NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
ORGANIZATION EXPENSES
Stephens Inc. ("Stephens"), the administrator, sponsor and distributor for the Master Series, has paid all
expenses in connection with the Master Series' organization and initial registration. Pursuant to the Administration
Agreement, Stephens has agreed to assume all operating expenses of the Asset Allocation Master Series and the
U.S. Treasury Allocation Master Series, except for advisory fees, interest, brokerage fees and commissions, if
any, costs of independent pricing services and any extraordinary expenses.
Certain fees have been waived by WFB for the Bond Index Master Series and S&P 500 Index Master Series
for the six months ended August 31, 1995. Waived fees continue at the discretion of WFB.
Certain officers and directors of Master Portfolio are also officers of Stephens. As of August 31, 1995, these
officers of Stephens collectively owned less than 1% of the Master Series' outstanding beneficial interests.
3. INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, exclusive of short-term securities, for each Master Series for the six months
ended August 31, 1995 are as follows:
111
ASSET U.S. TREASURY
AGGREGATE PURCHASES ALLOCATION BOND INDEX S&P 500 INDEX ALLOCATION
AND SALES OF: MASTER SERIES MASTER SERIES MASTER SERIES MASTER SERIES
- -----------------------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS:
Purchases at cost $ 13,722,922 $ 11,207,608 $ 0 $ 61,371,002
Sales proceeds 128,239,049 4,634,035 0 93,318,139
OTHER SECURITIES:
Purchases at cost 33,060,483 6,332,759 111,485,607 0
Sales proceeds 1,418,072 3,527,605 5,671,401 0
MASTE