· 2017-10-06principal security name interest rate maturity date value

-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: [email protected]: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, HDrEPZO2W0GthRIX9+OHN1ALsFTntEVsabIGSC43Kgk8Z8LHhDEagFYPiPQoMdQC 2V+Tqfpw3PIOrePvXAweog==

0000950123-10-044386.txt : 201005050000950123-10-044386.hdr.sgml : 2010050520100505143424ACCESSION NUMBER:0000950123-10-044386CONFORMED SUBMISSION TYPE:N-CSRPUBLIC DOCUMENT COUNT:4CONFORMED PERIOD OF REPORT:20100228FILED AS OF DATE:20100505DATE AS OF CHANGE:20100505EFFECTIVENESS DATE:20100505

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-CSRSEC ACT:1940 ActSEC FILE NUMBER:811-09689FILM NUMBER:10801169

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

0001087961S000013206Diversified Fixed Income Portfolio

C000035517Diversified Fixed Income Portfolio

0001087961S000013207Diversified Stock Portfolio

C000035518Diversified Stock Portfolio

0001087961S000013208Short-Term Investment Portfolio

C000035519Short-Term Investment Portfolio

N-CSR1g57055_mastertrust-ncsr.txtG57055_MASTERTRUST-NCSR.TXT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09689

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

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

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

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

Date of fiscal year end: February 28, 2010

Date of reporting period: February 28, 2010

ITEM 1. REPORT TO SHAREHOLDERS===============================

64 Wells Fargo Advantage Master Portfolios

Portfolio of Investments--February 28, 2010

DIVERSIFIED FIXED INCOME PORTFOLIO

PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- CORPORATE BONDS & NOTES: 22.61%AEROSPACE, DEFENSE: 0.27%$ 500,000 BOEING CAPITAL CORPORATION 4.70% 10/27/2019 $ 503,320 500,000 BOEING COMPANY 1.88 11/20/2012 504,765 140,000 BOEING COMPANY 4.88 02/15/2020 143,380 1,000,000 BOEING COMPANY 5.00 03/15/2014 1,091,726 30,000 BOEING COMPANY 5.88 02/15/2040 31,057 180,000 BOEING COMPANY 6.13 02/15/2033 190,913 300,000 BOEING COMPANY 6.88 03/15/2039 353,340 100,000 GOODRICH CORPORATION 4.88 03/01/2020 101,438 75,000 GOODRICH CORPORATION 7.63 12/15/2012 85,729 500,000 L-3 COMMUNICATIONS CORPORATION++ 5.20 10/15/2019 507,800 100,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 106,302 500,000 LOCKHEED MARTIN CORPORATION 4.25 11/15/2019 489,242 120,000 LOCKHEED MARTIN CORPORATION 8.50 12/01/2029 158,979 350,000 LOCKHEED MARTIN CORPORATION SERIES B 6.15 09/01/2036 374,900 90,000 NORTHROP GRUMMAN CORPORATION 3.70 08/01/2014 92,878 85,000 NORTHROP GRUMMAN CORPORATION 5.05 08/01/2019 88,025 520,000 NORTHROP GRUMMAN CORPORATION 7.75 02/15/2031 647,320 600,000 RAYTHEON COMPANY 4.40 02/15/2020 602,750 120,000 RAYTHEON COMPANY 7.20 08/15/2027 143,007 6,216,871 ---------------AGRICULTURE: 0.11% 1,000,000 ALTRIA GROUP INCORPORATED 9.25 08/06/2019 1,238,655 500,000 ARCHER-DANIELS-MIDLAND COMPANY 5.94 10/01/2032 519,327 150,000 BUNGE LIMITED FINANCE CORPORATION 5.10 07/15/2015 155,231 500,000 BUNGE LIMITED FINANCE CORPORATION 8.50 06/15/2019 582,525 2,495,738 ---------------APPAREL & ACCESSORY STORES: 0.03% 65,000 KOHL'S CORPORATION 6.00 01/15/2033 65,805 500,000 NORDSTROM INCORPORATED 6.25 01/15/2018 551,511 60,000 NORDSTROM INCORPORATED 6.75 06/01/2014 67,929 685,245 ---------------APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.00% 100,000 VF CORPORATION 5.95 11/01/2017 111,078 ---------------AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.02% 150,000 AUTOZONE INCORPORATED 5.75 01/15/2015 162,600 100,000 AUTOZONE INCORPORATED 6.50 01/15/2014 111,621 250,000 JOHNSON CONTROLS INCORPORATED 5.50 01/15/2016 264,390 538,611 ---------------AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.00% 100,000 RYDER SYSTEM INCORPORATED SERIES MTN 5.85 03/01/2014 107,301 ---------------BEVERAGES: 0.51% 180,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 4.38 01/15/2013 189,859 200,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.50 01/15/2018 213,538 50,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.60 03/01/2017 52,794 250,000 ANHEUSER-BUSCH COMPANIES INCORPORATED 5.75 04/01/2036 245,679 1,100,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 3.00 10/15/2012 1,130,307

Wells Fargo Advantage Master Portfolios 65



PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- BEVERAGES (continued)$ 625,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 4.13% 01/15/2015 $ 643,934 900,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 5.38 01/15/2020 945,091 400,000 ANHEUSER-BUSCH INBEV WORLDWIDE INCORPORATED 6.38 01/15/2040 432,900 100,000 BOTTLING GROUP LLC 4.63 11/15/2012 108,064 750,000 BOTTLING GROUP LLC 6.95 03/15/2014 874,462 150,000 COCA-COLA COMPANY 4.88 03/15/2019 157,890 750,000 COCA-COLA COMPANY 5.35 11/15/2017 825,853 500,000 COCA-COLA ENTERPRISES INCORPORATED 4.50 08/15/2019 510,026 100,000 COCA-COLA ENTERPRISES INCORPORATED 5.00 08/15/2013 109,591 180,000 COCA-COLA ENTERPRISES INCORPORATED 6.75 09/15/2028 207,541 500,000 COCA-COLA ENTERPRISES INCORPORATED 7.38 03/03/2014 588,274 120,000 COCA-COLA ENTERPRISES INCORPORATED 8.50 02/01/2022 157,472 100,000 DIAGEO FINANCE BV 3.25 01/15/2015 100,960 500,000 DR PEPPER SNAPPLE GROUP INCORPORATED 2.35 12/21/2012 503,791 650,000 DR PEPPER SNAPPLE GROUP INCORPORATED 6.82 05/01/2018 740,569 100,000 DR PEPPER SNAPPLE GROUP INCORPORATED 7.45 05/01/2038 118,349 100,000 PEPSI BOTTLING GROUP INCORPORATED SERIES B 7.00 03/01/2029 117,411 500,000 PEPSIAMERICAS INCORPORATED 4.38 02/15/2014 532,343 200,000 PEPSICO INCORPORATED 3.10 01/15/2015 203,255 1,000,000 PEPSICO INCORPORATED 3.75 03/01/2014 1,047,625 200,000 PEPSICO INCORPORATED 4.50 01/15/2020 203,217 750,000 PEPSICO INCORPORATED 5.00 06/01/2018 795,725 100,000 PEPSICO INCORPORATED 5.50 01/15/2040 101,485 11,858,005 ---------------BIOTECHNOLOGY: 0.10% 1,000,000 AMGEN INCORPORATED 5.70 02/01/2019 1,085,722 500,000 BIOGEN IDEC INCORPORATED 6.88 03/01/2018 546,015 300,000 LIFE TECHNOLOGIES CORPORATION 4.40 03/01/2015 304,737 500,000 LIFE TECHNOLOGIES CORPORATION 6.00 03/01/2020 517,560 2,454,034 ---------------BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.01% 65,000 MDC HOLDINGS INCORPORATED 5.38 07/01/2015 65,942 65,000 TOLL BROTHERS FINANCE CORPORATION 5.15 05/15/2015 62,387 128,329 ---------------BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.17% 150,000 BROWN-FORMAN CORPORATION 5.20 04/01/2012 161,530 180,000 CRH AMERICA INCORPORATED 5.30 10/15/2013 191,845 100,000 CRH AMERICA INCORPORATED 5.63 09/30/2011 105,315 50,000 CRH AMERICA INCORPORATED 6.00 09/30/2016 53,314 200,000 CRH AMERICA INCORPORATED 8.13 07/15/2018 236,429 100,000 HOME DEPOT INCORPORATED 5.20 03/01/2011 103,938 550,000 HOME DEPOT INCORPORATED 5.25 12/16/2013 596,907 680,000 HOME DEPOT INCORPORATED 5.40 03/01/2016 729,407 750,000 HOME DEPOT INCORPORATED 5.88 12/16/2036 734,567 400,000 LOWE'S COMPANIES INCORPORATED 5.00 10/15/2015 444,654 75,000 LOWE'S COMPANIES INCORPORATED 6.50 03/15/2029 83,680 350,000 LOWE'S COMPANIES INCORPORATED 6.65 09/15/2037 396,974 250,000 SHERWIN-WILLIAMS COMPANY 3.13 12/15/2014 252,000 4,090,560 ---------------




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- BUSINESS SERVICES: 0.39%$ 50,000 CINTAS CORPORATION #2 6.15% 08/15/2036 $ 52,004 500,000 COMPUTER SCIENCES CORPORATION 5.50 03/15/2013 542,124 75,000 COMPUTER SCIENCES CORPORATION 7.38 06/15/2011 80,732 150,000 COMPUTER SCIENCES CORPORATION SERIES WI 6.50 03/15/2018 167,252 180,000 ELECTRONIC DATA SYSTEMS CORPORATION SERIES B 6.00 08/01/2013 201,827 600,000 FISERV INCORPORATED 6.13 11/20/2012 658,853 100,000 FISERV INCORPORATED 6.80 11/20/2017 113,117 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 2.10 05/06/2013 252,342 200,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 4.75 11/29/2012 218,028 550,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.60 11/30/2039 566,972 500,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.70 09/14/2017 556,835 250,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 5.88 11/29/2032 266,099 1,000,000 INTERNATIONAL BUSINESS MACHINES CORPORATION 7.63 10/15/2018 1,238,058 690,000 MICROSOFT CORPORATION 2.95 06/01/2014 706,897 175,000 MICROSOFT CORPORATION 4.20 06/01/2019 178,488 110,000 MICROSOFT CORPORATION 5.20 06/01/2039 110,651 200,000 OMNICOM GROUP INCORPORATED 6.25 07/15/2019 216,789 500,000 ORACLE CORPORATION 3.75 07/08/2014 523,899 500,000 ORACLE CORPORATION 4.95 04/15/2013 547,901 300,000 ORACLE CORPORATION 5.00 07/08/2019 314,359 350,000 ORACLE CORPORATION 5.25 01/15/2016 388,566 750,000 ORACLE CORPORATION 5.75 04/15/2018 825,428 200,000 ORACLE CORPORATION 6.13 07/08/2039 212,623 250,000 ORACLE CORPORATION 6.50 04/15/2038 277,842 9,217,686 ---------------CHEMICALS & ALLIED PRODUCTS: 1.38% 1,000,000 ABBOTT LABORATORIES 5.15 11/30/2012 1,096,088 150,000 ABBOTT LABORATORIES 5.60 05/15/2011 158,232 1,000,000 ABBOTT LABORATORIES 5.60 11/30/2017 1,108,905 150,000 ABBOTT LABORATORIES 5.88 05/15/2016 170,105 300,000 ABBOTT LABORATORIES 6.00 04/01/2039 322,541 150,000 AIR PRODUCTS & CHEMICALS INCORPORATED 4.38 08/21/2019 149,251 100,000 AMGEN INCORPORATED 6.38 06/01/2037 110,306 250,000 AMGEN INCORPORATED 6.40 02/01/2039 277,308 750,000 BRISTOL-MYERS SQUIBB COMPANY 5.88 11/15/2036 785,813 100,000 CABOT CORPORATION 5.00 10/01/2016 99,806 150,000 CLOROX COMPANY 5.00 03/01/2013 162,540 300,000 CLOROX COMPANY 5.00 01/15/2015 324,568 100,000 CLOROX COMPANY 5.45 10/15/2012 108,497 90,000 CLOROX COMPANY 5.95 10/15/2017 99,458 40,000 COLGATE-PALMOLIVE COMPANY 3.15 08/05/2015 41,177 100,000 COLGATE-PALMOLIVE COMPANY SERIES MTN 5.20 11/07/2016 111,448 500,000 DOW CHEMICAL COMPANY 4.85 08/15/2012 532,226 100,000 DOW CHEMICAL COMPANY 6.00 10/01/2012 109,093 100,000 DOW CHEMICAL COMPANY 7.38 11/01/2029 108,454 685,000 DOW CHEMICAL COMPANY 7.60 05/15/2014 782,542 1,155,000 DOW CHEMICAL COMPANY 8.55 05/15/2019 1,396,295 135,000 DOW CHEMICAL COMPANY 9.40 05/15/2039 179,053 200,000 E.I. DU PONT DE NEMOURS & COMPANY 3.25 01/15/2015 201,869 750,000 E.I. DU PONT DE NEMOURS & COMPANY 4.50 08/15/2019 756,887 200,000 E.I. DU PONT DE NEMOURS & COMPANY 4.63 01/15/2020 202,096 565,000 E.I. DU PONT DE NEMOURS & COMPANY 4.88 04/30/2014 613,243 200,000 E.I. DU PONT DE NEMOURS & COMPANY 5.00 07/15/2013 217,931 50,000 E.I. DU PONT DE NEMOURS & COMPANY 5.25 12/15/2016 54,258




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- CHEMICALS & ALLIED PRODUCTS (continued)$ 25,000 E.I. DU PONT DE NEMOURS & COMPANY 5.60% 12/15/2036 $ 25,136 625,000 E.I. DU PONT DE NEMOURS & COMPANY 6.00 07/15/2018 694,788 200,000 EASTMAN CHEMICAL COMPANY 7.60 02/01/2027 226,122 800,000 ELI LILLY & COMPANY 4.20 03/06/2014 850,299 400,000 ELI LILLY & COMPANY 5.50 03/15/2027 412,590 100,000 ESTEE LAUDER COMPANY INCORPORATED 7.75 11/01/2013 117,262 1,000,000 EXPRESS SCRIPTS INCORPORATED 6.25 06/15/2014 1,119,420 250,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.38 04/15/2014 266,507 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 4.85 05/15/2013 542,857 500,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 5.65 05/15/2018 546,918 900,000 GLAXOSMITHKLINE CAPITAL INCORPORATED 6.38 05/15/2038 1,003,731 45,000 HOSPIRA INCORPORATED SERIES GMTN 6.40 05/15/2015 50,536 180,000 JOHNSON & JOHNSON 4.95 05/15/2033 175,621 1,000,000 JOHNSON & JOHNSON 5.15 08/15/2012 1,096,725 250,000 JOHNSON & JOHNSON 5.55 08/15/2017 279,921 300,000 JOHNSON & JOHNSON 5.85 07/15/2038 325,913 65,000 LUBRIZOL CORPORATION 5.50 10/01/2014 70,912 100,000 MEAD JOHNSON NUTRITION COMPANY++ 3.50 11/01/2014 100,468 150,000 MEAD JOHNSON NUTRITION COMPANY++ 4.90 11/01/2019 151,025 100,000 MEAD JOHNSON NUTRITION COMPANY++ 5.90 11/01/2039 99,852 250,000 MERCK & COMPANY INCORPORATED 1.88 06/30/2011 253,215 250,000 MERCK & COMPANY INCORPORATED 5.00 06/30/2019 262,197 150,000 MERCK & COMPANY INCORPORATED 5.75 11/15/2036 156,929 150,000 MERCK & COMPANY INCORPORATED 5.85 06/30/2039 154,683 65,000 MERCK & COMPANY INCORPORATED 5.95 12/01/2028 67,419 1,000,000 MERCK & COMPANY INCORPORATED 6.00 09/15/2017 1,136,413 250,000 MERCK & COMPANY INCORPORATED 6.30 01/01/2026 270,599 100,000 MONSANTO COMPANY 5.50 08/15/2025 102,506 1,050,000 PFIZER INCORPORATED 4.45 03/15/2012 1,120,290 300,000 PFIZER INCORPORATED 4.50 02/15/2014 321,885 250,000 PFIZER INCORPORATED 5.35 03/15/2015 277,904 1,300,000 PFIZER INCORPORATED 6.20 03/15/2019 1,466,654 750,000 PFIZER INCORPORATED 7.20 03/15/2039 921,151 1,060,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 3.75 09/30/2015 1,077,974 55,000 POTASH CORPORATION OF SASKATCHEWAN INCORPORATED 4.88 03/30/2020 55,137 50,000 PPG INDUSTRIES INCORPORATED 5.75 03/15/2013 54,504 100,000 PPG INDUSTRIES INCORPORATED 6.65 03/15/2018 112,310 100,000 PRAXAIR INCORPORATED 2.13 06/14/2013 100,625 75,000 PRAXAIR INCORPORATED 5.38 11/01/2016 81,373 150,000 PRAXAIR INCORPORATED 6.38 04/01/2012 165,360 150,000 PROCTER & GAMBLE COMPANY 1.38 08/01/2012 150,739 750,000 PROCTER & GAMBLE COMPANY 3.50 02/15/2015 782,673 125,000 PROCTER & GAMBLE COMPANY 4.60 01/15/2014 135,154 500,000 PROCTER & GAMBLE COMPANY 4.70 02/15/2019 518,870 500,000 PROCTER & GAMBLE COMPANY 4.85 12/15/2015 553,080 500,000 PROCTER & GAMBLE COMPANY 5.55 03/05/2037 513,474 100,000 PROCTER & GAMBLE COMPANY 5.80 08/15/2034 106,520 120,000 SCHERING-PLOUGH CORPORATION 6.50 12/01/2033 136,135 225,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 258,657 200,000 TEVA PHARMACEUTICAL FINANCE LLC 6.15 02/01/2036 210,420 100,000 VALSPAR CORPORATION 7.25 06/15/2019 114,458 125,000 WATSON PHARMACEUTICALS INCORPORATED 5.00 08/15/2014 131,399 130,000 WATSON PHARMACEUTICALS INCORPORATED 6.13 08/15/2019 138,086 500,000 WYETH 5.45 04/01/2017 549,796 180,000 WYETH 5.50 02/15/2016 199,814




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- CHEMICALS & ALLIED PRODUCTS (continued)$ 350,000 WYETH 5.95% 04/01/2037 $ 369,478 625,000 WYETH 6.00 02/15/2036 660,741 300,000 WYETH 6.95 03/15/2011 318,377 32,443,592 ---------------COMMERCIAL SERVICES: 0.03% 100,000 EQUIFAX INCORPORATED 4.45 12/01/2014 103,401 500,000 WESTERN UNION COMPANY 6.50 02/26/2014 567,408 670,809 ---------------COMMUNICATIONS: 2.09% 350,000 ALLTEL CORPORATION 7.88 07/01/2032 425,418 65,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 66,352 100,000 AMERICAN TOWER CORPORATION 4.63 04/01/2015 103,611 1,200,000 AMERICAN TOWER CORPORATION 5.25 04/15/2013 1,310,735 1,000,000 AT&T INCORPORATED 4.95 01/15/2013 1,079,704 325,000 AT&T INCORPORATED 5.10 09/15/2014 353,825 1,000,000 AT&T INCORPORATED 5.50 02/01/2018 1,061,595 500,000 AT&T INCORPORATED 5.60 05/15/2018 533,340 300,000 AT&T INCORPORATED 6.25 03/15/2011 317,263 1,500,000 AT&T INCORPORATED 6.30 01/15/2038 1,527,665 570,000 AT&T INCORPORATED 6.50 09/01/2037 593,202 500,000 AT&T INCORPORATED 6.55 02/15/2039 528,271 1,700,000 AT&T INCORPORATED 6.70 11/15/2013 1,936,473 1,050,000 AT&T INCORPORATED 8.00 11/15/2031 1,283,752 360,000 AT&T WIRELESS 7.88 03/01/2011 384,979 1,000,000 AT&T WIRELESS 8.13 05/01/2012 1,131,929 600,000 AT&T WIRELESS 8.75 03/01/2031 773,227 750,000 BELLSOUTH CAPITAL FUNDING CORPORATION 7.88 02/15/2030 866,176 325,000 BELLSOUTH CORPORATION 5.20 09/15/2014 355,193 180,000 BELLSOUTH CORPORATION 6.00 11/15/2034 177,022 180,000 BELLSOUTH CORPORATION 6.55 06/15/2034 187,139 350,000 BRITISH TELECOMMUNICATIONS PLC 5.15 01/15/2013 370,797 180,000 CBS CORPORATION 4.63 05/15/2018 169,249 200,000 CBS CORPORATION 8.88 05/15/2019 237,518 1,250,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 3.75 05/20/2011 1,291,111 1,000,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 5.55 02/01/2014 1,101,451 500,000 CELLCO PARTNERSHIP / VERIZON WIRELESS CAPITAL LLC 8.50 11/15/2018 629,727 100,000 CENTURYTEL INCORPORATED 5.00 02/15/2015 102,448 240,000 CENTURYTEL INCORPORATED 6.00 04/01/2017 247,753 600,000 CISCO SYSTEMS INCORPORATED 4.45 01/15/2020 599,497 350,000 CISCO SYSTEMS INCORPORATED 5.50 01/15/2040 339,497 365,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 423,764 350,000 COMCAST CABLE HOLDINGS LLC 7.13 02/15/2028 377,224 100,000 COMCAST CORPORATION 4.95 06/15/2016 104,137 500,000 COMCAST CORPORATION 5.15 03/01/2020 505,215 1,300,000 COMCAST CORPORATION 5.30 01/15/2014 1,410,175 1,000,000 COMCAST CORPORATION 5.70 07/01/2019 1,055,950 75,000 COMCAST CORPORATION 5.88 02/15/2018 80,464 225,000 COMCAST CORPORATION 5.90 03/15/2016 245,283 500,000 COMCAST CORPORATION 6.30 11/15/2017 553,423 500,000 COMCAST CORPORATION 6.40 03/01/2040 509,555 150,000 COMCAST CORPORATION 6.45 03/15/2037 153,886 200,000 COMCAST CORPORATION 6.50 11/15/2035 206,853 650,000 COMCAST CORPORATION 6.55 07/01/2039 678,691




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- COMMUNICATIONS (continued)$ 400,000 COMCAST CORPORATION 6.95% 08/15/2037 $ 432,078 500,000 COX COMMUNICATIONS INCORPORATED 4.63 06/01/2013 530,162 180,000 COX COMMUNICATIONS INCORPORATED 5.45 12/15/2014 197,487 300,000 COX COMMUNICATIONS INCORPORATED 7.13 10/01/2012 335,992 1,000,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 5.25 07/22/2013 1,077,888 500,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 6.00 07/08/2019 535,277 620,000 DIRECTV HOLDINGS LLC 7.63 05/15/2016 679,675 500,000 DIRECTV HOLDING FINANCE++ 4.75 10/01/2014 522,702 350,000 EMBARQ CORPORATION 7.08 06/01/2016 385,818 500,000 EMBARQ CORPORATION 8.00 06/01/2036 532,326 300,000 QWEST CORPORATION 6.88 09/15/2033 275,250 500,000 QWEST CORPORATION 7.50 06/15/2023 482,500 35,000 QWEST CORPORATION 8.38 05/01/2016 38,325 800,000 QWEST CORPORATION 8.88 03/15/2012 867,000 65,000 REED ELSEVIER CAPITAL INCORPORATED 4.63 06/15/2012 68,905 1,000,000 ROGERS COMMUNICATIONS INCORPORATED 6.80 08/15/2018 1,138,823 415,000 TELECOM ITALIA CAPITAL SA 5.25 11/15/2013 440,406 250,000 TIME WARNER CABLE INCORPORATED 3.50 02/01/2015 251,759 185,000 TIME WARNER CABLE INCORPORATED 5.00 02/01/2020 183,240 350,000 TIME WARNER CABLE INCORPORATED 5.40 07/02/2012 375,579 150,000 TIME WARNER CABLE INCORPORATED 5.85 05/01/2017 161,291 250,000 TIME WARNER CABLE INCORPORATED 6.55 05/01/2037 259,383 1,000,000 TIME WARNER CABLE INCORPORATED 6.75 07/01/2018 1,118,429 500,000 TIME WARNER CABLE INCORPORATED 6.75 06/15/2039 531,237 150,000 TIME WARNER CABLE INCORPORATED 7.50 04/01/2014 175,013 150,000 TIME WARNER CABLE INCORPORATED 8.25 02/14/2014 178,102 150,000 TIME WARNER CABLE INCORPORATED 8.25 04/01/2019 182,240 100,000 TIME WARNER CABLE INCORPORATED 8.75 02/14/2019 124,462 250,000 TIME WARNER COMPANIES INCORPORATED 7.57 02/01/2024 284,287 150,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 182,919 1,000,000 TIME WARNER INCORPORATED 5.88 11/15/2016 1,097,294 50,000 TIME WARNER INCORPORATED 6.50 11/15/2036 52,956 360,000 TIME WARNER INCORPORATED 6.88 05/01/2012 397,200 325,000 TIME WARNER INCORPORATED 7.63 04/15/2031 378,664 300,000 TIME WARNER INCORPORATED 7.70 05/01/2032 353,380 300,000 VERIZON (NEW JERSEY) INCORPORATED SERIES A 5.88 01/17/2012 320,871 250,000 VERIZON COMMUNICATIONS INCORPORATED 6.25 04/01/2037 256,604 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.35 04/01/2019 554,795 500,000 VERIZON COMMUNICATIONS INCORPORATED 6.90 04/15/2038 555,597 1,350,000 VERIZON COMMUNICATIONS INCORPORATED 7.35 04/01/2039 1,578,335 1,300,000 VERIZON COMMUNICATIONS INCORPORATED 8.75 11/01/2018 1,639,892 325,000 VERIZON GLOBAL FUNDING CORPORATION 4.90 09/15/2015 352,074 100,000 VERIZON GLOBAL FUNDING CORPORATION 5.85 09/15/2035 97,922 1,000,000 VERIZON GLOBAL FUNDING CORPORATION 7.38 09/01/2012 1,137,603 350,000 VERIZON GLOBAL FUNDING CORPORATION 7.75 12/01/2030 416,938 200,000 VIACOM INCORPORATED 5.50 05/15/2033 170,259 480,000 VIACOM INCORPORATED 6.25 04/30/2016 536,379 50,000 VIACOM INCORPORATED 6.75 10/05/2037 52,517 180,000 VIACOM INCORPORATED 6.88 04/30/2036 192,923 49,081,297 ---------------DEPOSITORY INSTITUTIONS: 4.38% 150,000 ABBEY NATIONAL CAPITAL TRUST I 8.96 12/29/2049 156,750 1,000,000 BANK OF AMERICA CORPORATION 2.10 04/30/2012 1,021,341 1,750,000 BANK OF AMERICA CORPORATION 4.75 08/01/2015 1,774,183




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- DEPOSITORY INSTITUTIONS (continued)$ 700,000 BANK OF AMERICA CORPORATION 5.38% 06/15/2014 $ 730,841 250,000 BANK OF AMERICA CORPORATION 5.49 03/15/2019 240,588 100,000 BANK OF AMERICA CORPORATION 5.63 10/14/2016 102,179 1,000,000 BANK OF AMERICA CORPORATION 5.65 05/01/2018 997,490 500,000 BANK OF AMERICA CORPORATION 5.75 12/01/2017 506,328 1,000,000 BANK OF AMERICA CORPORATION 6.00 09/01/2017 1,030,024 1,850,000 BANK OF AMERICA CORPORATION 6.50 08/01/2016 1,988,678 1,000,000 BANK OF AMERICA CORPORATION 7.38 05/15/2014 1,124,460 1,500,000 BANK OF AMERICA CORPORATION 7.63 06/01/2019 1,696,281 800,000 BANK OF AMERICA CORPORATION SERIES BKNT 6.00 10/15/2036 729,891 1,500,000 BANK OF AMERICA CORPORATION SERIES MTN 3.13 06/15/2012 1,565,453 500,000 BANK OF AMERICA CORPORATION SERIES MTN 4.90 05/01/2013 525,157 415,000 BANK OF NEW YORK MELLON CORPORATION 4.30 05/15/2014 441,100 1,000,000 BANK OF NEW YORK MELLON CORPORATION 5.45 05/15/2019 1,066,210 150,000 BANK OF NEW YORK MELLON CORPORATION SERIES MTN 4.95 11/01/2012 162,802 500,000 BANK OF THE WEST (SAN FRANCISCO CA) 2.15 03/27/2012 511,157 500,000 BANK OF TOKYO-MITSUBISHI UFJ LIMITED (NEW YORK) 7.40 06/15/2011 535,902 240,000 BANK ONE CORPORATION 7.63 10/15/2026 275,409 250,000 BANK ONE CORPORATION 8.00 04/29/2027 293,279 1,000,000 BARCLAYS BANK PLC 2.50 01/23/2013 999,398 400,000 BARCLAYS BANK PLC 5.00 09/22/2016 408,375 100,000 BB&T CAPITAL TRUST IV 6.82 06/12/2077 87,500 150,000 BB&T CORPORATION 3.38 09/25/2013 153,841 1,000,000 BB&T CORPORATION 3.85 07/27/2012 1,046,348 250,000 BB&T CORPORATION 5.20 12/23/2015 261,831 500,000 BB&T CORPORATION 6.85 04/30/2019 567,903 350,000 BLACKROCK INCORPORATED 6.25 09/15/2017 387,498 300,000 BLACKROCK INCORPORATED NEW YORK SHARES 3.50 12/10/2014 304,634 250,000 BLACKROCK INCORPORATED NEW YORK SHARES 5.00 12/10/2019 251,657 1,000,000 BP CAPITAL MARKETS PLC 5.25 11/07/2013 1,104,764 500,000 CAPITAL ONE BANK USA NA 8.80 07/15/2019 600,840 659,000 CAPITAL ONE CAPITAL VI 8.88 05/15/2040 699,144 700,000 CAPITAL ONE FINANCIAL CORPORATION 7.38 05/23/2014 802,439 150,000 CITIBANK NA 1.25 09/22/2011 151,249 2,500,000 CITIBANK NA 1.38 08/10/2011 2,523,520 250,000 CITIGROUP FUNDING INCORPORATED 1.88 10/22/2012 252,276 2,000,000 CITIGROUP INCORPORATED 2.13 04/30/2012 2,042,020 900,000 CITIGROUP INCORPORATED 5.00 09/15/2014 895,031 1,000,000 CITIGROUP INCORPORATED 5.10 09/29/2011 1,042,812 1,000,000 CITIGROUP INCORPORATED 5.30 10/17/2012 1,050,583 700,000 CITIGROUP INCORPORATED 5.50 04/11/2013 732,722 1,500,000 CITIGROUP INCORPORATED 5.50 10/15/2014 1,544,276 1,000,000 CITIGROUP INCORPORATED 5.50 02/15/2017 975,402 750,000 CITIGROUP INCORPORATED 5.63 08/27/2012 789,782 275,000 CITIGROUP INCORPORATED 6.00 10/31/2033 233,518 1,000,000 CITIGROUP INCORPORATED 6.13 11/21/2017 1,011,545 1,000,000 CITIGROUP INCORPORATED 6.13 05/15/2018 1,003,365 500,000 CITIGROUP INCORPORATED 6.13 08/25/2036 430,011 1,500,000 CITIGROUP INCORPORATED 6.38 08/12/2014 1,591,947 250,000 CITIGROUP INCORPORATED 6.50 08/19/2013 268,911 1,300,000 CITIGROUP INCORPORATED 6.88 03/05/2038 1,283,299 855,000 CITIGROUP INCORPORATED 8.13 07/15/2039 967,047 400,000 CITIGROUP INCORPORATED 8.50 05/22/2019 461,583 500,000 COMERICA BANK SERIES BKNT 5.75 11/21/2016 508,744 100,000 COMERICA CAPITAL TRUST II 6.58 02/02/2082 82,750




PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE- ------------- --------------------------------------------------------------------- ------------- ------------- --------------- DEPOSITORY INSTITUTIONS (continued)$ 1,000,000 COUNTRYWIDE HOME LOANS INCORPORATED 4.00% 03/22/2011 $ 1,029,992 1,000,000 CREDIT SUISSE USA INCORPORATED 4.88 01/15/2015 1,068,476 1,000,000 CREDIT SUISSE/NEW YORK NY 5.30 08/13/2019 1,024,440 750,000 DEUTSCHE BANK AG/LONDON 2.38 01/11/2013 751,538 1,000,000 DEUTSCHE BANK AG/LONDON 3.88 08/18/2014 1,030,058 100,000 DEUTSCHE BANK FINANCIAL LLC 5.38 03/02/2015 106,012 300,000 DISCOVER BANK 8.70 11/18/2019 323,675 500,000 FIFTH THIRD BANCORP 5.45 01/15/2017 488,942 250,000 FIFTH THIRD BANCORP 8.25 03/01/2038 257,510 750,000 GOLDMAN SACHS GROUP INCORPORATED 3.63 08/01/2012 778,103 1,500,000 GOLDMAN SACHS GROUP INCORPORATED

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· 2017-10-06principal security name interest rate maturity date value