Allspring Special Mid Cap Value Fund (WFMDX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09253

Wells Fargo Funds 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:	March 31, 2003
Date of reporting period:	September 30, 2003

ITEM 1. REPORT TO SHAREHOLDERS

WELLS FARGO

FUNDS

Wells Fargo Money Market Funds

Semi-Annual Report

Wells Fargo California Tax-Free Money Market Fund

Wells Fargo Government Money Market Fund

Wells Fargo Minnesota Money Market Fund

Wells Fargo Money Market Fund

Wells Fargo National Tax-Free Money Market Fund

Wells Fargo Treasury Plus Money Market Fund

Well Fargo 100% Treasury Money Market Fund

Class A, Class B

September 30, 2003

WELLSFARGOMONEYMARKETFUNDS

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
MONEY MARKET OVERVIEW	2
PRIMARY INVESTMENTS	4
PERFORMANCE HIGHLIGHTS
CALIFORNIATAX-FREEMONEYMARKETFUND	5
GOVERNMENTMONEYMARKETFUND	6
MINNESOTAMONEYMARKETFUND	7
MONEYMARKETFUND	8
NATIONALTAX-FREEMONEYMARKETFUND	9
TREASURYPLUSMONEYMARKETFUND	10
100%TREASURYMONEYMARKETFUND	11
PORTFOLIO OF INVESTMENTS
CALIFORNIATAX-FREEMONEYMARKETFUND	12
GOVERNMENTMONEYMARKETFUND	20
MINNESOTAMONEYMARKETFUND	24
MONEYMARKETFUND	26
NATIONALTAX-FREEMONEYMARKETFUND	30
TREASURYPLUSMONEYMARKETFUND	43
100%TREASURYMONEYMARKETFUND	45
FINANCIAL STATEMENTS
STATEMENTSOFASSETSANDLIABILITIES	46
STATEMENTSOFOPERATIONS	48
STATEMENTSOFCHANGESINNETASSETS	50
FINANCIALHIGHLIGHTS	54
NOTESTOFINANCIALHIGHLIGHTS	56
NOTES TO FINANCIAL STATEMENTS	57
BOARD OF TRUSTEES	61
LIST OF ABBREVIATIONS	63

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

This page is intentionally left blank —

WELLSFARGOMONEYMARKETFUNDS SHAREHOLDERLETTER

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Money Market Funds semi-annual report for the six-month period ending September 30, 2003. On the following pages, you will find the money market overview and facts and figures about each Fund’s portfolio.

OVERVIEW OF FINANCIAL MARKETS

Despite attempts by the federal government to boost the economy early in the year, the economy remained mired in weakness early in the reporting period. The Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1% in June, the lowest level in half a century. Still, unemployment continued to rise and a record fiscal year 2003 federal budget deficit loomed on the horizon, suggesting that tax revenues were not growing fast enough to cover government spending.

Market volatility that was caused by uncertainty over the possibility of war in Iraq was followed by uncertainty over the direction and magnitude of changes in Fed policy. Mortgage refinancing and consumer spending activity remained strong despite a back-up in intermediate-term interest rates. Economic growth began picking up steam during the summer, while corporate earnings exceeded expectations. Even employment data began showing improvement in September. Indeed, there were reasons to be optimistic about the U.S. economy as the end of 2003 approached.

WELLS FARGO MONEY MARKET FUNDS

The Fed’s decision to cut interest rates by just a quarter percentage point to 1% at its June 25, 2003 policy meeting brought interest rates down to levels not seen since the 1950s. Unfortunately, the rate cut did not meet investor expectations and interest rates were volatile through the end of the period in reaction to comments from the Fed and changing views on the outlook for economic growth. Despite a challenging environment for investors, the Wells Fargo Money Market Funds achieved their investment objectives of maintaining a stable net asset value.

It is important to remember that no one can accurately predict the future direction of short-term interest rates. We continue to maintain a more prudent investment strategy and do not pursue strategies that seek to boost yield at the expense of safety and liquidity. We believe that the pursuit of additional yield creates volatility that can potentially undermine Fund performance during uncertain markets.

INVESTMENT STRATEGIES IN CHALLENGING TIMES

Investors are counting on reasonably good earnings growth to propel stocks higher during the balance of 2003, overcoming potential hurdles to any future rally created by seemingly “rich” valuations and by upward pressure on interest rates. With pricing power still weak throughout much of the economy, most businesses will rely on further cost cutting to propel margins enough to sustain double-digit earnings growth. Meanwhile, bond investors may insulate portfolios from a potential rise in interest rates by gradually moving away from longer-term securities as well as by investing in high coupon bonds or mortgage-backed securities that hold up better in a rising interest rate environment. Regardless of what lies ahead, investors should continue to follow the fundamentals of investing—asset allocation and diversification—in an effort to achieve their long-term financial goals.

We would like to thank you for choosing Wells Fargo Funds. We appreciate your confidence in us during this uncertain time period. 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 visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

WELLSFARGOMONEYMARKETFUNDS MONEYMARKETOVERVIEW

MONEYMARKETOVERVIEW

This report covers the six-month period ended September 30, 2003.

This reporting period can be divided into two distinct segments. During the first three months of the period, interest rates moved lower as slow economic growth led many to believe that the Federal Reserve Board (the Fed) would continue its attempt to spur growth by aggressively lowering short-term interest rates. The second half of the period was characterized by rising interest rates, the result of the Fed’s interest rate cut in June not meeting investor expectations.

PRIME MONEY MARKET SECURITIES

For the first three months of the period, the yield curve flattened. Short-term money market investments (those maturing in less than three months) remained stable, while longer-term money market investments (those maturing in more than thirteen months) declined. By mid-June, the yield on one-year investments had declined 25 basis points to below 1%, while the Federal Funds rate remained near 1.25%. Despite warnings that their expectations were unrealistic, investors continued to expect a 50 basis point reduction in the Federal Funds rate in June. When the rate was lowered only 25 basis points, the market began to re-evaluate its outlook for continued regular rate cuts and the yields on longer-term money market investments began to move higher. By the end of the period, the one-year London Interbank Offered Rate (LIBOR) stood at 1.30% after peaking at 1.50% near the end of August.

The amount of commercial paper outstanding continued to decline during the period, as issuers took advantage of the record low bond yields to extend their debt. The amount of top rated commercial paper outstanding fell by more than 5% during the period, from $1.207 trillion to $1.144 trillion, reflecting a decrease of nearly 20% from the peak of $1.413 trillion in December 2000.

Credit quality also remained a concern during the reporting period. While the pace of downgrades slowed somewhat, accounting issues at some of the Government Sponsored Entities, and questions about corporate governance policies at the New York Stock Exchange, did not help to restore investor confidence in management policies, abilities, and integrity.

U.S. TREASURY SECURITIES

Although the Fed eventually did cut the Federal Funds rate by 25 basis points to 1.00%, Treasury bills had been pricing based on the assumption that there would be a 50 basis point cut. Even the one-year Treasury note traded below 0.90% in the days preceding the June rate cut. These low rates coincided with quarter-end demand pressures in June, causing the short-end of the Treasury market (less than three months) to remain overpriced for an unusually longer period of time than what typically follows a market disappointment. Eventually Treasury bill pricing became more reasonable, and the longer end of the market became relatively cheap. As budget deficit projections ballooned, expectations of a greater supply of Treasury bills and the general expectation of higher interest rates drove the price of Treasury bills into the mid 0.90’s to low 1.00’s.

Over this reporting period, the supply of Treasury bills greatly contracted: the issuance of Treasury bills for the first week of April stood at $72 billion, and declined to $44 billion by the end of the period. While the April issuance was largely due to seasonal factors, Treasury bill issuance did not meet expectations as the period progressed and Treasuries became more expensive. Evidence of this could be seen during September, when the U.S. Treasury Department had to issue cash management bills to cover a temporary cash shortfall early in the month. Continued issuance may point to the need for the Treasury to increase auction size in the coming months.

U.S. GOVERNMENT AGENCY SECURITIES

Spreads between U.S. Government agency offerings and money market securities continued to tighten during the period. Interest rates, concerns over the ability of government agencies to manage interest rate risk, losses in the Federal Home Loan Bank of New York’s bond portfolio, and an accounting scandal at the Federal Home Loan Mortgage Corporation (FHLMC) drove yields on U.S. Government agency securities higher on a relative basis. For a period in June, after the FHLMC accounting issues were made public, FHLMC discount notes traded more cheaply than A-1/P-1 bank commercial paper. Eighteen month floating rate paper from the Federal National Mortgage Association (FNMA) and FHLMC traded at similar discount margins to one-year asset-backed conduit program floaters. The number of callable issues continued to increase, but at a slower pace as rates declined in September. By the end of the period, changes in the regulation of FNMA and FHLMC seemed inevitable (although it may be a long and arduous process).

2

MONEYMARKETOVERVIEW WELLSFARGOMONEYMARKETFUNDS

TAX-FREE SECURITIES

The number of new municipal issues continued to increase swiftly as issuers found that it was often cheaper to issue variable rate securities than use the swap market to hedge interest rate risk. As variable rates surged to 103% of the one-month LIBOR in mid-April, the vast supply of variable rate demand notes increased, making it somewhat easier to invest the seasonal July cash inflows.

Fixed rate municipal securities were volatile during the reporting period. One-year paper started the period at 1.10% and interest rates plummeted to 0.80% at the peak of note season in late June. California was on the verge of running out of cash, as legislative parties were at odds over approving a budget. Standard and Poor’s was one of the driving forces behind breaking the stalemate by downgrading the state from A to BBB in late July. The price of California Revenue Anticipation Warrants (RAWs) plummeted as their yields skyrocketed from 1.15% to 2.00%.

Texas issued record-breaking Tax and Revenue Anticipation Notes in late August, exceeding municipal demand and splitting the one-year sector into three markets – the general market, the California market, and the Texas market. The one-year municipal securities markets finally settled down in early September as rates hovered near 1.00% for general market paper, 1.10% for Texas paper, and 1.60% for California RAWs.

STRATEGIC OUTLOOK

While the overnight interest rate has been stable, longer money market rates have increased considerably since the mid-point of the reporting period. With the U.S. economy picking up steam and the U.S. dollar weakening overseas, we believe that interest rates may continue to move higher. That increase, when accompanied by outflows from institutional investors, could trigger a challenging period for all money market funds. However, we do not believe that aggressively positioning a money market fund to boost its yield at the risk of jeopardizing its net asset value (NAV) would be appropriate, and we will continue to position the portfolios and select their investments in an ongoing effort to maintain a stable $1.00 NAV.

The views expressed are as of September 30, 2003 and are those of the Funds’ manager. 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 Money Market Funds.

3

WELLSFARGOMONEYMARKETFUNDS MONEYMARKETOVERVIEW

PRIMARY INVESTMENTS*

Wells Fargo Money Market Fund Name	U.S. Treasury Securities	Repurchase Agreements	U.S. Government Obligations	Commercial Paper	Certificates of Deposit/ Bankers Acceptances	Time Deposits	Floating/ Variable Rate Notes/Bonds	Mortgage and Other Asset- Backed Securities	Corporate Notes/ Bonds	Municipal Obligations
100% Treasury	X
Treasury Plus	X	X
Government	X	X	X
Money Market	X	X	X	X	X	X	X	X	X
National Tax-Free										X
Minnesota										X
California Tax-Free										X

*  The chart highlights some of the primary investments that the Funds may make as part of their investment strategies. The chart does not identify all of the permitted investments for each Fund.

4

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOCALIFORNIATAX-FREEMONEYMARKET

FUND —CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo California Tax-Free Money Market Fund (the Fund) seeks a high level of income exempt from federal income tax and California individual income tax, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

01/01/92

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo California Tax-Free Money Market Fund – Class A	0.19	0.49	1.81	2.27
Benchmark
iMoneyNet All State Specific California Money Fund Average2	0.25	0.63	2.00	2.67
*     Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.39%
7-Day Compound Yield	0.39%
30-Day Simple Yield	0.28%
30-Day Compound Yield	0.28%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Average Maturity	42 days
Number of Holdings	252

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.20%.

Performance shown for the Class A shares of the Wells Fargo California Tax-Free Money Market Fund for periods prior to November 8, 1999, reflects performance of the Class A shares of the Stagecoach California Tax-Free Money Market Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet All State Specific California Money Fund Average is an average of California retail state tax-free and municipal money funds.

³ Portfolio holdings and characteristics are subject to change.

5

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOGOVERNMENTMONEYMARKETFUND — CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo Government Money Market Fund (the Fund) seeks high current income, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

11/16/87

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Government Money Market Fund – Class A	0.24	0.65	3.27	3.92
Benchmark
iMoneyNet First Tier Retail Money Fund Average2	0.23	0.62	3.59	4.90

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.45%
7-Day Compound Yield	0.45%
30-Day Simple Yield	0.44%
30-Day Compound Yield	0.44%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	58 days
Number of Holdings	108

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.45%.

Performance shown for the Class A shares of the Wells Fargo Government Money Market Fund for periods prior to November 8, 1999, reflects performance of the Service Class (formerly Single Class) shares, adjusted for expenses, of the Norwest Advantage U.S. Government Fund (the accounting survivor of a merger of the Norwest Advantage U.S. Government Fund and the Stagecoach Government Money Market Fund), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds and the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet First Tier Retail Money Fund Average is an average of non-governmental retail funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

³ Portfolio holdings and characteristics are subject to change.

6

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOMINNESOTAMONEYMARKETFUND —CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo Minnesota Money Market Fund (the Fund) seeks to provide a high level of income exempt from federal income tax, but not the federal AMT, and Minnesota individual income tax, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

8/14/00

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	Life of Fund
Wells Fargo Minnesota Money Market Fund – Class A	0.16	0.46	1.51
Benchmark
iMoneyNet All State Specific Minnesota Retail Money Fund Average2	0.17	0.46	1.53

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.33%
7-Day Compound Yield	0.33%
30-Day Simple Yield	0.23%
30-Day Compound Yield	0.23%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	50 days
Number of Holdings	61

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. The Fund’s Adviser also has voluntarily waived fees and/or reimbursed expenses, which reduced operating expenses. Actual reductions of operating expenses increased total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.24%.

² The iMoneyNet All State Specific Minnesota Retail Money Fund Average consists of only Minnesota retail state tax-free and municipal money funds.

³ Portfolio holdings and characteristics are subject to change.

7

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOMONEYMARKETFUND — CLASSAANDCLASSB

INVESTMENT OBJECTIVE

The Wells Fargo Money Market Fund (the Fund) seeks high current income, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

07/01/92

AVERAGE ANNUAL TOTAL RETURN¹(%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Money Market Fund – Class A	0.23	0.64	3.31	3.98
Wells Fargo Money Market Fund – Class B	0.07	0.17	2.62	3.29
Benchmark
iMoneyNet First Tier Retail Money Fund Average2	0.23	0.62	3.59	4.90

*     Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY CLASS A (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.36%
7-Day Compound Yield	0.36%
30-Day Simple Yield	0.35%
30-Day Compound Yield	0.35%

FUND YIELD SUMMARY CLASS B (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.10%
7-Day Compound Yield	0.10%
30-Day Simple Yield	0.10%
30-Day Compound Yield	0.10%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Average Maturity	50 days
Number of Holdings	116

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge, but the Fund’s Class B shares are subject to a contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. The Fund’s Adviser also has voluntarily waived fees and/or reimbursed expenses, which reduced operating expenses. Actual reductions of operating expenses increased total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.19% for the Class A shares and 0.00% for the Class B shares. Performance shown for the Class A shares of the Wells Fargo Money Market Fund for periods prior to November 8, 1999, reflects performance of the Class A shares of the Stagecoach Money Market Fund (the accounting survivor of a merger of the Norwest Advantage Ready Cash Investment Fund, Stagecoach Prime Money Market Fund and the Stagecoach Money Market), its predecessor fund. Performance shown for the Class B shares of the Wells Fargo Money Market Fund for periods prior to November 8, 1999, reflects performance of the Class S shares of the Stagecoach Money Market Fund (the accounting survivor of a merger of the Norwest Advantage Ready Cash Investment Fund, the Stagecoach Prime Money Market Fund and the Stagecoach Money Market Fund), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet First Tier Retail Money Fund Average is an average of non-government retail funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³ Portfolio holdings and characteristics are subject to change.

8

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGONATIONALTAX-FREEMONEYMARKETFUND —CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo National Tax-Free Money Market Fund (the Fund) seeks high current income exempt from federal income taxes, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

08/03/93

AVERAGE ANNUAL TOTAL RETURN¹(%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo National Tax-Free Money Market Fund – Class A	0.22	0.58	2.13	2.58
Benchmark
iMoneyNet All Tax-Free Money Fund Average2	0.26	0.64	2.22	2.83
*     Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.47%
7-Day Compound Yield	0.48%
30-Day Simple Yield	0.36%
30-Day Compound Yield	0.36%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	37 days
Number of Holdings	316

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.47%.

Performance shown for the Class A shares of the Wells Fargo National Tax-Free Money Market Fund for the period prior to July 28, 2003, reflects performance of the Service Class shares of the Wells Fargo National Tax-Free Money Market Fund, adjusted for Class A fees and expenses. Performance shown for periods prior to November 8, 1999, reflects performance of the Service Class (formerly Institutional Class) shares of the Norwest Advantage Municipal Money Market Fund (the accounting survivor of a merger of the Norwest Advantage Municipal Money Market Fund and the Stagecoach National Tax-Free Money Market Fund), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet All Tax-Free Money Fund Average includes tax-free and municipal retail and institutional money funds. It is made up of funds in the National Tax-Free Retail, National Tax-Free Institutional, State-Specific Retail and State-Specific Institutional categories.

³  Portfolio holdings and characteristics are subject to change.

9

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOTREASURYPLUSMONEYMARKETFUND —CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo Treasury Plus Money Market Fund (the Fund) seeks current income and stability of principal.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

10/01/85

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Treasury Plus Money Market Fund – Class A	0.26	0.68	3.25	3.95
Benchmark
iMoneyNet Treasury & Repo Retail Money Fund Average2	0.21	0.56	3.38	4.65

*     Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.39%
7-Day Compound Yield	0.39%
30-Day Simple Yield	0.38%
30-Day Compound Yield	0.39%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	51 days
Number of Holdings	32

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds. The U.S. Treasury guarantee applies to the underlying securities and NOT to shares of the Fund.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.39%.

Performance shown for the Class A shares of the Wells Fargo Treasury Plus Money Market Fund for the periods prior to July 28, 2003, reflects performance of the Service Class shares of the Wells Fargo Treasury Plus Money Market Fund, adjusted for Class A fees and expenses. Performance shown for periods prior to November 8, 1999, reflects performance of the Service Class shares of the Stagecoach Treasury Plus Money Market Fund (the accounting survivor of a merger between the Norwest Advantage Treasury Plus Fund and the Stagecoach Treasury Plus Money Market Fund), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds. Performance shown for the period prior to October 1, 1995, through September 6, 1996, reflects performance of the Pacific American U.S. Treasury Portfolio, the predecessor portfolio. In July 1995, the Pacific American U.S. Treasury Portfolio was renamed the Pacifica Treasury Money Market Fund. Performance shown for periods prior to October 1, 1995, reflects performance of the shares of the predecessor portfolio.

² The iMoneyNet Treasury & Repo Retail Money Fund Average is an average of retail government funds holding U.S. Treasuries and repurchase agreements backed by the U.S. Treasury.

³ Portfolio holdings and characteristics are subject to change.

10

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGO 100%TREASURYMONEYMARKETFUND —CLASSA

INVESTMENT OBJECTIVE

The Wells Fargo 100% Treasury Money Market Fund (the Fund) seeks stability of principal and current income that is exempt from most state and local individual income taxes.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

12/03/90

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo 100% Treasury Money Market Fund – Class A	0.21	0.60	3.10	3.76
Benchmarks
iMoneyNet Treasury Retail Money Fund Average2	0.22	0.63	3.40	4.64
91 Day U.S. Treasury Bill3	0.84	1.89	4.54	5.01

*     Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.31%
7-Day Compound Yield	0.31%
30-Day Simple Yield	0.32%
30-Day Compound Yield	0.32%

FUND CHARACTERISTICS4 (AS OF SEPTEMBER 30, 2003)
Average Maturity	53 days
Number of Holdings	31

PORTFOLIO COMPOSITION⁴ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION⁴ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.08%.

Performance shown for the Class A shares of the Wells Fargo 100% Treasury Money Market Fund for periods prior to November 8, 1999 reflects performance of the Service Class (formerly Single Class) shares, adjusted for expenses, of the Norwest Advantage Treasury Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet Treasury Retail Money Fund Average includes only retail funds that hold 100% in U.S. Treasury securities.

³ Estimated monthly return (12^th root of annualized discount rate) which is based on the discount rate quoted on the last business day of the month of 91 day U.S. Treasury Bills. These figures are calculated on a 365 day basis.

⁴ Portfolio holdings and characteristics are subject to change.

11

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.85%
California – 93.77%
$	6,000,000	ABAG Finance Authority For Nonprofit Corporations California Housing Revenue Series A Societe Generale LOC§	1.10	%	07/01/2008	$	6,000,000
	9,865,000	ABAG Finance Authority For Nonprofit Corporations California MFHR Gaia Building Project Series A Collateralized By FNMA§	1.05		09/15/2032		9,865,000
	1,150,000	Alameda County CA CTFS Participation Santa Rita Jail Project Lease Revenue Prerefunded 12/01/03 @ 102 MBIA Insured§	5.70		12/01/2014		1,181,779
	5,500,000	Alvord CA University School District CTFS Participation Food Services Bridge Funding Program Lease Revenue FSA Insured§	1.05		06/01/2037		5,500,000
	4,400,000	Anaheim CA CTFS Participation Lease Revenue AMBAC Insured§	1.00		08/01/2019		4,400,000
	3,900,000	Anaheim CA Housing Authority MFHR Collateralized By FNMA§	1.10		07/15/2020		3,900,000
	10,244,000	Anaheim CA Housing Authority MFHR Fountain Anaheim Hills Series A Collateralized By FNMA§	1.15		02/15/2033		10,244,000
	4,345,000	Anaheim CA Housing Authority MFHR Monterrey Apartments Series B Collateralized By FNMA§	1.10		05/15/2027		4,345,000
	6,300,000	Anaheim CA Housing Authority MFHR Sea Wind Apartments Project Series C Collateralized By FNMA§	1.15		07/15/2033		6,300,000
	8,160,000	Anaheim CA Public Financing Authority Lease Revenue FSA Insured§	1.13		09/01/2024		8,160,000
	37,000,000	Bay Area Toll Authority CA Toll Bridge Revenue San Francisco Bay Area Project Series A AMBAC Insured§	1.00		04/01/2036		37,000,000
	4,300,000	Bay Area Toll Authority CA Toll Bridge Revenue San Francisco Bay Area Series B§	1.00		04/01/2029		4,300,000
	700,000	Bay Area Toll Authority California Toll Bridge Revenue San Francisco Bay Area Project Series C AMBAC Insured§	1.05		04/01/2037		700,000
	11,000,000	Buena Park CA MFHR Walden Glen Apartments Project Series A§	1.15		02/15/2033		11,000,000
	13,000,000	California Cities Home Ownership Authority Housing Revenue Lease Purchase Program Project Series A Collateralized By FHLMC§	1.10		09/01/2006		13,000,000
	3,000,000	California Communities Housing Finance Agency Lease Revenue Series A Collateralized By FHLMC§	1.10		02/01/2007		3,000,000
	2,420,000	California Educational Facilities Authority Revenue CTFS Series 113 General Obligation of University§	1.08		12/01/2027		2,420,000
	10,500,000	California Educational Facilities Authority Revenue Loyola Maramount University Series B MBIA Insured§	1.10		10/01/2027		10,500,000
	8,290,000	California Educational Facilities Authority Revenue Santa Clara University Series B MBIA Insured§	1.10		02/01/2032		8,290,000
	980,000	California HFA Revenue CTFS Series 150 MBIA Insured§	1.13		02/01/2029		980,000
	75,000	California HFA Revenue CTFS Series 412 AMBAC Insured§	1.13		08/01/2029		75,000
	3,400,000	California HFA Revenue Home Mortgage Series B§	1.28		08/01/2033		3,400,000
	5,800,000	California HFA Revenue Home Mortgage Series M§	1.20		08/01/2033		5,800,000
	4,415,000	California HFA Revenue Home Mortgage Series U§	1.10		02/01/2017		4,415,000
	10,925,000	California HFA Revenue Home Mortgage Series U§	1.14		02/01/2031		10,925,000
	31,960,000	California HFA Revenue Home Mortgages FSA Insured§	1.14		02/01/2032		31,960,000
	6,800,000	California HFA Revenue Home Mortgages Series F FSA Insured§	1.07		02/01/2034		6,800,000
	5,600,000	California HFA Revenue Home Mortgages Series M§	1.20		02/01/2025		5,600,000
	1,470,000	California HFA Revenue MBIA Insured§	1.15		08/01/2016		1,470,000
	9,100,000	California HFA Revenue MFHR Series D§	1.23		02/01/2031		9,100,000
	2,050,000	California HFA Revenue Series 112-A§	1.15		08/01/2026		2,050,000
	6,900,000	California HFA Revenue Series F§	1.20		02/01/2033		6,900,000
	17,800,000	California HFFA Revenue Adventist Health Systems Series B KBC Bank NV LOC§	1.20		09/01/2025		17,800,000

12

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	2,845,000	California HFFA Revenue CTFS Series 26 FSA Insured§	1.08	%	06/01/2022	$	2,845,000
	7,200,000	California HFFA Revenue Scripps Health Series A Bank One NA LOC§	1.05		10/01/2023		7,200,000
	13,155,000	California HFFA Revenue Series A MBIA Insured§	1.20		09/01/2028		13,155,000
	8,530,000	California HFFA Revenue Series B MBIA Insured§	1.20		09/01/2028		8,530,000
	7,120,000	California HFFA Revenue Series C MBIA Insured§	1.20		09/01/2015		7,120,000
	15,500,000	California Infrastructure & Economic Development Bank Revenue J Paul Getty Series D§	1.00		04/01/2033		15,500,000
	18,000,000	California Infrastructure & Economic Development Bank Series 2002	0.80		11/19/2003		18,000,000
	15,000,000	California Infrastructure & Economic Development Bank Series 2002	0.80		12/09/2003		15,000,000
	76,000,000	California School Cash Reserve Program Authority Pool Series A	2.00		07/06/2004		76,632,672
	8,300,000	California State Department Water Reserve & Power Supply Revenue Series 764 FSA Insured§	1.08		05/01/2012		8,300,000
	29,200,000	California State Department Water Reserve & Power Supply Revenue Series B-1 Bank of New York LOC§	1.20		05/01/2022		29,200,000
	24,400,000	California State Department Water Reserve & Power Supply Revenue Series B-4 Bayerische Landesbank LOC§	1.15		05/01/2022		24,400,000
	1,900,000	California State Department Water Reserve & Power Supply Revenue Series B-5 Bayerische Landesbank LOC§	1.15		05/01/2022		1,900,000
	26,800,000	California State Department Water Reserve & Power Supply Revenue Series C-14 Westdeutsche Landesbank LOC§	1.10		05/01/2022		26,800,000
	17,800,000	California State Department Water Reserve & Power Supply Revenue Series C-3 AMBAC Insured§	1.05		05/01/2022		17,800,000
	9,000,000	California State Department Water Reserve Center Valley Project Revenue Putters Series 127 FGIC Insured§	1.10		12/01/2022		9,000,000
	3,200,000	California State Economic Development Financing Authority Industrial Development Revenue Serra Microchassis Project US Bank NA LOC§	1.20		08/01/2027		3,200,000
	2,005,000	California State Economic Development Financing Authority Industrial Development Revenue Serra Mission Project Series A US Bank NA LOC§	1.20		08/01/2027		2,005,000
	4,995,000	California State Floater CTFS Series 471X MBIA Insured§	1.13		09/01/2024		4,995,000
	9,000,000	California State Floats PA 315 FSA Insured§	1.15		12/01/2003		9,000,000
	1,420,000	California State Floats PT 153A§	1.15		12/01/2008		1,420,000
	11,500,000	California State Merlots-B 45 Wachovia Bank Insured§	1.09		10/01/2029		11,500,000
	10,395,000	California State Public Works Board Lease Revenue CTFS Series 210 AMBAC Insured§	1.08		01/01/2011		10,395,000
	19,570,000	California State Public Works Board Lease Revenue CTFS Series D AMBAC Insured§	1.11		12/01/2019		19,570,000
	8,875,000	California State Public Works Board Lease Revenue Roc Series II-R-133 AMBAC Insured§	1.11		12/01/2014		8,875,000
	4,205,000	California State Public Works Board Lease Revenue Roc Series II-R-160 AMBAC Insured§	1.11		10/01/2012		4,205,000
	6,425,000	California State Putters Series 239Z AMBAC Insured§	1.13		12/01/2032		6,425,000
	26,400,000	California State Series C-1 Bank of America NA LOC§	1.10		05/01/2033		26,400,000
	20,800,000	California Statewide CDA Davis Retirement Care Project§	1.20		11/15/2028		20,800,000
	6,400,000	California Statewide CDA MFHR Canyon Country Apartments Series M Collaterlized By FHLMC§	1.15		12/01/2034		6,400,000
	6,750,000	California Statewide CDA MFHR Crocker Oaks Apartments Projectseries H Collateralized By FNMA§	1.15		03/15/2034		6,750,000
	3,985,000	California Statewide CDA MFHR Granite Oaks Apartments Series R Collateralized By FNMA§	1.15		10/15/2030		3,985,000

13

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	2,160,000	California Statewide CDA MFHR Greenback Manorapartments Series A Collateralized By FHLB§	1.10	%	02/01/2028	$	2,160,000
	17,200,000	California Statewide CDA MFHR IAC Project Series W-1 Bank of America NA LOC§	1.10		08/01/2034		17,200,000
	2,800,000	California Statewide CDA MFHR IAC Project Series W-2 Bank of America NA LOC§	1.10		09/15/2029		2,800,000
	700,000	California Statewide CDA MFHR IAC Project Series W-3 Bank of America NA LOC§	1.10		04/01/2025		700,000
	13,700,000	California Statewide CDA Revenue Childrens Hospital of Los Angeles Series Bambac Insured§	1.00		08/15/2032		13,700,000
	9,180,000	California Statewide CDA Revenue CTFS Participation House Ear Institute JP Morgan Chase & Company LOC§	1.20		12/01/2018		9,180,000
	1,000,000	California Statewide CDA Revenue Fremont Rideout Health Group Series A AMBAC Insured§	1.15		01/01/2031		1,000,000
	10,000,000	California Statewide CDA Revenue Series A AMBAC Insured§	1.00		08/15/2032		10,000,000
	37,000,000	California Statewide CDA Revenue TRAN Series A-1 FSA Insured§	2.00		06/30/2004		37,306,351
	11,090,000	California Statewide CDA Solid Waste Facilities Revenue Chevron USA Project Chevron Corporation LOC§	1.18		12/15/2024		11,090,000
	16,420,000	Camarillo CA MFHR Hacienda de Camarillo Project Collateralized By FNMA§	1.15		10/15/2026		16,420,000
	2,400,000	Camarillo CA MFHR Heritage Park Project Series A Collateralized By FNMA§	1.10		07/15/2019		2,400,000
	5,000,000	Castaic Union School District California CTFS Participation School Facility Bridge Funding Program FSA Insured§	1.05		09/01/2036		5,000,000
	5,100,000	Colton CA Redevelopment Agency CTFS Participation Las Palomas Association Project City National Bank LOC§	1.05		11/01/2015		5,100,000
	5,985,000	Compton CA University School District Merlots Series B39 MBIA Insured§	1.09		09/01/2027		5,985,000
	7,825,000	Contra Costa County CA Home Mortgage Revenue CTFS Series A§	1.15		12/01/2010		7,825,000
	7,000,000	Contra Costa County CA MFHR Delta Square Apartments Project Series H Collateralized By FNMA§	1.10		10/15/2029		7,000,000
	745,000	Contra Costa County CA MFHR El Cerrito Royale Project Series A Bank of America LOC§	1.10		12/01/2017		745,000
	3,300,000	Contra Costa County CA MFHR Lafayette Town Center Apartments Series I Collateralized By FNMA§	1.15		07/15/2032		3,300,000
	1,000,000	Contra Costa County CA MFHR Series B Collateralized By FNMA§	1.10		11/15/2022		1,000,000
	32,000,000	Contra Costa County CA TRAN Series A	2.50		11/17/2003		32,043,332
	1,550,000	Covina CA Redevelopment Agency MFHR Shadowhills Apartments Series A Collateralized By FNMA§	1.08		12/01/2015		1,550,000
	2,390,000	Eagle Tax-Exempt Trust CTF Series 950501 (California State) MBIA Insured§	1.11		02/01/2006		2,390,000
	4,000,000	Eagle Tax-Exempt Trust CTF Series 970503 (California State Public Works Board Lease Revenue Series C) AMBAC Insured§	1.11		09/01/2017		4,000,000
	4,400,000	Escondido CA Community Development Common CTFS Participation Bank of America NT & SA LOC§	1.10		10/01/2016		4,400,000
	21,710,000	Fresno CA Union School District Anticipation Notes	1.10		02/19/2004		21,710,336
	6,865,000	Garden Grove CA Housing Authority MFHR Floats PT 1385 Collateralized By GNMA§	1.15		03/23/2006		6,865,000
	2,725,000	Golden Gate Bridge Highway & Transportation District Morgan Guaranty Trust Company of New York LOC	0.85		10/08/2003		2,725,000
	4,000,000	Hayward CA MFHR Shorewood Series A FGIC Insured§	1.05		08/01/2014		4,000,000
	3,700,000	Hayward CA MFHR Tennyson Gardens Apartments Project Series A US Bank NA LOC§	1.20		08/01/2032		3,700,000

14

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	1,000,000	Hemet CA MFHR Sunwest Retirement Series A Collateralized By FHLMC§	1.10	%	01/01/2025	$	1,000,000
	1,760,000	Irvine CA Industrial Revenue Irvine East Investment Company Project Bank of America NA LOC§	1.05		12/01/2005		1,760,000
	6,600,000	Irvine Ranch CA Water District CTFS Participation Capital Improvement Project Landesbank Baden LOC§	1.15		08/01/2016		6,600,000
	2,000,000	Irvine Ranch CA Water District State Street B&T Company LOC§	1.15		01/01/2021		2,000,000
	5,500,000	Lancaster CA Redevelopment Agency MFHR 20Th Street Apartments Project Series C Collateralized By FNMA§	1.10		12/01/2026		5,500,000
	4,450,000	Livermore CA Redevelopment Agency MFHR Series 2002A Livermore Apartments Project Bank of America NA LOC§	1.25		11/01/2040		4,450,000
	2,135,000	Long Beach CA Harbor Revenue Series 418 FGIC Insured§	1.13		05/15/2020		2,135,000
	2,800,000	Long Beach CA Hbr Rev PA 651 FGIC Insured§	1.15		05/15/2019		2,800,000
	7,140,000	Los Angeles CA Community Redevelopment Agency MFHR Series A Rowan Lofts Project FNMA Insured§	1.15		12/01/2034		7,140,000
	12,000,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series C1 AMBAC Insured§	0.97		08/15/2021		12,000,000
	6,305,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series D AMBAC Insured§	0.97		08/15/2021		6,305,000
	12,000,000	Los Angeles CA Department of Airports Revenue Series C1 Los Angeles International Airport§	1.05		05/15/2020		12,000,000
	6,795,000	Los Angeles CA Harbor Department Revenue Transportation Receipts Class F Series 7 MBIA Insured§	1.11		11/01/2026		6,795,000
	7,300,000	Los Angeles CA MFHR Broadway Plaza Project Series L§	1.10		12/01/2034		7,300,000
	2,500,000	Los Angeles CA MFHR Fountain Park Project Series P§	1.05		04/15/2033		2,500,000
	3,700,000	Los Angeles CA MFHR LA Bera Apartment Project Series G Citibank NA LOC§	1.05		12/01/2030		3,700,000
	100,000	Los Angeles CA MFHR Loans To Lenders Program Series A FHLB LOC§	1.25		08/01/2026		100,000
	5,300,000	Los Angeles CA MFHR Masselin Manor Housing Project Bank of America Nt & SA LOC§	1.10		07/01/2015		5,300,000
	9,000,000	Los Angeles CA Union School District COP Multiple Properties Project Series B§	2.25		10/01/2003		9,000,000
	18,300,000	Los Angeles CA Union School District Merlots Series A22§	1.09		07/01/2022		18,300,000
	5,000,000	Los Angeles CA Union School District Merlots Series B12§	1.09		01/01/2027		5,000,000
	55,500,000	Los Angeles CA Union School District TRAN Series A	2.00		07/01/2004		55,944,576
	5,000,000	Los Angeles CA Wastewater System Sewer Revenue ROCS RR II R 4034§	1.11		06/01/2022		5,000,000
	10,200,000	Los Angeles CA Wastewater System Sewer Revenue Series A FGIC Insured§	1.25		12/01/2031		10,200,000
	8,600,000	Los Angeles CA Wastewater System Sewer Revenue Series B FGIC Insured§	1.25		12/01/2031		8,600,000
	5,995,000	Los Angeles CA Water & Power Revenue Series 182 FSA Insured§	1.10		07/01/2022		5,995,000
	10,595,000	Los Angeles CA Water & Power Revenue Series 184 FSA Insured§	1.10		07/01/2022		10,595,000
	4,200,000	Los Angeles CA Water & Power Revenue Subseries A-2§	1.05		07/01/2035		4,200,000
	16,700,000	Los Angeles CA Water & Power Revenue Subseries A-4§	1.05		07/01/2035		16,700,000
	6,300,000	Los Angeles CA Water & Power Revenue Subseries A-6§	1.05		07/01/2035		6,300,000
	20,000,000	Los Angeles CA Water & Power Revenue Subseries A-7§	1.05		07/01/2035		20,000,000
	3,000,000	Los Angeles CA Water & Power Revenue Subseries B-1 Dexia Insured§	1.05		07/01/2035		3,000,000
	20,900,000	Los Angeles CA Water & Power Revenue Subseries B-2§	1.05		07/01/2034		20,900,000
	20,500,000	Los Angeles CA Water & Power Revenue Subseries B-3§	1.18		07/01/2034		20,500,000
	1,450,000	Los Angeles CA Water & Power Revenue Subseries B-6§	1.20		07/01/2034		1,450,000
	7,100,000	Los Angeles CA Water & Power Revenue Subseries B-7§	1.05		07/01/2034		7,100,000
	13,600,000	Los Angeles CA Water & Power Revenue Subseries B-8 Bank of America NA LOC§	1.05		07/01/2034		13,600,000

15

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	18,670,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11	%	07/01/2016	$	18,670,000
	20,200,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2021		20,200,000
	10,000,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2025		10,000,000
	3,000,000	Los Angeles County CA MFHR Authority Revenue P Float PT 639§	1.22		10/01/2031		3,000,000
	5,850,000	Los Angeles County CA Pension Obligation Series B§	1.01		06/30/2007		5,850,000
	1,305,000	Los Angeles County CA Pension Obligation Series C§	1.00		06/30/2007		1,305,000
	5,000,000	Los Angeles County CA Sanitation District Revenue Series A	5.25		10/01/2019		5,100,000
	12,800,000	Los Angeles County CA Schools TRAN Series A	1.75		06/30/2004		12,878,504
	10,000,000	Los Angeles County CA Transportation Common Sales Revenue Series A FGIC Insured§	1.00		07/01/2012		10,000,000
	9,055,000	Metropolitan Water District Southern CA Waterworks Revenue MBIA Insured§	1.14		07/01/2030		9,055,000
	4,965,000	Metropolitan Water District Southern CA Waterworks Revenue Merlots A21§	1.09		07/01/2021		4,965,000
	56,145,000	Metropolitan Water District Southern CA Waterworks Revenue Series A§	1.03		07/01/2025		56,145,000
	3,400,000	Metropolitan Water District Southern CA Waterworks Revenue Series A AMBAC Insured§	1.05		06/01/2023		3,400,000
	6,850,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	1.15		07/01/2035		6,850,000
	11,100,000	Modesto CA Irrigation District Financing Authority Revenue Series SG66 MBIA Insured§	1.14		10/01/2015		11,100,000
	6,500,000	Modesto CA MFHR Live Oak Apartments Project Collateralized By FNMA§	1.10		09/15/2024		6,500,000
	5,620,000	Modesto CA PFA Lease Revenue Series 354 AMBAC Insured§	1.08		09/01/2029		5,620,000
	31,900,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series F MBIA Insured§	1.20		07/01/2022		31,900,000
	4,170,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series II R 134 MBIA Insured§	1.11		07/01/2013		4,170,000
	2,400,000	Newport Beach CA Revenue Hoag Memorial Hospital Series A§	1.23		10/01/2026		2,400,000
	19,700,000	Newport Beach CA Revenue Hoag Memorial Hospital Series B§	1.23		10/01/2026		19,700,000
	10,500,000	Newport Beach CA Revenue Hoag Memorial Hospital Series C§	1.23		10/01/2026		10,500,000
	2,965,000	Norwalk LA Mirada CA Union School District Series A§	2.00		08/01/2004		2,993,907
	11,800,000	Orange County CA Apartment Development Revenue Bluffs Apartment Project Series C FHLMC LOC§	1.10		12/01/2029		11,800,000
	4,000,000	Orange County CA Apartment Development Revenue Park Ridge Villas Project FNMA LOC§	1.10		11/15/2028		4,000,000
	5,600,000	Orange County CA Apartment Development Revenue Seaside Meadows Partners Project Series 1984C FHLMC LOC§	1.00		08/01/2008		5,600,000
	8,000,000	Orange County CA Apartment Development Revenue Series A FHLMC LOC§	1.10		12/01/2006		8,000,000
	26,805,000	Orange County CA Apartment Development Revenue Series B Aliso Creek Project FHLMC LOC§	1.05		11/01/2022		26,805,000
	7,449,000	Orange County CA Apartment Development Revenue Series D Harbor Pointe Project FHLMC LOC§	1.10		12/01/2022		7,449,000
	9,098,000	Orange County CA Improvement Assessment District Number 88 Series 1 KBC Bank NV LOC§	1.20		09/02/2018		9,098,000
	12,490,000	Orange County CA Sanitation Districts COP AMBAC Insured§	1.05		08/01/2013		12,490,000
	1,375,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series B AMBAC Insured§	1.05		11/01/2014		1,375,000

16

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	3,050,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series D AMBAC Insured§	1.05	%	11/01/2014	$	3,050,000
	3,000,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series E AMBAC Insured§	1.05		11/01/2014		3,000,000
	5,000,000	Pacific CA HFA Lease Revenue Series A FHLMC Insured§	1.10		02/01/2007		5,000,000
	720,000	Palo Alto CA USD Series II R 93§	1.11		08/01/2016		720,000
	10,000,000	Port of Oakland CA	0.80		10/07/2003		10,000,000
	12,000,000	Port of Oakland CA Series D	0.80		10/08/2003		12,000,000
	6,000,000	Port of Oakland CA Series D	0.90		10/09/2003		6,000,000
	14,000,000	Port of Oakland CA Series D	0.80		10/14/2003		14,000,000
	11,400,000	Port of Oakland CA Series D	0.80		10/15/2003		11,400,000
	4,995,000	Port of Oakland CA Transportation Revenue FGIC Insured§	1.15		05/01/2008		4,995,000
	7,285,000	Port of Oakland CA Transportation Revenue MBIA Insured§	1.15		05/01/2010		7,285,000
	18,290,000	Port of Oakland CA Transportation Revenue Series 5 FGIC Insured§	1.08		11/01/2012		18,290,000
	2,690,000	Rancho Mirage CA JT Powers Financing Authority Certificates of Participation EISenhower Medical Center Project§	1.07		07/01/2022		2,690,000
	2,245,000	Riverside County CA Asset Lending Corporation Leasehold Revenue MBIA Insured§	1.08		06/01/2016		2,245,000
	8,100,000	Riverside County CA Community Facilities District Series 88-4 KBC Bank LOC§	1.10		09/01/2014		8,100,000
	5,000,000	Riverside County CA IDA Bank of America NA LOC§	1.10		06/01/2026		5,000,000
	22,400,000	Riverside San Bernadino CA Housing & Finance Agency Lease Revenue Series A Societe Generale LOC§	1.10		07/01/2006		22,400,000
	3,000,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2000-12 Class A§	1.24		03/01/2034		3,000,000
	7,000,000	Sacramento County CA HFA MFHR Arlington Creek Apartment Series 1 Collateralized By FNMA§	1.15		05/15/2034		7,000,000
	6,300,000	Sacramento County CA HFA MFHR Hidden Oaks Apartments Project Series C Collateralized By FNMA§	1.15		05/15/2029		6,300,000
	6,000,000	Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A§	1.15		02/15/2033		6,000,000
	2,500,000	Sacramento County CA MFHR Series C Collateralized By FHLMC§	1.05		04/15/2007		2,500,000
	5,200,000	Sacramento County CA MFHR Suncreek Apartments Project Series A§	1.10		04/01/2026		5,200,000
	7,600,000	Sacramento County CA Sanitation District Financing Authority Revenue Subordinate Lien Sacramento Regulation C Credit Agricole Indosuez LOC§	1.05		12/01/2030		7,600,000
	6,115,000	San Bernadino County CA MFHR Green Valley Apartments Project Series A Collateralized By FNMA§	1.10		05/15/2029		6,115,000
	5,665,000	San Bernardino CA Community College District Series RR II R-3006 MBIA Insured§	1.11		08/01/2023		5,665,000
	39,000,000	San Bernardino County CA TRAN	1.50		07/01/2004		39,202,625
	3,395,000	San Diego CA Area HFA Lease Revenue Series B Collateralized By FNMA§	1.10		06/01/2006		3,395,000
	57,260,000	San Diego CA County & School District Revenue Anticipation Notes Series A	1.75		06/30/2004		57,619,750
	14,825,000	San Diego CA HFA MFHR Stratton Apartments Project Series A Collateralized By FNMA§	1.15		01/15/2033		14,825,000
	16,830,000	San Diego CA MFHR Collateralized By FHLMC§	1.13		09/01/2004		16,830,000
	32,595,000	San Diego CA MFHR Collateralized By FHLMC§	1.13		03/01/2032		32,595,000
	10,200,000	San Diego CA MFHR Collateralized By FNMA§	1.05		08/01/2014		10,200,000
	11,050,000	San Diego CA MFHR Paseo Series A§	1.05		12/01/2022		11,050,000
	19,130,000	San Diego CA Public Facilities Financing Authority Sewer Revenue Series SG 130§	1.11		05/15/2029		19,130,000

17

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	5,430,000	San Diego CA Public Facilities Financing Authority Water Revenue Class A§	1.11	%	08/01/2012	$	5,430,000
	6,621,000	San Diego CA Union School District Floaters Series 759 FSA Insured§	1.08		07/01/2026		6,621,000
	5,826,000	San Diego CA Union School District Series 758§	1.08		07/01/2027		5,826,000
	11,580,000	San Diego CA Union School District Series PA-804§	1.11		07/01/2022		11,580,000
	4,975,000	San Francisco CA City & County CTFS Series C-6§	1.10		06/15/2007		4,975,000
	15,800,000	San Francisco CA City & County Finance Corporation Lease Revenue Moscone Center Expansion Project Series 1 AMBAC Insured§	1.03		04/01/2030		15,800,000
	10,700,000	San Francisco CA City & County Public Utilities Commission For Clean Water Merlots Series B20 MBIA Insured§	1.09		10/01/2022		10,700,000
	1,500,000	San Jose CA MFHR Almaden Lake Village Apartments Project Series A Collateralized By FNMA§	1.12		03/01/2032		1,500,000
	19,000,000	San Jose CA MFHR Evans Lane Apartments Project Series H Bank of America NA LOC§	1.10		04/15/2036		19,000,000
	2,000,000	San Jose CA Redevelopment Agency Tax Allocation Putters Series 158Z Morgan Guaranty LOC§	1.10		08/01/2014		2,000,000
	6,857,500	San Jose CA Union School District Santa Clara County Floaters Series 761 FSA Insured§	1.08		08/01/2027		6,857,500
	8,690,000	San Jose-Santa Clara CA Water Financing Authority Sewer Revenue Floats SG 49§	1.11		11/15/2020		8,690,000
	2,200,000	San Leandro CA MFHR Haas Avenue Apartments Series B Security Pacific National LOC§	1.05		10/01/2007		2,200,000
	5,800,000	Santa Ana CA Health Facility Revenue Multi-Modal Town & Country Project BNP Paribas LOC§	1.20		10/01/2020		5,800,000
	9,000,000	Santa Barbara County CA TRAN Series A	2.00		07/23/2004		9,086,649
	6,165,000	Santa Clara CA Electric Revenue Series A AMBAC Insured§	1.05		07/01/2010		6,165,000
	2,395,000	Santa Clara CA Electric Revenue Series B AMBAC Insured§	1.05		07/01/2010		2,395,000
	5,900,000	Santa Clara County CA MFHR Benton Park Center Apartments Project Series A Collateralized By FNMA§	1.15		12/15/2025		5,900,000
	11,400,000	Santa Clara County CA MFHR Foxchase Apartments Project Series E FGIC Insured§	1.05		11/01/2007		11,400,000
	6,150,000	Simi Valley CA MFHR Series A§	1.10		07/01/2023		6,150,000
	24,000,000	Sonoma County CA TRAN	2.50		10/14/2003		24,008,072
	30,595,000	South Orange County CA PFA Special Tax Revenue Series 146§	1.10		08/15/2015		30,595,000
	2,300,000	Southeast Resource Recovery Facilities Authority Lease Revenue Refunding Bonds Series B§	1.04		12/01/2018		2,300,000
	1,300,000	Southern CA Public Power Authority Power Revenue Palo Verde Project Series C§	1.00		07/01/2017		1,300,000
	13,400,000	Southern CA Public Power Authority Power Revenue Series A§	1.05		07/01/2023		13,400,000
	7,620,000	Southern CA Public Power Authority Power Revenue Series B§	1.00		07/01/2009		7,620,000
	7,400,000	Stanford University	0.90		02/06/2004		7,400,000
	2,000,000	Stockton CA Health Facilities Revenue Series A§	1.15		12/01/2032		2,000,000
	5,000,000	Tahoe Forest CA Hospital District Revenue§	1.15		07/01/2033		5,000,000
	3,100,000	Tulare CA Local Health Care District Health Facility Revenue§	1.15		12/01/2032		3,100,000
	26,550,000	Turlock CA Irrigation District COP Capital Improvement Project Societe Generale LOC§	1.20		01/01/2031		26,550,000
	3,000,000	University CA Education Facilities Revenue Series 480 MBIA Insured§	1.13		09/01/2022		3,000,000
	7,000,000	University of California	0.80		10/06/2003		7,000,000
	10,000,000	University of California	0.85		10/10/2003		10,000,000
	7,500,000	University of California	0.85		10/16/2003		7,500,000
	15,000,000	University of California	0.90		10/20/2003		15,000,000

18

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	18,000,000	University of California	0.85	%	11/18/2003	$	18,000,000
	15,000,000	University of California	0.85		12/08/2003		15,000,000
	3,700,000	Vacaville CA MFHR Quail Run Project Series A§	1.05		07/15/2018		3,700,000
	4,800,000	Vallejo CA MFHR Hillside Terrace Apartments Series A Collaterized By FNMA§	1.10		03/15/2027		4,800,000
							2,354,424,053
Other – 4.43%
	17,995,000	ABN AMRO Munitops CTFS Tr 1998-20 Munitops Certificates AMBAC Insured§	1.13		07/05/2006		17,995,000
	13,176,000	ABN AMRO Munitops CTFS Tr 1998-25 Munitops Certificates FGIC Insured§	1.13		07/05/2006		13,176,000
	17,000,000	ABN AMRO Munitops CTFS Tr 2000-5 Munitops Certificates FGIC Insured§^	1.16		05/07/2008		17,000,000
	2,700,000	Municipal Securities Trust Series 2001 136 Class A§	1.20		12/06/2018		2,700,000
	42,876,217	Newman Capital Trust Series 2000-1 Class A§	1.19		04/01/2032		42,876,217
	17,500,000	Newman Capital Trust Series 2001-1 Class A§	1.19		04/07/2031		17,500,000
							111,247,217
Puerto Rico – 1.65%
	7,200,000	Eagle Tax-Exempt Trust CTF 20015101 Class A (Puerto Rico Commonwealth Infrastructure Financing Authority Series A)§	1.11		10/01/2034		7,200,000
	10,000,000	Eagle Tax-Exempt Trust CTF 20025102 Class A (Puerto Rico Commonwealth Highway & Transportation Revenue Series D) FSA Insured§	1.11		07/01/2027		10,000,000
	5,000,000	Puerto Rico Commonwealth Highway & Transportation Authority Revenue Series 2 MBIA Insured§	1.11		07/01/2038		5,000,000
	4,995,000	Puerto Rico Commonwealth Infrastructure Financing Authority Series 86§	1.08		07/01/2015		4,995,000
	5,360,000	Puerto Rico Commonwealth Municipal Finance Agency Series 645 FSA Insured§	1.06		08/01/2015		5,360,000
	6,135,000	Puerto Rico Commonwealth Public Buildings Authority Revenue Series 416 FSA Insured§	1.08		07/01/2021		6,135,000
	2,775,000	Puerto Rico Commonwealth Public Finance Corporation Series 522X MBIA Insured§	1.08		08/01/2022		2,775,000
							41,465,000
Total Municipal Securities (Cost $2,507,136,270)							2,507,136,270

Total Investments In Securities (Cost $2,507,136,270)*	99.85	%	$	2,507,136,270
Other Assets And Liabilities, Net	0.15			3,846,871
Total Net Assets	100.00	%	$	2,510,983,141

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

^ 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

19

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Discount Notes – Agency – 31.98%
Federal Farm Credit Bank – 2.05%
$	2,530,000	FFCB	1.59	%†	10/02/2003	$	2,529,888
	12,147,000	FFCB	1.14	†	11/17/2003		12,128,921
	5,241,000	FFCB	1.13	†	12/05/2003		5,230,307
	8,000,000	FFCB	1.22	†	12/15/2003		7,979,667
	100,000,000	FFCB	1.02	†	07/16/2004		100,000,000
							127,868,783
Federal Home Loan Bank – 6.73%
	58,200,000	FHLB	1.05	†	10/15/2003		58,176,235
	75,000,000	FHLB	1.03	†	10/22/2003		74,955,156
	50,000,000	FHLB	1.04	†	11/28/2003		49,916,222
	38,394,000	FHLB	1.03	†	12/05/2003		38,322,945
	74,750,000	FHLB	1.03	†	12/10/2003		74,600,292
	24,000,000	FHLB	1.09	†	02/04/2004		23,908,440
	50,000,000	FHLB	1.08	†	03/05/2004		49,766,000
	50,000,000	FHLB	1.08	†	03/12/2004		49,756,632
							419,401,922
Federal Home Loan Mortgage Corporation – 17.85%
	30,000,000	FHLMC	1.08	†	10/07/2003		29,994,600
	15,000,000	FHLMC	1.15	†	10/09/2003		14,996,167
	55,000,000	FHLMC	1.21	†	10/27/2003		54,951,936
	25,000,000	FHLMC	1.49	†	10/27/2003		24,973,097
	20,000,000	FHLMC	0.99	†	11/06/2003		19,980,200
	20,000,000	FHLMC	0.99	†	11/07/2003		19,979,650
	58,796,000	FHLMC	1.00	†	11/07/2003		58,735,571
	50,089,000	FHLMC	1.13	†	11/17/2003		50,015,105
	100,000,000	FHLMC	0.99	†	11/28/2003		99,840,500
	64,572,000	FHLMC	0.97	†	12/11/2003		64,448,470
	75,000,000	FHLMC	0.97	†	12/16/2003		74,846,417
	50,000,000	FHLMC	1.07	†	12/17/2003		49,885,569
	50,000,000	FHLMC	1.06	†	12/24/2003		49,876,917
	36,000,000	FHLMC	1.06	†	12/30/2003		35,905,050
	75,000,000	FHLMC	1.20	†	01/09/2004		74,750,000
	70,000,000	FHLMC	1.05	†	01/30/2004		69,752,958
	49,102,000	FHLMC	1.10	†	02/02/2004		48,916,804
	50,000,000	FHLMC	1.11	†	02/12/2004		49,793,417
	50,000,000	FHLMC	1.15	†	02/17/2004		49,778,951
	28,658,000	FHLMC	1.24	†	02/26/2004		28,511,908
	50,000,000	FHLMC	1.09	†	03/03/2004		49,766,861
	65,000,000	FHLMC	1.10	†	03/25/2004		64,650,444
	28,401,000	FHLMC	1.12	†	04/14/2004		28,228,590
							1,112,579,182

20

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal National Mortgage Association – 5.35%
$	32,194,230	FNMA	0.97	%†	10/01/2003	$	32,194,230
	49,917,000	FNMA	1.23	†	10/17/2003		49,889,934
	20,000,000	FNMA	0.97	†	10/29/2003		19,984,911
	50,000,000	FNMA	1.10	†	12/01/2003		49,907,229
	30,000,000	FNMA	1.09	†	01/02/2004		29,915,525
	9,000,000	FNMA	1.12	†	01/02/2004		8,980,400
	8,427,800	FNMA	1.12	†	01/02/2004		8,409,446
	10,076,000	FNMA	1.16	†	01/02/2004		10,045,806
	50,000,000	FNMA	1.07	†	01/21/2004		49,833,555
	50,000,000	FNMA	1.07	†	01/28/2004		49,823,153
	25,000,000	FNMA	1.29	†	04/02/2004		24,835,167
							333,819,356
Total Discount Notes – Agency (Cost $1,993,669,243)							1,993,669,243
Fixed Rate Notes – Agency – 22.63%
Federal Farm Credit Bank – 0.21%
	12,990,000	FFCB	3.13		10/01/2003		12,990,000
Federal Home Loan Bank – 5.24%
	1,750,000	FHLB	3.06		10/24/2003		1,751,656
	3,525,000	FHLB	2.50		11/14/2003		3,529,586
	14,925,000	FHLB	6.38		11/14/2003		15,014,941
	10,000,000	FHLB	2.73		11/28/2003		10,025,804
	11,300,000	FHLB	3.11		12/03/2003		11,337,843
	10,000,000	FHLB	0.97		12/12/2003		9,998,231
	5,850,000	FHLB	1.38		12/19/2003		5,851,311
	5,190,000	FHLB	5.38		01/05/2004		5,245,277
	5,000,000	FHLB	3.25		02/13/2004		5,035,432
	2,500,000	FHLB	3.75		02/13/2004		2,522,385
	24,935,000	FHLB	5.25		02/13/2004		25,310,441
	7,030,000	FHLB	1.13		04/07/2004		7,024,525
	28,150,000	FHLB	1.25		04/15/2004		28,154,891
	10,000,000	FHLB	3.75		04/15/2004		10,129,016
	23,175,000	FHLB	4.88		04/16/2004		23,628,399
	21,000,000	FHLB	3.38		05/14/2004		21,285,908
	38,330,000	FHLB	4.88		05/14/2004		39,212,215
	50,000,000	FHLB	3.38		06/15/2004		50,733,055
	50,000,000	FHLB	4.75		06/28/2004		51,320,006
							327,110,922
Federal Home Loan Mortgage Corporation – 6.61%
	30,916,000	FHLMC	6.38		11/15/2003		31,104,798
	4,170,000	FHLMC	3.05		11/28/2003		4,181,160
	38,700,000	FHLMC	3.25		12/15/2003		38,875,275
	147,321,000	FHLMC	3.25		01/15/2004		148,232,208
	79,125,000	FHLMC	5.00		01/15/2004		80,007,339

21

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal Home Loan Mortgage Corporation (continued)
$	44,990,000	FHLMC	5.25	%	02/15/2004	$	45,649,890
	62,995,000	FHLMC	3.75		04/15/2004		63,879,392
							411,930,062
Federal National Mortgage Association – 10.50%
	4,925,000	FNMA	6.84		10/15/2003		4,935,590
	41,940,000	FNMA	1.01		11/03/2003		41,901,171
	45,695,000	FNMA	1.06		11/03/2003		45,650,600
	224,893,000	FNMA	4.75		11/14/2003		225,850,699
	50,000,000	FNMA	3.13		11/15/2003		50,111,153
	20,500,000	FNMA	1.28		01/02/2004		20,432,213
	26,000,000	FNMA	1.15		02/02/2004		25,897,011
	147,228,000	FNMA	5.13		02/13/2004		149,347,571
	40,183,000	FNMA	4.75		03/15/2004		40,851,921
	15,000,000	FNMA	5.91		03/19/2004		15,317,444
	33,975,000	FNMA	3.63		04/15/2004		34,435,781
							654,731,154
Tennessee Valley Authority – 0.07%
	4,300,000	Tennessee Valley Authority	5.00		12/18/2003		4,331,670
Total Fixed Rate Notes – Agency (Cost $1,411,093,808)							1,411,093,808
Floating Rate Notes – Agency – 23.23%
Federal Farm Credit Bank – 6.41%
	100,000,000	FFCB±	1.00		04/07/2004		99,976,268
	100,000,000	FFCB±	1.02		06/02/2004		99,996,629
	100,000,000	FFCB±	1.01		06/10/2004		99,986,150
	100,000,000	FFCB±	1.01		11/15/2004		99,977,455
							399,936,502
Federal Home Loan Bank – 6.74%
	80,000,000	FHLB±	0.98		12/29/2003		79,990,684
	100,000,000	FHLB±	0.98		05/27/2004		99,973,698
	125,000,000	FHLB±	0.97		07/14/2004		124,980,308
	115,000,000	FHLB±	1.01		08/11/2004		114,978,999
							419,923,689
Federal National Mortgage Association – 10.08%
	10,000,000	FNMA±	0.98		02/13/2004		9,998,875
	8,500,000	FNMA±	0.99		03/11/2004		8,498,987
	110,000,000	FNMA±	0.98		07/30/2004		109,977,089
	75,000,000	FNMA±	0.99		01/03/2005		74,976,321
	100,000,000	FNMA±	1.01		01/03/2005		99,968,411
	100,000,000	FNMA±	0.99		01/07/2005		99,949,529
	75,000,000	FNMA±	1.01		01/28/2005		74,970,040

22

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal National Mortgage Association (continued)
$	150,000,000	FNMA±	1.04	%	01/28/2005	$	149,950,001
							628,289,253
Total Floating Rate Notes – Agency (Cost $1,448,149,444)							1,448,149,444
Repurchase Agreements – 22.76%
	500,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		500,000,000
	125,000,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.08		10/01/2003		125,000,000
	500,000,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.13		10/01/2003		500,000,000
	22,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	1.12		10/01/2003		22,000,000
	21,596,000	Lehman Brothers Incorporated – 102% Collaterized by US Government Securities	1.10		10/01/2003		21,596,000
	250,000,000	UBS Warburg LLC – 102% Collaterized by US Government Securities	1.13		10/01/2003		250,000,000
Total Repurchase Agreements (Cost $1,418,596,000)							1,418,596,000

Total Investments In Securities (Cost $6,271,508,495)*	100.60	%	$	6,271,508,495
Other Assets And Liabilities, Net	(0.60	)		(37,121,602	)
Total Net Assets	100.00	%	$	6,234,386,893

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

± Variable Rate Securities.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

23

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

MINNESOTAMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.81%
Minnesota – 99.67%
$	500,000	Arden Hills MN Housing & Healthcare Facilities Revenue Presbyterian Homes Series B US Bank NA LOC§	1.25	%	09/01/2029	$	500,000
	200,000	Brooklyn Center Minnesota Brookdale Corporation II Project Industrial Revenue Firstar Bank NA LOC§	1.25		12/01/2014		200,000
	250,000	Burnsville MN MFHR Berkshire Project Series A Collateralized By FNMA§	1.10		07/15/2030		250,000
	50,000	Dakota County MN Capital Improvement Series C	4.50		02/01/2004		50,545
	3,500,000	Dakota County MN CDA MFHR Regatta Commons Project Series A Lasalle Bank NA LOC§	1.30		01/01/2038		3,500,000
	1,025,000	Dakota County MN Housing & Redevelopment Authority MFHR PT 484 Collateralized By FHLMC§	1.14		12/01/2022		1,025,000
	630,000	Duluth MN Refinance & Improvement Series C FSA Insured	2.00		02/01/2004		631,774
	800,000	Eagan MN MFHR Floats PT 1221§	1.14		12/01/2029		800,000
	1,750,000	Eagle Tax-Exempt Trust CTF 20012301 Class A§	1.15		10/01/2019		1,750,000
	5,000,000	Edina MN Independent School District No 273	1.25		09/10/2004		5,009,285
	3,400,000	Edina MN MFHR Edina Park Plaza Collateralized By FHLMC§	1.05		12/01/2029		3,400,000
	1,900,000	Golden Valley MN Industrial Development Revenue Unicare Homes Project Bank of America NA LOC§	1.16		09/01/2014		1,900,000
	2,600,000	Hennepin County MN Housing & Redevelopment Authority MFHR City Apartments At Loring Park Collateralized By FNMA§	1.20		06/15/2034		2,600,000
	2,800,000	Hennepin County MN Housing & Redevelopment Authority MFHR Stone Arch Apartments Project Lasalle Bank NA LOC§	1.15		04/15/2035		2,800,000
	1,020,000	Hutchinson MN Public Utility Revenue Series B MBIA Insured	2.00		12/01/2003		1,021,472
	1,365,000	Mankato MN Family YMCA Project Revenue§	1.30		05/01/2006		1,365,000
	235,000	Mankato MN MFHR Highland Project US Bank Trust NA LOC§	1.25		05/01/2027		235,000
	1,270,000	Maple Grove MN MFHR Basswood Trails Project§	1.10		03/01/2029		1,270,000
	2,000,000	Metropolitan Council MN Minneapolis-St Paul Metro Area Waste Water Treatment Series A	3.50		03/01/2004		2,021,243
	1,000,000	Metropolitan Council MN St Paul Metro Area Series A	4.50		12/01/2003		1,004,772
	2,900,000	Metropolitan Council MN St Paul Metro Area Water Revenue	5.00		12/01/2003		2,918,777
	2,000,000	Minneapolis MN GO Unlimited Notes	5.00		12/01/2003		2,012,975
	3,000,000	Minneapolis MN GO Unlimited Notes	5.00		12/01/2003		3,020,025
	4,415,000	Minneapolis MN Womans Club of Minneapolis Project Revenue§	1.20		05/01/2023		4,415,000
	4,445,000	Minnesota Public Facilities Authority Water PCR Merlots 2003-B06§	1.15		03/01/2021		4,445,000
	6,145,000	Minnesota Public Facilities Authority Water PCR Series A§	1.13		03/01/2004		6,145,000
	620,000	Minnesota Public Facilities Authority Water PCR Series A	4.00		03/01/2004		627,446
	750,000	Minnesota Public Facilities Authority Water PCR Series A	5.00		03/01/2004		762,041
	210,000	Minnesota State GO Unlimited Notes§	5.00		11/01/2003		210,588
	2,855,000	Minnesota State GO Unlimited Notes	5.50		06/01/2004		2,943,819
	975,000	Minnesota State GO Unlimited Notes Series II-R-96§	1.15		08/01/2014		975,000
	5,900,000	Minnesota State HFA Residential Housing Finance Series H§	1.00		07/01/2036		5,900,000
	50,000	Minnesota State Higher Education Facilities Authority Revenue Series 3W§	6.38		03/01/2020		51,070
	310,000	Minnesota State Higher Education Facilities Authority Revenue St Thomas University Series 5L§	1.07		04/01/2027		310,000
	2,300,000	New Brighton MN IDR Unicare Homes Incorporated Project Bank of America NA LOC§	1.16		12/01/2014		2,300,000
	3,120,000	New Brighton MN MFHR Golden Pond Housing Project§	1.15		07/15/2032		3,120,000

24

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

MINNESOTA MONEY MARKET FUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Minnesota (continued)
$	160,000	Plymouth MN IDA Revenue Turck Multipox Incorporated§	1.12	%	11/01/2006	$	160,000
	30,000	Ramsey County MN Capital Improvement Plan Series A	4.20		02/01/2004		30,297
	1,325,000	Ramsey County MN Capital Improvement Plan Series B	5.00		02/01/2004		1,342,847
	4,320,000	Robbinsdale MN IDA Unicare Homes Incorporated Project§	1.16		10/01/2014		4,320,000
	3,000,000	Rochester MN Health Care Facilities Hospital Revenue	0.88		10/23/2003		3,000,000
	1,000,000	Rochester MN Healthcare Services	0.85		12/10/2003		1,000,000
	3,000,000	Rochester MN MFHR	0.85		11/06/2003		3,000,000
	3,025,000	Rochester MN MFHR§	1.22		07/15/2031		3,025,000
	2,950,000	Roseville MN Private School Facilities Revenue Northwestern College Project§	1.25		11/01/2022		2,950,000
	5,000,000	St Louis Park MN MFHR Newport ON Seven Apartments Project Collaterized By FNMA§	1.15		09/15/2031		5,000,000
	590,000	St Paul MN Capital Improvements Street Improvements Series B	2.00		03/01/2004		592,204
	1,130,000	St Paul MN Housing & Redevelopment Authority District Cooling Revenue Series I§	1.15		06/01/2015		1,130,000
	930,000	St Paul MN Housing & Redevelopment Authority District Cooling Revenue Series L Dexia Credit LOC§	1.15		03/01/2018		930,000
	300,000	St Paul MN Housing & Redevelopment Authority District Heating Revenue Series A§	1.05		12/01/2012		300,000
	4,725,000	St Paul MN Housing & Redevelopment Authority Revenue Minnesota Public Radio Project Allied Irish Bank PLC LOC§	1.25		05/01/2022		4,725,000
	250,000	St Paul MN Port Authority District Cooling Revenue 2002 Series Q Dexia Credit Local de France LOC§	1.05		03/01/2022		250,000
	3,325,000	St Paul MN Port Authority District Cooling Revenue Series M Dexia Bank LOC§	1.25		03/01/2021		3,325,000
	915,000	St Paul MN Port Authority District Cooling Revenue Series O Dexia Credit Local de France LOC§	1.25		03/01/2012		915,000
	4,795,000	St Paul MN Port Authority District Cooling Revenue Series R Dexia Credit Local de France LOC§	1.30		03/01/2022		4,795,000
	100,000	St Paul MN Port Authority Tax Increment Revenue Westgate Office & Industrial Center Project US Bank Trust NA LOC§	1.10		02/01/2015		100,000
	3,500,000	University of Minnesota Education Facilities Revenue Intermediate Term Financing Series A§	1.12		01/01/2034		3,500,000
	5,400,000	University of Minnesota GO Revenue§	1.15		07/01/2021		5,400,000
	1,555,000	Washington County MN Series A	4.00		02/01/2004		1,571,523
	270,000	Willmar MN Rice Memorial Hospital Project FSA Insured	3.00		02/01/2004		271,573
							123,124,276
Puerto Rico – 0.14%
	165,000	Puerto Rico Commonwealth MBIA Insured	5.30		07/01/2004		170,154
Total Municipal Securities (Cost $123,294,430)							123,294,430

Total Investments In Securities (Cost $123,294,430)*	99.81	%	$	123,294,430
Other Assets And Liabilities, Net	0.19			232,457
Total Net Assets	100.00	%	$	123,526,887

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

25

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

MONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Certificates of Deposit – 8.06%
$	50,000,000	Abbey National Treasury Services plc	1.40	%	03/02/2004	$	50,000,000
	80,000,000	Bank of Nova Scotia Portland	1.10		03/16/2004		80,000,000
	100,000,000	Barclays Bank plc	1.19		12/02/2003		99,985,379
	127,600,000	Credit Agricole Indosuez	1.03		10/03/2003		127,600,000
	97,000,000	Natexis Banque Populaires±	1.12		08/27/2004		97,001,731
	50,000,000	Svenska Handelsbanken	1.40		03/02/2004		50,000,000
	30,000,000	Unicredito Italiano SPA	1.04		10/17/2003		29,999,169
	100,000,000	Unicredito Italiano SPA	1.04		10/20/2003		100,000,000
Total Certificates of Deposit (Cost $634,586,279)							634,586,279
Commercial Paper – 50.40%
	70,000,000	Aegon Funding Corporation^	1.07	†	11/14/2003		69,908,883
	150,000,000	Amstel Funding Corporation^	0.94	†	12/29/2003		149,651,417
	85,000,000	Amstel Funding Corporation^	1.14	†	03/16/2004		84,550,492
	50,000,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.06	†	10/14/2003		49,980,861
	40,000,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.10	†	11/03/2003		39,959,667
	47,500,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.09	†	12/05/2003		47,406,517
	25,000,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.10	†	12/18/2003		24,940,687
	55,000,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.10	†	12/18/2003		54,868,917
	60,000,000	CAFCO LLC^	1.07	†	11/25/2003		59,901,917
	100,000,000	CAFCO LLC^	1.07	†	12/16/2003		99,774,111
	50,000,000	CDC Commericial Paper Corporation^	1.15	†	10/01/2003		50,000,000
	48,000,000	Charta LLC^	1.07	†	11/04/2003		47,951,493
	87,500,000	Citigroup Global	1.03	†	10/01/2003		87,500,000
	50,000,000	Concord Minuteman Capital Company LLC^	1.08	†	11/18/2003		49,928,000
	90,000,000	Concord Minuteman Capital Company LLC^	1.10	†	11/18/2003		89,868,000
	75,000,000	Concord Minuteman Capital Company LLC^	1.15	†	02/06/2004		74,693,333
	100,000,000	CRC Funding LLC^	1.07	†	12/11/2003		99,788,972
	150,000,000	Credit Lyonnais—New York	1.26	†	10/15/2003		149,926,500
	50,274,000	Crown Point Capital Company LLC^	1.05	†	10/15/2003		50,253,471
	102,682,000	Crown Point Capital Company LLC^	1.08	†	11/07/2003		102,568,023
	50,888,000	Crown Point Capital Company LLC^	1.08	†	01/21/2004		50,717,016
	90,000,000	Den Norske Bank ASA	1.10	†	12/05/2003		89,822,062
	100,000,000	Eureka Securitization Incorporated^	1.04	†	10/22/2003		99,939,333
	52,000,000	Eureka Securitization Incorporated^	1.08	†	11/20/2003		51,922,000
	77,000,000	Governor & Company of The Bank of Ireland^	1.21	†	02/06/2004		76,668,729
	60,500,000	Grampian Funding LLC^	1.07	†	11/18/2003		60,413,687
	78,500,000	Grampian Funding LLC^	1.07	†	12/17/2003		78,320,344
	70,000,000	Grampian Funding LLC^	1.11	†	01/28/2004		69,743,158
	90,000,000	HBOs Treasury Services plc	1.04	†	10/02/2003		89,997,413
	30,000,000	HBOs Treasury Services plc	1.03	†	10/10/2003		29,992,275
	65,000,000	HBOs Treasury Services plc	1.07	†	12/05/2003		64,874,424
	107,500,000	HSBC USA Incorporated	1.07	†	10/15/2003		107,455,268
	62,500,000	Irish Life & Permanent plc^	1.10	†	12/10/2003		62,366,319
	75,000,000	Irish Life & Permanent plc^	1.16	†	02/09/2004		74,683,417
	97,500,000	KBC Financial Products International Limited^	1.08	†	11/12/2003		97,377,150

26

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

MONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Commercial Paper (continued)
$	79,701,000	Lexington Parker Capital Corporation^	1.05	%†	10/08/2003	$	79,684,728
	55,000,000	Lexington Parker Capital Corporation^	1.13	†	02/27/2004		54,742,768
	45,000,000	Lexington Parker Capital Corporation^	1.14	†	02/27/2004		44,787,675
	50,000,000	Lexington Parker Capital Corporation^	1.16	†	03/02/2004		49,753,500
	50,000,000	Moat Funding LLC^	1.07	†	12/09/2003		49,897,458
	58,000,000	National Bank of New Zealand International Limited^	1.04	†	10/02/2003		57,998,324
	25,000,000	National Bank of New Zealand International Limited^	1.04	†	10/07/2003		24,995,667
	62,500,000	National Bank of New Zealand International Limited^	1.09	†	12/15/2003		62,358,073
	73,000,000	National Bank of New Zealand International Limited^	1.09	†	12/17/2003		72,829,809
	33,000,000	Neptune Funding Corporation^	1.25	†	10/28/2003		32,969,063
	85,000,000	Neptune Funding Corporation^	1.18	†	02/03/2004		84,651,736
	75,000,000	Ness LLC^	1.04	†	10/22/2003		74,954,500
	49,431,000	Ness LLC^	1.25	†	10/27/2003		49,386,375
	60,000,000	Network Rail Commercial Paper Finance plc^	1.03	†	10/20/2003		59,967,383
	50,000,000	Network Rail Commercial Paper Finance plc^	1.01	†	12/18/2003		49,890,583
	120,000,000	Perry III Funding Corporation^	1.00	†	10/02/2003		119,996,667
	91,052,000	Perry III Funding Corporation^	1.13	†	03/03/2004		90,611,865
	53,866,000	Regency Markets Number 1 LLC^	1.07	†	10/20/2003		53,835,581
	91,476,000	Regency Markets Number 1 LLC^	1.08	†	12/08/2003		91,289,389
	100,000,000	Stadshypotek Delaware^	1.07	†	11/26/2003		99,833,556
	30,000,000	White Pine Finance LLC^	1.25	†	10/14/2003		29,986,458
	47,562,000	White Pine Finance LLC^	1.05	†	10/27/2003		47,525,932
Total Commercial Paper (Cost $3,969,660,946)							3,969,660,946
Corporate Bonds – 1.27%
	100,000,000	ING Security Life Institutional Funding±^	1.14		10/08/2004		100,000,000
Total Corporate Bonds (Cost $100,000,000)							100,000,000
Discount Notes – Agency – 5.38%
Federal National Mortgage Association – 5.38%
	125,000,000	FNMA	1.01	†	10/15/2003		124,950,903
	150,000,000	FNMA	1.08	†	12/31/2003		149,590,500
	50,000,000	FNMA	1.07	†	01/28/2004		49,823,153
	100,000,000	FNMA	1.13	†	02/04/2004		99,606,250
							423,970,806
Total Discount Notes – Agency (Cost $423,970,806)							423,970,806
Fixed Rate Notes – Agency – 1.06%
Federal Home Loan Bank – 0.55%
	42,815,000	FHLB	3.38		05/14/2004		43,343,638
Federal Home Loan Mortgage Corporation – 0.51%
	40,000,000	FHLMC	3.25		12/15/2003		40,173,659
Total Fixed Rate Notes – Agency (Cost $83,517,297)							83,517,297

27

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

MONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Fixed Rate Notes – Corporate – 0.83%
$	25,000,000	Links Finance LLC	2.00	%	10/10/2003	$	25,000,000
	40,000,000	McDonald’s Corporation^	4.60		03/07/2004		40,558,094
Total Fixed Rate Notes – Corporate (Cost $65,558,094)							65,558,094
Floating Rate Commercial Paper – 0.64%
	25,000,000	Liquid Funding Limited±	1.12		03/05/2004		25,000,000
	25,000,000	Liquid Funding Limited±	1.11		03/26/2004		25,000,000
Total Floating Rate Commercial Paper (Cost $50,000,000)							50,000,000
Floating Rate Funding Agreement – 0.64%
	50,000,000	Bear Stearns Companies Incorporated±	1.11		04/05/2004		49,997,459
Total Floating Rate Funding Agreement (Cost $49,997,459)							49,997,459
Floating Rate Note – Agency – 1.90%
Federal Home Loan Mortgage Corporation – 1.90%
	150,000,000	FHLMC±	1.04		02/04/2005		149,899,364
Total Floating Rate Note – Agency (Cost $149,899,364)							149,899,364
Floating Rate Notes – Corporate – 15.36%
	43,000,000	Abbey National Treasury Services plc±	1.12		06/10/2004		43,000,000
	47,500,000	Aegon NV±	1.12		07/15/2004		47,481,853
	40,000,000	American Express Centurion Bank±	1.12		12/23/2003		40,000,000
	25,000,000	American Express Centurion Bank±	1.09		05/24/2004		24,998,855
	50,000,000	Belford US Capital Company±^	1.11		10/06/2003		49,999,858
	79,100,000	Belford US Capital Company±^	1.13		11/26/2003		79,097,573
	50,000,000	Belford US Capital Company±^	1.13		12/09/2003		50,000,000
	25,000,000	Belford US Capital Company±^	1.13		12/10/2003		25,000,000
	30,000,000	Belford US Capital Company±^	1.12		04/22/2004		30,000,000
	65,000,000	CC (USA) Incorporated±^	1.07		06/28/2004		64,985,534
	75,000,000	Dorada Finance Incorporated±^	1.08		03/17/2004		74,996,557
	95,000,000	Fortis Finance NV±	1.12		10/03/2003		95,000,196
	65,000,000	Household Finance Corporation±	1.63		05/28/2004		65,159,054
	80,000,000	John Hancock Global Funding II±^	1.13		12/10/2003		79,998,564
	50,000,000	Liberty Lighthouse US Capital Company±^	1.20		11/20/2003		50,005,213
	40,000,000	Liberty Lighthouse US Capital Company±^	1.11		02/27/2004		39,998,469
	75,000,000	Liberty Lighthouse US Capital Company±^	1.11		03/22/2004		75,000,000
	75,000,000	Liberty Lighthouse US Capital Company±^	1.10		05/06/2004		75,000,000
	70,000,000	Nationwide Building Society±^	1.08		07/23/2004		70,000,000
	100,000,000	Northern Rock plc±^	1.14		11/19/2003		100,000,000
	30,000,000	Premium Asset Trust Series 2002-6±^	1.32		06/01/2004		30,030,606
Total Floating Rate Notes – Corporate (Cost $1,209,752,332)							1,209,752,332
Promissory Notes – 1.03%
	35,000,000	Goldman Sachs Group Incorporated±	1.15		07/26/2004		35,000,000
	46,000,000	Goldman Sachs Group Incorporated±	1.19		07/26/2004		46,000,000
Total Promissory Notes (Cost $81,000,000)							81,000,000

28

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

MONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Repurchase Agreements – 5.38%
$	127,000,000	Bear Stearns & Company Incorporated—102% Collateralized by US Government Securities	1.13	%	10/01/2003	$	127,000,000
	46,731,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.13		10/01/2003		46,731,000
	100,000,000	Goldman Sachs Group Incorporated – 102% Collaterized by US Government Securities	1.16		10/01/2003		100,000,000
	150,000,000	UBS Warburg LLC – 102% Collaterized by US Government Securities	1.13		10/01/2003		150,000,000
Total Repurchase Agreements (Cost $423,731,000)							423,731,000
Time Deposits – 7.95%
	100,000,000	Banque Nationale de Paris	1.16		10/01/2003		100,000,000
	60,000,000	Danske Bank	1.16		10/01/2003		60,000,000
	203,000,000	ING Bank Brussels	1.18		10/01/2003		203,000,000
	203,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		203,000,000
	60,000,000	Societe Generale	1.16		10/01/2003		60,000,000
Total Time Deposits (Cost $626,000,000)							626,000,000
Variable Rate Demand Note – 0.01%
	80,000	Kalamazoo Funding Company LLC§	1.20		12/15/2026		80,000
	140,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		140,000
	175,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		175,000
	195,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		195,000
	145,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		145,000
	290,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		290,000
Total Variable Rate Demand Note (Cost $1,025,000)							1,025,000

Total Investments In Securities (Cost $7,868,698,577)*	99.91	%	$	7,868,698,577
Other Assets And Liabilities, Net	0.09			7,001,558
Total Net Assets	100.00	%	$	7,875,700,135

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

^ 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

± Variable Rate Securties.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

29

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.81%
Alabama – 0.51%
$	5,195,000	Alabama Water Pollution Control Authority Revenue Roc Series II-R-115 AMBAC Insured§	1.15	%	08/15/2010	$	5,195,000
	4,895,000	Montgomery AL BMC Special Care Facilities Authority Revenue Series 435§	1.14		11/15/2029		4,895,000
							10,090,000
Alaska – 3.40%
	1,500,000	Alaska IDA Revenue Providence Medical Office Building Associates Project KBC Bank NV LOC§	0.95		06/01/2010		1,500,000
	7,495,000	Alaska State Housing Finance Corporation Floater PA 1057 Housing Revenue MBIA Insured§	1.13		06/01/2026		7,495,000
	1,425,000	Alaska State Housing Finance Corporation Housing Revenue Series BB§	1.23		06/01/2007		1,425,000
	55,300,000	Valdez AK Marine Terminal Revenue BP Pipelines Incorported Project Series B§	1.20		07/01/2037		55,300,000
	2,000,000	Valdez AK Marine Terminal Revenue BP Pipelines Incorported Project Series A§	1.20		06/01/2037		2,000,000
							67,720,000
Arizona – 1.82%
	18,600,000	Arizona School District Tax Anticipation Notes Financing Program CTFS Participation	1.75		07/30/2004		18,714,518
	2,715,000	Maricopa County AZ IDA MFHR Refunding Las Gardenias Apartments Project Series A§	1.13		04/15/2033		2,715,000
	2,300,000	Maricopa County AZ IDA MFHR Villas Solanas Apartments Project Series A Bank of Cherry Creek NA LOC§	1.13		11/15/2032		2,300,000
	3,315,000	Maricopa County AZ IDA SFMR§	1.18		09/01/2005		3,315,000
	5,615,000	Pima County AZ IDA Revenue Lease Purchase§	1.20		06/01/2007		5,615,000
	2,000,000	Salt River Project AZ Agriculture Improvement & Power District Electric System Revenue Salt River Project Series A§	5.00		01/01/2004		2,019,495
	1,515,000	Salt River Project AZ Agriculture Improvement & Power District Electric System Revenue Salt River Project Series B§	6.50		01/01/2004		1,535,168
							36,214,181
Arkansas – 0.14%
	2,845,000	Arkansas State Development Finance Authority SFMR Series II Collateralized By GNMA FNMA§	1.20		07/01/2033		2,845,000
California – 2.10%
	3,100,000	California HFA Revenue Home Mortgage Series J FSA Insured§	1.14		02/01/2032		3,100,000
	1,200,000	California HFFA Revenue Series B MBIA Insured§	1.20		09/01/2028		1,200,000
	4,000,000	California Higher Education Loan Authority Incorporated Student Loan Revenue Series A State Street B&T Company LOC§	1.05		07/01/2005		4,000,000
	3,800,000	California State Department Water Reserve & Power Supply Revenue Series B-1 Bank of New York LOC§	1.20		05/01/2022		3,800,000
	4,000,000	Las Virgenes CA Unified School District FSA Insured§	0.88		07/01/2033		4,000,000
	4,900,000	Los Angeles CA Water & Power Revenue Subseries B-6§	1.00		07/01/2034		4,900,000
	1,800,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	1.15		07/01/2035		1,800,000
	19,000,000	San Bernardino County CA TRAN	1.50		07/01/2004		19,098,715
							41,898,715

30

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Colorado – 2.28%
$	3,800,000	Arapahoe County CO Capital Improvements & Transportation Funding Highway Revenue Tolls Series 437 Merrill Lynch Capital Services LOC§	1.16	%	08/31/2026	$	3,800,000
	2,000,000	Arvada County CO Water Enterprises Revenue FSA Insured§	1.15		11/01/2020		2,000,000
	4,264,000	Boulder County CO MFHR Cloverbasin Village Apartments Project§	1.80		12/25/2031		4,264,000
	2,015,000	Colorado Department of Transportation Revenue Putters Series 249Z AMBAC Insured§	1.16		06/15/2014		2,015,000
	2,000,000	Colorado HFA AMT MFHR Project Class I Series B-3 Collateralized By FHLB§	1.15		10/01/2035		2,000,000
	2,000,000	Denver CO Health & Hospital Authority Healthcare Revenue Series B Bank One Colorado NA LOC§	1.25		12/01/2031		2,000,000
	18,000,000	Fitzsimons Redevelopment Authority Colorado Revenue University Physicians Incorporated Allied Irish Bank PLC LOC§	1.15		01/01/2025		18,000,000
	11,300,000	Pitkin County CO Industrial Development Revenue Aspen Skiing Project Series A Bank One NA LOC§	1.20		04/01/2016		11,300,000
							45,379,000
Dist Of Columbia – 0.21%
	4,165,000	District of Columbia Floats PA 568 FSA Insured§	1.14		06/01/2007		4,165,000
Florida – 1.98%
	3,600,000	Alachua County FL Health Facilities Authority Oak Hammock University of Florida Project Series A§	1.20		10/01/2032		3,600,000
	9,000,000	Eagle Tax-Exempt Trust CTF 20010906 Class A (Florida State Board of Education Lottery Revenue Series B) FGIC Insured§	1.15		07/01/2019		9,000,000
	2,200,000	Escambia County FL HFA SFMR CTFS Series B§	1.15		10/01/2033		2,200,000
	780,000	Escambia County FL Housing Finance Authority SFMR Floats PT 1228§	1.18		10/01/2031		780,000
	2,000,000	Jacksonville FL Electric Authority Revenue Series D§	5.38		10/01/2011		2,000,000
	9,300,000	Jacksonville FL Health Facilities Authority Hospital Revenue Charity OB Group Series C MBIA Insured§	1.10		08/15/2019		9,300,000
	1,750,000	Orange County FL IDA Industrial Development Revenue Central Florida YMCA Project Series A Bank of America NA LOC§	1.15		05/01/2027		1,750,000
	4,000,000	Orlando FL Utilities Commission Water and Electric Revenue Series B§	5.25		10/01/2023		4,040,000
	1,190,000	Orlando FL Utilities Commission Water and Electric Revenue Sub-Series B§	5.25		10/01/2006		1,220,631
	5,500,000	Palm Beach County FL Zoological Society Incorporated Project Northern Trust Company LOC§	1.15		05/01/2031		5,500,000
							39,390,631
Georgia – 5.88%
	1,500,000	Buford GA Housing Authority MFHR Series 1172§	1.22		09/01/2025		1,500,000
	5,300,000	Clayton County GA Development Authority Industrial Development Revenue Blue Circle Aggregates Incorporated Danske Bank LOC§	1.20		09/01/2009		5,300,000
	15,000,000	Cobb County GA Tax Anticipated Notes	1.50		12/31/2003		15,017,382
	4,270,000	Eagle Tax-Exempt Trust CTF 20001003 Class A (Atlanta GA Airport Revenue Series A) FGIC Insured§	1.15		01/01/2030		4,270,000
	4,400,000	Gainesville & Hall County GA Development Authority Individual Exempt Facilities Revenue Spout Springs Water LLC Project Bank of America NA LOC§	1.20		04/01/2027		4,400,000
	13,440,000	Georgia Local Government CTFS Participation Series K§	1.18		06/01/2028		13,440,000
	23,400,000	Georgia Municipal Gas Authority Gas Revenue Gas Portfolio II Project C Wachovia Bank LOC§	1.10		01/01/2008		23,400,000

31

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Georgia (continued)
$	17,800,000	Gwinnett County GA Development Authority Revenue Civic & Cultural Center Project Landesbank Hessen LOC§	1.05	%	09/01/2031	$	17,800,000
	32,000,000	Gwinnett County GA School District Construction Sales Tax Notes	2.00		12/29/2003		32,069,608
							117,196,990
Hawaii – 0.85%
	8,000,000	Eagle Tax-Exempt Trust CTF 20011101 Class A (Hawaii State Highway Revenue) FSA Insured§	1.15		07/01/2019		8,000,000
	9,000,000	Honolulu HI City & County Tax Revenue Series C FGIC Insured§	1.30		12/01/2008		9,000,000
							17,000,000
Idaho – 1.68%
	3,000,000	Ada & Canyon Countys ID JT School District #2 Meridan SBG Insured	2.50		07/30/2004		3,039,482
	3,075,000	Idaho Housing & Financial Assistance Housing Revenue Balmoral Apartments II Development Project US Bank NA LOC§	1.25		04/01/2033		3,075,000
	27,000,000	Idaho State Tax Anticipation Notes	2.00		06/30/2004		27,239,709
							33,354,191
Illinois – 10.91%
	5,000,000	Chicago IL Board of Education CTFS Series A§	1.18		06/01/2021		5,000,000
	6,050,000	Chicago IL Board of Education Roc Series II-R-139 AMBAC Insured§	1.15		12/01/2022		6,050,000
	1,500,000	Chicago IL Economic Development Revenue Crane Carton Company Project Bankers Trust Company LOC§	1.25		06/01/2012		1,500,000
	6,810,000	Chicago IL Midway Airport Revenue Series A MBIA Insured§	6.25		01/01/2024		7,031,937
	5,465,000	Chicago IL Park District Roc Rr Series II-R-4018 AMBAC Insured§	1.15		01/01/2024		5,465,000
	2,800,000	Chicago IL Public Building Commission Eagle 20030015 Class A FGIC Insured§	1.15		12/01/2014		2,800,000
	5,700,000	Chicago IL Sales Tax Revenue Series SG 131 FGIC Insured§	1.13		01/01/2027		5,700,000
	3,747,000	Cook County IL CTFS Series 458 FGIC Insured§	1.14		11/15/2028		3,747,000
	4,000,000	Cook County IL High School District No 205 Thornton Township Series B FSA Insured§	2.60		12/01/2003		4,008,267
	5,125,000	Eagle Tax-Exempt Trust CTF 20021301 Class A (Illinois State) FGIC Insured§	1.15		02/01/2019		5,125,000
	18,025,000	Eagle Tax-Exempt Trust CTF 20021303 Class A (Cook County IL Series C) AMBAC Insured§	1.15		11/15/2025		18,025,000
	4,000,000	Eagle Tax-Exempt Trust CTF 20021304 Class A (Illinois State) FGIC Insured§	1.15		02/01/2027		4,000,000
	1,340,000	Elgin IL Industrial Development Revenue Gemini Mouldings Project Lasalle Bank NA LOC§	1.18		12/01/2028		1,340,000
	200,000	Elmhurst IL Industrial Development Revenue John Sakash Company Incorporated Project Lasalle Bank NA LOC§	1.18		02/01/2025		200,000
	5,145,000	Illinois Development Finance Authority Revenue Christian Heritage Academy US Bank NA LOC§	1.25		12/01/2021		5,145,000
	200,000	Illinois Educational Facilities Authority Revenue Newberry Library Northern Trust Company LOC§	1.10		03/01/2028		200,000
	4,800,000	Illinois Educational Facilities Authority Revenue St Xavier University Project Series A Lasalle Bank NA LOC§	1.13		10/01/2032		4,800,000
	14,600,000	Illinois Educuational Facilities Authority Revenue Cultural Pooled Financing American National B&T LOC§	1.10		03/01/2028		14,600,000
	4,525,000	Illinois Health Facilities Authority Revenue Floater CTFS Series 166 AMBAC Insured§	1.10		02/15/2024		4,525,000
	4,500,000	Illinois Health Facilities Authority Revenue Illinois Masonic Medical Center§	5.50		10/01/2019		4,590,000

32

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Illinois (continued)
$	5,000,000	Illinois Health Facilities Authority Revenue Memorial Medical Center Series C Kredietbank NV LOC§	1.10	%	01/01/2016	$	5,000,000
	22,100,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital§	1.20		08/15/2025		22,100,000
	7,500,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series A Westdeutsche Landesbank LOC§	1.22		08/15/2009		7,500,000
	13,600,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series C Westdeutsche Landesbank LOC§	1.20		08/15/2032		13,600,000
	3,600,000	Illinois Health Facilities Authority Revenue Revolving Fund Pooled Financing Bank One NA LOC§	1.10		08/01/2015		3,600,000
	16,100,000	Illinois Health Facilities Authority Revenue Silver Cross Hospital & Medical Series A Fifth Third Bank LOC§	1.14		08/15/2026		16,100,000
	7,500,000	Illinois Housing Development Authority MFHR Lakeshore Plaza Series A MBIA Insured§	1.10		07/01/2027		7,500,000
	1,660,000	Illinois Industrial Development Finance Authority Revenue Recovery Income Project Bank of America NA LOC§	1.18		06/01/2008		1,660,000
	7,530,000	Illinois State CTFS Series G§	1.16		05/01/2015		7,530,000
	3,200,000	Illinois State Roc Series Ii-R-132 MBIA Insured§	1.15		08/01/2010		3,200,000
	4,300,000	Illinois State Sales Tax Revenue Municipal Trust Receipts Series SG-9§	1.13		06/15/2019		4,300,000
	6,800,000	Lombard IL IDA Revenue 2500 Higland Avenue Project Mid-America Federal Savings & Loan LOC§	1.50		12/01/2006		6,800,000
	6,000,000	Orland Hills IL MFHR Series A Lasalle National Bank LOC§	1.10		12/01/2004		6,000,000
	1,200,000	Schaumberg IL MFHR Windsong Apartments Project Lasalle National Bank LOC§	1.12		02/01/2024		1,200,000
	3,250,000	Warren County IL Industrial Project Revenue Monmouth College Project Allied Irish Bank PLC LOC§	1.10		12/01/2032		3,250,000
	4,000,000	Will County IL School District #122New Lenox GO Series II-R-114 FGIC Insured§	1.15		11/01/2020		4,000,000
							217,192,204
Indiana – 3.56%
	400,000	Indiana HFFA Revenue Capital Access Comerica Bank LOC§	1.05		04/01/2013		400,000
	4,060,000	Indiana HFFA Revenue Fayette Memorial Hospital Association Series B Fifth Third Bank LOC§	1.25		10/01/2022		4,060,000
	3,800,000	Indiana Secondary Market Educational Loans Incorporated Student Loan Revenue Series B AMBAC Insured§	1.10		12/01/2013		3,800,000
	8,478,000	Indiana State Housing Finance Authority MFHR Pedcor Investments Series A Collateralized By FHLB§	1.16		01/01/2029		8,478,000
	14,965,000	Indiana Transportation Finance Authority Toll Road Lease Revenue Roc Series II-R-105 AMBAC Insured§	1.15		07/01/2012		14,965,000
	1,750,000	Indianapolis IN Economic Development Revenue Jewish Federation Campus Fifth Third Bank LOC§	1.05		04/01/2005		1,750,000
	2,000,000	Indianapolis IN Gas Utility Revenue Series A AMBAC Insured§	5.88		06/01/2024		2,104,920
	8,700,000	Indianapolis IN MFHR Crossing Partners Project AIG Guaranty LOC§	1.30		03/01/2031		8,700,000
	1,000,000	Ips School Building Corporation First Mortgage State Aid Withholding LOC§	6.10		01/15/2020		1,061,018
	15,630,000	Richmond IN Hospital Authority Revenue Reid Hospital & Health Care Project§	1.10		01/01/2012		15,630,000
	9,980,000	Whiting IN Environmental Facilities Revenue BP Products Project Series C§	1.25		07/01/2034		9,980,000
							70,928,938
Iowa – 2.33%
	3,225,000	Iowa Finance Authority Economic Development Revenue Lasalle Bank NA LOC§	1.30		03/01/2016		3,225,000

33

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Iowa (continued)
$	6,310,000	Iowa Finance Authority Health Care Facilities Revenue St Lukes Health Series A General Electric Capital Corporation LOC§	1.10	%	03/01/2018	$	6,310,000
	2,960,000	Iowa Finance Authority MFHR Cedarwood Hills Project Series A Collateralized By FHLMC§	1.15		05/01/2031		2,960,000
	3,000,000	Iowa Finance Authority Private College Revenue Drake University Project Firstar Bank LOC§	1.25		07/01/2011		3,000,000
	13,355,000	Iowa Finance Authority SFhr CTFS Series N§	1.23		01/01/2008		13,355,000
	3,190,000	Iowa Higher Education Loan Authority Revenue Private College Facilities Grand View Project Firstar Bank NA LOC§	1.25		10/01/2025		3,190,000
	14,300,000	Iowa State School Cash Anticipation Program Iowa School Corporations CTFS Series B FSA Insured	2.25		01/30/2004		14,354,903
							46,394,903
Kansas – 1.11%
	2,600,000	Kansas State Development Finance Authority Health Facilities Revenue Stormont Vail Project Series M MBIA Insured§	1.25		11/15/2023		2,600,000
	9,500,000	Kansas State Development Finance Authority MFHR Bluffs Olathe Apartments Project Series X§	1.80		11/25/2031		9,500,000
	2,465,000	Lawrence KS GO Temporary Notes Property Tax Revenue Series II	2.25		10/01/2003		2,465,000
	5,035,000	Lenexa KS MFHR Series 1020§	1.14		07/01/2004		5,035,000
	2,410,000	Sedgwick & Shawnee Countys KS SFMR Merrill Lynch Capital Services LOC§	1.22		12/01/2013		2,410,000
							22,010,000
Kentucky – 0.11%
	2,000,000	Louisville & Jefferson County KY Metropolitan Sewer District Sewer and Drain System Series A	9.00		05/15/2004		2,096,821
Lousiana – 2.15%
	4,320,000	Jefferson Parish LA Home Mortgage Authority Floats PT 229 Collateralized By GNMA FNMA§	1.18		06/01/2007		4,320,000
	5,620,000	Louisiana Public Facilities Authority Revenue Series II-R-192§	1.15		05/15/2022		5,620,000
	3,785,000	Louisiana State GO State Territories Series II R 128 MBIA Insured§	1.15		05/15/2013		3,785,000
	3,150,000	Louisiana State GO States Territories Series II R 111 MBIA Insured§	1.15		05/15/2012		3,150,000
	2,715,000	Oskaloosa IA Private School Facility Revenue William Penn University Project US Bank NA LOC§	1.25		07/01/2020		2,715,000
	7,700,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Term Project Series B Kreditbank NV LOC§	1.10		03/15/2006		7,700,000
	15,500,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Terminal Project Series A Kredietbank NV LOC§	1.10		03/15/2006		15,500,000
							42,790,000
Maine – 1.21%
	1,000,000	Maine Municipal Revenue Series E§	5.30		11/01/2013		1,030,362
	2,800,000	Maine Regional Industrial Waste System Waste Resources Recovery Revenue Series R§	1.22		07/01/2012		2,800,000
	20,100,000	Maine State Tax Anticipation Notes	1.75		06/30/2004		20,241,166
							24,071,528

34

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Maryland – 0.25%
$	4,995,000	Maryland State Community Development Administration Department Housing & Community Development§	1.05	%	07/01/2039	$	4,995,000
Massachusetts – 3.07%
	3,270,000	Canton MA Housing Authority MFHR Canton Arboretum Apartments Collateralized By FNMA§	1.05		09/15/2026		3,270,000
	35,440,000	Massachusetts Health & Education Facilities Authority	0.85		10/01/2003		35,440,000
	15,000,000	Massachusetts State Central Artery Series A§	1.20		12/01/2030		15,000,000
	7,495,000	Massachusetts State GO FSA Insured§	1.20		12/01/2014		7,495,000
							61,205,000
Michigan – 4.05%
	7,200,000	Detroit MI City School District Eagle-20026014 Class A FGIC Insured§	1.15		05/01/2032		7,200,000
	3,400,000	Detroit MI Sewer Disposal Revenue Series II-R-103 FGIC Insured§	1.15		07/01/2026		3,400,000
	5,965,000	Detroit MI Sewer Disposal Revenue Series II-R-116 MBIA Insured§	1.15		07/01/2017		5,965,000
	1,000,000	Farmington Hills MI Hospital Finance Authority Hospital Revenue Botsford General Hospital Series B MBIA Insured§	1.25		02/15/2016		1,000,000
	9,285,000	Lakeview School District Calhoun MI GO School Building & Site Improvement Series B Landesbank Henssen-Thueringen LOC§	1.05		05/01/2032		9,285,000
	4,500,000	Macomb County MI Hospital Finance Authority Revenue Mount Clemens General Hospital Series A-1 Comerica Bank LOC§	1.20		10/01/2020		4,500,000
	1,700,000	Michigan State Grant Anticipation Notes Series B§	1.07		09/15/2008		1,700,000
	2,100,000	Michigan State Higher Education Loan Revenue Series XII B AMBAC Insured§	1.10		10/01/2013		2,100,000
	7,700,000	Michigan State Housing Development Authority Limited Obligation Revenue Nonprofit Housing Corporation VI§	1.15		06/01/2025		7,700,000
	4,950,000	Michigan State Housing Development Authority MFHR Berrien Woods III Project Series A Lansing Bank§	1.18		07/01/2032		4,950,000
	3,800,000	Michigan State Housing Development Authority Rental Housing Revenue Series A MBIA Insured§	1.09		10/01/2037		3,800,000
	2,500,000	Michigan State Strategic Fund Limited Obligation Revenue Detroit Symphony Project Series B Michigan National Bank LOC§	1.20		06/01/2031		2,500,000
	8,200,000	Michigan State Strategic Funding Limited Obligation Revenue Consumers Power Company Project Series A§	1.20		06/15/2010		8,200,000
	18,300,000	St Joseph MI Hospital Finance Authority Hospital Revenue Lakeland Hospital At Niles Project FSA Insured§	1.05		01/01/2032		18,300,000
							80,600,000
Minnesota – 4.61%
	500,000	Arden Hills MN Housing & Healthcare Facilities Revenue Presbyterian Homes Series B US Bank NA LOC§	1.25		09/01/2029		500,000
	3,320,000	Burnsville MN MFHR Berkshire Project Series A Collateralized By FNMA§	1.10		07/15/2030		3,320,000
	3,000,000	Crystal MN MFHR Crystal Apartments Project Collateralized By FHLB§	1.05		05/01/2027		3,000,000
	1,200,000	Dakota County MN CDA MFHR Regatta Commons Project Series A Lasalle Bank NA LOC§	1.30		01/01/2038		1,200,000
	3,375,000	Dakota County MN Housing & Redevelopment Authority MFHR PT 484 Collateralized By FHLMC§	1.14		12/01/2022		3,375,000
	2,900,000	Duluth MN Economic Development Authority Health Care Facilities Revenue Miller-Dwan Medical Center Project US Bank NA LOC§	1.25		06/01/2019		2,900,000
	8,460,000	Eagan MN MFHR Floats PT 1221§	1.14		12/01/2029		8,460,000
	1,550,000	Eagle Tax-Exempt Trust CTF 20012301 Class A§	1.15		10/01/2019		1,550,000

35

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Minnesota (continued)
$	7,880,000	Edina MN MFHR Edina Park Plaza Collateralized By FHLMC§	1.05	%	12/01/2029	$	7,880,000
	4,950,000	Mankato MN MFHR Highland Project US Bank Trust NA LOC§	1.25		05/01/2027		4,950,000
	350,000	Maple Grove MN MFHR Basswood Trails Project§	1.10		03/01/2029		350,000
	2,080,000	Minneapolis MN GO Unlimited Notes	5.00		12/01/2003		2,093,884
	1,000,000	Minnesota Public Facilities Authority Water PCR Series A§	1.13		03/01/2004		1,000,000
	2,000,000	Minnesota Public Facilities Authority Water PCR Series A	4.00		03/01/2004		2,024,021
	2,125,000	Minnesota Rural Water Finance Authority Series B	2.38		12/15/2003		2,129,426
	2,725,000	Minnesota State GO Unlimited Notes Series II-R-96§	1.15		08/01/2014		2,725,000
	1,020,000	Minnesota State Higher Education Facilities Authority Revenue St Thomas University Series 5L§	1.07		04/01/2027		1,020,000
	2,865,000	Plymouth MN MFHR Lancaster Village Apartments Project Collateralized By FNMA§	1.10		09/15/2031		2,865,000
	15,250,000	Rochester MN Health Care Facilities Hospital Revenue	0.88		10/23/2003		15,250,000
	4,000,000	Rochester MN Healthcare Services	0.85		12/10/2003		4,000,000
	650,000	Roseville MN Health Care Facilities Revenue Presbyterian Homes Care Project§	1.25		10/01/2029		650,000
	1,000,000	Roseville MN Private School Facilities Revenue Northwestern College Project§	1.25		11/01/2022		1,000,000
	2,375,000	St Paul MN Housing & Redevelopment Authority District Heating Revenue Series A§	1.05		12/01/2012		2,375,000
	245,000	St Paul MN Housing & Redevelopment Authority Revenue Minnesota Public Radio Project Allied Irish Bank PLC LOC§	1.25		05/01/2022		245,000
	1,500,000	St Paul MN Port Authority District Cooling Revenue 2002 Series Q Dexia Credit Local de France LOC§	1.05		03/01/2022		1,500,000
	200,000	St Paul MN Port Authority District Cooling Revenue Series M Dexia Bank LOC§	1.25		03/01/2021		200,000
	1,250,000	St Paul MN Port Authority District Cooling Revenue Series O Dexia Credit Local de France LOC§	1.25		03/01/2012		1,250,000
	100,000	St Paul MN Port Authority District Cooling Revenue Series R Dexia Credit Local de France LOC§	1.30		03/01/2022		100,000
	3,050,000	St Paul MN Port Authority Tax Increment Revenue Westgate Office & Industrial Center Project US Bank Trust NA LOC§	1.10		02/01/2015		3,050,000
	8,990,000	University of Minnesota Education Facilities Revenue Intermediate Term Financing Series A§	1.12		01/01/2034		8,990,000
	1,765,000	University of Minnesota GO Revenue§	1.15		07/01/2021		1,765,000
							91,717,331
Mississippi – 1.22%
	21,100,000	Jackson County MS Port Facility Revenue Chevron USA Incorporated Project§	1.20		06/01/2023		21,100,000
	1,115,000	Mississippi Home Corporation SFMR Series 146 GNMA FNMA Insured§	1.18		11/01/2029		1,115,000
	2,000,000	Mississippi Hospital Equipment & Facilities Authority Revenue North Mississippi Health Services Series 1§	1.05		05/15/2030		2,000,000
							24,215,000
Missouri – 0.85%
	145,000	Missouri Health and Education Facility Authority Education Facilities Revenue St Louis University Project Series A§	1.25		10/01/2009		145,000
	10,900,000	Missouri Health and Education Facility Authority Education Facilities Revenue St Louis University Project Series B§	1.25		10/01/2024		10,900,000
	3,800,000	Missouri Health and Education Facility Authority Revenue Christian Brothers College Series A§	1.25		10/01/2032		3,800,000

36

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Missouri (continued)
$	2,100,000	Missouri Higher Education Loan Authority Student Loan Revenue Series A Bank of America§	1.10	%	12/01/2005	$	2,100,000
							16,945,000
Montana – 1.04%
	5,000,000	Anaconda Deer Lodge County MT Environmental Facilities Revenue Variable Reference Arco Anaconda SMElter§	1.25		10/01/2037		5,000,000
	5,475,000	Montana State Board of Investments Municipal Finance Construction Act-Intercap Program§	1.35		03/01/2009		5,475,000
	4,750,000	Montana State Board of Investments Municipal Finance Construction-Intercap Program§	1.35		03/01/2005		4,750,000
	5,515,000	Montana State Board of Investments Municipal Finance Construction-Intercap Program§	1.35		03/01/2010		5,515,000
							20,740,000
Nebraska – 0.26%
	5,200,000	Nebraska Educational Finance Authority Revenue Creighton University Project Allied Irish Bank PLC LOC§	1.20		08/01/2031		5,200,000
Nevada – 0.45%
	4,690,000	Clark County NV Roc Rr Series II-R-1035 MBIA Insured§	1.15		06/01/2021		4,690,000
	4,200,000	Nevada Housing Division Multi Unit Housing Series A US Bank NA LOC§	1.13		04/01/2035		4,200,000
							8,890,000
New Mexico – 0.38%
	1,265,000	Albuquerque NM Industrial Development Revenue Karsten Company New Mexico Project Series A Bank One Arizona NA LOC§	1.30		12/01/2017		1,265,000
	2,200,000	Bloomfield NM Healthcare Facilities Revenue Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		2,200,000
	2,460,000	Espanola NM Health Care Revenue Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		2,460,000
	1,685,000	Silver City NM Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		1,685,000
							7,610,000
New York – 0.61%
	2,000,000	New York NY City Housing Development Corporation MFHR First Avenue Development Project Series A§	1.05		10/15/2035		2,000,000
	1,500,000	New York State Dorm Authority Revenue State University Education Facilities Series C§	5.30		05/15/2009		1,577,163
	8,500,000	New York State HFA Revenue Series A§	1.10		05/01/2029		8,500,000
							12,077,163
North Carolina – 0.66%
	13,170,000	University of North Carolina Hospital Chapel Hill Revenue Series B§	1.22		02/15/2031		13,170,000
North Dakota – 0.97%
	6,000,000	North Dakota Rural Water Financial Corporation	2.50		11/01/2003		6,004,518
	10,300,000	North Dakota State Housing Finance Agency Revenue Series B§	1.10		01/01/2034		10,300,000
	2,950,000	Ward County ND Health Care Facilities Revenue Trinity Obligation Group Series A US Bank NA LOC§	1.25		07/01/2029		2,950,000
							19,254,518

37

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Ohio – 4.32%
$	5,000,000	Franklin County OH Hospital Revenue Series Ii-R-55 Salomon Smith Barnery LOC§	1.15	%	06/01/2017	$	5,000,000
	3,000,000	Grove City OH MFHR Regency Arms Apartments Project Collateralized By FNMA§	1.15		06/15/2030		3,000,000
	19,500,000	Hamilton County OH Hospital Facilities Revenue Elizabeth Gamble Series B JP Morgan Chase & Company LOC§	1.10		06/01/2027		19,500,000
	4,000,000	Ohio State Building Authority Adult Correctional Building Fund Series A MBIA Insured§	5.75		10/01/2005		4,080,000
	6,295,000	Ohio State GO Series Rr Ii-R 206 FGIC Insured§	1.15		03/15/2015		6,295,000
	2,520,000	Ohio State Higher Education Facilities Revenue Series A§	1.10		09/01/2027		2,520,000
	500,000	Scioto County OH Hospital Revenue VHA Center Incorporated Series C AMBAC Insured§	1.03		12/01/2025		500,000
	25,485,000	Sunamerica Trust Variable State��	1.19		07/01/2041		25,485,000
	12,400,000	University of Toledo Ohio General Receipts Bonds§	1.20		06/01/2032		12,400,000
	540,000	Warren County OH Health Care Facilities Revenue Otterbein Series A§	1.14		07/01/2021		540,000
	2,810,000	Warren County OH Industrial Development Revenue Cincinnati Electricity Corporation Project Scotiabank LOC§	1.10		09/01/2015		2,810,000
	3,845,000	Warren County OH Industrial Development Revenue Pac Manufacturing Project§	1.30		12/01/2025		3,845,000
							85,975,000
Oklahoma – 1.10%
	7,500,000	Muskogee OK Medical Center Authority Revenue Bank of America NA LOC§	1.15		10/01/2032		7,500,000
	2,000,000	Oklahoma Development Finance Authority Health Care Revenue Continuing Care Community Project Series C KBC Bank NV LOC§	1.25		02/01/2012		2,000,000
	4,820,000	Oklahoma State HFA Revenue Series 1327 Merrill Lynch Capital LOC§	1.18		03/01/2009		4,820,000
	6,605,000	Oklahoma State IDA Tealridge Manor Corporation Project Bank of America NA LOC§	1.15		11/01/2018		6,605,000
	1,055,000	Tulsa County OK HFA SFMR GNMA Mortgage Backed Securities Class A Series E§	1.20		07/01/2032		1,055,000
							21,980,000
Oregon – 0.70%
	1,655,000	Deschutes County OR Series A FSA Insured	5.00		06/15/2004		1,703,081
	3,000,000	Gilliam County OR Solid Waste Disposal Revenue Waste Management Incorporated Project JP Morgan Chase Bank LOC§	1.15		07/01/2027		3,000,000
	4,300,000	Multnomah County OR Higher Education Revenue Concordia University Portland Project§	1.25		12/01/2029		4,300,000
	4,995,000	Tri County Metro Transportation District OR Series 142§	1.05		08/01/2019		4,995,000
							13,998,081
Other – 3.97%
	5,787,003	ABN AMRO Leasetops CTFS Tr 2000-2 ABN AMRO Bank NV LOC§	1.40		04/01/2005		5,787,003
	10,000,000	ABN AMRO Munitops CTFS Tr 1999-1 Munitops Certificates FGIC Insured§^	1.18		12/06/2006		10,000,000
	15,420,000	ABN AMRO Munitops CTFS Tr 2001-23 MBIA Insured§	1.18		12/01/2009		15,420,000
	11,286,080	MBIA Capital Corporation Global Funding MBIA Insured§	1.23		01/14/2016		11,286,080
	8,160,000	Munimae Trust Collaterized By FHLMC§	1.22		12/19/2005		8,160,000
	5,000,000	Newman Capital Trust Series 2001-2 Class A§	1.24		04/11/2033		5,000,000
	5,027,835	Pitney Bowes Credit Corporation Leasetops Tr Revenue Series 2002-1§	1.44		07/19/2006		5,027,835

38

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Other  (continued)
$	6,640,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2000-14 Class A§	1.19	%	06/01/2005	$	6,640,000
	2,153,805	Roaring Fork Municipal Products Limited Liability Corporation Series 2002-6 Class A§	1.19		06/01/2034		2,153,805
	2,749,000	US Bancorp Project Funding Trust Series A§	1.23		01/01/2010		2,749,000
	6,815,500	US Bancorp Project Funding Trust Series A§	1.23		03/01/2010		6,815,500
							79,039,223
Pennsylvania – 0.79%
	1,960,000	Hollidaysburg PA Area School District AMBAC Insured§	6.50		06/01/2020		2,033,405
	9,500,000	Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Series A AMBAC Insured§	1.05		12/01/2025		9,500,000
	4,205,000	Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue Series II R 1005§	1.15		12/01/2015		4,205,000
							15,738,405
Rhode Island – 0.05%
	1,000,000	Rhode Island Refunding Board Authority State Public Projects Revenue§	1.13		08/01/2005		1,000,000
South Carolina – 3.08%
	47,700,000	Charleston County SC School District Anticipated Notes	2.00		02/25/2004		47,870,867
	4,570,000	South Carolina Educational Facilities Authority For Private Nonprofit Insitiutions§	1.15		02/01/2022		4,570,000
	3,265,000	South Carolina Housing Finance and Development Authority Mtg Revenue Series l§	1.23		07/01/2028		3,265,000
	5,650,000	South Carolina State Public Service Authority Revenue§	1.13		01/01/2023		5,650,000
							61,355,867
South Dakota – 0.75%
	4,900,000	Lawrence County SD Solid Waste Disposal Revenue Homestake Mining Company Series A Chase Manhatten Bank LOC§	1.25		07/01/2032		4,900,000
	10,100,000	South Dakota State Health & Educational Facilities Revenue Rapid City Regional Hospital§	1.20		09/01/2027		10,100,000
							15,000,000
Tennessee – 2.95%
	4,955,000	Chattanooga TN Roc Rr Series Ii-R-1026 MBIA Insured§	1.15		10/01/2022		4,955,000
	4,700,000	Clarksville TN Public Building Authority Revenue Pooled Financing Tennessee Municipal Bond Funding Bank of America NA LOC§	1.22		01/01/2033		4,700,000
	5,600,000	Jackson TN Energy Authority Wastewater System Revenue FSA Insured§	1.10		12/01/2022		5,600,000
	4,000,000	Memphis TN Center City Revenue Finance Corporation MFHR Series 1220§	1.14		11/01/2029		4,000,000
	28,360,000	Montgomery County TN Public Building Authority Pooled Financing Revenue Tennessee County Loan Pool§	1.22		04/01/2032		28,360,000
	4,710,500	Portland TN Health & Education Facilities Board Hospital Revenue Series 322§	1.23		11/15/2014		4,710,500
	4,610,000	Tennessee Housing Development Agency Series H§	1.21		01/01/2021		4,610,000
	1,800,000	Volunteer State Student Funding Corporation Tennessee Student Loan Revenue Series A1 State Street Bank & Trust Company LOC§	1.15		12/01/2023		1,800,000
							58,735,500

39

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Texas – 9.18%
$	1,615,000	Austin TX Higher Education Authority University Revenue Concordia University At Austin Project Bank One Texas NA LOC§	1.20	%	04/01/2025	$	1,615,000
	7,000,000	Austin TX Utility Systems Revenue Roc Series Ii-R-159 FSA Insured§	1.15		05/15/2014		7,000,000
	7,945,000	Austin TX Utility Systems Revenue Series A MBIA Insured§	5.50		11/15/2003		7,987,297
	9,400,000	Austin TX Utility Systems Revenue Series G Receipts§	1.13		11/15/2011		9,400,000
	7,145,000	Brownsville TX Utility Systems Revenue Series A MBIA Insured§	1.05		09/01/2027		7,145,000
	8,000,000	Calhoun County TX Solid Waste Disposal Revenue Formosa Plastics Corporation Project Bank of America NA LOC§	1.20		05/01/2025		8,000,000
	7,700,000	Cameron TX Ed Corporation Revenue Dallas Jewish Community Foundation Allied Irish Bank plc LOC§	1.12		12/01/2030		7,700,000
	4,310,000	Eagle Tax-Exempt Trust CTF 20014302 Class A (Austin TX Electric Utility Systems Revenue) FSA Insured§	1.15		11/15/2017		4,310,000
	6,000,000	Eagle Tax-Exempt Trust CTF 20014310 Class A (Dallas TX Area Rapid) AMBAC Insured§	1.15		12/01/2026		6,000,000
	7,000,000	Harris County TX Health Care Facilities Development Corporation Revenue St Lukes Episcopal Hospital Series B§	1.25		02/15/2031		7,000,000
	2,700,000	Harris County TX Health Facilities Development Corporation Special Facilities Revenue Texas Medical Center Project Series B FSA Insured§	1.25		05/15/2029		2,700,000
	13,700,000	Houston TX Higher Education Finance Facilities Revenue Floater Receipts Series SG 139 Societe Generale LOC§	1.13		11/15/2029		13,700,000
	5,470,000	Houston TX Water & Sewer Systems Revenue CTFS Series 495 FGIC Insured§	1.14		12/01/2030		5,470,000
	3,770,000	Houston TX Water & Sewer Systems Revenue Municipal Trust Receipts Series SG 120§	1.13		12/01/2023		3,770,000
	1,000,000	North Central TX Health Facilities Development Corporation Revenue Dallas Jewish Community Foundation Allied Irish Bank plc LOC§	1.12		12/01/2030		1,000,000
	9,500,000	Pasadena TX Independent School District	2.25		02/15/2004		9,538,810
	2,425,000	Polly Ryon Hospital Authority TX Polly Ryon Memorial Hospital JP Morgan Chase & Company LLC§	1.10		11/01/2026		2,425,000
	3,000,000	Splendora TX Higher Educational Facilities Corporate Revenue Project Fellowship Christian Project§	1.15		01/01/2017		3,000,000
	7,900,000	Texas A & M University Notes Series 3 A2	1.25		01/27/2004		7,907,048
	7,900,000	Texas A & M University Notes Series 3 A2	1.25		01/29/2004		7,907,148
	1,000,000	Texas State Public Finance Authority Series B	6.00		10/01/2003		1,000,000
	36,000,000	Texas State TRAN	2.00		08/31/2004		36,276,982
	15,195,000	Travis County TX Health Facilities Development Corporation Health Revenue Series 4 AMBAC Insured§	1.17		11/15/2024		15,195,000
	6,870,000	Travis County TX HFA SFMR Series 1287 Collateralized By GNMA§	1.18		09/01/2018		6,870,000
							182,917,285
Utah – 2.86%
	7,600,000	Salt Lake County UT Pollution Control Revenue Series B§	1.22		08/01/2007		7,600,000
	19,800,000	Salt Lake County UT Pollution Control Revenue Service Station Holdings Project§	1.20		02/01/2008		19,800,000
	2,000,000	Utah State Board of Regents Student Loan Revenue Series 1988C AMBAC Insured§	1.05		11/01/2013		2,000,000
	14,800,000	Utah State Board of Regents Student Loan Revenue Series 1997R AMBAC Insured§	1.10		11/01/2031		14,800,000
	12,700,000	Utah Transportation Authority Sales Tax Revenue Series B Bayerishe Landesbank LOC§	1.05		09/01/2032		12,700,000
							56,900,000

40

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Virginia – 1.15%
$	16,490,000	Loudoun County VA IDA Howard Hughes Medical Project Series A	1.15	%	02/15/2038	$	16,490,000
	2,335,000	Richmond VA ROC Series II-R-168 FGIC Insured§	1.15		01/15/2016		2,335,000
	2,000,000	Virginia Beach VA GO	5.00		07/15/2004		2,065,245
	2,000,000	Virginia State Transportation Board Transportation Contract Revenue Northern Virginia Transportation District Project Series A§	6.25		05/15/2017		2,090,765
							22,981,010
Washington – 4.24%
	5,246,500	Energy Northwest Washington Electric Revenue CTFS Series C FSA Insured§	1.21		01/01/2010		5,246,500
	4,200,000	Energy Northwest Washington Electric Revenue Floats PA 846 FSA Insured§	1.14		01/01/2010		4,200,000
	17,350,000	Issaquah WA Community Properties Water Revenue Series A Bank of America NA LOC§	1.10		02/15/2021		17,350,000
	2,000,000	King County WA School District No 411 Series A	5.85		12/01/2011		2,084,711
	1,255,000	King County WA Series A	5.00		01/01/2004		1,268,031
	5,320,000	Kitsap County WA School District No 400 North Kitsap Series II-R-1009 FSA Insured§	1.15		12/01/2017		5,320,000
	1,900,000	Snohomish County WA Public Utility District Series A-1 FSA Insured§	1.10		12/01/2019		1,900,000
	2,100,000	Washington State Economic Development Financing Authority Revenue Ace Tank Project US Bank NA LOC§	1.20		11/01/2018		2,100,000
	5,500,000	Washington State Economic Development Financing Authority Revenue Industrial Development Canam Steel Project Series D§	1.25		09/30/2030		5,500,000
	1,115,000	Washington State Economic Development Financing Authority Revenue Pioneer Human Services Project H§	1.25		09/01/2018		1,115,000
	4,000,000	Washington State Economic Development Financing Authority Solid Waste Disposal Revenue Waste Management Incorporated Project Series D§	1.15		07/01/2027		4,000,000
	6,645,000	Washington State HFA MFHR Canyon Lakes II Project Pacific Northwest Bank LOC§	1.15		10/01/2019		6,645,000
	6,900,000	Washington State Housing Finance Community MFHR Country Club Apartments Series A US Bank NA LOC§	1.30		08/01/2032		6,900,000
	3,140,000	Washington State Housing Finance Community MFHR Lakewood Meadows Apartments Project Series A Insured By FNMA§	1.15		07/15/2033		3,140,000
	1,000,000	Washington State Housing Finance Community MFHR Mill Point Apartments Project Series A US Bank Trust NA LOC§	1.30		01/01/2030		1,000,000
	2,000,000	Washington State Housing Finance Community Nonprofit Revenue Annie Wright School Bank of America NA LOC§	1.15		12/01/2023		2,000,000
	1,700,000	Washington State Housing Finance Community Nonprofit Revenue Tacoma Art Museum Project Northern Trust Company LOC§	1.25		06/01/2032		1,700,000
	1,700,000	Washington State Public Power Supply System Nuclear Project No 1 Revenue Municipal Securities Trust Receipts Series CMC2 Insured By AMBAC§	1.12		01/01/2005		1,700,000
	300,000	Washington State Public Power Supply System Nuclear Project No 2 Revenue Municipal Securities Trust Receipts Series CMC3 Insured By AMBAC§	1.12		07/01/2007		300,000
	7,000,000	Washington State Series SG-37§	1.13		07/01/2017		7,000,000
	1,140,000	Yakima County WA Public Corporation Revenue Longview Fire Company Project Bank of America NT & SA LOC§	1.25		01/01/2018		1,140,000
	2,900,000	Yakima County WA Public Corporation Revenue Valley Processing Project Bank of America NA LOC§	1.20		02/01/2015		2,900,000
							84,509,242

41

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Wisconsin – 3.41%
$	5,490,000	Chilton WI School District ROC RR Series II-R-1017 FGIC Insured§	1.15	%	04/01/2019	$	5,490,000
	5,000,000	Waukesha WI School District Tax & Revenue Anticipation Promissory Notes	1.50		08/23/2004		5,021,215
	26,500,000	Wisconsin Housing & Economic Development Authority Home Ownership Revenue Series I FSA Insured§	1.10		09/01/2032		26,500,000
	8,565,000	Wisconsin Rural Water Construction Loan Program Community Revenue Anticipation Notes§	2.50		11/01/2003		8,571,449
	21,000,000	Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Incorporated Series B§	1.20		08/15/2030		21,000,000
	365,000	Wisconsin State Health and Educational Facilities Authority Revenue Gundersen Lutheran Series A§	1.20		12/01/2015		365,000
	1,000,000	Wisconsin State Transportation Revenue Series A§	5.50		07/01/2009		1,044,668
							67,992,332
Wyoming – 0.61%
	5,200,000	Lincoln County WY PCR Exxon Project Series 1985§	1.15		08/01/2015		5,200,000
	3,000,000	Sweetwater County WY Environment Improvement Revenue Bonds§	1.30		11/01/2025		3,000,000
	4,010,000	Wyoming Community Development Authority Revenue FGIC Insured§	1.22		02/01/2004		4,010,000
							12,210,000
Total Municipal Securities (Cost $1,987,689,059)							1,987,689,059

Total Investments In Securities (Cost $1,987,689,059)*	99.81	%	$	1,987,689,059
Other Assets And Liabilities, Net	0.19			3,882,773
Total Net Assets	100.00	%	$	1,991,571,832

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

^ 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. These securities have been determined to be liquid by Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

42

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

TREASURYPLUSMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Repurchase Agreements – 44.57%
$	1,200,000,000	Bear Stearns & Company Incorporated—102% Collateralized by US Government Securities	0.97	%	10/01/2003	$	1,200,000,000
	46,705,000	Deutsche Bank Alex Brown—102% Collateralized by US Government Securities	0.95		10/01/2003		46,705,000
	163,000,000	Goldman Sachs Group Incorporated—102% Collateralized by US Government Securities	0.95		10/01/2003	��	163,000,000
	1,050,000,000	Goldman Sachs Group Incorporated—102% Collateralized by US Government Securities	0.91		10/01/2003		1,050,000,000
Total Repurchase Agreements (Cost $2,459,705,000)							2,459,705,000
US Treasury Securities – 55.31%
US Treasury Bills – 41.17%
	150,000,000	US Treasury Bills	0.92	†	10/02/2003		149,996,187
	225,000,000	US Treasury Bills	0.93	†	10/02/2003		224,994,219
	200,000,000	US Treasury Bills	0.96	†	10/02/2003		199,994,667
	100,000,000	US Treasury Bills	1.09	†	10/02/2003		99,996,972
	75,000,000	US Treasury Bills	0.60	†	10/09/2003		74,990,000
	75,000,000	US Treasury Bills	1.07	†	10/09/2003		74,982,167
	50,000,000	US Treasury Bills	1.12	†	10/09/2003		49,987,556
	150,000,000	US Treasury Bills	1.18	†	10/23/2003		149,891,833
	50,000,000	US Treasury Bills	0.91	†	11/20/2003		49,936,458
	50,000,000	US Treasury Bills	0.92	†	11/20/2003		49,936,458
	150,000,000	US Treasury Bills	0.98	†	11/20/2003		149,795,833
	605,000	US Treasury Bills	0.99	†	11/20/2003		604,172
	125,000,000	US Treasury Bills	1.09	†	11/28/2003		124,780,486
	50,000,000	US Treasury Bills	0.93	†	12/04/2003		49,917,778
	75,000,000	US Treasury Bills	0.94	†	01/02/2004		74,817,875
	250,000,000	US Treasury Bills	0.95	†	01/02/2004		249,389,687
	150,000,000	US Treasury Bills	0.95	†	01/08/2004		149,610,188
	250,000,000	US Treasury Bills	1.03	†	02/12/2004		249,041,528
	100,000,000	US Treasury Bills	1.00	†	03/18/2004		99,530,556
							2,272,194,620
US Treasury Notes – 14.14%
	50,000,000	US Treasury Notes	4.25		11/15/2003		50,149,243
	93,107,000	US Treasury Notes	11.88		11/15/2003		94,298,534
	100,000,000	US Treasury Notes	3.25		12/31/2003		100,520,288
	100,000,000	US Treasury Notes	3.63		03/31/2004		101,285,374
	125,000,000	US Treasury Notes	3.38		04/30/2004		126,570,423
	75,000,000	US Treasury Notes	7.25		05/15/2004		77,857,205
	75,000,000	US Treasury Notes	2.25		07/31/2004		75,721,090
	75,000,000	US Treasury Notes	6.00		08/15/2004		78,162,410
	75,000,000	US Treasury Notes	2.13		08/31/2004		75,541,121
							780,105,688
Total US Treasury Securities (Cost $3,052,300,308)							3,052,300,308

43

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

TREASURYPLUSMONEYMARKETFUND

Principal Security Name Interest Rate Maturity Date Value

Total Investments In Securities (Cost $5,512,005,308)*	99.88	%	$	5,512,005,308
Other Assets And Liabilities, Net	0.12			6,440,286
Total Net Assets	100.00	%	$	5,518,445,594

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

44

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

100%TREASURYMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
US Treasury Securities – 100.09%
US Treasury Bills – 100.09%
$	100,000,000	US Treasury Bills	0.95	%†	10/02/2003	$	99,997,361
	250,000,000	US Treasury Bills	0.96	†	10/02/2003		249,993,333
	124,226,000	US Treasury Bills	0.60	†	10/09/2003		124,209,437
	26,160,000	US Treasury Bills	0.90	†	10/09/2003		26,154,768
	100,000,000	US Treasury Bills	0.92	†	10/09/2003		99,979,667
	50,000,000	US Treasury Bills	1.12	†	10/09/2003		49,987,611
	75,000,000	US Treasury Bills	0.90	†	10/23/2003		74,958,979
	75,000,000	US Treasury Bills	1.00	†	10/23/2003		74,960,583
	150,000,000	US Treasury Bills	0.94	†	10/30/2003		149,886,417
	75,000,000	US Treasury Bills	0.96	†	10/30/2003		74,942,302
	185,655,000	US Treasury Bills	0.93	†	11/13/2003		185,448,768
	15,415,000	US Treasury Bills	0.94	†	11/13/2003		15,397,784
	75,000,000	US Treasury Bills	0.94	†	11/13/2003		74,915,792
	152,615,000	US Treasury Bills	0.94	†	11/20/2003		152,415,753
	9,220,000	US Treasury Bills	0.97	†	11/20/2003		9,207,579
	3,395,000	US Treasury Bills	0.99	†	11/20/2003		3,390,355
	27,645,000	US Treasury Bills	0.97	†	11/28/2003		27,601,797
	150,000,000	US Treasury Bills	0.98	†	11/28/2003		149,763,167
	75,000,000	US Treasury Bills	1.09	†	11/28/2003		74,868,292
	67,500,000	US Treasury Bills	0.92	†	12/04/2003		67,390,200
	200,000,000	US Treasury Bills	0.93	†	12/04/2003		199,671,111
	100,000,000	US Treasury Bills	0.95	†	12/04/2003		99,831,111
	50,000,000	US Treasury Bills	0.94	†	12/11/2003		49,907,799
	100,000,000	US Treasury Bills	0.93	†	12/18/2003		99,798,500
	100,000,000	US Treasury Bills	0.93	†	01/02/2004		99,759,750
	100,000,000	US Treasury Bills	0.95	†	01/02/2004		99,755,875
	75,000,000	US Treasury Bills	0.95	†	01/08/2004		74,805,094
	100,000,000	US Treasury Bills	0.96	†	01/22/2004		99,700,236
	26,725,000	US Treasury Bills	0.99	†	01/22/2004		26,642,371
	84,505,000	US Treasury Bills	1.02	†	02/05/2004		84,202,413
	100,000,000	US Treasury Bills	0.98	†	02/12/2004		99,635,222
							2,819,179,427
Total US Treasury Securities (Cost $2,819,179,427)							2,819,179,427

Total Investments In Securities (Cost $2,819,179,427)*	100.09	%	$	2,819,179,427
Other Assets And Liabilities, Net	(0.09	)		(2,642,306	)
Total Net Assets	100.00	%	$	2,816,537,121

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

45

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED)

	California Tax-Free Money Market Fund			Government Money Market Fund
ASSETS
INVESTMENTS:
In securities, at amortized cost	$	2,507,136,270		$	4,852,912,495
Repurchase Agreements, at cost		0			1,418,596,000
TOTALINSECURITIES,ATMARKETVALUE	$	2,507,136,270		$	6,271,508,495
Cash		84,295			50,931
Receivable for dividends and interest and other receivables		6,162,180			16,641,031
Receivable for investments sold		0			0
Receivable for Fund shares issued		0			63
TOTALASSETS		2,513,382,745			6,288,200,520
LIABILITIES
Payable for investment purchased		0			47,305,371
Dividends Payable		660,549			3,262,290
Payable for investment adviser and affiliates (Note 3)		857,401			1,540,755
Payable to other related parties(1)		466,118			1,121,981
Accrued expenses and other liabilities		415,536			583,230
TOTALLIABILITIES		2,399,604			53,813,627
TOTALNETASSETS	$	2,510,983,141		$	6,234,386,893
NETASSETSCONSISTOF:
Paid-in capital	$	2,510,879,273		$	6,234,347,826
Undistributed (overdistributed) net investment income		(985	)		0
Undistributed net realized gain (loss) on investments		104,853			39,067
TOTALNETASSETS	$	2,510,983,141		$	6,234,386,893
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net assets – Class A	$	2,150,426,574		$	273,483,973
Shares outstanding – Class A		2,150,286,647			273,482,477
Net asset value and offering price per share – Class A	$	1.00		$	1.00
Net Assets – Class B		N/A			N/A
Shares outstanding – Class B		N/A			N/A
Net asset value and offering price per share – Class B		N/A			N/A
Net Assets – Administrator Class		N/A		$	14,806,451
Shares outstanding – Administrator Class		N/A			14,806,453
Net asset value and offering price per share – Administrator Class		N/A		$	1.00
Net Assets – Institutional Class		N/A		$	968,869,582
Shares outstanding – Institutional Class		N/A			968,869,990
Net asset value and offering price per share – Institutional Class		N/A		$	1.00
Net Assets – Service Class	$	360,556,567		$	4,977,226,887
Shares outstanding – Service Class		360,540,082			4,977,206,287
Net asset value and offering price per share – Service Class	$	1.00		$	1.00

(1) Other related parties include the Funds’ trustees and distributor.

The accompanying notes are an integral part of these financial statements.

46

STATEMENTSOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

Minnesota Money Market Fund			Money Market Fund		National Tax-Free Money Market Fund			Treasury Plus Money Market Fund			100% Treasury Money Market Fund
$	123,294,430		$	7,444,967,577	$	1,987,689,059		$	3,052,300,308		$	2,819,179,427
	0			423,731,000		0			2,459,705,000			0
$	123,294,430		$	7,868,698,577	$	1,987,689,059		$	5,512,005,308		$	2,819,179,427
	53,740			50,734		108,429			100,580			50,425
	371,147			6,379,539		5,815,611			10,685,513			0
	0			10,000,000		0			0			0
	0			31,334		0			86,185			350
	123,719,317			7,885,160,184		1,993,613,099			5,522,877,586			2,819,230,202
	0			0		0			0			0
	24,061			1,930,048		866,474			2,306,957			1,035,097
	51,580			3,988,061		450,023			1,247,009			1,138,590
	27,987			2,731,009		410,644			730,147			43,875
	88,802			810,931		314,126			147,879			475,519
	192,430			9,460,049		2,041,267			4,431,992			2,693,081
$	123,526,887		$	7,875,700,135	$	1,991,571,832		$	5,518,445,594		$	2,816,537,121
$	123,527,188		$	7,875,697,126	$	1,991,585,299		$	5,518,444,558		$	2,816,449,796
	0			0		(6	)		(4,294	)		40,624
	(301	)		3,009		(13,461	)		5,330			46,701
$	123,526,887		$	7,875,700,135	$	1,991,571,832		$	5,518,445,594		$	2,816,537,121
$	123,526,887		$	6,104,261,289	$	632,485,592		$	2,323,852,961		$	191,783,693
	123,526,961			6,103,676,825		632,471,298			2,323,899,039			191,746,365
$	1.00		$	1.00	$	1.00		$	1.00		$	1.00
	N/A		$	1,771,438,846		N/A			N/A			N/A
	N/A			1,771,342,431		N/A			N/A			N/A
	N/A		$	1.00		N/A			N/A			N/A
	N/A			N/A		N/A			N/A			N/A
	N/A			N/A		N/A			N/A			N/A
	N/A			N/A		N/A			N/A			N/A
	N/A			N/A	$	90,589,199		$	1,879,358,151			N/A
	N/A			N/A		90,591,084			1,879,526,164			N/A
	N/A			N/A	$	1.00		$	1.00			N/A
	N/A			N/A	$	1,268,497,041		$	1,315,234,482		$	2,624,753,428
	N/A			N/A		1,268,365,116			1,315,235,617			2,624,708,332
	N/A			N/A	$	1.00		$	1.00		$	1.00

47

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFOPERATIONS — FORTHESIXMONTHSENDEDSEPTEMBER 30, 2003 (UNAUDITED)

	California Tax-Free Money Market Fund			Government Money Market Fund
INVESTMENTINCOME
Interest	$	13,132,644		$	35,017,807
TOTALINVESTMENTINCOME		13,132,644			35,017,807
NETEXPENSES
Advisory fees		3,845,501			7,434,465
Custody		256,366			589,997
Shareholder servicing fees		2,821,235			2,636,615
Portfolio accounting fees		83,091			65,175
Administration fees
Class A		3,047,016			357,649
Class B		N/A			N/A
Admininstrator Class		N/A			6,321
Institutional Class		N/A			216,795
Service Class		260,597			4,499,135
Distribution fees
Class B		N/A			N/A
Legal and audit fees		17,994			17,994
Registration fees		48,604			32,503
Directors’ fees		3,195			3,195
Shareholder reports		46,320			64,808
Other		25,697			35,921
TOTALEXPENSES		10,455,616			15,960,573
LESS:
Waived fees and reimbursed expenses		(2,408,278	)		(1,422,929	)
Net expenses		8,047,338			14,537,644
NETINVESTMENTINCOME (LOSS)		5,085,306			20,480,163
Net Realized Gain (Loss) from Investments		68,021			(1,245	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	5,153,327		$	20,478,918

The accompanying notes are an integral part of these financial statements.

48

STATEMENTSOFOPERATIONS — FORTHESIXMONTHSENDEDSEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

Minnesota Money Market Fund			Money Market Fund			National Tax-Free Money Market Fund			Treasury Plus Money Market Fund			100% Treasury Money Market Fund
$	756,218		$	50,146,810		$	9,173,219		$	21,631,784		$	15,543,433
	756,218			50,146,810			9,173,219			21,631,784			15,543,433
	202,863			16,476,868			849,571			1,933,895			5,041,604
	13,524			823,843			169,914			386,780			288,092
	169,052			10,298,042			1,987,059			2,689,309			265,809
	13,881			244,822			58,452			120,259			92,133
	182,579			8,700,469			323,165			1,106,897			287,101
	N/A			2,421,418			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			71,135			1,115,717			N/A
	N/A			N/A			1,147,757			1,131,687			2,268,002
	N/A			6,726,340			N/A			N/A			N/A
	14,485			20,500			12,995			17,493			14,484
	15,959			36,480			1,745			24,809			112,922
	3,195			3,195			3,195			3,195			3,195
	2,149			42,491			13,145			36,567			41,399
	906			147,970			7,903			10,937			20,637
	618,593			45,942,438			4,646,036			8,577,545			8,435,378
	(76,519	)		(11,681,499	)		(687,701	)		(975,279	)		(1,414,293	)
	542,074			34,260,939			3,958,335			7,602,266			7,021,085
	214,144			15,885,871			5,214,884			14,029,518			8,522,348
	2,718			1,453			(23,078	)		5,385			46,733
$	216,862		$	15,887,324		$	5,191,806		$	14,034,903		$	8,569,081

49

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFCHANGESINNETASSETS

	CALIFORNIA TAX-FREE MONEY MARKET FUND
	(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
INCREASEINNETASSETS
Beginning net assets	$	2,662,105,499		$	2,711,585,081
OPERATIONS:
Net investment income (loss)		5,085,306			19,492,554
Net realized gain (loss) from investments		68,021			235,208
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		5,153,327			19,727,762
Distributions to shareholders:
From net investment income
Class A		(4,214,436	)		(16,873,030	)
Class B		N/A			N/A
Administrator Class		N/A			N/A
Institutional Class		N/A			N/A
Service Class		(870,870	)		(2,620,509	)
From net realized gain on sales of investments
Class A		0			(115,803	)
Class B		N/A			N/A
Administrator Class		N/A			N/A
Institutional Class		N/A			N/A
Service Class		0			(15,435	)
Capital shares transactions:
Proceeds from shares sold – Class A		1,673,362,214			2,886,230,813
Reinvestment of dividends – Class A		4,052,401			14,022,246
Cost of shares redeemed – Class A		(1,884,804,325	)		(2,991,380,111	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –CLASSA		(207,389,710	)		(91,127,052	)
Proceeds from shares sold – Class B		N/A			N/A
Reinvestment of dividends – Class B		N/A			N/A
Cost of shares redeemed – Class B		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –CLASSB		N/A			N/A
Proceeds from shares sold – Administrator Class		N/A			N/A
Reinvestment of dividends – Administrator Class		N/A			N/A
Cost of shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –ADMINISTRATORCLASS		N/A			N/A
Proceeds from shares sold – Institutional Class		N/A			N/A
Reinvestment of dividends – Institutional Class		N/A			N/A
Cost of shares redeemed – Institutional Class		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –INSTITUTIONALCLASS		N/A			N/A
Proceeds from shares sold – Service Class		379,355,098			476,426,238
Reinvestment of dividends – Service Class		778,860			2,314,388
Cost of shares redeemed – Service Class		(323,934,627	)		(437,196,141	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –SERVICECLASS		56,199,331			41,544,485
NETINCREASE (DECREASE)INNETASSETS		(151,122,358	)		(49,479,582	)
NETASSETS:
ENDINGNETASSETS	$	2,510,983,141		$	2,662,105,499
Shares Issued and Redeemed:
Shares sold – Class A		1,673,362,214			2,886,241,038
Shares issued in reinvestment of dividends – Class A		4,052,401			14,022,246
Shares redeemed – Class A		(1,884,804,325	)		(2,991,380,110	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSA		(207,389,710	)		(91,116,826	)
Shares sold – Class B		N/A			N/A
Shares issued in reinvestment of dividends – Class B		N/A			N/A
Shares redeemed – Class B		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSB		N/A			N/A
Shares sold – Administrator Class		N/A			N/A
Shares issued in reinvestment of dividends – Administrator Class		N/A			N/A
Shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –ADMINISTRATORCLASS		N/A			N/A
Shares sold – Institutional Class		N/A			N/A
Shares issued in reinvestment of dividends – Institutional Class		N/A			N/A
Shares redeemed – Institutional Class		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –INSTITUTIONALCLASS		N/A			N/A
Shares sold – Service Class		379,355,098			476,426,622
Shares issued in reinvestment of dividends – Service Class		778,860			2,314,388
Shares redeemed – Service Class		(323,934,627	)		(437,196,140	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –SERVICECLASS		56,199,331			41,544,870
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	(985	)	$	(985	)

(1) “Proceeds from shares sold” and “Shares sold” include amounts relating to Fund mergers. See Note 1.

The accompanying notes are an integral part of these financial statements.

50

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOMONEYMARKETFUNDS

GOVERNMENT MONEYMARKETFUND						MINNESOTA MONEYMARKETFUND						MONEYMARKETFUND
(Unaudited) For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003			(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003			(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
$	5,083,245,155		$	5,896,987,284		$	127,192,911		$	141,873,237		$	8,610,935,861		$	10,209,151,148
	20,480,163			65,028,284			214,144			939,230			15,885,871			80,414,762
	(1,245	)		460,738			2,718			206			1,453			1,556
	20,478,918			65,489,022			216,862			939,436			15,887,324			80,416,318
	(627,915	)		(1,837,311	)		(214,144	)		(939,230	)		(14,685,734	)		(73,505,975	)
	N/A			N/A			N/A			N/A			(1,200,137	)		(6,908,788	)
	(31,253	)		N/A			N/A			N/A			N/A			N/A
	(1,486,785	)		N/A			N/A			N/A			N/A			N/A
	(18,334,210	)		(63,195,521	)		N/A			N/A			N/A			N/A
	0			(19,974	)		0			0			0			0
	N/A			N/A			N/A			N/A			0			0
	0			N/A			N/A			N/A			N/A			N/A
	0			N/A			N/A			N/A			N/A			N/A
	0			(493,768	)		N/A			N/A			N/A			N/A
	180,807,457			353,982,022			60,308,937			163,182,673			2,649,516,850			5,522,392,625
	620,318			1,271,123			234,581			825,557			15,658,854			66,408,489
	(153,585,979	)		(254,182,834	)		(64,212,260	)		(178,688,762	)		(3,289,034,335	)		(6,696,549,549	)
	27,841,796			101,070,311			(3,668,742	)		(14,680,532	)		(623,858,631	)		(1,107,748,435	)
	N/A			N/A			N/A			N/A			1,178,262,626			2,942,273,099
	N/A			N/A			N/A			N/A			1,294,778			6,654,965
	N/A			N/A			N/A			N/A			(1,290,935,952	)		(3,439,396,471	)
	N/A			N/A			N/A			N/A			(111,378,548	)		(490,468,407	)
	44,459,840			N/A			N/A			N/A			N/A			N/A
	18,126			N/A			N/A			N/A			N/A			N/A
	(29,671,513	)		N/A			N/A			N/A			N/A			N/A
	14,806,453			N/A			N/A			N/A			N/A			N/A
	2,576,516,399			N/A			N/A			N/A			N/A			N/A
	397,212			N/A			N/A			N/A			N/A			N/A
	(1,608,043,580	)		N/A			N/A			N/A			N/A			N/A
	968,870,031			N/A			N/A			N/A			N/A			N/A
	20,346,704,515			33,705,518,589			N/A			N/A			N/A			N/A
	3,805,339			10,693,415			N/A			N/A			N/A			N/A
	(20,210,885,151	)		(34,630,966,892	)		N/A			N/A			N/A			N/A
	139,624,703			(914,754,888	)		N/A			N/A			N/A			N/A
	1,151,141,738			(813,742,129	)		(3,666,024	)		(14,680,326	)		(735,235,726	)		(1,598,215,287	)
$	6,234,386,893		$	5,083,245,155		$	123,526,887		$	127,192,911		$	7,875,700,135		$	8,610,935,861
	180,807,457			353,982,022			60,308,937			163,182,467			2,649,516,850			5,522,369,090
	620,318			1,271,123			234,581			825,557			15,658,854			66,408,488
	(153,585,979	)		(254,182,684	)		(64,212,260	)		(178,688,763	)		(3,289,034,335	)		(6,696,549,548	)
	27,841,796			101,070,461			(3,668,742	)		(14,680,739	)		(623,858,631	)		(1,107,771,970	)
	N/A			N/A			N/A			N/A			1,178,262,625			2,942,265,018
	N/A			N/A			N/A			N/A			1,294,779			6,654,965
	N/A			N/A			N/A			N/A			(1,290,935,952	)		(3,439,396,471	)
	N/A			N/A			N/A			N/A			(111,378,548	)		(490,476,488	)
	44,459,840			N/A			N/A			N/A			N/A			N/A
	18,126			N/A			N/A			N/A			N/A			N/A
	(29,671,513	)		N/A			N/A			N/A			N/A			N/A
	14,806,453			N/A			N/A			N/A			N/A			N/A
	2,576,516,358			N/A			N/A			N/A			N/A			N/A
	397,212			N/A			N/A			N/A			N/A			N/A
	(1,608,043,580	)		N/A			N/A			N/A			N/A			N/A
	968,869,990			N/A			N/A			N/A			N/A			N/A
	20,346,649,202			33,705,518,590			N/A			N/A			N/A			N/A
	3,805,339			10,693,415			N/A			N/A			N/A			N/A
	(20,210,885,151	)		(34,630,950,201	)		N/A			N/A			N/A			N/A
	139,569,390			(914,738,196	)		N/A			N/A			N/A			N/A
$	0		$	0		$	0		$	0		$	0		$	(1	)

51

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFCHANGESINNETASSETS

	NATIONALTAX-FREE MONEYMARKETFUND
	(Unaudited) For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003
INCREASEINNETASSETS
Beginning net assets	$	1,528,551,557		$	1,572,155,033
OPERATIONS:
Net investment income (loss)		5,214,884			16,648,886
Net realized gain (loss) from investments		(23,078	)		68,020
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		5,191,806			16,716,906
Distributions to shareholders:
From net investment income
Class A		(387,197	)		N/A
Class B		N/A			N/A
Administrator Class		N/A			N/A
Institutional Class.		(465,324	)		(1,353,229	)
Service Class		(4,362,363	)		(15,295,663	)
From net realized gain on sales of investments
Class A		0			N/A
Class B		N/A			N/A
Administrator Class		N/A			N/A
Institutional Class.		0			(2,183	)
Service Class		0			(21,865	)
Capital shares transactions:
Proceeds from shares sold – Class A		879,954,067			N/A
Reinvestment of dividends – Class A		326,972			N/A
Cost of shares redeemed – Class A		(247,789,870	)		N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –CLASSA		632,491,169			N/A
Proceeds from shares sold – Class B		N/A			N/A
Reinvestment of dividends – Class B		N/A			N/A
Cost of shares redeemed – Class B		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –CLASSB		N/A			N/A
Proceeds from shares sold – Administrator Class		N/A			N/A
Reinvestment of dividends – Administrator Class		N/A			N/A
Cost of shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –ADMINISTRATORCLASS		N/A			N/A
Proceeds from shares sold – Institutional Class		238,644,013			767,491,304
Reinvestment of dividends – Institutional Class		194,187			264,655
Cost of shares redeemed – Institutional Class		(275,216,470	)		(778,969,274	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –INSTITUTIONALCLASS		(36,378,270	)		(11,213,315	)
Proceeds from shares sold – Service Class		1,019,453,611			2,254,523,688
Reinvestment of dividends – Service Class		1,548,107			4,476,160
Cost of shares redeemed – Service Class		(1,154,071,264	)		(2,291,433,975	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS –SERVICECLASS		(133,069,546	)		(32,434,127	)
NETINCREASE (DECREASE)INNETASSETS		463,020,275			(43,603,476	)
NETASSETS:
ENDINGNETASSETS	$	1,991,571,832		$	1,528,551,557
Shares Issued and Redeemed:
Shares sold – Class A		879,934,196			N/A
Shares issued in reinvestment of dividends – Class A		326,972			N/A
Shares redeemed – Class A		(247,789,870	)		N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSA		632,471,298			N/A
Shares sold – Class B		N/A			N/A
Shares issued in reinvestment of dividends – Class B		N/A			N/A
Shares redeemed – Class B		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSB		N/A			N/A
Shares sold – Administrator Class		N/A			N/A
Shares issued in reinvestment of dividends – Administrator Class		N/A			N/A
Shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –ADMINISTRATORCLASS		N/A			N/A
Shares sold – Institutional Class		238,644,013			767,490,685
Shares issued in reinvestment of dividends – Institutional Class		194,187			264,655
Shares redeemed – Institutional Class		(275,216,470	)		(778,969,273	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –INSTITUTIONALCLASS		(36,378,270	)		(11,213,933	)
Shares sold – Service Class		1,019,453,610			2,254,515,379
Shares issued in reinvestment of dividends – Service Class		1,548,107			4,476,160
Shares redeemed – Service Class		(1,154,071,264	)		(2,291,433,975	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –SERVICECLASS		(133,069,547	)		(32,442,436	)
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	(6	)	$	(6	)

(1) “Proceeds from shares sold” and “Shares sold” include amounts relating to Fund mergers. See Note 1.

The accompanying notes are an integral part of these financial statements.

52

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOMONEYMARKETFUNDS

TREASURYPLUS MONEYMARKETFUND						100%TREASURY MONEYMARKETFUND
(Unaudited)						(Unaudited)
For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003			For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
$	2,773,473,140		$	2,063,967,798		$	2,934,927,382		$	2,663,835,087
	14,029,518			29,681,374			8,522,348			31,326,676
	5,385			11,432			46,733			109,493
	14,034,903			29,692,806			8,569,081			31,436,169
	(1,615,024	)		N/A			(454,040	)		(1,614,815	)
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	(7,974,558	)		(16,390,043	)		N/A			N/A
	(4,439,936	)		(13,291,330	)		(8,068,308	)		(30,020,000	)
	0			N/A			0			(3,104	)
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	0			(46,882	)		N/A			N/A
	0			(38,008	)		0			(50,042	)
	3,976,187,061			N/A			255,912,755			409,695,186
	403,454			N/A			488,980			1,510,309
	(1,652,737,555	)		N/A			(273,906,261	)		(363,853,473	)
	2,323,852,960			N/A			(17,504,526	)		47,352,022
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	34,811,584,390			113,558,849,495			N/A			N/A
	1,045,828			2,509,244			N/A			N/A
	(34,499,139,159	)		(112,901,219,091	)		N/A			N/A
	313,491,059			660,139,648			N/A			N/A
	7,096,880,635			10,808,760,558			8,080,684,352			15,915,545,320
	1,044,301			2,257,836			1,742,247			6,217,119
	(6,990,301,886	)		(10,761,579,243	)		(8,183,359,067	)		(15,697,770,374	)
	107,623,050			49,439,151			(100,932,468	)		223,992,065
	2,744,972,454			709,505,342			(118,390,261	)		271,092,295
$	5,518,445,594		$	2,773,473,140		$	2,816,537,121		$	2,934,927,382
	3,976,233,141			N/A			255,912,755			409,695,186
	403,454			N/A			488,980			1,510,309
	(1,652,737,555	)		N/A			(273,906,261	)		(363,852,531	)
	2,323,899,040			N/A			(17,504,526	)		47,352,964
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	34,811,584,390			113,558,849,494			N/A			N/A
	1,045,828			2,509,243			N/A			N/A
	(34,499,139,159	)		(112,901,208,629	)		N/A			N/A
	313,491,059			660,150,108			N/A			N/A
	7,096,880,635			10,808,760,561			8,080,684,352			15,915,545,320
	1,044,301			2,257,835			1,742,247			6,217,119
	(6,990,301,886	)		(10,761,560,441	)		(8,183,359,067	)		(15,697,765,127	)
	107,623,050			49,457,955			(100,932,468	)		223,997,312
$	(4,294	)	$	(4,294	)	$	40,624		$	40,624

53

WELLSFARGOMONEYMARKETFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Net Realized and Unrealized Gain (Loss) on Investments		Dividends From Net Investment Income
CALIFORNIATAX-FREEMONEYMARKETFUND
CLASSA
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		0.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00		(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00		(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.03	0.00		(0.03	)
April 1, 1999 to March 31, 2000	$	1.00	0.02	0.00		(0.02	)
April 1, 1998 to March 31, 1999	$	1.00	0.02	0.00		(0.02	)
GOVERNMENTMONEYMARKETFUND
CLASSA
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		0.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00		(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00		(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00		(0.06	)
November 8, 1999(3) to March 31, 2000	$	1.00	0.02	0.00		(0.02	)
MINNESOTAMONEYMARKETFUND
CLASSA
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00		(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00		(0.02	)
August 14, 2000(3) to March 31, 2001	$	1.00	0.02	0.00		(0.02	)
MONEYMARKETFUND
CLASSA
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	(0.00	)	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	(0.00	)	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00		(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00		(0.06	)
April 1, 1999 to March 31, 2000	$	1.00	0.05	0.00		(0.05	)
April 1, 1998 to March 31, 1999	$	1.00	0.05	0.00		(0.05	)
CLASSB
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.00	0.00		(0.00	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00		(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.05	0.00		(0.05	)
April 1, 1999 to March 31, 2000(4)	$	1.00	0.04	0.00		(0.04	)
April 1, 1998 to March 31, 1999	$	1.00	0.04	0.00		(0.04	)
NATIONALTAX-FREEMONEYMARKETFUND
CLASSA
July 28, 2003(3) to September 30, 2003 (Unaudited)	$	1.00	0.00	(0.00	)	(0.00	)
TREASURYPLUSMONEYMARKETFUND
CLASSA
July 28, 2003(3) to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		(0.00	)
100%TREASURYMONEYMARKETFUND
CLASSA
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	(0.00	)	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00		(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00		(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.05	0.00		(0.05	)
November 8, 1999(3) to March 31, 2000	$	1.00	0.02	0.00		(0.02	)

The accompanying notes are an integral part of these financial statements.

54

FINANCIALHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

Distributions From Net Realized Gains		Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)			Total Return(2)	Net Assets at End of Period (000’s omitted)
				Net Investment Income	Net Expenses	Gross Expenses
0.00		$	1.00	0.37%	0.65%	0.86%	0.19%	$	2,150,427
(0.00	)	$	1.00	0.72%	0.65%	0.77%	0.73%	$	2,357,684
0.00		$	1.00	1.52%	0.65%	0.77%	1.54%	$	2,448,719
0.00		$	1.00	2.93%	0.65%	0.77%	2.99%	$	2,528,345
0.00		$	1.00	2.48%	0.65%	0.96%	2.51%	$	2,464,890
0.00		$	1.00	2.46%	0.65%	1.03%	2.49%	$	2,246,123
0.00		$	1.00	0.47%	0.71%	0.80%	0.24%	$	273,484
(0.00	)	$	1.00	0.97%	0.75%	0.81%	1.02%	$	245,642
0.00		$	1.00	2.33%	0.75%	1.00%	2.60%	$	144,577
0.00		$	1.00	5.69%	0.75%	0.81%	5.70%	$	72,460
0.00		$	1.00	4.99%	0.75%	0.81%	1.99%	$	58,960
0.00		$	1.00	0.32%	0.80%	0.91%	0.16%	$	123,527
0.00		$	1.00	0.72%	0.80%	0.83%	0.73%	$	127,193
0.00		$	1.00	1.65%	0.80%	0.83%	1.75%	$	141,873
0.00		$	1.00	2.03%	0.51%	0.56%	2.07%	$	113,871
0.00		$	1.00	0.45%	0.76%	0.95%	0.23%	$	6,104,261
0.00		$	1.00	1.01%	0.76%	0.97%	1.01%	$	6,728,119
0.00		$	1.00	2.58%	0.76%	0.97%	2.54%	$	7,835,864
0.00		$	1.00	5.60%	0.76%	0.95%	5.77%	$	14,406,458
0.00		$	1.00	4.78%	0.75%	1.01%	4.84%	$	13,441,754
0.00		$	1.00	4.67%	0.75%	0.93%	4.79%	$	9,137,812
0.00		$	1.00	0.13%	1.08%	1.70%	0.07%	$	1,771,439
0.00		$	1.00	0.32%	1.46%	1.61%	0.31%	$	1,882,817
0.00		$	1.00	1.76%	1.51%	1.60%	1.78%	$	2,373,287
0.00		$	1.00	4.86%	1.51%	1.69%	4.99%	$	2,493,119
0.00		$	1.00	4.06%	1.46%	1.65%	4.10%	$	1,736,843
0.00		$	1.00	4.01%	1.42%	1.62%	4.10%	$	1,158,589
0.00		$	1.00	0.32%	0.65%	0.65%	0.06%	$	632,486
0.00		$	1.00	0.39%	0.65%	0.65%	0.07%	$	2,323,853
0.00		$	1.00	0.43%	0.65%	0.91%	0.21%	$	191,784
0.00		$	1.00	0.94%	0.65%	0.81%	0.96%	$	209,285
0.00		$	1.00	2.33%	0.65%	0.79%	2.48%	$	161,947
0.00		$	1.00	5.28%	0.65%	0.74%	5.39%	$	98,260
0.00		$	1.00	4.89%	0.65%	0.82%	1.89%	$	2,047

55

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALHIGHLIGHTS

NOTESTOFINANCIALHIGHLIGHTS

(1)	During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 8).
(2)	Total return calculations would have been lower had certain expenses not been waived or reimbursed during the periods shown. Returns for periods less than one year are not annualized.
(3)	Commencement of operations.
(4)	This class of shares was redesignated from Class S to Class B on November 8, 1999.

The accompanying notes are an integral part of these financial statements.

56

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Trust commenced operations on November 8, 1999, and is currently comprised of 68 separate series. These financial statements present the California Tax-Free Money Market, Government Money Market, Minnesota Money Market, Money Market, National Tax-Free Money Market (formerly named the National Tax-Free Institutional Money Market Fund), 100% Treasury Money Market, and Treasury Plus Money Market (formerly named the Treasury Plus Institutional Money Market Fund) Funds (each, a “Fund”, collectively, the “Funds”), each with the exception of the California Tax-Free Money Market Fund and Minnesota Money Market Fund, a diversified series of the Trust. The California Tax-Free Money Market Fund and Minnesota Money Market Fund are non-diversified series of the Trust.

Effective at the close of business on June 6, 2003, the Wells Fargo Government Money Market Fund acquired all of the net assets of the Montgomery Government Money Market Fund. The Montgomery Government Money Market Fund exchanged its 180,530,053 R Class shares (valued at $180,585,365) for 180,530,053 Service Class shares of the Wells Fargo Government Money Market Fund.

Effective at the close of business on July 25, 2003, the Government Money Market Fund acquired all of the net assets of the Government Institutional Money Market Fund. The Government Institutional Money Market Fund exchanged its 1,081,553,886 Institutional Class shares (valued at $1,081,553,928) for 1,081,553,886 Institutional Class shares of the Government Money Market Fund.

Effective at the close of business on July 25, 2003, the National Tax-Free Money Market Fund (formerly named the National Tax-Free Institutional Money Market Fund) (the “Acquiring Fund”) acquired all of the net assets of the National Tax-Free Money Market Fund (the “Target Fund”). The Target Fund exchanged its 667,850,273 Class A shares (valued at $667,870,144) for 667,850,273 Class A shares of the Acquiring Fund.

Effective at the close of business on July 25, 2003, the Treasury Plus Money Market Fund (formerly named the Treasury Plus Institutional Money Market Fund) (the “Acquiring Fund”) acquired all of the net assets of the Treasury Plus Money Market Fund (the “Target Fund”). The Target Fund exchanged its 2,352,982,205 Class A shares (valued at $2,352,936,127) for 2,352,982,205 Class A shares of the Acquiring Fund.

The separate classes of shares offered by each Fund differ principally in the applicable sales charges (if any) and 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 and earn income from the portfolio, 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 on the net assets of each class on the date realized. No class has preferential dividend rights. 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies which are consistently followed by the Trust in the preparation of its financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SECURITYVALUATION

The Funds invest only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolios may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity.

The Funds use the amortized cost method to value their portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Funds seek to maintain a constant net asset value of $1.00 per share, although there is no assurance that they will be able to do so.

57

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

SECURITIESTRANSACTIONSANDINCOMERECOGNITION

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.

REPURCHASEAGREEMENTS

The Government Money Market Fund, Money Market Fund and the Treasury Plus Money Market Fund 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 Funds’ 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 held by the Funds 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.

DISTRIBUTIONSTOSHAREHOLDERS

Net investment income is declared daily and distributed to shareholders monthly. Distributions to shareholders from net realized capital gains are declared and distributed at least annually.

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. The timing and character of distributions made during the period from net investment income or net realized gains may also differ from their ultimate characterization for federal income tax purposes. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

FEDERALINCOMETAXES

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 complying with the provisions applicable to regulated investment companies, as defined under subchapter M of the Internal Revenue Code (the “Code”), and to make distributions of 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 at September 30, 2003.

The following Fund had an estimated net capital loss carryforward, which is available to offset future net realized capital gains:

Fund	Year Expires	Capital Loss Carryforwards
Minnesota Money Market Fund	2010	$	3,019

The Treasury Plus Money Market Fund has a current post-October deferred loss of $898. This loss will be recognized for tax purposes on the first day of the following tax year.

3. ADVISORY FEES

The Trust has entered into an advisory contract on behalf of the Funds with Wells Fargo Funds Management, LLC (“Funds Management”). Pursuant to the advisory contract, Funds Management has agreed to provide the following Funds with daily portfolio management for which Funds Management is entitled to be paid a monthly advisory fee at the following annual rates:

Fund	% of Average Daily Net Assets
California Tax-Free Money Market Fund	0.30
Government Money Market Fund	0.10
Minnesota Money Market Fund	0.30
Money Market Fund	0.40
National Tax-Free Money Market Fund	0.10
100% Treasury Money Market Fund	0.35
Treasury Plus Money Market Fund	0.10

58

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

The Funds’ adviser is responsible for implementing the investment policies and guidelines for the Funds, and for supervising the sub-adviser who is responsible for the day-to-day portfolio management of the Funds.

Wells Capital Management Incorporated (“Wells Capital Management”), an affiliate of Funds Management, acts as investment sub-adviser to the Funds. Wells Capital Management is entitled to receive from Funds Management, as compensation for its sub-advisory services to the Funds, a monthly fee at the annual rate of 0.05% of each Fund’s average daily net assets up to $1 billion and 0.04% of each Fund’s average daily net assets in excess of $1 billion.

4. DISTRIBUTION FEES

The Trust has adopted a Distribution Plan (the “Plan”) for Class B shares of the Money Market Fund pursuant to Rule 12b-1 under the 1940 Act. Distribution fees are charged to the Money Market Fund’s Class B shares and paid to Stephens Inc. (“Stephens”) at a rate of 0.75% of average daily net assets. There are no distribution fees for Class A, Administrator Class, Institutional Class or Service Class shares of the Funds. The distribution fees paid on behalf of the Money Market Fund for the six months ended September 30, 2003 were $6,726,340.

5. ADMINISTRATION FEES AND TRANSFER AGENT FEES

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Funds. Under the Administration Agreement, Funds Management acted as administrator to the Funds and was entitled to receive, on a monthly basis, fees at the annual rate of 0.15% of each Fund’s average daily net assets.

The Trust had also entered into an agreement with Boston Financial Data Services, Inc. (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Funds a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with Funds Management on behalf of the Funds. Under this Agreement, for providing administrative services, which now includes paying the Funds’ fees and expenses for services provided by the Funds’ transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is entitled to receive an annual fee of 0.27% of the average daily net assets of a Fund’s Class A and Class B shares, 0.17% of the average daily net assets of a Fund’s Service Class shares, 0.15% of the average daily net assets of a Fund’s Administrator Class shares and 0.13% of the average daily net assets of a Fund’s Institutional Class shares.

6. SHAREHOLDER SERVICING FEES

The Trust has entered into contracts on behalf of the Funds with numerous shareholder servicing agents, whereby the Funds are charged for these services 0.25% of the average daily net assets of each Fund for Class A, Class B and Service Class shares, and 0.10% of the average daily Net assets of each Fund for Administrator Class shares. No fee is charged for Institutional Class shares.

The shareholder servicing fees paid on behalf of the Funds for the six months ended September 30, 2003 were as follows:

Fund	Class A		Class B		Administrator Class		Service Class
California Tax-Free Money Market Fund	$	2,821,235		N/A		N/A	$	0
Government Money Market Fund		331,177		N/A	$	4,215		2,301,223
Minnesota Money Market Fund		169,052		N/A		N/A		N/A
Money Market Fund		8,055,929	$	2,242,113		N/A		N/A
National Tax-Free Money Market Fund		299,214		N/A		N/A		1,687,845
100% Treasury Money Market Fund		265,809		N/A		N/A		0
Treasury Plus Money Market Fund		1,024,870		N/A		N/A		1,664,439

7. OTHER FEES AND TRANSACTIONS WITH AFFILIATES

Effective the first quarter of 2003, PFPC, Inc. (“PFPC”) serves as fund accountant for the Funds. For its services as fund accountant, PFPC is entitled to receive an annual asset based fund complex fee, an annual fee of $20,000 from each Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC served as fund

59

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

accountant for all of the Funds and was entitled to receive a fixed monthly per fund fee, a basis point fee of 0.0025% of the average daily net assets of the Fund, and was reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

In addition, the Trust has entered into a contract on behalf of each Fund with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank, MN”), whereby Wells Fargo Bank, MN is responsible for providing custody services for the Funds. Pursuant to the contracts, Wells Fargo Bank, MN is entitled to receive certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of each Fund.

8. WAIVED FEES AND REIMBURSED EXPENSES

All amounts shown as waived fees or reimbursed expenses on the Statements of Operations, for the six months ended September 30, 2003, were waived by Funds Management first from advisory fees, and then any remaining amount consecutively from administration, custody and shareholder servicing fees collected.

60

BOARDOFTRUSTEES WELLSFARGOMONEYMARKETFUNDS

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES**

Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994-1999.	None
Peter G. Gordon 61	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

61

WELLSFARGOMONEYMARKETFUNDS BOARDOFTRUSTEES

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

* 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.

** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

62

LISTOFABBREVIATIONS WELLSFARGOMONEYMARKETFUNDS

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 Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
STEERS	— Structured Enhanced Return Trust
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

63

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo 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. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 004 (11/03)

WELLS FARGO

FUNDS

Wells Fargo Money Market Funds

Semi-Annual Report

Wells Fargo California Tax-Free Money Market Fund

Wells Fargo Cash Investment Money Market Fund

Wells Fargo Government Money Market Fund

Wells Fargo National Tax-Free Money Market Fund

Wells Fargo Prime Investment Money Market Fund

Wells Fargo Treasury Plus Money Market Fund

Wells Fargo 100% Treasury Money Market Fund

Administrator, Institutional and Service Classes

September 30, 2003

WELLSFARGOMONEYMARKETFUNDS

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
MONEY MARKET OVERVIEW	2
PRIMARY INVESTMENTS	4
PERFORMANCE HIGHLIGHTS
CALIFORNIATAX-FREEMONEYMARKETFUND	5
CASHINVESTMENTMONEYMARKETFUND	6
GOVERNMENTMONEYMARKETFUND	7
NATIONALTAX-FREEMONEYMARKETFUND	8
PRIMEINVESTMENTMONEYMARKETFUND	9
TREASURYPLUSMONEYMARKETFUND	10
100%TREASURYMONEYMARKETFUND	11
PORTFOLIO OF INVESTMENTS
CALIFORNIATAX-FREEMONEYMARKETFUND	12
CASHINVESTMENTMONEYMARKETFUND	20
GOVERNMENTMONEYMARKETFUND	25
NATIONALTAX-FREEMONEYMARKETFUND	29
PRIMEINVESTMENTMONEYMARKETFUND	42
TREASURYPLUSMONEYMARKETFUND	44
100%TREASURYMONEYMARKETFUND	45
FINANCIAL STATEMENTS
STATEMENTSOFASSETSANDLIABILITIES	46
STATEMENTSOFOPERATIONS	48
STATEMENTSOFCHANGESINNETASSETS	50
FINANCIALHIGHLIGHTS	54
NOTESTOFINANCIALHIGHLIGHTS	58
NOTES TO FINANCIAL STATEMENTS	59
BOARD OF TRUSTEES	63
LIST OF ABBREVIATIONS	65

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

This page is intentionally left blank —

SHAREHOLDERLETTER WELLSFARGOMONEYMARKETFUNDS

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Money Market Funds semi-annual report for the six-month period ending September 30, 2003. On the following pages, you will find the money market overview and facts and figures about each Fund’s portfolio.

OVERVIEW OF FINANCIAL MARKETS

Despite attempts by the federal government to boost the economy early in the year, the economy remained mired in weakness early in the reporting period. The Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1% in June, the lowest level in half a century. Still, unemployment continued to rise and a record fiscal year 2003 federal budget deficit loomed on the horizon, suggesting that tax revenues were not growing fast enough to cover government spending.

Market volatility that was caused by uncertainty over the possibility of war in Iraq was followed by uncertainty over the direction and magnitude of changes in Fed policy. Mortgage refinancing and consumer spending activity remained strong despite a back-up in intermediate-term interest rates. Economic growth began picking up steam during the summer, while corporate earnings exceeded expectations. Even employment data began showing improvement in September. Indeed, there were reasons to be optimistic about the U.S. economy as the end of 2003 approached.

WELLS FARGO MONEY MARKET FUNDS

The Fed’s decision to cut interest rates by just a quarter percentage point to 1% at its June 25, 2003 policy meeting brought interest rates down to levels not seen since the 1950s. Unfortunately, the rate cut did not meet investor expectations and interest rates were volatile through the end of the period in reaction to comments from the Fed and changing views on the outlook for economic growth. Despite a challenging environment for investors, the Wells Fargo Money Market Funds achieved their investment objectives of maintaining a stable net asset value.

It is important to remember that no one can accurately predict the future direction of short-term interest rates. We continue to maintain a more prudent investment strategy and do not pursue strategies that seek to boost yield at the expense of safety and liquidity. We believe that the pursuit of additional yield creates volatility that can potentially undermine Fund performance during uncertain markets.

INVESTMENT STRATEGIES IN CHALLENGING TIMES

Investors are counting on reasonably good earnings growth to propel stocks higher during the balance of 2003, overcoming potential hurdles to any future rally created by seemingly “rich” valuations and by upward pressure on interest rates. With pricing power still weak throughout much of the economy, most businesses will rely on further cost cutting to propel margins enough to sustain double-digit earnings growth. Meanwhile, bond investors may insulate portfolios from a potential rise in interest rates by gradually moving away from longer-term securities as well as by investing in high coupon bonds or mortgage-backed securities that hold up better in a rising interest rate environment. Regardless of what lies ahead, investors should continue to follow the fundamentals of investing — asset allocation and diversification — in an effort to achieve their long-term financial goals.

We would like to thank you for choosing Wells Fargo Funds. We appreciate your confidence in us during this uncertain time period. 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 visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

WELLSFARGOMONEYMARKETFUNDS MONEYMARKETOVERVIEW

MONEYMARKETOVERVIEW

This report covers the six-month period ended September 30, 2003.

This reporting period can be divided into two distinct segments. During the first three months of the period, interest rates moved lower as slow economic growth led many to believe that the Federal Reserve Board (the Fed) would continue its attempt to spur growth by aggressively lowering short-term interest rates. The second half of the period was characterized by rising interest rates, the result of the Fed’s interest rate cut in June not meeting investor expectations.

PRIME MONEY MARKET SECURITIES

For the first three months of the period, the yield curve flattened. Short-term money market investments (those maturing in less than three months) remained stable, while longer-term money market investments (those maturing in more than thirteen months) declined. By mid-June, the yield on one-year investments had declined 25 basis points to below 1%, while the Federal Funds rate remained near 1.25%. Despite warnings that their expectations were unrealistic, investors continued to expect a 50 basis point reduction in the Federal Funds rate in June. When the rate was lowered only 25 basis points, the market began to re-evaluate its outlook for continued regular rate cuts and the yields on longer-term money market investments began to move higher. By the end of the period, the one-year London Interbank Offered Rate (LIBOR) stood at 1.30% after peaking at 1.50% near the end of August.

The amount of commercial paper outstanding continued to decline during the period, as issuers took advantage of the record low bond yields to extend their debt. The amount of top rated commercial paper outstanding fell by more than 5% during the period, from $1.207 trillion to $1.144 trillion, reflecting a decrease of nearly 20% from the peak of $1.413 trillion in December 2000.

Credit quality also remained a concern during the reporting period. While the pace of downgrades slowed somewhat, accounting issues at some of the Government Sponsored Entities, and questions about corporate governance policies at the New York Stock Exchange, did not help to restore investor confidence in management policies, abilities, and integrity.

U.S. TREASURY SECURITIES

Although the Fed eventually did cut the Federal Funds rate by 25 basis points to 1.00%, Treasury bills had been pricing based on the assumption that there would be a 50 basis point cut. Even the one-year Treasury note traded below 0.90% in the days preceding the June rate cut. These low rates coincided with quarter-end demand pressures in June, causing the short-end of the Treasury market (less than three months) to remain overpriced for an unusually longer period of time than what typically follows a market disappointment. Eventually Treasury bill pricing became more reasonable, and the longer end of the market became relatively cheap. As budget deficit projections ballooned, expectations of a greater supply of Treasury bills and the general expectation of higher interest rates drove the price of Treasury bills into the mid 0.90’s to low 1.00’s.

Over this reporting period, the supply of Treasury bills greatly contracted: the issuance of Treasury bills for the first week of April stood at $72 billion, and declined to $44 billion by the end of the period. While the April issuance was largely due to seasonal factors, Treasury bill issuance did not meet expectations as the period progressed and Treasuries became more expensive. Evidence of this could be seen during September, when the U.S. Treasury Department had to issue cash management bills to cover a temporary cash shortfall early in the month. Continued issuance may point to the need for the Treasury to increase auction size in the coming months.

U.S. GOVERNMENT AGENCY SECURITIES

Spreads between U.S. Government agency offerings and money market securities continued to tighten during the period. Interest rates, concerns over the ability of government agencies to manage interest rate risk, losses in the Federal Home Loan Bank of New York’s bond portfolio, and an accounting scandal at the Federal Home Loan Mortgage Corporation (FHLMC) drove yields on U.S. Government agency securities higher on a relative basis. For a period in June, after the FHLMC accounting issues were made public, FHLMC discount notes traded more cheaply than A-1/P-1 bank commercial paper. Eighteen month floating rate paper from the Federal National Mortgage Association (FNMA) and FHLMC traded at similar discount margins to one-year asset-backed conduit program floaters. The number of callable issues continued to increase, but at a slower pace as rates declined in September. By the end of the period, changes in the regulation of FNMA and FHLMC seemed inevitable (although it may be a long and arduous process).

2

MONEYMARKETOVERVIEW WELLSFARGOMONEYMARKETFUNDS

TAX-FREE SECURITIES

The number of new municipal issues continued to increase swiftly as issuers found that it was often cheaper to issue variable rate securities than use the swap market to hedge interest rate risk. As variable rates surged to 103% of the one-month LIBOR in mid-April, the vast supply of variable rate demand notes increased, making it somewhat easier to invest the seasonal July cash inflows.

Fixed rate municipal securities were volatile during the reporting period. One-year paper started the period at 1.10% and interest rates plummeted to 0.80% at the peak of note season in late June. California was on the verge of running out of cash, as legislative parties were at odds over approving a budget. Standard and Poor’s was one of the driving forces behind breaking the stalemate by downgrading the state from A to BBB in late July. The price of California Revenue Anticipation Warrants (RAWs) plummeted as their yields skyrocketed from 1.15% to 2.00%.

Texas issued record-breaking Tax and Revenue Anticipation Notes in late August, exceeding municipal demand and splitting the one-year sector into three markets – the general market, the California market, and the Texas market. The one-year municipal securities markets finally settled down in early September as rates hovered near 1.00% for general market paper, 1.10% for Texas paper, and 1.60% for California RAWs.

STRATEGIC OUTLOOK

While the overnight interest rate has been stable, longer money market rates have increased considerably since the mid-point of the reporting period. With the U.S. economy picking up steam and the U.S. dollar weakening overseas, we believe that interest rates may continue to move higher. That increase, when accompanied by outflows from institutional investors, could trigger a challenging period for all money market funds. However, we do not believe that aggressively positioning a money market fund to boost its yield at the risk of jeopardizing its net asset value (NAV) would be appropriate, and we will continue to position the portfolios and select their investments in an ongoing effort to maintain a stable $1.00 NAV.

The views expressed are as of September 30, 2003 and are those of the Funds’ manager. 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 Money Market Funds.

3

WELLSFARGOMONEYMARKETFUNDS MONEYMARKETOVERVIEW

PRIMARY INVESTMENTS*

Wells Fargo Money Market Fund Name	U.S. Treasury Securities	Repurchase Agreements	U.S. Government Obligations	Commercial Paper	Certificates of Deposit/ Bankers Acceptances	Time Deposits	Floating/ Variable Rate Notes/Bonds	Mortgage- and Other Asset- Backed Securities	Corporate Notes/ Bonds	Municipal Obligations
100% Treasury	X
Treasury Plus	X	X
Government	X	X	X
Prime Investment	X	X	X	X	X	X	X	X	X
Cash Investment	X	X	X	X	X	X	X	X	X
National Tax-Free										X
California Tax-Free										X

*  The chart highlights some of the primary investments that the Funds may make as part of their investment strategies. The chart does not identify all of the permitted investments for each Fund.

4

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOCALIFORNIATAX-FREEMONEYMARKETFUND —SERVICE CLASS

INVESTMENT OBJECTIVE

The Wells Fargo California Tax-Free Money Market Fund (the Fund) seeks a high level of income exempt from federal income tax and California individual income tax, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

01/01/92

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo California Tax-Free Money Market Fund – Service Class	0.29	0.69	1.97	2.35
Benchmark
iMoneyNet California State Specific Institutional Money Fund Average2	0.31	0.75	2.22	2.87

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.59%
7-Day Compound Yield	0.59%
30-Day Simple Yield	0.48%
30-Day Compound Yield	0.48%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	42 days
Number of Holdings	252

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.55%. Performance shown for the Service Class shares of the Wells Fargo California Tax-Free Money Market Fund for periods prior to November 8, 1999, reflects performance of the Class A shares of the Stagecoach California Tax-Free Money Market Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet California State Specific Institutional Money Fund Average is an average of California institutional state tax-free and municipal money funds.

³   Portfolio holdings and characteristics are subject to change.

5

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOCASHINVESTMENTMONEYMARKETFUND —ADMINISTRATOR,INSTITUTIONALANDSERVICECLASSES

INVESTMENT OBJECTIVE

The Wells Fargo Cash Investment Money Market Fund (the Fund) seeks high current income, preservation of capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

10/14/87

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Cash Investment Money Market Fund – Administrator Class	0.40	0.96	3.69	4.34
Wells Fargo Cash Investment Money Market Fund – Institutional Class	0.50	1.18	3.87	4.43
Wells Fargo Cash Investment Money Market Fund – Service Class	0.37	0.93	3.68	4.34
Benchmark
iMoneyNet First Tier Institutional Money Fund Average2	0.41	0.99	4.02	5.41

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
	Administrator	Institutional	Service
7-Day Current Yield	0.79%	0.94%	0.64%
7-Day Compound Yield	0.79%	0.94%	0.64%
30-Day Simple Yield	0.77%	0.92%	0.62%
30-Day Compound Yield	0.78%	0.93%	0.63%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	49 days
Number of Holdings	144

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.77% for the Administrator Class shares, 0.88% for the Institutional Class shares and 0.59% for the Service Class shares.

Performance shown for the Administrator Class shares of the Wells Fargo Cash Investment Money Market Fund for the period prior to July 31, 2003, reflects performance of the Fund’s Service Class shares, and includes fees and expenses that are not applicable to the Administrator Class shares. The Service Class shares annual returns are substantially similar to what the Administrator Class shares would be because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the Classes do not have the same fees and expenses. Performance shown for the Institutional and Service Class shares of the Wells Fargo Cash Investment Money Market Fund for the periods prior to November 8, 1999, reflects performance of the Service Class (formerly Single Class) shares of the Norwest Advantage Cash Investment Fund (the accounting survivor of a merger of the Norwest Advantage Cash Investment Fund and the Stagecoach Prime Money Market Fund at the close of business on November 5, 1999), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet First Tier Institutional Money Fund Average is an average of non-governmental institutional funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³   Portfolio holdings and characteristics are subject to change.

6

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOGOVERNMENTMONEYMARKETFUND —ADMINISTRATOR,INSTITUTIONALANDSERVICECLASSES

INVESTMENT OBJECTIVE

The Wells Fargo Government Money Market Fund (the Fund) seeks high current income, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

11/16/87

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Government Money Market Fund – Administrator Class	0.37	0.91	3.53	4.18
Wells Fargo Government Money Market Fund – Institutional Class	0.40	0.93	3.54	4.18
Wells Fargo Government Money Market Fund – Service Class	0.35	0.88	3.53	4.18
Benchmark
iMoneyNet Government Institutional Money Fund Average2	0.36	0.88	3.79	5.17

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
	Administrator Class	Institutional Class	Service Class
7-Day Current Yield	0.74%	0.89%	0.59%
7-Day Compound Yield	0.75%	0.90%	0.60%
30-Day Simple Yield	0.73%	0.88%	0.58%
30-Day Compound Yield	0.74%	0.89%	0.58%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	58 days
Number of Holdings	108

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.72% for the Administrator Class shares, 0.84% for the Institutional Class shares and 0.55% for the Service Class shares.

Performance shown for the Administrator Class shares of the Wells Fargo Government Money Market Fund for the period prior to July 31, 2003, reflects performance of the Fund’s Service Class shares, and includes fees and expenses that are not applicable to the Administrator Class shares. Performance shown for the Institutional Class shares of the Wells Fargo Government Money Market Fund for the period prior to July 28, 2003, reflects performance of the Fund’s Service Class shares, and includes fees and expenses that are not applicable to the Institutional Class shares. The Service Class shares annual returns are substantially similar to what the Administrator and Institutional Class shares would be because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the Classes do not have the same fees and expenses. Performance shown for the Service Class shares of the Wells Fargo Government Money Market Fund for periods prior to November 8, 1999, reflects performance of the Service Class (formerly Single Class) shares, adjusted for expenses, of the Norwest Advantage U.S. Government Fund (the accounting survivor of a merger of the Norwest Advantage U.S. Government Fund and the Stagecoach Government Money Market), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds and the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet Government Institutional Money Fund Average is an average of governmental institutional funds.

³   Portfolio holdings and characteristics are subject to change.

7

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGONATIONALTAX-FREEMONEYMARKETFUND —INSTITUTIONALANDSERVICECLASSES

INVESTMENT OBJECTIVE

The Wells Fargo National Tax-Free Money Market Fund (the Fund) seeks to provide high current income exempt from federal income taxes, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

01/07/88

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*		1-Year		5-Year		10-Year
Wells Fargo National Tax-Free Money Market Fund – Institutional Class	0.43		0.96		2.46		2.84
Wells Fargo National Tax-Free Money Market Fund – Service Class	0.32		0.78		2.33		2.78
Benchmark
iMoneyNet Tax-Free Institutional Money Fund Average2	0.33	%	0.79	%	2.43	%	3.09	%

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
	Institutional	Service
7-Day Current Yield	0.92%	0.67%
7-Day Compound Yield	0.92%	0.67%
30-Day Simple Yield	0.80%	0.55%
30-Day Compound Yield	0.81%	0.56%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	37 days
Number of Holdings	316

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.86% for the Institutional Class shares and 0.57% for the Service Class shares.

Performance shown for the Institutional and Service Class shares of the Wells Fargo National Tax-Free Money Market Fund for the periods prior to November 8, 1999, reflects performance of the Service Class (formerly Institutional Class) shares of the Norwest Advantage Municipal Money Market Fund (the accounting survivor of a merger of the Norwest Municipal Money Market Fund and the Stagecoach National Tax-Free Money Market Fund), its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet Tax-Free Institutional Money Fund Average is an average of national and state tax-free and institutional municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds under six months, put bonds over six months, AMT paper and other tax-free holdings. It is made up of funds in the National Tax-Free Institutional and State Specific Institutional categories.

³   Portfolio holdings and characteristics are subject to change.

8

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOPRIMEINVESTMENTMONEYMARKETFUND —INSTITUTIONALANDSERVICECLASSES

INVESTMENT OBJECTIVE

The Wells Fargo Prime Investment Money Market Fund (the Fund) seeks high current income consistent with the preservation of capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

09/02/98

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	Life of Fund
Wells Fargo Prime Investment Money Market Fund – Institutional Class	0.38	0.86	3.55	3.58
Wells Fargo Prime Investment Money Market Fund – Service Class	0.32	0.80	3.54	3.57
Benchmark
iMoneyNet First Tier Institutional Money Fund Average2	0.41	0.99	4.02	4.06

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
	Institutional Class	Service Class
7-Day Current Yield	0.90%	0.57%
7-Day Compound Yield	0.90%	0.57%
30-Day Simple Yield	0.87%	0.54%
30-Day Compound Yield	0.87%	0.54%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	46 days
Number of Holdings	46

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.86% for the Institutional Class shares and 0.57% for the Service Class shares.

Performance shown for the Institutional Class shares of the Wells Fargo Prime Investment Money Market Fund for periods prior to July 28, 2003 reflects performance of the Fund’s Service Class shares, and includes fees and expenses that are not applicable to the Institutional Class shares. The Service Class shares annual returns are substantially similar to what the Institutional Class shares would be because the shares are invested in the same portfolio of securities and the annual returns differ only to the extent that the Classes do not have the same fees and expenses. Performance shown for the Service Class shares of the Wells Fargo Prime Investment Money Market Fund for periods prior to November 8, 1999, reflects performance of the Service (formerly Public Entities) shares of the Norwest Advantage Ready Cash Investment Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet First Tier Institutional Money Fund Average is an average of non-governmental institutional funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³   Portfolio holdings and characteristics are subject to change.

9

WELLSFARGOMONEYMARKETFUNDS PERFORMANCEHIGHLIGHTS

WELLSFARGOTREASURYPLUSMONEYMARKETFUND —INSTITUTIONALANDSERVICECLASSES

INVESTMENT OBJECTIVE

The Wells Fargo Treasury Plus Money Market Fund (the Fund) seeks current income and stability of principal.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

10/01/85

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Treasury Plus Money Market Fund—Institutional Class	0.47	1.09	3.63	4.28
Wells Fargo Treasury Plus Money Market Fund—Service Class	0.33	0.83	3.40	4.11
Benchmark
iMoneyNet Treasury & Repo Institutional Money Fund Average2	0.34	0.84	3.70	5.07
91 Day U.S. Treasury Bill3	0.84	1.89	4.54	5.01

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
	Institutional Class	Service Class
7-Day Current Yield	0.84%	0.54%
7-Day Compound Yield	0.84%	0.54%
30-Day Simple Yield	0.83%	0.53%
30-Day Compound Yield	0.84%	0.53%

FUND CHARACTERISTICS4 (AS OF SEPTEMBER 30, 2003)
Average Maturity	51 days
Number of Holdings	32

PORTFOLIO COMPOSITION⁴ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION⁴ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds. The U.S. Treasury guarantee applies to the underlying securities and NOT to shares of the Fund.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.78% for the Institutional Class shares and 0.49% for the Service Class shares.

Performance shown for the Institutional and Service Class shares of the Wells Fargo Treasury Plus Money Market Fund for the periods prior to November 8, 1999, reflects performance of the Institutional and Service Class shares, respectively, of the Stagecoach Treasury Plus Money Market Fund (the accounting survivor of a merger between the Norwest Advantage Treasury Plus Fund and the Stagecoach Treasury Plus Money Market Fund), its predecessor Fund. Effective at the close of business November 5, 1999, the Stagecoach and Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

Performance shown for the periods between September 6, 1996 and October 1, 1995, reflects performance of the Pacific American U.S. Treasury Portfolio, the predecessor portfolio. In July 1995, the Pacific American U.S. Treasury Portfolio was renamed the Pacifica Treasury Money Market Fund. For the periods prior to October 1, 1995, the performance shown reflects the performance of the shares of the predecessor portfolio.

²   The iMoneyNet Treasury & Repo Institutional Money Fund Average is an average of institutional government funds that hold U.S. Treasury securities and repurchase agreements backed by the U.S. Treasury.

³   Estimated monthly return (12th root of annualized discount rate) which is based on the discount rate quoted on the last business day of the month of 91 day U.S. Treasury Bills. These figures are calculated on a 365 day basis.

⁴   Portfolio holdings and characteristics are subject to change.

10

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGO 100%TREASURYMONEYMARKETFUND —SERVICE CLASS

INVESTMENT OBJECTIVE

The Wells Fargo 100% Treasury Money Market Fund (the Fund) seeks stability of principal and current income that is exempt from most state and local individual income taxes.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

12/03/90

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo 100% Treasury Money Market Fund – Service Class	0.30	0.79	3.29	3.95
Benchmarks
iMoneyNet Treasury Institutional Money Fund Average2	0.34	0.85	3.64	5.00
91 Day U.S. Treasury Bill3	0.84	1.89	4.54	5.01

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY
7-Day Current Yield	0.46%
7-Day Compound Yield	0.47%
30-Day Simple Yield	0.47%
30-Day Compound Yield	0.47%

FUND CHARACTERISTICS4 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	53 days
Number of Holdings	31

PORTFOLIO COMPOSITION⁴ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION⁴ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹   Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.43%.

Performance shown for the Service Class of the Wells Fargo 100% Treasury Money Market Fund for periods prior to November 8, 1999, reflects performance of the Service Class (formerly Single Class) shares, adjusted for expenses, of the Norwest Advantage Treasury Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

²   The iMoneyNet Treasury Institutional Money Fund Average includes only institutional funds that hold 100% in U.S. Treasury securities.

³   Estimated monthly return (12th root of annualized discount rate) which is based on the discount rate quoted on the last business day of the month of 91 day U.S. Treasury Bills. These figures are calculated on a 365 day basis.

⁴   Portfolio holdings and characteristics are subject to change.

11

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.85%
California – 93.77%
$	6,000,000	ABAG Finance Authority For Nonprofit Corporations California Housing Revenue Series A Societe Generale LOC§	1.10	%	07/01/2008	$	6,000,000
	9,865,000	ABAG Finance Authority For Nonprofit Corporations California MFHR Gaia Building Project Series A Collateralized By FNMA§	1.05		09/15/2032		9,865,000
	1,150,000	Alameda County CA CTFS Participation Santa Rita Jail Project Lease Revenue Prerefunded 12/01/03 @ 102 MBIA Insured§	5.70		12/01/2014		1,181,779
	5,500,000	Alvord CA University School District CTFS Participation Food Services Bridge Funding Program Lease Revenue FSA Insured§	1.05		06/01/2037		5,500,000
	4,400,000	Anaheim CA CTFS Participation Lease Revenue AMBAC Insured§	1.00		08/01/2019		4,400,000
	3,900,000	Anaheim CA Housing Authority MFHR Collateralized By FNMA§	1.10		07/15/2020		3,900,000
	10,244,000	Anaheim CA Housing Authority MFHR Fountain Anaheim Hills Series A Collateralized By FNMA§	1.15		02/15/2033		10,244,000
	4,345,000	Anaheim CA Housing Authority MFHR Monterrey Apartments Series B Collateralized By FNMA§	1.10		05/15/2027		4,345,000
	6,300,000	Anaheim CA Housing Authority MFHR Sea Wind Apartments Project Series C Collateralized By FNMA§	1.15		07/15/2033		6,300,000
	8,160,000	Anaheim CA Public Financing Authority Lease Revenue FSA Insured§	1.13		09/01/2024		8,160,000
	37,000,000	Bay Area Toll Authority CA Toll Bridge Revenue San Francisco Bay Area Project Series A AMBAC Insured§	1.00		04/01/2036		37,000,000
	4,300,000	Bay Area Toll Authority CA Toll Bridge Revenue San Francisco Bay Area Series B§	1.00		04/01/2029		4,300,000
	700,000	Bay Area Toll Authority California Toll Bridge Revenue San Francisco Bay Area Project Series C AMBAC Insured§	1.05		04/01/2037		700,000
	11,000,000	Buena Park CA MFHR Walden Glen Apartments Project Series A§	1.15		02/15/2033		11,000,000
	13,000,000	California Cities Home Ownership Authority Housing Revenue Lease Purchase Program Project Series A Collateralized By FHLMC§	1.10		09/01/2006		13,000,000
	3,000,000	California Communities Housing Finance Agency Lease Revenue Series A Collateralized By FHLMC§	1.10		02/01/2007		3,000,000
	2,420,000	California Educational Facilities Authority Revenue CTFS Series 113 General Obligation of University§	1.08		12/01/2027		2,420,000
	10,500,000	California Educational Facilities Authority Revenue Loyola Maramount University Series B MBIA Insured§	1.10		10/01/2027		10,500,000
	8,290,000	California Educational Facilities Authority Revenue Santa Clara University Series B MBIA Insured§	1.10		02/01/2032		8,290,000
	980,000	California HFA Revenue CTFS Series 150 MBIA Insured§	1.13		02/01/2029		980,000
	75,000	California HFA Revenue CTFS Series 412 AMBAC Insured§	1.13		08/01/2029		75,000
	3,400,000	California HFA Revenue Home Mortgage Series B§	1.28		08/01/2033		3,400,000
	5,800,000	California HFA Revenue Home Mortgage Series M§	1.20		08/01/2033		5,800,000
	4,415,000	California HFA Revenue Home Mortgage Series U§	1.10		02/01/2017		4,415,000
	10,925,000	California HFA Revenue Home Mortgage Series U§	1.14		02/01/2031		10,925,000
	31,960,000	California HFA Revenue Home Mortgages FSA Insured§	1.14		02/01/2032		31,960,000
	6,800,000	California HFA Revenue Home Mortgages Series F FSA Insured§	1.07		02/01/2034		6,800,000
	5,600,000	California HFA Revenue Home Mortgages Series M§	1.20		02/01/2025		5,600,000
	1,470,000	California HFA Revenue MBIA Insured§	1.15		08/01/2016		1,470,000
	9,100,000	California HFA Revenue MFHR Series D§	1.23		02/01/2031		9,100,000
	2,050,000	California HFA Revenue Series 112-A§	1.15		08/01/2026		2,050,000
	6,900,000	California HFA Revenue Series F§	1.20		02/01/2033		6,900,000
	17,800,000	California HFFA Revenue Adventist Health Systems Series B KBC Bank NV LOC§	1.20		09/01/2025		17,800,000

12

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	2,845,000	California HFFA Revenue CTFS Series 26 FSA Insured§	1.08	%	06/01/2022	$	2,845,000
	7,200,000	California HFFA Revenue Scripps Health Series A Bank One NA LOC§	1.05		10/01/2023		7,200,000
	13,155,000	California HFFA Revenue Series A MBIA Insured§	1.20		09/01/2028		13,155,000
	8,530,000	California HFFA Revenue Series B MBIA Insured§	1.20		09/01/2028		8,530,000
	7,120,000	California HFFA Revenue Series C MBIA Insured§	1.20		09/01/2015		7,120,000
	15,500,000	California Infrastructure & Economic Development Bank Revenue J Paul Getty Series D§	1.00		04/01/2033		15,500,000
	18,000,000	California Infrastructure & Economic Development Bank Series 2002	0.80		11/19/2003		18,000,000
	15,000,000	California Infrastructure & Economic Development Bank Series 2002	0.80		12/09/2003		15,000,000
	76,000,000	California School Cash Reserve Program Authority Pool Series A	2.00		07/06/2004		76,632,672
	8,300,000	California State Department Water Reserve & Power Supply Revenue Series 764 FSA Insured§	1.08		05/01/2012		8,300,000
	29,200,000	California State Department Water Reserve & Power Supply Revenue Series B-1 Bank of New York LOC§	1.20		05/01/2022		29,200,000
	24,400,000	California State Department Water Reserve & Power Supply Revenue Series B-4 Bayerische Landesbank LOC§	1.15		05/01/2022		24,400,000
	1,900,000	California State Department Water Reserve & Power Supply Revenue Series B-5 Bayerische Landesbank LOC§	1.15		05/01/2022		1,900,000
	26,800,000	California State Department Water Reserve & Power Supply Revenue Series C-14 Westdeutsche Landesbank LOC§	1.10		05/01/2022		26,800,000
	17,800,000	California State Department Water Reserve & Power Supply Revenue Series C-3 AMBAC Insured§	1.05		05/01/2022		17,800,000
	9,000,000	California State Department Water Reserve Center Valley Project Revenue Putters Series 127 FGIC Insured§	1.10		12/01/2022		9,000,000
	3,200,000	California State Economic Development Financing Authority Industrial Development Revenue Serra Microchassis Project US Bank NA LOC§	1.20		08/01/2027		3,200,000
	2,005,000	California State Economic Development Financing Authority Industrial Development Revenue Serra Mission Project Series A US Bank NA LOC§	1.20		08/01/2027		2,005,000
	4,995,000	California State Floater CTFS Series 471X MBIA Insured§	1.13		09/01/2024		4,995,000
	9,000,000	California State Floats PA 315 FSA Insured§	1.15		12/01/2003		9,000,000
	1,420,000	California State Floats PT 153A§	1.15		12/01/2008		1,420,000
	11,500,000	California State Merlots-B 45 Wachovia Bank Insured§	1.09		10/01/2029		11,500,000
	10,395,000	California State Public Works Board Lease Revenue CTFS Series 210 AMBAC Insured§	1.08		01/01/2011		10,395,000
	19,570,000	California State Public Works Board Lease Revenue CTFS Series D AMBAC Insured§	1.11		12/01/2019		19,570,000
	8,875,000	California State Public Works Board Lease Revenue Roc Series II-R-133 AMBAC Insured§	1.11		12/01/2014		8,875,000
	4,205,000	California State Public Works Board Lease Revenue Roc Series II-R-160 AMBAC Insured§	1.11		10/01/2012		4,205,000
	6,425,000	California State Putters Series 239Z AMBAC Insured§	1.13		12/01/2032		6,425,000
	26,400,000	California State Series C-1 Bank of America NA LOC§	1.10		05/01/2033		26,400,000
	20,800,000	California Statewide CDA Davis Retirement Care Project§	1.20		11/15/2028		20,800,000
	6,400,000	California Statewide CDA MFHR Canyon Country Apartments Series M Collaterlized By FHLMC§	1.15		12/01/2034		6,400,000
	6,750,000	California Statewide CDA MFHR Crocker Oaks Apartments Projectseries H Collateralized By FNMA§	1.15		03/15/2034		6,750,000

13

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	3,985,000	California Statewide CDA MFHR Granite Oaks Apartments Series R Collateralized By FNMA§	1.15	%	10/15/2030	$	3,985,000
	2,160,000	California Statewide CDA MFHR Greenback Manorapartments Series A Collateralized By FHLB§	1.10		02/01/2028		2,160,000
	17,200,000	California Statewide CDA MFHR IAC Project Series W-1 Bank of America NA LOC§	1.10		08/01/2034		17,200,000
	2,800,000	California Statewide CDA MFHR IAC Project Series W-2 Bank of America NA LOC§	1.10		09/15/2029		2,800,000
	700,000	California Statewide CDA MFHR IAC Project Series W-3 Bank of America NA LOC§	1.10		04/01/2025		700,000
	13,700,000	California Statewide CDA Revenue Childrens Hospital of Los Angeles Series Bambac Insured§	1.00		08/15/2032		13,700,000
	9,180,000	California Statewide CDA Revenue CTFS Participation House Ear Institute JP Morgan Chase & Company LOC§	1.20		12/01/2018		9,180,000
	1,000,000	California Statewide CDA Revenue Fremont Rideout Health Group Series A AMBAC Insured§	1.15		01/01/2031		1,000,000
	10,000,000	California Statewide CDA Revenue Series A AMBAC Insured§	1.00		08/15/2032		10,000,000
	37,000,000	California Statewide CDA Revenue TRAN Series A-1 FSA Insured§	2.00		06/30/2004		37,306,351
	11,090,000	California Statewide CDA Solid Waste Facilities Revenue Chevron USA Project Chevron Corporation LOC§	1.18		12/15/2024		11,090,000
	16,420,000	Camarillo CA MFHR Hacienda de Camarillo Project Collateralized By FNMA§	1.15		10/15/2026		16,420,000
	2,400,000	Camarillo CA MFHR Heritage Park Project Series A Collateralized By FNMA§	1.10		07/15/2019		2,400,000
	5,000,000	Castaic Union School District California CTFS Participation School Facility Bridge Funding Program FSA Insured§	1.05		09/01/2036		5,000,000
	5,100,000	Colton CA Redevelopment Agency CTFS Participation Las Palomas Association Project City National Bank LOC§	1.05		11/01/2015		5,100,000
	5,985,000	Compton CA University School District Merlots Series B39 MBIA Insured§	1.09		09/01/2027		5,985,000
	7,825,000	Contra Costa County CA Home Mortgage Revenue CTFS Series A§	1.15		12/01/2010		7,825,000
	7,000,000	Contra Costa County CA MFHR Delta Square Apartments Project Series H Collateralized By FNMA§	1.10		10/15/2029		7,000,000
	745,000	Contra Costa County CA MFHR El Cerrito Royale Project Series A Bank of America LOC§	1.10		12/01/2017		745,000
	3,300,000	Contra Costa County CA MFHR Lafayette Town Center Apartments Series I Collateralized By FNMA§	1.15		07/15/2032		3,300,000
	1,000,000	Contra Costa County CA MFHR Series B Collateralized By FNMA§	1.10		11/15/2022		1,000,000
	32,000,000	Contra Costa County CA TRAN Series A	2.50		11/17/2003		32,043,332
	1,550,000	Covina CA Redevelopment Agency MFHR Shadowhills Apartments Series A Collateralized By FNMA§	1.08		12/01/2015		1,550,000
	2,390,000	Eagle Tax-Exempt Trust CTF Series 950501 (California State) MBIA Insured§	1.11		02/01/2006		2,390,000
	4,000,000	Eagle Tax-Exempt Trust CTF Series 970503 (California State Public Works Board Lease Revenue Series C) AMBAC Insured§	1.11		09/01/2017		4,000,000
	4,400,000	Escondido CA Community Development Common CTFS Participation Bank of America NT & SA LOC§	1.10		10/01/2016		4,400,000
	21,710,000	Fresno CA Union School District Anticipation Notes	1.10		02/19/2004		21,710,336
	6,865,000	Garden Grove CA Housing Authority MFHR Floats PT 1385 Collateralized By GNMA§	1.15		03/23/2006		6,865,000
	2,725,000	Golden Gate Bridge Highway & Transportation District Morgan Guaranty Trust Company of New York LOC	0.85		10/08/2003		2,725,000
	4,000,000	Hayward CA MFHR Shorewood Series A FGIC Insured§	1.05		08/01/2014		4,000,000

14

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	3,700,000	Hayward CA MFHR Tennyson Gardens Apartments Project Series A US Bank NA LOC§	1.20	%	08/01/2032	$	3,700,000
	1,000,000	Hemet CA MFHR Sunwest Retirement Series A Collateralized By FHLMC§	1.10		01/01/2025		1,000,000
	1,760,000	Irvine CA Industrial Revenue Irvine East Investment Company Project Bank of America NA LOC§	1.05		12/01/2005		1,760,000
	6,600,000	Irvine Ranch CA Water District CTFS Participation Capital Improvement Project Landesbank Baden LOC§	1.15		08/01/2016		6,600,000
	2,000,000	Irvine Ranch CA Water District State Street B&T Company LOC§	1.15		01/01/2021		2,000,000
	5,500,000	Lancaster CA Redevelopment Agency MFHR 20Th Street Apartments Project Series C Collateralized By FNMA§	1.10		12/01/2026		5,500,000
	4,450,000	Livermore CA Redevelopment Agency MFHR Series 2002A Livermore Apartments Project Bank of America NA LOC§	1.25		11/01/2040		4,450,000
	2,135,000	Long Beach CA Harbor Revenue Series 418 FGIC Insured§	1.13		05/15/2020		2,135,000
	2,800,000	Long Beach CA Hbr Rev PA 651 FGIC Insured§	1.15		05/15/2019		2,800,000
	7,140,000	Los Angeles CA Community Redevelopment Agency MFHR Series A Rowan Lofts Project FNMA Insured§	1.15		12/01/2034		7,140,000
	12,000,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series C1 AMBAC Insured§	0.97		08/15/2021		12,000,000
	6,305,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series D AMBAC Insured§	0.97		08/15/2021		6,305,000
	12,000,000	Los Angeles CA Department of Airports Revenue Series C1 Los Angeles International Airport§	1.05		05/15/2020		12,000,000
	6,795,000	Los Angeles CA Harbor Department Revenue Transportation Receipts Class F Series 7 MBIA Insured§	1.11		11/01/2026		6,795,000
	7,300,000	Los Angeles CA MFHR Broadway Plaza Project Series L§	1.10		12/01/2034		7,300,000
	2,500,000	Los Angeles CA MFHR Fountain Park Project Series P§	1.05		04/15/2033		2,500,000
	3,700,000	Los Angeles CA MFHR LA Bera Apartment Project Series G Citibank NA LOC§	1.05		12/01/2030		3,700,000
	100,000	Los Angeles CA MFHR Loans To Lenders Program Series A FHLB LOC§	1.25		08/01/2026		100,000
	5,300,000	Los Angeles CA MFHR Masselin Manor Housing Project Bank of America Nt & SA LOC§	1.10		07/01/2015		5,300,000
	9,000,000	Los Angeles CA Union School District COP Multiple Properties Project Series B§	2.25		10/01/2003		9,000,000
	18,300,000	Los Angeles CA Union School District Merlots Series A22§	1.09		07/01/2022		18,300,000
	5,000,000	Los Angeles CA Union School District Merlots Series B12§	1.09		01/01/2027		5,000,000
	55,500,000	Los Angeles CA Union School District TRAN Series A	2.00		07/01/2004		55,944,576
	5,000,000	Los Angeles CA Wastewater System Sewer Revenue ROCS RR II R 4034§	1.11		06/01/2022		5,000,000
	10,200,000	Los Angeles CA Wastewater System Sewer Revenue Series A FGIC Insured§	1.25		12/01/2031		10,200,000
	8,600,000	Los Angeles CA Wastewater System Sewer Revenue Series B FGIC Insured§	1.25		12/01/2031		8,600,000
	5,995,000	Los Angeles CA Water & Power Revenue Series 182 FSA Insured§	1.10		07/01/2022		5,995,000
	10,595,000	Los Angeles CA Water & Power Revenue Series 184 FSA Insured§	1.10		07/01/2022		10,595,000
	4,200,000	Los Angeles CA Water & Power Revenue Subseries A-2§	1.05		07/01/2035		4,200,000
	16,700,000	Los Angeles CA Water & Power Revenue Subseries A-4§	1.05		07/01/2035		16,700,000
	6,300,000	Los Angeles CA Water & Power Revenue Subseries A-6§	1.05		07/01/2035		6,300,000
	20,000,000	Los Angeles CA Water & Power Revenue Subseries A-7§	1.05		07/01/2035		20,000,000
	3,000,000	Los Angeles CA Water & Power Revenue Subseries B-1 Dexia Insured§	1.05		07/01/2035		3,000,000
	20,900,000	Los Angeles CA Water & Power Revenue Subseries B-2§	1.05		07/01/2034		20,900,000
	20,500,000	Los Angeles CA Water & Power Revenue Subseries B-3§	1.18		07/01/2034		20,500,000
	1,450,000	Los Angeles CA Water & Power Revenue Subseries B-6§	1.20		07/01/2034		1,450,000

15

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	7,100,000	Los Angeles CA Water & Power Revenue Subseries B-7§	1.05	%	07/01/2034	$	7,100,000
	13,600,000	Los Angeles CA Water & Power Revenue Subseries B-8 Bank of America NA LOC§	1.05		07/01/2034		13,600,000
	18,670,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2016		18,670,000
	20,200,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2021		20,200,000
	10,000,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2025		10,000,000
	3,000,000	Los Angeles County CA MFHR Authority Revenue P Float PT 639§	1.22		10/01/2031		3,000,000
	5,850,000	Los Angeles County CA Pension Obligation Series B§	1.01		06/30/2007		5,850,000
	1,305,000	Los Angeles County CA Pension Obligation Series C§	1.00		06/30/2007		1,305,000
	5,000,000	Los Angeles County CA Sanitation District Revenue Series A	5.25		10/01/2019		5,100,000
	12,800,000	Los Angeles County CA Schools TRAN Series A	1.75		06/30/2004		12,878,504
	10,000,000	Los Angeles County CA Transportation Common Sales Revenue Series A FGIC Insured§	1.00		07/01/2012		10,000,000
	9,055,000	Metropolitan Water District Southern CA Waterworks Revenue MBIA Insured§	1.14		07/01/2030		9,055,000
	4,965,000	Metropolitan Water District Southern CA Waterworks Revenue Merlots A21§	1.09		07/01/2021		4,965,000
	56,145,000	Metropolitan Water District Southern CA Waterworks Revenue Series A§	1.03		07/01/2025		56,145,000
	3,400,000	Metropolitan Water District Southern CA Waterworks Revenue Series A AMBAC Insured§	1.05		06/01/2023		3,400,000
	6,850,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	1.15		07/01/2035		6,850,000
	11,100,000	Modesto CA Irrigation District Financing Authority Revenue Series SG66 MBIA Insured§	1.14		10/01/2015		11,100,000
	6,500,000	Modesto CA MFHR Live Oak Apartments Project Collateralized By FNMA§	1.10		09/15/2024		6,500,000
	5,620,000	Modesto CA PFA Lease Revenue Series 354 AMBAC Insured§	1.08		09/01/2029		5,620,000
	31,900,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series F MBIA Insured§	1.20		07/01/2022		31,900,000
	4,170,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series II R 134 MBIA Insured§	1.11		07/01/2013		4,170,000
	2,400,000	Newport Beach CA Revenue Hoag Memorial Hospital Series A§	1.23		10/01/2026		2,400,000
	19,700,000	Newport Beach CA Revenue Hoag Memorial Hospital Series B§	1.23		10/01/2026		19,700,000
	10,500,000	Newport Beach CA Revenue Hoag Memorial Hospital Series C§	1.23		10/01/2026		10,500,000
	2,965,000	Norwalk LA Mirada CA Union School District Series A§	2.00		08/01/2004		2,993,907
	11,800,000	Orange County CA Apartment Development Revenue Bluffs Apartment Project Series C FHLMC LOC§	1.10		12/01/2029		11,800,000
	4,000,000	Orange County CA Apartment Development Revenue Park Ridge Villas Project FNMA LOC§	1.10		11/15/2028		4,000,000
	5,600,000	Orange County CA Apartment Development Revenue Seaside Meadows Partners Project Series 1984C FHLMC LOC§	1.00		08/01/2008		5,600,000
	8,000,000	Orange County CA Apartment Development Revenue Series A FHLMC LOC§	1.10		12/01/2006		8,000,000
	26,805,000	Orange County CA Apartment Development Revenue Series B Aliso Creek Project FHLMC LOC§	1.05		11/01/2022		26,805,000
	7,449,000	Orange County CA Apartment Development Revenue Series D Harbor Pointe Project FHLMC LOC§	1.10		12/01/2022		7,449,000
	9,098,000	Orange County CA Improvement Assessment District Number 88 Series 1 KBC Bank NV LOC§	1.20		09/02/2018		9,098,000
	12,490,000	Orange County CA Sanitation Districts COP AMBAC Insured§	1.05		08/01/2013		12,490,000

16

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	1,375,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series B AMBAC Insured§	1.05	%	11/01/2014	$	1,375,000
	3,050,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series D AMBAC Insured§	1.05		11/01/2014		3,050,000
	3,000,000	Orange County CA Special Financing Authority Teeter Plan Revenue Series E AMBAC Insured§	1.05		11/01/2014		3,000,000
	5,000,000	Pacific CA HFA Lease Revenue Series A FHLMC Insured§	1.10		02/01/2007		5,000,000
	720,000	Palo Alto CA USD Series II R 93§	1.11		08/01/2016		720,000
	10,000,000	Port of Oakland CA	0.80		10/07/2003		10,000,000
	12,000,000	Port of Oakland CA Series D	0.80		10/08/2003		12,000,000
	6,000,000	Port of Oakland CA Series D	0.90		10/09/2003		6,000,000
	14,000,000	Port of Oakland CA Series D	0.80		10/14/2003		14,000,000
	11,400,000	Port of Oakland CA Series D	0.80		10/15/2003		11,400,000
	4,995,000	Port of Oakland CA Transportation Revenue FGIC Insured§	1.15		05/01/2008		4,995,000
	7,285,000	Port of Oakland CA Transportation Revenue MBIA Insured§	1.15		05/01/2010		7,285,000
	18,290,000	Port of Oakland CA Transportation Revenue Series 5 FGIC Insured§	1.08		11/01/2012		18,290,000
	2,690,000	Rancho Mirage CA JT Powers Financing Authority Certificates of Participation EISenhower Medical Center Project§	1.07		07/01/2022		2,690,000
	2,245,000	Riverside County CA Asset Lending Corporation Leasehold Revenue MBIA Insured§	1.08		06/01/2016		2,245,000
	8,100,000	Riverside County CA Community Facilities District Series 88-4 KBC Bank LOC§	1.10		09/01/2014		8,100,000
	5,000,000	Riverside County CA IDA Bank of America NA LOC§	1.10		06/01/2026		5,000,000
	22,400,000	Riverside San Bernadino CA Housing & Finance Agency Lease Revenue Series A Societe Generale LOC§	1.10		07/01/2006		22,400,000
	3,000,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2000-12 Class A§	1.24		03/01/2034		3,000,000
	7,000,000	Sacramento County CA HFA MFHR Arlington Creek Apartment Series 1 Collateralized By FNMA§	1.15		05/15/2034		7,000,000
	6,300,000	Sacramento County CA HFA MFHR Hidden Oaks Apartments Project Series C Collateralized By FNMA§	1.15		05/15/2029		6,300,000
	6,000,000	Sacramento County CA Housing Authority MFHR Normandy Park Apartments Series A§	1.15		02/15/2033		6,000,000
	2,500,000	Sacramento County CA MFHR Series C Collateralized By FHLMC§	1.05		04/15/2007		2,500,000
	5,200,000	Sacramento County CA MFHR Suncreek Apartments Project Series A§	1.10		04/01/2026		5,200,000
	7,600,000	Sacramento County CA Sanitation District Financing Authority Revenue Subordinate Lien Sacramento Regulation C Credit Agricole Indosuez LOC§	1.05		12/01/2030		7,600,000
	6,115,000	San Bernadino County CA MFHR Green Valley Apartments Project Series A Collateralized By FNMA§	1.10		05/15/2029		6,115,000
	5,665,000	San Bernardino CA Community College District Series RR II R-3006 MBIA Insured§	1.11		08/01/2023		5,665,000
	39,000,000	San Bernardino County CA TRAN	1.50		07/01/2004		39,202,625
	3,395,000	San Diego CA Area HFA Lease Revenue Series B Collateralized By FNMA§	1.10		06/01/2006		3,395,000
	57,260,000	San Diego CA County & School District Revenue Anticipation Notes Series A	1.75		06/30/2004		57,619,750
	14,825,000	San Diego CA HFA MFHR Stratton Apartments Project Series A Collateralized By FNMA§	1.15		01/15/2033		14,825,000
	16,830,000	San Diego CA MFHR Collateralized By FHLMC§	1.13		09/01/2004		16,830,000
	32,595,000	San Diego CA MFHR Collateralized By FHLMC§	1.13		03/01/2032		32,595,000
	10,200,000	San Diego CA MFHR Collateralized By FNMA§	1.05		08/01/2014		10,200,000

17

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	11,050,000	San Diego CA MFHR Paseo Series A§	1.05	%	12/01/2022	$	11,050,000
	19,130,000	San Diego CA Public Facilities Financing Authority Sewer Revenue Series SG 130§	1.11		05/15/2029		19,130,000
	5,430,000	San Diego CA Public Facilities Financing Authority Water Revenue Class A§	1.11		08/01/2012		5,430,000
	6,621,000	San Diego CA Union School District Floaters Series 759 FSA Insured§	1.08		07/01/2026		6,621,000
	5,826,000	San Diego CA Union School District Series 758§	1.08		07/01/2027		5,826,000
	11,580,000	San Diego CA Union School District Series PA-804§	1.11		07/01/2022		11,580,000
	4,975,000	San Francisco CA City & County CTFS Series C-6§	1.10		06/15/2007		4,975,000
	15,800,000	San Francisco CA City & County Finance Corporation Lease Revenue Moscone Center Expansion Project Series 1 AMBAC Insured§	1.03		04/01/2030		15,800,000
	10,700,000	San Francisco CA City & County Public Utilities Commission For Clean Water Merlots Series B20 MBIA Insured§	1.09		10/01/2022		10,700,000
	1,500,000	San Jose CA MFHR Almaden Lake Village Apartments Project Series A Collateralized By FNMA§	1.12		03/01/2032		1,500,000
	19,000,000	San Jose CA MFHR Evans Lane Apartments Project Series H Bank of America NA LOC§	1.10		04/15/2036		19,000,000
	2,000,000	San Jose CA Redevelopment Agency Tax Allocation Putters Series 158Z Morgan Guaranty LOC§	1.10		08/01/2014		2,000,000
	6,857,500	San Jose CA Union School District Santa Clara County Floaters Series 761 FSA Insured§	1.08		08/01/2027		6,857,500
	8,690,000	San Jose-Santa Clara CA Water Financing Authority Sewer Revenue Floats SG 49§	1.11		11/15/2020		8,690,000
	2,200,000	San Leandro CA MFHR Haas Avenue Apartments Series B Security Pacific National LOC§	1.05		10/01/2007		2,200,000
	5,800,000	Santa Ana CA Health Facility Revenue Multi-Modal Town & Country Project BNP Paribas LOC§	1.20		10/01/2020		5,800,000
	9,000,000	Santa Barbara County CA TRAN Series A	2.00		07/23/2004		9,086,649
	6,165,000	Santa Clara CA Electric Revenue Series A AMBAC Insured§	1.05		07/01/2010		6,165,000
	2,395,000	Santa Clara CA Electric Revenue Series B AMBAC Insured§	1.05		07/01/2010		2,395,000
	5,900,000	Santa Clara County CA MFHR Benton Park Center Apartments Project Series A Collateralized By FNMA§	1.15		12/15/2025		5,900,000
	11,400,000	Santa Clara County CA MFHR Foxchase Apartments Project Series E FGIC Insured§	1.05		11/01/2007		11,400,000
	6,150,000	Simi Valley CA MFHR Series A§	1.10		07/01/2023		6,150,000
	24,000,000	Sonoma County CA TRAN	2.50		10/14/2003		24,008,072
	30,595,000	South Orange County CA PFA Special Tax Revenue Series 146§	1.10		08/15/2015		30,595,000
	2,300,000	Southeast Resource Recovery Facilities Authority Lease Revenue Refunding Bonds Series B§	1.04		12/01/2018		2,300,000
	1,300,000	Southern CA Public Power Authority Power Revenue Palo Verde Project Series C§	1.00		07/01/2017		1,300,000
	13,400,000	Southern CA Public Power Authority Power Revenue Series A§	1.05		07/01/2023		13,400,000
	7,620,000	Southern CA Public Power Authority Power Revenue Series B§	1.00		07/01/2009		7,620,000
	7,400,000	Stanford University	0.90		02/06/2004		7,400,000
	2,000,000	Stockton CA Health Facilities Revenue Series A§	1.15		12/01/2032		2,000,000
	5,000,000	Tahoe Forest CA Hospital District Revenue§	1.15		07/01/2033		5,000,000
	3,100,000	Tulare CA Local Health Care District Health Facility Revenue§	1.15		12/01/2032		3,100,000
	26,550,000	Turlock CA Irrigation District COP Capital Improvement Project Societe Generale LOC§	1.20		01/01/2031		26,550,000
	3,000,000	University CA Education Facilities Revenue Series 480 MBIA Insured§	1.13		09/01/2022		3,000,000
	7,000,000	University of California	0.80		10/06/2003		7,000,000
	10,000,000	University of California	0.85		10/10/2003		10,000,000

18

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CALIFORNIATAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	7,500,000	University of California	0.85	%	10/16/2003	$	7,500,000
	15,000,000	University of California	0.90		10/20/2003		15,000,000
	18,000,000	University of California	0.85		11/18/2003		18,000,000
	15,000,000	University of California	0.85		12/08/2003		15,000,000
	3,700,000	Vacaville CA MFHR Quail Run Project Series A§	1.05		07/15/2018		3,700,000
	4,800,000	Vallejo CA MFHR Hillside Terrace Apartments Series A Collaterized By FNMA§	1.10		03/15/2027		4,800,000
							2,354,424,053
Other – 4.43%
	17,995,000	ABN AMRO Munitops CTFS Tr 1998-20 Munitops Certificates AMBAC Insured§	1.13		07/05/2006		17,995,000
	13,176,000	ABN AMRO Munitops CTFS Tr 1998-25 Munitops Certificates FGIC Insured§	1.13		07/05/2006		13,176,000
	17,000,000	ABN AMRO Munitops CTFS Tr 2000-5 Munitops Certificates FGIC Insured§ª	1.16		05/07/2008		17,000,000
	2,700,000	Municipal Securities Trust Series 2001 136 Class A§	1.20		12/06/2018		2,700,000
	42,876,217	Newman Capital Trust Series 2000-1 Class A§	1.19		04/01/2032		42,876,217
	17,500,000	Newman Capital Trust Series 2001-1 Class A§	1.19		04/07/2031		17,500,000
							111,247,217
Puerto Rico – 1.65%
	7,200,000	Eagle Tax-Exempt Trust CTF 20015101 Class A (Puerto Rico Commonwealth Infrastructure Financing Authority Series A)§	1.11		10/01/2034		7,200,000
	10,000,000	Eagle Tax-Exempt Trust CTF 20025102 Class A (Puerto Rico Commonwealth Highway & Transportation Revenue Series D) FSA Insured§	1.11		07/01/2027		10,000,000
	5,000,000	Puerto Rico Commonwealth Highway & Transportation Authority Revenue Series 2 MBIA Insured§	1.11		07/01/2038		5,000,000
	4,995,000	Puerto Rico Commonwealth Infrastructure Financing Authority Series 86§	1.08		07/01/2015		4,995,000
	5,360,000	Puerto Rico Commonwealth Municipal Finance Agency Series 645 FSA Insured§	1.06		08/01/2015		5,360,000
	6,135,000	Puerto Rico Commonwealth Public Buildings Authority Revenue Series 416 FSA Insured§	1.08		07/01/2021		6,135,000
	2,775,000	Puerto Rico Commonwealth Public Finance Corporation Series 522X MBIA Insured§	1.08		08/01/2022		2,775,000
							41,465,000
Total Municipal Securities (Cost $2,507,136,270)							2,507,136,270

Total Investments In Securities (Cost $2,507,136,270)*	99.85	%	$	2,507,136,270
Other Assets And Liabilities, Net	0.15			3,846,871
Total Net Assets	100.00	%	$	2,510,983,141

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

19

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CASHINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Certificates of Deposit – 7.16%
$	100,000,000	Abbey National Treasury Services plc	1.40	%	03/02/2004	$	100,000,000
	100,000,000	Bank of Nova Scotia Portland	1.09		03/23/2004		100,000,000
	250,000,000	Credit Agricole Indosuez New York	1.06		12/19/2003		250,000,000
	150,000,000	Natexis Banque Populaires	1.07		11/03/2003		150,000,000
	100,000,000	Svenska Handelsbanken	1.40		03/02/2004		100,000,000
	193,000,000	Unicredito Italiano SPA	1.04		10/20/2003		193,000,000
	150,000,000	World Savings Bank Fsb	1.01		10/17/2003		149,998,671
Total Certificates of Deposit (Cost $1,042,998,671)							1,042,998,671
Commercial Paper – 43.18%
	100,000,000	Aegon Funding Corporationª	1.07	†	11/03/2003		99,901,917
	50,000,000	Aegon Funding Corporationª	1.07	†	11/06/2003		49,946,500
	75,000,000	Aegon Funding Corporationª	1.07	†	11/07/2003		74,917,521
	140,000,000	Amstel Funding Corporationª	0.94	†	12/29/2003		139,674,656
	99,201,000	Amstel Funding Corporationª	1.12	†	03/17/2004		98,682,509
	140,000,000	Amstel Funding Corporationª	1.12	†	03/25/2004		139,233,422
	200,000,000	Atlantis One Funding Corporationª	1.06	†	01/28/2004		199,299,222
	150,000,000	Atlantis One Funding Corporationª	1.12	†	03/17/2004		149,216,000
	60,000,000	Banco Bilbao Vizcaya Argentaria Puerto Ricoª	1.25	†	10/01/2003		60,000,000
	150,000,000	Blue Spice LLCª	1.07	†	10/17/2003		149,928,667
	100,000,000	Blue Spice LLCª	1.10	†	12/08/2003		99,792,222
	55,000,000	CC (USA) Incorporatedª	1.11	†	11/20/2003		54,915,208
	124,000,000	CDC Commercial Paper Corporationª	1.15	†	10/01/2003		124,000,000
	125,000,000	Charta LLCª	1.07	†	11/18/2003		124,821,667
	53,578,000	Concord Minuteman Capital Company LLCª	1.10	†	10/10/2003		53,563,266
	75,000,000	Concord Minuteman Capital Company LLCª	1.10	†	11/18/2003		74,890,000
	75,000,000	Concord Minuteman Capital Company LLCª	1.15	†	02/06/2004		74,693,333
	100,000,000	CRC Funding LLCª	1.08	†	11/24/2003		99,838,000
	260,000,000	Credit Agricole Indosuez	1.02	†	10/07/2003		259,955,800
	100,000,000	Credit Lyonnais – New York	1.26	†	10/15/2003		99,951,000
	77,214,000	Crown Point Capital Company LLCª	1.04	†	10/14/2003		77,185,002
	100,000,000	Crown Point Capital Company LLCª	1.08	†	01/21/2004		99,664,000
	73,500,000	Dorada Finance Incorporatedª	1.05	†	10/28/2003		73,442,119
	142,500,000	Grampian Funding LLCª	1.00	†	10/01/2003		142,500,000
	43,720,000	Grampian Funding LLCª	1.00	†	10/15/2003		43,702,998
	100,000,000	Grampian Funding LLCª	1.08	†	11/18/2003		99,856,000
	100,000,000	Greyhawk Funding LLCª	1.03	†	10/08/2003		99,979,972
	100,000,000	HBOs Treasury Services plc	1.06	†	10/09/2003		99,976,444
	50,430,000	Holdenby Capital Company LLCª	1.06	†	10/10/2003		50,416,636
	103,869,000	Holdenby Capital Company LLCª	1.09	†	12/10/2003		103,648,855
	50,000,000	Irish Life & Permanent plcª	1.10	†	12/09/2003		49,894,583
	100,000,000	KBC Financial Products International Limitedª	1.08	†	11/12/2003		99,874,000
	30,000,000	Liquid Funding Limitedª	1.06	†	10/14/2003		29,988,517
	40,000,000	Mont Blanc Capital Corporationª	1.06	†	10/20/2003		39,977,622
	114,782,000	Natexis Banque Populaires	1.05	†	10/07/2003		114,761,913
	70,800,000	National Bank of New Zealand International Limitedª	1.08	†	10/06/2003		70,789,380

20

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CASHINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Commercial Paper (continued)
$	50,000,000	National Bank of New Zealand International Limitedª	1.04	%†	10/14/2003	$	49,981,222
	50,000,000	National Bank of New Zealand International Limitedª	1.04	†	10/30/2003		49,958,111
	100,000,000	National Bank of New Zealand International Limitedª	1.08	†	11/03/2003		99,901,000
	20,000,000	National Bank of New Zealand International Limitedª	1.08	†	11/12/2003		19,974,800
	150,000,000	National Bank of New Zealand International Limitedª	1.11	†	12/22/2003		149,622,458
	100,000,000	Neptune Funding Corporationª	1.06	†	10/02/2003		99,997,056
	70,523,000	Neptune Funding Corporationª	1.11	†	10/23/2003		70,475,162
	118,358,000	Neptune Funding Corporationª	1.10	†	11/19/2003		118,180,792
	140,000,000	Network Rail Commercial Paper Finance plcª	1.03	†	10/20/2003		139,923,894
	120,000,000	Network Rail Commercial Paper Finance plcª	1.01	†	12/18/2003		119,737,400
	35,655,000	Perry Funding Corporationª	1.12	†	11/17/2003		35,602,864
	85,000,000	Perry Global Funding Limitedª	1.05	†	10/08/2003		84,982,646
	66,142,000	Perry Global Funding Limitedª	1.05	†	10/16/2003		66,113,063
	96,724,000	Perry Global Funding Limitedª	1.08	†	11/13/2003		96,599,226
	100,000,000	Province of Quebec	1.25	†	10/16/2003		99,947,917
	150,000,000	Prudential plcª	1.20	†	10/20/2003		149,905,000
	53,866,000	Regency Markets Number 1 LLCª	1.07	†	10/20/2003		53,835,581
	205,000,000	Regency Markets Number 1 LLCª	1.10	†	11/20/2003		204,686,806
	93,476,000	Regency Markets Number 1 LLCª	1.09	†	12/08/2003		93,283,543
	100,000,000	Stadshypotek Delawareª	1.07	†	11/26/2003		99,833,556
	200,000,000	Swedbank	1.03	†	10/02/2003		199,994,278
	175,266,000	Ticonderoga Funding LLCª	1.08	†	10/27/2003		175,129,925
	220,000,000	Tulip Funding Corporationª	1.08	†	11/28/2003		219,617,200
	100,000,000	Tulip Funding Corporationª	1.09	†	12/01/2003		99,815,306
	96,488,000	White Pine Finance LLCª	1.04	†	11/17/2003		96,356,991
	75,000,000	Yorktown Capital LLCª	1.08	†	10/06/2003		74,988,750
Total Commercial Paper (Cost $6,291,323,498)							6,291,323,498
Corporate Bonds – 3.56%
	25,000,000	Grand Metro Investment Corporation††	1.58		01/06/2004		24,893,013
	300,000,000	ING Security Life Institutional Funding±ª	1.14		10/08/2004		300,000,000
	33,100,000	Republic of Italy	5.00		11/20/2003		33,232,459
	160,000,000	Restructured Asset Securities Enhanced Returns Series 2002-7-MM±ª	1.32		10/25/2004		160,000,000
Total Corporate Bonds (Cost $518,125,472)							518,125,472
Discount Notes – Agency – 3.36%
Federal Home Loan Mortgage Corporation – 0.57%
	82,648,000	FHLMC	1.06	†	12/31/2003		82,427,594
							82,427,594
Federal National Mortgage Association – 2.79%
	100,000,000	FNMA	1.01	†	10/15/2003		99,960,722
	100,000,000	FNMA	1.07	†	11/19/2003		99,854,361
	207,500,000	FNMA	1.08	†	12/31/2003		206,933,525
							406,748,608
Total Discount Notes – Agency (Cost $489,176,202)							489,176,202

21

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CASHINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Fixed Rate Funding Agreement – 1.37%
$	200,000,000	Security Life of Denver	1.21	%	12/26/2003	$	200,000,000
Total Fixed Rate Funding Agreement (Cost $200,000,000)							200,000,000
Fixed Rate Notes – Agency – 2.57%
Federal Home Loan Mortgage Corporation – 0.69%
	97,457,000	FHLMC	4.50		08/15/2004		100,311,231
							100,311,231
Federal National Mortgage Association – 1.88%
	130,000,000	FNMA	1.14		01/09/2004		129,588,334
	40,000,000	FNMA	5.13		02/13/2004		40,541,361
	100,000,000	FNMA	6.50		08/15/2004		104,604,233
							274,733,928
Total Fixed Rate Notes – Agency (Cost $375,045,159)							375,045,159
Fixed Rate Notes – Corporate – 4.15%
	17,970,000	Bear Stearns Companies Incorporated	6.63		01/15/2004		18,222,194
	10,000,000	Bear Stearns Companies Incorporated	6.15		03/02/2004		10,193,513
	85,000,000	General Electric Capital Corporation	7.25		05/03/2004		87,981,399
	88,500,000	K2 (USA) LLC	1.76		10/17/2003		88,500,000
	110,000,000	Liberty Lighthouse US Capital Companyª	1.40		08/16/2004		109,995,204
	53,000,000	Links Finance LLC	2.00		10/10/2003		53,000,000
	125,000,000	M&I Marshall & Ilsley Bank	5.26		12/15/2016		125,895,684
	110,000,000	McDonald’s Corporationª	4.60		03/07/2004		111,534,759
Total Fixed Rate Notes – Corporate (Cost $605,322,753)							605,322,753
Floating Rate Commercial Paper – 2.25%
	30,000,000	Concord Minutemen Capital Company LLC±	1.15		10/04/2004		30,000,000
	75,000,000	Concord Minutemen Capital Company LLC±	1.15		10/14/2004		75,000,000
	48,000,000	Concord Minutemen Capital Company LLC±	1.15		10/20/2004		48,000,000
	75,000,000	Liquid Funding Limited±	1.14		01/08/2004		75,000,000
	50,000,000	Liquid Funding Limited±	1.11		03/26/2004		50,000,000
	50,000,000	Liquid Funding Limited±	1.11		06/14/2004		50,000,000
Total Floating Rate Commercial Paper (Cost $328,000,000)							328,000,000
Floating Rate Funding Agreements – 3.88%
	165,000,000	Bear Stearns Companies Incorporated±	1.11		04/05/2004		164,991,616
	50,000,000	General Electric Capital Assurance Company±	1.12		07/01/2004		50,000,000
	50,000,000	General Electric Capital Assurance Company±	1.18		07/01/2004		50,000,000
	100,000,000	General Electric Life & Annuity Assurance Company±	1.19		11/07/2003		100,000,000
	100,000,000	General Electric Life & Annuity Assurance Company±	1.17		12/26/2003		100,000,000
	100,000,000	Western & Southern Life Insurance Company±	1.12		10/01/2003		100,000,000
Total Floating Rate Funding Agreements (Cost $564,991,616)							564,991,616

22

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

CASHINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Floating Rate Note – Agency – 1.37%
Federal Home Loan Mortgage Corporation – 1.37%
$	200,000,000	FHLMC±	1.04	%	02/04/2005	$	199,865,818
Total Floating Rate Note – Agency (Cost $199,865,818)							199,865,818
Floating Rate Notes – Corporate – 13.76%
	85,000,000	American Express Centurion Bank±	1.12		12/23/2003		85,000,000
	90,000,000	Associates Corporation of North America±	1.24		06/25/2004		90,000,000
	75,000,000	Bank of Ireland±	1.17		04/19/2004		75,018,744
	59,000,000	Belford US Capital Company±ª	1.12		03/08/2004		59,000,000
	50,000,000	Belford US Capital Company±ª	1.12		04/15/2004		50,000,000
	75,000,000	Belford US Capital Company±ª	1.11		05/17/2004		75,000,000
	125,000,000	Commonwealth Bank of Australia±	1.11		10/30/2003		125,006,997
	150,000,000	Dorada Finance Incorporated±ª	1.08		03/17/2004		149,993,115
	130,000,000	General Electric Capital Corporation±	1.24		05/10/2004		130,110,329
	31,500,000	Household Finance Corporation±	2.39		03/11/2004		31,687,308
	56,000,000	Lehman Brothers Holdings Incorporated±	1.51		07/06/2004		56,176,129
	75,000,000	Liberty Lighthouse US Capital Company±ª	1.11		03/12/2004		75,000,000
	115,000,000	Liberty Lighthouse US Capital Company±ª	1.11		04/19/2004		115,000,000
	48,000,000	Liberty Lighthouse US Capital Company±ª	1.10		07/19/2004		47,996,181
	100,000,000	Nationwide Building Society±ª	1.08		07/23/2004		100,000,000
	90,000,000	Northern Rock plc±ª	1.14		01/16/2004		90,000,000
	130,000,000	Premium Asset Trust Series 2003-1±ª	1.22		02/27/2004		130,000,000
	75,000,000	Sheffield Receivables Corporation±	1.08		01/20/2004		75,000,000
	100,000,000	Spintab (Swedmortgage) AB±	1.11		10/30/2003		100,002,433
	50,000,000	Spintab (Swedmortgage) AB±	1.14		11/28/2003		50,002,196
	85,000,000	Strategic Money Market Trust Series 2002-M±ª	1.17		12/15/2003		85,000,000
	150,000,000	Strategic Money Market Trust Series 2003-H±ª	1.14		09/23/2004		150,000,000
	60,000,000	White Pine Finance LLC±ª	1.08		06/15/2004		59,990,678
Total Floating Rate Notes – Corporate (Cost $2,004,984,110)							2,004,984,110
Promissory Notes – 1.04%
	65,500,000	Goldman Sachs Group Incorporated±	1.15		07/26/2004		65,500,000
	86,500,000	Goldman Sachs Group Incorporated±	1.19		07/26/2004		86,500,000
Total Promissory Notes (Cost $152,000,000)							152,000,000
Repurchase Agreements – 3.27%
	100,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		100,000,000
	50,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.17		10/01/2003		50,000,000
	38,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	1.12		10/01/2003		38,000,000
	244,000,000	Goldman Sachs Group Incorporated – 102% Collaterized by US Government Securities	1.16		10/01/2003		244,000,000
	43,862,000	Lehman Brothers Incorporated – 102% Collaterized by US Government Securities	1.10		10/01/2003		43,862,000
Total Repurchase Agreements (Cost $475,862,000)							475,862,000

23

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CASHINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Time Deposits – 8.82%
$	175,000,000	Banque Nationale de Paris	1.16	%	10/01/2003	$	175,000,000
	105,000,000	Danske Bank	1.16		10/01/2003		105,000,000
	450,000,000	ING Bank Brussels	1.18		10/01/2003		450,000,000
	450,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		450,000,000
	105,000,000	Societe Generale	1.16		10/01/2003		105,000,000
Total Time Deposits (Cost $1,285,000,000)							1,285,000,000
Variable Rate Demand Note – 0.05%
	640,000	Kalamazoo Funding Company LLC§	1.20		12/15/2026		640,000
	1,120,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		1,120,000
	705,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		705,000
	1,260,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		1,260,000
	1,400,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		1,400,000
	545,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		545,000
	1,665,000	Kalamazoo Funding Company LLC§	1.25		12/15/2026		1,665,000
Total Variable Rate Demand Note (Cost $7,335,000)							7,335,000

Total Investments In Securities (Cost $14,540,030,299)*	99.79	%	$	14,540,030,299
Other Assets And Liabilities, Net	0.21			30,389,660
Total Net Assets	100.00	%	$	14,570,419,959

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

± Variable Rate Securities.

† Yield to Maturity.

†† Zero Coupon Bond. Interest rate presented is Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

24

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Discount Notes – Agency – 31.98%
Federal Farm Credit Bank – 2.05%
$	2,530,000	FFCB	1.59	%†	10/02/2003	$	2,529,888
	12,147,000	FFCB	1.14	†	11/17/2003		12,128,921
	5,241,000	FFCB	1.13	†	12/05/2003		5,230,307
	8,000,000	FFCB	1.22	†	12/15/2003		7,979,667
	100,000,000	FFCB	1.02	†	07/16/2004		100,000,000
							127,868,783
Federal Home Loan Bank – 6.73%
	58,200,000	FHLB	1.05	†	10/15/2003		58,176,235
	75,000,000	FHLB	1.03	†	10/22/2003		74,955,156
	50,000,000	FHLB	1.04	†	11/28/2003		49,916,222
	38,394,000	FHLB	1.03	†	12/05/2003		38,322,945
	74,750,000	FHLB	1.03	†	12/10/2003		74,600,292
	24,000,000	FHLB	1.09	†	02/04/2004		23,908,440
	50,000,000	FHLB	1.08	†	03/05/2004		49,766,000
	50,000,000	FHLB	1.08	†	03/12/2004		49,756,632
							419,401,922
Federal Home Loan Mortgage Corporation – 17.85%
	30,000,000	FHLMC	1.08	†	10/07/2003		29,994,600
	15,000,000	FHLMC	1.15	†	10/09/2003		14,996,167
	55,000,000	FHLMC	1.21	†	10/27/2003		54,951,936
	25,000,000	FHLMC	1.49	†	10/27/2003		24,973,097
	20,000,000	FHLMC	0.99	†	11/06/2003		19,980,200
	20,000,000	FHLMC	0.99	†	11/07/2003		19,979,650
	58,796,000	FHLMC	1.00	†	11/07/2003		58,735,571
	50,089,000	FHLMC	1.13	†	11/17/2003		50,015,105
	100,000,000	FHLMC	0.99	†	11/28/2003		99,840,500
	64,572,000	FHLMC	0.97	†	12/11/2003		64,448,470
	75,000,000	FHLMC	0.97	†	12/16/2003		74,846,417
	50,000,000	FHLMC	1.07	†	12/17/2003		49,885,569
	50,000,000	FHLMC	1.06	†	12/24/2003		49,876,917
	36,000,000	FHLMC	1.06	†	12/30/2003		35,905,050
	75,000,000	FHLMC	1.20	†	01/09/2004		74,750,000
	70,000,000	FHLMC	1.05	†	01/30/2004		69,752,958
	49,102,000	FHLMC	1.10	†	02/02/2004		48,916,804
	50,000,000	FHLMC	1.11	†	02/12/2004		49,793,417
	50,000,000	FHLMC	1.15	†	02/17/2004		49,778,951
	28,658,000	FHLMC	1.24	†	02/26/2004		28,511,908
	50,000,000	FHLMC	1.09	†	03/03/2004		49,766,861
	65,000,000	FHLMC	1.10	†	03/25/2004		64,650,444
	28,401,000	FHLMC	1.12	†	04/14/2004		28,228,590
							1,112,579,182

25

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal National Mortgage Association – 5.35%
$	32,194,230	FNMA	0.97	%†	10/01/2003	$	32,194,230
	49,917,000	FNMA	1.23	†	10/17/2003		49,889,934
	20,000,000	FNMA	0.97	†	10/29/2003		19,984,911
	50,000,000	FNMA	1.10	†	12/01/2003		49,907,229
	30,000,000	FNMA	1.09	†	01/02/2004		29,915,525
	9,000,000	FNMA	1.12	†	01/02/2004		8,980,400
	8,427,800	FNMA	1.12	†	01/02/2004		8,409,446
	10,076,000	FNMA	1.16	†	01/02/2004		10,045,806
	50,000,000	FNMA	1.07	†	01/21/2004		49,833,555
	50,000,000	FNMA	1.07	†	01/28/2004		49,823,153
	25,000,000	FNMA	1.29	†	04/02/2004		24,835,167
							333,819,356
Total Discount Notes – Agency (Cost $1,993,669,243)							1,993,669,243
Fixed Rate Notes – Agency – 22.63%
Federal Farm Credit Bank – 0.21%
	12,990,000	FFCB	3.13		10/01/2003		12,990,000
Federal Home Loan Bank – 5.24%
	1,750,000	FHLB	3.06		10/24/2003		1,751,656
	3,525,000	FHLB	2.50		11/14/2003		3,529,586
	14,925,000	FHLB	6.38		11/14/2003		15,014,941
	10,000,000	FHLB	2.73		11/28/2003		10,025,804
	11,300,000	FHLB	3.11		12/03/2003		11,337,843
	10,000,000	FHLB	0.97		12/12/2003		9,998,231
	5,850,000	FHLB	1.38		12/19/2003		5,851,311
	5,190,000	FHLB	5.38		01/05/2004		5,245,277
	5,000,000	FHLB	3.25		02/13/2004		5,035,432
	2,500,000	FHLB	3.75		02/13/2004		2,522,385
	24,935,000	FHLB	5.25		02/13/2004		25,310,441
	7,030,000	FHLB	1.13		04/07/2004		7,024,525
	28,150,000	FHLB	1.25		04/15/2004		28,154,891
	10,000,000	FHLB	3.75		04/15/2004		10,129,016
	23,175,000	FHLB	4.88		04/16/2004		23,628,399
	21,000,000	FHLB	3.38		05/14/2004		21,285,908
	38,330,000	FHLB	4.88		05/14/2004		39,212,215
	50,000,000	FHLB	3.38		06/15/2004		50,733,055
	50,000,000	FHLB	4.75		06/28/2004		51,320,006
							327,110,922
Federal Home Loan Mortgage Corporation – 6.61%
	30,916,000	FHLMC	6.38		11/15/2003		31,104,798
	4,170,000	FHLMC	3.05		11/28/2003		4,181,160
	38,700,000	FHLMC	3.25		12/15/2003		38,875,275
	147,321,000	FHLMC	3.25		01/15/2004		148,232,208

26

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal Home Loan Mortgage Corporation (continued)
$	79,125,000	FHLMC	5.00	%	01/15/2004	$	80,007,339
	44,990,000	FHLMC	5.25		02/15/2004		45,649,890
	62,995,000	FHLMC	3.75		04/15/2004		63,879,392
							411,930,062
Federal National Mortgage Association – 10.50%
	4,925,000	FNMA	6.84		10/15/2003		4,935,590
	41,940,000	FNMA	1.01		11/03/2003		41,901,171
	45,695,000	FNMA	1.06		11/03/2003		45,650,600
	224,893,000	FNMA	4.75		11/14/2003		225,850,699
	50,000,000	FNMA	3.13		11/15/2003		50,111,153
	20,500,000	FNMA	1.28		01/02/2004		20,432,213
	26,000,000	FNMA	1.15		02/02/2004		25,897,011
	147,228,000	FNMA	5.13		02/13/2004		149,347,571
	40,183,000	FNMA	4.75		03/15/2004		40,851,921
	15,000,000	FNMA	5.91		03/19/2004		15,317,444
	33,975,000	FNMA	3.63		04/15/2004		34,435,781
							654,731,154
Tennessee Valley Authority – 0.07%
	4,300,000	Tennessee Valley Authority	5.00		12/18/2003		4,331,670
Total Fixed Rate Notes – Agency (Cost $1,411,093,808)							1,411,093,808
Floating Rate Notes – Agency – 23.23%
Federal Farm Credit Bank – 6.41%
	100,000,000	FFCB±	1.00		04/07/2004		99,976,268
	100,000,000	FFCB±	1.02		06/02/2004		99,996,629
	100,000,000	FFCB±	1.01		06/10/2004		99,986,150
	100,000,000	FFCB±	1.01		11/15/2004		99,977,455
							399,936,502
Federal Home Loan Bank – 6.74%
	80,000,000	FHLB±	0.98		12/29/2003		79,990,684
	100,000,000	FHLB±	0.98		05/27/2004		99,973,698
	125,000,000	FHLB±	0.97		07/14/2004		124,980,308
	115,000,000	FHLB±	1.01		08/11/2004		114,978,999
							419,923,689
Federal National Mortgage Association – 10.08%
	10,000,000	FNMA±	0.98		02/13/2004		9,998,875
	8,500,000	FNMA±	0.99		03/11/2004		8,498,987
	110,000,000	FNMA±	0.98		07/30/2004		109,977,089
	75,000,000	FNMA±	0.99		01/03/2005		74,976,321
	100,000,000	FNMA±	1.01		01/03/2005		99,968,411
	100,000,000	FNMA±	0.99		01/07/2005		99,949,529

27

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

GOVERNMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Federal National Mortgage Association (continued)
$	75,000,000	FNMA±	1.01	%	01/28/2005	$	74,970,040
	150,000,000	FNMA±	1.04		01/28/2005		149,950,001
							628,289,253
Total Floating Rate Notes – Agency (Cost $1,448,149,444)							1,448,149,444
Repurchase Agreements – 22.76%
	500,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		500,000,000
	125,000,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.08		10/01/2003		125,000,000
	500,000,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.13		10/01/2003		500,000,000
	22,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	1.12		10/01/2003		22,000,000
	21,596,000	Lehman Brothers Incorporated – 102% Collaterized by US Government Securities	1.10		10/01/2003		21,596,000
	250,000,000	UBS Warburg LLC – 102% Collaterized by US Government Securities	1.13		10/01/2003		250,000,000
Total Repurchase Agreements (Cost $1,418,596,000)							1,418,596,000

Total Investments In Securities (Cost $6,271,508,495)*	100.60	%	$	6,271,508,495
Other Assets And Liabilities, Net	(0.60	)		(37,121,602	)
Total Net Assets	100.00	%	$	6,234,386,893

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

± Variable Rate Securties.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

28

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.81%
Alabama – 0.51%
$	5,195,000	Alabama Water Pollution Control Authority Revenue Roc Series II-R-115 AMBAC Insured§	1.15	%	08/15/2010	$	5,195,000
	4,895,000	Montgomery AL BMC Special Care Facilities Authority Revenue Series 435§	1.14		11/15/2029		4,895,000
							10,090,000
Alaska – 3.40%
	1,500,000	Alaska IDA Revenue Providence Medical Office Building Associates Project KBC Bank NV LOC§	0.95		06/01/2010		1,500,000
	7,495,000	Alaska State Housing Finance Corporation Floater PA 1057 Housing Revenue MBIA Insured§	1.13		06/01/2026		7,495,000
	1,425,000	Alaska State Housing Finance Corporation Housing Revenue Series BB§	1.23		06/01/2007		1,425,000
	55,300,000	Valdez AK Marine Terminal Revenue BP Pipelines Incorporated Project Series B§	1.20		07/01/2037		55,300,000
	2,000,000	Valdez AK Marine Terminal Revenue BP Pipelines Incorporated Project Series A§	1.20		06/01/2037		2,000,000
							67,720,000
Arizona – 1.82%
	18,600,000	Arizona School District Tax Anticipation Notes Financing Program CTFS Participation	1.75		07/30/2004		18,714,518
	2,715,000	Maricopa County AZ IDA MFHR Refunding Las Gardenias Apartments Project Series A§	1.13		04/15/2033		2,715,000
	2,300,000	Maricopa County AZ IDA MFHR Villas Solanas Apartments Project Series A Bank of Cherry Creek NA LOC§	1.13		11/15/2032		2,300,000
	3,315,000	Maricopa County AZ IDA SFMR§	1.18		09/01/2005		3,315,000
	5,615,000	Pima County AZ IDA Revenue Lease Purchase§	1.20		06/01/2007		5,615,000
	2,000,000	Salt River Project AZ Agriculture Improvement & Power District Electric System Revenue Salt River Project Series A§	5.00		01/01/2004		2,019,495
	1,515,000	Salt River Project AZ Agriculture Improvement & Power District Electric System Revenue Salt River Project Series B§	6.50		01/01/2004		1,535,168
							36,214,181
Arkansas – 0.14%
	2,845,000	Arkansas State Development Finance Authority SFMR Series II Collateralized By GNMA FNMA§	1.20		07/01/2033		2,845,000
California – 2.10%
	3,100,000	California HFA Revenue Home Mortgage Series J FSA Insured§	1.14		02/01/2032		3,100,000
	1,200,000	California HFFA Revenue Series B MBIA Insured§	1.20		09/01/2028		1,200,000
	4,000,000	California Higher Education Loan Authority Incorporated Student Loan Revenue Series A State Street B&T Company LOC§	1.05		07/01/2005		4,000,000
	3,800,000	California State Department Water Reserve & Power Supply Revenue Series B-1 Bank of New York LOC§	1.20		05/01/2022		3,800,000
	4,000,000	Las Virgenes CA Unified School District FSA Insured§	0.88		07/01/2033		4,000,000
	4,900,000	Los Angeles CA Water & Power Revenue Subseries B-6§	1.00		07/01/2034		4,900,000
	1,800,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	1.15		07/01/2035		1,800,000
	19,000,000	San Bernardino County CA TRAN	1.50		07/01/2004		19,098,715
							41,898,715

29

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Colorado – 2.28%
$	3,800,000	Arapahoe County CO Capital Improvements & Transportation Funding Highway Revenue Tolls Series 437 Merrill Lynch Capital Services LOC§	1.16	%	08/31/2026	$	3,800,000
	2,000,000	Arvada County CO Water Enterprises Revenue FSA Insured§	1.15		11/01/2020		2,000,000
	4,264,000	Boulder County CO MFHR Cloverbasin Village Apartments Project§	1.80		12/25/2031		4,264,000
	2,015,000	Colorado Department of Transportation Revenue Putters Series 249Z AMBAC Insured§	1.16		06/15/2014		2,015,000
	2,000,000	Colorado HFA AMT MFHR Project Class I Series B-3 Collateralized By FHLB§	1.15		10/01/2035		2,000,000
	2,000,000	Denver CO Health & Hospital Authority Healthcare Revenue Series B Bank One Colorado NA LOC§	1.25		12/01/2031		2,000,000
	18,000,000	Fitzsimons Redevelopment Authority Colorado Revenue University Physicians Incorporated Allied Irish Bank PLC LOC§	1.15		01/01/2025		18,000,000
	11,300,000	Pitkin County CO Industrial Development Revenue Aspen Skiing Project Series A Bank One NA LOC§	1.20		04/01/2016		11,300,000
							45,379,000
Dist Of Columbia – 0.21%
	4,165,000	District of Columbia Floats PA 568 FSA Insured§	1.14		06/01/2007		4,165,000
Florida – 1.98%
	3,600,000	Alachua County FL Health Facilities Authority Oak Hammock University of Florida Project Series A§	1.20		10/01/2032		3,600,000
	9,000,000	Eagle Tax-Exempt Trust CTF 20010906 Class A (Florida State Board of Education Lottery Revenue Series B) FGIC Insured§	1.15		07/01/2019		9,000,000
	2,200,000	Escambia County FL HFA SFMR CTFS Series B§	1.15		10/01/2033		2,200,000
	780,000	Escambia County FL Housing Finance Authority SFMR Floats PT 1228§	1.18		10/01/2031		780,000
	2,000,000	Jacksonville FL Electric Authority Revenue Series D§	5.38		10/01/2011		2,000,000
	9,300,000	Jacksonville FL Health Facilities Authority Hospital Revenue Charity OB Group Series C MBIA Insured§	1.10		08/15/2019		9,300,000
	1,750,000	Orange County FL IDA Industrial Development Revenue Central Florida YMCA Project Series A Bank of America NA LOC§	1.15		05/01/2027		1,750,000
	4,000,000	Orlando FL Utilities Commission Water and Electric Revenue Series B§	5.25		10/01/2023		4,040,000
	1,190,000	Orlando FL Utilities Commission Water and Electric Revenue Sub-Series B§	5.25		10/01/2006		1,220,631
	5,500,000	Palm Beach County FL Zoological Society Incorporated Project Northern Trust Company LOC§	1.15		05/01/2031		5,500,000
							39,390,631
Georgia – 5.88%
	1,500,000	Buford GA Housing Authority MFHR Series 1172§	1.22		09/01/2025		1,500,000
	5,300,000	Clayton County GA Development Authority Industrial Development Revenue Blue Circle Aggregates Incorporated Danske Bank LOC§	1.20		09/01/2009		5,300,000
	15,000,000	Cobb County GA Tax Anticipated Notes	1.50		12/31/2003		15,017,382
	4,270,000	Eagle Tax-Exempt Trust CTF 20001003 Class A (Atlanta GA Airport Revenue Series A) FGIC Insured§	1.15		01/01/2030		4,270,000
	4,400,000	Gainesville & Hall County GA Development Authority Individual Exempt Facilities Revenue Spout Springs Water LLC Project Bank of America NA LOC§	1.20		04/01/2027		4,400,000
	13,440,000	Georgia Local Government CTFS Participation Series K§	1.18		06/01/2028		13,440,000
	23,400,000	Georgia Municipal Gas Authority Gas Revenue Gas Portfolio II Project C Wachovia Bank LOC§	1.10		01/01/2008		23,400,000

30

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Georgia (continued)
$	17,800,000	Gwinnett County GA Development Authority Revenue Civic & Cultural Center Project Landesbank Hessen LOC§	1.05	%	09/01/2031	$	17,800,000
	32,000,000	Gwinnett County GA School District Construction Sales Tax Notes	2.00		12/29/2003		32,069,608
							117,196,990
Hawaii – 0.85%
	8,000,000	Eagle Tax-Exempt Trust CTF 20011101 Class A (Hawaii State Highway Revenue) FSA Insured§	1.15		07/01/2019		8,000,000
	9,000,000	Honolulu HI City & County Tax Revenue Series C FGIC Insured§	1.30		12/01/2008		9,000,000
							17,000,000
Idaho – 1.68%
	3,000,000	Ada & Canyon Countys ID JT School District #2 Meridan SBG Insured	2.50		07/30/2004		3,039,482
	3,075,000	Idaho Housing & Financial Assistance Housing Revenue Balmoral Apartments II Development Project US Bank NA LOC§	1.25		04/01/2033		3,075,000
	27,000,000	Idaho State Tax Anticipation Notes	2.00		06/30/2004		27,239,709
							33,354,191
Illinois – 10.91%
	5,000,000	Chicago IL Board of Education CTFS Series A§	1.18		06/01/2021		5,000,000
	6,050,000	Chicago IL Board of Education Roc Series II-R-139 AMBAC Insured§	1.15		12/01/2022		6,050,000
	1,500,000	Chicago IL Economic Development Revenue Crane Carton Company Project Bankers Trust Company LOC§	1.25		06/01/2012		1,500,000
	6,810,000	Chicago IL Midway Airport Revenue Series A MBIA Insured§	6.25		01/01/2024		7,031,937
	5,465,000	Chicago IL Park District Roc Rr Series II-R-4018 AMBAC Insured§	1.15		01/01/2024		5,465,000
	2,800,000	Chicago IL Public Building Commission Eagle 20030015 Class A FGIC Insured§	1.15		12/01/2014		2,800,000
	5,700,000	Chicago IL Sales Tax Revenue Series SG 131 FGIC Insured§	1.13		01/01/2027		5,700,000
	3,747,000	Cook County IL CTFS Series 458 FGIC Insured§	1.14		11/15/2028		3,747,000
	4,000,000	Cook County IL High School District No 205 Thornton Township Series B FSA Insured§	2.60		12/01/2003		4,008,267
	5,125,000	Eagle Tax-Exempt Trust CTF 20021301 Class A (Illinois State) FGIC Insured§	1.15		02/01/2019		5,125,000
	18,025,000	Eagle Tax-Exempt Trust CTF 20021303 Class A (Cook County IL Series C) AMBAC Insured§	1.15		11/15/2025		18,025,000
	4,000,000	Eagle Tax-Exempt Trust CTF 20021304 Class A (Illinois State) FGIC Insured§	1.15		02/01/2027		4,000,000
	1,340,000	Elgin IL Industrial Development Revenue Gemini Mouldings Project Lasalle Bank NA LOC§	1.18		12/01/2028		1,340,000
	200,000	Elmhurst IL Industrial Development Revenue John Sakash Company Incorporated Project Lasalle Bank NA LOC§	1.18		02/01/2025		200,000
	5,145,000	Illinois Development Finance Authority Revenue Christian Heritage Academy US Bank NA LOC§	1.25		12/01/2021		5,145,000
	200,000	Illinois Educational Facilities Authority Revenue Newberry Library Northern Trust Company LOC§	1.10		03/01/2028		200,000
	4,800,000	Illinois Educational Facilities Authority Revenue St Xavier University Project Series A Lasalle Bank NA LOC§	1.13		10/01/2032		4,800,000
	14,600,000	Illinois Educuational Facilities Authority Revenue Cultural Pooled Financing American National B&T LOC§	1.10		03/01/2028		14,600,000
	4,525,000	Illinois Health Facilities Authority Revenue Floater CTFS Series 166 AMBAC Insured§	1.10		02/15/2024		4,525,000

31

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Illinois (continued)
$	4,500,000	Illinois Health Facilities Authority Revenue Illinois Masonic Medical Center§	5.50	%	10/01/2019	$	4,590,000
	5,000,000	Illinois Health Facilities Authority Revenue Memorial Medical Center Series C Kredietbank NV LOC§	1.10		01/01/2016		5,000,000
	22,100,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital§	1.20		08/15/2025		22,100,000
	7,500,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series A Westdeutsche Landesbank LOC§	1.22		08/15/2009		7,500,000
	13,600,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series C Westdeutsche Landesbank LOC§	1.20		08/15/2032		13,600,000
	3,600,000	Illinois Health Facilities Authority Revenue Revolving Fund Pooled Financing Bank One NA LOC§	1.10		08/01/2015		3,600,000
	16,100,000	Illinois Health Facilities Authority Revenue Silver Cross Hospital & Medical Series A Fifth Third Bank LOC§	1.14		08/15/2026		16,100,000
	7,500,000	Illinois Housing Development Authority MFHR Lakeshore Plaza Series A MBIA Insured§	1.10		07/01/2027		7,500,000
	1,660,000	Illinois Industrial Development Finance Authority Revenue Recovery Income Project Bank of America NA LOC§	1.18		06/01/2008		1,660,000
	7,530,000	Illinois State CTFS Series G§	1.16		05/01/2015		7,530,000
	3,200,000	Illinois State Roc Series Ii-R-132 MBIA Insured§	1.15		08/01/2010		3,200,000
	4,300,000	Illinois State Sales Tax Revenue Municipal Trust Receipts Series SG-9§	1.13		06/15/2019		4,300,000
	6,800,000	Lombard IL IDA Revenue 2500 Higland Avenue Project Mid-America Federal Savings & Loan LOC§	1.50		12/01/2006		6,800,000
	6,000,000	Orland Hills IL MFHR Series A Lasalle National Bank LOC§	1.10		12/01/2004		6,000,000
	1,200,000	Schaumberg IL MFHR Windsong Apartments Project Lasalle National Bank LOC§	1.12		02/01/2024		1,200,000
	3,250,000	Warren County IL Industrial Project Revenue Monmouth College Project Allied Irish Bank PLC LOC§	1.10		12/01/2032		3,250,000
	4,000,000	Will County IL School District #122 New Lenox GO Series II-R-114 FGIC Insured§	1.15		11/01/2020		4,000,000
							217,192,204
Indiana – 3.56%
	400,000	Indiana HFFA Revenue Capital Access Comerica Bank LOC§	1.05		04/01/2013		400,000
	4,060,000	Indiana HFFA Revenue Fayette Memorial Hospital Association Series B Fifth Third Bank LOC§	1.25		10/01/2022		4,060,000
	3,800,000	Indiana Secondary Market Educational Loans Incorporated Student Loan Revenue Series B AMBAC Insured§	1.10		12/01/2013		3,800,000
	8,478,000	Indiana State Housing Finance Authority MFHR Pedcor Investments Series A Collateralized By FHLB§	1.16		01/01/2029		8,478,000
	14,965,000	Indiana Transportation Finance Authority Toll Road Lease Revenue Roc Series II-R-105 AMBAC Insured§	1.15		07/01/2012		14,965,000
	1,750,000	Indianapolis IN Economic Development Revenue Jewish Federation Campus Fifth Third Bank LOC§	1.05		04/01/2005		1,750,000
	2,000,000	Indianapolis IN Gas Utility Revenue Series A AMBAC Insured§	5.88		06/01/2024		2,104,920
	8,700,000	Indianapolis IN MFHR Crossing Partners Project AIG Guaranty LOC§	1.30		03/01/2031		8,700,000
	1,000,000	Ips School Building Corporation First Mortgage State Aid Withholding LOC§	6.10		01/15/2020		1,061,018
	15,630,000	Richmond IN Hospital Authority Revenue Reid Hospital & Health Care Project§	1.10		01/01/2012		15,630,000
	9,980,000	Whiting IN Environmental Facilities Revenue BP Products Project Series C§	1.25		07/01/2034		9,980,000
							70,928,938

32

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Iowa – 2.33%
$	3,225,000	Iowa Finance Authority Economic Development Revenue Lasalle Bank NA LOC§	1.30	%	03/01/2016	$	3,225,000
	6,310,000	Iowa Finance Authority Health Care Facilities Revenue St Lukes Health Series A General Electric Capital Corporation LOC§	1.10		03/01/2018		6,310,000
	2,960,000	Iowa Finance Authority MFHR Cedarwood Hills Project Series A Collateralized By FHLMC§	1.15		05/01/2031		2,960,000
	3,000,000	Iowa Finance Authority Private College Revenue Drake University Project Firstar Bank LOC§	1.25		07/01/2011		3,000,000
	13,355,000	Iowa Finance Authority SFhr CTFS Series N§	1.23		01/01/2008		13,355,000
	3,190,000	Iowa Higher Education Loan Authority Revenue Private College Facilities Grand View Project Firstar Bank NA LOC§	1.25		10/01/2025		3,190,000
	14,300,000	Iowa State School Cash Anticipation Program Iowa School Corporations CTFS Series B FSA Insured	2.25		01/30/2004		14,354,903
							46,394,903
Kansas – 1.11%
	2,600,000	Kansas State Development Finance Authority Health Facilities Revenue Stormont Vail Project Series M MBIA Insured§	1.25		11/15/2023		2,600,000
	9,500,000	Kansas State Development Finance Authority MFHR Bluffs Olathe Apartments Project Series X§	1.80		11/25/2031		9,500,000
	2,465,000	Lawrence KS GO Temporary Notes Property Tax Revenue Series II	2.25		10/01/2003		2,465,000
	5,035,000	Lenexa KS MFHR Series 1020§	1.14		07/01/2004		5,035,000
	2,410,000	Sedgwick & Shawnee Countys KS SFMR Merrill Lynch Capital Services LOC§	1.22		12/01/2013		2,410,000
							22,010,000
Kentucky – 0.11%
	2,000,000	Louisville & Jefferson County KY Metropolitan Sewer District Sewer and Drain System Series A	9.00		05/15/2004		2,096,821
Lousiana – 2.15%
	4,320,000	Jefferson Parish LA Home Mortgage Authority Floats PT 229 Collateralized By GNMA FNMA§	1.18		06/01/2007		4,320,000
	5,620,000	Louisiana Public Facilities Authority Revenue Series II-R-192§	1.15		05/15/2022		5,620,000
	3,785,000	Louisiana State GO State Territories Series II R 128 MBIA Insured§	1.15		05/15/2013		3,785,000
	3,150,000	Louisiana State GO States Territories Series II R 111 MBIA Insured§	1.15		05/15/2012		3,150,000
	2,715,000	Oskaloosa IA Private School Facility Revenue William Penn University Project US Bank NA LOC§	1.25		07/01/2020		2,715,000
	7,700,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Term Project Series B Kreditbank NV LOC§	1.10		03/15/2006		7,700,000
	15,500,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Terminal Project Series A Kredietbank NV LOC§	1.10		03/15/2006		15,500,000
							42,790,000
Maine – 1.21%
	1,000,000	Maine Municipal Revenue Series E§	5.30		11/01/2013		1,030,362
	2,800,000	Maine Regional Industrial Waste System Waste Resources Recovery Revenue Series R§	1.22		07/01/2012		2,800,000
	20,100,000	Maine State Tax Anticipation Notes	1.75		06/30/2004		20,241,166
							24,071,528

33

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Maryland – 0.25%
$	4,995,000	Maryland State Community Development Administration Department Housing & Community Development§	1.05	%	07/01/2039	$	4,995,000
Massachusetts – 3.07%
	3,270,000	Canton MA Housing Authority MFHR Canton Arboretum Apartments Collateralized By FNMA§	1.05		09/15/2026		3,270,000
	35,440,000	Massachusetts Health & Education Facilities Authority	0.85		10/01/2003		35,440,000
	15,000,000	Massachusetts State Central Artery Series A§	1.20		12/01/2030		15,000,000
	7,495,000	Massachusetts State GO FSA Insured§	1.20		12/01/2014		7,495,000
							61,205,000
Michigan – 4.05%
	7,200,000	Detroit MI City School District Eagle-20026014 Class A FGIC Insured§	1.15		05/01/2032		7,200,000
	3,400,000	Detroit MI Sewer Disposal Revenue Series II-R-103 FGIC Insured§	1.15		07/01/2026		3,400,000
	5,965,000	Detroit MI Sewer Disposal Revenue Series II-R-116 MBIA Insured§	1.15		07/01/2017		5,965,000
	1,000,000	Farmington Hills MI Hospital Finance Authority Hospital Revenue Botsford General Hospital Series B MBIA Insured§	1.25		02/15/2016		1,000,000
	9,285,000	Lakeview School District Calhoun MI GO School Building & Site Improvement Series B Landesbank Henssen-Thueringen LOC§	1.05		05/01/2032		9,285,000
	4,500,000	Macomb County MI Hospital Finance Authority Revenue Mount Clemens General Hospital Series A-1 Comerica Bank LOC§	1.20		10/01/2020		4,500,000
	1,700,000	Michigan State Grant Anticipation Notes Series B§	1.07		09/15/2008		1,700,000
	2,100,000	Michigan State Higher Education Loan Revenue Series XII B AMBAC Insured§	1.10		10/01/2013		2,100,000
	7,700,000	Michigan State Housing Development Authority Limited Obligation Revenue Nonprofit Housing Corporation VI§	1.15		06/01/2025		7,700,000
	4,950,000	Michigan State Housing Development Authority MFHR Berrien Woods III Project Series A Lansing Bank§	1.18		07/01/2032		4,950,000
	3,800,000	Michigan State Housing Development Authority Rental Housing Revenue Series A MBIA Insured§	1.09		10/01/2037		3,800,000
	2,500,000	Michigan State Strategic Fund Limited Obligation Revenue Detroit Symphony Project Series B Michigan National Bank LOC§	1.20		06/01/2031		2,500,000
	8,200,000	Michigan State Strategic Funding Limited Obligation Revenue Consumers Power Company Project Series A§	1.20		06/15/2010		8,200,000
	18,300,000	St Joseph MI Hospital Finance Authority Hospital Revenue Lakeland Hospital At Niles Project FSA Insured§	1.05		01/01/2032		18,300,000
							80,600,000
Minnesota – 4.61%
	500,000	Arden Hills MN Housing & Healthcare Facilities Revenue Presbyterian Homes Series B US Bank NA LOC§	1.25		09/01/2029		500,000
	3,320,000	Burnsville MN MFHR Berkshire Project Series A Collateralized By FNMA§	1.10		07/15/2030		3,320,000
	3,000,000	Crystal MN MFHR Crystal Apartments Project Collateralized By FHLB§	1.05		05/01/2027		3,000,000
	1,200,000	Dakota County MN CDA MFHR Regatta Commons Project Series A Lasalle Bank NA LOC§	1.30		01/01/2038		1,200,000
	3,375,000	Dakota County MN Housing & Redevelopment Authority MFHR PT 484 Collateralized By FHLMC§	1.14		12/01/2022		3,375,000
	2,900,000	Duluth MN Economic Development Authority Health Care Facilities Revenue Miller-Dwan Medical Center Project US Bank NA LOC§	1.25		06/01/2019		2,900,000
	8,460,000	Eagan MN MFHR Floats PT 1221§	1.14		12/01/2029		8,460,000

34

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Minnesota (continued)
$	1,550,000	Eagle Tax-Exempt Trust CTF 20012301 Class A§	1.15	%	10/01/2019	$	1,550,000
	7,880,000	Edina MN MFHR Edina Park Plaza Collateralized By FHLMC§	1.05		12/01/2029		7,880,000
	4,950,000	Mankato MN MFHR Highland Project US Bank Trust NA LOC§	1.25		05/01/2027		4,950,000
	350,000	Maple Grove MN MFHR Basswood Trails Project§	1.10		03/01/2029		350,000
	2,080,000	Minneapolis MN GO Unlimited Notes	5.00		12/01/2003		2,093,884
	1,000,000	Minnesota Public Facilities Authority Water PCR Series A§	1.13		03/01/2004		1,000,000
	2,000,000	Minnesota Public Facilities Authority Water PCR Series A	4.00		03/01/2004		2,024,021
	2,125,000	Minnesota Rural Water Finance Authority Series B	2.38		12/15/2003		2,129,426
	2,725,000	Minnesota State GO Unlimited Notes Series II-R-96§	1.15		08/01/2014		2,725,000
	1,020,000	Minnesota State Higher Education Facilities Authority Revenue St Thomas University Series 5L§	1.07		04/01/2027		1,020,000
	2,865,000	Plymouth MN MFHR Lancaster Village Apartments Project Collateralized By FNMA§	1.10		09/15/2031		2,865,000
	15,250,000	Rochester MN Health Care Facilities Hospital Revenue	0.88		10/23/2003		15,250,000
	4,000,000	Rochester MN Healthcare Services	0.85		12/10/2003		4,000,000
	650,000	Roseville MN Health Care Facilities Revenue Presbyterian Homes Care Project§	1.25		10/01/2029		650,000
	1,000,000	Roseville MN Private School Facilities Revenue Northwestern College Project§	1.25		11/01/2022		1,000,000
	2,375,000	St Paul MN Housing & Redevelopment Authority District Heating Revenue Series A§	1.05		12/01/2012		2,375,000
	245,000	St Paul MN Housing & Redevelopment Authority Revenue Minnesota Public Radio Project Allied Irish Bank PLC LOC§	1.25		05/01/2022		245,000
	1,500,000	St Paul MN Port Authority District Cooling Revenue 2002 Series Q Dexia Credit Local de France LOC§	1.05		03/01/2022		1,500,000
	200,000	St Paul MN Port Authority District Cooling Revenue Series M Dexia Bank LOC§	1.25		03/01/2021		200,000
	1,250,000	St Paul MN Port Authority District Cooling Revenue Series O Dexia Credit Local de France LOC§	1.25		03/01/2012		1,250,000
	100,000	St Paul MN Port Authority District Cooling Revenue Series R Dexia Credit Local de France LOC§	1.30		03/01/2022		100,000
	3,050,000	St Paul MN Port Authority Tax Increment Revenue Westgate Office & Industrial Center Project US Bank Trust NA LOC§	1.10		02/01/2015		3,050,000
	8,990,000	University of Minnesota Education Facilities Revenue Intermediate Term Financing Series A§	1.12		01/01/2034		8,990,000
	1,765,000	University of Minnesota GO Revenue§	1.15		07/01/2021		1,765,000
							91,717,331
Mississippi – 1.22%
	21,100,000	Jackson County MS Port Facility Revenue Chevron USA Incorporated Project§	1.20		06/01/2023		21,100,000
	1,115,000	Mississippi Home Corporation SFMR Series 146 GNMA FNMA Insured§	1.18		11/01/2029		1,115,000
	2,000,000	Mississippi Hospital Equipment & Facilities Authority Revenue North Mississippi Health Services Series 1§	1.05		05/15/2030		2,000,000
							24,215,000
Missouri – 0.85%
	145,000	Missouri Health and Education Facility Authority Education Facilities Revenue St Louis University Project Series A§	1.25		10/01/2009		145,000
	10,900,000	Missouri Health and Education Facility Authority Education Facilities Revenue St Louis University Project Series B§	1.25		10/01/2024		10,900,000
	3,800,000	Missouri Health and Education Facility Authority Revenue Christian Brothers College Series A§	1.25		10/01/2032		3,800,000

35

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Missouri (continued)
$	2,100,000	Missouri Higher Education Loan Authority Student Loan Revenue Series A Bank of America§	1.10	%	12/01/2005	$	2,100,000
							16,945,000
Montana – 1.04%
	5,000,000	Anaconda Deer Lodge County MT Environmental Facilities Revenue Variable Reference Arco Anaconda SMElter§	1.25		10/01/2037		5,000,000
	5,475,000	Montana State Board of Investments Municipal Finance Construction Act – Intercap Program§	1.35		03/01/2009		5,475,000
	4,750,000	Montana State Board of Investments Municipal Finance Construction – Intercap Program§	1.35		03/01/2005		4,750,000
	5,515,000	Montana State Board of Investments Municipal Finance Construction – Intercap Program§	1.35		03/01/2010		5,515,000
							20,740,000
Nebraska – 0.26%
	5,200,000	Nebraska Educational Finance Authority Revenue Creighton University Project Allied Irish Bank PLC LOC§	1.20		08/01/2031		5,200,000
Nevada – 0.45%
	4,690,000	Clark County NV Roc Rr Series II-R-1035 MBIA Insured§	1.15		06/01/2021		4,690,000
	4,200,000	Nevada Housing Division Multi Unit Housing Series A US Bank NA LOC§	1.13		04/01/2035		4,200,000
							8,890,000
New Mexico – 0.38%
	1,265,000	Albuquerque NM Industrial Development Revenue Karsten Company New Mexico Project Series A Bank One Arizona NA LOC§	1.30		12/01/2017		1,265,000
	2,200,000	Bloomfield NM Healthcare Facilities Revenue Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		2,200,000
	2,460,000	Espanola NM Health Care Revenue Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		2,460,000
	1,685,000	Silver City NM Series A Lasalle National Bank NA LOC§	1.30		11/15/2010		1,685,000
							7,610,000
New York – 0.61%
	2,000,000	New York NY City Housing Development Corporation MFHR First Avenue Development Project Series A§	1.05		10/15/2035		2,000,000
	1,500,000	New York State Dorm Authority Revenue State University Education Facilities Series C§	5.30		05/15/2009		1,577,163
	8,500,000	New York State HFA Revenue Series A§	1.10		05/01/2029		8,500,000
							12,077,163
North Carolina – 0.66%
	13,170,000	University of North Carolina Hospital Chapel Hill Revenue Series B§	1.22		02/15/2031		13,170,000
North Dakota – 0.97%
	6,000,000	North Dakota Rural Water Financial Corporation	2.50		11/01/2003		6,004,518
	10,300,000	North Dakota State Housing Finance Agency Revenue Series B§	1.10		01/01/2034		10,300,000
	2,950,000	Ward County ND Health Care Facilities Revenue Trinity Obligation Group Series A US Bank NA LOC§	1.25		07/01/2029		2,950,000
							19,254,518

36

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Ohio – 4.32%
$	5,000,000	Franklin County OH Hospital Revenue Series Ii-R-55 Salomon Smith Barney LOC§	1.15	%	06/01/2017	$	5,000,000
	3,000,000	Grove City OH MFHR Regency Arms Apartments Project Collateralized By FNMA§	1.15		06/15/2030		3,000,000
	19,500,000	Hamilton County OH Hospital Facilities Revenue Elizabeth Gamble Series B JP Morgan Chase & Company LOC§	1.10		06/01/2027		19,500,000
	4,000,000	Ohio State Building Authority Adult Correctional Building Fund Series A MBIA Insured§	5.75		10/01/2005		4,080,000
	6,295,000	Ohio State GO Series Rr Ii-R 206 FGIC Insured§	1.15		03/15/2015		6,295,000
	2,520,000	Ohio State Higher Education Facilities Revenue Series A§	1.10		09/01/2027		2,520,000
	500,000	Scioto County OH Hospital Revenue VHA Center Incorporated Series C AMBAC Insured§	1.03		12/01/2025		500,000
	25,485,000	Sunamerica Trust Variable State§	1.19		07/01/2041		25,485,000
	12,400,000	University of Toledo Ohio General Receipts Bonds§	1.20		06/01/2032		12,400,000
	540,000	Warren County OH Health Care Facilities Revenue Otterbein Series A§	1.14		07/01/2021		540,000
	2,810,000	Warren County OH Industrial Development Revenue Cincinnati Electricity Corporation Project Scotiabank LOC§	1.10		09/01/2015		2,810,000
	3,845,000	Warren County OH Industrial Development Revenue Pac Manufacturing Project§	1.30		12/01/2025		3,845,000
							85,975,000
Oklahoma – 1.10%
	7,500,000	Muskogee OK Medical Center Authority Revenue Bank of America NA LOC§	1.15		10/01/2032		7,500,000
	2,000,000	Oklahoma Development Finance Authority Health Care Revenue Continuing Care Community Project Series C KBC Bank NV LOC§	1.25		02/01/2012		2,000,000
	4,820,000	Oklahoma State HFA Revenue Series 1327 Merrill Lynch Capital LOC§	1.18		03/01/2009		4,820,000
	6,605,000	Oklahoma State IDA Tealridge Manor Corporation Project Bank of America NA LOC§	1.15		11/01/2018		6,605,000
	1,055,000	Tulsa County OK HFA SFMR GNMA Mortgage Backed Securities Class A Series E§	1.20		07/01/2032		1,055,000
							21,980,000
Oregon – 0.70%
	1,655,000	Deschutes County OR Series A FSA Insured	5.00		06/15/2004		1,703,081
	3,000,000	Gilliam County OR Solid Waste Disposal Revenue Waste Management Incorporated Project JP Morgan Chase Bank LOC§	1.15		07/01/2027		3,000,000
	4,300,000	Multnomah County OR Higher Education Revenue Concordia University Portland Project§	1.25		12/01/2029		4,300,000
	4,995,000	Tri County Metro Transportation District OR Series 142§	1.05		08/01/2019		4,995,000
							13,998,081
Other – 3.97%
	5,787,003	ABN AMRO Leasetops CTFS Tr 2000-2 ABN AMRO Bank NV LOC§	1.40		04/01/2005		5,787,003
	10,000,000	ABN AMRO Munitops CTFS Tr 1999-1 Munitops Certificates FGIC Insured§ª	1.18		12/06/2006		10,000,000
	15,420,000	ABN AMRO Munitops CTFS Tr 2001-23 MBIA Insured§	1.18		12/01/2009		15,420,000
	11,286,080	MBIA Capital Corporation Global Funding MBIA Insured§	1.23		01/14/2016		11,286,080
	8,160,000	Munimae Trust Collaterized By FHLMC§	1.22		12/19/2005		8,160,000
	5,000,000	Newman Capital Trust Series 2001-2 Class A§	1.24		04/11/2033		5,000,000
	5,027,835	Pitney Bowes Credit Corporation Leasetops Tr Revenue Series 2002-1§	1.44		07/19/2006		5,027,835
	6,640,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2000-14 Class A§	1.19		06/01/2005		6,640,000

37

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Other (continued)
$	2,153,805	Roaring Fork Municipal Products Limited Liability Corporation Series 2002-6 Class A§	1.19	%	06/01/2034	$	2,153,805
	2,749,000	US Bancorp Project Funding Trust Series A§	1.23		01/01/2010		2,749,000
	6,815,500	US Bancorp Project Funding Trust Series A§	1.23		03/01/2010		6,815,500
							79,039,223
Pennsylvania – 0.79%
	1,960,000	Hollidaysburg PA Area School District AMBAC Insured§	6.50		06/01/2020		2,033,405
	9,500,000	Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Series A AMBAC Insured§	1.05		12/01/2025		9,500,000
	4,205,000	Pennsylvania State Turnpike Commission Oil Franchise Tax Revenue Series II R 1005§	1.15		12/01/2015		4,205,000
							15,738,405
Rhode Island – 0.05%
	1,000,000	Rhode Island Refunding Board Authority State Public Projects Revenue§	1.13		08/01/2005		1,000,000
South Carolina – 3.08%
	47,700,000	Charleston County SC School District Anticipated Notes	2.00		02/25/2004		47,870,867
	4,570,000	South Carolina Educational Facilities Authority For Private Nonprofit Institutions§	1.15		02/01/2022		4,570,000
	3,265,000	South Carolina Housing Finance and Development Authority Mtg Revenue Seriesl§	1.23		07/01/2028		3,265,000
	5,650,000	South Carolina State Public Service Authority Revenue§	1.13		01/01/2023		5,650,000
							61,355,867
South Dakota – 0.75%
	4,900,000	Lawrence County SD Solid Waste Disposal Revenue Homestake Mining Company Series A Chase Manhatten Bank LOC§	1.25		07/01/2032		4,900,000
	10,100,000	South Dakota State Health & Educational Facilities Revenue Rapid City Regional Hospital§	1.20		09/01/2027		10,100,000
							15,000,000
Tennessee – 2.95%
	4,955,000	Chattanooga TN Roc Rr Series Ii-R-1026 MBIA Insured§	1.15		10/01/2022		4,955,000
	4,700,000	Clarksville TN Public Building Authority Revenue Pooled Financing Tennessee Municipal Bond Funding Bank of America NA LOC§	1.22		01/01/2033		4,700,000
	5,600,000	Jackson TN Energy Authority Wastewater System Revenue FSA Insured§	1.10		12/01/2022		5,600,000
	4,000,000	Memphis TN Center City Revenue Finance Corporation MFHR Series 1220§	1.14		11/01/2029		4,000,000
	28,360,000	Montgomery County TN Public Building Authority Pooled Financing Revenue Tennessee County Loan Pool§	1.22		04/01/2032		28,360,000
	4,710,500	Portland TN Health & Education Facilities Board Hospital Revenue Series 322§	1.23		11/15/2014		4,710,500
	4,610,000	Tennessee Housing Development Agency Series H§	1.21		01/01/2021		4,610,000
	1,800,000	Volunteer State Student Funding Corporation Tennessee Student Loan Revenue Series A1 State Street Bank & Trust Company LOC§	1.15		12/01/2023		1,800,000
							58,735,500
Texas – 9.18%
	1,615,000	Austin TX Higher Education Authority University Revenue Concordia University At Austin Project Bank One Texas NA LOC§	1.20		04/01/2025		1,615,000
	7,000,000	Austin TX Utility Systems Revenue Roc Series Ii-R-159 FSA Insured§	1.15		05/15/2014		7,000,000

38

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Texas (continued)
$	7,945,000	Austin TX Utility Systems Revenue Series A MBIA Insured§	5.50	%	11/15/2003	$	7,987,297
	9,400,000	Austin TX Utility Systems Revenue Series G Receipts§	1.13		11/15/2011		9,400,000
	7,145,000	Brownsville TX Utility Systems Revenue Series A MBIA Insured§	1.05		09/01/2027		7,145,000
	8,000,000	Calhoun County TX Solid Waste Disposal Revenue Formosa Plastics Corporation Project Bank of America NA LOC§	1.20		05/01/2025		8,000,000
	7,700,000	Cameron TX Ed Corporation Revenue Dallas Jewish Community Foundation Allied Irish Bank plc LOC§	1.12		12/01/2030		7,700,000
	4,310,000	Eagle Tax-Exempt Trust CTF 20014302 Class A (Austin TX Electric Utility Systems Revenue) FSA Insured§	1.15		11/15/2017		4,310,000
	6,000,000	Eagle Tax-Exempt Trust CTF 20014310 Class A (Dallas TX Area Rapid) AMBAC Insured§	1.15		12/01/2026		6,000,000
	7,000,000	Harris County TX Health Care Facilities Development Corporation Revenue St Lukes Episcopal Hospital Series B§	1.25		02/15/2031		7,000,000
	2,700,000	Harris County TX Health Facilities Development Corporation Special Facilities Revenue Texas Medical Center Project Series B FSA Insured§	1.25		05/15/2029		2,700,000
	13,700,000	Houston TX Higher Education Finance Facilities Revenue Floater Receipts Series SG 139 Societe Generale LOC§	1.13		11/15/2029		13,700,000
	5,470,000	Houston TX Water & Sewer Systems Revenue CTFS Series 495 FGIC Insured§	1.14		12/01/2030		5,470,000
	3,770,000	Houston TX Water & Sewer Systems Revenue Municipal Trust Receipts Series SG 120§	1.13		12/01/2023		3,770,000
	1,000,000	North Central TX Health Facilities Development Corporation Revenue Dallas Jewish Community Foundation Allied Irish Bank plc LOC§	1.12		12/01/2030		1,000,000
	9,500,000	Pasadena TX Independent School District	2.25		02/15/2004		9,538,810
	2,425,000	Polly Ryon Hospital Authority TX Polly Ryon Memorial Hospital JP Morgan Chase & Company LLC§	1.10		11/01/2026		2,425,000
	3,000,000	Splendora TX Higher Educational Facilities Corporate Revenue Project Fellowship Christian Project§	1.15		01/01/2017		3,000,000
	7,900,000	Texas A & M University Notes Series 3 A2	1.25		01/27/2004		7,907,048
	7,900,000	Texas A & M University Notes Series 3 A2	1.25		01/29/2004		7,907,148
	1,000,000	Texas State Public Finance Authority Series B	6.00		10/01/2003		1,000,000
	36,000,000	Texas State TRAN	2.00		08/31/2004		36,276,982
	15,195,000	Travis County TX Health Facilities Development Corporation Health Revenue Series 4 AMBAC Insured§	1.17		11/15/2024		15,195,000
	6,870,000	Travis County TX HFA SFMR Series 1287 Collateralized By GNMA§	1.18		09/01/2018		6,870,000
							182,917,285
Utah – 2.86%
	7,600,000	Salt Lake County UT Pollution Control Revenue Series B§	1.22		08/01/2007		7,600,000
	19,800,000	Salt Lake County UT Pollution Control Revenue Service Station Holdings Project§	1.20		02/01/2008		19,800,000
	2,000,000	Utah State Board of Regents Student Loan Revenue Series 1988C AMBAC Insured§	1.05		11/01/2013		2,000,000
	14,800,000	Utah State Board of Regents Student Loan Revenue Series 1997R AMBAC Insured§	1.10		11/01/2031		14,800,000
	12,700,000	Utah Transportation Authority Sales Tax Revenue Series B Bayerishe Landesbank LOC§	1.05		09/01/2032		12,700,000
							56,900,000
Virginia – 1.15%
	16,490,000	Loudoun County VA IDA Howard Hughes Medical Project Series A	1.15		02/15/2038		16,490,000
	2,335,000	Richmond VA ROC Series II-R-168 FGIC Insured§	1.15		01/15/2016		2,335,000

39

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Virginia (continued)
$	2,000,000	Virginia Beach VA GO	5.00	%	07/15/2004	$	2,065,245
	2,000,000	Virginia State Transporation Board Transportation Contract Revenue Northern Virginia Transportation District Project Series A§	6.25		05/15/2017		2,090,765
							22,981,010
Washington – 4.24%
	5,246,500	Energy Northwest Washington Electric Revenue CTFS Series C FSA Insured§	1.21		01/01/2010		5,246,500
	4,200,000	Energy Northwest Washington Electric Revenue Floats PA 846 FSA Insured§	1.14		01/01/2010		4,200,000
	17,350,000	Issaquah WA Community Properties Water Revenue Series A Bank of America NA LOC§	1.10		02/15/2021		17,350,000
	2,000,000	King County WA School District No 411 Series A	5.85		12/01/2011		2,084,711
	1,255,000	King County WA Series A	5.00		01/01/2004		1,268,031
	5,320,000	Kitsap County WA School District No 400 North Kitsap Series II-R-1009 FSA Insured§	1.15		12/01/2017		5,320,000
	1,900,000	Snohomish County WA Public Utility District Series A-1 FSA Insured§	1.10		12/01/2019		1,900,000
	2,100,000	Washington State Economic Development Financing Authority Revenue Ace Tank Project US Bank NA LOC§	1.20		11/01/2018		2,100,000
	5,500,000	Washington State Economic Development Financing Authority Revenue Industrial Development Canam Steel Project Series D§	1.25		09/30/2030		5,500,000
	1,115,000	Washington State Economic Development Financing Authority Revenue Pioneer Human Services Project H§	1.25		09/01/2018		1,115,000
	4,000,000	Washington State Economic Development Financing Authority Solid Waste Disposal Revenue Waste Managment Incorporated Project Series D§	1.15		07/01/2027		4,000,000
	6,645,000	Washington State HFA MFHR Canyon Lakes II Project Pacific Northwest Bank LOC§	1.15		10/01/2019		6,645,000
	6,900,000	Washington State Housing Finance Community MFHR Country Club Apartments Series A US Bank NA LOC§	1.30		08/01/2032		6,900,000
	3,140,000	Washington State Housing Finance Community MFHR Lakewood Meadows Apartments Project Series A Insured By FNMA§	1.15		07/15/2033		3,140,000
	1,000,000	Washington State Housing Finance Community MFHR Mill Point Apartments Project Series A US Bank Trust NA LOC§	1.30		01/01/2030		1,000,000
	2,000,000	Washington State Housing Finance Community Nonprofit Revenue Annie Wright School Bank of America NA LOC§	1.15		12/01/2023		2,000,000
	1,700,000	Washington State Housing Finance Community Nonprofit Revenue Tacoma Art Museum Project Northern Trust Company LOC§	1.25		06/01/2032		1,700,000
	1,700,000	Washington State Public Power Supply System Nuclear Project No 1 Revenue Municipal Securities Trust Receipts Series CMC2 Insured By AMBAC§	1.12		01/01/2005		1,700,000
	300,000	Washington State Public Power Supply System Nuclear Project No 2 Revenue Municipal Securities Trust Receipts Series CMC3 Insured By AMBAC§	1.12		07/01/2007		300,000
	7,000,000	Washington State Series SG-37§	1.13		07/01/2017		7,000,000
	1,140,000	Yakima County WA Public Corporation Revenue Longview Fire Company Project Bank of America NT & SA LOC§	1.25		01/01/2018		1,140,000
	2,900,000	Yakima County WA Public Corporation Revenue Valley Processing Project Bank of America NA LOC§	1.20		02/01/2015		2,900,000
							84,509,242
Wisconsin – 3.41%
	5,490,000	Chilton WI School District ROC RR Series II-R-1017 FGIC Insured§	1.15		04/01/2019		5,490,000
	5,000,000	Waukesha WI School District Tax & Revenue Anticipation Promissory Notes	1.50		08/23/2004		5,021,215

40

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

NATIONALTAX-FREEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Wisconsin (continued)
$	26,500,000	Wisconsin Housing & Economic Development Authority Home Ownership Revenue Series I FSA Insured§	1.10	%	09/01/2032	$	26,500,000
	8,565,000	Wisconsin Rural Water Construction Loan Program Community Revenue Anticipation Notes§	2.50		11/01/2003		8,571,449
	21,000,000	Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Incorporated Series B§	1.20		08/15/2030		21,000,000
	365,000	Wisconsin State Health and Educational Facilities Authority Revenue Gundersen Lutheran Series A§	1.20		12/01/2015		365,000
	1,000,000	Wisconsin State Transportation Revenue Series A§	5.50		07/01/2009		1,044,668
							67,992,332
Wyoming – 0.61%
	5,200,000	Lincoln County WY PCR Exxon Project Series 1985§	1.15		08/01/2015		5,200,000
	3,000,000	Sweetwater County WY Environment Improvement Revenue Bonds§	1.30		11/01/2025		3,000,000
	4,010,000	Wyoming Community Development Authority Revenue FGIC Insured§	1.22		02/01/2004		4,010,000
							12,210,000
Total Municipal Securities (Cost $1,987,689,059)							1,987,689,059

Total Investments In Securities (Cost $1,987,689,059)*	99.81	%	$	1,987,689,059
Other Assets And Liabilities, Net	0.19			3,882,773
Total Net Assets	100.00	%	$	1,991,571,832

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

41

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

PRIMEINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Asset Backed Securities – 3.91%
$	50,000,000	WFS Financial Owner Trust Series 2003-3 Class A1	1.13	%	08/20/2004	$	50,000,000
	25,000,000	Whole Auto Loan Trust Series 2003-1 Class A1	1.10		09/15/2004		25,000,000
Total Asset Backed Securities (Cost $75,000,000)							75,000,000
Certificates of Deposit – 4.43%
	15,000,000	Abbey National Treasury Services plc	1.40		03/02/2004		15,000,000
	15,000,000	Svenska Handelsbanken	1.40		03/02/2004		15,000,000
	55,000,000	Unicredito Italiano SPA	1.04		10/20/2003		55,000,000
Total Certificates of Deposit (Cost $85,000,000)							85,000,000
Commercial Paper – 36.43%
	60,000,000	Amstel Funding Corporationª	0.94	†	12/29/2003		59,860,567
	50,000,000	Aspen Funding Corporationª	1.07	†	10/10/2003		49,986,625
	50,000,000	Atlantis One Funding Corporationª	1.08	†	01/28/2004		49,821,500
	20,000,000	Banco Bilbao Vizcaya Argentaria Puerto Ricoª	1.25	†	10/01/2003		20,000,000
	35,000,000	CDC Commericial Paper Corporationª	1.15	†	10/01/2003		35,000,000
	30,000,000	Credit Agricole Indosuez	1.02	†	10/07/2003		29,994,900
	50,099,000	Gemini Securitization Incorporatedª	1.07	†	10/14/2003		50,079,642
	50,000,000	Grampian Funding LLCª	1.08	†	11/18/2003		49,928,000
	36,000,000	HBOs Treasury Services plc	1.06	†	10/09/2003		35,991,520
	27,800,000	National Bank of New Zealand International Limitedª	1.09	†	12/09/2003		27,741,921
	50,000,000	National Bank of New Zealand International Limitedª	1.09	†	12/11/2003		49,892,514
	40,000,000	Network Rail Commercial Paper Finance plcª	1.03	†	10/20/2003		39,978,256
	20,000,000	Network Rail Commercial Paper Finance plcª	1.01	†	12/18/2003		19,956,233
	5,000,000	Province of Quebec	1.25	†	10/09/2003		4,998,611
	100,000,000	Regency Markets Number 1 LLCª	1.09	†	11/20/2003		99,848,611
	50,000,000	Republic of Italy	1.02	†	12/30/2003		49,872,500
	26,752,000	Tulip Funding Corporationª	1.09	†	12/01/2003		26,702,591
Total Commercial Paper (Cost $699,653,991)							699,653,991
Discount Note – Agency – 5.19%
Federal National Mortgage Association – 5.19%
	100,000,000	FNMA	1.08	†	12/31/2003		99,727,000
Total Discount Note – Agency (Cost $99,727,000)							99,727,000
Fixed Rate Note – Agency – 0.38%
Federal National Mortgage Association – 0.38%
	7,371,000	FNMA	1.14		01/19/2004		7,346,210
Total Fixed Rate Note – Agency (Cost $7,346,210)							7,346,210
Fixed Rate Note – Corporate – 1.09%
	21,000,000	Links Finance LLC	2.00		10/10/2003		21,000,000
Total Fixed Rate Note – Corporate (Cost $21,000,000)							21,000,000

42

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

PRIMEINVESTMENTMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Floating Rate Note – Agency – 2.08%
Federal Home Loan Mortgage Corporation – 2.08%
$	40,000,000	FHLMC±	1.04	%	02/04/2005	$	39,973,163
Total Floating Rate Note – Agency (Cost $39,973,163)							39,973,163
Floating Rate Notes – Corporate – 12.06%
	50,000,000	Aegon NV±	1.19		03/30/2004		50,014,923
	12,000,000	American Express Centurion Bank±	1.12		12/23/2003		12,000,000
	7,500,000	Associates Corporation of North America±	1.24		06/25/2004		7,500,000
	25,000,000	Commonwealth Bank of Australia±	1.11		10/30/2003		25,001,399
	37,500,000	First USA Bank±	1.29		07/21/2004		37,561,540
	26,000,000	John Hancock Global Funding II±ª	1.13		12/10/2003		25,999,533
	5,000,000	Merrill Lynch & Company Incorporated±	1.26		10/01/2003		5,000,000
	23,500,000	Northern Rock plc±ª	1.14		01/16/2004		23,500,000
	20,000,000	Premium Asset Trust Series 2001-10±ª	1.31		11/14/2003		20,004,925
	25,000,000	Premium Asset Trust Series 2002-6±ª	1.32		06/01/2004		25,027,947
Total Floating Rate Notes – Corporate (Cost $231,610,267)							231,610,267
Repurchase Agreements – 22.27%
	75,826,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		75,826,000
	247,085,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.13		10/01/2003		247,085,000
	25,000,000	Goldman Sachs Group Incorporated – 102% Collaterized by US Government Securities	1.16		10/01/2003		25,000,000
	4,810,000	Lehman Brothers Incorporated – 102% Collaterized by US Government Securities	1.10		10/01/2003		4,810,000
	75,000,000	UBS Warburg LLC – 102% Collaterized by US Government Securities	1.13		10/01/2003		75,000,000
Total Repurchase Agreements (Cost $427,721,000)							427,721,000
Time Deposits – 13.02%
	50,000,000	Banque Nationale de Paris	1.16		10/01/2003		50,000,000
	50,000,000	Danske Bank	1.16		10/01/2003		50,000,000
	50,000,000	ING Bank Brussels	1.18		10/01/2003		50,000,000
	50,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		50,000,000
	50,000,000	Societe Generale	1.16		10/01/2003		50,000,000
Total Time Deposits (Cost $250,000,000)							250,000,000

Total Investments In Securities (Cost $1,937,031,631)*	100.86	%	$	1,937,031,631
Other Assets And Liabilities, Net	(0.86	)		(16,566,969	)
Total Net Assets	100.00	%	$	1,920,464,662

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

± Variable Rate Securties.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

43

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

TREASURYPLUSMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Repurchase Agreements – 44.57%
$	1,200,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	0.97	%	10/01/2003	$	1,200,000,000
	46,705,000	Deutsche Bank Alex Brown – 102% Collateralized by US Government Securities	0.95		10/01/2003		46,705,000
	163,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	0.95		10/01/2003		163,000,000
	1,050,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	0.91		10/01/2003		1,050,000,000
Total Repurchase Agreements (Cost $2,459,705,000)							2,459,705,000
US Treasury Securities – 55.31%
US Treasury Bills – 41.17%
	150,000,000	US Treasury Bills	0.92	†	10/02/2003		149,996,187
	225,000,000	US Treasury Bills	0.93	†	10/02/2003		224,994,219
	200,000,000	US Treasury Bills	0.96	†	10/02/2003		199,994,667
	100,000,000	US Treasury Bills	1.09	†	10/02/2003		99,996,972
	75,000,000	US Treasury Bills	0.60	†	10/09/2003		74,990,000
	75,000,000	US Treasury Bills	1.07	†	10/09/2003		74,982,167
	50,000,000	US Treasury Bills	1.12	†	10/09/2003		49,987,556
	150,000,000	US Treasury Bills	1.18	†	10/23/2003		149,891,833
	50,000,000	US Treasury Bills	0.91	†	11/20/2003		49,936,458
	50,000,000	US Treasury Bills	0.92	†	11/20/2003		49,936,458
	150,000,000	US Treasury Bills	0.98	†	11/20/2003		149,795,833
	605,000	US Treasury Bills	0.99	†	11/20/2003		604,172
	125,000,000	US Treasury Bills	1.09	†	11/28/2003		124,780,486
	50,000,000	US Treasury Bills	0.93	†	12/04/2003		49,917,778
	75,000,000	US Treasury Bills	0.94	†	01/02/2004		74,817,875
	250,000,000	US Treasury Bills	0.95	†	01/02/2004		249,389,687
	150,000,000	US Treasury Bills	0.95	†	01/08/2004		149,610,188
	250,000,000	US Treasury Bills	1.03	†	02/12/2004		249,041,528
	100,000,000	US Treasury Bills	1.00	†	03/18/2004		99,530,556
							2,272,194,620
US Treasury Notes – 14.14%
	50,000,000	US Treasury Notes	4.25		11/15/2003		50,149,243
	93,107,000	US Treasury Notes	11.88		11/15/2003		94,298,534
	100,000,000	US Treasury Notes	3.25		12/31/2003		100,520,288
	100,000,000	US Treasury Notes	3.63		03/31/2004		101,285,374
	125,000,000	US Treasury Notes	3.38		04/30/2004		126,570,423
	75,000,000	US Treasury Notes	7.25		05/15/2004		77,857,205
	75,000,000	US Treasury Notes	2.25		07/31/2004		75,721,090
	75,000,000	US Treasury Notes	6.00		08/15/2004		78,162,410
	75,000,000	US Treasury Notes	2.13		08/31/2004		75,541,121
							780,105,688
Total US Treasury Securities (Cost $3,052,300,308)							3,052,300,308

Total Investments In Securities (Cost $5,512,005,308)*	99.88	%	$	5,512,005,308
Other Assets And Liabilities, Net	0.12			6,440,286
Total Net Assets	100.00	%	$	5,518,445,594

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

44

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

100%TREASURYMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
US Treasury Securities – 100.09%
US Treasury Bills – 100.09%
$	100,000,000	US Treasury Bills	0.95	%†	10/02/2003	$	99,997,361
	250,000,000	US Treasury Bills	0.96	†	10/02/2003		249,993,333
	124,226,000	US Treasury Bills	0.60	†	10/09/2003		124,209,437
	26,160,000	US Treasury Bills	0.90	†	10/09/2003		26,154,768
	100,000,000	US Treasury Bills	0.92	†	10/09/2003		99,979,667
	50,000,000	US Treasury Bills	1.12	†	10/09/2003		49,987,611
	75,000,000	US Treasury Bills	0.90	†	10/23/2003		74,958,979
	75,000,000	US Treasury Bills	1.00	†	10/23/2003		74,960,583
	150,000,000	US Treasury Bills	0.94	†	10/30/2003		149,886,417
	75,000,000	US Treasury Bills	0.96	†	10/30/2003		74,942,302
	185,655,000	US Treasury Bills	0.93	†	11/13/2003		185,448,768
	15,415,000	US Treasury Bills	0.94	†	11/13/2003		15,397,784
	75,000,000	US Treasury Bills	0.94	†	11/13/2003		74,915,792
	152,615,000	US Treasury Bills	0.94	†	11/20/2003		152,415,753
	9,220,000	US Treasury Bills	0.97	†	11/20/2003		9,207,579
	3,395,000	US Treasury Bills	0.99	†	11/20/2003		3,390,355
	27,645,000	US Treasury Bills	0.97	†	11/28/2003		27,601,797
	150,000,000	US Treasury Bills	0.98	†	11/28/2003		149,763,167
	75,000,000	US Treasury Bills	1.09	†	11/28/2003		74,868,292
	67,500,000	US Treasury Bills	0.92	†	12/04/2003		67,390,200
	200,000,000	US Treasury Bills	0.93	†	12/04/2003		199,671,111
	100,000,000	US Treasury Bills	0.95	†	12/04/2003		99,831,111
	50,000,000	US Treasury Bills	0.94	†	12/11/2003		49,907,799
	100,000,000	US Treasury Bills	0.93	†	12/18/2003		99,798,500
	100,000,000	US Treasury Bills	0.93	†	01/02/2004		99,759,750
	100,000,000	US Treasury Bills	0.95	†	01/02/2004		99,755,875
	75,000,000	US Treasury Bills	0.95	†	01/08/2004		74,805,094
	100,000,000	US Treasury Bills	0.96	†	01/22/2004		99,700,236
	26,725,000	US Treasury Bills	0.99	†	01/22/2004		26,642,371
	84,505,000	US Treasury Bills	1.02	†	02/05/2004		84,202,413
	100,000,000	US Treasury Bills	0.98	†	02/12/2004		99,635,222
							2,819,179,427
Total US Treasury Securities (Cost $2,819,179,427)							2,819,179,427

Total Investments In Securities (Cost $2,819,179,427)*	100.09	%	$	2,819,179,427
Other Assets And Liabilities, Net	(0.09	)		(2,642,306	)
Total Net Assets	100.00	%	$	2,816,537,121

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

45

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED)

	California Tax-free Money Market Fund			Cash Investment Money Market Fund
ASSETS
INVESTMENTS:
In securities, at amortized cost	$	2,507,136,270		$	14,064,168,299
Repurchase Agreements, at cost		0			475,862,000
TOTALINVESTMENTS,ATMARKETVALUE	$	2,507,136,270		$	14,540,030,299
Cash		84,295			50,111
Receivable for dividends and interest and other receivables		6,162,180			23,240,787
Receivable for investments sold		0			20,000,000
Receivable for Fund shares issued		0			656,706
TOTALASSETS		2,513,382,745			14,583,977,903
LIABILITIES
Payable for investment purchased		0			0
Dividends Payable		660,549			8,152,368
Payable for investment adviser and affiliates (Note 3)		857,401			3,024,382
Payable to other related parties(1)		466,118			1,959,352
Accrued expenses and other liabilities		415,536			421,842
TOTALLIABILITIES		2,399,604			13,557,944
TOTALNETASSETS	$	2,510,983,141		$	14,570,419,959
NETASSETSCONSISTOF:
Paid-in capital	$	2,510,879,273		$	14,569,764,436
Undistributed (overdistributed) net investment income (loss)		(985	)		(7,752	)
Undistributed net realized gain (loss) on investments		104,853			663,275
TOTALNETASSETS	$	2,510,983,141		$	14,570,419,959
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net assets – Class A	$	2,150,426,574			N/A
Shares outstanding – Class A		2,150,286,647			N/A
Net asset value and offering price per share – Class A	$	1.00			N/A
Net assets – Administrator Class		N/A		$	39,098,216
Shares outstanding – Administrator Class		N/A			39,098,219
Net asset value and offering price per share – Administrator Class		N/A		$	1.00
Net Assets – Institutional Class		N/A		$	5,254,543,853
Shares outstanding – Institutional Class		N/A			5,254,299,488
Net asset value and offering price per share – Institutional Class		N/A		$	1.00
Net Assets – Service Class	$	360,556,567		$	9,276,777,890
Shares outstanding – Service Class		360,540,082			9,276,855,998
Net asset value and offering price per share – Service Class	$	1.00		$	1.00

(1) Other related parties include the Funds’ trustees and distributor.

The accompanying notes are an integral part of these financial statements.

46

STATEMENTSOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

Government Money Market Fund		National Tax-Free Money Market Fund			Prime Investment Money Market Fund		Treasury Plus Money Market Fund			100% Treasury Money Market Fund
$	4,852,912,495	$	1,987,689,059		$	1,509,310,631	$	3,052,300,308		$	2,819,179,427
	1,418,596,000		0			427,721,000		2,459,705,000			0
$	6,271,508,495	$	1,987,689,059		$	1,937,031,631	$	5,512,005,308		$	2,819,179,427
	50,931		108,429			50,566		100,580			50,425
	16,641,031		5,815,611			1,246,024		10,685,513			0
	0		0			10,000,000		0			0
	63		0			10,000		86,185			350
	6,288,200,520		1,993,613,099			1,948,338,221		5,522,877,586			2,819,230,202
	47,305,371		0			25,000,000		0			0
	3,262,290		866,474			1,159,861		2,306,957			1,035,097
	1,540,755		450,023			549,154		1,247,009			1,138,590
	1,121,981		410,644			398,733		730,147			43,875
	583,230		314,126			765,811		147,879			475,519
	53,813,627		2,041,267			27,873,559		4,431,992			2,693,081
$	6,234,386,893	$	1,991,571,832		$	1,920,464,662	$	5,518,445,594		$	2,816,537,121
$	6,234,347,826	$	1,991,585,299		$	1,920,384,655	$	5,518,444,558		$	2,816,449,796
	0		(6	)		4		(4,294	)		40,624
	39,067		(13,461	)		80,003		5,330			46,701
$	6,234,386,893	$	1,991,571,832		$	1,920,464,662	$	5,518,445,594		$	2,816,537,121
$	273,483,973	$	632,485,592			N/A	$	2,323,852,961		$	191,783,693
	273,482,477		632,471,298			N/A		2,323,899,039			191,746,365
$	1.00	$	1.00			N/A	$	1.00		$	1.00
$	14,806,451		N/A			N/A		N/A			N/A
	14,806,453		N/A			N/A		N/A			N/A
$	1.00		N/A			N/A		N/A			N/A
$	968,869,582	$	90,589,199		$	462,207,799	$	1,879,358,151			N/A
	968,869,990		90,591,084			462,207,659		1,879,526,164			N/A
$	1.00	$	1.00		$	1.00	$	1.00			N/A
$	4,977,226,887	$	1,268,497,041		$	1,458,256,863	$	1,315,234,482		$	2,624,753,428
	4,977,206,287		1,268,365,116			1,458,184,461		1,315,235,617			2,624,708,332
$	1.00	$	1.00		$	1.00	$	1.00		$	1.00

47

WELLSFARGOMONEYMARKETFUNDS STATEMENTS OF OPERATIONS — FOR THE SIX MONTHS ENDED  SEPTEMBER 30, 2003 (UNAUDITED)

	California Tax-free Money Market Fund			Cash Investment Money Market Fund
INVESTMENTINCOME
Interest	$	13,132,644		$	91,772,049
TOTALINVESTMENTINCOME		13,132,644			91,772,049
NETEXPENSES
Advisory fees		3,845,501			7,444,916
Custody		256,366			1,488,982
Shareholder servicing fees		2,821,235			12,342,739
Portfolio accounting fees		83,091			156,386
Administration fees
Class A		3,047,016			N/A
Administrator Class		N/A			3,777
Institutional Class		N/A			3,258,441
Service Class		260,597			8,391,110
Legal and Audit fees		17,994			21,502
Registration fees		48,604			94,986
Directors’ fees		3,195			3,196
Shareholder reports		46,320			39,000
Other		25,697			128,232
TOTALEXPENSES		10,455,616			33,373,267
LESS:
Waived fees and reimbursed expenses		(2,408,278	)		(3,440,207	)
Net expenses		8,047,338			29,933,060
NETINVESTMENTINCOME (LOSS)		5,085,306			61,838,989
NETREALIZEDGAIN (LOSS)FROMINVESTMENTS		68,021			13,248
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	5,153,327		$	61,852,237

The accompanying notes are an integral part of these financial statements.

48

STATEMENTS OF OPERATIONS — FOR THE SIX MONTHS ENDED  SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

Government Money Market Fund			National Tax-free Money Market Fund			Prime Investment Money Market Fund			Treasury Plus Money Market Fund			100% Treasury Money Market Fund
$	35,017,807		$	9,173,219		$	12,894,133		$	21,631,784		$	15,543,433
	35,017,807			9,173,219			12,894,133			21,631,784			15,543,433
	7,434,465			849,571			1,099,300			1,933,895			5,041,604
	589,997			169,914			219,860			386,780			288,092
	2,636,615			1,987,059			2,547,194			2,689,309			265,809
	65,175			58,452			72,687			120,259			92,133
	357,649			323,165			N/A			1,106,897			287,101
	6,321			N/A			N/A			N/A			N/A
	216,795			71,135			104,550			1,115,717			N/A
	4,499,135			1,147,757			1,732,091			1,131,687			2,268,002
	17,994			12,995			17,995			17,493			14,484
	32,503			1,745			122,988			24,809			112,922
	3,195			3,195			3,195			3,195			3,195
	64,808			13,145			27,189			36,567			41,399
	35,921			7,903			19,184			10,937			20,637
	15,960,573			4,646,036			5,966,233			8,577,545			8,435,378
	(1,422,929	)		(687,701	)		(203,850	)		(975,279	)		(1,414,293	)
	14,537,644			3,958,335			5,762,383			7,602,266			7,021,085
	20,480,163			5,214,884			7,131,750			14,029,518			8,522,348
	(1,245	)		(23,078	)		200			5,385			46,733
$	20,478,918		$	5,191,806		$	7,131,950		$	14,034,903		$	8,569,081

49

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFCHANGESINNETASSETS

	CALIFORNIATAX-FREE MONEYMARKETFUND
	(Unaudited)
	For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
INCREASEINNETASSETS
Beginning net assets	$	2,662,105,499		$	2,711,585,081
OPERATIONS:
Net investment income (loss)		5,085,306			19,492,554
Net realized gain (loss) from investments		68,021			235,208
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		5,153,327			19,727,762
Distributions to shareholders:
From net investment income
Class A		(4,214,436	)		(16,873,030	)
Administrator Class		N/A			N/A
Instititutional Class		N/A			N/A
Service Class		(870,870	)		(2,620,509	)
From net realized gain on sales of investments
Class A		0			(115,803	)
Administrator Class		N/A			N/A
Instititutional Class		N/A			N/A
Service Class		0			(15,435	)
Capital shares transactions:
Proceeds from shares sold – Class A		1,673,362,214			2,886,230,813
Reinvestment of dividends – Class A		4,052,401			14,022,246
Cost of shares redeemed – Class A		(1,884,804,325	)		(2,991,380,111	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –CLASSA		(207,389,710	)		(91,127,052	)
Proceeds from shares sold – Administrator Class		N/A			N/A
Reinvestment of dividends – Administrator Class		N/A			N/A
Cost of shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –ADMINISTRATORCLASS		N/A			N/A
Proceeds from shares sold – Institutional Class		N/A			N/A
Reinvestment of dividends – Institutional Class		N/A			N/A
Cost of shares redeemed – Institutional Class		N/A			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –INSTITUTIONALCLASS		N/A			N/A
Proceeds from shares sold – Service Class		379,355,098			476,426,238
Reinvestment of dividends – Service Class		778,860			2,314,388
Cost of shares redeemed – Service Class		(323,934,627	)		(437,196,141	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –SERVICECLASS		56,199,331			41,544,485
NETINCREASE (DECREASE)INNETASSETS		(151,122,358	)		(49,479,582	)
NETASSETS:
ENDINGNETASSETS	$	2,510,983,141		$	2,662,105,499
Shares Issued and Redeemed:
Shares sold – Class A		1,673,362,214			2,886,241,038
Shares issued in reinvestment of dividends – Class A		4,052,401			14,022,246
Shares redeemed – Class A		(1,884,804,325	)		(2,991,380,110	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSA		(207,389,710	)		(91,116,826	)
Shares sold – Administrator Class		N/A			N/A
Shares issued in reinvestment of dividends – Administrator Class		N/A			N/A
Shares redeemed – Administrator Class		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING – ADMINISTRATORCLASS		N/A			N/A
Shares sold – Institutional Class		N/A			N/A
Shares issued in reinvestment of dividends – Institutional Class		N/A			N/A
Shares redeemed – Institutional Class		N/A			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING – INSTITUTIONALCLASS		N/A			N/A
Shares sold – Service Class		379,355,098			476,426,622
Shares issued in reinvestment of dividends – Service Class		778,860			2,314,388
Shares redeemed – Service Class		(323,934,627	)		(437,196,140	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –SERVICECLASS		56,199,331			41,544,870
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	(985	)	$	(985	)

(1) “Proceeds from shares sold” and “Shares sold” include amounts relating to Fund mergers. See Note 1.

The accompanying notes are an integral part of these financial statements.

50

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOMONEYMARKETFUNDS

CASHINVESTMENT MONEYMARKETFUND							GOVERNMENT MONEYMARKETFUND						NATIONALTAX-FREE MONEYMARKETFUND
(Unaudited)							(Unaudited)						(Unaudited)
For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003				For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003			For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003
$	15,765,893,029		$	18,823,956,591			$	5,083,245,155		$	5,896,987,284		$	1,528,551,557		$	1,572,155,033
	61,838,989			232,012,539				20,480,163			65,028,284			5,214,884			16,648,886
	13,248			1,076,740				(1,245	)		460,738			(23,078	)		68,020
	61,852,237			233,089,279		��		20,478,918			65,489,022			5,191,806			16,716,906
	N/A			N/A				(627,915	)		(1,837,311	)		(387,197	)		N/A
	(19,490	)		N/A				(31,253	)		N/A			N/A			N/A
	(24,969,632	)		(85,639,688	)			(1,486,785	)		N/A			(465,324	)		(1,353,229	)
	(36,849,867	)		(146,372,851	)			(18,334,210	)		(63,195,521	)		(4,362,363	)		(15,295,663	)
	N/A			N/A				0			(19,974	)		N/A			N/A
	0			0				0			N/A			N/A			N/A
	0			(152,420	)			N/A			N/A			0			(2,183	)
	0			(282,560	)			0			(493,768	)		0			(21,865	)
	N/A			N/A				180,807,457			353,982,022			879,954,067			N/A
	N/A			N/A				620,318			1,271,123			326,972			N/A
	N/A			N/A				(153,585,979	)		(254,182,834	)		(247,789,870	)		N/A
	N/A			N/A				27,841,796			101,070,311			632,491,169			N/A
	58,086,652			N/A				44,459,840			N/A			N/A			N/A
	3,902			N/A				18,126			N/A			N/A			N/A
	(18,992,335	)		N/A				(29,671,513	)		N/A			N/A			N/A
	39,098,219			N/A				14,806,453			N/A			N/A			N/A
	136,827,353,281			287,346,947,223				2,576,516,399			N/A			238,644,013			767,491,304
	5,340,422			19,325,692				397,212			N/A			194,187			264,655
	(136,753,481,892	)		(287,669,168,584	)			(1,608,043,580	)		N/A			(275,216,470	)		(778,969,274	)
	79,211,811			(302,895,669	)			968,870,031			N/A			(36,378,270	)		(11,213,315	)
	19,423,130,200			34,274,299,406				20,346,704,515			33,705,518,589			1,019,453,611			2,254,523,688
	24,707,015			87,283,110				3,805,339			10,693,415			1,548,107			4,476,160
	(20,761,633,563	)		(37,117,392,169	)			(20,210,885,151	)		(34,630,966,892	)		(1,154,071,264	)		(2,291,433,975	)
	(1,313,796,348	)		(2,755,809,653	)			139,624,703			(914,754,888	)		(133,069,546	)		(32,434,127	)
	(1,195,473,070	)		(3,058,063,562	)			1,151,141,738			(813,742,129	)		463,020,275			(43,603,476	)
$	14,570,419,959		$	15,765,893,029			$	6,234,386,893		$	5,083,245,155		$	1,991,571,832		$	1,528,551,557
	N/A			N/A				180,807,457			353,982,022			879,934,196			N/A
	N/A			N/A				620,318			1,271,123			326,972			N/A
	N/A			N/A				(153,585,979	)		(254,182,684	)		(247,789,870	)		N/A
	N/A			N/A				27,841,796			101,070,461			632,471,298			N/A
	58,086,652	��		N/A				44,459,840			N/A			N/A			N/A
	3,902			N/A				18,126			N/A			N/A			N/A
	(18,992,335	)		N/A				(29,671,513	)		N/A			N/A			N/A
	39,098,219			N/A				14,806,453			N/A			N/A			N/A
	136,827,353,281			287,346,947,224				2,576,516,358			N/A			238,644,013			767,490,685
	5,340,422			19,325,692				397,212			N/A			194,187			264,655
	(136,753,481,893	)		(287,668,882,040	)			(1,608,043,580	)		N/A			(275,216,470	)		(778,969,273	)
	79,211,811			(302,609,124	)			968,869,990			N/A			(36,378,270	)		(11,213,933	)
	19,423,130,200			34,274,299,406				20,346,649,202			33,705,518,590			1,019,453,610			2,254,515,379
	24,707,015			87,283,110				3,805,339			10,693,415			1,548,107			4,476,160
	(20,761,633,563	)		(37,117,399,088	)			(20,210,885,151	)		(34,630,950,201	)		(1,154,071,264	)		(2,291,433,975	)
	(1,313,796,348	)		(2,755,816,572	)			139,569,390			(914,738,196	)		(133,069,547	)		(32,442,436	)
$	(7,752	)	$	(7,752	)		$	0		$	0		$	(6	)	$	(6	)

51

WELLSFARGOMONEYMARKETFUNDS STATEMENTSOFCHANGESINNETASSETS

	PRIMEINVESTMENT MONEYMARKETFUND
	(Unaudited) For the Six Months Ended September 30, 2003(1)				For the Year Ended March 31, 2003
INCREASEINNETASSETS
Beginning net assets	$	1,818,363,896			$	2,006,493,390
OPERATIONS:
Net investment income (loss)		7,131,750				28,143,468
Net realized gain (loss) from investments		200				108,812
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		7,131,950				28,252,280
Distributions to shareholders:
From net investment income
Class A		N/A				N/A
Administrator Class		N/A				N/A
Institutional Class		(708,618	)			N/A
Service Class		(6,423,132	)			(28,143,468	)
From net realized gain on sales of investments
Class A		N/A				N/A
Administrator Class		N/A				N/A
Institutional Class		0				N/A
Service Class		0				(86,851	)
Capital shares transactions:
Proceeds from shares sold – Class A		N/A		��		N/A
Reinvestment of dividends – Class A		N/A				N/A
Cost of shares redeemed – Class A		N/A				N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS – CLASSA		N/A				N/A
Proceeds from shares sold – Administrator Class		N/A				N/A
Reinvestment of dividends – Administrator Class		N/A				N/A
Cost of shares redeemed – Administrator Class		N/A				N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –ADMINISTRATORCLASS		N/A				N/A
Proceeds from shares sold – Institutional Class		1,373,573,338				N/A
Reinvestment of dividends – Institutional Class		169,073				N/A
Cost of shares redeemed – Institutional Class		(911,534,660	)			N/A
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS – INSTITUTIONALCLASS		462,207,751				N/A
Proceeds from shares sold – Service Class		30,028,436,155				55,176,100,867
Reinvestment of dividends – Service Class		772,541				2,080,586
Cost of shares redeemed – Service Class		(30,389,315,881	)			(55,366,332,911	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –SERVICECLASS		(360,107,185	)			(188,151,455	)
NETINCREASE (DECREASE)INNETASSETS		102,100,766				(188,129,494	)
NETASSETS:
ENDINGNETASSETS	$	1,920,464,662			$	1,818,363,896
Shares Issued and Redeemed:
Shares sold – Class A		N/A				N/A
Shares issued in reinvestment of dividends – Class A		N/A				N/A
Shares redeemed – Class A		N/A				N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –CLASSA		N/A				N/A
Shares sold – Administrator Class		N/A				N/A
Shares issued in reinvestment of dividends – Administrator Class		N/A				N/A
Shares redeemed – Administrator Class		N/A				N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –ADMINISTRATORCLASS		N/A				N/A
Shares sold – Institutional Class		1,373,573,246				N/A
Shares issued in reinvestment of dividends – Institutional Class		169,073				N/A
Shares redeemed – Institutional Class		(911,534,660	)			N/A
NETINCREASE (DECREASE)INSHARESOUTSTANDING –INSTITUTIONALCLASS		462,207,659				N/A
Shares sold – Service Class		30,028,436,155				55,176,107,563
Shares issued in reinvestment of dividends – Service Class		772,541				2,080,589
Shares redeemed – Service Class		(30,389,315,881	)			(55,366,332,911	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –SERVICECLASS		(360,107,185	)			(188,144,759	)
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	4			$	4

(1) “Proceeds from shares sold” and “Shares sold” include amounts relating to Fund mergers. See Note 1.

The accompanying notes are an integral part of these financial statements.

52

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOMONEYMARKETFUNDS

TREASURYPLUS MONEYMARKETFUND						100%TREASURY MONEYMARKETFUND
(Unaudited) For the Six Months Ended September 30, 2003(1)			For the Year Ended March 31, 2003			(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
$	2,773,473,140		$	2,063,967,798		$	2,934,927,382		$	2,663,835,087
	14,029,518			29,681,374			8,522,348			31,326,676
	5,385			11,432			46,733			109,493
	14,034,903			29,692,806			8,569,081			31,436,169
	(1,615,024	)		N/A			(454,040	)		(1,614,815	)
	N/A			N/A			N/A			N/A
	(7,974,558	)		(16,390,043	)		N/A			N/A
	(4,439,936	)		(13,291,330	)		(8,068,308	)		(30,020,000	)
	0			N/A			0			(3,104	)
	N/A			N/A			N/A			N/A
	0			(46,882	)		N/A			N/A
	0			(38,008	)		0			(50,042	)
	3,976,187,061			N/A			255,912,755			409,695,186
	403,454			N/A			488,980			1,510,309
	(1,652,737,555	)		N/A			(273,906,261	)		(363,853,473	)
	2,323,852,960			N/A			(17,504,526	)		47,352,022
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	34,811,584,390			113,558,849,495			N/A			N/A
	1,045,828			2,509,244			N/A			N/A
	(34,499,139,159	)		(112,901,219,091	)		N/A			N/A
	313,491,059			660,139,648			N/A			N/A
	7,096,880,635			10,808,760,558			8,080,684,352			15,915,545,320
	1,044,301			2,257,836			1,742,247			6,217,119
	(6,990,301,886	)		(10,761,579,243	)		(8,183,359,067	)		(15,697,770,374	)
	107,623,050			49,439,151			(100,932,468	)		223,992,065
	2,744,972,454			709,505,342			(118,390,261	)		271,092,295
$	5,518,445,594		$	2,773,473,140		$	2,816,537,121		$	2,934,927,382
	3,976,233,141			N/A			255,912,755			409,695,186
	403,454			N/A			488,980			1,510,309
	(1,652,737,555	)		N/A			(273,906,261	)		(363,852,531	)
	2,323,899,040			N/A			(17,504,526	)		47,352,964
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A
	34,811,584,390			113,558,849,494			N/A			N/A
	1,045,828			2,509,243			N/A			N/A
	(34,499,139,159	)		(112,901,208,629	)		N/A			N/A
	313,491,059			660,150,108			N/A			N/A
	7,096,880,635			10,808,760,561			8,080,684,352			15,915,545,320
	1,044,301			2,257,835			1,742,247			6,217,119
	(6,990,301,886	)		(10,761,560,441	)		(8,183,359,067	)		(15,697,765,127	)
	107,623,050			49,457,955			(100,932,468	)		223,997,312
$	(4,294	)	$	(4,294	)	$	40,624		$	40,624

53

WELLSFARGOMONEYMARKETFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Net Realized and Unrealized Gain (Loss) on Investments	Dividends From Net Investment Income
CALIFORNIATAX-FREEMONEYMARKETFUND
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00	(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.03	0.00	(0.03	)
November 8, 1999(2) to March 31, 2000	$	1.00	0.01	0.00	(0.01	)
CASHINVESTMENTMONEYMARKETFUND
ADMINISTRATORCLASS
July 31, 2003(2) to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
INSTITUTIONALCLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.02	0.00	(0.02	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00	(0.06	)
November 8, 1999(2) to March 31, 2000	$	1.00	0.02	0.00	(0.02	)
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00	(0.06	)
June 1, 1999 to March 31, 2000(4)	$	1.00	0.04	0.00	(0.04	)
June 1, 1998 to May 31, 1999	$	1.00	0.05	0.00	(0.05	)
June 1, 1997 to May 31, 1998	$	1.00	0.05	0.00	(0.05	)
GOVERNMENTMONEYMARKETFUND
ADMINISTRATORCLASS
July 31, 2003(2) to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
INSTITUTIONALCLASS
July 28, 2003(2) to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.05	0.00	(0.05	)
June 1, 1999 to March 31, 2000(4)	$	1.00	0.04	0.00	(0.04	)
June 1, 1998 to May 31, 1999	$	1.00	0.05	0.00	(0.05	)
June 1, 1997 to May 31, 1998	$	1.00	0.05	0.00	(0.05	)
NATIONALTAX-FREEMONEYMARKETFUND
INSTITUTIONALCLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00	(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.04	0.00	(0.04	)
November 8, 1999(2) to March 31, 2000	$	1.00	0.01	0.00	(0.01	)
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.02	0.00	(0.02	)
April 1, 2000 to March 31, 2001	$	1.00	0.04	0.00	(0.04	)
June 1, 1999 to March 31, 2000(4)	$	1.00	0.03	0.00	(0.03	)
June 1, 1998 to May 31, 1999	$	1.00	0.03	0.00	(0.03	)
June 1, 1997 to May 31, 1998	$	1.00	0.03	0.00	(0.03	)

The accompanying notes are an integral part of these financial statements.

54

FINANCIALHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

Distributions From Net Realized Gains	Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)			Total Return(3)	Net Assets at End of Period (000’s omitted)
			Net Investment Income	Net Expenses	Gross Expenses
0.00	$	1.00	0.57%	0.45%	0.51%	0.29%	$	360,557
0.00	$	1.00	0.90%	0.45%	0.50%	0.93%	$	304,422
0.00	$	1.00	1.62%	0.45%	0.49%	1.75%	$	262,866
0.00	$	1.00	3.10%	0.45%	0.57%	3.20%	$	150,149
0.00	$	1.00	2.69%	0.45%	0.51%	1.10%	$	75,697
0.00	$	1.00	0.77%	0.35%	0.35%	0.13%	$	39,098
0.00	$	1.00	0.99%	0.23%	0.25%	0.50%	$	5,254,544
0.00	$	1.00	1.52%	0.25%	0.28%	1.54%	$	5,175,328
0.00	$	1.00	3.14%	0.25%	0.28%	3.28%	$	5,478,005
0.00	$	1.00	6.16%	0.25%	0.31%	6.38%	$	3,332,149
0.00	$	1.00	5.77%	0.25%	0.30%	2.29%	$	2,116,276
0.00	$	1.00	0.74%	0.49%	0.54%	0.37%	$	9,276,778
0.00	$	1.00	1.31%	0.48%	0.54%	1.31%	$	10,590,565
0.00	$	1.00	2.91%	0.48%	0.54%	3.05%	$	13,345,951
0.00	$	1.00	5.94%	0.48%	0.54%	6.14%	$	12,307,775
0.00	$	1.00	5.23%	0.48%	0.54%	4.37%	$	9,082,788
0.00	$	1.00	4.91%	0.48%	0.57%	5.04%	$	5,481,802
0.00	$	1.00	5.29%	0.48%	0.57%	5.42%	$	4,685,818
0.00	$	1.00	0.74%	0.35%	0.37%	0.13%	$	14,806
0.00	$	1.00	0.89%	0.20%	0.25%	0.16%	$	968,870
0.00	$	1.00	0.69%	0.50%	0.55%	0.35%	$	4,977,227
0.00	$	1.00	1.24%	0.50%	0.54%	1.27%	$	4,837,603
0.00	$	1.00	2.67%	0.50%	0.52%	2.86%	$	5,752,411
0.00	$	1.00	5.79%	0.50%	0.56%	5.97%	$	3,181,143
0.00	$	1.00	4.94%	0.50%	0.54%	4.18%	$	3,433,956
0.00	$	1.00	4.69%	0.50%	0.52%	4.81%	$	3,368,534
0.00	$	1.00	5.08%	0.50%	0.51%	5.20%	$	2,260,208
0.00	$	1.00	0.85%	0.25%	0.26%	0.43%	$	90,589
0.00	$	1.00	1.23%	0.29%	0.29%	1.23%	$	126,969
0.00	$	1.00	2.05%	0.30%	0.38%	2.20%	$	138,179
0.00	$	1.00	3.86%	0.30%	0.37%	3.93%	$	65,265
0.00	$	1.00	3.43%	0.30%	0.31%	1.36%	$	23,134
0.00	$	1.00	0.64%	0.45%	0.55%	0.32%	$	1,268,497
0.00	$	1.00	1.06%	0.45%	0.55%	1.07%	$	1,401,583
0.00	$	1.00	1.96%	0.45%	0.54%	2.05%	$	1,433,976
0.00	$	1.00	3.68%	0.45%	0.56%	3.78%	$	1,183,279
0.00	$	1.00	3.05%	0.45%	0.57%	2.58%	$	1,124,073
0.00	$	1.00	2.91%	0.45%	0.57%	2.97%	$	1,019,589
0.00	$	1.00	3.32%	0.45%	0.59%	3.39%	$	977,693

55

WELLSFARGOMONEYMARKETFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Net Realized and Unrealized Gain (Loss) on Investments	Dividends From Net Investment Income
PRIMEINVESTMENTMONEYMARKETFUND
INSTITUTIONALCLASS
July 28, 2003(2) to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00	(0.06	)
June 1, 1999 to March 31, 2000(4)	$	1.00	0.04	0.00	(0.04	)
September 2, 1998(2) to May 31, 1999	$	1.00	0.04	0.00	(0.04	)
TREASURYPLUSMONEYMARKETFUND
INSTITUTIONALCLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00	(0.06	)
April 1, 1999 to March 31, 2000	$	1.00	0.05	0.00	(0.05	)
April 1, 1998 to March 31, 1999	$	1.00	0.05	0.00	(0.05	)
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 to March 31, 2001	$	1.00	0.06	0.00	(0.06	)
April 1, 1999 to March 31, 2000	$	1.00	0.05	0.00	(0.05	)
April 1, 1998 to March 31, 1999	$	1.00	0.05	0.00	(0.05	)
100%TREASURYMONEYMARKETFUND
SERVICECLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	(0.00	)
April 1, 2002 to March 31, 2003	$	1.00	0.01	0.00	(0.01	)
April 1, 2001 to March 31, 2002	$	1.00	0.03	0.00	(0.03	)
April 1, 2000 March 31, 2001	$	1.00	0.05	0.00	(0.05	)
June 1, 1999 to March 31, 2000(4)	$	1.00	0.04	0.00	(0.04	)
June 1, 1998 to May 31, 1999	$	1.00	0.04	0.00	(0.04	)
June 1, 1997 to May 31, 1998	$	1.00	0.05	0.00	(0.05	)

The accompanying notes are an integral part of these financial statements.

56

FINANCIALHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

Distributions From Net Realized Gains	Ending Net Asset Value Per Share		Ratio to Average Net Assets (Annualized)(1)						Total Return(3)		Net Assets at End of Period (000’s Omitted)
			Net Investment Income		Net Expenses		Gross Expenses
0.00	$	1.00	0.88	%	0.20	%	0.26	%	0.16	%	$	462,208
0.00	$	1.00	0.63	%	0.55	%	0.57	%	0.32	%	$	1,458,257
0.00	$	1.00	1.14	%	0.55	%	0.55	%	1.14	%	$	1,818,364
0.00	$	1.00	2.64	%	0.55	%	0.55	%	2.80	%	$	2,006,493
0.00	$	1.00	5.72	%	0.55	%	0.63	%	6.02	%	$	1,678,432
0.00	$	1.00	5.15	%	0.55	%	0.93	%	4.30	%	$	222,523
0.00	$	1.00	4.69	%	0.54	%	0.74	%	3.59	%	$	68,771
0.00	$	1.00	0.93	%	0.21	%	0.26	%	0.47	%	$	1,879,358
0.00	$	1.00	1.38	%	0.21	%	0.29	%	1.45	%	$	1,565,864
0.00	$	1.00	2.78	%	0.21	%	0.29	%	2.97	%	$	905,766
0.00	$	1.00	5.88	%	0.25	%	0.30	%	6.05	%	$	415,965
0.00	$	1.00	4.81	%	0.25	%	0.40	%	4.98	%	$	390,592
0.00	$	1.00	4.92	%	0.25	%	0.41	%	5.04	%	$	493,987
0.00	$	1.00	0.66	%	0.47	%	0.55	%	0.33	%	$	1,315,234
0.00	$	1.00	1.18	%	0.46	%	0.55	%	1.20	%	$	1,207,609
0.00	$	1.00	2.54	%	0.46	%	0.53	%	2.73	%	$	1,158,202
0.00	$	1.00	5.64	%	0.46	%	0.55	%	5.83	%	$	1,050,508
0.00	$	1.00	5.04	%	0.45	%	0.63	%	4.76	%	$	468,150
0.00	$	1.00	4.70	%	0.45	%	0.70	%	4.83	%	$	447,886
0.00	$	1.00	0.60	%	0.47	%	0.56	%	0.30	%	$	2,624,753
0.00	$	1.00	1.12	%	0.46	%	0.55	%	1.15	%	$	2,725,643
0.00	$	1.00	2.53	%	0.46	%	0.55	%	2.68	%	$	2,501,888
0.00	$	1.00	5.41	%	0.46	%	0.55	%	5.59	%	$	2,254,618
0.00	$	1.00	4.67	%	0.46	%	0.54	%	3.94	%	$	1,702,250
0.00	$	1.00	4.34	%	0.46	%	0.53	%	4.49	%	$	1,548,549
0.00	$	1.00	4.89	%	0.46	%	0.54	%	5.00	%	$	1,440,515

57

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALHIGHLIGHTS

NOTESTOFINANCIALHIGHLIGHTS

(1)	During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 7).
(2)	Commencement of operations.
(3)	Total return calculations 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.
(4)	The Fund changed its fiscal year-end from May 31 to March 31.

The accompanying notes are an integral part of these financial statements.

58

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Trust commenced operations on November 8, 1999, and is currently comprised of 68 separate series. These financial statements present the California Tax-Free Money Market, Cash Investment Money Market, Government Money Market, National Tax-Free Money Market (formerly named National Tax-Free Institutional Money Market Fund), 100% Treasury Money Market, Prime Investment Money Market and Treasury Plus Money Market (formerly named the Treasury Plus Institutional Money Market Fund) Funds (each, a “Fund”, collectively, the “Funds”), each with the exception of the California Tax-Free Money Market Fund, a diversified series of the Trust. The California Tax-Free Money Market Fund is a non-diversified series of the Trust.

Effective at the close of business on June 6, 2003, the Wells Fargo Government Money Market Fund acquired all of the net assets of the Montgomery Government Money Market Fund. The Montgomery Government Money Market Fund exchanged its 180,530,053 R Class shares (valued at $180,585,365) for 180,530,053 Service Class shares of the Wells Fargo Government Money Market Fund.

Effective at the close of business on July 25, 2003, the Government Money Market Fund acquired all of the net assets of the Government Institutional Money Market Fund. The Government Institutional Money Market Fund exchanged its 1,081,553,886 Institutional Class shares (valued at $1,081,553,928) for 1,081,553,886 Institutional Class shares of the Government Money Market Fund.

Effective at the close of business on July 25, 2003, the National Tax-Free Money Market Fund (formerly named the National Tax-Free Institutional Money Market Fund) (the “Acquiring Fund”) acquired all of the net assets of the National Tax-Free Money Market Fund (the “Target Fund”). The Target Fund exchanged its 667,850,273 Class A shares (valued at $667,870,144) for 667,850,273 Class A shares of the Acquiring Fund.

Effective as of the close of business on July 25, 2003, the Prime Investment Money Market Fund acquired all of the net assets of the Prime Investment Institutional Money Market Fund. The Prime Investment Institutional Money Market Fund exchanged its 455,533,672 Institutional Class shares (valued at $455,533,763) for 455,533,672 Institutional Class shares of the Prime Investment Money Market Fund.

Effective at the close of business on July 25, 2003, the Treasury Plus Money Market Fund (formerly named the Treasury Plus Institutional Money Market Fund) (the “Acquiring Fund”) acquired all of the net assets of the Treasury Plus Money Market Fund (the “Target Fund”). The Target Fund exchanged its 2,352,982,205 Class A shares (valued at $2,352,936,127) for 2,352,982,205 Class A shares of the Acquiring Fund.

The separate classes of shares offered by each Fund differ principally in the applicable sales charges (if any) and 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 and earn income from the portfolio, 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 on the net assets of each class on the date realized. No class has preferential dividend rights. 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.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies which are consistently followed by the Trust in the preparation of its financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SECURITYVALUATION

The Funds invest only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolios may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity.

59

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

The Funds use the amortized cost method to value their portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Funds seek to maintain a constant net asset value of $1.00 per share, although there is no assurance that they will be able to do so.

SECURITIESTRANSACTIONSANDINCOMERECOGNITION

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.

REPURCHASEAGREEMENTS

Each Fund, with the exception of the 100% Treasury Money Market, California Tax-Free Money Market, and National Tax-Free Money Market 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 Funds’ 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 held by the Funds 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.

DISTRIBUTIONSTOSHAREHOLDERS

Net investment income is declared daily and distributed to shareholders monthly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. The timing and character of distributions made during the period from net investment income or net realized gains may also differ from their ultimate characterization for federal income tax purposes. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

FEDERALINCOMETAXES

Each Fund is treated as a separate entity for federal income tax purposes. It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions applicable to regulated investment companies, as defined under subchapter M of the Internal Revenue Code (“Code”), and to make distributions of 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 at September 30, 2003.

The Treasury Plus Money Market Fund has a current post-October deferred loss of $898. This loss will be recognized for tax purposes on the first day of the following tax year.

3. ADVISORY FEES

The Trust has entered into an advisory contract on behalf of the Funds with Wells Fargo Funds Management (“Funds Management”). Pursuant to the advisory contract, Funds Management has agreed to provide the following Funds with daily portfolio management, for which Funds Management is entitled to be paid a monthly advisory fee at the following annual rates:

Fund	% of Average Daily Net Assets
California Tax-Free Money Market Fund	0.30
Cash Investment Money Market Fund	0.10
Government Money Market Fund	0.10
National Tax-Free Money Market Fund	0.10
Prime Investment Money Market Fund	0.10
Treasury Plus Money Market Fund	0.10
100% Treasury Money Market Fund	0.35

60

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

The Funds’ adviser is responsible for implementing the investment policies and guidelines for the Funds, and for supervising the sub-adviser who is responsible for the day-to-day portfolio management of the Funds.

Wells Capital Management Incorporated (“Wells Capital Management”), an affiliate of Funds Management, acts as investment sub-adviser to the Funds. Wells Capital Management is entitled to receive from Funds Management, as compensation for its sub-advisory services to the Funds, a monthly fee at the annual rate of 0.05% of each Fund’s average daily net assets up to $1 billion and 0.04% of each Fund’s average daily net assets in excess of $1 billion.

4. ADMINISTRATION FEES AND TRANSFER AGENT FEES

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Funds. Under the Administration Agreement, Funds Management acted as administrator to the Funds and was entitled to receive, on a monthly basis, fees at the annual rate of 0.15% of each Fund’s average daily net assets.

The Trust had also entered into an agreement with Boston Financial Data Services, Inc. (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Funds a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with Funds Management on behalf of the Funds. Under this Agreement, for providing administrative services, which now includes paying the Funds’ fees and expenses for services provided by the Funds’ transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is entitled to receive an annual fee of 0.27% of the average daily net assets of a Fund’s Class A and Class B shares, 0.17% of the average daily net assets of a Fund’s Service Class shares, 0.15% of the average daily net assets of a Fund’s Administrator Class shares and 0.13% of the average daily net assets of a Fund’s Institutional Class shares.

5. SHAREHOLDER SERVICING FEES

The Trust has entered into contracts on behalf of the Funds with numerous shareholder servicing agents. The Government Money Market and Cash Investment Money Market Funds are charged 0.10% of the average daily net assets of each Fund for Administrator Class shares for these services. The California Tax-Free, Government Money Market, National Tax-Free Money Market, Treasury Plus Money Market and 100% Treasury Money Market Funds are charged 0.25% of the average daily net assets of each Fund for Class A shares for these services. The Cash Investment Money Market, Government Money Market, National Tax-Free Money Market, Prime Investment Money Market and Treasury Plus Money Market Funds are charged 0.25% of the average daily net assets of each Fund for Service Class shares for these services. No fee is charged for Service Class shares of the California Tax-Free Money Market and 100% Treasury Money Market Funds, and Institutional Class shares of the Cash Investment Money Market, Government Money Market, National Tax-Free Money Market, Prime Investment Money Market and Treasury Plus Money Market Funds.

The shareholder servicing fees paid on behalf of the Funds for the period ended September 30, 2003 were as follows:

Fund	Class A		Administrator Class		Service Class
California Tax-Free Money Market Fund	$	2,821,235		N/A	$	0
Cash Investment Money Market Fund		N/A	$	2,525		12,340,214
Government Money Market Fund		331,177		4,215		2,301,223
National Tax-Free Money Market Fund		299,214		N/A		1,687,845
Prime Investment Money Market Fund		N/A		N/A		2,547,194
Treasury Plus Money Market Fund		1,024,870		N/A		1,664,439
100% Treasury Money Market Fund		265,809		N/A		0

6. OTHER FEES AND TRANSACTIONS WITH AFFILIATES

Effective the first quarter of 2003, PFPC, Inc. (“PFPC”) serves as fund accountant for the Funds. For its services as fund accountant, PFPC is entitled to receive an annual asset based fund complex fee, an annual fee of $20,000 from each Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC (“Forum”) served as

61

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

fund accountant and was entitled to receive a fixed monthly per fund fee, a basis point fee of 0.0025% of the average daily net assets of each Fund, and was reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

In addition, the Trust has entered into a contract on behalf of each Fund with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank, MN”), whereby Wells Fargo Bank, MN is responsible for providing custody services for the Funds. Pursuant to the contracts, Wells Fargo Bank, MN is entitled to receive certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of each Fund.

7. WAIVED FEES AND REIMBURSED EXPENSES

All amounts shown as waived fees or reimbursed expenses on the Statements of Operations, for the six months ended September 30, 2003, were waived by Funds Management first from advisory fees, and then any remaining amount consecutively from administration, custody and shareholder servicing fees collected.

62

BOARDOFTRUSTEES WELLSFARGOMONEYMARKETFUNDS

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES **

Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994–1999.	None
Peter G. Gordon 61	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

63

WELLSFARGOMONEYMARKETFUNDS BOARDOFTRUSTEES

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

* 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.

** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

64

LISTOFABBREVIATIONS WELLSFARGOMONEYMARKETFUNDS

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 Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
STEERS	— Structured Enhanced Return Trust
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

65

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo 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. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.  

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 006 (11/03)

WELLS FARGO

FUNDS

Wells Fargo Money Market Funds

Semi-Annual Report

Wells Fargo California Tax-Free Money Market Trust

Wells Fargo Money Market Trust

Wells Fargo National Tax-Free Money Market Trust

September 30, 2003

WELLSFARGOMONEYMARKETTRUSTS

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
MONEY MARKET OVERVIEW	2
PRIMARYINVESTMENTS	4
PERFORMANCE HIGHLIGHTS
CALIFORNIATAX-FREEMONEYMARKETTRUST	5
MONEYMARKETTRUST	6
NATIONALTAX-FREEMONEYMARKETTRUST	7
PORTFOLIO OF INVESTMENTS
CALIFORNIATAX-FREEMONEYMARKETTRUST	8
MONEYMARKETTRUST	12
NATIONALTAX-FREEMONEYMARKETTRUST	15
FINANCIAL STATEMENTS
STATEMENTSOFASSETSANDLIABILITIES	22
STATEMENTSOFOPERATIONS	23
STATEMENTSOFCHANGESINNETASSETS	24
FINANCIALHIGHLIGHTS	26
NOTES TO FINANCIAL STATEMENTS	28
BOARD OF TRUSTEES	30
LIST OF ABBREVIATIONS	32

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

This page is intentionally left blank —

WELLSFARGOMONEYMARKETTRUSTS SHAREHOLDERLETTER

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Money Market Trusts semi-annual report for the six-month period ending September 30, 2003. On the following pages, you will find the money market overview and facts and figures about each Trust’s portfolio.

OVERVIEW OF FINANCIAL MARKETS

Despite attempts by the federal government to boost the economy early in the year, the economy remained mired in weakness early in the reporting period. The Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1% in June, the lowest level in half a century. Still, unemployment continued to rise and a record fiscal year 2003 federal budget deficit loomed on the horizon, suggesting that tax revenues were not growing fast enough to cover government spending.

Market volatility that was caused by uncertainty over the possibility of war in Iraq was followed by uncertainty over the direction and magnitude of changes in Fed policy. Mortgage refinancing and consumer spending activity remained strong despite a back-up in intermediate-term interest rates. Economic growth began picking up steam during the summer, while corporate earnings exceeded expectations. Even employment data began showing improvement in September. Indeed, there were reasons to be optimistic about the U.S. economy as the end of 2003 approached.

WELLS FARGO MONEY MARKET TRUSTS

The Fed’s decision to cut interest rates by just a quarter percentage point to 1% at its June 25, 2003 policy meeting brought interest rates down to levels not seen since the 1950s. Unfortunately, the rate cut did not meet investor expectations and interest rates were volatile through the end of the period in reaction to comments from the Fed and changing views on the outlook for economic growth. Despite a challenging environment for investors, the Wells Fargo Money Market Trusts achieved their investment objectives of maintaining a stable net asset value.

It is important to remember that no one can accurately predict the future direction of short-term interest rates. We continue to maintain a more prudent investment strategy and do not pursue strategies that seek to boost yield at the expense of safety and liquidity. We believe that the pursuit of additional yield creates volatility that can potentially undermine Trust performance during uncertain markets.

INVESTMENT STRATEGIES IN CHALLENGING TIMES

Investors are counting on reasonably good earnings growth to propel stocks higher during the balance of 2003, overcoming potential hurdles to any future rally created by seemingly “rich” valuations and by upward pressure on interest rates. With pricing power still weak throughout much of the economy, most businesses will rely on further cost cutting to propel margins enough to sustain double-digit earnings growth. Meanwhile, bond investors may insulate portfolios from a potential rise in interest rates by gradually moving away from longer-term securities as well as by investing in high coupon bonds or mortgage-backed securities that hold up better in a rising interest rate environment. Regardless of what lies ahead, investors should continue to follow the fundamentals of investing — asset allocation and diversification — in an effort to achieve their long-term financial goals.

We would like to thank you for choosing Wells Fargo Funds. We appreciate your confidence in us during this uncertain time period. 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 visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

WELLSFARGOMONEYMARKETTRUSTS MONEYMARKETOVERVIEW

MONEYMARKETOVERVIEW

This report covers the six-month period ended September 30, 2003.

This reporting period can be divided into two distinct segments. During the first three months of the period, interest rates moved lower as slow economic growth led many to believe that the Federal Reserve Board (the Fed) would continue its attempt to spur growth by aggressively lowering short-term interest rates. The second half of the period was characterized by rising interest rates, the result of the Fed’s interest rate cut in June not meeting investor expectations.

PRIME MONEY MARKET SECURITIES

For the first three months of the period, the yield curve flattened. Short-term money market investments (those maturing in less than three months) remained stable, while longer-term money market investments (those maturing in more than thirteen months) declined. By mid-June, the yield on one-year investments had declined 25 basis points to below 1%, while the Federal Funds rate remained near 1.25%. Despite warnings that their expectations were unrealistic, investors continued to expect a 50 basis point reduction in the Federal Funds rate in June. When the rate was lowered only 25 basis points, the market began to re-evaluate its outlook for continued regular rate cuts and the yields on longer-term money market investments began to move higher. By the end of the period, the one-year London Interbank Offered Rate (LIBOR) stood at 1.30% after peaking at 1.50% near the end of August.

The amount of commercial paper outstanding continued to decline during the period, as issuers took advantage of the record low bond yields to extend their debt. The amount of top rated commercial paper outstanding fell by more than 5% during the period, from $1.207 trillion to $1.144 trillion, reflecting a decrease of nearly 20% from the peak of $1.413 trillion in December 2000.

Credit quality also remained a concern during the reporting period. While the pace of downgrades slowed somewhat, accounting issues at some of the Government Sponsored Entities, and questions about corporate governance policies at the New York Stock Exchange, did not help to restore investor confidence in management policies, abilities, and integrity.

U.S. TREASURY SECURITIES

Although the Fed eventually did cut the Federal Funds rate by 25 basis points to 1.00%, Treasury bills had been pricing based on the assumption that there would be a 50 basis point cut. Even the one-year Treasury note traded below 0.90% in the days preceding the June rate cut. These low rates coincided with quarter-end demand pressures in June, causing the short-end of the Treasury market (less than three months) to remain overpriced for an unusually longer period of time than what typically follows a market disappointment. Eventually Treasury bill pricing became more reasonable, and the longer end of the market became relatively cheap. As budget deficit projections ballooned, expectations of a greater supply of Treasury bills and the general expectation of higher interest rates drove the price of Treasury bills into the mid 0.90’s to low 1.00’s.

Over this reporting period, the supply of Treasury bills greatly contracted: the issuance of Treasury bills for the first week of April stood at $72 billion, and declined to $44 billion by the end of the period. While the April issuance was largely due to seasonal factors, Treasury bill issuance did not meet expectations as the period progressed and Treasuries became more expensive. Evidence of this could be seen during September, when the U.S. Treasury Department had to issue cash management bills to cover a temporary cash shortfall early in the month. Continued issuance may point to the need for the Treasury to increase auction size in the coming months.

U.S. GOVERNMENT AGENCY SECURITIES

Spreads between U.S. Government agency offerings and money market securities continued to tighten during the period. Interest rates, concerns over the ability of government agencies to manage interest rate risk, losses in the Federal Home Loan Bank of New York’s bond portfolio, and an accounting scandal at the Federal Home Loan Mortgage Corporation (FHLMC) drove yields on U.S. Government agency securities higher on a relative basis. For a period in June, after the FHLMC accounting issues were made public, FHLMC discount notes traded more cheaply than A-1/P-1 bank commercial paper. Eighteen month floating rate paper from the Federal National Mortgage Association (FNMA) and FHLMC traded at similar discount margins to one-year asset-backed conduit program floaters. The number of callable issues continued to increase, but at a slower pace as rates declined in September. By the end of the period, changes in the regulation of FNMA and FHLMC seemed inevitable (although it may be a long and arduous process).

2

MONEYMARKETOVERVIEW WELLSFARGOMONEYMARKETTRUSTS

TAX-FREE SECURITIES

The number of new municipal issues continued to increase swiftly as issuers found that it was often cheaper to issue variable rate securities than use the swap market to hedge interest rate risk. As variable rates surged to 103% of the one-month LIBOR in mid-April, the vast supply of variable rate demand notes increased, making it somewhat easier to invest the seasonal July cash inflows.

Fixed rate municipal securities were volatile during the reporting period. One-year paper started the period at 1.10% and interest rates plummeted to 0.80% at the peak of note season in late June. California was on the verge of running out of cash, as legislative parties were at odds over approving a budget. Standard and Poor’s was one of the driving forces behind breaking the stalemate by downgrading the state from A to BBB in late July. The price of California Revenue Anticipation Warrants (RAWs) plummeted as their yields skyrocketed from 1.15% to 2.00%.

Texas issued record-breaking Tax and Revenue Anticipation Notes in late August, exceeding municipal demand and splitting the one-year sector into three markets – the general market, the California market, and the Texas market. The one-year municipal securities markets finally settled down in early September as rates hovered near 1.00% for general market paper, 1.10% for Texas paper, and 1.60% for California RAWs.

STRATEGIC OUTLOOK

While the overnight interest rate has been stable, longer money market rates have increased considerably since the mid-point of the reporting period. With the U.S. economy picking up steam and the U.S. dollar weakening overseas, we believe that interest rates may continue to move higher. That increase, when accompanied by outflows from institutional investors, could trigger a challenging period for all money market funds. However, we do not believe that aggressively positioning a money market fund to boost its yield at the risk of jeopardizing its net asset value (NAV) would be appropriate, and we will continue to position the portfolios and select their investments in an ongoing effort to maintain a stable $1.00 NAV.

The views expressed are as of September 30, 2003 and are those of the Funds’ manager. 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 Money Market Funds.

3

WELLSFARGOMONEYMARKETTRUSTS MONEYMARKETOVERVIEW

PRIMARY INVESTMENTS*

	U.S. Treasury Securities	Repurchase Agreements	U.S. Government Obligations	Commercial Paper	Certificates of Deposit/ Bankers Acceptances	Time Deposits	Floating/ Variable Rate Notes/Bonds	Mortgage and Other Asset- Backed Securities	Corporate Notes/ Bonds	Municipal Obligations
Money Market	X	X	X	X	X	X	X	X	X
National Tax-Free										X
California Tax-Free										X

*  The chart highlights some of the primary investments that the Trusts may make as part of their investment strategies. The chart does not identify all of the permitted investments for each Trust.

4

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETTRUSTS

WELLSFARGOCALIFORNIATAX-FREEMONEYMARKETTRUST

INVESTMENT OBJECTIVE

The Wells Fargo California Tax-Free Money Market Trust (the Trust) seeks high current income exempt from federal income tax and California individual income tax, while preserving capital and liquidity.

TRUSTMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

05/05/97

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	Life of Fund
Wells Fargo California Tax-Free Money Market Trust	0.41	0.93	2.25	2.47
Benchmark
iMoneyNet California State Specific Institutional Money Fund Average2	0.31	0.75	2.22	2.49

* Returns for periods of less than one year are not annualized.

YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.85%
7-Day Compound Yield	0.85%
30-Day Simple Yield	0.74%
30-Day Compound Yield	0.74%

CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Average Maturity	50 days
Number of Holdings	111

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Trust is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Trust and are described in the Trust’s Statement of Additional Information. An investment in a Wells Fargo Money Market Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Money Market Trusts seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Trust’s yield figures more closely reflect the current earnings of the Trust than the total return figures. The Trust’s Adviser has committed through July 31, 2004, to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Trust. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Trust’s 7-day current yield would have been 0.84%. Performance shown for the Wells Fargo California Tax-Free Money Market Trust for periods prior to November 8, 1999, reflects performance of the Stagecoach California Tax-Free Money Market Trust, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet California State Specific Institutional Money Fund Average is an average of California institutional state tax-free and municipal money funds.

³ Portfolio holdings and characteristics are subject to change.

5

WELLSFARGOMONEYMARKETTRUSTS PERFORMANCEHIGHLIGHTS

WELLSFARGOMONEYMARKETTRUST

INVESTMENT OBJECTIVE

The Wells Fargo Money Market Trust (the Trust) seeks current income and stability of principal.

TRUSTMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

9/17/90

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-Year	10-Year
Wells Fargo Money Market Trust	0.52	1.21	3.94	4.56
Benchmark
iMoneyNet First Tier Institutional Money Fund Average2	0.41	0.99	4.02	5.41

*  Returns for periods of less than one year are not annualized.

YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.93%
7-Day Compound Yield	0.94%
30-Day Simple Yield	0.93%
30-Day Compound Yield	0.93%

CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Average Maturity	44 days
Number of Holdings	60

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)  

The Trust is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Trust and are described in the Trust’s Statement of Additional Information. An investment in a Wells Fargo Money Market Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Money Market Trusts seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Trust’s yield figures more closely reflect the current earnings of the Trust than the total return figures. The Trust’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Trust. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Trust’s 7-day current yield would have been 0.93%.

Performance shown for the Wells Fargo Money Market Trust for periods prior to November 8, 1999, reflects performance of the Stagecoach Money Market Trust, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds and the Norwest Advantage Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet First Tier Institutional Money Fund Average is an average of non-governmental institutional funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³ Portfolio holdings and characteristics are subject to change.

6

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETTRUSTS

WELLSFARGONATIONALTAX-FREEMONEYMARKETTRUST

INVESTMENT OBJECTIVE

The Wells Fargo National Tax-Free Money Market Trust (the Trust) seeks a high level of income exempt from federal income taxes, while preserving capital and liquidity.

TRUSTMANAGERS

Dave Sylvester

Julio Bonilla

INCEPTIONDATE

11/10/97

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*	1-Year	5-years	Life of Fund
Wells Fargo National Tax-Free Money Market Trust	0.45	1.03	2.55	2.68
Benchmark
iMoneyNet Tax-Free Institutional Money Fund Average2	0.33	0.79	2.43	2.61

*  Returns for periods of less than one year are not annualized.

YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.95	%
7-Day Compound Yield	0.96	%
30-Day Simple Yield	0.81	%
30-Day Compound Yield	0.82	%

CHARACTERISTICS³ (AS OF SEPTEMBER 30, 2003)

Weighted Average Maturity	42 days
Number of Holdings	148

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Trust is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Trust and are described in the Trust’s Statement of Additional Information. An investment in a Wells Fargo Money Market Trust is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo Money Market Trusts seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Trust’s yield figures more closely reflect the current earnings of the Trust than the total return figures. The Trust’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Trust. Actual reductions of operating expenses can increase total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.95%.

Performance shown for the Wells Fargo National Tax-Free Money Market Trust for the periods prior to November 8, 1999, reflects performance of the Stagecoach National Tax-Free Money Market Trust, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds.

² The iMoneyNet Tax-Free Institutional Money Fund Average is an average of all national and state tax-free and institutional municipal money funds. Portfolio holdings of tax-free funds include rated and unrated demand notes, rated and unrated general market notes, commercial paper, put bonds under six months, put bonds over six months, AMT paper and other tax-free holdings. It is made up of funds in the National Tax-Free Institutional and State Specific Institutional categories.

³ Portfolio holdings and characteristics are subject to change.

7

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.81%
California – 95.29%
$	2,400,000	ABAG Finance Authority For Nonprofit Corporation California Jewish Community Center Project Allied Irish Bank LOC§	1.22	%	11/15/2031	$	2,400,000
	2,000,000	ABAG Finance Authority For Nonprofit Corporations California Housing Revenue Series A Societe Generale LOC§	1.10		07/01/2008		2,000,000
	2,240,000	Alameda-Contra Costa CA Schools Financing Authority CTFS Participation Capital Improvements Financing Projects Lease Revenue Series G AMBAC Insured§	1.03		08/01/2024		2,240,000
	1,500,000	Alvord CA University School District CTFS Participation Food Services Bridge Funding Program Lease Revenue FSA Insured±	1.05		06/01/2037		1,500,000
	2,300,000	Alvord CA University School District Financing Corp CTFS Participation Refinancing Project Lease Revenue KBC Bank NV LOC§	1.10		09/01/2019		2,300,000
	4,500,000	Bay Area Toll Authority CA Toll Bridge Revenue San Francisco Bay Area Series B§	1.00		04/01/2029		4,500,000
	3,288,000	Buena Park CA MFHR Walden Glen Apartments Project Series A§	1.15		02/15/2033		3,288,000
	3,300,000	California Cities Home Ownership Authority Housing Revenue Lease Purchase Program Project Series A Collateralized By FHLMC§	1.10		09/01/2006		3,300,000
	2,000,000	California Communities Housing Finance Agency Lease Revenue Series A Collateralized By FHLMC§	1.10		02/01/2007		2,000,000
	3,840,000	California Educational Facilities Authority Revenue Art Center Design College Series A Allied Irish Bank PLC LOC§	1.15		12/01/2032		3,840,000
	9,500,000	California Educational Facilities Authority Revenue Loyola Maramount University Series B MBIA Insured§	1.10		10/01/2027		9,500,000
	3,100,000	California HFA Revenue Home Mortgage Series M§	1.20		08/01/2033		3,100,000
	4,210,000	California HFA Revenue Home Mortgage Series R§	1.20		08/01/2032		4,210,000
	985,000	California HFA Revenue Home Mortgage Series U§	1.10		02/01/2017		985,000
	1,800,000	California HFA Revenue MFHR Series D§	1.23		02/01/2031		1,800,000
	1,375,000	California HFA Revenue Series 539R FHA Insured§	1.11		02/01/2005		1,375,000
	5,900,000	California HFFA Revenue Adventist Health Systems Series B KBC Bank NV LOC§	1.20		09/01/2025		5,900,000
	2,500,000	California HFFA Revenue CTFS Series 26 FSA Insured§	1.08		06/01/2022		2,500,000
	4,500,000	California Infrastructure & Economic Development Bank Revenue J Paul Getty Series D§	1.00		04/01/2033		4,500,000
	2,000,000	California Infrastructure & Economic Development Bank Series 2002	0.80		11/19/2003		2,000,000
	2,575,000	California Infrastructure & Economic Development Bank Series 2002	0.80		12/09/2003		2,575,000
	24,000,000	California School Cash Reserve Program Authority Pool Series A	2.00		07/06/2004		24,199,791
	6,200,000	California State Department Water Reserve & Power Supply Revenue Series B-4 Bayerische Landesbank LOC§	1.15		05/01/2022		6,200,000
	3,400,000	California State Department Water Reserve & Power Supply Revenue Series C-3 AMBAC Insured§	1.05		05/01/2022		3,400,000
	3,000,000	California State Department Water Reserve Center Valley Project Revenue Putters Series 127 FGIC Insured§	1.10		12/01/2022		3,000,000
	1,500,000	California State Economic Development Financing Authority Industrial Development Revenue Serra Microchassis Project US Bank NA LOC§	1.20		08/01/2027		1,500,000
	3,500,000	California State Merlots-B 45 Wachovia Bank Insured§	1.09		10/01/2029		3,500,000
	1,400,000	California State Public Works Board Lease Revenue CTFS Series D AMBAC Insured§	1.11		12/01/2019		1,400,000
	4,700,000	California State Putters Series 142 FGIC Insured§	1.10		12/01/2029		4,700,000
	8,415,000	California State Series C-1 Bank of America NA LOC§	1.10		05/01/2033		8,415,000
	4,500,000	California Statewide CDA MFHR Canyon Country Apartments Series M Collaterlized By FHLMC§	1.15		12/01/2034		4,500,000
	8,700,000	California Statewide CDA MFHR Concord Green Apartments Series S Collateralized By FHLB§	1.10		06/01/2028		8,700,000

8

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

CALIFORNIATAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	5,300,000	California Statewide CDA MFHR IAC Project Series W-3 Bank of America NA LOC§	1.10	%	04/01/2025	$	5,300,000
	3,500,000	California Statewide CDA Revenue CTFS Participation House Ear Institute JP Morgan Chase & Company LOC§	1.20		12/01/2018		3,500,000
	640,000	California Statewide CDA Revenue Fremont Rideout Health Group Series A AMBAC Insured§	1.15		01/01/2031		640,000
	12,000,000	California Statewide CDA Revenue TRAN Series A-1 FSA Insured	2.00		06/30/2004		12,099,357
	200,000	Concord CA MFHR Bel Air Apartments Project Series A Bank of America LOC§	1.10		12/01/2016		200,000
	8,500,000	Contra Cost County CA MFHR Park Regency Series A State Street B&T Company LOC§	1.04		08/01/2032		8,500,000
	12,095,000	Contra Costa County CA Home Mortgage Revenue CTFS Series A§	1.15		12/01/2010		12,095,000
	7,100,000	Contra Costa County CA MFHR Lafayette Town Center Apartments Series I Collateralized By FNMA§	1.15		07/15/2032		7,100,000
	11,000,000	Contra Costa County CA TRAN Series A	2.50		11/17/2003		11,015,367
	6,000,000	Fresno CA Union School District Anticipation Notes	1.10		02/19/2004		6,000,093
	1,100,000	Irvine Ranch CA Water District CTFS Participation Capital Improvement Project Landesbank Baden LOC§	1.15		08/01/2016		1,100,000
	2,700,000	Irvine Ranch CA Water District State Street B&T Company LOC§	1.15		01/01/2021		2,700,000
	5,705,000	Kern CA High School District CTFS Series 14 MBIA Insured§	1.08		02/01/2013		5,705,000
	2,000,000	Lancaster CA Redevelopment Agency MFHR 20Th Street Apartments Project Series C Collateralized By FNMA§	1.10		12/01/2026		2,000,000
	5,400,000	Livermore CA MFHR Series 1989A Mortgage Remarketed Portola Meadows Project FHLMC Insured§	1.10		05/01/2019		5,400,000
	1,580,000	Long Beach CA Harbor Revenue Series 418 FGIC Insured§	1.13		05/15/2020		1,580,000
	4,000,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series C1 AMBAC Insured§	0.97		08/15/2021		4,000,000
	2,000,000	Los Angeles CA Convention & Exhibition Center Authority Lease Revenue Series D AMBAC Insured§	0.97		08/15/2021		2,000,000
	9,200,000	Los Angeles CA Department of Airports Revenue Series C1 Los Angeles International Airport§	1.05		05/15/2020		9,200,000
	5,500,000	Los Angeles CA GO Series A Merrill Lynch Capital Services LOC§	1.11		03/01/2012		5,500,000
	2,700,000	Los Angeles CA MFHR Broadway Plaza Project Series L§	1.10		12/01/2034		2,700,000
	2,200,000	Los Angeles CA MFHR Loans To Lenders Project Series B FHLB LOC§	1.25		12/01/2026		2,200,000
	3,005,000	Los Angeles CA Union School District COP Multiple Properties Project Series B	2.25		10/01/2003		3,005,000
	1,700,000	Los Angeles CA Union School District Merlots Series A22§	1.09		07/01/2022		1,700,000
	14,500,000	Los Angeles CA Union School District TRAN Series A	2.00		07/01/2004		14,616,151
	3,800,000	Los Angeles CA Wastewater System Sewer Revenue Series A FGIC Insured±	1.25		12/01/2031		3,800,000
	2,400,000	Los Angeles CA Wastewater System Sewer Revenue Series B FGIC Insured±	1.25		12/01/2031		2,400,000
	4,400,000	Los Angeles CA Water & Power Revenue Series 184 FSA Insured§	1.10		07/01/2022		4,400,000
	300,000	Los Angeles CA Water & Power Revenue Subseries A-4§	1.05		07/01/2035		300,000
	7,500,000	Los Angeles CA Water & Power Revenue Subseries B-3§	1.18		07/01/2034		7,500,000
	7,400,000	Los Angeles CA Water & Power Revenue Subseries B-6§	1.20		07/01/2034		7,400,000
	3,000,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2016		3,000,000
	10,000,000	Los Angeles County CA Metropolitan Transportation Authority Revenue FSA Insured§	1.11		07/01/2025		10,000,000
	2,000,000	Los Angeles County CA MFHR Authority Revenue P Float PT 639§	1.22		10/01/2031		2,000,000
	8,230,000	Los Angeles County CA Pension Obligation Series A§	1.00		06/30/2007		8,230,000
	5,000	Los Angeles County CA Pension Obligation Series B§	1.01		06/30/2007		5,000
	4,200,000	Los Angeles County CA Schools TRAN Series A	1.75		06/30/2004		4,225,759

9

WELLSFARGOMONEYMARKETTRUST PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

CALIFORNIATAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	1,000,000	Metropolitan Water District Southern CA Waterworks Revenue Merlots A21§	1.09	%	07/01/2021	$	1,000,000
	2,900,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	1.15		07/01/2035		2,900,000
	4,400,000	Modesto CA Irrigation District Financing Authority Revenue Series SG66 MBIA Insured§	1.14		10/01/2015		4,400,000
	6,250,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series F MBIA Insured§	1.20		07/01/2022		6,250,000
	2,000,000	Msr Public Power Agency CA Utility Tax Revenue San Juan Project Series II R 134 MBIA Insured§	1.11		07/01/2013		2,000,000
	2,500,000	Newport Beach CA Revenue Hoag Memorial Hospital Series C§	1.23		10/01/2026		2,500,000
	1,000,000	Orange County CA Apartment Development Revenue Hidden Hills Project Series C§	1.10		11/01/2009		1,000,000
	5,800,000	Orange County CA Apartment Development Revenue Issue G Series 2 FNMA LOC§	1.10		11/15/2028		5,800,000
	4,600,000	Orange County CA Apartment Development Revenue Series B Aliso Creek Project FHLMC LOC§	1.05		11/01/2022		4,600,000
	2,495,000	Orange County CA Recovery COF Series 128 MBIA Insured§	1.08		07/01/2019		2,495,000
	8,230,000	Orange County CA Sanitation Districts COP AMBAC Insured§	1.05		08/01/2013		8,230,000
	14,000,000	Palo Alto CA USD Series II R 93§	1.11		08/01/2016		14,000,000
	3,900,000	Port of Oakland CA Series D	0.80		10/08/2003		3,900,000
	4,500,000	Port of Oakland CA Series D	0.80		10/14/2003		4,500,000
	3,600,000	Port of Oakland CA Series D	0.80		10/15/2003		3,600,000
	1,600,000	Riverside San Bernadino CA Housing & Finance Agency Lease Revenue Series A Societe Generale LOC§	1.10		07/01/2006		1,600,000
	3,000,000	Sacramento County CA HFA MFHR Arlington Creek Apartment Series 1 Collateralized By FNMA§	1.15		05/15/2034		3,000,000
	400,000	Sacramento County CA MFHR Suncreek Apartments Project Series A§	1.10		04/01/2026		400,000
	3,200,000	Sacramento County CA Sanitation District Financing Authority Revenue Subordinate Lien Sacramento Regulation C Credit Agricole Indosuez LOC§	1.05		12/01/2030		3,200,000
	5,870,000	San Mateo County CA TRAN District Sales Tax Revenue Floater PT 1914 FSA Insured§	1.11		12/01/2007		5,870,000
	15,000,000	San Diego CA County & School District Revenue Anticipation Notes Series A	1.75		06/30/2004		15,094,241
	10,400,000	San Diego CA MFHR Collateralized By FHLMC§	1.13		09/01/2004		10,400,000
	1,275,000	San Diego CA Union School District Series PA-804§	1.11		07/01/2022		1,275,000
	3,500,000	San Francisco CA City & County Redevelopment Agency MFHR Namiki Apartments Project Series C Citibank NA LOC§	1.10		11/01/2036		3,500,000
	6,000,000	San Jose CA MFHR Evans Lane Apartments Project Series H Bank of America NA LOC§	1.10		04/15/2036		6,000,000
	2,000,000	San Jose CA MFHR Series A FNMA Insured§	1.12		03/01/2032		2,000,000
	7,800,000	San Jose CA Mortgage Revenue Somerset Park Project Collateralized By FHLMC§	1.10		11/01/2017		7,800,000
	1,000,000	San Jose CA Redevelopment Agency Tax Allocation CTFS Series 149 MBIA Insured§	1.13		08/01/2027		1,000,000
	7,520,000	San Jose CA Redevelopment Agency Tax Allocation ROC RR II-R-201 MBIA Insured§	1.11		08/01/2032		7,520,000
	2,000,000	Santa Barbara County CA TRAN Series A	2.00		07/23/2004		2,019,255
	8,505,000	Sonoma County CA TRAN	2.50		10/14/2003		8,507,878
	9,000,000	South Orange County CA PFA Special Tax Revenue Series 146§	1.10		08/15/2015		9,000,000
	9,350,000	Southeast Resource Recovery Facilities Authority Lease Revenue Refunding Bonds Series B§	1.04		12/01/2018		9,350,000
	1,105,000	Turlock CA Irrigation District COP Capital Improvement Project Societe Generale LOC§	1.20		01/01/2031		1,105,000
	3,200,000	Union City CA MFHR Housing Mission Sierra Series A§	1.10		07/15/2029		3,200,000
	1,695,000	University CA Education Facilities Revenue Series 479 MBIA Insured§	1.13		09/01/2022		1,695,000

10

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

CALIFORNIATAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
California (continued)
$	3,100,000	University CA Education Facilities Revenue Series 480 MBIA Insured§	1.13	%	09/01/2022	$	3,100,000
	2,900,000	Vacaville CA MFHR Quail Run Project Series A§	1.05		07/15/2018		2,900,000
							495,155,892
Other – 3.16%
	5,000,000	ABN AMRO Munitops CTFS Tr 1998-20 Munitops Certificates AMBAC Insured§	1.13		07/05/2006		5,000,000
	2,680,000	ABN AMRO Munitops CTFS Tr 2000-5 Munitops Certificates FGIC Insured§ª	1.16		05/07/2008		2,680,000
	8,743,853	Newman Capital Trust Series 2000-1 Class A§	1.19		04/01/2032		8,743,853
							16,423,853
Puerto Rico – 1.36%
	2,500,000	Eagle Tax-Exempt Trust CTF 20015101 Class A (Puerto Rico Commonwealth Infrastructure Financing Authority Series A)§	1.11		10/01/2034		2,500,000
	4,575,000	Eagle Tax-Exempt Trust CTF 20025102 Class A (Puerto Rico Commonwealth Highway & Transportation Revenue Series D) FSA Insured§	1.11		07/01/2027		4,575,000
							7,075,000
Total Municipal Securities (Cost $518,654,745)							518,654,745

Total Investments In Securities (Cost $518,654,745)*	99.81	%	$	518,654,745
Other Assets And Liabilities, Net	0.19			972,577
Total Net Assets	100.00	%	$	519,627,322

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

± Variable Rate Securities.

The accompanying notes are an integral part of these financial statements.

11

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

MONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Certificates of Deposit – 7.16%
$	10,000,000	Abbey National Treasury Services plc	1.40	%	03/02/2004	$	10,000,000
	30,000,000	Credit Agricole Indosuez	1.03		10/03/2003		30,000,000
	30,000,000	Svenska Handelsbanken	1.18		12/03/2003		29,995,025
	10,000,000	Svenska Handelsbanken	1.40		03/02/2004		10,000,000
	15,000,000	Unicredito Italiano SPA	1.04		10/17/2003		14,999,584
	25,000,000	Unicredito Italiano SPA	1.04		10/20/2003		25,000,000
Total Certificates Of Deposit (Cost $119,994,609)							119,994,609
Commercial Paper – 46.58%
	35,000,000	Allied Irish Banks North America Incorporated	1.04	†	12/15/2003		34,924,167
	30,000,000	Amstel Funding Corporationª	0.94	†	12/29/2003		29,930,283
	35,445,000	Atlantis One Funding Corporationª	1.26	†	10/16/2003		35,426,391
	20,000,000	Atlantis One Funding Corporationª	1.06	†	01/27/2004		19,930,511
	20,000,000	Banco Bilbao Vizcaya Argentaria Puerto Ricoª	1.25	†	10/01/2003		20,000,000
	25,000,000	Beta Finance Incorporatedª	1.11	†	03/15/2004		24,872,042
	25,000,000	CC (USA) Incorporatedª	1.05	†	10/27/2003		24,981,042
	20,000,000	CDC Commercial Paper Corporationª	1.15	†	10/01/2003		20,000,000
	27,000,000	Concord Minuteman Capital Company LLCª	1.28	†	10/08/2003		26,993,280
	20,000,000	Concord Minuteman Capital Company LLCª	1.10	†	11/18/2003		19,970,667
	25,000,000	Crown Point Capital Company LLCª	1.09	†	11/18/2003		24,963,667
	20,000,000	Crown Point Capital Company LLCª	1.12	†	01/16/2004		19,933,422
	25,000,000	Govco Incorporatedª	1.07	†	10/03/2003		24,998,514
	13,000,000	Governor & Company of The Bank of Irelandª	1.21	†	02/06/2004		12,944,071
	50,000,000	HBOs Treasury Services plc	1.04	†	10/02/2003		49,998,562
	30,000,000	Holdenby Capital Company LLCª	1.07	†	10/23/2003		29,980,383
	17,327,000	Holdenby Capital Company LLCª	1.10	†	10/29/2003		17,312,176
	25,000,000	Irish Life & Permanent plcª	1.16	†	02/09/2004		24,894,472
	30,000,000	KBC Financial Products International Limitedª	1.08	†	11/12/2003		29,962,200
	45,000,000	Lexington Parker Capital Corporationª	1.13	†	02/27/2004		44,789,538
	15,000,000	Liquid Funding Limitedª	1.04	†	10/21/2003		14,991,333
	35,000,000	Liquid Funding Limitedª	1.08	†	10/27/2003		34,972,700
	50,000,000	National Bank of New Zealand International Limitedª	1.04	†	10/07/2003		49,991,333
	45,000,000	Nordea North America Incorporated	1.08	†	12/29/2003		44,879,850
	23,476,000	Perry Global Funding Limitedª	1.07	†	11/06/2003		23,450,881
	38,632,000	Regency Markets Number 1 LLCª	1.10	†	10/24/2003		38,604,850
	9,709,000	Transamerica Asset Funding Corporationª	1.08	†	10/21/2003		9,703,175
	27,500,000	White Pine Finance LLCª	1.05	†	11/10/2003		27,467,917
Total Commercial Paper (Cost $780,867,427)							780,867,427
Corporate Bonds – 5.97%
	50,000,000	ING Security Life Institutional Funding±ª	1.14		10/08/2004		50,000,000
	50,000,000	Restructured Asset Securities Enhanced Returns Series 2002-7-MM±ª	1.32		10/25/2004		50,000,000
Total Corporate Bonds (Cost $100,000,000)							100,000,000

12

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

MONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Discount Notes – Agency – 5.69%
Federal Home Loan Bank – 0.81%
$	13,600,000	FHLB	1.25	%†	11/03/2003	$	13,584,417
Federal National Mortgage Association – 4.88%
	32,112,160	FNMA	1.11	†	01/02/2004		32,020,078
	50,000,000	FNMA	1.07	†	01/21/2004		49,833,556
							81,853,634
Total Discount Notes – Agency (Cost $95,438,051)							95,438,051
Fixed Rate Notes – Corporate – 1.49%
	15,000,000	Liberty Lighthouse US Capital Companyª	1.40		08/16/2004		14,999,346
	10,000,000	Links Finance LLC	2.00		10/10/2003		10,000,000
Total Fixed Rate Notes – Corporate (Cost $24,999,346)							24,999,346
Floating Rate Funding Agreement – 1.19%
	20,000,000	Bear Stearns Companies Incorporated±	1.11		04/05/2004		19,998,984
Total Floating Rate Funding Agreement (Cost $19,998,984)							19,998,984
Floating Rate Not – Agency – 2.09%
Federal Home Loan Mortgage Corporation – 2.09%
	35,000,000	FHLMC±	1.04		02/04/2005		34,976,518
Total Floating Rate Note – Agency (Cost $34,976,518)							34,976,518
Floating Rate Notes – Corporate – 11.68%
	10,000,000	American Express Centurion Bank±	1.12		12/23/2003		10,000,000
	25,000,000	Dorada Finance Incorporated±ª	1.08		03/17/2004		24,998,852
	16,000,000	John Hancock Global Funding II±ª	1.13		12/10/2003		15,999,718
	35,000,000	Liberty Lighthouse US Capital Company±ª	1.10		07/19/2004		34,997,215
	25,000,000	Northern Rock plc±ª	1.14		01/16/2004		25,000,000
	30,000,000	Northern Rock plc±ª	1.13		02/11/2004		29,874,758
	20,000,000	Premium Asset Trust Series 2003-1±ª	1.19		02/28/2004		20,000,000
	15,000,000	Strategic Money Market Trust Series 2002-M±ª	1.17		12/15/2003		15,000,000
	20,000,000	Tango Finance Corporation±ª	1.12		12/15/2003		20,000,000
Total Floating Rate Notes – Corporate (Cost $195,870,543)							195,870,543
Promissory Notes – 1.01%
	7,000,000	Goldman Sachs Group Incorporated±	1.15		07/26/2004		7,000,000
	10,000,000	Goldman Sachs Group Incorporated±	1.19		07/26/2004		10,000,000
Total Promissory Notes (Cost $17,000,000)							17,000,000
Repurchase Agreements – 11.35%
	70,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		70,000,000
	85,193,000	Credit Suisse First Boston – 102% Collaterized by US Government Securities	1.13		10/01/2003		85,193,000
	35,000,000	Goldman Sachs Group Incorporated – 102% Collaterized by US Government Securities	1.16		10/01/2003		35,000,000
Total Repurchase Agreements (Cost $190,193,000)							190,193,000

13

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

MONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Time Deposits – 7.46%
$	25,000,000	Banque Nationale de Paris	1.16	%	10/01/2003	$	25,000,000
	50,000,000	ING Bank Brussels	1.18		10/01/2003		50,000,000
	50,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		50,000,000
Total Time Deposits (Cost $125,000,000)							125,000,000

Total Investments In Securities (Cost $1,704,338,478)*	101.67	%	$	1,704,338,478
Other Assets And Liabilities, Net	(1.67	)		(27,965,986	)
Total Net Assets	100.00	%	$	1,676,372,492

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

± Variable Rate Securities.

† Yield to Maturity.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

The accompanying notes are an integral part of these financial statements.

14

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Municipal Securities – 99.78%
Alabama – 0.30%
$	1,250,000	Scottsboro AL Water Sewer & Gas Revenue AMBAC Insured§	6.50	%	12/01/2014	$	1,338,761
Alaska – 2.48%
	935,000	Alaska IDA Revenue Providence Medical Office Building Associates Project KBC Bank NV LOC§	0.95		06/01/2010		935,000
	10,000,000	Valdez AK Marine Terminal Revenue BP Pipelines Incorporated Project Series B§	1.20		07/01/2037		10,000,000
							10,935,000
Arizona – 1.52%
	4,000,000	Arizona School District Tax Anticipation Notes Financing Program CTFS Participation	1.75		07/30/2004		4,024,627
	465,000	Maricopa County AZ IDA SFMR§	1.18		09/01/2005		465,000
	2,200,000	Salt River Project AZ Agriculture Improvement & Power District Electric System Revenue Salt River Project Series A	5.00		01/01/2004		2,221,445
							6,711,072
California – 3.54%
	1,000,000	California Higher Education Loan Authority Incorporated Student Loan Revenue Series A State Street B&T Company LOC	1.05		07/01/2005		1,000,000
	500,000	Metropolitan Water District Southern CA Waterworks Revenue Series B-3§	0.80		07/01/2035		500,000
	11,000,000	San Bernardino County CA TRAN	1.50		07/01/2004		11,057,151
	2,550,000	Southeast Resource Recovery Facilities Authority Lease Revenue Refunding Bonds Series B§	1.04		12/01/2018		2,550,000
	500,000	Vacaville CA MFHR Quail Run Project Series A§	1.05		07/15/2018		500,000
							15,607,151
Colorado – 1.43%
	2,000,000	Arvada County CO Water Enterprises Revenue FSA Insured§	1.15		11/01/2020		2,000,000
	4,300,000	Boulder County CO MFHR Cloverbasin Village Apartments Project§	1.80		12/25/2031		4,300,000
							6,300,000
Florida – 2.95%
	6,200,000	Alachua County FL Health Facilities Authority Oak Hammock University of Florida Project Series A§	1.20		10/01/2032		6,200,000
	525,000	Escambia County FL HFA SFMR CTFS Series B§	1.15		10/01/2009		525,000
	2,300,000	Escambia County FL HFA SFMR CTFS Series C§	1.20		10/01/2032		2,300,000
	2,950,000	Orange County FL IDA Industrial Development Revenue Central Florida YMCA Project Series A Bank of America NA LOC§	1.15		05/01/2027		2,950,000
	1,000,000	Orlando FL Utilities Commission Water and Electric Revenue Series B	5.25		10/01/2023		1,010,000
							12,985,000
Georgia – 7.56%
	3,000,000	Cobb County GA Tax Anticipated Notes	1.50		12/31/2003		3,003,476
	4,600,000	Georgia Local Government CTFS Participation Series K§	1.18		06/01/2028		4,600,000
	12,100,000	Georgia Municipal Gas Authority Gas Revenue Gas Portfolio II Project C Wachovia Bank LOC§	1.10		01/01/2008		12,100,000
	5,600,000	Gwinnett County GA Development Authority Revenue Civic & Cultural Center Project Landesbank Hessen LOC§	1.05		09/01/2031		5,600,000

15

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Georgia (continued)
$	8,000,000	Gwinnett County GA School District Construction Sales Tax Notes	2.00	%	12/29/2003	$	8,017,768
							33,321,244
Hawaii – 1.04%
	1,800,000	Honolulu HI City & County Tax Revenue Series B FGIC Insured	6.13		06/01/2004		1,907,014
	2,700,000	Honolulu HI City & County Tax Revenue Series C FGIC Insured§	1.30		12/05/2008		2,700,000
							4,607,014
Idaho – 2.26%
	1,900,000	Idaho Housing & Financial Assistance Housing Revenue Balmoral Apartments II Development Project US Bank NA LOC§	1.25		04/01/2033		1,900,000
	8,000,000	Idaho State Tax Anticipation Notes	2.00		06/30/2004		8,071,025
							9,971,025
Illinois – 11.27%
	2,300,000	Chicago IL Sales Tax Revenue Series SG 131 FGIC Insured§	1.13		01/01/2027		2,300,000
	3,000,000	Chicago IL SFMR Floats PT 290 Collateralized By GNMA FNMA FHLMC§	1.18		09/01/2010		3,000,000
	1,300,000	Chicago IL Skyway Toll Bridge Revenue§	6.75		01/01/2017		1,343,825
	1,000,000	Cook County IL High School District No 205 Thornton Township Series B FSA Insured	2.60		12/01/2003		1,002,067
	1,000,000	Eagle Tax-Exempt Trust CTF 20021304 Class A (Illinois State) FGIC Insured§	1.15		02/01/2027		1,000,000
	5,500,000	Eagle Tax-Exempt Trust CTF 20021306 Class A (Chicago IL Park District Series D) FGIC Insured§	1.15		01/01/2029		5,500,000
	1,700,000	Elgin IL Industrial Development Revenue Gemini Mouldings Project Lasalle Bank NA LOC§	1.18		12/01/2028		1,700,000
	2,720,000	Elgin IL Industrial Development Revenue Nelson Graphic Incorporated Project Lasalle Bank NA LOC§	1.18		05/01/2020		2,720,000
	1,900,000	Elmhurst IL Industrial Development Revenue John Sakash Company Incorporated Project Lasalle Bank NA LOC§	1.18		02/01/2025		1,900,000
	849,000	Illinois Development Finance Authority Revenue Uhlich Childrens Home Project American National B&T LOC§	1.10		06/01/2015		849,000
	2,800,000	Illinois Educational Facilities Authority Revenue Newberry Library Northern Trust Company LOC§	1.10		03/01/2028		2,800,000
	200,000	Illinois Educational Facilities Authority Revenue St Xavier University Project Series A Lasalle Bank NA LOC§	1.13		10/01/2032		200,000
	1,000,000	Illinois Health Facilities Authority Revenue Illinois Masonic Medical Center§	5.50		10/01/2019		1,020,000
	400,000	Illinois Health Facilities Authority Revenue Memorial Medical Center Series C Kredietbank NV LOC§	1.10		01/01/2016		400,000
	12,300,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital§	1.20		08/15/2025		12,300,000
	2,400,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series B Westdeutsche Landesbank LOC§	1.20		08/15/2009		2,400,000
	2,500,000	Illinois Health Facilities Authority Revenue Northwestern Memorial Hospital Series C Westdeutsche Landesbank LOC§	1.20		08/15/2032		2,500,000
	3,000,000	Illinois Health Facilities Authority Revenue Silver Cross Hospital & Medical Series A Fifth Third Bank LOC§	1.14		08/15/2026		3,000,000
	1,300,000	Illinois State CTFS Series G§	1.16		05/01/2015		1,300,000
	200,000	Illinois State Sales Tax Revenue Municipal Trust Receipts Series SG-9§	1.13		06/15/2019		200,000
	2,235,000	Will County IL School District #122New Lenox GO Series II-R-114 FGIC Insured§	1.15		11/01/2020		2,235,000
							49,669,892

16

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Indiana – 6.05%
$	1,245,000	Indiana HFFA Revenue Fayette Memorial Hospital Association Series A US Bank NA LOC§	1.25	%	10/01/2032	$	1,245,000
	5,000,000	Indiana Hospital Equipment Financing Authority Revenue Series A MBIA Insured§	1.05		12/01/2015		5,000,000
	1,000,000	Indiana Secondary Market Educational Loans Incorporated Student Loan Revenue Series B AMBAC Insured§	1.10		12/01/2013		1,000,000
	1,800,000	Indiana State Educational Facilities Authority Revenue St Mary Project Bank One Indiana NA LOC§	1.15		02/15/2026		1,800,000
	10,000,000	Indiana State Office Building Commission Facilities Revenue Merlots Series B17 MBIA Insured§	1.15		07/01/2023		10,000,000
	4,500,000	Indiana Transportation Finance Authority Toll Road Lease Revenue Roc Series II-R-105 AMBAC Insured§	1.15		07/01/2012		4,500,000
	3,100,000	Whiting IN Environmental Facilities Revenue BP Products Project Series C§	1.25		07/01/2034		3,100,000
							26,645,000
Iowa – 0.46%
	2,000,000	Iowa State School Cash Anticipation Program Iowa School Corporations CTFS Series B FSA Insured	2.25		01/30/2004		2,007,683
Kentucky – 0.30%
	1,265,000	Louisville & Jefferson County KY Metropolitan Sewer District Sewer and Drain System Series A	9.00		05/15/2004		1,326,240
Louisiana – 3.41%
	1,225,000	Jefferson Parish LA Home Mortgage Authority Floats PT 229 Collateralized By GNMA FNMA§	1.18		06/01/2007		1,225,000
	2,300,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Term Project Series B Kreditbank NV LOC§	1.10		03/15/2006		2,300,000
	4,500,000	Plaquemines LA Port Harbor & Terminal District Port Facilities Revenue International Marine Terminal Project Series A Kredietbank NV LOC§	1.10		03/15/2006		4,500,000
	7,000,000	Plaquemines Parish LA Environmental Revenue BP Exploration & Oil Inc Project§	1.25		10/01/2024		7,000,000
							15,025,000
Maine – 1.12%
	4,900,000	Maine State Tax Anticipation Notes	1.75		06/30/2004		4,934,414
Massachusetts – 0.35%
	1,525,000	Massachusetts State Central Artery Series A§	1.20		12/01/2030		1,525,000
Michigan – 3.71%
	2,265,000	Detroit MI Sewer Disposal Revenue Merlots Series B41 FSA Insured§	0.85		07/01/2026		2,265,000
	3,095,000	Detroit MI Sewer Disposal Revenue Series II-R-103 FGIC Insured§	1.15		07/01/2026		3,095,000
	2,540,000	Lake Orion MI Community School District GO Series 11-R-27 AMBAC Insured§	1.15		05/01/2012		2,540,000
	2,195,000	Michigan Higher Education Student Loan Authority Revenue Putters Series 238§	1.17		06/01/2019		2,195,000
	3,950,000	Michigan State Strategic Fund Limited Obligation Revenue Detroit Symphony Project Series B Michigan National Bank LOC§	1.20		06/01/2031		3,950,000
	2,300,000	Michigan State Strategic Funding Limited Obligation Revenue Consumers Power Company Project Series A§	1.20		06/15/2010		2,300,000
							16,345,000
Minnesota – 4.57%
	745,000	Arden Hills MN Housing & Healthcare Facilities Revenue Presbyterian Homes Series B US Bank NA LOC§	1.25		09/01/2029		745,000

17

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Minnesota (continued)
$	25,000	Burnsville MN MFHR Berkshire Project Series A Collateralized By FNMA§	1.10	%	07/15/2030	$	25,000
	250,000	Crystal MN MFHR Crystal Apartments Project Collateralized By FHLB§	1.05		05/01/2027		250,000
	600,000	Dakota County MN Housing & Redevelopment Authority MFHR PT 484 Collateralized By FHLMC§	1.14		12/01/2022		600,000
	660,000	Duluth MN Economic Development Authority Health Care Facilities Revenue Miller-Dwan Medical Center Project US Bank NA LOC§	1.25		06/01/2019		660,000
	1,800,000	Edina MN MFHR Edina Park Plaza Collateralized By FHLMC§	1.05		12/01/2029		1,800,000
	550,000	Minnesota Public Facilities Authority Water PCR Merlots 2003-B06§	1.15		03/01/2021		550,000
	1,000,000	Minnesota Rural Water Finance Authority Series B	2.38		12/15/2003		1,002,083
	6,805,000	Minnesota State Higher Education Facilities Authority Revenue St Thomas University Series 5L§	1.07		04/01/2027		6,805,000
	1,140,000	Rochester MN MFHR§	1.22		07/15/2031		1,140,000
	500,000	St Paul MN Housing & Redevelopment Authority District Heating Revenue Series A§	1.05		12/01/2012		500,000
	1,385,000	St Paul MN Housing & Redevelopment Authority Revenue Minnesota Public Radio Project Allied Irish Bank PLC LOC§	1.25		05/01/2022		1,385,000
	475,000	St Paul MN Port Authority District Cooling Revenue Series M Dexia Bank LOC§	1.25		03/01/2021		475,000
	200,000	St Paul MN Port Authority District Cooling Revenue Series R Dexia Credit Local de France LOC§	1.30		03/01/2022		200,000
	4,010,000	St Paul MN Port Authority Tax Increment Revenue Westgate Office & Industrial Center Project US Bank Trust NA LOC§	1.10		02/01/2015		4,010,000
							20,147,083
Mississippi – 1.64%
	5,200,000	Jackson County MS Port Facility Revenue Chevron USA Incorporated Project§	1.20		06/01/2023		5,200,000
	340,000	Mississippi Home Corporation SFMR Series 146 GNMA FNMA Insured§	1.18		11/01/2029		340,000
	1,700,000	Mississippi Hospital Equipment & Facilities Authority Revenue North Misssssippi Health Services Series 1§	1.05		05/15/2030		1,700,000
							7,240,000
Montana – 0.98%
	1,500,000	Montana State Board of Investments Municipal Finance Construction Act-Intercap Program§	1.35		03/01/2009		1,500,000
	1,325,000	Montana State Board of Investments Municipal Finance Construction-Intercap Program§	1.35		03/01/2005		1,325,000
	1,500,000	Montana State Board of Investments Municipal Finance Construction-Intercap Program§	1.35		03/01/2010		1,500,000
							4,325,000
Nebraska – 0.57%
	2,500,000	Nebraska Educational Finance Authority Revenue Creighton University Project§	1.20		03/01/2033		2,500,000
Nevada – 0.29%
	1,300,000	Clark County NV Roc Rr Series II-R-1035 MBIA Insured§	1.15		06/01/2021		1,300,000
North Carolina – 0.94%
	4,130,000	University of North Carolina Hospital Chapel Hill Revenue Series B§	1.22		02/15/2031		4,130,000
North Dakota – 1.14%
	5,000,000	North Dakota Rural Water Financial Corporation	2.50		11/01/2003		5,003,765

18

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Ohio – 2.16%
$	2,000,000	Hamilton County OH Hospital Facilities Revenue Elizabeth Gamble Series B JP Morgan Chase & Company LOC§	1.10	%	06/01/2027	$	2,000,000
	1,000,000	Ohio State Building Authority Adult Correctional Building Fund Series A MBIA Insured§	5.75		10/01/2005		1,020,000
	6,495,000	Sunamerica Trust Variable State§	1.19		07/01/2041		6,495,000
							9,515,000
Oregon – 0.62%
	500,000	Deschutes County OR Series A FSA Insured	5.00		06/15/2004		514,526
	1,250,000	Gilliam County OR Solid Waste Disposal Revenue Waste Management Incorporated Project JP Morgan Chase Bank LOC§	1.15		07/01/2027		1,250,000
	949,500	Portland TN Health & Education Facilities Board Hospital Revenue Series 322§	1.23		11/15/2014		949,500
							2,714,026
Other – 3.40%
	3,733,920	MBIA Capital Corporation Global Funding MBIA Insured§	1.23		01/14/2016		3,733,920
	2,000,000	Munimae Trust Collaterized By FHLMC§	1.22		12/19/2005		2,000,000
	1,000,000	Newman Capital Trust Series 2001-2 Class A§	1.24		04/11/2033		1,000,000
	718,258	Pitney Bowes Credit Corporation Leasetops Tr Revenue Series 2002-1	1.44		07/19/2006		718,258
	1,550,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2000-14 Class A§	1.19		06/01/2005		1,550,000
	5,490,000	Roaring Fork Municipal Products Limited Liability Corporation Series 2002-5 Class A§	1.19		11/01/2034		5,490,000
	506,195	Roaring Fork Municipal Products Limited Liability Corporation Series 2002-6 Class A§	1.19		06/01/2034		506,195
							14,998,373
Pennsylvania – 2.18%
	9,600,000	Pennsylvania State Higher Education Assistance Agency Student Loan Revenue Series A AMBAC Insured§	1.05		12/01/2025		9,600,000
Rhode Island – 0.91%
	3,995,000	Rhode Island Refunding Board Authority State Public Projects Revenue§	1.13		08/01/2005		3,995,000
South Carolina – 2.91%
	11,300,000	Charleston County SC School District Anticipated Notes	2.00		02/25/2004		11,340,478
	1,465,000	Eagle Tax-Exempt Trust CTF 20004001 Class A (South Carolina State Public Service Authority Revenue Series A) MBIA Insured§	1.15		01/01/2022		1,465,000
							12,805,478
Tennessee – 4.81%
	1,925,000	Clarksville TN Public Building Authority Revenue Pooled Financing Tennessee Municipal Bond Funding Bank of America NA LOC§	1.22		07/01/2031		1,925,000
	5,900,000	Clarksville TN Public Building Authority Revenue Pooled Financing Tennessee Municipal Bond Funding Bank of America NA LOC§	1.22		01/01/2033		5,900,000
	2,000,000	Eagle Tax-Exempt Trust CTF 20004202 Class A (Chattanooga TN Industrial Development Board Lease Rent Revenue) AMBAC Insured§	1.15		10/01/2027		2,000,000
	7,400,000	Jackson TN Energy Authority Wastewater System Revenue FSA Insured§	1.10		12/01/2022		7,400,000
	3,200,000	Montgomery County TN Public Building Authority Pooled Financing Revenue Tennessee County Loan Pool§	1.22		04/01/2032		3,200,000

19

WELLSFARGOMONEYMARKETTRUSTS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
Tennessee (continued)
$	780,000	Tennessee Housing Development Agency Series H§	1.21	%	01/01/2021	$	780,000
							21,205,000
Texas – 8.95%
	1,800,000	Austin TX Utility Systems Revenue Series A MBIA Insured	5.50		11/15/2003		1,809,583
	970,000	Brownsville TX Utility Systems Revenue Series A MBIA Insured§	1.05		09/01/2027		970,000
	4,100,000	Eagle Tax-Exempt Trust CTF 20024301 Class A (Ector County TX Independent School District) PSFG Insured§	1.15		08/15/2021		4,100,000
	9,232,500	Harris County TX Health Facilities Development Corporation Revenue Floater CTFS Series 357 MBIA Insured§	1.14		07/01/2029		9,232,500
	2,770,000	Harris County TX Houston Sports Authority Special Revenue Jr Lien Rodeo Series C MBIA Insured§	1.10		11/15/2030		2,770,000
	4,245,000	Houston TX Independent School District CTFS Series 462 PSFG Insured§	1.14		02/15/2026		4,245,000
	1,000,000	North Central TX Health Facilities Development Corporation Revenue Dallas Jewish Community Foundation Allied Irish Bank plc LOC§	1.12		12/01/2030		1,000,000
	3,495,000	North Texas Highway Authority Dallas North Highway System Revenue§	1.15		01/01/2016		3,495,000
	2,500,000	Pasadena TX Independent School District	2.25		02/15/2004		2,510,227
	1,060,000	Polly Ryon Hospital Authority TX Polly Ryon Memorial Hospital JP Morgan Chase & Company LLC§	1.10		11/01/2026		1,060,000
	2,100,000	Texas A & M University Notes Series 3 A2	1.25		01/27/2004		2,101,873
	2,100,000	Texas A & M University Notes Series 3 A2	1.25		01/29/2004		2,101,900
	4,000,000	Texas State TRAN	2.00		08/31/2004		4,030,776
							39,426,859
Utah – 2.81%
	10,200,000	Utah State Board of Regents Student Loan Revenue Series 1997R AMBAC Insured§	1.10		11/01/2031		10,200,000
	2,200,000	Utah Transportation Authority Sales Tax Revenue Series B Bayerishe Landesbank LOC§	1.05		09/01/2032		2,200,000
							12,400,000
Virginia – 1.65%
	5,200,000	Loudoun County VA IDA Howard Hughes Medical Project Series A§	0.80		02/15/2038		5,200,000
	1,000,000	Virginia Beach VA GO	5.00		07/15/2004		1,032,623
	1,000,000	Virginia State Transportation Board Transportation Contract Revenue Northern Virginia Transportation District Project Series A§	6.25		05/15/2017		1,057,151
							7,289,774
Washington – 4.81%
	4,640,000	Energy Northwest Washington Electric Revenue Floats PA 846 FSA Insured§	1.14		01/01/2010		4,640,000
	2,600,000	Everett WA Bank of America NA LOC§	1.15		12/01/2021		2,600,000
	1,075,000	Snohomish County WA School District School Board Guaranty LOC	5.25		12/01/2003		1,082,484
	4,920,000	Washington State Economic Development Financing Authority Revenue Pioneer Human Services Project H§	1.25		09/01/2018		4,920,000
	1,600,000	Washington State Housing Finance Community MFHR Country Club Apartments Series A US Bank NA LOC§	1.30		08/01/2032		1,600,000
	3,550,000	Washington State Housing Finance Community MFHR Summer Ridge Apartments Project Series A US Bank NA LOC§	1.30		12/01/2029		3,550,000
	1,800,000	Washington State Housing Finance Community Nonprofit Revenue Tacoma Art Museum Project Northern Trust Company LOC§	1.25		06/01/2032		1,800,000

20

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

NATIONALTAX-FREEMONEYMARKETTRUST

Principal		Security Name	Interest Rate		Maturity Date	Value
$	1,000,000	Yakima County WA Public Corporation Revenue Valley Processing Project Bank of America NA LOC§	1.20	%	02/01/2015	$	1,000,000
							21,192,484
Wisconsin – 4.69%
	6,500,000	Wisconsin Housing & Economic Development Authority Home Ownership Revenue Series I FSA Insured§	1.10		09/01/2032		6,500,000
	4,965,000	Wisconsin Housing & Economic Development Authority Housing Revenue Series F§	1.14		11/01/2033		4,965,000
	2,400,000	Wisconsin State Health & Educational Facilities Authority Revenue Alverno College Project§	1.25		11/01/2017		2,400,000
	2,100,000	Wisconsin State Health & Educational Facilities Authority Revenue Gundersen Lutheran Series B§	1.20		12/01/2029		2,100,000
	4,700,000	Wisconsin State Health & Educational Facilities Authority Revenue Prohealth Incorporated Series B§	1.20		08/15/2030		4,700,000
							20,665,000
Total Municipal Securities (Cost $439,707,338)							439,707,338

Total Investments In Securities (Cost $439,707,338)*	99.78	%	$	439,707,338
Other Assets and Liabilities, Net	0.22			980,450
Total Net Assets	100.00	%	$	440,687,788

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

§ These variable rate securities are subject to a demand feature which reduces the remaining maturity.

The accompanying notes are an integral part of these financial statements.

21

WELLSFARGOMONEYMARKETTRUSTS STATEMENTSOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED)

	California Tax-Free Money Market Trust		Money Market Trust		National Tax-Free Money Market Trust
ASSETS
INVESTMENTS:
In securities, at amortized cost	$	518,654,745	$	1,514,145,478	$	439,707,338
Repurchase Agreements, at cost		0		190,193,000		0
TOTALINSECURITIES,ATMARKETVALUE	$	518,654,745	$	1,704,338,478	$	439,707,338
Cash		127,922		50,159		78,437
Receivable for dividends and interest and other receivables		1,484,823		997,982		1,395,424
Receivable for investments sold		0		4,900,000		0
TOTALASSETS		520,267,490		1,710,286,619		441,181,199
LIABILITIES
Payable for investment purchased		0		32,020,078		0
Dividends Payable		383,949		1,246,302		325,582
Payable for investment adviser and affiliates (Note 3)		93,079		270,207		69,404
Payable to other related parties (1)		1,741		2,557		1,619
Accrued expenses and other liabilities		161,399		374,983		96,806
TOTALLIABILITIES		640,168		33,914,127		493,411
TOTALNETASSETS	$	519,627,322	$	1,676,372,492	$	440,687,788
NETASSETSCONSISTOF:
Paid-in capital	$	519,609,102	$	1,676,237,164	$	440,690,961
Undistributed (overdistributed) net investment income		0		0		182
Undistributed net realized gain (loss) on investments		18,220		135,328		(3,355	)
TOTALNETASSETS	$	519,627,322	$	1,676,372,492	$	440,687,788
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net assets	$	519,627,322	$	1,676,372,492	$	440,687,788
Shares outstanding		519,596,430		1,676,315,484		440,684,400
Net asset value and offering price per share	$	1.00	$	1.00	$	1.00

(1) Other related parties include the Funds’ trustees and distributor.

The accompanying notes are an integral part of these financial statements.

22

STATEMENTS  OF OPERATIONS — FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

	California Tax-Free Money Market Trust			Money Market Trust			National Tax-Free Money Market Trust
INVESTMENTINCOME
Interest	$	3,837,351		$	10,594,990		$	3,098,432
TOTALINVESTMENTINCOME		3,837,351			10,594,990			3,098,432
NETEXPENSES
Administration fees		636,567			1,465,651			476,259
Custody		74,890			172,430			56,030
Portfolio accounting fees		31,370			59,169			25,995
Legal and audit fees		16,992			17,493			16,992
Registration fees		12,302			60,855			21,423
Directors’ fees		3,195			3,195			3,195
Shareholder reports		13,639			26,953			7,332
Other		6,974			11,171			4,274
TOTALEXPENSES		795,929			1,816,917			611,500
LESS:
Waived fees and reimbursed expenses (Note 3)		(43,038	)		(93,256	)		(48,076	)
Net expenses		752,891			1,723,661			563,424
NETINVESTMENTINCOME		3,084,460			8,871,329			2,535,008
Net Realized Gain (Loss) from Investments		(6,008	)		(2,491	)		(15,465	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	3,078,452		$	8,868,838		$	2,519,543

The accompanying notes are an integral part of these financial statements.

23

WELLSFARGOMONEYMARKETTRUSTS STATEMENTSOFCHANGESINNETASSETS

	CALIFORNIATAX-FREE MONEYMARKETTRUST
	(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
INCREASEINNETASSETS
Beginning net assets	$	830,713,076		$	852,775,197
OPERATIONS:
Net investment income		3,084,460			9,805,790
Net realized gain (loss) on sale of investments		(6,008	)		55,520
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		3,078,452			9,861,310
Distributions to shareholders:
From net investment income		(3,084,460	)		(9,805,790	)
From net realized gain on sales of investments		0			(10,633	)
Capital shares transactions:
Proceeds from shares sold		932,994,088			2,130,059,731
Reinvestment of dividends		87,080			277,634
Cost of shares redeemed		(1,244,160,914	)		(2,152,444,373	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS		(311,079,746	)		(22,107,008	)
NETINCREASE (DECREASE)INNETASSETS		(311,085,754	)		(22,062,121	)
NETASSETS:
ENDINGNETASSETS	$	519,627,322		$	830,713,076
Shares Issued and Redeemed:
Shares sold		932,994,089			2,130,059,223
Shares issued in reinvestment of dividends		87,080			277,634
Shares redeemed		(1,244,160,915	)		(2,152,444,373	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING		(311,079,746	)		(22,107,516	)
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME	$	0		$	0

The accompanying notes are an integral part of these financial statements.

24

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOMONEYMARKETTRUSTS

MONEYMARKETTRUST						NATIONALTAX-FREE MONEYMARKETTRUST
(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003			(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
$	1,823,970,186		$	1,776,434,967		$	507,048,487		$	627,773,130
	8,871,329			31,522,703			2,535,008			6,969,507
	(2,491	)		137,819			(15,465	)		22,859
	8,868,838			31,660,522			2,519,543			6,992,366
	(8,871,333	)		(31,522,700	)		(2,535,008	)		(6,969,510	)
	0			0			0			(6,237	)
	9,467,813,746			6,903,556,870			1,306,947,794			2,324,454,720
	26			34			21,408			48,612
	(9,615,408,971	)		(6,856,159,507	)		(1,373,314,436	)		(2,445,244,594	)
	(147,595,199	)		47,397,397			(66,345,234	)		(120,741,262	)
	(147,597,694	)		47,535,219			(66,360,699	)		(120,724,643	)
$	1,676,372,492		$	1,823,970,186		$	440,687,788		$	507,048,487
	9,467,813,742			6,903,558,473			1,306,947,794			2,324,455,859
	26			34			21,408			48,612
	(9,615,408,971	)		(6,856,159,506	)		(1,373,314,437	)		(2,445,244,594	)
	(147,595,203	)		47,399,001			(66,345,235	)		(120,740,123	)
$	0		$	4		$	182		$	182

25

WELLSFARGOMONEYMARKETTRUSTS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Dividends From Net Investment Income		Ending Net Asset Value Per Share
CALIFORNIATAX-FREEMONEYMARKETTRUST
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		$	1.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	(0.01	)	$	1.00
April 1, 2001 to March 31, 2002	$	1.00	0.02	(0.02	)	$	1.00
April 1, 2000 to March 31, 2001	$	1.00	0.03	(0.03	)	$	1.00
April 1, 1999 to March 31, 2000	$	1.00	0.03	(0.03	)	$	1.00
April 1, 1998 to March 31, 1999	$	1.00	0.03	(0.03	)	$	1.00
MONEYMARKETTRUST
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.01	(0.01	)	$	1.00
April 1, 2002 to March 31, 2003	$	1.00	0.02	(0.02	)	$	1.00
April 1, 2001 to March 31, 2002	$	1.00	0.03	(0.03	)	$	1.00
April 1, 2000 to March 31, 2001	$	1.00	0.06	(0.06	)	$	1.00
April 1, 1999 to March 31, 2000	$	1.00	0.05	(0.05	)	$	1.00
April 1, 1998 to March 31, 1999	$	1.00	0.05	(0.05	)	$	1.00
NATIONALTAX-FREEMONEYMARKETTRUST
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		$	1.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	(0.01	)	$	1.00
April 1, 2001 to March 31, 2002	$	1.00	0.02	(0.02	)	$	1.00
April 1, 2000 to March 31, 2001	$	1.00	0.04	(0.04	)	$	1.00
April 1, 1999 to March 31, 2000	$	1.00	0.03	(0.03	)	$	1.00
April 1, 1998 to March 31, 1999	$	1.00	0.03	(0.03	)	$	1.00

(1)	During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 3).
(2)	Total return calculations for less than one year are not annualized and would have been lower had certain expenses not been waived or reimbursed during the periods shown.

The accompanying notes are an integral part of these financial statements.

26

FINANCIALHIGHLIGHTS WELLSFARGOMONEYMARKETTRUSTS

Ratio to Average Net Assets (Annualized)(1)						Total Return(2)		Net Assets at End of Period (000’s omitted)
Net Investment Income		Net Expenses		Gross Expenses
0.82	%	0.20	%	0.21	%	0.41	%	$	519,627
1.16	%	0.20	%	0.24	%	1.18	%	$	830,713
1.92	%	0.20	%	0.25	%	2.01	%	$	852,775
3.33	%	0.20	%	0.23	%	3.41	%	$	590,286
2.89	%	0.20	%	0.67	%	2.93	%	$	540,704
2.91	%	0.20	%	0.91	%	2.93	%	$	549,289
1.03	%	0.20	%	0.21	%	0.52	%	$	1,676,372
1.56	%	0.20	%	0.23	%	1.58	%	$	1,823,970
3.02	%	0.20	%	0.22	%	3.27	%	$	1,776,435
6.20	%	0.20	%	0.22	%	6.44	%	$	1,161,092
5.35	%	0.20	%	0.48	%	5.43	%	$	713,278
5.20	%	0.20	%	0.61	%	5.35	%	$	471,923
0.90	%	0.20	%	0.22	%	0.45	%	$	440,688
1.28	%	0.20	%	0.22	%	1.30	%	$	507,048
2.08	%	0.20	%	0.24	%	2.25	%	$	627,773
3.89	%	0.20	%	0.25	%	4.01	%	$	339,791
3.27	%	0.20	%	0.52	%	3.30	%	$	269,943
3.09	%	0.20	%	0.68	%	3.16	%	$	233,546

27

WELLSFARGOMONEYMARKETTRUSTS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Trust commenced operations on November 8, 1999, and is currently comprised of 68 separate series. These financial statements present the Money Market Trust and National Tax-Free Money Market Trust, diversified series of the Trust, and the California Tax-Free Money Market Trust, a non-diversified series of the Trust (each, a “Fund”, collectively, the “Funds”).

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed by the Trust in the preparation of its financial statements, are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SECURITYVALUATION

The Funds invest only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolios may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity.

The Funds use the amortized cost method to value their portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Funds seek to maintain a constant net asset value of $1.00 per share, although there is no assurance that they will be able to do so.

SECURITIESTRANSACTIONSANDINCOMERECOGNITION

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.

REPURCHASEAGREEMENTS

The Money Market Trust 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 Fund’s 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 held by the Fund 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.

DISTRIBUTIONSTOSHAREHOLDERS

Net investment income is declared daily and distributed to shareholders monthly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. The timing and character of distributions made during the period from net investment income or net realized gains may also differ from their ultimate characterization for federal income tax purposes. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

FEDERALINCOMETAXES

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 complying with the provisions applicable to regulated investment companies, as defined in the Internal Revenue Code (the “Code”), and to make distributions of 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

28

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETTRUSTS

all, federal income taxes. Accordingly, no provision for federal income taxes was required at September 30, 2003.

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect and wholly-owned subsidiary of Wells Fargo & Company serves as adviser to the Funds and is responsible for implementing the investment policies and guidelines for the Funds, and for supervising the sub-adviser. Pursuant to the advisory contract, Funds Management has agreed to provide the Funds with daily portfolio management. Funds Management does not receive a fee for providing those services.

Wells Capital Management Incorporated (“Wells Capital Management”), an affiliate of Funds Management, acts as investment sub-adviser to the Funds and is responsible for the day-to-day portfolio management of the Funds. Wells Capital Management does not receive a fee for the services it provides as sub-adviser.

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Funds. Under the Administration Agreement, Funds Management acted as administrator to the Funds and was entitled to receive, on a monthly basis, fees at the annual rate of 0.15% of each Fund’s average daily net assets.

The Trust had also entered into an agreement with Boston Financial Data Services, Inc. (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Funds a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with Funds Management on behalf of the Funds. Under this Agreement, for providing administrative services, which now includes paying the Funds’ fees and expenses for services provided by the Funds’ transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is entitled to receive an annual fee of 0.17% of the average daily net assets of a Fund.

Funds Management has committed to reimburse each Fund for some of its operating expenses or to waive a portion of the fees payable to it in order to maintain a certain operating expense ratio. Funds Management has committed through July 31, 2004 to maintain the current net operating expense ratio for each Fund. Actual reimbursements and waivers can have a positive effect on performance information. For the six months ended September 30, 2003, Funds Management waived a portion of each Fund’s expenses as follows: first from advisory fees, and then any remaining amounts consecutively from administration, custody and shareholder servicing fees collected. Expense waiver information is included in the Funds’ Statement of Operations.

Effective the first quarter of 2003, PFPC Inc. (“PFPC”) serves as fund accountant for the Funds. For these services, PFPC is entitled to receive an annual asset based fund complex fee, an annual fee of $20,000 from each Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC served as fund accountant and was entitled to receive a fixed monthly fee, a basis point fee of 0.0025% of the average daily net assets of each Fund, plus out-of-pocket expenses.

In addition, the Trust has entered into a contract on behalf of the Funds with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank, MN”), whereby Wells Fargo Bank, MN is responsible for providing custody services for the Funds. Pursuant to the contract, Wells Fargo Bank, MN is entitled to certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of each Fund.

29

WELLSFARGOMONEYMARKETTRUSTS BOARDOFTRUSTEES

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of each Fund. Each of the Trustees listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES**

Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994-1999.	None
Peter G. Gordon 61	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

30

BOARDOFTRUSTEES WELLSFARGOMONEYMARKETTRUSTS

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

* 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.

** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

31

MONEYMARKETFUNDS LISTOFABBREVIATIONS

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 Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
STEERS	— Structured Enhanced Return Trust
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

32

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo 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. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.  

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 010 (11/03)

WELLS FARGO

FUNDS

Wells Fargo Overland Express Sweep Fund

Semi-Annual Report

Wells Fargo Overland Express Sweep Fund

September 30, 2003

WELLSFARGOOVERLANDEXPRESSSWEEPFUND

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
MONEY MARKET OVERVIEW	2
PERFORMANCE HIGHLIGHTS
OVERLANDEXPRESSSWEEPFUND	4
PORTFOLIO OF INVESTMENTS
OVERLANDEXPRESSSWEEPFUND	5
FINANCIAL STATEMENTS
STATEMENTOFASSETSANDLIABILITIES	9
STATEMENTOFOPERATIONS	10
STATEMENTSOFCHANGESINNETASSETS	11
FINANCIALHIGHLIGHTS	12
NOTESTOFINANCIALHIGHLIGHTS	14
NOTES TO FINANCIAL STATEMENTS	15
BOARD OF TRUSTEES	17
LIST OF ABBREVIATIONS	19

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

This page is intentionally left blank —

SHAREHOLDERLETTER WELLSFARGOOVERLANDEXPRESSSWEEPFUND

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Overland Express Sweep Fund semi-annual report for the six-month period ending September 30, 2003. On the following pages, you will find the money market overview and facts and figures about the Fund’s portfolio.

OVERVIEW OF FINANCIAL MARKETS

Despite attempts by the federal government to boost the economy early in the year, the economy remained mired in weakness early in the reporting period. The Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1% in June, the lowest level in half a century. Still, unemployment continued to rise and a record fiscal year 2003 federal budget deficit loomed on the horizon, suggesting that tax revenues were not growing fast enough to cover government spending.

Market volatility that was caused by uncertainty over the possibility of war in Iraq was followed by uncertainty over the direction and magnitude of changes in Fed policy. Mortgage refinancing and consumer spending activity remained strong despite a back-up in intermediate-term interest rates. Economic growth began picking up steam during the summer, while corporate earnings exceeded expectations. Even employment data began showing improvement in September. Indeed, there were reasons to be optimistic about the U.S. economy as the end of 2003 approached.

WELLS FARGO OVERLAND EXPRESS SWEEP FUND

The Fed’s decision to cut interest rates by just a quarter percentage point to 1% at its June 25, 2003 policy meeting brought interest rates down to levels not seen since the 1950s. Unfortunately, the rate cut did not meet investor expectations and interest rates were volatile through the end of the period in reaction to comments from the Fed and changing views on the outlook for economic growth. Despite a challenging environment for investors, the Wells Fargo Overland Express Sweep Fund achieved its investment objectives of maintaining a stable net asset value.

It is important to remember that no one can accurately predict the future direction of short-term interest rates. We continue to maintain a more prudent investment strategy and do not pursue strategies that seek to boost yield at the expense of safety and liquidity. We believe that the pursuit of additional yield creates volatility that can potentially undermine Fund performance during uncertain markets.

INVESTMENT STRATEGIES IN CHALLENGING TIMES

Investors are counting on reasonably good earnings growth to propel stocks higher during the balance of 2003, overcoming potential hurdles to any future rally created by seemingly “rich” valuations and by upward pressure on interest rates. With pricing power still weak throughout much of the economy, most businesses will rely on further cost cutting to propel margins enough to sustain double-digit earnings growth. Meanwhile, bond investors may insulate portfolios from a potential rise in interest rates by gradually moving away from longer-term securities as well as by investing in high coupon bonds or mortgage-backed securities that hold up better in a rising interest rate environment. Regardless of what lies ahead, investors should continue to follow the fundamentals of investing — asset allocation and diversification — in an effort to achieve their long-term financial goals.

We would like to thank you for choosing Wells Fargo Funds. We appreciate your confidence in us during this uncertain time period. 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 visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

WELLSFARGOOVERLANDEXPRESSSWEEPFUND MONEYMARKETOVERVIEW

MONEYMARKETOVERVIEW

This report covers the six-month period ended September 30, 2003.

This reporting period can be divided into two distinct segments. During the first three months of the period, interest rates moved lower as slow economic growth led many to believe that the Federal Reserve Board (the Fed) would continue its attempt to spur growth by aggressively lowering short-term interest rates. The second half of the period was characterized by rising interest rates, the result of the Fed’s interest rate cut in June not meeting investor expectations.

PRIME MONEY MARKET SECURITIES

For the first three months of the period, the yield curve flattened. Short-term money market investments (those maturing in less than three months) remained stable, while longer-term money market investments (those maturing in more than thirteen months) declined. By mid-June, the yield on one-year investments had declined 25 basis points to below 1%, while the Federal Funds rate remained near 1.25%. Despite warnings that their expectations were unrealistic, investors continued to expect a 50 basis point reduction in the Federal Funds rate in June. When the rate was lowered only 25 basis points, the market began to re-evaluate its outlook for continued regular rate cuts and the yields on longer-term money market investments began to move higher. By the end of the period, the one-year London Interbank Offered Rate (LIBOR) stood at 1.30% after peaking at 1.50% near the end of August.

The amount of commercial paper outstanding continued to decline during the period, as issuers took advantage of the record low bond yields to extend their debt. The amount of top rated commercial paper outstanding fell by more than 5% during the period, from $1.207 trillion to $1.144 trillion, reflecting a decrease of nearly 20% from the peak of $1.413 trillion in December 2000.

Credit quality also remained a concern during the reporting period. While the pace of downgrades slowed somewhat, accounting issues at some of the Government Sponsored Entities, and questions about corporate governance policies at the New York Stock Exchange, did not help to restore investor confidence in management policies, abilities, and integrity.

U.S. TREASURY SECURITIES

Although the Fed eventually did cut the Federal Funds rate by 25 basis points to 1.00%, Treasury bills had been pricing based on the assumption that there would be a 50 basis point cut. Even the one-year Treasury note traded below 0.90% in the days preceding the June rate cut. These low rates coincided with quarter-end demand pressures in June, causing the short-end of the Treasury market (less than three months) to remain overpriced for an unusually longer period of time than what typically follows a market disappointment. Eventually Treasury bill pricing became more reasonable, and the longer end of the market became relatively cheap. As budget deficit projections ballooned, expectations of a greater supply of Treasury bills and the general expectation of higher interest rates drove the price of Treasury bills into the mid 0.90’s to low 1.00’s.

Over this reporting period, the supply of Treasury bills greatly contracted: the issuance of Treasury bills for the first week of April stood at $72 billion, and declined to $44 billion by the end of the period. While the April issuance was largely due to seasonal factors, Treasury bill issuance did not meet expectations as the period progressed and Treasuries became more expensive. Evidence of this could be seen during September, when the U.S. Treasury Department had to issue cash management bills to cover a temporary cash shortfall early in the month. Continued issuance may point to the need for the Treasury to increase auction size in the coming months.

U.S. GOVERNMENT AGENCY SECURITIES

Spreads between U.S. Government agency offerings and money market securities continued to tighten during the period. Interest rates, concerns over the ability of government agencies to manage interest rate risk, losses in the Federal Home Loan Bank of New York’s bond portfolio, and an accounting scandal at the Federal Home Loan Mortgage Corporation (FHLMC) drove yields on U.S. Government agency securities higher on a relative basis. For a period in June, after the FHLMC accounting issues were made public, FHLMC discount notes traded more cheaply than A-1/P-1 bank commercial paper. Eighteen month floating rate paper from the Federal National Mortgage Association (FNMA) and FHLMC traded at similar discount margins to one-year asset-backed conduit program floaters. The number of callable issues continued to increase, but at a slower pace as rates declined in September. By the end of the period, changes in the regulation of FNMA and FHLMC seemed inevitable (although it may be a long and arduous process).

2

MONEYMARKETOVERVIEW WELLSFARGOOVERLANDEXPRESSSWEEPFUND

TAX-FREE SECURITIES

The number of new municipal issues continued to increase swiftly as issuers found that it was often cheaper to issue variable rate securities than use the swap market to hedge interest rate risk. As variable rates surged to 103% of the one-month LIBOR in mid-April, the vast supply of variable rate demand notes increased, making it somewhat easier to invest the seasonal July cash inflows.

Fixed rate municipal securities were volatile during the reporting period. One-year paper started the period at 1.10% and interest rates plummeted to 0.80% at the peak of note season in late June. California was on the verge of running out of cash, as legislative parties were at odds over approving a budget. Standard and Poor’s was one of the driving forces behind breaking the stalemate by downgrading the state from A to BBB in late July. The price of California Revenue Anticipation Warrants (RAWs) plummeted as their yields skyrocketed from 1.15% to 2.00%.

Texas issued record-breaking Tax and Revenue Anticipation Notes in late August, exceeding municipal demand and splitting the one-year sector into three markets – the general market, the California market, and the Texas market. The one-year municipal securities markets finally settled down in early September as rates hovered near 1.00% for general market paper, 1.10% for Texas paper, and 1.60% for California RAWs.

STRATEGIC OUTLOOK

While the overnight interest rate has been stable, longer money market rates have increased considerably since the mid-point of the reporting period. With the U.S. economy picking up steam and the U.S. dollar weakening overseas, we believe that interest rates may continue to move higher. That increase, when accompanied by outflows from institutional investors, could trigger a challenging period for all money market funds. However, we do not believe that aggressively positioning a money market fund to boost its yield at the risk of jeopardizing its net asset value (NAV) would be appropriate, and we will continue to position the portfolios and select their investments in an ongoing effort to maintain a stable $1.00 NAV.

The views expressed are as of September 30, 2003 and are those of the Funds’ manager. 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 Money Market Funds.

3

WELLSFARGOOVERLANDEXPRESSSWEEPFUND PERFORMANCEHIGHLIGHTS

WELLSFARGOOVERLANDEXPRESSSWEEPFUND

INVESTMENT OBJECTIVE

The Wells Fargo Overland Express Sweep Fund (the Fund) seeks a high level of current income, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

10/01/91

AVERAGE ANNUAL TOTAL RETURN¹ (%) (AS OF SEPTEMBER 30, 2003)

	6-Month*		1-Year		5-Year		10-Year
Wells Fargo Overland Express Sweep Fund	0.05	%	0.22	%	2.88	%	3.50	%
Benchmark
iMoneyNet First Tier Retail Money Fund Average2	0.23	%	0.62	%	3.59	%	4.90	%

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.10	%
7-Day Compound Yield	0.10	%
30-Day Simple Yield	0.10	%
30-Day Compound Yield	0.10	%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Weighted Average Maturity	51 days
Number of Holdings	99

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. The Fund’s Adviser also has voluntarily waived fees and/or reimbursed expenses, which reduced operating expenses. Actual reductions of operating expenses increased total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.00%.

Performance shown for the Wells Fargo Overland Express Sweep Fund for periods prior to November 8, 1999, reflects performance of the Stagecoach Overland Express Fund, its predecessor fund. Effective at the close of business November 5, 1999, the Stagecoach Funds were reorganized into the Wells Fargo Funds. Performance shown for periods prior to December 15, 1997, reflects performance of the predecessor Overland Express Funds, Inc. portfolio.

²The iMoneyNet First Tier Retail Money Fund Average is an average of non-government retail funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³Portfolio holdings and characteristics are subject to change.

4

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOOVERLANDEXPRESSSWEEPFUND

OVERLANDEXPRESSSWEEPFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Certificates of Deposit – 4.36%
$	75,000,000	Credit Agricole Indosuez	1.03	%	10/03/2003	$	75,000,000
	50,000,000	Lloyds TSB Bank	1.18		12/03/2003		49,992,142
	35,000,000	Svenska Handelsbanken	1.18		12/03/2003		34,994,195
	50,000,000	Unicredito Italiano SPA	1.04		10/20/2003		50,000,000
Total Certificates of Deposit (Cost $209,986,337)							209,986,337
Commercial Paper – 56.65%
	70,000,000	Amstel Funding Corporationª	0.94	†	12/29/2003		69,837,328
	70,000,000	Amstel Funding Corporationª	1.14	†	03/16/2004		69,629,817
	40,000,000	Atlantis One Funding Corporationª	1.26	†	10/16/2003		39,979,000
	45,000,000	Banco Bilbao Vizcaya Argentaria Puerto Ricoª	1.09	†	12/10/2003		44,904,625
	50,000,000	Banco Bilbao Vizcaya Argentaria Puerto Ricoª	1.10	†	12/15/2003		49,885,937
	87,000,000	Beta Finance Incorporatedª	1.11	†	03/15/2004		86,554,705
	40,000,000	CAFCO LLCª	1.07	†	11/25/2003		39,934,611
	47,500,000	CC (USA) Incorporatedª	1.05	†	10/27/2003		47,463,979
	35,000,000	CDC Commercial Paper Corporationª	1.15	†	10/01/2003		35,000,000
	46,500,000	Charta LLCª	1.07	†	10/02/2003		46,498,618
	35,000,000	Charta LLCª	1.04	†	10/23/2003		34,977,755
	50,000,000	Citigroup Global	1.03	†	10/01/2003		50,000,000
	70,000,000	Concord Minutemen Capital Company LLCª	1.12	†	10/06/2003		69,989,111
	50,000,000	Crown Point Capital Company LLCª	1.05	†	10/15/2003		49,979,583
	50,000,000	Crown Point Capital Company LLCª	1.12	†	01/16/2004		49,833,556
	40,000,000	Eureka Securitization Incorporatedª	1.04	†	10/22/2003		39,975,733
	33,750,000	Galaxy Funding Incorporatedª	1.09	†	11/05/2003		33,714,234
	23,927,000	Galaxy Funding Incorporatedª	1.07	†	12/10/2003		23,877,219
	102,500,000	Gemini Securitization Incorporatedª	1.07	†	11/13/2003		102,368,999
	73,000,000	Govco Incorporatedª	1.08	†	11/19/2003		72,892,690
	105,000,000	Grampian Funding LLCª	1.11	†	01/28/2004		104,614,737
	60,000,000	HBOs Treasury Services plc	1.04	†	10/02/2003		59,998,275
	70,000,000	HBOs Treasury Services plc	1.03	†	10/10/2003		69,981,975
	36,525,000	Holdenby Capital Company LLCª	1.20	†	02/18/2004		36,354,550
	50,000,000	HSBC Bank Canadaª	1.22	†	02/04/2004		49,786,500
	25,000,000	Ivory Funding Corporationª	1.25	†	10/01/2003		25,000,000
	141,700,000	K2 (USA) LLCª	1.10	†	12/01/2003		141,435,887
	50,000,000	Lexington Parker Capital Corporationª	1.13	†	02/27/2004		49,766,153
	35,000,000	Lexington Parker Capital Corporationª	1.16	†	03/02/2004		34,827,450
	42,627,000	Liberty Street Funding Corporationª	1.05	†	10/28/2003		42,593,431
	20,000,000	Liberty Street Funding Corporationª	1.07	†	12/23/2003		19,950,661
	35,000,000	Liquid Funding Limitedª	1.04	†	10/21/2003		34,979,778
	40,000,000	Liquid Funding Limitedª	1.08	†	10/27/2003		39,968,800
	50,000,000	Moat Funding LLCª	1.10	†	01/15/2004		49,838,056
	100,000,000	Natexis Banque Populaires	1.04	†	10/07/2003		99,982,667
	75,000,000	National Bank of New Zealand International Limitedª	1.09	†	12/17/2003		74,825,146
	40,000,000	Nationwide Building Society	1.08	†	12/02/2003		39,925,600
	16,000,000	Neptune Funding Corporationª	1.25	†	10/28/2003		15,985,000

5

WELLSFARGOOVERLANDEXPRESSSWEEPFUND PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

OVERLANDEXPRESSSWEEPFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Commercial Paper (continued)
$	25,000,000	Neptune Funding Corporationª	0.97	%†	12/18/2003	$	24,947,458
	26,232,000	Ness LLCª	1.04	†	10/22/2003		26,216,086
	20,112,000	Ness LLCª	1.05	†	10/24/2003		20,098,508
	65,000,000	Network Rail Commercial Paper Finance plcª	1.03	†	11/10/2003		64,925,611
	50,000,000	Nordea North America Incorporated	1.08	†	12/29/2003		49,866,500
	60,000,000	Perry Global Funding Limitedª	1.07	†	11/06/2003		59,935,800
	30,000,000	Regency Markets Number 1 LLCª	1.10	†	11/20/2003		29,954,167
	70,000,000	Spintab (Swedmortgage) AB	1.07	†	11/07/2003		69,923,019
	71,937,000	Swedbank	1.08	†	10/08/2003		71,921,893
	55,196,000	Ticonderoga Funding LLCª	1.07	†	12/15/2003		55,072,959
	36,298,000	White Pine Finance LLCª	1.05	†	10/10/2003		36,288,472
	49,277,000	White Pine Finance LLCª	1.19	†	11/10/2003		49,211,845
	125,000,000	Yorktown Capital LLCª	1.07	†	10/24/2003		124,914,549
Total Commercial Paper (Cost $2,730,389,033)							2,730,389,033
Discount Notes – Agency – 6.70%
Federal Home Loan Bank – 0.52%
	25,000,000	FHLB	1.25	†	11/03/2003		24,971,354
Federal Home Loan Mortgage Corporation – 1.90%
	92,200,000	FHLMC	1.14	†	02/26/2004		91,767,889
Federal National Mortgage Association – 4.28%
	70,100,000	FNMA	1.01	†	10/15/2003		70,072,467
	6,200,000	FNMA	1.11	†	01/02/2004		6,182,222
	80,180,200	FNMA	1.11	†	01/02/2004		79,950,283
	50,000,000	FNMA	1.07	†	01/28/2004		49,823,153
							206,028,125
Total Discount Notes – Agency (Cost $322,767,368)							322,767,368
Fixed Rate Notes – Agency – 1.13%
Federal Home Loan Bank – 0.21%
	10,000,000	FHLB	3.38		05/14/2004		10,124,092
Federal National Mortgage Association – 0.92%
	43,700,000	FNMA	5.13		02/13/2004		44,325,905
Total Fixed Rate Notes – Agency (Cost $54,449,997)							54,449,997
Fixed Rate Notes – Corporate – 1.14%
	35,000,000	Liberty Lighthouse US Capital Companyª	1.40		08/16/2004		34,998,474
	20,000,000	Links Finance LLC	2.00		10/10/2003		20,000,000
Total Fixed Rate Notes – Corporate (Cost $54,998,474)							54,998,474
Floating Rate Commercial Paper – 0.52%
	25,000,000	Liquid Funding Limited±	1.12		03/05/2004		25,000,000
Total Floating Rate Commercial Paper (Cost $25,000,000)							25,000,000

6

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOOVERLANDEXPRESSSWEEPFUND

OVERLANDEXPRESSSWEEPFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Floating Rate Funding Agreement – 0.62%
$	30,000,000	Bear Stearns Companies Incorporated±	1.11	%	04/05/2004	$	29,998,476
Total Floating Rate Funding Agreement (Cost $29,998,476)							29,998,476
Floating Rate Note – Agency – 1.87%
Federal Home Loan Mortgage Corporation – 1.87%
	90,000,000	FHLMC±	1.04		02/04/2005		89,939,618
Total Floating Rate Note – Agency (Cost $89,939,618)							89,939,618
Floating Rate Notes – Corporate – 15.92%
	47,500,000	Aegon NV±	1.15		06/03/2004		47,471,416
	50,000,000	Allstate Financial Global Funding LLC±ª	1.22		12/16/2003		50,010,074
	29,000,000	American Express Centurion Bank±	1.12		12/23/2003		29,000,000
	45,000,000	Associates Corporation of North America±	1.24		06/25/2004		45,000,000
	23,200,000	Bear Stearns Companies Incorporated±	1.37		12/12/2003		23,206,428
	48,500,000	Bear Stearns Companies Incorporated±	1.56		10/22/2004		48,742,141
	50,000,000	Belford US Capital Company±ª	1.11		01/14/2004		50,000,000
	25,000,000	Belford US Capital Company±ª	1.12		03/08/2004		25,000,000
	20,000,000	Belford US Capital Company±ª	1.12		04/22/2004		20,000,000
	32,500,000	CC (USA) Incorporated±ª	1.07		07/01/2004		32,492,701
	50,000,000	CC (USA) Incorporated±ª	1.12		07/15/2004		50,007,916
	55,000,000	Fortis Finance NV±	1.12		10/03/2003		55,000,114
	50,000,000	Household Finance Corporation±	1.49		05/28/2004		50,122,349
	46,000,000	John Hancock Global Funding II±ª	1.13		12/10/2003		45,999,174
	15,000,000	John Hancock Global Funding II±ª	1.24		08/30/2004		15,016,700
	25,000,000	Liberty Lighthouse US Capital Company±ª	1.11		05/06/2004		25,000,000
	25,000,000	Northern Rock plc±ª	1.14		11/19/2003		25,000,000
	50,000,000	Northern Rock plc±ª	1.14		01/16/2004		50,000,000
	57,500,000	Northern Rock plc±ª	1.13		02/11/2004		57,259,954
	23,000,000	White Pine Finance LLC±ª	1.08		09/13/2004		22,992,263
Total Floating Rate Notes – Corporate (Cost $767,321,230)							767,321,230
Promissory Notes – 0.98%
	20,000,000	Goldman Sachs Group Incorporated±	1.15		07/26/2004		20,000,000
	27,000,000	Goldman Sachs Group Incorporated±	1.19		07/26/2004		27,000,000
Total Promissory Notes (Cost $47,000,000)							47,000,000
Repurchase Agreements – 4.91%
	50,000,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		50,000,000
	31,614,000	Credit Suisse First Boston – 102% Collateralized by US Government Securities	1.13		10/01/2003		31,614,000
	55,000,000	Goldman Sachs Group Incorporated – 102% Collateralized by US Government Securities	1.16		10/01/2003		55,000,000
	100,000,000	UBS Warburg LLC – 102% Collateralized by US Government Securities	1.13		10/01/2003		100,000,000
Total Repurchase Agreements (Cost $236,614,000)							236,614,000

7

WELLSFARGOOVERLANDEXPRESSSWEEPFUND PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

OVERLANDEXPRESSSWEEPFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Time Deposits – 7.05%
$	50,000,000	Banque Nationale de Paris	1.16	%	10/01/2003	$	50,000,000
	35,000,000	Dankske Bank A/S	1.16		10/01/2003		35,000,000
	110,000,000	ING Bank Brussels	1.18		10/01/2003		110,000,000
	110,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		110,000,000
	35,000,000	Societe Generale	1.16		10/01/2003		35,000,000
Total Time Deposits (Cost $340,000,000)							340,000,000

Total Investments In Securities (Cost $4,908,464,533)*	101.85	%	$	4,908,464,533
Other Assets and Liabilities, Net	(1.85	)		(89,042,049	)
Total Net Assets	100.00	%	$	4,819,422,484

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

ª 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

± Variable Rate Securities.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

8

STATEMENTOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOOVERLANDEXPRESSSWEEPFUND

	Overland Express Sweep
ASSETS
INVESTMENTS:
In securities, at amortized cost	$	4,671,850,533
Repurchase Agreements, at cost		236,614,000
TOTALINSECURITIES,ATMARKETVALUE	$	4,908,464,533
Cash		50,062
Receivable for dividends and interest and other receivables		2,630,447
TOTALASSETS		4,911,145,042
LIABILITIES
Payable for investment purchased		86,132,505
Dividends Payable		404,813
Payable for investment adviser and affiliates (Notes 3 and 7)		1,833,849
Payable to other related parties (1)		2,428,089
Accrued expenses and other liabilities		923,302
TOTALLIABILITIES		91,722,558
TOTALNETASSETS	$	4,819,422,484
NETASSETSCONSISTOF:
Paid-in capital	$	4,819,399,306
Undistributed (overdistributed) net investment income (loss)		(172	)
Undistributed net realized gain (loss) on investments		23,350
TOTALNETASSETS	$	4,819,422,484
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net assets	$	4,819,422,484
Shares outstanding		4,819,424,220
Net asset value and offering price per share	$	1.00

(1) Other related parties include the Fund’s trustees and distributor.

9

The accompanying notes are an integral part of these financial statements.

WELLSFARGOOVERLANDEXPRESSSWEEPFUND STATEMENT OF OPERATIONS — FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2003 (UNAUDITED)

Overland Express Sweep
INVESTMENTINCOME
Interest	$	29,304,637
TOTALINVESTMENTINCOME		29,304,637
EXPENSES
Advisory fees		10,951,746
Administration fees (Note 5)		6,571,047
Custody		486,744
Shareholder servicing fees		7,301,164
Portfolio accounting fees		148,749
Distribution fees		7,301,164
Legal and audit fees		18,995
Registration fees		21,341
Trustees’ fees		3,195
Shareholder reports		2,792
Other		42,018
TOTALEXPENSES		32,848,955
LESS:
Waived fees and reimbursed expenses (Note 5)		(5,987,938	)
Net expenses		26,861,017
NETINVESTMENTINCOME (LOSS)		2,443,620
Net realized gain (loss) from investments		20,404
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	2,464,024

The accompanying notes are an integral part of these financial statements.

10

STATEMENTSOFCHANGESINNETASSETS WELLSFARGOOVERLANDEXPRESSSWEEPFUND

	OVERLANDEXPRESSSWEEP
	(Unaudited) For the Six Months Ended September 30, 2003			For the Year Ended March 31, 2003
INCREASE (DECREASE)INNETASSETS
Beginning net assets	$	5,084,537,775		$	6,107,674,502
OPERATIONS:
Net investment income (loss)		2,443,620			28,740,468
Net realized gain (loss) from investments		20,404			3,145
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		2,464,024			28,743,613
Distributions to shareholders:
From net investment income		(2,443,620	)		(28,740,468	)
Capital shares transactions:
Proceeds from shares sold		6,689,441,244			12,454,028,246
Reinvestment of dividends		901,245			10,644,149
Cost of shares redeemed		(6,955,478,184	)		(13,487,812,267	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITALSHARETRANSACTIONS		(265,135,695	)		(1,023,139,872	)
INCREASE (DECREASE)INNETASSETS		(265,115,291	)		(1,023,136,727	)
NETASSETS:
ENDINGNETASSETS	$	4,819,422,484		$	5,084,537,775
Shares issued and redeemed:
Shares sold		6,689,441,244			12,454,042,526
Shares issued in reinvestment of dividends		901,245			10,644,149
Shares redeemed		(6,955,478,184	)		(13,487,812,267	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING		(265,135,695	)		(1,023,125,592	)
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME (LOSS)	$	(172	)	$	(172	)

The accompanying notes are an integral part of these financial statements.

11

WELLSFARGOOVERLANDEXPRESSSWEEPFUND FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Dividends From Net Investment Income		Ending Net Asset Value Per Share
OVERLANDEXPRESSSWEEPFUND
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00		$	1.00
April 1, 2002 to March 31, 2003	$	1.00	0.01	(0.01	)	$	1.00
April 1, 2001 to March 31, 2002	$	1.00	0.02	(0.02	)	$	1.00
April 1, 2000 to March 31, 2001	$	1.00	0.05	(0.05	)	$	1.00
April 1, 1999 to March 31, 2000	$	1.00	0.04	(0.04	)	$	1.00
April 1, 1998 to March 31, 1999	$	1.00	0.04	(0.04	)	$	1.00

The accompanying notes are an integral part of these financial statements.

12

FINANCIALHIGHLIGHTS WELLSFARGOOVERLANDEXPRESSSWEEPFUND

Ratio to Average Net Assets (Annualized)(1)			Total Return(2)	Net Assets at End of Period (000’s Omitted)
Net Investment Income	Net Expenses	Gross Expenses
0.10%	1.10%	1.35%	0.05%	$	4,819,422
0.52%	1.25%	1.25%	0.52%	$	5,084,538
2.13%	1.25%	1.25%	2.26%	$	6,107,675
5.21%	1.25%	1.25%	5.35%	$	4,924,869
4.29%	1.25%	1.29%	4.32%	$	3,863,612
4.16%	1.25%	1.28%	4.26%	$	3,097,219

13

WELLSFARGOOVERLANDEXPRESSSWEEPFUND NOTESTOFINANCIALHIGHLIGHTS

NOTESTOFINANCIALHIGHLIGHTS

(1)	During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 5).
(2)	Total return calculations 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.

The accompanying notes are an integral part of these financial statements.

14

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOOVERLANDEXPRESSSWEEPFUND

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company. The Trust commenced operations on November 8, 1999, and is currently comprised of 68 separate series. These financial statements present the Overland Express Sweep Fund (the “Fund”), a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies which are consistently followed by the Trust in the preparation of its financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SECURITYVALUATION

The Fund invests only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolio may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity.

The Fund uses the amortized cost method to value its portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Fund seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so.

SECURITIESTRANSACTIONSANDINCOMERECOGNITION

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.

REPURCHASEAGREEMENTS

The Fund may enter into 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 Fund’s 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 held by the Fund 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.

DISTRIBUTIONSTOSHAREHOLDERS

Net investment income is declared daily and distributed to shareholders monthly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. The timing and character of distributions made during the period from net investment income or net realized gains may also differ from their ultimate characterization for federal income tax purposes. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

FEDERALINCOMETAXES

The 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 complying with the provisions applicable to regulated investment companies, as defined under subchapter M of the Internal Revenue Code, and to make distributions of 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 at September 30, 2003.

15

WELLSFARGOOVERLANDEXPRESSSWEEPFUND NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

3. ADVISORY FEES

The Trust has entered into an advisory contract on behalf of the Fund with Wells Fargo Funds Management, LLC (“Funds Management”). Pursuant to the advisory contract, Funds Management has agreed to provide the Fund with daily portfolio management for which Funds Management is entitled to be paid a monthly advisory fee at the annual rate of 0.45% of the Fund’s average daily net assets.

The Fund’s adviser is responsible for implementing the investment policies and guidelines for the Fund, and for supervising the sub-adviser who is responsible for the day-to-day portfolio management of the Fund.

Wells Capital Management Incorporated (“Wells Capital Management”), an affiliate of Funds Management, acts as investment sub-adviser to the Fund. Wells Capital Management is entitled to receive from Funds Management, as compensation for its sub-advisory services to the Fund, a monthly fee at the annual rate of 0.05% of the Fund’s average daily net assets up to $1 billion and 0.04% of the Fund’s average daily net assets in excess of $1 billion.

4. DISTRIBUTION FEES

The Trust has adopted a Distribution Plan (the “Plan”) on behalf of the Fund pursuant to Rule 12b-1 under the 1940 Act. The Plan provides that the Fund may pay to Stephens Inc. (“Stephens”), as compensation for distribution-related services or as reimbursement for distribution-related expenses, a monthly fee at an annual rate of 0.30% of the Fund’s average daily net assets. The distribution fees paid on behalf of the Fund for the six months ended September 30, 2003 are disclosed on the Statement of Operations.

5. ADMINISTRATION AND TRANSFER AGENT FEES

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Funds. Under the Administration Agreement, Funds Management acted as administrator to the Funds and was entitled to receive, on a monthly basis, fees at the annual rate of 0.15% of each Fund’s average daily net assets.

The Trust had also entered into an agreement with Boston Financial Data Services, Inc. (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Funds a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with Funds Management. Under this Agreement, for providing administrative services, which now includes paying the Funds’ fees and expenses for services provided by the Funds’ transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is entitled to receive an annual fee of 0.27% of the average daily net assets of the Fund.

Funds Management has committed to reimburse the Fund for some of its operating expenses or to waive a portion of the fees payable to it in order to maintain a certain operating expense ratio. Funds Management has committed through July 31, 2004 to maintain the current net operating expense ratio for the Fund. Actual reimbursements and waivers can have a positive effect on performance information. For the six months ended September 30, 2003, Funds Management waived a portion of the Fund’s expenses, first from advisory fees, and then any remaining amount consecutively from administration, custody and shareholder servicing fees collected. Expense waiver information is included in the Fund’s Statement of Operations.

6. SHAREHOLDER SERVICING FEES

The Trust has entered into a contract on behalf of the Fund with numerous shareholder servicing agents, whereby the Fund is charged an annual fee of 0.30% of the average daily net assets of the Fund for these services. The shareholder servicing fees paid on behalf of the Fund for the six months ended September 30, 2003 are disclosed on the Statement of Operations.

7. OTHER FEES AND TRANSACTIONS WITH AFFILIATES

Effective the first quarter of 2003, PFPC, Inc. (“PFPC”) serves as fund accountant for the Fund. For these services, PFPC is entitled to receive an annual asset based fund fee, an annual fixed fee of $20,000 from the Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC served as fund accountant and was entitled to receive a fixed monthly per fund fee, a basis point fee of 0.0025% of the average daily net assets of the Fund, and was reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

The Trust has entered into a contract on behalf of the Fund with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank, MN”), whereby Wells Fargo Bank, MN is responsible for providing custody services for the Fund. Pursuant to the contract, Wells Fargo Bank, MN is entitled to certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of the Fund.

16

BOARDOFTRUSTEES WELLSFARGOOVERLANDEXPRESSSWEEPFUND

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES**

Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994—1999.	None
Peter G. Gordon 61	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

17

WELLSFARGOOVERLANDEXPRESSSWEEPFUND BOARDOFTRUSTEES

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

* The Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request, by calling 1-800-222-8222.

** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

18

LISTOFABBREVIATIONS WELLS FARGO OVERLAND EXPRESS SWEEP FUND

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 Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
STEERS	— Structured Enhanced Return Trust
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

19

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo 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. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.  

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 011 (11/03)

WELLS FARGO

FUNDS

Wells Fargo Money Market Funds

Semi-Annual Report

Wells Fargo Liquidity Reserve Money Market Fund

Investor Class

September 30, 2003

WELLSFARGOMONEYMARKETFUNDS

TABLEOFCONTENTS

LETTER TO SHAREHOLDERS	1
MONEY MARKET OVERVIEW	3
PERFORMANCE HIGHLIGHTS
LIQUIDITYRESERVEMONEYMARKETFUND	5
PORTFOLIO OF INVESTMENTS
LIQUIDITYRESERVEMONEYMARKETFUND	6
FINANCIAL STATEMENTS
STATEMENTOFASSETSANDLIABILITIES	9
STATEMENTOFOPERATIONS	10
STATEMENTSOFCHANGESINNETASSETS	11
FINANCIALHIGHLIGHTS	12
NOTESTOFINANCIALHIGHLIGHTS	14
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)	15
BOARD OF TRUSTEES	17
LIST OF ABBREVIATIONS	19

NOT FDIC INSURED–NO BANK GUARANTEE–MAY LOSE VALUE

This page is intentionally left blank —

SHAREHOLDERLETTER WELLSFARGOMONEYMARKETFUNDS

DEARVALUEDSHAREHOLDER,

We are pleased to provide you with this Wells Fargo Liquidity Reserve Money Market Fund semi-annual report for the six-month period ending September 30, 2003. On the following pages, you will find the money market overview and facts and figures about the Fund’s portfolio.

OVERVIEW OF FINANCIAL MARKETS

Despite attempts by the federal government to boost the economy early in the year, the economy remained mired in weakness early in the reporting period. The Federal Reserve Board (the Fed) cut short-term interest rates from 1.25% to 1% in June, the lowest level in half a century. Still, unemployment continued to rise and a record fiscal year 2003 federal budget deficit loomed on the horizon, suggesting that tax revenues were not growing fast enough to cover government spending.

Market volatility that was caused by uncertainty over the possibility of war in Iraq was followed by uncertainty over the direction and magnitude of changes in Fed policy. Mortgage refinancing and consumer spending activity remained strong despite a back-up in intermediate-term interest rates. Economic growth began picking up steam during the summer, while corporate earnings exceeded expectations. Even employment data began showing improvement in September. Indeed, there were reasons to be optimistic about the U.S. economy as the end of 2003 approached.

WELLS FARGO LIQUIDITY RESERVE MONEY MARKET FUND

The Fed’s decision to cut interest rates by just a quarter percentage point to 1% at its June 25, 2003 policy meeting brought interest rates down to levels not seen since the 1950s. Unfortunately, the rate cut did not meet investor expectations and interest rates were volatile through the end of the period in reaction to comments from the Fed and changing views on the outlook for economic growth. Despite a challenging environment for investors, the Wells Fargo Liquidity Reserve Money Market Fund achieved its investment objectives of maintaining a stable net asset value.

It is important to remember that no one can accurately predict the future direction of short-term interest rates. We continue to maintain a more prudent investment strategy and do not pursue strategies that seek to boost yield at the expense of safety and liquidity. We believe that the pursuit of additional yield creates volatility that can potentially undermine Fund performance during uncertain markets.

INVESTMENT STRATEGIES IN CHALLENGING TIMES

Investors are counting on reasonably good earnings growth to propel stocks higher during the balance of 2003, overcoming potential hurdles to any future rally created by seemingly “rich” valuations and by upward pressure on interest rates. With pricing power still weak throughout much of the economy, most businesses will rely on further cost cutting to propel margins enough to sustain double-digit earnings growth. Meanwhile, bond investors may insulate portfolios from a potential rise in interest rates by gradually moving away from longer-term securities as well as by investing in high coupon bonds or mortgage-backed securities that hold up better in a rising interest rate environment. Regardless of what lies ahead, investors should continue to follow the fundamentals of investing — asset allocation and diversification — in an effort to achieve their long-term financial goals.

We would like to thank you for choosing Wells Fargo Funds. We appreciate your confidence in us during this uncertain time period. 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 visit our Web site at www.wellsfargofunds.com.

Sincerely,

Karla M. Rabusch

President

Wells Fargo Funds

1

This page is intentionally left blank —

MONEYMARKETOVERVIEW WELLSFARGOMONEYMARKETFUNDS

MONEYMARKETOVERVIEW

This report covers the six-month period ended September 30, 2003.

This reporting period can be divided into two distinct segments. During the first three months of the period, interest rates moved lower as slow economic growth led many to believe that the Federal Reserve Board (the Fed) would continue its attempt to spur growth by aggressively lowering short-term interest rates. The second half of the period was characterized by rising interest rates, the result of the Fed’s interest rate cut in June not meeting investor expectations.

PRIME MONEY MARKET SECURITIES

For the first three months of the period, the yield curve flattened. Short-term money market investments (those maturing in less than three months) remained stable, while longer-term money market investments (those maturing in more than thirteen months) declined. By mid-June, the yield on one-year investments had declined 25 basis points to below 1%, while the Federal Funds rate remained near 1.25%. Despite warnings that their expectations were unrealistic, investors continued to expect a 50 basis point reduction in the Federal Funds rate in June. When the rate was lowered only 25 basis points, the market began to re-evaluate its outlook for continued regular rate cuts and the yields on longer-term money market investments began to move higher. By the end of the period, the one-year London Interbank Offered Rate (LIBOR) stood at 1.30% after peaking at 1.50% near the end of August.

The amount of commercial paper outstanding continued to decline during the period, as issuers took advantage of the record low bond yields to extend their debt. The amount of top rated commercial paper outstanding fell by more than 5% during the period, from $1.207 trillion to $1.144 trillion, reflecting a decrease of nearly 20% from the peak of $1.413 trillion in December 2000.

Credit quality also remained a concern during the reporting period. While the pace of downgrades slowed somewhat, accounting issues at some of the Government Sponsored Entities, and questions about corporate governance policies at the New York Stock Exchange, did not help to restore investor confidence in management policies, abilities, and integrity.

U.S. TREASURY SECURITIES

Although the Fed eventually did cut the Federal Funds rate by 25 basis points to 1.00%, Treasury bills had been pricing based on the assumption that there would be a 50 basis point cut. Even the one-year Treasury note traded below 0.90% in the days preceding the June rate cut. These low rates coincided with quarter-end demand pressures in June, causing the short-end of the Treasury market (less than three months) to remain overpriced for an unusually longer period of time than what typically follows a market disappointment. Eventually Treasury bill pricing became more reasonable, and the longer end of the market became relatively cheap. As budget deficit projections ballooned, expectations of a greater supply of Treasury bills and the general expectation of higher interest rates drove the price of Treasury bills into the mid 0.90’s to low 1.00’s.

Over this reporting period, the supply of Treasury bills greatly contracted: the issuance of Treasury bills for the first week of April stood at $72 billion, and declined to $44 billion by the end of the period. While the April issuance was largely due to seasonal factors, Treasury bill issuance did not meet expectations as the period progressed and Treasuries became more expensive. Evidence of this could be seen during September, when the U.S. Treasury Department had to issue cash management bills to cover a temporary cash shortfall early in the month. Continued issuance may point to the need for the Treasury to increase auction size in the coming months.

U.S. GOVERNMENT AGENCY SECURITIES

Spreads between U.S. Government agency offerings and money market securities continued to tighten during the period. Interest rates, concerns over the ability of government agencies to manage interest rate risk, losses in the Federal Home Loan Bank of New York’s bond portfolio, and an accounting scandal at the Federal Home Loan Mortgage Corporation (FHLMC) drove yields on U.S. Government agency securities higher on a relative basis. For a period in June, after the FHLMC accounting issues were made public, FHLMC discount notes traded more cheaply than A-1/P-1 bank commercial paper. Eighteen month floating rate paper from the Federal National Mortgage Association (FNMA) and FHLMC traded at similar discount margins to one-year asset-backed conduit program floaters. The number of callable issues continued to increase, but at a slower pace as rates declined in September. By the end of the period, changes in the regulation of FNMA and FHLMC seemed inevitable (although it may be a long and arduous process).

3

WELLSFARGOMONEYMARKETFUNDS MONEYMARKETOVERVIEW

TAX-FREE SECURITIES

The number of new municipal issues continued to increase swiftly as issuers found that it was often cheaper to issue variable rate securities than use the swap market to hedge interest rate risk. As variable rates surged to 103% of the one-month LIBOR in mid-April, the vast supply of variable rate demand notes increased, making it somewhat easier to invest the seasonal July cash inflows.

Fixed rate municipal securities were volatile during the reporting period. One-year paper started the period at 1.10% and interest rates plummeted to 0.80% at the peak of note season in late June. California was on the verge of running out of cash, as legislative parties were at odds over approving a budget. Standard and Poor’s was one of the driving forces behind breaking the stalemate by downgrading the state from A to BBB in late July. The price of California Revenue Anticipation Warrants (RAWs) plummeted as their yields skyrocketed from 1.15% to 2.00%.

Texas issued record-breaking Tax and Revenue Anticipation Notes in late August, exceeding municipal demand and splitting the one-year sector into three markets — the general market, the California market, and the Texas market. The one-year municipal securities markets finally settled down in early September as rates hovered near 1.00% for general market paper, 1.10% for Texas paper, and 1.60% for California RAWs.

STRATEGIC OUTLOOK

While the overnight interest rate has been stable, longer money market rates have increased considerably since the mid-point of the reporting period. With the U.S. economy picking up steam and the U.S. dollar weakening overseas, we believe that interest rates may continue to move higher. That increase, when accompanied by outflows from institutional investors, could trigger a challenging period for all money market funds. However, we do not believe that aggressively positioning a money market fund to boost its yield at the risk of jeopardizing its net asset value (NAV) would be appropriate, and we will continue to position the portfolios and select their investments in an ongoing effort to maintain a stable $1.00 NAV.

The views expressed are as of September 30, 2003 and are those of the Funds’ manager. 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 Money Market Funds.

4

PERFORMANCEHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

WELLSFARGOLIQUIDITYRESERVEMONEYMARKETFUND —INVESTOR CLASS

INVESTMENT OBJECTIVE

The Wells Fargo Liquidity Reserve Money Market Fund (the Fund) seeks current income, while preserving capital and liquidity.

FUNDMANAGERS

Dave Sylvester

Laurie White

INCEPTIONDATE

07/31/02

AVERAGE ANNUAL TOTAL RETURN¹(%) (AS OF SEPTEMBER 30, 2003)

	6 Month*		1-Year		Life of Fund
Wells Fargo Liquidity Reserve Money Market Fund – Investor Class	0.10	%	0.40	%	0.48	%
Benchmark
iMoneyNet First Tier Retail Money Fund Average2	0.23	%	0.62	%	0.73	%

* Returns for periods of less than one year are not annualized.

FUND YIELD SUMMARY (AS OF SEPTEMBER 30, 2003)
7-Day Current Yield	0.12%
7-Day Compound Yield	0.12%
30-Day Simple Yield	0.11%
30-Day Compound Yield	0.11%

FUND CHARACTERISTICS3 (AS OF SEPTEMBER 30, 2003)
Average Maturity	50 days
Number of Holdings	76

PORTFOLIO COMPOSITION³ (AS OF SEPTEMBER 30, 2003)

MATURITY DISTRIBUTION³ (AS OF SEPTEMBER 30, 2003)

The Fund is sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to a continued investment in the Fund and are described in the Fund’s Statement of Additional Information. An investment in a Wells Fargo Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Wells Fargo 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 money market funds.

¹ Figures quoted represent past performance, which is no guarantee of future results. Investment returns will fluctuate. The Fund’s yield figures more closely reflect the current earnings of the Fund than the total return figures. The Fund’s Adviser has committed through July 31, 2004 to waive fees and/or reimburse expenses to the extent necessary to maintain a certain net operating expense ratio for the Fund. The Fund’s Adviser also has voluntarily waived fees and/or reimbursed expenses, which reduced operating expenses. Actual reductions of operating expenses increased total return to shareholders. Without these reductions, the Fund’s 7-day current yield would have been 0.00%.

² The iMoneyNet First Tier Retail Money Fund Average is an average of non-government retail funds that do not hold any second tier securities. Portfolio holdings of first tier funds include U.S. Treasury securities, U.S. other securities, repos, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes and asset-backed commercial paper.

³ Portfolio holdings and characteristics are subject to change.

5

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

LIQUIDITYRESERVEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Certificates of Deposit – 7.52%
$	20,000,000	Bank of Nova Scotia Portland	1.10	%	03/16/2004	$	20,000,000
	20,000,000	Credit Agricole Indosuez	1.03		10/03/2003		20,000,000
	17,500,000	Royal Bank of Canada New York±	1.04		09/03/2004		17,493,705
	30,000,000	Svenska Handelsbanken	1.18		12/03/2003		29,995,025
	10,000,000	Unicredito Italiano SPA	1.04		10/20/2003		10,000,000
Total Certificates of Deposit (Cost $97,488,730)							97,488,730
Commercial Paper – 58.80%
	30,000,000	Aegon Funding Corporation^	1.07	†	11/14/2003		29,960,950
	12,500,000	Allied Irish Banks North America Incorporated	1.04	†	12/15/2003		12,472,917
	25,000,000	Amstel Funding Corporation^	0.94	†	12/29/2003		24,941,903
	10,000,000	Amstel Funding Corporation^	1.14	†	03/16/2004		9,947,117
	25,000,000	Banco Bilbao Vizcaya Argentaria Puerto Rico^	1.10	†	12/18/2003		24,940,417
	5,000,000	CC (USA) Incorporated^	1.11	†	11/10/2003		4,993,833
	15,000,000	CDC Commercial Paper Corporation^	1.15	†	10/01/2003		15,000,000
	15,000,000	Charta LLC^	1.04	†	10/23/2003		14,990,467
	10,000,000	Citigroup Global	1.03	†	10/01/2003		10,000,000
	18,469,000	Concord Minuteman Capital Company LLC^	1.28	†	10/08/2003		18,464,403
	15,000,000	Concord Minuteman Capital Company LLC^	1.10	†	11/18/2003		14,978,000
	15,000,000	Crown Point Capital Company LLC^	1.12	†	10/06/2003		14,997,667
	10,000,000	Crown Point Capital Company LLC^	1.08	†	11/07/2003		9,988,900
	10,000,000	Eureka Securitization Incorporated^	1.04	†	10/22/2003		9,993,933
	20,000,000	Eureka Securitization Incorporated^	1.08	†	11/20/2003		19,970,000
	10,000,000	Galaxy Funding Incorporated^	1.09	†	11/05/2003		9,989,403
	35,000,000	Gemini Securitization Incorporated^	1.07	†	11/13/2003		34,955,268
	25,000,000	Govco Incorporated^	1.07	†	10/03/2003		24,998,514
	10,000,000	Governor & Company of The Bank of Ireland^	1.21	†	02/06/2004		9,956,978
	15,000,000	Grampian Funding LLC^	1.07	†	11/18/2003		14,978,600
	20,000,000	Grampian Funding LLC^	1.07	†	12/17/2003		19,954,228
	10,000,000	Holdenby Capital Company LLC^	1.07	†	10/23/2003		9,993,461
	10,000,000	HSBC Bank Canada^	1.22	†	02/04/2004		9,957,300
	30,000,000	HSBC USA Incorporated	1.07	†	10/15/2003		29,987,517
	35,000,000	Irish Life & Permanent plc^	1.10	†	12/10/2003		34,925,139
	10,000,000	KBC Financial Products International Limited^	1.06	†	11/05/2003		9,989,694
	20,000,000	KBC Financial Products International Limited^	1.08	†	11/12/2003		19,974,800
	20,000,000	Lexington Parker Capital Corporation^	1.14	†	02/27/2004		19,905,633
	15,000,000	Lexington Parker Capital Corporation^	1.16	†	03/02/2004		14,926,050
	25,000,000	Natexis Banque Populaires	1.04	†	10/07/2003		24,995,667
	35,000,000	National Bank of New Zealand International Limited^	1.09	†	12/15/2003		34,920,521
	25,000,000	Neptune Funding Corporation^	1.18	†	02/03/2004		24,897,569
	15,000,000	Ness LLC^	1.04	†	10/22/2003		14,990,900
	20,000,000	Ness LLC^	1.05	†	10/24/2003		19,986,583
	8,000,000	Network Rail Commercial Paper Finance plc^	1.03	†	10/20/2003		7,995,651
	10,000,000	Network Rail Commercial Paper Finance plc^	1.01	†	12/18/2003		9,978,117
	10,000,000	Perry III Funding Corporation^	1.00	†	10/02/2003		9,999,722
	25,000,000	Perry III Funding Corporation^	1.13	†	03/03/2004		24,879,153

6

PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

LIQUIDITYRESERVEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Commercial Paper (continued)
$	35,000,000	Regency Markets Number 1 LLC^	1.08	%†	12/19/2003	$	34,917,050
	35,000,000	Transamerica Asset Funding Corporation^	1.08	†	10/21/2003		34,979,000
	9,900,000	White Pine Finance LLC^	1.25	†	10/14/2003		9,895,531
	10,149,000	White Pine Finance LLC^	1.05	†	11/10/2003		10,137,159
Total Commercial Paper (Cost $762,705,715)							762,705,715
Discount Notes – Agency – 5.00%
Federal National Mortgage Association – 5.00%
	40,000,000	FNMA	1.08	†	12/31/2003		39,890,800
	25,000,000	FNMA	1.11	†	01/02/2004		24,928,313
Total Discount Notes – Agency (Cost $64,819,113)							64,819,113
Fixed Rate Note – Agency – 0.31%
Federal Home Loan Bank – 0.31%
	4,000,000	FHLB	3.38		05/14/2004		4,049,388
Total Fixed Rate Note – Agency (Cost $4,049,388)							4,049,388
Fixed Rate Notes – Corporate – 1.16%
	10,000,000	Liberty Lighthouse US Capital Company^	1.40		08/16/2004		9,999,564
	5,000,000	Links Finance LLC	2.00		10/10/2003		5,000,000
Total Fixed Rate Notes – Corporate (Cost $14,999,564)							14,999,564
Floating Rate Commercial Paper – 1.93%
	25,000,000	Liquid Funding Limited±	1.11		03/26/2004		25,000,000
Total Floating Rate Commercial Paper (Cost $25,000,000)							25,000,000
Floating Rate Funding Agreement – 0.77%
	10,000,000	Bear Stearns Companies Incorporated±	1.11		04/05/2004		9,999,492
Total Floating Rate Funding Agreement (Cost $9,999,492)							9,999,492
Floating Rate Note – Agency – 1.93%
Federal Home Loan Mortgage Corporation – 1.93%
	25,000,000	FHLMC±	1.04		02/04/2005		24,983,227
Total Floating Rate Note – Agency (Cost $24,983,227)							24,983,227
Floating Rate Notes – Corporate – 12.11%
	6,000,000	Abbey National Treasury Services plc±	1.12		06/10/2004		6,000,000
	4,000,000	American Express Centurion Bank±	1.12		12/23/2003		4,000,000
	15,000,000	Bear Stearns Companies Incorporated±	1.56		10/22/2004		15,074,889
	20,000,000	Belford US Capital Company±^	1.13		11/26/2003		19,999,387
	10,000,000	CC (USA) Incorporated±^	1.07		07/01/2004		9,997,754
	6,000,000	John Hancock Global Funding II±^	1.13		12/10/2003		5,999,892
	10,000,000	John Hancock Global Funding II±^	1.24		08/30/2004		10,011,133
	10,000,000	Liberty Lighthouse US Capital Company±^	1.11		02/27/2004		9,999,591
	15,000,000	Liberty Lighthouse US Capital Company±^	1.09		07/19/2004		14,998,807
	16,000,000	Merrill Lynch & Company Incorporated±	1.26		10/01/2003		16,000,000
	10,000,000	Northern Rock plc±^	1.14		01/16/2004		10,000,000

7

WELLSFARGOMONEYMARKETFUNDS PORTFOLIOOFINVESTMENTS — SEPTEMBER 30, 2003 (UNAUDITED)

LIQUIDITYRESERVEMONEYMARKETFUND

Principal		Security Name	Interest Rate		Maturity Date	Value
Floating Rate Notes – Corporate – (continued)
$	10,000,000	Northern Rock plc±^	1.13	%	02/11/2004	$	9,958,253
	10,000,000	Tango Finance Corporation±^	1.12		12/15/2003		10,000,000
	15,000,000	White Pine Finance LLC±^	1.08		06/15/2004		14,997,669
Total Floating Rate Notes – Corporate (Cost $157,037,375)							157,037,375
Promissory Notes – 0.92%
	5,000,000	Goldman Sachs Group Incorporated±	1.15		07/26/2004		5,000,000
	7,000,000	Goldman Sachs Group Incorporated±	1.19		07/26/2004		7,000,000
Total Promissory Notes (Cost $12,000,000)							12,000,000
Repurchase Agreements – 4.56%
	39,174,000	Bear Stearns & Company Incorporated – 102% Collateralized by US Government Securities	1.13		10/01/2003		39,174,000
	20,000,000	Goldman Sachs Group Incorporated – 102% Collaterized by US Government Securities	1.16		10/01/2003		20,000,000
Total Repurchase Agreements (Cost $59,174,000)							59,174,000
Time Deposits – 6.94%
	20,000,000	Banque Nationale de Paris	1.16		10/01/2003		20,000,000
	35,000,000	ING Bank Brussels	1.18		10/01/2003		35,000,000
	35,000,000	Rabobank Nederland Utrecht	1.16		10/01/2003		35,000,000
Total Time Deposits (Cost $90,000,000)							90,000,000

Total Investments In Securities (Cost $1,322,256,604)*	101.95	%	$	1,322,256,604
Other Assets and Liabilities, Net	(1.95	)		(25,227,916	)
Total Net Assets	100.00	%	$	1,297,028,688

* Cost for federal income tax purposes is substantially the same as for financial reporting purposes.

^ 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. These securities have been determined to be liquid by the Adviser based on procedures approved by the Board of Trustees.

± Variable Rate Securities.

† Yield to Maturity.

The accompanying notes are an integral part of these financial statements.

8

STATEMENTOFASSETSANDLIABILITIES — SEPTEMBER 30, 2003 (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

	Liquidity Reserve Money Market
ASSETS
INVESTMENTS:
In securities, at amortized cost	$	1,263,082,604
Repurchase Agreements, at cost		59,174,000
Cash		311
Receivable for dividends and interest and other receivables		667,512
Prepaid expenses and other assets		212,878
TOTALASSETS		1,323,137,305
LIABILITIES
Payable for investments purchased		24,928,313
Dividends Payable		113,425
Payable for investment adviser and affiliates (Note 3)		514,279
Payable to other related parties(1)		533,726
Accrued expenses and other liabilities		18,874
TOTALLIABILITIES		26,108,617
TOTALNETASSETS	$	1,297,028,688
NETASSETSCONSISTOF:
Paid-in capital	$	1,297,005,643
Undistributed (overdistributed) net investment income		0
Undistributed net realized gain (loss) on investments		23,045
TOTALNETASSETS	$	1,297,028,688
COMPUTATIONOFNETASSETVALUEANDOFFERINGPRICEPERSHARE
Net Assets	$	1,297,028,688
Shares outstanding		1,297,005,643
Net asset value and offering price per share	$	1.00

(1) Other related parties include the Fund’s trustees and distributor.

The accompanying notes are an integral part of these financial statements.

9

WELLSFARGOMONEYMARKETFUNDS STATEMENTOFOPERATIONS — FORTHESIXMONTHSENDEDSEPTEMBER 30, 2003 (UNAUDITED)

	Liquidity Reserve Money Market
INVESTMENTINCOME
Interest	$	7,166,686
TOTALINVESTMENTINCOME		7,166,686
EXPENSES
Advisory fees		2,088,500
Administration fees (Note 3)		1,611,128
Custody		119,343
Shareholder servicing fees		1,491,786
Portfolio accounting fees		44,039
Distribution fees		1,491,786
Legal and audit fees		14,040
Registration fees		7,659
Trustees’ fees		3,195
Shareholder reports		501
Other		1,654
TOTALEXPENSES		6,873,631
LESS:
Waived fees and reimbursed expenses (Note 3)		(894,929	)
Net Expenses		5,978,702
NETINVESTMENTINCOME (LOSS)		1,187,984
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS	$	1,187,984

The accompanying notes are an integral part of these financial statements.

10

STATEMENTSOFCHANGESINNETASSETS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

	LIQUIDITYRESERVEMONEYMARKET
	(Unaudited) For the Six Months Ended September 30, 2003			For the Period from July 31, 2002 to March 31, 2003(1)
INCREASE (DECREASE)INNETASSETS
Beginning net assets	$	1,054,549,239		$	0
OPERATIONS:
Net investment income (loss)		1,187,984			3,521,099
Net realized gain (loss) on sale of investments		0			23,045
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMOPERATIONS		1,187,984			3,544,144
Distributions to shareholders:
From net investment income		(1,187,984	)		(3,521,099	)
Capital shares transactions:
Proceeds from shares sold – Investor Class		535,789,475			1,376,644,127
Reinvestment of dividends – Investor Class		1,381,093			3,214,473
Cost of shares redeemed – Investor Class		(294,691,119	)		(325,332,406	)
NETINCREASE (DECREASE)INNETASSETSRESULTINGFROMCAPITAL SHARETRANSACTIONS –INVESTORCLASS		242,479,449			1,054,526,194
INCREASE (DECREASE)INNETASSETS		242,479,449			1,054,549,239
NETASSETS:
ENDINGNETASSETS	$	1,297,028,688		$	1,054,549,239
Shares Issued and Redeemed:
Shares sold – Investor Class		535,789,475			1,376,644,127
Shares issued in reinvestment of dividends – Investor Class		1,381,093			3,214,473
Shares redeemed – Investor Class		(294,691,119	)		(325,332,406	)
NETINCREASE (DECREASE)INSHARESOUTSTANDING –INVESTORCLASS		242,479,449			1,054,526,194
ENDINGBALANCEOFUNDISTRIBUTEDNETINVESTMENTINCOME (LOSS)	$	0		$	0

(1) Fund commenced operations on July 31, 2002.

The accompanying notes are an integral part of these financial statements.

11

WELLSFARGOMONEYMARKETFUNDS FINANCIALHIGHLIGHTS

	Beginning Net Asset Value Per Share		Net Investment Income	Net Realized and Unrealized Gain on Investments	Dividends From Net Investment Income
LIQUIDITYRESERVEMONEYMARKETFUND
INVESTORCLASS
April 1, 2003 to September 30, 2003 (Unaudited)	$	1.00	0.00	0.00	0.00
July 31, 2002(2) to March 31, 2003	$	1.00	0.00	0.00	0.00

The accompanying notes are an integral part of these financial statements.

12

FINANCIALHIGHLIGHTS WELLSFARGOMONEYMARKETFUNDS

Distributions From Net Realized Gains	Ending Net Asset Value Per Share		Ratio To Average Net Assets (Annualized)(1)					Total Return(3)		Net Assets at End of Period (000’s Omitted)
			Net Investment Income		Net Expenses	Gross Expenses
0.00	$	1.00	0.20	%	1.00%	1.15	%	0.10	%	$	1,297,029
0.00	$	1.00	0.64	%	0.92%	1.07	%	0.46	%	$	1,054,549

13

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALHIGHLIGHTS

NOTESTOFINANCIALHIGHLIGHTS

(1)	During each period, various fees and expenses were waived and reimbursed as indicated. The ratio of Gross Expenses to Average Net Assets reflects the expense ratio in the absence of any waivers and reimbursements (Note 3).
(2)	Commencement of operations.
(3)	Total return calculations 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.

The accompanying notes are an integral part of these financial statements.

14

NOTESTOFINANCIALSTATEMENTS (UNAUDITED) WELLSFARGOMONEYMARKETFUNDS

1. ORGANIZATION

Wells Fargo Funds Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust commenced operations on November 8, 1999, and is currently comprised of 68 separate series. These financial statements present the Liquidity Reserve Money Market Fund (the “Fund”), a diversified series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies which are consistently followed by the Trust in the preparation of its financial statements are in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for investment companies.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

SECURITYVALUATION

The Fund invests only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolio may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity.

The Fund uses the amortized cost method to value its portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Fund seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so.

SECURITIESTRANSACTIONSANDINCOMERECOGNITION

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.

REPURCHASEAGREEMENTS

The Fund may enter into 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 Fund’s 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 held by the Fund 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.

DISTRIBUTIONSTOSHAREHOLDERS

Net investment income is declared daily and distributed to shareholders monthly. Distributions to shareholders from net realized capital gains, if any, are declared and distributed at least annually.

Distributions are based on amounts calculated in accordance with the applicable federal income tax regulations, which may differ from GAAP. The timing and character of distributions made during the period from net investment income or net realized gains may also differ from their ultimate characterization for federal income tax purposes. To the extent that these differences are permanent in nature, such amounts are reclassified within the capital accounts based on their federal tax-basis treatment; temporary differences do not require reclassifications.

FEDERALINCOMETAXES

The 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 complying with the provisions applicable to regulated investment companies, as defined under subchapter M of the Internal Revenue Code, and to make distributions of 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 at September 30, 2003.

15

WELLSFARGOMONEYMARKETFUNDS NOTESTOFINANCIALSTATEMENTS (UNAUDITED)

3. AGREEMENTS AND OTHER TRANSACTIONS WITH AFFILIATES

Wells Fargo Funds Management, LLC (“Funds Management”), an indirect and wholly-owned subsidiary of Wells Fargo & Company serves as adviser to the Fund and is responsible for implementing the investment policies and guidelines for the Fund, and for supervising the sub-adviser who is responsible for the day-to-day portfolio management of the Fund. Pursuant to the advisory contract, Funds Management has agreed to provide the Fund with daily portfolio management for which it is entitled to be paid a monthly advisory fee at the annual rate of 0.35% of the Fund’s average daily net assets.

Wells Capital Management Incorporated (“Wells Capital Management”), an affiliate of Funds Management, acts as investment sub-adviser to the Fund and is responsible for the day-to-day portfolio management of the Fund. Wells Capital Management is entitled to receive from Funds Management, as compensation for its sub-advisory services to the Fund, a monthly fee at the annual rate of 0.05% of the Fund’s average daily net assets up to $1 billion and 0.04% of the Fund’s average daily net assets in excess of $1 billion.

Through February 28, 2003, the Trust had entered into an Administration Agreement with Funds Management on behalf of the Fund. Under the Administration Agreement, Funds Management acted as administrator to the Fund and was entitled to receive, on a monthly basis, fees at the annual rate of 0.15% of the Fund’s average daily net assets.

The Trust had also entered into an agreement with Boston Financial Data Services, Inc. (“BFDS”) as the transfer agent for the Trust. Under the agreement, BFDS was entitled to receive from the Fund a per-account fee plus transaction fees, certain out-of-pocket costs and a complex based fee.

Effective March 1, 2003, the Trust has entered into a new Administration Agreement with Funds Management on behalf of the Fund. Under this Agreement, for providing administrative services, which now includes paying the Fund’s fees and expenses for services provided by the Fund’s transfer agent and various sub-transfer agents and omnibus account servicers and record-keepers out of the fees it receives as administrator, Funds Management is entitled to receive an annual fee of 0.27% of the average daily net assets of the Fund.

Funds Management has committed to reimburse the Fund for some of its operating expenses or to waive a portion of the fees payable to it in order to maintain a certain operating expense ratio. Funds Management has committed through July 31, 2004 to maintain the current net operating expense ratio for the Fund. Actual reimbursements and waivers can have a positive effect on performance information. For the six months ended September 30, 2003, Funds Management waived a portion of the Fund’s expenses, first from advisory fees, and then any remaining amount consecutively from administration, custody and shareholder servicing fees collected. Expense waiver information is included in the Fund’s Statement of Operations.

Effective the first quarter of 2003, PFPC, Inc. (“PFPC”) serves as fund accountant for the Fund. For these services, PFPC is entitled to receive an annual asset based fund fee, an annual fixed fee of $20,000 from the Fund and is entitled to be reimbursed for all out-of-pocket expenses reasonably incurred in providing these services. Prior to PFPC, Forum Accounting Services, LLC served as fund accountant and was entitled to receive a fixed monthly per fund fee, a basis point fee of 0.0025% of the average daily net assets of the Fund, and was reimbursed for all out-of-pocket expenses reasonably incurred in providing these services.

The Trust has entered into a contract on behalf of the Fund with Wells Fargo Bank Minnesota, N.A. (“Wells Fargo Bank, MN”), whereby Wells Fargo Bank, MN is responsible for providing custody services for the Fund. Pursuant to the contract, Wells Fargo Bank, MN is entitled to certain transaction charges plus a monthly fee for custody services at the annual rate of 0.02% of the average daily net assets of the Fund.

On behalf of the Fund, the Trust may enter into servicing agreements with certain financial institutions, securities dealers, and other industry professionals (collectively, “Shareholder Servicing Agents”) for the provision of certain services to Fund shareholders. For the services provided pursuant to a Shareholder Servicing Agreement, the Fund may pay each Shareholder Servicing Agent an annual fee of up to 0.25% of the average daily net asset value of the Fund’s shares beneficially owned by customers of the Shareholder Servicing Agent.

The Trust has adopted a Distribution Plan (the “Plan”) on behalf of the Fund pursuant to Rule 12b-1 under the 1940 Act for the Investor Class shares of the Fund. The Plan provides that the Fund may pay to Stephens Inc. (“Stephens”), as compensation for distribution-related services or as reimbursement for distribution-related expenses, an annual fee of up to 0.25% of the Fund’s average daily net assets attributable to the Investor Class. The annual fee is paid monthly based on the average daily net assets attributable to the Class. The distribution fees paid on behalf of the Fund for the six months ended September 30, 2003 are disclosed on the Statement of Operations.

16

BOARDOFTRUSTEES WELLSFARGOMONEYMARKETFUNDS

BOARDOFTRUSTEES

The following table provides basic information about the Board of Trustees (“Trustees”) of the Trust and supplements, and should be read in conjunction with, the Prospectus and the Statement of Additional Information* of the Fund. Each of the Trustees listed below acts in identical capacities for each of the 92 funds comprising the Trust, Wells Fargo Variable Trust and Wells Fargo Master Trust (collectively the “Fund Complex”). All of the non-interested Trustees are also members of the Audit and Nominating Committees of each Trust in the Fund Complex. The address of each Trustee and Officer is 525 Market Street, 20th 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.

INTERESTEDTRUSTEES **

Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Robert C. Brown 72	Trustee since 1992	Retired. Director, Federal Farm Credit Banks Funding Corporation and Farm Credit System Financial Assistance Corporation until February 1999.	None
J. Tucker Morse 59	Trustee since 1987	Private Investor/Real Estate Developer; Chairman of White Point Capital, LLC.	None
NON-INTERESTEDTRUSTEES
Name and Age	Position held and length of service ***	Principal occupations during past five years	Other Directorships
Thomas S. Goho 61	Trustee since 1987	Wake Forest University, Calloway School of Business and Accountancy, Benson-Pruitt Professorship since 1999, Associate Professor of Finance 1994 – 1999.	None
Peter G. Gordon 61	Trustee since 1998 (Lead Trustee since 2001)	Chairman, CEO, and Co-Founder of Crystal Geyser Water Company and President of Crystal Geyser Roxane Water Company.	None
Richard M. Leach 70	Trustee since 1987	Retired. Prior thereto, President of Richard M. Leach Associates (a financial consulting firm).	None
Timothy J. Penny 51	Trustee since 1996	Senior Counselor to the public relations firm of Himle-Horner and Senior Fellow at the Humphrey Institute, Minneapolis, Minnesota (a public policy organization).	None
Donald C. Willeke 63	Trustee since 1996	Principal in the law firm of Willeke & Daniels.	None

17

WELLSFARGOMONEYMARKETFUNDS BOARDOFTRUSTEES

OFFICERS

Name and Age	Position held and length of service	Principal occupations during past five years	Other Directorships
Karla M. Rabusch 44	President, since 2003	Executive Vice President of Wells Fargo Bank, N.A. President of Wells Fargo Funds Management, LLC. Senior Vice President and Chief Administrative Officer of Wells Fargo Funds Management, LLC from March 2001 to March 2003. Vice President of Wells Fargo Bank, N.A. from December 1997 to May 2000.	None
Stacie D. DeAngelo 34	Treasurer, since 2003	Vice President of Wells Fargo Bank, N.A. Vice President of Operations for Wells Fargo Funds Management, LLC. Prior thereto, Operations Manager at Scudder Weisel Capital, LLC (2000 to 2001), Director of Shareholder Services at BISYS Fund Services (1999 to 2000) and Assistant Vice President of Operations with Nicholas-Applegate Capital Management (1993 to 1999).	None
C. David Messman 43	Secretary, since 2000	Vice President and Counsel of Wells Fargo Bank, N.A. since January 1996. Vice President and Secretary of Wells Fargo Funds Management, LLC since March 2001.	None

* 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.

** Currently, two of the seven Trustees are considered “interested persons” of the Trusts as defined in the Investment Company Act of 1940. One of the interested Trustees, Robert C. Brown, owns securities of Wells Fargo & Company, and one of the interested Trustees, J. Tucker Morse, is affiliated with a government securities dealer that is registered under the Securities Exchange Act of 1934, which is not itself affiliated with Wells Fargo Funds Management, LLC.

*** Length of service dates reflects a Trustee’s commencement of service with the Trust’s predecessor entities.

18

LISTOFABBREVIATIONS WELLSFARGOMONEYMARKETFUNDS

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 Depository Receipts
AMBAC	— American Municipal Bond Assurance Corporation
AMT	— Alternative Minimum Tax
ARM	— Adjustable Rate Mortgages
BART	— Bay Area Rapid Transit
CDA	— Community Development Authority
CDSC	— Contingent Deferred Sales Charge
CGIC	— Capital Guaranty Insurance Company
CGY	— Capital Guaranty Corporation
CMT	— Constant Maturity Treasury
COFI	— Cost of Funds Index
Connie Lee	— Connie Lee Insurance Company
COP	— Certificate of Participation
CP	— Commercial Paper
CTF	— Common Trust Fund
DW&P	— Department of Water & Power
DWR	— Department of Water Resources
EDFA	— Education Finance Authority
FGIC	— Financial Guaranty Insurance Corporation
FHA	— Federal Housing Authority
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corporation
FNMA	— Federal National Mortgage Association
FRN	— Floating Rate Notes
FSA	— Financial Security Assurance, Inc
GNMA	— Government National Mortgage Association
GO	— General Obligation
HFA	— Housing Finance Authority
HFFA	— Health Facilities Financing Authority
IDA	— Industrial Development Authority
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Corporation
LOC	— Letter of Credit
LP	— Limited Partnership
MBIA	— Municipal Bond Insurance Association
MFHR	— Multi-Family Housing Revenue
MUD	— Municipal Utility District
MTN	— Medium Term Note
PCFA	— Pollution Control Finance Authority
PCR	— Pollution Control Revenue
PFA	— Public Finance Authority
PLC	— Private Placement
PSFG	— Public School Fund Guaranty
RAW	— Revenue Anticipation Warrants
RDA	— Redevelopment Authority
RDFA	— Redevelopment Finance Authority
R&D	— Research & Development
SFMR	— Single Family Mortgage Revenue
STEERS	— Structured Enhanced Return Trust
TBA	— To Be Announced
TRAN	— Tax Revenue Anticipation Notes
USD	— Unified School District
V/R	— Variable Rate
WEBS	— World Equity Benchmark Shares

19

More information about Wells Fargo Funds^® is available free upon request. To obtain literature, please write or call:   Wells Fargo Funds PO Box 8266 Boston, MA 02266-8266   Wells Fargo Funds Investor Services: 1-800-222-8222 or visit our Web site at www.wellsfargofunds.com. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Wells Fargo 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. Read the prospectus carefully before you invest or send money.   Wells Fargo Funds Management, LLC, a wholly-owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds. Other affiliates of Wells Fargo & Company provide sub-advisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc.  

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE SAR 027 (11/03)

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5-6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES

(a)(i) 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.

(a)(ii) There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a)(i) above.

ITEM 10. EXHIBITS

(a)(1) Not applicable.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) 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: November 24, 2003

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/  Stacie D. DeAngelo
	Stacie D. DeAngelo Treasurer

Date: November 24, 2003