-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: webmaster@www.sec.govOriginator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, L/PMgZASmSEOYAIC1jQ+XmBIicV3Py8MVKJ5W6t3BkZgU40ecNUcVCAK1r5uG5Rh TXuwLQMPxeq14hhPTyQb8A==

0000935069-06-001687.txt : 200606090000935069-06-001687.hdr.sgml : 2006060920060609142033ACCESSION NUMBER:0000935069-06-001687CONFORMED SUBMISSION TYPE:N-CSRSPUBLIC DOCUMENT COUNT:3CONFORMED PERIOD OF REPORT:20060331FILED AS OF DATE:20060609DATE AS OF CHANGE:20060609EFFECTIVENESS DATE:20060609

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:WELLS FARGO MASTER TRUSTCENTRAL INDEX KEY:0001087961IRS NUMBER:000000000STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:N-CSRSSEC ACT:1940 ActSEC FILE NUMBER:811-09689FILM NUMBER:06896542

BUSINESS ADDRESS:STREET 1:525 MARKET STREETSTREET 2:12TH FLOORCITY:SAN FRANCISCOSTATE:CAZIP:94105BUSINESS PHONE:800-222-8222

MAIL ADDRESS:STREET 1:525 MARKET STREETSTREET 2:12TH FLOORCITY:SAN FRANCISCOSTATE:CAZIP:94105

FORMER COMPANY:FORMER CONFORMED NAME:WELLS FARGO CORE TRUSTDATE OF NAME CHANGE:19990604

0001087961S000007542International Core Portfolio

C000020600International Core Portfolio

0001087961S000007543Large Cap Appreciation Portfolio

C000020601Large Cap Appreciation Portfolio

0001087961S000007544Equity Value Portfolio

C000020602Equity Value Portfolio

0001087961S000007545International Value Portfolio

C000020603International Value Portfolio

0001087961S000007546International Index Portfolio

C000020604International Index Portfolio

0001087961S000007547International Growth Portfolio

C000020605International Growth Portfolio

0001087961S000007548C&B Large Cap Value Portfolio

C000020606C&B Large Cap Value Portfolio

0001087961S000007551Index Portfolio

C000020609Index Portfolio

0001087961S000007552Small Company Growth Portfolio

C000020610Small Company Growth Portfolio

0001087961S000007553Small Company Value Portfolio

C000020611Small Company Value Portfolio

0001087961S000007554Large Company Growth Portfolio

C000020612Large Company Growth Portfolio

0001087961S000007555Equity Income Portfolio

C000020613Equity Income Portfolio

0001087961S000007556Small Cap Index Portfolio

C000020614Small Cap Index Portfolio

0001087961S000007557Disciplined Growth Portfolio

C000020615Disciplined Growth Portfolio

0001087961S000007565Strategic Small Cap Value Portfolio

C000020630Strategic Small Cap Value Portfolio

N-CSRS1g21274_mastertrustncsr.txtG21274_MASTERTRUSTNCSR

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: 811-9689

Wells Fargo Master Trust (Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105 (Address of principal executive offices) (Zip code)

C. David Messman Wells Fargo Funds Management, LLC 525 Market St., San Francisco, CA 94105 (Name and address of agent for service)

Registrant's telephone number, including area code: 800-643-9691

Date of fiscal year end: September 30, 2005

Date of reporting period: March 31, 2006

ITEM 1. REPORT TO SHAREHOLDERS

TABLE OF CONTENTS

Master PortfoliosPortfolio of Investments- -------------------------------------------------------------------------------- C&B Large Cap Value Portfolio .......................................... 75 Disciplined Growth Portfolio ........................................... 80 Equity Income Portfolio ................................................ 85 Equity Value Portfolio ................................................. 91 Index Portfolio ........................................................ 97 International Core Portfolio ........................................... 114 International Growth Portfolio ......................................... 118 International Index Portfolio .......................................... 122 International Value Portfolio .......................................... 149 Large Cap Appreciation Portfolio ....................................... 154 Large Company Growth Portfolio ......................................... 160 Small Cap Index Portfolio .............................................. 164 Small Company Growth Portfolio ......................................... 184 Small Company Value Portfolio .......................................... 192 Strategic Small Cap Value Portfolio .................................... 199

Financial Statements- -------------------------------------------------------------------------------- Statements of Assets and Liabilities ................................... 208 Statements of Operations ............................................... 212 Statements of Changes in Net Assets .................................... 216 Financial Highlights ................................................... 222 Notes to Financial Highlights .......................................... 224Notes to Financial Statements ............................................. 225- --------------------------------------------------------------------------------Other Information (Unaudited) ............................................. 231- --------------------------------------------------------------------------------List of Abbreviations ..................................................... 237- --------------------------------------------------------------------------------

----------------------------------------------------- NOT FDIC INSURED-NO BANK GUARANTEE-MAY LOSE VALUE -----------------------------------------------------

PORTFOLIO OF INVESTMENTS -- MARCH 31, 2006 (UNAUDITED)

WELLS FARGO ADVANTAGE MASTER PORTFOLIOS- --------------------------------------------------------------------------------

C&B LARGE CAP VALUE PORTFOLIO- --------------------------------------------------------------------------------

SHARES SECURITY NAME VALUE COMMON STOCKS - 95.01%

APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS - 3.36% 435,900 JONES APPAREL GROUP INCORPORATED $ 15,417,783 208,400 VF CORPORATION 11,857,960

27,275,743 ---------------

BUSINESS SERVICES - 7.71% 122 INTERPUBLIC GROUP OF COMPANIES INCORPORATED+ 1,167 369,800 MANPOWER INCORPORATED 21,145,164 749,000 MICROSOFT CORPORATION 20,380,290 251,800 OMNICOM GROUP INCORPORATED 20,962,350

62,488,971 ---------------

CHEMICALS & ALLIED PRODUCTS - 5.58% 565,700 AVON PRODUCTS INCORPORATED 17,632,869 337,300 COLGATE-PALMOLIVE COMPANY 19,259,830 236,100 MERCK & COMPANY INCORPORATED 8,317,803

45,210,502 ---------------

COMMUNICATIONS - 4.63% 555,000 COMCAST CORPORATION CLASS A+ 14,496,600 1,103,000 VODAFONE GROUP PLC ADR