320,120
1,300 UNITED THERAPEUTICS CORPORATION+ 71,929
1,767,583
----------
BUSINESS SERVICES: 11.71%
53,030 ARIBA INCORPORATED+ 681,436
19,650 BLUE COAT SYSTEMS INCORPORATED+ 609,936
15,410 CONCUR TECHNOLOGIES INCORPORATED+ 631,964
2,000 COSTAR GROUP INCORPORATED+ 83,040
18,830 GLOBAL CASH ACCESS INCORPORATED+ 153,841
39,620 GSE SYSTEMS INCORPORATED+ 214,344
5,030 MEDASSETS INCORPORATED+ 105,630
5,310 MERCADOLIBRE INCORPORATED+ 255,995
47,500 PERFICIENT INCORPORATED+ 535,325
42,140 SKILLSOFT PLC ADR+ 434,885
41,410 SUCCESSFACTORS INCORPORATED+ 788,446
4,494,842
----------
CASINO & GAMING: 3.18%
6,380 BALLY TECHNOLOGIES INCORPORATED+ 258,645
22,960 WMS INDUSTRIES INCORPORATED+ 962,942
1,221,587
----------
COMMERCIAL SERVICES: 0.28%
3,600 WRIGHT EXPRESS CORPORATION+ 108,432
----------
COMMUNICATIONS: 8.01%
40,500 ARUBA NETWORKS INCORPORATED+ 553,230
36,260 ASIAINFO HOLDINGS INCORPORATED+ 960,165
10,320 DG FASTCHANNEL INCORPORATED+ 329,724
52,400 LOOPNET INCORPORATED+ 588,976
27,900 SOURCEFIRE INCORPORATED+ 640,305
3,072,400
----------
COMPUTER DATA SECURITY: 0.37%
8,000 FORTINET INCORPORATED+ 140,640
----------
COMPUTER TECHNOLOGIES: 1.53%
76,700 LIVEPERSON INCORPORATED+ 588,289
----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.15%
2,100 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 55,881
----------
E-COMMERCE/SERVICES: 1.77%
20,420 GSI COMMERCE INCORPORATED+ 565,021
3,000 OPENTABLE INCORPORATED+ 114,390
679,411
----------
|
94 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
EDUCATIONAL SERVICES: 1.40%
3,420 AMERICAN PUBLIC EDUCATION INCORPORATED+ $ 159,372
4,070 CAPELLA EDUCATION COMPANY+ 377,859
537,231
----------
ELECTRICAL PRODUCTS: 1.75%
31,090 HARBIN ELECTRIC INCORPORATED+ 671,233
----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT: 11.10%
22,190 BALDOR ELECTRIC COMPANY 829,906
9,300 CEVA INCORPORATED+ 108,438
103,300 ENTROPIC COMMUNICATIONS INCORPORATED+ 524,764
1,050 MAXLINEAR INCORPORATED+ 18,638
52,600 MONOLITHIC POWER SYSTEMS+ 1,172,980
16,700 NETLOGIC MICROSYSTEMS INCORPORATED+ 491,481
9,800 OSI SYSTEMS INCORPORATED+ 274,890
10,170 POLYPORE INTERNATIONAL INCORPORATED+ 177,568
5,700 REGAL-BELOIT CORPORATION 338,637
8,300 SOLERA HOLDINGS INCORPORATED 320,795
4,258,097
----------
ENERGY: 0.41%
5,300 ENERNOC INCORPORATED+ 157,304
----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES: 0.48%
7,500 ICF INTERNATIONAL INCORPORATED+ 186,300
----------
ENVIRONMENTAL CONTROL: 0.38%
22,100 SHARPS COMPLIANCE CORPORATION+ 144,534
----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT: 0.45%
36,000 MUELLER WATER PRODUCTS INCORPORATED 172,080
----------
HEALTH SERVICES: 1.45%
15,850 IPC THE HOSPITALIST COMPANY+ 556,494
----------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS: 1.23%
26,120 ORION MARINE GROUP INCORPORATED+ 471,466
----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.21%
18,400 HHGREGG INCORPORATED+ 464,416
----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT: 6.44%
52,340 ALTRA HOLDINGS INCORPORATED+ 718,628
31,100 ARCSIGHT INCORPORATED+ 875,465
44,010 ENTEGRIS INCORPORATED+ 221,810
6,500 MERU NETWORKS INCORPORATED+ 124,605
8,160 RIVERBED TECHNOLOGY INCORPORATED+ 231,744
17,400 SUPER MICRO COMPUTER INCORPORATED+ 300,672
2,472,924
----------
INSURANCE CARRIERS: 0.05%
1,300 PRIMERICA INCORPORATED+ 19,500
----------
LEISURE, SPORTING & RECREATION: 2.50%
13,160 DICK'S SPORTING GOODS INCORPORATED+ 343,608
24,020 HIBBETT SPORTS INCORPORATED+ 614,432
958,040
----------
|
Wells Fargo Advantage Master Portfolios 95
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.75%
2,950 BADGER METER INCORPORATED $ 113,605
27,400 DEXCOM INCORPORATED+ 266,602
58,350 ENDOLOGIX INCORPORATED+ 235,734
30,670 EV3 INCORPORATED+ 486,426
12,190 MASIMO CORPORATION 323,645
1,820 METTLER-TOLEDO INTERNATIONAL INCORPORATED+ 198,744
38,600 NXSTAGE MEDICAL INCORPORATED+ 441,970
5,500 SIRONA DENTAL SYSTEMS INCORPORATED+ 209,165
7,200 VEECO INSTRUMENTS INCORPORATED+ 313,200
2,589,091
----------
MEDICAL EQUIPMENT & SUPPLIES: 2.56%
37,640 CONCEPTUS INCORPORATED+~~ 751,294
5,110 NUVASIVE INCORPORATED+ 230,972
982,266
----------
MEDICAL PRODUCTS: 1.49%
23,660 VOLCANO CORPORATION+ 571,626
----------
MOTION PICTURES: 1.34%
28,650 IMAX CORPORATION+ 515,414
----------
OIL & GAS EXPLORATION: 1.49%
36,000 NORTHERN OIL & Gas Incorporated+ 570,600
----------
OIL & GAS EXTRACTION: 2.54%
6,710 ARENA RESOURCES INCORPORATED+ 224,114
40,300 BRIGHAM EXPLORATION COMPANY+~~ 642,785
10,010 SMARTHEAT INCORPORATED+ 107,507
974,406
----------
PHARMACEUTICALS: 2.35%
10,290 CATALYST HEALTH SOLUTIONS INCORPORATED+ 425,800
8,200 MAP PHARMACEUTICALS INCORPORATED+ 130,298
2,360 ONYX PHARMACEUTICALS INCORPORATED+ 71,461
4,100 SXC HEALTH SOLUTIONS CORPORATION+ 275,848
903,407
----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 5.80%
11,280 ROVI CORPORATION+ 418,826
34,836 SHUTTERFLY INCORPORATED+ 839,199
16,930 VISTAPRINT NV+~~ 969,243
2,227,268
----------
RETAIL FOOD: 1.41%
7,100 PANERA BREAD COMPANY+ 543,079
----------
RETAIL, TRADE & SERVICES: 1.03%
14,900 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 397,383
----------
RETAIL-SPECIAL LINE: 0.24%
1,680 BLUE NILE INCORPORATED+ 92,434
----------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES: 0.71%
47,490 GFI GROUP INCORPORATED 274,492
----------
|
96 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SOCIAL SERVICES: 0.98%
10,030 ALMOST FAMILY INCORPORATED+ $ 378,031
-----------
SOFTWARE: 2.82%
4,800 LONGTOP FINANCIAL TECHNOLOGIES LIMITED ADR+ 154,608
56,340 PROS HOLDINGS INCORPORATED+ 556,639
17,050 SOLARWINDS INCORPORATED+ 369,303
1,080,550
-----------
TRANSPORTATION BY AIR: 1.69%
9,100 ALLEGIANT TRAVEL COMPANY+ 526,526
3,240 BRISTOW GROUP INCORPORATED+ 122,245
648,771
-----------
WATER TRANSPORTATION: 2.29%
30,980 AEGEAN MARINE PETROLEUM NETWORK INCORPORATED 879,212
-----------
WHOLESALE TRADE NON-DURABLE GOODS: 1.27%
8,400 TRACTOR SUPPLY COMPANY 487,620
-----------
TOTAL COMMON STOCKS (COST $28,512,238) 37,722,044
-----------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 4.86%
COLLATERAL INVESTED IN OTHER ASSETS: 4.86%
$ 47,233 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $47,233) 0.01% 04/01/2010 47,233
14,144 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 14,144
19,448 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 19,448
389,670 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $389,670) 0.02 04/01/2010 389,670
9,361 COLORADO HOUSING & Finance AUTHORITY+/-ss 0.25 10/01/2038 9,361
28,288 COOK COUNTY IL+/-ss 0.25 11/01/2030 28,288
35,423 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,423) 0.03 04/01/2010 35,423
54,383 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $54,383) 0.01 04/01/2010 54,383
834,629 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 343,033
5,834 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 5,834
17,680 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 17,680
7,072 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,072
236,163 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $236,163) 0.01 04/01/2010 236,163
10,608 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 10,608
7,072 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,072
20,668 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 20,668
31,824 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 31,824
10,608 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 10,608
1,064,736 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 574,957
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,698,674) 1,863,469
---------
|
Wells Fargo Advantage Master Portfolios 97
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.73%
MUTUAL FUNDS: 1.73%
663,091 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 663,091
------------
TOTAL SHORT-TERM INVESTMENTS (COST $663,091) 663,091
------------
TOTAL INVESTMENTS IN SECURITIES (COST $30,874,003)* 104.88% 40,248,604
OTHER ASSETS AND LIABILITIES, NET (4.88) (1,873,213)
------ ------------
TOTAL NET ASSETS 100.00% $ 38,375,391
------ ------------
|
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
|
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $33,347,634 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,600,180
Gross unrealized depreciation (2,699,210)
-----------
Net unrealized appreciation $ 6,900,970
|
The accompanying notes are an integral part of these financial statements.
98 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.82%
APPAREL & ACCESSORY STORES: 1.05%
30,275 VF CORPORATION $ 2,426,537
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS: 1.18%
84,525 HOME DEPOT INCORPORATED 2,734,384
-----------
CHEMICALS & ALLIED PRODUCTS: 3.07%
44,147 AIR PRODUCTS & CHEMICALS INCORPORATED 3,264,671
103,309 E.I. DU PONT DE NEMOURS & COMPANY 3,847,227
7,111,898
-----------
COMMUNICATIONS: 4.91%
237,440 AT&T INCORPORATED 6,135,450
10,701 TIME WARNER CABLE INCORPORATED 570,470
150,336 VERIZON COMMUNICATIONS INCORPORATED 4,663,423
11,369,343
-----------
COMPUTER TECHNOLOGIES: 3.48%
90,070 HEWLETT-PACKARD COMPANY 4,787,221
25,492 INTERNATIONAL BUSINESS MACHINES CORPORATION 3,269,349
8,056,570
-----------
CONGLOMERATES: 2.37%
302,194 GENERAL ELECTRIC COMPANY 5,499,931
-----------
DEPOSITORY INSTITUTIONS: 14.44%
400,246 BANK OF AMERICA CORPORATION 7,144,391
200,505 BANK OF NEW YORK MELLON CORPORATION 6,191,594
240,590 JPMORGAN CHASE & COMPANY 10,766,403
59,150 STATE STREET CORPORATION 2,670,031
258,156 US BANCORP 6,681,077
33,453,496
-----------
DIVERSIFIED MANUFACTURING: 2.19%
111,830 HONEYWELL INTERNATIONAL INCORPORATED 5,062,544
-----------
E-COMMERCE/SERVICES: 0.05%
4,582 AOL INCORPORATED+ 115,833
-----------
EATING & DRINKING PLACES: 1.24%
43,020 MCDONALD'S CORPORATION 2,870,294
-----------
ELECTRIC, GAS & SANITARY SERVICES: 7.14%
69,066 DOMINION RESOURCES INCORPORATED 2,839,303
88,575 EMERSON ELECTRIC COMPANY 4,458,866
24,295 FIRSTENERGY CORPORATION 949,692
111,370 FPL GROUP INCORPORATED 5,382,512
15,800 PG&E CORPORATION 670,236
75,730 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,235,550
16,536,159
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT: 0.58%
87,195 NOKIA OYJ ADR~~ 1,355,010
-----------
|
Wells Fargo Advantage Master Portfolios 99
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: 3.23%
41,975 MCCORMICK & COMPANY INCORPORATED $ 1,610,161
63,195 PEPSICO INCORPORATED 4,180,981
56,925 SYSCO CORPORATION 1,679,288
7,470,430
-----------
GENERAL MERCHANDISE STORES: 2.71%
119,195 TARGET CORPORATION 6,269,657
-----------
HOUSEHOLD PRODUCTS, WARE: 2.12%
11,925 COLGATE-PALMOLIVE COMPANY 1,016,726
40,285 FORTUNE BRANDS INCORPORATED 1,954,225
30,510 PROCTER & GAMBLE COMPANY 1,930,368
4,901,319
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT: 1.73%
47,816 3M COMPANY 3,995,983
-----------
INSURANCE CARRIERS: 6.26%
121,705 METLIFE INCORPORATED 5,274,695
51,400 PRUDENTIAL FINANCIAL INCORPORATED 3,109,700
113,550 THE TRAVELERS COMPANIES INCORPORATED 6,124,887
14,509,282
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.90%
26,334 BECTON DICKINSON & COMPANY 2,073,276
-----------
MEDICAL EQUIPMENT & SUPPLIES: 1.24%
63,675 MEDTRONIC INCORPORATED 2,867,285
-----------
MISCELLANEOUS RETAIL: 2.38%
33,500 COSTCO WHOLESALE CORPORATION 2,000,285
95,975 CVS CAREMARK CORPORATION 3,508,846
5,509,131
-----------
MOTION PICTURES: 1.51%
46,816 TIME WARNER INCORPORATED 1,463,936
58,515 WALT DISNEY COMPANY 2,042,759
3,506,695
-----------
NETWORKING: 1.11%
98,700 CISCO SYSTEMS INCORPORATED+ 2,569,161
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.09%
76,610 AMERICAN EXPRESS COMPANY 3,160,929
40,725 CAPITAL ONE FINANCIAL CORPORATION 1,686,422
4,847,351
-----------
OIL & GAS EXTRACTION: 2.16%
7,925 APACHE CORPORATION 804,388
95,500 CHESAPEAKE ENERGY CORPORATION 2,257,620
23,050 OCCIDENTAL PETROLEUM CORPORATION 1,948,647
5,010,655
-----------
OIL & OIL SERVICES: 1.72%
131,875 HALLIBURTON COMPANY 3,973,394
-----------
|
100 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 13.01%
126,170 CHEVRON CORPORATION $ 9,567,471
141,100 CONOCOPHILLIPS 7,220,087
147,236 EXXON MOBIL CORPORATION 9,861,867
110,250 MARATHON OIL CORPORATION 3,488,310
30,137,735
------------
PHARMACEUTICALS: 6.67%
95,225 ABBOTT LABORATORIES 5,016,453
100,725 BRISTOL-MYERS SQUIBB COMPANY 2,689,358
42,515 JOHNSON & JOHNSON 2,771,978
59,137 MERCK & COMPANY INCORPORATED 2,208,767
161,685 PFIZER INCORPORATED 2,772,898
15,459,454
------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.49%
32,000 MCGRAW-HILL COMPANIES INCORPORATED 1,140,800
------------
RETAIL: 0.31%
17,000 BEST BUY COMPANY INCORPORATED 723,180
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES: 1.34%
68,572 AMERIPRISE FINANCIAL INCORPORATED 3,110,426
------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.25%
130,150 INTEL CORPORATION 2,897,139
------------
SOFTWARE: 2.56%
60,125 MICROSOFT CORPORATION 1,759,859
113,800 ORACLE CORPORATION 2,923,522
73,225 SYMANTEC CORPORATION+ 1,238,967
5,922,348
------------
TRANSPORTATION EQUIPMENT: 2.33%
73,200 UNITED TECHNOLOGIES CORPORATION 5,388,252
------------
TOTAL COMMON STOCKS (COST $206,562,141) 228,874,952
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.58%
COLLATERAL INVESTED IN OTHER ASSETS: 0.58%
$ 52,798 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE
$52,798) 0.01% 04/01/2010 52,798
15,810 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 15,810
21,739 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 21,739
435,574 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $435,574) 0.02 04/01/2010 435,574
10,464 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 10,464
31,620 COOK COUNTY IL+/-ss 0.25 11/01/2030 31,620
39,596 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $39,596) 0.03 04/01/2010 39,596
60,790 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $60,790) 0.01 04/01/2010 60,790
270,455 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 111,157
6,522 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 6,522
19,763 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 19,763
7,905 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 7,905
|
Wells Fargo Advantage Master Portfolios 101
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY INCOME PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 263,984 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $263,984) 0.01% 04/01/2010 $ 263,984
11,858 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 11,858
7,905 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 7,905
23,102 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 23,102
35,573 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 35,573
11,858 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 11,856
345,019 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 186,310
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,300,926) 1,354,326
----------
|
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.16%
MUTUAL FUNDS: 1.16%
2,670,386 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,670,386
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,670,386) 2,670,386
-------------
TOTAL INVESTMENTS IN SECURITIES (COST $210,533,453)* 100.56% 232,899,664
OTHER ASSETS AND LIABILITIES, NET (0.56) (1,296,530)
------ -------------
TOTAL NET ASSETS 100.00% $ 231,603,134
------ -------------
|
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers"
under rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $211,336,200 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 47,477,417
Gross unrealized depreciation (25,913,953)
------------
Net unrealized appreciation $ 21,563,464
|
The accompanying notes are an integral part of these financial statements.
102 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.95%
AUTO & TRUCKS: 0.93%
390,000 FORD MOTOR COMPANY+~~ $ 4,902,300
-----------
BIOTECHNOLOGY: 2.85%
155,000 AMGEN INCORPORATED+ 9,262,800
110,400 LIFE TECHNOLOGIES CORPORATION+ 5,770,608
15,033,408
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.07%
61,000 WALTER INDUSTRIES INCORPORATED 5,628,470
-----------
CHEMICALS & ALLIED PRODUCTS: 3.10%
197,000 CELANESE CORPORATION CLASS A 6,274,450
37,325 CF INDUSTRIES HOLDINGS INCORPORATED 3,403,294
53,800 EASTMAN CHEMICAL COMPANY 3,425,984
53,300 MOSAIC COMPANY 3,239,041
16,342,769
-----------
COAL MINING: 0.97%
102,200 ALPHA NATURAL RESOURCES INCORPORATED+ 5,098,758
-----------
COMMUNICATIONS: 3.34%
164,500 COMCAST CORPORATION CLASS A 3,095,890
1,345,000 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 7,020,900
240,400 VERIZON COMMUNICATIONS INCORPORATED 7,457,208
17,573,998
-----------
COMPUTER TECHNOLOGIES: 2.01%
76,000 LEXMARK INTERNATIONAL INCORPORATED+ 2,742,080
430,600 SEAGATE TECHNOLOGY 7,862,756
10,604,836
-----------
CONGLOMERATES: 4.64%
1,343,800 GENERAL ELECTRIC COMPANY 24,457,160
-----------
DEPARTMENT STORES: 0.72%
173,700 MACY'S INCORPORATED 3,781,449
-----------
DEPOSITORY INSTITUTIONS: 14.22%
1,066,000 BANK OF AMERICA CORPORATION 19,028,100
2,366,000 CITIGROUP INCORPORATED+ 9,582,300
119,500 COMERICA INCORPORATED 4,545,780
206,000 FIFTH THIRD BANCORP 2,799,540
327,000 JPMORGAN CHASE & COMPANY 14,633,250
486,400 KEYCORP 3,769,600
111,000 NORTHERN TRUST CORPORATION 6,133,860
102,000 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,089,400
654,700 REGIONS FINANCIAL CORPORATION 5,139,395
120,700 SUNTRUST BANKS INCORPORATED 3,233,553
74,954,778
-----------
DRILLING OIL & NATURAL GAS WELLS: 1.15%
145,000 NOBLE CORPORATION 6,063,900
-----------
EATING & DRINKING PLACES: 0.51%
60,500 DARDEN RESTAURANTS INCORPORATED 2,694,670
-----------
|
Wells Fargo Advantage Master Portfolios 103
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES: 3.06%
168,000 AMERICAN ELECTRIC POWER COMPANY INCORPORATED $ 5,742,240
114,000 DTE ENERGY COMPANY 5,084,400
490,400 EL PASO CORPORATION 5,315,936
16,142,576
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT: 3.42%
186,500 COOPER INDUSTRIES PLC 8,940,810
476,000 LSI LOGIC CORPORATION+ 2,913,120
97,900 TYCO ELECTRONICS LIMITED 2,690,292
40,000 WHIRLPOOL CORPORATION 3,490,000
18,034,222
-----------
FOOD & KINDRED PRODUCTS: 1.36%
62,500 JM SMUCKER COMPANY 3,766,250
176,900 TYSON FOODS INCORPORATED CLASS A 3,387,635
7,153,885
-----------
GENERAL MERCHANDISE STORES: 1.27%
122,000 KOHL'S CORPORATION+ 6,683,159
-----------
HEALTH SERVICES: 1.43%
116,900 AMERISOURCEBERGEN CORPORATION 3,380,748
114,600 CARDINAL HEALTH INCORPORATED 4,129,038
7,509,786
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.72%
352,300 WYNDHAM WORLDWIDE CORPORATION 9,064,679
-----------
HOUSEHOLD PRODUCTS, WARE: 1.06%
368,300 NEWELL RUBBERMAID INCORPORATED 5,598,160
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.79%
90,200 CATERPILLAR INCORPORATED 5,669,070
61,500 CUMMINS INCORPORATED 3,809,925
51,000 EATON CORPORATION 3,864,270
115,000 STANLEY BLACK & DECKER INCORPORATED 6,602,150
19,945,415
-----------
INSURANCE CARRIERS: 6.20%
115,500 ASSURED GUARANTY LIMITED 2,537,535
268,000 GENWORTH FINANCIAL INCORPORATED+ 4,915,120
151,800 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 4,314,156
107,500 PRUDENTIAL FINANCIAL INCORPORATED 6,503,750
201,600 UNITEDHEALTH GROUP INCORPORATED 6,586,272
52,500 WELLPOINT INCORPORATED+ 3,379,950
234,300 XL CAPITAL LIMITED CLASS A 4,428,270
32,665,053
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL GOODS: 0.69%
195,600 HOLOGIC INCORPORATED+ 3,626,424
-----------
MEDIA: 1.08%
165,000 VIACOM INCORPORATED CLASS B+ 5,672,700
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.50%
58,600 MEDTRONIC INCORPORATED 2,638,758
-----------
|
104 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
METAL MINING: 2.74%
93,000 CLIFFS NATURAL RESOURCES INCORPORATED~~ $ 6,598,350
94,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,852,760
14,451,110
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.72%
128,000 CAPITAL ONE FINANCIAL CORPORATION 5,300,480
252,000 DISCOVER FINANCIAL SERVICES 3,754,800
9,055,280
-----------
OFFICE EQUIPMENT: 0.59%
316,000 XEROX CORPORATION 3,081,000
-----------
OIL & GAS EXTRACTION: 5.83%
317,000 CHESAPEAKE ENERGY CORPORATION 7,493,880
82,000 DEVON ENERGY CORPORATION 5,283,260
143,500 NEWFIELD EXPLORATION COMPANY+ 7,469,175
129,800 WHITING PETROLEUM CORPORATION+ 10,493,032
30,739,347
-----------
PETROLEUM REFINING & RELATED INDUSTRIES: 7.36%
184,800 CHEVRON CORPORATION 14,013,384
209,800 EXXON MOBIL CORPORATION 14,052,404
171,800 HESS CORPORATION 10,746,090
38,811,878
-----------
PHARMACEUTICALS: 2.48%
47,200 ABBOTT LABORATORIES 2,486,496
65,200 JOHNSON & JOHNSON 4,251,040
170,000 MERCK & COMPANY INCORPORATED 6,349,500
13,087,036
-----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.13%
359,000 GANNETT COMPANY INCORPORATED 5,930,680
-----------
REAL ESTATE DEVELOPING & MANAGEMENT: 0.39%
128,200 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 2,047,584
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 3.17%
107,000 BOSTON PROPERTIES INCORPORATED 8,072,080
103,000 SIMON PROPERTY GROUP INCORPORATED 8,641,700
16,713,780
-----------
RENTAL AUTO/EQUIPMENT: 0.55%
292,000 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,917,080
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.74%
257,000 AMERIPRISE FINANCIAL INCORPORATED 11,657,520
47,300 GOLDMAN SACHS GROUP INCORPORATED 8,070,799
19,728,319
-----------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.61%
535,500 ADVANCED MICRO DEVICES INCORPORATED+ 4,964,085
848,000 MICRON TECHNOLOGY INCORPORATED+ 8,810,720
13,774,805
-----------
TOBACCO PRODUCTS: 0.58%
56,400 REYNOLDS AMERICAN INCORPORATED 3,044,472
-----------
|
Wells Fargo Advantage Master Portfolios 105
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR: 0.36%
210,900 AMR CORPORATION+ $ 1,921,299
------------
TRANSPORTATION EQUIPMENT: 4.61%
37,300 GENERAL DYNAMICS CORPORATION 2,879,560
125,000 ITT CORPORATION 6,701,250
64,500 LEAR CORPORATION+ 5,118,075
324,000 TEXTRON INCORPORATED~~ 6,878,520
95,900 TRW AUTOMOTIVE HOLDINGS CORPORATION+ 2,740,822
24,318,227
------------
TOTAL COMMON STOCKS (COST $439,995,553) 521,493,210
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 2.23%
COLLATERAL INVESTED IN OTHER ASSETS: 2.23%
$ 514,533 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $514,533) 0.01% 04/01/2010 514,533
154,075 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 154,075
211,853 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 211,853
4,244,837 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $4,244,839) 0.02 04/01/2010 4,244,837
101,978 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 101,978
308,150 COOK COUNTY IL+/-ss 0.25 11/01/2030 308,150
385,880 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $385,880) 0.03 04/01/2010 385,880
592,418 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $592,418) 0.01 04/01/2010 592,418
1,344,989 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 552,790
63,556 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 63,556
192,593 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 192,593
77,037 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 77,037
2,572,625 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $2,572,626) 0.01 04/01/2010 2,572,625
115,556 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 115,556
77,037 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 77,037
225,142 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 225,142
346,668 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 346,668
115,556 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 115,557
1,715,801 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 926,533
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $11,513,254) 11,778,818
----------
|
SHARES YIELD
SHORT-TERM INVESTMENTS: 1.75%
MUTUAL FUNDS: 1.75%
9,199,253 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 9,199,253
------------
TOTAL SHORT-TERM INVESTMENTS (COST $9,199,253) 9,199,253
------------
TOTAL INVESTMENTS IN SECURITIES (COST $460,708,060)* 102.93% 542,471,281
OTHER ASSETS AND LIABILITIES, NET (2.93) (15,438,700)
------ ------------
TOTAL NET ASSETS 100.00% $527,032,581
------ ------------
|
106 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
EQUITY VALUE PORTFOLIO
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers"
under rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $464,188,373 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 86,853,004
Gross unrealized depreciation (8,570,096)
------------
Net unrealized appreciation $ 78,282,908
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 107
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 99.10%
AEROSPACE, DEFENSE: 1.15%
148,626 BOEING COMPANY $10,791,728
24,575 GOODRICH CORPORATION 1,733,029
22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451
61,918 LOCKHEED MARTIN CORPORATION 5,152,816
74,429 RAYTHEON COMPANY 4,251,384
24,008,408
-----------
APPAREL & ACCESSORY STORES: 0.63%
17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385
93,477 GAP INCORPORATED 2,160,253
52,521 LIMITED BRANDS INCORPORATED 1,293,067
76,565 NIKE INCORPORATED CLASS B 5,627,528
11,232 POLO RALPH LAUREN CORPORATION 955,169
25,474 URBAN OUTFITTERS INCORPORATED+ 968,776
17,370 VF CORPORATION 1,392,206
13,185,384
-----------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12%
61,690 COACH INCORPORATED 2,437,989
-----------
AUTO & TRUCKS: 0.40%
661,332 FORD MOTOR COMPANY+ 8,312,943
-----------
AUTO PARTS & EQUIPMENT: 0.33%
17,744 AUTONATION INCORPORATED+ 320,812
5,830 AUTOZONE INCORPORATED+ 1,009,115
131,890 JOHNSON CONTROLS INCORPORATED 4,351,051
27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587
6,807,565
-----------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
10,487 RYDER SYSTEM INCORPORATED 406,476
-----------
BIOPHARMACEUTICALS: 0.83%
90,264 CELGENE CORPORATION+ 5,592,757
14,712 CEPHALON INCORPORATED+ 997,179
52,246 GENZYME CORPORATION+ 2,707,910
177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833
17,364,679
-----------
BIOTECHNOLOGY: 0.78%
192,278 AMGEN INCORPORATED+ 11,490,533
52,934 BIOGEN IDEC INCORPORATED+ 3,036,294
35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742
16,382,569
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09%
54,309 D.R. HORTON INCORPORATED 684,293
31,946 LENNAR CORPORATION 549,791
62,295 PULTE HOMES INCORPORATED+ 700,819
1,934,903
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97%
25,762 FASTENAL COMPANY 1,236,318
333,862 HOME DEPOT INCORPORATED 10,800,436
|
108 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (continued)
289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869
18,070 SHERWIN-WILLIAMS COMPANY 1,222,978
20,265,601
-----------
BUSINESS SERVICES: 1.32%
45,103 AUTODESK INCORPORATED+ 1,326,930
99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822
22,001 AVERY DENNISON CORPORATION 801,056
77,598 CA INCORPORATED 1,821,225
36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287
58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405
30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473
44,649 COMPUWARE CORPORATION+ 375,052
24,810 EQUIFAX INCORPORATED 888,198
64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420
29,906 FISERV INCORPORATED+ 1,518,029
95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695
35,580 IRON MOUNTAIN INCORPORATED 974,892
24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619
60,954 OMNICOM GROUP INCORPORATED 2,365,625
29,179 ROBERT HALF INTERNATIONAL INCORPORATED~~ 887,917
21,580 SALESFORCE.COM INCORPORATED+ 1,606,631
38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418
36,018 VERISIGN INCORPORATED+ 936,828
27,573,522
-----------
CASINO & GAMING: 0.10%
58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528
13,556 WYNN RESORTS LIMITED 1,027,951
2,102,479
-----------
CHEMICALS & ALLIED PRODUCTS: 1.81%
41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313
9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584
225,851 DOW CHEMICAL COMPANY 6,678,414
177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648
14,275 EASTMAN CHEMICAL COMPANY 909,032
46,388 ECOLAB INCORPORATED 2,038,753
14,238 FMC CORPORATION 861,969
15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791
107,138 MONSANTO COMPANY 7,651,796
32,564 PPG INDUSTRIES INCORPORATED 2,129,686
60,143 PRAXAIR INCORPORATED 4,991,869
23,909 SIGMA-ALDRICH CORPORATION 1,282,957
37,842,812
-----------
COAL MINING: 0.25%
43,129 CONSOL ENERGY INCORPORATED 1,839,883
18,661 MASSEY ENERGY COMPANY 975,784
52,768 PEABODY ENERGY CORPORATION 2,411,498
5,227,165
-----------
COMMERCIAL SERVICES: 0.14%
63,153 PAYCHEX INCORPORATED 1,938,797
59,855 SAIC INCORPORATED+ 1,059,434
2,998,231
-----------
|
Wells Fargo Advantage Master Portfolios 109
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMUNICATIONS: 3.62%
1,158,825 AT&T INCORPORATED $29,944,038
58,818 CENTURYTEL INCORPORATED 2,085,686
557,135 COMCAST CORPORATION CLASS A 10,485,281
51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829
442,433 NEWS CORPORATION CLASS A 6,375,460
292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023
17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939
584,578 SPRINT NEXTEL CORPORATION+ 2,221,396
69,222 TIME WARNER CABLE INCORPORATED 3,690,225
556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067
89,710 WINDSTREAM CORPORATION 976,942
75,717,886
-----------
COMPUTER SOFTWARE & SERVICES: 0.05%
33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250
-----------
COMPUTER TECHNOLOGIES: 5.00%
178,042 APPLE INCORPORATED+ 41,827,407
338,073 DELL INCORPORATED+ 5,074,476
462,205 HEWLETT-PACKARD COMPANY 24,566,196
255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906
15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251
104,731,236
-----------
CONGLOMERATES: 1.82%
2,094,934 GENERAL ELECTRIC COMPANY 38,127,799
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04%
41,243 QUANTA SERVICES INCORPORATED+ 790,216
-----------
CONTAINER, PACKAGING: 0.06%
33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481
-----------
COSMETICS, PERSONAL CARE: 0.21%
83,935 AVON PRODUCTS INCORPORATED 2,842,878
23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373
4,348,251
-----------
CRUDE PETROLEUM & NATURAL GAS: 0.12%
34,250 NOBLE ENERGY INCORPORATED 2,500,250
-----------
DATA SERVICES: 0.11%
67,667 NETAPP INCORPORATED+ 2,203,238
-----------
DEPARTMENT STORES: 0.28%
46,333 JCPENNEY COMPANY INCORPORATED 1,490,533
82,662 MACY'S INCORPORATED 1,799,552
32,454 NORDSTROM INCORPORATED 1,325,746
24,321 ROSS STORES INCORPORATED 1,300,444
5,916,275
-----------
DEPOSITORY INSTITUTIONS: 8.07%
1,969,705 BANK OF AMERICA CORPORATION 35,159,234
237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354
135,609 BB&T CORPORATION 4,392,376
3,857,935 CITIGROUP INCORPORATED+ 15,624,637
34,169 COMERICA INCORPORATED 1,299,789
|
110 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
156,105 FIFTH THIRD BANCORP $ 2,121,467
44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308
93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376
140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317
780,069 JPMORGAN CHASE & COMPANY 34,908,088
172,415 KEYCORP 1,336,216
16,311 M&T BANK CORPORATION~~ 1,294,767
103,408 MARSHALL & ILSLEY CORPORATION 832,434
47,451 NORTHERN TRUST CORPORATION 2,622,142
101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729
234,166 REGIONS FINANCIAL CORPORATION 1,838,203
97,264 STATE STREET CORPORATION 4,390,497
98,043 SUNTRUST BANKS INCORPORATED 2,626,572
375,673 US BANCORP 9,722,417
1,017,194 WELLS FARGO & COMPANY(l) 31,655,077
134,056 WESTERN UNION COMPANY 2,273,590
29,530 ZIONS BANCORPORATION 644,345
168,820,935
-----------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
36,061 JANUS CAPITAL GROUP INCORPORATED 515,312
-----------
DIVERSIFIED MANUFACTURING: 0.32%
150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616
-----------
E-COMMERCE/SERVICES: 2.12%
67,207 AMAZON.COM INCORPORATED+ 9,122,006
221,893 EBAY INCORPORATED+ 5,980,016
47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490
8,949 PRICELINE.COM INCORPORATED+ 2,281,995
44,287,507
-----------
EATING & DRINKING PLACES: 0.90%
27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757
211,256 MCDONALD'S CORPORATION 14,095,000
92,138 YUM! BRANDS INCORPORATED 3,531,650
18,849,407
-----------
EDUCATIONAL SERVICES: 0.11%
25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960
12,156 DEVRY INCORPORATED 792,571
2,339,531
-----------
ELECTRIC, GAS & SANITARY SERVICES: 4.21%
131,248 AES CORPORATION+ 1,443,728
33,293 ALLEGHENY ENERGY INCORPORATED 765,739
46,517 AMEREN CORPORATION 1,213,163
93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203
77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257
45,114 CMS ENERGY CORPORATION 697,462
55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434
39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213
117,826 DOMINION RESOURCES INCORPORATED 4,843,827
32,382 DTE ENERGY COMPANY 1,444,237
257,073 DUKE ENERGY CORPORATION 4,195,431
63,970 EDISON INTERNATIONAL 2,185,855
|
Wells Fargo Advantage Master Portfolios 111
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES (continued)
137,698 EL PASO CORPORATION $ 1,492,646
147,736 EMERSON ELECTRIC COMPANY 7,437,030
37,147 ENTERGY CORPORATION 3,021,908
129,565 EXELON CORPORATION 5,676,243
59,851 FIRSTENERGY CORPORATION 2,339,576
81,157 FPL GROUP INCORPORATED 3,922,318
15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837
8,880 NICOR INCORPORATED 372,250
54,346 NISOURCE INCORPORATED 858,667
34,450 NORTHEAST UTILITIES 952,198
51,421 NRG ENERGY INCORPORATED+ 1,074,699
20,712 ONEOK INCORPORATED 945,503
43,658 PEPCO HOLDINGS INCORPORATED 748,735
72,908 PG&E CORPORATION 3,092,757
19,917 PINNACLE WEST CAPITAL CORPORATION 751,468
74,034 PPL CORPORATION 2,051,482
55,883 PROGRESS ENERGY INCORPORATED 2,199,555
99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487
34,290 QUESTAR CORPORATION 1,481,328
63,582 REPUBLIC SERVICES INCORPORATED 1,845,150
21,890 SCANA CORPORATION 822,845
48,497 SEMPRA ENERGY 2,420,000
127,128 SPECTRA ENERGY CORPORATION 2,864,194
16,646 STERICYCLE INCORPORATED+ 907,207
41,971 TECO ENERGY INCORPORATED 666,919
161,073 THE SOUTHERN COMPANY 5,341,181
95,221 WASTE MANAGEMENT INCORPORATED 3,278,459
22,952 WISCONSIN ENERGY CORPORATION 1,134,058
89,658 XCEL ENERGY INCORPORATED 1,900,750
88,194,999
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21%
58,389 ALTERA CORPORATION 1,419,437
34,012 AMPHENOL CORPORATION CLASS A 1,434,966
58,449 ANALOG DEVICES INCORPORATED 1,684,500
9,538 FIRST SOLAR INCORPORATED+~~ 1,169,836
13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752
25,682 HARRIS CORPORATION 1,219,638
37,911 JABIL CIRCUIT INCORPORATED 613,779
43,884 JDS UNIPHASE CORPORATION+ 549,867
33,785 KLA-TENCOR CORPORATION 1,044,632
43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040
128,906 LSI LOGIC CORPORATION+ 788,905
44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362
26,617 MOLEX INCORPORATED 555,231
46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699
18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600
30,868 ROCKWELL COLLINS INCORPORATED 1,932,028
75,466 TELLABS INCORPORATED 571,278
243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642
14,687 WHIRLPOOL CORPORATION 1,281,441
54,317 XILINX INCORPORATED 1,385,084
25,325,717
-----------
|
112 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19%
35,105 FLUOR CORPORATION $ 1,632,734
24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347
38,606 MOODY'S CORPORATION~~ 1,148,529
3,886,610
-----------
ENTERTAINMENT PRODUCTION: 0.09%
55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24%
18,472 BALL CORPORATION 986,035
75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229
11,340 SNAP-ON INCORPORATED 491,476
5,074,740
-----------
FOOD & KINDRED PRODUCTS: 4.43%
126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226
37,031 CAMPBELL SOUP COMPANY 1,309,046
62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444
87,059 CONAGRA FOODS INCORPORATED 2,182,569
39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711
35,597 DEAN FOODS COMPANY+ 558,517
49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737
64,701 GENERAL MILLS INCORPORATED 4,580,184
62,090 H.J. HEINZ COMPANY 2,831,925
13,645 HORMEL FOODS CORPORATION 573,226
23,370 JM SMUCKER COMPANY 1,408,276
50,063 KELLOGG COMPANY 2,674,866
340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933
25,943 MCCORMICK & COMPANY INCORPORATED 995,173
40,151 MEAD JOHNSON & COMPANY 2,089,057
31,106 MOLSON COORS BREWING COMPANY 1,308,318
320,865 PEPSICO INCORPORATED 21,228,428
136,914 SARA LEE CORPORATION 1,907,212
116,342 SYSCO CORPORATION 3,432,089
452,592 THE COCA-COLA COMPANY 24,892,560
32,668 THE HERSHEY COMPANY 1,398,517
59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932
92,608,946
-----------
FOOD STORES: 0.48%
127,600 KROGER COMPANY 2,763,816
76,337 SAFEWAY INCORPORATED 1,897,738
145,960 STARBUCKS CORPORATION 3,542,449
41,625 SUPERVALU INCORPORATED 694,305
33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109
10,107,417
-----------
FORESTRY: 0.09%
41,498 WEYERHAEUSER COMPANY 1,878,614
-----------
FURNITURE & FIXTURES: 0.08%
29,148 LEGGETT & PLATT INCORPORATED 630,763
70,443 MASCO CORPORATION 1,093,275
1,724,038
-----------
|
Wells Fargo Advantage Master Portfolios 113
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
GENERAL MERCHANDISE STORES: 1.93%
16,230 BIG LOTS INCORPORATED+ $ 591,097
27,169 FAMILY DOLLAR STORES INCORPORATED 994,657
60,198 KOHL'S CORPORATION+ 3,297,646
9,530 SEARS HOLDINGS CORPORATION+~~ 1,033,338
147,710 TARGET CORPORATION 7,769,546
82,406 TJX COMPANIES INCORPORATED 3,503,903
418,934 WAL-MART STORES INCORPORATED 23,292,730
40,482,917
-----------
HEALTH CARE: 0.09%
32,170 HOSPIRA INCORPORATED+ 1,822,431
-----------
HEALTH SERVICES: 1.18%
55,443 AMERISOURCEBERGEN CORPORATION 1,603,412
70,969 CARDINAL HEALTH INCORPORATED 2,557,013
29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388
20,262 DAVITA INCORPORATED+ 1,284,611
54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332
33,422 HUMANA INCORPORATED+ 1,563,147
20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370
52,893 MCKESSON CORPORATION 3,476,128
91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320
85,022 TENET HEALTHCARE CORPORATION+ 486,326
24,628,047
-----------
HOLDING & OTHER INVESTMENT OFFICES: 1.39%
16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464
324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655
31,967 PLUM CREEK TIMBER COMPANY 1,243,836
29,032,955
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20%
49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338
36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709
35,110 WYNDHAM WORLDWIDE CORPORATION 903,380
4,189,427
-----------
HOUSEHOLD PRODUCTS, WARE: 2.31%
27,535 CLOROX COMPANY 1,766,095
96,943 COLGATE-PALMOLIVE COMPANY 8,265,360
29,839 FORTUNE BRANDS INCORPORATED 1,447,490
54,543 NEWELL RUBBERMAID INCORPORATED 829,054
570,293 PROCTER & GAMBLE COMPANY 36,082,438
48,390,437
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52%
139,743 3M COMPANY 11,678,323
263,711 APPLIED MATERIALS INCORPORATED 3,554,824
61,240 BAKER HUGHES INCORPORATED 2,868,482
47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151
122,659 CATERPILLAR INCORPORATED 7,709,118
39,535 CUMMINS INCORPORATED 2,449,193
83,250 DEERE & COMPANY 4,950,045
|
114 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
36,580 DOVER CORPORATION $ 1,710,115
32,474 EATON CORPORATION 2,460,555
10,965 FLOWSERVE CORPORATION 1,209,111
23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889
23,043 PALL CORPORATION 933,011
31,571 PARKER HANNIFIN CORPORATION 2,043,907
40,731 PITNEY BOWES INCORPORATED 995,873
48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460
30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313
32,733 TERADATA CORPORATION+ 945,656
44,892 WESTERN DIGITAL CORPORATION+ 1,750,339
52,726,365
-----------
INFORMATION & BUSINESS SERVICES: 0.18%
233,680 YAHOO! INCORPORATED+ 3,862,730
-----------
INSURANCE CARRIERS: 3.48%
84,623 AETNA INCORPORATED 2,971,114
92,110 AFLAC INCORPORATED 5,000,652
105,351 ALLSTATE CORPORATION 3,403,891
26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+~~ 904,403
52,394 AON CORPORATION 2,237,748
22,871 ASSURANT INCORPORATED 786,305
64,513 CHUBB CORPORATION 3,344,999
53,987 CIGNA CORPORATION 1,974,844
31,989 CINCINNATI FINANCIAL CORPORATION 924,482
96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099
87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979
37,258 LEUCADIA NATIONAL CORPORATION+ 924,371
59,346 LINCOLN NATIONAL CORPORATION 1,821,922
69,670 LOEWS CORPORATION 2,597,298
104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646
160,827 METLIFE INCORPORATED 6,970,242
62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168
91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590
131,855 THE PROGRESSIVE CORPORATION 2,517,112
100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094
16,266 TORCHMARK CORPORATION 870,394
227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976
65,259 UNUMPROVIDENT CORPORATION 1,616,465
87,162 WELLPOINT INCORPORATED+ 5,611,490
67,168 XL CAPITAL LIMITED CLASS A 1,269,475
72,755,759
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38%
68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371
46,277 BECTON DICKINSON & COMPANY 3,643,388
296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499
18,781 C.R. BARD INCORPORATED 1,626,810
34,909 CAREFUSION CORPORATION+ 922,645
51,445 DANAHER CORPORATION 4,110,970
28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026
52,746 EASTMAN KODAK COMPANY 305,399
30,015 FLIR SYSTEMS INCORPORATED+ 846,423
11,000 MILLIPORE CORPORATION+ 1,161,600
23,084 PERKINELMER INCORPORATED 551,708
|
Wells Fargo Advantage Master Portfolios 115
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021
28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714
18,394 ROPER INDUSTRIES INCORPORATED 1,063,909
34,799 TERADYNE INCORPORATED+ 388,705
80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467
18,374 WATERS CORPORATION+ 1,240,980
28,802,635
-----------
MEDIA-COMMUNICATION: 0.58%
132,931 CBS CORPORATION CLASS B 1,853,058
183,607 DIRECTV+ 6,207,753
119,245 VIACOM INCORPORATED CLASS B+ 4,099,643
12,160,454
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.78%
7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106
216,889 MEDTRONIC INCORPORATED 9,766,512
63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890
24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345
16,396,853
-----------
MEDICAL PRODUCTS: 0.79%
60,377 ALLERGAN INCORPORATED 3,943,826
118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748
55,489 STRYKER CORPORATION 3,175,081
41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507
16,481,162
-----------
METAL MINING: 0.66%
26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723
84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305
96,401 NEWMONT MINING CORPORATION 4,909,703
13,855,731
-----------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
24,804 VULCAN MATERIALS COMPANY~~ 1,171,741
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12%
24,097 HASBRO INCORPORATED 922,433
71,401 MATTEL INCORPORATED 1,623,659
2,546,092
-----------
MISCELLANEOUS RETAIL: 1.31%
86,259 COSTCO WHOLESALE CORPORATION 5,150,525
273,016 CVS CAREMARK CORPORATION 9,981,465
32,350 GAMESTOP CORPORATION CLASS A+ 708,789
53,942 OFFICE DEPOT INCORPORATED+ 430,457
24,589 RADIOSHACK CORPORATION 556,449
143,133 STAPLES INCORPORATED 3,347,881
193,431 WALGREEN COMPANY 7,174,356
27,349,922
-----------
MISCELLANEOUS SERVICES: 0.04%
10,013 DUN & BRADSTREET CORPORATION 745,167
-----------
|
116 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MOTION PICTURES: 0.97%
225,838 TIME WARNER INCORPORATED $ 7,061,954
380,808 WALT DISNEY COMPANY 13,294,007
20,355,961
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87%
61,438 FEDEX CORPORATION 5,738,309
194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957
18,294,266
-----------
NETWORKING: 1.68%
84,657 BROADCOM CORPORATION CLASS A 2,808,919
1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483
103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102
35,236,504
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44%
234,967 AMERICAN EXPRESS COMPANY 9,694,738
89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764
106,733 DISCOVER FINANCIAL SERVICES 1,590,322
18,949 MASTERCARD INCORPORATED 4,813,046
72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156
95,208 SLM CORPORATION+ 1,192,004
87,645 VISA INCORPORATED CLASS A 7,978,324
30,110,354
-----------
OFFICE EQUIPMENT: 0.12%
265,441 XEROX CORPORATION 2,588,050
-----------
OIL & GAS EXTRACTION: 3.52%
96,710 ANADARKO PETROLEUM CORPORATION 7,043,389
66,078 APACHE CORPORATION 6,706,917
57,624 BJ SERVICES COMPANY 1,233,154
20,351 CABOT OIL & GAS CORPORATION 748,917
127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613
77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821
87,725 DEVON ENERGY CORPORATION 5,652,122
13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901
49,591 EOG RESOURCES INCORPORATED 4,608,988
28,241 EQT CORPORATION 1,157,881
55,892 NABORS INDUSTRIES LIMITED+ 1,097,160
159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451
22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732
31,246 RANGE RESOURCES CORPORATION 1,464,500
22,350 ROWAN COMPANIES INCORPORATED+ 650,609
234,940 SCHLUMBERGER LIMITED 14,909,292
67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965
114,535 XTO ENERGY INCORPORATED 5,403,761
73,746,173
-----------
OIL & OIL SERVICES: 0.29%
177,707 HALLIBURTON COMPANY 5,354,312
20,756 HELMERICH & PAYNE INCORPORATED 790,388
6,144,700
-----------
|
Wells Fargo Advantage Master Portfolios 117
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
OIL FIELD EQUIPMENT & SERVICES: 0.16%
82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012
------------
PAPER & ALLIED PRODUCTS: 0.20%
21,403 BEMIS COMPANY INCORPORATED 614,694
85,034 INTERNATIONAL PAPER COMPANY 2,092,687
33,628 MEADWESTVACO CORPORATION 859,195
25,983 PACTIV CORPORATION+ 654,252
4,220,828
------------
PERSONAL SERVICES: 0.09%
25,812 CINTAS CORPORATION 725,059
65,880 H&R BLOCK INCORPORATED 1,172,664
1,897,723
------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.75%
394,324 CHEVRON CORPORATION 29,901,589
291,928 CONOCOPHILLIPS 14,937,956
926,984 EXXON MOBIL CORPORATION 62,089,388
57,181 HESS CORPORATION 3,576,672
138,995 MARATHON OIL CORPORATION 4,397,802
37,528 MURPHY OIL CORPORATION 2,108,698
22,961 SUNOCO INCORPORATED 682,171
27,600 TESORO PETROLEUM CORPORATION 383,640
110,895 VALERO ENERGY CORPORATION 2,184,632
120,262,548
------------
PHARMACEUTICALS: 5.84%
304,849 ABBOTT LABORATORIES 16,059,445
336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099
199,241 ELI LILLY & COMPANY 7,216,509
59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780
540,319 JOHNSON & JOHNSON 35,228,799
48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712
611,667 MERCK & COMPANY INCORPORATED 22,845,762
60,213 MYLAN LABORATORIES INCORPORATED+~~ 1,367,437
1,584,553 PFIZER INCORPORATED 27,175,084
20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995
122,188,622
------------
PIPELINES: 0.13%
114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890
------------
PRIMARY METAL INDUSTRIES: 0.61%
21,571 AK STEEL HOLDING CORPORATION 493,113
200,323 ALCOA INCORPORATED 2,852,600
19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927
61,831 NUCOR CORPORATION 2,805,891
27,817 PRECISION CASTPARTS CORPORATION 3,524,692
16,577 TITANIUM METALS CORPORATION+ 275,012
28,149 UNITED STATES STEEL CORPORATION~~ 1,788,024
12,780,259
------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23%
46,603 GANNETT COMPANY INCORPORATED 769,882
61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694
|
118 Wells Fargo Advantage Master Portfolios
Portfolio of Investments -- March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES (continued)
7,208 MEREDITH CORPORATION $ 248,027
22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231
40,343 RR DONNELLEY & SONS COMPANY 861,323
1,199 WASHINGTON POST COMPANY CLASS B 532,572
4,875,729
-----------
RAILROAD TRANSPORTATION: 0.73%
76,580 CSX CORPORATION 3,897,922
72,578 NORFOLK SOUTHERN CORPORATION 4,056,384
99,208 UNION PACIFIC CORPORATION 7,271,946
15,226,252
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14%
23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430
27,284 BOSTON PROPERTIES INCORPORATED 2,058,305
53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255
55,345 EQUITY RESIDENTIAL 2,166,757
57,693 HCP INCORPORATED 1,903,869
24,284 HEALTH CARE REIT INCORPORATED 1,098,365
128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819
79,625 KIMCO REALTY CORPORATION 1,245,335
93,106 PROLOGIS 1,228,999
26,639 PUBLIC STORAGE INCORPORATED 2,450,522
56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930
30,767 VENTAS INCORPORATED 1,460,817
30,954 VORNADO REALTY TRUST 2,343,218
23,876,621
-----------
RETAIL: 0.19%
67,303 BEST BUY COMPANY INCORPORATED 2,863,070
24,434 TIFFANY & COMPANY 1,160,371
4,023,441
-----------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06%
31,206 SEALED AIR CORPORATION 657,822
47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108
1,258,930
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35%
50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484
191,947 CHARLES SCHWAB CORPORATION 3,587,489
13,085 CME GROUP INCORPORATED 4,136,299
312,563 E*TRADE FINANCIAL CORPORATION+ 515,729
17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643
29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073
103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345
14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225
84,187 INVESCO LIMITED 1,844,537
31,921 LEGG MASON INCORPORATED 915,175
274,503 MORGAN STANLEY 8,040,193
29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726
51,245 NYSE EURONEXT INCORPORATED 1,517,364
50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245
49,179,527
-----------
|
Wells Fargo Advantage Master Portfolios 119
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.87%
110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598
403,036 EMC CORPORATION+ 7,270,769
1,084,593 INTEL CORPORATION 24,143,040
36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632
167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338
108,950 NVIDIA CORPORATION+ 1,893,551
22,364 QLOGIC CORPORATION+ 453,989
44,906 SANDISK CORPORATION+ 1,555,095
39,098,012
-----------
SOFTWARE: 3.69%
102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785
35,856 BMC SOFTWARE INCORPORATED+ 1,362,528
64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722
61,635 INTUIT INCORPORATED+ 2,116,546
31,158 MCAFEE INCORPORATED+ 1,250,371
1,498,149 MICROSOFT CORPORATION 43,850,821
68,382 NOVELL INCORPORATED+ 409,608
767,452 ORACLE CORPORATION 19,715,842
37,051 RED HAT INCORPORATED+ 1,084,483
158,298 SYMANTEC CORPORATION+ 2,678,402
77,305,108
-----------
TELECOMMUNICATIONS: 1.00%
79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747
61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243
454,115 MOTOROLA INCORPORATED+ 3,187,887
329,972 QUALCOMM INCORPORATED 13,855,524
20,868,401
-----------
TELECOMMUNICATIONS EQUIPMENT: 0.30%
306,074 CORNING INCORPORATED 6,185,756
-----------
TOBACCO PRODUCTS: 1.52%
408,496 ALTRIA GROUP INCORPORATED 8,382,338
30,395 LORILLARD INCORPORATED 2,286,920
369,312 PHILIP MORRIS INTERNATIONAL 19,263,314
33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488
31,724,060
-----------
TRANSPORTATION BY AIR: 0.09%
145,934 SOUTHWEST AIRLINES COMPANY 1,929,247
-----------
TRANSPORTATION EQUIPMENT: 1.53%
75,734 GENERAL DYNAMICS CORPORATION 5,846,665
31,160 GENUINE PARTS COMPANY 1,316,198
46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304
35,910 ITT CORPORATION 1,925,135
59,446 NORTHROP GRUMMAN CORPORATION 3,897,874
71,506 PACCAR INCORPORATED 3,099,070
53,526 TEXTRON INCORPORATED 1,136,357
183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714
32,046,317
-----------
|
120 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION SERVICES: 0.16%
32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518
41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644
3,364,162
--------------
TRAVEL & RECREATION: 0.21%
85,217 CARNIVAL CORPORATION 3,313,237
41,515 EXPEDIA INCORPORATED 1,036,214
4,349,451
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.11%
16,243 AIRGAS INCORPORATED 1,033,380
21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722
2,302,102
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.33%
81,738 KIMBERLY-CLARK CORPORATION 5,139,684
18,317 PATTERSON COMPANIES INCORPORATED 568,743
12,087 W.W. GRAINGER INCORPORATED 1,306,846
7,015,273
--------------
TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292
--------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.66%
COLLATERAL INVESTED IN OTHER ASSETS: 0.66%
$ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $379,141) 0.01% 04/01/2010 379,141
113,532 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 113,532
156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY+/-ss 0.38 06/01/2028 156,107
3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873
75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 75,144
227,065 COOK COUNTY IL+/-ss 0.25 11/01/2030 227,065
284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $284,342) 0.03 04/01/2010 284,342
436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532
5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341
46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 46,832
141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 141,915
56,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 56,766
1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678
85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 85,149
56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 56,766
165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 165,899
255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 255,448
85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 85,151
7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778
--------------
|
Wells Fargo Advantage Master Portfolios 121
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 0.78%
MUTUAL FUNDS: 0.68%
14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491
--------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
US TREASURY BILLS: 0.10%
$ 500,000 US TREASURY BILL## # 0.00 04/01/2010 500,000
1,655,000 US TREASURY BILL## # 0.13 08/05/2010 1,654,073
2,154,073
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,009,396,672)* 100.54% 2,103,997,634
OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974)
----------- --------------
TOTAL NET ASSETS 100.00% $2,092,664,660
----------- --------------
|
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
(l) Investment in an affiliate.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by
the Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified
institutional buyers" under rule 144A or securities offered pursuant
to section 4(2) of the Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
## Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
|
* Cost for federal income tax purposes is $2,054,486,886 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 378,107,231
Gross unrealized depreciation (328,596,483)
---------------
Net unrealized appreciation $ 49,510,748
|
The accompanying notes are an integral part of these financial statements.
122 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.05%
ARGENTINA: 0.19%
9,810 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 105,946
------------
AUSTRALIA: 3.53%
55,976 AMP LIMITED (INSURANCE CARRIERS) 321,554
8,350 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 260,061
9,101 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 470,108
634 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 27,490
11,383 NEWCREST MINING LIMITED (METAL MINING) 342,825
26,984 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 211,466
14,938 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 381,627
2,015,131
------------
AUSTRIA: 0.32%
5,239 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 180,227
------------
BELGIUM: 1.01%
39,072 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 302,387
5,404 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 272,213
574,600
------------
BRAZIL: 0.40%
12,351 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 227,629
------------
CANADA: 6.45%
6,312 AGNICO-EAGLE MINES LIMITED (METAL MINING) 351,389
21,777 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 553,571
12,423 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 919,448
11,760 ENCANA CORPORATION (OIL & GAS EXPLORATION) 365,890
6,404 GOLDCORP INCORPORATED (METAL MINING) 239,287
13,348 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 259,298
5,494 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 655,709
4,478 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 331,148
3,675,740
------------
CHINA: 4.48%
244,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 182,271
23,974 CHINA MOBILE LIMITED (COMMUNICATIONS) 230,654
6,825 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 328,419
7,560 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 268,153
23,812 SINA CORPORATION (BUSINESS SERVICES)+ 897,474
7,100 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 142,471
22,603 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 503,821
2,553,263
------------
DENMARK: 0.35%
2,395 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 201,010
------------
FINLAND: 0.44%
16,191 NOKIA OYJ (COMMUNICATIONS) 252,142
------------
FRANCE: 6.37%
4,017 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 250,498
16,385 AXA SA (INSURANCE CARRIERS) 364,488
5,474 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 420,392
6,469 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 311,050
|
Wells Fargo Advantage Master Portfolios 123
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
7,744 FRANCE TELECOM SA (COMMUNICATIONS) $ 185,289
5,473 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES DIVERSIFIED) 639,713
3,845 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 511,899
5,854 PUBLICIS GROUPE (BUSINESS SERVICES) 250,485
6,051 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 492,002
3,544 TOTAL SA (OIL & GAS EXTRACTION) 205,733
3,631,549
------------
GERMANY: 9.29%
12,511 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 669,160
4,375 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 157,330
2,858 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 358,339
3,931 BASF AG (OIL & GAS EXTRACTION) 243,808
4,949 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 334,753
18,479 DAIMLER AG (TRANSPORTATION EQUIPMENT) 869,934
1,947 DEUTSCHE BANK AG (BANKING) 149,973
4,435 DEUTSCHE BOERSE AG (DIVERSIFIED FINANCIAL SERVICES) 328,739
2,030 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 170,596
40,410 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 280,486
9,603 KLOECKNER & COMPANY (METAL FABRICATE, HARDWARE) 283,855
4,936 LANXESS (CHEMICALS & ALLIED PRODUCTS) 227,438
2,392 METRO AG (FOOD STORES) 141,895
2,457 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 398,724
2,315 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 214,902
2,787 SAP AG (BUSINESS SERVICES) 134,986
3,303 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 330,798
5,295,716
------------
GREECE: 0.76%
37,106 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 325,762
5,359 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 107,848
433,610
------------
HONG KONG: 0.27%
9,345 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 155,986
------------
IRELAND: 0.39%
22,753 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 223,912
------------
ISRAEL: 0.31%
2,762 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 174,227
------------
JAPAN: 16.68%
21,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 236,528
8,100 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 375,152
2,000 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 139,242
31,300 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 616,358
465,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 1,258,370
25,300 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 530,410
19,100 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 629,244
19,100 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 320,955
500 NINTENDO COMPANY LIMITED (SOFTWARE) 167,398
23,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 324,003
80,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 315,756
60,900 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 448,819
2,090 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 185,326
|
124 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
29,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) $ 206,721
233,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,403,134
4,900 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 326,003
5,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 331,586
78,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 402,974
71,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 302,257
3,900 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 156,225
4,300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 415,328
1,144 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 416,656
9,508,445
------------
LUXEMBOURG: 0.55%
7,133 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 313,015
------------
NETHERLANDS: 6.53%
17,585 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 628,456
5,877 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 206,184
11,866 ING GROEP NV (FINANCIAL SERVICES) 118,470
22,173 NEW WORLD RESOURCES NV (ENERGY) 260,936
23,259 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 1,105,329
20,148 UNILEVER NV (FOOD & KINDRED PRODUCTS) 609,433
41,924 USG PEOPLE NV (BUSINESS SERVICES) 791,613
3,720,421
------------
NORWAY: 0.36%
15,081 TELENOR ASA (COMMUNICATIONS) 204,524
------------
POLAND: 0.27%
2,630 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 152,832
------------
RUSSIA: 1.24%
5,774 GAZPROM ADR (OIL & GAS EXTRACTION) 135,516
3,337 LUKOIL OIL COMPANY ADR (OIL & GAS EXTRACTION) 189,208
13,375 MECHEL ADR (PRIMARY METAL INDUSTRIES) 380,118
704,842
------------
SINGAPORE: 0.34%
19,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 194,217
------------
SOUTH KOREA: 0.79%
161 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 187,687
363 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 262,437
450,124
------------
SPAIN: 1.80%
18,853 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 250,564
50,488 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 250,195
5,020 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 330,911
8,185 TELEFONICA SA (COMMUNICATIONS) 193,906
1,025,576
------------
SWEDEN: 1.19%
4,001 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 259,933
23,190 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 228,830
10,590 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 192,423
681,186
------------
|
Wells Fargo Advantage Master Portfolios 125
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME VALUE
SWITZERLAND: 11.46%
26,496 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 578,720
7,713 ADECCO SA (BUSINESS SERVICES) 437,806
7,698 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 298,093
13,813 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 712,004
19,846 NESTLE SA (FOOD & KINDRED PRODUCTS) 1,016,392
10,847 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 585,866
4,419 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 716,663
3,486 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 1,111,526
6,149 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 531,151
2,135 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 547,316
6,535,537
------------
TAIWAN: 0.61%
20,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 346,999
------------
UNITED KINGDOM: 18.67%
9,590 ANGLO AMERICAN PLC (COAL MINING) 418,248
40,193 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 634,326
135,615 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 196,432
104,732 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 572,627
15,222 BG GROUP PLC (OIL & GAS EXTRACTION) 263,448
27,604 BHP BILLITON PLC (COAL MINING) 946,692
94,484 BP PLC (OIL & GAS EXTRACTION) 893,827
54,399 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 200,598
27,445 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 297,573
37,325 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 309,541
6,740 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 129,435
286,072 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 471,014
91,918 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 931,763
16,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 256,708
6,604 INTERTEK GROUP PLC (BUSINESS SERVICES) 146,114
44,017 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 227,573
40,163 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 130,671
242,021 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 230,533
4,044 NEXT PLC (APPAREL & ACCESSORY STORES) 132,800
4,137 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 227,071
15,284 RIO TINTO PLC (METAL MINING) 905,704
20,349 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 589,800
30,901 SAVILLS PLC (SOCIAL SERVICES) 163,185
6,880 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 187,666
12,053 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 149,707
90,821 VODAFONE GROUP PLC (COMMUNICATIONS) 209,488
29,462 WPP PLC (COMMUNICATIONS) 305,359
27,361 XSTRATA PLC (METAL MINING) 518,381
10,646,284
------------
TOTAL COMMON STOCKS (COST $46,918,294) 54,184,690
------------
|
DIVIDEND YIELD
PREFERRED STOCKS: 1.67%
12,611 FRESENIUS AG (HEALTHCARE) 1.31% 952,148
TOTAL PREFERRED STOCKS (COST $690,908) 952,148
------------
|
126 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.09%
MUTUAL FUNDS: 2.09%
1,193,423 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 1,193,423
TOTAL SHORT-TERM INVESTMENTS (COST $1,193,423) 1,193,423
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $48,802,625)* 98.81% 56,330,261
OTHER ASSETS AND LIABILITIES, NET 1.19 678,385
------ ------------
TOTAL NET ASSETS 100.00% $ 57,008,646
------ ------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $50,876,106 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 7,902,423
Gross unrealized depreciation (2,448,268)
------------
Net unrealized appreciation $ 5,454,155
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 127
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.17%
AUSTRALIA: 0.20%
61,339 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) $ 297,760
------------
BELGIUM: 1.42%
29,353 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 1,478,584
19,796 UMICORE (CHEMICALS & ALLIED PRODUCTS) 691,297
2,169,881
------------
BRAZIL: 1.30%
50,088 PETROLEO BRASILEIRO SA ADR CLASS A (OIL & GAS) 1,982,984
------------
CANADA: 2.26%
61,631 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,466,127
------------
CHINA: 7.17%
767 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES)+ 457,899
2,531,029 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 2,073,265
472,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,261,442
145,657 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 393,959
227,746 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 838,914
7,541 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION)+ 295,607
1,905,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS) 1,452,503
901,495 SANDS CHINA LIMITED (CASINO & GAMING) 1,432,778
15,000 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 300,995
1,026,350 WYNN MACAU LIMITED (CASINO & GAMING)+ 1,480,519
10,987,881
------------
DENMARK: 1.23%
76,726 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,887,595
FRANCE: 12.45%
35,384 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,957,536
40,864 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 3,138,273
17,517 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 842,273
55,674 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 974,542
283,822 NATIXIS (DEPOSITORY INSTITUTIONS) 1,531,461
43,461 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,690,508
38,542 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,424,024
9,109 UNIBAIL (REAL ESTATE) 1,845,461
45,213 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 2,664,657
19,068,735
------------
GERMANY: 13.64%
62,595 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,233,962
71,910 DAIMLER AG (TRANSPORTATION EQUIPMENT) 3,385,301
4,321 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 320,289
175,656 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 3,047,474
38,288 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 4,568,389
24,297 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,942,933
765 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,580
15,611 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 1,383,176
20,901,104
------------
HONG KONG: 5.04%
236,654 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 871,727
76,051 BEIJING ENTERPRISES HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 528,441
|
128 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
HONG KONG (continued)
132,100 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) $ 1,042,100
1,405,582 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 889,196
1,194,373 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,435,232
412,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,027,034
466,129 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 930,547
7,724,277
------------
INDIA: 2.31%
15,043 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) 910,454
61,595 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,630,107
3,540,561
------------
IRELAND: 5.40%
56,768 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,381,418
58,230 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,927,804
301,219 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 2,964,291
8,273,513
------------
ITALY: 1.58%
649,962 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,420,731
------------
JAPAN: 7.95%
48,197 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,435,754
6,350 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,103,728
46,600 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 1,644,882
14,500 MITSUBISHI CORPORATION (BUSINESS SERVICES) 379,987
83,300 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 436,592
218,800 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 3,676,701
14,950 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 1,135,362
79,660 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 1,757,820
22,700 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 605,074
12,175,900
------------
NETHERLANDS: 9.91%
35,981 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 2,050,582
203,129 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 7,259,467
379,768 ING GROEP NV (FINANCIAL SERVICES) 3,791,607
72,705 TNT NV (TRANSPORTATION SERVICES) 2,084,766
15,186,422
------------
SINGAPORE: 0.98%
241,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 1,502,980
------------
SPAIN: 0.72%
16,602 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,094,379
------------
SWEDEN: 1.16%
84,283 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,053,450
40,775 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 724,515
1,777,965
------------
SWITZERLAND: 10.73%
50,111 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,735,513
85,494 NESTLE SA (FOOD & KINDRED PRODUCTS) 4,378,486
56,506 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 3,051,989
19,156 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 3,106,673
|
Wells Fargo Advantage Master Portfolios 129
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SWITZERLAND (continued)
4,621 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED PRODUCTS) $ 770,897
85,919 UBS AG (DEPOSITORY INSTITUTIONS) 1,396,673
16,440,231
------------
TAIWAN: 1.37%
183,448 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (SEMICONDUCTORS) 1,924,370
149,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 169,606
2,093,976
------------
TURKEY: 0.09%
16,394 COCA-COLA ICECEK URETIM AS (BEVERAGES) 139,340
------------
UNITED KINGDOM: 9.71%
8,545 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 350,758
270,491 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 2,744,166
88,891 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,711,329
489,248 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,591,777
80,563 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 784,261
178,529 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,778,574
20,824 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 568,017
658,481 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,351,209
14,880,091
------------
UNITED STATES: 1.55%
45,404 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,368,273
------------
TOTAL COMMON STOCKS (COST $130,972,643) 150,380,706
------------
|
YIELD
SHORT-TERM INVESTMENTS: 2.18%
MUTUAL FUNDS: 2.18%
3,339,209 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% 3,339,209
------------
TOTAL SHORT-TERM INVESTMENTS (COST $3,339,209) 3,339,209
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $134,311,852)* 100.35% 153,719,915
OTHER ASSETS AND LIABILITIES, NET (0.35) (528,606)
------ ------------
TOTAL NET ASSETS 100.00% $153,191,309
------ ------------
|
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $142,191,901 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 20,784,270
Gross unrealized depreciation (9,256,256)
------------
Net unrealized appreciation $ 11,528,014
------------
|
The accompanying notes are an integral part of these financial statements.
130 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.77%
AUSTRALIA: 8.47%
2,390 AGL ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) $ 32,179
12,646 ALUMINA LIMITED (METAL MINING) 20,018
6,626 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 38,853
11,151 AMP LIMITED (INSURANCE CARRIERS) 64,057
2,007 ARISTOCRAT LEISURE LIMITED (AMUSEMENT & RECREATION SERVICES) 8,343
3,015 ARROW ENERGY NL (OIL & GAS EXTRACTION)+ 13,917
14,918 ASCIANO GROUP (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 25,942
939 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 29,245
13,619 AUSTRALIA & NEW ZEALAND BANKING GROUP LIMITED (DEPOSITORY INSTITUTIONS) 316,936
5,461 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) 31,671
1,894 BENDIGO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,380
18,408 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 736,327
1,035 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 10,732
9,443 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 25,216
3,155 BORAL LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 16,242
7,687 BRAMBLES LIMITED (BUSINESS SERVICES) 51,917
701 CALTEX AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 7,275
9,255 CFS RETAIL PROPERTY TRUST (REAL ESTATE) 15,924
2,963 COCA-COLA AMATIL LIMITED (FOOD & KINDRED PRODUCTS) 30,589
290 COCHLEAR LIMITED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 19,384
8,424 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 435,138
2,417 COMPUTERSHARE LIMITED (BUSINESS SERVICES) 27,769
2,534 CROWN LIMITED (EATING & DRINKING PLACES) 19,021
3,028 CSL LIMITED (CHEMICALS & ALLIED PRODUCTS) 101,226
7,438 CSR LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 11,296
25,191 DB RREEF TRUST (REAL ESTATE) 18,724
345 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 5,984
10,969 FAIRFAX MEDIA LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 18,118
6,737 FORTESCUE METALS GROUP LIMITED (METAL MINING)+ 30,293
10,365 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 50,316
6,668 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 8,750
49,877 GPT GROUP (REAL ESTATE INVESTMENT TRUSTS (REITS)) 26,318
68,250 GPT GROUP HOLDINGS ENTITLEMENT SHARES (REAL ESTATE INVESTMENT TRUSTS (REITS))(a) 0
2,751 HARVEY NORMAN HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 9,139
8,767 INCITEC PIVOT LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 27,916
11,116 INSURANCE AUSTRALIA GROUP LIMITED (INSURANCE CARRIERS) 39,578
2,240 JAMES HARDIE INDUSTRIES NV (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,923
812 LEIGHTON HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 29,060
3,445 LEND LEASE CORPORATION LIMITED (REAL ESTATE) 27,377
633 MACQUAIRE OFFICE TRUST (HOLDING & OTHER INVESTMENT OFFICES) 166
4,045 MACQUARIE AIRPORTS GROUP (MISCELLANEOUS REPAIR SERVICES) 11,470
31,028 MACQUARIE GOODMAN GROUP (REAL ESTATE) 18,650
1,811 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 78,523
11,743 MACQUARIE INFRASTRUCTURE GROUP (HOLDING & OTHER INVESTMENT OFFICES) 12,069
3,964 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 15,060
14,429 MIRVAC GROUP (REAL ESTATE) 19,530
11,394 NATIONAL AUSTRALIA BANK LIMITED (DEPOSITORY INSTITUTIONS) 287,741
2,599 NEWCREST MINING LIMITED (METAL MINING) 78,275
6,997 ONESTEEL LIMITED (PRIMARY METAL INDUSTRIES) 25,041
1,957 ORICA LIMITED (CHEMICALS & ALLIED PRODUCTS) 48,111
4,780 ORIGIN ENERGY LIMITED (OIL & GAS EXTRACTION) 72,594
16,176 OZ MINERALS LIMITED (METAL MINING) 16,996
3,321 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 12,038
5,749 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 14,983
|
Wells Fargo Advantage Master Portfolios 131
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
AUSTRALIA (continued)
5,576 QBE INSURANCE GROUP LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) $ 106,583
2,371 RIO TINTO LIMITED (METAL MINING) 170,579
4,465 SANTOS LIMITED (OIL & GAS EXTRACTION) 60,067
865 SIMS GROUP LIMITED (PRIMARY METAL INDUSTRIES) 17,193
2,009 SONIC HEALTHCARE LIMITED (HEALTH SERVICES) 26,492
7,216 SP AUSNET (ELECTRIC, GAS & SANITARY SERVICES) 5,993
12,984 STOCKLAND (REAL ESTATE) 47,540
6,918 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 54,215
3,474 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 21,997
6,639 TATTERSALL'S LIMITED (AMUSEMENT & RECREATION SERVICES) 14,987
23,416 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 64,248
3,559 TOLL HOLDINGS LIMITED (TRANSPORTATION SERVICES) 24,233
6,587 TRANSURBAN GROUP (LOCAL & SUB-TRANSIT & INTERURBAN HIGHWAY PASS
TRANSPORTATION) 30,525
5,573 WESFARMERS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 162,576
787 WESFARMERS LIMITED PRICE PROTECTED SHARES (PPS) (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 23,016
11,306 WESTFIELD GROUP (REAL ESTATE) 125,122
16,541 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 422,579
2,960 WOODSIDE PETROLEUM LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 127,392
6,744 WOOLWORTHS LIMITED (FOOD STORES) 173,282
849 WORLEYPARSONS LIMITED (PERSONAL SERVICES) 19,828
4,822,787
-----------
AUSTRIA: 0.30%
998 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 41,921
2,181 IMMOEAST IMMOBILIEN ANLAGEN AG (REAL ESTATE)+ 11,960
816 OMV AG (OIL & GAS EXTRACTION) 30,617
280 RAIFFEISEN INTERNATIONAL BANK HOLDINGS (DEPOSITORY INSTITUTIONS) 13,312
1,668 TELEKOM AUSTRIA AG (COMMUNICATIONS) 23,317
399 VERBUND - OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG (ELECTRIC, GAS &
SANITARY SERVICES) 15,839
608 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 24,595
199 WIENER STAEDTISCHE ALLGEMEINE VERSICHERUNG AG (INSURANCE AGENTS, BROKERS &
SERVICE) 10,509
172,070
-----------
BELGIUM: 0.92%
2,600 ANHEUSER-BUSCH INBEV NV STRIP VVPR (FOOD & KINDRED PRODUCTS)+ 25
3,926 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 197,762
828 BELGACOM SA (COMMUNICATIONS) 32,342
78 COLRUYT SA (FOOD STORES) 19,200
540 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 43,396
2,741 DEXIA (DEPOSITORY INSTITUTIONS) 16,349
11,989 FORTIS (DEPOSITORY INSTITUTIONS) 42,685
9,100 FORTIS STRIP VVPR (DEPOSITORY INSTITUTIONS)+ 25
433 GROUPE BRUXELLES LAMBERT SA (BUSINESS SERVICES) 38,260
864 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 41,841
155 MOBISTAR SA (COMMUNICATIONS) 9,539
170 NATIONALE A PORTEFEUILLE (HOLDING & OTHER INVESTMENT OFFICES) 8,909
323 SOLVAY SA (CHEMICALS & ALLIED PRODUCTS) 33,204
522 UCB SA (CHEMICALS & ALLIED PRODUCTS) 22,290
589 UMICORE (CHEMICALS & ALLIED PRODUCTS) 20,569
526,396
-----------
BERMUDA: 0.06%
50 INDEPENDENT TANKERS CORPORATION LIMITED (CRUDE PETROLEUM & NATURAL GAS)+ 40
1,499 SEADRILL LIMITED (OIL & GAS EXTRACTION) 34,933
34,973
-----------
|
132 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CHINA: 0.08%
4,098 CHINESE ESTATES HOLDINGS LIMITED (REAL ESTATE) $ 6,851
16,000 MONGOLIA ENERGY COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS)+ 7,398
10,400 SANDS CHINA LIMITED (CASINO & GAMING) 16,529
8,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 15,703
46,481
-----------
CYPRUS: 0.03%
2,942 BANK OF CYPRUS PUBLIC COMPANY LIMITED (INSURANCE CARRIERS) 18,597
-----------
DENMARK: 0.93%
7 A.P. MOLLER-MAERSK A/S CLASS A (WATER TRANSPORTATION) 53,340
3 A.P. MOLLER-MAERSK A/S CLASS B (WATER TRANSPORTATION) 21,848
612 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 51,365
118 COLOPLAST AS CLASS B (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 12,995
2,428 DANSKE BANK (DEPOSITORY INSTITUTIONS) 59,733
1,150 DSV A/S (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 20,551
300 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 5,655
2,402 NOVO NORDISK AS CLASS B (CHEMICALS & ALLIED PRODUCTS) 186,388
256 NOVOZYMES A/S CLASS B (HEALTH SERVICES) 28,332
83 TOPDANMARK A/S (INSURANCE CARRIERS)+ 10,812
123 TRYGVESTA A/S (INSURANCE CARRIERS) 8,118
1,148 VESTAS WIND SYSTEMS A/S (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 62,380
120 WILLIAM DEMANT HOLDING (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 8,491
530,008
-----------
FINLAND: 1.20%
707 ELISA OYJ (COMMUNICATIONS) 14,581
2,388 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 58,411
338 KESKO OYJ (WHOLESALE TRADE-DURABLE GOODS) 13,303
825 KONE OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 34,097
657 METSO OYJ (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 21,217
664 NESTE OIL OYJ LIMITED (PETROLEUM REFINING & RELATED INDUSTRIES) 11,578
20,376 NOKIA OYJ (COMMUNICATIONS) 317,315
550 NOKIAN RENKAAT OYJ (TRANSPORTATION EQUIPMENT) 14,285
668 OKO BANK (DEPOSITORY INSTITUTIONS) 7,507
463 ORION OYJ (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 10,243
638 OUTOKUMPU OYJ (PRIMARY METAL INDUSTRIES) 14,003
400 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 8,644
2,259 SAMPO OYJ (BUSINESS SERVICES) 59,924
420 SANOMAWSOY OYJ (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 9,303
3,160 STORA ENSO OYJ (PAPER & ALLIED PRODUCTS) 24,072
2,830 UPM-KYMMENE OYJ (PAPER & ALLIED PRODUCTS) 37,555
488 WARTSILA OYJ (MISCELLANEOUS MANUFACTURING INDUSTRIES) 24,717
680,755
-----------
FRANCE: 9.80%
787 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 43,539
153 AEROPORTS DE PARIS (TRANSPORTATION BY AIR) 12,597
700 AIR FRANCE-KLM (TRANSPORTATION BY AIR) 11,067
1,365 AIR LIQUIDE SA (CHEMICALS & ALLIED PRODUCTS) 163,863
12,444 ALCATEL SA (COMMUNICATIONS) 39,346
1,085 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 67,660
235 ATOS ORIGIN SA (BUSINESS SERVICES) 11,801
9,237 AXA SA (INSURANCE CARRIERS) 205,479
71 BIOMERIEUX (HEALTH SERVICES) 8,154
5,207 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 399,887
|
Wells Fargo Advantage Master Portfolios 133
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
1,203 BOUYGUES SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 60,476
251 BUREAU VERITAS SA (SOCIAL SERVICES) 13,323
786 CAP GEMINI SA (BUSINESS SERVICES) 38,717
3,452 CARREFOUR SA (FOOD STORES) 166,379
300 CASINO GUICHARD PERRACHON SA (FOOD STORES) 25,385
341 CHRISTIAN DIOR SA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 36,376
192 CNP ASSURANCES (INSURANCE CARRIERS) 18,132
2,094 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 100,686
743 COMPAGNIE GENERALE DE GEOPHYSIQUE - VERITAS (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL)+ 21,079
798 COMPAGNIE GENERALE DES ESTABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS) 58,806
5,050 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 88,397
336 DASSAULT SYSTEMES SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,875
210 EIFFAGE SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 10,862
1,271 ELECTRICITE DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 69,354
27 ERAMET (METAL MINING) 9,294
1,081 ESSILOR INTERNATIONAL SA CIE GENERALE D'OPTIQUE (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 69,017
143 EURAZEO (HOLDING & OTHER INVESTMENT OFFICES) 9,933
511 EUTELSAT COMMUNICATIONS (COMMUNICATIONS) 18,166
120 FONCIERE DES REGIONS (REAL ESTATE) 13,217
10,080 FRANCE TELECOM SA (COMMUNICATIONS) 241,182
6,758 GAZ DE FRANCE (ELECTRIC, GAS & SANITARY SERVICES) 261,052
1,715 GDF SUEZ (ENERGY) 2
97 GECINA SA (REAL ESTATE) 10,735
2,992 GROUPE DANONE (FOOD & KINDRED PRODUCTS) 180,235
2,562 GROUPE EUROTUNNEL SA (RAILROAD TRANSPORTATION) 26,108
283 HERMES INTERNATIONAL (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 39,313
126 ICADE (HOLDING & OTHER INVESTMENT OFFICES) 14,025
84 ILIAD SA (BUSINESS SERVICES) 8,662
176 IMERYS SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,849
131 IPSEN (CHEMICALS & ALLIED PRODUCTS) 6,397
345 JC DECAUX SA (BUSINESS SERVICES) 9,641
472 KLEPIERRE (REAL ESTATE) 18,539
1,303 L'OREAL SA (COSMETICS, PERSONAL CARE) 137,026
1,074 LAFARGE SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 75,576
611 LAGARDERE SCA (COMMUNICATIONS) 24,724
544 LEGRAND SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 17,186
1,333 LVMH MOET HENNESSY LOUIS VUITTON SA (HOLDING COMPANIES-DIVERSIFIED) 155,808
334 M6 METROPOLE TELEVISION (AMUSEMENT & RECREATION SERVICES) 8,639
4,508 NATIXIS (DEPOSITORY INSTITUTIONS) 24,324
166 NEOPOST SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,266
655 PAGESJAUNES SA (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 7,522
1,064 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 90,350
788 PEUGEOT SA (AUTOMOBILE) 23,202
408 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 54,319
645 PUBLICIS GROUPE (BUSINESS SERVICES) 27,599
994 RENAULT SA (AUTOMOBILE) 46,586
972 SAFRAN SA (TRANSPORTATION EQUIPMENT) 25,338
5,781 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 430,930
1,283 SCHNEIDER ELECTRIC SA (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 150,484
858 SCOR SE (INSURANCE CARRIERS) 21,671
138 SOCIETE BIC SA (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,566
117 SOCIETE DES AUTOROUTES PARIS-RHIN-RHONE (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 8,415
3,415 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 214,780
|
134 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
FRANCE (continued)
609 SOCIETE TELEVISION FRANCAISE 1 (COMMUNICATIONS) $ 11,298
513 SODEXHO ALLIANCE SA (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 30,660
1,466 SUEZ ENVIRONNEMENT SA (ELECTRIC, GAS & SANITARY SERVICES) 33,740
557 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 45,289
463 THALES SA (TRANSPORTATION EQUIPMENT) 18,585
11,588 TOTAL SA (OIL & GAS EXTRACTION) 672,694
496 UNIBAIL (REAL ESTATE) 100,488
312 VALLOUREC SA (PIPELINES) 62,915
2,149 VEOLIA ENVIRONNEMENT (ELECTRIC, GAS & SANITARY SERVICES) 74,537
2,405 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 141,740
6,686 VIVENDI SA (COMMUNICATIONS) 178,938
5,576,802
-----------
GERMANY: 7.24%
1,125 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 60,171
2,468 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 309,440
4,994 BASF AG (OIL & GAS EXTRACTION) 309,737
4,510 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 305,059
1,780 BAYERISCHE MOTOREN WERKE AG (TRANSPORTATION EQUIPMENT) 82,174
480 BEIERSDORF AG (APPAREL & ACCESSORY STORES) 28,711
441 CELESIO AG (WHOLESALE TRADE-DURABLE GOODS) 14,099
3,858 COMMERZBANK AG (DEPOSITORY INSTITUTIONS) 33,042
4,903 DAIMLER AG (AUTOMOBILE) 230,818
3,207 DEUTSCHE BANK AG (BANKING) 247,028
1,048 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 77,682
1,187 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 19,688
4,549 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 78,921
453 DEUTSCHE POSTBANK AG (DEPOSITORY INSTITUTIONS) 14,534
15,406 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 208,810
10,441 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 385,482
190 FRAPORT AG (TRANSPORTATION SERVICES) 10,004
1,029 FRESENIUS MEDICAL CARE AG & COMPANY (HEALTH SERVICES) 58,060
146 FRESENIUS SE (HEALTH SERVICES) 10,867
810 GEA GROUP AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 18,774
313 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 15,456
765 HEIDELBERGCEMENT AG (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 42,673
707 HENKEL KGAA (CHEMICALS & ALLIED PRODUCTS) 32,758
217 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 18,236
5,832 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 40,480
926 K+S AG (CHEMICALS & ALLIED PRODUCTS) 56,194
816 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 97,362
567 MAN AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 47,465
352 MERCK KGAA (CHEMICALS & ALLIED PRODUCTS) 28,526
617 METRO AG (FOOD STORES) 36,601
1,074 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 174,289
31 PUMA AG RUDOLF DASSLER SPORT (APPAREL & ACCESSORY STORES) 9,821
2,278 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 201,837
202 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 18,752
4,666 SAP AG (BUSINESS SERVICES) 225,995
4,518 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 452,481
434 SOLARWORLD AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 6,545
343 SUEDZUCKER AG (FOOD & KINDRED PRODUCTS) 7,570
1,798 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 61,817
719 TUI AG (AMUSEMENT & RECREATION SERVICES) 8,085
651 UNITED INTERNET AG (BUSINESS SERVICES) 9,874
|
Wells Fargo Advantage Master Portfolios 135
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
GERMANY (continued)
159 VOLKSWAGEN AG (AUTOMOBILE) $ 15,355
81 WACKER CHEMIE AG (CHEMICALS & ALLIED PRODUCTS) 12,078
4,123,351
-----------
GREECE: 0.39%
2,509 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 23,755
995 COCA-COLA HELLENIC BOTTLING COMPANY SA (FOOD & KINDRED PRODUCTS) 26,824
1,711 EFG EUROBANK ERGASIAS SA (DEPOSITORY INSTITUTIONS)+ 15,715
580 HELLENIC PETROLEUM SA (PETROLEUM REFINING & RELATED INDUSTRIES) 6,643
1,270 HELLENIC TELECOMMUNICATIONS ORGANIZATION SA (COMMUNICATIONS) 15,764
3,291 MARFIN INVESTMENT GROUP SA (INVESTMENT COMPANIES) 7,556
3,263 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 65,667
1,160 OPAP SA (AMUSEMENT & RECREATION SERVICES) 26,321
1,568 PIRAEUS BANK SA (DEPOSITORY INSTITUTIONS)+ 13,702
600 PUBLIC POWER CORPORATION SA (ELECTRIC, GAS & SANITARY SERVICES) 10,535
300 TITAN CEMENT COMPANY SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 7,942
220,424
-----------
HONG KONG: 2.36%
1,000 ASM PACIFIC TECHNOLOGY (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,473
7,802 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 28,739
20,000 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 47,706
6,000 CATHAY PACIFIC AIRWAYS LIMITED (TRANSPORTATION BY AIR) 12,643
8,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 103,036
2,000 CHEUNG KONG INFRASTRUCTURE HOLDINGS LIMITED (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS) 7,741
11,000 CLP HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 78,630
6,208 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 48,973
11,000 FOXCONN INTERNATIONAL HOLDINGS LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 11,603
24,000 GENTING INTERNATIONAL PLC (REAL ESTATE)+ 15,183
4,000 HANG LUNG GROUP LIMITED (REAL ESTATE) 21,225
11,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 44,344
4,100 HANG SENG BANK LIMITED (DEPOSITORY INSTITUTIONS) 57,136
6,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 42,271
21,220 HONG KONG & CHINA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 52,912
400 HONG KONG AIRCRAFT ENGINEERING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 5,051
7,500 HONG KONG ELECTRIC HOLDINGS LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 44,483
6,000 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 100,151
3,000 HOPEWELL HOLDINGS (REAL ESTATE) 8,887
12,000 HUTCHISON WHAMPOA LIMITED (BUSINESS SERVICES) 87,787
3,701 HYSAN DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 10,701
3,976 KERRY PROPERTIES LIMITED (REAL ESTATE) 21,329
12,200 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 60,024
3,500 LIFESTYLE INTERNATIONAL HOLDINGS LIMITED (GENERAL MERCHANDISE STORES) 6,320
7,946 MTR CORPORATION LIMITED (RAILROAD TRANSPORTATION) 30,088
13,387 NEW WORLD DEVELOPMENT LIMITED (REAL ESTATE) 26,208
10,800 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,623
4,449 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 8,882
1,200 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 8,895
18,977 PCCW LIMITED (COMMUNICATIONS) 5,646
10,050 SINO LAND COMPANY (REAL ESTATE) 19,701
8,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 120,346
4,500 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 54,133
2,000 TELEVISION BROADCASTS LIMITED (COMMUNICATIONS) 9,685
11,606 THE LINK REIT (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 28,610
|
136 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
HONG KONG (continued)
7,625 WHARF HOLDINGS LIMITED (BUSINESS SERVICES) $ 42,965
5,000 WHEELOCK & COMPANY (HOLDING & OTHER INVESTMENT OFFICES) 14,747
1,000 WING HANG BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,144
3,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS)(a) 12,123
1,341,144
-----------
IRELAND: 0.36%
6,409 ANGLO IRISH BANK CORPORATION PLC (DEPOSITORY INSTITUTIONS)(a) 0
3,798 CRH PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 94,826
2,565 ELAN CORPORATION PLC (CHEMICALS & ALLIED PRODUCTS)+ 19,331
5,517 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 54,293
726 KERRY GROUP PLC (FOOD & KINDRED PRODUCTS) 22,553
480 RYANAIR HOLDINGS PLC ADR (TRANSPORTATION BY AIR)+ 13,042
204,045
-----------
ITALY: 3.06%
5,668 AEM SPA (ELECTRIC, GAS & SANITARY SERVICES) 10,633
6,353 ASSICURAZIONI GENERALI SPA (INSURANCE CARRIERS) 152,479
1,402 ATLANTIA SPA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 32,722
528 AUTOGRILL SPA (EATING & DRINKING PLACES) 6,425
3,355 BANCA CARIGE SPA (DEPOSITORY INSTITUTIONS) 9,165
11,380 BANCA MONTE DEI PASCHI DI SIENA SPA (DEPOSITORY INSTITUTIONS) 16,846
2,043 BANCA POPOLARE DI MILANO SCARL (DEPOSITORY INSTITUTIONS) 12,686
3,318 BANCO POPOLARE SPA (DEPOSITORY INSTITUTIONS) 23,080
35,815 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 200,266
14,304 ENI SPA (OIL & GAS EXTRACTION) 335,583
375 EXOR SPA (HOLDING & OTHER INVESTMENT OFFICES) 6,514
4,103 FIAT SPA (COMMON) (TRANSPORTATION EQUIPMENT) 53,422
2,204 FINMECCANICA SPA (TRANSPORTATION BY AIR) 29,411
322 FONDIARIA SAI SPA (INSURANCE CARRIERS) 4,845
41,907 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 156,079
4,832 INTESA SANPAOLO RNC (DEPOSITORY INSTITUTIONS)+ 14,472
367 ITALCEMENTI SPA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 4,243
600 LUXOTTICA GROUP SPA (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 16,046
3,858 MEDIASET SPA (COMMUNICATIONS) 33,141
2,578 MEDIOBANCA SPA (HOLDING & OTHER INVESTMENT OFFICES)+ 27,699
1,138 MEDIOLANUM SPA (INSURANCE CARRIERS) 6,659
8,824 PARMALAT SPA (FOOD & KINDRED PRODUCTS) 24,164
13,596 PIRELLI & COMPANY SPA (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 8,355
516 PRYSMIAN SPA (COMMUNICATIONS) 10,140
1,421 SAIPEM SPA (OIL & GAS EXTRACTION) 54,987
7,773 SNAM RETE GAS SPA (ELECTRIC, GAS & SANITARY SERVICES) 39,396
32,340 TELECOM ITALIA RSP SPA (COMMUNICATIONS) 36,473
53,959 TELECOM ITALIA SPA (COMMUNICATIONS) 77,690
7,079 TERNA SPA (ELECTRIC, GAS & SANITARY SERVICES) 30,620
89,048 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 263,097
3,087 UNIONE DI BANCHE SCPA (DEPOSITORY INSTITUTIONS) 41,653
3,829 UNIPOL SPA (INSURANCE AGENTS, BROKERS & SERVICE) 4,323
1,743,314
-----------
JAPAN: 22.09%
2,000 77 BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,424
100 ABC-MART INCORPORATED (WHOLESALE TRADE-DURABLE GOODS) 3,198
300 ACOM COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 4,910
|
Wells Fargo Advantage Master Portfolios 137
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
900 ADVANTEST CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) $ 22,507
3,400 AEON COMPANY LIMITED (GENERAL MERCHANDISE STORES) 38,586
400 AEON CREDIT SERVICE COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 4,749
500 AEON MALL COMPANY LIMITED (REAL ESTATE) 10,541
1,000 AIR WATER INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 11,445
1,000 AISIN SEIKI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 29,950
4,000 AJINOMOTO COMPANY INCORPORATED (FOOD & KINDRED PRODUCTS) 39,619
200 ALFRESA HOLDINGS CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 8,621
5,000 ALL NIPPON AIRWAYS COMPANY LIMITED (TRANSPORTATION BY AIR) 14,280
2,000 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,772
5,000 AOZORA BANK LIMITED (DEPOSITORY INSTITUTIONS) 7,060
2,100 ASAHI BREWERIES LIMITED (FOOD & KINDRED PRODUCTS) 39,376
6,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 67,579
7,000 ASAHI KASEI CORPORATION (CHEMICALS & ALLIED PRODUCTS) 37,662
1,000 ASICS CORPORATION (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR
MATERIALS) 9,776
2,500 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 90,518
2,000 BANK OF KYOTO LIMITED (DEPOSITORY INSTITUTIONS) 18,419
7,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 34,292
400 BENESSE CORPORATION (EDUCATIONAL SERVICES) 17,328
3,300 BRIDGESTONE CORPORATION (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 56,335
1,100 BROTHER INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,296
5,800 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 268,628
300 CANON MARKETING JAPAN INCORPORATED (WHOLESALE TRADE NON-DURABLE GOODS) 4,085
1,200 CASIO COMPUTER COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,229
8 CENTRAL JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 60,926
4,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 23,917
1,000 CHIYODA CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 9,926
3,600 CHUBU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 89,990
1,200 CHUGAI PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 22,565
1,500 CITIZEN HOLDINGS COMPANY LIMITED (APPAREL & ACCESSORY STORES) 10,252
300 COCA-COLA WEST JAPAN COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 4,906
3,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 7,252
800 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 12,408
3,000 DAI NIPPON PRINTING COMPANY LIMITED (BUSINESS SERVICES) 40,528
2,000 DAICEL CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,755
2,000 DAIDO STEEL COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 8,407
1,000 DAIHATSU MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,552
3,700 DAIICHI SANKYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 69,298
1,300 DAIKIN INDUSTRIES LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 53,188
800 DAINIPPON SUMITOMO PHARMA COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 7,333
400 DAITO TRUST CONSTRUCTION COMPANY LIMITED (REAL ESTATE) 19,296
3,000 DAIWA HOUSE INDUSTRY COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 33,854
9,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES
& SERVICES) 47,363
2 DENA COMPANY LIMITED (BUSINESS SERVICES) 14,804
3,000 DENKI KAGAKU KOGYO KABUSHIKI KAISHA (CHEMICALS & ALLIED PRODUCTS) 12,900
2,600 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 77,452
900 DENTSU INCORPORATED (BUSINESS SERVICES) 23,653
1,100 DOWA MINING COMPANY LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 6,624
1,900 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 132,100
1,400 EISAI COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 49,941
680 ELECTRIC POWER DEVELOPMENT COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 22,402
900 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 17,723
300 FAMILYMART COMPANY LIMITED (GENERAL MERCHANDISE STORES) 9,546
1,100 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 116,718
|
138 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
300 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) $ 52,145
3,000 FUJI ELECTRIC HOLDINGS COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 8,183
3,000 FUJI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 15,531
3 FUJI TELEVISION NETWORK INCORPORATED (MEDIA) 4,444
2,500 FUJIFILM HOLDINGS CORPORATION (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 86,105
10,000 FUJITSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 65,462
4,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 16,986
4,000 FURUKAWA ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 20,794
2,000 GS YUASA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 13,499
2,000 GUNMA BANK LIMITED (BUSINESS SERVICES) 11,060
120 HAKUHODO DY HOLDINGS INCORPORATED (BUSINESS SERVICES) 6,315
6,800 HANKYU HANSHIN HOLDINGS INCORPORATED (RAILROAD TRANSPORTATION) 31,494
1,000 HINO MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 4,225
200 HIROSE ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 23,061
400 HISAMITSU PHARMACEUTICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 14,868
600 HITACHI CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,964
600 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (HEAVY CONSTRUCTION OTHER
THAN BUILDING CONSTRUCTION CONTRACTS)+ 14,177
400 HITACHI HIGH-TECHNOLOGIES CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 9,177
24,000 HITACHI LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 89,592
1,000 HITACHI METALS LIMITED (PRIMARY METAL INDUSTRIES) 10,514
1,000 HOKKAIDO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 19,189
7,000 HOKUHOKU FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 15,349
1,000 HOKURIKU ELECTRIC POWER COMPANY (ELECTRIC, GAS & SANITARY SERVICES) 21,992
9,000 HONDA MOTOR COMPANY LIMITED (AUTOMOBILE) 317,681
2,200 HOYA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 60,454
700 IBIDEN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 24,110
100 IDEMITSU KOSAN COMPANY LIMITED (OIL & GAS EXTRACTION) 7,573
5 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 36,688
1,960 ISETAN MITSUKOSHI HOLDINGS LIMITED (MISCELLANEOUS RETAIL) 21,070
7,000 ISHIKAWAJIMA-HARIMA HEAVY INDUSTRIES COMPANY LIMITED (MISCELLANEOUS
MANUFACTURING INDUSTRIES) 12,804
6,000 ISUZU MOTORS LIMITED (AUTOMOBILE) 16,237
300 ITO EN LIMITED (EATING & DRINKING PLACES) 4,643
8,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 70,082
200 ITOCHU TECHNO-SCIENCE CORPORATION (BUSINESS SERVICES) 6,568
2,800 J FRONT RETAILING COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 16,472
200 JAFCO COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 5,252
200 JAPAN PETROLEUM EXPLORATION COMPANY (OIL & GAS EXTRACTION) 10,140
3 JAPAN PRIME REALTY INVESTMENT CORPORATION (REAL ESTATE) 6,678
3 JAPAN REAL ESTATE INVESTMENT CORPORATION (REAL ESTATE) 25,575
8 JAPAN RETAIL FUND INVESTMENT CORPORATION (REAL ESTATE) 9,413
2,000 JAPAN STEEL WORKS (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 22,912
25 JAPAN TOBACCO INCORPORATED (TOBACCO PRODUCTS) 93,058
2,700 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 108,734
1,000 JGC CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 17,841
4,000 JOYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 17,841
1,300 JS GROUP CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE
HOME DEALERS) 26,462
1,000 JSR CORPORATION (CHEMICALS & ALLIED PRODUCTS) 20,890
1,000 JTEKT CORPORATION (TRANSPORTATION EQUIPMENT) 11,809
13 JUPITER TELECOMMUNICATIONS COMPANY LIMITED (COMMUNICATIONS) 15,018
5,000 KAJIMA CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE
BUILDERS) 12,247
2,000 KAMIGUMI COMPANY LIMITED (TRANSPORTATION SERVICES) 16,087
2,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 12,964
4,200 KANSAI ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 96,228
1,000 KANSAI PAINT COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 8,151
2,900 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 73,516
|
Wells Fargo Advantage Master Portfolios 139
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
8,000 KAWASAKI HEAVY INDUSTRIES LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) $ 22,077
4,000 KAWASAKI KISEN KAISHA LIMITED (WATER TRANSPORTATION) 15,959
16 KDDI CORPORATION (COMMUNICATIONS) 82,832
3,000 KEIHIN ELECTRIC EXPRESS RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 24,644
3,000 KEIO CORPORATION (RAILROAD TRANSPORTATION) 20,248
2,000 KEISEI ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 12,172
200 KEYENCE CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 47,791
1,000 KIKKOMAN CORPORATION (FOOD & KINDRED PRODUCTS) 11,702
1,000 KINDEN CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 8,760
9,000 KINTETSU CORPORATION (RAILROAD TRANSPORTATION) 28,014
5,000 KIRIN BREWERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 73,751
13,000 KOBE STEEL LIMITED (PRIMARY METAL INDUSTRIES)+ 27,950
1,000 KOITO MANUFACTURING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 14,847
5,100 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 106,921
500 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 9,643
2,500 KONICA MINOLTA HOLDINGS INCORPORATED (MEASURING, ANALYZING & CONTROLLING
INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,174
6,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 54,680
2,000 KURARAY COMPANY LIMITED (TEXTILE MILL PRODUCTS) 26,912
600 KURITA WATER INDUSTRIES LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,975
900 KYOCERA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 87,699
2,000 KYOWA HAKKO KOGYO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 20,644
2,100 KYUSHU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY
SERVICES) 45,711
400 LAWSON INCORPORATED (FOOD STORES) 17,071
200 MABUCHI MOTOR COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 11,509
600 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 19,767
9,000 MARUBENI CORPORATION (BUSINESS SERVICES) 55,931
1,100 MARUI COMPANY LIMITED (GENERAL MERCHANDISE STORES) 7,977
200 MARUICHI STEEL TUBE LIMITED (PRIMARY METAL INDUSTRIES) 4,056
600 MATSUI SECURITIES COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 4,287
10,700 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 163,665
2,000 MATSUSHITA ELECTRIC WORKS LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY & MOBILE HOME DEALERS) 25,243
8,000 MAZDA MOTOR CORPORATION (AUTOMOBILE) 22,505
400 MCDONALD'S HOLDINGS COMPANY LIMITED (FOOD STORES) 8,121
700 MEDICEO PALTAC HOLDINGS COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 8,289
400 MEIJI HOLDINGS COMPANY LIMITED (PHARMACEUTICALS)+ 15,531
3,900 MILLEA HOLDINGS INCORPORATED (INSURANCE AGENTS, BROKERS & SERVICE) 109,837
2,000 MINEBEA COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,172
6,500 MITSUBISHI CHEMICAL HOLDINGS CORPORATION (CHEMICALS & ALLIED PRODUCTS) 33,234
6,900 MITSUBISHI CORPORATION (BUSINESS SERVICES) 180,821
11,000 MITSUBISHI ELECTRIC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 101,070
7,000 MITSUBISHI ESTATE COMPANY LIMITED (REAL ESTATE) 114,558
2,000 MITSUBISHI GAS CHEMICAL COMPANY INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 12,044
17,000 MITSUBISHI HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 70,371
1,000 MITSUBISHI LOGISTICS CORPORATION (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 12,429
6,000 MITSUBISHI MATERIALS CORPORATION (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 17,264
19,000 MITSUBISHI MOTORS CORPORATION (AUTOMOBILE)+ 25,810
69,170 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 362,534
300 MITSUBISHI UFJ SECURITIES COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 10,910
9,400 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 157,957
5,000 MITSUI CHEMICALS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 15,135
4,000 MITSUI ENGINEERING & SHIPBUILDING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,969
5,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 84,875
3,000 MITSUI MINING & SMELTING COMPANY LIMITED (METAL MINING) 8,985
6,000 MITSUI OSK LINES LIMITED (WATER TRANSPORTATION) 43,063
|
140 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
3,061 MITSUI SUMITOMO INSURANCE GROUP HOLDINGS INCORPORATED (INSURANCE CARRIERS) $ 84,964
5,000 MITSUI TRUST HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 18,772
400 MITSUMI ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 8,754
74,500 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 147,422
8,000 MIZUHO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 8,044
1,200 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 68,157
1,000 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 9,744
14,000 NEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER
EQUIPMENT) 42,079
1,000 NGK INSULATORS LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 20,398
1,000 NGK SPARK PLUG COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 13,584
1,000 NHK SPRING COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 9,177
600 NIDEC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 64,306
1,700 NIKON CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 37,113
500 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 167,398
3 NIPPON BUILDING FUND INCORPORATED (REAL ESTATE) 25,832
2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174
5,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 21,500
1,000 NIPPON MEAT PACKERS INCORPORATED (FOOD & KINDRED PRODUCTS) 12,654
5,000 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 23,818
7,000 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 33,346
500 NIPPON PAPER GROUP INCORPORATED (PAPER & ALLIED PRODUCTS) 12,862
3,000 NIPPON SHEET GLASS COMPANY LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 8,857
28,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 109,916
2,800 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 118,002
8,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 31,576
4,000 NIPPONKOA INSURANCE COMPANY LIMITED (INSURANCE CARRIERS)(a) 25,662
4,000 NISHI-NIPPON CITY BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,809
1,000 NISSAN CHEMICAL INDUSTRIES LIMITED (CHEMICALS & ALLIED PRODUCTS) 13,991
13,400 NISSAN MOTOR COMPANY LIMITED (AUTOMOBILE) 114,808
100 NISSHA PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 3,904
1,000 NISSHIN SEIFUN GROUP INCORPORATED (FOOD & KINDRED PRODUCTS) 12,910
4,000 NISSHIN STEEL COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 8,343
1,000 NISSHINBO INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 10,354
400 NISSIN FOOD PRODUCTS COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,456
200 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 15,189
900 NITTO DENKO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 34,945
600 NOK CORPORATION (TRANSPORTATION EQUIPMENT) 9,030
20,100 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 148,132
500 NOMURA REAL ESTATE HOLDING INCORPORATED (REAL ESTATE) 7,712
2 NOMURA REAL ESTATE OFFICE FUND (REAL ESTATE) 11,231
500 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 11,392
3,000 NSK LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 23,682
3,000 NTN CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,542
7 NTT DATA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 23,323
84 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 127,945
6 NTT URBAN DEVELOPMENT CORPORATION (REAL ESTATE) 5,070
4,000 OBAYASHI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 17,756
40 OBIC COMPANY LIMITED (BUSINESS SERVICES) 7,265
4,000 ODAKYU ELECTRIC RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 33,287
5,000 OJI PAPER COMPANY LIMITED (PAPER & ALLIED PRODUCTS) 21,927
1,200 OLYMPUS CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 38,507
1,100 OMRON CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 25,532
500 ONO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 22,248
200 ORACLE CORPORATION JAPAN (BUSINESS SERVICES) 9,274
|
Wells Fargo Advantage Master Portfolios 141
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
300 ORIENTAL LAND COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) $ 20,922
560 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 49,657
11,000 OSAKA GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 39,416
100 OTSUKA CORPORATION (BUSINESS SERVICES) 6,354
38 RAKUTEN INCORPORATED (BUSINESS SERVICES) 27,477
2,600 RESONA HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 32,872
4,000 RICOH COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 62,467
200 RINNAI CORPORATION (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 10,504
600 ROHM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 44,796
300 SANKYO COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 14,841
400 SANTEN PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 12,006
10,000 SANYO ELECTRIC COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT)+ 16,045
1,500 SAPPORO HOKUYO HOLDINGS INCORPORATED (DEPOSITORY INSTITUTIONS) 6,851
1,000 SAPPORO HOLDINGS LIMITED (EATING & DRINKING PLACES) 5,220
87 SBI HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 17,169
1,200 SECOM COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 52,498
1,100 SEGA SAMMY HOLDINGS INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 13,319
700 SEIKO EPSON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 10,872
3,000 SEKISUI CHEMICAL COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 20,344
3,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 29,971
2,900 SENSHU IKEDA HOLDINGS INCORPORATED (BANKING)+ 5,273
4,220 SEVEN & I HOLDINGS COMPANY LIMITED (FOOD STORES) 101,968
3 SEVEN BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,033
5,200 SHARP CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 65,021
1,000 SHIKOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 28,335
2,000 SHIMADZU CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 16,023
400 SHIMANO INCORPORATED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,692
100 SHIMANURA COMPANY LIMITED (APPAREL & ACCESSORY STORES) 8,857
3,000 SHIMIZU CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 12,515
2,300 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 133,586
300 SHINKO ELECTRIC INDUSTRIES (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 4,640
3,000 SHINKO SECURITIES COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 9,498
5,000 SHINSEI BANK LIMITED (DEPOSITORY INSTITUTIONS) 6,043
1,600 SHIONOGI & COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 30,429
1,900 SHISEIDO COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 41,256
3,000 SHIZUOKA BANK LIMITED (DEPOSITORY INSTITUTIONS) 26,153
8,000 SHOWA DENKO KK (CHEMICALS & ALLIED PRODUCTS) 18,055
1,000 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 6,760
300 SMC CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 40,721
4,100 SOFTBANK CORPORATION (HOLDING & OTHER INVESTMENT OFFICES) 100,998
6,400 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 12,391
5,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 35,642
5,500 SONY CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 210,611
5 SONY FINANCIAL HOLDINGS INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 16,419
300 SQUARE ENIX COMPANY LIMITED (AMUSEMENT & RECREATION SERVICES) 6,559
800 STANLEY ELECTRIC COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 15,514
600 SUMCO CORPORATION (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 12,759
9,000 SUMITOMO CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 43,994
6,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 70,141
4,100 SUMITOMO ELECTRIC INDUSTRIES LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 50,258
3,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 18,066
18,000 SUMITOMO METAL INDUSTRIES LIMITED (PRIMARY METAL INDUSTRIES) 54,487
3,000 SUMITOMO METAL MINING COMPANY LIMITED (METAL MINING) 44,636
7,000 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 231,362
2,000 SUMITOMO REALTY & DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 38,058
900 SUMITOMO RUBBER INDUSTRIES (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 7,932
|
142 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
8,000 SUMITOMO TRUST & BANKING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 46,893
1,000 SURUGA BANK LIMITED (DEPOSITORY INSTITUTIONS) 8,942
400 SUZUKEN COMPANY LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 14,098
1,900 SUZUKI MOTOR CORPORATION (AUTOMOBILE) 41,926
1,500 T&D HOLDINGS INCORPORATED (INSURANCE CARRIERS) 35,506
4,000 TAIHEIYO CEMENT CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 5,733
5,000 TAISEI CORPORATION (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,017
1,000 TAISHO PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 18,184
2,000 TAIYO NIPPON SANSO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 19,553
2,000 TAKASHIMAYA COMPANY LIMITED (GENERAL MERCHANDISE STORES) 16,430
4,100 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 180,463
1,000 TANABE SEIYAKU COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 14,119
700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,572
5,000 TEIJIN LIMITED (TEXTILE MILL PRODUCTS) 16,793
900 TERUMO CORPORATION (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 47,941
1,000 THE CHUGOKU BANK LIMITED (DEPOSITORY INSTITUTIONS) 13,499
1,500 THE CHUGOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 29,811
2,000 THE HACHIJUNI BANK LIMITED (DEPOSITORY INSTITUTIONS) 11,381
3,000 THE HIROSHIMA BANK LIMITED (DEPOSITORY INSTITUTIONS) 12,675
1,000 THE IYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 9,509
600 THK COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 13,092
200 TOA MEDICAL ELECTRONICS COMPANY (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 11,723
5,000 TOBU RAILWAY COMPANY LIMITED (RAILROAD TRANSPORTATION) 27,757
600 TOHO COMPANY LIMITED TOKYO (AMUSEMENT & RECREATION SERVICES) 9,665
3,000 TOHO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 16,365
2,300 TOHOKU ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 48,613
2,000 TOKUYAMA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 11,081
6,600 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 175,925
1,000 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 66,317
13,000 TOKYO GAS COMPANY LIMITED (ELECTRIC, GAS & SANITARY SERVICES) 57,290
500 TOKYO STEEL MANUFACTURING COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,263
2,000 TOKYO TATEMONO COMPANY LIMITED (INSURANCE AGENTS, BROKERS & SERVICE) 7,188
6,000 TOKYU CORPORATION (RAILROAD TRANSPORTATION) 25,094
2,000 TOKYU LAND CORPORATION (REAL ESTATE) 7,637
2,000 TONENGENERAL SEKIYU KK (PETROLEUM REFINING & RELATED INDUSTRIES) 16,879
3,000 TOPPAN PRINTING COMPANY LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 27,083
7,000 TORAY INDUSTRIES INCORPORATED (TEXTILE MILL PRODUCTS) 40,881
22,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 113,659
3,000 TOSOH CORPORATION (CHEMICALS & ALLIED PRODUCTS) 7,637
2,000 TOTO LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 13,627
800 TOYO SEIKAN KAISHA LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 14,171
1,000 TOYO SUISAN KAISHA LIMITED (FOOD STORES) 25,864
400 TOYODA GOSEI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 11,214
300 TOYOTA BOSHOKU CORPORATION (TRANSPORTATION EQUIPMENT) 5,763
1,000 TOYOTA INDUSTRIES CORPORATION (TRANSPORTATION EQUIPMENT) 28,559
16,100 TOYOTA MOTOR CORPORATION (AUTOMOBILE) 644,930
1,100 TOYOTA TSUSHO CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 17,249
600 TREND MICRO INCORPORATED (BUSINESS SERVICES) 20,922
300 TSUMURA & COMPANY (CHEMICALS & ALLIED PRODUCTS) 8,712
5,000 UBE INDUSTRIES LIMITED JAPAN (CHEMICALS & ALLIED PRODUCTS) 12,836
200 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 19,318
1,000 UNY COMPANY LIMITED (MISCELLANEOUS RETAIL) 8,268
600 USHIO INCORPORATED (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 10,179
120 USS COMPANY LIMITED (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 8,151
9 WEST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 30,998
79 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 28,773
|
Wells Fargo Advantage Master Portfolios 143
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (continued)
500 YAKULT HONSHA COMPANY LIMITED (FOOD & KINDRED PRODUCTS) $ 13,488
470 YAMADA DENKI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT
STORES) 34,688
1,000 YAMAGUCHI FINANCIAL GROUP (HOLDING & OTHER INVESTMENT OFFICES) 10,942
800 YAMAHA CORPORATION (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 10,328
1,100 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 16,484
2,200 YAMATO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING) 30,921
200 YAMATO KOGYO COMPANY LIMITED (PRIMARY METAL INDUSTRIES) 6,642
1,000 YAMAZAKI BAKING COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 12,376
1,000 YASKAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,145
1,200 YOKOGAWA ELECTRIC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,448
12,574,335
-----------
LUXEMBOURG: 0.59%
4,671 ARCELORMITTAL (IRON, STEEL) 204,976
414 MILLICOM INTERNATIONAL CELLULAR SA (COMMUNICATIONS) 37,039
1,519 SES FDR (BUSINESS SERVICES) 38,355
2,539 TENARIS SA (PRIMARY METAL INDUSTRIES) 54,800
335,170
-----------
NETHERLANDS: 2.75%
8,397 AEGON NV (INSURANCE CARRIERS) 57,501
1,246 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 71,010
2,319 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 82,877
344 BOSKALIS WESTMINSTER (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 13,184
276 CORIO NV (REAL ESTATE) 18,428
2,186 EUROPEAN AERONAUTIC DEFENCE & SPACE COMPANY (AEROSPACE, DEFENSE) 43,978
359 FUGRO NV (OIL & GAS EXTRACTION) 23,464
599 HEINEKEN HOLDING NV (FOOD & KINDRED PRODUCTS) 26,646
1,317 HEINEKEN NV (FOOD & KINDRED PRODUCTS) 67,684
19,805 ING GROEP NV (FINANCIAL SERVICES) 197,733
6,408 KONINKLIJKE AHOLD NV (FOOD STORES) 85,425
828 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 36,922
5,291 KONINKLIJKE PHILIPS ELECTRONICS NV (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 169,653
163 KONINKLIJKE VOPAK NV (TRANSPORTATION SERVICES) 12,837
1,258 QIAGEN NV (HEALTH SERVICES)+ 28,970
527 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 25,044
3,884 REED ELSEVIER NV (HOLDING & OTHER INVESTMENT OFFICES) 47,203
9,091 ROYAL KPN NV (COMMUNICATIONS) 144,030
884 SBM OFFSHORE NV (PETROLEUM REFINING & RELATED INDUSTRIES) 17,689
3,716 STMICROELECTRONICS (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 36,990
1,995 TNT NV (TRANSPORTATION SERVICES) 57,205
8,919 UNILEVER NV (FOOD & KINDRED PRODUCTS) 269,780
1,514 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,831
1,567,084
-----------
NEW ZEALAND: 0.12%
7,944 AUCKLAND INTERNATIONAL AIRPORT LIMITED (TRANSPORTATION BY AIR) 10,947
1,646 CONTACT ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 7,483
3,196 FLETCHER BUILDING LIMITED (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 18,957
885 NUFARM LIMITED (CHEMICALS & ALLIED PRODUCTS) 6,684
2,983 SKY CITY ENTERTAINMENT GROUP LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,823
10,406 TELECOM CORPORATION OF NEW ZEALAND LIMITED (COMMUNICATIONS) 16,040
66,934
-----------
|
144 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
NORWAY: 0.66%
4,861 DNB NOR ASA (DEPOSITORY INSTITUTIONS) $ 55,536
3,558 NORSK HYDRO ASA (OIL & GAS EXTRACTION) 27,120
4,141 ORKLA ASA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 36,615
1,724 RENEWABLE ENERGY CORPORATION AS (ELECTRIC, GAS & SANITARY SERVICES)+ 8,064
6,102 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 141,277
4,493 TELENOR ASA (COMMUNICATIONS) 60,933
1,000 YARA INTERNATIONAL ASA (CHEMICALS & ALLIED PRODUCTS) 43,411
372,956
-----------
PORTUGAL: 0.25%
12,164 BANCO COMERCIAL PORTUGUES SA (DEPOSITORY INSTITUTIONS) 13,538
2,721 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 14,700
932 BRISA-AUTO ESTRADAS DE PORTUGAL SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 7,905
1,220 CIMPOR CIMENTOS DE PORTUGAL SA (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 9,219
9,467 ENERGIAS DE PORTUGAL SA (ELECTRIC, GAS & SANITARY SERVICES) 37,631
799 GALP ENERGIA SGPS SA (OIL & GAS EXTRACTION) 13,878
1,142 JERONIMO MARTINS (FOOD & KINDRED PRODUCTS) 11,568
3,172 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 35,465
143,904
-----------
SINGAPORE: 1.41%
8,000 ASCENDAS REIT (REAL ESTATE) 10,980
14,000 CAPITALAND LIMITED (REAL ESTATE) 39,730
11,670 CAPITAMALL TRUST (REAL ESTATE) 14,765
7,000 CAPITAMALLS ASIA LIMITED (REAL ESTATE) 11,308
3,000 CITY DEVELOPMENTS LIMITED (REAL ESTATE) 22,731
10,000 COMFORTDELGRO CORPORATION LIMITED (TRANSPORTATION SERVICES) 11,151
7,000 COSCO CORPORATION SINGAPORE LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 6,205
9,500 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 97,109
5,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 17,156
34,672 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURAL SERVICES) 14,375
1,122 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 23,564
40 K-REIT ASIA (REAL ESTATE) 31
7,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 45,634
5,000 NEPTUNE ORIENT LINES LIMITED (WATER TRANSPORTATION) 7,184
6,590 OLAM INTERNATIONAL LIMITED (AGRICULTURAL SERVICES) 12,201
14,130 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 87,975
4,980 SEMBCORP INDUSTRIES LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 14,702
5,000 SEMBCORP MARINE LIMITED (TRANSPORTATION EQUIPMENT) 14,976
2,600 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 28,250
5,000 SINGAPORE EXCHANGE LIMITED (BUSINESS SERVICES) 27,342
9,000 SINGAPORE PRESS HOLDINGS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,576
7,000 SINGAPORE TECHNOLOGIES ENGINEERING LIMITED (ENGINEERING, ACCOUNTING, RESEARCH
MANAGEMENT & RELATED SERVICES) 15,962
43,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 97,437
4,000 STARHUB LIMITED (COMMUNICATIONS) 6,548
7,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 96,172
3,000 UNITED OVERSEAS LAND LIMITED (REAL ESTATE) 8,363
7,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 33,525
9,000 YANGZIJIANG SHIPBUILDING HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 7,463
797,415
-----------
SOUTH AFRICA: 0.07%
490 RANDGOLD RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 37,290
-----------
|
Wells Fargo Advantage Master Portfolios 145
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SPAIN: 3.80%
1,533 ABERTIS INFRAESTRUCTURAS SA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) $ 29,505
132 ACCIONA SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 14,639
724 ACERINOX SA (PRIMARY METAL INDUSTRIES) 14,252
770 ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA (RAILROAD TRANSPORTATION) 35,526
19,358 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 264,858
4,664 BANCO DE SABADE (DEPOSITORY INSTITUTIONS) 25,752
1,104 BANCO DE VALENCIA SA (DEPOSITORY INSTITUTIONS)+ 7,038
4,650 BANCO POPULAR ESPANOL SA (DEPOSITORY INSTITUTIONS) 34,229
45,146 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 600,008
1,471 BANKINTER SA (DEPOSITORY INSTITUTIONS) 12,239
2,363 CINTRA CONCESIONES DE INFRAESTRUCTURAS DE TRANSPORTE SA
(HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 22,979
4,355 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 21,581
1,131 EDP RENOVAVEIS SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT)+ 8,837
928 ENAGAS (ELECTRIC, GAS & SANITARY SERVICES) 20,336
197 FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA (HEAVY CONSTRUCTION OTHER THAN
BUILDING CONSTRUCTION CONTRACTS) 7,212
945 GAMESA CORPORATION TECNOLOGICA SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 12,955
1,254 GAS NATURAL SDG SA (ELECTRIC, GAS & SANITARY SERVICES) 23,153
511 GESTEVISION TELECINCO SA (AMUSEMENT & RECREATION SERVICES) 8,020
662 GRIFOLS SA (CHEMICALS & ALLIED PRODUCTS) 9,889
4,378 IBERDROLA RENOVABLES (ELECTRIC UTILITIES) 18,183
20,013 IBERDROLA SA (ELECTRIC, GAS & SANITARY SERVICES) 169,617
2,472 IBERIA LINEAS AEREAS DE ESPANA SA (TRANSPORTATION BY AIR) 8,641
510 INDRA SISTEMAS SA (BUSINESS SERVICES) 10,456
1,173 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 77,322
3,791 MAPFRE SA (INSURANCE CARRIERS) 13,907
589 RED ELECTRICA DE ESPANA (ELECTRIC, GAS & SANITARY SERVICES) 31,611
3,944 REPSOL YPF SA (OIL & GAS EXTRACTION) 93,382
473 SACYR VALLEHERMOSO SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION
CONTRACTS) 4,173
23,236 TELEFONICA SA (COMMUNICATIONS) 550,470
690 ZARDOYA-OTIS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 11,957
2,162,727
-----------
SWEDEN: 2.69%
1,768 ALFA LAVAL AB (MISCELLANEOUS MANUFACTURING INDUSTRIES) 26,028
1,687 ASSA ABLOY AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 33,013
3,604 ATLAS COPCO AB CLASS A (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 55,902
2,122 ATLAS COPCO AB CLASS B (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 29,741
1,304 ELECTROLUX AB CLASS B (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 29,798
1,192 GETINGE AB (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 28,576
2,780 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 180,608
331 HOLMEN AB CLASS B (PAPER & ALLIED PRODUCTS) 8,916
2,110 HUSQVARNA AB B SHARES (COMMUNICATIONS) 15,341
2,400 INVESTOR AB (HOLDING & OTHER INVESTMENT OFFICES) 46,035
1,175 KINNEVIK INVESTMENT AB (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES &
SERVICES) 21,643
1,153 LUNDIN PETROLEUM AB (OIL & GAS EXTRACTION)+ 9,765
17,856 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 176,196
600 RATOS AB B SHARES (HOLDING & OTHER INVESTMENT OFFICES) 19,901
5,422 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 67,769
1,692 SCANIA AB CLASS B (TRANSPORTATION EQUIPMENT) 26,760
1,707 SECURITAS AB (BUSINESS SERVICES) 18,203
8,238 SKANDINAVISKA ENSKILDA BANKEN AB CLASS A (DEPOSITORY INSTITUTIONS) 52,630
2,340 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 42,518
2,140 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION
EQUIPMENT) 38,025
992 SSAB SVENSKT STAL AB CLASS A (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 17,833
|
146 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
SWEDEN (continued)
475 SSAB SVENSKT STAL AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT
MACHINERY & TRANSPORTATION EQUIPMENT)+ $ 7,710
3,077 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 43,381
2,614 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) 76,603
3,300 SWEDBANK AB (DEPOSITORY INSTITUTIONS) 33,866
1,625 SWEDISH MATCH AB (TOBACCO PRODUCTS) 38,844
1,695 TELE2 AB (COMMUNICATIONS) 28,287
17,587 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 185,355
12,411 TELIASONERA AB (COMMUNICATIONS) 88,090
2,400 VOLVO AB CLASS A (TRANSPORTATION EQUIPMENT) 23,765
5,795 VOLVO AB CLASS B (TRANSPORTATION EQUIPMENT) 58,306
1,529,408
-----------
SWITZERLAND: 7.69%
11,997 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED
SERVICES) 262,036
555 ACTELION LIMITED (CHEMICALS & ALLIED PRODUCTS)+ 25,250
660 ADECCO SA (BUSINESS SERVICES) 37,463
420 ARYZTA AG (CONSUMER STAPLES) 18,403
259 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 22,967
83 BKW FMB ENERGIE AG (ELECTRIC, GAS & SANITARY SERVICES) 6,168
2,809 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING
INDUSTRIES) 108,774
6,119 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 315,409
211 GEBERIT AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME
DEALERS) 37,761
41 GIVAUDAN SA (CHEMICALS & ALLIED PRODUCTS) 35,968
1,321 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 98,474
1,093 JULIUS BAER GROUP LIMITED (BANKING) 39,650
1,093 JULIUS BAER HOLDING AG (DEPOSITORY INSTITUTIONS) 13,424
294 KUEHNE & NAGEL INTERNATIONAL AG (TRANSPORTATION SERVICES) 29,751
1 LINDT & SPRUENGLI AG (FOOD & KINDRED PRODUCTS) 27,077
5 LINDT & SPRUENGLI AG (PARTICIPATION CERTIFICATE) (FOOD & KINDRED
PRODUCTS) 11,831
943 LOGITECH INTERNATIONAL SA (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 15,517
236 LONZA GROUP AG (CHEMICALS & ALLIED PRODUCTS) 19,249
19,013 NESTLE SA (FOOD & KINDRED PRODUCTS) 973,731
644 NOBEL BIOCARE HOLDING AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 17,224
11,577 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 625,294
140 PARGESA HOLDING SA (HOLDING & OTHER INVESTMENT OFFICES) 11,884
240 PHONAK HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 29,818
3,854 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 625,032
253 SCHINDLER HOLDING AG (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 22,267
111 SCHINDLER HOLDING SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 9,643
29 SGS SOCIETE GENERALE DE SURVEILLANCE HOLDING SA (PRINTING, PUBLISHING &
ALLIED INDUSTRIES) 39,991
41 STRAUMANN HOLDING AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL) 10,207
224 SWATCH GROUP AG (APPAREL & ACCESSORY STORES) 13,320
166 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 52,930
154 SWISS LIFE HOLDING (INSURANCE CARRIERS) 20,229
1,857 SWISS REINSURANCE (INSURANCE CARRIERS) 91,406
125 SWISSCOM AG (COMMUNICATIONS) 45,618
515 SYNGENTA AG (CHEMICALS & ALLIED PRODUCTS) 143,012
19,347 UBS AG (DEPOSITORY INSTITUTIONS) 314,499
801 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 205,340
4,376,617
-----------
UNITED KINGDOM: 20.38%
4,985 3I GROUP PLC (HOLDING & OTHER INVESTMENT OFFICES) 22,029
962 ADMIRAL GROUP PLC (INSURANCE CARRIERS) 19,270
1,725 AMEC PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 20,915
|
Wells Fargo Advantage Master Portfolios 147
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
7,158 ANGLO AMERICAN PLC (COAL MINING) $ 312,181
2,147 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 33,884
1,939 ASSOCIATED BRITISH FOODS PLC (FOOD & KINDRED PRODUCTS) 28,792
7,965 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 355,233
1,175 AUTONOMY CORPORATION PLC (BUSINESS SERVICES)+ 32,505
15,059 AVIVA PLC (INSURANCE CARRIERS) 88,049
19,270 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 108,576
3,541 BALFOUR BEATTY PLC (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 15,701
62,944 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 344,149
18,520 BG GROUP PLC (OIL & GAS EXTRACTION) 320,527
12,120 BHP BILLITON PLC (COAL MINING) 415,661
102,860 BP PLC (OIL & GAS EXTRACTION) 973,065
2,991 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 11,029
10,966 BRITISH AMERICAN TOBACCO PLC (TOBACCO PRODUCTS) 377,998
4,539 BRITISH LAND COMPANY PLC (REAL ESTATE) 33,138
6,126 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 55,963
41,747 BT GROUP PLC (COMMUNICATIONS) 78,492
1,712 BUNZL PLC (BUSINESS SERVICES) 18,731
2,246 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS) 24,352
7,389 CAIRN ENERGY PLC (ENERGY)+ 46,757
3,342 CAPITA GROUP PLC (BUSINESS SERVICES) 38,366
908 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 37,272
128 CATTLES PLC (NON-DEPOSITORY CREDIT INSTITUTIONS)(a) 0
27,925 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 124,544
5,924 COBHAM PLC (TRANSPORTATION EQUIPMENT) 23,103
9,950 COMPASS GROUP PLC (FOOD & KINDRED PRODUCTS) 79,421
13,607 DIAGEO PLC (FOOD & KINDRED PRODUCTS) 228,374
1,890 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 10,715
1,331 EURASIAN NATURAL RESOURCES CORPORATION (METAL MINING) 24,076
2,498 FIRSTGROUP PLC (TRANSPORTATION SERVICES) 13,609
928 FRESNILLO PLC (MATERIALS) 11,942
6,900 G4S PLC (SOCIAL SERVICES) 27,381
28,478 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 546,890
3,693 HAMMERSON PLC (REAL ESTATE) 22,047
4,544 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 18,687
95,440 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 967,465
2,686 ICAP PLC (BUSINESS SERVICES) 15,236
5,531 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 168,705
2,284 INMARSAT PLC (COMMUNICATIONS) 26,203
1,332 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS &
OTHER LODGE PLACES) 20,860
8,168 INTERNATIONAL POWER PLC (ELECTRIC, GAS & SANITARY SERVICES) 39,527
4,385 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 22,671
2,179 INVESTEC PLC (HOLDING & OTHER INVESTMENT OFFICES) 17,823
6,440 J SAINSBURY PLC (FOOD STORES) 32,015
1,169 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 30,973
1,164 KAZAKHMYS PLC (METAL MINING) 26,972
12,851 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 41,811
4,115 LAND SECURITIES GROUP PLC (REAL ESTATE) 42,338
31,457 LEGAL & GENERAL GROUP PLC (INSURANCE AGENTS, BROKERS & SERVICE) 42,032
2,675 LIBERTY INTERNATIONAL PLC (REAL ESTATE) 20,439
207,493 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 197,644
772 LONDON STOCK EXCHANGE GROUP PLC (SECURITY & COMMODITY BROKERS,
DEALERS, EXCHANGES & SERVICES) 8,324
799 LONMIN PLC (METAL MINING) 24,710
9,184 MAN GROUP PLC (BUSINESS SERVICES) 33,657
8,474 MARKS & SPENCER GROUP PLC (GENERAL MERCHANDISE STORES) 47,592
13,265 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 129,132
|
148 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
UNITED KINGDOM (continued)
1,065 NEW CARPHONE WAREHOUSE (RETAIL, CONSUMER ELECTRONIC PRODUCTS) $ 2,578
1,073 NEXT PLC (APPAREL & ACCESSORY STORES) 35,236
28,717 OLD MUTUAL PLC (INSURANCE CARRIERS) 53,383
4,357 PEARSON PLC (COMMUNICATIONS) 68,498
1,074 PETROFAC LIMITED (OIL & GAS EXTRACTION) 19,590
13,782 PRUDENTIAL PLC (INSURANCE CARRIERS) 114,505
3,313 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 181,844
6,517 REED ELSEVIER PLC (COMMUNICATIONS) 51,970
13,673 RESOLUTION LIMITED (INVESTMENT COMPANIES) 17,004
4,544 REXAM PLC (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 20,197
7,531 RIO TINTO PLC (METAL MINING) 446,275
9,965 ROLLS ROYCE GROUP PLC (TRANSPORTATION EQUIPMENT) 90,051
90,747 ROYAL BANK OF SCOTLAND GROUP PLC (DEPOSITORY INSTITUTIONS) 60,592
19,569 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 566,505
14,804 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 407,853
5,139 SABMILLER PLC (EATING & DRINKING PLACES) 150,666
7,140 SAGE GROUP PLC (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER
EQUIPMENT) 25,906
637 SCHRODERS PLC (HOLDING & OTHER INVESTMENT OFFICES) 13,601
4,955 SCOTTISH & SOUTHERN ENERGY PLC (ELECTRIC, GAS & SANITARY SERVICES) 82,786
3,807 SEGRO PLC (REAL ESTATE) 18,464
2,667 SERCO GROUP PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 24,323
1,226 SEVERN TRENT PLC (ELECTRIC, GAS & SANITARY SERVICES) 22,232
3,013 SHIRE LIMITED (CHEMICALS & ALLIED PRODUCTS) 66,480
4,819 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 48,009
2,088 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 35,995
10,999 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 300,020
12,172 STANDARD LIFE PLC (INSURANCE AGENTS, BROKERS & SERVICE) 36,997
2,131 TALKTALK TELECOM GROUP PLC (COMMUNICATIONS) 4,172
43,172 TESCO PLC (FOOD & KINDRED PRODUCTS) 285,278
4,491 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 18,387
4,572 TOMKINS PLC (BUSINESS SERVICES) 16,374
2,895 TUI TRAVEL PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 13,245
4,816 TULLOW OIL PLC (OIL & GAS EXTRACTION) 91,353
7,041 UNILEVER PLC (FOOD & KINDRED PRODUCTS) 206,749
3,710 UNITED UTILITIES GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 31,471
714 VEDANTA RESOURCES PLC (PRIMARY METAL INDUSTRIES) 30,078
288,575 VODAFONE GROUP PLC (COMMUNICATIONS) 665,627
911 WHITBREAD PLC (EATING & DRINKING PLACES) 20,377
11,394 WILLIAM MORRISON SUPERMARKETS PLC (FOOD STORES) 50,747
1,523 WOLSELEY PLC (WHOLESALE TRADE-DURABLE GOODS) 36,794
6,738 WPP PLC (COMMUNICATIONS) 69,836
10,373 XSTRATA PLC (METAL MINING) 196,527
11,598,128
------------
UNITED STATES: 0.07%
7 CITIGROUP INCORPORATED (DEPOSITORY INSTITUTIONS)+ 28
1 NYSE EURONEXT INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 30
319 SYNTHES INCORPORATED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM
FABRICS & SIMILAR MATERIALS)+ 39,814
39,872
------------
TOTAL COMMON STOCKS (COST $53,322,369) 55,642,987
------------
|
Wells Fargo Advantage Master Portfolios 149
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL INDEX PORTFOLIO
SHARES SECURITY NAME EXPIRATION DATE VALUE
RIGHTS: 0.00%
724 VOLKSWAGEN AG (TRANSPORTATION EQUIPMENT)+ 04/09/2010 $ 450
TOTAL RIGHTS (COST $0) 450
-------------
WARRANTS: 0.00%
2,828 GOLDEN AGRI-RESOURCES LIMITED (AGRICULTURE
SERVICES)+ 07/23/2012 253
TOTAL WARRANTS (COST $0) 253
-------------
|
DIVIDEND YIELD
PREFERRED STOCKS: 0.34%
270 BAYERISCHE MOTOREN WERKE AG
(TRANSPORTATION EQUIPMENT) 1.17% 9,556
439 FRESENIUS AG (HEALTHCARE) 1.31 33,145
956 HENKEL KGAA (CHEMICALS & ALLIED
PRODUCTS) 1.32 51,468
476 PORSCHE AG (AUTO & TRUCKS) 0.11 29,050
202 RWE AG (ELECTRIC, GAS & SANITARY
SERVICES) 6.26 16,613
565 VOLKSWAGEN AG (TRANSPORTATION
EQUIPMENT) 2.36 51,816
TOTAL PREFERRED STOCKS (COST $ 156,253) 191,648
-------------
|
YIELD
SHORT-TERM INVESTMENTS: 0.90%
MUTUAL FUNDS: 0.90%
511,273 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 511,273
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $ 511,273) 511,273
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $53,989,895)* 99.01% 56,346,611
OTHER ASSETS AND LIABILITIES, NET 0.99 565,935
------- -------------
TOTAL NET ASSETS 100.00% $ 56,912,546
------- -------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $54,833,764 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 9,144,274
Gross unrealized depreciation (7,631,427)
----------------
Net unrealized appreciation $ 1,512,847
|
The accompanying notes are an integral part of these financial statements.
150 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.11%
AUSTRALIA: 6.19%
187,200 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) $ 1,097,702
600,118 AWB LIMITED (AGRICULTURAL SERVICES) 525,917
404,900 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,081,229
755,171 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 2,910,527
340,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 2,361,503
1,718,600 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 2,255,215
29,469 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,277,745
500,681 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 1,902,123
570,994 MINCOR RESOURCES NL (METAL MINING) 1,053,185
368,800 SALLY MALAY MINING LIMITED (METAL MINING) 812,230
153,900 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,206,073
210,400 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 1,332,208
527,300 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 1,446,792
19,262,449
-----------
AUSTRIA: 0.95%
32,300 ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG (DEPOSITORY INSTITUTIONS) 1,356,769
39,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 1,589,763
2,946,532
-----------
BELGIUM: 2.25%
39,400 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 3,166,330
53,300 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 2,581,190
37,000 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 1,237,358
6,984,878
-----------
DENMARK: 0.92%
45,600 DANSKE BANK (DEPOSITORY INSTITUTIONS) 1,121,840
93,000 H. LUNDBECK AS (CHEMICALS & ALLIED PRODUCTS) 1,753,093
2,874,933
-----------
FINLAND: 1.40%
156,300 NOKIA OYJ (COMMUNICATIONS) 2,434,060
82,700 TIETOENATOR OYJ (BUSINESS SERVICES) 1,914,517
4,348,577
-----------
FRANCE: 9.92%
54,000 AXA SA (INSURANCE CARRIERS) 1,201,242
20,800 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 1,597,398
31,998 CASINO GUICHARD PERRACHON SA (FOOD STORES) 2,707,615
74,700 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,307,581
86,100 FRANCE TELECOM SA (COMMUNICATIONS) 2,060,095
31,800 LAGARDERE SCA (COMMUNICATIONS) 1,286,803
36,000 RALLYE SA (FOOD STORES)+ 1,328,149
74,500 SAFRAN SA (TRANSPORTATION EQUIPMENT) 1,942,033
79,700 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 5,941,029
105,400 SCOR REGROUPE (INSURANCE CARRIERS) 2,662,105
4,300 SCOR SE (INSURANCE CARRIERS) 108,275
17,600 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 1,106,917
32,500 THALES SA (TRANSPORTATION EQUIPMENT) 1,304,593
48,200 TOTAL SA (OIL & GAS EXTRACTION) 2,798,056
130,400 VIVENDI SA (COMMUNICATIONS) 3,489,913
30,841,804
-----------
|
Wells Fargo Advantage Master Portfolios 151
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
GERMANY: 8.95%
33,100 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) $ 4,150,107
69,900 BASF AG (OIL & GAS EXTRACTION) 4,335,329
20,100 DEUTSCHE BANK AG (BANKING) 1,548,255
77,800 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 1,290,390
114,700 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 4,234,728
31,000 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 1,530,773
22,800 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 3,699,999
25,900 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 1,334,732
25,900 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,294,809
78,400 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 2,695,455
6,754 VOSSLOH AG (TRANSPORTATION EQUIPMENT) 721,209
27,835,786
-----------
HONG KONG: 2.28%
2,260,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 2,407,213
993,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 2,172,043
1,000,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 2,503,783
7,083,039
-----------
IRELAND: 0.34%
79,300 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 128,314
225,000 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 486,234
111,500 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (DIVERSIFIED FINANCIAL SERVICES, MORTGAGE,
SAVING, INVESTMENTS & PENSION PRODUCTS) 443,209
1,057,757
-----------
ITALY: 2.63%
141,055 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,169,768
688,400 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 3,849,321
135,200 ENI SPA (OIL & GAS EXTRACTION) 3,171,900
8,190,989
-----------
JAPAN: 20.09%
203,200 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 2,030,044
85,600 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 3,099,326
266,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,314,494
208,000 CHIBA BANK LIMITED (DEPOSITORY INSTITUTIONS) 1,243,684
169,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,641,758
161,000 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 389,197
90,000 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 1,395,871
73,600 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT
COMPUTER EQUIPMENT) 758,122
63,300 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,560,664
378,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,605,156
57,700 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 821,464
214,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,874,703
40,300 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 1,622,949
52,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 337,063
500 KDDI CORPORATION (COMMUNICATIONS) 2,588,512
23,900 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 460,923
98,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,417,221
148,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 1,206,289
516,000 MARUBENI CORPORATION (BUSINESS SERVICES) 3,206,717
52,200 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,591,293
64,100 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,679,805
97,000 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,629,982
1,831,300 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 3,623,815
|
152 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
JAPAN (CONTINUED)
131,300 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) $ 1,279,434
213,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 915,884
406,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,936,430
303,300 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES)(a) 1,444,819
14,200 NIPPON SYSTEM DEVELOPMENT COMPANY LIMITED (BUSINESS SERVICES) 170,570
74,600 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 3,143,908
168,000 NISSAN SHATAI COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,340,550
1,000 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 1,523,158
40,000 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,018,719
384,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 1,281,506
678,000 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 1,312,632
267,100 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 3,071,264
42,500 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,404,696
68,700 TAKEDA PHARMACEUTICAL COMPANY LIMITED (PHARMACEUTICALS) 3,023,858
64,200 TAKEFUJI CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 273,308
62,000 THE KEIYO BANK LIMITED (DEPOSITORY INSTITUTIONS) 299,091
234,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 926,088
28,000 TSURUHA HOLDINGS INCORPORATED (GENERAL MERCHANDISE STORES) 1,003,316
62,468,283
------------
NETHERLANDS: 3.28%
151,800 AEGON NV (INSURANCE CARRIERS) 1,039,496
82,761 CSM (FOOD & KINDRED PRODUCTS) 2,570,967
77,200 ING GROEP NV (FINANCIAL SERVICES) 770,765
52,700 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 2,349,984
37,904 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 992,160
39,100 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 2,463,607
10,186,979
------------
NORWAY: 0.94%
132,000 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 1,508,076
61,700 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,428,510
2,936,586
------------
PORTUGAL: 0.89%
245,688 BANCO BPI SA (DEPOSITORY INSTITUTIONS) 653,058
131,400 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 709,902
126,300 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 1,412,120
2,775,080
------------
SINGAPORE: 0.29%
606,490 MOBILONE LIMITED (COMMUNICATIONS) 901,747
------------
SPAIN: 4.49%
185,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 2,533,923
146,100 BANCO ESPANOL DE CREDITO SA (DEPOSITORY INSTITUTIONS) 1,539,174
430,300 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 5,718,859
123,800 REPSOL YPF SA (OIL & GAS EXTRACTION) 2,931,201
52,400 TELEFONICA SA (COMMUNICATIONS) 1,241,377
13,964,534
------------
SWEDEN: 2.68%
120,300 BOLIDEN AB (METAL MINING) 1,719,381
113,500 SAAB AB (AEROSPACE, DEFENSE)+ 1,729,081
101,800 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 1,435,233
|
Wells Fargo Advantage Master Portfolios 153
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
SWEDEN (continued)
68,600 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 2,010,326
137,500 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 1,449,152
8,343,173
-------------
SWITZERLAND: 6.79%
28,800 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,553,870
173,900 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 2,211,683
27,500 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 1,417,512
3,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 1,358,024
76,700 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 4,142,702
28,900 SWISS REINSURANCE (INSURANCE CARRIERS) 1,422,525
7,500 SWISSCOM AG (COMMUNICATIONS) 2,737,102
2,000 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 517,830
7,800 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 850,721
15,200 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,896,586
21,108,555
-------------
UNITED KINGDOM: 19.83%
190,400 AMLIN PLC (INSURANCE CARRIERS) 1,121,344
109,800 ASTRAZENECA PLC (PHARMACEUTICALS) 4,897,003
220,500 AVIVA PLC (INSURANCE CARRIERS) 1,289,247
242,900 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 1,328,068
720,100 BP PLC (OIL & GAS EXTRACTION) 6,812,210
83,025 BRIT INSURANCE HOLDINGS NV (PROPERTY - CASUALTY INSURANCE) 948,077
1,092,100 BT GROUP PLC (COMMUNICATIONS) 2,053,346
328,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,465,979
87,468 CHARTER INTERNATIONAL PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 996,158
279,000 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 1,581,756
390,000 DS SMITH PLC (PAPER & ALLIED PRODUCTS) 797,780
213,300 GLAXOSMITHKLINE PLC (PHARMACEUTICALS) 4,096,203
184,200 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 1,252,824
358,800 HOME RETAIL GROUP (GENERAL MERCHANDISE STORES) 1,475,537
323,800 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,243,017
67,900 KAZAKHMYS PLC (METAL MINING) 1,573,393
653,600 LOGICACMG PLC (BUSINESS SERVICES) 1,353,858
632,790 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 880,557
544,300 MEGGITT PLC (TRANSPORTATION BY AIR) 2,525,005
237,100 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 209,403
1,123,200 OLD MUTUAL PLC (INSURANCE CARRIERS) 2,087,957
315,100 PREMIER FOODS PLC (WHOLESALE TRADE-DURABLE GOODS) 151,769
443,900 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 858,863
14,300 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 413,616
264,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 7,273,252
124,200 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,559,617
319,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 2,204,905
389,400 THOMAS COOK GROUP PLC (LEISURE) 1,594,286
14,800 TOMKINS PLC (BUSINESS SERVICES) 53,003
1,698,900 VODAFONE GROUP PLC (COMMUNICATIONS) 3,918,680
223,600 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 1,648,722
61,665,435
-------------
TOTAL COMMON STOCKS (COST $323,674,421) 295,777,116
-------------
|
154 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.34%
MUTUAL FUNDS: 2.34%
7,289,152 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,289,152
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,289,152) 7,289,152
-------------
TOTAL INVESTMENTS IN SECURITIES
(COST $330,963,573)* 97.45% 303,066,268
OTHER ASSETS AND LIABILITIES, NET 2.55 7,932,668
------- -------------
TOTAL NET ASSETS 100.00% $ 310,998,936
------- -------------
|
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
+ Non-income earning securities.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $324,949,432 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 31,267,611
Gross unrealized depreciation (53,150,775)
-------------
Net unrealized depreciation $ (21,883,164)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 155
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.43%
AEROSPACE, DEFENSE: 1.09%
10,650 GOODRICH CORPORATION $ 751,034
-----------
APPAREL & ACCESSORY STORES: 0.96%
7,780 POLO RALPH LAUREN CORPORATION 661,611
-----------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 1.06%
18,620 COACH INCORPORATED 735,862
-----------
AUTO PARTS & EQUIPMENT: 1.14%
23,940 JOHNSON CONTROLS INCORPORATED 789,781
-----------
BIOPHARMACEUTICALS: 1.03%
15,660 GILEAD SCIENCES INCORPORATED+ 712,217
-----------
BIOTECHNOLOGY: 2.22%
13,790 AMGEN INCORPORATED+ 824,090
12,390 BIOGEN IDEC INCORPORATED+ 710,690
1,534,780
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.92%
880 NVR INCORPORATED+ 639,320
-----------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 1.25%
26,670 HOME DEPOT INCORPORATED 862,775
-----------
BUSINESS SERVICES: 2.13%
28,420 CA INCORPORATED 667,017
20,790 OMNICOM GROUP INCORPORATED 806,860
1,473,877
-----------
CHEMICALS & ALLIED PRODUCTS: 2.44%
8,920 CF INDUSTRIES HOLDINGS INCORPORATED 813,326
23,410 E.I. DU PONT DE NEMOURS & COMPANY 871,788
1,685,114
-----------
COAL MINING: 0.59%
8,890 PEABODY ENERGY CORPORATION 406,273
-----------
COMMUNICATIONS: 1.31%
48,260 COMCAST CORPORATION CLASS A 908,253
-----------
COMPUTER TECHNOLOGIES: 6.56%
8,890 APPLE INCORPORATED+ 2,088,528
21,650 HEWLETT-PACKARD COMPANY 1,150,698
10,130 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,299,173
4,538,399
-----------
DATA SERVICES: 1.01%
21,360 NETAPP INCORPORATED+ 695,482
-----------
DEPARTMENT STORES: 1.13%
19,140 NORDSTROM INCORPORATED~~ 781,869
-----------
E-COMMERCE/SERVICES: 4.52%
6,280 AMAZON.COM INCORPORATED+ 852,384
36,410 EBAY INCORPORATED+ 981,250
2,280 GOOGLE INCORPORATED CLASS A+ 1,292,783
3,126,417
-----------
|
156 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
EATING & DRINKING PLACES: 1.34%
13,920 MCDONALD'S CORPORATION $ 928,742
-----------
ELECTRIC, GAS & SANITARY SERVICES: 1.19%
16,370 EMERSON ELECTRIC COMPANY 824,066
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 2.51%
19,610 COOPER INDUSTRIES PLC 940,103
32,460 TEXAS INSTRUMENTS INCORPORATED 794,296
1,734,399
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.09%
28,060 CROWN HOLDINGS INCORPORATED+ 756,498
-----------
FOOD & KINDRED PRODUCTS: 3.77%
30,780 ARCHER DANIELS MIDLAND COMPANY 889,542
12,290 GENERAL MILLS INCORPORATED 870,009
18,600 H.J. HEINZ COMPANY 848,346
2,607,897
-----------
FOOD STORES: 1.32%
37,720 STARBUCKS CORPORATION 915,464
-----------
FURNITURE & FIXTURES: 1.33%
42,640 LEGGETT & PLATT INCORPORATED 922,730
-----------
GENERAL MERCHANDISE STORES: 2.10%
26,090 WAL-MART STORES INCORPORATED 1,450,604
-----------
HEALTH CARE: 1.03%
12,640 HOSPIRA INCORPORATED+ 716,056
-----------
HEALTH SERVICES: 3.68%
31,120 AMERISOURCEBERGEN CORPORATION 899,990
13,950 MCKESSON CORPORATION 916,794
11,300 MEDCO HEALTH SOLUTIONS INCORPORATED+ 729,528
2,546,312
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 1.28%
20,230 BED BATH & BEYOND INCORPORATED+ 885,265
-----------
HOUSEHOLD PRODUCTS, WARE: 1.20%
13,110 PROCTER & GAMBLE COMPANY 829,470
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.41%
10,040 3M COMPANY 839,043
21,930 CAMERON INTERNATIONAL CORPORATION+ 939,920
19,120 DOVER CORPORATION 893,860
6,720 JOY GLOBAL INCORPORATED 380,352
3,053,175
-----------
INSURANCE CARRIERS: 2.77%
29,890 LINCOLN NATIONAL CORPORATION 917,623
16,550 PRUDENTIAL FINANCIAL INCORPORATED 1,001,275
1,918,898
-----------
|
Wells Fargo Advantage Master Portfolios 157
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.41%
24,390 AGILENT TECHNOLOGIES INCORPORATED+ $ 838,772
16,120 THERMO FISHER SCIENTIFIC INCORPORATED+ 829,213
1,667,985
-----------
MEDIA - COMMUNICATION: 1.22%
24,970 DIRECTV+ 844,236
-----------
MEDICAL EQUIPMENT & SUPPLIES: 1.17%
17,920 MEDTRONIC INCORPORATED 806,938
-----------
METAL MINING: 0.50%
4,830 CLIFFS NATURAL RESOURCES INCORPORATED 342,689
-----------
MISCELLANEOUS RETAIL: 2.48%
13,670 COSTCO WHOLESALE CORPORATION 816,236
24,270 WALGREEN COMPANY 900,174
1,716,410
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.26%
13,490 UNITED PARCEL SERVICE INCORPORATED CLASS B 868,891
-----------
NETWORKING: 2.42%
64,220 CISCO SYSTEMS INCORPORATED+ 1,671,647
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.21%
20,350 AMERICAN EXPRESS COMPANY 839,641
-----------
OIL & GAS EXTRACTION: 1.17%
9,590 OCCIDENTAL PETROLEUM CORPORATION 810,739
-----------
PHARMACEUTICALS: 3.39%
14,360 ABBOTT LABORATORIES 756,485
12,150 JOHNSON & JOHNSON 792,180
21,321 MERCK & COMPANY INCORPORATED 796,339
2,345,004
-----------
RAILROAD TRANSPORTATION: 1.31%
16,250 NORFOLK SOUTHERN CORPORATION 908,213
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 3.31%
3,310 BLACKROCK INCORPORATED 720,786
4,440 GOLDMAN SACHS GROUP INCORPORATED 757,597
22,660 LAZARD LIMITED 808,962
2,287,345
-----------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 2.48%
26,700 BROADCOM CORPORATION CLASS A 885,906
46,070 EMC CORPORATION+ 831,103
1,717,009
-----------
SOFTWARE: 7.11%
18,360 BMC SOFTWARE INCORPORATED+ 697,680
19,600 MCAFEE INCORPORATED+ 786,548
76,920 MICROSOFT CORPORATION 2,251,448
46,040 ORACLE CORPORATION 1,182,768
4,918,444
-----------
|
158 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.17%
31,810 OWENS CORNING INCORPORATED+ $ 809,246
-----------
TELECOMMUNICATIONS: 1.11%
17,950 AMERICAN TOWER CORPORATION CLASS A+ 764,850
-----------
TOBACCO PRODUCTS: 1.36%
17,990 PHILIP MORRIS INTERNATIONAL 938,358
-----------
TRANSPORTATION BY AIR: 1.35%
70,420 SOUTHWEST AIRLINES COMPANY 930,952
-----------
TRANSPORTATION EQUIPMENT: 1.21%
12,780 NORTHROP GRUMMAN CORPORATION 837,985
-----------
WHOLESALE TRADE-DURABLE GOODS: 2.42%
12,030 KIMBERLY-CLARK CORPORATION 756,446
8,480 W.W. GRAINGER INCORPORATED 916,858
1,673,304
-----------
TOTAL COMMON STOCKS (COST $56,309,649) 68,092,526
-----------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.77%
COLLATERAL INVESTED IN OTHER ASSETS: 1.77%
$ 30,988 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $30,988) 0.01% 04/01/2010 30,988
9,279 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 9,279
12,759 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 12,759
255,649 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,649) 0.02 04/01/2010 255,649
6,142 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 6,142
18,559 COOK COUNTY IL+/-ss 0.25 11/01/2030 18,559
23,240 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $23,240) 0.03 04/01/2010 23,240
35,679 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $35,679) 0.01 04/01/2010 35,679
548,971 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 225,627
3,828 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 3,828
11,599 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 11,599
4,640 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 4,640
154,939 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED
BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $154,939) 0.01 04/01/2010 154,939
6,959 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 6,959
4,640 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 4,640
13,559 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 13,559
20,878 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 20,878
6,959 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 6,960
700,322 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 378,174
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,115,706) 1,224,098
-----------
TOTAL INVESTMENTS IN SECURITIES
(COST $57,425,355)* 100.20% 69,316,624
OTHER ASSETS AND LIABILITIES, NET (0.20) (141,494)
------ -----------
TOTAL NET ASSETS 100.00% $69,175,130
------ -----------
|
Wells Fargo Advantage Master Portfolios 159
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE CAP APPRECIATION PORTFOLIO
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
* Cost for federal income tax purposes is $58,793,841 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,152,090
Gross unrealized depreciation (1,629,307)
-------------
Net unrealized appreciation $ 10,522,783
|
The accompanying notes are an integral part of these financial statements.
160 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 97.49%
BIOPHARMACEUTICALS: 2.28%
288,240 GENZYME CORPORATION+ $ 14,939,479
------------
BIOTECHNOLOGY: 0.95%
103,600 AMGEN INCORPORATED+ 6,191,136
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 4.83%
323,200 FASTENAL COMPANY~~ 15,510,368
664,400 LOWE'S COMPANIES INCORPORATED 16,105,056
31,615,424
------------
BUSINESS SERVICES: 2.75%
210,500 AUTOMATIC DATA PROCESSING INCORPORATED 9,360,935
118,200 FACTSET RESEARCH SYSTEMS INCORPORATED 8,672,334
18,033,269
------------
COMMERCIAL SERVICES: 3.23%
689,600 PAYCHEX INCORPORATED 21,170,720
------------
COMPUTER TECHNOLOGIES: 6.65%
185,400 APPLE INCORPORATED+ 43,556,022
------------
E-COMMERCE/SERVICES: 12.50%
214,800 AMAZON.COM INCORPORATED+ 29,154,804
356,770 EBAY INCORPORATED+ 9,614,952
76,100 GOOGLE INCORPORATED CLASS A+ 43,149,461
81,919,217
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.39%
322,000 LINEAR TECHNOLOGY CORPORATION 9,106,160
------------
GENERAL MERCHANDISE STORES: 8.25%
157,600 KOHL'S CORPORATION+ 8,633,328
538,860 TARGET CORPORATION 28,344,036
306,700 WAL-MART STORES INCORPORATED 17,052,520
54,029,884
------------
MEDICAL EQUIPMENT & SUPPLIES: 3.60%
524,010 MEDTRONIC INCORPORATED 23,596,170
------------
NETWORKING: 6.45%
1,624,443 CISCO SYSTEMS INCORPORATED+ 42,284,251
------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 2.05%
147,300 VISA INCORPORATED CLASS A 13,408,719
------------
OIL & GAS EXTRACTION: 1.51%
156,300 SCHLUMBERGER LIMITED 9,913,718
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 20.27%
1,744,537 CHARLES SCHWAB CORPORATION 32,605,397
27,000 CME GROUP INCORPORATED 8,534,970
185,400 FRANKLIN RESOURCES INCORPORATED 20,560,860
305,490 GOLDMAN SACHS GROUP INCORPORATED 52,125,759
345,200 T. ROWE PRICE GROUP INCORPORATED 18,961,836
132,788,822
------------
|
Wells Fargo Advantage Master Portfolios 161
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 6.01%
827,800 EMC CORPORATION+ $ 14,933,512
1,098,570 INTEL CORPORATION 24,454,168
39,387,680
------------
SOFTWARE: 6.11%
1,367,598 MICROSOFT CORPORATION 40,029,593
------------
TELECOMMUNICATIONS: 4.39%
684,900 QUALCOMM INCORPORATED 28,758,951
------------
TRANSPORTATION SERVICES: 4.27%
257,000 C.H. ROBINSON WORLDWIDE INCORPORATED 14,353,450
368,500 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 13,605,020
27,958,470
------------
TOTAL COMMON STOCKS (COST $539,527,091) 638,687,685
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 0.95%
COLLATERAL INVESTED IN OTHER ASSETS: 0.95%
$ 150,763 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY
VALUE $150,763) 0.01% 04/01/2010 150,763
45,145 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 45,145
62,075 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 62,075
1,243,780 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,243,781) 0.02 04/01/2010 1,243,780
29,881 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 29,881
90,291 COOK COUNTY IL+/-ss 0.25 11/01/2030 90,291
113,067 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $113,067) 0.03 04/01/2010 113,067
173,584 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $173,584) 0.01 04/01/2010 173,584
2,904,320 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 1,193,676
18,623 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 18,623
56,432 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 56,432
22,573 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 22,573
753,805 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $753,805) 0.01 04/01/2010 753,805
33,859 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 33,859
22,573 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 22,573
65,969 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 65,969
101,577 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 101,577
33,859 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 33,858
3,705,039 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 2,000,721
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $5,638,803) 6,212,252
------------
|
162 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
LARGE COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.21%
MUTUAL FUNDS: 1.21%
7,933,097 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 7,933,097
-------------
TOTAL SHORT-TERM INVESTMENTS (COST $7,933,097) 7,933,097
TOTAL INVESTMENTS IN SECURITIES
(COST $553,098,991)* 99.65% 652,833,034
OTHER ASSETS AND LIABILITIES, NET 0.35 2,269,501
------ -------------
TOTAL NET ASSETS 100.00% $ 655,102,535
------ -------------
|
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $594,219,738 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 131,394,619
Gross unrealized depreciation (72,781,323)
--------------
Net unrealized appreciation $ 58,613,296
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 163
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 98.89%
AEROSPACE, DEFENSE: 0.22%
8,760 AAR CORPORATION+ $ 217,425
-----------
APPAREL & ACCESSORY STORES: 3.75%
13,249 CARTER'S INCORPORATED+ 399,457
6,164 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 274,606
8,098 CHRISTOPHER & BANKS CORPORATION 64,784
13,432 DRESS BARN INCORPORATED+ 351,381
12,743 FINISH LINE INCORPORATED CLASS A 207,966
6,744 GYMBOREE CORPORATION+ 348,193
9,967 HOT TOPIC INCORPORATED 64,786
4,116 JOS. A. BANK CLOTHIERS INCORPORATED+ 224,939
21,337 LIZ CLAIBORNE INCORPORATED+ 158,534
4,852 MAIDENFORM BRANDS INCORPORATED+ 106,016
11,764 MEN'S WEARHOUSE INCORPORATED 281,630
28,938 QUIKSILVER INCORPORATED+ 136,877
7,550 SKECHERS U.S.A. INCORPORATED CLASS A+ 274,216
8,565 STAGE STORES INCORPORATED 131,815
5,729 THE BUCKLE INCORPORATED 210,598
6,657 THE CATO CORPORATION CLASS A 142,726
5,703 TRUE RELIGION APPAREL INCORPORATED+ 173,143
3,729 VOLCOM INCORPORATED+ 72,790
4,697 ZUMIEZ INCORPORATED+ 96,242
3,720,699
-----------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.13%
4,774 LITHIA MOTORS INCORPORATED CLASS A+ 30,554
8,916 SONIC AUTOMOTIVE INCORPORATED+ 98,076
128,630
-----------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.20%
3,205 MIDAS INCORPORATED+ 36,152
4,466 MONRO MUFFLER BRAKE INCORPORATED 159,704
195,856
-----------
BIOTECHNOLOGY: 0.47%
13,046 CUBIST PHARMACEUTICALS INCORPORATED+ 294,057
7,488 MARTEK BIOSCIENCES CORPORATION+ 168,555
462,612
-----------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.16%
4,167 M/I HOMES INCORPORATED+ 61,047
22,113 STANDARD-PACIFIC CORPORATION+ 99,951
160,998
-----------
BUSINESS SERVICES: 8.02%
10,514 ABM INDUSTRIES INCORPORATED 222,897
5,006 ADMINISTAFF INCORPORATED 106,828
7,342 AMN HEALTHCARE SERVICES INCORPORATED+ 64,610
5,982 ARBITRON INCORPORATED 159,480
10,025 BLACKBAUD INCORPORATED 252,530
9,363 BLUE COAT SYSTEMS INCORPORATED+ 290,628
11,792 BRADY CORPORATION CLASS A 366,967
6,782 CACI INTERNATIONAL INCORPORATED CLASS A+ 331,301
15,590 CIBER INCORPORATED+ 58,307
|
164 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
8,925 COGNEX CORPORATION $ 165,023
5,135 COMPELLENT TECHNOLOGIES INCORPORATED+ 90,119
2,197 COMPUTER PROGRAMS & SYSTEMS INCORPORATED 85,859
5,451 COMSCORE INCORPORATED+ 90,977
9,670 CONCUR TECHNOLOGIES INCORPORATED+ 396,567
8,021 CSG SYSTEMS INTERNATIONAL INCORPORATED+ 168,120
15,877 CYBERSOURCE CORPORATION+ 280,070
9,094 DEALERTRACK HOLDINGS INCORPORATED+ 155,326
6,800 EBIX INCORPORATED+~~ 108,596
12,868 ECLIPSYS CORPORATION+ 255,816
3,335 FORRESTER RESEARCH INCORPORATED+ 100,283
11,617 GEO GROUP INCORPORATED+ 230,249
5,673 GERBER SCIENTIFIC INCORPORATED+ 35,229
9,784 HEALTHCARE SERVICES GROUP 219,064
8,443 HEARTLAND PAYMENT SYSTEMS INCORPORATED 157,040
3,842 HEIDRICK & STRUGGLES INTERNATIONAL INCORPORATED 107,691
7,960 INFOSPACE INCORPORATED+ 87,958
3,914 INTEGRAL SYSTEMS INCORPORATED MD+ 37,692
2,876 INTERACTIVE INTELLIGENCE INCORPORATED+ 53,752
5,982 KELLY SERVICES INCORPORATED CLASS A+ 99,660
4,082 LOJACK CORPORATION+ 16,859
5,088 MANHATTAN ASSOCIATES INCORPORATED+ 129,642
1,560 NCI INCORPORATED+ 47,159
7,782 NETSCOUT SYSTEMS INCORPORATED+ 115,096
6,761 NETWORK EQUIPMENT TECHNOLOGY INCORPORATED+ 37,253
7,269 OMNICELL INCORPORATED+ 101,984
8,123 ON ASSIGNMENT INCORPORATED+ 57,917
4,203 PCTEL INCORPORATED+ 25,975
6,785 PERFICIENT INCORPORATED+ 76,467
9,742 PHASE FORWARD INCORPORATED+ 127,328
7,882 PHOENIX TECHNOLOGIES LIMITED+ 25,380
3,773 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+~~ 207,025
4,258 QUALITY SYSTEMS INCORPORATED 261,612
6,186 RADIANT SYSTEMS INCORPORATED+ 88,274
5,349 RADISYS CORPORATION+ 47,927
1,961 REWARDS NETWORK INCORPORATED 26,277
11,609 SFN GROUP INCORPORATED+ 92,988
2,679 STARTEK INCORPORATED+ 18,619
4,557 STRATASYS INCORPORATED+ 111,100
9,066 SYKES ENTERPRISES INCORPORATED+ 207,067
4,738 SYNNEX CORPORATION+ 140,055
8,632 TALEO CORPORATION CLASS A+ 223,655
7,229 TELETECH HOLDINGS INCORPORATED+ 123,471
6,754 THE KNOT INCORPORATED+ 52,816
15,205 THQ INCORPORATED+ 106,587
9,906 TRUEBLUE INCORPORATED+ 153,543
19,119 UNITED ONLINE INCORPORATED 143,010
5,088 USA MOBILITY INCORPORATED 64,465
4,624 VIAD CORPORATION 95,023
2,720 VOLT INFORMATION SCIENCE INCORPORATED+ 27,771
9,738 WEBSENSE INCORPORATED+ 221,734
7,952,718
-----------
|
Wells Fargo Advantage Master Portfolios 165
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CASINO & GAMING: 0.18%
2,539 MONARCH CASINO & RESORT INCORPORATED+ $ 21,683
6,147 MULTIMEDIA GAMES INCORPORATED+ 23,973
13,520 PINNACLE ENTERTAINMENT INCORPORATED+ 131,685
177,341
-----------
CHEMICALS & ALLIED PRODUCTS: 2.20%
4,643 AMERICAN VANGUARD CORPORATION 37,840
5,647 ARCH CHEMICALS INCORPORATED 194,200
6,340 ARQULE INCORPORATED+ 36,518
6,296 BALCHEM CORPORATION 155,196
6,597 CAMBREX CORPORATION+ 26,718
3,742 EMERGENT BIOSOLUTIONS INCORPORATED+ 62,828
10,962 HB FULLER COMPANY 254,428
3,515 MANNATECH INCORPORATED 11,740
2,635 NEWMARKET CORPORATION 271,379
6,875 OM GROUP INCORPORATED+ 232,925
13,071 PAREXEL INTERNATIONAL CORPORATION+ 304,685
2,558 PENFORD CORPORATION 26,220
20,824 POLYONE CORPORATION+ 213,238
2,506 QUAKER CHEMICAL CORPORATION 67,938
1,715 STEPAN COMPANY 95,851
3,924 SURMODICS INCORPORATED+ 82,169
4,863 ZEP INCORPORATED 106,402
2,180,275
-----------
COAL MINING: 0.25%
10,218 PENN VIRGINIA CORPORATION 250,341
-----------
COMMERCIAL SERVICES: 1.03%
5,789 HMS HOLDINGS CORPORATION+ 295,181
32,006 LIVE NATION INCORPORATED+ 464,087
8,599 WRIGHT EXPRESS CORPORATION+ 259,002
1,018,270
-----------
COMMUNICATIONS: 1.26%
6,496 ANIXTER INTERNATIONAL INCORPORATED+ 304,338
4,171 AUDIOVOX CORPORATION CLASS A+ 32,450
15,788 BRIGHTPOINT INCORPORATED+ 118,884
6,045 CBEYOND INCORPORATED+ 82,696
10,040 GENERAL COMMUNICATION INCORPORATED CLASS A+ 57,931
7,412 IOWA TELECOMMUNICATIONS SERVICES INCORPORATED 123,780
10,165 J2 GLOBAL COMMUNICATIONS INCORPORATED+ 237,861
7,568 NEUTRAL TANDEM INCORPORATION+ 120,937
6,941 NOVATEL WIRELESS INCORPORATED+ 46,713
6,717 NTELOS HOLDINGS CORPORATION 119,495
1,245,085
-----------
COMPUTERS-INTEGRATED SYSTEMS: 0.05%
4,521 AGILYSYS INCORPORATED 50,500
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.23%
5,116 CHEMED CORPORATION 278,208
8,532 COMFORT SYSTEMS USA INCORPORATED 106,565
4,240 DREW INDUSTRIES INCORPORATED+ 93,365
8,804 DYCOM INDUSTRIES INCORPORATED+ 77,211
14,899 EMCOR GROUP INCORPORATED+ 366,962
|
166 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
CONSTRUCTION SPECIAL TRADE CONTRACTORS (continued)
8,805 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ $ 234,301
5,919 MATRIX SERVICE COMPANY+ 63,688
1,220,300
-----------
DEPOSITORY INSTITUTIONS: 6.62%
10,233 BANK MUTUAL CORPORATION 66,515
2,925 BANK OF THE OZARKS INCORPORATED 102,931
14,602 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 107,617
13,283 BROOKLINE BANCORP INCORPORATED 141,331
3,576 CITY HOLDING COMPANY 122,621
6,337 COLUMBIA BANKING SYSTEM INCORPORATED 128,704
7,368 COMMUNITY BANK SYSTEM INCORPORATED 167,843
5,727 DIME COMMUNITY BANCSHARES 72,332
20,760 EAST WEST BANCORP INCORPORATED 361,639
17,076 FIRST BANCORP PUERTO RICO 41,153
17,148 FIRST COMMONWEALTH FINANCIAL CORPORATION 115,063
11,039 FIRST FINANCIAL BANCORP 196,384
4,689 FIRST FINANCIAL BANKSHARE 241,718
16,657 FIRST MIDWEST BANCORP INCORPORATED 225,702
16,182 GLACIER BANCORP INCORPORATED 246,452
6,385 HANCOCK HOLDING COMPANY 266,957
11,521 HANMI FINANCIAL CORPORATION+~~ 27,650
4,397 HOME BANCSHARES INCORPORATED 116,257
4,709 INDEPENDENT BANK CORPORATION 116,124
7,286 NARA BANK NATIONAL ASSOCIATION 63,825
28,335 NATIONAL PENN BANCSHARES INCORPORATED 195,512
7,743 NBT BANCORP INCORPORATED 176,928
19,616 OLD NATIONAL BANCORP 234,411
7,493 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 113,219
13,162 PRIVATEBANCORP INCORPORATED 180,319
5,433 S&T BANCORP INCORPORATED 113,550
9,134 SIGNATURE BANK+ 338,415
3,468 SIMMONS FIRST NATIONAL CORPORATION 95,613
48,481 SOUTH FINANCIAL GROUP INCORPORATED~~ 33,515
6,017 STERLING BANCORPORATION 60,471
22,320 STERLING BANCSHARES INCORPORATED 124,546
27,897 SUSQUEHANNA BANCSHARES INCORPORATED 273,670
1,732 TOMPKINS TRUST COMPANY INCORPORATED 63,183
17,273 TRUSTCO BANK CORPORATION 106,574
6,734 UMB FINANCIAL CORPORATION 273,400
25,745 UMPQUA HOLDINGS CORPORATION 341,379
8,601 UNITED BANKSHARES INCORPORATED~~ 225,518
18,602 UNITED COMMUNITY BANKS INCORPORATED+ 82,035
21,704 WHITNEY HOLDING CORPORATION 299,298
4,368 WILSHIRE BANCORP INCORPORATED 48,179
6,782 WINTRUST FINANCIAL CORPORATION 252,358
6,560,911
-----------
DURABLE GOODS - CONSUMER: 0.05%
4,291 STURM, RUGER & COMPANY INCORPORATED 51,449
-----------
E-COMMERCE/SERVICES: 0.15%
6,963 NUTRI SYSTEM INCORPORATED 124,011
2,627 STAMPS.COM INCORPORATED+ 26,533
150,544
-----------
|
Wells Fargo Advantage Master Portfolios 167
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
EATING & DRINKING PLACES: 2.53%
4,759 BJ'S RESTAURANTS INCORPORATED+ $ 110,885
4,063 BUFFALO WILD WINGS INCORPORATED+ 195,471
5,442 CALIFORNIA PIZZA KITCHEN INCORPORATED+ 91,371
4,994 CEC ENTERTAINMENT INCORPORATED+ 190,221
12,418 CKE RESTAURANTS INCORPORATED 137,467
5,149 CRACKER BARREL OLD COUNTRY STORE INCORPORATED 238,811
3,427 DINEEQUITY INCORPORATED+ 135,469
12,436 JACK IN THE BOX INCORPORATED+ 292,868
1,816 LANDRY'S RESTAURANTS INCORPORATED+ 32,543
4,220 O'CHARLEYS INCORPORATED+ 37,727
5,160 P.F. CHANG'S CHINA BISTRO INCORPORATED+ 227,711
4,769 PAPA JOHNS INTERNATIONAL INCORPORATED+ 122,611
3,514 RED ROBIN GOURMET BURGERS INCORPORATED+ 85,882
14,512 RUBY TUESDAY INCORPORATED+ 153,392
6,415 RUTH'S CHRIS STEAK HOUSE INCORPORATED+ 34,000
13,746 SONIC CORPORATION+ 151,893
274 STEAK'N SHAKE COMPANY+ 104,468
11,610 TEXAS ROADHOUSE INCORPORATED CLASS A+ 161,263
2,504,053
-----------
EDUCATIONAL SERVICES: 0.60%
4,118 AMERICAN PUBLIC EDUCATION INCORPORATED+ 191,899
3,273 CAPELLA EDUCATION COMPANY+ 303,865
4,562 UNIVERSAL TECHNICAL INSTITUTE INCORPORATED+ 104,105
599,869
-----------
ELECTRIC, GAS & SANITARY SERVICES: 3.33%
6,741 ALLETE INCORPORATED 225,689
4,165 AMERICAN STATES WATER COMPANY 144,526
12,326 AVISTA CORPORATION 255,271
2,630 CENTRAL VERMONT PUBLIC SERVICE 53,047
3,556 CH ENERGY GROUP INCORPORATED 145,227
9,884 EL PASO ELECTRIC COMPANY+ 203,610
5,009 LACLEDE GROUP INCORPORATED 168,903
9,319 NEW JERSEY RESOURCES 350,022
5,967 NORTHWEST NATURAL GAS COMPANY 278,062
16,451 PIEDMONT NATURAL GAS COMPANY 453,719
6,708 SOUTH JERSEY INDUSTRIES INCORPORATED 281,669
10,177 SOUTHWEST GAS CORPORATION 304,496
6,735 UIL HOLDINGS CORPORATION 185,213
8,087 UNISOURCE ENERGY CORPORATION 254,255
3,303,709
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23%
5,892 ACTEL CORPORATION+ 81,604
9,769 ACUITY BRANDS INCORPORATED 412,349
27,083 ADAPTEC INCORPORATED+ 88,561
7,471 ADVANCED ENERGY INDUSTRIES INCORPORATED+ 123,720
5,126 AO SMITH CORPORATION 269,474
2,993 APPLIED SIGNAL TECHNOLOGY INCORPORATED 58,603
28,210 ARRIS GROUP INCORPORATED+ 338,802
7,102 ATMI INCORPORATED+ 137,140
2,780 AZZ INCORPORATED 94,103
9,441 BALDOR ELECTRIC COMPANY 353,093
2,619 BEL FUSE INCORPORATED CLASS B 52,773
|
168 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued)
14,330 BENCHMARK ELECTRONICS INCORPORATED+ $ 297,204
5,717 CERADYNE INCORPORATED+ 129,719
8,798 CHECKPOINT SYSTEMS INCORPORATED+ 194,612
6,361 COMTECH TELECOMMUNICATIONS CORPORATION+ 203,488
7,643 CTS CORPORATION 71,997
3,488 CUBIC CORPORATION 125,568
6,756 CYMER INCORPORATED+ 251,999
36,456 CYPRESS SEMICONDUCTOR CORPORATION+ 419,244
7,876 DIODES INCORPORATED+ 176,422
3,978 DIONEX CORPORATION+ 297,475
5,153 DSP GROUP INCORPORATED+ 42,924
3,937 DTS INCORPORATED+ 134,015
6,203 ELECTRO SCIENTIFIC INDUSTRIES INCORPORATED+ 79,460
3,436 EMS TECHNOLOGIES INCORPORATED+ 57,038
9,859 EXAR CORPORATION+ 69,506
5,224 GREATBATCH INCORPORATED+ 110,697
21,722 HARMONIC INCORPORATED+ 137,066
6,870 HELEN OF TROY LIMITED+ 179,032
4,827 HITTITE MICROWAVE CORPORATION+ 212,243
5,256 HUTCHINSON TECHNOLOGY INCORPORATED+ 32,797
4,914 LITTELFUSE INCORPORATED+ 186,781
6,994 MAGNETEK INCORPORATED+ 11,750
5,302 MERCURY COMPUTER SYSTEMS INCORPORATED+ 72,743
8,378 METHODE ELECTRONICS INCORPORATED 82,942
9,677 MICREL INCORPORATED 103,157
18,663 MICROSEMI CORPORATION+ 323,616
10,210 MOOG INCORPORATED CLASS A+ 361,638
1,080 NATIONAL PRESTO INDUSTRIES INCORPORATED 128,423
4,622 PARK ELECTROCHEMICAL CORPORATION 132,836
5,760 PERICOM SEMICONDUCTOR+ 61,690
8,950 PLEXUS CORPORATION+ 322,469
1,960 POWELL INDUSTRIES INCORPORATED+ 63,759
3,550 ROGERS CORPORATION+ 102,986
39,549 SKYWORKS SOLUTIONS INCORPORATED+~~ 616,964
5,025 STANDARD MICROSYSTEMS CORPORATION+ 116,982
2,910 SUPERTEX INCORPORATED+ 74,467
9,808 SYMMETRICOM INCORPORATED+ 57,181
7,540 SYNAPTICS INCORPORATED+ 208,179
9,280 TECHNITROL INCORPORATED 48,998
15,175 TEKELEC+ 275,578
11,209 TESSERA TECHNOLOGIES INCORPORATED+ 227,319
2,856 TOLLGRADE COMMUNICATIONS INCORPORATED+ 17,964
34,525 TRIQUINT SEMICONDUCTOR INCORPORATED+ 241,675
9,714 TTM TECHNOLOGIES INCORPORATED+ 86,260
3,081 UNIVERSAL ELECTRONICS INCORPORATED+ 68,830
16,731 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 554,131
8,557 VIASAT INCORPORATED+ 296,158
4,406 VICOR CORPORATION+ 60,847
10,139,051
-----------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.39%
2,860 CDI CORPORATION 41,928
9,488 ERESEARCH TECHNOLOGY INCORPORATED+ 65,562
3,075 EXPONENT INCORPORATED+ 87,699
2,110 LANDAUER INCORPORATED 137,614
3,912 MAXMUS INCORPORATED 238,358
|
Wells Fargo Advantage Master Portfolios 169
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES (CONTINUED)
14,515 REGENERON PHARMACEUTICAL INCORPORATED+ $ 384,502
3,630 STANLEY INCORPORATED+ 102,693
13,879 TETRA TECH INCORPORATED+ 319,772
1,378,128
-----------
ENVIRONMENTAL CONTROL: 0.22%
12,596 CALGON CARBON CORPORATION+ 215,644
-----------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.96%
9,924 GRIFFON CORPORATION+ 123,653
3,216 GULF ISLAND FABRICATION INCORPORATED 69,948
8,159 MOBILE MINI INCORPORATED+ 126,383
4,069 NCI BUILDING SYSTEMS INCORPORATED+ 44,922
8,512 QUANEX BUILDING PRODUCTS CORPORATION 140,703
8,668 SIMPSON MANUFACTURING COMPANY INCORPORATED 240,624
6,603 WATTS WATER TECHNOLOGIES INCORPORATED 205,089
951,322
-----------
FOOD & KINDRED PRODUCTS: 1.84%
2,277 BOSTON BEER COMPANY INCORPORATED+ 118,996
2,839 CAL-MAINE FOODS INCORPORATED 96,214
18,503 DARLING INTERNATIONAL INCORPORATED+ 165,787
4,754 DIAMOND FOODS INCORPORATED 199,858
3,186 J & J SNACK FOODS CORPORATION 138,495
7,211 LANCE INCORPORATED 166,790
2,924 PEET'S COFFEE & TEA INCORPORATED+ 115,937
3,943 SANDERSON FARMS INCORPORATED 211,384
7,729 TREEHOUSE FOODS INCORPORATED+ 339,071
9,693 UNITED NATURAL FOODS INCORPORATED+ 272,664
1,825,196
-----------
FOOD STORES: 0.05%
6,228 GREAT ATLANTIC & PACIFIC TEA COMPANY INCORPORATED+ 47,769
-----------
FOOD-WHOLESALE: 0.05%
2,643 CALAVO GROWERS INCORPORATED 48,208
-----------
FOOTWEAR: 0.57%
19,278 CROCS INCORPORATED+~~ 169,068
2,897 DECKERS OUTDOOR CORPORATION+ 399,786
568,854
-----------
FURNITURE & FIXTURES: 0.27%
5,856 ETHAN ALLEN INTERIORS INCORPORATED 120,809
11,599 LA-Z-BOY INCORPORATED+ 145,451
266,260
-----------
GENERAL MERCHANDISE STORES: 0.68%
9,090 CABELA'S INCORPORATED+ 158,984
11,456 CASEY'S GENERAL STORES INCORPORATED 359,718
8,926 FRED'S INCORPORATED 106,933
5,872 STEIN MART INCORPORATED+ 53,024
678,659
-----------
|
170 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
HEALTH SERVICES: 3.03%
6,363 AMEDISYS INCORPORATED+~~ $ 351,365
6,951 AMSURG CORPORATION+ 150,072
2,683 BIO-REFERENCE LABORATORIES INCORPORATED+ 117,972
1,605 CORVEL CORPORATION+ 57,379
6,939 CROSS COUNTRY HEALTHCARE INCORPORATED+ 70,153
6,411 CRYOLIFE INCORPORATED+ 41,479
7,496 ENZO BIOCHEM INCORPORATED+ 45,126
3,906 GENOPTIX INCORPORATED+ 138,624
6,595 GENTIVA HEALTH SERVICES INCORPORATED+ 186,507
7,605 HEALTHWAYS INCORPORATED+ 122,212
7,603 INVENTIV HEALTH INCORPORATED+ 170,763
3,066 IPC THE HOSPITALIST COMPANY+ 107,647
4,189 LCA-VISION INCORPORATED+ 34,852
3,403 LHC GROUP INCORPORATED+ 114,103
7,773 MAGELLAN HEALTH SERVICES INCORPORATED+ 337,970
4,148 MEDCATH CORPORATION+ 43,430
10,581 MEDNAX INCORPORATED+~~ 615,708
4,635 NAUTILUS GROUP INCORPORATED+ 13,998
7,455 ODYSSEY HEALTHCARE INCORPORATED+ 135,010
5,548 REHABCARE GROUP INCORPORATED+ 151,294
3,005,664
-----------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.12%
4,207 HAVERTY FURNITURE COMPANIES INCORPORATED 68,658
7,051 TUESDAY MORNING CORPORATION+ 46,466
115,124
-----------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.06%
4,703 MARCUS CORPORATION 61,092
-----------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.24%
2,828 AAON INCORPORATED 63,969
15,270 ACTUANT CORPORATION CLASS A 298,529
4,466 ASTEC INDUSTRIES INCORPORATED+ 129,335
3,948 BLACK BOX CORPORATION 121,440
11,251 BRIGGS & STRATTON CORPORATION 219,395
14,525 BROOKS AUTOMATION INCORPORATED+ 128,111
2,057 CASCADE CORPORATION 66,256
6,798 DRIL-QUIP INCORPORATED+ 413,590
4,567 ENPRO INDUSTRIES INCORPORATED+ 132,808
11,746 GARDNER DENVER INCORPORATED 517,294
11,106 INTERMEC INCORPORATED+ 157,483
5,000 INTEVAC INCORPORATED+ 69,100
6,335 JOHN BEAN TECHNOLOGIES CORPORATION 111,116
7,546 KAYDON CORPORATION 283,730
15,702 KULICKE & SOFFA INDUSTRIES INCORPORATED+ 113,840
2,807 LINDSAY MANUFACTURING COMPANY 116,238
3,358 LUFKIN INDUSTRIES INCORPORATED 265,786
7,849 NETGEAR INCORPORATED+ 204,859
11,219 OIL STATES INTERNATIONAL INCORPORATED+ 508,669
7,406 ROBBINS & MYERS INCORPORATED 176,411
5,985 SCANSOURCE INCORPORATED+ 172,248
6,031 SIGMA DESIGNS INCORPORATED+ 70,744
7,566 TORO COMPANY 372,020
5,366 ULTRATECH INCORPORATED+ 72,978
7,275 WATSCO INCORPORATED 413,802
5,199,751
-----------
|
Wells Fargo Advantage Master Portfolios 171
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
INSURANCE CARRIERS: 3.69%
1,993 AMERICAN PHYSICIANS CAPITAL INCORPORATED $ 63,676
11,496 AMERIGROUP CORPORATION+ 382,127
4,248 AMERISAFE INCORPORATED+ 69,540
11,017 CENTENE CORPORATION+ 264,849
10,710 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 269,464
5,282 EHEALTH INCORPORATED+ 83,192
9,902 EMPLOYERS HOLDINGS INCORPORATED 147,045
11,011 HEALTHSPRING INCORPORATED+ 193,794
3,060 INFINITY PROPERTY & CASUALTY CORPORATION 139,046
2,989 MOLINA HEALTHCARE INCORPORATED+ 75,233
9,317 NATIONAL FINANCIAL PARTNERS CORPORATION+ 131,370
4,658 PRESIDENTIAL LIFE CORPORATION 46,440
7,293 PROASSURANCE CORPORATION+ 426,932
3,903 RLI CORPORATION 222,549
3,386 SAFETY INSURANCE GROUP INCORPORATED 127,551
11,965 SELECTIVE INSURANCE GROUP INCORPORATED 198,619
4,102 STEWART INFORMATION SERVICES CORPORATION 56,608
3,000 THE NAVIGATORS GROUP INCORPORATED+ 117,990
10,123 TOWER GROUP INCORPORATED 224,427
4,986 UNITED FIRE & CASUALTY COMPANY 89,698
8,523 ZENITH NATIONAL INSURANCE CORPORATION 326,601
3,656,751
-----------
LEATHER & LEATHER PRODUCTS: 0.38%
9,647 BROWN SHOE COMPANY INCORPORATED 149,336
5,345 GENESCO INCORPORATED+ 165,748
6,088 K-SWISS INCORPORATED 63,680
378,764
-----------
LEGAL SERVICES: 0.06%
1,514 PRE-PAID LEGAL SERVICES INCORPORATED+ 57,305
-----------
LEISURE, SPORTING & RECREATION: 0.50%
4,853 BIG 5 SPORTING GOODS CORPORATION 73,863
14,490 CALLAWAY GOLF COMPANY 127,802
6,450 HIBBETT SPORTS INCORPORATED+ 164,991
8,904 INTERVAL LEISURE GROUP INCORPORATED+ 129,642
496,298
-----------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.30%
2,410 DELTIC TIMBER CORPORATION 106,161
1,529 SKYLINE CORPORATION 28,439
4,341 UNIVERSAL FOREST PRODUCTS 167,215
301,815
-----------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 6.08%
4,968 ABAXIS INCORPORATED+ 135,080
15,232 ALIGN TECHNOLOGY INCORPORATED+ 294,587
16,903 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 314,058
2,024 AMERICAN SCIENCE & ENGINEERING INCORPORATED 151,638
2,897 ANALOGIC CORPORATION 123,789
3,369 BADGER METER INCORPORATED 129,740
2,900 CANTEL INDUSTRIES 57,565
5,298 COHU INCORPORATED 72,953
6,562 CONMED CORPORATION+ 156,241
|
172 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS:
PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
10,221 COOPER COMPANIES INCORPORATED $ 397,392
5,376 CYBERONICS INCORPORATED+ 103,004
5,949 ESCO TECHNOLOGIES INCORPORATED 189,238
6,712 ESTERLINE TECHNOLOGIES CORPORATION+ 331,774
3,627 FARO TECHNOLOGIES INCORPORATED+ 93,395
8,525 FEI COMPANY+ 195,308
5,653 HAEMONETICS CORPORATION+ 323,069
7,178 HANGER ORTHOPEDIC GROUP INCORPORATED+ 130,496
2,712 ICU MEDICAL INCORPORATED+ 93,428
5,809 II-VI INCORPORATED+ 196,577
4,646 INTEGRA LIFESCIENCES HOLDINGS+ 203,634
26,709 ION GEOPHYSICAL CORPORATION+ 131,408
3,051 KEITHLEY INSTRUMENTS INCORPORATED 20,137
2,460 KENSEY NASH CORPORATION+ 58,031
14,911 KOPIN CORPORATION+ 55,171
9,136 MERIDIAN DIAGNOSTICS INCORPORATED 186,100
6,320 MERIT MEDICAL SYSTEMS INCORPORATED+ 96,380
11,143 MKS INSTRUMENTS INCORPORATED+ 218,291
3,712 MTS SYSTEMS CORPORATION 107,759
6,388 NATUS MEDICAL INCORPORATED+ 101,633
5,009 NEOGEN CORPORATION+ 125,726
8,172 NEWPORT CORPORATION+ 102,150
4,054 OSTEOTECH INCORPORATED+ 15,892
4,167 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 45,254
6,984 RUDOLPH TECHNOLOGIES INCORPORATED+ 59,853
6,863 SONIC SOLUTIONS+ 64,306
8,064 SYMMETRY MEDICAL INCORPORATED+ 80,963
8,147 TELEDYNE TECHNOLOGIES INCORPORATED+ 336,227
7,529 THERAGENICS CORPORATION+ 12,498
8,985 VEECO INSTRUMENTS INCORPORATED+ 390,848
4,804 ZOLL MEDICAL CORPORATION+ 126,633
6,028,226
-----------
MEDICAL EQUIPMENT & SUPPLIES: 0.51%
7,275 INVACARE CORPORATION 193,079
13,249 PSS WORLD MEDICAL INCORPORATED+ 311,484
504,563
-----------
MEDICAL PRODUCTS: 0.32%
7,449 WEST PHARMACEUTICAL SERVICES INCORPORATED 312,486
-----------
METAL FABRICATE, HARDWARE: 0.13%
3,824 CIRCOR INTERNATIONAL INCORPORATED 126,995
-----------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.15%
5,590 AMCOL INTERNATIONAL CORPORATION 152,048
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.94%
1,341 BLYTH INCORPORATED 41,906
14,500 CENTRAL GARDEN & PET COMPANY CLASS A+ 132,820
7,761 DAKTRONICS INCORPORATED 59,139
14,007 HILLENBRAND INCORPORATED 308,014
6,279 JAKKS PACIFIC INCORPORATED+ 81,941
3,821 KID BRANDS INCORPORATED+ 33,052
3,847 LYDALL INCORPORATED 30,199
|
Wells Fargo Advantage Master Portfolios 173
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
MISCELLANEOUS MANUFACTURING INDUSTRIES (continued)
4,812 RC2 CORPORATION+ $ 72,036
12,065 SHUFFLE MASTER INCORPORATED+ 98,812
2,806 STANDEX INTERNATIONAL CORPORATION 72,311
930,230
-----------
MISCELLANEOUS RETAIL: 0.52%
8,964 HSN INCORPORATED+ 263,900
6,031 JO ANN STORES INCORPORATED+ 253,181
517,081
-----------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.75%
5,693 ARKANSAS BEST CORPORATION 170,107
6,520 FORWARD AIR CORPORATION 171,476
11,836 HEARTLAND EXPRESS INCORPORATED 195,294
6,292 OLD DOMINION FREIGHT LINE INCORPORATED+ 210,090
746,967
-----------
NON-DEPOSITORY CREDIT INSTITUTIONS: 0.53%
6,649 CASH AMERICA INTERNATIONAL INCORPORATED 262,503
5,974 FIRST CASH FINANCIAL SERVICES INCORPORATED+ 128,859
3,693 WORLD ACCEPTANCE CORPORATION+ 133,243
524,605
-----------
OFFICE SUPPLIES: 0.32%
19,045 OFFICEMAX INCORPORATED+ 312,719
-----------
OIL & GAS EXTRACTION: 1.95%
5,123 BASIC ENERGY SERVICES INCORPORATED+ 39,498
4,329 PETROLEUM DEVELOPMENT CORPORATION+ 100,303
11,937 PETROQUEST ENERGY INCORPORATED+ 60,043
12,178 PIONEER DRILLING COMPANY+ 85,733
5,088 SEACOR HOLDINGS INCORPORATED+ 410,398
2,659 SEAHAWK DRILLING INCORPORATED+ 50,122
14,126 ST. MARY LAND & EXPLORATION COMPANY 491,726
9,487 STONE ENERGY CORPORATION+ 168,394
4,145 SUPERIOR WELL SERVICES+ 55,460
8,443 SWIFT ENERGY COMPANY+ 259,538
17,004 TETRA TECHNOLOGIES INCORPORATED+ 207,789
1,929,004
-----------
PAPER & ALLIED PRODUCTS: 1.00%
8,723 BUCKEYE TECHNOLOGIES INCORPORATED+ 114,097
2,557 CLEARWATER PAPER CORPORATION+ 125,932
3,297 NEENAH PAPER INCORPORATED 52,224
8,734 ROCK-TENN COMPANY CLASS A 398,008
3,981 SCHWEITZER MANDUIT INTERNATIONAL INCORPORATED 189,336
2,856 STANDARD REGISTER COMPANY 15,280
11,029 WAUSAU PAPER CORPORATION 94,188
989,065
-----------
PERSONAL SERVICES: 0.51%
7,002 COINSTAR INCORPORATED+ 227,565
4,178 G&K SERVICES INCORPORATED CLASS A 108,127
3,227 UNIFIRST CORPORATION 166,191
501,883
-----------
|
174 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
PETROLEUM REFINING & RELATED INDUSTRIES: 0.82%
13,601 HEADWATERS INCORPORATED+ $ 62,429
9,798 HOLLY CORPORATION 273,462
3,732 WD-40 COMPANY 122,522
13,363 WORLD FUEL SERVICES CORPORATION 355,990
814,403
-----------
PHARMACEUTICALS: 1.67%
8,680 CATALYST HEALTH SOLUTIONS INCORPORATED+ 359,178
3,348 KENDLE INTERNATIONAL INCORPORATED+ 58,523
7,862 PAR PHARMACEUTICAL COMPANIES INCORPORATED+ 194,978
6,890 PHARMERICA CORPORATION+ 125,536
12,492 SALIX PHARMACEUTICALS LIMITED+ 465,327
15,066 SAVIENT PHARMACEUTICALS INCORPORATED+ 217,704
17,435 VIROPHARMA INCORPORATED+ 237,639
1,658,885
-----------
PRIMARY METAL INDUSTRIES: 1.91%
10,499 BELDEN CDT INCORPORATED 288,303
4,552 BRUSH ENGINEERED MATERIALS INCORPORATED+ 102,739
12,909 CENTURY ALUMINUM COMPANY+ 177,628
10,309 CURTISS-WRIGHT CORPORATION 358,753
4,273 ENCORE WIRE CORPORATION 88,878
6,804 GIBRALTAR INDUSTRIES INCORPORATED+ 85,798
8,472 MUELLER INDUSTRIES INCORPORATED 226,965
2,032 OLYMPIC STEEL INCORPORATED 66,345
6,763 RTI INTERNATIONAL METALS INCORPORATED+ 205,122
6,243 TEXAS INDUSTRIES INCORPORATED~~ 213,323
4,851 TREDEGAR CORPORATION 82,855
1,896,709
-----------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.26%
9,022 BOWNE & COMPANY INCORPORATED 100,686
2,513 CONSOLIDATED GRAPHICS INCORPORATED+ 104,063
6,538 EW SCRIPPS COMPANY+ 55,246
259,995
-----------
REAL ESTATE: 0.15%
7,153 MERITAGE CORPORATION+ 150,213
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS): 6.57%
9,026 ACADIA REALTY TRUST 161,204
22,353 BIOMED REALTY TRUST INCORPORATED 369,719
12,161 CEDAR SHOPPING CENTERS INCORPORATED 96,194
14,921 COLONIAL PROPERTIES TRUST 192,182
27,948 DIAMONDROCK HOSPITALITY+ 282,554
6,034 EASTGROUP PROPERTIES INCORPORATED 227,723
9,626 ENTERTAINMENT PROPERTIES TRUST 395,917
19,514 EXTRA SPACE STORAGE INCORPORATED 247,438
8,188 FORESTAR REAL ESTATE GROUP INCORPORATED+ 154,589
15,240 FRANKLIN STREET PROPERTIES CORPORATION 219,913
13,814 HEALTHCARE REALTY TRUST INCORPORATED 321,728
7,868 HOME PROPERTIES INCORPORATED 368,222
16,147 INLAND REAL ESTATE CORPORATION 147,745
9,697 KILROY REALTY CORPORATION 299,055
14,175 KITE REALTY GROUP TRUST 67,048
15,527 LASALLE HOTEL PROPERTIES 361,779
|
Wells Fargo Advantage Master Portfolios 175
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
REAL ESTATE INVESTMENT TRUSTS (REITS) (continued)
24,846 LEXINGTON CORPORATE PROPERTIES TRUST $ 161,747
5,245 LTC PROPERTIES INCORPORATED 141,930
18,095 MEDICAL PROPERTIES TRUST INCORPORATED 189,636
6,547 MID-AMERICA APARTMENT COMMUNITIES INCORPORATED 339,069
18,658 NATIONAL RETAIL PROPERTIES INCORPORATED 425,962
4,854 PARKWAY PROPERTIES INCORPORATED 91,158
8,932 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST 111,382
10,935 POST PROPERTIES INCORPORATED 240,789
4,060 PS BUSINESS PARKS INCORPORATED 216,804
6,192 SOVRAN SELF STORAGE INCORPORATED 215,853
9,099 TANGER FACTORY OUTLET CENTERS INCORPORATED 392,713
4,836 URSTADT BIDDLE PROPERTIES INCORPORATED 76,457
6,516,510
-----------
RETAIL: 0.23%
10,965 EZCORP INCORPORATED+ 225,879
-----------
RETAIL, TRADE & SERVICES: 0.26%
3,499 LUMBER LIQUIDATORS HOLDINGS INCORPORATED+ 93,318
4,936 MARINEMAX INCORPORATED+ 53,111
5,143 PETMED EXPRESS INCORPORATED~~ 114,020
260,449
-----------
RETAIL-SPECIAL LINE: 0.24%
3,259 BLUE NILE INCORPORATED+ 179,310
4,035 NORTH AMERICAN WATCH CORPORATION 45,515
5,335 ZALE CORPORATION+ 14,618
239,443
-----------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.14%
5,873 A. SCHULMAN INCORPORATED 143,712
-----------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.02%
9,900 INVESTMENT TECHNOLOGY GROUP INCORPORATED+ 165,231
9,628 LABRANCHE & COMPANY INCORPORATED+ 50,643
9,566 OPTIONSXPRESS HOLDINGS INCORPORATED 155,830
3,565 PIPER JAFFRAY COMPANIES INCORPORATED+ 143,670
6,949 STIFEL FINANCIAL CORPORATION+ 373,509
6,448 SWS GROUP INCORPORATED 74,345
7,444 TRADESTATION GROUP INCORPORATED+ 52,182
1,015,410
-----------
SOCIAL SERVICES: 0.14%
1,833 ALMOST FAMILY INCORPORATED+ 69,086
5,768 RES-CARE INCORPORATED+ 69,158
138,244
-----------
SOFTWARE: 1.16%
9,576 COMMVAULT SYSTEMS INCORPORATED+ 204,448
10,361 EPICOR SOFTWARE CORPORATION+ 99,051
7,328 EPIQ SYSTEMS INCORPORATED+ 91,087
7,990 JDA SOFTWARE GROUP INCORPORATED+ 222,282
9,286 PROGRESS SOFTWARE CORPORATION+ 291,859
6,685 SMITH MICRO SOFTWARE INCORPORATED+ 59,095
18,719 TAKE-TWO INTERACTIVE SOFTWARE INCORPORATED+~~ 184,382
1,152,204
-----------
|
176 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.84%
6,295 APOGEE ENTERPRISES INCORPORATED $ 99,524
5,304 CABOT MICROELECTRONICS CORPORATION+ 200,650
4,306 CARBO CERAMICS INCORPORATED 268,436
9,858 EAGLE MATERIALS INCORPORATED 261,631
830,241
-----------
TECHNOLOGY: 0.09%
6,399 AVID TECHNOLOGY INCORPORATED+ 88,178
-----------
TEXTILE MILL PRODUCTS: 0.68%
6,176 ALBANY INTERNATIONAL CORPORATION CLASS A 132,969
12,668 INTERFACE INCORPORATED 146,695
3,122 OXFORD INDUSTRIES INCORPORATED 63,470
11,206 WOLVERINE WORLD WIDE INCORPORATED 326,767
669,901
-----------
TEXTILES - PRODUCTS: 0.25%
16,070 ICONIX BRAND GROUP INCORPORATED+ 246,835
-----------
TOBACCO PRODUCTS: 0.10%
20,047 ALLIANCE ONE INTERNATIONAL INCORPORATED+ 102,039
-----------
TRANSPORTATION BY AIR: 0.77%
2,453 AIR METHODS CORPORATION+ 83,402
3,396 ALLEGIANT TRAVEL COMPANY+ 196,493
8,086 BRISTOW GROUP INCORPORATED+ 305,085
12,604 SKYWEST INCORPORATED 179,985
764,965
-----------
TRANSPORTATION EQUIPMENT: 2.41%
3,343 AEROVIRONMENT INCORPORATED+ 87,286
2,748 ARCTIC CAT INCORPORATED+ 29,816
4,512 ATC TECHNOLOGY CORPORATION+ 77,426
19,902 BRUNSWICK CORPORATION 317,835
11,344 CLARCOR INCORPORATED 391,255
11,452 GENCORP INCORPORATED+ 65,964
5,512 GROUP 1 AUTOMOTIVE INCORPORATED+ 175,612
5,180 HORNBECK OFFSHORE+ 96,193
12,816 ORBITAL SCIENCES CORPORATION+ 243,632
7,396 POLARIS INDUSTRIES INCORPORATED 378,379
7,399 SPARTAN MOTORS INCORPORATED 41,434
4,122 STANDARD MOTOR PRODUCTS INCORPORATED 40,890
5,220 SUPERIOR INDUSTRIES INTERNATIONAL INCORPORATED 83,938
3,750 TRIUMPH GROUP INCORPORATED 262,838
6,542 WINNEBAGO INDUSTRIES INCORPORATED+ 95,579
2,388,077
-----------
TRANSPORTATION SERVICES: 0.24%
8,566 HUB GROUP INCORPORATED CLASS A+ 239,677
-----------
WHOLESALE TRADE NON-DURABLE GOODS: 1.47%
9,188 HAIN CELESTIAL GROUP INCORPORATED+ 159,412
6,350 MYERS INDUSTRIES INCORPORATED 66,548
2,881 NASH FINCH COMPANY 96,946
2,294 PERRY ELLIS INTERNATIONAL INCORPORATED+ 51,959
3,607 SCHOOL SPECIALTY INCORPORATED+ 81,915
|
Wells Fargo Advantage Master Portfolios 177
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
WHOLESALE TRADE NON-DURABLE GOODS (continued)
5,052 SPARTAN STORES INCORPORATED $ 72,850
4,117 THE ANDERSONS INCORPORATED 137,837
8,123 TRACTOR SUPPLY COMPANY 471,540
5,402 UNITED STATIONERS INCORPORATED+ 317,908
1,456,915
----------
WHOLESALE TRADE-DURABLE GOODS: 1.69%
3,763 A.M. CASTLE & COMPANY 49,220
8,390 APPLIED INDUSTRIAL TECHNOLOGIES INCORPORATED 208,492
9,766 BARNES GROUP INCORPORATED 189,949
5,570 DIGI INTERNATIONAL INCORPORATED+ 59,265
10,326 INSIGHT ENTERPRISES INCORPORATED+ 148,281
5,800 KAMAN CORPORATION CLASS A 145,058
13,124 KNIGHT TRANSPORTATION INCORPORATED 276,785
901 LAWSON PRODUCTS INCORPORATED 13,938
2,749 MWI VETERINARY SUPPLY INCORPORATED+ 111,060
10,484 PEP BOYS-MANNY, MOE & JACK 105,364
11,063 POOL CORPORATION 250,466
6,237 TYLER TECHNOLOGIES INCORPORATED+ 116,881
1,674,759
----------
TOTAL COMMON STOCKS (COST $97,202,021) 98,052,755
----------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 3.25%
COLLATERAL INVESTED IN OTHER ASSETS: 3.25%
$ 65,225 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES
(MATURITY VALUE $65,225) 0.01% 04/01/2010 65,225
19,531 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 19,531
26,856 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028
26,856
538,100 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $538,100) 0.02 04/01/2010 538,100
12,927 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 12,927
39,063 COOK COUNTY IL+/-ss 0.25 11/01/2030 39,063
48,916 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $48,916) 0.03 04/01/2010 48,916
75,098 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $75,098) 0.01 04/01/2010 75,098
1,742,565 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 716,194
8,057 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,057
24,414 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 24,414
9,766 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 9,766
326,121 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $326,121) 0.01 04/01/2010 326,121
14,649 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 14,649
9,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 9,766
28,540 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 28,540
43,946 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 43,946
14,649 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 14,648
2,222,989 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,200,414
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,878,167) 3,222,231
----------
|
178 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL CAP INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 1.08%
MUTUAL FUNDS: 0.91%
897,297 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 897,297
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
US TREASURY BILLS: 0.17%
$ 170,000 US TREASURY BILL## # 0.08 05/06/2010 169,974
------------
TOTAL SHORT-TERM INVESTMENTS (COST $1,067,271) 1,067,271
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $101,147,459)* 103.22% 102,342,257
OTHER ASSETS AND LIABILITIES, NET (3.22) (3,190,102)
------ ------------
TOTAL NET ASSETS 100.00% $ 99,152,155
------ ------------
|
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers"
under rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
# Security pledged as collateral for futures transactions.
## Zero coupon security. Rate represents yield to maturity.
|
* Cost for federal income tax purposes is $106,708,649 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 12,970,435
Gross unrealized depreciation (17,336,827)
------------
Net unrealized depreciation $ (4,366,392)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 179
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 95.32%
APPAREL & ACCESSORY STORES: 8.22%
292,420 CHARMING SHOPPES INCORPORATED+ $ 1,596,613
168,370 COLLECTIVE BRANDS INCORPORATED+ 3,828,734
188,300 DRESS BARN INCORPORATED+ 4,925,928
272,440 FINISH LINE INCORPORATED CLASS A 4,446,221
169,360 HANESBRANDS INCORPORATED+ 4,711,595
114,150 RUE21 INCORPORATED+ 3,957,581
1,124,790 WET SEAL INCORPORATED CLASS A+ 5,354,000
28,820,672
-------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 2.12%
87,841 COPART INCORPORATED+ 3,127,140
391,400 SONIC AUTOMOTIVE INCORPORATED+ 4,305,400
7,432,540
-------------
BIOTECHNOLOGY: 0.58%
171,840 SEATTLE GENETICS INCORPORATED+ 2,051,770
-------------
BUSINESS SERVICES: 14.34%
108,420 ARBITRON INCORPORATED~~ 2,890,477
166,240 BOTTOMLINE TECHNOLOGIES INCORPORATED+ 2,797,819
520,080 CADENCE DESIGN SYSTEMS INCORPORATED+ 3,463,733
202,720 CARDTRONICS INCORPORATED+ 2,520,347
61,412 CONCUR TECHNOLOGIES INCORPORATED+ 2,518,506
190,450 MEDIDATA SOLUTIONS INCORPORATED+ 2,894,840
144,660 OMNICELL INCORPORATED+ 2,029,580
274,180 PARAMETRIC TECHNOLOGY CORPORATION+ 4,948,949
339,280 PHASE FORWARD INCORPORATED+ 4,434,390
395,160 SFN GROUP INCORPORATED+ 3,165,232
136,000 SKILLSOFT PLC ADR+ 1,403,520
245,220 SUCCESSFACTORS INCORPORATED+ 4,668,989
188,970 SYKES ENTERPRISES INCORPORATED+ 4,316,075
139,790 TNS INCORPORATED+ 3,117,317
68,610 ULTIMATE SOFTWARE GROUP INCORPORATED+ 2,260,700
167,210 VOCUS INCORPORATED+ 2,850,931
50,281,405
-------------
CASINO & GAMING: 0.64%
55,020 BALLY TECHNOLOGIES INCORPORATED+~~ 2,230,498
-------------
CHEMICALS & ALLIED PRODUCTS: 5.09%
184,940 ALNYLAM PHARMACEUTICALS INCORPORATED+ 3,147,679
175,890 CRUCELL NV ADR+ 3,588,156
168,530 ELIZABETH ARDEN INCORPORATED+ 3,033,540
205,845 INSPIRE PHARMACEUTICALS INCORPORATED+ 1,284,473
180,430 OLIN CORPORATION 3,540,037
163,790 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 3,262,697
17,856,582
-------------
COMMERCIAL SERVICES: 0.48%
104,070 TRANSCEND SERVICES INCORPORATED+ 1,691,138
-------------
COMMUNICATIONS: 1.52%
268,850 ARUBA NETWORKS INCORPORATED+ 3,672,491
63,170 ASIAINFO HOLDINGS INCORPORATED+ 1,672,742
5,345,233
-------------
|
180 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS: 3.61%
485,730 FBR CAPITAL MARKETS CORPORATION+ $ 2,210,072
27,660 HANCOCK HOLDING COMPANY 1,156,465
109,200 HOME BANCSHARES INCORPORATED 2,887,248
61,450 SIGNATURE BANK+ 2,276,723
111,300 WINTRUST FINANCIAL CORPORATION 4,141,473
12,671,981
-------------
EATING & DRINKING PLACES: 0.84%
211,190 TEXAS ROADHOUSE INCORPORATED CLASS A+ 2,933,429
-------------
EDUCATIONAL SERVICES: 0.98%
156,910 EDUCATION MANAGEMENT CORPORATION+~~ 3,436,329
-------------
ELECTRONIC: 0.90%
162,780 GENTEX CORPORATION 3,161,188
-------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.32%
189,400 ADVANCED ANALOGIC TECHNOLOGIES INCORPORATED+ 661,006
44,970 APPLIED SIGNAL TECHNOLOGY INCORPORATED 880,513
776,930 ATMEL CORPORATION+ 3,907,958
51,950 CALIX NETWORKS INCORPORATED+ 698,728
314,420 MICREL INCORPORATED 3,351,717
149,740 MICROSEMI CORPORATION+ 2,596,492
95,420 NETLOGIC MICROSYSTEMS INCORPORATED+ 2,808,211
184,820 OSI SYSTEMS INCORPORATED+ 5,184,201
281,840 PMC-SIERRA INCORPORATED+ 2,514,013
75,690 POLYCOM INCORPORATED+ 2,314,600
52,675 SILICON LABORATORIES INCORPORATED+~~ 2,511,017
176,550 TESSERA TECHNOLOGIES INCORPORATED+ 3,580,434
76,800 VARIAN SEMICONDUCTOR EQUIPMENT ASSOCIATES INCORPORATED+ 2,543,616
76,520 VIASAT INCORPORATED+ 2,648,357
36,200,863
-------------
ENVIRONMENTAL CONTROL: 0.51%
104,190 CALGON CARBON CORPORATION+ 1,783,733
-------------
FOOD & KINDRED PRODUCTS: 0.96%
119,590 UNITED NATURAL FOODS INCORPORATED+ 3,364,067
-------------
GENERAL MERCHANDISE STORES: 0.95%
204,060 99 CENTS ONLY STORES+ 3,326,178
-------------
HEALTH CARE: 0.42%
29,510 GEN-PROBE INCORPORATED+ 1,475,500
-------------
HEALTH SERVICES: 3.41%
123,120 GENOPTIX INCORPORATED+ 4,369,529
108,190 LHC GROUP INCORPORATED+ 3,627,611
260,550 NEKTAR THERAPEUTICS+ 3,962,966
11,960,106
-------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 1.25%
242,880 ORION MARINE GROUP INCORPORATED+ 4,383,984
-------------
HOLDING & OTHER INVESTMENT OFFICES: 0.37%
77,890 FINANCIAL ENGINES INCORPORATED+ 1,316,341
-------------
|
Wells Fargo Advantage Master Portfolios 181
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.72%
135,980 COLUMBUS MCKINNON CORPORATION+ $ 2,158,003
205,350 ENTEGRIS INCORPORATED+ 1,034,964
227,100 INTERMEC INCORPORATED+ 3,220,278
233,970 NETEZZA CORPORATION+ 2,992,476
128,010 RIVERBED TECHNOLOGY INCORPORATED+ 3,635,484
13,041,205
-------------
INSURANCE CARRIERS: 2.03%
82,120 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 2,676,291
16,700 ENSTAR GROUP LIMITED+ 1,154,972
119,210 VALIDUS HOLDINGS LIMITED 3,281,851
7,113,114
-------------
LEISURE, SPORTING & RECREATION: 1.09%
146,610 DICK'S SPORTING GOODS INCORPORATED+ 3,827,987
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.76%
158,170 AMERICAN MEDICAL SYSTEMS HOLDINGS INCORPORATED+ 2,938,799
82,455 ARGON ST INCORPORATED+ 2,194,128
400,530 DEXCOM INCORPORATED+ 3,897,157
215,860 EMDEON INCORPORATED+ 3,566,007
421,730 ENDOLOGIX INCORPORATED+ 1,703,789
60,310 HEARTWARE INTERNATIONAL INCORPORATED+ 2,681,986
599,508 INFINERA CORPORATION+~~ 5,107,808
216,100 SENSATA TECHNOLOGIES HOLDINGS N.V+ 3,881,156
98,505 SONOSITE INCORPORATED+ 3,162,996
340,900 SPECTRANETICS CORPORATION+ 2,355,619
104,510 ZOLL MEDICAL CORPORATION+ 2,754,884
34,244,329
-------------
MEDICAL PRODUCTS: 1.12%
100,540 INVERNESS MEDICAL INNOVATIONS INCORPORATED+ 3,916,033
-------------
METAL MINING: 0.58%
150,560 THOMPSON CREEK METALS COMPANY INCORPORATED+ 2,037,077
-------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.92%
138,050 STR HOLDINGS INCORPORATED+ 3,244,175
-------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.84%
232,570 HEARTLAND EXPRESS INCORPORATED 3,837,405
112,250 WERNER ENTERPRISES INCORPORATED 2,600,833
6,438,238
-------------
OIL & GAS EXTRACTION: 3.92%
218,120 COMPLETE PRODUCTION SERVICES INCORPORATED+ 2,519,286
42,720 COMSTOCK RESOURCES INCORPORATED+ 1,358,496
74,850 CONCHO RESOURCES INCORPORATED+ 3,769,446
233,150 GULFPORT ENERGY CORPORATION+ 2,620,606
165,280 SUPERIOR ENERGY SERVICES INCORPORATED+ 3,474,186
13,742,020
-------------
PAPER & RELATED PRODUCTS: 0.52%
155,190 KAPSTONE PAPER AND PACKAGING CORPORATION+ 1,842,105
-------------
PHARMACEUTICALS: 0.52%
165,950 ISIS PHARMACEUTICALS INCORPORATED+ 1,812,174
-------------
|
182 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
SHARES SECURITY NAME VALUE
PRIMARY METAL INDUSTRIES: 1.76%
313,710 HORSEHEAD HOLDING CORPORATION+ $ 3,714,326
140,960 STEEL DYNAMICS INCORPORATED 2,462,571
6,176,897
-------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.79%
169,400 ROVI CORPORATION+ 6,289,822
-------------
RAILROAD TRANSPORTATION: 0.63%
64,350 GENESEE & WYOMING INCORPORATED+ 2,195,622
-------------
RENTAL AUTO/EQUIPMENT: 0.67%
236,390 HERTZ GLOBAL HOLDINGS INCORPORATED+~~ 2,361,536
-------------
RETAIL-SPECIAL LINE: 1.12%
173,910 ULTA SALON COSMETICS & FRAGRANCE INCORPORATED+ 3,933,844
-------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.01%
106,300 JARDEN CORPORATION 3,538,727
-------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.85%
94,710 EVERCORE PARTNERS INCORPORATED CLASS A 2,841,300
362,300 GFI GROUP INCORPORATED 2,094,094
94,940 OPTIONSXPRESS HOLDINGS INCORPORATED 1,546,573
6,481,967
-------------
SOFTWARE: 1.54%
105,730 COMMVAULT SYSTEMS INCORPORATED+ 2,257,336
144,510 SOLARWINDS INCORPORATED+ 3,130,087
5,387,423
-------------
TRANSPORTATION BY AIR: 0.36%
170,000 US AIRWAYS GROUP INCORPORATED+ 1,249,500
-------------
TRANSPORTATION SERVICES: 1.06%
132,770 HUB GROUP INCORPORATED CLASS A+ 3,714,905
-------------
TOTAL COMMON STOCKS (COST $268,409,380) 334,312,237
-------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING: 1.99%
COLLATERAL INVESTED IN OTHER ASSETS: 1.99%
$ 222,088 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $222,088) 0.01% 04/01/2010 222,088
66,503 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 66,503
91,442 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 91,442
1,832,204 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,832,205) 0.02 04/01/2010 1,832,204
44,017 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 44,017
133,007 COOK COUNTY IL+/-ss 0.25 11/01/2030 133,007
166,558 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $166,558) 0.03 04/01/2010 166,558
255,706 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $255,706) 0.01 04/01/2010 255,706
2,310,770 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 949,727
27,433 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 27,433
|
Wells Fargo Advantage Master Portfolios 183
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY GROWTH PORTFOLIO
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE
COLLATERAL INVESTED IN OTHER ASSETS (continued)
$ 83,129 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28% 07/01/2029 $ 83,129
33,252 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 33,252
1,110,425 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,110,425) 0.01 04/01/2010 1,110,425
49,878 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 49,878
33,252 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 33,252
97,178 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 97,178
149,633 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 149,633
49,878 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 49,877
2,947,847 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,591,838
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $6,530,892) 6,987,147
------------
|
SHARES YIELD
SHORT-TERM INVESTMENTS: 4.19%
MUTUAL FUNDS: 4.19%
14,708,242 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 14,708,242
------------
TOTAL SHORT-TERM INVESTMENTS (COST $14,708,242) 14,708,242
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $289,648,514)* 101.50% 356,007,626
OTHER ASSETS AND LIABILITIES, NET (1.50) (5,257,419)
------ ------------
TOTAL NET ASSETS 100.00% $350,750,207
------ ------------
|
-------------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers"
under rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $306,097,849 and net
unrealized appreciation (depreciation) consists of:
Gross unrealized appreciation $ 70,979,900
Gross unrealized depreciation (21,070,123)
-------------
Net unrealized appreciation $ 49,909,777
|
The accompanying notes are an integral part of these financial statements.
184 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.82%
AMUSEMENT & RECREATION SERVICES: 0.71%
45,460 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 1,171,498
----------------
APPAREL & ACCESSORY STORES: 5.54%
37,730 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 1,680,872
58,100 DSW INCORPORATED CLASS A+ 1,483,293
84,900 HANESBRANDS INCORPORATED+ 2,361,918
64,400 TRUE RELIGION APPAREL INCORPORATED+ 1,955,184
87,490 VOLCOM INCORPORATED+ 1,707,805
9,189,072
----------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.85%
105,520 ASBURY AUTOMOTIVE GROUP INCORPORATED+ 1,403,416
----------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 1.00%
76,310 TUTOR PRINI CORPORATION+ 1,659,743
----------------
BUSINESS SERVICES: 7.76%
153,240 AIRCASTLE LIMITED 1,451,183
34,540 CACI INTERNATIONAL INCORPORATED CLASS A+ 1,687,279
203,740 EARTHLINK INCORPORATED 1,739,940
21,170 MICROSTRATEGY INCORPORATED CLASS A+ 1,800,932
27,520 PORTFOLIO RECOVERY ASSOCIATES INCORPORATED+ 1,510,022
47,610 RENT-A-CENTER INCORPORATED+ 1,125,977
65,740 SYNNEX CORPORATION+ 1,943,274
81,500 TAL INTERNATIONAL GROUP INCORPORATED 1,628,370
12,886,977
----------------
CASINO & GAMING: 1.11%
101,180 AMERISTAR CASINOS INCORPORATED 1,843,500
----------------
CHEMICALS & ALLIED PRODUCTS: 4.86%
45,900 CYTEC INDUSTRIES INCORPORATED 2,145,366
83,200 OLIN CORPORATION 1,632,384
101,810 ROCKWOOD HOLDINGS INCORPORATED+ 2,710,182
79,130 TALECRIS BIOTHERAPEUTICS HOLDINGS CORPORATION+ 1,576,270
8,064,202
----------------
COMMUNICATIONS: 1.10%
533,340 CINCINNATI BELL INCORPORATED+ 1,818,689
----------------
COMMUNICATIONS EQUIPMENT: 0.96%
56,970 COMMSCOPE INCORPORATED+ 1,596,299
----------------
COMPUTER TECHNOLOGIES: 1.13%
51,760 LEXMARK INTERNATIONAL INCORPORATED+ 1,867,501
----------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.91%
27,720 CHEMED CORPORATION 1,507,414
----------------
DEPOSITORY INSTITUTIONS: 13.22%
121,400 ASSOCIATED BANC-CORP 1,675,320
46,870 BANK OF THE OZARKS INCORPORATED 1,649,355
76,990 CARDINAL FINANCIAL CORPORATION 822,253
32,200 CITY NATIONAL CORPORATION 1,737,834
105,640 EAST WEST BANCORP INCORPORATED~~ 1,840,249
118,609 FIRST HORIZON NATIONAL CORPORATION+ 1,666,454
|
Wells Fargo Advantage Master Portfolios 185
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
70,400 MB FINANCIAL INCORPORATED $ 1,586,112
117,000 NORTHWEST BANCSHARES INCORPORATED 1,373,580
85,210 PACWEST BANCORP 1,944,492
72,700 PINNACLE FINANCIAL PARTNERS INCORPORATED+ 1,098,497
30,900 SVB FINANCIAL GROUP+ 1,441,794
131,850 UMPQUA HOLDINGS CORPORATION 1,748,331
88,010 WASHINGTON FEDERAL INCORPORATED 1,788,363
42,190 WINTRUST FINANCIAL CORPORATION 1,569,890
21,942,524
----------------
ELECTRIC, GAS & SANITARY SERVICES: 3.82%
48,000 ENERGEN CORPORATION 2,233,440
78,830 GREAT PLAINS ENERGY INCORPORATED 1,463,873
94,180 PORTLAND GENERAL ELECTRIC COMPANY 1,818,616
35,780 UNITIL CORPORATION 831,885
6,347,814
----------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.58%
176,700 AVIAT NETWORKS INCORPORATED+ 1,171,521
49,980 COMTECH TELECOMMUNICATIONS CORPORATION+ 1,598,860
131,700 GRAFTECH INTERNATIONAL LIMITED+ 1,800,339
324,010 RF MICRO DEVICES INCORPORATED+ 1,613,570
159,060 TTM TECHNOLOGIES INCORPORATED+ 1,412,453
7,596,743
----------------
FOOD & KINDRED PRODUCTS: 1.74%
47,930 CENTRAL EUROPEAN DISTRIBUTION CORPORATION+ 1,678,029
35,080 CORN PRODUCTS INTERNATIONAL INCORPORATED 1,215,873
2,893,902
----------------
GENERAL MERCHANDISE STORES: 0.85%
80,770 CABELA'S INCORPORATED+ 1,412,667
----------------
HEALTH SERVICES: 1.04%
107,520 HEALTHWAYS INCORPORATED+ 1,727,846
----------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.54%
172,320 GREAT LAKES DREDGE & DOCK COMPANY 904,680
----------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 1.39%
78,510 GAYLORD ENTERTAINMENT COMPANY+~~ 2,299,558
----------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.62%
101,920 ALTRA HOLDINGS INCORPORATED+ 1,399,362
41,760 BLACK BOX CORPORATION 1,284,538
2,683,900
----------------
INSURANCE CARRIERS: 3.12%
62,060 AMERIGROUP CORPORATION+ 2,062,874
45,071 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 1,468,864
91,410 UNITED FIRE & CASUALTY COMPANY 1,644,466
5,176,204
----------------
INVESTMENT COMPANIES: 1.20%
156,600 APOLLO INVESTMENT CORPORATION 1,993,518
----------------
|
186 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
LEISURE, SPORTING & RECREATION: 2.05%
184,290 CALLAWAY GOLF COMPANY $ 1,625,438
57,180 GENESCO INCORPORATED+ 1,773,152
3,398,590
----------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.13%
45,360 TELEDYNE TECHNOLOGIES INCORPORATED+ 1,872,007
----------------
METAL FABRICATE, HARDWARE: 1.62%
134,860 CHART INDUSTRIES INCORPORATED+ 2,697,200
----------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.67%
74,610 RC2 CORPORATION+ 1,116,912
----------------
MISCELLANEOUS REPAIR SERVICES: 1.04%
150,890 DYNCORP INTERNATIONAL INCORPORATED+ 1,733,726
----------------
OIL & GAS EXTRACTION: 4.02%
68,410 BERRY PETROLEUM COMPANY CLASS A 1,926,426
252,900 GLOBAL INDUSTRIES LIMITED+ 1,623,618
156,200 KEY ENERGY SERVICES INCORPORATED+ 1,491,710
38,400 UNIT CORPORATION+ 1,623,552
6,665,306
----------------
PAPER & ALLIED PRODUCTS: 1.44%
117,250 TEMPLE-INLAND INCORPORATED 2,395,418
----------------
PETROLEUM REFINING & RELATED INDUSTRIES: 1.07%
63,400 HOLLY CORPORATION 1,769,494
----------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.99%
78,840 AMERICAN GREETINGS CORPORATION CLASS A 1,643,026
----------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 9.64%
51,150 AMERICAN CAMPUS COMMUNITIES 1,414,809
112,190 BIOMED REALTY TRUST INCORPORATED 1,855,623
46,290 CORPORATE OFFICE PROPERTIES TRUST 1,857,618
100,700 DUPONT FABROS TECHNOLOGY INCORPORATION 2,174,113
116,220 FIRST POTOMAC REALTY TRUST 1,746,787
100,580 LASALLE HOTEL PROPERTIES 2,343,514
104,500 REDWOOD TRUST INCORPORATED 1,611,390
39,200 SOVRAN SELF STORAGE INCORPORATED 1,366,512
146,594 SUNSTONE HOTEL INVESTORS INCORPORATED 1,637,455
16,007,821
----------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.76%
94,980 COOPER TIRE & RUBBER COMPANY 1,806,520
126,970 TITAN INTERNATIONAL INCORPORATED~~ 1,108,448
2,914,968
----------------
SATELLITE: 1.46%
299,790 IRADIUM COMMUNICATIONS INCORPORATED+~~ 2,431,297
----------------
SOCIAL SERVICES: 0.96%
132,340 RES-CARE INCORPORATED+ 1,586,757
----------------
SOFTWARE: 0.98%
53,870 DIGITAL RIVER INCORPORATED+ 1,632,261
----------------
|
Wells Fargo Advantage Master Portfolios 187
Portfolio of Investments -- March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
TRANSPORTATION BY AIR: 3.41%
334,160 AIRTRAN HOLDINGS INCORPORATED+ $ 1,697,533
74,830 ATLAS AIR WORLDWIDE HOLDINGS INCORPORATED+ 3,969,732
5,667,265
------------
TRANSPORTATION EQUIPMENT: 3.22%
83,490 MARTEN TRANSPORT LIMITED+ 1,645,588
66,460 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED+ 1,553,835
30,560 TRIUMPH GROUP INCORPORATED 2,141,950
5,341,373
------------
TRANSPORTATION SERVICES: 0.89%
51,470 GATX CORPORATION 1,474,616
------------
WHOLESALE TRADE-DURABLE GOODS: 1.42%
83,590 A.M. CASTLE & COMPANY 1,093,357
36,620 WESCO INTERNATIONAL INCORPORATED+ 1,271,080
2,364,437
------------
TOTAL COMMON STOCKS (COST $114,079,991) 160,700,141
------------
|
PRINCIPAL INTEREST RATE MATURITY DATE
COLLATERAL FOR SECURITIES LENDING:1.93%
COLLATERAL INVESTED IN OTHER ASSETS: 1.93%
$ 70,778 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE $70,778) 0.01% 04/01/2010 70,778
21,194 CALCASIEU PARISH LA+/-ss 0.40 12/01/2027 21,194
29,142 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-ss 0.38 06/01/2028 29,142
583,910 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-BACKED
SECURITIES (MATURITY VALUE $583,910) 0.02 04/01/2010 583,910
14,028 COLORADO HOUSING & FINANCE AUTHORITY+/-ss 0.25 10/01/2038 14,028
42,388 COOK COUNTY IL+/-ss 0.25 11/01/2030 42,388
53,081 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $53,081) 0.03 04/01/2010 53,081
81,492 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $81,492) 0.01 04/01/2010 81,492
1,617,785 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 664,910
8,743 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-ss 0.33 11/01/2042 8,743
26,493 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-ss 0.28 07/01/2029 26,493
10,597 INDIANA MUNICIPAL POWER AGENCY+/-ss 0.30 01/01/2018 10,597
353,885 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $353,885) 0.01 04/01/2010 353,885
15,896 KANSAS CITY MO SPECIAL OBLIGATION+/-ss 0.30 04/15/2025 15,896
10,597 NEW JERSEY STATE TURNPIKE AUTHORITY+/-ss 0.34 01/01/2018 10,597
30,970 NORTH DAKOTA HOUSING FINANCE AGENCY+/-ss 0.33 01/01/2034 30,970
47,687 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-ss 0.34 07/01/2032 47,687
15,896 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-ss 0.32 12/15/2040 15,894
2,063,807 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 1,114,456
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $2,876,714) 3,196,141
------------
|
188 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
SMALL COMPANY VALUE PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
SHORT-TERM INVESTMENTS: 2.60%
MUTUAL FUNDS: 2.60%
4,319,642 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09% $ 4,319,642
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $4,319,642) 4,319,642
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $121,276,347)* 101.35% 168,215,924
OTHER ASSETS AND LIABILITIES, NET (1.35) (2,245,612)
------ ---------------
TOTAL NET ASSETS 100.00% $ 165,970,312
------ ---------------
|
----------
+ Non-income earning securities.
~~ All or a portion of this security is on loan.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the
Securities Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes
in an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
|
* Cost for federal income tax purposes is $146,644,524 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 48,627,735
Gross unrealized depreciation (27,056,335)
---------------
Net unrealized appreciation $ 21,571,400
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 189
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
COMMON STOCKS: 96.31%
AMUSEMENT & RECREATION SERVICES: 0.09%
3,300 INTERNATIONAL SPEEDWAY CORPORATION CLASS A $ 85,041
------------
APPAREL & ACCESSORY STORES: 5.02%
1,800 ABERCROMBIE & FITCH COMPANY CLASS A 82,152
24,300 BEBE STORES INCORPORATED 216,270
44,700 CHARMING SHOPPES INCORPORATED+ 244,062
1,700 CHILDREN'S PLACE RETAIL STORES INCORPORATED+ 75,735
31,300 CHRISTOPHER & BANKS CORPORATION 250,400
4,800 CITI TRENDS INCORPORATED+ 155,712
40,100 COLDWATER CREEK INCORPORATED+ 278,294
22,170 COLLECTIVE BRANDS INCORPORATED+ 504,146
2,600 COLUMBIA SPORTSWEAR COMPANY 136,578
62,411 DELIA*S INCORPORATED+ 107,971
14,400 DESTINATION MATERNITY CORPORATION+ 369,504
37,000 KENNETH COLE PRODUCTIONS INCORPORATED CLASS A 473,970
29,482 LIZ CLAIBORNE INCORPORATED+ 219,051
12,900 MAIDENFORM BRANDS INCORPORATED+ 281,865
84,700 NEW YORK & COMPANY INCORPORATED+ 405,713
4,500 SKECHERS U.S.A. INCORPORATED CLASS A+ 163,440
5,600 STAGE STORES INCORPORATED 86,184
12,500 THE CATO CORPORATION CLASS A 268,000
34,900 WET SEAL INCORPORATED CLASS A+ 166,124
4,485,171
------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.90%
8,032 MIDAS INCORPORATED+ 90,601
20,020 MONRO MUFFLER BRAKE INCORPORATED 715,915
806,516
------------
BIOPHARMACEUTICALS: 0.09%
1,200 CEPHALON INCORPORATED+ 81,336
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.97%
12,111 CAVCO INDUSTRIES INCORPORATED+ 413,470
42,005 PALM HARBOR HOMES INCORPORATED+ 84,430
16,775 TUTOR PRINI CORPORATION+ 364,856
862,756
------------
BUSINESS SERVICES: 7.39%
22,639 ABM INDUSTRIES INCORPORATED 479,947
4,800 ADMINISTAFF INCORPORATED 102,432
62,100 APAC CUSTOMER SERVICES INCORPORATED+ 357,075
83,392 ASSET ACCEPTANCE CAPITAL CORPORATION+ 526,204
9,000 BARRETT BUSINESS SERVICES INCORPORATED 122,040
13,900 CAI INTERNATIONAL INCORPORATED+ 171,248
38,800 CONVERGYS CORPORATION+ 475,688
12,200 FAIR ISAAC CORPORATION 309,148
34,639 GEO GROUP INCORPORATED+ 686,545
17,350 GERBER SCIENTIFIC INCORPORATED+ 107,744
19,000 GSE SYSTEMS INCORPORATED+ 102,790
22,500 HACKETT GROUP INCORPORATED+ 62,550
21,806 HEALTHCARE SERVICES GROUP 488,236
125,310 HILL INTERNATIONAL INCORPORATED+ 730,557
46,100 LIONBRIDGE TECHNOLOGIES INCORPORATED+ 167,343
|
190 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
BUSINESS SERVICES (continued)
5,600 MDC PARTNERS INCORPORATED $ 57,960
9,600 MENTOR GRAPHICS CORPORATION+ 76,992
33,300 MONSTER WORLDWIDE INCORPORATED+ 553,113
31,591 PLATO LEARNING INCORPORATED+ 175,646
5,600 ROLLINS INCORPORATED 121,408
7,000 SYKES ENTERPRISES INCORPORATED+ 159,880
71,095 TIER TECHNOLOGIES INCORPORATED CLASS B+ 565,916
6,600,462
-----------
CASINO & GAMING: 0.23%
83,410 CENTURY CASINOS INCORPORATED+ 208,525
-----------
CHEMICALS & ALLIED PRODUCTS: 3.17%
21,700 ELIZABETH ARDEN INCORPORATED+ 390,600
38,500 FERRO CORPORATION 338,415
21,300 ICO INCORPORATED 172,104
1,775 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 84,614
13,500 LANDEC CORPORATION+ 89,505
26,900 OLIN CORPORATION 527,778
50,420 ORASURE TECHNOLOGIES INCORPORATED+ 298,991
69,726 PRESTIGE BRANDS HOLDINGS INCORPORATED+ 627,534
6,100 ROCKWOOD HOLDINGS INCORPORATED+ 162,382
3,600 RPM INTERNATIONAL INCORPORATED 76,824
15,652 SERACARE LIFE SCIENCES INCORPORATED+ 62,608
2,831,355
-----------
COMMUNICATIONS: 1.31%
71,645 CHINA GRENTECH CORPORATION LIMITED ADR+ 275,833
63,220 CINCINNATI BELL INCORPORATED+ 215,580
9,100 KRATOS DEFENSE & SECURITY SOLUTIONS INCORPORATED+ 129,857
21,800 PREMIERE GLOBAL SERVICES INCORPORATED+ 180,068
192,190 SANDVINE CORPORATION+(a) 369,293
1,170,631
-----------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.02%
13,880 CHICAGO BRIDGE & IRON COMPANY NV+ 322,849
7,800 COMFORT SYSTEMS USA INCORPORATED 97,422
9,400 INSITUFORM TECHNOLOGIES INCORPORATED CLASS A+ 250,134
22,640 MATRIX SERVICE COMPANY+ 243,606
914,011
-----------
DATA SERVICES: 0.25%
38,395 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED+ 219,235
-----------
DEPOSITORY INSTITUTIONS: 8.05%
15,075 1ST UNITED BANCORP INCORPORATED+ 121,354
18,721 ASSOCIATED BANC-CORP 258,350
8,600 ASTORIA FINANCIAL CORPORATION 124,700
11,642 BANCORP INCORPORATED+ 103,614
3,100 BANK OF THE OZARKS INCORPORATED 109,089
10,800 BANNER CORPORATION 41,472
18,300 BOSTON PRIVATE FINANCIAL HOLDINGS INCORPORATED 134,871
16,900 BROOKLINE BANCORP INCORPORATED 179,816
1,700 CATHAY GENERAL BANCORPORATION 19,805
5,190 CITY NATIONAL CORPORATION 280,104
|
Wells Fargo Advantage Master Portfolios 191
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
DEPOSITORY INSTITUTIONS (continued)
4,000 COLUMBIA BANKING SYSTEM INCORPORATED $ 81,240
4,100 EAST WEST BANCORP INCORPORATED 71,422
12,900 FIRST BUSEY CORPORATION 57,018
2,400 FIRST FINANCIAL CORPORATION 69,504
12,177 FIRST HORIZON NATIONAL CORPORATION+ 171,083
13,300 FIRST MIDWEST BANCORP INCORPORATED 180,215
5,970 FIRST NIAGARA FINANCIAL GROUP INCORPORATED 84,893
32,308 FIRST SECURITY GROUP INCORPORATED 69,785
38,000 GLACIER BANCORP INCORPORATED 578,740
5,400 GREAT SOUTHERN BANCORP INCORPORATION 121,176
5,150 HANCOCK HOLDING COMPANY 215,322
2,600 HUDSON VALLEY HOLDING CORPORATION 62,920
6,470 IBERIABANK CORPORATION 388,265
3,400 NBT BANCORP INCORPORATED 77,690
30,800 NEW YORK COMMUNITY BANCORP INCORPORATED 509,432
22,000 NEWALLIANCE BANCSHARES INCORPORATED 277,640
13,500 NEWBRIDGE BANCORPORATION+ 47,925
4,400 NORTHRIM BANCORP INCORPORATED 75,152
2,635 NORTHWEST BANCSHARES INCORPORATED 30,935
9,200 PACIFIC CONTINENTAL CORPORATION 96,600
24,900 PACIFIC PREMIER BANCORP INCORPORATED+ 122,010
9,300 PACWEST BANCORP 212,226
3,900 STELLARONE CORPORATION 52,143
22,900 STERLING BANCSHARES INCORPORATED 127,782
4,300 TCF FINANCIAL CORPORATION 68,542
6,000 TEXAS CAPITAL BANCSHARES INCORPORATED+ 113,940
10,100 UMB FINANCIAL CORPORATION 410,060
22,248 UNITED COMMUNITY BANKS INCORPORATED+ 98,114
8,710 UNIVEST CORPORATION OF PENNSYLVANIA 162,790
7,000 WASHINGTON BANKING COMPANY 88,130
26,650 WASHINGTON FEDERAL INCORPORATED 541,528
11,699 WEST COAST BANCORP (OREGON) 30,183
8,730 WESTERN LIBERTY BANCORP+ 61,110
24,170 WHITNEY HOLDING CORPORATION 333,304
7,890 WILMINGTON TRUST CORPORATION 130,737
7,192,731
------------
E-COMMERCE/SERVICES: 0.20%
21,600 SUPPORT.COM INCORPORATED+ 70,632
19,100 WEB.COM GROUP INCORPORATED+ 104,095
174,727
------------
EATING & DRINKING PLACES: 0.72%
3,700 CEC ENTERTAINMENT INCORPORATED+ 140,933
11,000 MCCORMICK & SCHMICK'S SEAFOOD INCORPORATED+ 110,770
14,300 MORTON'S RESTAURANT GROUP INCORPORATED+ 87,373
7,900 O'CHARLEYS INCORPORATED+ 70,626
46,400 WENDY'S ARBY'S GROUP INCORPORATED 232,000
641,702
------------
EDUCATIONAL SERVICES: 0.19%
11,900 LEARNING TREE INTERNATIONAL INCORPORATED+ 167,433
58,950 VOYAGER EXPANDED LEARNING CORPORATION(a) 0
167,433
------------
|
192 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
ELECTRIC, GAS & SANITARY SERVICES: 2.76%
12,796 ALLETE INCORPORATED $ 428,410
4,900 BLACK HILLS CORPORATION 148,715
15,100 CLEAN HARBORS INCORPORATED+ 838,956
8,975 EL PASO CORPORATION 97,289
26,677 EL PASO ELECTRIC COMPANY+ 549,546
15,065 NEWALTA INCORPORATED 137,092
3,400 NICOR INCORPORATED 142,528
3,500 PORTLAND GENERAL ELECTRIC COMPANY 67,585
1,700 WGL HOLDINGS INCORPORATED 58,905
2,469,026
------------
ELECTRONIC: 0.82%
37,765 GENTEX CORPORATION 733,396
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.71%
24,300 ADAPTEC INCORPORATED+ 79,461
9,900 ADC TELECOMMUNICATIONS INCORPORATED+ 72,369
7,700 ARRIS GROUP INCORPORATED+ 92,477
55,200 ATMI INCORPORATED+ 1,065,912
6,400 AVIAT NETWORKS INCORPORATED+ 42,432
13,400 CTS CORPORATION 126,228
3,600 DIODES INCORPORATED+ 80,640
33,560 GRAFTECH INTERNATIONAL LIMITED+ 458,765
8,400 HELEN OF TROY LIMITED+ 218,904
10,100 HOUSTON WIRE & CABLE COMPANY 116,958
10,600 IMATION CORPORATION+ 116,706
16,250 INTEGRATED ELECTRICAL SERVICES INCORPORATED+ 91,813
9,600 INTERSIL CORPORATION CLASS A 141,696
15,700 MAXIM INTEGRATED PRODUCTS INCORPORATED 304,423
17,100 MIPS TECHNOLOGIES INCORPORATED+ 76,266
37,500 MOLEX INCORPORATED CLASS A 661,875
295,510 MRV COMMUNICATIONS INCORPORATED+ 393,028
12,280 OSI SYSTEMS INCORPORATED+ 344,454
76,325 POWER-ONE INCORPORATED+ 322,092
20,656 RICHARDSON ELECTRONICS LIMITED 164,215
6,700 SPECTRUM BRANDS INCORPORATED+ 183,446
67,382 TECHNITROL INCORPORATED 355,777
12,500 TELLABS INCORPORATED 94,625
154,325 TRIDENT MICROSYSTEMS INCORPORATED+ 268,526
5,500 UNIVERSAL ELECTRONICS INCORPORATED+ 122,870
5,995,958
------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.10%
32,500 CRA INTERNATIONAL INCORPORATED+ 744,900
10,135 INFINITY PHARMACEUTICALS INCORPORATED+ 61,824
39,260 SYMYX TECHNOLOGIES INCORPORATED+ 176,277
983,001
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.44%
3,700 CROWN HOLDINGS INCORPORATED+ 99,752
17,500 QUANEX BUILDING PRODUCTS CORPORATION 289,275
389,027
------------
|
Wells Fargo Advantage Master Portfolios 193
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
FOOD & KINDRED PRODUCTS: 0.42%
4,600 AMERICAN ITALIAN PASTA COMPANY CLASS A+ $ 178,802
13,240 DEL MONTE FOODS COMPANY 193,304
372,106
------------
FOOD STORES: 0.70%
50,400 WINN-DIXIE STORES INCORPORATED+ 629,496
------------
FOOTWEAR: 0.12%
800 DECKERS OUTDOOR CORPORATION+ 110,400
------------
FURNITURE & FIXTURES: 0.48%
15,400 FURNITURE BRANDS INTERNATIONAL INCORPORATED+ 99,022
6,000 HNI CORPORATION 159,780
7,600 KIMBALL INTERNATIONAL INCORPORATED CLASS B 52,820
17,200 LSI INDUSTRIES INCORPORATED 117,304
428,926
------------
HEALTH SERVICES: 3.39%
33,800 ALLIED HEALTHCARE INTERNATIONAL INCORPORATED+ 91,936
11,400 AMERICAN DENTAL PARTNERS INCORPORATED+ 148,770
29,100 BIOSCRIP INCORPORATED+ 232,218
21,600 CARDIAC SCIENCE CORPORATION+ 40,392
22,317 CROSS COUNTRY HEALTHCARE INCORPORATED+ 225,625
7,100 EMERITUS CORPORATION+ 144,485
23,135 ENSIGN GROUP INCORPORATED 400,930
24,000 FIVE STAR QUALITY CARE INCORPORATED+ 73,200
8,340 GENTIVA HEALTH SERVICES INCORPORATED+ 235,855
4,440 HEALTHSOUTH REHABILITATION CORPORATION+ 83,028
356,800 HOOPER HOLMES INCORPORATED+ 310,416
2,800 HUMANA INCORPORATED+ 130,956
12,000 LHC GROUP INCORPORATED+ 402,360
13,805 MDS INCORPORATED+ 111,959
15,500 NAUTILUS GROUP INCORPORATED+ 46,810
33,723 NOVAMED INCORPORATED+ 114,658
8,600 REHABCARE GROUP INCORPORATED+ 234,522
3,028,120
------------
HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 0.46%
1,500 GRANITE CONSTRUCTION INCORPORATED 45,330
7,275 MYR GROUP INCORPORATED+ 118,655
15,833 STERLING CONSTRUCTION COMPANY INCORPORATED+ 248,895
412,880
------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12%
58,938 EMPIRE RESORTS INCORPORATED 107,267
------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.86%
18,510 ACTUANT CORPORATION CLASS A 361,871
12,200 ALTRA HOLDINGS INCORPORATED+ 167,506
7,900 BLOUNT INTERNATIONAL INCORPORATED+ 81,844
9,300 COLUMBUS MCKINNON CORPORATION+ 147,591
29,520 CRAY INCORPORATED+ 175,644
2,600 DIEBOLD INCORPORATED 82,576
15,500 FLANDER CORPORATION+ 58,900
3,200 GARDNER DENVER INCORPORATED 140,928
103,990 INTERMEC INCORPORATED+ 1,474,578
|
194 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
9,500 INTEVAC INCORPORATED+ $ 131,290
1,256 KADANT INCORPORATED+ 18,099
12,800 KENNAMETAL INCORPORATED 359,936
23,374 MODINE MANUFACTURING COMPANY+ 262,724
17,700 NN INCORPORATED+ 97,350
164,500 QUANTUM CORPORATION+ 432,635
18,600 SPARTECH CORPORATION 217,620
2,700 TENNANT COMPANY 73,953
1,900 TIMKEN COMPANY 57,019
4,342,064
-------------
INSURANCE CARRIERS: 4.00%
13,400 AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY 142,710
8,850 AMERISAFE INCORPORATED+ 144,875
14,311 ARGO GROUP INTERNATIONAL HOLDINGS LIMITED 466,395
26,987 BROWN & BROWN INCORPORATED 483,607
5,100 DELPHI FINANCIAL GROUP INCORPORATED CLASS A 128,316
11,100 DONEGAL GROUP INCORPORATED CLASS A 161,061
3,100 EMC INSURANCE GROUP INCORPORATED 69,812
10,900 HALLMARK FINANCIAL SERVICES INCORPORATED+ 98,100
29,982 MEADOWBROOK INSURANCE GROUP INCORPORATED 236,858
6,745 MERCURY GENERAL CORPORATION 294,891
7,005 NYMAGIC INCORPORATED 148,716
9,000 ONEBEACON INSURANCE GROUP LIMITED 155,250
8,600 PENN MILLERS HOLDING CORPORATION+ 104,490
20,700 PMA CAPITAL CORPORATION CLASS A+ 127,098
22,500 SEABRIGHT INSURANCE HOLDINGS 247,725
4,200 STATE AUTO FINANCIAL CORPORATION 75,390
35,318 STEWART INFORMATION SERVICES CORPORATION 487,388
3,572,682
-------------
INVESTMENTS & MISCELLANEOUS FINANCIAL SERVICES: 0.39%
421,960 SANDSTORM RESOURCES LIMITED+ 344,830
-------------
LEATHER & LEATHER PRODUCTS: 0.29%
7,400 SHOE CARNIVAL INCORPORATED+ 169,164
3,700 WEYCO GROUP INCORPORATED 87,024
256,188
-------------
LEGAL SERVICES: 0.35%
6,900 RAYONIER INCORPORATED 313,467
-------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE: 0.55%
19,815 NOBILITY HOMES INCORPORATED 193,989
16,063 SKYLINE CORPORATION 298,772
492,761
-------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.20%
61,859 ALLIED HEALTHCARE PRODUCTS INCORPORATED+ 231,971
15,200 CANTEL INDUSTRIES 301,720
9,163 COHERENT INCORPORATED+ 292,849
6,000 HANGER ORTHOPEDIC GROUP INCORPORATED+ 109,080
46,100 HEALTHTRONICS INCORPORATED+ 165,038
27,625 HERLEY INDUSTRIES INCORPORATED+ 404,983
2,600 ICU MEDICAL INCORPORATED+ 89,570
38,330 ION GEOPHYSICAL CORPORATION+ 188,584
|
Wells Fargo Advantage Master Portfolios 195
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
108,601 LTX-CREDENCE CORPORATION+ $ 329,061
19,700 MEDICAL ACTION INDUSTRIES INCORPORATED+ 241,719
36,000 NEWPORT CORPORATION+ 450,000
3,700 PALOMAR MEDICAL TECHNOLOGIES INCORPORATED+ 40,182
37,300 PERKINELMER INCORPORATED 891,470
9,700 WATERS CORPORATION+ 655,138
9,500 ZOLL MEDICAL CORPORATION+ 250,420
4,641,785
------------
MEDIA: 0.29%
39,820 OUTDOOR CHANNEL HOLDINGS INCORPORATED+ 262,414
------------
METAL MINING: 2.75%
11,995 ELDORADO GOLD CORPORATION+ 144,900
3,680 GOLDCORP INCORPORATED 136,970
130,400 GREAT BASIN GOLD LIMITED+ 225,592
105,940 PETAQUILLA MINERALS LIMITED+ 58,267
21,075 RANDGOLD RESOURCES LIMITED ADR 1,619,192
5,905 ROYAL GOLD INCORPORATED 272,870
2,457,791
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 1.35%
38,030 ACCO BRANDS CORPORATION+ 291,310
10,133 BLYTH INCORPORATED 316,656
17,000 KID BRANDS INCORPORATED+ 147,050
25,600 LEAPFROG ENTERPRISES INCORPORATED+ 167,680
8,200 RC2 CORPORATION+ 122,754
6,300 STANDEX INTERNATIONAL CORPORATION 162,351
1,207,801
------------
MISCELLANEOUS RETAIL: 0.73%
12,400 AC MOORE ARTS & CRAFTS INCORPORATED+ 36,332
71,300 OFFICE DEPOT INCORPORATED+ 568,974
10,200 PC MALL INCORPORATED+ 51,612
656,918
------------
MOTION PICTURES: 0.07%
2,200 ASCENT MEDIA CORPORATION+ 59,950
------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.38%
11,200 ARKANSAS BEST CORPORATION 334,656
7,650 YRC WORLDWIDE INCORPORATED+ 4,160
338,816
------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.16%
151,271 CAPITALSOURCE INCORPORATED 845,605
36,158 MCG CAPITAL CORPORATION+ 188,383
1,033,988
------------
NURSING HOME: 0.06%
1,521 ASSISTED LIVING CONCEPTS INCORPORATED+ 49,950
------------
OIL & GAS EXPLORATION: 0.06%
17,300 CRIMSON EXPLORATION INCORPORATED+ 50,516
------------
|
196 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
OIL & GAS EXTRACTION: 5.88%
3,400 ATWOOD OCEANICS INCORPORATED+ $ 117,742
12,400 COMPLETE PRODUCTION SERVICES INCORPORATED+ 143,220
2,100 COMSTOCK RESOURCES INCORPORATED+ 66,780
8,305 FOREST OIL CORPORATION+ 214,435
72,994 GLOBAL INDUSTRIES LIMITED+ 468,621
22,155 HELIX ENERGY SOLUTIONS GROUP INCORPORATED+ 288,680
8,500 HERCULES OFFSHORE INCORPORATED+ 36,635
29,530 KEY ENERGY SERVICES INCORPORATED+ 282,012
63,839 MCMORAN EXPLORATION COMPANY+ 933,965
139,245 NEWPARK RESOURCES INCORPORATED+ 731,036
5,235 OCEANEERING INTERNATIONAL INCORPORATED+ 332,370
3,465 PRIDE INTERNATIONAL INCORPORATED+ 104,331
13,005 RANGE RESOURCES CORPORATION 609,544
14,040 SANDRIDGE ENERGY INCORPORATED+ 108,108
14,800 STONE ENERGY CORPORATION+ 262,700
5,000 SUPERIOR ENERGY SERVICES INCORPORATED+ 105,100
1,900 UNIT CORPORATION+ 80,332
34,950 WARREN RESOURCES INCORPORATED+ 88,074
23,204 WILLBROS GROUP INCORPORATED+ 278,680
5,252,365
------------
OIL & GAS-EQUIPMENT & SERVICES: 0.10%
12,000 CAL DIVE INTERNATIONAL INCORPORATED+ 87,960
------------
OIL & OIL SERVICES: 0.26%
6,010 HELMERICH & PAYNE INCORPORATED 228,861
------------
PAPER & ALLIED PRODUCTS: 0.78%
4,835 CELLU TISSUE HOLDINGS INCORPORATED+ 48,253
9,000 CLEARWATER PAPER CORPORATION+ 443,250
3,200 SONOCO PRODUCTS COMPANY 98,528
12,475 WAUSAU PAPER CORPORATION 106,537
696,568
------------
PERSONAL SERVICES: 0.42%
3,700 COINSTAR INCORPORATED+ 120,250
13,800 REGIS CORPORATION 257,784
378,034
------------
PETROLEUM REFINING & RELATED INDUSTRIES: 2.66%
7,700 DELEK US HOLDINGS INCORPORATED 56,056
28,664 INTEROIL CORPORATION+ 1,857,427
14,000 WD-40 COMPANY 459,620
2,373,103
------------
PHARMACEUTICALS: 0.16%
7,800 PHARMERICA CORPORATION+ 142,116
------------
PIPELINES: 0.13%
2,300 ENBRIDGE ENERGY PARTNERS LP 116,311
------------
PRIMARY METAL INDUSTRIES: 0.30%
3,600 BELDEN CDT INCORPORATED 98,856
6,400 MUELLER INDUSTRIES INCORPORATED 171,456
270,312
------------
|
Wells Fargo Advantage Master Portfolios 197
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.52%
5,900 AMERICAN GREETINGS CORPORATION CLASS A $ 122,956
9,100 ENNIS INCORPORATED 148,057
4,900 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 20,580
6,700 MULTI-COLOR CORPORATION 80,266
19,900 PRESSTEK INCORPORATED+ 89,152
461,011
------------
PROPERTY - CASUALTY INSURANCE: 0.07%
2,500 AMERICAN PHYSICIANS SERVICE GROUP INCORPORATED 62,500
------------
PUBLISHING: 0.15%
34,472 CAMBIUM LEARNING GROUP INCORPORATED+ 137,888
------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 8.41%
6,500 AGREE REALTY CORPORATION 148,590
31,120 ANNALY CAPITAL MANAGEMENT INCORPORATED 534,642
113,677 ANWORTH MORTGAGE ASSET CORPORATION 766,183
37,555 CAPSTEAD MORTGAGE CORPORATION 449,158
14,200 CEDAR SHOPPING CENTERS INCORPORATED 112,322
301,681 CHIMERA INVESTMENT CORPORATION 1,173,539
2,800 COLONIAL PROPERTIES TRUST 36,064
29,212 EXTERRAN HOLDINGS INCORPORATED+ 706,054
25,104 FORESTAR REAL ESTATE GROUP INCORPORATED+ 473,964
4,200 FRANKLIN STREET PROPERTIES CORPORATION 60,606
10,420 HATTERAS FINANCIAL CORPORATION 268,523
43,360 HILLTOP HOLDINGS INCORPORATED+ 509,480
4,500 LASALLE HOTEL PROPERTIES 104,850
30,483 LEXINGTON CORPORATE PROPERTIES TRUST 198,444
16,050 MEDICAL PROPERTIES TRUST INCORPORATED 168,204
78,795 MFA MORTGAGE INVESTMENTS INCORPORATED 579,931
122,575 ORIGEN FINANCIAL INCORPORATED+ 204,700
39,606 PRIMORIS SERVICES CORPORATION 306,550
8,045 REDWOOD TRUST INCORPORATED 124,054
5,370 SILVER STANDARD RESOURCES INCORPORATED+ 95,532
30,008 THOMAS PROPERTIES GROUP INCORPORATED 99,927
13,000 U-STORE-IT TRUST 93,600
36,755 UMH PROPERTIES INCORPORATED 300,288
7,515,205
------------
RETAIL-DRUG STORES: 0.06%
2,555 VITAMIN SHOPPE INCORPORATED+ 57,360
------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.92%
104,868 INTERTAPE POLYMER GROUP INCORPORATED+ 347,113
5,021 JARDEN CORPORATION 167,149
14,663 SEALED AIR CORPORATION 309,096
823,358
------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.43%
10,200 ALLIANCE BERNSTEIN HOLDING LP 312,732
9,700 TRADESTATION GROUP INCORPORATED+ 67,997
380,729
------------
SOFTWARE: 2.33%
17,700 AMERICAN SOFTWARE INCORPORATED CLASS A 102,837
24,200 CHORDIANT SOFTWARE INCORPORATED+ 122,694
|
198 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME VALUE
SOFTWARE (continued)
23,600 ELECTRONIC ARTS INCORPORATED+ $ 440,376
18,700 EPICOR SOFTWARE CORPORATION+ 178,772
7,800 EPIQ SYSTEMS INCORPORATED+ 96,954
17,200 JDA SOFTWARE GROUP INCORPORATED+ 478,504
14,800 LAWSON SOFTWARE INCORPORATED+ 97,828
8,200 NOVELL INCORPORATED+ 49,118
6,900 PROS HOLDINGS INCORPORATED+ 68,172
49,355 REALNETWORKS INCORPORATED+ 238,385
4,533 SYBASE INCORPORATED+ 211,328
2,084,968
------------
TRANSPORTATION BY AIR: 0.82%
70,855 AIRTRAN HOLDINGS INCORPORATED+ 359,943
31,125 JETBLUE AIRWAYS CORPORATION+ 173,678
2,856 PHI INCORPORATED (VOTING)+ 63,346
6,615 PHI INCORPORATED (NON-VOTING)+ 140,106
737,073
------------
TRANSPORTATION EQUIPMENT: 0.49%
7,400 ATC TECHNOLOGY CORPORATION+ 126,984
11,898 EXIDE TECHNOLOGIES+ 68,414
21,700 SPARTAN MOTORS INCORPORATED 121,520
2,800 WABTEC CORPORATION 117,936
434,854
------------
TRANSPORTATION SERVICES: 0.26%
8,200 DYNAMEX INCORPORATED+ 141,040
3,200 GATX CORPORATION 91,680
232,720
------------
WATER TRANSPORTATION: 0.02%
2,700 HORIZON LINES INCORPORATED 14,688
------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.26%
10,300 SCHOOL SPECIALTY INCORPORATED+ 233,913
------------
WHOLESALE TRADE-DURABLE GOODS: 1.27%
2,900 BARNES GROUP INCORPORATED 56,405
4,300 INTERLINE BRANDS INCORPORATED+ 82,302
16,700 KAMAN CORPORATION CLASS A 417,667
5,800 LKQ CORPORATION+ 117,740
1,700 OMNICARE INCORPORATED 48,093
2,700 OWENS & MINOR INCORPORATED 125,253
33,996 PATRICK INDUSTRIES INCORPORATED+ 98,588
12,200 WILLIS LEASE FINANCE CORPORATION+ 192,516
1,138,564
------------
TOTAL COMMON STOCKS (COST $73,117,958) 86,043,617
------------
INVESTMENT COMPANIES: 0.28%
9,579 KBW REGIONAL BANKING ETF 251,161
TOTAL INVESTMENT COMPANIES (COST $212,809) 251,161
------------
|
Wells Fargo Advantage Master Portfolios 199
Portfolio of Investments--March 31, 2010 (Unaudited)
STRATEGIC SMALL CAP VALUE PORTFOLIO
SHARES SECURITY NAME DIVIDEND YIELD VALUE
PREFERRED STOCKS: 0.32%
1,200 CARRIAGE SERVICES INCORPORATED (FUNERAL SERVICES & RELATED ITEMS)(a) 11.86% $ 35,400
55 CENTER FINANCIAL CORPORATION SERIES B (BANKING)(a)(i) 12.00 71,133
3,600 LASALLE HOTEL PROPERTIES (REAL ESTATE INVESTMENT TRUST) 8.42 85,572
3,953 SVB CAPITAL II (COMMERCIAL BANKS) 7.54 91,710
TOTAL PREFERRED STOCKS (COST $200,498) 283,815
------------
|
YIELD
SHORT-TERM INVESTMENTS: 2.76%
MUTUAL FUNDS: 2.76%
2,471,710 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~(u)(l) 0.09 2,471,710
------------
TOTAL SHORT-TERM INVESTMENTS (COST $2,471,710) 2,471,710
------------
TOTAL INVESTMENTS IN SECURITIES
(COST $76,002,975)* 99.67% 89,050,303
OTHER ASSETS AND LIABILITIES, NET 0.33 292,715
------- ------------
TOTAL NET ASSETS 100.00% $ 89,343,018
------- ------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
~ The Fund invests cash balances that it retains for liquidity purposes in
an affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
* Cost for federal income tax purposes is $80,086,381 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 21,772,730
Gross unrealized depreciation (12,808,808)
--------------
Net unrealized appreciation $ 8,963,922
|
The accompanying notes are an integral part of these financial statements.
200 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
-------------------------------------------------------------------------------------------------------
ASSETS
Investments
In unaffiliated securities (including securities on loan) ........ $ 590,320,572 $ 68,509,276
In affiliated securities ......................................... 16,713,155 1,008,460
------------------------------
Total investments at value (see cost below) ........................ 607,033,727 69,517,736
------------------------------
Segregated cash .................................................... 0 0
Foreign currency, at value (see cost below) ........................ 0 0
Receivable for investments sold .................................... 0 0
Receivables for dividends .......................................... 1,208,534 139,950
Unrealized appreciation on forward foreign currency contracts ...... 0 0
------------------------------
Total Assets .......................................................... 608,242,261 69,657,686
------------------------------
LIABILITIES
Variation margin payable on futures contracts ...................... 0 0
Payable for investments purchased .................................. 6,672,717 0
Unrealized depreciation of forward foreign currency contracts ...... 0 0
Payable upon receipt of securities loaned .......................... 7,272,712 1,026,018
Payable to investment advisor and affiliates ....................... 325,943 38,694
Payable for custodian fee .......................................... 3,601 1,471
Accrued expenses and other liabilities ............................. 16,098 14,518
------------------------------
Total liabilities ..................................................... 14,291,071 1,080,701
------------------------------
TOTAL NET ASSETS ...................................................... $ 593,951,190 $ 68,576,985
==============================
Investments, at cost .................................................. $ 592,591,105 $ 57,528,737
------------------------------
Securities on loan, at value .......................................... $ 6,893,910 $ 762,000
------------------------------
Foreign currencies, at cost ........................................... $ 0 $ 0
------------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 201
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------------------------------------
$ 39,585,513 $ 230,229,278 $ 533,272,028 $ 2,058,091,066 $ 55,136,838 $ 150,380,706
663,091 2,670,386 9,199,253 45,906,568 1,193,423 3,339,209
------------------------------------------------------------------------------------------
40,248,604 232,899,664 542,471,281 2,103,997,634 56,330,261 153,719,915
------------------------------------------------------------------------------------------
0 0 0 0 1,136,500 0
0 0 0 0 65,751 75,679
220,571 0 15,566,036 0 0 974,428
29,016 178,344 520,195 2,675,446 175,665 353,630
0 0 0 0 61,382 22
------------------------------------------------------------------------------------------
40,498,191 233,078,008 558,557,512 2,106,673,080 57,769,559 155,123,674
------------------------------------------------------------------------------------------
0 0 0 57,750 0 0
282,293 0 19,533,051 436,477 630,928 1,549,067
0 0 0 0 6,544 25
1,796,247 1,332,544 11,670,492 13,336,663 0 0
25,576 121,836 293,409 120,229 43,513 89,043
3,233 0 6,055 20,949 41,887 257,573
15,451 20,494 21,924 36,352 38,041 36,657
------------------------------------------------------------------------------------------
2,122,800 1,474,874 31,524,931 14,008,420 760,913 1,932,365
------------------------------------------------------------------------------------------
$ 38,375,391 $ 231,603,134 $ 527,032,581 $ 2,092,664,660 $ 57,008,646 $ 153,191,309
==========================================================================================
$ 30,874,003 $ 210,533,453 $ 460,708,060 $ 2,009,396,672 $ 48,802,625 $ 134,311,852
------------------------------------------------------------------------------------------
$ 1,189,257 $ 1,351,980 $ 12,895,930 $ 9,619,845 $ 0 $ 0
------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 65,275 $ 75,679
------------------------------------------------------------------------------------------
|
202 Wells Fargo Advantage Master Portfolios
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
----------------------------------------------------------------------------------------------------
ASSETS
Investments
In unaffiliated securities (including securities on loan) ...... $ 55,835,338 $ 295,777,116
In affiliated securities ....................................... 511,273 7,289,152
-----------------------------
Total investments at value (see cost below) ...................... 56,346,611 303,066,268
-----------------------------
Segregated cash .................................................. 0 0
Foreign currency, at value (see cost below) ...................... 331,686 7,099,150
Variation margin receivable on futures contracts ................. 245,471 0
Receivable for investments sold .................................. 0 0
Receivables for dividends ........................................ 269,812 1,610,226
Receivable from investment advisor and affiliates ................ 34,984 0
Unrealized appreciation on forward foreign currency contracts .... 5,521 0
-----------------------------
Total Assets ........................................................ 57,234,085 311,775,644
-----------------------------
LIABILITIES
Foreign taxes payable ............................................ 10,996 108,770
Payable to custodian for overdrafts .............................. 0 0
Variation margin payable on futures contracts .................... 6,132 0
Payable for investments purchased ................................ 0 107,343
Unrealized depreciation of forward foreign currency contracts .... 3,071 0
Payable upon receipt of securities loaned ........................ 0 0
Payable to investment advisor and affiliates ..................... 0 210,079
Payable for custodian fee ........................................ 267,695 292,394
Payable for audit fee ............................................ 17,741 12,929
Accrued expenses and other liabilities ........................... 15,904 45,193
-----------------------------
Total liabilities ................................................... 321,539 776,708
-----------------------------
TOTAL NET ASSETS .................................................... $ 56,912,546 $ 310,998,936
=============================
Investments, at cost ................................................ $ 53,989,895 $ 330,963,573
-----------------------------
Securities on loan, at value ........................................ $ 0 $ 0
-----------------------------
Foreign currencies, at cost ......................................... $ 332,358 $ 7,154,058
-----------------------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 203
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
----------------------------------------------------------------------------------------------------
$ 69,316,624 $ 644,899,937 $ 101,444,960 $ 341,299,384 $ 163,896,282 $ 86,578,593
0 7,933,097 897,297 14,708,242 4,319,642 2,471,710
----------------------------------------------------------------------------------------------------
69,316,624 652,833,034 102,342,257 356,007,626 168,215,924 89,050,303
----------------------------------------------------------------------------------------------------
0 0 0 0 0 50,000
0 0 0 0 0 0
0 0 0 0 0 0
1,186,578 18,190,303 1,300 5,563,772 1,197,363 409,792
81,827 285,452 88,939 39,875 187,539 151,475
0 0 0 0 0 0
0 0 0 0 0 0
----------------------------------------------------------------------------------------------------
70,585,029 671,308,789 102,432,496 361,611,273 169,600,826 89,661,570
----------------------------------------------------------------------------------------------------
0 0 0 0 0 0
179,672 0 0 0 0 0
0 0 9,512 0 0 0
0 9,913,718 147,897 3,799,879 430,015 234,749
0 0 0 0 0 0
1,179,884 5,978,335 3,081,883 6,801,035 3,065,842 0
35,558 277,609 13,294 235,437 111,234 61,461
2,546 4,087 10,422 5,643 7,468 7,823
10,638 17,768 13,347 13,752 12,161 11,641
1,601 14,737 3,986 5,320 3,794 2,878
----------------------------------------------------------------------------------------------------
1,409,899 16,206,254 3,280,341 10,861,066 3,630,514 318,552
----------------------------------------------------------------------------------------------------
$ 69,175,130 $ 655,102,535 $ 99,152,155 $ 350,750,207 $ 165,970,312 $ 89,343,018
====================================================================================================
$ 57,425,355 $ 553,098,991 $ 101,147,459 $ 289,648,514 $ 121,276,347 $ 76,002,975
----------------------------------------------------------------------------------------------------
$ 776,150 $ 3,853,597 $ 1,572,059 $ 5,508,335 $ 1,742,951 $ 0
----------------------------------------------------------------------------------------------------
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
----------------------------------------------------------------------------------------------------
|
204 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
C&B Large Disciplined
Cap Value Growth
Portfolio Portfolio
--------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends(1) ................................................................ $ 5,884,299 $ 474,578
Interest .................................................................... 0 0
Income from affiliated securities ........................................... 9,199 722
Securities lending income ................................................... 10,664 1,011
----------------------------
Total investment income ........................................................ 5,904,162 476,311
----------------------------
EXPENSES
Advisory fees ............................................................... 2,044,092 235,558
Custody fees ................................................................ 18,944 3,242
Professional fees ........................................................... 18,902 19,394
Other fees and expenses ..................................................... 13,632 7,352
----------------------------
Total expenses ................................................................. 2,095,570 265,546
----------------------------
LESS
Waived fees and/or reimbursed expenses ...................................... (68,598) 0
Net expenses ................................................................ 2,026,972 265,546
----------------------------
Net investment income (loss) ................................................... 3,877,190 210,765
----------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency
translation ................................................................ (19,403,831) 2,383,763
Affiliated securities ....................................................... 0 0
Forward foreign currency contracts .......................................... 0 0
Futures transactions ........................................................ 0 0
----------------------------
Net realized gain (loss) from investments ...................................... (19,403,831) 2,383,763
----------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency
translation................................................................. 70,751,791 3,736,949
Affiliated securities. ...................................................... 0 0
Forward foreign currency contracts .......................................... 0 0
Futures transactions ........................................................ 0 0
----------------------------
Net change in unrealized appreciation (depreciation) of investments ............ 70,751,791 3,736,949
----------------------------
Net realized and unrealized gain on investments ................................ 51,347,960 6,120,712
----------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ........................... $ 55,225,150 $ 6,331,477
============================
1 Net of foreign withholding taxes of .......................................... $ 7,082 $ 0
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 205
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Emerging Equity Equity International International
Growth Income Value Index Core Growth
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------------------------------------
$ 44,068 $ 2,834,835 $ 3,928,056 $ 19,978,246 $ 399,268 $ 840,522
0 0 0 2,477 0 0
776 0 2,500 9,216 2,772 1,546
13,962 1,892 24,877 137,384 4,104 7,393
--------------------------------------------------------------------------------------------
58,806 2,836,727 3,955,433 20,127,323 406,144 849,461
--------------------------------------------------------------------------------------------
177,275 794,975 1,712,881 875,174 263,152 679,551
4,537 9,133 18,268 68,468 49,216 275,518
19,394 23,478 17,649 23,660 24,564 24,788
7,272 10,169 13,079 29,075 14,226 12,310
--------------------------------------------------------------------------------------------
208,478 837,755 1,761,877 996,377 351,158 992,167
--------------------------------------------------------------------------------------------
(12,358) (4,135) (59,020) (7,064) (12,546) (161,987)
196,120 833,620 1,702,857 989,313 338,612 830,180
--------------------------------------------------------------------------------------------
(137,314) 2,003,107 2,252,576 19,138,010 67,532 19,281
--------------------------------------------------------------------------------------------
10,797,923 (5,607,484) 24,124,035 14,987,315 8,564,401 2,283,441
0 0 0 25,601 0 0
0 0 0 0 (8,069) (3,709)
0 0 0 3,085,831 0 0
--------------------------------------------------------------------------------------------
10,797,923 (5,607,484) 24,124,035 18,098,747 8,556,332 2,279,732
--------------------------------------------------------------------------------------------
(5,069,232) 25,200,842 35,516,973 181,377,738 (6,538,455) (291,921)
0 0 0 3,102,890 0 0
0 0 0 0 497,413 (3)
0 0 0 101,911 0 0
--------------------------------------------------------------------------------------------
(5,069,232) 25,200,842 35,516,973 184,582,539 (6,041,042) (291,924)
--------------------------------------------------------------------------------------------
5,728,691 19,593,358 59,641,008 202,681,286 2,515,290 1,987,808
--------------------------------------------------------------------------------------------
$ 5,591,377 $ 21,596,465 $ 61,893,584 $ 221,819,296 $ 2,582,822 $ 2,007,089
============================================================================================
$ 0 $ 0 $ 17,301 $ 0 $ 37,658 $ 67,010
|
206 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
International International
Index Value
Portfolio Portfolio
-----------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME
Dividends(1) ....................................................................... $ 574,150 $ 3,095,614
Interest ........................................................................... 0 0
Income from affiliated securities .................................................. 2,021 4,037
Securities lending income .......................................................... 17,405 39,906
------------------------------
Total investment income ............................................................... 593,576 3,139,557
------------------------------
EXPENSES
Advisory fees ...................................................................... 97,052 1,427,200
Custody fees ....................................................................... 275,059 330,609
Professional fees .................................................................. 23,620 19,503
Other fees and expenses ............................................................ 14,053 20,591
------------------------------
Total expenses ........................................................................ 409,784 1,797,903
------------------------------
LESS
Waived fees and/or reimbursed expenses ............................................. (235,462) (259,904)
Net expenses ....................................................................... 174,322 1,537,999
------------------------------
Net investment income (loss) .......................................................... 419,254 1,601,558
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation ....... 1,070,143 (15,781,282)
Forward foreign currency contracts ................................................. (40,492) 0
Futures transactions. .............................................................. 176,307 0
------------------------------
Net realized gain (loss) from investments ............................................. 1,205,958 (15,781,282)
------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation ....... 19,309 17,616,610
Forward foreign currency contracts ................................................. 5,984 0
Futures transactions ............................................................... 13,622 0
------------------------------
Net change in unrealized appreciation (depreciation) of investments ................... 38,915 17,616,610
------------------------------
Net realized and unrealized gain on investments ....................................... 1,244,873 1,835,328
------------------------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .................................. $ 1,664,127 $ 3,436,886
==============================
1 Net of foreign withholding taxes of ................................................. $ 67,060 $ 363,507
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 207
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Large Cap Large Company Small Cap Small Company Small Company Strategic
Appreciation Growth Index Growth Value Small Cap
Portfolio Portfolio Portfolio Portfolio Portfolio Value Portfolio
------------------------------------------------------------------------------------------------
$ 528,503 $ 4,389,027 $ 604,189 $ 427,124 $ 891,860 $ 808,448
0 0 394 0 0 0
672 6,799 1,969 3,146 2,363 3,268
1,055 61,258 37,004 23,601 8,464 0
------------------------------------------------------------------------------------------------
530,230 4,457,084 643,556 453,871 902,687 811,716
------------------------------------------------------------------------------------------------
271,105 2,291,009 110,056 1,423,105 717,264 419,421
4,679 22,515 13,970 14,282 12,505 10,996
17,419 23,950 21,592 21,043 19,988 20,118
7,695 21,116 9,160 11,419 9,898 8,940
------------------------------------------------------------------------------------------------
300,898 2,358,590 154,778 1,469,849 759,655 459,475
------------------------------------------------------------------------------------------------
(31,579) (278,652) (13,755) (20,317) (1,562) (8,818)
269,319 2,079,938 141,023 1,449,532 758,093 450,657
------------------------------------------------------------------------------------------------
260,911 2,377,146 502,533 (995,661) 144,594 361,059
------------------------------------------------------------------------------------------------
7,490,274 25,817,256 (26,559,069) 34,185,248 21,697,313 (14,693,224)
0 0 0 0 0 0
0 0 1,607,557 0 0 0
------------------------------------------------------------------------------------------------
7,490,274 25,817,256 (24,951,512) 34,185,248 21,697,313 (14,693,224)
------------------------------------------------------------------------------------------------
584,880 36,018,807 38,372,492 5,013,701 (1,387,585) 21,951,808
0 0 0 0 0 0
0 0 (93,510) 0 0 0
------------------------------------------------------------------------------------------------
584,880 36,018,807 38,278,982 5,013,701 (1,387,585) 21,951,808
------------------------------------------------------------------------------------------------
8,075,154 61,836,063 13,327,470 39,198,949 20,309,728 7,258,584
------------------------------------------------------------------------------------------------
$ 8,336,065 $ 64,213,209 $ 13,830,003 $ 38,203,288 $ 20,454,322 $ 7,619,643
------------------------------------------------------------------------------------------------
$ 2,388 $ 0 $ 0 $ 0 $ 0 $ 342
|
208 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
C&B LARGE CAP VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ........................................................ $ 635,871,240 $ 676,445,814
OPERATIONS
Net investment income (loss) ................................................ 3,877,190 11,286,676
Net realized gain (loss) on investments ..................................... (19,403,831) (71,204,167)
Net change in unrealized appreciation (depreciation) of investments ......... 70,751,791 25,300,192
------------------------------------
Net increase (decrease) in net assets resulting from operations ................ 55,225,150 (34,617,299)
------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions ............................................................... 26,344,494 114,730,358
Withdrawals ................................................................. (123,489,694) (120,687,633)
------------------------------------
Net increase (decrease) from transactions in investor's beneficial interests ... (97,145,200) (5,957,275)
------------------------------------
NET DECREASE IN NET ASSETS ..................................................... (41,920,050) (40,574,574)
====================================
ENDING NET ASSETS .............................................................. $ 593,951,190 $ 635,871,240
====================================
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 209
Statements of Changes in Net Assets
DISCIPLINED GROWTH PORTFOLIO EMERGING GROWTH PORTFOLIO EQUITY INCOME PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------------------------------------------------------------------------------------------------------------
$ 88,895,931 $ 108,621,365 $ 88,625,473 $ 99,217,350 $ 263,302,372 $ 358,051,926
210,765 423,486 (137,314) (383,603) 2,003,107 6,586,974
2,383,763 (31,162,876) 10,797,923 (23,525,696) (5,607,484) (8,276,559)
3,736,949 9,883,779 (5,069,232) 16,900,670 25,200,842 (42,154,866)
---------------------------------------------------------------------------------------------------------------------
6,331,477 (20,855,611) 5,591,377 (7,008,629) 21,596,465 (43,844,451)
---------------------------------------------------------------------------------------------------------------------
4,433,324 19,431,523 2,147,527 14,074,802 7,515,956 15,470,818
(31,083,747) (18,301,346) (57,988,986) (17,658,050) (60,811,659) (66,375,921)
---------------------------------------------------------------------------------------------------------------------
(26,650,423) 1,130,177 (55,841,459) (3,583,248) (53,295,703) (50,905,103)
---------------------------------------------------------------------------------------------------------------------
(20,318,946) (19,725,434) (50,250,082) (10,591,877) (31,699,238) (94,749,554)
=====================================================================================================================
$ 68,576,985 $ 88,895,931 $ 38,375,391 $ 88,625,473 $ 231,603,134 $ 263,302,372
=====================================================================================================================
|
210 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
EQUITY VALUE PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets....................................................... $ 513,115,704 $ 610,647,019
OPERATIONS
Net investment income...................................................... 2,252,576 8,564,863
Net realized gain (loss) on investments.................................... 24,124,035 (171,525,727)
Net change in unrealized appreciation (depreciation) of investments........ 35,516,973 110,011,229
-------------------------------------
Net increase (decrease) in net assets resulting from operations............... 61,893,584 (52,949,635)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions.............................................................. 40,619,358 73,995,358
Withdrawals................................................................ (88,596,065) (118,577,038)
-------------------------------------
Net increase (decrease) from transactions in investors' beneficial interests.. (47,976,707) (44,581,680)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS......................................... 13,916,877 (97,531,315)
=====================================
ENDING NET ASSETS............................................................. $ 527,032,581 $ 513,115,704
=====================================
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 211
Statements of Changes in Net Assets
INDEX PORTFOLIO INTERNATIONAL CORE PORTFOLIO INTERNATIONAL GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------------------------------------------------------------------------------------------------------------
$ 1,966,584,375 $ 2,237,608,527 $ 72,541,985 $ 85,536,172 $ 155,627,337 $ 131,370,011
19,138,010 43,817,844 67,532 1,124,652 19,281 1,943,425
18,098,747 (1,206,803) 8,556,332 (37,177,159) 2,279,732 (41,563,740)
184,582,539 (221,743,261) (6,041,042) 26,898,537 (291,924) 49,952,778
---------------------------------------------------------------------------------------------------------------------
221,819,296 (179,132,220) 2,582,822 (9,153,970) 2,007,089 10,332,463
---------------------------------------------------------------------------------------------------------------------
190,855,626 168,953,827 6,565,665 12,972,699 26,858,291 47,353,096
(286,594,637) (260,845,759) (24,681,826) (16,812,916) (31,301,408) (33,428,233)
---------------------------------------------------------------------------------------------------------------------
(95,739,011) (91,891,932) (18,116,161) (3,840,217) (4,443,117) 13,924,863
---------------------------------------------------------------------------------------------------------------------
126,080,285 (271,024,152) (15,533,339) (12,994,187) (2,436,028) 24,257,326
=====================================================================================================================
$ 2,092,664,660 $ 1,966,584,375 $ 57,008,646 $ 72,541,985 $ 153,191,309 $ 155,627,337
=====================================================================================================================
|
212 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
INTERNATIONAL INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets.................................................. $ 72,676,443 $ 86,405,709
OPERATIONS
Net investment income................................................. 419,254 1,839,039
Net realized gain (loss) on investments............................... 1,205,958 (3,860,283)
Net change in unrealized appreciation (depreciation) of investments... 38,915 273,186
-------------------------------------
Net increase (decrease) in net assets resulting from operations.......... 1,664,127 (1,748,058)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions......................................................... 6,402,130 9,195,379
Withdrawals........................................................... (23,830,154) (21,176,587)
-------------------------------------
Net decrease from transactions in investors' beneficial interests........ (17,428,024) (11,981,208)
-------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS.................................... (15,763,897) (13,729,266)
=====================================
ENDING NET ASSETS........................................................ $ 56,912,546 $ 72,676,443
=====================================
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 213
Statements of Changes in Net Assets
INTERNATIONAL VALUE PORTFOLIO LARGE CAP APPRECIATION PORTFOLIO LARGE COMPANY GROWTH PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------------------------------------------------------------------------------------------------------------
$ 315,042,164 $ 312,461,025 $ 94,632,067 $ 145,700,178 $ 984,855,684 $ 1,373,797,607
1,601,558 7,188,690 260,911 840,517 2,377,146 8,784,107
(15,781,282) (35,211,563) 7,490,274 (46,529,618) 25,817,256 (73,157,003)
17,616,610 48,006,861 584,880 27,482,892 36,018,807 (3,942,699)
---------------------------------------------------------------------------------------------------------------------
3,436,886 19,983,988 8,336,065 (18,206,209) 64,213,209 (68,315,595)
---------------------------------------------------------------------------------------------------------------------
19,446,445 52,555,498 1,743,185 12,075,054 15,649,093 29,275,266
(26,926,559) (69,958,347) (35,536,187) (44,936,956) (409,615,451) (349,901,594)
---------------------------------------------------------------------------------------------------------------------
(7,480,114) (17,402,849) (33,793,002) (32,861,902) (393,966,358) (320,626,328)
---------------------------------------------------------------------------------------------------------------------
(4,043,228) 2,581,139 (25,456,937) (51,068,111) (329,753,149) (388,941,923)
=====================================================================================================================
$ 310,998,936 $ 315,042,164 $ 69,175,130 $ 94,632,067 $ 655,102,535 $ 984,855,684
=====================================================================================================================
|
214 Wells Fargo Advantage Master Portfolios
Statements of Changes in Net Assets
SMALL CAP INDEX PORTFOLIO
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
--------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets................................................... $ 243,094,590 $ 282,510,520
OPERATIONS
Net investment income (loss)........................................... 502,533 2,946,644
Net realized gain (loss) on investments................................ (24,951,512) (9,376,550)
Net change in unrealized appreciation (depreciation) of investments.... 38,278,982 (24,573,330)
-------------------------------------
Net increase (decrease) in net assets resulting from operations........... 13,830,003 (31,003,236)
-------------------------------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions.......................................................... 5,114,070 23,376,006
Withdrawals............................................................ (162,886,508) (31,788,700)
-------------------------------------
Net decrease from transactions in investors' beneficial interests......... (157,772,438) (8,412,694)
-------------------------------------
NET DECREASE IN NET ASSETS................................................ (143,942,435) (39,415,930)
=====================================
ENDING NET ASSETS......................................................... $ 99,152,155 $ 243,094,590
=====================================
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 215
Statements of Changes in Net Assets
SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO STRATEGIC SMALL CAP VALUE PORTFOLIO
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------------------------------------------------------------------------------------------------------------
$ 391,788,240 $ 481,304,784 $ 239,231,863 $ 439,963,198 $ 219,129,458 $ 255,355,235
(995,661) (1,746,971) 144,594 3,036,418 361,059 2,378,279
34,185,248 (91,099,903) 21,697,313 (190,649,157) (14,693,224) (63,513,017)
5,013,701 72,864,087 (1,387,585) 128,533,240 21,951,808 36,276,909
---------------------------------------------------------------------------------------------------------------------
38,203,288 (19,982,787) 20,454,322 (59,079,499) 7,619,643 (24,857,829)
---------------------------------------------------------------------------------------------------------------------
36,182,364 71,091,475 16,472,995 64,432,062 5,836,056 17,652,796
(115,423,685) (140,625,232) (110,188,868) (206,083,898) (143,242,139) (29,020,744)
---------------------------------------------------------------------------------------------------------------------
(79,241,321) (69,533,757) (93,715,873) (141,651,836) (137,406,083) (11,367,948)
---------------------------------------------------------------------------------------------------------------------
(41,038,033) (89,516,544) (73,261,551) (200,731,335) (129,786,440) (36,225,777)
=====================================================================================================================
$ 350,750,207 $ 391,788,240 $ 165,970,312 $ 239,231,863 $ 89,343,018 $ 219,129,458
=====================================================================================================================
|
216 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to Average Net Assets (Annualized)
---------------------------------------- Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
----------------------------------------------------------------------------------------------------------------
C&B LARGE CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.31% 0.71% 0.69% 9.60% 6%
October 1, 2008 to September 30, 2009.......... 2.19% 0.73% 0.64% (5.53)% 28%
October 1, 2007 to September 30, 2008.......... 1.71% 0.73% 0.68% (20.18)% 21%
October 1, 2006 to September 30, 2007.......... 1.48% 0.74% 0.68% 11.88% 24%
October 1, 2005 to September 30, 2006.......... 1.77% 0.76% 0.66% 15.30% 29%
December 6, 2004(3) to September 30, 2005...... 0.98% 0.77% 0.71% 1.51% 19%
DISCIPLINED GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.63% 0.79% 0.79% 9.61% 39%
October 1, 2008 to September 30, 2009.......... 0.54% 0.79% 0.77% (18.88)% 104%
October 1, 2007 to September 30, 2008.......... 0.07% 0.77% 0.76% (25.19)% 103%
October 1, 2006 to September 30, 2007.......... 0.10% 0.79% 0.79% 21.22% 68%
October 1, 2005 to September 30, 2006.......... 0.12% 0.79% 0.78% 1.41% 90%
October 1, 2004 to September 30, 2005.......... 0.44% 0.79% 0.78% 11.76% 45%
EMERGING GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. (0.66)% 1.00% 0.94% 14.94% 52%
October 1, 2008 to September 30, 2009.......... (0.53)% 0.94% 0.91% (5.70)% 147%
October 1, 2007 to September 30, 2008.......... (0.49)% 0.93% 0.92% (30.95)% 191%
January 31, 2007(2) to September 30, 2007...... (0.54)% 1.01% 0.99% 24.40% 125%
EQUITY INCOME PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.76% 0.74% 0.73% 9.45% 2%
October 1, 2008 to September 30, 2009.......... 2.69% 0.75% 0.69% (9.66)% 11%
October 1, 2007 to September 30, 2008.......... 2.16% 0.75% 0.57% (23.18)% 8%
October 1, 2006 to September 30, 2007.......... 1.91% 0.76% 0.57% 15.91% 16%
October 1, 2005 to September 30, 2006.......... 1.84% 0.75% 0.70% 11.21% 7%
October 1, 2004 to September 30, 2005.......... 2.04% 0.73% 0.60% 13.30% 20%
EQUITY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.92% 0.72% 0.70% 12.93% 66%
October 1, 2008 to September 30, 2009.......... 1.89% 0.73% 0.69% (7.21)% 142%
October 1, 2007 to September 30, 2008.......... 1.68% 0.74% 0.70% (27.44)% 152%
October 1, 2006 to September 30, 2007.......... 1.29% 0.77% 0.69% 20.21% 108%
October 1, 2005 to September 30, 2006.......... 1.18% 0.78% 0.77% 10.73% 107%
October 1, 2004 to September 30, 2005.......... 1.22% 0.78% 0.76% 21.61% 145%
INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.94% 0.10% 0.10% 11.50% 10%
October 1, 2008 to September 30, 2009.......... 2.61% 0.12% 0.10% (7.00)% 10%
October 1, 2007 to September 30, 2008.......... 2.07% 0.11% 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007.......... 1.86% 0.11% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006.......... 1.86% 0.11% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005.......... 2.08% 0.12% 0.04% 12.23% 8%
INTERNATIONAL CORE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.24% 1.27% 1.22% 4.09% 59%
October 1, 2008 to September 30, 2009.......... 1.77% 1.23% 1.15% (10.14)% 212%
October 1, 2007 to September 30, 2008.......... 1.60% 1.14% 1.12% (31.42)% 55%
October 1, 2006 to September 30, 2007.......... 1.27% 1.09% 1.08% 23.70% 66%
October 1, 2005 to September 30, 2006.......... 1.99% 1.09% 1.03% 14.58% 39%
October 1, 2004 to September 30, 2005.......... 1.51% 1.09% 1.08% 18.69% 108%
INTERNATIONAL GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.03% 1.39% 1.16% 0.71% 46%
October 1, 2008 to September 30, 2009.......... 1.71% 1.14% 1.11% 6.23% 95%
October 1, 2007 to September 30, 2008.......... 1.17% 1.08% 1.05% (28.68)% 57%
October 1, 2006 to September 30, 2007.......... 1.09% 1.06% 1.03% 27.40% 73%
October 1, 2005 to September 30, 2006.......... 0.87% 1.07% 0.98% 19.95% 62%
October 6, 2004(3) to September 30, 2005....... 1.02% 1.08% 1.06% 22.30% 67%
|
1. Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
2. Portfolio turnover rates presented for periods of less than one year are
not annualized.
3. Commencement of operations.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 217
Financial Highlights
Ratio to Average Net Assets (Annualized)
---------------------------------------- Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
----------------------------------------------------------------------------------------------------------------
INTERNATIONAL INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.51% 1.48% 0.63% 2.31% 9%
October 1, 2008 to September 30, 2009.......... 2.86% 0.55% 0.46% 1.65% 13%
October 1, 2007 to September 30, 2008.......... 2.84% 0.51% 0.50% (29.67)% 14%
October 1, 2006 to September 30, 2007.......... 2.15% 0.49% 0.49% 24.52% 3%
October 1, 2005 to September 30, 2006.......... 2.59% 0.49% 0.37% 19.44% 7%
October 6, 2004(3) to September 30, 2005....... 2.41% 0.49% 0.46% 21.90% 21%
INTERNATIONAL VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 1.07% 1.20% 1.02% 0.92% 14%
October 1, 2008 to September 30, 2009.......... 2.72% 1.08% 1.03% 5.26% 41%
October 1, 2007 to September 30, 2008.......... 3.68% 1.07% 1.01% (34.21)% 23%
October 1, 2006 to September 30, 2007.......... 2.47% 1.07% 1.03% 21.91% 19%
October 1, 2005 to September 30, 2006.......... 2.34% 1.09% 1.09% 19.32% 31%
October 1, 2004 to September 30, 2005.......... 2.21% 1.11% 1.10% 25.92% 14%
LARGE CAP APPRECIATION PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.67% 0.78% 0.70% 11.30% 48%
October 1, 2008 to September 30, 2009.......... 0.88% 0.78% 0.71% (10.97)% 144%
October 1, 2007 to September 30, 2008.......... 0.41% 0.74% 0.69% (25.49)% 151%
October 1, 2006 to September 30, 2007.......... 0.57% 0.74% 0.69% 21.80% 145%
October 1, 2005 to September 30, 2006.......... 0.65% 0.75% 0.72% 3.34% 155%
October 1, 2004 to September 30, 2005.......... 0.83% 0.74% 0.74% 20.02% 133%
LARGE COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.71% 0.71% 0.62% 9.72% 4%
October 1, 2008 to September 30, 2009.......... 0.97% 0.70% 0.62% 3.31% 13%
October 1, 2007 to September 30, 2008.......... 0.48% 0.68% 0.67% (22.59)% 7%
October 1, 2006 to September 30, 2007.......... 0.46% 0.70% 0.68% 17.80% 10%
October 1, 2005 to September 30, 2006.......... 0.14% 0.70% 0.61% 1.41% 6%
October 1, 2004 to September 30, 2005.......... 0.69% 0.69% 0.68% 11.03% 18%
SMALL CAP INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.91% 0.28% 0.26% 13.76% 9%
October 1, 2008 to September 30, 2009.......... 1.46% 0.26% 0.24% (10.87)% 20%
October 1, 2007 to September 30, 2008.......... 1.36% 0.23% 0.18% (14.30)% 22%
October 1, 2006 to September 30, 2007.......... 1.10% 0.23% 0.18% 14.78% 24%
October 1, 2005 to September 30, 2006.......... 0.95% 0.24% 0.23% 6.89% 20%
October 1, 2004 to September 30, 2005.......... 1.00% 0.23% 0.18% 21.03% 14%
SMALL COMPANY GROWTH PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. (0.59)% 0.88% 0.87% 11.94% 61%
October 1, 2008 to September 30, 2009.......... (0.53)% 0.89% 0.87% 1.75% 169%
October 1, 2007 to September 30, 2008.......... (0.53)% 0.89% 0.89% (27.50)% 150%
October 1, 2006 to September 30, 2007.......... (0.46)% 0.90% 0.90% 17.74% 138%
October 1, 2005 to September 30, 2006.......... (0.33)% 0.91% 0.90% 7.02% 125%
October 1, 2004 to September 30, 2005.......... (0.45)% 0.91% 0.91% 16.51% 142%
SMALL COMPANY VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.17% 0.90% 0.90% 15.85% 35%
October 1, 2008 to September 30, 2009.......... 1.16% 0.90% 0.88% (6.28)% 99%
October 1, 2007 to September 30, 2008.......... 1.02% 0.90% 0.89% (22.01)% 82%
October 1, 2006 to September 30, 2007.......... 0.53% 0.93% 0.92% 6.53% 69%
October 1, 2005 to September 30, 2006.......... 0.64% 0.92% 0.79% 6.70% 114%
October 1, 2004 to September 30, 2005.......... 0.61% 0.92% 0.82% 24.77% 70%
STRATEGIC SMALL CAP VALUE PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited).. 0.73% 0.93% 0.91% 9.96% 24%
October 1, 2008 to September 30, 2009.......... 1.31% 0.91% 0.74% (8.76)% 50%
October 1, 2007 to September 30, 2008.......... 0.80% 0.91% 0.83% (16.47)% 46%
October 1, 2006 to September 30, 2007.......... 0.30% 0.93% 0.92% 8.65% 64%
January 31, 2006(3) to September 30, 2006...... 0.75% 0.94% 0.75% 0.60% 37%
|
218 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage C&B Large Cap Value Portfolio ("C&B Large Cap Value Portfolio"),
Wells Fargo Advantage Disciplined Growth Portfolio ("Disciplined Growth
Portfolio"), Wells Fargo Advantage Emerging Growth Portfolio ("Emerging Growth
Portfolio"), Wells Fargo Advantage Equity Income Portfolio ("Equity Income
Portfolio"), Wells Fargo Advantage Equity Value Portfolio ("Equity Value
Portfolio"), Wells Fargo Advantage Index Portfolio ("Index Portfolio"), Wells
Fargo Advantage International Core Portfolio ("International Core Portfolio"),
Wells Fargo Advantage International Growth Portfolio ("International Growth
Portfolio"), Wells Fargo Advantage International Index Portfolio ("International
Index Portfolio"), Wells Fargo Advantage International Value Portfolio
("International Value Portfolio"), Wells Fargo Advantage Large Cap Appreciation
Portfolio ("Large Cap Appreciation Portfolio"), Wells Fargo Advantage Large
Company Growth Portfolio ("Large Company Growth Portfolio"), Wells Fargo
Advantage Small Cap Index Portfolio ("Small Cap Index Portfolio"), Wells Fargo
Advantage Small Company Growth Portfolio ("Small Company Growth Portfolio"),
Wells Fargo Advantage Small Company Value Portfolio ("Small Company Value
Portfolio") and Wells Fargo Advantage Strategic Small Cap Value Portfolio
("Strategic Small Cap Value Portfolio") (each, a "Fund", collectively, the
"Funds").
Interests in the Funds are sold without any sales charge in private placement
transactions to qualified investors, including open-end investment management
companies
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Funds' Fair Valuation
Procedures.
Securities denominated in foreign currencies are translated into
U.S. dollars using the closing rates of exchange in effect on the day of
valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Wells Fargo Advantage Master Portfolios 219
Notes to Financial Statements (Unaudited)
Certain fixed income securities with maturities exceeding 60 days are valued by
using a pricing service approved by the Trust's Board of Trustees. This service
uses market prices as quoted by an independent pricing service or by dealers in
these securities when, in the service's judgment, these prices are readily
available and are representative of the securities' fair values. For some
securities, such prices are not readily available. These securities will
generally be fair valued using methods which may include consideration of yields
or prices of securities of comparable quality, coupon rate, maturity and type of
issue, indications as to values from dealers in securities, trading
characteristics and general market conditions.
Debt securities of sufficient credit quality with original maturities of 60 days
or less and any collateral received from securities lending invested in
securities, generally are valued at amortized cost which approximates fair
value. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Assets,
including investment securities, and liabilities denominated in foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at the date
of valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting in changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and loses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS
Certain Funds may be subject to foreign currency exchange rate risk in the
normal course of pursuing its investment objectives. A forward foreign currency
contract is an agreement between two parties to purchase or sell a specific
currency for an agreed-upon price at a future date. The Fund enters into forward
foreign currency contracts to facilitate transactions in foreign-denominated
securities and to attempt to minimize the risk to the Fund from adverse changes
in the relationship between currencies. Forward foreign currency contracts are
recorded at the forward rate and marked-to-market daily. When the contracts are
closed, realized gains and losses arising from such transactions are recorded as
realized gains or losses on foreign currency related transactions. The Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The Fund's maximum risk of loss from counterparty credit
risk is the unrealized gains or losses on the contracts. This risk is mitigated
by having a master netting arrangement between the Fund and the counterparty.
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest
220 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
or dividends on the securities loaned. Security loans are secured at all times
by collateral, although the loans may not be fully supported at all times if,
for example, the instruments in which cash collateral is invested decline in
value or the borrower fails to provide additional collateral when required in a
timely manner or at all. The collateral is equal to at least 102% of the market
value of the securities loaned plus accrued interest when the transaction is
entered into. Cash collateral received by a Fund pursuant to these loans
generally is invested on behalf of the Fund by the securities lending agent in
securities that, at the time of investment, are considered high-quality
short-term debt investments (including money market instruments) and have been
evaluated and approved by the Fund's adviser and are permissible investments for
the Fund. Cash collateral is invested on behalf of a Fund through a joint
account and the Fund is entitled to the gains and bears the losses on such
investments. The net asset value of a Fund will be affected by an increase or
decrease in the value of the securities loaned and by an increase or decrease in
the value of instruments purchased with cash collateral. Another risk from
securities lending is that the borrower may not provide additional collateral
when required or return the securities when due or when called for by the Fund.
In either case, a Fund could experience delays in recovering securities or
collateral or could lose all or part of the value of the loaned securities.
Wells Fargo Bank, N.A., currently acts as the securities lending agent for the
Funds, subject to the overall supervision of the Funds' investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services as sub-agents. The securities lending agent may
make payments to borrowers and placing brokers that are not affiliated, directly
or indirectly, with the Trust, the adviser or the distributor. For the six
months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues
earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A.
have the impact of increasing securities lending income on the Statements of
Operations. For foreign equity securities, Bank of New York Mellon serves as the
securities lending sub-agent and receives for its services 20% of the revenues
earned on the securities lending activities that it conducts with respect to
foreign equity securities. The value of the securities on loan and the liability
to return the collateral are shown on the Statements of Assets and Liabilities.
FUTURES CONTRACTS
Certain Funds may be subject to equity price risk and foreign currency exchange
rate risk in the normal course of pursuing its investment objectives. The Funds
may buy and sell futures contracts in order to gain exposure to, or protect
against changes in, security values and interest rates. The primary risks
associated with the use of futures contracts are the imperfect correlation
between changes in market values of securities held by the Fund and the prices
of futures contracts, and the possibility of an illiquid market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset or liability and in the
Statement of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With futures contracts, there is minimal counterparty risk to
the Fund since futures are exchange traded and the exchange's clearinghouse, as
counterparty to all exchange traded futures, guarantees the futures against
default.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the
Wells Fargo Advantage Master Portfolios 221
Notes to Financial Statements (Unaudited)
timing of the cash flows of the underlying asset interests and the repayment
obligations of maturing securities issued by a SIV, or a SIV's inability to
issue new debt.
As of March 31, 2010, the following Funds owned certain of these types of
structured securities in the amounts shown in the table. These securities were
originally purchased by the Funds' securities lending agent on behalf of the
Funds through a joint account with cash collateral received by the Funds
pursuant to loans of the Funds' securities. Although considered high-quality,
short-term money market instruments when originally purchased by the securities
lending agent through the joint account, the SIVs have been restructured
following default and are valued at fair value as shown in the Portfolio of
Investments.
Restructured SIVs ($ Value) % of Net Assets
--------------------------- ---------------
C&B LARGE CAP VALUE PORTFOLIO $2,126,280 0.36%
DISCIPLINED GROWTH PORTFOLIO 474,232 0.69%
EMERGING GROWTH PORTFOLIO 917,990 2.39%
EQUITY INCOME PORTFOLIO 297,467 0.13%
EQUITY VALUE PORTFOLIO 1,479,323 0.28%
INDEX PORTFOLIO 6,201,438 0.30%
LARGE CAP APPRECIATION PORTFOLIO 603,801 0.87%
LARGE COMPANY GROWTH PORTFOLIO 3,194,397 0.49%
SMALL CAP INDEX PORTFOLIO 1,916,608 1.93%
SMALL COMPANY GROWTH PORTFOLIO 2,541,565 0.72%
SMALL COMPANY VALUE PORTFOLIO 1,779,366 1.07%
|
In a securities lending transaction, the net asset value of a Fund will be
affected by an increase or decrease in the value of the securities loaned and by
an increase or decrease in the value of instruments in which cash collateral is
invested. Thus, the current net asset value of each Fund reflects the current
valuations assigned to the restructured SIVs that were purchased on its behalf
through the investment of cash collateral. Fluctuations in the values of
restructured SIVs generate unrealized gains or losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities.
The amount of securities lending activity undertaken by a Fund fluctuates from
time to time. After the occurrence of a default or impairment of a SIV purchased
in a joint account by the securities lending agent, as the various participating
Funds' lending activity fluctuated, their ratable interest in the joint account,
including their ratable exposure to the defaulted or impaired SIVs would
fluctuate depending on the relative activity of each participating Fund. In
order to eliminate the fluctuation of the various Funds' ratable exposure to the
defaulted or impaired SIVs, the adviser to the Funds recommended to the Board of
Trustees, and the Board of Trustees approved, actions designed to fix the
allocation of percentage ownership in defaulted or impaired SIVs among all funds
participating in securities lending ("side pocketing") based on each Fund's
percentage ownership of the total cash collateral investment joint account as of
the date the fixed allocation is implemented. Accordingly, on February 13, 2009
a side pocketing occurred, which fixed each Fund's ownership of defaulted or
impaired SIVs in the joint account based on each such Fund's percentage
ownership of the joint account as of such date.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
222 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
FEDERAL AND OTHER TAXES
Each Fund of the Trust is treated as a separate entity for federal income tax
purposes. The Funds of the Trust are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends and gains have been distributed by the Fund.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Funds' investments in securities:
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
----------------------------------------- -------------- ----------------- ------------------- --------------
C&B LARGE CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 571,210,731 $ 0 $ 0 $ 571,210,731
PREFERRED STOCKS 11,636,250 0 0 11,636,250
Corporate debt securities 0 0 2,126,280 2,126,280
Debt securities issued by states
in the U.S. and its political
subdivisions 0 1,032,759 0 1,032,759
Short-term investments 16,713,155 4,314,552 0 21,027,707
TOTAL $ 599,560,136 $ 5,347,311 $ 2,126,280 $ 607,033,727
DISCIPLINED GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 67,448,532 $ 0 $ 0 $ 67,448,532
Corporate debt securities 0 0 474,232 474,232
Debt securities issued by states
in the U.S. and its political
subdivisions 0 113,277 0 113,277
Short-term investments 1,008,460 473,235 0 1,481,695
TOTAL $ 68,456,992 $ 586,512 $ 474,232 $ 69,517,736
|
Wells Fargo Advantage Master Portfolios 223
Notes to Financial Statements (Unaudited)
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
----------------------------------------- -------------- ----------------- ------------------- --------------
EMERGING GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 37,722,044 $ 0 $ 0 $ 37,722,044
Corporate debt securities 0 0 917,990 917,990
Debt securities issued by states in
the U.S. and its political
subdivisions 0 182,607 0 182,607
Short-term investments 663,091 762,872 0 1,425,963
TOTAL $ 38,385,135 $ 945,479 $ 917,990 $ 40,248,604
EQUITY INCOME PORTFOLIO
Equity securities
COMMON STOCKS $ 228,874,952 $ 0 $ 0 $ 228,874,952
Corporate debt securities 0 0 297,467 297,467
Debt securities issued by states in
the U.S. and its political
subdivisions 0 204,117 0 204,117
Short-term investments 2,670,386 852,742 0 3,523,128
TOTAL $ 231,545,338 $ 1,056,859 $ 297,467 $ 232,899,664
EQUITY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 521,493,210 $ 0 $ 0 $ 521,493,210
Corporate debt securities 0 0 1,479,323 1,479,323
Debt securities issued by states in
the U.S. and its political
subdivisions 0 1,989,202 0 1,989,202
Short-term investments 9,199,253 8,310,293 0 17,509,546
TOTAL $ 530,692,463 $ 10,299,495 $ 1,479,323 $ 542,471,281
INDEX PORTFOLIO
Equity securities
COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292
Corporate debt securities 0 0 6,201,438 6,201,438
Debt securities issued by states in
the U.S. and its political
subdivisions 0 1,465,774 0 1,465,774
Short-term investments 16,405,564 6,123,566 0 22,529,130
TOTAL $2,090,206,856 $ 7,589,340 $ 6,201,438 $2,103,997,634
INTERNATIONAL CORE PORTFOLIO
Equity securities
COMMON STOCKS $ 53,977,969 $ 0 $ 206,721 $ 54,184,690
PREFERRED STOCKS 952,148 0 0 952,148
Short-term investments 1,193,423 0 0 1,193,423
TOTAL $ 56,123,540 $ 0 $ 206,721 $ 56,330,261
|
224 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
----------------------------------------- -------------- ----------------- ------------------- --------------
INTERNATIONAL GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 150,380,706 $ 0 $ 0 $ 150,380,706
Short-term investments 3,339,209 0 0 3,339,209
TOTAL $ 153,719,915 $ 0 $ 0 $ 153,719,915
INTERNATIONAL INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 55,512,396 $ 0 $ 130,591 $ 55,642,987
PREFERRED STOCKS 191,648 0 0 191,648
RIGHTS 450 0 0 450
WARRANTS 253 0 0 253
Short-term investments 511,273 0 0 511,273
TOTAL $ 56,216,020 $ 0 $ 130,591 $ 56,346,611
INTERNATIONAL VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 292,395,867 $ 0 $ 3,381,249 $ 295,777,116
Short-term investments 7,289,152 0 0 7,289,152
TOTAL $ 299,685,019 $ 0 $ 3,381,249 $ 303,066,268
LARGE CAP APPRECIATION PORTFOLIO
Equity securities
COMMON STOCKS $ 68,092,526 $ 0 $ 0 $ 68,092,526
Corporate debt securities 0 0 603,801 603,801
Debt securities issued by states
in the U.S. and its political
subdivisions 0 119,802 0 119,802
Short-term investments 0 500,495 0 500,495
TOTAL $ 68,092,526 $ 620,297 $ 603,801 $ 69,316,624
LARGE COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 638,687,685 $ 0 $ 0 $ 638,687,685
Corporate debt securities 0 0 3,194,397 3,194,397
Debt securities issued by states
in the U.S. and its political
subdivisions 0 582,856 0 582,856
Short-term investments 7,933,097 2,434,999 0 10,368,096
TOTAL $ 646,620,782 $ 3,017,855 $ 3,194,397 $ 652,833,034
|
Wells Fargo Advantage Master Portfolios 225
Notes to Financial Statements (Unaudited)
Significant Other Significant
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
-------------------------------------------------- -------------- ----------------- ------------------- -------------
SMALL CAP INDEX PORTFOLIO
Equity securities
COMMON STOCKS $ 98,052,755 $ 0 $ 0 $ 98,052,755
Corporate debt securities 0 0 1,916,608 1,916,608
Debt securities issued by states in
the U.S. and its political subdivisions 0 252,163 0 252,163
Short-term investments 1,067,271 1,053,460 0 2,120,731
TOTAL $ 99,120,026 $ 1,305,623 $ 1,916,608 $ 102,342,257
SMALL COMPANY GROWTH PORTFOLIO
Equity securities
COMMON STOCKS $ 334,312,237 $ 0 $ 0 $ 334,312,237
Corporate debt securities 0 0 2,541,565 2,541,565
Debt securities issued by states in
the U.S. and its political subdivisions 0 858,601 0 858,601
Short-term investments 14,708,242 3,586,981 0 18,295,223
TOTAL $ 349,020,479 $ 4,445,582 $ 2,541,565 $ 356,007,626
SMALL COMPANY VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 160,700,141 $ 0 $ 0 $ 160,700,141
Corporate debt securities 0 0 1,779,366 1,779,366
Debt securities issued by states in
the U.S. and its political subdivisions 0 273,629 0 273,629
Short-term investments 4,319,642 1,143,146 0 5,462,788
TOTAL $ 165,019,783 $ 1,416,775 $ 1,779,366 $ 168,215,924
STRATEGIC SMALL CAP VALUE PORTFOLIO
Equity securities
COMMON STOCKS $ 85,674,324 $ 0 $ 369,293 $ 86,043,617
INVESTMENT COMPANIES 251,161 0 0 251,161
PREFERRED STOCKS 177,282 0 106,533 283,815
Short-term investments 2,471,710 0 0 2,471,710
TOTAL $ 88,574,477 $ 0 $ 475,826 $ 89,050,303
|
Further details on the major security types listed above for each fund can be
found in the Portfolio of Investments.
226 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
As of March 31, 2010, the inputs used in valuing the Funds' other financial
instruments, which are carried at fair value, were as follows:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs
OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total
----------------------------------------- --------------- ------------------ -------------------- ------------
INDEX PORTFOLIO
Futures contracts $ 601,925 $ 0 $ 0 $ 601,925
INTERNATIONAL CORE PORTFOLIO
Forward foreign currency contracts 0 54,838 0 54,838
INTERNATIONAL INDEX PORTFOLIO
Futures contracts 29,054 0 0 29,054
Forward foreign currency contracts 0 2,450 0 2,450
SMALL CAP INDEX PORTFOLIO
Futures contracts 33,450 0 0 33,450
|
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
C&B Large Disciplined Emerging Equity Equity
Cap Value Growth Growth Income Value Index International Core
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE -------------------
DEBT DEBT DEBT DEBT DEBT DEBT COMMON SHORT-TERM
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS SECURITIES
------------------------------------ ----------- ---------- ---------- ---------- ---------- ----------- -------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 1,849,905 $ 412,591 $ 798,669 $ 258,803 $1,287,041 $ 5,395,372 $ 0 $ 15,654
Realized gain (loss) (1,050,830) (240,264) (607,064) (608,416) (936,436) (5,528,046) 0 (15,262)
Change in unrealized appreciation
(depreciation) 1,448,761 329,016 778,865 664,086 1,213,290 6,688,638 0 3,914
Net purchases (sales) (121,556) (27,111) (52,480) (17,006) (84,572) (354,526) 0 (4,306)
Net transfer in (out) of Level 3 0 0 0 0 0 0 206,721 0
BALANCE AS OF MARCH 31, 2010 $ 2,126,280 $ 474,232 $ 917,990 $ 297,467 $1,479,323 $ 6,201,438 $206,721 $ 0
Change in unrealized appreciation
(depreciation) relating to
securities held at the end of
reporting period $ 381,704 $ 85,133 $ 164,795 $ 53,401 $ 265,564 $ 1,113,265 $ 0 $ 0
|
International
Growth International Index Portfolio International Value Portfolio
Portfolio ------------------------------------- -----------------------------------
SHORT-TERM COMMON SHORT-TERM COMMON SHORT-TERM
SECURITIES STOCKS WARRANTS SECURITIES STOCKS RIGHTS SECURITIES
------------------------------------ -------------- ----------- --------- ----------- ----------- ---------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 46,080 $ 14 $ 3,065 $ 23,194 $ 0 $ 110,787 $ 140,944
Realized gain (loss) (44,928) 0 0 (22,614) 0 0 (137,420)
Change in unrealized appreciation
(depreciation) 11,520 0 0 5,799 0 0 35,236
Net purchases (sales) (12,672) 12,109 0 (6,379) 0 0 (38,760)
Net transfer in (out) of Level 3 0 118,468 (3,065) 0 3,381,249 (110,787) 0
BALANCE AS OF MARCH 31, 2010 $ 0 $ 130,591 $ 0 $ 0 $ 3,381,249 $ 0 $ 0
Change in unrealized appreciation
(depreciation) relating to securities
held at the end of reporting period $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0
|
Wells Fargo Advantage Master Portfolios 227
Notes to Financial Statements (Unaudited)
Large Small Small
Large Cap Company Small Company Company
Appreciation Growth Cap Index Growth Value Strategic Small Cap Value
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
CORPORATE CORPORATE CORPORATE CORPORATE CORPORATE -------------------------
DEBT DEBT DEBT DEBT DEBT COMMON PREFERRED
SECURITIES SECURITIES SECURITIES SECURITIES SECURITIES STOCKS STOCKS
---------- ----------- ----------- ----------- ---------- --------- ----------
BALANCE AS OF SEPTEMBER 30, 2009 $ 525,319 $ 2,779,188 $ 1,667,487 $ 2,211,209 $ 1,548,083 $ 0 $ 42,400
Accrued discounts (premiums) 0 0 0 0 0 0 0
Realized gain (loss) (182,955) (3,454,315) (1,589,917) (1,715,642) (1,139,513) 0 368
Change in unrealized appreciation
(depreciation) 295,956 4,052,142 1,948,608 2,191,293 1,472,519 0 3,616
Net purchases (sales) (34,519) (182,618) (109,570) (145,295) (101,723) 0 60,149
Net transfer in (out) of Level 3 0 0 0 0 0 369,293 0
BALANCE AS OF MARCH 31, 2010 $ 603,801 $ 3,194,397 $ 1,916,608 $ 2,541,565 $ 1,779,366 $ 369,293 $ 106,533
Change in unrealized appreciation
(depreciation) relating to securities
held at the end of reporting period $ 108,393 $ 573,449 $ 344,064 $ 456,255 $ 319,427 $ 0 $ 1,500
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of C&B Large Cap Value
Portfolio, Disciplined Growth Portfolio, Equity Income Portfolio and Equity
Value Portfolio increases. For the six months ended March 31, 2010, Disciplined
Growth Portfolio, Equity Income Portfolio and Equity Value Portfolio each paid
an advisory fee at an annual rate equivalent to 0.70% of each Fund's average
daily net assets. C&B Large Cap Value Portfolio paid an advisory fee at an
annual rate equivalent to 0.69% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.85% and declining
to 0.75% as the average daily net assets of each of Emerging Growth Portfolio,
Small Company Growth Portfolio, Small Company Value Portfolio and Strategic
Small Cap Value Portfolio increases. For the six months ended March 31, 2010,
each of these Funds paid an advisory fee at an annual rate equivalent to 0.85%
of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.10% and declining
to 0.05% as the average daily net assets of Index Portfolio increases. For the
six months ended March 31, 2010, Index Portfolio paid an advisory fee at an
annual rate equivalent to 0.09% of its average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.95% and declining
to 0.80% as the average daily net assets of each of International Core
Portfolio, International Growth Portfolio and International Value Portfolio
increases. For the six months ended March 31, 2010, each of these Funds paid an
advisory fee at an annual rate equivalent to 0.95% of each Fund's average daily
net assets.
Funds Management is paid an annual advisory fee starting at 0.35% and declining
to 0.30% as the average daily net assets of International Index Portfolio
increases. For the six months ended March 31, 2010, International Index
Portfolio paid an advisory fee at an annual rate equivalent to 0.35% of its
average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.70% and declining
to 0.55% as the average daily net assets of each of Large Cap Appreciation
Portfolio and Large Company Growth Portfolio increases. For the six months ended
March 31, 2010, Large Cap Appreciation Portfolio and Large Company Growth
Portfolio paid an advisory fee at an annual rate equivalent to 0.70% and 0.69%,
respectively, of each Fund's average daily net assets.
Funds Management is paid an annual advisory fee starting at 0.20% and declining
to 0.15% as the average daily net assets of Small Cap Index Portfolio increases.
For the six months ended March 31, 2010, Small Cap Index Portfolio paid an
advisory fee at an annual rate equivalent to 0.20% of its average daily net
assets.
228 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by a
Fund to the adviser.
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
Emerging Growth Portfolio, Equity Income Portfolio, Index Portfolio, Small Cap
Index Portfolio and Strategic Small Cap Value Portfolio.
Peregrine Capital Management, Inc., an affiliate of Funds Management and direct
wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to Large
Company Growth Portfolio, Small Company Growth Portfolio and Small Company Value
Portfolio.
Evergreen Investment Management Company, LLC, an affiliate of Funds Management
and indirect wholly owned subsidiary of Wells Fargo & Company, is the
sub-adviser to International Core Portfolio.
Cooke & Bieler LP is the sub-adviser to C&B Large Cap Value Portfolio. Smith
Asset Management Group LP is the sub-adviser to Disciplined Growth Portfolio.
Systematic Financial Management LP is the subadviser to Equity Value Portfolio.
Artisan Partners LP is the sub-adviser to International Growth Portfolio. SSgA
Funds Management is the sub-adviser to International Index Portfolio. LSV Asset
Management is the sub-adviser to International Value Portfolio. Cadence Capital
Management LLC is the sub-adviser to Large Cap Appreciation Portfolio.
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Funds.
CUSTODY FEES
State Street Bank and Trust Company ("State Street") provides custody and fund
accounting services to the Funds. For providing custody services, State Street
is entitled to an annual asset-based fee for domestic and global custody
services for the Funds. For providing fund accounting services to the Funds,
State Street is entitled to receive annual asset-based fees and is reimbursed
for out-of-pocket expenses incurred for providing these services.
Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to
the Funds and received a monthly fee at an annual rate of 0.02% of the average
daily net assets of each Fund, except International Core Portfolio,
International Growth Portfolio, International Index Portfolio and International
Value Portfolio. Wells Fargo Bank, N.A. was paid at an annual rate of 0.10% of
the average daily net assets of International Core Portfolio, International
Growth Portfolio, International Index Portfolio and International Value
Portfolio. PNC Global Investment Servicing ("PNC") served as fund accountant for
the Funds prior to November 16, 2009 and received an annual asset-based fee and
an annual fixed fee from each Fund. PNC was also reimbursed for all
out-of-pocket expenses reasonably incurred in providing these services.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
Purchases at Cost Sales Proceeds
----------------- --------------
C&B LARGE CAP VALUE PORTFOLIO $ 32,604,335 $ 128,896,046
DISCIPLINED GROWTH PORTFOLIO 26,197,618 52,196,220
EMERGING GROWTH PORTFOLIO 23,100,164 76,947,340
EQUITY INCOME PORTFOLIO 4,680,770 56,643,261
EQUITY VALUE PORTFOLIO 316,505,659 360,319,988
INDEX PORTFOLIO 198,902,928 282,307,063
INTERNATIONAL CORE PORTFOLIO 32,048,457 50,493,844
INTERNATIONAL GROWTH PORTFOLIO 63,820,590 69,483,075
INTERNATIONAL INDEX PORTFOLIO 4,831,131 21,400,928
INTERNATIONAL VALUE PORTFOLIO 38,802,284 50,256,769
|
Wells Fargo Advantage Master Portfolios 229
Notes to Financial Statements (Unaudited)
Purchases at Cost Sales Proceeds
----------------- --------------
LARGE CAP APPRECIATION PORTFOLIO $ 36,443,172 $ 69,377,033
LARGE COMPANY GROWTH PORTFOLIO 25,131,944 429,388,022
SMALL CAP INDEX PORTFOLIO 10,045,743 166,169,238
SMALL COMPANY GROWTH PORTFOLIO 200,714,614 296,341,739
SMALL COMPANY VALUE PORTFOLIO 59,804,164 144,196,323
STRATEGIC SMALL CAP VALUE PORTFOLIO 24,955,824 148,614,025
|
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, certain Funds entered into futures
contracts for hedging purposes.
At March 31, 2010, the Funds had long futures contracts outstanding as follows:
Initial Net Unrealized
Contract Appreciation/
Expiration Date Contracts Type Amount (Depreciation)
--------------- --------- ----------------------- ------------ --------------
INDEX PORTFOLIO June 2010 55 Long S&P 500 Index $ 15,419,575 $ 601,925
INTERNATIONAL INDEX PORTFOLIO June 2010 10 Long Dow Jones Euro 381,153 3,917
STOXX 50 Index
June 2010 6 Long FTSE 100 Index 505,747 5,089
June 2010 3 Long TOPIX Index 293,623 20,048
SMALL CAP INDEX PORTFOLIO June 2010 10 Long Russell 2000 MINI Index 643,650 33,450
|
The Index Portfolio, International Index Portfolio, and Small Cap Index
Portfolio had average contract amounts of $19,901,492, $1,488,974, and
$3,025,831 respectively, in futures contracts during the six months ended March
31, 2010.
During the six months ended March 31, 2010, certain Funds entered into forward
foreign currency exchange contracts for hedging purposes.
At March 31, 2010, the Funds had forward foreign currency exchange contracts
outstanding as follows:
Forward Foreign Currency Exchange Contracts to Buy:
Net Unrealized
U.S. Value at In Exchange for Appreciation/
Exchange Date Contracts to Receive March 31, 2010 U.S. $ (Depreciation)
------------- -------------------- -------------- --------------- ----------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 718,902 $ (6,157)
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 44,882 EUR 60,620 60,645 (25)
INTERNATIONAL INDEX PORTFOLIO 06/30/2010 225,000 EUR 303,910 300,551 3,359
06/30/2010 100,000 GBP 151,672 149,510 2,162
06/30/2010 12,000,000 JPY 128,419 131,490 (3,071)
|
Forward Foreign Currency Exchange Contracts to Sell:
Net Unrealized
U.S. Value at In Exchange for Appreciation/
Exchange Date Contracts to Deliver March 31, 2010 U.S. $ (Depreciation)
------------- -------------------- -------------- --------------- ----------------
INTERNATIONAL CORE PORTFOLIO 04/15/2010 527,700 EUR $ 712,745 $ 712,358 $ (387)
04/30/2010 132,307,000 JPY 1,415,390 1,476,772 61,382
INTERNATIONAL GROWTH PORTFOLIO 04/07/2010 21,485 GBP 32,603 32,625 22
|
The International Core Portfolio had average market values of $1,055,954 and
$5,601,977 in forward foreign currency exchange contracts to buy and forward
foreign currency exchange contracts to sell, respectively, during the six months
ended March 31, 2010. The International Growth Portfolio had average market
values of $134,520 and $34,965 in forward foreign currency exchange contracts to
buy and forward foreign currency exchange contracts to sell, respectively,
during
230 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
the six months ended March 31, 2010. The International Index Portfolio had
average market values of $818,240 and $180,566 in forward foreign currency
exchange contracts to buy and forward foreign currency exchange contracts to
sell, respectively, during the six months ended March 31, 2010.
For Index Portfolio, International Core Portfolio, International Growth
Portfolio, and Small Cap Index Portfolio, the fair value, realized gains or
losses and change in unrealized gains or losses on derivative instruments are
reflected in the appropriate financial statements of each Fund.
For International Index Portfolio, a summary of derivative instruments by
primary risk exposure is outlined in the following tables.
The fair values of derivative instruments as of March 31, 2010 was as follows
for International Index Portfolio:
ASSET DERIVATIVES LIABILITY DERIVATIVES
---------------------------------------------- ----------------------------------------------
Balance Sheet Location Fair Value Balance Sheet Location Fair Value
---------------------------------- ---------- ---------------------------------- ----------
Equity contracts Variation margin $ 245,471* Variation margin $ 6,132*
Forward foreign currency contracts Unrealized appreciation on forward Unrealized depreciation on
foreign currency contracts 5,521 forward foreign currency contracts 3,071
$ 250,992 $ 9,203
|
* Amount represents current day's variation margin. Prior variation movements
have been reflected in cash on the Statement of Assets and Liabilities
upon receipt of payment.
The effect of derivative instruments on the Statement of Operations for the year
ended March 31, 2010 was as follows for International Index Portfolio:
AMOUNT OF REALIZED GAINS OR LOSSES ON DERIVATIVES
-----------------------------------------------------------------
Futures Forward Currency Contracts Total
---------- -------------------------- --------------
Equity contracts $ 176,307 $ 0 $ 176,307
Forward foreign currency contracts 0 (40,492) (40,492)
$ 176,307 $ (40,492) $ 135,815
|
CHANGE IN UNREALIZED GAINS OR LOSSES ON DERIVATIVES
--------------------------------------------------------------
Futures Forward Currency Contracts Total
---------- -------------------------- ----------
Equity contracts $ 13,622 $ 0 $ 13,622
Forward foreign currency contracts 0 5,984 5,984
$ 13,622 $ 5,984 $ 19,606
|
7. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated.
Wells Fargo Equity Gateway Funds 231
Other Information (Unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (www.wellsfargo.com/advantagefunds) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
www.sec.gov. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust") and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 132 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
INDEPENDENT TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- --------------------- -------------------------------------------- -------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser. None
67 Chairman, since 2005 Water Company.
(Lead Trustee since 2001)
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
57 Trustee, since 2008 Advertising and Publishing Corp from 2005 to 2007, President Deluxe Corporation
and CEO of BellSouth Enterprises from 2004 to 2005 and
President of BellSouth Consumer Services from 2000 to 2003.
Currently a member of the Iowa State University Foundation
Board of Governors and a member of the Advisory Board of
Iowa State University School of Business.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
59 Trustee, since 2008 School of Business, Stanford University, Director of
Corporate Governance Research Program and Co-Director of The
Rock Center for Corporate Governance since 2006. From 2005
to 2008, Professor of Accounting at the Graduate School of
Business, Stanford University. Prior thereto, Ernst & Young
Professor of Accounting at The Wharton School, University of
Pennsylvania from 1985 to 2005.
|
232 Wells Fargo Equity Gateway Funds
Other Information (Unaudited)
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- --------------------- -------------------------------------------- -------------------
olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
57 University of Pennsylvania. Director of the Boettner Center
on Pensions and Retirement Research. Research associate and
board member, Penn Aging Research Center. Research associate,
National Bureau of Economic Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 Foundation, a non-profit organization, since 2007 and Senior
Fellow at the Humphrey Institute Policy Forum at the
University of Minnesota since 1995. Member of the Board of
Trustees of NorthStar Education Finance, Inc., a non-profit
organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
|
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------- --------------------- -------------------------------------------- -------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
50 President of Wells Fargo Funds Management, LLC since 2003.
Senior Vice President and Chief Administrative Officer of
Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
49 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips(3) Treasurer, since 2009 Senior Vice President of Evergreen Investment Management None
39 Company, LLC since 2006 and currently the Treasurer of the
Evergreen Funds since 2005. Vice President and Assistant
Vice President of Evergreen Investment Services, Inc. from
1999 to 2006.
David Berardi(4) Assistant Treasurer, Vice President of Evergreen Investment Management Company, None
34 since 2009 LLC since 2008. Assistant Vice President of Evergreen
Investment Services, Inc. from 2004 to 2008. Manager of Fund
Reporting and Control for Evergreen Investment Management
Company, LLC since 2004.
Jeremy DePalma(4) Assistant Treasurer, Senior Vice President of Evergreen Investment Management None
36 since 2009 Company, LLC since 2008. Vice President, Evergreen
Investment Services, Inc. from 2004 to 2007. Assistant Vice
President, Evergreen Investment Services, Inc. from 2000 to
2004 and the head of the Fund Reporting and Control Team
within Fund Administration since 2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus
Investments from 2005 to 2007. Chief Financial Officer of
Parnassus Investments from 2004 to 2007 and Senior Audit
Manager of Pricewater houseCoopers LLP from 1998 to 2004.
|
1. The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
WWW.WELLSFARGO.COM/ADVANTAGEFUNDS.
2. Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
3. Effective November 1, 2009.
4. Treasurer during the period from June 1, 2009 to October 31, 2009.
Assistant Treasurer effective November 1, 2009.
Wells Fargo Equity Gateway Funds 233
Other Information (Unaudited)
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:
C&B LARGE CAP VALUE FUND, DIVERSIFIED EQUITY FUND, DIVERSIFIED SMALL CAP FUND,
EMERGING GROWTH FUND, EQUITY INCOME FUND, EQUITY VALUE FUND, GROWTH EQUITY FUND,
INTERNATIONAL VALUE FUND, LARGE CAP APPRECIATION FUND, LARGE COMPANY GROWTH
FUND, SMALL COMPANY GROWTH FUND, SMALL COMPANY VALUE FUND, C&B LARGE CAP VALUE
PORTFOLIO, DISCIPLINED GROWTH PORTFOLIO, EMERGING GROWTH PORTFOLIO, EQUITY
INCOME PORTFOLIO, EQUITY VALUE PORTFOLIO, INDEX PORTFOLIO, INTERNATIONAL CORE
PORTFOLIO, INTERNATIONAL GROWTH PORTFOLIO, INTERNATIONAL INDEX PORTFOLIO,
INTERNATIONAL VALUE PORTFOLIO, LARGE CAP APPRECIATION PORTFOLIO, LARGE COMPANY
GROWTH PORTFOLIO, SMALL CAP INDEX PORTFOLIO, SMALL COMPANY GROWTH PORTFOLIO,
SMALL COMPANY VALUE PORTFOLIO AND STRATEGIC SMALL CAP VALUE PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that each Board of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master
Trust ("Master Trust") (collectively, the "Trusts"), all of the members of which
have no direct or indirect interest in the investment advisory and sub-advisory
agreements and are not "interested persons" of each Trust, as defined in the
1940 Act (the "Independent Trustees"), will meet in person to review and
consider the continuation of any investment advisory and sub-advisory
agreements. In this regard, the Funds Trust Board reviewed and re-approved:
investment advisory agreements with Wells Fargo Funds Management, LLC ("Funds
Management") for the C&B Large Cap Value Fund, Diversified Equity Fund,
Diversified Small Cap Fund, Emerging Growth Fund, Equity Income Fund, Equity
Value Fund, Growth Equity Fund, International Value Fund, Large Cap Appreciation
Fund, Large Company Growth Fund, Small Company Growth Fund, and Small Company
Value Fund (the "Gateway Funds"). The Master Trust Board reviewed and
re-approved: investment advisory agreements with Funds Management for: C&B Large
Cap Value Portfolio, Disciplined Growth Portfolio, Emerging Growth Portfolio,
Equity Income Portfolio, Equity Value Portfolio, Index Portfolio, International
Core Portfolio, International Growth Portfolio, International Index Portfolio,
International Value Portfolio, Large Cap Appreciation Portfolio, Large Company
Growth Portfolio, Small Cap Index Portfolio, Small Company Growth Portfolio,
Small Company Value Portfolio and Strategic Small Cap Value Portfolio (the
"Master Portfolios"). The Gateway Funds and the Master Portfolios are,
collectively, the "Funds."
The Master Trust Board reviewed and re-approved: (i) an investment sub-advisory
agreement with Wells Capital Management Incorporated ("Wells Capital
Management") for the Emerging Growth Portfolio, Equity Income Portfolio, Index
Portfolio, Small Cap Index Portfolio and Strategic Small Cap Value Portfolio;
(ii) an investment sub-advisory agreement with Artisan Partners Limited
Partnership ("Artisan") for the International Growth Portfolio; (iii) an
investment sub-advisory agreement with Cadence Capital Management, LLC
("Cadence") for the Large Cap Appreciation Portfolio; (iv) an investment
sub-advisory agreement with Cooke & Bieler L.P. ("Cooke & Bieler") for the C&B
Large Cap Value Portfolio; (v) an investment sub-advisory agreement with
Evergreen Investment Management Company, LLC ("Evergreen") for the International
Core Portfolio; (vi) an investment sub-advisory agreement with LSV Asset
Management ("LSV") for the International Value Portfolio; (vii) investment
sub-advisory agreements with Peregrine Capital Management, Inc. ("Peregrine")
for the Large Company Growth Portfolio, Small Company Growth Portfolio and Small
Company Value Portfolio; (viii) investment sub-advisory agreements with Smith
Asset Management, L.P. ("Smith") for the Disciplined Growth Portfolio; (ix) an
investment sub-advisory agreement with SSgA Funds Management ("SSgA") for the
International Index Portfolio; and (x) an investment sub-advisory agreement with
Systematic Financial Management, L.P. ("Systematic") for the Equity Value
Portfolio. The investment advisory agreements with Funds Management and the
investment sub-advisory agreements with Wells Capital Management, Artisan,
Cadence, Cooke & Bieler, Evergreen, LSV, Peregrine, Smith, SSgA, and Systematic
(the "Sub-Advisers") are collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 25-26, 2010 (the "Meeting"), the
Boards considered the factors and reached the conclusions described below
relating to the selection of Funds Management and the Sub-Advisers and the
continuation of the Advisory Agreements. Prior to the meeting held on March
25-26, 2010, the Trustees conferred extensively among themselves and with
representatives of Funds Management about these matters. The Boards also met
throughout the year and received information that was useful to them in
considering the continuation of the Advisory Agreements. The Independent
Trustees were assisted in their evaluation of the Advisory Agreements by
independent legal counsel, from whom they received separate legal advice and
with whom they met separately from Funds Management.
234 Wells Fargo Equity Gateway Funds
Other Information (Unaudited)
The Diversified Equity Fund, Diversified Small Cap Fund and Growth Equity Fund
are gateway blended funds that invest all of their assets in multiple Master
Portfolios identified above. The C&B Large Cap Value Fund, Emerging Growth Fund,
Equity Income Fund, Equity Value Fund, International Value Fund, Large Cap
Appreciation Fund, Large Company Growth Fund, Small Company Growth Fund and
Small Company Value Fund are gateway feeder funds that invest substantially all
of their assets in the C&B Large Cap Value Portfolio, Emerging Growth Portfolio,
Equity Income Portfolio, Equity Value Portfolio, International Value Portfolio,
Large Cap Appreciation Portfolio, Large Company Growth Portfolio, Small Company
Growth Portfolio and Small Company Value Portfolio, respectively. Each of these
Master Portfolios has a substantially similar investment objective and
substantially similar investment strategies to the respective Fund. Information
provided to the Boards regarding these Funds is also applicable to the Master
Portfolios identified above, as relevant.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various information regarding the nature,
extent and quality of services provided to the Funds by Funds Management and the
Sub-Advisers under the Advisory Agreements. The Boards also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for the day-to-day portfolio management of the Funds.
The Boards evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Boards further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers. In addition, the Boards took into account the administrative
services provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below,
each Board concluded that it was satisfied with the nature, extent and quality
of the investment advisory services provided to the Funds by Funds Management
and the Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for the Funds over various time
periods ended December 31, 2009. With respect to the Gateway Funds, the Funds
Trust Board also considered these results in comparison to the median
performance of a universe of relevant funds (the "Universe") that was determined
by Lipper Inc. ("Lipper") to be similar to the Funds, and in comparison to each
Gateway Fund's benchmark index and to other comparative data. Lipper is an
independent provider of investment company data. The Funds Trust Board received
a description of the methodology used by Lipper to select the mutual funds in
the Universe.
C&B LARGE CAP VALUE FUND AND EQUITY VALUE FUND
The Funds Trust Board noted that each Gateway Fund's performance was in range of
or higher than the median performance of its Universe for most of the periods
under review.
DIVERSIFIED EQUITY FUND AND SMALL COMPANY GROWTH FUND
The Funds Trust Board noted that, for the 3- and 5-year time periods, each
Gateway Fund's performance was lower than the median performance of its
Universe. The Funds Trust Board also noted that the Diversified Equity Fund's
performance of the 1- and 10-year periods was in range of or higher than the
median performance of the Universe. The Fund Trust Board also noted that the
more recent 1-year performance of the Small Company Growth Fund was higher than
the median performance of its Universe and noted that the 10-year performance of
the Administration Class was higher than the median performance of its Universe.
The Funds Trust Board noted that certain share classes (e.g., Class A and
Institutional Class) of the Small Company Growth Fund had a shorter operating
history.
Wells Fargo Equity Gateway Funds 235
Other Information (Unaudited)
DIVERSIFIED SMALL CAP FUND, GROWTH EQUITY FUND, INTERNATIONAL VALUE FUND AND
SMALL COMPANY VALUE FUND
The Funds Trust Board noted that each Gateway Fund's performance was lower than
the median performance for each Gateway Fund's Universe for most of the periods
under review. The Funds Trust Board also noted that each Gateway Fund's more
recent 1-year performance was higher than the median performance of its
Universe.
LARGE COMPANY GROWTH FUND
The Funds Trust Board noted that the Gateway Fund's performance for the
longer-term periods was lower than the median performance of its Universe. The
Funds Trust Board also noted that the Gateway Fund's more recent performance of
the 1- and 3-year time periods was higher than the median performance of its
Universe.
EMERGING GROWTH FUND, EQUITY INCOME FUND, LARGE CAP APPRECIATION FUND
The Funds Trust Board noted that the 1-year performance of the Emerging Growth
Fund was lower than the median performance of its Universe. The Funds Trust
Board noted the short operating history of this Gateway Fund. The Funds Trust
Board noted that the performance of the Equity Income Fund and Large Cap
Appreciation Fund was lower than the median performance of each Gateway Fund's
Universe and necessitated further inquiry. Funds Management provided additional
information about factors that contributed to each Gateway Fund's
underperformance and described actions that had been taken that were designed to
address each Gateway Fund's underperformance. The Funds Trust Board agreed to
continue their monitor of each Fund's performance.
With respect to the Master Portfolios, the Master Trust Board reviews
performance on both an absolute basis and relative to a universe of relevant
funds on a quarterly basis. The Master Trust Board also took note of the
performance of the Master Portfolios in the context of reviewing the performance
of the Gateway Funds.
The Funds Trust Board received and considered information regarding the Gateway
Funds' contractual advisory fee and net operating expense ratios and their
various components, including actual management fees (which reflect fee waivers,
if any), transfer agent, custodian and other non-management fees, Rule 12b-1 and
non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement
arrangements. The Funds Trust Board also considered these ratios in comparison
to the median ratios of an expense Universe and a narrower expense group of
mutual funds (the "Expense Group") that was determined by Lipper to be similar
to the Gateway Funds. The Funds Trust Board received a description of the
methodology used by Lipper to select the mutual funds in the Gateway Funds'
Expense Group. The Funds Trust Board noted that, except for the Class A shares
of the Diversified Equity Fund and Growth Equity Fund, the net operating expense
ratios of the Gateway Funds were equal to, lower than, or in range of their
respective Expense Group's median net operating expense ratio. With regard to
the Class A shares of the Diversified Equity Fund and Growth Equity Fund, the
Fund Trust Board noted that the net operating expense ratio was not appreciably
higher than the median ratio of each Fund's respective Expense Group.
With respect to the Master Portfolios, the Master Trust Board reviewed the fee
rates that are payable to Funds Management for investment advisory services (as
discussed below) and the rates payable pursuant to a custody agreement, in each
case relative to an Expense Group.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense structure of the Funds
supported the re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
that are payable by the Funds to Funds Management for investment advisory
services (the "Advisory Agreement Rates"), on a stand-alone basis and, with
respect to the Gateway Funds, on a combined basis with the Funds' administration
fee rates. The Funds Trust Board took into account the separate administrative
and other services covered by the administration fee rates. The Funds Trust
Board also reviewed and considered the contractual investment sub-advisory fee
rates that are payable by Funds Management to the Sub-Advisers for investment
sub-advisory services (the "Sub-Advisory Agreement Rates"). In addition, the
Funds Trust Board reviewed and considered the existing fee waiver/cap
arrangements applicable to the Advisory Agreement Rates and considered the
Advisory Agreement Rates after taking the waivers/caps into account (the "Net
Advisory Rates").
236 Wells Fargo Equity Gateway Funds
Other Information (Unaudited)
DIVERSIFIED EQUITY FUND, DIVERSIFIED SMALL CAP FUND, EMERGING GROWTH FUND, AND
GROWTH EQUITY FUND
The Funds Trust Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with the median rate of those of other
funds in each Fund's Expense Group. With respect to the Diversified Equity Fund,
Diversified Small Cap Fund and Growth Equity Fund, the Funds Trust Board noted
that each Fund's Advisory Agreement Rates and Net Advisory Rates were in range
of or lower than the rate of each Fund's Expense Group median. With respect to
the Emerging Growth Fund, the Funds Trust Board noted that, except for the Class
A shares, the Fund's Advisory Agreement Rates were in range of the median rate
of its Expense Group. The Funds Trust Board noted that the Advisory Agreement
Rate of the Emerging Growth Fund's Class A shares was not appreciably higher
than the median rate of its Expense Group. The Funds Trust Board viewed
favorably that the Net Advisory Rates of the Emerging Growth Fund were lower
than the median rate of the Expense Group.
C&B LARGE CAP VALUE FUND, EQUITY INCOME FUND, EQUITY VALUE FUND, INTERNATIONAL
FUND, LARGE CAP APPRECIATION FUND, LARGE COMPANY GROWTH FUND, SMALL COMPANY
GROWTH FUND AND SMALL COMPANY VALUE FUND
The Funds Trust Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with the median rate of those of other
funds in each Fund's Expense Group. The Funds Trust Board noted, with respect to
the Administrator Class and Institutional Class, as applicable, the Funds'
Advisory Agreement Rates were in range of, equal to or not appreciably higher
than the median rate of each Fund's respective Expense Group. With respect to
Class A and Investor Class, as applicable, the Funds Trust Board noted that the
Advisory Agreement Rate for the Funds was generally higher than the median rate
of Expense Group. The Funds Trust Board also noted that the Net Advisory Rates
for most of the Funds were in range of, lower than or not appreciably higher
than the median rate of each Fund's Expense Group. The Funds Trust Board noted
that, with respect to the Class A shares of the Small Company Growth Fund and
Small Company Value Fund, the Net Advisory Rates of these Funds were higher than
the median rate of the Expense Groups. The Funds Trust Board noted that the
Small Company Growth Fund was benefitting from the application of breakpoints to
the Advisory Agreement Rate. The Funds Trust Board also considered that Funds
Management had agreed to waive a portion of its fees to reduce the net operating
expense ratio to certain levels as set forth in the Fund's prospectus.
With respect to the Gateway Funds, the Funds Trust Board concluded that the
Advisory Agreement Rates, both with and without administration fee rates and
before and after waivers, were acceptable in light of the Gateway Funds' Expense
Group information, the net expense ratio commitments and the services covered by
the Advisory Agreements.
THE MASTER PORTFOLIOS
The Master Trust Board received and considered information comparing the
Advisory Agreement Rate with the median rate of other funds in each Master
Portfolio's Expense Group. The Master Trust Board noted that the Master
Portfolios' Advisory Agreement Rates were in range of or lower than the Expense
Group median.
The Master Trust Board concluded that the Advisory Agreement Rates were
acceptable in light of the Master Portfolios' Expense Group information and the
services covered by the Advisory Agreements.
SUB-ADVISORY AGREEMENT RATES
Both the Funds Trust Board and the Master Trust Board also reviewed and
considered the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory
Agreement Rates were acceptable in light of the services covered by the
Sub-Advisory Agreements.
PROFITABILITY
The Boards received and considered a profitability analysis of Funds Management
based on the Advisory Agreement Rates and Net Advisory Rates, as well as an
analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Boards concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
Wells Fargo Equity Gateway Funds 237
Other Information (Unaudited)
The Boards did not consider separate profitability information with respect to
Wells Capital Management, Evergreen, Peregrine and Smith, because, as affiliates
of Funds Management, their profitability information was subsumed in the
profitability analysis provided by Funds Management. The Board of the Master
Trust also did not consider separate profitability information with respect to
Artisan, Cadence, Cooke & Bieler, LSV, SSgA, and Systematic, which are not
affiliated with Funds Management. The Master Trust Board considered that the
sub-advisory fees paid to these Sub-Advisers had been negotiated by Funds
Management on an arm's length basis and that Artisan's, Cadence's, Cooke &
Bieler's, LSV's, SSgA's and Systematic's profitability from their relationships
with the Master Portfolios managed by them was not a material factor in
determining whether to renew the agreements.
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of scale
made at the March 2010 Board meeting. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and fee waiver and expense reimbursement arrangements applicable to
the Funds.
INFORMATION ABOUT SERVICES AND FEES OFFERED TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to similarly situated
series of the Trusts, and those offered by the Sub-Advisers to other clients.
The Boards concluded that the Advisory Agreement Rates, the Sub-Advisory
Agreement Rates and the Net Advisory Rates were within an acceptable range of
the fee rates offered to similarly situated series of the Trusts by Funds
Management and to other clients by the Sub-Advisers, giving effect to
differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND THE SUB-ADVISERS
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Ancillary
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase in Funds Management's and the
Sub-Advisers' business as a result of their relationship with the Funds (such as
the ability to market to shareholders/interestholders other financial products
offered by Funds Management and its affiliates or the Sub-Advisers and their
affiliates).
The Boards have reviewed information about the policies of the Sub-Advisers in
seeking the best execution of portfolio transactions, whether and to what extent
soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Boards have reviewed
information about Funds Management's and the Sub-Advisers' methods for
allocating portfolio investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Gateway Funds'
shares, including the multiple channels through which the Gateway Funds' shares
are offered and sold. The Boards noted that the Gateway Funds are part of one of
the few fund families that have both direct-to-fund and intermediary
distribution channels. As discussed above, the Boards review detailed materials
received from Funds Management and the Sub-Advisers annually as part of the
re-approval process under Section 15(c) of the 1940 Act. The Boards also review
and assess information about the quality of the services that the Funds receive
throughout the year. In this regard, the Boards have reviewed reports of Funds
Management at each of their quarterly meetings, which include, among other
things, portfolio reviews and fund performance reports. In addition, the Boards
confer with portfolio managers at various times throughout the year.
238 Wells Fargo Equity Gateway Funds
Other Information (Unaudited)
CONCLUSION
After considering the above-described factors and based on their deliberations
and their evaluation of the information described above, the Boards concluded
that approval of the continuation of the Advisory Agreements for the Funds was
in the best interest of the Funds and their shareholders/interestholders.
Accordingly, the Boards unanimously approved the continuation of the Advisory
Agreements for an additional one-year period.
Wells Fargo Equity Gateway Funds 239
List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG - Association of Bay Area Governments
ADR - American Depositary Receipt
AMBAC - American Municipal Bond Assurance Corporation
AMT - Alternative Minimum Tax
ARM - Adjustable Rate Mortgages
BART - Bay Area Rapid Transit
CDA - Community Development Authority
CDO - Collateralized Debt Obligation
CDSC - Contingent Deferred Sales Charge
CGIC - Capital Guaranty Insurance Company
CGY - Capital Guaranty Corporation
CIFG - CDC (Caisse des Depots et Consignations) IXIS Financial
Guarantee
COP - Certificate of Participation
CP - Commercial Paper
CTF - Common Trust Fund
DW&P - Department of Water & Power
DWR - Department of Water Resources
ECFA - Educational & Cultural Facilities Authority
EDFA - Economic Development Finance Authority
ETET - Eagle Tax-Exempt Trust
ETF - Exchange-Traded Fund
FFCB - Federal Farm Credit Bank
FGIC - Financial Guaranty Insurance Corporation
FHA - Federal Housing Authority
FHAG - Federal Housing Agency
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
FNMA - Federal National Mortgage Association
FSA - Farm Service Agency
GDR - Global Depositary Receipt
GNMA - Government National Mortgage Association
GO - General Obligation
HCFR - Healthcare Facilities Revenue
HEFA - Health & Educational Facilities Authority
HEFAR - Higher Education Facilities Authority Revenue
HFA - Housing Finance Authority
HFFA - Health Facilities Financing Authority
HUD - Housing & Urban Development
IDA - Industrial Development Authority
IDAG - Industrial Development Agency
IDR - Industrial Development Revenue
LIBOR - London Interbank Offered Rate
LLC - Limited Liability Company
LOC - Letter of Credit
LP - Limited Partnership
MBIA - Municipal Bond Insurance Association
MFHR - Multi-Family Housing Revenue
MFMR - Multi-Family Mortgage Revenue
MMD - Municipal Market Data
MTN - Medium Term Note
MUD - Municipal Utility District
NATL-RE - National Public Finance Guarantee Corporation
PCFA - Pollution Control Finance Authority
PCR - Pollution Control Revenue
PFA - Public Finance Authority
PFFA - Public Facilities Financing Authority
plc - Public Limited Company
PSFG - Public School Fund Guaranty
R&D - Research & Development
RDA - Redevelopment Authority
RDFA - Redevelopment Finance Authority
REITS - Real Estate Investment Trusts
SFHR - Single Family Housing Revenue
SFMR - Single Family Mortgage Revenue
SLMA - Student Loan Marketing Association
SPDR - Standard & Poor's Depositary Receipts
STIT - Short-Term Investment Trust
TBA - To Be Announced
TRAN - Tax Revenue Anticipation Notes
USD - Unified School District
XLCA - XL Capital Assurance
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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
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REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
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OR VISIT THE FUNDS' WEB SITE AT WWW.WELLSFARGO.COM/ADVANTAGEFUNDS. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Source: MSCI. MSCI makes no express or implied warranties or representations and
shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for
other indices or any securities or financial products. This report is not
approved, reviewed or produced by MSCI.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and Other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(C) 2010 Wells Fargo Funds Management, LLC. All rights reserved. www.wellsfargo.com/advantagefunds 122812 05-10
SEGF/SAR111 03-10
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Semi-Annual Report
March 31, 2010
WELLS FARGO ADVANTAGE INDEX FUND
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Contents
LETTER TO SHAREHOLDERS .................................................... 2
PERFORMANCE HIGHLIGHTS
Index Fund ................................................................ 6
FUND EXPENSES ............................................................. 8
PORTFOLIO OF INVESTMENTS
Index Fund ................................................................ 9
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ....................................... 10
Statement of Operations ................................................... 11
Statements of Changes in Net Assets ....................................... 12
Financial Highlights ...................................................... 14
NOTES TO FINANCIAL STATEMENTS ............................................. 16
MASTER PORTFOLIO
PORTFOLIO OF INVESTMENTS
Index Portfolio ........................................................... 20
FINANCIAL STATEMENTS
Statement of Assets and Liabilities ....................................... 35
Statement of Operations ................................................... 36
Statements of Changes in Net Assets ....................................... 37
Financial Highlights ...................................................... 38
NOTES TO FINANCIAL STATEMENTS ............................................. 39
OTHER INFORMATION ......................................................... 44
LIST OF ABBREVIATIONS ..................................................... 49
|
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF FUNDS"
THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO THE
WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING THE
COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO ADVANTAGE
FUNDS, FORMING A FUND FAMILY OF MORE THAN 100 FUNDS AND PLACING IT AMONG
THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
WELLS FARGO ADVANTAGE FUNDS(R)
WELLS FARGO ADVANTAGE FUNDS skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of investors is backed by our
unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. And,
because we're part of a highly diversified financial enterprise, we offer the
depth of resources to help investors succeed.
EXPERTISE
Our multi-boutique model offers investors access to the independent thinking of
premier investment managers that have been chosen for their time-tested
strategies. While each team specializes in a specific investment strategy,
collectively they provide investors a wide choice of distinct investment styles.
Our dedication to investment excellence doesn't end with our expertise in
manager selection--risk management, analysis, and rigorous ongoing review seek
to ensure each manager's investment process remains consistent.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER
STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT
STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT www.wellsfargo.com/advantagefunds. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, Wells Fargo Managed Account Services, and certain 529
college savings plans. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds and shares in the 529
plans are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC,
an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2010.
EQUITY FUNDS
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund Discovery Fund+
Diversified Equity Fund
Diversified International Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund U.S. Value Fund
BOND FUNDS
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
Aggressive Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Index Asset Allocation Fund
Moderate Balanced Fund
WealthBuilder Conservative Allocation Portfolio+
WealthBuilder Equity Portfolio+
WealthBuilder Growth Allocation Portfolio+
WealthBuilder Growth Balanced Portfolio+
WealthBuilder Moderate Balanced Portfolio+
WealthBuilder Tactical Equity Portfolio+
Target Today Fund(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+
MONEY MARKET FUNDS
100% Treasury Money Market Fund(1)
California Municipal Money Market Fund
California Municipal Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)
VARIABLE TRUST FUNDS(3)
VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT Index Asset Allocation Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
(1.) The U.S. government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
(2.) The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
(3.) The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO
ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE
FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE
SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY
PORTFOLIO(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS
FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW
JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020
FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO
ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES
TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM),
WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE
DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET
FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS
FARGO ADVANTAGE VT DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT
OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select
Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund,
WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity
Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth
Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio,
WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010
Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030
Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050
Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery
Fund, and VT Opportunity Fund, respectively.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage Index Fund
Letter to Shareholders
(PHOTO OF KARLA M. RABUSCH)
Karla M. Rabusch,
President
WELLS FARGO ADVANTAGE FUNDS
ECONOMIC GROWTH WAS STRONG THROUGHOUT THE SIX-MONTH PERIOD AS THE ECONOMIC
RECOVERY APPEARED TO GAIN MOMENTUM.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the WELLS FARGO
ADVANTAGE INDEX FUND for the six-month period that ended March 31, 2010. The
period brought additional signs of economic improvement, continuing to support a
strong rally in the financial markets after the severe downturn in 2008 and
early 2009. We believe that the continued advance in the financial markets
during the six-month period underscores the importance of maintaining a
disciplined focus on a long-term investment strategy. Although periods of
volatility can be challenging for investors, staying focused on a long-term
strategy based on individual goals and risk tolerance can help avoid missing
potential periods of strong recovery.
ECONOMIC GROWTH TURNED POSITIVE AFTER SEVERE CONTRACTION.
Economic growth was strong throughout the six-month period as the economic
recovery appeared to gain momentum. Gross Domestic Product (GDP) growth was 3.2%
in the first quarter of 2010 and 5.6% in the fourth quarter of 2009, the
strongest since 2003. GDP returned to positive growth in the third quarter of
2009, following four consecutive quarters of contraction for the first time in
at least 60 years. The consensus among economists was that the recession that
began in December 2007 had likely ended during the summer of 2009. However, with
much of the growth attributable to government stimulus, questions remained over
the sustainability of the recovery. By the end of the six-month period, the
National Bureau of Economic Research had not declared an official end to the
recession.
PAYROLL GROWTH RESUMED, THOUGH THE UNEMPLOYMENT RATE REMAINED HIGH.
Employment data turned positive during the six-month period, a welcome sign that
the economic recovery appeared to be moving toward self-sustainability. U.S.
employers added 162,000 jobs in March 2010, the most in three years. The
unemployment rate edged down to 9.7% in the final months of the period, after
having peaked at 10.1% in October 2009--its highest level in more than 25 years.
Other encouraging news in March included increases in temporary jobs, average
hours worked, and manufacturing employment. Still, more than 8 million jobs were
lost during the recession, and the number of long-term unemployed--those out of
work for 27 weeks or longer--continued to increase, ending the period at 6.5
million.
Other economic data continued to show additional signs of improvement.
Industrial production, manufacturing, and consumer sentiment had all improved
significantly as the six-month period came to a close. Retail sales strengthened
significantly during the period, with particular strength in March. Although
housing inventory and foreclosure rates remained elevated, home sales and prices
began to show signs of improvement in many areas of the country--spurred in part
by the government's $8,000 tax credit for first-time home buyers, which was
extended through the end of April 2010.
THE FED CONTINUED TO FOCUS ON ECONOMIC STIMULUS.
Despite extensive quantitative easing measures by the Federal Reserve, bank
lending remained constrained during the six-month period. This indicates that
the trillions of dollars of government stimulus that were added to the monetary
Wells Fargo Advantage Index Fund 3
Letter to Shareholders
system might not have an inflationary impact in the near term. Throughout the
period, the Federal Open Market Committee (FOMC) held the federal funds rate at
the range of 0% to 0.25% that it first targeted in December 2008. The Fed did,
however, begin to remove some of its unconventional stimulus measures. It
concluded its purchases of longer-term Treasuries in October 2009 and
mortgage-backed securities in March 2010.
The FOMC's final statement during the six-month period noted that economic
activity continued to strengthen, the labor market was stabilizing, business
spending had risen significantly, and inflation remained subdued. However, the
committee also noted that unemployment remained high and credit continued to be
tight, reiterating that it was likely to keep the federal funds rate at
exceptionally low levels for an extended period because of the continued
substantial economic slack.
FINANCIAL MARKETS CONTINUED TO ADVANCE ON THE SIGNS OF ECONOMIC IMPROVEMENT.
The strong rally in the equity markets continued during the six-month period.
The advance was interrupted only briefly by modest corrections in October 2009
and January 2010, due primarily to concerns about sovereign debt, with
particular focus on Greece. The euro weakened significantly against the U.S.
dollar as the European Union continued to debate potential support plans for
Greece throughout the period.
Despite the macroeconomic concerns, strong corporate earnings reports throughout
the six-month period provided support for the equity markets to continue to move
higher. Companies in the S&P 500 Index exceeded analysts' earnings estimates at
a pace of nearly 80% in the third quarter of 2009 and more than 70% in the
fourth quarter of 2009. Other than brief spikes in late October and early
January, market volatility, as measured by the Chicago Board Options Exchange
Volatility Index, declined over the course of the six-month period, ending at
its lowest level since early 2008.
Among major stock-market indices, the S&P 500 Index gained 11.8% during the
six-month period, and the Dow Jones Industrial Average rose 13.3%. The
tech-heavy NASDAQ Composite Index advanced 13.5%, as information technology
remained one of the strongest-performing sectors.
Over the six-month period, mid cap stocks outpaced both large cap and small cap
stocks, which had similar returns, as measured by the Russell indices. The
Russell Midcap(R) Index rose 15.1%, while the Russell 1000(R) Index of large cap
stocks advanced 12.1% and the Russell 2000(R) Index of small cap stocks gained
13.1%. Performance leadership between the growth and value investment styles was
mixed according to market capitalization during the period. Among large cap
stocks, the growth style outpaced value. Conversely, value outpaced growth among
small cap stocks.
International stocks, as measured by the MSCI EAFE Index, rose 3.1% during the
six-month period. Emerging markets, as measured by the MSCI Emerging Markets
Index, climbed 11.2% for the six-month period.
STRONG CORPORATE EARNINGS REPORTS THROUGHOUT THE SIX-MONTH PERIOD PROVIDED
SUPPORT FOR THE EQUITY MARKETS TO CONTINUE TO MOVE HIGHER.
4 Wells Fargo Advantage Index Fund
Letter to Shareholders
DON'T LET SHORT-TERM VOLATILITY DERAIL LONG-TERM INVESTMENT GOALS.
The six-month period that ended March 31, 2010, saw a continued advance in the
equity markets and a welcome reprieve from the volatility of 2008 and early
2009. The sustained rebound in market performance that began in early 2009
underscores the importance of maintaining focus on long-term investment goals
through periods of volatility, so as not to miss potential periods of strong
recovery. Although periods of volatility can present challenges, experience has
taught us that maintaining a long-term investment strategy based on individual
goals and risk tolerance can be an effective way to plan for the future.
As a whole, WELLS FARGO ADVANTAGE FUNDS represents investments across a broad
range of asset classes and investment styles, giving you an opportunity to
create a diversified investment portfolio. Although diversification may not
prevent losses in a downturn, it may help to reduce them and provide you with
one way of managing risk. Our diverse family of mutual funds may also help. We
offer more than 100 Funds that cover a broad spectrum of investment styles and
asset classes.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at www.wellsfargo.com/advantagefunds.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
|
THIS PAGE IS INTENTIONALLY LEFT BLANK.
6 Wells Fargo Advantage Index Fund
Performance Highlights
WELLS FARGO ADVANTAGE INDEX FUND
INVESTMENT OBJECTIVE
THE WELLS FARGO ADVANTAGE INDEX FUND (the Fund) seeks to replicate the total
rate of return of the S&P 500 Index, before fees and expenses.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
Gregory T. Genung, CFA
FUND INCEPTION
January 31, 1987
TEN LARGEST EQUITY HOLDINGS (1)
(AS OF MARCH 31, 2010)
Exxon Mobil Corporation 2.95%
Microsoft Corporation 2.08%
Apple Incorporated 1.99%
General Electric Company 1.81%
Procter & Gamble Company 1.71%
Johnson & Johnson 1.67%
Bank of America Corporation 1.67%
JPMorgan Chase & Company 1.66%
International Business Machines Corporation 1.55%
Wells Fargo & Company 1.50%
|
SECTOR DISTRIBUTION (2)
(AS OF MARCH 31, 2010)
(PIE CHART)
Consumer Discretionary (10%)
Consumer Staples (11%)
Energy (11%)
Financials (16%)
Health Care (12%)
Industrials (11%)
Information Technology (20%)
Materials (3%)
Telecommunication Services (3%)
Utilities (3%)
|
(1.) The ten largest equity holdings are calculated based on the value of the
portfolio securities of the Master Portfolio allocable to the Fund divided
by the total investments of the Fund. See Notes to Financial Statements for
a discussion of the Master Portfolio. Holdings are subject to change and
may have changed since the date specified.
(2.) Sector distribution is subject to change and represents the sector
distribution of the Master Portfolio, which is calculated based on total
investments of the Master Portfolio excluding cash and cash equivalents.
See Notes to Financial Statements for a discussion of the Master Portfolio.
Wells Fargo Advantage Index Fund 7
Performance Highlights
WELLS FARGO ADVANTAGE INDEX FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
--------------------------------- --------------------------------- ----------------
6 Months* 1 Year 5 Year 10 Year 6 Months* 1 Year 5 Year 10 Year Gross(4) Net(5)
-------- ------ ------ ------- -------- ------ ------ ------- -------- ------
Class A (WINAX)** 5.08 40.70 0.07 (1.80) 11.50 49.29 1.26 (1.22) 0.73% 0.62%
Class B (WINBX)*** 6.05 43.16 0.10 (1.96) 11.05 48.16 0.49 (1.96) 1.48% 1.37%
Administrator Class (NVINX) 11.73 49.87 1.64 (0.85) 0.40% 0.25%
Investor Class (WFVEX) 11.60 49.55 1.43 (1.05) 0.83% 0.45%
S&P 500 Index(6) 11.75 49.77 1.92 (0.65)
|
* Returns for periods of less than one year are not annualized.
** Class A shares are closed to new investors.
*** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE AT THE FUNDS' WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR AND INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END
SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
PLEASE KEEP IN MIND THAT HIGH DOUBLE-DIGIT RETURNS WERE PRIMARILY ACHIEVED
DURING FAVORABLE MARKET CONDITIONS. YOU SHOULD NOT EXPECT THAT SUCH FAVORABLE
RETURNS CAN BE CONSISTENTLY ACHIEVED. A FUND'S PERFORMANCE, ESPECIALLY FOR VERY
SHORT TIME PERIODS, SHOULD NOT BE THE SOLE FACTOR IN MAKING YOUR INVESTMENT
DECISION.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. The use of derivatives may
reduce returns and/or increase volatility. Consult the Fund's prospectus for
additional information on these and other risks.
(3.) The Fund is a gateway fund in a Master/Gateway structure that invests all
of its assets in a single master portfolio of the Wells Fargo Master Trust
with a substantially similar investment objective and substantially similar
investment strategies. References to the investment activities of the Fund
are intended to refer to the investment activities of the Master Portfolio
in which it invests.
Performance shown prior to the inception of the Class A and Class B on July
18, 2008 reflects the performance of the Administrator Class, adjusted to
reflect Class A and Class B sales charges and expenses, as applicable.
Performance shown prior to the inception of the Investor Class on April 11,
2005, reflects the performance of the Administrator Class of the Fund,
adjusted to reflect Investor Class expenses.
(4.) Reflects the gross expense ratio as stated in the February 1, 2010.
(5.) The investment adviser has committed through January 31, 2011 to waive fees
and/or reimburse expenses to the extent necessary to maintain the net
operating expense ratios, including the underlying Master Portfolio's fees
and expenses. Without these reductions, the Fund's returns would have been
lower.
(6.) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity,
and industry group representation. It is a market value weighted index with
each stock's weight in the index proportionate to its market value. You
cannot invest directly in an index.
8 Wells Fargo Advantage Index Fund
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution (12b-1) and/or shareholder service fees; and other Fund
expenses. This example is intended to help you understand your ongoing costs (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire six-month period from October 1, 2009 to March
31, 2010.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
10-01-2009 03-31-2010 the Period(1) Expense Ratio
------------- ------------- ------------- -------------
CLASS A
Actual $1,000.00 $1,115.00 $3.27 0.62%
Hypothetical (5% return before expenses) $1,000.00 $1,021.84 $3.13 0.62%
CLASS B
Actual $1,000.00 $1,110.50 $7.21 1.37%
Hypothetical (5% return before expenses) $1,000.00 $1,018.10 $6.89 1.37%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,117.30 $1.32 0.25%
Hypothetical (5% return before expenses) $1,000.00 $1,023.68 $1.26 0.25%
INVESTOR CLASS
Actual $1,000.00 $1,116.00 $2.37 0.45%
Hypothetical (5% return before expenses) $1,000.00 $1,022.69 $2.27 0.45%
|
(1.) Expenses are equal to the Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year divided by the number of days in the
fiscal year (to reflect the one-half year period.)
Wells Fargo Advantage Index Fund 9
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX FUND
FACE/SHARE
AMOUNT SECURITY NAME VALUE
---------- ------------- --------------
INVESTMENTS IN AFFILIATED MASTER PORTFOLIO: 100.05%
N/A WELLS FARGO ADVANTAGE INDEX PORTFOLIO $1,783,148,740
TOTAL INVESTMENTS IN AFFILIATED MASTER PORTFOLIO (COST $1,494,327,133) 1,783,148,740
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $1,494,327,133)* 100.05% 1,783,148,740
OTHER ASSETS AND LIABILITIES, NET (0.05) (834,490)
------ --------------
TOTAL NET ASSETS 100.00% $1,782,314,250
------ --------------
|
* Cost for federal income tax purposes is substantially the same as cost for
financial reporting purposes.
The accompanying notes are an integral part of these financial statements.
10 Wells Fargo Advantage Index Fund
Statement of Assets and Liabilities--March 31, 2010 (Unaudited)
ASSETS
Investment in affiliated Master Portfolio, at value (see cost below) ........ $1,783,148,740
Cash ........................................................................ 75,000
Receivable from Fund shares issued .......................................... 1,340,069
--------------
Total assets ................................................................... 1,784,563,809
--------------
LIABILITIES
Payable for Fund shares redeemed ............................................ 1,918,876
Payable to affiliates ....................................................... 271,153
Accrued expenses and other liabilities ...................................... 59,530
--------------
Total liabilities .............................................................. 2,249,559
--------------
TOTAL NET ASSETS ............................................................... $1,782,314,250
==============
NET ASSETS CONSIST OF
Paid-in capital ............................................................. $1,527,905,745
Undistributed net investment income ......................................... 8,684,241
Accumulated net realized loss on investment ................................. (43,097,343)
Net unrealized appreciation of investment ................................... 288,821,607
--------------
TOTAL NET ASSETS ............................................................... $1,782,314,250
==============
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE (1)
Net assets - Class A ........................................................ $ 204,198,216
Shares outstanding - Class A ................................................ 4,782,196
Net asset value per share - Class A ......................................... $ 42.70
Maximum offering price per share - Class A(2) ............................... $ 45.31
Net assets - Class B ........................................................ $ 4,902,455
Shares outstanding - Class B ................................................ 114,800
Net asset value and offering price per share - Class B ...................... $ 42.70
Net assets - Administrator Class ............................................ $1,452,856,149
Shares outstanding - Administrator Class .................................... 33,947,399
Net asset value and offering price per share - Administrator Class .......... $ 42.80
Net assets - Investor Class ................................................. $ 120,357,430
Shares outstanding - Investor Class ......................................... 2,815,942
Net asset value and offering price per share - Investor Class ............... $ 42.74
--------------
Investment in affiliated Master Portfolios, at cost ............................ $1,494,327,133
--------------
|
(1.) The Fund has an unlimited number of authorized shares.
(2.) Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Index Fund 11
Statement of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
INVESTMENT INCOME
Dividends allocated from affiliated Master Portfolio ............................. $ 17,024,530
Interest allocated from affiliated Master Portfolio .............................. 9,868
Expenses allocated from affiliated Master Portfolio .............................. (843,925)
Waivers allocated from affiliated Master Portfolio ............................... 5,889
------------
Total investment income ............................................................. 16,196,362
------------
EXPENSES
Administration fees
Fund level .................................................................... 418,257
Class A ....................................................................... 276,324
Class B ....................................................................... 7,339
Administration Class .......................................................... 678,127
Investor Class ................................................................ 216,902
Shareholder servicing fees
Class A ....................................................................... 246,718
Class B ....................................................................... 6,553
Administration Class .......................................................... 677,780
Investor Class ................................................................ 141,629
Accounting fees .................................................................. 36,244
Distribution fees
Class B ....................................................................... 19,658
Professional fees ................................................................ 12,263
Registration fees ................................................................ 17,452
Shareholder reports .............................................................. 79,782
Trustees' fees ................................................................... 5,274
Other fees and expenses .......................................................... 78,159
------------
Total expenses ...................................................................... 2,918,461
------------
LESS
Waived fees and/or expenses reimbursed ........................................... (1,155,465)
Net expenses ..................................................................... 1,762,996
------------
Net investment income ............................................................... 14,433,366
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain from investment transactions allocated from affiliated Master
Portfolio ........................................................................ 6,037,873
Net change in unrealized appreciation from investment transactions allocated
from affiliated Master Portfolio ................................................. 165,317,176
------------
Net realized and unrealized gain on investments ..................................... 171,355,049
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................ $185,788,415
============
|
The accompanying notes are an integral part of these financial statements.
12 Wells Fargo Advantage Index Fund
Statements of Changes in Net Assets
For the Six
Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
-------------- ------------------
INCREASE IN NET ASSETS
Beginning net assets ............................................................. $1,552,639,854 $1,726,164,881
OPERATIONS
Net investment income ............................................................ 14,433,366 31,386,949
Net realized gain (loss) on investments .......................................... 6,037,873 (16,498,968)
Net change in unrealized appreciation (depreciation) of investments .............. 165,317,176 (149,024,283)
-------------- --------------
Net increase (decrease) in net assets resulting from operations ..................... 185,788,415 (134,136,302)
-------------- --------------
DISTRIBUTION TO SHAREHOLDERS FROM
Net investment income
Class A ....................................................................... (2,748,895) (4,501,768)
Class B ....................................................................... (27,886) (156,322)
Administrator Class ........................................................... (23,261,261) (27,968,699)
Investor Class ................................................................ (1,751,958) (2,226,992)
Net realized gains
Class A ....................................................................... 0 (6,509,574)
Class B ....................................................................... 0 (275,922)
Administrator Class ........................................................... 0 (38,931,686)
Investor Class ................................................................ 0 (3,360,560)
-------------- --------------
Total distribution to shareholders .................................................. (27,790,000) (83,931,523)
-------------- --------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A .............................................. 1,582,787 4,332,851
Reinvestment of distributions - Class A .......................................... 2,712,453 10,901,032
Cost of shares redeemed - Class A ................................................ (12,296,913) (29,668,153)
-------------- --------------
Net decrease in net assets resulting from capital shares transactions - Class A .. (8,001,673) (14,434,270)
-------------- --------------
Proceeds from shares sold - Class B .............................................. 0 37,494
Reinvestment of distributions - Class B .......................................... 27,200 414,825
Cost of shares redeemed - Class B ................................................ (1,434,963) (3,595,374)
-------------- --------------
Net decrease in net assets resulting from capital shares transactions - Class B .. (1,407,763) (3,143,055)
-------------- --------------
Proceeds from shares sold - Administrator Class .................................. 224,438,675 338,044,014
Reinvestment of distributions - Administrator Class .............................. 21,004,591 58,593,154
Cost of shares redeemed - Administrator Class .................................... (163,467,035) (342,325,324)
-------------- --------------
Net increase in net assets resulting from capital shares transactions -
Administrator Class ........................................................... 81,976,231 54,311,844
-------------- --------------
Proceeds from shares sold - Investor Class ....................................... 7,388,968 23,503,586
Reinvestment of distributions - Investor Class ................................... 1,699,571 5,430,786
Cost of shares redeemed - Investor Class ......................................... (9,979,353) (21,126,093)
-------------- --------------
Net increase (decrease) in net assets resulting from capital shares
transactions - Investor Class ................................................. (890,814) 7,808,279
-------------- --------------
Net increase in net assets resulting from capital shares transactions - Total ....... 71,675,981 44,542,798
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ............................................... 229,674,396 (173,525,027)
============== ==============
ENDING NET ASSETS ................................................................... $1,782,314,250 $1,552,639,854
============== ==============
Ending balance of undistributed net investment income ............................... $ 8,684,241 $ 22,040,875
-------------- --------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ............................................................ 39,473 129,458
Shares issued in reinvestment of distributions - Class A ......................... 66,958 338,926
Shares redeemed - Class A ........................................................ (304,999) (860,723)
-------------- --------------
Net decrease in shares outstanding - Class A ..................................... (198,568) (392,339)
-------------- --------------
Shares sold - Class B ............................................................ 0 1,090
Shares issued in reinvestment of distributions - Class B ......................... 656 12,892
Shares redeemed - Class B ........................................................ (35,788) (108,495)
-------------- --------------
Net decrease in shares outstanding - Class B ..................................... (35,132) (94,513)
-------------- --------------
Shares sold - Administrator Class ................................................ 5,513,574 10,170,221
Shares issued in reinvestment of distributions - Administrator Class ............. 517,865 1,821,168
Shares redeemed - Administrator Class ............................................ (4,005,001) (10,357,966)
-------------- --------------
Net increase in shares outstanding - Administrator Class ......................... 2,026,438 1,633,423
-------------- --------------
Shares sold - Investor Class ..................................................... 183,241 714,786
Shares issued in reinvestment of distributions - Investor Class .................. 41,934 168,861
Shares redeemed - Investor Class ................................................. (245,276) (639,924)
-------------- --------------
Net increase (decrease) in shares outstanding - Investor Class ................... (20,101) 243,723
-------------- --------------
NET INCREASE IN SHARES OUTSTANDING RESULTING FROM CAPITAL SHARE TRANSACTIONS ........ 1,772,637 1,390,294
============== ==============
|
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
14 Wells Fargo Advantage Index Fund
Financial Highlights
Beginning Net Realized Distributions
Net Asset Net and Unrealized from Net
Value Per Investment Gain (Loss) Investment
Share Income on Investments Income
--------- ---------- -------------- -------------
Class A
October 1, 2009 to March 31, 2010 (unaudited).... $38.83 0.29(4) 4.14 (0.56)
October 1, 2008 to September 30, 2009............ $44.82 0.70(4) (4.54) (0.86)
July 18, 2008(5) to September 30, 2008........... $48.28 0.17 (3.63) 0.00
Class B
October 1, 2009 to March 31, 2010 (unaudited).... $38.65 0.13(4) 4.13 (0.21)
October 1, 2008 to September 30, 2009............ $44.76 0.46(4) (4.57) (0.71)
July 18, 2008(5) to September 30, 2008........... $48.28 0.10 (3.62) 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (unaudited).... $38.94 0.36(4) 4.17 (0.67)
October 1, 2008 to September 30, 2009............ $44.85 0.82(4) (4.53) (0.91)
October 1, 2007 to September 30, 2008............ $60.73 1.02 (14.05) (0.99)
October 1, 2006 to September 30, 2007............ $54.23 0.99(4) 7.60 (0.83)
October 1, 2005 to September 30, 2006............ $49.80 0.88 4.31 (0.76)
October 1, 2004 to September 30, 2005............ $45.21 0.89 4.50 (0.80)
Investor Class
October 1, 2009 to March 31, 2010 (unaudited).... $38.89 0.32(4) 4.16 (0.63)
October 1, 2008 to September 30, 2009............ $44.76 0.75(4) (4.51) (0.82)
October 1, 2007 to September 30, 2008............ $60.61 0.91 (14.02) (0.88)
October 1, 2006 to September 30, 2007............ $54.13 0.87(4) 7.59 (0.72)
October 1, 2005 to September 30, 2006............ $49.75 0.78 4.30 (0.70)
April 11, 2005(5) to September 30, 2005.......... $47.52 0.34 1.89 0.00
|
(1.) Includes net expenses allocated from the Master Portfolio in which the Fund
invests.
(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 of less than one year are not
annualized.
(3.) Portfolio turnover rate represents the activity from the Fund's investment
in a single Master Portfolio.
(4.) Calculated based upon average shares outstanding.
(5.) Commencement of class operations.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Index Fund 15
Financial Highlights
Ending Ratio to Average Net Assets (Annualized)
Distributions Net Asset ------------------------------------------ Portfolio Net Assets at
from Net Value Per Net Investment Gross Net Total Turnover End of Period
Realized Gains Share Income Expenses(1) Expenses(1) Return(2) Rate(3) (000's omitted)
-------------- --------- -------------- ----------- ---------- --------- --------- ---------------
0.00 $42.70 1.42% 0.71% 0.62% 11.50% 10% $ 204,198
(1.29) $38.83 2.10% 0.71% 0.62% (7.47)% 10% $ 193,407
0.00 $44.82 1.77% 0.71% 0.62% (7.17)% 5% $ 240,823
0.00 $42.70 0.66% 1.46% 1.37% 11.05% 10% $ 4,902
(1.29) $38.65 1.39% 1.46% 1.37% (8.21)% 10% $ 5,794
0.00 $44.76 1.01% 1.46% 1.37% (7.29)% 5% $ 10,941
0.00 $42.80 1.79% 0.38% 0.25% 11.73% 10% $1,452,856
(1.29) $38.94 2.46% 0.38% 0.25% (7.14)% 10% $1,243,134
(1.86) $44.85 1.93% 0.38% 0.25% (22.36)% 5% $1,358,363
(1.26) $60.73 1.71% 0.37% 0.25% 16.16% 8% $1,878,932
0.00 $54.23 1.72% 0.38% 0.25% 10.52% 9% $1,590,045
0.00 $49.80 1.87% 0.31% 0.25% 11.99% 8% $1,211,916
0.00 $42.74 1.59% 0.81% 0.45% 11.60% 10% $ 120,357
(1.29) $38.89 2.26% 0.81% 0.45% (7.32)% 10% $ 110,305
(1.86) $44.76 1.73% 0.85% 0.45% (22.52)% 5% $ 116,038
(1.26) $60.61 1.51% 0.87% 0.45% 15.92% 8% $ 158,805
0.00 $54.13 1.53% 0.88% 0.45% 10.31% 9% $ 140,173
0.00 $49.75 1.36% 0.82% 0.45% 4.69% 8% $ 149,501
|
16 Wells Fargo Advantage Index Fund
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the Wells Fargo Advantage
Index Fund (the "Fund"). The Fund is a diversified series of the Trust, a
Delaware statutory trust organized on November 8, 1999.
The Fund seeks to achieve its investment objective by investing all investable
assets in a single separate diversified portfolios (the "Master Portfolio") of
Wells Fargo Master Trust, a registered open-end investment management company.
The Master Portfolio directly acquires portfolio securities, and the Fund
investing in a Master Portfolio acquires an indirect interest in those
securities. The Fund accounts for its investment in the Master Portfolio as
partnership investments and records daily its share of the Master Portfolio's
income, expense and realized and unrealized gains and losses. The financial
statements of the Master Portfolio for the six months ended March 31, 2010 are
included elsewhere in this report and should be read in conjunction with the
Fund's financial statements. As of March 31, 2010, the Fund owns 85% of the
Wells Fargo Advantage Index Portfolio.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Fund
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in the Master Portfolio are valued daily based on the Fund's
proportionate share of the Master Portfolio's net assets, which are also valued
daily. Securities held in the Master Portfolio are valued as discussed in the
Notes to Financial Statements of the Master Portfolio, which are included
elsewhere in this report.
The valuation techniques used by the Fund to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis in the Master
Portfolio. Realized gains or losses in the Master Porfolio are reported on the
basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method by the Master
Portfolio. To the extent debt obligations are placed on non-accrual status, any
related interest income may be reduced by writing off interest receivables when
the collection of all or a portion of interest has become doubtful based on
consistently applied procedures. If the issuer subsequently resumes interest
payments or when the collectability of interest is reasonably assured, the debt
obligation is removed from non-accrual status.
Dividend income in the Master Portfolio is recognized on the ex-dividend date.
The Fund records daily its proportionate share of the Master Portfolio's
interest and dividend income.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
Wells Fargo Advantage Index Fund 17
Notes to Financial Statements (Unaudited)
FEDERAL AND OTHER TAXES
The Fund is treated as a separate entity for federal income tax purposes. It is
the policy of the Fund to continue to qualify as a regulated investment company
by distributing substantially all of its investment company taxable income and
any net realized capital gains (after reduction for capital loss carryforwards)
sufficient to relieve it from all, or substantially all, federal income taxes.
Accordingly, no provision for federal income taxes was required.
The Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
As of September 30, 2009, the Fund had estimated net capital loss carryforwards,
which are available to offset future net realized capital gains, in the amount
of $4,234,638 with $413,306 expiring in 2011, $2,439,923 expiring in 2012 and
$1,381,409 expiring in 2017.
CLASS ALLOCATIONS
The separate classes of shares offered by the Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of the Fund, earn
income from the portfolio, and are allocated unrealized gains and losses pro
rata based on the average daily net assets of each class, without distinction
between share classes. Dividends are determined separately for each class based
on income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Fund's investments in securities:
Significant Other Significant
Quoted Prices Observable Inputs Unobservable Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- ------------- ----------------- ------------------- --------------
Investment in Affiliated Master Portfolio $0 $1,783,148,740 $0 $1,783,148,740
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Since the Fund invests all of its assets in a single Master Portfolio, Funds
Management does not currently receive an investment advisory fee.
18 Wells Fargo Advantage Index Fund
Notes to Financial Statements (Unaudited)
A fund that invests its assets in one or more Master Portfolios may withdraw all
of its investments from its corresponding Master Portfolios and invest directly
in securities at any time if the Board of Trustees determines that it is in the
best interest of the Fund to do so. Upon such redemption and subsequent direct
investment in a portfolio of securities, Funds Management (and the corresponding
sub-adviser, if any) may receive an investment advisory fee for the direct
management of those assets.
Funds Management also acts as adviser to the Master Portfolio and is entitled to
receive fees from the Master Portfolio for those services.
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive from the Fund the following annual fees:
Administration Fees
Average Daily (% of Average
Net Assets Daily Net Assets)
---------------- -------------------
Fund level First $5 billion 0.05%
Next $5 billion 0.04
Over $10 billion 0.03
Class A, Class B All asset levels 0.28
Administrator Class All asset levels 0.10
Investor Class All asset levels 0.38
|
Funds Management has contractually waived and/or reimbursed fees and expenses
during the six months ended March 31, 2010 to the extent necessary to maintain
certain net operating expense ratios and has contractually committed to maintain
such ratios through January 31, 2011.
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class B shares of the Fund
pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to
Class B shares and paid to Wells Fargo Funds Distributor, LLC, the principal
underwriter of the Fund, at an annual rate of 0.75% of the average daily net
assets of Class B shares.
For the six months ended March 31, 2010, Wells Fargo Funds Distributor, LLC
received $8,261 from the sale of Class A shares and $2,218 in contingent
deferred sales charges from redemptions of Class B shares.
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby Class A, Class B, and Investor Class of the Fund is charged a
fee at an annual rate of 0.25% of the average daily net assets of each
respective class. Administrator Class of the Fund is charged a fee at an annual
rate of 0.10% of its average daily net assets.
A portion of these total shareholder servicing fees were paid to affiliates of
Wells Fargo & Company.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
Purchases at Cost* Sales Proceeds*
------------------ ---------------
$169,484,157 $240,552,389
|
* Purchases and sales related to these investments have been calculated by
aggregating the results of multiplying such Fund's ownership percentage of
the respective Master Portfolio by the corresponding Master Portfolio's
purchases and sales.
Wells Fargo Advantage Index Fund 19
Notes to Financial Statements (Unaudited)
6. BANK BORROWINGS
The Trust (excluding the money market funds) and Wells Fargo Variable Trust are
parties to a $125,000,000 revolving credit agreement with State Street Bank and
Trust Company, whereby the Fund is permitted to use bank borrowings for
temporary or emergency purposes, such as to fund shareholder redemption
requests. Interest under the credit agreement is charged to the Fund based on a
borrowing rate equal to the higher of the Federal Funds rate in effect on that
day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In
addition, under the credit agreement, the Fund pays an annual commitment fee
equal to 0.15% of the unused balance, which is allocated pro rata.
For the six months ended March 31, 2010, there were no borrowings under the
agreement.
7. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund and, therefore,
cannot be estimated.
20 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
COMMON STOCKS: 99.10%
AEROSPACE, DEFENSE: 1.15%
148,626 BOEING COMPANY $ 10,791,728
24,575 GOODRICH CORPORATION 1,733,029
22,694 L-3 COMMUNICATIONS HOLDINGS INCORPORATED 2,079,451
61,918 LOCKHEED MARTIN CORPORATION 5,152,816
74,429 RAYTHEON COMPANY 4,251,384
24,008,408
--------------
APPAREL & ACCESSORY STORES: 0.63%
17,274 ABERCROMBIE & FITCH COMPANY CLASS A 788,385
93,477 GAP INCORPORATED 2,160,253
52,521 LIMITED BRANDS INCORPORATED 1,293,067
76,565 NIKE INCORPORATED CLASS B 5,627,528
11,232 POLO RALPH LAUREN CORPORATION 955,169
25,474 URBAN OUTFITTERS INCORPORATED+ 968,776
17,370 VF CORPORATION 1,392,206
13,185,384
--------------
APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.12%
61,690 COACH INCORPORATED 2,437,989
--------------
AUTO & TRUCKS: 0.40%
661,332 FORD MOTOR COMPANY+ 8,312,943
--------------
AUTO PARTS & EQUIPMENT: 0.33%
17,744 AUTONATION INCORPORATED+ 320,812
5,830 AUTOZONE INCORPORATED+ 1,009,115
131,890 JOHNSON CONTROLS INCORPORATED 4,351,051
27,010 O'REILLY AUTOMOTIVE INCORPORATED+ 1,126,587
6,807,565
--------------
AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02%
10,487 RYDER SYSTEM INCORPORATED 406,476
--------------
BIOPHARMACEUTICALS: 0.83%
90,264 CELGENE CORPORATION+ 5,592,757
14,712 CEPHALON INCORPORATED+ 997,179
52,246 GENZYME CORPORATION+ 2,707,910
177,371 GILEAD SCIENCES INCORPORATED+ 8,066,833
17,364,679
--------------
BIOTECHNOLOGY: 0.78%
192,278 AMGEN INCORPORATED+ 11,490,533
52,934 BIOGEN IDEC INCORPORATED+ 3,036,294
35,503 LIFE TECHNOLOGIES CORPORATION+ 1,855,742
16,382,569
--------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.09%
54,309 D.R. HORTON INCORPORATED 684,293
31,946 LENNAR CORPORATION 549,791
62,295 PULTE HOMES INCORPORATED+ 700,819
1,934,903
--------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.97%
25,762 FASTENAL COMPANY 1,236,318
333,862 HOME DEPOT INCORPORATED 10,800,436
|
Wells Fargo Advantage Master Portfolios 21
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS (CONTINUED)
289,021 LOWE'S COMPANIES INCORPORATED $ 7,005,869
18,070 SHERWIN-WILLIAMS COMPANY 1,222,978
20,265,601
--------------
BUSINESS SERVICES: 1.32%
45,103 AUTODESK INCORPORATED+ 1,326,930
99,119 AUTOMATIC DATA PROCESSING INCORPORATED 4,407,822
22,001 AVERY DENNISON CORPORATION 801,056
77,598 CA INCORPORATED 1,821,225
36,092 CITRIX SYSTEMS INCORPORATED+ 1,713,287
58,423 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A+ 2,978,405
30,161 COMPUTER SCIENCES CORPORATION+ 1,643,473
44,649 COMPUWARE CORPORATION+ 375,052
24,810 EQUIFAX INCORPORATED 888,198
64,779 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 1,518,420
29,906 FISERV INCORPORATED+ 1,518,029
95,396 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 793,695
35,580 IRON MOUNTAIN INCORPORATED 974,892
24,661 MONSTER WORLDWIDE INCORPORATED+ 409,619
60,954 OMNICOM GROUP INCORPORATED 2,365,625
29,179 ROBERT HALF INTERNATIONAL INCORPORATED<< 887,917
21,580 SALESFORCE.COM INCORPORATED+ 1,606,631
38,724 TOTAL SYSTEM SERVICES INCORPORATED 606,418
36,018 VERISIGN INCORPORATED+ 936,828
27,573,522
--------------
CASINO & GAMING: 0.10%
58,240 INTERNATIONAL GAME TECHNOLOGY 1,074,528
13,556 WYNN RESORTS LIMITED 1,027,951
2,102,479
--------------
CHEMICALS & ALLIED PRODUCTS: 1.81%
41,654 AIR PRODUCTS & CHEMICALS INCORPORATED 3,080,313
9,537 CF INDUSTRIES HOLDINGS INCORPORATED 869,584
225,851 DOW CHEMICAL COMPANY 6,678,414
177,461 E.I. DU PONT DE NEMOURS & COMPANY 6,608,648
14,275 EASTMAN CHEMICAL COMPANY 909,032
46,388 ECOLAB INCORPORATED 2,038,753
14,238 FMC CORPORATION 861,969
15,519 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 739,791
107,138 MONSANTO COMPANY 7,651,796
32,564 PPG INDUSTRIES INCORPORATED 2,129,686
60,143 PRAXAIR INCORPORATED 4,991,869
23,909 SIGMA-ALDRICH CORPORATION 1,282,957
37,842,812
--------------
COAL MINING: 0.25%
43,129 CONSOL ENERGY INCORPORATED 1,839,883
18,661 MASSEY ENERGY COMPANY 975,784
52,768 PEABODY ENERGY CORPORATION 2,411,498
5,227,165
--------------
COMMERCIAL SERVICES: 0.14%
63,153 PAYCHEX INCORPORATED 1,938,797
59,855 SAIC INCORPORATED+ 1,059,434
2,998,231
--------------
|
22 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
COMMUNICATIONS: 3.62%
1,158,825 AT&T INCORPORATED $ 29,944,038
58,818 CENTURYTEL INCORPORATED 2,085,686
557,135 COMCAST CORPORATION CLASS A 10,485,281
51,247 METROPCS COMMUNICATIONS INCORPORATED+ 362,829
442,433 NEWS CORPORATION CLASS A 6,375,460
292,150 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED 1,525,023
17,586 SCRIPPS NETWORKS INTERACTIVE INCORPORATED 779,939
584,578 SPRINT NEXTEL CORPORATION+ 2,221,396
69,222 TIME WARNER CABLE INCORPORATED 3,690,225
556,772 VERIZON COMMUNICATIONS INCORPORATED 17,271,067
89,710 WINDSTREAM CORPORATION 976,942
75,717,886
--------------
COMPUTER SOFTWARE & SERVICES: 0.05%
33,787 AKAMAI TECHNOLOGIES INCORPORATED+ 1,061,250
--------------
COMPUTER TECHNOLOGIES: 5.00%
178,042 APPLE INCORPORATED+ 41,827,407
338,073 DELL INCORPORATED+ 5,074,476
462,205 HEWLETT-PACKARD COMPANY 24,566,196
255,048 INTERNATIONAL BUSINESS MACHINES CORPORATION 32,709,906
15,334 LEXMARK INTERNATIONAL INCORPORATED+ 553,251
104,731,236
--------------
CONGLOMERATES: 1.82%
2,094,934 GENERAL ELECTRIC COMPANY 38,127,799
--------------
CONSTRUCTION SPECIAL TRADE CONTRACTORS: 0.04%
41,243 QUANTA SERVICES INCORPORATED+ 790,216
--------------
CONTAINER, PACKAGING: 0.06%
33,103 OWENS-ILLINOIS INCORPORATED+ 1,176,481
--------------
COSMETICS, PERSONAL CARE: 0.21%
83,935 AVON PRODUCTS INCORPORATED 2,842,878
23,206 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 1,505,373
4,348,251
--------------
CRUDE PETROLEUM & NATURAL GAS: 0.12%
34,250 NOBLE ENERGY INCORPORATED 2,500,250
--------------
DATA SERVICES: 0.11%
67,667 NETAPP INCORPORATED+ 2,203,238
--------------
DEPARTMENT STORES: 0.28%
46,333 JCPENNEY COMPANY INCORPORATED 1,490,533
82,662 MACY'S INCORPORATED 1,799,552
32,454 NORDSTROM INCORPORATED 1,325,746
24,321 ROSS STORES INCORPORATED 1,300,444
5,916,275
--------------
DEPOSITORY INSTITUTIONS: 8.07%
1,969,705 BANK OF AMERICA CORPORATION 35,159,234
237,220 BANK OF NEW YORK MELLON CORPORATION 7,325,354
135,609 BB&T CORPORATION 4,392,376
3,857,935 CITIGROUP INCORPORATED+ 15,624,637
34,169 COMERICA INCORPORATED 1,299,789
|
Wells Fargo Advantage Master Portfolios 23
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
DEPOSITORY INSTITUTIONS (CONTINUED)
156,105 FIFTH THIRD BANCORP $ 2,121,467
44,221 FIRST HORIZON NATIONAL CORPORATION+ 621,308
93,035 HUDSON CITY BANCORP INCORPORATED 1,317,376
140,655 HUNTINGTON BANCSHARES INCORPORATED 755,317
780,069 JPMORGAN CHASE & COMPANY 34,908,088
172,415 KEYCORP 1,336,216
16,311 M&T BANK CORPORATION<< 1,294,767
103,408 MARSHALL & ILSLEY CORPORATION 832,434
47,451 NORTHERN TRUST CORPORATION 2,622,142
101,503 PNC FINANCIAL SERVICES GROUP INCORPORATED 6,059,729
234,166 REGIONS FINANCIAL CORPORATION 1,838,203
97,264 STATE STREET CORPORATION 4,390,497
98,043 SUNTRUST BANKS INCORPORATED 2,626,572
375,673 US BANCORP 9,722,417
1,017,194 WELLS FARGO & COMPANY(l) 31,655,077
134,056 WESTERN UNION COMPANY 2,273,590
29,530 ZIONS BANCORPORATION 644,345
168,820,935
--------------
DIVERSIFIED FINANCIAL SERVICES: 0.02%
36,061 JANUS CAPITAL GROUP INCORPORATED 515,312
--------------
DIVERSIFIED MANUFACTURING: 0.32%
150,113 HONEYWELL INTERNATIONAL INCORPORATED 6,795,616
--------------
E-COMMERCE/SERVICES: 2.12%
67,207 AMAZON.COM INCORPORATED+ 9,122,006
221,893 EBAY INCORPORATED+ 5,980,016
47,448 GOOGLE INCORPORATED CLASS A+ 26,903,490
8,949 PRICELINE.COM INCORPORATED+ 2,281,995
44,287,507
--------------
EATING & DRINKING PLACES: 0.90%
27,453 DARDEN RESTAURANTS INCORPORATED 1,222,757
211,256 MCDONALD'S CORPORATION 14,095,000
92,138 YUM! BRANDS INCORPORATED 3,531,650
18,849,407
--------------
EDUCATIONAL SERVICES: 0.11%
25,240 APOLLO GROUP INCORPORATED CLASS A+ 1,546,960
12,156 DEVRY INCORPORATED 792,571
2,339,531
--------------
ELECTRIC, GAS & SANITARY SERVICES: 4.21%
131,248 AES CORPORATION+ 1,443,728
33,293 ALLEGHENY ENERGY INCORPORATED 765,739
46,517 AMEREN CORPORATION 1,213,163
93,862 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 3,208,203
77,107 CENTERPOINT ENERGY INCORPORATED 1,107,257
45,114 CMS ENERGY CORPORATION 697,462
55,241 CONSOLIDATED EDISON INCORPORATED 2,460,434
39,482 CONSTELLATION ENERGY GROUP INCORPORATED 1,386,213
117,826 DOMINION RESOURCES INCORPORATED 4,843,827
32,382 DTE ENERGY COMPANY 1,444,237
257,073 DUKE ENERGY CORPORATION 4,195,431
63,970 EDISON INTERNATIONAL 2,185,855
|
24 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
ELECTRIC, GAS & SANITARY SERVICES (CONTINUED)
137,698 EL PASO CORPORATION $ 1,492,646
147,736 EMERSON ELECTRIC COMPANY 7,437,030
37,147 ENTERGY CORPORATION 3,021,908
129,565 EXELON CORPORATION 5,676,243
59,851 FIRSTENERGY CORPORATION 2,339,576
81,157 FPL GROUP INCORPORATED 3,922,318
15,024 INTEGRYS ENERGY GROUP INCORPORATED 711,837
8,880 NICOR INCORPORATED 372,250
54,346 NISOURCE INCORPORATED 858,667
34,450 NORTHEAST UTILITIES 952,198
51,421 NRG ENERGY INCORPORATED+ 1,074,699
20,712 ONEOK INCORPORATED 945,503
43,658 PEPCO HOLDINGS INCORPORATED 748,735
72,908 PG&E CORPORATION 3,092,757
19,917 PINNACLE WEST CAPITAL CORPORATION 751,468
74,034 PPL CORPORATION 2,051,482
55,883 PROGRESS ENERGY INCORPORATED 2,199,555
99,339 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 2,932,487
34,290 QUESTAR CORPORATION 1,481,328
63,582 REPUBLIC SERVICES INCORPORATED 1,845,150
21,890 SCANA CORPORATION 822,845
48,497 SEMPRA ENERGY 2,420,000
127,128 SPECTRA ENERGY CORPORATION 2,864,194
16,646 STERICYCLE INCORPORATED+ 907,207
41,971 TECO ENERGY INCORPORATED 666,919
161,073 THE SOUTHERN COMPANY 5,341,181
95,221 WASTE MANAGEMENT INCORPORATED 3,278,459
22,952 WISCONSIN ENERGY CORPORATION 1,134,058
89,658 XCEL ENERGY INCORPORATED 1,900,750
88,194,999
--------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 1.21%
58,389 ALTERA CORPORATION 1,419,437
34,012 AMPHENOL CORPORATION CLASS A 1,434,966
58,449 ANALOG DEVICES INCORPORATED 1,684,500
9,538 FIRST SOLAR INCORPORATED+<< 1,169,836
13,633 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED 637,752
25,682 HARRIS CORPORATION 1,219,638
37,911 JABIL CIRCUIT INCORPORATED 613,779
43,884 JDS UNIPHASE CORPORATION+ 549,867
33,785 KLA-TENCOR CORPORATION 1,044,632
43,884 LINEAR TECHNOLOGY CORPORATION 1,241,040
128,906 LSI LOGIC CORPORATION+ 788,905
44,642 MEMC ELECTRONIC MATERIALS INCORPORATED+ 684,362
26,617 MOLEX INCORPORATED 555,231
46,692 NATIONAL SEMICONDUCTOR CORPORATION 674,699
18,824 NOVELLUS SYSTEMS INCORPORATED+ 470,600
30,868 ROCKWELL COLLINS INCORPORATED 1,932,028
75,466 TELLABS INCORPORATED 571,278
243,835 TEXAS INSTRUMENTS INCORPORATED 5,966,642
14,687 WHIRLPOOL CORPORATION 1,281,441
54,317 XILINX INCORPORATED 1,385,084
25,325,717
--------------
|
Wells Fargo Advantage Master Portfolios 25
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.19%
35,105 FLUOR CORPORATION $ 1,632,734
24,460 JACOBS ENGINEERING GROUP INCORPORATED+ 1,105,347
38,606 MOODY'S CORPORATION<< 1,148,529
3,886,610
--------------
ENTERTAINMENT PRODUCTION: 0.09%
55,670 DISCOVERY COMMUNICATIONS INCORPORATED CLASS C+ 1,881,089
--------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.24%
18,472 BALL CORPORATION 986,035
75,955 ILLINOIS TOOL WORKS INCORPORATED 3,597,229
11,340 SNAP-ON INCORPORATED 491,476
5,074,740
--------------
FOOD & KINDRED PRODUCTS: 4.43%
126,167 ARCHER DANIELS MIDLAND COMPANY 3,646,226
37,031 CAMPBELL SOUP COMPANY 1,309,046
62,742 COCA-COLA ENTERPRISES INCORPORATED 1,735,444
87,059 CONAGRA FOODS INCORPORATED 2,182,569
39,216 CONSTELLATION BRANDS INCORPORATED CLASS A+ 644,711
35,597 DEAN FOODS COMPANY+ 558,517
49,893 DR PEPPER SNAPPLE GROUP INCORPORATED 1,754,737
64,701 GENERAL MILLS INCORPORATED 4,580,184
62,090 H.J. HEINZ COMPANY 2,831,925
13,645 HORMEL FOODS CORPORATION 573,226
23,370 JM SMUCKER COMPANY 1,408,276
50,063 KELLOGG COMPANY 2,674,866
340,970 KRAFT FOODS INCORPORATED CLASS A 10,310,933
25,943 MCCORMICK & COMPANY INCORPORATED 995,173
40,151 MEAD JOHNSON & COMPANY 2,089,057
31,106 MOLSON COORS BREWING COMPANY 1,308,318
320,865 PEPSICO INCORPORATED 21,228,428
136,914 SARA LEE CORPORATION 1,907,212
116,342 SYSCO CORPORATION 3,432,089
452,592 THE COCA-COLA COMPANY 24,892,560
32,668 THE HERSHEY COMPANY 1,398,517
59,892 TYSON FOODS INCORPORATED CLASS A 1,146,932
92,608,946
--------------
FOOD STORES: 0.48%
127,600 KROGER COMPANY 2,763,816
76,337 SAFEWAY INCORPORATED 1,897,738
145,960 STARBUCKS CORPORATION 3,542,449
41,625 SUPERVALU INCORPORATED 694,305
33,447 WHOLE FOODS MARKET INCORPORATED+ 1,209,109
10,107,417
--------------
FORESTRY: 0.09%
41,498 WEYERHAEUSER COMPANY 1,878,614
--------------
FURNITURE & FIXTURES: 0.08%
29,148 LEGGETT & PLATT INCORPORATED 630,763
70,443 MASCO CORPORATION 1,093,275
1,724,038
--------------
|
26 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
GENERAL MERCHANDISE STORES: 1.93%
16,230 BIG LOTS INCORPORATED+ $ 591,097
27,169 FAMILY DOLLAR STORES INCORPORATED 994,657
60,198 KOHL'S CORPORATION+ 3,297,646
9,530 SEARS HOLDINGS CORPORATION+<< 1,033,338
147,710 TARGET CORPORATION 7,769,546
82,406 TJX COMPANIES INCORPORATED 3,503,903
418,934 WAL-MART STORES INCORPORATED 23,292,730
40,482,917
--------------
HEALTH CARE: 0.09%
32,170 HOSPIRA INCORPORATED+ 1,822,431
--------------
HEALTH SERVICES: 1.18%
55,443 AMERISOURCEBERGEN CORPORATION 1,603,412
70,969 CARDINAL HEALTH INCORPORATED 2,557,013
29,061 COVENTRY HEALTH CARE INCORPORATED+ 718,388
20,262 DAVITA INCORPORATED+ 1,284,611
54,052 EXPRESS SCRIPTS INCORPORATED+ 5,500,332
33,422 HUMANA INCORPORATED+ 1,563,147
20,557 LABORATORY CORPORATION OF AMERICA HOLDINGS+ 1,556,370
52,893 MCKESSON CORPORATION 3,476,128
91,114 MEDCO HEALTH SOLUTIONS INCORPORATED+ 5,882,320
85,022 TENET HEALTHCARE CORPORATION+ 486,326
24,628,047
--------------
HOLDING & OTHER INVESTMENT OFFICES: 1.39%
16,010 AVALONBAY COMMUNITIES INCORPORATED 1,382,464
324,925 BERKSHIRE HATHAWAY INCORPORATED CLASS B+ 26,406,655
31,967 PLUM CREEK TIMBER COMPANY 1,243,836
29,032,955
--------------
HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11%
51,442 BED BATH & BEYOND INCORPORATED+ 2,251,102
--------------
HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.20%
49,979 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 1,575,338
36,679 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 1,710,709
35,110 WYNDHAM WORLDWIDE CORPORATION 903,380
4,189,427
--------------
HOUSEHOLD PRODUCTS, WARE: 2.31%
27,535 CLOROX COMPANY 1,766,095
96,943 COLGATE-PALMOLIVE COMPANY 8,265,360
29,839 FORTUNE BRANDS INCORPORATED 1,447,490
54,543 NEWELL RUBBERMAID INCORPORATED 829,054
570,293 PROCTER & GAMBLE COMPANY 36,082,438
48,390,437
--------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 2.52%
139,743 3M COMPANY 11,678,323
263,711 APPLIED MATERIALS INCORPORATED 3,554,824
61,240 BAKER HUGHES INCORPORATED 2,868,482
47,997 CAMERON INTERNATIONAL CORPORATION+ 2,057,151
122,659 CATERPILLAR INCORPORATED 7,709,118
39,535 CUMMINS INCORPORATED 2,449,193
83,250 DEERE & COMPANY 4,950,045
|
Wells Fargo Advantage Master Portfolios 27
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT (continued)
36,580 DOVER CORPORATION $ 1,710,115
32,474 EATON CORPORATION 2,460,555
10,965 FLOWSERVE CORPORATION 1,209,111
23,950 FMC TECHNOLOGIES INCORPORATED+ 1,547,889
23,043 PALL CORPORATION 933,011
31,571 PARKER HANNIFIN CORPORATION 2,043,907
40,731 PITNEY BOWES INCORPORATED 995,873
48,773 SMITH INTERNATIONAL INCORPORATED 2,088,460
30,906 STANLEY BLACK & DECKER INCORPORATED 1,774,313
32,733 TERADATA CORPORATION+ 945,656
44,892 WESTERN DIGITAL CORPORATION+ 1,750,339
52,726,365
--------------
INFORMATION & BUSINESS SERVICES: 0.18%
233,680 YAHOO! INCORPORATED+ 3,862,730
--------------
INSURANCE CARRIERS: 3.48%
84,623 AETNA INCORPORATED 2,971,114
92,110 AFLAC INCORPORATED 5,000,652
105,351 ALLSTATE CORPORATION 3,403,891
26,491 AMERICAN INTERNATIONAL GROUP INCORPORATED+<< 904,403
52,394 AON CORPORATION 2,237,748
22,871 ASSURANT INCORPORATED 786,305
64,513 CHUBB CORPORATION 3,344,999
53,987 CIGNA CORPORATION 1,974,844
31,989 CINCINNATI FINANCIAL CORPORATION 924,482
96,025 GENWORTH FINANCIAL INCORPORATED+ 1,761,099
87,121 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 2,475,979
37,258 LEUCADIA NATIONAL CORPORATION+ 924,371
59,346 LINCOLN NATIONAL CORPORATION 1,821,922
69,670 LOEWS CORPORATION 2,597,298
104,490 MARSH & MCLENNAN COMPANIES INCORPORATED 2,551,646
160,827 METLIFE INCORPORATED 6,970,242
62,724 PRINCIPAL FINANCIAL GROUP INCORPORATED 1,832,168
91,299 PRUDENTIAL FINANCIAL INCORPORATED 5,523,590
131,855 THE PROGRESSIVE CORPORATION 2,517,112
100,836 THE TRAVELERS COMPANIES INCORPORATED 5,439,094
16,266 TORCHMARK CORPORATION 870,394
227,272 UNITEDHEALTH GROUP INCORPORATED 7,424,976
65,259 UNUMPROVIDENT CORPORATION 1,616,465
87,162 WELLPOINT INCORPORATED+ 5,611,490
67,168 XL CAPITAL LIMITED CLASS A 1,269,475
72,755,759
--------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.38%
68,490 AGILENT TECHNOLOGIES INCORPORATED+ 2,355,371
46,277 BECTON DICKINSON & COMPANY 3,643,388
296,745 BOSTON SCIENTIFIC CORPORATION+ 2,142,499
18,781 C.R. BARD INCORPORATED 1,626,810
34,909 CAREFUSION CORPORATION+ 922,645
51,445 DANAHER CORPORATION 4,110,970
28,896 DENTSPLY INTERNATIONAL INCORPORATED 1,007,026
52,746 EASTMAN KODAK COMPANY 305,399
30,015 FLIR SYSTEMS INCORPORATED+ 846,423
11,000 MILLIPORE CORPORATION+ 1,161,600
23,084 PERKINELMER INCORPORATED 551,708
|
28 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued)
29,508 QUEST DIAGNOSTICS INCORPORATED $ 1,720,021
28,029 ROCKWELL AUTOMATION INCORPORATED 1,579,714
18,394 ROPER INDUSTRIES INCORPORATED 1,063,909
34,799 TERADYNE INCORPORATED+ 388,705
80,394 THERMO FISHER SCIENTIFIC INCORPORATED+ 4,135,467
18,374 WATERS CORPORATION+ 1,240,980
28,802,635
--------------
MEDIA-COMMUNICATION: 0.58%
132,931 CBS CORPORATION CLASS B 1,853,058
183,607 DIRECTV+ 6,207,753
119,245 VIACOM INCORPORATED CLASS B+ 4,099,643
12,160,454
--------------
MEDICAL EQUIPMENT & SUPPLIES: 0.78%
7,644 INTUITIVE SURGICAL INCORPORATED+ 2,661,106
216,889 MEDTRONIC INCORPORATED 9,766,512
63,895 ST. JUDE MEDICAL INCORPORATED+ 2,622,890
24,333 VARIAN MEDICAL SYSTEMS INCORPORATED+ 1,346,345
16,396,853
--------------
MEDICAL PRODUCTS: 0.79%
60,377 ALLERGAN INCORPORATED 3,943,826
118,329 BAXTER INTERNATIONAL INCORPORATED 6,886,748
55,489 STRYKER CORPORATION 3,175,081
41,816 ZIMMER HOLDINGS INCORPORATED+ 2,475,507
16,481,162
--------------
METAL MINING: 0.66%
26,550 CLIFFS NATURAL RESOURCES INCORPORATED 1,883,723
84,538 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 7,062,305
96,401 NEWMONT MINING CORPORATION 4,909,703
13,855,731
--------------
MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.06%
24,804 VULCAN MATERIALS COMPANY<< 1,171,741
--------------
MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.12%
24,097 HASBRO INCORPORATED 922,433
71,401 MATTEL INCORPORATED 1,623,659
2,546,092
--------------
MISCELLANEOUS RETAIL: 1.31%
86,259 COSTCO WHOLESALE CORPORATION 5,150,525
273,016 CVS CAREMARK CORPORATION 9,981,465
32,350 GAMESTOP CORPORATION CLASS A+ 708,789
53,942 OFFICE DEPOT INCORPORATED+ 430,457
24,589 RADIOSHACK CORPORATION 556,449
143,133 STAPLES INCORPORATED 3,347,881
193,431 WALGREEN COMPANY 7,174,356
27,349,922
--------------
MISCELLANEOUS SERVICES: 0.04%
10,013 DUN & BRADSTREET CORPORATION 745,167
--------------
|
Wells Fargo Advantage Master Portfolios 29
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
MOTION PICTURES: 0.97%
225,838 TIME WARNER INCORPORATED $ 7,061,954
380,808 WALT DISNEY COMPANY 13,294,007
20,355,961
--------------
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.87%
61,438 FEDEX CORPORATION 5,738,309
194,938 UNITED PARCEL SERVICE INCORPORATED CLASS B 12,555,957
18,294,266
--------------
NETWORKING: 1.68%
84,657 BROADCOM CORPORATION CLASS A 2,808,919
1,124,183 CISCO SYSTEMS INCORPORATED+ 29,262,483
103,165 JUNIPER NETWORKS INCORPORATED+ 3,165,102
35,236,504
--------------
NON-DEPOSITORY CREDIT INSTITUTIONS: 1.44%
234,967 AMERICAN EXPRESS COMPANY 9,694,738
89,393 CAPITAL ONE FINANCIAL CORPORATION 3,701,764
106,733 DISCOVER FINANCIAL SERVICES 1,590,322
18,949 MASTERCARD INCORPORATED 4,813,046
72,900 PEOPLE'S UNITED FINANCIAL INCORPORATED 1,140,156
95,208 SLM CORPORATION+ 1,192,004
87,645 VISA INCORPORATED CLASS A 7,978,324
30,110,354
--------------
OFFICE EQUIPMENT: 0.12%
265,441 XEROX CORPORATION 2,588,050
--------------
OIL & GAS EXTRACTION: 3.52%
96,710 ANADARKO PETROLEUM CORPORATION 7,043,389
66,078 APACHE CORPORATION 6,706,917
57,624 BJ SERVICES COMPANY 1,233,154
20,351 CABOT OIL & GAS CORPORATION 748,917
127,987 CHESAPEAKE ENERGY CORPORATION 3,025,613
77,642 DENBURY RESOURCES INCORPORATED+ 1,309,821
87,725 DEVON ENERGY CORPORATION 5,652,122
13,646 DIAMOND OFFSHORE DRILLING INCORPORATED 1,211,901
49,591 EOG RESOURCES INCORPORATED 4,608,988
28,241 EQT CORPORATION 1,157,881
55,892 NABORS INDUSTRIES LIMITED+ 1,097,160
159,421 OCCIDENTAL PETROLEUM CORPORATION 13,477,451
22,687 PIONEER NATURAL RESOURCES COMPANY 1,277,732
31,246 RANGE RESOURCES CORPORATION 1,464,500
22,350 ROWAN COMPANIES INCORPORATED+ 650,609
234,940 SCHLUMBERGER LIMITED 14,909,292
67,951 SOUTHWESTERN ENERGY COMPANY+ 2,766,965
114,535 XTO ENERGY INCORPORATED 5,403,761
73,746,173
--------------
OIL & OIL SERVICES: 0.29%
177,707 HALLIBURTON COMPANY 5,354,312
20,756 HELMERICH & PAYNE INCORPORATED 790,388
6,144,700
--------------
|
30 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
OIL FIELD EQUIPMENT & SERVICES: 0.16%
82,159 NATIONAL OILWELL VARCO INCORPORATED $ 3,334,012
--------------
PAPER & ALLIED PRODUCTS: 0.20%
21,403 BEMIS COMPANY INCORPORATED 614,694
85,034 INTERNATIONAL PAPER COMPANY 2,092,687
33,628 MEADWESTVACO CORPORATION 859,195
25,983 PACTIV CORPORATION+ 654,252
4,220,828
--------------
PERSONAL SERVICES: 0.09%
25,812 CINTAS CORPORATION 725,059
65,880 H&R BLOCK INCORPORATED 1,172,664
1,897,723
--------------
PETROLEUM REFINING & RELATED INDUSTRIES: 5.75%
394,324 CHEVRON CORPORATION 29,901,589
291,928 CONOCOPHILLIPS 14,937,956
926,984 EXXON MOBIL CORPORATION 62,089,388
57,181 HESS CORPORATION 3,576,672
138,995 MARATHON OIL CORPORATION 4,397,802
37,528 MURPHY OIL CORPORATION 2,108,698
22,961 SUNOCO INCORPORATED 682,171
27,600 TESORO PETROLEUM CORPORATION 383,640
110,895 VALERO ENERGY CORPORATION 2,184,632
120,262,548
--------------
PHARMACEUTICALS: 5.84%
304,849 ABBOTT LABORATORIES 16,059,445
336,558 BRISTOL-MYERS SQUIBB COMPANY 8,986,099
199,241 ELI LILLY & COMPANY 7,216,509
59,368 FOREST LABORATORIES INCORPORATED+ 1,861,780
540,319 JOHNSON & JOHNSON 35,228,799
48,785 KING PHARMACEUTICALS INCORPORATED+ 573,712
611,667 MERCK & COMPANY INCORPORATED 22,845,762
60,213 MYLAN LABORATORIES INCORPORATED+<< 1,367,437
1,584,553 PFIZER INCORPORATED 27,175,084
20,924 WATSON PHARMACEUTICALS INCORPORATED+ 873,995
122,188,622
--------------
PIPELINES: 0.13%
114,584 THE WILLIAMS COMPANIES INCORPORATED 2,646,890
--------------
PRIMARY METAL INDUSTRIES: 0.61%
21,571 AK STEEL HOLDING CORPORATION 493,113
200,323 ALCOA INCORPORATED 2,852,600
19,280 ALLEGHENY TECHNOLOGIES INCORPORATED 1,040,927
61,831 NUCOR CORPORATION 2,805,891
27,817 PRECISION CASTPARTS CORPORATION 3,524,692
16,577 TITANIUM METALS CORPORATION+ 275,012
28,149 UNITED STATES STEEL CORPORATION<< 1,788,024
12,780,259
--------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.23%
46,603 GANNETT COMPANY INCORPORATED 769,882
61,983 MCGRAW-HILL COMPANIES INCORPORATED 2,209,694
|
Wells Fargo Advantage Master Portfolios 31
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
PRINTING, PUBLISHING & ALLIED INDUSTRIES (CONTINUED)
7,208 MEREDITH CORPORATION $ 248,027
22,842 NEW YORK TIMES COMPANY CLASS A+ 254,231
40,343 RR DONNELLEY & SONS COMPANY 861,323
1,199 WASHINGTON POST COMPANY CLASS B 532,572
4,875,729
--------------
RAILROAD TRANSPORTATION: 0.73%
76,580 CSX CORPORATION 3,897,922
72,578 NORFOLK SOUTHERN CORPORATION 4,056,384
99,208 UNION PACIFIC CORPORATION 7,271,946
15,226,252
--------------
REAL ESTATE INVESTMENT TRUSTS (REITS): 1.14%
23,000 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A 423,430
27,284 BOSTON PROPERTIES INCORPORATED 2,058,305
53,076 CB RICHARD ELLIS GROUP INCORPORATED CLASS A+ 841,255
55,345 EQUITY RESIDENTIAL 2,166,757
57,693 HCP INCORPORATED 1,903,869
24,284 HEALTH CARE REIT INCORPORATED 1,098,365
128,247 HOST HOTELS & RESORTS INCORPORATED 1,878,819
79,625 KIMCO REALTY CORPORATION 1,245,335
93,106 PROLOGIS 1,228,999
26,639 PUBLIC STORAGE INCORPORATED 2,450,522
56,936 SIMON PROPERTY GROUP INCORPORATED 4,776,930
30,767 VENTAS INCORPORATED 1,460,817
30,954 VORNADO REALTY TRUST 2,343,218
23,876,621
--------------
RETAIL: 0.19%
67,303 BEST BUY COMPANY INCORPORATED 2,863,070
24,434 TIFFANY & COMPANY 1,160,371
4,023,441
--------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.06%
31,206 SEALED AIR CORPORATION 657,822
47,556 THE GOODYEAR TIRE & RUBBER COMPANY+ 601,108
1,258,930
--------------
SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.35%
50,165 AMERIPRISE FINANCIAL INCORPORATED 2,275,484
191,947 CHARLES SCHWAB CORPORATION 3,587,489
13,085 CME GROUP INCORPORATED 4,136,299
312,563 E*TRADE FINANCIAL CORPORATION+ 515,729
17,386 FEDERATED INVESTORS INCORPORATED CLASS B 458,643
29,126 FRANKLIN RESOURCES INCORPORATED 3,230,073
103,325 GOLDMAN SACHS GROUP INCORPORATED 17,630,345
14,452 INTERCONTINENTAL EXCHANGE INCORPORATED+ 1,621,225
84,187 INVESCO LIMITED 1,844,537
31,921 LEGG MASON INCORPORATED 915,175
274,503 MORGAN STANLEY 8,040,193
29,059 NASDAQ STOCK MARKET INCORPORATED+ 613,726
51,245 NYSE EURONEXT INCORPORATED 1,517,364
50,851 T. ROWE PRICE GROUP INCORPORATED 2,793,245
49,179,527
--------------
|
32 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED: 1.85%
110,852 ADVANCED MICRO DEVICES INCORPORATED+ $ 1,027,598
403,036 EMC CORPORATION+ 7,270,769
1,084,593 INTEL CORPORATION 24,143,040
36,173 MICROCHIP TECHNOLOGY INCORPORATED 1,018,632
167,020 MICRON TECHNOLOGY INCORPORATED+ 1,735,338
108,950 NVIDIA CORPORATION+ 1,893,551
44,906 SANDISK CORPORATION+ 1,555,095
38,644,023
--------------
SEMICONDUCTORS: 0.02%
22,364 QLOGIC CORPORATION+ 453,989
--------------
SOFTWARE: 3.69%
102,906 ADOBE SYSTEMS INCORPORATED+ 3,639,785
35,856 BMC SOFTWARE INCORPORATED+ 1,362,528
64,133 ELECTRONIC ARTS INCORPORATED+ 1,196,722
61,635 INTUIT INCORPORATED+ 2,116,546
31,158 MCAFEE INCORPORATED+ 1,250,371
1,498,149 MICROSOFT CORPORATION 43,850,821
68,382 NOVELL INCORPORATED+ 409,608
767,452 ORACLE CORPORATION 19,715,842
37,051 RED HAT INCORPORATED+ 1,084,483
158,298 SYMANTEC CORPORATION+ 2,678,402
77,305,108
--------------
TELECOMMUNICATIONS: 1.00%
79,060 AMERICAN TOWER CORPORATION CLASS A+ 3,368,747
61,323 FRONTIER COMMUNICATIONS CORPORATION 456,243
454,115 MOTOROLA INCORPORATED+ 3,187,887
329,972 QUALCOMM INCORPORATED 13,855,524
20,868,401
--------------
TELECOMMUNICATIONS EQUIPMENT: 0.30%
306,074 CORNING INCORPORATED 6,185,756
--------------
TOBACCO PRODUCTS: 1.52%
408,496 ALTRIA GROUP INCORPORATED 8,382,338
30,395 LORILLARD INCORPORATED 2,286,920
369,312 PHILIP MORRIS INTERNATIONAL 19,263,314
33,188 REYNOLDS AMERICAN INCORPORATED 1,791,488
31,724,060
--------------
TRANSPORTATION BY AIR: 0.09%
145,934 SOUTHWEST AIRLINES COMPANY 1,929,247
--------------
TRANSPORTATION EQUIPMENT: 1.53%
75,734 GENERAL DYNAMICS CORPORATION 5,846,665
31,160 GENUINE PARTS COMPANY 1,316,198
46,003 HARLEY-DAVIDSON INCORPORATED 1,291,304
35,910 ITT CORPORATION 1,925,135
59,446 NORTHROP GRUMMAN CORPORATION 3,897,874
71,506 PACCAR INCORPORATED 3,099,070
53,526 TEXTRON INCORPORATED 1,136,357
183,857 UNITED TECHNOLOGIES CORPORATION 13,533,714
32,046,317
--------------
|
Wells Fargo Advantage Master Portfolios 33
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME VALUE
------ ------------------------------------------------------------------------------------------ --------------
TRANSPORTATION SERVICES: 0.16%
32,704 C.H. ROBINSON WORLDWIDE INCORPORATED $ 1,826,518
41,648 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,537,644
3,364,162
--------------
TRAVEL & RECREATION: 0.21%
85,217 CARNIVAL CORPORATION 3,313,237
41,515 EXPEDIA INCORPORATED 1,036,214
4,349,451
--------------
WHOLESALE TRADE NON-DURABLE GOODS: 0.11%
16,243 AIRGAS INCORPORATED 1,033,380
21,341 BROWN-FORMAN CORPORATION CLASS B 1,268,722
2,302,102
--------------
WHOLESALE TRADE-DURABLE GOODS: 0.33%
81,738 KIMBERLY-CLARK CORPORATION 5,139,684
18,317 PATTERSON COMPANIES INCORPORATED 568,743
12,087 W.W. GRAINGER INCORPORATED 1,306,846
7,015,273
--------------
TOTAL COMMON STOCKS (COST $1,980,313,596) 2,073,801,292
--------------
|
INTEREST MATURITY
PRINCIPAL RATE DATE
--------- -------- ----------
COLLATERAL FOR SECURITIES LENDING: 0.66%
COLLATERAL INVESTED IN OTHER ASSETS: 0.66%
$ 379,141 BNP PARIBAS SECURITIES CORPORATION REPURCHASE AGREEMENT - 102%
COLLATERALIZED BY MORTGAGE-BACKED SECURITIES (MATURITY VALUE
$379,141) 0.01% 04/01/2010 379,141
113,532 CALCASIEU PARISH LA+/-SS 0.40 12/01/2027 113,532
156,107 CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY+/-SS 0.38 06/01/2028 156,107
3,127,873 CITIGROUP REPURCHASE AGREEMENT - 102% COLLATERALIZED BY MORTGAGE-
BACKED SECURITIES (MATURITY VALUE $3,127,875) 0.02 04/01/2010 3,127,873
75,144 COLORADO HOUSING & FINANCE AUTHORITY+/-SS 0.25 10/01/2038 75,144
227,065 COOK COUNTY IL+/-SS 0.25 11/01/2030 227,065
284,342 DEUTSCHE BANK REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $284,342) 0.03 04/01/2010 284,342
436,532 GOLDMAN SACHS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $436,532) 0.01 04/01/2010 436,532
5,638,299 GRYPHON FUNDING LIMITED(a)(i) 0.00 08/05/2010 2,317,341
46,832 HENRICO COUNTY VA ECONOMIC DEVELOPMENT AUTHORITY+/-SS 0.33 11/01/2042 46,832
141,915 ILLINOIS EDUCATIONAL FACILITIES AUTHORITY REVENUES+/-SS 0.28 07/01/2029 141,915
56,766 INDIANA MUNICIPAL POWER AGENCY+/-SS 0.30 01/01/2018 56,766
1,895,678 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED BY
MORTGAGE-BACKED SECURITIES (MATURITY VALUE $1,895,679) 0.01 04/01/2010 1,895,678
85,149 KANSAS CITY MO SPECIAL OBLIGATION+/-SS 0.30 04/15/2025 85,149
56,766 NEW JERSEY STATE TURNPIKE AUTHORITY+/-SS 0.34 01/01/2018 56,766
165,899 NORTH DAKOTA HOUSING FINANCE AGENCY+/-SS 0.33 01/01/2034 165,899
255,448 TULSA COUNTY OK INDUSTRIAL AUTHORITY REVENUE+/-SS 0.34 07/01/2032 255,448
85,149 VERMONT STATE STUDENT ASSISTANCE CORPORATION+/-SS 0.32 12/15/2040 85,151
7,192,773 VFNC CORPORATION+/-(a)(i)++ 0.25 09/30/2010 3,884,097
TOTAL COLLATERAL FOR SECURITIES LENDING (COST $12,677,512) 13,790,778
--------------
|
34 Wells Fargo Advantage Master Portfolios
Portfolio of Investments--March 31, 2010 (Unaudited)
INDEX PORTFOLIO
SHARES SECURITY NAME YIELD VALUE
------ ------------------------------------------------------------------ -------- --------------
SHORT-TERM INVESTMENTS: 0.78%
MUTUAL FUNDS: 0.68%
14,251,491 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)~(u) 0.09% $ 14,251,491
--------------
|
INTEREST MATURITY
PRINCIPAL RATE DATE
--------- -------- ----------
US TREASURY BILLS: 0.10%
$ 500,000 US TREASURY BILL### 0.00 04/01/2010 500,000
1,655,000 US TREASURY BILL### 0.13 08/05/2010 1,654,073
2,154,073
--------------
TOTAL SHORT-TERM INVESTMENTS (COST $16,405,564) 16,405,564
--------------
TOTAL INVESTMENTS IN SECURITIES
(COST $2,009,396,672)* 100.54% 2,103,997,634
OTHER ASSETS AND LIABILITIES, NET (0.54) (11,332,974)
------ --------------
TOTAL NET ASSETS 100.00% $2,092,664,660
------ --------------
|
+ Non-income earning securities.
<< All or a portion of this security is on loan.
(l) Investment in an affiliate.
+/- Variable rate investments.
ss These securities are subject to a demand feature which reduces the
effective maturity.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(i) Illiquid security.
++ Securities that may be resold to "qualified institutional buyers" under
rule 144A or securities offered pursuant to section 4(2) of the Securities
Act of 1933, as amended.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
(u) Rate shown is the 7-day annualized yield at period end.
(##) Zero coupon security. Rate represents yield to maturity.
# Security pledged as collateral for futures transactions.
* Cost for federal income tax purposes is $2,054,486,886 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 378,107,231
Gross unrealized depreciation (328,596,483)
-------------
Net unrealized appreciation $ 49,510,748
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 35
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
ASSETS
Investments
In unaffiliated securities (including securities on loan) .. $2,058,091,066
In affiliated securities ................................... 45,906,568
--------------
Total investments at value (see cost below) ................... 2,103,997,634
--------------
Receivables for dividends ..................................... 2,675,446
--------------
Total Assets ..................................................... 2,106,673,080
--------------
LIABILITIES
Variation margin payable on futures contracts ................. 57,750
Payable for investments purchased ............................. 436,477
Payable upon receipt of securities loaned ..................... 13,336,663
Payable to investment advisor and affiliates .................. 120,229
Payable for custodian fee ..................................... 20,949
Accrued expenses and other liabilities ........................ 36,352
--------------
Total liabilities ................................................ 14,008,420
--------------
TOTAL NET ASSETS ................................................. $2,092,664,660
==============
Investments, at cost ............................................. $2,009,396,672
--------------
Securities on loan, at value ..................................... $ 9,619,845
--------------
|
The accompanying notes are an integral part of these financial statements.
36 Wells Fargo Advantage Master Portfolios
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
INVESTMENT INCOME
Dividends ..................................................................... $ 19,978,246
Interest ...................................................................... 2,477
Income from affiliated securities ............................................. 9,216
Securities lending income ..................................................... 137,384
------------
Total investment income .......................................................... 20,127,323
------------
EXPENSES
Advisory fees ................................................................. 875,174
Custody fees .................................................................. 68,468
Professional fees ............................................................. 23,660
Other fees and expenses ....................................................... 29,075
------------
Total expenses ................................................................... 996,377
------------
LESS
Waived fees and/or reimbursed expenses ........................................ (7,064)
Net expenses .................................................................. 989,313
------------
Net investment income (loss) ..................................................... 19,138,010
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation .. 14,987,315
Affiliated securities ......................................................... 25,601
Futures transactions .......................................................... 3,085,831
------------
Net realized gain (loss) from investments ........................................ 18,098,747
------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation .. 181,377,738
Affiliated securities ......................................................... 3,102,890
Futures transactions .......................................................... 101,911
------------
Net change in unrealized appreciation (depreciation) of investments .............. 184,582,539
------------
Net realized and unrealized gain on investments .................................. 202,681,286
------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ............................. $221,819,296
============
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 37
Statements of Changes in Net Assets
For the
Six Months For the
Ended Year Ended
March 31, 2010 September 30,
(Unaudited) 2009
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ....................................................... $1,966,584,375 $2,237,608,527
OPERATIONS
Net investment income ...................................................... 19,138,010 43,817,844
Net realized gain (loss) on investments .................................... 18,098,747 (1,206,803)
Net change in unrealized appreciation (depreciation) of investments ........ 184,582,539 (221,743,261)
-------------- --------------
Net increase (decrease) in net assets resulting from operations ............... 221,819,296 (179,132,220)
-------------- --------------
CAPITAL SHARES TRANSACTIONS
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions .............................................................. 190,855,626 168,953,827
Withdrawals ................................................................ (286,594,637) (260,845,759)
-------------- --------------
Net increase (decrease) from transactions in investors' beneficial interests .. (95,739,011) (91,891,932)
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS ......................................... 126,080,285 (271,024,152)
============== ==============
ENDING NET ASSETS ............................................................. $2,092,664,660 $1,966,584,375
============== ==============
|
The accompanying notes are an integral part of these financial statements.
38 Wells Fargo Advantage Master Portfolios
Financial Highlights
Ratio to
Average Net Assets (Annualized)
------------------------------------ Portfolio
Net Investment Gross Net Total Turnover
Income (Loss) Expenses Expenses Return(1) Rate(2)
-------------- -------- -------- --------- ---------
INDEX PORTFOLIO
October 1, 2009 to March 31, 2010 (Unaudited) .. 1.94% 0.10% 0.10% 11.50% 10%
October 1, 2008 to September 30, 2009 .......... 2.61% 0.12% 0.10% (7.00)% 10%
October 1, 2007 to September 30, 2008 .......... 2.07% 0.11% 0.11% (22.28)% 5%
October 1, 2006 to September 30, 2007 .......... 1.86% 0.11% 0.10% 16.35% 8%
October 1, 2005 to September 30, 2006 .......... 1.86% 0.11% 0.11% 10.70% 9%
October 1, 2004 to September 30, 2005 .......... 2.08% 0.12% 0.04% 12.23% 8%
|
1. Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
2. Portfolio turnover rates presented for periods of less than one year are
not annualized.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage Master Portfolios 39
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Master Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the Wells Fargo Advantage
Index Portfolio ("the Fund").
Interests in the Fund are sold without any sales charge in private placement
transactions to qualified investors, including open-end investment management
companies.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of the Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Fund
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Fund's Fair Valuation
Procedures.
Debt securities of sufficient credit quality with original maturities of 60 days
or less and any collateral received from securities lending invested in
securities, generally are valued at amortized cost which approximates fair
value. The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Fund to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
SECURITY LOANS
The Fund may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral, although the loans may not be fully supported at all
times if, for example, the instruments in which cash collateral is invested
decline in value or the borrower fails to provide additional collateral when
required in a timely manner or at all. The collateral is equal to at least 102%
of the market value of the securities loaned plus accrued interest when the
transaction is entered into. Cash collateral received by a Fund pursuant to
these loans generally is invested on behalf of the Fund by the securities
lending agent in securities that, at the time of investment, are considered
high-quality short-term debt investments (including money market instruments)
and have been evaluated and approved by the Fund's adviser and are permissible
investments for the Fund. Cash collateral is invested on behalf of a Fund
through a joint account and the Fund is entitled to the gains and bears the
losses on such investments. The net asset value of a Fund will be affected by an
increase or decrease in the value of the securities loaned
40 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
and by an increase or decrease in the value of instruments purchased with cash
collateral. Another risk from securities lending is that the borrower may not
provide additional collateral when required or return the securities when due or
when called for by the Fund. In either case, a Fund could experience delays in
recovering securities or collateral or could lose all or part of the value of
the loaned securities.
Wells Fargo Bank, N.A., currently acts as the securities lending agent for the
Fund, subject to the overall supervision of the Fund's investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services as sub-agents. The securities lending agent may
make payments to borrowers and placing brokers that are not affiliated, directly
or indirectly, with the Trust, the adviser or the distributor. For the six
months ended March 31, 2010, Wells Fargo Bank, N.A. waived its share of revenues
earned on securities lending activities. Such waivers by Wells Fargo Bank, N.A.
have the impact of increasing securities lending income on the Statements of
Operations. The value of the securities on loan and the liability to return the
collateral are shown on the Statements of Assets and Liabilities.
FUTURES CONTRACTS
The Fund may be subject to equity price risk in the normal course of pursuing
its investment objectives. The Fund may buy and sell futures contracts in order
to gain exposure to, or protect against changes in, security values and interest
rates. The primary risks associated with the use of futures contracts are the
imperfect correlation between changes in market values of securities held by the
Fund and the prices of futures contracts, and the possibility of an illiquid
market.
Futures contracts are valued based upon their quoted daily settlement prices.
The aggregate principal amounts of the contracts are not recorded in the
financial statements. Fluctuations in the value of the contracts are recorded in
the Statement of Assets and Liabilities as an asset or liability and in the
Statement of Operations as unrealized gains or losses until the contracts are
closed, at which point they are recorded as net realized gains or losses on
futures contracts. With futures contracts, there is minimal counterparty risk to
the Fund since futures are exchange traded and the exchange's clearinghouse, as
counterparty to all exchange traded futures, guarantees the futures against
default.
STRUCTURED INVESTMENT VEHICLES
The Fund may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the timing of the
cash flows of the underlying asset interests and the repayment obligations of
maturing securities issued by a SIV, or a SIV's inability to issue new debt.
As of March 31, 2010, the Fund owned certain of these types of structured
securities in the amounts shown in the table. These securities were originally
purchased by the Fund's securities lending agent on behalf of the Fund through a
joint account with cash collateral received by the Fund pursuant to loans of the
Fund's securities. Although considered high-quality, short-term money market
instruments when originally purchased by the securities lending agent through
the joint account, the SIVs have been restructured following default and are
valued at fair value as shown in the Portfolio of Investments.
Restructured SIVs ($ Value) % of Net Assets
--------------------------- ---------------
$6,201,438 0.30%
|
Wells Fargo Advantage Master Portfolios 41
Notes to Financial Statements (Unaudited)
In a securities lending transaction, the net asset value of a Fund will be
affected by an increase or decrease in the value of the securities loaned and by
an increase or decrease in the value of instruments in which cash collateral is
invested. Thus, the current net asset value of each Fund reflects the current
valuations assigned to the restructured SIVs that were purchased on its behalf
through the investment of cash collateral. Fluctuations in the values of
restructured SIVs generate unrealized gains or losses for a Fund, which are
reflected in the Fund's Statement of Assets and Liabilities.
The amount of securities lending activity undertaken by a Fund fluctuates from
time to time. After the occurrence of a default or impairment of a SIV purchased
in a joint account by the securities lending agent, as the various participating
Fund's lending activity fluctuated, their ratable interest in the joint account,
including their ratable exposure to the defaulted or impaired SIVs would
fluctuate depending on the relative activity of each participating Fund. In
order to eliminate the fluctuation of the various Fund's ratable exposure to the
defaulted or impaired SIVs, the adviser to the Fund recommended to the Board of
Trustees, and the Board of Trustees approved, actions designed to fix the
allocation of percentage ownership in defaulted or impaired SIVs among all funds
participating in securities lending ("side pocketing") based on each Fund's
percentage ownership of the total cash collateral investment joint account as of
the date the fixed allocation is implemented. Accordingly, on February 13, 2009
a side pocketing occurred, which fixed each Fund's ownership of defaulted or
impaired SIVs in the joint account based on each such Fund's percentage
ownership of the joint account as of such date.
SECURITY TRANSACTIONS AND INCOME RECOGNITION
Securities transactions are recorded on a trade date basis. Realized gains or
losses are reported on the basis of identified cost of securities delivered.
Interest income is accrued daily and bond discounts are accreted and premiums
are amortized daily based on the effective interest method. To the extent debt
obligations are placed on non-accrual status, any related interest income may be
reduced by writing off interest receivables when the collection of all or a
portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
Dividend income is recognized on the ex-dividend date, except for certain
dividends from foreign securities, which are recorded as soon as the Fund is
informed of the ex-dividend date. Dividend income from foreign securities is
recorded net of foreign taxes withheld where recovery of such taxes is not
assured.
FEDERAL AND OTHER TAXES
The Fund of the Trust is treated as a separate entity for federal income tax
purposes. The Fund of the Trust is not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gains and
losses of a Fund are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Fund regardless of whether such interest,
dividends and gains have been distributed by the Fund.
The Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
42 Wells Fargo Advantage Master Portfolios
Notes to Financial Statements (Unaudited)
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Fund's investments in securities:
Significant Other Significant Other
Quoted Price Observable Inputs Unobservable Inputs
INVESTMENT IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------ -------------- ----------------- ------------------- --------------
Equity securities
COMMON STOCKS $2,073,801,292 $ 0 $ 0 $2,073,801,292
Corporate debt securities 0 0 6,201,438 6,201,438
Debt securities issued by states in
the U.S. and its political subdivisions 0 1,465,774 0 1,465,774
Short-term investments 16,405,564 6,123,566 0 22,529,130
-------------- ---------- ---------- --------------
TOTAL $2,090,206,856 $7,589,340 $6,201,438 $2,103,997,634
-------------- ---------- ---------- --------------
|
Further details on the major security types listed above for the Fund can be
found in the Portfolio of Investments.
As of March 31, 2010, the inputs used in valuing the Fund's other financial
instruments, which are carried at fair value, were as follows:
Significant Other Significant Other
Quoted Price Observable Inputs Unobservable Inputs
OTHER FINANCIAL INSTRUMENTS (Level 1) (Level 2) (Level 3) Total
--------------------------- ------------ ----------------- ------------------- --------
Futures contracts $601,925 $0 $0 $601,925
|
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Index
Portfolio
---------------
CORPORATE
DEBT SECURITIES
---------------
BALANCE AS OF SEPTEMBER 30, 2009 $ 5,395,372
Realized gain (loss) (5,528,046)
Change in unrealized appreciation (depreciation) 6,688,638
Net purchases (sales) (354,526)
Net transfer in (out) of Level 3 0
BALANCE AS OF MARCH 31, 2010 $ 6,201,438
Change in unrealized appreciation (depreciation) relating to
securities held at the end of reporting period $ 1,113,265
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
Pursuant to the contract, Funds Management is paid an annual advisory fee
starting at 0.10% and declining to 0.05% as the average daily net assets of the
Fund increases. For the six months ended March 31, 2010, the Fund paid an
advisory fee at an annual rate equivalent to 0.09% of its average daily net
assets.
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by
the Fund to the adviser.
Wells Fargo Advantage Master Portfolios 43
Notes to Financial Statements (Unaudited)
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
the Fund.
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the six months ended March 31, 2010 to the extent
necessary to maintain certain net operating expense ratios for the Fund.
CUSTODY FEES
State Street Bank and Trust Company ("State Street") provides custody and fund
accounting services to the Fund. For providing custody services, State Street is
entitled to an annual asset-based fee for domestic and global custody services
for the Fund. For providing fund accounting services to the Fund, State Street
is entitled to receive annual asset-based fees and is reimbursed for
out-of-pocket expenses incurred for providing these services.
Prior to November 16, 2009, Wells Fargo Bank, N.A. provided custody services to
the Fund and received a monthly fee at an annual rate of 0.02% of the average
daily net assets of the Fund. PNC Global Investment Servicing ("PNC") served as
fund accountant for the Fund prior to November 16, 2009 and received an annual
asset-based fee and an annual fixed fee from the Fund. PNC was also reimbursed
for all out-of pocket expenses reasonably incurred in providing these services.
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) and U.S.
Government obligations for the six months ended March 31, 2010, were as follows:
Purchases at Cost Sales Proceeds
----------------- --------------
$198,902,928 $282,307,063
|
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, the Fund entered into futures
contracts for hedging purposes. At March 31, 2010, the Fund had long futures
contracts outstanding as follows:
Initial Net Unrealized
Contract Appreciation/
Expiration Date Contracts Type Amount (Depreciation)
--------------- --------- ------------- ----------- --------------
June 2010 55 Long S&P 500 Index $15,419,575 $601,925
|
The Fund had an average contract amount of $19,901,492 in futures contracts
during the six months ended March 31, 2010.
On the Statement of Assets and Liabilities the payable for daily variation
margin on open futures contracts only represents the current day's variation
margin. The realized gains and change in unrealized gains or losses on futures
contracts are reflected in the Statement of Operations.
7. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Fund and, therefore,
cannot be estimated.
44 Wells Fargo Advantage Index Fund
Other Information (Unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (www.wellsfargo.com/advantagefunds) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
www.sec.gov. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust") and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 132 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
INDEPENDENT TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ------------------------------------------------------------ -------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal Geyser. None
67 Chairman, since 2005 Water Company.
(Lead Trustee since 2001)
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of BellSouth CIGNA Corporation;
57 Trustee, since 2008 Advertising and Publishing Corp from 2005 to 2007, President Deluxe Corporation
and CEO of BellSouth Enterprises from 2004 to 2005 and
President of BellSouth Consumer Services from 2000 to 2003.
Currently a member of the Iowa State University Foundation
Board of Governors and a member of the Advisory Board of
Iowa State University School of Business.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer and Chief None
60 Investment Officer of Minneapolis Employees Retirement Fund
from 1996 to 2008. Ms. Johnson is a certified public
accountant and a certified managerial accountant.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the Graduate None
59 Trustee, since 2008 School of Business, Stanford University, Director of
Corporate Governance Research Program and Co-Director of The
Rock Center for Corporate Governance since 2006. From 2005
to 2008, Professor of Accounting at the Graduate School of
Business, Stanford University. Prior thereto, Ernst & Young
Professor of Accounting at The Wharton School, University of
Pennsylvania from 1985 to 2005.
|
Wells Fargo Advantage Index Fund 45
Other Information (Unaudited)
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ------------------------------------------------------------ -------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, Wharton School, None
57 University of Pennsylvania. Director of the Boettner Center
on Pensions and Retirement Research. Research associate and
board member, Penn Aging Research Center. Research
associate, National Bureau of Economic Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 Foundation, a non-profit organization, since 2007 and Senior
Fellow at the Humphrey Institute Policy Forum at the
University of Minnesota since 1995. Member of the Board of
Trustees of NorthStar Education Finance, Inc., a non-profit
organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. General None
69 Counsel of the Minneapolis Employees Retirement Fund from
1984 to present.
|
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------ ------------------------- ------------------------------------------------------------ -------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. and None
50 President of Wells Fargo Funds Management, LLC since 2003.
Senior Vice President and Chief Administrative Officer of
Wells Fargo Funds Management, LLC from 2001 to 2003.
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo Funds None
49 Chief Legal Counsel, Management, LLC since 2001. Vice President and Managing
since 2003 Senior Counsel of Wells Fargo Bank, N.A. since 1996.
Kasey Phillips(3) Treasurer, since 2009 Senior Vice President of Evergreen Investment Management None
39 Company, LLC since 2006 and currently the Treasurer of the
Evergreen Funds since 2005. Vice President and Assistant
Vice President of Evergreen Investment Services, Inc. from
1999 to 2006.
David Berardi(4) Assistant Treasurer, Vice President of Evergreen Investment Management Company, None
34 since 2009 LLC since 2008. Assistant Vice President of Evergreen
Investment Services, Inc. from 2004 to 2008. Manager of Fund
Reporting and Control for Evergreen Investment Management
Company, LLC since 2004.
Jeremy DePalma(4) Assistant Treasurer, Senior Vice President of Evergreen Investment Management None
36 since 2009 Company, LLC since 2008. Vice President, Evergreen
Investment Services, Inc. from 2004 to 2007. Assistant Vice
President, Evergreen Investment Services, Inc. from 2000 to
2004 and the head of the Fund Reporting and Control Team
within Fund Administration since 2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds Management, None
45 since 2007 LLC since 2007. Chief Compliance Officer of Parnassus
Investments from 2005 to 2007. Chief Financial Officer of
Parnassus Investments from 2004 to 2007 and Senior Audit
Manager of PricewaterhouseCoopers LLP from 1998 to 2004.
|
(1.) The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
www.wellsfargo.com/advantagefunds.
(2.) Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
(3.) Effective November 1, 2009.
(4.) Treasurer during the period from June 1, 2009 to October 31, 2009.
Assistant Treasurer effective November 1, 2009.
46 Wells Fargo Advantage Index Fund
Other Information (Unaudited)
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS: INDEX
FUND, INDEX PORTFOLIO
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that each Board of Trustees (each, a "Board" and collectively, the
"Boards") of Wells Fargo Funds Trust ("Funds Trust") and Wells Fargo Master
Trust ("Master Trust") (collectively, the "Trusts"), all of the members of which
have no direct or indirect interest in the investment advisory and sub-advisory
agreements and are not "interested persons" of each Trust, as defined in the
1940 Act (the "Independent Trustees"), will meet in person to review and
consider the continuation of any investment advisory and sub-advisory
agreements. In this regard, the Funds Trust Board reviewed and re-approved an
investment advisory agreement with Wells Fargo Funds Management, LLC ("Funds
Management") for the Index Fund (the "Index Fund"). The Master Trust Board
reviewed and re-approved: (i) an investment advisory agreement with Funds
Management for the Index Portfolio (the "Index Portfolio"); and (ii) investment
sub-advisory agreements with Wells Capital Management Incorporated ("Wells
Capital Management") for the Index Portfolio. The Index Fund and the Index
Portfolio are, collectively, the "Funds." The investment advisory agreements
with Funds Management and the investment sub-advisory agreements with Wells
Capital Management are collectively referred to as the "Advisory Agreements."
More specifically, at a meeting held on March 25-26, 2010 (the "Meeting"), the
Boards considered the factors and reached the conclusions described below
relating to the selection of Funds Management and Wells Capital Management and
the continuation of the Advisory Agreements. Prior to the meeting held on March
25-26, 2010, the Trustees conferred extensively among themselves and with
representatives of Funds Management about these matters. The Boards also met
throughout the year and received information that was useful to them in
considering the continuation of the Advisory Agreements. The Independent
Trustees were assisted in their evaluation of the Advisory Agreements by
independent legal counsel, from whom they received separate legal advice and
with whom they met separately from Funds Management.
Because the Index Fund is a gateway feeder fund that invests all of its assets
in the Index Portfolio, which has a substantially similar investment objective
and substantially similar investment strategies as the Index Fund, information
provided to the Boards regarding the Index Fund is also applicable to the Index
Portfolio.
NATURE, EXTENT AND QUALITY OF SERVICES
The Boards received and considered various information regarding the nature,
extent and quality of services provided to the Funds by Funds Management and
Wells Capital Management under the Advisory Agreements. The Boards also received
and considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Boards
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for the day-to-day portfolio management of the Funds.
The Boards evaluated the ability of Funds Management and Wells Capital
Management, based on their respective financial condition, resources, reputation
and other attributes, to attract and retain qualified investment professionals,
including research, advisory, and supervisory personnel. The Boards further
considered the compliance programs and compliance records of Funds Management
and Wells Capital Management. In addition, the Boards took into account the
administrative services provided to the Funds by Funds Management and its
affiliates.
In considering these matters, the Boards considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and Wells Capital
Management about various topics, including Funds Management's oversight of
service providers. Based on the above factors, together with those referenced
below, the Boards concluded that it was satisfied with the nature, extent and
quality of the investment advisory services provided to the Funds by Funds
Management and Wells Capital Management.
FUND PERFORMANCE AND EXPENSES
The Boards considered the performance results for the Index Fund over various
time periods ended December 31, 2009. With respect to the Index Fund, the Funds
Trust Board also considered these results in comparison to the median
performance of a universe of relevant funds (the "Universe") that was determined
by Lipper Inc. ("Lipper") to be similar to the Index Fund, and in comparison to
the Index Fund's benchmark index and to other comparative data. Lipper is an
independent provider of investment company data. The Funds Trust Board received
a description of the methodology
Wells Fargo Advantage Index Fund 47
Other Information (Unaudited)
used by Lipper to select the mutual funds in the Universe. The Funds Trust Board
noted that the Fund's performance was in range of or higher than the median
performance of the Universe for all time periods under review.
With respect to the Index Portfolio, the Master Trust Board reviews performance
on both an absolute basis and relative to a universe of relevant funds on a
quarterly basis. The Master Trust Board also took note of the performance of the
Index Portfolio in the context of reviewing the performance of the Fund.
The Funds Trust Board received and considered information regarding the Fund's
contractual advisory fee and net operating expense ratios and their various
components, including actual management fees (which reflect fee waivers, if
any), transfer agent, custodian and other non-management fees, Rule 12b-1 and
non-Rule 12b-1 fees, service fees and fee waiver and expense reimbursement
arrangements. The Funds Trust Board also considered these ratios in comparison
to the median ratios of an expense Universe and a narrower expense group of
mutual funds (the "Expense Group") that was determined by Lipper to be similar
to the Index Fund. The Funds Trust Board received a description of the
methodology used by Lipper to select the mutual funds in the Fund's Expense
Group. The Funds Trust Board noted that the net operating expense ratios of the
Index Fund was in range of or lower than the Expense Group's median net
operating expense ratio.
With respect to the Index Portfolio, the Master Trust Board reviewed the fee
rates that are payable to Funds Management for investment advisory services (as
discussed below) and the rates payable pursuant to a custody agreement, in each
case relative to an Expense Group.
Based on the above-referenced considerations and other factors, the Boards
concluded that the overall performance and expense structure of the Funds
supported the re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Boards reviewed and considered the contractual investment advisory fee rates
that are payable by the Index Fund to Funds Management for investment advisory
services (the "Advisory Agreement Rates"), both on a stand-alone basis and on a
combined basis with the Fund's administration fee rates. The Funds Trust Board
took into account the separate administrative and other services covered by the
administration fee rates. The Boards also reviewed and considered the
contractual investment sub-advisory fee rates that are payable by Funds
Management to Wells Capital Management for investment sub-advisory services (the
"Sub-Advisory Agreement Rates"). In addition, the Boards reviewed and considered
the existing fee waiver/cap arrangements applicable to the Advisory Agreement
Rates and considered the Advisory Agreement Rates after taking the waivers/caps
into account (the "Net Advisory Rates").
The Funds Trust Board received and considered information comparing the Advisory
Agreement Rates and Net Advisory Rates with those of other funds in the Fund's
Expense Group median. The Funds Trust Board noted that, except for the Investor
Class, the Advisory Agreement Rates for the Index Fund were in range of, equal
to or not appreciably higher than the median rate of the Fund's Expense Group.
The Funds Trust Board also noted that the Net Advisory Rates for the Index Fund
was equal to or not appreciably higher than the median rate of the Fund's
Expense Group. With respect to the Fund, the Funds Trust Board concluded that
the Advisory Agreement Rate, both with and without administration fee rates and
before and after waivers), were acceptable in light of the Fund's Expense Group
information, the net expense ratio commitments and the services covered by the
Advisory Agreements.
The Master Trust Board received and considered information comparing the
Advisory Agreement Rate with the median rate of other funds in the Index
Portfolio's Expense Group. The Master Trust Board noted that the Index
Portfolio's Advisory Agreement Rate was lower than the Expense Group median.
The Master Trust Board concluded that the Advisory Agreement Rates were
acceptable in light of the Index Portfolio's Expense Group information and the
services covered by the Advisory Agreements.
Both the Funds Trust Board and the Master Trust Board reviewed and considered
the Sub-Advisory Agreement Rates and concluded that the Sub-Advisory Agreement
Rates were acceptable in light of the services covered by the Sub-Advisory
Agreements.
48 Wells Fargo Advantage Index Fund
Other Information (Unaudited)
PROFITABILITY
The Boards received and considered a profitability analysis of Funds Management
based on the Advisory Agreement Rates and the Net Advisory Rates, as well as an
analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Boards concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable. The
Boards did not consider separate profitability information with respect to Wells
Capital Management, because, as an affiliate of Funds Management, its
profitability information was subsumed in the profitability analysis provided by
Funds Management.
ECONOMIES OF SCALE
The Boards received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Boards also considered information provided by Funds Management
in separate presentations on advisory fee breakpoints and economies of scale
made at the March 2010 Board meeting. The Boards acknowledged the inherent
limitations of any analysis of an investment adviser's economies of scale and of
any attempt to correlate breakpoints with such economies, stemming largely from
the Boards' understanding that economies of scale are realized, if at all, by an
investment adviser across a variety of products and services, not just with
respect to a single fund. The Boards concluded that any actual or potential
economies of scale are, or will be, shared reasonably with Fund
shareholders/interestholders, most particularly through Advisory Agreement Rate
breakpoints and fee waivers and expense reimbursement arrangements applicable to
the Funds.
INFORMATION ABOUT SERVICES AND FEES OFFERED TO OTHER CLIENTS
The Boards also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to similarly situated
series of the Trusts, and those offered by Wells Capital Management to other
clients. The Boards concluded that the Advisory Agreement Rates, the
Sub-Advisory Agreement Rates and the Net Advisory Rates were within an
acceptable range of the fee rates offered to similarly situated series of the
Trusts by Funds Management and to other clients by Wells Capital Management,
giving effect to differences in services covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Boards received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and Wells
Capital Management as a result of their relationship with the Funds. Ancillary
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and Wells Capital Management with the Index
Fund and Index Portfolio and benefits potentially derived from an increase in
Funds Management's and Wells Capital Management's business as a result of their
relationship with the Fund and Index Portfolio (such as the ability to market to
shareholders/interestholders other financial products offered by Funds
Management and its affiliates, including Wells Capital Management).
The Boards have reviewed information about the policies of the Wells Capital
Management in seeking the best execution of portfolio transactions, whether and
to what extent soft dollar credits are sought and how any such credits are
utilized, any benefits that may be realized by using an affiliated broker and
the controls applicable to brokerage allocation procedures. The Boards have
reviewed information about Funds Management's and Wells Capital Management's
methods for allocating portfolio investment opportunities among the Fund and
other clients.
OTHER FACTORS AND BROADER REVIEW
The Boards also considered the markets for distribution of the Fund's shares,
including the multiple channels through which the Fund's shares are offered and
sold. The Boards noted that the Fund is part of one of the few fund families
that have both direct-to-fund and intermediary distribution channels. As
discussed above, the Boards review detailed materials received from Funds
Management and Wells Capital Management annually as part of the re-approval
process under Section 15(c) of the 1940 Act. The Boards also review and assess
information about the quality of the services that the Index Fund and Index
Portfolio receive throughout the year. In this regard, the Boards have reviewed
reports of Funds Management at each of its quarterly meetings, which include,
among other things, portfolio reviews and fund performance reports. In addition,
the Boards confer with portfolio managers at various times throughout the year.
Wells Fargo Advantage Index Fund 49
Other Information (Unaudited)
CONCLUSION
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Boards concluded that
approval of the continuation of the Advisory Agreements for the Funds was in the
best interest of the Fund and Index Portfolio and their
shareholders/interestholders. Accordingly, the Boards unanimously approved the
continuation of the Advisory Agreements for an additional one-year period.
50 Wells Fargo Advantage International Stock Funds
List of Abbreviations
The following is a list of common abbreviations for terms and entities which may
have appeared in this report.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
ETF -- Exchange-Traded Fund
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Farm Service Agency
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MFMR -- Multi-Family Mortgage Revenue
MMD -- Municipal Market Data
MTN -- Medium Term Note
MUD -- Municipal Utility District
NATL-RE -- National Public Finance Guarantee Corporation
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
SPDR -- Standard & Poor's Depositary Receipts
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
|
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More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
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REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Source: MSCI. MSCI makes no express or implied warranties or representations and
shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for
other indices or any securities or financial products. This report is not
approved, reviewed, or produced by MSCI.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE Printed on Recycled paper
(C) 2010 Wells Fargo www.wellsfargo.com/advantagefunds 122813 05-10
Funds Management, SEGFNLD/SAR112 03-10
LLC. All rights
reserved.
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Semi-Annual Report
March 31, 2010
WELLS FARGO ADVANTAGE INTERNATIONAL STOCK FUNDS
- WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
- WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL FUND
(FORMERLY NAMED WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND)
- WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND
- WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
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Sign up for electronic delivery of prospectuses and shareholder reports at
www.wellsfargo.com/advantagedelivery
Contents
LETTER TO SHAREHOLDERS ................................................... 2
PERFORMANCE HIGHLIGHTS
Asia Pacific Fund ........................................................ 6
Diversified International Fund ........................................... 8
Emerging Markets Equity Fund ............................................. 10
International Core Fund .................................................. 12
FUND EXPENSES ............................................................ 14
PORTFOLIO OF INVESTMENTS
Asia Pacific Fund ........................................................ 16
Diversified International Fund ........................................... 20
Emerging Markets Equity Fund ............................................. 29
International Core Fund .................................................. 34
FINANCIAL STATEMENTS
Statements of Assets and Liabilities ..................................... 40
Statements of Operations ................................................. 42
Statements of Changes in Net Assets ...................................... 44
Financial Highlights ..................................................... 48
NOTES TO FINANCIAL STATEMENTS ............................................ 54
OTHER INFORMATION ........................................................ 63
LIST OF ABBREVIATIONS .................................................... 68
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NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
(GRAPHIC)
WELLS FARGO INVESTMENT HISTORY
1971 INTRODUCED ONE OF THE FIRST INSTITUTIONAL INDEX FUNDS.
1978 ONE OF THE FIRST FIRMS TO APPLY ASSET ALLOCATION THEORY TO INVESTMENT
PORTFOLIO MANAGEMENT.
1985 ONE OF THE FIRST FIRMS TO CREATE A THREE-WAY ASSET ALLOCATION FUND THAT
"TILTS" INVESTMENTS TOWARD PORTIONS OF THE MARKET THAT OUR PROPRIETARY
MODELS INDICATE WILL PERFORM BETTER.
1994 INTRODUCED TARGET DATE FUNDS THAT AUTOMATICALLY REALLOCATE THE ASSET MIX
OVER SPECIFIC TIME HORIZONS.
1997 WELLS FARGO LAUNCHED THE WEALTHBUILDER PORTFOLIOS, A UNIQUE "FUND OF
FUNDS" THAT USES FLEXIBLE ASSET ALLOCATION STRATEGIES TO SHIFT ASSETS.
1999 REORGANIZED THE NORWEST ADVANTAGE FUNDS(R) AND STAGECOACH FUNDS(R) INTO
THE WELLS FARGO FUNDS(R).
2003 EXPANDED FIXED-INCOME, SMALL CAP, AND EMERGING MARKETS LINEUP FROM
MONTGOMERY ASSET MANAGEMENT, LLC.
2004 ADDED ADDITIONAL LARGE CAP AND MID CAP FUNDS TO THE LINEUP BY ADOPTING
THE COOKE & BIELER VALUE FUNDS.
2005 WELLS FARGO FUNDS MERGED WITH STRONG FUNDS TO BECOME WELLS FARGO
ADVANTAGE FUNDS, FORMING A FUND FAMILY OF OVER 100 FUNDS AND PLACING IT
AMONG THE TOP 20 MUTUAL FUND FAMILIES IN THE UNITED STATES.
2006 ENHANCED AND RENAMED THE WELLS FARGO ADVANTAGE OUTLOOK FUNDS(SM) TO THE
WELLS FARGO ADVANTAGE DOW JONES TARGET DATE FUNDS(SM), WHICH SEEK TO
REPLICATE RETURNS OF THE APPROPRIATE DOW JONES TARGET DATE INDEXES, THE
FIRST LIFE CYCLE INDEXES IN THE INVESTMENT INDUSTRY.
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WELLS FARGO ADVANTAGE FUNDS(R)
WELLS FARGO ADVANTAGE FUNDS skillfully guides institutions, financial advisors,
and individuals through the investment terrain to help them reach their
financial objectives. Everything we do on behalf of investors is backed by our
unique combination of qualifications.
STRENGTH
Our organization is built on the standards of integrity and service established
by our parent company--Wells Fargo & Company--more than 150 years ago. And,
because we're part of a highly diversified financial enterprise, we offer the
depth of resources to help investors succeed.
EXPERTISE
Our multi-boutique model offers investors access to the independent thinking of
premier investment managers that have been chosen for their time-tested
strategies. While each team specializes in a specific investment strategy,
collectively they provide investors a wide choice of distinct investment styles.
Our dedication to investment excellence doesn't end with our expertise in
manager selection--risk management, analysis, and rigorous ongoing review seek
to ensure each manager's investment process remains consistent.
PARTNERSHIP
Our collaborative approach is built around understanding the needs and goals of
our clients. By adhering to core principles of sound judgment and steady
guidance, we support you through every stage of the investment decision process.
FOR 529 PLANS, AN INVESTOR'S OR A DESIGNATED BENEFICIARY'S HOME STATE MAY OFFER
STATE TAX OR OTHER BENEFITS THAT ARE ONLY AVAILABLE FOR INVESTMENTS IN THAT
STATE'S QUALIFIED TUITION PROGRAM. PLEASE CONSIDER THIS BEFORE INVESTING.
CAREFULLY CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES
BEFORE INVESTING. FOR A CURRENT PROSPECTUS FOR WELLS FARGO ADVANTAGE FUNDS OR A
CURRENT PROGRAM DESCRIPTION FOR CERTAIN 529 COLLEGE SAVINGS PLANS, CONTAINING
THIS AND OTHER INFORMATION, VISIT www.wellsfargo.com/advantagefunds. READ IT
CAREFULLY BEFORE INVESTING.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS, Wells Fargo Managed Account Services, and certain 529
college savings plans. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds and shares in the 529
plans are distributed by WELLS FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC,
an affiliate of Wells Fargo & Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
NOT PART OF THE SEMI-ANNUAL REPORT.
WELLS FARGO ADVANTAGE FUNDS OFFERS MORE THAN 100 MUTUAL FUNDS ACROSS A WIDE
RANGE OF ASSET CLASSES, REPRESENTING OVER $170 BILLION IN ASSETS UNDER
MANAGEMENT, AS OF MARCH 31, 2010.
EQUITY FUNDS
Asia Pacific Fund
C&B Large Cap Value Fund
C&B Mid Cap Value Fund
Capital Growth Fund
Common Stock Fund
Discovery Fund+
Diversified International Fund
Diversified Equity Fund
Diversified Small Cap Fund
Emerging Growth Fund
Emerging Markets Equity Fund
Endeavor Select Fund+
Enterprise Fund+
Equity Income Fund
Equity Value Fund
Growth Fund
Growth Equity Fund
Index Fund
International Core Fund
International Value Fund
Large Cap Appreciation Fund
Large Cap Growth Fund
Large Company Core Fund
Large Company Growth Fund
Large Company Value Fund
Mid Cap Disciplined Fund
Mid Cap Growth Fund
Opportunity Fund+
Small Cap Disciplined Fund
Small Cap Growth Fund
Small Cap Opportunities Fund
Small Cap Value Fund
Small Company Growth Fund
Small Company Value Fund
Small/Mid Cap Value Fund
Social Sustainability Fund+
Specialized Financial Services Fund
Specialized Technology Fund
U.S. Value Fund
BOND FUNDS
California Limited-Term Tax-Free Fund
California Tax-Free Fund
Colorado Tax-Free Fund
Diversified Bond Fund
Government Securities Fund(1)
High Income Fund
Income Plus Fund
Inflation-Protected Bond Fund
Intermediate Tax/AMT-Free Fund
Minnesota Tax-Free Fund
Municipal Bond Fund
Short Duration Government Bond Fund(1)
Short-Term Bond Fund
Short-Term High Yield Bond Fund
Short-Term Municipal Bond Fund
Stable Income Fund
Strategic Income Fund
Total Return Bond Fund
Ultra Short-Term Income Fund
Ultra Short-Term Municipal Income Fund
Wisconsin Tax-Free Fund
ASSET ALLOCATION FUNDS
Aggressive Allocation Fund
Conservative Allocation Fund
Growth Balanced Fund
Index Asset Allocation Fund
Moderate Balanced Fund
WealthBuilder Conservative Allocation Portfolio+
WealthBuilder Equity Portfolio+
WealthBuilder Growth Allocation Portfolio+
WealthBuilder Growth Balanced Portfolio+
WealthBuilder Moderate Balanced Portfolio+
WealthBuilder Tactical Equity Portfolio+
Target Today Fund(2)+
Target 2010 Fund(2)+
Target 2015 Fund(2)+
Target 2020 Fund(2)+
Target 2025 Fund(2)+
Target 2030 Fund(2)+
Target 2035 Fund(2)+
Target 2040 Fund(2)+
Target 2045 Fund(2)+
Target 2050 Fund(2)+
MONEY MARKET FUNDS
100% Treasury Money Market Fund(1)
California Municipal Money Market Fund
California Municipal Money Market Trust
Cash Investment Money Market Fund
Government Money Market Fund(1)
Heritage Money Market Fund+
Minnesota Money Market Fund
Money Market Fund
Money Market Trust
Municipal Money Market Fund
National Tax-Free Money Market Fund
National Tax-Free Money Market Trust
Overland Express Sweep Fund+
Prime Investment Money Market Fund
Treasury Plus Money Market Fund(1)
VARIABLE TRUST FUNDS(3)
VT C&B Large Cap Value Fund
VT Discovery Fund+
VT Equity Income Fund
VT Index Asset Allocation Fund
VT International Core Fund
VT Large Company Core Fund
VT Large Company Growth Fund
VT Opportunity Fund+
VT Small Cap Growth Fund
VT Small Cap Value Fund
VT Total Return Bond Fund
AN INVESTMENT IN A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. ALTHOUGH THE WELLS
FARGO ADVANTAGE MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT
AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET
FUND.
(1.) The U.S. government guarantee applies to certain of the underlying
securities and NOT to shares of the Fund.
(2.) The full name of this Fund series is the WELLS FARGO ADVANTAGE DOW JONES
TARGET DATE FUNDS(SM).
(3.) The Variable Trust Funds are generally available only through insurance
company variable contracts.
+ In this report, the WELLS FARGO ADVANTAGE DISCOVERY FUND(SM), WELLS FARGO
ADVANTAGE ENDEAVOR SELECT FUND(SM), WELLS FARGO ADVANTAGE ENTERPRISE
FUND(SM), WELLS FARGO ADVANTAGE OPPORTUNITY FUND(SM), WELLS FARGO ADVANTAGE
SOCIAL SUSTAINABILITY FUND(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
CONSERVATIVE ALLOCATION PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER
EQUITY PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH ALLOCATION
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER GROWTH BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER MODERATE BALANCED
PORTFOLIO(SM), WELLS FARGO ADVANTAGE WEALTHBUILDER TACTICAL EQUITY
PORTFOLIO(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET TODAY FUND(SM), WELLS
FARGO ADVANTAGE DOW JONES TARGET 2010 FUND(SM), WELLS FARGO ADVANTAGE DOW
JONES TARGET 2015 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2020
FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2025 FUND(SM), WELLS FARGO
ADVANTAGE DOW JONES TARGET 2030 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES
TARGET 2035 FUND(SM), WELLS FARGO ADVANTAGE DOW JONES TARGET 2040 FUND(SM),
WELLS FARGO ADVANTAGE DOW JONES TARGET 2045 FUND(SM), WELLS FARGO ADVANTAGE
DOW JONES TARGET 2050 FUND(SM), WELLS FARGO ADVANTAGE HERITAGE MONEY MARKET
FUND(SM), WELLS FARGO ADVANTAGE OVERLAND EXPRESS SWEEP FUND(SM), WELLS
FARGO ADVANTAGE VT DISCOVERY FUND(SM), and WELLS FARGO ADVANTAGE VT
OPPORTUNITY FUND(SM) are referred to as the Discovery Fund, Endeavor Select
Fund, Enterprise Fund, Opportunity Fund, Social Sustainability Fund,
WealthBuilder Conservative Allocation Portfolio, WealthBuilder Equity
Portfolio, WealthBuilder Growth Allocation Portfolio, WealthBuilder Growth
Balanced Portfolio, WealthBuilder Moderate Balanced Portfolio,
WealthBuilder Tactical Equity Portfolio, Target Today Fund, Target 2010
Fund, Target 2015 Fund, Target 2020 Fund, Target 2025 Fund, Target 2030
Fund, Target 2035 Fund, Target 2040 Fund, Target 2045 Fund, Target 2050
Fund, Heritage Money Market Fund, Overland Express Sweep Fund, VT Discovery
Fund, and VT Opportunity Fund, respectively.
NOT PART OF THE SEMI-ANNUAL REPORT.
2 Wells Fargo Advantage International Stock Funds
Letter to Shareholders
[PHOTO OF KARLA M. RABUSCH]
KARLA M. RABUSCH,
President
WELLS FARGO ADVANTAGE FUNDS
THE COORDINATED EFFORTS OF THE DEVELOPED MARKETS' CENTRAL BANKS WERE EFFECTIVE
IN RESTORING ORDER TO THE CAPITAL MARKETS, AND THE STIMULUS PACKAGES PROVIDED A
SIGNIFICANT UNDERPINNING TO ECONOMIES, HELPING TO RESTORE THEM TO GROWTH.
Dear Valued Shareholder,
We are pleased to provide you with this semi-annual report for the Wells Fargo
Advantage International Stock Funds for the six-month period that ended March
31, 2010. Leading up to the beginning of the period, a series of extraordinary
financial and economic events affected the financial markets in the United
States and throughout the world. After a prolonged period of uncertainty and
falling share prices worldwide, stock markets staged a remarkable rally in 2009
that continued through the first half of the reporting period. In January 2010,
concerns about the sustainability of the economic recovery led to a partial
correction, but the markets quickly rebounded and ended the reporting period
well above where they began, and apparently on more stable footing.
GOVERNMENT POLICIES WORLDWIDE PROVED SUCCESSFUL IN WARDING OFF THE WORST
EFFECTS.
The worldwide credit crisis elicited strong and swift responses from governments
around the world, many of which kept interest rates extraordinarily low and
enacted wide-ranging stimulus programs. The coordinated efforts of the developed
markets' central banks were effective in restoring order to the capital markets,
and the stimulus packages provided a significant underpinning to economies,
helping to restore them to growth. In response, stock markets rebounded
dramatically from their March 2009 lows and continued the rally through March
2010.
The recovery had many contributing factors. First, the unprecedented stimulus
efforts on behalf of governments around the world staved off the worst of the
possible effects. The sheer amount of China's stimulus, for example, was enough
to at least counter the severe drop-off in export demand that threatened its
export-oriented economy. Second, economic data--such as improvements to Gross
Domestic Product--showed a clear contrast between developed and emerging
countries. Many emerging countries either weren't as affected by the same
problems as the U.S. economy or, if they were, the difficulties were more
manageable. With lower levels of consumer debt and less speculative housing
markets, economies and stock markets in China, India, and Singapore recovered
quickly and significantly. Finally, there was a real fear that the financial
system would suffer a complete collapse, which would have affected perfectly
healthy companies, since routine short-term credit would have disappeared. But
the worst failed to happen; the financial markets continued to function, and a
significant burden was taken off the world economies.
CONCERNS SHIFTED FROM CORPORATE TO SOVEREIGN DEBT.
In the midst of the rally, developments in the sovereign debt sector threatened
to bring it to a halt, as the credit crisis spread to sovereign countries during
the reporting period. In the United States and parts of Europe and Asia,
governments were able to bail out companies that overextended themselves,
providing a necessary financial backdrop that staved off default and, even
worse, financial collapse. A few countries, however, found themselves
overextended, and questions surfaced regarding their solvency. The government of
Dubai was rescued by a $10 billion infusion from Abu Dhabi, while speculation
attended every bond offering from Greece. Ireland, Spain, and even Great Britain
showed signs of financial stress, with investors concerned over whether the
countries
Wells Fargo Advantage International Stock Funds 3
Letter to Shareholders
would be able to repay their debts. Beyond solvency, the question was what
effects this sovereign debt overhang would have on future growth, given that
economic recovery in other parts of the world was strongly dependent on
continued government backing. While the overall amount of potentially affected
debt is small, it does show that investors are becoming concerned about the
potential shortfall between government spending and tax receipts.
AFTER A SETBACK IN JANUARY, THE RECOVERY RESUMED IN FEBRUARY AND MARCH.
In spite of the sovereign debt troubles that surfaced in the fourth quarter of
2009, the markets still continued the general upward swing that began with the
rally in March 2009. That rally was partially spurred on by the promise of
continued government support of world economies in a time of crisis. With the
crisis largely over by the end of 2009, the question became whether economies
could achieve a sustainable growth rate in the absence of government stimulus.
This question was made all the more tangible by China's withdrawal of several
stimulus measures in the first quarter, especially in its automobile and housing
markets. The markets reacted negatively to the prospect of China tightening up
on its potentially overheating economy. Combined with problems in the sovereign
debt market and weakened currencies, especially the euro, stock markets fell
throughout January, with the MSCI EAFE Index falling more than 8% by the first
week of February 2010.
After a brief retrenchment in January, the markets righted themselves and
regained lost ground. Investors became more optimistic on expectations of
corporate earnings growth and improving economic indicators. Increased
mergers-and-acquisitions activity during the first quarter of 2010 also spoke to
a growing optimism at the corporate level, as well as the recovery of financing
for complex deals. Meanwhile, Japan, which has long suffered from lackluster
growth, was a bright spot during the quarter and may be on its way to a
self-sustaining recovery, as investors gravitated toward its perceived safety
and relatively inexpensive stock-price valuations of Japanese companies. The
emerging markets countries continued their strong performance since the market
rally began in 2009.
CONFIDENCE IS GROWING, BUT UNEMPLOYMENT REMAINS A CONCERN.
The market recovery was welcomed news, but questions remain about whether the
recovery will continue if unemployment remains high and if governments withdraw
their fiscal and monetary stimulus programs. Unemployment is still stubbornly
high in the United States and the euro area, at 9.7% and 10%, respectively,
putting burdens on consumers and governments. Additionally, some
economies--especially the more overheated Asian economies of China and
India--are showing signs of increasing inflation. At some point, the government
stimulus programs supporting world economies will need to be withdrawn or at
least scaled back, which will be a test of whether the year-long recovery has
reached sustainable footing. A second test will be whether corporate earnings
growth, if it comes, will be fueled by revenue growth or by additional cost
cutting. Since companies cut expenses as much as they were able last year, there
is not much in budgets left to cut. Finally, Europe remains a concern, and the
future of the region as a common economic zone unified by a single currency
could be tested by potential sovereign-debt defaults of member countries.
4 Wells Fargo Advantage International Stock Funds
Letter to Shareholders
WHILE INVESTORS, AS ALWAYS, SHOULD EXPECT PERIODS OF VOLATILITY AND POSSIBLE
MARKET SETBACKS, THE REPORTING PERIOD SEEMED TO END ON A SURER FOOTING THAN WHEN
IT BEGAN, WITH A GROWING OPTIMI(SM) THAT THE GLOBAL RECOVERY WILL SOON BE
SELF-SUSTAINING.
Balancing that, most economies have emerged from recession, consumers are
beginning to spend, business lending is resuming, monthly job losses are
expected to turn into monthly job gains, and inflation is still negligible, at
least in developed countries. While investors, as always, should expect periods
of volatility and possible market setbacks, the reporting period seemed to end
on a surer footing than when it began, with a growing optimism that the global
recovery will soon be self-sustaining.
A BROADLY DIVERSIFIED PORTFOLIO GIVES EXPOSURE TO MANY AREAS OF POTENTIAL
RECOVERY.
Periods of volatility can present challenges as well as opportunities, and
experience has taught us that maintaining a long-term investment strategy based
on individual goals and risk tolerance can be an effective way to plan for the
future. WELLS FARGO ADVANTAGE FUNDS provide investments across a broad range of
asset classes and investment styles, giving you an opportunity to create a
diversified investment portfolio. While diversification may not prevent losses
in a downturn, it may help to reduce them and provide you with one way of
managing risk. In a potential upturn, diversification also gives investors
exposure to many areas of economic recovery. Our diverse family of mutual funds
may also help. We offer more than 100 mutual funds that cover a broad spectrum
of investment styles and asset classes.
Thank you for choosing WELLS FARGO ADVANTAGE FUNDS. We appreciate your
confidence in us. Through each market cycle, we are committed to helping you
meet your financial needs. If you have any questions about your investment,
please contact your investment professional or call us at 1-800-222-8222. You
may also want to visit our Web site at www.wellsfargo.com/advantagefunds.
Sincerely,
/s/ Karla M. Rabusch
Karla M. Rabusch
President
WELLS FARGO ADVANTAGE FUNDS
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THIS PAGE IS INTENTIONALLY LEFT BLANK.
6 Wells Fargo Advantage International Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE ASIA PACIFIC FUND (the Fund) seeks long-term capital
appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGER
Anthony L. T. Cragg
FUND INCEPTION
December 31, 1993
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Matsushita Electric Industrial Company Limited 2.70%
Samsung Electronics Company Limited 2.68%
Mitsubishi Corporation 2.59%
BHP Billiton Limited 2.29%
Daiwa Securities Group Incorporated 2.28%
Inpex Holdings Incorporated 1.81%
Shun Tak Holdings Limited 1.58%
Zhaojin Mining Industry Company Limited 1.56%
Santos Limited 1.55%
China Petroleum & Chemical Corporation 1.52%
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COUNTRY ALLOCATION(2)
(AS OF MARCH 31, 2010)
(PIE CHART)
United Kingdom (1%)
Pagua New Guinea (1%)
Indonesia (1%)
Japan (18%)
Singapore (14%)
Hong Kong (11%)
South Korea (11%)
China (10%)
Australia (9%)
Taiwan (6%)
India (6%)
Thailand (3%)
Malaysia (3%)
Philippines (3%)
Bermuda (2%)
Mongolia (1%)
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(1.) The ten largest portfolio holdings are calculated based on the value of the
securities divided by total investments of the Fund. Holdings are subject
to change and may have changed since the date specified.
(2.) Country allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
Wells Fargo Advantage International Stock Funds 7
Performance Highlights
WELLS FARGO ADVANTAGE ASIA PACIFIC FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
------------------------------------ ------------------------------------ -----------------
6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross(4) Net(5)
-------- ------ ------ ------- -------- ------ ------ ------- -------- ------
Class A (WFAAX) 0.11 45.28 5.54 2.63 6.24 54.12 6.80 3.24 2.05% 1.60%
Class C (WFCAX) 4.90 51.76 5.98 2.59 5.90 52.76 5.98 2.59 2.80% 2.35%
Investor Class (SASPX) 6.28 53.75 6.74 3.22 2.15% 1.65%
MSCI AC Asia Pacific Index(6) 6.95 57.95 6.73 1.62
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* Returns for periods of less than one year are not annualized.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT
PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED. CURRENT
MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. INVESTOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile, and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Active trading results in increased turnover and
trading expenses, and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This fund is exposed to regional risk and smaller
company securities risk. Consult the Fund's prospectus for additional
information on these and other risks.
(3.) Class A and Class C incepted on July 31, 2007. Performance shown for the
Class A and Class C prior to inception reflects the performance of the
Investor Class and includes expenses that are not applicable to and are
higher than those of the Class A and lower than those of the Class C.
Investor Class incepted on December 31, 1993. Performance shown prior to
April 11, 2005, for the Investor Class reflects the performance of the
Investor Class of the Strong Asia Pacific Fund.
(4.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(5.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio shown. Without these reductions, the Fund's
returns would have been lower.
(6.) The Morgan Stanley Capital International All Country Asia Pacific ("MSCI AC
Asia Pacific") Index is a total return, capitalization-weighted index that
measures the performance of stock markets in 15 Pacific region countries,
including Australia, China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, New Zealand, Pakistan, the Philippines, Singapore, Sri Lanka,
Taiwan and Thailand. You cannot invest directly in an index.
8 Wells Fargo Advantage International Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL FUND(1)
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Artisan Partners Limited Partnership Evergreen Investment Management Company,
LLC
LSV Asset Management
PORTFOLIO MANAGERS
Francis Claro, CFA
Josef Lakonishok
Puneet Mansharamani, CFA
Menno Vermeulen, CFA
Mark L. Yockey, CFA
FUND INCEPTION
September 24, 1997
TEN LARGEST EQUITY HOLDINGS(2)
(AS OF MARCH 31, 2010)
ASML Holding NV 1.94%
Nestle SA 1.57%
Muenchener Rueckversicherungs-Gesellschaft AG 1.48%
Novartis AG 1.46%
BP plc 1.30%
Daimler AG 1.26%
BNP Paribas SA 1.24%
Bayer AG 1.12%
Roche Holdings AG 1.11%
HSBC Holdings plc 1.01%
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COUNTRY ALLOCATION(3)
(AS OF MARCH 31, 2010)
(PIE CHART)
Australia (3%)
Continental Europe (49%)
Eastern Asia (9%)
Canada (3%)
Scandinavia (3%)
Latin America (1%)
Japan (15%)
United States (1%)
United Kingdom (16%)
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(1.) Prior to March 1, 2010, the WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL
FUND was named WELLS FARGO ADVANTAGE INTERNATIONAL EQUITY FUND.
(2.) The ten largest portfolio holdings are calculated based on the value of the
securities divided by total investments of the Fund. Holdings are subject
to change and may have changed since the date specified.
(3.) Country allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
Wells Fargo Advantage International Stock Funds 9
Performance Highlights
WELLS FARGO ADVANTAGE DIVERSIFIED INTERNATIONAL FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(4) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
------------------------------------- ------------------------------------ ----------------
6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross(5) Net(6)
-------- ------- ------ ------- -------- ------ ------ ------- -------- -----
Class A (SILAX) (3.34) 42.20 0.48 (2.76) 2.59 50.90 1.68 (2.18) 1.76% 1.41%
Class B (SILBX)** (2.77) 44.89 0.54 (2.72) 2.23 49.89 0.93 (2.72) 2.51% 2.16%
Class C (WFECX) 1.40 49.01 0.96 (2.92) 2.40 50.01 0.96 (2.92) 2.51% 2.16%
Administrator Class (WFIEX) 2.60 51.06 1.89 (1.98) 1.58% 1.25%
Institutional Class (WFISX) 2.76 51.53 2.06 (1.90) 1.31% 0.99%
Investor Class (WIEVX) 2.68 50.87 1.69 (2.69) 1.87% 1.46%
MSCI EAFE Index(7) 3.06 54.44 3.75 1.27
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS, INSTITUTIONAL CLASS AND INVESTOR CLASS SHARES ARE
SOLD WITHOUT A FRONT-END SALES CHARGE OR CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile, and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Certain investment strategies tend to increase the
total risk of an investment (relative to the broader market). This fund is
exposed to smaller company securities risk. Consult the Fund's prospectus for
additional information on these and other risks.
(4.) Class A and Class B incepted on September 24, 1997. Class C incepted on
April 1, 1998. Administrator Class incepted on November 8, 1999. Prior to
April 11, 2005, the Administrator Class was named the Institutional Class.
Institutional Class incepted on August 31, 2006. Performance shown prior to
the inception of the Institutional Class reflects the performance of the
Administrator Class, and includes expenses that are not applicable to and
are higher than those of the Institutional Class. Investor Class incepted
on July 18, 2008. Performance shown prior to the inception of the Investor
Class reflect the performance of the Class A, and includes sales charges
and expenses that are not applicable to and are higher than those of the
Investor Class. Evergreen Investment Management Company, LLC replaced New
Star Institutional Managers Limited as a sub-adviser for the Fund effective
March 2, 2009. Accordingly, performance figures do not reflect the
principal investment strategies or performance of Evergreen Investment
Management, LLC on the portion of Fund assets for which it acts as
sub-adviser and for the period prior to which it acted as sub-adviser for
the Fund.
(5.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(6.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio shown. Without these reductions, the Fund's
returns would have been lower.
(7.) The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE")(SM) Index is an unmanaged group of securities widely regarded
by investors to be representations of the stock markets of Europe,
Australasia and the Far East. You cannot invest directly in an index.
10 Wells Fargo Advantage International Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND (the Fund) seeks
long-term capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Wells Capital Management Incorporated
PORTFOLIO MANAGERS
Anthony L.T. Cragg
Alison Shimada
FUND INCEPTION
December 31, 1997
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Vale SA Depository Receipt 2.72%
Petroleo Brasileiro SA ADR Class A 2.32%
Samsung Electronics Company Limited 2.06%
Banco Itau Holding Financeira SA 1.99%
Taiwan Semiconductor Manufacturing Company Limited 1.74%
China Petroleum & Chemical Corporation 1.71%
China Mobile Limited 1.68%
Gazprom ADR 1.58%
BHP Billiton Limited 1.55%
Petroleo Brasileiro SA ADR 1.53%
|
COUNTRY ALLOCATION(2)
(AS OF MARCH 31, 2010)
(PIE CHART)
India (4%)
Eastern Asia (48%)
Australia (2%)
Continental Europe (4%)
Central Asia (1%)
Latin America and Caribbean (25%)
Middle East/Africa (9%)
Russia (7%)
|
(1.) The ten largest portfolio holdings are calculated based on the value of the
securities divided by total investments of the Fund. Holdings are subject
to change and may have changed since the date specified.
(2.) Country allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
Wells Fargo Advantage International Stock Funds 11
Performance Highlights
WELLS FARGO ADVANTAGE EMERGING MARKETS EQUITY FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
------------------------------------ ------------------------------------ -----------------
6 Month* 1 Year 5 Year 10 Year 6 Month* 1 Year 5 Year 10 Year Gross(4) Net(5)
-------- ------ ------ ------- -------- ------ ------ ------- -------- ------
Class A (MFFAX) 1.13 57.39 10.19 7.54 7.30 67.00 11.50 8.18 2.11% 1.90%
Class B (MFFBX)** 1.91 60.70 10.40 7.82 6.91 65.70 10.67 7.82 2.86% 2.65%
Class C (MFFCX) 5.94 64.79 10.66 7.33 6.94 65.79 10.66 7.33 2.86% 2.65%
Administrator Class (MNEFX) 7.48 67.48 11.83 8.48 1.93% 1.60%
MSCI Emerging Markets Index(6) 11.16 81.08 15.65 9.78
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile, and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Active trading results in increased turnover and
trading expenses, and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This fund is exposed to regional risk and smaller
company securities risk. Consult the Fund's prospectus for additional
information on these and other risks.
(3.) Class A, Class B, and Class C incepted on October 31, 2001. Performance
shown prior to the inception of the Class A, Class B and Class C reflects
the performance of the Administrator Class, adjusted to reflect Class A,
Class B and Class C sales charges and expenses, as applicable. The
Administrator Class incepted on December 31, 1997. Prior to April 11, 2005,
the Administrator Class was named the Institutional Class.
(4.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(5.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio shown. Without these reductions, the Fund's
returns would have been lower.
(6.) The Morgan Stanley Capital International Emerging Markets (MSCI Emerging
Markets) Index is a free float-adjusted market capitalization index
designed to measure the equity market performance in the global emerging
markets. The index is currently comprised of 25 emerging market country
indices. You cannot invest directly in an index.
12 Wells Fargo Advantage International Stock Funds
Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND
INVESTMENT OBJECTIVE
The WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (the Fund) seeks long-term
capital appreciation.
INVESTMENT ADVISER
Wells Fargo Funds Management, LLC
SUBADVISER
Evergreen Investment Management Company, LLC
PORTFOLIO MANAGER
Francis Claro, CFA
FUND INCEPTION
September 28, 2001
TEN LARGEST EQUITY HOLDINGS(1)
(AS OF MARCH 31, 2010)
Sumitomo Heavy Industries Limited 2.41%
Isuzu Motors Limited 2.24%
Swatch Group AG Class B 2.03%
Randstad Holdings NV 1.94%
Nestle SA 1.82%
Fresenius AG 1.70%
BHP Billiton plc 1.69%
Canadian Natural Resources Limited 1.67%
HSBC Holdings plc 1.67%
Sina Corporation 1.61%
|
COUNTRY ALLOCATION(2)
(AS OF MARCH 31, 2010)
(PIE CHART)
Australia (4%)
Continental Europe (41%)
Eastern Asia (7%)
Scandinavia (2%)
Canada (7%)
Japan (17%)
Russia (1%)
Latin America (1%)
United States (1%)
United Kingdom (19%)
|
(1.) The ten largest portfolio holdings are calculated based on the value of the
securities divided by total investments of the Fund. Holdings are subject
to change and may have changed since the date specified.
(2.) Country allocation is subject to change and is calculated based on the
total investments of the Fund, excluding cash and cash equivalents.
Wells Fargo Advantage International Stock Funds 13
Performance Highlights
WELLS FARGO ADVANTAGE INTERNATIONAL CORE FUND (CONTINUED)
AVERAGE ANNUAL TOTAL RETURN(3) (%) (AS OF MARCH 31, 2010)
Including Sales Charge Excluding Sales Charge Expense Ratio
-------------------------------------- -------------------------------------- ----------------
6 Month* 1 Year 5 Year Life of Fund 6 Month* 1 Year 5 Year Life of Fund Gross(4) Net(5)
-------- ------ ------ ------------ -------- ------ ------ ------------ -------- ------
Class A (WFIAX) (1.00) 31.91 (2.06) 2.62 5.08 39.91 (0.89) 3.33 5.76% 1.50%
Class B (WFIBX)** (0.30) 33.89 (2.07) 3.00 4.70 38.89 (1.64) 3.00 6.43% 2.25%
Class C (WFICX) 3.77 37.99 (1.58) 2.91 4.77 38.99 (1.58) 2.91 6.41% 2.25%
Administrator Class (WFIDX) 5.30 40.31 (0.66) 3.48 4.29% 1.25%
MSCI EAFE Index(6) 3.06 54.44 3.75 7.14
|
* Returns for periods of less than one year are not annualized.
** Class B shares are closed to investment, except in connection with the
reinvestment of any distributions and permitted exchanges.
FIGURES QUOTED REPRESENT PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE
RESULTS, AND DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER MAY PAY ON
FUND DISTRIBUTIONS OR THE REDEMPTION OF FUND SHARES. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES,
WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. PERFORMANCE
SHOWN WITHOUT SALES CHARGES WOULD BE LOWER IF SALES CHARGES WERE REFLECTED.
CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA QUOTED.
CURRENT MONTH-END PERFORMANCE IS AVAILABLE ON THE FUND'S WEB SITE -
www.wellsfargo.com/advantagefunds.
FOR CLASS A SHARES, THE MAXIMUM FRONT-END SALES CHARGE IS 5.75%. FOR CLASS B
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 5.00%. FOR CLASS C
SHARES, THE MAXIMUM CONTINGENT DEFERRED SALES CHARGE IS 1.00%. PERFORMANCE
INCLUDING SALES CHARGE ASSUMES THE SALES CHARGE FOR THE CORRESPONDING TIME
PERIOD. ADMINISTRATOR CLASS SHARES ARE SOLD WITHOUT A FRONT-END SALES CHARGE OR
CONTINGENT DEFERRED SALES CHARGE.
Please keep in mind that high double-digit returns were primarily achieved
during favorable market conditions. You should not expect that such favorable
returns can be consistently achieved. A Fund's performance, especially for very
short time periods, should not be the sole factor in making your investment
decision.
Stock fund values fluctuate in response to the activities of individual
companies and general market and economic conditions. Foreign investments are
especially volatile, and can rise or fall dramatically due to differences in the
political and economic conditions of the host country. These risks are generally
intensified in emerging markets. The use of derivatives may reduce returns
and/or increase volatility. Active trading results in increased turnover and
trading expenses and may generate higher short-term capital gains. Certain
investment strategies tend to increase the total risk of an investment (relative
to the broader market). This fund is exposed to smaller company securities risk.
Consult the Fund's prospectus for additional information on these and other
risks.
(3.) Class A, Class B and Class C incepted on September 28, 2001. Administrator
Class incepted on April 11, 2005. Performance shown prior to the inception
of the Administrator Class reflects the performance of the Class A, and
includes expenses that are not applicable to and are higher than those of
the Administrator Class, but does not include Class A sales charges. If it
did include Class A sales charges, returns would be lower.
Evergreen Investment Management Company, LLC replaced New Star
Institutional Managers Limited ("New Star") as the sub-adviser for the Fund
effective March 2, 2009. Prior to that date, New Star served as a
sub-adviser for the Fund since December 31, 2004. The Fund's investment
objective, principal investments and non-fundamental and fundamental
investment policies have continued to remain the same since April 8, 2005.
However, the principal investment strategies and the principal investment
risks of the Fund changed simultaneously with the change in sub-adviser.
Accordingly, performance figures do not reflect the principal investment
strategies or performance of Evergreen Investment Management, LLC for the
period prior to which it acted as sub-adviser for the Fund.
(4.) Reflects the gross expense ratio as stated in the February 1, 2010
prospectus.
(5.) The investment adviser has contractually committed through January 31, 2011
to waive fees and/or reimburse expenses to the extent necessary to maintain
the net operating expense ratio shown. Without these reductions, the Fund's
returns would have been lower.
(6.) The Morgan Stanley Capital International Europe, Australasia and Far East
("MSCI EAFE") Index(SM) an unmanaged group of securities widely regarded by
investors to be representations of the stock markets of Europe, Australasia
and the Far East. You cannot invest directly in an index.
14 Wells Fargo Advantage International Stock Funds
Fund Expenses
As a shareholder of the Fund, you incur two types of costs: (1) transaction
costs, including sales charges (loads) on purchase payments, redemption fees (if
any) and exchange fees (if any); and (2) ongoing costs, including management
fees; distribution [and/or service] (12b-1) fees; and other Fund expenses. This
example is intended to help you understand your ongoing costs (in dollars) of
investing in the Fund and to compare these costs with the ongoing costs of
investing in other mutual funds.
The example is based on an investment of $1,000 invested at the beginning of the
period and held for the entire six-month period from October 1, 2009 to March
31, 2010.
ACTUAL EXPENSES
The "Actual" line of the table below provides information about actual account
values and actual expenses. You may use the information in this line, together
with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600
account value divided by $1,000 = 8.6), then multiply the result by the number
in the "Actual" line under the heading entitled "Expenses Paid During Period"
for your applicable class of shares to estimate the expenses you paid on your
account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The "Hypothetical" line of the table below provides information about
hypothetical account values and hypothetical expenses based on the Fund's actual
expense ratio and an assumed rate of return of 5% per year before expenses,
which is not the Fund's actual return. The hypothetical account values and
expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund and other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your
ongoing costs only and do not reflect any transactional costs, such as sales
charges (loads), redemption fees, or exchange fees. Therefore, the
"Hypothetical" line of the table is useful in comparing ongoing costs only, and
will not help you determine the relative total costs of owning different funds.
In addition, if these transactional costs were included, your costs would have
been higher.
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
10-01-2009 03-31-2010 Period(1) Expense Ratio
------------- ------------- ----------- -------------
ASIA PACIFIC FUND
CLASS A
Actual $1,000.00 $1,062.40 $ 8.23 1.60%
Hypothetical (5% return before expenses) $1,000.00 $1,016.95 $ 8.05 1.60%
CLASS C
Actual $1,000.00 $1,059.00 $12.06 2.35%
Hypothetical (5% return before expenses) $1,000.00 $1,013.21 $11.80 2.35%
INVESTOR CLASS
Actual $1,000.00 $1,062.80 $ 8.49 1.65%
Hypothetical (5% return before expenses) $1,000.00 $1,016.70 $ 8.30 1.65%
DIVERSIFIED INTERNATIONAL FUND
CLASS A
Actual $1,000.00 $1,025.90 $ 7.12 1.41%
Hypothetical (5% return before expenses) $1,000.00 $1,017.90 $ 7.09 1.41%
CLASS B
Actual $1,000.00 $1,022.30 $10.89 2.16%
Hypothetical (5% return before expenses) $1,000.00 $1,014.16 $10.85 2.16%
CLASS C
Actual $1,000.00 $1,024.00 $10.90 2.16%
Hypothetical (5% return before expenses) $1,000.00 $1,014.16 $10.85 2.16%
|
Wells Fargo Advantage International Stock Funds 15
Fund Expenses
Beginning Ending Expenses
Account Value Account Value Paid During Net Annual
10-01-2009 03-31-2010 Period(1) Expense Ratio
------------- ------------- ----------- -------------
ADMINISTRATOR CLASS
Actual $1,000.00 $1,026.00 $ 6.31 1.25%
Hypothetical (5% return before expenses) $1,000.00 $1,018.70 $ 6.29 1.25%
INSTITUTIONAL CLASS
Actual $1,000.00 $1,027.60 $ 5.00 0.99%
Hypothetical (5% return before expenses) $1,000.00 $1,020.00 $ 4.99 0.99%
INVESTOR CLASS
Actual $1,000.00 $1,026.80 $ 7.38 1.46%
Hypothetical (5% return before expenses) $1,000.00 $1,017.65 $ 7.34 1.46%
EMERGING MARKETS EQUITY FUND
CLASS A
Actual $1,000.00 $1,073.00 $ 9.82 1.90%
Hypothetical (5% return before expenses) $1,000.00 $1,015.46 $ 9.55 1.90%
CLASS B
Actual $1,000.00 $1,069.10 $13.67 2.65%
Hypothetical (5% return before expenses) $1,000.00 $1,011.72 $13.29 2.65%
CLASS C
Actual $1,000.00 $1,069.40 $13.67 2.65%
Hypothetical (5% return before expenses) $1,000.00 $1,011.72 $13.29 2.65%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,074.80 $ 8.28 1.60%
Hypothetical (5% return before expenses) $1,000.00 $1,016.95 $ 8.05 1.60%
INTERNATIONAL CORE FUND
CLASS A
Actual $1,000.00 $1,050.80 $ 7.67 1.50%
Hypothetical (5% return before expenses) $1,000.00 $1,017.45 $ 7.54 1.50%
CLASS B
Actual $1,000.00 $1,047.00 $11.48 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.71 $11.30 2.25%
CLASS C
Actual $1,000.00 $1,047.70 $11.49 2.25%
Hypothetical (5% return before expenses) $1,000.00 $1,013.71 $11.30 2.25%
ADMINISTRATOR CLASS
Actual $1,000.00 $1,053.00 $ 6.40 1.25%
Hypothetical (5% return before expenses) $1,000.00 $1,018.70 $ 6.29 1.25%
|
1. Expenses are equal to the Fund's annualized expenses ratio of each class
multiplied by the average account value over the period, multiplied by the
number of days in the most recent fiscal half-year divided by the number of
days in the fiscal year (to reflect the one-half year period).
16 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
ASIA PACIFIC FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 99.55%
AUSTRALIA: 8.60%
633,900 AMP LIMITED (INSURANCE CARRIERS) $ 3,641,432
199,300 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 7,972,073
182,000 BILLABONG INTERNATIONAL LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS &
SIMILAR MATERIALS) 1,887,239
233,600 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,620,585
117,200 ENERGY RESOURCES OF AUSTRALIA LIMITED (OIL & GAS EXTRACTION) 2,032,668
630,400 PALADIN ENERGY LIMITED (ELECTRIC, GAS & SANITARY SERVICES)+ 2,285,022
997,100 QANTAS AIRWAYS LIMITED (TRANSPORTATION BY AIR) 2,598,568
402,009 SANTOS LIMITED (OIL & GAS EXTRACTION) 5,408,127
1,624,200 STRAITS RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 2,146,244
29,591,958
---------------
BERMUDA: 2.24%
5,876,000 FIRST PACIFIC COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 3,806,714
1,813,000 NINE DRAGONS PAPER HOLDINGS LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 3,030,910
8,872,000 SPARKLE ROLL GROUP LIMITED (MISCELLANEOUS SERVICES)+ 868,432
7,706,056
---------------
CHINA: 10.37%
4,960,600 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 4,120,570
897,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 4,297,698
389,000 CHINA MOBILE LIMITED (COMMUNICATIONS) 3,742,577
440,000 CHINA PACIFIC INSURANCE (INSURANCE COMPANIES) 1,949,448
6,446,000 CHINA PETROLEUM & CHEMICAL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES) 5,280,170
3,991,000 EVERGRANDE REAL ESTATE (REAL ESTATE)+ 1,665,433
966,000 SHANGRI-LA ASIA LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,896,106
6,634,000 SINOTRANS LIMITED (TRANSPORTATION BY AIR) 1,837,022
246,200 SUNTECH POWER HOLDINGS COMPANY LIMITED ADR (ENERGY - EXPLORATION & PRODUCTION)+ 3,451,724
1,416,000 WYNN MACAU LIMITED (CASINO & GAMING)+ 2,042,593
2,776,500 ZHAOJIN MINING INDUSTRY COMPANY LIMITED (METAL MINING) 5,428,376
35,711,717
---------------
HONG KONG: 11.22%
501,000 BEIJING ENTERPRISES HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 3,481,206
829,500 BOC HONG KONG HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 1,978,599
686,000 CHINA EVERBRIGHT LIMITED (DEPOSITORY INSTITUTIONS) 1,837,756
8,926,000 CITIC RESOURCES HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES)+ 2,230,279
1,536,000 COMBA TELECOM SYSTEMS HOLDINGS LIMITED (COMMUNICATIONS) 1,966,428
762,000 GREAT EAGLE HOLDINGS LIMITED (REAL ESTATE) 2,139,498
8,154,000 GUANGDONG INVESTMENT LIMITED (BUSINESS SERVICES) 4,410,832
555,000 HENDERSON LAND DEVELOPMENT COMPANY LIMITED (REAL ESTATE) 3,910,036
985,000 ISHARES MSCI CHINA (INVESTMENT COMPANIES) 1,747,123
223,500 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 1,656,622
2,246,000 PACIFIC BASIN SHIPPING LIMITED (WATER TRANSPORTATION) 1,787,717
8,546,000 SHUN TAK HOLDINGS LIMITED (REAL ESTATE) 5,514,436
1,849,000 SINO-OCEAN LAND HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 1,628,897
172,000 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 2,587,449
146,000 SWIRE PACIFIC LIMITED (BUSINESS SERVICES) 1,756,306
38,633,184
---------------
INDIA: 6.37%
237,600 APOLLO HOSPITALS ENTERPRISE (HEALTH SERVICES) 3,861,033
48,900 FINANCIAL TECHNOLOGIES LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 1,708,532
1,317,300 INDIAN HOTELS COMPANY LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 3,000,199
|
Wells Fargo Advantage International Stock Funds 17
Portfolio of Investments--March 31, 2010 (Unaudited)
ASIA PACIFIC FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
INDIA (continued)
299,800 ITC LIMITED (HOLDING & OTHER INVESTMENT OFFICES) $ 1,756,596
355,299 MAX INDIA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 1,639,781
688,200 MCLEOD RUSSEL INDIA LIMITED (FOOD-WHOLESALE) 4,147,288
169,300 SESA GOA LIMITED (METAL MINING) 1,774,077
20,000 TATA MOTORS LIMITED (TRANSPORTATION SERVICES) 337,543
262,000 TATA STEEL LIMITED (PRIMARY METAL INDUSTRIES) 3,688,542
21,913,591
---------------
INDONESIA: 0.71%
573,100 PP LONDON SUMATRA INDONESIA TBK (AGRICULTURAL SERVICES)+ 630,572
3,194,000 PT BANK DANAMON INDONESIA TBK (DEPOSITORY INSTITUTIONS) 1,825,243
2,455,815
---------------
JAPAN: 17.42%
950 DAI ICHI MUTUAL LIFE INSURANCE (INSURANCE - LIFE)(a) 1,422,612
1,509,000 DAIWA SECURITIES GROUP INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 7,941,256
857 INPEX HOLDINGS INCORPORATED (OIL & GAS EXTRACTION) 6,288,394
469,000 KUBOTA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 4,274,126
78,000 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,569,687
615,000 MATSUSHITA ELECTRIC INDUSTRIAL COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,406,888
344,600 MITSUBISHI CORPORATION (BUSINESS SERVICES) 9,030,592
150,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 2,546,262
254,000 MORI SEIKI COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,132,549
962,000 NIPPON STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 3,776,383
35,000 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 1,475,024
466,500 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 3,437,999
211,200 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 4,660,451
59,962,223
---------------
MALAYSIA: 2.63%
1,826,200 GENTING BERHAD (HOLDING & OTHER INVESTMENT OFFICES) 3,694,948
3,490,200 KLCC PROPERTY HOLDINGS BERHAD (REAL ESTATE) 3,584,356
669,500 SIME DARBY BERHAD (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,787,659
9,066,963
---------------
MONGOLIA: 1.20%
2,757,000 REAL GOLD MINING LIMITED (MINING) 4,126,135
---------------
MOROCCO AND ANTILLES: 0.42%
1,055,357 BERJAYA SPORTS TOTO BERHAD (AMUSEMENT & RECREATION SERVICES) 1,449,417
---------------
PAGUA NEW GUINEA: 0.89%
1,104,800 LIHIR GOLD LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS) 3,071,874
---------------
PHILIPPINES: 2.61%
64,296,000 METRO PACIFIC INVESTMENTS CORPORATION (WATER, SEWER SYSTEM)+ 4,410,657
49,900 PHILIPPINE LONG DISTANCE TELEPHONE COMPANY (COMMUNICATIONS) 2,672,228
17,290,375 PNOC ENERGY DEVELOPMENT CORPORATION (ELECTRIC, GAS & SANITARY SERVICES)+ 1,913,075
8,995,960
---------------
SINGAPORE: 13.49%
3,366,000 ALLGREEN PROPERTIES LIMITED (REAL ESTATE)+ 2,863,247
1,000,000 CAPITALAND LIMITED (REAL ESTATE) 2,837,843
2,589,000 CAPITAMALL TRUST (REAL ESTATE) 3,275,692
|
18 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
ASIA PACIFIC FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
SINGAPORE (continued)
333,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) $ 3,403,910
580,000 FRASER & NEAVE LIMITED (HEALTH SERVICES) 1,990,064
2,502,500 HO BEE INVESTMENT LIMITED (REAL ESTATE) 3,219,915
135,000 JARDINE CYCLE & CARRIAGE LIMITED (WHOLESALE TRADE-DURABLE GOODS) 2,835,198
609,000 KEPPEL CORPORATION LIMITED (BUSINESS SERVICES) 3,970,178
3,618,400 PARKWAY LIFE REAL ESTATE INVESTMENT TRUST (REAL ESTATE INVESTMENT TRUSTS (REITS) 3,517,655
231,000 SINGAPORE AIRLINES LIMITED (TRANSPORTATION BY AIR) 2,509,882
2,022,000 SINGAPORE AIRPORT TERMINAL SERVICES LIMITED (BUSINESS SERVICES) 3,830,230
1,209,000 SINGAPORE TELECOMMUNICATIONS LIMITED (COMMUNICATIONS) 2,739,576
1,742,000 SMRT CORPORATION LIMITED (TRANSPORTATION SERVICES) 2,540,248
295,000 UNITED OVERSEAS BANK LIMITED (DEPOSITORY INSTITUTIONS) 4,052,968
599,000 WILMAR INTERNATIONAL LIMITED (FOOD & KINDRED PRODUCTS) 2,868,794
46,455,400
---------------
SOUTH KOREA: 10.64%
37,000 KB FINANCIAL GROUP INCORPORATED (FINANCIAL SERVICES) 1,785,496
41,900 LG ELECTRONICS INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 4,258,695
376,530 LG TELECOM LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 2,569,103
79,600 LOCK & LOCK COMPANY LIMITED (CONSUMER PRODUCTS) 1,829,157
10,700 MEGASTUDY COMPANY LIMITED (EDUCATIONAL SERVICES) 1,763,710
8,700 POSCO (PRIMARY METAL INDUSTRIES) 4,059,923
12,900 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 9,326,263
24,100 SAMSUNG SDI COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 3,024,614
44,300 SHINHAN FINANCIAL GROUP COMPANY LIMITED (FINANCIAL SERVICES) 1,740,364
3,786 SHINSEGAE COMPANY LIMITED (GENERAL MERCHANDISE STORES) 1,790,190
29,200 SK TELECOM COMPANY LIMITED (COMMUNICATIONS) 4,477,617
36,625,132
---------------
TAIWAN: 6.42%
698,920 ACER INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 2,064,321
1,261,000 DELTA ELECTRONICS INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,990,506
3,612,402 EVA AIRWAYS CORPORATION (TRANSPORTATION BY AIR) 1,700,529
2,332,000 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 1,398,848
91,000 GINTECH ENERGY CORPORATION (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 295,138
321,000 HIGH TECH COMPUTER CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,749,953
3,477,000 POLARIS SECURITIES COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES)+ 1,806,490
2,283,139 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 4,421,344
1,463,000 WISTRON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 2,658,074
22,085,203
---------------
THAILAND: 3.14%
1,720,900 ADVANCED INFO SERVICE PCL (COMMUNICATIONS) 4,590,308
1,270,000 ELECTRICITY GENERATING PCL (ELECTRIC, GAS & SANITARY SERVICES) 3,151,925
9,030,900 MINOR INTERNATIONAL PCL ADR (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 3,072,210
10,814,443
---------------
UNITED KINGDOM: 1.18%
118,500 BHP BILLITON PLC (COAL MINING) 4,064,014
---------------
TOTAL COMMON STOCKS (COST $315,258,492) 342,729,085
---------------
|
Wells Fargo Advantage International Stock Funds 19
Portfolio of Investments--March 31, 2010 (Unaudited)
ASIA PACIFIC FUND
SHARES SECURITY NAME YIELD VALUE
------------- -------------------------------------------------------------------------------------------- ----- ---------------
SHORT-TERM INVESTMENTS: 1.54%
MUTUAL FUNDS: 1.54%
5,310,597 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u)~ 0.09% $ 5,310,597
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $5,310,597) 5,310,597
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $320,569,089)* 101.09% 348,039,682
OTHER ASSETS AND LIABILITIES, NET (1.09) (3,757,267)
------ ---------------
TOTAL NET ASSETS 100.00% $ 344,282,415
------ ---------------
|
(l) Investment in an affiliate.
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(u) Rate shown is the 7-day annualized yield at period end.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
* Cost for federal income tax purposes is $323,557,693 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 35,593,767
Gross unrealized depreciation (11,111,778)
------------
Net unrealized appreciation $ 24,481,989
|
The accompanying notes are an integral part of these financial statements.
20 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.60%
ARGENTINA: 0.07%
26,589 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 287,161
---------------
AUSTRALIA: 3.10%
84,000 AMCOR LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 492,558
134,905 AMP LIMITED (INSURANCE CARRIERS) 774,960
20,125 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 626,794
323,300 AWB LIMITED (AGRICULTURAL SERVICES) 283,326
166,200 BLUESCOPE STEEL LIMITED (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT) 443,814
209,000 CHALLENGER FINANCIAL SERVICES GROUP LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 805,513
22,900 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 1,182,889
159,400 DOWNER EDI LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,105,827
56,814 FOSTER'S GROUP LIMITED (EATING & DRINKING PLACES) 275,796
739,500 GOODMAN FIELDER LIMITED (FOOD & KINDRED PRODUCTS) 970,401
11,195 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 485,404
204,600 METCASH LIMITED (FOOD & KINDRED PRODUCTS) 777,290
27,794 NEWCREST MINING LIMITED (METAL MINING) 837,080
397,900 PERILYA LIMITED (METAL MINING) 209,951
234,509 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 1,837,784
97,000 TABCORP HOLDINGS LIMITED (AMUSEMENT & RECREATION SERVICES) 614,183
188,100 TELSTRA CORPORATION LIMITED (COMMUNICATIONS) 516,104
37,589 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 960,300
13,199,974
---------------
AUSTRIA: 0.25%
13,747 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 472,911
14,300 VOESTALPINE AG (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 578,463
1,051,374
---------------
BELGIUM: 1.65%
97,723 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 756,301
40,679 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 2,049,103
19,500 DELHAIZE GROUP (GENERAL MERCHANDISE STORES) 1,567,092
10,400 DEXIA (DEPOSITORY INSTITUTIONS) 62,031
27,900 KBC GROEP NV (DEPOSITORY INSTITUTIONS) 1,351,129
16,800 TESSENDERLO CHEMIE NV (CHEMICALS & ALLIED PRODUCTS) 561,827
19,337 UMICORE (CHEMICALS & ALLIED PRODUCTS) 675,269
7,022,752
---------------
BRAZIL: 0.57%
30,516 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 562,410
47,299 PETROLEO BRASILEIRO SA ADR CLASS A (OIL COMPANIES) 1,872,567
2,434,977
---------------
CANADA: 2.92%
15,822 AGNICO-EAGLE MINES LIMITED (METAL MINING) 880,811
54,990 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,397,846
31,165 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 2,306,575
57,092 CANADIAN PACIFIC RAILWAY LIMITED (RAILROAD TRANSPORTATION) 3,210,854
29,697 ENCANA CORPORATION (OIL & GAS EXPLORATION) 923,965
15,685 GOLDCORP INCORPORATED (METAL MINING) 586,074
33,242 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 645,759
13,888 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 1,657,533
11,201 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 828,314
12,437,731
---------------
|
Wells Fargo Advantage International Stock Funds 21
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
CHINA: 3.89%
705 BAIDU.COM INCORPORATED ADR (BUSINESS SERVICES) $ 420,885
2,313,400 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 1,894,996
615,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 459,413
432,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 2,069,794
153,680 CHINA MERCHANTS BANK COMPANY LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 415,659
212,880 CHINA MERCHANTS HOLDINGS INTERNATIONAL COMPANY LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 784,154
62,102 CHINA MOBILE LIMITED (COMMUNICATIONS) 597,485
15,496 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 745,668
6,948 CTRIP.COM INTERNATIONAL LIMITED ADR (TRAVEL & RECREATION) 272,362
1,774,300 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS) 1,352,849
19,403 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES) 688,224
833,673 SANDS CHINA LIMITED (CASINO & GAMING) 1,324,986
60,456 SINA CORPORATION (BUSINESS SERVICES) 2,278,587
31,900 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 640,116
57,075 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES) 1,272,202
942,200 WYNN MACAU LIMITED (CASINO & GAMING) 1,359,132
16,576,512
---------------
DENMARK: 0.82%
5,969 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 500,972
85,330 DANSKE BANK (DEPOSITORY INSTITUTIONS) 2,099,268
46,300 H. LUNDBECK A/S (CHEMICALS & ALLIED PRODUCTS) 872,777
3,473,017
---------------
FINLAND: 0.90%
173,360 NOKIA OYJ (COMMUNICATIONS) 2,699,735
6,500 RAUTARUUKKI OYJ (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 140,468
43,100 TIETOENATOR OYJ (BUSINESS SERVICES) 997,771
3,837,974
---------------
FRANCE: 9.70%
33,389 ACCOR SA (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 1,847,168
10,047 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 626,526
910 ARKEMA (OIL & GAS EXTRACTION) 33,689
67,704 AXA SA (INSURANCE CARRIERS) 1,506,090
68,332 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 5,247,761
8,000 CASINO GUICHARD PERRACHON SA (FOOD STORES) 676,946
32,271 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 1,551,691
80,160 CREDIT AGRICOLE SA (DEPOSITORY INSTITUTIONS) 1,403,155
60,919 FRANCE TELECOM SA (COMMUNICATIONS) 1,457,595
14,000 LAGARDERE SCA (COMMUNICATIONS) 566,517
13,897 LVMH MOET HENNESSY LOUIS VUITTON SA (APPAREL & TEXTILES) 1,624,355
270,402 NATIXIS (DEPOSITORY INSTITUTIONS) 1,459,048
40,281 PERNOD-RICARD (FOOD & KINDRED PRODUCTS) 3,420,477
9,709 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 1,292,594
14,640 PUBLICIS GROUPE (BUSINESS SERVICES) 626,425
14,600 RALLYE SA (FOOD STORES) 538,638
35,800 SAFRAN SA (TRANSPORTATION EQUIPMENT) 933,218
38,300 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 2,854,974
50,500 SCOR SE (INSURANCE CARRIERS) 1,275,487
41,812 SOCIETE GENERALE (DEPOSITORY INSTITUTIONS) 2,629,684
15,253 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 1,240,209
15,000 THALES SA (TRANSPORTATION EQUIPMENT) 602,120
30,832 TOTAL SA (OIL & GAS EXTRACTION) 1,789,827
8,390 UNIBAIL (REAL ESTATE) 1,699,794
|
22 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
42,033 VINCI SA (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 2,477,241
71,400 VIVENDI SA (COMMUNICATIONS) 1,910,888
41,292,117
---------------
GERMANY: 10.65%
31,385 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 1,678,651
10,894 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 391,760
22,734 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 2,850,409
42,380 BASF AG (OIL & GAS EXTRACTION) 2,628,486
70,251 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 4,751,818
113,538 DAIMLER AG (TRANSPORTATION EQUIPMENT) 5,345,019
17,011 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 1,310,317
15,125 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 1,121,121
36,600 DEUTSCHE LUFTHANSA AG (TRANSPORTATION BY AIR) 607,047
162,050 DEUTSCHE POST AG (TRANSPORTATION SERVICES) 2,811,423
57,900 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 2,137,670
11,300 HANNOVER RUECKVERSICHERUNG AG (INSURANCE CARRIERS) 557,992
17,000 HEIDELBERGER DRUCKMASCHINEN AG (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 122,359
5,015 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 421,448
97,341 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 675,643
24,565 KLOECKNER & COMPANY (TRANSPORTATION BY AIR) 726,116
11,784 LANXESS (CHEMICALS & ALLIED PRODUCTS) 542,977
35,520 LINDE AG (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 4,238,121
5,733 METRO AG (FOOD STORES) 340,085
38,611 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 6,265,818
11,400 NORDDEUTSCHE AFFINERIE AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 587,488
769 RHOEN KLINIKUM AG (HEALTH SERVICES) 19,682
25,273 RWE AG (ELECTRIC, GAS & SANITARY SERVICES) 2,239,256
5,847 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 542,778
6,952 SAP AG (BUSINESS SERVICES) 336,715
8,472 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 848,477
36,500 THYSSENKRUPP AG (PRIMARY METAL INDUSTRIES) 1,254,899
45,353,575
---------------
GREECE: 0.26%
93,315 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 819,234
13,486 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 271,402
1,090,636
---------------
HONG KONG: 2.61%
210,755 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 776,327
71,442 BEIJING ENTERPRISES HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 496,416
886,000 CHAODA MODERN AGRICULTURE LIMITED (AGRICULTURAL SERVICES) 943,713
121,500 ESPRIT HOLDINGS LIMITED (WHOLESALE TRADE-DURABLE GOODS) 958,480
1,309,679 GENTING INTERNATIONAL PLC (REAL ESTATE) 828,526
21,814 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 364,117
1,097,862 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 1,319,258
378,000 LI & FUNG LIMITED (WHOLESALE TRADE-DURABLE GOODS) 1,859,755
446,000 NOBLE GROUP LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 975,560
455,232 NWS HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 908,793
16,500 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 122,301
295,000 UNION BANK HONG KONG (DEPOSITORY INSTITUTIONS) 738,616
234,500 YUE YUEN INDUSTRIAL HOLDINGS LIMITED (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS
& SIMILAR MATERIALS) 812,237
11,104,099
---------------
|
Wells Fargo Advantage International Stock Funds 23
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
INDIA: 0.80%
16,157 HOUSING DEVELOPMENT FINANCE CORPORATION (BUSINESS SERVICES) $ 977,877
7,532 ICICI BANK LIMITED (DEPOSITORY INSTITUTIONS) 159,800
52,805 ICICI BANK LIMITED ADR (DEPOSITORY INSTITUTIONS) 2,254,774
3,392,451
---------------
IRELAND: 2.05%
51,491 ACCENTURE PLC (COMPUTER TECHNOLOGIES) 2,160,047
36,500 ALLIED IRISH BANKS PLC (DEPOSITORY INSTITUTIONS) 59,060
110,500 BANK OF IRELAND PLC (DEPOSITORY INSTITUTIONS) 238,795
254,000 CONNEMARA GREN MARBLE DEPOSITORY INSTITUTIONS (DEPOSITORY INSTITUTIONS)(a) 0
53,531 COVIDIEN LIMITED (SURGICAL & MEDICAL INSTRUMENTS & APPARATUS) 2,691,539
335,378 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 3,300,449
65,300 IRISH LIFE & PERMAMENT GROUP HOLDINGS PLC (INSURANCE - LIFE) 259,565
8,709,455
---------------
ISRAEL: 0.10%
6,645 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 419,167
---------------
ITALY: 1.24%
57,500 BENETTON GROUP SPA (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 476,847
189,100 ENEL SPA (ELECTRIC, GAS & SANITARY SERVICES) 1,057,389
65,000 ENI SPA (OIL & GAS EXTRACTION) 1,524,952
601,272 INTESA SANPAOLO (DEPOSITORY INSTITUTIONS) 2,239,389
5,298,577
---------------
JAPAN: 15.32%
97,700 ADEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 976,059
34,300 ALPINE ELECTRONICS INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 417,514
800 AMADA COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 6,709
73,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 822,216
37,400 ASTELLAS PHARMA INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 1,354,145
20,900 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 967,986
131,000 CENTRAL GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 647,363
83,600 COMSYS HOLDINGS CORPORATION (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT &
RELATED SERVICES) 809,263
32,400 COSMO OIL COMPANY LIMITED (OIL & GAS EXTRACTION) 78,323
51,700 CREDIT SAISON COMPANY LIMITED (NON-DEPOSITORY CREDIT INSTITUTIONS) 801,850
45,478 DENSO CORPORATION (TRANSPORTATION EQUIPMENT) 1,354,757
5,100 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 355,066
65,500 EDION CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 674,687
26,100 EIZO NANAO CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 643,497
79,500 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) 1,565,510
5,900 FAST RETAILING COMPANY LIMITED (APPAREL & ACCESSORY STORES) 1,025,511
197,000 FUKUOKA FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 836,549
48,100 HITACHI CAPITAL CORPORATION (BUSINESS SERVICES) 684,791
43,100 HONDA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,521,339
1,177,000 ISUZU MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 3,185,164
104,000 ITOCHU CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 911,071
19,600 JFE HOLDINGS INCORPORATED (PRIMARY METAL INDUSTRIES) 789,325
29,000 KANEKA CORPORATION (CHEMICALS & ALLIED PRODUCTS) 187,977
240 KDDI CORPORATION (COMMUNICATIONS) 1,242,486
64,400 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,350,134
7,400 KONAMI CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 142,713
40,000 KYORIN COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 578,458
50,000 MAEDA ROAD CONSTRUCTION COMPANY LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 407,530
51,900 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 1,709,830
|
24 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
224,500 MARUBENI CORPORATION (BUSINESS SERVICES) $ 1,395,171
25,700 MIRACA HOLDINGS INCORPORATED (CHEMICALS & ALLIED PRODUCTS) 783,453
44,600 MITSUBISHI CORPORATION (BUSINESS SERVICES) 1,168,789
77,100 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 404,097
249,300 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 4,189,221
804,800 MIZUHO FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 1,592,555
33,900 NAMCO BANDAI HOLDINGS INCORPORATED (AMUSEMENT & RECREATION SERVICES) 330,334
1,200 NINTENDO COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 401,754
59,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 831,137
127,000 NIPPON EXPRESS COMPANY LIMITED (TRANSPORTATION SERVICES) 546,090
199,500 NIPPON MINING HOLDINGS INCORPORATED (PETROLEUM REFINING & RELATED INDUSTRIES) 950,351
128,500 NIPPON OIL CORPORATION (PETROLEUM REFINING & RELATED INDUSTRIES) 612,131
35,700 NIPPON TELEGRAPH & TELEPHONE CORPORATION (COMMUNICATIONS) 1,504,525
203,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 801,230
13,800 NITORI COMPANY LIMITED (HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES) 1,048,027
153,200 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,129,049
500 NTT DOCOMO INCORPORATED (COMMUNICATIONS) 761,579
11,100 ONO PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 493,914
5,160 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 457,551
32,200 RYOSAN COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 820,068
160,000 SANWA SHUTTER CORPORATION (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 533,961
3,000 SEINO HOLDINGS COMPANY LIMITED (MOTOR FREIGHT TRANSPORTATION & WAREHOUSING) 21,371
47,600 SHOWA SHELL SEKIYU KK (OIL & GAS EXTRACTION) 321,780
341,200 SOJITZ CORPORATION (WHOLESALE TRADE-DURABLE GOODS) 660,575
74,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS) 527,496
128,400 SUMITOMO CORPORATION (MISCELLANEOUS RETAIL) 1,476,415
592,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 3,565,044
48,900 SUMITOMO MITSUI FINANCIAL GROUP INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 1,616,226
72,527 SUZUKI MOTOR CORPORATION (TRANSPORTATION EQUIPMENT) 1,600,419
33,000 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,452,508
12,700 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 844,946
20,900 TOKYO ELECTRIC POWER COMPANY INCORPORATED (ELECTRIC, GAS & SANITARY SERVICES) 557,095
12,500 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 828,966
199,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,028,099
204,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 868,457
146,000 TOSHIBA TEC CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 577,816
9,900 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 396,572
10,600 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 1,023,831
2,913 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 1,060,944
65,231,370
---------------
LUXEMBOURG: 0.19%
18,110 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 794,715
---------------
NETHERLANDS: 6.59%
60,500 AEGON NV (INSURANCE CARRIERS) 414,292
33,137 AKZO NOBEL NV (CHEMICALS & ALLIED PRODUCTS) 1,888,501
230,113 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 8,223,827
14,673 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 514,775
44,314 CSM (FOOD & KINDRED PRODUCTS) 1,376,613
428,866 ING GROEP NV (FINANCIAL SERVICES) 4,281,802
24,900 KONINKLIJKE DSM NV (CHEMICALS & ALLIED PRODUCTS) 1,110,334
18,900 KONINKLIJKE TEN CATE NV (EDUCATIONAL SERVICES) 494,719
55,510 NEW WORLD RESOURCES NV (ENERGY) 653,253
13,700 NUTRECO HOLDING NV (FOOD & KINDRED PRODUCTS) 863,207
58,521 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 2,781,072
|
Wells Fargo Advantage International Stock Funds 25
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
NETHERLANDS (continued)
67,065 TNT NV (TRANSPORTATION SERVICES) $ 1,923,043
51,155 UNILEVER NV (FOOD & KINDRED PRODUCTS) 1,547,327
106,014 USG PEOPLE NV (BUSINESS SERVICES) 2,001,766
28,074,531
---------------
NORWAY: 0.45%
80,700 DNB NOR ASA (DEPOSITORY INSTITUTIONS) 921,983
21,600 STATOIL ASA (PETROLEUM REFINING & RELATED INDUSTRIES) 500,094
35,851 TELENOR ASA (COMMUNICATIONS) 486,201
1,908,278
---------------
POLAND: 0.09%
6,617 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 384,521
---------------
PORTUGAL: 0.18%
51,000 BANCO ESPIRITO SANTO SA (DEPOSITORY INSTITUTIONS) 275,533
44,700 PORTUGAL TELECOM SGPS SA (COMMUNICATIONS) 499,777
775,310
---------------
RUSSIA: 0.42%
14,630 GAZPROM ADR (OIL & GAS EXTRACTION) 343,366
8,894 LUKOIL ADR (OIL & GAS EXTRACTION) 504,290
33,911 MECHEL ADR (PRIMARY METAL INDUSTRIES) 963,751
1,811,407
---------------
SINGAPORE: 0.58%
46,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 470,210
389,790 MOBILONE LIMITED (COMMUNICATIONS) 579,551
228,400 OVERSEA-CHINESE BANKING CORPORATION LIMITED (DEPOSITORY INSTITUTIONS) 1,422,041
2,471,802
---------------
SOUTH KOREA: 0.28%
418 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 487,288
952 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 688,264
1,175,552
---------------
SPAIN: 2.28%
103,200 BANCO BILBAO VIZCAYA ARGENTARIA SA (DEPOSITORY INSTITUTIONS) 1,411,992
254,585 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 3,383,536
124,294 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 615,943
28,546 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 1,881,710
57,200 REPSOL YPF SA (OIL & GAS EXTRACTION) 1,354,319
44,215 TELEFONICA SA (COMMUNICATIONS) 1,047,472
9,694,972
---------------
SWEDEN: 1.60%
48,700 BOLIDEN AB (METAL MINING) 696,042
10,010 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 650,319
58,606 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 578,301
59,800 SAAB AB (TRANSPORTATION EQUIPMENT) 911,005
79,541 SANDVIK AB (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 994,180
26,482 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 481,184
35,421 SKF AB CLASS B (FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT) 629,382
32,600 SVENSKA CELLULOSA AB CLASS B (PAPER & ALLIED PRODUCTS) 459,613
|
26 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
SWEDEN (continued)
27,200 SVENSKA HANDELSBANKEN (DEPOSITORY INSTITUTIONS) $ 797,097
59,300 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 624,980
6,822,103
---------------
SWITZERLAND: 9.93%
66,905 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) 1,461,326
19,513 ADECCO SA (BUSINESS SERVICES) 1,107,600
13,300 BALOISE HOLDING AG (INSURANCE AGENTS, BROKERS & SERVICE) 1,179,391
83,600 CLARIANT AG (CHEMICALS & ALLIED PRODUCTS) 1,063,236
19,360 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 749,686
51,924 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 2,676,470
1,700 GEORG FISCHER AG (TRANSPORTATION EQUIPMENT) 623,957
46,443 HOLCIM LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 3,462,083
129,755 NESTLE SA (FOOD & KINDRED PRODUCTS) 6,645,267
114,177 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 6,166,901
1,256 RIETER HOLDING AG (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 365,698
29,005 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 4,703,960
4,282 ROCHE HOLDINGS AG - BEARER SHARES (CHEMICALS & ALLIED PRODUCTS) 714,344
8,810 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 2,809,107
11,200 SWISS REINSURANCE (INSURANCE CARRIERS) 551,290
3,400 SWISSCOM AG (COMMUNICATIONS) 1,240,819
15,332 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES) 1,324,378
75,405 UBS AG (DIVERSIFIED FINANCIAL SERVICES) 1,225,760
2,200 VALORA HOLDING AG (GENERAL MERCHANDISE STORES) 569,613
3,587 VERWALTUNGS-UND PRIVAT-BANK AG (DEPOSITORY INSTITUTIONS) 391,223
12,628 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 3,237,242
42,269,351
---------------
TAIWAN: 0.64%
50,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 867,498
163,392 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,713,982
140,000 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 159,361
2,740,841
---------------
UNITED KINGDOM: 15.97%
64,300 AMLIN PLC (INSURANCE CARRIERS) 378,689
24,311 ANGLO AMERICAN PLC (COAL MINING) 1,060,274
102,048 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 1,610,521
337,338 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 488,618
52,800 ASTRAZENECA PLC (CHEMICALS & ALLIED PRODUCTS) 2,354,843
93,600 AVIVA PLC (INSURANCE CARRIERS) 547,272
541,574 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 2,961,083
38,041 BG GROUP PLC (OIL & GAS EXTRACTION) 658,379
70,083 BHP BILLITON PLC (COAL MINING) 2,403,530
583,088 BP PLC (OIL & GAS EXTRACTION) 5,516,065
129,100 BRADFORD & BINGLEY PLC (DEPOSITORY INSTITUTIONS)(a) 0
43,175 BRIT INSURANCE HOLDINGS NV (INSURANCE CARRIERS) 493,023
129,867 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 478,888
504,300 BT GROUP PLC (COMMUNICATIONS) 948,175
69,302 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 751,409
8,069 CARNIVAL PLC (AMUSEMENT & RECREATION SERVICES) 331,219
152,700 CENTRICA PLC (ELECTRIC, GAS & SANITARY SERVICES) 681,031
94,251 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 781,636
105,700 DRAX GROUP PLC (ELECTRIC, GAS & SANITARY SERVICES) 599,253
|
Wells Fargo Advantage International Stock Funds 27
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
UNITED KINGDOM (continued)
253,300 DS SMITH PLC (PAPER & ALLIED PRODUCTS) $ 518,148
102,474 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 1,967,906
71,400 GREENE KING PLC (FOOD & KINDRED PRODUCTS) 485,622
726,317 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 1,195,871
445,495 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 4,515,936
44,000 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 448,260
157,000 IMI PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 1,572,433
82,810 IMPERIAL TOBACCO GROUP PLC (TOBACCO PRODUCTS) 2,525,848
41,392 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 648,223
16,316 INTERTEK GROUP PLC (BUSINESS SERVICES) 360,994
109,678 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 567,048
552,067 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 1,796,160
645,445 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 614,808
314,200 LOGICACMG PLC (BUSINESS SERVICES) 650,830
317,490 MARSTON'S PLC (FOOD & KINDRED PRODUCTS) 441,802
194,200 MEGGITT PLC (TRANSPORTATION BY AIR) 900,893
74,017 NATIONAL GRID PLC (ELECTRIC, GAS & SANITARY SERVICES) 720,537
9,993 NEXT PLC (APPAREL & ACCESSORY STORES) 328,157
348,700 NORTHERN FOODS PLC (FOOD & KINDRED PRODUCTS) 307,966
518,700 OLD MUTUAL PLC (INSURANCE CARRIERS) 964,230
10,426 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 572,262
38,748 RIO TINTO PLC (METAL MINING) 2,296,142
162,400 ROYAL & SUN ALLIANCE INSURANCE GROUP PLC (INSURANCE CARRIERS) 314,213
51,814 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 1,501,789
134,000 ROYAL DUTCH SHELL PLC CLASS B (OIL & GAS EXTRACTION) 3,691,726
76,663 SAVILLS PLC (SOCIAL SERVICES) 404,849
164,255 SMITH & NEPHEW PLC (CHEMICALS & ALLIED PRODUCTS) 1,636,371
69,000 SPECTRIS PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 866,454
39,126 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 1,067,242
137,900 TATE & LYLE PLC (FOOD & KINDRED PRODUCTS) 950,473
608,614 TESCO PLC (FOOD & KINDRED PRODUCTS) 4,021,691
162,200 THOMAS COOK GROUP PLC (TRANSPORTATION SERVICES) 664,081
4,500 TOMKINS PLC (BUSINESS SERVICES) 16,116
29,780 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 369,889
981,498 VODAFONE GROUP PLC (COMMUNICATIONS) 2,263,922
99,900 WH SMITH PUBLIC LIMITED CORPORATION (GENERAL MERCHANDISE STORES) 736,615
72,953 WPP PLC (COMMUNICATIONS) 756,123
69,367 XSTRATA PLC (METAL MINING) 1,314,225
68,019,763
---------------
UNITED STATES 0.50%
41,067 PHILIP MORRIS INTERNATIONAL (TOBACCO PRODUCTS) 2,142,055
---------------
TOTAL COMMON STOCKS (COST $380,632,544) 411,298,120
---------------
YIELD
-----
PREFERRED STOCKS: 0.57%
32,021 FRESENIUS AG (HEALTHCARE) 6.00% 2,417,629
TOTAL PREFERRED STOCKS (COST $1,759,095) 2,417,629
---------------
|
28 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
DIVERSIFIED INTERNATIONAL FUND
SHARES SECURITY NAME YIELD VALUE
------------- -------------------------------------------------------------------------------------------- ----- ---------------
SHORT-TERM INVESTMENTS: 2.11%
MUTUAL FUNDS: 2.11%
8,998,949 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u)~ 0.09% $ 8,998,949
TOTAL SHORT-TERM INVESTMENTS (COST $8,998,949) 8,998,949
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $391,390,588)* 99.28% 422,714,698
OTHER ASSETS AND LIABILITIES, NET 0.72 3,066,707
------ ---------------
TOTAL NET ASSETS 100.00% $ 425,781,405
------ ---------------
|
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
* Cost for federal income tax purposes is $408,031,360 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 33,465,711
Gross unrealized depreciation (18,782,373)
------------
Net unrealized appreciation $ 14,683,338
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 29
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING MARKETS EQUITY FUND
SHARES SECURITY NAME VALUE
------------- ----------------------------------------------------------------------------- ---------------
COMMON STOCKS: 91.97%
AUSTRALIA: 1.95%
60,400 BHP BILLITON LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) $ 2,416,022
470,000 STRAITS RESOURCES LIMITED (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 621,066
3,037,088
---------------
BRAZIL: 12.47%
63,200 BANCO SANTANDER BRASIL SA (DEPOSITORY INSTITUTIONS) 785,576
7,900 CAMPANHIA DE BEBIDAS ADR (WHOLESALE TRADE NON-DURABLE GOODS) 724,114
37,200 CIA DE CONCESSOES RODOVIARIAS (TRANSPORTATION SERVICES) 826,062
166,900 ECORODOVIAS INFRAESTRUTURA LOGISTICA SA (TRANSPORTATION)+ 891,585
28,200 LOJAS RENNER SA (APPAREL & ACCESSORY STORES) 646,982
197,700 MAGNESITA REFRATARIOS SA (METAL MINING)+ 1,584,179
117,200 OGX PETROLEO E GAS PARTICIPACOES SA (OIL & GAS EXTRACTION) 1,097,298
53,600 PETROLEO BRASILEIRO SA ADR (OIL COMPANIES) 2,384,664
91,600 PETROLEO BRASILEIRO SA ADR CLASS A (OIL COMPANIES) 3,626,444
71,400 SLC AGRICOLA SA (FOOD-MEAT PRODUCTS) 583,775
73,500 TELE NORTE LESTE PARTICIPACOES SA ADR (COMMUNICATIONS) 1,298,010
66,600 TRACTEBEL ENERGIA SA (ELECTRIC, GAS & SANITARY SERVICES) 748,634
132,000 VALE SA DEPOSITORY RECEIPT (METAL MINING) 4,249,080
19,446,403
---------------
CAYMAN ISLANDS: 0.70%
464,300 AAC ACOUSTIC TECHNOLOGIES HOLDINGS INCORPORATED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 791,932
49,600 AIRMEDIA GROUP INCORPORATED (BUSINESS SERVICES)+ 301,909
1,093,841
---------------
CHILE: 0.97%
40,400 SOCIEDAD QUIMICA MINERA DE CHILE (CHEMICALS & ALLIED PRODUCTS) 1,510,556
---------------
CHINA: 14.03%
4,421,000 BANK OF CHINA LIMITED (DEPOSITORY INSTITUTIONS) 2,357,335
2,147,000 CHINA CONSTRUCTION BANK (DEPOSITORY INSTITUTIONS) 1,783,426
1,083,000 CHINA DONGXIANG GROUP COMPANY (APPAREL & ACCESSORY STORES) 781,119
129,100 CHINA INFORMATION SECURITY (TECHNOLOGY INCORPORATED)+ 651,955
327,000 CHINA LIFE INSURANCE COMPANY LIMITED (INSURANCE CARRIERS) 1,566,719
272,500 CHINA MOBILE LIMITED (COMMUNICATIONS) 2,621,728
192,200 CHINA PACIFIC INSURANCE (INSURANCE COMPANIES) 851,554
3,260,000 CHINA PETROLEUM & CHEMICAL CORPORATION (PETROLEUM REFINING &
RELATED INDUSTRIES) 2,670,393
1,785,000 EVERGRANDE REAL ESTATE (REAL ESTATE)+ 744,876
1,952,000 INDUSTRIAL & COMMERCIAL BANK OF CHINA CLASS H (DEPOSITORY INSTITUTIONS) 1,488,340
2,223,500 KWG PROPERTY HOLDING LIMITED (REAL ESTATE) 1,615,164
23,800 MINDRAY MEDICAL INTERNATIONAL LIMITED ADR (MEDICAL EQUIPMENT & SUPPLIES) 866,796
1,172,000 PEAK SPORT PRODUCTS LIMITED (RETAIL-SPECIAL LINE) 928,332
2,853,500 SHENZHEN EXPRESSWAY COMPANY LIMITED (TOLL ROAD REVENUE) 1,499,473
103,800 SUNTECH POWER HOLDINGS COMPANY LIMITED ADR (ENERGY - EXPLORATION &
PRODUCTION)+ 1,455,276
21,882,486
---------------
CZECH REPUBLIC: 0.62%
4,800 KOMERCNI BANKA (FINANCIAL SERVICES) 974,125
---------------
EGYPT: 1.17%
51,719 COMMERCIAL INTERNATIONAL BANK (DEPOSITORY INSTITUTIONS) 611,122
25,300 ORASCOM CONSTRUCTION INDUSTRIES (CONSTRUCTION SPECIAL TRADE CONTRACTORS) 1,212,617
1,823,739
---------------
|
30 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING MARKETS EQUITY FUND
SHARES SECURITY NAME VALUE
------------- ----------------------------------------------------------------------------- ---------------
HONG KONG: 5.35%
1,439,000 CNOOC LIMITED (OIL & GAS EXTRACTION) $ 2,368,602
646,000 COMBA TELECOM SYSTEMS HOLDINGS LIMITED (COMMUNICATIONS) 827,026
693,000 HUABAO INTERNATIONAL HOLDINGS LIMITED (TOBACCO PRODUCTS) 832,751
437,300 ISHARES MSCI CHINA (INVESTMENT COMPANIES) 775,652
2,010,000 NEW WORLD CHINA LAND LIMITED (REAL ESTATE) 717,094
149,000 ORIENT OVERSEAS INTERNATIONAL LIMITED (WATER TRANSPORTATION) 1,104,414
827,000 SINO-OCEAN LAND HOLDINGS LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 728,555
1,510,000 SJM HOLDINGS LIMITED (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 997,688
8,351,782
---------------
HUNGARY: 0.60%
26,700 OTP BANK NYRT (DEPOSITORY INSTITUTIONS) 933,802
---------------
INDIA: 4.24%
52,100 ABB LIMITED INDIA (HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION CONTRACTS) 963,203
65,400 APOLLO HOSPITALS ENTERPRISE (HEALTH SERVICES) 1,062,759
27,400 FINANCIAL TECHNOLOGIES LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 957,337
209,200 ITC LIMITED (HOLDING & OTHER INVESTMENT OFFICES) 1,225,750
138,100 MCLEOD RUSSEL INDIA LIMITED (FOOD-WHOLESALE) 832,230
76,500 SESA GOA LIMITED (METAL MINING) 801,635
55,200 TATA STEEL LIMITED (PRIMARY METAL INDUSTRIES) 777,128
6,620,042
---------------
INDONESIA: 0.18%
256,500 PP LONDON SUMATRA INDONESIA TBK (AGRICULTURAL SERVICES)+ 282,223
---------------
ISRAEL: 0.97%
111,800 ISRAEL CHEMICALS LIMITED (CHEMICALS & ALLIED PRODUCTS) 1,512,548
---------------
KAZAKHSTAN: 0.50%
71,200 JSC HALYK BANK (DEPOSITORY INSTITUTIONS) 776,080
---------------
MALAYSIA: 0.69%
535,900 GENTING BERHAD (HOLDING & OTHER INVESTMENT OFFICES) 1,084,286
---------------
MEXICO: 4.76%
923,700 AMERICA MOVIL SAB DE CV (COMMUNICATIONS) 2,325,733
171,300 DESARROLLADORA HOMEX S.A. DE C.V (HOUSEHOLD PRODUCTS, WARE)+ 809,826
597,000 EMPRESAS ICA SOCIEDAD CONTROLADORA SA DE CV (BUILDING CONSTRUCTION-GENERAL
CONTRACTORS & OPERATIVE BUILDERS)+ 1,528,262
16,900 FOMENTO ECONOMICO MEXICANO SA DE CV ADR (FOOD & KINDRED PRODUCTS) 803,257
78,600 GRUPO TELEVISA SA ADR (COMMUNICATIONS) 1,652,172
258,900 PROMOTORA AMBIENTAL SAB DE CV (PETROLEUM REFINING & RELATED INDUSTRIES)+ 301,540
7,420,790
---------------
MONGOLIA: 0.63%
660,000 REAL GOLD MINING LIMITED (MINING) 987,758
---------------
PERU: 0.93%
47,000 COMPANIA DE MINAS BUENAVENTURA SA ADR (PRIMARY METAL INDUSTRIES) 1,455,590
---------------
PHILIPPINES: 2.38%
2,610 GLOBE TELECOM INCORPORATED (COMMUNICATIONS) 57,756
2,315,000 MANILA WATER COMPANY (PIPELINES) 806,843
16,787,000 METRO PACIFIC INVESTMENTS CORPORATION (HOLDING & OTHER INVESTMENT OFFICES)+ 1,151,576
15,401,500 PNOC ENERGY DEVELOPMENT CORPORATION (ELECTRIC, GAS & SANITARY SERVICES)+ 1,704,083
3,720,258
---------------
|
Wells Fargo Advantage International Stock Funds 31
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING MARKETS EQUITY FUND
SHARES SECURITY NAME VALUE
------------- ----------------------------------------------------------------------------- ---------------
POLAND: 1.08%
119,946 PKO BANK POLSKI SA (DEPOSITORY INSTITUTIONS) $ 1,677,464
---------------
QATAR: 0.31%
15,100 INDUSTRIES QATAR (CHEMICALS & ALLIED PRODUCTS) 477,344
---------------
RUSSIA: 6.49%
105,400 GAZPROM ADR (OIL & GAS EXTRACTION) 2,458,982
97,950 JSC MMC NORILSK NICKEL ADR (PRIMARY METAL INDUSTRIES)+ 1,803,260
22,500 LUKOIL ADR (OIL & GAS EXTRACTION) 1,275,750
38,500 MAGNIT GDR (FOOD DISTRIBUTORS) 713,020
15,400 MOBILE TELESYSTEMS ADR (COMMUNICATIONS) 854,700
56,900 ROSNEFT OIL COMPANY (PETROLEUM REFINING & RELATED INDUSTRIES) 451,217
627,600 SBERBANK OF RUSSIA (DEPOSITORY INSTITUTIONS) 1,838,868
23,100 TATNEFT ADR (OIL & GAS)+ 723,030
10,118,827
---------------
SOUTH AFRICA: 6.57%
29,791 ABSA GROUP LIMITED (DEPOSITORY INSTITUTIONS) 582,016
141,528 AVENG LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS) 730,592
97,485 FOSCHINI LIMITED (MISCELLANEOUS RETAIL) 896,721
45,300 IMPALA PLATINUM HOLDINGS LIMITED (METAL MINING) 1,330,935
16,500 KUMBA IRON ORE LIMITED (COAL MINING) 793,925
39,000 MITTAL STEEL SOUTH AFRICA LIMITED (PRIMARY METAL INDUSTRIES) 495,602
89,200 MTN GROUP LIMITED (COMMUNICATIONS) 1,371,601
40,009 NASPERS LIMITED (PRINTING, PUBLISHING & ALLIED INDUSTRIES)+ 1,738,507
146,361 STANDARD BANK GROUP LIMITED (DEPOSITORY INSTITUTIONS) 2,302,793
10,242,692
---------------
SOUTH KOREA: 10.63%
9,600 DOOSAN HEAVY INDUSTRIES & CONSTRUCTION COMPANY LIMITED (INDUSTRIAL &
COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 768,713
11,278 HYUNDAI MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 1,151,274
16,800 KB FINANCIAL GROUP INCORPORATED (FINANCIAL SERVICES) 812,487
14,800 KIWOOM SECURITIES COMPANY (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 601,706
21,900 KOREA ELECTRIC POWER CORPORATION (ELECTRIC, GAS & SANITARY SERVICES) 707,451
5,100 LG CHEM LIMITED (WHOLESALE TRADE NON-DURABLE GOODS) 1,084,051
15,100 LG ELECTRONICS INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 1,534,756
106,360 LG TELECOM LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 725,705
4,200 ORION CORPORATION (FOOD & KINDRED PRODUCTS)+ 1,046,798
1,600 POSCO (PRIMARY METAL INDUSTRIES) 746,653
4,450 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 3,217,199
6,400 SAMSUNG SDI COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT)+ 803,217
29,198 SHINHAN FINANCIAL GROUP COMPANY LIMITED (FINANCIAL SERVICES) 1,147,069
1,630 SHINSEGAE COMPANY LIMITED (GENERAL MERCHANDISE STORES) 770,737
9,600 SK TELECOM COMPANY LIMITED (COMMUNICATIONS) 1,472,093
16,589,909
---------------
TAIWAN: 11.29%
592,980 ACER INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 1,751,418
779,000 AU OPTRONICS CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 885,506
855,000 CHINA STEEL CORPORATION (PRIMARY METAL INDUSTRIES) 884,399
1,296,000 CHINA TRUST FINANCIAL HOLDING COMPANY LIMITED (DEPOSITORY INSTITUTIONS) 734,555
747,400 CTCI CORPORATION (ENGINEERING CONSTRUCTION) 780,160
536,000 DELTA ELECTRONICS INCORPORATED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 1,696,203
1,673,841 EVA AIRWAYS CORPORATION (TRANSPORTATION BY AIR) 787,957
|
32 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING MARKETS EQUITY FUND
SHARES SECURITY NAME VALUE
------------- ----------------------------------------------------------------------------- ---------------
TAIWAN (continued)
2,456,740 FUHWA FINANCIAL HOLDINGS COMPANY LIMITED (DEPOSITORY INSTITUTIONS) $ 1,473,673
70,000 HIGH TECH COMPUTER CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 817,747
202,400 HON HAI PRECISION INDUSTRY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 876,315
860,310 SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION (ELECTRIC, GAS &
SANITARY SERVICES) 1,896,269
1,404,130 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER
ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 2,719,126
1,800,000 TECO ELECTRIC & MACHINERY COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL
EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 790,667
662,940 UNI-PRESIDENT ENTERPRISES CORPORATION (WHOLESALE TRADE NON-DURABLE GOODS) 754,622
420,000 WISTRON CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 763,083
17,611,700
---------------
THAILAND: 1.14%
308,100 ADVANCED INFO SERVICE PCL (COMMUNICATIONS) 821,822
2,830,000 MINOR INTERNATIONAL PCL ADR (HOTELS, ROOMING HOUSES, CAMPS & OTHER
LODGE PLACES) 962,734
1,784,556
---------------
TURKEY: 1.32%
213,800 TOFAS TURK OTOMOBIL FABRIKASI AS (TRANSPORTATION EQUIPMENT) 802,939
267,800 TURKIYE GARANTI BANKASI AS (INSURANCE AGENTS, BROKERS & SERVICE) 1,252,762
2,055,701
---------------
TOTAL COMMON STOCKS (COST $134,699,889) 143,471,590
---------------
PRINCIPAL INTEREST MATURITY
AMOUNT RATE DATE
------------- -------- ----------
FOREIGN CORPORATE BONDS: 0.11%
BRAZIL: 0.11%
303,000 LUPATECH COVERTIBLE BOND SERIES 1 (INDUSTRIALS & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) (i)(a) 6.50% 04/15/2018 174,378
---------------
TOTAL FOREIGN CORPORATE BONDS (COST $160,804) 174,378
---------------
SHARES YIELD
------------- --------
PREFERRED STOCKS: 3.85%
106,000 AES TIETE SA (ELECTRIC DISTRIBUTION, TRANSMISSION) 0.61% 1,150,392
95,150 BANCO BRADESCO SA (DEPOSITORY INSTITUTIONS) 0.15 1,754,953
141,720 BANCO ITAU HOLDING FINANCEIRA SA (DEPOSITORY INSTITUTIONS) 0.12 3,107,982
TOTAL PREFERRED STOCKS (COST $5,239,300) 6,013,327
---------------
INTEREST
PRINCIPAL RATE
------------- --------
CORPORATE BONDS: 0.10%
UNITED STATES: 0.10%
$ 139,716 GRYPHON FUNDING LIMITED (FINANCIAL SERVICES) (i)(a) 0.00% 08/05/2010 57,423
178,236 VFNC CORPORATION (FINANCIAL SERVICES)+++/-(i)(a) 0.46 09/30/2010 96,247
153,670
---------------
TOTAL CORPORATE BONDS (COST $141,605) 153,670
---------------
|
Wells Fargo Advantage International Stock Funds 33
Portfolio of Investments--March 31, 2010 (Unaudited)
EMERGING MARKETS EQUITY FUND
SHARES SECURITY NAME YIELD VALUE
------------- ----------------------------------------------------------------------------- -------- ---------------
SHORT-TERM INVESTMENTS: 3.97%
MUTUAL FUNDS: 3.97%
6,193,412 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u)~ 0.09% $ 6,193,412
TOTAL SHORT-TERM INVESTMENTS (COST $6,193,412) 6,193,412
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $146,435,010)* 99.90% 156,006,377
OTHER ASSETS AND LIABILITIES, NET 0.10 154,347
------ ---------------
TOTAL NET ASSETS 100.00% $ 156,160,724
------ ---------------
|
(l) Investment in an affiliate.
+ Non-income earning securities.
++ 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.
(i) Illiquid security.
(u) Rate shown is the 7-day annualized yield at period end.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
* Cost for federal income tax purposes is $146,726,289 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $ 20,127,294
Gross unrealized depreciation (10,847,206)
------------
Net unrealized appreciation $ 9,280,088
|
The accompanying notes are an integral part of these financial statements.
34 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
COMMON STOCKS: 96.01%
ARGENTINA: 0.20%
730 IRSA INVERSIONES Y REPRESENTACIONES SA ADR (REAL ESTATE) $ 7,885
---------------
AUSTRALIA: 3.54%
3,893 AMP LIMITED (INSURANCE CARRIERS) 22,363
581 ASX LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 18,095
638 COMMONWEALTH BANK OF AUSTRALIA (DEPOSITORY INSTITUTIONS) 32,956
44 MACQUARIE GROUP LIMITED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 1,908
777 NEWCREST MINING LIMITED (METAL MINING) 23,401
1,905 SUNCORP-METWAY LIMITED (DEPOSITORY INSTITUTIONS) 14,929
1,048 WESTPAC BANKING CORPORATION (DEPOSITORY INSTITUTIONS) 26,774
140,426
---------------
AUSTRIA: 0.31%
363 RHI AG (MISCELLANEOUS MANUFACTURING INDUSTRIES)+ 12,488
---------------
BELGIUM: 0.97%
2,619 AGFA-GEVAERT NV (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 20,269
364 ANHEUSER-BUSCH INBEV NV (FOOD & KINDRED PRODUCTS) 18,336
38,605
---------------
BRAZIL: 0.39%
838 BANCO BRADESCO SA ADR (DEPOSITORY INSTITUTIONS) 15,444
---------------
CANADA: 6.54%
456 AGNICO-EAGLE MINES LIMITED (METAL MINING) 25,386
1,546 BROOKFIELD ASSET MANAGEMENT INCORPORATED (HOLDING & OTHER INVESTMENT OFFICES) 39,299
899 CANADIAN NATURAL RESOURCES LIMITED (OIL & GAS EXTRACTION) 66,537
850 ENCANA CORPORATION (OIL & GAS EXPLORATION) 26,446
423 GOLDCORP INCORPORATED (METAL MINING) 15,805
906 PACIFIC RUBIALES ENERGY CORPORATION (OIL & GAS EXTRACTION) 17,600
387 POTASH CORPORATION OF SASKATCHEWAN (MINING & QUARRYING OF NONMETALLIC MINERALS,
EXCEPT FUELS) 46,188
298 RESEARCH IN MOTION LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT)+ 22,037
259,298
---------------
CHINA: 4.51%
17,000 CHINA INFRASTRUCTURE MACHINERY HOLDINGS LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT) 12,699
1,957 CHINA MOBILE LIMITED (COMMUNICATIONS) 18,828
381 CHINA MOBILE LIMITED ADR (COMMUNICATIONS) 18,334
521 NETEASE.COM INCORPORATED ADR (BUSINESS SERVICES)+ 18,480
1,703 SINA CORPORATION (BUSINESS SERVICES)+ 64,186
500 TENCENT HOLDINGS LIMITED (COMMUNICATIONS) 10,033
1,630 VANCEINFO TECHNOLOGIES INCORPORATED (BUSINESS SERVICES)+ 36,333
178,893
---------------
DENMARK: 0.34%
161 CARLSBERG A/S (FOOD & KINDRED PRODUCTS) 13,513
---------------
FINLAND: 0.44%
1,114 NOKIA OYJ (COMMUNICATIONS) 17,348
---------------
FRANCE: 6.34%
272 ALSTOM RGPT (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 16,962
1,118 AXA SA (INSURANCE CARRIERS) 24,870
385 BNP PARIBAS SA (DEPOSITORY INSTITUTIONS) 29,567
450 COMPAGNIE DE SAINT-GOBAIN (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY &
MOBILE HOME DEALERS) 21,637
|
Wells Fargo Advantage International Stock Funds 35
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
FRANCE (continued)
524 FRANCE TELECOM SA (COMMUNICATIONS) $ 12,538
389 LVMH MOET HENNESSY LOUIS VUITTON SA (APPAREL & TEXTILES) 45,468
272 PINAULT-PRINTEMPTS-REDOUTE SA (GENERAL MERCHANDISE STORES) 36,212
397 PUBLICIS GROUPE (BUSINESS SERVICES) 16,987
410 TECHNIP SA (PETROLEUM REFINING & RELATED INDUSTRIES) 33,337
237 TOTAL SA (OIL & GAS EXTRACTION) 13,758
251,336
---------------
GERMANY: 9.33%
908 ADIDAS-SALOMON AG (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 48,565
302 AIXTRON AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 10,860
201 ALLIANZ AG (INSURANCE AGENTS, BROKERS & SERVICE) 25,202
283 BASF AG (OIL & GAS EXTRACTION) 17,552
335 BAYER AG (CHEMICALS & ALLIED PRODUCTS) 22,660
1,316 DAIMLER AG (TRANSPORTATION EQUIPMENT) 61,953
133 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 10,245
311 DEUTSCHE BOERSE AG (BUSINESS SERVICES) 23,052
140 HOCHTIEF AG (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 11,765
2,775 INFINEON TECHNOLOGIES AG (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT)+ 19,261
675 KLOECKNER & COMPANY (TRANSPORTATION BY AIR) 19,952
331 LANXESS (CHEMICALS & ALLIED PRODUCTS) 15,252
159 METRO AG (FOOD STORES) 9,432
166 MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG (INSURANCE CARRIERS) 26,939
155 SALZGITTER AG (PRIMARY METAL INDUSTRIES) 14,389
192 SAP AG (BUSINESS SERVICES) 9,299
237 SIEMENS AG (MISCELLANEOUS MANUFACTURING INDUSTRIES) 23,736
370,114
---------------
GREECE: 0.77%
2,617 HELLENIC EXCHANGES SA HOLDING (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 22,975
376 NATIONAL BANK OF GREECE SA (DEPOSITORY INSTITUTIONS) 7,567
30,542
---------------
HONG KONG: 0.29%
700 HONG KONG EXCHANGES & CLEARING LIMITED (SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES & SERVICES) 11,684
---------------
IRELAND: 0.38%
1,529 EXPERIAN GROUP LIMITED (BUSINESS SERVICES) 15,047
---------------
ISRAEL: 0.28%
179 TEVA PHARMACEUTICAL INDUSTRIES LIMITED ADR (BIOPHARMACEUTICALS) 11,291
---------------
JAPAN: 17.25%
2,000 ASAHI GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 22,526
600 CANON INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 27,789
100 EAST JAPAN RAILWAY COMPANY (RAILROAD TRANSPORTATION) 6,962
2,200 ELPIDA MEMORY INCORPORATED (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED)+ 43,322
33,000 ISUZU MOTORS LIMITED (TRANSPORTATION EQUIPMENT) 89,304
1,800 KOMATSU LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 37,737
1,400 MAKITA CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 46,123
1,300 MITSUI & COMPANY LIMITED (WHOLESALE TRADE-DURABLE GOODS) 21,845
2,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (STONE, CLAY, GLASS & CONCRETE PRODUCTS) 28,174
6,000 NIPPON YUSEN KABUSHIKI KAISHA (WATER TRANSPORTATION) 23,682
4,300 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 31,690
150 ORIX CORPORATION (NON-DEPOSITORY CREDIT INSTITUTIONS) 13,301
2,000 SOMPO JAPAN INSURANCE INCORPORATED (INSURANCE CARRIERS)(a) 14,257
|
36 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
JAPAN (continued)
16,000 SUMITOMO HEAVY INDUSTRIES LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) $ 96,353
400 TDK CORPORATION (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 26,612
300 TOKYO ELECTRON LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 19,895
5,000 TOSHIBA CORPORATION (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 25,832
9,000 TOSHIBA MACHINE COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 38,314
300 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 12,017
300 UNI-CHARM CORPORATION (APPAREL & ACCESSORY STORES) 28,976
81 YAHOO! JAPAN CORPORATION (COMMUNICATIONS) 29,501
684,212
---------------
LUXEMBOURG: 0.54%
491 ARCELORMITTAL (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC,
MEDICAL & OPTICAL) 21,546
---------------
NETHERLANDS: 6.62%
1,256 ASML HOLDING NV (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 44,887
404 BRUNEL INTERNATIONAL (BUSINESS SERVICES) 14,174
850 ING GROEP NV (FINANCIAL SERVICES) 8,486
1,586 NEW WORLD RESOURCES NV (ENERGY) 18,664
1,631 RANDSTAD HOLDINGS NV (BUSINESS SERVICES) 77,509
1,434 UNILEVER NV (FOOD & KINDRED PRODUCTS) 43,375
2,940 USG PEOPLE NV (BUSINESS SERVICES) 55,513
262,608
---------------
NORWAY: 0.35%
1,033 TELENOR ASA (COMMUNICATIONS) 14,009
---------------
POLAND: 0.27%
184 BANK PEKAO SA (DEPOSITORY INSTITUTIONS) 10,692
---------------
RUSSIA: 1.28%
423 GAZPROM ADR (OIL & GAS EXTRACTION) 9,928
244 LUKOIL ADR (OIL & GAS EXTRACTION) 13,835
945 MECHEL ADR (PRIMARY METAL INDUSTRIES) 26,857
50,620
---------------
SINGAPORE: 0.26%
1,000 DBS GROUP HOLDINGS LIMITED (DEPOSITORY INSTITUTIONS) 10,222
---------------
SOUTH KOREA: 0.85%
12 LOTTE CONFECTIONERY COMPANY LIMITED (FOOD & KINDRED PRODUCTS) 13,989
27 SAMSUNG ELECTRONICS COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 19,520
33,509
---------------
SPAIN: 1.81%
1,374 BANCO SANTANDER CENTRAL HISPANO SA (DEPOSITORY INSTITUTIONS) 18,261
3,459 CRITERIA CAIXACORP SA (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 17,141
360 INDUSTRIA DE DISENO TEXTIL SA (APPAREL & ACCESSORY STORES) 23,731
540 TELEFONICA SA (COMMUNICATIONS) 12,793
71,926
---------------
SWEDEN: 1.18%
269 HENNES & MAURITZ AB CLASS B (APPAREL & ACCESSORY STORES) 17,476
1,691 NORDEA BANK AB (DEPOSITORY INSTITUTIONS) 16,686
704 SKANSKA AB (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) 12,792
46,954
---------------
|
Wells Fargo Advantage International Stock Funds 37
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE
------------- -------------------------------------------------------------------------------------------- ---------------
SWITZERLAND: 11.70%
1,872 ABB LIMITED (ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES) $ 40,888
526 ADECCO SA (BUSINESS SERVICES) 29,857
541 COMPAGNIE FINANCIERE RICHEMONT SA (MISCELLANEOUS MANUFACTURING INDUSTRIES) 20,949
989 CREDIT SUISSE GROUP (DEPOSITORY INSTITUTIONS) 50,979
1,413 NESTLE SA (FOOD & KINDRED PRODUCTS) 72,365
775 NOVARTIS AG (CHEMICALS & ALLIED PRODUCTS) 41,859
304 ROCHE HOLDINGS AG (CHEMICALS & ALLIED PRODUCTS) 49,302
254 SWATCH GROUP AG CLASS B (APPAREL & ACCESSORY STORES) 80,989
441 TRANSOCEAN LIMITED (OIL & GAS FIELD SERVICES)+ 38,094
152 ZURICH FINANCIAL SERVICES AG (INSURANCE CARRIERS) 38,966
464,248
---------------
TAIWAN: 0.44%
1,000 MEDIATEK INCORPORATED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS,
EXCEPT COMPUTER EQUIPMENT) 17,350
---------------
UNITED KINGDOM: 18.83%
677 ANGLO AMERICAN PLC (COAL MINING) 29,526
2,861 ANTOFAGASTA PLC (TRANSPORTATION SERVICES) 45,152
9,377 ASHTEAD GROUP PLC (TRANSPORTATION EQUIPMENT) 13,582
7,432 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 40,635
1,059 BG GROUP PLC (OIL & GAS EXTRACTION) 18,328
1,965 BHP BILLITON PLC (COAL MINING) 67,391
6,726 BP PLC (OIL & GAS EXTRACTION) 63,629
3,644 BRITISH AIRWAYS PLC (TRANSPORTATION BY AIR) 13,437
1,859 BURBERRY GROUP PLC (APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS) 20,156
2,540 COOKSON GROUP PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 21,065
483 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 9,276
19,516 HAYS PLC (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 32,133
6,544 HSBC HOLDINGS PLC (DEPOSITORY INSTITUTIONS) 66,336
1,116 INTERCONTINENTAL HOTELS GROUP PLC (HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES) 17,477
456 INTERTEK GROUP PLC (BUSINESS SERVICES) 10,089
2,976 INVENSYS PLC (MISCELLANEOUS MANUFACTURING INDUSTRIES) 15,386
2,808 KINGFISHER PLC (BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS) 9,136
17,341 LLOYDS TSB GROUP PLC (DEPOSITORY INSTITUTIONS) 16,518
279 NEXT PLC (APPAREL & ACCESSORY STORES) 9,162
281 RECKITT BENCKISER GROUP (CHEMICALS & ALLIED PRODUCTS) 15,424
1,079 RIO TINTO PLC (METAL MINING) 63,940
1,453 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 42,114
2,144 SAVILLS PLC (SOCIAL SERVICES) 11,322
493 STANDARD CHARTERED PLC (DEPOSITORY INSTITUTIONS) 13,448
848 TRAVIS PERKINS PLC (LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE) 10,533
6,103 VODAFONE GROUP PLC (COMMUNICATIONS) 14,077
2,010 WPP PLC (COMMUNICATIONS) 20,833
1,932 XSTRATA PLC (METAL MINING) 36,604
746,709
---------------
TOTAL COMMON STOCKS (COST $3,004,346) 3,808,519
---------------
INVESTMENT COMPANIES: 0.87%
615 ISHARES MSCI EAFE INDEX FUND 34,440
---------------
TOTAL INVESTMENT COMPANIES (COST $35,360) 34,440
---------------
|
38 Wells Fargo Advantage International Stock Funds
Portfolio of Investments--March 31, 2010 (Unaudited)
INTERNATIONAL CORE FUND
SHARES SECURITY NAME YIELD VALUE
------------- -------------------------------------------------------------------------------------------- ----- ---------------
PREFERRED STOCKS: 1.71%
898 FRESENIUS AG (HEALTHCARE) 6.00% $ 67,800
---------------
TOTAL PREFERRED STOCKS (COST $47,596) 67,800
---------------
SHORT-TERM INVESTMENTS: 1.90%
MUTUAL FUNDS: 1.90%
75,185 WELLS FARGO ADVANTAGE MONEY MARKET TRUST(l)(u)~ 0.09 75,185
---------------
TOTAL SHORT-TERM INVESTMENTS (COST $75,185) 75,185
---------------
TOTAL INVESTMENTS IN SECURITIES
(COST $3,162,487)* 100.49% 3,985,944
OTHER ASSETS AND LIABILITIES, NET (0.49) (19,344)
------ ---------------
TOTAL NET ASSETS 100.00% $ 3,966,600
------ ---------------
|
+ Non-income earning securities.
(a) Security fair valued in accordance with the procedures approved by the
Board of Trustees.
(u) Rate shown is the 7-day annualized yield at period end.
(l) Investment in an affiliate
~ The Fund invests cash balances that it retains for liquidity purposes in an
affiliated money market fund.
* Cost for federal income tax purposes is $3,276,888 and net unrealized
appreciation (depreciation) consists of:
Gross unrealized appreciation $791,332
Gross unrealized depreciation (82,276)
--------
Net unrealized appreciation $709,056
|
The accompanying notes are an integral part of these financial statements.
THIS PAGE IS INTENTIONALLY LEFT BLANK.
40 Wells Fargo Advantage International Stock Funds
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Asia Pacific
Fund
-------------
ASSETS
Investments
In unaffiliated securities ......................................... $ 342,729,085
In affiliated securities ........................................... 5,310,597
-------------
Total investments, at value (see cost below) .......................... 348,039,682
Cash .................................................................. 0
Receivable for Fund shares issued ..................................... 909,594
Foreign currency, at value (see cost below) ........................... 534,248
Receivable for investments sold ....................................... 1,740,015
Receivables for dividends and interest ................................ 1,040,194
Receivable from investment advisor and affiliates ..................... 0
Unrealized gains on forward currency exchange contracts ............... 0
-------------
Total assets ............................................................. 352,263,733
-------------
LIABILITIES
Foreign taxes payable ................................................. 162,722
Payable for Fund shares redeemed ...................................... 495,586
Payable for investments purchased ..................................... 6,806,475
Payable to investment advisor and affiliates .......................... 420,584
Unrealized losses on forward currency exchange contracts .............. 0
Accrued expenses and other liabilities ................................ 95,951
-------------
Total liabilities ........................................................ 7,981,318
-------------
TOTAL NET ASSETS ......................................................... $ 344,282,415
-------------
NET ASSETS CONSIST OF
Paid-in capital ....................................................... $ 500,411,853
Undistributed/overdistributed net investment income (loss) ............ (3,019,745)
Accumulated net realized gain (loss) on investments ................... (180,591,633)
Net unrealized appreciation (depreciation) of investments ............. 27,481,940
-------------
TOTAL NET ASSETS ......................................................... $ 344,282,415
-------------
COMPUTATION OF NET ASSET VALUE AND OFFERING PRICE PER SHARE(1)
Net assets - Class A .................................................. $ 79,473,037
Shares outstanding - Class A .......................................... 8,622,184
Net asset value per share - Class A ................................... $ 9.22
Maximum offering price per share - Class A(2) ......................... $ 9.78
Net assets - Class B .................................................. NA
Shares outstanding - Class B .......................................... NA
Net asset value and offering price per share - Class B ................ NA
Net assets - Class C .................................................. $ 1,406,936
Shares outstanding - Class C .......................................... 154,875
Net asset value and offering price per share - Class C ................ $ 9.08
Net assets - Administrator Class ...................................... NA
Shares outstanding - Administrator Class .............................. NA
Net asset value and offering price per share - Administrator Class .... NA
Net assets - Institutional Class ...................................... NA
Shares outstanding - Institutional Class .............................. NA
Net asset value and offering price per share - Institutional Class .... NA
Net assets - Investor Class ........................................... $ 263,402,442
Shares outstanding - Investor Class ................................... 28,579,777
Net asset value and offering price per share - Investor Class ......... $ 9.22
-------------
Investments, at cost ..................................................... $ 320,569,089
-------------
Foreign currency, at cost ................................................ $ 533,389
-------------
|
(1.) Each Fund has an unlimited number of authorized shares.
(2.) Maximum offering price is computed as 100/94.25 of net asset value. On
investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 41
Statements of Assets and Liabilities--March 31, 2010 (Unaudited)
Diversified Emerging
International Markets Equity International
Fund Fund Core Fund
------------- -------------- -------------
$ 413,715,749 $149,812,965 $ 3,910,759
8,998,949 6,193,412 75,185
------------- -------------- -------------
422,714,698 156,006,377 3,985,944
186,002 0 0
142,437 32,274 14,135
4,238,568 1,137,144 25,951
973,022 5,467,476 0
1,343,586 94,497 10,346
0 0 16,122
158,778 0 4,687
------------- -------------- -------------
429,757,091 162,737,768 4,057,185
------------- -------------- -------------
73,925 282,144 547
296,372 191,160 30,918
3,037,570 5,803,298 40,266
438,349 190,153 0
17,155 0 492
112,315 110,289 18,362
------------- -------------- -------------
3,975,686 6,577,044 90,585
------------- -------------- -------------
$ 425,781,405 $156,160,724 $ 3,966,600
------------- -------------- -------------
$ 530,431,785 $183,936,014 $ 6,324,396
1,445,948 (1,101,278) (29,639)
(137,548,123) (36,263,372) (3,155,799)
31,451,795 9,589,360 827,642
------------- -------------- -------------
$ 425,781,405 $156,160,724 $ 3,966,600
------------- -------------- -------------
$ 30,595,598 $130,675,667 $ 2,696,006
3,141,956 3,539,501 273,962
$ 9.74 $ 36.92 $ 9.84
$ 10.33 $ 39.17 $ 10.44
$ 1,432,887 $ 3,346,814 $ 887,556
154,848 94,913 92,415
$ 9.25 $ 35.26 $ 9.60
$ 755,073 $ 1,994,524 $ 310,155
82,906 56,792 31,906
$ 9.11 $ 35.12 $ 9.72
$ 263,187,640 $ 20,143,719 $ 72,883
27,093,720 546,239 7,507
$ 9.71 $ 36.88 $ 9.71
$ 81,885,904 NA NA
8,431,893 NA NA
$ 9.71 NA NA
$ 47,924,303 NA NA
4,937,457 NA NA
$ 9.71 NA NA
------------- -------------- -------------
$ 391,390,588 $146,435,010 $ 3,162,487
------------- -------------- -------------
$ 4,253,302 $ 1,126,947 $ 25,755
------------- -------------- -------------
|
42 Wells Fargo Advantage International Stock Funds
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Asia Pacific
Fund
------------
INVESTMENT INCOME
Dividends(1) ..................................................................... $ 2,019,703
Interest(2) ...................................................................... 6,491
Income from affiliated securities ................................................ 4,268
Securities lending income ........................................................ 13,095
-----------
Total investment income ............................................................. 2,043,557
-----------
EXPENSES
Advisory fees .................................................................... 1,960,086
Administration fees
Fund level .................................................................... 89,095
Class A ....................................................................... 115,274
Class B ....................................................................... NA
Class C ....................................................................... 1,796
Administrator Class ........................................................... NA
Institutional Class ........................................................... NA
Investor Class ................................................................ 518,239
Custody fees ..................................................................... 230,661
Shareholder servicing fees
Class A ....................................................................... 100,068
Class B ....................................................................... NA
Class C ....................................................................... 1,604
Administrator Class ........................................................... NA
Investor Class ................................................................ 339,696
Accounting fees .................................................................. 14,608
Distribution fees
Class B ....................................................................... NA
Class C ....................................................................... 4,811
Professional fees ................................................................ 25,085
Registration fees ................................................................ 17,951
Shareholder reports .............................................................. 49,863
Trustees' fees ................................................................... 5,274
Interest expense ................................................................. 500
Other fees and expenses .......................................................... 12,813
-----------
Total expenses ...................................................................... 3,487,424
-----------
LESS
Waived fees and/or reimbursed expenses ........................................... (605,336)
Net expenses ..................................................................... 2,882,088
-----------
Net investment income (loss) ........................................................ (838,531)
-----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
NET REALIZED GAIN (LOSS) FROM
Unaffiliated securities, foreign currencies and foreign currency translation ..... 13,357,472
Forward foreign currency contracts ............................................... 0
-----------
Net realized loss from investments .................................................. 13,357,472
-----------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) OF
Unaffiliated securities, foreign currencies and foreign currency translation ..... 8,485,846
Forward foreign currency contracts ............................................... 0
-----------
Net change in unrealized appreciation (depreciation) of investments ................. 8,485,846
-----------
Net realized and unrealized gain on investments ..................................... 21,843,318
-----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ................................ $21,004,787
-----------
1. Net of foreign withholding taxes of .............................................. $ 196,762
2. Net of foreign withholding taxes of .............................................. 0
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 43
Statements of Operations--For the Six Months Ended March 31, 2010 (Unaudited)
Diversified Emerging
International Markets Equity International
Fund Fund Core Fund
------------- -------------- -------------
$ 3,166,309 $ 661,318 $ 24,850
1,052 4,818 0
4,018 2,854 414
18,375 5,581 75
----------- ----------- ---------
3,189,754 674,571 25,339
----------- ----------- ---------
1,943,931 829,403 18,505
102,312 37,700 974
43,365 176,694 3,612
2,204 4,639 1,275
1,035 2,644 464
127,442 9,694 37
29,440 NA NA
90,202 NA NA
107,874 229,847 42,323
38,718 157,762 3,225
1,968 4,142 1,139
925 2,361 415
318,605 23,984 92
59,143 NA NA
27,208 6,360 7,254
5,903 12,426 3,416
2,773 7,082 1,244
26,930 21,911 21,168
23,935 18,532 14,959
54,849 16,940 1,496
5,274 5,274 5,274
0 0 0
29,398 7,894 8,164
----------- ----------- ---------
3,043,434 1,575,289 135,036
----------- ----------- ---------
(615,767) (178,373) (102,002)
2,427,667 1,396,916 33,034
----------- ----------- ---------
762,087 (722,345) (7,695)
----------- ----------- ---------
2,971,320 4,674,479 157,030
(822,436) 0 (25,520)
----------- ----------- ---------
2,148,884 4,674,479 131,510
----------- ----------- ---------
8,064,858 6,961,121 38,026
933,766 0 26,986
----------- ----------- ---------
8,998,624 6,961,121 65,012
----------- ----------- ---------
11,147,508 11,635,600 196,522
----------- ----------- ---------
$11,909,595 $10,913,255 $ 188,827
----------- ----------- ---------
$ 224,236 $ 108,381 $ 1,949
206 0 0
|
44 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
ASIA PACIFIC FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
INCREASE (DECREASE) IN NET ASSETS
Beginning net assets ............................................................ $365,008,788 $ 371,815,029
OPERATIONS
Net investment income (loss) .................................................... (838,531) 3,948,439
Net realized gain (loss) on investments ......................................... 13,357,472 (130,212,447)
Net change in unrealized appreciation (depreciation) of investments ............. 8,485,846 141,256,095
------------ -------------
Net increase (decrease) in net assets resulting from operations .................... 21,004,787 14,992,087
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Class A ...................................................................... (1,321,981) (91,233)
Class B ...................................................................... NA NA
Class C ...................................................................... (14,818) 0
Administrator Class .......................................................... NA NA
Institutional Class .......................................................... NA NA
Investor Class ............................................................... (4,242,210) (64,334)
Net realized gains
Class A ...................................................................... 0 0
Class B ...................................................................... NA NA
Class C ...................................................................... 0 0
Administrator Class .......................................................... NA NA
Institutional Class .......................................................... NA NA
Investor Class ............................................................... 0 0
------------ -------------
Total distributions to shareholders ................................................ (5,579,009) (155,567)
------------ -------------
CAPITAL SHARES TRANSACTIONS
Proceeds from shares sold - Class A ............................................. 6,888,672 71,967,560
Proceeds from redemption fees - Class A ......................................... 0 11,996
Reinvestment of distributions - Class A ......................................... 1,308,607 89,988
Cost of shares redeemed - Class A ............................................... (18,068,111) (37,896,181)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class A ....................................................... (9,870,832) 34,173,363
------------ -------------
Proceeds from shares sold - Class B ............................................. NA NA
Proceeds from redemption fees - Class B ......................................... NA NA
Reinvestment of distributions - Class B ......................................... NA NA
Cost of shares redeemed - Class B ............................................... NA NA
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class B ....................................................... NA NA
------------ -------------
Proceeds from shares sold - Class C ............................................. 990,760 565,649
Proceeds from redemption fees - Class C ......................................... 0 235
Reinvestment of distributions - Class C ......................................... 11,415 0
Cost of shares redeemed - Class C ............................................... (254,467) (516,298)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Class C ....................................................... 747,708 49,586
------------ -------------
Proceeds from shares sold - Administrator Class ................................. NA NA
Proceeds from redemption fees - Administrator Class ............................. NA NA
Reinvestment of distributions - Administrator Class ............................. NA NA
Cost of shares redeemed - Administrator Class ................................... NA NA
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Administrator Class ........................................... NA NA
------------ -------------
Proceeds from shares sold - Institutional Class ................................. NA NA
Proceeds from redemption fees - Institutional Class ............................. NA NA
Reinvestment of distributions - Institutional Class ............................. NA NA
Cost of shares redeemed - Institutional Class ................................... NA NA
------------ -------------
Net increase in net assets resulting from capital share
transactions - Institutional Class ........................................... NA NA
------------ -------------
Proceeds from shares sold - Investor Class ...................................... 22,475,132 68,292,564
Proceeds from redemption fees - Investor Class .................................. 0 115,686
Reinvestment of distributions - Investor Class .................................. 3,776,305 69,036
Cost of shares redeemed - Investor Class ........................................ (53,280,464) (124,342,996)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Investor Class ................................................ (27,029,027) (55,865,710)
------------ -------------
Net increase (decrease) in net assets resulting from capital share
transactions - Total ............................................................ (36,152,151) (21,642,761)
------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS .............................................. (20,726,373) (6,806,241)
------------ -------------
ENDING NET ASSETS .................................................................. $344,282,415 $ 365,008,788
------------ -------------
Ending balance of undistributed/overdistributed net investment income (loss) ....... $ (3,019,746) $ 3,397,795
------------ -------------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 45
Statements of Changes in Net Assets
DIVERSIFIED INTERNATIONAL FUND EMERGING MARKETS EQUITY FUND INTERNATIONAL CORE FUND
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
$412,470,264 $ 442,539,093 $151,872,303 $153,203,757 $3,965,161 $ 6,404,099
762,087 6,582,813 (722,345) 934,671 (7,695) 37,190
2,148,884 (130,953,883) 4,674,479 (41,566,034) 131,510 (2,931,088)
8,998,624 121,381,584 6,961,121 55,359,772 65,012 1,904,716
------------ ------------- ------------ ------------ ---------- -----------
11,909,595 (2,989,486) 10,913,255 14,728,409 188,827 (989,182)
------------ ------------- ------------ ------------ ---------- -----------
(405,811) (834,050) (301,734) (262,002) (20,497) (54,288)
(12,664) (27,342) 0 0 (4,867) (15,081)
(6,723) (13,834) 0 0 (817) (5,008)
(3,609,906) (5,483,367) (89,675) (163,718) (3,412) (8,837)
(1,123,456) (1,866,504) NA NA NA NA
(615,434) (1,210,765) NA NA NA NA
0 (3,935,605) 0 (4,562,635) 0 0
0 (310,070) 0 (141,751) 0 0
0 (109,685) 0 (64,462) 0 0
0 (30,223,107) 0 (932,128) 0 0
0 (7,062,741) NA NA NA NA
0 (5,084,976) NA NA NA NA
------------ ------------- ------------ ------------ ---------- -----------
(5,773,994) (56,162,046) (391,409) (6,126,696) (29,593) (83,214)
------------ ------------- ------------ ------------ ---------- -----------
570,807 1,857,926 2,872,169 7,096,778 206,992 300,818
0 2,603 0 2,979 0 758
388,860 4,564,265 286,521 4,579,571 19,828 50,016
(2,485,571) (6,058,882) (8,295,185) (16,208,635) (189,539) (808,367)
------------ ------------- ------------ ------------ ---------- -----------
(1,525,904) 365,912 (5,136,495) (4,529,307) 37,281 (456,775)
------------ ------------- ------------ ------------ ---------- -----------
2,657 50,843 54,689 125,273 1,730 83,818
0 377 0 109 0 404
11,744 324,807 0 133,900 4,797 14,268
(336,446) (1,141,584) (443,118) (605,208) (144,227) (554,163)
------------ ------------- ------------ ------------ ---------- -----------
(322,045) 765,557 (388,429) (345,926) (137,700) (445,673)
------------ ------------- ------------ ------------ ---------- -----------
101,176 62,101 200,058 379,495 22,844 37,584
0 75 0 47 0 124
5,521 100,196 0 60,876 798 4,454
(79,636) (231,760) (152,757) (461,579) (76,158) (179,295)
------------ ------------- ------------ ------------ ---------- -----------
27,061 (69,388) 47,301 (21,161) (52,516) (173,133)
------------ ------------- ------------ ------------ ---------- -----------
17,348,215 68,497,058 509,948 967,777 0 1,580,541
0 26,011 0 630 0 96
2,060,467 20,422,298 70,198 888,666 2,741 8,668
(21,244,379) (82,258,132) (1,335,948) (6,893,846) (7,601) (1,906,266)
------------ ------------- ------------ ------------ ---------- -----------
(1,835,697) 6,687,235 (755,802) (5,036,773) (4,860) (316,961)
------------ ------------- ------------ ------------ ---------- -----------
10,184,967 13,300,100 NA NA NA NA
0 3,140 NA NA NA NA
1,121,530 8,922,202 NA NA NA NA
(223,283) (6,416,092) NA NA NA NA
------------ ------------- ------------ ------------ ---------- -----------
11,083,214 15,809,350 NA NA NA NA
------------ ------------- ------------ ------------ ---------- -----------
2,157,484 6,257,397 NA NA NA NA
0 941 NA NA NA NA
605,441 6,186,784 NA NA NA NA
(3,014,014) (5,389,971) NA NA NA NA
------------ ------------- ------------ ------------ ---------- -----------
(251,089) 7,055,151 NA NA NA NA
------------ ------------- ------------ ------------ ---------- -----------
7,175,540 29,082,703 (6,233,425) (9,933,167) (157,795) (1,366,542)
------------ ------------- ------------ ------------ ---------- -----------
13,311,141 (30,068,829) 4,288,421 (1,331,454) 1,439 (2,438,938)
------------ ------------- ------------ ------------ ---------- -----------
$425,781,405 $ 412,470,264 $156,160,724 $151,872,303 $3,966,600 $ 3,965,161
------------ ------------- ------------ ------------ ---------- -----------
$ 1,445,948 $ 6,457,855 $ (1,101,278) $ 12,476 $ (29,639) $ 7,649
------------ ------------- ------------ ------------ ---------- -----------
|
46 Wells Fargo Advantage International Stock Funds
Statements of Changes in Net Assets
ASIA PACIFIC FUND
-------------------------------------
For the
Six Months Ended For the
March 31, 2010 Year Ended
(Unaudited) September 30, 2009
---------------- ------------------
SHARES ISSUED AND REDEEMED
Shares sold - Class A ....................................................... 756,286 9,011,062
Shares issued in reinvestment of distributions - Class A .................... 147,698 13,760
Shares redeemed - Class A ................................................... (1,939,785) (4,768,052)
---------- -----------
Net increase (decrease) in shares outstanding - Class A ..................... (1,035,801) 4,256,770
---------- -----------
Shares sold - Class B ....................................................... NA NA
Shares issued in reinvestment of distributions - Class B .................... NA NA
Shares redeemed - Class B ................................................... NA NA
---------- -----------
Net decrease in shares outstanding - Class B ................................ NA NA
---------- -----------
Shares sold - Class C ....................................................... 54,201 85,215
Shares issued in reinvestment of distributions - Class C .................... 1,306 0
Shares redeemed - Class C ................................................... (28,852) (73,641)
---------- -----------
Net increase (decrease) in shares outstanding - Class C ..................... 26,655 11,574
---------- -----------
Shares sold - Administrator Class ........................................... NA NA
Shares issued in reinvestment of distributions - Administrator Class ........ NA NA
Shares redeemed - Administrator Class ....................................... NA NA
---------- -----------
Net increase (decrease) in shares outstanding - Administrator Class ......... NA NA
---------- -----------
Shares sold - Institutional Class ........................................... NA NA
Shares issued in reinvestment of distributions - Institutional Class ........ NA NA
Shares redeemed - Institutional Class ....................................... NA NA
---------- -----------
Net increase in shares outstanding - Institutional Class .................... NA NA
---------- -----------
Shares sold - Investor Class ................................................ 2,494,543 9,886,240
Shares issued in reinvestment of distributions - Investor Class ............. 426,220 10,503
Shares redeemed - Investor Class ............................................ (5,973,168) (18,517,314)
---------- -----------
Net increase (decrease) in shares outstanding - Investor Class .............. (3,052,405) (8,620,571)
---------- -----------
NET INCREASE (DECREASE) IN SHARES OUTSTANDING RESULTING FROM
CAPITAL SHARE TRANSACTIONS .................................................. (4,061,551) (4,352,227)
---------- -----------
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 47
Statements of Changes in Net Assets
DIVERSIFIED INTERNATIONAL FUND EMERGING MARKETS EQUITY FUND INTERNATIONAL CORE FUND
------------------------------------- ------------------------------------- -------------------------------------
For the For the For the
Six Months Ended For the Six Months Ended For the Six Months Ended For the
March 31, 2010 Year Ended March 31, 2010 Year Ended March 31, 2010 Year Ended
(Unaudited) September 30, 2009 (Unaudited) September 30, 2009 (Unaudited) September 30, 2009
---------------- ------------------ ---------------- ------------------ ---------------- ------------------
60,116 241,040 80,351 265,125 21,726 36,688
41,062 602,566 8,078 211,235 2,132 5,968
(258,165) (782,007) (176,556) (660,055) (19,759) (100,113)
---------- ----------- -------- -------- ------- --------
(156,987) 61,599 (88,127) (183,695) 4,099 (57,457)
---------- ----------- -------- -------- ------- --------
283 6,253 1,669 4,820 183 9,841
1,302 45,702 0 6,450 527 1,732
(37,506) (151,513) (13,131) (25,595) (15,644) (69,722)
---------- ----------- -------- -------- ------- --------
(35,921) (99,558) (11,462) (14,325) (14,934) (58,149)
---------- ----------- -------- -------- ------- --------
11,057 8,892 5,569 15,606 2,425 5,170
622 14,241 0 2,944 87 536
(8,863) (33,613) (4,507) (20,331) (8,285) (22,777)
---------- ----------- -------- -------- ------- --------
2,816 (10,480) 1,062 (1,781) (5,773) (17,071)
---------- ----------- -------- -------- ------- --------
1,878,436 9,337,306 14,117 41,277 0 194,651
218,270 2,701,215 1,983 40,749 299 1,011
(2,206,346) (10,007,572) (37,984) (299,364) (811) (233,371)
---------- ----------- -------- -------- ------- --------
(109,640) 2,030,949 (21,884) (217,338) (512) (37,709)
---------- ----------- -------- -------- ------- --------
1,076,125 1,706,745 NA NA NA NA
118,932 1,178,135 NA NA NA NA
(22,897) (726,717) NA NA NA NA
---------- ----------- -------- -------- ------- --------
1,172,160 2,158,163 NA NA NA NA
---------- ----------- -------- -------- ------- --------
223,931 799,623 NA NA NA NA
64,136 818,321 NA NA NA NA
(316,384) (680,448) NA NA NA NA
---------- ----------- -------- -------- ------- --------
(28,317) 937,496 NA NA NA NA
---------- ----------- -------- -------- ------- --------
844,111 5,078,169 (120,411) (417,139) (17,120) (170,386)
---------- ----------- -------- -------- ------- --------
|
48 Wells Fargo Advantage International Stock Funds
Financial Highlights
Beginning Net Net Realized Distributions
Net Asset Investment and Unrealized from Net Distributions
Value Per Income Gain (Loss) Investment from Net
Share (Loss) on Investments Income Realized Gains
--------- ---------- -------------- ------------- --------------
ASIA PACIFIC FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 8.82 (0.02)(3) 0.56 (0.14) 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.14 0.11(3) 0.59 (0.02) 0.00
October 1, 2007 to September 30, 2008 ............... $15.83 0.09(3) (5.20) 0.00 (2.58)
July 31, 2007(2) to September 30, 2007 .............. $14.75 0.01 1.07 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 8.67 (0.05)(3) 0.56 (0.10) 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.05 0.05(3) 0.57 0.00 0.00
October 1, 2007 to September 30, 2008 ............... $15.81 0.04(3) (5.22) 0.00 (2.58)
July 31, 2007(2) to September 30, 2007 .............. $14.75 0.00 1.06 0.00 0.00
Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 8.81 (0.02)(3) 0.57 (0.14) 0.00
October 1, 2008 to September 30, 2009 ............... $ 8.12 0.09(3) 0.60 0.00(6) 0.00
October 1, 2007 to September 30, 2008 ............... $15.82 0.06(3) (5.18) 0.00 (2.58)
October 1, 2006 to September 30, 2007 ............... $12.56 0.05 4.97 (0.03) (1.73)
October 1, 2005 to September 30, 2006 ............... $11.53 0.07 2.02 (0.06) (1.00)
January 1, 2005 to September 30, 2005(5) ............ $10.22 0.07 1.47 (0.05) (0.18)
January 1, 2004 to December 31, 2004 ................ $ 8.98 0.05 1.75(4) (0.03) (0.53)
DIVERSIFIED INTERNATIONAL FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.62 0.00(6) 0.25 (0.13) 0.00
October 1, 2008 to September 30, 2009 ............... $11.68 0.14(3) (0.69) (0.23) (1.28)
October 1, 2007 to September 30, 2008 ............... $19.49 0.31(3) (5.91) (0.23) (1.98)
October 1, 2006 to September 30, 2007 ............... $15.91 0.24(3) 3.51 (0.17) 0.00
October 1, 2005 to September 30, 2006 ............... $13.69 0.17(3) 2.20 (0.15) 0.00
October 1, 2004 to September 30, 2005 ............... $11.09 0.17 2.43 (0.00) 0.00
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.12 (0.09)(3) 0.29 (0.07) 0.00
October 1, 2008 to September 30, 2009 ............... $11.07 0.07(3) (0.64) (0.10) (1.28)
October 1, 2007 to September 30, 2008 ............... $18.52 0.16(3) (5.58) (0.05) (1.98)
October 1, 2006 to September 30, 2007 ............... $15.13 0.07(3) 3.36 (0.04) 0.00
October 1, 2005 to September 30, 2006 ............... $13.03 0.07(3) 2.08 (0.05) 0.00
October 1, 2004 to September 30, 2005 ............... $10.62 0.07 2.34 (0.00) 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 8.98 (0.04)(3) 0.25 (0.08) 0.00
October 1, 2008 to September 30, 2009 ............... $10.98 0.07(3) (0.65) (0.14) (1.28)
October 1, 2007 to September 30, 2008 ............... $18.46 0.17(3) (5.56) (0.11) (1.98)
October 1, 2006 to September 30, 2007 ............... $15.10 0.09(3) 3.34 (0.07) 0.00
October 1, 2005 to September 30, 2006 ............... $13.00 0.07(3) 2.09 (0.06) 0.00
October 1, 2004 to September 30, 2005 ............... $10.60 0.06 2.34 0.00 0.00
|
(1.) Total return calculations do not include any sales charges, and would have
been lower had certain expenses not been waived or reimbursed during the
periods shown. Returns for periods less than one year are not annualized.
(2.) Commencement of Class operations.
(3.) Calculated based upon average shares outstanding.
(4.) The Fund changed its fiscal year-end from December 31 to September 30.
(5.) Amount is less than 0.005%.
(6.) Amount is less than $0.005.
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 49
Financial Highlights
Ratio to Average Net Assets
Ending (Annualized)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------
$ 9.22 (0.33)% 1.87% 1.60% 6.24% 73% $ 79,473
$ 8.82 1.56% 2.03% 1.60% 8.64% 185% $ 85,156
$ 8.14 0.77% 1.99% 1.60% (38.53)% 187% $ 43,946
$15.83 0.93% 1.91% 1.50% 7.32% 184% $ 431
$ 9.08 (1.12)% 2.63% 2.35% 5.90% 73% $ 1,407
$ 8.67 0.73% 2.79% 2.35% 7.70% 185% $ 1,112
$ 8.05 0.36% 2.71% 2.35% (39.10)% 187% $ 939
$15.81 0.08% 2.64% 2.25% 7.19% 184% $ 44
$ 9.22 (0.51)% 1.98% 1.65% 6.28% 73% $263,402
$ 8.81 1.36% 2.14% 1.65% 8.53% 185% $278,741
$ 8.12 0.52% 2.01% 1.65% (38.63)% 187% $326,929
$15.82 0.34% 1.95% 1.65% 44.31% 184% $583,810
$12.56 0.65% 1.96% 1.65% 19.38% 167% $373,744
$11.53 1.08% 1.92% 1.69% 15.38% 117% $186,088
$10.22 0.57% 1.80% 1.74% 20.45% 153% $126,395
$ 9.74 (0.04)% 1.66% 1.41% 2.59% 36% $ 30,596
$ 9.62 1.76% 1.76% 1.41% (0.78)% 123% $ 31,742
$11.68 1.93% 1.67% 1.48% (32.12)% 62% $ 37,819
$19.49 1.32% 1.70% 1.50% 23.68% 49% $ 62,693
$15.91 1.16% 1.67% 1.50% 17.50% 44% $ 52,243
$13.69 1.24% 1.66% 1.50% 23.48% 46% $ 57,496
$ 9.25 (2.13)% 2.41% 2.16% 2.23% 36% $ 1,433
$ 9.12 0.93% 2.51% 2.16% (1.50)% 123% $ 1,739
$11.07 1.03% 2.43% 2.23% (32.61)% 62% $ 3,213
$18.52 0.39% 2.45% 2.25% 22.73% 49% $ 9,579
$15.13 0.49% 2.42% 2.25% 16.57% 44% $ 15,385
$13.03 0.49% 2.41% 2.25% 22.69% 46% $ 14,653
$ 9.11 (0.93)% 2.41% 2.16% 2.40% 36% $ 755
$ 8.98 0.92% 2.51% 2.16% (1.47)% 123% $ 719
$10.98 1.11% 2.42% 2.23% (32.64)% 62% $ 995
$18.46 0.54% 2.45% 2.25% 22.76% 49% $ 1,961
$15.10 0.49% 2.42% 2.25% 16.65% 44% $ 1,652
$13.00 0.42% 2.41% 2.25% 22.64% 46% $ 1,512
|
50 Wells Fargo Advantage International Stock Funds
Financial Highlights
Beginning Net Net Realized Distributions
Net Asset Investment and Unrealized from Net Distributions
Value Per Income Gain (Loss) Investment from Net
Share (Loss) on Investments Income Realized Gains
--------- ---------- --------------- ------------- --------------
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.59 0.02(3) 0.24 (0.14) 0.00
October 1, 2008 to September 30, 2009 ............... $11.67 0.16(3) (0.70) (0.26) (1.28)
October 1, 2007 to September 30, 2008 ............... $19.48 0.31(3) (5.87) (0.27) (1.98)
October 1, 2006 to September 30, 2007 ............... $15.90 0.26(3) 3.53 (0.21) 0.00
October 1, 2005 to September 30, 2006 ............... $13.69 0.23(3) 2.17 (0.19) 0.00
October 1, 2004 to September 30, 2005 ............... $11.08 0.17 2.48 (0.04) 0.00
Institutional Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.60 0.03(3) 0.23 (0.15) 0.00
October 1, 2008 to September 30, 2009 ............... $11.69 0.18(3) (0.70) (0.29) (1.28)
October 1, 2007 to September 30, 2008 ............... $19.50 0.38(3) (5.90) (0.31) (1.98)
October 1, 2006 to September 30, 2007 ............... $15.91 0.45(3) 3.37 (0.23) 0.00
August 31, 2006(2) to September 30, 2006 ............ $15.84 0.02(3) 0.05 0.00 0.00
Investor Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.58 0.02(3) 0.23 (0.12) 0.00
October 1, 2008 to September 30, 2009 ............... $11.68 0.14(3) (0.70) (0.26) (1.28)
July 18, 2008(2) to September 30, 2008 .............. $14.27 0.04(3) (2.63) 0.00 0.00
EMERGING MARKETS EQUITY FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $34.48 (0.16)(3) 2.68 (0.08) 0.00
October 1, 2008 to September 30, 2009 ............... $31.76 0.22(3) 3.81 (0.07) (1.24)
October 1, 2007 to September 30, 2008 ............... $47.97 0.36(3) (16.57) 0.00 0.00
October 1, 2006 to September 30, 2007 ............... $33.06 0.02(3) 14.93 (0.04) 0.00
October 1, 2005 to September 30, 2006 ............... $27.59 0.58 5.40 (0.51) 0.00
October 1, 2004 to September 30, 2005 ............... $20.62 0.13(3) 6.84 0.00 0.00
Class B
October 1, 2009 to March 31, 2010 (Unaudited) ....... $32.98 (0.28)(3) 2.56 0.00 0.00
October 1, 2008 to September 30, 2009 ............... $30.58 0.00(3,6) 3.64 0.00 (1.24)
October 1, 2007 to September 30, 2008 ............... $46.55 0.00(3,6) (15.97) 0.00 0.00
October 1, 2006 to September 30, 2007 ............... $32.29 (0.27)(3) 14.53 0.00 0.00
October 1, 2005 to September 30, 2006 ............... $27.02 0.30 5.33 (0.36) 0.00
October 1, 2004 to September 30, 2005 ............... $20.34 (0.03)(3) 6.71 0.00 0.00
Class C
October 1, 2009 to March 31, 2010 (Unaudited) ....... $32.85 (0.28)(3) 2.55 0.00 0.00
October 1, 2008 to September 30, 2009 ............... $30.45 0.00(3,6) 3.64 0.00 (1.24)
October 1, 2007 to September 30, 2008 ............... $46.37 0.01(3) (15.93) 0.00 0.00
October 1, 2006 to September 30, 2007 ............... $32.17 (0.27)(3) 14.47 0.00 0.00
October 1, 2005 to September 30, 2006 ............... $26.87 0.31 5.28 (0.29) 0.00
October 1, 2004 to September 30, 2005 ............... $20.24 (0.05)(3) 6.68 0.00 0.00
Administrator Class
October 1, 2009 to March 31, 2010 (Unaudited) ....... $34.47 (0.12)(3) 2.69 (0.16) 0.00
October 1, 2008 to September 30, 2009 ............... $31.84 0.26(3) 3.82 (0.21) (1.24)
October 1, 2007 to September 30, 2008 ............... $47.96 0.49(3) (16.61) 0.00 0.00
October 1, 2006 to September 30, 2007 ............... $33.04 0.07(3) 14.99 (0.14) 0.00
October 1, 2005 to September 30, 2006 ............... $27.58 0.69 5.36 (0.59) 0.00
October 1, 2004 to September 30, 2005 ............... $20.55 0.22(3) 6.81 0.00 0.00
INTERNATIONAL CORE FUND
Class A
October 1, 2009 to March 31, 2010 (Unaudited) ....... $ 9.44 0.01 0.47 (0.08) 0.00
October 1, 2008 to September 30, 2009 ............... $10.87 0.13 (1.38) (0.18) 0.00
October 1, 2007 to September 30, 2008 ............... $17.04 0.22(3) (5.32) (0.17) (0.90)
October 1, 2006 to September 30, 2007 ............... $14.15 0.17 3.13 (0.12) (0.29)
October 1, 2005 to September 30, 2006 ............... $13.98 0.16 1.58 (0.12) (1.45)
January 1, 2005 to September 30, 2005(5) ............ $13.16 0.11 0.74 0.00 (0.03)
January 1, 2004 to December 31, 2004 ................ $11.47 0.28(3) 1.93 (0.25) (0.27)
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 51
Financial Highlights
Ratio to Average Net Assets
Ending (Annualized)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------
$ 9.71 0.37% 1.48% 1.25% 2.60% 36% $263,188
$ 9.59 2.02% 1.58% 1.25% (0.66)% 123% $261,004
$11.67 1.92% 1.50% 1.25% (31.98)% 62% $293,831
$19.48 1.48% 1.52% 1.25% 24.00% 49% $689,808
$15.90 1.52% 1.49% 1.25% 17.74% 44% $698,778
$13.69 1.54% 1.41% 1.25% 23.94% 46% $594,488
$ 9.71 0.66% 1.22% 0.99% 2.76% 36% $ 81,886
$ 9.60 2.30% 1.31% 0.99% (0.41)% 123% $ 69,698
$11.69 2.46% 1.23% 1.04% (31.79)% 62% $ 59,620
$19.50 2.43% 1.22% 1.05% 24.22% 49% $ 69,756
$15.91 1.77% 1.29% 0.89% 0.44% 44% $ 10
$ 9.71 0.35% 1.76% 1.46% 2.68% 36% $ 47,924
$ 9.58 1.75% 1.87% 1.46% (0.82)% 123% $ 47,569
$11.68 1.60% 1.85% 1.46% (18.15)% 62% $ 47,062
$36.92 (0.92)% 2.09% 1.90% 7.30% 63% $130,676
$34.48 0.79% 2.10% 1.90% 15.14% 127% $126,951
$31.76 0.79% 2.01% 1.90% (33.79)% 173% $122,754
$47.97 0.06% 2.04% 1.90% 45.23% 149% $204,496
$33.06 1.87% 2.01% 1.90% 21.95% 103% $162,525
$27.59 0.54% 2.03% 1.90% 33.80% 184% $157,107
$35.26 (1.66)% 2.83% 2.65% 6.91% 63% $ 3,347
$32.98 0.03% 2.85% 2.65% 14.29% 127% $ 3,508
$30.58 0.00% 2.76% 2.65% (34.31)% 173% $ 3,690
$46.55 (0.70)% 2.79% 2.65% 44.16% 149% $ 7,752
$32.29 0.89% 2.76% 2.65% 21.01% 103% $ 6,310
$27.02 (0.12)% 2.77% 2.65% 32.84% 184% $ 4,242
$35.12 (1.65)% 2.84% 2.65% 6.94% 63% $ 1,995
$32.85 0.02% 2.85% 2.65% 14.35% 127% $ 1,831
$30.45 0.02% 2.75% 2.65% (34.33)% 173% $ 1,751
$46.37 (0.70)% 2.79% 2.65% 44.14% 149% $ 3,290
$32.17 1.00% 2.76% 2.65% 20.96% 103% $ 3,122
$26.87 (0.20)% 2.77% 2.65% 32.76% 184% $ 2,632
$36.88 (0.65)% 1.90% 1.60% 7.48% 63% $ 20,144
$34.47 1.02% 1.91% 1.60% 15.52% 127% $ 19,582
$31.84 1.07% 1.83% 1.60% (33.61)% 173% $ 25,008
$47.96 0.18% 1.86% 1.60% 45.73% 149% $ 46,018
$33.04 2.10% 1.83% 1.60% 22.26% 103% $ 76,362
$27.58 0.92% 1.76% 1.60% 34.21% 184% $ 73,406
$ 9.84 1.46% 6.72% 1.50% 5.08% 251% $ 2,696
$ 9.44 1.29% 5.75% 1.50% (11.34)% 197% $ 2,547
$10.87 1.55% 3.31% 1.50% (31.74)% 54% $ 3,558
$17.04 1.37% 2.78% 1.50% 23.68% 61% $ 5,478
$14.15 1.61% 4.04% 1.50% 13.75% 36% $ 2,745
$13.98 1.82% 5.94% 0.98% 6.48% 37% $ 1,299
$13.16 2.33% 4.78% 0.01% 19.38% 28% $ 757
|
52 Wells Fargo Advantage International Stock Funds
Financial Highlights
Beginning Net Net Realized Distributions
Net Asset Investment and Unrealized from Net Distributions
Value Per Income Gain (Loss) Investment from Net
Share (Loss) on Investments Income Realized Gains
--------- ---------- -------------- ------------- --------------
Class B
October 1, 2009 to March 31, 2010(Unaudited) .... $ 9.22 (0.04)(3) 0.47 (0.05) 0.00
October 1, 2008 to September 30, 2009 ........... $10.62 0.01 (1.30) (0.11) 0.00
October 1, 2007 to September 30, 2008 ........... $16.69 0.10(3) (5.20) (0.07) (0.90)
October 1, 2006 to September 30, 2007 ........... $13.93 0.08 3.04 (0.07) (0.29)
October 1, 2005 to September 30, 2006 ........... $13.90 0.08 1.54 (0.14) (1.45)
January 1, 2005 to September 30, 2005(5) ........ $13.13 0.14 0.66 0.00 (0.03)
January 1, 2004 to December 31, 2004 ............ $11.45 0.28(3) 1.92 (0.25) (0.27)
Class C
October 1, 2009 to March 31, 2010(Unaudited) .... $ 9.30 (0.04) 0.48 (0.02) 0.00
October 1, 2008 to September 30, 2009 ........... $10.69 0.02 (1.32) (0.09) 0.00
October 1, 2007 to September 30, 2008 ........... $16.78 0.10(3) (5.22) (0.07) (0.90)
October 1, 2006 to September 30, 2007 ........... $13.97 0.07 3.08 (0.05) (0.29)
October 1, 2005 to September 30, 2006 ........... $13.88 0.05 1.58 (0.09) (1.45)
January 1, 2005 to September 30, 2005(5) ........ $13.12 0.11 0.68 0.00 (0.03)
January 1, 2004 to December 31, 2004 ............ $11.43 0.28(3) 1.93 (0.25) (0.27)
Administrator Class
October 1, 2009 to March 31, 2010(Unaudited) .... $ 9.66 0.00(6) 0.09 (0.04) 0.00
October 1, 2008 to September 30, 2009 ........... $11.01 0.01 (1.25) (0.11) 0.00
October 1, 2007 to September 30, 2008 ........... $17.26 0.26(3) (5.38) (0.23) (0.90)
October 1, 2006 to September 30, 2007 ........... $14.19 0.43 2.93 0.00 (0.29)
October 1, 2005 to September 30, 2006 ........... $13.99 0.24 1.52 (0.11) (1.45)
April 11, 2005(2) to September 30, 2005 ......... $13.23 0.08 0.68 0.00 0.00
|
The accompanying notes are an integral part of these financial statements.
Wells Fargo Advantage International Stock Funds 53
Financial Highlights
Ratio to Average Net Assets
Ending (Annualized)
Net Asset ------------------------------------ Portfolio Net Assets at
Value Per Net Investment Gross Net Total Turnover End of Period
Share Income (Loss) Expenses Expenses Return(1) Rate (000's omitted)
--------- -------------- -------- -------- --------- --------- ---------------
$ 9.60 2.21% 7.40% 2.25% 4.70% 251% $ 888
$ 9.22 0.50% 6.42% 2.25% (12.03)% 197% $ 990
$10.62 0.72% 4.05% 2.25% (32.24)% 54% $1,757
$16.69 0.55% 3.53% 2.25% 22.81% 61% $3,444
$13.93 0.72% 4.86% 2.25% 12.93% 36% $2,616
$13.90 1.58% 6.88% 1.44% 6.11% 37% $1,702
$13.13 2.32% 5.52% 0.00%(5) 19.32% 28% $1,218
$ 9.72 2.21% 7.42% 2.25% 4.77% 251% $ 310
$ 9.30 0.50% 6.40% 2.25% (12.01)% 197% $ 351
$10.69 0.73% 4.04% 2.25% (32.19)% 54% $ 585
$16.78 0.56% 3.53% 2.25% 22.95% 61% $1,118
$13.97 0.77% 4.87% 2.25% 12.99% 36% $ 637
$13.88 1.51% 6.73% 1.40% 6.04% 37% $ 325
$13.12 2.31% 5.51% 0.00%(5) 19.44% 28% $ 317
$ 9.71 1.21% 6.48% 1.25% 5.30% 251% $ 73
$ 9.66 (0.23)% 4.28% 1.25% (11.13)% 197% $ 77
$11.01 1.76% 3.15% 1.25% (31.55)% 54% $ 504
$17.26 1.57% 2.66% 1.25% 24.00% 61% $ 795
$14.19 1.95% 4.01% 1.25% 13.95% 36% $ 30
$13.99 1.53% 5.60% 1.41% 5.74% 106% $ 16
|
54 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements (Unaudited)
1. ORGANIZATION
Wells Fargo Funds Trust (the "Trust") is an open-end investment management
company registered under the Investment Company Act of 1940, as amended (the
"1940 Act"). These financial statements report on the following funds: Wells
Fargo Advantage Asia Pacific Fund ("Asia Pacific Fund"), Wells Fargo Advantage
Diversified International Fund ("Diversified International Fund") (formerly
Wells Fargo Advantage International Equity Fund), Wells Fargo Advantage Emerging
Markets Equity Fund ("Emerging Markets Equity Fund") and Wells Fargo Advantage
International Core Fund ("International Core Fund" ) and (each, a "Fund",
collectively, the "Funds"). Each Fund is a diversified series of the Trust, a
Delaware statutory trust organized on November 8, 1999.
2. SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed
in the preparation of the financial statements of each Fund, are in conformity
with U.S. Generally Accepted Accounting Principles ("GAAP") which requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities, disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates. Management has considered the circumstances under which the Funds
should recognize or make disclosures regarding events or transactions occurring
subsequent to the balance sheet date through the date the financial statements
are issued. Adjustments or additional disclosures, if any, have been included in
these financial statements.
SECURITIES VALUATION
Investments in securities are valued each business day as of the close of
regular trading on the New York Stock Exchange, which is usually 4:00 p.m.
(Eastern Time). Securities which are traded on a national or foreign securities
exchange are valued at the last reported sales price. Securities listed on The
NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing
Price ("NOCP"), and if no NOCP is available, then at the last reported sales
price. If no sales price is shown on the NASDAQ, the bid price will be used. In
the absence of any sale of securities listed on the NASDAQ, and in the case of
other securities, including U.S. Government obligations, but excluding debt
securities maturing in 60 days or less, the price will be deemed "stale" and the
valuations will be determined in accordance with the Funds' Fair Valuation
Procedures.
Securities denominated in foreign currencies are translated into U.S. dollars
using the closing rates of exchange in effect on the day of valuation.
Many securities markets and exchanges outside the U.S. close prior to the close
of the New York Stock Exchange and therefore may not fully reflect trading or
events that occur after the close of the principal exchange in which the foreign
investments are traded but before the close of the New York Stock Exchange. If
such trading or events are expected to materially affect the value of the
investments, then those investments are fair valued following procedures
approved by the Board of Trustees. These procedures take into account multiple
factors including movements in U.S. securities markets after foreign exchanges
close. Depending on market activity, such fair valuations may be frequent. In
light of the judgment involved in fair value decisions, there can be no
assurance that a fair value assigned to a particular security is accurate. Such
fair value pricing may result in NAVs that are higher or lower than NAVs based
on the closing price or latest quoted bid price.
Debt securities of sufficient credit quality with original maturities of 60 days
or less generally are valued at amortized cost which approximates fair value.
The amortized cost method involves valuing a security at its cost, plus
accretion of discount or minus amortization of premium over the period until
maturity, which approximates fair value.
Investments in open-end mutual funds are valued at net asset value.
Investments which are not valued using any of the methods discussed above, are
valued at their fair value, as determined by procedures established in good
faith and approved by the Board of Trustees.
The valuation techniques used by the Funds to measure fair value are consistent
with the market approach, income approach and/or cost approach, where
applicable, for each security type.
Wells Fargo Advantage International Stock Funds 55
Notes to Financial Statements (Unaudited)
FOREIGN CURRENCY TRANSLATION
The accounting records of the Funds are maintained in U.S. dollars. Assets,
including investment securities, and liabilities denominated in foreign currency
are translated into U.S. dollars at the prevailing rates of exchange at the date
of valuation. Purchases and sales of securities, and income and expenses are
translated at the prevailing rate of exchange on the respective dates of such
transactions. Reported net realized foreign exchange gains or losses arise from
sales of foreign currencies, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest and foreign withholding taxes recorded and the
U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets
and liabilities other than investments in securities, at fiscal period-end,
resulting in changes in exchange rates.
The changes in net assets arising from changes in exchange rates and the changes
in net assets resulting from changes in market prices of securities at fiscal
period-end are not separately presented. Such changes are recorded with net
realized and unrealized gain from investments. Gains and loses from certain
foreign currency transactions are treated as ordinary income for U.S. federal
income tax purposes.
FORWARD FOREIGN CURRENCY CONTRACTS
Certain Funds may be subject to foreign currency exchange rate risk in the
normal course of pursuing its investment objectives. A forward foreign currency
contract is an agreement between two parties to purchase or sell a specific
currency for an agreed-upon price at a future date. The Fund enters into forward
foreign currency contracts to facilitate transactions in foreign-denominated
securities and to attempt to minimize the risk to the Fund from adverse changes
in the relationship between currencies. Forward foreign currency contracts are
recorded at the forward rate and marked-to-market daily. When the contracts are
closed, realized gains and losses arising from such transactions are recorded as
realized gains or losses on foreign currency related transactions. The Fund
could be exposed to risks if the counterparties to the contracts are unable to
meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The Fund's maximum risk of loss from counterparty credit
risk is the unrealized gains or losses on the contracts. This risk is mitigated
by having a master netting arrangement between the Fund and the counterparty.
SECURITY LOANS
The Funds may loan securities in return for securities, irrevocable letters of
credit or cash collateral, which is invested in various short-term fixed income
securities. A Fund may receive compensation for lending securities in the form
of fees payable by the borrower or by retaining a portion of interest on the
investment securities purchased with cash received as collateral (after payment
of a "broker rebate fee" to the borrower). A Fund also continues to receive
interest or dividends on the securities loaned. Security loans are secured at
all times by collateral, although the loans may not be fully supported at all
times if, for example, the instruments in which cash collateral is invested
decline in value or the borrower fails to provide additional collateral when
required in a timely manner or at all. The collateral is equal to at least 102%
of the market value of the securities loaned plus accrued interest when the
transaction is entered into. Cash collateral received by a Fund pursuant to
these loans generally is invested on behalf of the Fund by the securities
lending agent in securities that, at the time of investment, are considered
high-quality short-term debt investments (including money market instruments)
and have been evaluated and approved by the Fund's adviser and are permissible
investments for the Fund. Cash collateral is invested on behalf of a Fund
through a joint account and the Fund is entitled to the gains and bears the
losses on such investments. The net asset value of a Fund will be affected by an
increase or decrease in the value of the securities loaned and by an increase or
decrease in the value of instruments purchased with cash collateral. Another
risk from securities lending is that the borrower may not provide additional
collateral when required or return the securities when due or when called for by
the Fund. In either case, a Fund could experience delays in recovering
securities or collateral or could lose all or part of the value of the loaned
securities.
Wells Fargo Bank, N.A., currently acts as the securities lending agent for the
Funds, subject to the overall supervision of the Funds' investment adviser, and
has delegated its duties as securities lending agent to an affiliated sub-agent
for certain funds and to an unaffiliated sub-agent for other funds. Pursuant to
an exemptive order granted by the SEC and subject to compliance with its
conditions, Wells Fargo Bank, N.A. under a contract is entitled to receive for
its services 25% of the revenues earned on the securities lending activities and
incurs all expenses. Wells Fargo Bank, N.A. pays all or part of its portion of
the revenues generated by securities lending activities to the sub-agents as
compensation for their services
56 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements (Unaudited)
as sub-agents. The securities lending agent may make payments to borrowers and
placing brokers that are not affiliated, directly or indirectly, with the Trust,
the adviser or the distributor. For the six months ended March 31, 2010, Wells
Fargo Bank, N.A. waived a portion of its share of revenues earned on securities
lending activities. Such waivers by Wells Fargo Bank, N.A. have the impact of
increasing securities lending income on the Statements of Operations. For
foreign equity securities, Bank of New York Mellon serves as the securities
lending sub-agent and receives for its services 20% of the revenues earned on
the securities lending activities that it conducts with respect to foreign
equity securities. The value of the securities on loan and the liability to
return the collateral are shown on the Statements of Assets and Liabilities.
STRUCTURED INVESTMENT VEHICLES
The Funds may invest in structured debt securities, such as those issued by
Structured Investment Vehicles ("SIVs"). SIVs invest in a diversified pool of
underlying securities, which may include finance company debt and structured
finance assets, residential mortgage-backed securities, commercial
mortgage-backed securities, collateralized loan obligations, collateralized debt
obligations and other asset backed securities. The ability of a SIV to repay
debt depends primarily on the cash collections received from the SIV's
underlying asset portfolio, which may include certain assets such as subprime
mortgages that are subject to heightened risks of credit quality or market value
deterioration under the continuing adverse conditions in the U.S. credit
markets, and on the ability to obtain short-term funding through the issuance of
new debt. Investments in these securities present increased credit and liquidity
risks as there could be losses to a Fund in the event of credit or market value
deterioration in a SIV's underlying portfolio, mismatches in the timing of the
cash flows of the underlying asset interests and the repayment obligations of
maturing securities issued by a SIV, or a SIV's inability to issue new debt.
As of March 31, 2010, the following Funds owned certain of these types of
structured securities in the amounts shown in the table.
Restructured SIVs (Value) % of Net Assets
------------------------- ---------------
EMERGING MARKETS EQUITY FUND $153,670 0.10
|
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.
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. Interest income is accrued daily and bond discounts are accreted and
premiums are amortized daily based on the effective interest method. To the
extent debt obligations are placed on non-accrual status, any related interest
income may be reduced by writing off interest receivables when the collection of
all or a portion of interest has become doubtful based on consistently applied
procedures. If the issuer subsequently resumes interest payments or when the
collectability of interest is reasonably assured, the debt obligation is removed
from non-accrual status.
DISTRIBUTIONS TO SHAREHOLDERS
Net investment income, if any, is declared and distributed to shareholders
annually. Distributions to shareholders from net realized capital gains, if any,
are declared and distributed at least annually.
FEDERAL AND OTHER TAXES
Each Fund is treated as a separate entity for federal income tax purposes. It is
the policy of each Fund of the Trust to continue to qualify as a regulated
investment company by distributing substantially all of its investment company
taxable income and any net realized capital gains (after reduction for capital
loss carryforwards) sufficient to relieve it from all, or substantially all,
federal income taxes. Accordingly, no provision for federal income taxes was
required.
Each Fund's income and federal excise tax returns and all financial records
supporting those returns for the prior three fiscal years are subject to
examination by the federal and Delaware revenue authorities.
Wells Fargo Advantage International Stock Funds 57
Notes to Financial Statements (Unaudited)
At September 30, 2009, estimated net capital loss carryforwards, which are
available to offset future net realized capital gains, were as follows:
Expiration
-------------------------------------
2010 2011 2017
---------- ---------- -----------
ASIA PACIFIC FUND $ 0 $ 0 $95,221,400
DIVERSIFIED INTERNATIONAL FUND 2,147,869 1,709,784 16,110,795
EMERGING MARKETS EQUITY FUND 0 0 10,092,520
INTERNATIONAL CORE FUND 0 0 730,379
|
At September 30, 2009, current year deferred post-October capital and currency
losses, which will be treated as realized for tax purposes on the first day of
the succeeding year were:
Deferred Deferred
Post-October Post-October
Capital Loss Currency Loss
------------ -------------
ASIA PACIFIC FUND $ 98,035,806 $ 0
DIVERSIFIED INTERNATIONAL FUND 103,194,011 0
EMERGING MARKETS EQUITY FUND 30,536,443 0
INTERNATIONAL CORE FUND 2,468,276 44,860
|
CLASS ALLOCATIONS
The separate classes of shares offered by each Fund differ principally in
applicable sales charges, distribution, shareholder servicing and administration
fees. Shareholders of each class bear certain expenses that pertain to that
particular class. All shareholders bear the common expenses of a Fund, earn
income from the portfolio, and are allocated unrealized gains and losses pro
rata based on the average daily net assets of each class, without distinction
between share classes. Dividends are determined separately for each class based
on income and expenses allocable to each class. Realized gains and losses are
allocated to each class pro rata based upon the net assets of each class on the
date realized. Differences in per share dividend rates generally result from the
relative weightings of pro rata income and realized gain allocations and from
differences in separate class expenses, including distribution, shareholder
servicing, and administration fees.
3. FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that
has established a fair value hierarchy based upon the various data inputs
utilized in determining the value of the Fund's investments. These inputs are
summarized into three broad levels as follows:
- Level 1 - quoted prices in active markets for identical investments
- Level 2 - other significant observable inputs (including quoted prices for
similar investments, interest rates, prepayment speeds, credit risk, etc.)
- Level 3 - significant unobservable inputs (including the Fund's own
assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing securities are not necessarily an
indication of the risk associated with investing in these securities.
The following is a summary of the inputs used as of March 31, 2010 in valuing
the Funds' investments in securities:
58 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements (Unaudited)
Significant
Significant Other Unobservable
Quoted Prices Observable Inputs Inputs
INVESTMENTS IN SECURITIES (Level 1) (Level 2) (Level 3) Total
------------------------- ------------- ----------------- ------------ ------------
ASIA PACIFIC FUND
EQUITY SECURITIES
COMMON STOCKS $330,492,030 $10,814,443 $1,422,612 $342,729,085
SHORT-TERM INVESTMENTS 5,310,597 0 0 5,310,597
------------ ----------- ---------- ------------
$335,802,627 $10,814,443 $1,422,612 $348,039,682
------------ ----------- ---------- ------------
DIVERSIFIED INTERNATIONAL FUND
EQUITY SECURITIES
COMMON STOCKS $411,298,120 $ 0 $ 0 $411,298,120
PREFERRED STOCKS 2,417,629 0 0 2,417,629
SHORT-TERM INVESTMENTS 8,998,949 0 0 8,998,949
------------ ----------- ---------- ------------
$422,714,698 $ 0 $ 0 $422,714,698
------------ ----------- ---------- ------------
EMERGING MARKETS EQUITY FUND
EQUITY SECURITIES
COMMON STOCKS $141,687,034 $ 1,784,556 $ 0 $143,471,590
PREFERRED STOCKS 6,013,327 0 0 6,013,327
CORPORATE BONDS 0 0 328,048 328,048
SHORT-TERM INVESTMENTS 6,193,412 0 0 6,193,412
------------ ----------- ---------- ------------
$153,893,773 $ 1,784,556 $ 328,048 $156,006,377
------------ ----------- ---------- ------------
INTERNATIONAL CORE FUND
EQUITY SECURITIES
COMMON STOCKS $ 3,808,519 $ 0 $ 0 $ 3,808,519
PREFERRED STOCKS 67,800 0 0 67,800
INVESTMENT COMPANIES 34,440 0 0 34,440
SHORT-TERM INVESTMENTS 75,185 0 0 75,185
------------ ----------- ---------- ------------
$ 3,985,944 $ 0 $ 0 $ 3,985,944
------------ ----------- ---------- ------------
|
Further details on the major security types listed above can be found in each
Fund's Portfolio of Investments.
As of March 31, 2010, the inputs used in valuing the Funds other financial
instruments, which are carried at fair value, were as follows:
Significant
Significant Other Unobservable
Quoted Prices Observable Inputs Inputs
(Level 1) (Level 2) (Level 3) Total
------------- ----------------- ------------ --------
DIVERSIFIED INTERNATIONAL FUND
Forward foreign currency contracts $0 $141,623 $0 $141,623
INTERNATIONAL CORE FUND
Forward foreign currency contracts $0 $ 4,195 $0 $ 4,195
|
The following is a reconciliation of investments in which significant
unobservable inputs (Level 3) were used in determining value:
Wells Fargo Advantage International Stock Funds 59
Notes to Financial Statements (Unaudited)
Emerging Markets International
Asia Pacific Fund Equity Fund Core Fund
----------------- ---------------- -------------
SHORT-TERM
COMMON STOCKS CORPORATE BONDS INVESTMENTS
BALANCE AS OF SEPTEMBER 30, 2009 $1,890,104 $ 308,738 $ 998
Accrued discounts (premiums) 0 (192) 0
Realized gain (loss) (8,052) (177,260) (973)
Change in unrealized appreciation (depreciation) (51,072) 190,025 250
Net purchases (sales) (408,368) 6,737 275
Transfer in (out) of Level 3 0 0 0
BALANCE AS OF MARCH 31, 2010 $1,422,612 $ 328,048 $ 0
Change in unrealized appreciation (depreciation)
relating to securities held at the end of reporting period $ (51,072) $ 11,593 $ 0
SHORT-TERM
DIVERSIFIED INTERNATIONAL FUND COMMON STOCKS RIGHTS INVESTMENTS
BALANCE AS OF SEPTEMBER 30, 2009 $ 41,264 $ 62,643 $ 158,593
Corporate debt securities 0 0 0
Accrued discounts (premiums) 0 0 0
Realized gain (loss) 0 0 (154,629)
Change in unrealized appreciation (depreciation) (41,264) (9,477) 39,648
Net purchases (sales) 0 (53,166) (43,612)
Transfer in (out) of Level 3 0 0 0
BALANCE AS OF MARCH 31, 2010 $ 0 $ 0 $ 0
Change in unrealized appreciation (depreciation)
relating to securities held at the end of reporting period $ 0 $ 0 $ 0
|
4. TRANSACTIONS WITH AFFILIATES AND OTHER EXPENSES
ADVISORY FEES
The Trust has entered into an advisory contract with Wells Fargo Funds
Management, LLC ("Funds Management"). The adviser is responsible for
implementing investment policies and guidelines and for supervising the
sub-adviser, who is responsible for day-to-day portfolio management.
For Asia Pacific Fund and Emerging Markets Equity Fund, Fund, Funds Management
is paid an annual advisory fee starting at 1.10% and declining to 0.95% as the
average daily net assets of each Fund increases. For the six months ended March
31, 2010, the advisory fee for Asia Pacific Fund and Emerging Markets Equity
Fund was equivalent to an annual rate of 1.10% of each Fund's average daily net
assets. For Diversified International Fund and International Core Fund, Fund,
Funds Management is paid an annual advisory fee starting at 0.95% and declining
to 0.80% as the average daily net assets of each Fund increases. For the six
months ended March 31, 2010, the advisory fee for Diversified International Fund
and International Core Fund was equivalent to an annual rate of 0.95% of each
Fund's average daily net assets.
Funds Management may retain the services of certain investment sub-advisers to
provide daily portfolio management. The fees related to sub-advisory services
are borne directly by the adviser and do not increase the overall fees paid by a
Fund to the adviser.
Wells Capital Management Incorporated, an affiliate of Funds Management and
indirect wholly owned subsidiary of Wells Fargo & Company, is the sub-adviser to
the Asia Pacific Fund and Emerging Markets Equity Fund.
Evergreen Investment Management Company, LLC, an affiliate of Funds Management
and indirect wholly owned subsidiary of Wells Fargo & Company, is the
sub-adviser to the International Core Fund.
Artisan Partners Limited Partnership, Evergreen Investment Management Company
and LSV Asset Management each serve as a sub-adviser to Diversified
International Fund.
60 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements (Unaudited)
ADMINISTRATION AND TRANSFER AGENT FEES
The Trust has entered into an Administration Agreement with Funds Management.
Under this Agreement, for providing administrative services, which includes
paying fees and expenses for services provided by the transfer agent,
sub-transfer agents, omnibus account servicers and record-keepers, Funds
Management is entitled to receive from each Fund the following annual fees:
Administration Fees Administration Fees
International Core Fund Only For Other Funds
Average Daily (% of Average (% of Average
Net Assets Daily Net Assets) Daily Net Assets)
---------------- ---------------------------- -------------------
Fund level First $5 billion 0.05 0.05
Next $5 billion 0.04 0.04
Over $10 billion 0.03 0.03
Class A, Class B, Class C All asset levels 0.23 0.28
Administrator Class All asset levels 0.10 0.10
Institutional Class All asset levels NA 0.08
Investor Class All asset levels NA 0.38
|
Funds Management has contractually waived and/or reimbursed advisory and
administration fees during the year ended March 31, 2010 to the extent necessary
to maintain certain net operating expense ratios for the Funds. Expenses were
waived and/or reimbursed by Funds Management proportionately from all classes,
first from advisory fees, and then from any class specific expenses, if
applicable.
CUSTODY FEES AND FUND ACCOUNTING FEES
State Street Bank and Trust Company ("State Street") provides custody and fund
accounting services to the Funds. For providing custody services, State Street
is entitled to an annual asset-based fee for domestic and global custody
services for the Funds. For providing fund accounting services to the Funds,
State Street is entitled to receive annual asset-based fees and is reimbursed
for out-of-pocket expenses incurred for providing these services.
Prior to October 5, 2009, Wells Fargo Bank, N.A. provided custody services to
the Funds and received a monthly fee at an annual rate of 0.25% of the average
daily net assets of Asia Pacific Fund and Emerging Markets Equity Fund and
annual rate of 0.10% of the average daily net assets of Diversified
International Fund and International Core Fund. PNC Global Investment Servicing
("PNC") served as fund accountant for the Trust prior to October 5, 2009 and
received an annual asset-based fee and an annual fixed fee from each Fund. PNC
was also reimbursed for all out-of-pocket expenses reasonably incurred in
providing these services.
DISTRIBUTION FEES
The Trust has adopted a Distribution Plan for Class B and Class C shares of the
applicable Funds pursuant to Rule 12b-1 under the 1940 Act. Distribution fees
are charged to the Class B and Class C shares and paid to Wells Fargo Funds
Distributor, LLC, the principal underwriter of each Fund, at an annual rate of
0.75% of the average daily net assets of each class.
For the six months ended March 30, 2010, Wells Fargo Funds Distributor, LLC
received the following amounts in front-end sales charges and contingent
deferred sales charges.
Front-end sales charges Contingent deferred sales charges
----------------------- ---------------------------------
Class A Class B Class C
-------- ------- -------
ASIA PACIFIC FUND $253,350 $ 0 $ 14
DIVERSIFIED INTERNATIONAL FUND 14,849 343 28
EMERGING MARKET EQUITY 20,235 2,675 515
INTERNATIONAL CORE FUND 3,156 248 0
|
SHAREHOLDER SERVICING FEES
The Trust has entered into contracts with one or more shareholder servicing
agents, whereby Class A, Class B, Class C, Administrator Class and Investor
Class of each applicable Fund is charged a fee at an annual rate of 0.25% of the
average daily net assets of each respective class.
A portion of these total shareholder servicing fees were paid to affiliates of
Wells Fargo & Company.
Wells Fargo Advantage International Stock Funds 61
Notes to Financial Statements (Unaudited)
5. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities
(securities with maturities of one year or less at purchase date) for the six
months ended, March 31, 2010, were as follows:
Purchases at Cost Sales Proceeds
----------------- --------------
ASIA PACIFIC FUND $244,060,951 $254,776,191
DIVERSIFIED INTERNATIONAL FUND 123,311,270 119,481,706
EMERGING MARKETS EQUITY FUND 91,119,507 96,775,748
INTERNATIONAL CORE FUND 9,423,765 10,372,373
|
6. DERIVATIVE TRANSACTIONS
During the six months ended March 31, 2010, the Funds entered into forward
foreign currency exchange contracts for hedging purposes.
At March 31, 2010, the Diversified International Fund had forward foreign
currency exchange contracts outstanding as follows:
Forward Foreign Currency Exchange Contracts to Buy:
Contracts to U.S. Value at In Exchange for Unrealized
Exchange Date Receive March 31, 2010 U.S. $ Appreciation/(Depreciation)
------------- ------------- -------------- --------------- ---------------------------
4/15/2010 1,317,200 EUR $1,779,093 $1,794,461 $(15,368)
|
Forward Foreign Currency Exchange Contracts to Sell:
Contracts to U.S. Value at In Exchange for Unrealized
Exchange Date Deliver March 31, 2010 U.S. $ Appreciation/(Depreciation)
------------- --------------- -------------- --------------- ---------------------------
4/15/2010 695,000 EUR $ 938,710 $ 939,546 $ 836
4/15/2010 622,200 EUR 840,382 838,595 (1,787)
4/30/2010 296,179,000 JPY 3,168,454 3,314,169 145,715
4/30/2010 45,999,000 JPY 492,087 504,314 12,227
|
The Diversified International Fund had average market values of $4,269,223 and
$9,318,289 in forward foreign currency exchange contracts to buy and forward
foreign currency exchange contracts to sell, respectively, during the six months
ended March 31, 2010.
At March 31, 2010, the International Core Fund had forward foreign currency
exchange contracts outstanding as follows:
Forward Foreign Currency Exchange Contracts to Buy:
Contracts to U.S. Value at In Exchange for Unrealized
Exchange Date Receive March 31, 2010 U.S. $ Appreciation/(Depreciation)
------------- ------------ -------------- --------------- ---------------------------
4/15/2010 37,600 EUR $50,785 $51,224 $(439)
|
Forward Foreign Currency Exchange Contracts to Sell:
Contracts to U.S. Value at In Exchange for Unrealized
Exchange Date Deliver March 31, 2010 U.S. $ Appreciation/(Depreciation)
------------- ------------- -------------- --------------- ---------------------------
4/15/2010 19,000 EUR $25,663 $25,686 $ 23
4/15/2010 18,600 EUR 25,122 25,069 (53)
4/30/2010 8,620,000 JPY 92,215 96,456 4,241
4/30/2010 1,590,000 JPY 17,009 17,432 423
|
The International Core Fund had average market values of $194,588 and $322,149
in forward foreign currency exchange contracts to buy and forward foreign
currency exchange contracts to sell, respectively, during the six months ended
March 31, 2010.
The fair value, realized gains or losses and change in unrealized gains or
losses on derivative instruments are reflected in the appropriate financial
statements.
62 Wells Fargo Advantage International Stock Funds
Notes to Financial Statements (Unaudited)
9. BANK BORROWINGS
The Trust (excluding the money market funds) and Wells Fargo Variable Trust are
parties to a $125,000,000 revolving credit agreement with State Street Bank and
Trust Company, whereby the Funds are permitted to use bank borrowings for
temporary or emergency purposes, such as to fund shareholder redemption
requests. Interest under the credit agreement is charged to each Fund based on a
borrowing rate equal to the higher of the Federal Funds rate in effect on that
day plus 1.25% or the overnight LIBOR rate in effect on that day plus 1.25%. In
addition, under the credit agreement, the Funds pay an annual commitment fee
equal to 0.15% of the unused balance, which is allocated pro rata.
During the six months ended March 31, 2010, the Funds had the following
borrowing activity:
Average Borrowings Weighted Average
Outstanding Interest Rate (annualized) Interest Expense
------------------ -------------------------- ----------------
ASIA PACIFIC FUND $34,449 1.45% $500
|
12. INDEMNIFICATION
Under the Trust's organizational documents, the officers and directors are
indemnified against certain liabilities that may arise out of performance of
their duties to the Trust. Additionally, in the normal course of business, the
Trust may enter into contracts with service providers that contain a variety of
indemnification clauses. The Trust's maximum exposure under these arrangements
is dependent on future claims that may be made against the Funds and, therefore,
cannot be estimated.
13. LEGAL AND REGULATORY MATTERS
In 2004, the predecessor Strong Funds' investment adviser and affiliates
(collectively, "Strong") entered into settlement agreements with certain
regulators, including the SEC and the New York Attorney General ("NYAG") to
settlement market-timing investigations. In the settlements, Strong agreed to
pay investor restitution and civil penalties. On September 14, 2009, the SEC
approved the terms of the Distribution Plan for the disgorgement and civil
penalties to the predecessor Strong Fund shareholders, and those eligible
investors will receive proceeds as a result of the Distribution Plan. The
successor funds are not expected to receive any portion of the proceeds. The
settlement with the NYAG imposed fee reductions across the predecessor Strong
Fund complex, and Funds Management agreed to honor these fee reductions for the
benefit of shareholders across the successor funds to total $35 million by May
2009. Although civil litigation against Strong and certain predecessor Strong
Funds relating to these matters is continuing, neither the current adviser nor
the successor funds is a party to any such suit.
14. MISCELLANEOUS
FOREIGN TAXES PAYABLE
Under Indian tax law, U.S. mutual funds are subject to taxation on capital gains
realized upon the sale of Indian securities. Mutual fund industry practice has
long been to net long-term capital losses against taxable short-term capital
gains. However, the Indian tax statute was amended in mid-2002 to disallow such
netting, and the Indian tax authorities have subsequently assessed additional
taxes on many U.S. mutual funds based upon a retroactive application of the tax
statute. For the taxable years since its inception date, Emerging Markets Equity
Fund, as successor to the Montgomery Emerging Markets Fund and Montgomery
Emerging Markets Focus Fund, has been assessed approximately $590,000. The
Emerging Markets Fund filed an administrative appeal to this assessment in April
2003. In 2003, Emerging Markets Equity Fund received a demand for half of the
$590,000 to stay the imposition of additional penalties while the assessment was
under appeal, and pursuant to an agreement reached that year, Emerging Markets
Equity Fund made such payment. Emerging Markets Equity Fund made the
determination to accrue the entire amount at issue as a tax expense. Emerging
Markets Equity Fund has received favorable decisions from the Income Tax
Appellate Tribunal ("ITAT") for the tax years in question. However, based upon
discussions with counsel in India, it remains possible that the tax authority
could successfully appeal the decisions with the High Court in India. As a
result, the liability for foreign taxes will remain on the Emerging Markets
Equity Fund's Statement of Assets and Liabilities until the ultimate resolution
is known. Foreign taxes payable also reflects accrued India and Thailand capital
gains tax on unrealized gains, if any, on Indian and Thai securities as required
under GAAP.
Wells Fargo Advantage International Stock Funds 63
Other Information (Unaudited)
PROXY VOTING INFORMATION
A description of the policies and procedures that the Funds use to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling 1-800-222-8222, visiting our Web site at
www.wellsfargo.com/advantagefunds, or visiting the SEC Web site at www.sec.gov.
Information regarding how the Funds voted proxies relating to portfolio
securities during the most recent 12-month period ended June 30 is available
without charge on the Funds' Web site at www.wellsfargo.com/advantagefunds or by
visiting the SEC Web site at www.sec.gov.
PORTFOLIO HOLDINGS INFORMATION
The complete portfolio holdings for each Fund, except money market funds, are
publicly available on the Funds' Web site (www.wellsfargo.com/advantagefunds) on
a monthly, 30-day or more delayed basis, and for money market funds, on a
monthly, seven-day delayed basis. In addition, top ten holdings information for
each Fund is publicly available on the Funds' Web site on a monthly, seven-day
or more delayed basis. Each Fund files its complete schedule of portfolio
holdings with the SEC for the first and third quarters of each fiscal year on
Form N-Q, which is available without charge by visiting the SEC Web site at
www.sec.gov. In addition, each Fund's Form N-Q may be reviewed and copied at the
SEC's Public Reference Room in Washington, DC, and at regional offices in New
York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite
900. Information about the Public Reference Room may be obtained by calling
1-800-SEC-0330.
BOARD OF TRUSTEES
The following table provides basic information about the Board of Trustees (the
"Trustees") of the Wells Fargo Funds Trust (the "Trust") and Officers of the
Trust. This table should be read in conjunction with the Prospectus and the
Statement of Additional Information(1) of each Fund. Each of the Trustees and
Officers listed below acts in identical capacities for each of the 132 funds
comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust
(collectively the "Fund Complex"), except that the person occupying the office
of Treasurer varies for specified Funds. All of the Trustees are also Members of
the Audit and Governance Committees of each Trust in the Fund Complex. The
mailing address of each Trustee and Officer is 525 Market Street, 12th Floor,
San Francisco, CA 94105. Each Trustee and Officer serves an indefinite term,
however, each Trustee serves such term until reaching the mandatory retirement
age established by the Trustees.
INDEPENDENT TRUSTEES
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------ ------------------------- -------------------------------------------------- ---------------------------
Peter G. Gordon Trustee, since 1998; Co-Founder, Chairman, President and CEO of Crystal None
67 Chairman, since 2005 Geyser. Water Company.
(Lead Trustee since 2001)
Isaiah Harris, Jr. Advisory Board Retired. Prior thereto, President and CEO of CIGNA Corporation;
57 Trustee, since 2008 BellSouth Advertising and Publishing Corp from Deluxe Corporation
2005 to 2007, President and CEO of BellSouth
Enterprises from 2004 to 2005 and President of
BellSouth Consumer Services from 2000 to 2003.
Currently a member of the Iowa State University
Foundation Board of Governors and a member of the
Advisory Board of Iowa State University School of
Business.
Judith M. Johnson Trustee, since 2008 Retired. Prior thereto, Chief Executive Officer None
60 and Chief Investment Officer of Minneapolis
Employees Retirement Fund from 1996 to 2008. Ms.
Johnson is a certified public accountant and a
certified managerial accountant.
David F. Larcker Advisory Board James Irvin Miller Professor of Accounting at the None
59 Trustee, since 2008 Graduate School of Business, Stanford University,
Director of Corporate Governance Research Program
and Co-Director of The Rock Center for Corporate
Governance since 2006. From 2005 to 2008,
Professor of Accounting at the Graduate School of
Business, Stanford University. Prior thereto,
Ernst & Young Professor of Accounting at The
Wharton School, University of Pennsylvania from
1985 to 2005.
|
64 Wells Fargo Advantage International Stock Funds
Other Information (Unaudited)
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------ ------------------------- -------------------------------------------------- ---------------------------
Olivia S. Mitchell Trustee, since 2006 Professor of Insurance and Risk Management, None
56 Wharton School, University of Pennsylvania.
Director of the Boettner Center on Pensions and
Retirement Research. Research associate and board
member, Penn Aging Research Center. Research
associate, National Bureau of Economic Research.
Timothy J. Penny Trustee, since 1996 President and CEO of Southern Minnesota Initiative None
58 Foundation, a non-profit organization, since 2007
and Senior Fellow at the Humphrey Institute Policy
Forum at the University of Minnesota since 1995.
Member of the Board of Trustees of NorthStar
Education Finance, Inc., a non-profit
organization, since 2007.
Donald C. Willeke Trustee, since 1996 Principal of the law firm of Willeke & Daniels. None
69 General Counsel of the Minneapolis Employees
Retirement Fund from 1984 to present.
|
OFFICERS
Position Held and
Name and Age Length of Service(2) Principal Occupations During Past Five Years Other Directorships
------------------ ------------------------- -------------------------------------------------- ---------------------------
Karla M. Rabusch President, since 2003 Executive Vice President of Wells Fargo Bank, N.A. None
50 and President of Wells Fargo Funds Management, LLC
since 2003. Senior Vice President and Chief
Administrative Officer of Wells Fargo Funds
Management, LLC from 2001 to 2003.
C. David Messman Secretary, since 2000; Senior Vice President and Secretary of Wells Fargo None
49 Chief Legal Counsel, Funds Management, LLC since 2001. Vice President
since 2003 and Managing Senior Counsel of Wells Fargo Bank,
N.A. since 1996.
Kasey Phillips(3) Treasurer, since 2009 Senior Vice President of Evergreen Investment None
39 Management Company, LLC since 2006 and currently
the Treasurer of the Evergreen Funds since 2005.
Vice President and Assistant Vice President of
Evergreen Investment Services, Inc. from 1999 to
2006.
David Berardi(4) Assistant Treasurer, Vice President of Evergreen Investment Management None
34 since 2009 Company, LLC since 2008. Assistant Vice President
of Evergreen Investment Services, Inc. from 2004
to 2008. Manager of Fund Reporting and Control for
Evergreen Investment Management Company, LLC since
2004.
Jeremy DePalma(4) Assistant Treasurer, Senior Vice President of Evergreen Investment None
35 since 2009 Management Company, LLC since 2008. Vice
President, Evergreen Investment Services, Inc.
from 2004 to 2007. Assistant Vice President,
Evergreen Investment Services, Inc. from 2000 to
2004 and the head of the Fund Reporting and
Control Team within Fund Administration since
2005.
Debra Ann Early Chief Compliance Officer, Chief Compliance Officer of Wells Fargo Funds None
45 since 2007 Management, LLC since 2007. Chief Compliance
Officer of Parnassus Investments from 2005 to
2007. Chief Financial Officer of Parnassus
Investments from 2004 to 2007 and Senior Audit
Manager of PricewaterhouseCoopers LLP from 1998 to
2004.
|
(1.) The Statement of Additional Information includes additional information
about the Funds' Trustees and is available, without charge, upon request,
by calling 1-800-222-8222 or by visiting the Funds' Web site at
www.wellsfargo.com/advantagefunds.
(2.) Length of service dates reflects a Trustee's commencement of service with
the Trust's predecessor entities.
(3.) Effective November 1, 2009.
(4.) Treasurer during the period from June 1, 2009 to October 31, 2009.
Assistant Treasurer effective November 1, 2009.
Wells Fargo Advantage International Stock Funds 65
Other Information (Unaudited)
BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS: ASIA
PACIFIC FUND, EMERGING MARKETS EQUITY FUND, INTERNATIONAL CORE FUND, DIVERSIFIED
INTERNATIONAL FUND (F/K/A INTERNATIONAL EQUITY FUND)
Section 15(c) of the Investment Company Act of 1940 (the "1940 Act")
contemplates that the Board of Trustees (the "Board") of Wells Fargo Funds Trust
(the "Trust"), all of the members of which have no direct or indirect interest
in the investment advisory and sub-advisory agreements and are not "interested
persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"),
will meet in person to review and consider the continuation of any investment
advisory and sub-advisory agreements. In this regard, the Board reviewed and
re-approved: (i) an investment advisory agreement with Wells Fargo Funds
Management, LLC ("Funds Management") for the Wells Fargo Advantage Asia Pacific
Fund, the Wells Fargo Advantage Emerging Markets Equity Fund, the Wells Fargo
Advantage International Core Fund and the Wells Fargo Advantage Diversified
International Fund (formerly named the Wells Fargo Advantage International
Equity Fund) (the "Funds"); (ii) an investment sub-advisory agreement with Wells
Capital Management Incorporated ("Wells Capital Management") for the Asia
Pacific and Emerging Markets Equity Fund; (iii) an investment sub-advisory
agreement with Evergreen Investment Management Company, LLC ("Evergreen") for
the International Core Fund and Diversified International Fund; (iv) an
investment sub-advisory agreement with Artisan Partners Limited Partnership
("Artisan") for the Diversified International Fund; and (v) an investment
sub-advisory agreement with LSV Asset Management ("LSV") for the Diversified
International Fund. The investment advisory agreements with Funds Management and
the investment sub-advisory agreements with Wells Capital Management, Evergreen,
Artisan and LSV (the "Sub-Advisers") are collectively referred to as the
"Advisory Agreements."
More specifically, at a meeting held on March 25-26, 2010 (the "Meeting"), the
Board considered the factors and reached the conclusions described below
relating to the selection of Funds Management and the Sub-Advisers and the
continuation of the Advisory Agreements. Prior to the meeting held on March
25-26, 2010, the Trustees conferred extensively among themselves and with
representatives of Funds Management about these matters. The Board also met
throughout the year and received information that was useful to them in
considering the continuation of the Advisory Agreements. The Independent
Trustees were assisted in their evaluation of the Advisory Agreements by
independent legal counsel, from whom they received separate legal advice and
with whom they met separately from Funds Management.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board received and considered various information regarding the nature,
extent and quality of services provided to the Funds by Funds Management and the
Sub-Advisers under the Advisory Agreements. The Board also received and
considered information provided in response to a detailed set of requests
submitted by the Independent Trustees' independent legal counsel. The Board
received and considered, among other things, information about the background
and experience of senior management of Funds Management, and the qualifications,
backgrounds, tenures and responsibilities of the portfolio managers primarily
responsible for the day-to-day portfolio management of the Funds.
The Board evaluated the ability of Funds Management and the Sub-Advisers, based
on their respective financial condition, resources, reputation and other
attributes, to attract and retain qualified investment professionals, including
research, advisory, and supervisory personnel. The Board further considered the
compliance programs and compliance records of Funds Management and the
Sub-Advisers. In addition, the Board took into account the administrative
services provided to the Funds by Funds Management and its affiliates.
In considering these matters, the Board considered not only the specific
information presented in connection with the meeting, but also the knowledge
gained over the course of interacting with Funds Management and the Sub-Advisers
about various topics, including Funds Management's oversight of service
providers. Based on the above factors, together with those referenced below, the
Board concluded that it was satisfied with the nature, extent and quality of the
investment advisory services provided to the Funds by Funds Management and the
Sub-Advisers.
FUND PERFORMANCE AND EXPENSES
The Board considered the performance results for each of the Funds over various
time periods ended December 31, 2009. The Board also considered these results in
comparison to the median performance of a universe of relevant funds (the
"Universe") that was determined by Lipper Inc. ("Lipper") to be similar to the
Funds, and in comparison to each Fund's benchmark index and to other comparative
data. Lipper is an independent provider of investment company data. The Board
received a description of the methodology used by Lipper to select the mutual
funds in the Universe.
66 Wells Fargo Advantage International Stock Funds
Other Information (Unaudited)
The Board noted that the performance of the Asia Pacific Fund was equal to or
higher than the median performance of its Universe for all time periods under
review. The Board noted that the performance of the Emerging Markets Equity
Fund, International Core Fund and the Diversified International Fund was lower
than the median performance of each Fund's Universe for all time periods and
required further review. As part of its further review, the Board received an
analysis of, and discussed factors contributing to, the underperformance of the
Emerging Markets Equity Fund, International Core Fund and Diversified
International Fund. The Board noted the change in the portfolio management team
of the International Core Fund and the Diversified International Fund that
occurred in March 2009. The Board also noted Funds Management's recommendations
designed to address the underperformance of the Emerging Markets Equity Fund,
International Core Fund and Diversified International Fund, and requested
continued reports on the performance of each Fund.
The Board received and considered information regarding each Fund's contractual
advisory fee and net operating expense ratios and their various components,
including actual management fees (which reflect fee waivers, if any), transfer
agent, custodian and other non-management fees, Rule 12b-1 and non-Rule 12b-1
fees, service fees and fee waiver and expense reimbursement arrangements. The
Board also considered these ratios in comparison to the median ratios of an
expense Universe and a narrower expense group of mutual funds (each, an "Expense
Group") that was determined by Lipper to be similar to each Fund. The Board
received a description of the methodology used by Lipper to select the mutual
funds in a Fund's Expense Group. The Board noted that the net operating expense
ratios of the Asia Pacific Fund, International Core Fund and Diversified
International Fund were in range of or lower than each Fund's respective Expense
Group's median net operating expense ratio. The Board noted that the net
operating expense ratio of the Emerging Markets Equity Fund was, with respect to
the Administrator Class Shares, equal to the Expense Group's median net
operating expense ratio, and with respect to the Class A Shares, not appreciably
higher than the Expense Group's median net operating expense ratio.
Based on the above-referenced considerations and other factors, the Board
concluded that the overall performance and expense structure of the Funds
supported the re-approval of the Advisory Agreements for the Funds.
INVESTMENT ADVISORY AND SUB-ADVISORY FEE RATES
The Board reviewed and considered the contractual investment advisory fee rates
that are payable by the Funds to Funds Management for investment advisory
services (the "Advisory Agreement Rates"), both on a stand-alone basis and on a
combined basis with the Funds' administration fee rates. The Board took into
account the separate administrative and other services covered by the
administration fee rates. The Board also reviewed and considered the contractual
investment sub-advisory fee rates that are payable by Funds Management to the
Sub-Advisers for investment sub-advisory services (the "Sub-Advisory Agreement
Rates"). In addition, the Board reviewed and considered the existing fee
waiver/cap arrangements applicable to the Advisory Agreement Rates and
considered the Advisory Agreement Rates after taking the waivers/caps into
account (the "Net Advisory Rates").
The Board received and considered information comparing the Advisory Agreement
Rates and Net Advisory Rates with those of other funds in each Fund's Expense
Group median. The Board noted that the Advisory Agreement Rates for the Funds
were equal to or higher than the median rate of each Fund's respective Expense
Group, although the median rate of certain Fund share classes was not
appreciably higher than the Expense Group median rate. The Board also noted that
the Net Advisory Rates for each Fund were in range of or lower than the median
rates of each Fund's respective Expense Group, except for the Net Advisory Rate
for the Emerging Markets Equity Fund Class A shares. The Board noted that the
Net Advisory Rate for the Emerging Markets Equity Fund Class A shares was not
appreciably higher than the median rate of the Fund's Expense Group. The Board
concluded that the Advisory Agreement Rates for the Funds, both with and without
administration fee rates and before and after waivers, were acceptable in light
of the Fund's Expense Group information, the net expense ratio commitments and
the services covered by the Advisory Agreements.
The Board also reviewed and considered the Sub-Advisory Agreement Rates and
concluded that the Sub-Advisory Agreement Rates were acceptable in light of the
services covered by the Sub-Advisory Agreements.
PROFITABILITY
The Board received and considered a profitability analysis of Funds Management
based on the Advisory Agreement Rates and Net Advisory Rates, as well as an
analysis of the profitability to other Wells Fargo businesses of providing
services to the Funds. The Board concluded that, in light of the costs of
providing investment management and other services to the Funds, the profits and
other ancillary benefits that Funds Management and its affiliates received with
regard to providing these services to the Funds were not unreasonable.
Wells Fargo Advantage International Stock Funds 67
Other Information (Unaudited)
The Board did not consider separate profitability information with respect to
Wells Capital Management or Evergreen, because, as affiliates of Funds
Management, their profitability information was subsumed in the profitability
analysis provided by Funds Management. The Board did not consider separate
profitability information with respect to Artisan or LSV, which are not
affiliated with Funds Management. The Board considered that the sub-advisory
fees paid to Artisan and LSV had been negotiated by Funds Management on an arm's
length basis and that Artisan's and LSV's profitability from their relationships
with the Diversified International Fund was not a material factor in determining
whether to renew the agreements.
ECONOMIES OF SCALE
The Board received and considered general information regarding whether there
have been economies of scale with respect to the management of the Funds,
whether the Funds have appropriately benefited from any economies of scale, and
whether there is potential for realization of any further economies of scale for
the Funds. The Board also considered information provided by Funds Management in
separate presentations on advisory fee breakpoints and economies of scale made
at the March 2010 Board meeting. The Board acknowledged the inherent limitations
of any analysis of an investment adviser's economies of scale and of any attempt
to correlate breakpoints with such economies, stemming largely from the Board's
understanding that economies of scale are realized, if at all, by an investment
adviser across a variety of products and services, not just with respect to a
single fund. The Board concluded that any actual or potential economies of scale
are, or will be, shared reasonably with Fund shareholders, most particularly
through Advisory Agreement Rate breakpoints and fee waiver and expense
reimbursement arrangements applicable to the Funds.
INFORMATION ABOUT SERVICES AND FEES OFFERED TO OTHER CLIENTS
The Board also received and considered information about the nature and extent
of services and fee rates offered by Funds Management to similarly situated
series of the Trust, and those offered by the Sub-Advisers to other clients. The
Board concluded that the Advisory Agreement Rates, the Sub-Advisory Agreement
Rates and the Net Advisory Rates were within an acceptable range of the fee
rates offered to similarly situated series of the Trust by Funds Management and
to other clients by the Sub-Advisers, giving effect to differences in services
covered by such fee rates.
OTHER BENEFITS TO FUNDS MANAGEMENT AND WELLS CAPITAL MANAGEMENT
The Board received and considered information regarding potential "fall-out" or
ancillary benefits received by Funds Management and its affiliates and the
Sub-Advisers as a result of their relationship with the Funds. Ancillary
benefits could include, among others, benefits directly attributable to the
relationship of Funds Management and the Sub-Advisers with the Funds and
benefits potentially derived from an increase in Funds Management's and the
Sub-Advisers' business as a result of their relationship with the Funds (such as
the ability to market to shareholders other financial products offered by Funds
Management and its affiliates or the Sub-Advisers and their affiliates).
The Board has reviewed information about the policies of the Sub-Advisers in
seeking the best execution of portfolio transactions, whether and to what extent
soft dollar credits are sought and how any such credits are utilized, any
benefits that may be realized by using an affiliated broker and the controls
applicable to brokerage allocation procedures. The Board has reviewed
information about Funds Management's and the Sub-Advisers' methods for
allocating portfolio investment opportunities among the Funds and other clients.
OTHER FACTORS AND BROADER REVIEW
The Board also considered the markets for distribution of the Funds' shares,
including the multiple channels through which the Funds' shares are offered and
sold. The Board noted that the Funds are part of one of the few fund families
that have both direct-to-fund and intermediary distribution channels. As
discussed above, the Board reviews detailed materials received from Funds
Management and the Sub-Advisers annually as part of the re-approval process
under Section 15(c) of the 1940 Act. The Board also reviews and assesses
information about the quality of the services that the Funds receive throughout
the year. In this regard, the Board has reviewed reports of Funds Management at
each of its quarterly meetings, which include, among other things, a portfolio
review and fund performance reports. In addition, the Board confers with
portfolio managers at various times throughout the year.
CONCLUSION
After considering the above-described factors and based on its deliberations and
its evaluation of the information described above, the Board concluded that
approval of the continuation of the Advisory Agreements for the Funds was in the
best interest of the Funds and their shareholders. Accordingly, the Board
unanimously approved the continuation of the Advisory Agreements for an
additional one-year period.
68 Wells Fargo Advantage International Stock Funds
List of Abbreviations
THE FOLLOWING IS A LIST OF COMMON ABBREVIATIONS FOR TERMS AND ENTITIES WHICH MAY
HAVE APPEARED IN THIS REPORT.
ABAG -- Association of Bay Area Governments
ADR -- American Depositary Receipt
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
ARM -- Adjustable Rate Mortgages
BART -- Bay Area Rapid Transit
CDA -- Community Development Authority
CDO -- Collateralized Debt Obligation
CDSC -- Contingent Deferred Sales Charge
CGIC -- Capital Guaranty Insurance Company
CGY -- Capital Guaranty Corporation
CIFG -- CDC (Caisse des Depots et Consignations) IXIS Financial Guarantee
COP -- Certificate of Participation
CP -- Commercial Paper
CTF -- Common Trust Fund
DW&P -- Department of Water & Power
DWR -- Department of Water Resources
ECFA -- Educational & Cultural Facilities Authority
EDFA -- Economic Development Finance Authority
ETET -- Eagle Tax-Exempt Trust
ETF -- Exchange-Traded Fund
FFCB -- Federal Farm Credit Bank
FGIC -- Financial Guaranty Insurance Corporation
FHA -- Federal Housing Authority
FHAG -- Federal Housing Agency
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
FSA -- Farm Service Agency
GDR -- Global Depositary Receipt
GNMA -- Government National Mortgage Association
GO -- General Obligation
HCFR -- Healthcare Facilities Revenue
HEFA -- Health & Educational Facilities Authority
HEFAR -- Higher Education Facilities Authority Revenue
HFA -- Housing Finance Authority
HFFA -- Health Facilities Financing Authority
HUD -- Housing & Urban Development
IDA -- Industrial Development Authority
IDAG -- Industrial Development Agency
IDR -- Industrial Development Revenue
LIBOR -- London Interbank Offered Rate
LLC -- Limited Liability Company
LOC -- Letter of Credit
LP -- Limited Partnership
MBIA -- Municipal Bond Insurance Association
MFHR -- Multi-Family Housing Revenue
MFMR -- Multi-Family Mortgage Revenue
MMD -- Municipal Market Data
MTN -- Medium Term Note
MUD -- Municipal Utility District
NATL-RE -- National Public Finance Guarantee Corporation
PCFA -- Pollution Control Finance Authority
PCR -- Pollution Control Revenue
PFA -- Public Finance Authority
PFFA -- Public Facilities Financing Authority
plc -- Public Limited Company
PSFG -- Public School Fund Guaranty
R&D -- Research & Development
RDA -- Redevelopment Authority
RDFA -- Redevelopment Finance Authority
REITS -- Real Estate Investment Trusts
SFHR -- Single Family Housing Revenue
SFMR -- Single Family Mortgage Revenue
SLMA -- Student Loan Marketing Association
SPDR -- Standard & Poor's Depositary Receipts
STIT -- Short-Term Investment Trust
TBA -- To Be Announced
TRAN -- Tax Revenue Anticipation Notes
USD -- Unified School District
XLCA -- XL Capital Assurance
|
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(GRAPHIC) REDUCE CLUTTER. SAVE TREES.
Sign up for electronic delivery of prospectuses and shareholder
reports at www.wellsfargo.com/advantagedelivery
(WELLS FARGO ADVANTAGE FUNDS LOGO)
More information about WELLS FARGO ADVANTAGE FUNDS is available free upon
request. To obtain literature, please write, e-mail, visit the Funds' Web site,
or call:
WELLS FARGO ADVANTAGE FUNDS
P.O. Box 8266
Boston, MA 02266-8266
E-mail: wfaf@wellsfargo.com
Web site: www.wellsfargo.com/advantagefunds
Individual Investors: 1-800-222-8222
Retail Investment Professionals: 1-888-877-9275
Institutional Investment Professionals: 1-866-765-0778
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR THE
GENERAL INFORMATION OF THE SHAREHOLDERS OF WELLS FARGO ADVANTAGE FUNDS. IF THIS
REPORT IS USED FOR PROMOTIONAL PURPOSES, DISTRIBUTION OF THE REPORT MUST BE
ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS. FOR A PROSPECTUS CONTAINING
MORE COMPLETE INFORMATION, INCLUDING CHARGES AND EXPENSES, CALL 1-800-222-8222
OR VISIT THE FUNDS' WEB SITE AT www.wellsfargo.com/advantagefunds. PLEASE
CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES, AND EXPENSES OF THE
INVESTMENT CAREFULLY BEFORE INVESTING. THIS AND OTHER INFORMATION ABOUT WELLS
FARGO ADVANTAGE FUNDS CAN BE FOUND IN THE CURRENT PROSPECTUS. READ THE
PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
"Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones &
Company, Inc., and have been licensed for use for certain purposes by Global
Index Advisors, Inc., and Wells Fargo Funds Management, LLC. The Dow Jones
Target Date Indexes are based in part on the Barclays Capital Bond Indexes,
which are published by Barclays Capital Inc. The Wells Fargo Advantage Dow Jones
Target Date Funds, based on the Dow Jones Target Date Indexes, are not
sponsored, endorsed, sold or promoted by Dow Jones or Barclays Capital, and
neither Dow Jones nor Barclays Capital makes any representation regarding the
advisability of investing in such product(s) and/or about the quality, accuracy
and/or completeness of the Dow Jones Target Date Indexes or the Barclays Capital
Bond Indexes. IN NO EVENT SHALL DOW JONES, BARCLAYS CAPITAL OR ANY OF THEIR
LICENSORS HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT OR
CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE
POSSIBILITY OF SUCH DAMAGES.
Source: MSCI. MSCI makes no express or implied warranties or representations and
shall have no liability whatsoever with respect to any MSCI data contained
herein. The MSCI data may not be further redistributed or used as a basis for
other indices or any securities or financial products. This report is not
approved, reviewed or produced by MSCI.
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for WELLS
FARGO ADVANTAGE FUNDS. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the Funds. The Funds are distributed by WELLS
FARGO FUNDS DISTRIBUTOR, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo &
Company.
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
Printed on Recycled paper
(C) 2010 Wells Fargo Funds Management, LLC. All rights reserved.
www.wellsfargo.com/advantagefunds
122810 05-10
SINTLD/SAR108 03-10
ITEM 2. CODE OF ETHICS
Not required in this filing
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not required in this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
==============================================-
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. SCHEDULE OF INVESTMENTS
The Schedule of Investments is included as part of the report to shareholders
filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT
INVESTMENT COMPANY AND AFFILIATED PURCHASES
================================================================
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
============================================================ The Governance
Committee (the "Committee") of the Board of Trustees of the registrant (the
"Trust") has adopted procedures by which a shareholder of any series of the
Trust may submit properly a nominee recommendation for the Committee's
consideration.
The shareholder must submit any such recommendation (a "Shareholder
Recommendation") in writing to the Trust, to the attention of the Trust's
Secretary, at the address of the principal executive offices of the Trust.
The Shareholder Recommendation must be delivered to, or mailed and received at,
the principal executive offices of the Trust not less than forty-five (45)
calendar days nor more than seventy-five (75) calendar days prior to the date of
the Committee meeting at which the nominee would be considered.
The Shareholder Recommendation must include: (i) a statement in writing setting
forth (A) the name, age, date of birth, business address, residence address and
nationality of the person recommended by the shareholder (the "candidate"); (B)
the series (and, if applicable, class) and number of all shares of the Trust
owned of record or beneficially by the candidate, as reported to such
shareholder by the candidate; (C) any other information regarding the candidate
called for with respect to director nominees by paragraphs (a), (d), (e) and (f)
of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101
(Schedule 14A) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), adopted by the Securities and Exchange Commission (or the
corresponding provisions of any regulation or rule subsequently adopted by the
Securities and Exchange Commission or any successor agency applicable to the
Trust); (D) any other information regarding the candidate that would be required
to be disclosed if the candidate were a nominee in a proxy statement or other
filing required to be made in connection with solicitation of proxies for
election of directors pursuant to Section 14 of the Exchange Act and the rules
and regulations promulgated thereunder; and (E) whether the recommending
shareholder believes that the candidate is or will be an "interested person" of
the Trust (as defined in the Investment Company Act of 1940, as amended) and, if
not an "interested person," information regarding the candidate that will be
sufficient for the Trust to make such determination; (ii) the written and signed
consent of the candidate to be named as a nominee and to serve as a Trustee if
elected; (iii) the recommending shareholder's name as it appears on the Trust's
books; (iv) the series (and, if applicable, class) and number of all shares of
the Trust owned beneficially and of record by the recommending shareholder; and
(v) a description of all arrangements or understandings between the recommending
shareholder and the candidate and any other person or persons (including their
names) pursuant to which the recommendation is being made by the recommending
shareholder. In addition, the Committee may require the
candidate to interview in person and furnish such other information as it may
reasonably require or deem necessary to determine the eligibility of such
candidate to serve as a Trustee of the Trust.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Wells Fargo Funds Trust
(the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c)
under the Investment Company Act of 1940) provide reasonable assurances that
material information relating to the Trust is made known to them by the
appropriate persons, based on their evaluation of these controls and procedures
as of a date within 90 days of the filing of this report.
(b) There were no changes in the Trust's internal controls over financial
reporting (as defined in rule 30a-3(d) udner the Investment Company Act) that
occurred during the second quarter of the period covered by this report that has
materially affected or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS
(a)(1) Not required in this filing.
(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act
of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of
1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
Wells Fargo Funds Trust
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 27, 2010
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Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
date indicated.
By: /s/ Karla M. Rabusch
Karla M. Rabusch
President
Date: May 27, 2010
By: /s/ Kasey L. Phillips
Kasey L. Phillips
Treasurer
Date: May 27, 2010
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